Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 18, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | UWHR | ||
Entity Registrant Name | UWHARRIE CAPITAL CORP | ||
Entity Central Index Key | 898,171 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Common Stock, Shares Outstanding | 6,983,017 | ||
Entity Public Float | $ 25,820,061 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and due from banks | $ 7,038 | $ 6,807 |
Interest-earning deposits with banks | 61,895 | 43,984 |
Securities available for sale, at fair value | 89,258 | 112,824 |
Securities held to maturity (fair value $11,242 and $5,450, respectively) | 11,242 | 5,496 |
Loans held for sale | 5,922 | 2,147 |
Loans: | ||
Loans held for investment | 320,132 | 310,853 |
Less allowance for loan losses | (2,884) | (3,738) |
Net loans held for investment | 317,248 | 307,115 |
Premises and equipment, net | 14,666 | 14,858 |
Interest receivable | 1,564 | 1,747 |
Restricted stock | 1,040 | 1,038 |
Bank owned life insurance | 6,762 | 6,645 |
Other real estate owned | 4,994 | 5,865 |
Prepaid assets | 764 | 969 |
Other assets | 9,809 | 8,969 |
Total assets | 532,202 | 518,464 |
Deposits: | ||
Demand noninterest-bearing | 92,524 | 80,069 |
Interest checking and money market accounts | 252,345 | 243,116 |
Savings deposits | 40,436 | 39,091 |
Time deposits, $250,000 and over | 8,148 | 9,865 |
Other time deposits | 74,280 | 84,294 |
Total deposits | 467,733 | 456,435 |
Short-term borrowed funds | 5,758 | 4,685 |
Long-term debt | 9,547 | 9,558 |
Interest payable | 168 | 180 |
Other liabilities | 5,682 | 4,783 |
Total liabilities | $ 488,888 | $ 475,641 |
Off balance sheet items, commitments and contingencies (Note 13) | ||
SHAREHOLDERS' EQUITY | ||
Common stock, $1.25 par value: 20,000,000 shares authorized; shares issued and outstanding 6,983,017 and 6,961,484 | $ 8,729 | $ 8,702 |
Additional paid-in capital | 12,308 | 11,712 |
Undivided profits | 11,893 | 10,974 |
Accumulated other comprehensive income (loss) | (212) | 305 |
Total Uwharrie Capital shareholders' equity | 32,718 | 31,693 |
Noncontrolling interest | 10,596 | 10,569 |
Total shareholders' equity | 43,314 | 42,262 |
Total liabilities and shareholders' equity | 532,202 | 518,464 |
Common Stock [Member] | ||
SHAREHOLDERS' EQUITY | ||
Total shareholders' equity | $ 8,729 | 8,702 |
Common Stock [Member] | Employee Stock Ownership Plan [Member] | ||
Deposits: | ||
Redeemable common stock held by the Employee Stock Ownership Plan (ESOP) (Note 17) | $ 561 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Securities held for sale, at fair value | $ 11,242 | $ 5,450 |
Common stock, par value | $ 1.25 | $ 1.25 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 6,983,017 | 6,961,484 |
Common stock, shares outstanding | 6,983,017 | 6,961,484 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interest Income | |||
Loans, including fees | $ 15,725 | $ 16,336 | $ 17,573 |
Investment securities: | |||
US Treasury | 212 | 361 | 397 |
US Government agencies and corporations | 1,315 | 1,271 | 1,066 |
State and political subdivisions | 410 | 321 | 252 |
Interest-earning deposits with banks and federal funds sold | 185 | 168 | 177 |
Total interest income | 17,847 | 18,457 | 19,465 |
Interest Expense | |||
Interest checking and money market accounts | 278 | 299 | 439 |
Savings deposits | 44 | 57 | 171 |
Time deposits $250,000 and over | 69 | 49 | 60 |
Other time deposits | 728 | 948 | 1,240 |
Short-term borrowed funds | 64 | 34 | 160 |
Long-term debt | 550 | 573 | 664 |
Total interest expense | 1,733 | 1,960 | 2,734 |
Net interest income | 16,114 | 16,497 | 16,731 |
Provision for (recovery of) loan losses | (620) | (389) | 28 |
Net interest income after provision for loan losses | 16,734 | 16,886 | 16,703 |
Noninterest Income | |||
Service charges on deposit accounts | 1,293 | 1,467 | 1,627 |
Other service fees and commissions | 4,117 | 3,928 | 3,399 |
Gain (loss) on sale of securities (includes reclassification of $536, ($2) and ($523) from accumulated comprehensive income in 2015, 2014 and 2013, respectively) | 536 | (2) | (523) |
Income from mortgage loan sales | 2,306 | 1,001 | 2,113 |
Other income | 458 | 927 | 971 |
Total noninterest income | 8,710 | 7,321 | 7,587 |
Noninterest Expense | |||
Salaries and employee benefits | 13,186 | 12,051 | 12,423 |
Net occupancy expense | 1,139 | 1,107 | 1,098 |
Equipment expense | 678 | 680 | 734 |
Data processing costs | 734 | 729 | 784 |
Office supplies and printing | 217 | 273 | 358 |
Foreclosed real estate expense | 853 | 1,246 | 1,647 |
Professional fees and services | 594 | 847 | 680 |
Marketing and donations | 852 | 762 | 728 |
Electronic banking expense | 1,083 | 939 | 999 |
Software amortization and maintenance | 578 | 535 | 541 |
FDIC insurance | 375 | 425 | 518 |
Other noninterest expense | 2,342 | 2,286 | 2,484 |
Total noninterest expense | 22,631 | 21,880 | 22,994 |
Income before income taxes | 2,813 | 2,327 | 1,296 |
Income taxes (includes reclassification of (($207), $1 and and $222) from accumulated other comprehensive income, respectively) | 806 | 648 | 342 |
Net income | 2,007 | 1,679 | 954 |
Less: Net income attributable to noncontrolling interest | (592) | (591) | (478) |
Net income attributable to Uwharrie Capital Corp | 1,415 | 1,088 | 476 |
Dividends on preferred stock | (325) | ||
Net Income available to common shareholders | $ 1,415 | $ 1,088 | $ 151 |
Net income per common share | |||
Basic | $ 0.20 | $ 0.15 | $ 0.02 |
Diluted | $ 0.20 | $ 0.15 | $ 0.02 |
Weighted average common shares outstanding | |||
Basic | 7,051,751 | 7,447,008 | 7,570,732 |
Diluted | 7,051,751 | 7,447,008 | 7,570,732 |
Consolidated Statements of Inc5
Consolidated Statements of Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||
Reclassification from accumulated other comprehensive income | $ 536 | $ (2) | $ (523) |
Tax effect on amount reclassified from accumulated Other comprehensive income | $ (207) | $ 1 | $ 222 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income | $ 2,007 | $ 1,679 | $ 954 |
Other comprehensive income (loss): | |||
Unrealized gains (losses) on available for sale securities | (248) | 1,311 | (3,662) |
Related tax effect | 60 | (445) | 1,292 |
Reclassification of losses (gains) recognized in net income | (536) | 2 | 523 |
Related tax effect | 207 | (1) | (222) |
Total other comprehensive income (loss) | (517) | 867 | (2,049) |
Comprehensive income (loss) | 1,490 | 2,546 | (1,095) |
Less: Comprehensive income attributable to noncontrolling interest | (592) | (591) | (478) |
Comprehensive income (loss) attributable to Uwharrie Capital | $ 898 | $ 1,955 | $ (1,573) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Number of Common Shares Issued [Member] | Discount on Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Unearned ESOP Compensation [Member] | Undivided Profits [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest [Member] | Preferred Stock Series A [Member]Preferred Stock [Member] | Preferred Stock Series B [Member]Preferred Stock [Member] |
Beginning balance at Dec. 31, 2012 | $ 42,729 | $ (100) | $ 9,378 | $ 12,201 | $ (875) | $ 10,138 | $ 1,487 | $ 10,000 | $ 500 | ||
Beginning balance, shares at Dec. 31, 2012 | 7,502,496 | ||||||||||
Net Income | 954 | 476 | $ 478 | ||||||||
Repurchase of common stock | (169) | (71) | (98) | ||||||||
Repurchase of common stock, shares | (56,565) | ||||||||||
Other comprehensive income | (2,049) | (2,049) | |||||||||
Release of ESOP shares | 45 | (49) | 94 | ||||||||
Increase or repayament in ESOP notes receivable | (208) | (208) | |||||||||
Reclass to mezzanine capital | (132) | (132) | |||||||||
Repayment of preferred stock series A | (10,500) | $ (10,000) | $ (500) | ||||||||
Issuance of preferred stock (noncontrolling interest) | 10,655 | 10,655 | |||||||||
Record costs of preferred stock (noncontrolling interest) | (137) | (137) | |||||||||
Record preferred stock dividend (noncontrolling interest) | (454) | (454) | |||||||||
Record preferred stock dividend and discount accretion | (225) | $ 100 | (325) | ||||||||
Ending balance at Dec. 31, 2013 | 40,509 | 9,307 | 11,922 | (989) | 10,289 | (562) | 10,542 | ||||
Ending balance, shares at Dec. 31, 2013 | 7,445,931 | ||||||||||
Net Income | 1,679 | 1,088 | 591 | ||||||||
Repurchase of common stock | (1,410) | (468) | (942) | ||||||||
Repurchase of common stock, shares | (374,130) | ||||||||||
2% stock dividend | 178 | 221 | (399) | ||||||||
2% stock dividend, shares | 142,129 | ||||||||||
Cash paid - fractional shares | (4) | (4) | |||||||||
Other comprehensive income | 867 | 867 | |||||||||
Release of ESOP shares | 21 | 5 | 16 | ||||||||
Increase or repayament in ESOP notes receivable | 9 | (315) | (649) | $ 973 | |||||||
Repayment of ESOP notes receivable, shares | (252,446) | ||||||||||
Reclass from mezzanine capital | 1,155 | 1,155 | |||||||||
Record costs of preferred stock (noncontrolling interest) | (416) | (416) | |||||||||
Record preferred stock dividend (noncontrolling interest) | (148) | (148) | |||||||||
Ending balance at Dec. 31, 2014 | 42,262 | 8,702 | 11,712 | 10,974 | 305 | 10,569 | |||||
Ending balance, shares at Dec. 31, 2014 | 6,961,484 | ||||||||||
Net Income | 2,007 | 1,415 | 592 | ||||||||
Repurchase of common stock | (429) | (143) | (286) | ||||||||
Repurchase of common stock, shares | (114,377) | ||||||||||
2% stock dividend | 170 | 321 | (491) | ||||||||
2% stock dividend, shares | 135,910 | ||||||||||
Cash paid - fractional shares | (5) | (5) | |||||||||
Other comprehensive income | (517) | (517) | |||||||||
Reclass from mezzanine capital | 561 | 561 | |||||||||
Record costs of preferred stock (noncontrolling interest) | (416) | (416) | |||||||||
Record preferred stock dividend (noncontrolling interest) | (149) | (149) | |||||||||
Ending balance at Dec. 31, 2015 | $ 43,314 | $ 8,729 | $ 12,308 | $ 11,893 | $ (212) | $ 10,596 | |||||
Ending balance, shares at Dec. 31, 2015 | 6,983,017 |
Consolidated Statements of Cha8
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) | Dec. 31, 2015 | Oct. 20, 2015 | Dec. 31, 2014 |
Statement of Stockholders' Equity [Abstract] | |||
Stock dividend, percentage | 2.00% | 2.00% | 2.00% |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities | |||
Net Income | $ 2,007 | $ 1,679 | $ 954 |
Adjustments to reconcile net income to net cash Provided (used) by operating activities: | |||
Depreciation | 908 | 922 | 914 |
Net amortization of security premiums/discounts AFS | 975 | 1,050 | 1,420 |
Net amortization of security premiums/discounts HTM | 134 | 2 | |
Net amortization of mortgage servicing rights | 689 | 709 | 801 |
Impairment of foreclosed real estate | 425 | 647 | 921 |
Provision for (recovery of) loan losses | (620) | (389) | 28 |
Deferred income taxes | 336 | 593 | 438 |
Net realized (gains) loss on sales / calls available for sale securities | (536) | 2 | 523 |
Income from mortgage loan sales | (2,306) | (1,001) | (2,113) |
Proceeds from sales of loans held for sale | 65,101 | 39,012 | 77,544 |
Origination of loans held for sale | (66,570) | (39,019) | (71,197) |
Gain on sale of premises, equipment and other assets | (1) | (142) | (233) |
Increase in cash surrender value of life insurance | (117) | (129) | (122) |
Gain on sales of foreclosed real estate | (140) | (398) | (290) |
Release of ESOP Shares | 21 | 45 | |
Net change in interest receivable | 183 | 6 | |
Net change in other assets | (1,201) | (663) | (810) |
Net change in interest payable | (12) | (44) | (46) |
Net change in other liabilities | 899 | 349 | 424 |
Net cash provided (used) by operating activities | 154 | 3,201 | 9,207 |
Cash flows from investing activities | |||
Proceeds from sales, maturities, calls and paydowns of securities available for sale | 47,253 | 18,839 | 32,969 |
Proceeds from sales, maturities, calls and paydowns of securities held to maturity | 154 | ||
Purchase of securities available for sale | (24,910) | (31,122) | (46,693) |
Purchase of securities held to maturity | (6,034) | (5,498) | |
Net (increase) decrease in loans | (11,331) | (5,445) | 16,282 |
Proceeds from sale of premises, equipment and other assets | 1 | 368 | 949 |
Purchase of premises and equipment | (716) | (2,225) | (488) |
Proceeds from sales of foreclosed real estate | 2,404 | 2,028 | 4,731 |
Investment in other assets | (334) | (366) | (357) |
Net change in restricted stock | (2) | 146 | 1,081 |
Net cash provided (used) by investing activities | 6,485 | (23,275) | 8,474 |
Cash flows from financing activities | |||
Net increase (decrease) in deposit accounts | 11,298 | 2,727 | (3,904) |
Net decrease in short-term borrowed funds | 1,073 | (824) | (13,181) |
Net decrease in long-term debt | (11) | (1,605) | (1,510) |
Proceeds from preferred stock offering, net of costs | 3,136 | ||
Repayment preferred stock, series A | (10,500) | ||
Increase in unearned ESOP compensation | (208) | ||
Repurchase of common stock, net | (429) | (1,401) | (169) |
Dividends on preferred stock | (423) | (422) | (679) |
Cash paid for fractional shares | (5) | (4) | |
Net cash provided (used) by financing activities | 11,503 | (1,529) | (27,015) |
Increase (decrease) in cash and cash equivalents | 18,142 | (21,603) | (9,334) |
Cash and cash equivalents at beginning of year | 50,791 | 72,394 | 81,728 |
Cash and cash equivalents at end of year | 68,933 | 50,791 | 72,394 |
Supplemental disclosures of cash flow information | |||
Interest paid | 1,745 | 2,004 | 2,780 |
Income taxes paid | 459 | 41 | 648 |
Supplemental schedule of non-cash activities | |||
Net change in fair value of securities available for sale, net of tax | (517) | 867 | (2,049) |
Loans transferred to foreclosed real estate | 1,818 | 972 | 4,032 |
Company financed sales of other real estate owned | (26) | (65) | (213) |
Mortgage servicing rights capitalized | 657 | 386 | 763 |
Preferred stock dividend accrued | (142) | (142) | (142) |
Net change in ESOP liability | $ (561) | $ 1,155 | $ 132 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 1 - Significant Accounting Policies Nature of Business Uwharrie Capital Corp (the “Company”) was incorporated under North Carolina law for the purpose of becoming the holding company for Bank of Stanly (“Stanly”). On July 1, 1993, Stanly became a wholly-owned subsidiary of the Company through a one-for-one exchange of the common stock of Stanly for common stock of the Company. On September 1, 2013, Bank of Stanly changed its name to Uwharrie Bank (“Uwharrie”). Uwharrie was incorporated on September 28, 1983, under the laws of the State of North Carolina and began operations on January 26, 1984 in Albemarle, North Carolina. Deposits with Uwharrie are insured by the Federal Deposit Insurance Corporation (“FDIC”). Uwharrie is under regulation of the Federal Reserve, the FDIC and the North Carolina Commissioner of Banks. Through its six branch locations in Stanly County, Uwharrie provides a wide range of deposit accounts, commercial, consumer, home equity and residential mortgage loans, safe deposit boxes and automated banking. In 1987, Uwharrie established a wholly-owned subsidiary, BOS Agency, Inc. (“BOS Agency”), which engages in insurance product sales. In 1989, Uwharrie established a second wholly-owned subsidiary, BOS Financial Corporation, for the purpose of conducting business as a “broker dealer” in securities. During 1993, BOS Financial Corporation changed its name to The Strategic Alliance Corporation (“Strategic Alliance”) and was registered as a “broker dealer” and is regulated by the Financial Industry Regulatory Authority (“FINRA”). The Company formed a new subsidiary, Strategic Investment Advisors, Inc. (“SIA”), during 1998 to provide investment advisory and asset management services. This subsidiary is registered as an investment advisor with the Securities and Exchange Commission. During 2015, SIA changed its name to Uwharrie Investment Advisors, Inc. (“UIA”). On January 19, 2000, the Company completed its acquisition of Anson BanCorp, Inc. and its subsidiary, Anson Savings Bank. The savings bank retained its North Carolina savings bank charter and became a wholly-owned subsidiary of Uwharrie Capital Corp as Anson Bank & Trust Company (“Anson”), operating out of its main office branch in Wadesboro. Anson was consolidated into Uwharrie Bank effective September 1, 2013. On August 4, 2000, Uwharrie acquired another subsidiary, Gateway Mortgage, Inc. (“Gateway”), a mortgage origination company. This company is currently inactive and does not affect the Company’s consolidated financials statements. On April 10, 2003, the Company capitalized a new wholly-owned subsidiary bank, Cabarrus Bank & Trust Company (“Cabarrus”), located in Concord, North Carolina. As of that date, Cabarrus purchased two branch offices located in Cabarrus County from Uwharrie to begin its operation. Cabarrus operated as a commercial bank and provided a full range of banking services. Cabarrus was consolidated into Uwharrie Bank effective September 1, 2013. On April 7, 2004 Uwharrie Mortgage, Inc. was established as a subsidiary of the Company to serve in the capacity of trustee and substitute trustee under deeds of trust. Principles of Consolidation The consolidated financial statements include the accounts of the Company, Uwharrie, UIA and Uwharrie’s subsidiaries, BOS Agency and Strategic Alliance. All significant intercompany transactions and balances have been eliminated in consolidation. Use of Estimates The preparation of financial statements, in conformity with accounting principles generally accepted in the United States of America (“GAAP”), requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses. Cash and Cash Equivalents For the purpose of presentation in the consolidated statements of cash flows, cash and cash equivalents are defined as those amounts included in the balance sheet captions “Cash and due from banks” and “Interest-earning deposits with banks.” Investment Securities Available for Sale Investment securities available for sale consist of United States Treasuries, United States Government agencies, Government Sponsored Enterprise (GSE) mortgage backed securities and collateralized mortgage obligations (CMOs), corporate bonds and state and political subdivision bonds. Unrealized holding gains and losses on available for sale securities are reported as a net amount in other comprehensive income, net of income taxes. Gains and losses on the sale of available for sale securities are determined using the specific identification method and recorded on a trade basis. Declines in the fair value of individual available for sale securities below their cost that are other than temporary would result in write-downs of the individual securities, to their fair value. Such write-downs would be included in earnings as realized losses to the extent the losses are associated with the credit quality of the issuer. Amortization of premiums and accretion of discounts are recognized in interest income using the interest method over the period to maturity. Investment Securities Held to Maturity Investment securities held to maturity consist of United States Government agencies, and corporate bonds and state and political subdivision bonds. The Company has both the intent and ability to hold the securities to maturity. These securities are reported at amortized cost. Loans Held for Sale Loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated fair value in the aggregate. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. Loans The Company divides the loans it grants into two segments, commercial and noncommercial loans. Commercial loans are broken down into the following classes: commercial loans, real estate commercial loans and other real estate construction loans. Noncommercial loans are divided into the following classes: real estate 1-4 family construction, real estate 1-4 family residential loans, home equity loans, consumer loans and other loans. The ability of the Company’s borrowers to honor their contracts is largely dependent upon the real estate and general economic conditions in the Company’s market area. Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are reported at their outstanding unpaid principal balances adjusted for charge-offs, the allowance for loan losses, and any deferred fees or costs. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield using the effective interest method. The accrual of interest on mortgage and commercial loans is discontinued at the time the loan is 90 days delinquent unless the credit is well-secured and in process of collection. Credit card loans and other personal loans are typically charged off no later than 180 days past due. In all cases, loans are placed on nonaccrual or charged off at an earlier date if collection of principal or interest is considered doubtful. The exception to this policy is credit card loans that remain in accrual status 90 days or more until they are paid current or charged off. All interest accrued but not collected for loans that are placed on nonaccrual or charged off is reversed against interest income. The interest on these impaired loans is accounted for on the cash-basis until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Generally a minimum of six months of sustained performance is required. Allowance for Loan Losses The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses. The provision for loan losses is expensed to earnings. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The Company has different specific risks identified within the loan segments. Specific risks within the commercial loan segment arise with borrowers that are experiencing diminished operating cash flows, depreciated collateral values or prolonged sales and rental absorption periods. Concentrations within the portfolio if unmanaged, pose additional risk. Occasionally, the Company will purchase participation loans from other institutions and if not independently underwritten by the Bank, could carry additional risk. Generally, owner-occupied commercial real estate loans carry less risk than non-owner occupied. Specific risks within the non-commercial portfolio tend to be tied to economic factors including high unemployment and decreased real estate values. Risk to the Company is greater as home values deteriorate more rapidly than amortization in a loan, leaving little to no equity in properties, especially in junior lien positions. Concentration in the portfolio, such as home equity lines of credit, could pose additional risk if not appropriately managed. The allowance for loan losses is evaluated both individually and collectively by loan class on a regular basis by management. Loans are collectively evaluated based upon management’s periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral and prevailing economic conditions. Individually evaluated loans are based upon discounted cash flows or the underlying value of the collateral. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. In addition, regulatory examiners may require the Company to recognize adjustments to the allowance for loan losses based on their judgment about information available to them at the time of their assessment. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan by loan basis for commercial and construction loans by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral if the loan is collateral dependent. Homogeneous loans are collectively evaluated by loan class for impairment. However, homogeneous loans will be evaluated individually for impairment if such a loan is deemed impaired. Troubled debt restructure loans (TDR) are modifications of a loan when a borrower is experiencing financial difficulty and the modification involves providing a concession to the existing loan contract. TDRs are considered to be impaired loans and are individually evaluated for impairment. The portion of the Company’s allowance for loan loss model related to general reserves captures the mean loss of individual loans and the rare event of severe loss that can occur within the loan portfolio. Specifically, the Company calculates probable losses on loans by computing a probability of loss and expected loss scenario by FDIC call report codes. Together, these expected components, as well as a level of more extreme unexpected losses form the basis of the allowance model. The loans that are impaired and included in the specific reserve are excluded from these calculations. Mortgage Servicing Rights The Company capitalizes mortgage servicing rights when loans are sold and the loan servicing is retained. The cost of servicing rights is amortized in proportion to and over the estimated period of net servicing revenues is expected to be received based on projections of the amount and timing of estimated future cash flows. The amortization of servicing rights is recognized in the statement of income as an offset to other noninterest income. Servicing assets are periodically evaluated for impairment based upon their fair value. Fair value is based upon discounted cash flows using market-based assumptions. Impairment is recognized through a valuation allowance and charged to other expense. Transfers of Financial Assets Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. Foreclosed Real Estate Real estate properties acquired through foreclosure or other proceedings are initially recorded at fair value less costs to sell upon foreclosure, establishing a new cost basis. Annually, valuations are performed and the foreclosed property is adjusted to the lower of cost or fair value of the properties, less costs to sell. Any write-down at the time of transfer to foreclosed properties is charged to the allowance for loan losses. Subsequent write-downs are charged to noninterest expense, and costs related to the improvement of the property are capitalized if the fair value less cost to sell will allow it. If not, these costs are expensed also. Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation. Land is carried at cost. Additions and major replacements or betterments which extend the useful lives of premises and equipment are capitalized. Maintenance, repairs and minor improvements are expensed as incurred. Depreciation is computed principally by the straight-line method over estimated useful lives, except in the case of leasehold improvements, which are amortized over the term of the leases, if shorter. Useful lives range from five to seven years for furniture, fixtures and equipment, to ten to thirty-nine years for leasehold improvements and buildings, respectively. Upon retirement or other disposition of the assets, the cost and the related accumulated depreciation are removed from the accounts and any gains or losses are reflected in income. Restricted Stock As a requirement for membership, the bank invests in the stock of the Federal Home Loan Bank of Atlanta (“FHLB”) and Federal Reserve Bank (“FRB”). These investments are carried at cost. Due to the redemption provisions of these investments, the Company estimated that fair value approximates cost and that this investment was not impaired. Stock-Based Compensation The Company recognizes the cost of employee services received in exchange for an award of equity instruments in the financial statements over the period the employee is required to perform the services in exchange for the award (presumptively the vesting period). Accounting Standards Codification (ASC) 718 also requires measurement of the cost of employee services received in exchange for an award based on the grant-date fair value of the award. Excess tax benefits are reported as financing cash inflows in the consolidated statement of cash flows. Income Taxes The Company and its subsidiaries file a consolidated federal income tax return and separate North Carolina income tax returns. The provision for income taxes in the accompanying consolidated financial statements is provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. We record uncertain tax positions in accordance with ASC 740 on the basis of a two-step process whereby (1) we determine whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold. The tax returns for the Company are subject to audit for the 2011 fiscal year and thereafter. It is the Company’s policy to recognize interest and penalties associated with uncertain tax positions as components of other expenses in the income statement; however, if interest becomes a material amount, it would be reclassified as interest expense. There were no interest or penalties accrued during the years ended December 31, 2015, 2014 and 2013. Fair Value of Financial Instruments ASC 820 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. ASC 820 does not require any new fair value measurements, but clarifies and standardizes some divergent practices that have emerged since prior guidance was issued. ASC 820 creates a three-level hierarchy under which individual fair value estimates are to be ranked based on the relative reliability of the inputs used in the valuation. ASC 820 defines fair value as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities, the Company considers the principal or most advantageous market in which those assets or liabilities are sold and considers assumptions that market participants would use when pricing those assets or liabilities. Fair values determined using Level 1 inputs rely on active and observable markets to price identical assets or liabilities. In situations where identical assets and liabilities are not traded in active markets, fair values may be determined based on Level 2 inputs, which exist when observable data exists for similar assets and liabilities. Fair values for assets and liabilities for which identical or similar assets and liabilities are not actively traded in observable markets are based on Level 3 inputs, which are considered to be unobservable. Among the Company’s assets and liabilities, investment securities available for sale are reported at their fair values on a recurring basis. Certain other assets are adjusted to their fair value on a nonrecurring basis, including other real estate owned, impaired loans, loans held for sale, which are carried at the lower of cost or market; mortgage loan servicing rights, where fair value is determined using similar assets with similar characteristics, when available, or based upon discounted cash flows using market-based assumptions; and goodwill, which is periodically tested for impairment. Deposits, short-term borrowings and long-term obligations are not reported at fair value. Prices for US Treasury securities are readily available in the active markets in which those securities are traded, and the resulting fair values are shown in the ‘Level 1 input’ column. Prices for government agency securities, mortgage-backed securities and for state, county and municipal securities are obtained for similar securities, and the resulting fair values are shown in the ‘Level 2 input’ column. Prices for all other non-marketable investments are determined based on various assumptions that are not observable. The fair values for these investment securities are shown in the ‘Level 3 input’ column. Non-marketable investment securities, which are carried at their purchase price, include those that may only be redeemed by the issuer. The changes in securities between Level 1 and Level 2 were related to the purchase and sale of several securities and not the migration of securities between levels. The Company does not record loans at fair value on a recurring basis. However, from time to time, a loan is considered impaired and an allowance for loan losses is established. Loans for which it is probable that payment of interest and principal will not be made in accordance with the contractual terms of the loan agreement are considered impaired. Once a loan is identified as individually impaired, management measures impairment by using one of several methods including collateral value, fair value of similar debt or discounted cash flows. Those impaired loans not requiring an allowance represent loans for which the present value of the expected repayments or fair value of collateral exceed the recorded investments in such loans. The Company typically bases the fair value of the collateral on appraised values which the Company considers Level 3 valuations. Foreclosed assets are adjusted to fair value upon transfer of the loans to other real estate owned. Real estate acquired in settlement of loans is recorded initially at the estimated fair value of the property less estimated selling costs at the date of foreclosure. The initial recorded value may be subsequently reduced by additional allowances, which are charged to earnings if the estimated fair value of the property less estimated selling costs declines below the initial recorded value. Fair value is based upon independent market prices, appraised values of the collateral or management’s estimation of the value of the collateral. The Company typically bases the fair value of the collateral on appraised values which the Company considers Level 3 valuations. Loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated fair value in the aggregate, based on secondary market prices. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. These loans are recorded in Level 2. Comprehensive Income The Company reports as comprehensive income all changes in shareholders’ equity during the year from sources other than shareholders. Other comprehensive income refers to all components (revenues, expenses, gains, and losses) of comprehensive income that are excluded from net income. The Company’s only component of other comprehensive income is unrealized gains and losses, net of income tax, on investment securities available for sale. The following table presents the changes in accumulated other comprehensive income for the years ended December 31, 2015, 2014 and 2013: Year ended December 31, 2015 2014 2013 (dollars in thousands) Beginning Balance $ 305 $ (562 ) $ 1,487 Other comprehensive income (loss) before reclassifications, net of $474, ($445) and $1,292 tax effect, respectively (188 ) 866 (2,370 ) Amounts reclassified from accumulated other comprehensive income, net of ($207), $1 and $222 tax effect, respectively (329 ) 1 321 Net current-period other comprehensive loss (517 ) 867 (2,049 ) Ending Balance $ (212 ) $ 305 $ (562 ) As of December 31, 2015 and December 31, 2014, total accumulated other comprehensive income (loss) was ($212,000) and $305,000 respectively. Earnings per Common Share The Company had stock options outstanding covering 12,859 shares of common stock at both December 31, 2015 and 2014 and 96,228 shares of common stock at December 31, 2015. All of these options were anti-dilutive because the strike price was higher than the current market price. Basic earnings per share (“EPS”) excludes dilution and is computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. The ESOP effect is the average of the unallocated ESOP shares. On October 20, 2015, the Company’s Board of Directors declared a 2% stock dividend payable on November 19, 2015 to shareholders of record on November 3, 2015. All information presented in the accompanying consolidated financial statements regarding earnings per share and weighted average number of shares outstanding has been computed giving effect to this stock dividend. The computation of weighted average shares used in the calculation of basic and dilutive earnings per share is summarized below: 2015 2014 2013 Weighted average number of common shares used in computing basic net income per common share 7,051,751 7,490,799 7,786,032 Effect of ESOP shares — (43,791 ) (215,300 ) Adjusted weighted average number of common shares used in computing basic net income per common share 7,051,751 7,447,008 7,570,732 Effect of dilutive stock options — — — Weighted average number of common shares and dilutive potential common shares used in computing diluted net income per common share 7,051,751 7,447,008 7,570,732 During the first quarter of 2014, the board of directors of the Company voted to terminate the ESOP effective March 1, 2014. As of February 28, 2014, the ESOP held 740,530 shares, or 9.95% of the Company’s total outstanding shares of common stock, of which 252,446 shares were unallocated to participants in the ESOP. The Company originally made a term loan to the ESOP in 1999. In addition, the Company established a $500,000 line of credit to the ESOP in 2010 and established a second $500,000 line of credit to the ESOP in 2013. The ESOP used the proceeds of the term loan and lines of credit to purchase shares of the Company’s common stock for the benefit of qualified employees. The unallocated shares of stock held by the ESOP were pledged as collateral for the term loan and lines of credit. As debt payments were made on the term loan and lines of credit, unallocated shares associated with those debt payments were released to the ESOP and allocated among participants. In connection with the termination of the ESOP, the ESOP trustees transferred the 252,446 remaining unallocated shares to the Company in partial satisfaction of the outstanding balance on the term loan and lines of credit. The fair value of these unallocated shares was insufficient to repay the term loan and lines of credit in full. As a result, the Company forgave the remaining balance. Upon the transfer of the unallocated shares to the Company, these shares were cancelled and returned to the Company’s pool of authorized but unissued shares of common stock. The Company filed a request for a favorable determination letter from the Internal Revenue Service as to the tax-qualified status of the ESOP on its termination. The Company received the favorable determination letter dated September 5, 2014 from the Internal Revenue Service and during the fourth quarter of 2014 distributed the allocated shares to the participants. Noncontrolling Interest In January 2013 the Company’s subsidiary banks issued a total of $7.9 million of Fixed Rate Noncumulative Perpetual Preferred Stock, Series B. The preferred stock qualified as Tier 1 capital at each bank and pays dividends at an annual rate of 5.30%. The preferred stock has no voting rights. This capital is presented as noncontrolling interest in the consolidated balance sheets. Dividends declared on this preferred stock are presented as earnings allocated to the noncontrolling interest in the consolidated statements of income. Effective September 1, 2013, the Fixed Rate Noncumulative Perpetual Preferred Stock, Series B was rolled into one issue under Uwharrie Bank in connection with the consolidation and name change. During 2013, the Company’s subsidiary bank, Uwharrie Bank, raised $2.8 million of Fixed Rate Noncumulative Perpetual Preferred Stock, Series C. The preferred stock qualifies as Tier 1 capital at the bank and pays dividends at an annual rate of 5.30%. The preferred stock has no voting rights. Recent Accounting Pronouncements In January 2014, the FASB issued ASU 2014-04, an update to ASC 310 “Receivables – Troubled Debt Restructurings by Creditors”. The amendments in this update clarify that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. The update is effective for reporting periods beginning after December 15, 2014. The Company evaluated this update and it does not have a material impact on the Company’s consolidated financial statements. The Company had $1.6 million in foreclosed residential real estate and $219,000 of residential real estate in process of foreclosure at December 31, 2015. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, Topic 606 (“ASU 2014-09”). The new standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under existing guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. In August of 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers, Topic 606: Deferral of the Effective Date, deferring the effective date of ASU 2014-09 until annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The amendments can be applied retrospectively to each prior reporting period or retrospectively with the cumulative effect of initially applying this new guidance recognized at the date of initial application. The Company is currently evaluating the provisions of ASU 2014-09 to determine the potential impact the new standard will have to the Company’s financial statements. In January 2016, the FASB issued ASU 2016-01, “Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” From time to time the FASB issues exposure drafts of proposed statements of financial accounting standards. Such exposure drafts are subject to comment from the public, to revisions by the FASB and to final issuance by the FASB as statements of financial accounting standards. Management considers the effect of the proposed statements on the consolidated financial statements of the Company and monitors the status of changes to and proposed effective dates of exposure drafts. |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Note 2 - Investment Securities Carrying amounts and fair values of securities available for sale and held to maturity are summarized below: December 31, 2015 Amortized Gross Gross Fair (dollars in thousands) Securities available for sale U.S. Treasury $ 4,026 $ — $ 14 $ 4,012 U.S. Government agencies 36,159 99 188 36,070 GSE - Mortgage-backed securities and CMO’s 30,269 53 549 29,773 State and political subdivisions 13,691 351 3 14,039 Corporate bonds 5,435 — 71 5,364 Total securities available for sale $ 89,580 $ 503 $ 825 $ 89,258 December 31, 2015 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (dollars in thousands) Securities held to maturity U.S. Government agencies $ 1,911 $ — $ 5 $ 1,906 State and political subdivisions 5,993 30 5 6,018 Corporate bonds 3,338 — 20 3,318 Total securities held to maturity $ 11,242 $ 30 $ 30 $ 11,242 December 31, 2014 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (dollars in thousands) Securities available for sale U.S. Treasury $ 19,030 $ 362 $ 6 $ 19,386 U.S. Government agencies 50,969 96 290 50,775 GSE - Mortgage-backed securities and CMO’s 27,748 133 309 27,572 State and political subdivisions 11,575 505 — 12,080 Corporate bonds 3,040 — 29 3,011 Total securities available for sale $ 112,362 $ 1,096 $ 634 $ 112,824 December 31, 2014 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (dollars in thousands) Securities held to maturity U.S. Government agencies $ 2,085 $ — $ 32 $ 2,053 Corporate bonds 3,411 — 14 3,397 Total securities held to maturity $ 5,496 $ — $ 46 $ 5,450 At December 31, 2015 and December 31, 2014, the Company owned Federal Reserve Bank stock reported at cost of $507,000 and $506,000, respectively. Also at December 31, 2015 and December 31, 2014, the Company owned Federal Home Loan Bank Stock (FHLB) of $533,000 and $532,000, respectively. The investments in Federal Reserve stock and FHLB stock are required investments related to the Company’s membership in, and borrowings with, these banks and classified as restricted stock on the consolidated balance sheet. These investments are carried at cost since there is no ready market and redemption has historically been made at par value. The Company estimated that the fair value approximated cost and that these investments were not impaired at December 31, 2015. Results from sales and calls of securities available for sale for the years ended December 31, 2015, 2014 and 2013 are as follows: 2015 2014 2013 (dollars in thousands) Gross proceeds from sales and calls $ 32,780 $ 11,592 $ 20,182 Realized gains from sales $ 536 $ 28 $ 41 Realized losses from sales — (30 ) (564 ) Net realized gains (losses) $ 536 $ (2 ) $ (523 ) At December 31, 2015, 2014 and 2013 securities available for sale with a carrying amount of $68.8 million, $84.7 million and $63.1 million, respectively, were pledged as collateral on public deposits and for other purposes as required or permitted by law. The following tables show the gross unrealized losses and fair value of investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2015 and December 31, 2014. We believe these unrealized losses on investment securities are a result of a volatile market and fluctuations in market prices due to a rise in interest rates, which will adjust if rates decline. Management does not believe these fluctuations are a reflection of the credit quality of the investments. At December 31, 2015, the unrealized losses on available for sale securities less than twelve months related to one U.S. Treasury, five government agency bonds, eight government sponsored enterprise (GSE) mortgage backed securities, two corporate bonds and one state and political subdivision bond. The Company had six government agency bonds, four GSE mortgage backed securities and one corporate bond that had been in a loss position for more than twelve months. At December 31, 2015, the unrealized losses on held to maturity securities related to one government agency security, two corporate bonds and two state and political subdivision bonds. At December 31, 2014, the unrealized losses on available for sale securities related to one United States Treasury note, thirteen government agency bonds, eight GSE mortgage backed securities and two corporate bonds. At December 31, 2014, the unrealized losses on held to maturity securities related to one government agency security and two corporate bonds. December 31, 2015 Less than 12 Months 12 Months or More Total Unrealized Unrealized Unrealized Fair Value Losses Fair Value Losses Fair Value Losses (dollars in thousands) Securities available for sale temporary impairment U.S. Treasury $ 4,013 $ 14 $ — $ — $ 4,013 $ 14 U.S. Gov’t agencies 16,692 128 5,048 60 21,740 188 GSE-Mortgage-backed securities and CMO’s 15,620 290 7,230 259 22,850 549 State and political 465 3 — — 465 3 Corporate bonds 4,566 55 798 16 5,364 71 Total securities available for sale $ 41,356 $ 490 $ 13,076 $ 335 $ 54,432 $ 825 December 31, 2015 Less than 12 Months 12 Months or More Total Unrealized Unrealized Unrealized Fair Value Losses Fair Value Losses Fair Value Losses (dollars in thousands) Held to maturity temporary impairment U.S. Gov’t agencies $ 1,906 $ 5 $ — $ — $ 1,906 $ 5 State and political 3,318 5 — — 3,318 5 Corporate bonds 1,312 20 — — 1,312 20 Total securities held to maturity $ 6,536 $ 30 $ — $ — $ 6,536 $ 30 December 31, 2014 Less than 12 Months 12 Months or More Total Unrealized Unrealized Unrealized Fair Value Losses Fair Value Losses Fair Value Losses (dollars in thousands) Securities available for sale temporary impairment U.S. Treasury $ 3,143 $ 6 $ — $ — $ 3,143 $ 6 U.S. Gov’t agencies 9,690 23 17,776 267 27,466 290 GSE-Mortgage-backed securities and CMO’s 1,990 4 14,168 305 16,158 309 Corporate bonds 3,011 29 — — 3,011 29 Total securities available for sale $ 17,834 $ 62 $ 31,944 $ 572 $ 49,778 $ 634 December 31, 2014 Less than 12 Months 12 Months or More Total Unrealized Unrealized Unrealized Fair Value Losses Fair Value Losses Fair Value Losses (dollars in thousands) Held to maturity temporary impairment U.S. Gov’t agencies $ 2,053 $ 32 $ — $ — $ 2,053 $ 32 Corporate bonds 3,397 14 — — 3,397 14 Total securities held to maturity $ 5,450 $ 46 $ — $ — $ 5,450 $ 46 The Company did have six government agency securities, four GSE mortgage backed securities and one corporate bond that had been in a loss position for more than twelve months that are in the investments available for sale portfolio. Declines in the fair value of the investment portfolio are believed by management to be temporary in nature. When evaluating an investment for other-than-temporary impairment management considers among other things, the length of time and the extent to which the fair value has been in a loss position, the financial condition of the issuer and the intent and the ability of the Company to hold the investment until the loss position is recovered. Any unrealized losses were largely due to increases in market interest rates over the yields available at the time of purchase. The fair value is expected to recover as the bonds approach their maturity date or market yields for such investments decline. Management does not believe any of the securities are impaired due to reasons of credit quality but that the losses are temporary in nature. At December 31, 2015, the Company does not intend to sell and is not likely to be required to sell the available for sale securities that were in a loss position prior to full recovery. The following table shows contractual maturities of the entire investment portfolio as of December 31, 2015: Amortized Estimated (dollars in thousands) Due within one year $ 2,871 $ 2,872 Due after one but within five years 37,759 37,821 Due after five but within ten years 15,111 15,076 Due after ten years 14,812 14,958 Mortgage backed securities 30,269 29,773 $ 100,822 $ 100,500 The mortgage-backed securities are shown separately as they are not due at a single maturity date. |
Loans Held for Investment
Loans Held for Investment | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Loans Held for Investment | Note 3 – Loans Held for Investment The composition of net loans held for investment by class as of December 31, 2015 and 2014 is as follows: 2015 2014 (dollars in thousands) Commercial Commercial $ 52,311 $ 47,418 Real estate - commercial 101,198 92,517 Other real estate construction loans 17,692 22,362 Noncommercial Real estate 1-4 family construction 5,629 3,888 Real estate - residential 83,379 89,374 Home equity 49,420 46,360 Consumer loans 8,982 8,460 Other loans 1,481 481 320,092 310,860 Less: Allowance for loan losses (2,884 ) (3,738 ) Deferred loan (fees) costs, net 40 (7 ) Loans held for investment, net $ 317,248 $ 307,115 Although the subsidiary bank loan portfolio is diversified, there is a concentration of mortgage real estate loans, primarily 1 to 4 family residential mortgage loans, which represent 43.25% of total loans. Additionally, there is concentration in commercial loans secured primarily by real estate, shopping center locations, commercial land development, commercial buildings and equipment that represent 53.48% of total loans. There is not a concentration of a particular type of credit in this group of commercial loans. Total recorded investment in impaired loans, which consisted of nonaccrual loans and other loans identified by management as impaired, totaled $5.5 million and $7.6 million at December 31, 2015 and 2014, respectively. There were no loans 90 days past due and still accruing at December 31, 2015 or at December 31, 2014. Restructured loans at December 31, 2015 totaled $4.7 million and are included in the impaired loan total, compared to $6.0 million which were included in impaired loans at December 31, 2014. The carrying value of foreclosed properties held as other real estate was $5.0 million and $5.9 million at December 31, 2015 and 2014, respectively. The Company had loans of $135.9 million and $128.9 million pledged to borrowings at Federal Home Loan Bank and the Federal Reserve Bank at December 31, 2015 and 2014, respectively. The Company’s loan policies are written to address loan-to-value ratios and collateralization methods with respect to each lending category. Consideration is given to the economic and credit risk of lending areas and customers associated with each category. |
Allowance for Loan Losses
Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Allowance for Loan Losses | Note 4 - Allowance for Loan Losses Changes in the allowance for loan losses for the years ended December 31, 2015, 2014 and 2013 are presented below: Commercial 2015 2014 2013 (dollars in thousands) Balance, beginning of year $ 1,716 $ 2,665 $ 2,791 Provision (recovery) charged to operations (527 ) (302 ) 784 Charge-offs (89 ) (749 ) (1,005 ) Recoveries 210 102 96 Net (charge-offs) 121 (647 ) (909 ) Other — — (1 ) Balance, end of year $ 1,310 $ 1,716 $ 2,665 Non-Commercial 2015 2014 2013 (dollars in thousands) Balance, beginning of year $ 2,022 $ 2,430 $ 4,010 Provision (recovery) charged to operations (93 ) (87 ) (756 ) Charge-offs (500 ) (482 ) (966 ) Recoveries 145 161 146 Net (charge-offs) (355 ) (321 ) (820 ) Other — — (4 ) Balance, end of year $ 1,574 $ 2,022 $ 2,430 Total 2015 2014 2013 (dollars in thousands) Balance, beginning of year $ 3,738 $ 5,095 $ 6,801 Provision (recovery) charged to operations (620 ) (389 ) 28 Charge-offs (589 ) (1,231 ) (1,971 ) Recoveries 355 263 242 Net (charge-offs) (234 ) (968 ) (1,729 ) Other — — (5 ) Balance, end of year $ 2,884 $ 3,738 $ 5,095 During the third quarter of 2015, the Company made a change to their Allowance for Loan Loss methodology model. One of the components utilized in the model is Beacon 5 scores. During the third quarter, this was changed to FICO 9 scores. The impact of this change accounted for approximately a $20,000 decrease in the allowance Refer to the Asset Quality discussion on page 91 for further information. The following table shows period-end loans and reserve balances by loan segment both individually and collectively evaluated for impairment at December 31, 2015 and 2014: December 31, 2015 Individually Evaluated Collectively Evaluated Total Reserve Loans Reserve Loans Reserve Loans (dollars in thousands) Commercial $ 18 $ 1,019 $ 1,292 $ 170,182 $ 1,310 $ 171,201 Non-Commercial 163 4,459 1,411 144,472 1,574 148,931 Total $ 181 $ 5,478 $ 2,703 $ 314,654 $ 2,884 $ 320,132 December 31, 2014 Individually Evaluated Collectively Evaluated Total Reserve Loans Reserve Loans Reserve Loans (dollars in thousands) Commercial $ 179 $ 2,125 $ 1,537 $ 160,172 $ 1,716 $ 162,297 Non-Commercial 277 5,436 1,745 143,120 2,022 148,556 Total $ 456 $ 7,561 $ 3,282 $ 303,292 $ 3,738 $ 310,853 Past due loan information is used by management when assessing the adequacy of the allowance for loan loss. The following tables summarize the past due information of the loan portfolio by class: December 31, 2015 Loans 30-89 Days Loans Total Past Current Total Accruing (dollars in thousands) Commercial $ 46 $ 34 $ 80 $ 52,231 $ 52,311 $ — Real estate - commercial 74 — 74 101,124 101,198 — Other real estate construction 110 195 305 17,387 17,692 — Real estate construction — — — 5,629 5,629 — Real estate - residential 1,580 541 2,121 81,298 83,419 — Home equity 75 13 88 49,332 49,420 — Consumer loan 39 — 39 8,943 8,982 — Other loans — — — 1,481 1,481 — Total $ 1,924 $ 783 $ 2,707 $ 317,425 $ 320,132 $ — December 31, 2014 Loans Loans Total Past Current Total Accruing (dollars in thousands) Commercial $ 42 $ — $ 42 $ 47,376 $ 47,418 $ — Real estate - commercial 77 794 871 91,646 92,517 — Other real estate construction — 342 342 22,020 22,362 — Real estate construction — — — 3,888 3,888 — Real estate - residential 1,673 1,097 2,770 86,597 89,367 — Home equity 89 13 102 46,258 46,360 — Consumer loan 123 — 123 8,337 8,460 — Other loans — — — 481 481 — Total $ 2,004 $ 2,246 $ 4,250 $ 306,603 $ 310,853 $ — Once a loan becomes 90 days past due, the loan is automatically transferred to a nonaccrual status. The exception to this policy is credit card loans that remain in accrual status 90 days or more until they are paid current or charged off. The composition of nonaccrual loans by class as of December 31, 2015 and 2014 is as follows: 2015 2014 (dollars in thousands) Commercial $ 34 $ — Real estate - commercial — 794 Other real estate construction 195 342 Real estate 1 – 4 family construction — — Real estate – residential 541 1,097 Home equity 13 13 Consumer loans — — Other loans — — $ 783 $ 2,246 Management uses a risk-grading program to facilitate the evaluation of probable inherent loan losses and to measure the adequacy of the allowance for loan losses. In this program, risk grades are initially assigned by the loan officers and reviewed and monitored by the lenders and credit administration on an ongoing basis. The program has eight risk grades summarized in five categories as follows: Pass Watch Substandard Doubtful: Loss: The tables below summarize risk grades of the loan portfolio by class as of December 31, 2015 and 2014: December 31, 2015 Pass Watch Sub- Doubtful Total (dollars in thousands) Commercial $ 52,096 $ 130 $ 85 $ — $ 52,311 Real estate - commercial 97,506 1,161 2,531 — 101,198 Other real estate construction 15,163 1,994 535 — 17,692 Real estate 1 - 4 family construction 5,526 103 — — 5,629 Real estate - residential 71,736 9,398 2,285 — 83,419 Home equity 48,195 1,209 16 — 49,420 Consumer loans 8,583 394 5 — 8,982 Other loans 1,481 — — — 1,481 Total $ 300,286 $ 14,389 $ 5,457 $ — $ 320,132 December 31, 2014 Pass Watch Sub- Doubtful Total (dollars in thousands) Commercial $ 46,734 $ 614 $ 70 $ — $ 47,418 Real estate - commercial 82,846 5,513 4,158 — 92,517 Other real estate construction 19,724 1,925 713 — 22,362 Real estate 1 - 4 family construction 3,888 — — — 3,888 Real estate - residential 75,859 10,090 3,418 — 89,367 Home equity 44,799 1,458 103 — 46,360 Consumer loans 8,175 277 8 — 8,460 Other loans 481 — — — 481 Total $ 282,506 $ 19,877 $ 8,470 $ — $ 310,853 Loans that are in nonaccrual status or 90 days past due and still accruing are considered to be nonperforming. During 2015, nonperforming loans decreased from $2.2 million at December 31, 2014 to $783,000 at December 31, 2015, a decrease of $1.5 million. There were several loans that were foreclosed on during 2015 with the related property being moved into other real estate owned. The following tables show the breakdown between performing and nonperforming loans by class as of December 31, 2015 and 2014: December 31, 2015 Performing Non- Total (dollars in thousands) Commercial $ 52,277 $ 34 $ 52,311 Real estate - commercial 101,198 — 101,198 Other real estate construction 17,497 195 17,692 Real estate 1 – 4 family construction 5,629 — 5,629 Real estate – residential 82,878 541 83,419 Home equity 49,407 13 49,420 Consumer loans 8,982 — 8,982 Other loans 1,481 — 1,481 Total $ 319,349 $ 783 $ 320,132 December 31, 2014 Performing Non- Total (dollars in thousands) Commercial $ 47,418 $ — $ 47,418 Real estate - commercial 91,723 794 92,517 Other real estate construction 22,020 342 22,362 Real estate 1 – 4 family construction 3,888 — 3,888 Real estate – residential 88,270 1,097 89,367 Home equity 46,347 13 46,360 Consumer loans 8,460 — 8,460 Other loans 481 — 481 Total $ 308,607 $ 2,246 $ 310,853 Loans are considered impaired when, based on current information and events it is probable the Company will be unable to collect all amounts due in accordance with the original contractual terms of the loan agreement. If a loan is deemed impaired, a valuation analysis is performed and a specific reserve is allocated if necessary. The tables below summarize the loans deemed impaired and the amount of specific reserves allocated by class as of December 31, 2015 and 2014: As of December 31, 2015 Year ended Recorded Recorded Unpaid Investment Investment Average Principal With No With Related Recorded Interest Balance Allowance Allowance Allowance Investment Income (dollars in thousands) Commercial $ 97 $ 80 $ 17 $ 2 $ 81 $ 4 Real estate - commercial 620 498 122 9 1,121 42 Other real estate construction 840 195 107 7 281 3 Real estate 1 -4 family construction 13 — 13 — 16 1 Real estate - residential 4,343 1,507 2,836 163 4,798 200 Home equity 28 28 — — 50 1 Consumer loans 75 75 — — 37 2 Other loans — — — — — — Total $ 6,016 $ 2,383 $ 3,095 $ 181 $ 6,384 $ 253 Year ended As of December 31, 2014 December 31, 2014 Recorded Recorded Unpaid Investment Investment Average Principal With No With Related Recorded Interest Balance Allowance Allowance Allowance Investment Income (dollars in thousands) Commercial $ 98 $ 68 $ 30 $ 30 $ 117 $ 7 Real estate - commercial 1,820 1,242 389 145 2,641 73 Other real estate construction 934 342 54 4 1,108 6 Real estate 1 -4 family construction 20 — 20 1 109 1 Real estate - residential 5,298 1,865 3,433 257 5,865 268 Home equity 49 30 19 19 73 2 Consumer loans 69 29 40 — 83 4 Other loans — — — — — — Total $ 8,288 $ 3,576 $ 3,985 $ 456 $ 9,996 $ 361 Year ended As of December 31, 2013 December 31, 2013 Recorded Recorded Unpaid Investment Investment Average Principal With No With Related Recorded Interest Balance Allowance Allowance Allowance Investment Income (dollars in thousands) Commercial $ 377 $ 291 $ 86 $ 67 $ 845 $ 21 Real estate - commercial 6,808 3,962 2,375 507 7,089 328 Other real estate construction 2,034 247 1,739 945 2,078 17 Real estate 1 -4 family construction 374 25 349 16 380 23 Real estate - residential 8,197 4,619 3,329 530 8,507 300 Home equity 415 58 357 279 819 8 Consumer loans 116 61 55 43 156 14 Other loans — — — — — — Total $ 18,321 $ 9,263 $ 8,290 $ 2,387 $ 19,874 $ 711 |
Troubled Debt Restructures
Troubled Debt Restructures | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Troubled Debt Restructures | Note 5 – Troubled Debt Restructures A modification of a loan constitutes a troubled debt restructuring (“TDR”) when a borrower is experiencing financial difficulty and the modification involves providing a concession to the existing loan contract. The Company offers various types of concessions when modifying loans to troubled borrowers, however, forgiveness of principal is rarely granted. Concessions offered are term extensions, capitalizing accrued interest, reducing interest rates to below current market rates or a combination of any of these. Combinations from time to time may include allowing a customer to be placed on interest-only payments. The presentations below in the “other” category are TDR’s with a combination of concessions. At the time of a TDR, additional collateral or a guarantor may be requested. Loans modified as TDRs are typically already on nonaccrual status and in some cases, partial chargeoffs may have already been taken against the outstanding loan balance. The Company classifies TDR loans as impaired loans and evaluates the need for an allowance for loan loss on a loan-by-loan basis. An allowance is based on either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s observable market price or the estimated fair value of the underlying collateral less any selling costs, if the loan is deemed to be collateral dependent. For the twelve months ended December 31, 2015, 2014 and 2013, the following table presents a breakdown of the types of concessions made by loan class: Year ended December 31, 2015 Pre-Modification Post-Modification Number Outstanding Recorded Outstanding Recorded of Contracts Investment Investment (dollars in thousands) Extend payment terms: Commercial — $ — $ — Real estate - commercial — — — Other real estate construction — — — Real estate 1 – 4 family construction — — — Real estate – residential — — — Home equity — — — Consumer loans — — — Other loans — — — — $ — $ — Other: Commercial 2 $ 65 $ 44 Real estate - commercial — — — Other real estate construction 1 55 55 Real estate 1 – 4 family construction — — — Real estate – residential 6 535 521 Home equity — — — Consumer loans — — — Other loans 1 73 53 10 $ 728 $ 673 Total 10 $ 728 $ 673 Year ended December 31, 2014 Pre-Modification Post-Modification Number Outstanding Recorded Outstanding Recorded of Contracts Investment Investment (dollars in thousands) Extend payment terms: Commercial — $ — $ — Real estate - commercial — — — Other real estate construction — — — Real estate 1 – 4 family construction — — — Real estate – residential — — — Home equity — — — Consumer loans 1 32 32 Other loans — — — 1 $ 32 $ 32 Other: Commercial — $ — $ — Real estate - commercial 3 424 424 Other real estate construction — — — Real estate 1 – 4 family construction — — — Real estate – residential 6 870 870 Home equity — — — Consumer loans — — — Other loans — — — 9 $ 1,294 $ 1,294 Total 10 $ 1,326 $ 1,326 Year ended December 31, 2013 Pre-Modification Post-Modification Number Outstanding Recorded Outstanding Recorded of Contracts Investment Investment (dollars in thousands) Extend payment terms: Commercial — $ — $ — Real estate - commercial — — — Other real estate construction — — — Real estate 1 – 4 family construction — — — Real estate – residential — — — Home equity — — — Consumer loans — — — Other loans — — — — $ — $ — Other: Commercial — $ — $ — Real estate - commercial 1 356 341 Other real estate construction — — — Real estate 1 – 4 family construction — — — Real estate – residential 8 895 875 Home equity 1 18 18 Consumer loans — — — Other loans — — — 10 $ 1,269 $ 1,234 Total 10 $ 1,269 $ 1,234 During the twelve months ended December 31, 2015, 2014 and 2013, there were no TDRs for which there was a payment default. A default on a troubled debt restructure is defined as being past due 90 days or being out of compliance with the modification agreement. As previously mentioned, the Company considers TDRs to be impaired loans and has $177,000 in the allowance for loan loss as of December 31, 2015, as a direct result of these TDRs. At December 31, 2014 and 2013 there was $373,000 and $420,000 in the allowance for loan loss related to TDRs, respectively. The following table presents the successes and failures of the types of modifications within the previous twelve months as of December 31, 2015, 2014 and 2013: Paid In Full Paying as restructured Converted to nonaccrual Foreclosure/ Default Number of Recorded Number of Recorded Number of Recorded Number of Recorded Loans Investments Loans Investments Loans Investments Loans Investments (dollars in thousands) December 31, 2015 Extended payment terms — $ — — $ — — $ — — $ — Other — — 10 728 — — — — Total — $ — 10 $ 728 — $ — — $ — Paid In Full Paying as restructured Converted to nonaccrual Foreclosure/ Default Number of Recorded Number of Recorded Number of Recorded Number of Recorded Loans Investments Loans Investments Loans Investments Loans Investments (dollars in thousands) December 31, 2014 Extended payment terms — $ — 1 $ 32 — $ — — $ — Other 1 112 8 1,182 — — — — Total 1 $ 112 9 $ 1,214 — $ — — $ — Paid In Full Paying as restructured Converted to nonaccrual Foreclosure/ Default Number of Recorded Number of Recorded Number of Recorded Number of Recorded Loans Investments Loans Investments Loans Investments Loans Investments (dollars in thousands) December 31, 2013 Extended payment terms — $ — — $ — — $ — — $ — Other — — 10 1,234 — — — — Total — $ — 10 $ 1,234 — $ — — $ — |
Mortgage Servicing Assets
Mortgage Servicing Assets | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Mortgage Servicing Assets | Note 6 – Mortgage Servicing Assets The principal balance of loans serviced for others are not included in the accompanying consolidated balance sheets. The unpaid principal balances of mortgage and other loans serviced for others were approximately $406 million and $396 million at December 31, 2015 and 2014, respectively. The carrying value of capitalized servicing rights, net of valuation allowances, is included in other assets. A summary of mortgage servicing rights follows: 2015 2014 2013 (dollars in thousands) Beginning of year mortgage servicing rights: $ 2,072 $ 2,356 $ 2,394 Amounts capitalized 657 386 763 Amortization (689 ) (709 ) (801 ) Impairment — 39 — End of year $ 2,040 $ 2,072 $ 2,356 Amortization expense is estimated as follows: Year ending December 31, (dollars in thousands) 2016 $ 482 2017 417 2018 352 2019 287 2020 223 Thereafter 279 Total $ 2,040 The amortization does not anticipate or pro-forma loan prepayments. The fair value of mortgage servicing rights was $3.3 million at December 31, 2015 and $3.2 million at December 31, 2014. The key assumptions used to value mortgage servicing rights were as follows: 2015 2014 Weighted average remaining life 257 months 256 months Weighted average discount rate 10 % 10 % Weighted average coupon 3.95 % 3.98 % Weighted average prepayment speed 171 % 187 % |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | Note 7 - Premises and Equipment The major classes of premises and equipment and the total accumulated depreciation at December 31, 2015 and 2014 are listed below: 2015 2014 (dollars in thousands) Land $ 3,302 $ 3,302 Building and improvements 12,808 12,701 Furniture and equipment 8,901 8,439 Total fixed assets 25,011 24,442 Less accumulated depreciation 10,345 9,584 Net fixed assets $ 14,666 $ 14,858 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Leases | Note 8 – Leases The Company’s subsidiary, Uwharrie Bank had entered into a noncancelable operating lease for an administrative office location in Concord that would have expired in 2017. The lease required annual rental payments of $62,120 and contained two five-year renewal options at the expiration of the initial term. During 2014, the Company purchased this location. During 2015, Uwharrie Bank entered into a lease for a loan production office in Charlotte. This lease is a month to month lease with monthly rental payments of $2,888. Total rental expense related to the operating leases was $25,529, $16,230, and $61,914 for the years ended December 31, 2015, 2014 and 2013, respectively, and is included in net occupancy expense. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2015 | |
Banking and Thrift [Abstract] | |
Deposits | Note 9 - Deposits The composition of deposits at December 31, 2015 and 2014 is as follows: 2015 2014 Percentage Percentage Amount of Total Amount of Total (dollars in thousands) Demand noninterest-bearing $ 92,524 20 % $ 80,069 18 % Interest checking and money market 252,345 54 % 243,116 53 % Savings 40,436 8 % 39,091 9 % Time deposits $250,000 and over 8,148 2 % 9,865 2 % Other time deposits 74,280 16 % 84,294 18 % Total $ 467,733 100 % $ 456,435 100 % The maturities of fixed-rate time deposits at December 31, 2015 are reflected in the table below: Time Deposits Other Year ending December 31, $250,000 Time (dollars in thousands) 2016 $ 4,841 $ 56,238 2017 3,307 9,237 2018 — 2,538 2019 — 1,578 2020 — 4,591 Thereafter — 98 Total $ 8,148 $ 74,280 |
Short-Term Borrowed Funds
Short-Term Borrowed Funds | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Short-Term Borrowed Funds | Note 10 - Short-Term Borrowed Funds The following tables set forth certain information regarding the amounts, year-end weighted average rates, average balances, weighted average rate, and maximum month-end balances for short-term borrowed funds, at and during 2015 and 2014: 2015 2014 Amount Rate Amount Rate (dollars in thousands) At year-end Master notes and other short term borrowing $ 3,396 0.25 % $ 3,674 0.25 % Notes payable 12 6.00 % 11 6.00 % Short-term line of credit 2,350 3.50 % 1,000 3.75 % Short-term advances from FHLB — 0.00 % — 0.00 % $ 5,758 1.59 % $ 4,685 1.01 % 2015 2014 Amount Rate Amount Rate (dollars in thousands) Average for the year Federal funds purchased $ 2 0.79 % $ 2 0.79 % Master notes and other short term borrowing 3,280 0.25 % 4,250 0.44 % Notes payable 18 6.00 % 11 6.00 % Short-term line of credit 1,598 3.51 % 57 3.75 % Short-term advances from FHLB — 0.00 % 510 4.08 % $ 4,898 1.32 % $ 4,830 0.88 % 2015 2014 (dollars in thousands) Maximum month-end balance Federal funds purchased $ — $ — Master notes and other short term borrowing 7,736 4,640 Notes payable 12 11 Short-term line of credit 2,350 1,000 Short-term advances from FHLB — 1,500 Federal funds purchased represent unsecured overnight borrowings from other financial institutions. Master notes and other secured borrowings represent an overnight investment in commercial paper issued by the Company to customers of its subsidiary bank, where an agreement is in place. The Company has a short term line of credit with $2.4 million outstanding at December 31, 2015. The line of credit has an interest rate of 3.50% and matures July 5, 2016. The line is collateralized by Uwharrie Bank Stock. The subsidiary bank has combined available lines of credit for federal funds and Federal Reserve discount window availability in the amount of $48.7 million at December 31, 2015. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Note 11 - Long-Term Debt The Company has a line of credit with the Federal Home Loan Bank secured by qualifying first lien and second mortgage loans and commercial real estate loans with eligible collateral value of $52.1 million with remaining availability of $52.1 million at December 31, 2015. There were no long-term advances under this line at December 31, 2015 and at December 31, 2014. The subsidiary bank also has standby letters of credit issued by the Federal Home Loan Bank to be used as collateral for public funds deposits. The aggregate amount of the letters of credit was $20.5 million at December 31, 2015. During the first quarter of 2014, the Company conducted a private placement offering of fixed rate junior subordinated debt securities at $1,000 per security with a required minimum investment of $50,000. The offering raised $9.5 million, of which the entire $9.5 million was outstanding at December 31, 2014. These securities have a final maturity date of March 31, 2024 and may be redeemed by the Company after March 31, 2019. The junior subordinated debt pays interest quarterly at an annual fixed rate of 5.75%. All proceeds of this private placement qualify and are included in the calculation of Tier 2 capital. Once the final maturity drops under five years, the Company must impose a twenty percent annual reduction per year of the amount of the proceeds from the sale of these securities that are eligible to be counted as Tier 2 capital. The Company would have a twenty percent reduction beginning at March 31, 2019. On November 19, 2002, the Company executed a mortgage in the amount of $129,000 for the purchase of property for branch expansion. This loan bears interest at 6.00% and is to be paid in 60 quarterly installments of $3,277. The outstanding principal balance on this note was $24,526 at December 31, 2015 down from $35,738 at December 31, 2014. As of December 31, 2015, the scheduled maturities of these long term borrowings are as follows: Year ending December 31, (dollars in thousands) 2017 $ 13 2018 — 2019 9,534 2020 — 2021 — Thereafter — Total $ 9,547 |
Income Tax Matters
Income Tax Matters | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Matters | Note 12 - Income Tax Matters The significant components of income tax expense (benefit) for the years ended December 31, 2015, 2014 and 2013 are summarized as follows: 2015 2014 2013 (dollars in thousands) Current tax expense (benefit): Federal $ 389 $ 11 $ (98 ) State 81 44 2 Total 470 55 (96 ) Deferred tax expense (benefit): Federal 228 458 285 State 108 135 153 Total 336 593 438 Net provision for income taxes $ 806 $ 648 $ 342 The difference between the provision for income taxes and the amounts computed by applying the statutory federal income tax rate of 34% to income before income taxes is summarized below: 2015 2014 2013 (dollars in thousands) Tax computed at the statutory federal rate $ 956 $ 791 $ 441 Increases (decrease) resulting from: Tax exempt interest, net (280 ) (252 ) (229 ) State income taxes, net of federal benefit 125 118 102 Other 5 (9 ) 28 Provision for income taxes $ 806 $ 648 $ 342 Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of deferred taxes at December 31, 2015, 2014 and 2013 are as follows: 2015 2014 2013 (dollars in thousands) Deferred tax assets relating to: Allowance for loan losses $ 1,057 $ 1,395 $ 1,934 Deferred compensation 1,080 975 853 Other 555 701 856 Net unrealized loss on securities available for sale 109 — 289 Total deferred tax assets 2,801 3,071 3,932 Deferred tax liabilities relating to: Net unrealized gain on securities available for sale — (157 ) — Premises and equipment (319 ) (371 ) (487 ) Deferred loans fees and costs (213 ) (198 ) (199 ) Loan servicing (176 ) (182 ) (201 ) Total deferred tax liabilities (708 ) (908 ) (887 ) Net recorded deferred tax asset $ 2,093 $ 2,163 $ 3,045 The net deferred tax asset is included in other assets on the accompanying consolidated balance sheets. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 13 - Commitments and Contingencies Financial Instruments with Off-Balance Sheet Risk The subsidiary bank is party to financial instruments with off-balance sheet risks in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit, lines of credit and standby letters of credit. These instruments involve elements of credit risk in excess of amounts recognized in the accompanying financial statements. The subsidiary bank’s risk of loss with the unfunded loans and lines of credit or standby letters of credit is represented by the contractual amount of these instruments. The Bank uses the same credit policies in making commitments under such instruments as it does for on-balance sheet instruments. The amount of collateral obtained, if any, is based on management’s credit evaluation of the borrower. Collateral held varies, but may include accounts receivable, inventory, real estate and time deposits with financial institutions. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Credit card commitments are unsecured. As of December 31, 2015 and 2014, outstanding financial instruments whose contract amounts represent credit risk were as follows: 2015 2014 (dollars in thousands) Commitments to extend credit $ 82,417 $ 75,573 Credit card commitments 9,269 8,754 Standby letters of credit 2,255 2,224 $ 93,941 $ 86,551 Contingencies In the normal course of business, the Company is involved in various legal proceedings. In the opinion of management, any liability resulting from such proceedings would not have a material adverse effect on the consolidated financial statements. Financial Instruments with Concentration of Credit Risk The subsidiary bank makes commercial, agricultural, real estate mortgage, home equity and consumer loans primarily in Stanly, Anson, Cabarrus and Mecklenburg counties. A substantial portion of the Company’s customers’ ability to honor their contracts is dependent on the economy in these counties. Although the Company’s composition of loans is diversified, there is some concentration of mortgage real estate loans, primarily 1-to-4 family residential mortgage loans and in commercial loans secured primarily by real estate, shopping center locations, commercial land development, commercial buildings and equipment in the total portfolio. The Bank’s policy is to abide by real estate loan-to-value margin limits corresponding to guidelines issued by the federal supervisory agencies on March 19, 1993. Lending policy for all loans requires that they be supported by sufficient cash flows at the time of origination. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 14 - Related Party Transactions The Company has granted loans to certain directors and executive officers and their related interests. Such loans are made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with other borrowers and, in management’s opinion, do not involve more than the normal risk of collectability. All loans to directors and executive officers or their interests are submitted to the Board of Directors for approval. A summary of loans to directors, executive officers and their related interests follows: 2015 2014 (dollars in thousands) Balance, at beginning of the year $ 21,720 $ 12,667 Disbursements during the year 4,722 12,901 Collections during the year (7,234 ) (3,848 ) Balance, at end of the year $ 19,208 $ 21,720 At December 31, 2015, the Company had approved, but unused lines of credit, totaling $3.9 million to executive officers and directors, and their related interests. |
Shareholders' Equity and Regula
Shareholders' Equity and Regulatory Matters | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Shareholders' Equity and Regulatory Matters | Note 15 – Shareholders’ Equity and Regulatory Matters The Company and its banking subsidiary are subject to certain requirements imposed by state and federal banking statutes and regulations. These requirements, among other things, establish minimum levels of capital, restrict the amount of dividends that may be distributed, and require that reserves on deposit liabilities be maintained in the form of vault cash or deposits with the Federal Reserve Bank. For the reserve maintenance period in effect at December 31, 2015, the subsidiary bank was required to maintain reserve balances in cash or on deposit with the Federal Reserve Bank in the aggregate amount of $1.4 million as reserves on deposit liabilities. The Company and its subsidiary bank are subject to federal regulatory risk-based capital guidelines for banks and bank holding companies. Each must meet specific capital guidelines that involve quantitative measures of assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices which measure Total Capital, Tier 1 Capital and Common Equity Tier 1 Capital to risk-weighted assets and Tier 1 Capital to average assets. Bank regulatory agencies approved regulatory capital guidelines (“Basel III”) aimed at strengthening existing capital requirements for banking organizations. Under the final rules, minimum requirements increase for both the quantity and quality of capital held by the Company. The rules include a new common equity Tier 1 capital to risk-weighted assets minimum ratio of 4.50%, raise the minimum ratio of Tier 1 capital to risk-weighted assets from 4.00% to 6.00%, require a minimum ratio of total capital to risk-weighted assets of 8.00%, and require a minimum Tier 1 leverage ratio of 4.00%. A new capital conservation buffer, comprised of common equity Tier 1 capital, was also established above the regulatory minimum capital requirements. This capital conservation buffer will be phased in beginning January 1, 2016 at 0.625% of risk-weighted assets and increase each subsequent year by an additional 0.625% until reaching its final level of 2.50% on January 1, 2019. Strict eligibility criteria for regulatory capital instruments were also implemented under the final rules. The final rules also revise the definition and calculation of Tier 1 capital, total capital, and risk-weighted assets. The phase-in period for the final rules became effective for the Company and its subsidiary bank on January 1, 2015, with full compliance of all the final rules’ requirements phased in over a multi-year schedule, to be fully phased-in by January 1, 2019. As of December 31, 2015, the Company and its subsidiary bank continue to exceed minimum capital standards and remain well-capitalized under the new rules. Quantitative measures established by regulation to ensure capital adequacy and the Company’s consolidated capital ratios are set forth in the table below. The Company expects to meet or exceed these minimums without altering current operations or strategy. Minimum to Be Well Minimum Capitalized Under For Capital Prompt Corrective Actual Requirement Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) December 31, 2015 Total Capital to Risk Weighted Assets: Consolidated $ 55,945 15.6 % $ 28,708 8.0 % $ 35,885 10.0 % Uwharrie Bank 56,221 15.8 % 28,549 8.0 % 35,686 10.0 % Tier 1 Capital to Risk Weighted Assets: Consolidated 43,527 12.1 % 21,531 6.0 % 28,708 8.0 % Uwharrie Bank 53,337 15.0 % 21,412 6.0 % 28,549 8.0 % Common Equity Tier 1 Capital to Risk Weighted Assets: Consolidated 32,931 9.2 % 16,148 5.0 % 23,325 6.5 % Uwharrie Bank 42,741 12.0 % 17,843 5.0 % 23,196 6.5 % Tier 1 Capital to Average Assets: Consolidated 43,527 8.2 % 21,225 4.0 % 26,531 5.0 % Uwharrie Bank 53,337 10.1 % 21,156 4.0 % 26,445 5.0 % Minimum to Be Well Minimum Capitalized Under For Capital Prompt Corrective Actual Requirement Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) December 31, 2014 Total Capital to Risk Weighted Assets: Consolidated $ 55,229 16.1 % $ 27,469 8.0 % $ N/A — % Uwharrie Bank 54,933 16.1 % 27,362 8.0 % 34,202 10.0 % Tier 1 Capital to Risk Weighted Assets: Consolidated 41,957 12.2 % 13,735 4.0 % N/A — % Uwharrie Bank 51,195 15.0 % 13,681 4.0 % 20,521 6.0 % Tier 1 Capital to Average Assets: Consolidated 41,957 8.1 % 20,765 4.0 % N/A — % Uwharrie Bank 51,195 9.9 % 20,716 4.0 % 25,895 5.0 % As of December 31, 2015, the most recent notification from the Federal Deposit Insurance Corporation categorized the Company’s subsidiary bank as being well capitalized under the regulatory framework for prompt corrective action. There have been no conditions or events since such notification that management believes would have changed the categorization. During 2012, each of the Company’s subsidiary banks began a campaign to sell Fixed Rate Noncumulative Perpetual Preferred Stock, Series B. The preferred stock qualifies as Tier 1 capital at the subsidiary bank and pays dividends at a rate of 5.30%. The sale ended on December 31, 2012 raising $7.9 million less issuance costs of $113,000. These funds were held in an escrow account at December 31, 2012 and the new preferred stock was issued in January 2013. Effective September 1, 2013, the Fixed Rate Noncumulative Perpetual Preferred Stock, Series B was rolled into one issue under Uwharrie Bank in connection with the consolidation and name change. During 2013, the Company’s subsidiary bank, Uwharrie Bank, raised $2.8 million of Fixed Rate Noncumulative Perpetual Preferred Stock, Series C. The preferred stock qualifies as Tier 1 capital at the bank and pays dividends at an annual rate of 5.30%. The preferred stock has no voting rights. The offering ended September 15, 2013 with Uwharrie raising $2.8 million in new capital less total issuance costs of $23,000. The total net amount of capital raised from Fixed Rate Noncumulative Perpetual Preferred Stock, Series B and Series C issued at the subsidiary bank level is presented as noncontrolling interest in the consolidated balance sheets. All of the Company’s aforementioned investment in its subsidiary bank qualifies for Tier 1 capital treatment for the bank and is included as such in its year end capital ratios. Stock Repurchase Program On February 21, 1995, the Company’s Board of Directors authorized and approved a Stock Repurchase Program, to be reaffirmed annually, pursuant to which the Company may repurchase shares of the Company’s common stock for the primary purpose of providing liquidity to its shareholders. During 2015 the Company repurchased 114,377 shares of outstanding common stock and repurchased 374,130 during 2014. |
Stock Based Compensation
Stock Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Based Compensation | Note 16 - Stock Based Compensation During 2006, the Company adopted the 2006 Incentive Stock Option Plan (“SOP II”) and the Employee Stock Purchase Plan (“SPP II”), under which options to purchase shares of the Company’s common stock may be granted to officers and eligible employees. Options granted under the SOP II are exercisable in established increments according to vesting schedules, generally three to five years, and will expire if not exercised within ten years of the date of grant. Options granted under the SPP II are fully vested at the date of grant and expire if not exercised within two years of the grant date. At December 31, 2015, the SOP II had 12,859 options outstanding and the SPP II had no options outstanding. Employee Stock Plans The following is a summary of stock option activity for the year ended December 31, 2015: Weighted Average Aggregate Exercise Intrinsic Value Shares Price (in thousands) Options outstanding at the beginning of the year 12,859 $ 5.13 $ — Options granted — — Options exercised — — Forfeitures — — Options outstanding at the end of the year 12,859 $ 5.13 $ — Options exercisable at the end of the year 12,859 $ 5.13 $ — Total options outstanding and exercisable at December 31, 2015 were 12,859 at an exercise price of $5.13 per share with a weighted average expected term of 2.12 years. At December 31, 2015, authorized shares of common stock reserved for future grants of options totaled 161,071 under the SOP II and 107,405 under the SPP II. The fair market value of each option award is estimated on the date of grant using the Black-Scholes option pricing model. There were no shares granted during the years ended December 31, 2014 and 2013 under the SOP II. As of December 31, 2014, there was no unrecognized compensation cost related to non-vested share-based compensation arrangements granted under all of the Company’s stock benefit plans. The Company funds the option shares from authorized but unissued shares. The Company does not typically purchase shares to fulfill the obligations of the stock benefit plans. Company policy does allow option holders to exercise options with seasoned shares. There were no options exercised in 2013, 2014 or 2015. |
Employee and Director Benefit P
Employee and Director Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Postemployment Benefits [Abstract] | |
Employee and Director Benefit Plans | Note 17 - Employee and Director Benefit Plans Employees’ 401(k) Retirement Plan The Company has established an associate tax deferred savings plan under Section 401(k) of the Internal Revenue Code of 1986. All associates are eligible to make elective deferrals on the first day of the calendar month coincident or next following the date the associate attains the age of 18, completes one year of eligibility service and completes at least 1,000 hours of service and is 100% vested in the plan once they enroll. The Company’s annual contribution to the plan was $319,340 in 2015, $330,448 in 2014 and $317,281 in 2013, determined as follows: • The Company will contribute a safe harbor matching contribution in an amount equal to: (i) 100% of the matched employee contributions that are not in excess of 3% of compensation, plus (ii) 50% of the amount of the matched employee contributions that exceed 3% of compensation, but do not exceed 5% of compensation. • A discretionary contribution, subject to approval by the Board of Directors, limited to an amount not to exceed the maximum amount deductible for income tax purposes. Employee Stock Ownership Plan During the first quarter of 2014, the board of directors of the Company voted to terminate the ESOP effective March 1, 2014. As of February 28, 2014, the ESOP held 740,530 shares, or 9.95% of the Company’s total outstanding shares of common stock, of which 252,446 shares were unallocated to participants in the ESOP. The Company originally made a term loan to the ESOP in 1999. In addition, the Company established a $500,000 line of credit to the ESOP in 2010 and established a second $500,000 line of credit to the ESOP in 2013. The ESOP used the proceeds of the term loan and lines of credit to purchase shares of the Company’s common stock for the benefit of qualified employees. The unallocated shares of stock held by the ESOP were pledged as collateral for the term loan and lines of credit. As debt payments were made on the term loan and lines of credit, unallocated shares associated with those debt payments were released to the ESOP and allocated among participants. In connection with the termination of the ESOP, the ESOP trustees transferred the 252,446 remaining unallocated shares to the Company in partial satisfaction of the outstanding balance on the term loan and lines of credit. The fair value of these unallocated shares was insufficient to repay the term loan and lines of credit in full. As a result, the Company expensed the remaining balance of $8,600. Upon the transfer of the unallocated shares to the Company, these shares were cancelled and returned to the Company’s pool of authorized but unissued shares of common stock. The Company filed a request for a favorable determination letter from the Internal Revenue Service as to the tax-qualified status of the ESOP on its termination. The Company received the favorable determination letter dated September 5, 2014 from the Internal Revenue Service and during the fourth quarter all shares under the ESOP were distributed to the participants. The Company did have expense of approximately 2% of eligible compensation as a contribution to the ESOP Plan during the first part of 2014, the same as 2013. Expenses of $45,693 and $223,283 during the years ended December 31, 2014 and 2013, respectively, were incurred in connection with the ESOP. The ESOP had a put option that allowed the employee to put their shares back to the Company. At December 31, 2014, the Company had a liability set aside at fair value in the amount of approximately $561,000 for shares that can be put back to the Company during the first half of 2015. The put option has expired and there will no longer be a liability for the Company. This liability that had been reclassified from additional paid in capital and was presented separately on the Company’s balance sheet, has now been returned to additional paid in capital. Supplemental Executive Retirement Plan The Company has implemented a non-qualifying deferred compensation plan for certain executive officers. Certain of the plan benefits will accrue and vest during the period of employment and will be paid in fixed monthly benefit payments for up to ten years upon separation from service. The plan also provides for payment of death benefits and for payment of disability benefits in the event the officer becomes permanently disabled prior to separation from service. Effective December 31, 2008, this plan was amended and restated to comply with Section 409A of the Internal Revenue Code. The participants’ account liability balances as of December 31, 2008 could be transferred into a trust fund, where investments will be participant-directed. The plan is structured as a defined contribution plan and the Company’s expected annual funding contribution for the participants has been calculated through the participant’s expected retirement date. Under terms of the agreement, the Company has reserved the absolute right, at its sole discretion, to either fund or refrain from funding the plan. The plan also provides for payment of death benefits and for payment of disability benefits in the event the officer becomes permanently disabled prior to separation from service. During 2015, 2014 and 2013, $331,800, $316,800 and $336,800, respectively was expensed each year for benefits provided under the plans. The liability accrued for deferred compensation under the plan amounted to $3.7 million and $3.3 million at December 31, 2015 and 2014, respectively. Split-Dollar Life Insurance The Company has entered into Life Insurance Endorsement Method Split-Dollar Agreements with certain officers. Under these agreements, upon death of the officer, the Company first recovers the cash surrender value of the contract and then shares the remaining death benefits from insurance contracts, which are written with different carriers, with the designated beneficiaries of the officers. The death benefit to the officers’ beneficiaries is a multiple of base salary at the time of the agreements. The Company, as owner of the policies, retains an interest in the life insurance proceeds and a 100% interest in the cash surrender value of the policies. During 2015 and 2014, the expense associated with these policies was $86,346 and $112,176 respectively. Stock Grant Plan During 2015, the Company adopted the 2015 Stock Grant Plan (“SGP”), under which the Company, at their own discretion, may choose to make grants or awards of Uwharrie Capital Corp common stock (the “Common Stock”) to employees, directors or independent contractors of the Company or its subsidiaries as an alternate form of compensation or as a performance bonus. Shares of Common Stock to be used for Stock Grants under this Plan will be outstanding shares purchased by a revocable trust formed by the Company (the “Trust”). The Participant will be 100% vested in the shares purchased on their behalf as soon as the Trust’s purchase is completed. The Company recognizes expense for the value of the shares at the time they are purchased by the Trust. The SGP allows for 510,000 shares to be granted and at December 31, 2015, the availability under the SGP was 491,994 shares. During 2015 there were 16,840 shares granted at an expense of $54,000. |
Fair Values of Financial Instru
Fair Values of Financial Instruments and Interest Rate Risk | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Values of Financial Instruments and Interest Rate Risk | Note 18 - Fair Values of Financial Instruments and Interest Rate Risk ASC 825, “Disclosures about Fair Value of Financial Instruments,” requires disclosure of the fair value of financial assets and financial liabilities, including those that are not measured and reported at fair value on a recurring basis or non-recurring basis. The fair value estimates presented at December 31, 2015 and December 31, 2014, are based on relevant market information and information about the financial instruments. Fair value estimates are intended to represent the price an asset could be sold at or the price a liability could be settled for. However, given there is no active market or observable market transactions for many of the Company’s financial instruments, the Company has made estimates of many of these fair values which are subjective in nature, involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimated values. The estimated fair values disclosed in the following table do not represent market values of all assets and liabilities of the Company and should not be interpreted to represent the underlying value of the Company. The following table reflects a comparison of carrying amounts and the estimated fair value of the financial instruments as of December 31, 2015 and December 31, 2014: December 31, 2015 Carrying Estimated Value Fair Value Level 1 Level 2 Level 3 (dollars in thousands) FINANCIAL ASSETS Cash and cash equivalents $ 68,933 $ 68,973 $ 65,198 $ 3,775 $ — Securities available for sale 89,258 89,258 4,012 85,246 — Securities held to maturity 11,242 11,242 — 11,242 — Loans held for investment, net 317,248 313,649 — — 313,649 Loans held for sale 5,922 5,922 — 5,922 — Restricted stock 1,040 1,040 1,040 — — Accrued interest receivable 1,564 1,564 — — — FINANCIAL LIABILITIES Deposits $ 467,733 $ 442,619 $ — $ 442,619 $ — Short-term borrowings 5,758 5,758 — 5,758 — Long-term borrowings 13 13 — 13 Junior subordinated debt 9,534 9,688 — — 9,688 Accrued interest payable 168 168 — — 168 December 31, 2014 Carrying Estimated Value Fair Value Level 1 Level 2 Level 3 (dollars in thousands) FINANCIAL ASSETS Cash and cash equivalents $ 50,791 $ 50,826 $ 47,605 $ 3,221 $ — Securities available for sale 112,824 112,824 19,386 93,438 — Securities held to maturity 5,496 5,450 2,053 3,397 — Loans held for investment, net 307,115 321,295 — — 321,295 Loans held for sale 2,147 2,147 — 2,147 Restricted stock 1,038 1,038 1,038 — — Accrued interest receivable 1,747 1,747 — — 1,747 FINANCIAL LIABILITIES Deposits $ 456,435 $ 442,655 $ — $ 442,655 $ — Short-term borrowings 4,685 4,685 — 4,685 — Long-term borrowings 24 24 — 24 — Junior subordinated debt 9,534 9,703 — — 9,703 Accrued interest payable 180 180 — — 180 The following methods and assumptions were used by the Company in estimating the fair value of financial instruments: • Cash and cash equivalents – The carrying amount of cash and cash equivalents approximate their fair values due to the short period of time until their expected realization and are recorded in Level 1. • Securities available for sale – Securities available for sale are carried at fair value based on quoted and observable market prices and are recorded in Levels 1 and 2. Also see discussion in note 1 • Loans – The fair value of loans is estimated based on discounted expected cash flows using the current interest rates at which similar loans would be made and carried in level 3. Loans held for sale, which represent current mortgage production forward sales not yet delivered, are valued based on secondary market prices. The fair value of loans does not consider the lack of liquidity and uncertainty in the market that would affect the valuation. Loans held for sale are recorded in Level 2. • Restricted stock – It is not practicable to determine fair value of restricted stock which is comprised of Federal Home Loan Bank and Federal Reserve Bank stock due to restrictions placed on its transferability and it is presented at its carrying value and is recorded in Level 1 due to the redemption provisions of the Federal Home Loan Bank and the Federal Reserve Bank. • Accrued interest receivable and payable – Both accrued interest receivable and payable are recorded in Level 3, as there are not active markets for these. • Deposits – The fair value of deposits is estimated based on discounted cash flow analyses using offered market rates and is recorded in Level 2. The fair value of deposits does not consider any customer related intangibles. • Borrowings – The fair value disclosed for short-term borrowings, which are composed of overnight borrowings and debt due within one year approximate the carrying value for such debt and is recorded in Level 2. The estimated fair value for long-term borrowings are estimated based on discounted cash flow analyses using offered market rates. Total borrowings are carried in Level 2. Junior subordinated debt is fair valued based on discounted cash flow analyses and is recorded in Level 3. At December 31, 2015, the subsidiary bank had outstanding standby letters of credit and commitments to extend credit. These off-balance sheet financial instruments are generally exercisable at the market rate prevailing at the date the underlying transaction will be completed; therefore, they were deemed to have no current fair value. See Note 13. The following table provides fair value information for assets and liabilities measured at fair value on a recurring basis as of December 31, 2015 and 2014: December 31, 2015 (dollars in thousands) Total Level 1 Level 2 Level 3 Securities available for sale: US Treasury $ 4,012 $ 4,012 $ — $ — US Gov’t 36,070 — 36,070 — Mortgage-backed securities and CMO’s 29,773 — 29,773 — State and political subdivisions 14,039 — 14,039 — Corporate bonds 5,364 — 5,364 — Total assets at fair value $ 89,258 $ 4,012 $ 85,246 $ — Total liabilities at fair value $ — $ — $ — $ — December 31, 2014 (dollars in thousands) Total Level 1 Level 2 Level 3 Securities available for sale: US Treasury $ 19,386 $ 19,386 $ — $ — US Gov’t 50,775 — 50,775 — Mortgage-backed securities and CMO’s 27,572 — 27,572 — State and political subdivisions 12,080 — 12,080 — Corporate bonds 3,011 — 3,011 — Total assets at fair value $ 112,824 $ 19,386 $ 93,438 $ — Total liabilities at fair value $ — $ — $ — $ — The Company may be required, from time to time, to measure certain assets at fair value on a nonrecurring basis in accordance with U.S. generally accepted accounting principles. These include assets that are measured at the lower of cost or market that were recognized at fair value below cost at the end of the period. Assets measured at fair value on a nonrecurring basis are included in the table below as of December 31, 2015 and December 31, 2014: December 31, 2015 (dollars in thousands) Total Level 1 Level 2 Level 3 Impaired loans $ 3,108 $ — $ — $ 3,108 Other real estate owned 2,909 — — 2,909 Total assets at fair value $ 6,017 $ — $ — $ 6,017 Total liabilities at fair value $ — $ — $ — $ — December 31, 2014 (dollars in thousands) Total Level 1 Level 2 Level 3 Impaired loans $ 1,854 $ — $ — $ 1,854 Other real estate owned 3,290 — — 3,290 Total assets at fair value $ 5,144 $ — $ — $ 5,144 Total liabilities at fair value $ — $ — $ — $ — Quantitative Information about Level 3 Fair Value Measurements December 31, 2015 General Valuation Technique Unobservable Input Range Nonrecurring measurements: Impaired loans Discounted appraisals Expected loss rates 0 – 25 % Discounted cash flows Discount rates 4%-8.75 % OREO Discounted appraisals Collateral discounts and Estimated costs to sell 0 – 10 % December 31, 2014 General Valuation Technique Unobservable Input Range Nonrecurring measurements: Impaired loans Discounted appraisals Expected loss rates 0 – 25 % Discounted cash flows Discount rates 4%-8.75 % OREO Estimated costs to sell Discounted appraisals Collateral discounts and Estimated costs to sell 0 – 10 % At December 31, 2015 and 2014, impaired loans were being evaluated with discounted expected cash flows and discounted appraisals were being used on collateral dependent loans. |
Parent Company Financial Data
Parent Company Financial Data | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Parent Company Financial Data | Note 19 - Parent Company Financial Data The following is a summary of the condensed financial statements of Uwharrie Capital Corp: Condensed Balance Sheets December 31, 2015 2014 (dollars in thousands) Assets Cash and demand deposits $ 246 $ 297 Interest-earning deposits 3,396 3,674 Investments in: Bank subsidiaries 42,528 40,931 Nonbank subsidiaries 648 594 Other assets 1,342 1,115 Total assets $ 48,160 $ 46,611 Liabilities and shareholders’ equity Master notes $ 3,396 $ 3,674 Short term debt 2,350 1,000 Junior subordinated debentures 9,534 9,534 Other liabilities 163 149 Total liabilities 15,443 14,357 Redeemable common stock held by the Employee Stock Ownership Plan (ESOP) — 561 Shareholders’ equity 32,717 31,693 Total liabilities and shareholders’ equity $ 48,160 $ 46,611 Condensed Statements of Income 2015 2014 2013 (dollars in thousands) Equity in undistributed earnings (loss) of subsidiaries $ 2,760 $ 1,456 $ (1,053 ) Dividends received from subsidiaries — 1,000 2,719 Interest income 8 11 21 Management and service fees — — 4,347 Other income 81 87 166 Interest expense (612 ) (583 ) (659 ) Other operating expense (555 ) (624 ) (4,881 ) Income tax benefit 325 332 294 Net income $ 2,007 $ 1,679 $ 954 Consolidated net income $ 2,007 $ 1,679 $ 954 Less: Net income attributable to noncontrolling interest (592 ) (591 ) (478 ) Net income attributable to Uwharrie Capital Corp 1,415 1,088 476 Dividends – preferred stock — — (325 ) Net Income (loss) available to common shareholders $ 1,415 $ 1,088 $ 151 Net income (loss) per common share Basic $ 0.20 $ 0.15 $ 0.02 Diluted $ 0.20 $ 0.15 $ 0.02 Weighted average shares outstanding Basic 7,051,751 7,447,008 7,570,732 Diluted 7,051,751 7,447,008 7,570,732 Condensed Statements of Cash Flows 2015 2014 2013 (dollars in thousands) Cash flows from operating activities Net income $ 2,007 $ 1,679 $ 954 Adjustments to reconcile net income to net cash used by operating activities: Equity in undistributed (earnings) loss of subsidiaries (2,760 ) (1,456 ) 1,053 (Increase) decrease in other assets (228 ) 136 2,298 Increase (decrease) in other liabilities 14 78 (305 ) Net cash provided (used) by operating activities (967 ) 437 4,000 Cash flows from financing activities Net decrease in master notes (278 ) (324 ) (1,453 ) Net increase in short-term debt 1,350 1,000 — Net repayments of issuance of junior subordinated debentures — (1,593 ) — Repurchase of common stock, net (429 ) (1,401 ) (169 ) Repayment of series A preferred stock — — (10,500 ) Preferred stock redeemed by from bank subsidiary — — 7,800 Increase in unearned ESOP compensation — — (114 ) Dividends on preferred stock — — (225 ) Cash paid for fractional shares (5 ) (4 ) — Net cash used by financing activities 638 (2,322 ) (4,661 ) Net decrease in cash and cash equivalents (329 ) (1,885 ) (661 ) Cash and cash equivalents at beginning of year 3,971 5,856 6,517 Cash and cash equivalents at end of year $ 3,642 $ 3,971 $ 5,856 |
Significant Accounting Polici29
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Nature of Business | Nature of Business Uwharrie Capital Corp (the “Company”) was incorporated under North Carolina law for the purpose of becoming the holding company for Bank of Stanly (“Stanly”). On July 1, 1993, Stanly became a wholly-owned subsidiary of the Company through a one-for-one exchange of the common stock of Stanly for common stock of the Company. On September 1, 2013, Bank of Stanly changed its name to Uwharrie Bank (“Uwharrie”). Uwharrie was incorporated on September 28, 1983, under the laws of the State of North Carolina and began operations on January 26, 1984 in Albemarle, North Carolina. Deposits with Uwharrie are insured by the Federal Deposit Insurance Corporation (“FDIC”). Uwharrie is under regulation of the Federal Reserve, the FDIC and the North Carolina Commissioner of Banks. Through its six branch locations in Stanly County, Uwharrie provides a wide range of deposit accounts, commercial, consumer, home equity and residential mortgage loans, safe deposit boxes and automated banking. In 1987, Uwharrie established a wholly-owned subsidiary, BOS Agency, Inc. (“BOS Agency”), which engages in insurance product sales. In 1989, Uwharrie established a second wholly-owned subsidiary, BOS Financial Corporation, for the purpose of conducting business as a “broker dealer” in securities. During 1993, BOS Financial Corporation changed its name to The Strategic Alliance Corporation (“Strategic Alliance”) and was registered as a “broker dealer” and is regulated by the Financial Industry Regulatory Authority (“FINRA”). The Company formed a new subsidiary, Strategic Investment Advisors, Inc. (“SIA”), during 1998 to provide investment advisory and asset management services. This subsidiary is registered as an investment advisor with the Securities and Exchange Commission. During 2015, SIA changed its name to Uwharrie Investment Advisors, Inc. (“UIA”). On January 19, 2000, the Company completed its acquisition of Anson BanCorp, Inc. and its subsidiary, Anson Savings Bank. The savings bank retained its North Carolina savings bank charter and became a wholly-owned subsidiary of Uwharrie Capital Corp as Anson Bank & Trust Company (“Anson”), operating out of its main office branch in Wadesboro. Anson was consolidated into Uwharrie Bank effective September 1, 2013. On August 4, 2000, Uwharrie acquired another subsidiary, Gateway Mortgage, Inc. (“Gateway”), a mortgage origination company. This company is currently inactive and does not affect the Company’s consolidated financials Statements. On April 10, 2003, the Company capitalized a new wholly-owned subsidiary bank, Cabarrus Bank & Trust Company (“Cabarrus”), located in Concord, North Carolina. As of that date, Cabarrus purchased two branch offices located in Cabarrus County from Uwharrie to begin its operation. Cabarrus operated as a commercial bank and provided a full range of banking services. Cabarrus was consolidated into Uwharrie Bank effective September 1, 2013. On April 7, 2004 Uwharrie Mortgage, Inc. was established as a subsidiary of the Company to serve in the capacity of trustee and substitute trustee under deeds of trust. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company, Uwharrie, UIA and Uwharrie’s subsidiaries, BOS Agency and Strategic Alliance. All significant intercompany transactions and balances have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of financial statements, in conformity with accounting principles generally accepted in the United States of America (“GAAP”), requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses. |
Cash and Cash Equivalents | Cash and Cash Equivalents For the purpose of presentation in the consolidated statements of cash flows, cash and cash equivalents are defined as those amounts included in the balance sheet captions “Cash and due from banks” and “Interest-earning deposits with banks.” |
Investment Securities Available for Sale | Investment Securities Available for Sale Investment securities available for sale consist of United States Treasuries, United States Government agencies, Government Sponsored Enterprise (GSE) mortgage backed securities and collateralized mortgage obligations (CMOs), corporate bonds and state and political subdivision bonds. Unrealized holding gains and losses on available for sale securities are reported as a net amount in other comprehensive income, net of income taxes. Gains and losses on the sale of available for sale securities are determined using the specific identification method and recorded on a trade basis. Declines in the fair value of individual available for sale securities below their cost that are other than temporary would result in write-downs of the individual securities, to their fair value. Such write-downs would be included in earnings as realized losses to the extent the losses are associated with the credit quality of the issuer. Amortization of premiums and accretion of discounts are recognized in interest income using the interest method over the period to maturity. |
Investment Securities Held to Maturity | Investment Securities Held to Maturity Investment securities held to maturity consist of United States Government agencies, and corporate bonds and state and political subdivision bonds. The Company has both the intent and ability to hold the securities to maturity. These securities are reported at amortized cost. |
Loans Held for Sale | Loans Held for Sale Loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated fair value in the aggregate. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. |
Loans | Loans The Company divides the loans it grants into two segments, commercial and noncommercial loans. Commercial loans are broken down into the following classes: commercial loans, real estate commercial loans and other real estate construction loans. Noncommercial loans are divided into the following classes: real estate 1-4 family construction, real estate 1-4 family residential loans, home equity loans, consumer loans and other loans. The ability of the Company’s borrowers to honor their contracts is largely dependent upon the real estate and general economic conditions in the Company’s market area. Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are reported at their outstanding unpaid principal balances adjusted for charge-offs, the allowance for loan losses, and any deferred fees or costs. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield using the effective interest method. The accrual of interest on mortgage and commercial loans is discontinued at the time the loan is 90 days delinquent unless the credit is well-secured and in process of collection. Credit card loans and other personal loans are typically charged off no later than 180 days past due. In all cases, loans are placed on nonaccrual or charged off at an earlier date if collection of principal or interest is considered doubtful. The exception to this policy is credit card loans that remain in accrual status 90 days or more until they are paid current or charged off. All interest accrued but not collected for loans that are placed on nonaccrual or charged off is reversed against interest income. The interest on these impaired loans is accounted for on the cash-basis until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Generally a minimum of six months of sustained performance is required. |
Allowance for Loan Losses | Allowance for Loan Losses The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses. The provision for loan losses is expensed to earnings. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The Company has different specific risks identified within the loan segments. Specific risks within the commercial loan segment arise with borrowers that are experiencing diminished operating cash flows, depreciated collateral values or prolonged sales and rental absorption periods. Concentrations within the portfolio if unmanaged, pose additional risk. Occasionally, the Company will purchase participation loans from other institutions and if not independently underwritten by the Bank, could carry additional risk. Generally, owner-occupied commercial real estate loans carry less risk than non-owner occupied. Specific risks within the non-commercial portfolio tend to be tied to economic factors including high unemployment and decreased real estate values. Risk to the Company is greater as home values deteriorate more rapidly than amortization in a loan, leaving little to no equity in properties, especially in junior lien positions. Concentration in the portfolio, such as home equity lines of credit, could pose additional risk if not appropriately managed. The allowance for loan losses is evaluated both individually and collectively by loan class on a regular basis by management. Loans are collectively evaluated based upon management’s periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral and prevailing economic conditions. Individually evaluated loans are based upon discounted cash flows or the underlying value of the collateral. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. In addition, regulatory examiners may require the Company to recognize adjustments to the allowance for loan losses based on their judgment about information available to them at the time of their assessment. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan by loan basis for commercial and construction loans by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral if the loan is collateral dependent. Homogeneous loans are collectively evaluated by loan class for impairment. However, homogeneous loans will be evaluated individually for impairment if such a loan is deemed impaired. Troubled debt restructure loans (TDR) are modifications of a loan when a borrower is experiencing financial difficulty and the modification involves providing a concession to the existing loan contract. TDRs are considered to be impaired loans and are individually evaluated for impairment. The portion of the Company’s allowance for loan loss model related to general reserves captures the mean loss of individual loans and the rare event of severe loss that can occur within the loan portfolio. Specifically, the Company calculates probable losses on loans by computing a probability of loss and expected loss scenario by FDIC call report codes. Together, these expected components, as well as a level of more extreme unexpected losses form the basis of the allowance model. The loans that are impaired and included in the specific reserve are excluded from these calculations. |
Mortgage Servicing Rights | Mortgage Servicing Rights The Company capitalizes mortgage servicing rights when loans are sold and the loan servicing is retained. The cost of servicing rights is amortized in proportion to and over the estimated period of net servicing revenues is expected to be received based on projections of the amount and timing of estimated future cash flows. The amortization of servicing rights is recognized in the statement of income as an offset to other noninterest income. Servicing assets are periodically evaluated for impairment based upon their fair value. Fair value is based upon discounted cash flows using market-based assumptions. Impairment is recognized through a valuation allowance and charged to other expense. |
Transfers of Financial Assets | Transfers of Financial Assets Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. |
Foreclosed Real Estate | Foreclosed Real Estate Real estate properties acquired through foreclosure or other proceedings are initially recorded at fair value less costs to sell upon foreclosure, establishing a new cost basis. Annually, valuations are performed and the foreclosed property is adjusted to the lower of cost or fair value of the properties, less costs to sell. Any write-down at the time of transfer to foreclosed properties is charged to the allowance for loan losses. Subsequent write-downs are charged to noninterest expense, and costs related to the improvement of the property are capitalized if the fair value less cost to sell will allow it. If not, these costs are expensed also. |
Premises and Equipment | Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation. Land is carried at cost. Additions and major replacements or betterments which extend the useful lives of premises and equipment are capitalized. Maintenance, repairs and minor improvements are expensed as incurred. Depreciation is computed principally by the straight-line method over estimated useful lives, except in the case of leasehold improvements, which are amortized over the term of the leases, if shorter. Useful lives range from five to seven years for furniture, fixtures and equipment, to ten to thirty-nine years for leasehold improvements and buildings, respectively. Upon retirement or other disposition of the assets, the cost and the related accumulated depreciation are removed from the accounts and any gains or losses are reflected in income. |
Restricted Stock | Restricted Stock As a requirement for membership, the bank invests in the stock of the Federal Home Loan Bank of Atlanta (“FHLB”) and Federal Reserve Bank (“FRB”). These investments are carried at cost. Due to the redemption provisions of these investments, the Company estimated that fair value approximates cost and that this investment was not impaired. |
Stock-Based Compensation | Stock-Based Compensation The Company recognizes the cost of employee services received in exchange for an award of equity instruments in the financial statements over the period the employee is required to perform the services in exchange for the award (presumptively the vesting period). Accounting Standards Codification (ASC) 718 also requires measurement of the cost of employee services received in exchange for an award based on the grant-date fair value of the award. Excess tax benefits are reported as financing cash inflows in the consolidated statement of cash flows. |
Income Taxes | Income Taxes The Company and its subsidiaries file a consolidated federal income tax return and separate North Carolina income tax returns. The provision for income taxes in the accompanying consolidated financial statements is provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. We record uncertain tax positions in accordance with ASC 740 on the basis of a two-step process whereby (1) we determine whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold. The tax returns for the Company are subject to audit for the 2011 fiscal year and thereafter. It is the Company’s policy to recognize interest and penalties associated with uncertain tax positions as components of other expenses in the income statement; however, if interest becomes a material amount, it would be reclassified as interest expense. There were no interest or penalties accrued during the years ended December 31, 2015, 2014 and 2013. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments ASC 820 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. ASC 820 does not require any new fair value measurements, but clarifies and standardizes some divergent practices that have emerged since prior guidance was issued. ASC 820 creates a three-level hierarchy under which individual fair value estimates are to be ranked based on the relative reliability of the inputs used in the valuation. ASC 820 defines fair value as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities, the Company considers the principal or most advantageous market in which those assets or liabilities are sold and considers assumptions that market participants would use when pricing those assets or liabilities. Fair values determined using Level 1 inputs rely on active and observable markets to price identical assets or liabilities. In situations where identical assets and liabilities are not traded in active markets, fair values may be determined based on Level 2 inputs, which exist when observable data exists for similar assets and liabilities. Fair values for assets and liabilities for which identical or similar assets and liabilities are not actively traded in observable markets are based on Level 3 inputs, which are considered to be unobservable. Among the Company’s assets and liabilities, investment securities available for sale are reported at their fair values on a recurring basis. Certain other assets are adjusted to their fair value on a nonrecurring basis, including other real estate owned, impaired loans, loans held for sale, which are carried at the lower of cost or market; mortgage loan servicing rights, where fair value is determined using similar assets with similar characteristics, when available, or based upon discounted cash flows using market-based assumptions; and goodwill, which is periodically tested for impairment. Deposits, short-term borrowings and long-term obligations are not reported at fair value. Prices for US Treasury securities are readily available in the active markets in which those securities are traded, and the resulting fair values are shown in the ‘Level 1 input’ column. Prices for government agency securities, mortgage-backed securities and for state, county and municipal securities are obtained for similar securities, and the resulting fair values are shown in the ‘Level 2 input’ column. Prices for all other non-marketable investments are determined based on various assumptions that are not observable. The fair values for these investment securities are shown in the ‘Level 3 input’ column. Non-marketable investment securities, which are carried at their purchase price, include those that may only be redeemed by the issuer. The changes in securities between Level 1 and Level 2 were related to the purchase and sale of several securities and not the migration of securities between levels. The Company does not record loans at fair value on a recurring basis. However, from time to time, a loan is considered impaired and an allowance for loan losses is established. Loans for which it is probable that payment of interest and principal will not be made in accordance with the contractual terms of the loan agreement are considered impaired. Once a loan is identified as individually impaired, management measures impairment by using one of several methods including collateral value, fair value of similar debt or discounted cash flows. Those impaired loans not requiring an allowance represent loans for which the present value of the expected repayments or fair value of collateral exceed the recorded investments in such loans. The Company typically bases the fair value of the collateral on appraised values which the Company considers Level 3 valuations. Foreclosed assets are adjusted to fair value upon transfer of the loans to other real estate owned. Real estate acquired in settlement of loans is recorded initially at the estimated fair value of the property less estimated selling costs at the date of foreclosure. The initial recorded value may be subsequently reduced by additional allowances, which are charged to earnings if the estimated fair value of the property less estimated selling costs declines below the initial recorded value. Fair value is based upon independent market prices, appraised values of the collateral or management’s estimation of the value of the collateral. The Company typically bases the fair value of the collateral on appraised values which the Company considers Level 3 valuations. Loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated fair value in the aggregate, based on secondary market prices. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. These loans are recorded in Level 2. |
Comprehensive Income | Comprehensive Income The Company reports as comprehensive income all changes in shareholders’ equity during the year from sources other than shareholders. Other comprehensive income refers to all components (revenues, expenses, gains, and losses) of comprehensive income that are excluded from net income. The Company’s only component of other comprehensive income is unrealized gains and losses, net of income tax, on investment securities available for sale. The following table presents the changes in accumulated other comprehensive income for the years ended December 31, 2015, 2014 and 2013: Year ended December 31, 2015 2014 2013 (dollars in thousands) Beginning Balance $ 305 $ (562 ) $ 1,487 Other comprehensive income (loss) before reclassifications, net of $474, ($445) and $1,292 tax effect, respectively (188 ) 866 (2,370 ) Amounts reclassified from accumulated other comprehensive income, net of ($207), $1 and $222 tax effect, respectively (329 ) 1 321 Net current-period other comprehensive loss (517 ) 867 (2,049 ) Ending Balance $ (212 ) $ 305 $ (562 ) As of December 31, 2015 and December 31, 2014, total accumulated other comprehensive income (loss) was ($212,000) and $305,000 respectively. |
Earnings per Common Share | Earnings per Common Share The Company had stock options outstanding covering 12,859 shares of common stock at both December 31, 2015 and 2014 and 96,228 shares of common stock at December 31, 2015. All of these options were anti-dilutive because the strike price was higher than the current market price. Basic earnings per share (“EPS”) excludes dilution and is computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. The ESOP effect is the average of the unallocated ESOP shares. On October 20, 2015, the Company’s Board of Directors declared a 2% stock dividend payable on November 19, 2015 to shareholders of record on November 3, 2015. All information presented in the accompanying consolidated financial statements regarding earnings per share and weighted average number of shares outstanding has been computed giving effect to this stock dividend. The computation of weighted average shares used in the calculation of basic and dilutive earnings per share is summarized below: 2015 2014 2013 Weighted average number of common shares used in computing basic net income per common share 7,051,751 7,490,799 7,786,032 Effect of ESOP shares — (43,791 ) (215,300 ) Adjusted weighted average number of common shares used in computing basic net income per common share 7,051,751 7,447,008 7,570,732 Effect of dilutive stock options — — — Weighted average number of common shares and dilutive potential common shares used in computing diluted net income per common share 7,051,751 7,447,008 7,570,732 During the first quarter of 2014, the board of directors of the Company voted to terminate the ESOP effective March 1, 2014. As of February 28, 2014, the ESOP held 740,530 shares, or 9.95% of the Company’s total outstanding shares of common stock, of which 252,446 shares were unallocated to participants in the ESOP. The Company originally made a term loan to the ESOP in 1999. In addition, the Company established a $500,000 line of credit to the ESOP in 2010 and established a second $500,000 line of credit to the ESOP in 2013. The ESOP used the proceeds of the term loan and lines of credit to purchase shares of the Company’s common stock for the benefit of qualified employees. The unallocated shares of stock held by the ESOP were pledged as collateral for the term loan and lines of credit. As debt payments were made on the term loan and lines of credit, unallocated shares associated with those debt payments were released to the ESOP and allocated among participants. In connection with the termination of the ESOP, the ESOP trustees transferred the 252,446 remaining unallocated shares to the Company in partial satisfaction of the outstanding balance on the term loan and lines of credit. The fair value of these unallocated shares was insufficient to repay the term loan and lines of credit in full. As a result, the Company forgave the remaining balance. Upon the transfer of the unallocated shares to the Company, these shares were cancelled and returned to the Company’s pool of authorized but unissued shares of common stock. The Company filed a request for a favorable determination letter from the Internal Revenue Service as to the tax-qualified status of the ESOP on its termination. The Company received the favorable determination letter dated September 5, 2014 from the Internal Revenue Service and during the fourth quarter of 2014 distributed the allocated shares to the participants. |
Noncontrolling Interest | Noncontrolling Interest In January 2013 the Company’s subsidiary banks issued a total of $7.9 million of Fixed Rate Noncumulative Perpetual Preferred Stock, Series B. The preferred stock qualified as Tier 1 capital at each bank and pays dividends at an annual rate of 5.30%. The preferred stock has no voting rights. This capital is presented as noncontrolling interest in the consolidated balance sheets. Dividends declared on this preferred stock are presented as earnings allocated to the noncontrolling interest in the consolidated statements of income. Effective September 1, 2013, the Fixed Rate Noncumulative Perpetual Preferred Stock, Series B was rolled into one issue under Uwharrie Bank in connection with the consolidation and name change. During 2013, the Company’s subsidiary bank, Uwharrie Bank, raised $2.8 million of Fixed Rate Noncumulative Perpetual Preferred Stock, Series C. The preferred stock qualifies as Tier 1 capital at the bank and pays dividends at an annual rate of 5.30%. The preferred stock has no voting rights. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In January 2014, the FASB issued ASU 2014-04, an update to ASC 310 “Receivables – Troubled Debt Restructurings by Creditors”. The amendments in this update clarify that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. The update is effective for reporting periods beginning after December 15, 2014. The Company evaluated this update and it does not have a material impact on the Company’s consolidated financial statements. The Company had $1.6 million in foreclosed residential real estate and $219,000 of residential real estate in process of foreclosure at December 31, 2015. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, Topic 606 (“ASU 2014-09”). The new standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under existing guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. In August of 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers, Topic 606: Deferral of the Effective Date, deferring the effective date of ASU 2014-09 until annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The amendments can be applied retrospectively to each prior reporting period or retrospectively with the cumulative effect of initially applying this new guidance recognized at the date of initial application. The Company is currently evaluating the provisions of ASU 2014-09 to determine the potential impact the new standard will have to the Company’s financial statements. In January 2016, the FASB issued ASU 2016-01, “Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” From time to time the FASB issues exposure drafts of proposed statements of financial accounting standards. Such exposure drafts are subject to comment from the public, to revisions by the FASB and to final issuance by the FASB as statements of financial accounting standards. Management considers the effect of the proposed statements on the consolidated financial statements of the Company and monitors the status of changes to and proposed effective dates of exposure drafts. |
Reclassification | Reclassification Certain amounts in the 2014 and 2013 financial statements have been reclassified to conform to the 2015 presentation. These reclassifications do not have a material impact on net income or shareholders’ equity. |
Significant Accounting Polici30
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Accumulated Other Comprehensive Income | The following table presents the changes in accumulated other comprehensive income for the years ended December 31, 2015, 2014 and 2013: Year ended December 31, 2015 2014 2013 (dollars in thousands) Beginning Balance $ 305 $ (562 ) $ 1,487 Other comprehensive income (loss) before reclassifications, net of $474, ($445) and $1,292 tax effect, respectively (188 ) 866 (2,370 ) Amounts reclassified from accumulated other comprehensive income, net of ($207), $1 and $222 tax effect, respectively (329 ) 1 321 Net current-period other comprehensive loss (517 ) 867 (2,049 ) Ending Balance $ (212 ) $ 305 $ (562 ) |
Computation of Weighted Average Shares Used in the Calculation of Basic and Dilutive Earnings Per Share | The computation of weighted average shares used in the calculation of basic and dilutive earnings per share is summarized below: 2015 2014 2013 Weighted average number of common shares used in computing basic net income per common share 7,051,751 7,490,799 7,786,032 Effect of ESOP shares — (43,791 ) (215,300 ) Adjusted weighted average number of common shares used in computing basic net income per common share 7,051,751 7,447,008 7,570,732 Effect of dilutive stock options — — — Weighted average number of common shares and dilutive potential common shares used in computing diluted net income per common share 7,051,751 7,447,008 7,570,732 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Carrying Amounts and Fair Values of Securities Available for Sale and Held to Maturity | Carrying amounts and fair values of securities available for sale and held to maturity are summarized below: December 31, 2015 Amortized Gross Gross Fair (dollars in thousands) Securities available for sale U.S. Treasury $ 4,026 $ — $ 14 $ 4,012 U.S. Government agencies 36,159 99 188 36,070 GSE - Mortgage-backed securities and CMO’s 30,269 53 549 29,773 State and political subdivisions 13,691 351 3 14,039 Corporate bonds 5,435 — 71 5,364 Total securities available for sale $ 89,580 $ 503 $ 825 $ 89,258 December 31, 2015 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (dollars in thousands) Securities held to maturity U.S. Government agencies $ 1,911 $ — $ 5 $ 1,906 State and political subdivisions 5,993 30 5 6,018 Corporate bonds 3,338 — 20 3,318 Total securities held to maturity $ 11,242 $ 30 $ 30 $ 11,242 December 31, 2014 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (dollars in thousands) Securities available for sale U.S. Treasury $ 19,030 $ 362 $ 6 $ 19,386 U.S. Government agencies 50,969 96 290 50,775 GSE - Mortgage-backed securities and CMO’s 27,748 133 309 27,572 State and political subdivisions 11,575 505 — 12,080 Corporate bonds 3,040 — 29 3,011 Total securities available for sale $ 112,362 $ 1,096 $ 634 $ 112,824 December 31, 2014 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (dollars in thousands) Securities held to maturity U.S. Government agencies $ 2,085 $ — $ 32 $ 2,053 Corporate bonds 3,411 — 14 3,397 Total securities held to maturity $ 5,496 $ — $ 46 $ 5,450 |
Sales and Calls of Securities Available for Sale | Results from sales and calls of securities available for sale for the years ended December 31, 2015, 2014 and 2013 are as follows: 2015 2014 2013 (dollars in thousands) Gross proceeds from sales and calls $ 32,780 $ 11,592 $ 20,182 Realized gains from sales $ 536 $ 28 $ 41 Realized losses from sales — (30 ) (564 ) Net realized gains (losses) $ 536 $ (2 ) $ (523 ) |
Gross Unrealized Losses and Fair Value of Investments | At December 31, 2014, the unrealized losses on available for sale securities related to one United States Treasury note, thirteen government agency bonds, eight GSE mortgage backed securities and two corporate bonds. At December 31, 2014, the unrealized losses on held to maturity securities related to one government agency security and two corporate bonds. December 31, 2015 Less than 12 Months 12 Months or More Total Unrealized Unrealized Unrealized Fair Value Losses Fair Value Losses Fair Value Losses (dollars in thousands) Securities available for sale temporary impairment U.S. Treasury $ 4,013 $ 14 $ — $ — $ 4,013 $ 14 U.S. Gov’t agencies 16,692 128 5,048 60 21,740 188 GSE-Mortgage-backed securities and CMO’s 15,620 290 7,230 259 22,850 549 State and political 465 3 — — 465 3 Corporate bonds 4,566 55 798 16 5,364 71 Total securities available for sale $ 41,356 $ 490 $ 13,076 $ 335 $ 54,432 $ 825 December 31, 2015 Less than 12 Months 12 Months or More Total Unrealized Unrealized Unrealized Fair Value Losses Fair Value Losses Fair Value Losses (dollars in thousands) Held to maturity temporary impairment U.S. Gov’t agencies $ 1,906 $ 5 $ — $ — $ 1,906 $ 5 State and political 3,318 5 — — 3,318 5 Corporate bonds 1,312 20 — — 1,312 20 Total securities held to maturity $ 6,536 $ 30 $ — $ — $ 6,536 $ 30 December 31, 2014 Less than 12 Months 12 Months or More Total Unrealized Unrealized Unrealized Fair Value Losses Fair Value Losses Fair Value Losses (dollars in thousands) Securities available for sale temporary impairment U.S. Treasury $ 3,143 $ 6 $ — $ — $ 3,143 $ 6 U.S. Gov’t agencies 9,690 23 17,776 267 27,466 290 GSE-Mortgage-backed securities and CMO’s 1,990 4 14,168 305 16,158 309 Corporate bonds 3,011 29 — — 3,011 29 Total securities available for sale $ 17,834 $ 62 $ 31,944 $ 572 $ 49,778 $ 634 December 31, 2014 Less than 12 Months 12 Months or More Total Unrealized Unrealized Unrealized Fair Value Losses Fair Value Losses Fair Value Losses (dollars in thousands) Held to maturity temporary impairment U.S. Gov’t agencies $ 2,053 $ 32 $ — $ — $ 2,053 $ 32 Corporate bonds 3,397 14 — — 3,397 14 Total securities held to maturity $ 5,450 $ 46 $ — $ — $ 5,450 $ 46 |
Amortized Cost and Fair Value of Available for Sale Securities Portfolio | The following table shows contractual maturities of the entire investment portfolio as of December 31, 2015: Amortized Estimated (dollars in thousands) Due within one year $ 2,871 $ 2,872 Due after one but within five years 37,759 37,821 Due after five but within ten years 15,111 15,076 Due after ten years 14,812 14,958 Mortgage backed securities 30,269 29,773 $ 100,822 $ 100,500 |
Loans Held for Investment (Tabl
Loans Held for Investment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Composition of Net Loans Held for Investment by Class | The composition of net loans held for investment by class as of December 31, 2015 and 2014 is as follows: 2015 2014 (dollars in thousands) Commercial Commercial $ 52,311 $ 47,418 Real estate - commercial 101,198 92,517 Other real estate construction loans 17,692 22,362 Noncommercial Real estate 1-4 family construction 5,629 3,888 Real estate - residential 83,379 89,374 Home equity 49,420 46,360 Consumer loans 8,982 8,460 Other loans 1,481 481 320,092 310,860 Less: Allowance for loan losses (2,884 ) (3,738 ) Deferred loan (fees) costs, net 40 (7 ) Loans held for investment, net $ 317,248 $ 307,115 |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Changes in Allowance for Loan Losses | Changes in the allowance for loan losses for the years ended December 31, 2015, 2014 and 2013 are presented below: Commercial 2015 2014 2013 (dollars in thousands) Balance, beginning of year $ 1,716 $ 2,665 $ 2,791 Provision (recovery) charged to operations (527 ) (302 ) 784 Charge-offs (89 ) (749 ) (1,005 ) Recoveries 210 102 96 Net (charge-offs) 121 (647 ) (909 ) Other — — (1 ) Balance, end of year $ 1,310 $ 1,716 $ 2,665 Non-Commercial 2015 2014 2013 (dollars in thousands) Balance, beginning of year $ 2,022 $ 2,430 $ 4,010 Provision (recovery) charged to operations (93 ) (87 ) (756 ) Charge-offs (500 ) (482 ) (966 ) Recoveries 145 161 146 Net (charge-offs) (355 ) (321 ) (820 ) Other — — (4 ) Balance, end of year $ 1,574 $ 2,022 $ 2,430 Total 2015 2014 2013 (dollars in thousands) Balance, beginning of year $ 3,738 $ 5,095 $ 6,801 Provision (recovery) charged to operations (620 ) (389 ) 28 Charge-offs (589 ) (1,231 ) (1,971 ) Recoveries 355 263 242 Net (charge-offs) (234 ) (968 ) (1,729 ) Other — — (5 ) Balance, end of year $ 2,884 $ 3,738 $ 5,095 |
Schedule of Loans and Reserve Balances by Loan Segment Both Individually and Collectively Evaluated for Impairment | The following table shows period-end loans and reserve balances by loan segment both individually and collectively evaluated for impairment at December 31, 2015 and 2014: December 31, 2015 Individually Evaluated Collectively Evaluated Total Reserve Loans Reserve Loans Reserve Loans (dollars in thousands) Commercial $ 18 $ 1,019 $ 1,292 $ 170,182 $ 1,310 $ 171,201 Non-Commercial 163 4,459 1,411 144,472 1,574 148,931 Total $ 181 $ 5,478 $ 2,703 $ 314,654 $ 2,884 $ 320,132 December 31, 2014 Individually Evaluated Collectively Evaluated Total Reserve Loans Reserve Loans Reserve Loans (dollars in thousands) Commercial $ 179 $ 2,125 $ 1,537 $ 160,172 $ 1,716 $ 162,297 Non-Commercial 277 5,436 1,745 143,120 2,022 148,556 Total $ 456 $ 7,561 $ 3,282 $ 303,292 $ 3,738 $ 310,853 |
Past Due Information of Loan Portfolio by Class | Past due loan information is used by management when assessing the adequacy of the allowance for loan loss. The following tables summarize the past due information of the loan portfolio by class: December 31, 2015 Loans 30-89 Days Loans Total Past Current Total Accruing (dollars in thousands) Commercial $ 46 $ 34 $ 80 $ 52,231 $ 52,311 $ — Real estate - commercial 74 — 74 101,124 101,198 — Other real estate construction 110 195 305 17,387 17,692 — Real estate construction — — — 5,629 5,629 — Real estate - residential 1,580 541 2,121 81,298 83,419 — Home equity 75 13 88 49,332 49,420 — Consumer loan 39 — 39 8,943 8,982 — Other loans — — — 1,481 1,481 — Total $ 1,924 $ 783 $ 2,707 $ 317,425 $ 320,132 $ — December 31, 2014 Loans Loans Total Past Current Total Accruing (dollars in thousands) Commercial $ 42 $ — $ 42 $ 47,376 $ 47,418 $ — Real estate - commercial 77 794 871 91,646 92,517 — Other real estate construction — 342 342 22,020 22,362 — Real estate construction — — — 3,888 3,888 — Real estate - residential 1,673 1,097 2,770 86,597 89,367 — Home equity 89 13 102 46,258 46,360 — Consumer loan 123 — 123 8,337 8,460 — Other loans — — — 481 481 — Total $ 2,004 $ 2,246 $ 4,250 $ 306,603 $ 310,853 $ — |
Composition of Nonaccrual Loans by Class | The composition of nonaccrual loans by class as of December 31, 2015 and 2014 is as follows: 2015 2014 (dollars in thousands) Commercial $ 34 $ — Real estate - commercial — 794 Other real estate construction 195 342 Real estate 1 – 4 family construction — — Real estate – residential 541 1,097 Home equity 13 13 Consumer loans — — Other loans — — $ 783 $ 2,246 |
Summary of Risk Grades of Portfolio by Class | The tables below summarize risk grades of the loan portfolio by class as of December 31, 2015 and 2014: December 31, 2015 Pass Watch Sub- Doubtful Total (dollars in thousands) Commercial $ 52,096 $ 130 $ 85 $ — $ 52,311 Real estate - commercial 97,506 1,161 2,531 — 101,198 Other real estate construction 15,163 1,994 535 — 17,692 Real estate 1 - 4 family construction 5,526 103 — — 5,629 Real estate - residential 71,736 9,398 2,285 — 83,419 Home equity 48,195 1,209 16 — 49,420 Consumer loans 8,583 394 5 — 8,982 Other loans 1,481 — — — 1,481 Total $ 300,286 $ 14,389 $ 5,457 $ — $ 320,132 December 31, 2014 Pass Watch Sub- Doubtful Total (dollars in thousands) Commercial $ 46,734 $ 614 $ 70 $ — $ 47,418 Real estate - commercial 82,846 5,513 4,158 — 92,517 Other real estate construction 19,724 1,925 713 — 22,362 Real estate 1 - 4 family construction 3,888 — — — 3,888 Real estate - residential 75,859 10,090 3,418 — 89,367 Home equity 44,799 1,458 103 — 46,360 Consumer loans 8,175 277 8 — 8,460 Other loans 481 — — — 481 Total $ 282,506 $ 19,877 $ 8,470 $ — $ 310,853 |
Summary of Performing and Nonperforming Loans by Class | The following tables show the breakdown between performing and nonperforming loans by class as of December 31, 2015 and 2014: December 31, 2015 Performing Non- Total (dollars in thousands) Commercial $ 52,277 $ 34 $ 52,311 Real estate - commercial 101,198 — 101,198 Other real estate construction 17,497 195 17,692 Real estate 1 – 4 family construction 5,629 — 5,629 Real estate – residential 82,878 541 83,419 Home equity 49,407 13 49,420 Consumer loans 8,982 — 8,982 Other loans 1,481 — 1,481 Total $ 319,349 $ 783 $ 320,132 December 31, 2014 Performing Non- Total (dollars in thousands) Commercial $ 47,418 $ — $ 47,418 Real estate - commercial 91,723 794 92,517 Other real estate construction 22,020 342 22,362 Real estate 1 – 4 family construction 3,888 — 3,888 Real estate – residential 88,270 1,097 89,367 Home equity 46,347 13 46,360 Consumer loans 8,460 — 8,460 Other loans 481 — 481 Total $ 308,607 $ 2,246 $ 310,853 |
Summary of Loans Deemed Impaired and Specific Reserves Allocated by Class | The tables below summarize the loans deemed impaired and the amount of specific reserves allocated by class as of December 31, 2015 and 2014: As of December 31, 2015 Year ended Recorded Recorded Unpaid Investment Investment Average Principal With No With Related Recorded Interest Balance Allowance Allowance Allowance Investment Income (dollars in thousands) Commercial $ 97 $ 80 $ 17 $ 2 $ 81 $ 4 Real estate - commercial 620 498 122 9 1,121 42 Other real estate construction 840 195 107 7 281 3 Real estate 1 -4 family construction 13 — 13 — 16 1 Real estate - residential 4,343 1,507 2,836 163 4,798 200 Home equity 28 28 — — 50 1 Consumer loans 75 75 — — 37 2 Other loans — — — — — — Total $ 6,016 $ 2,383 $ 3,095 $ 181 $ 6,384 $ 253 Year ended As of December 31, 2014 December 31, 2014 Recorded Recorded Unpaid Investment Investment Average Principal With No With Related Recorded Interest Balance Allowance Allowance Allowance Investment Income (dollars in thousands) Commercial $ 98 $ 68 $ 30 $ 30 $ 117 $ 7 Real estate - commercial 1,820 1,242 389 145 2,641 73 Other real estate construction 934 342 54 4 1,108 6 Real estate 1 -4 family construction 20 — 20 1 109 1 Real estate - residential 5,298 1,865 3,433 257 5,865 268 Home equity 49 30 19 19 73 2 Consumer loans 69 29 40 — 83 4 Other loans — — — — — — Total $ 8,288 $ 3,576 $ 3,985 $ 456 $ 9,996 $ 361 Year ended As of December 31, 2013 December 31, 2013 Recorded Recorded Unpaid Investment Investment Average Principal With No With Related Recorded Interest Balance Allowance Allowance Allowance Investment Income (dollars in thousands) Commercial $ 377 $ 291 $ 86 $ 67 $ 845 $ 21 Real estate - commercial 6,808 3,962 2,375 507 7,089 328 Other real estate construction 2,034 247 1,739 945 2,078 17 Real estate 1 -4 family construction 374 25 349 16 380 23 Real estate - residential 8,197 4,619 3,329 530 8,507 300 Home equity 415 58 357 279 819 8 Consumer loans 116 61 55 43 156 14 Other loans — — — — — — Total $ 18,321 $ 9,263 $ 8,290 $ 2,387 $ 19,874 $ 711 |
Troubled Debt Restructures (Tab
Troubled Debt Restructures (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Breakdown of Types of Concessions Made by Loan Class | For the twelve months ended December 31, 2015, 2014 and 2013, the following table presents a breakdown of the types of concessions made by loan class: Year ended December 31, 2015 Pre-Modification Post-Modification Number Outstanding Recorded Outstanding Recorded of Contracts Investment Investment (dollars in thousands) Extend payment terms: Commercial — $ — $ — Real estate - commercial — — — Other real estate construction — — — Real estate 1 – 4 family construction — — — Real estate – residential — — — Home equity — — — Consumer loans — — — Other loans — — — — $ — $ — Other: Commercial 2 $ 65 $ 44 Real estate - commercial — — — Other real estate construction 1 55 55 Real estate 1 – 4 family construction — — — Real estate – residential 6 535 521 Home equity — — — Consumer loans — — — Other loans 1 73 53 10 $ 728 $ 673 Total 10 $ 728 $ 673 Year ended December 31, 2014 Pre-Modification Post-Modification Number Outstanding Recorded Outstanding Recorded of Contracts Investment Investment (dollars in thousands) Extend payment terms: Commercial — $ — $ — Real estate - commercial — — — Other real estate construction — — — Real estate 1 – 4 family construction — — — Real estate – residential — — — Home equity — — — Consumer loans 1 32 32 Other loans — — — 1 $ 32 $ 32 Other: Commercial — $ — $ — Real estate - commercial 3 424 424 Other real estate construction — — — Real estate 1 – 4 family construction — — — Real estate – residential 6 870 870 Home equity — — — Consumer loans — — — Other loans — — — 9 $ 1,294 $ 1,294 Total 10 $ 1,326 $ 1,326 Year ended December 31, 2013 Pre-Modification Post-Modification Number Outstanding Recorded Outstanding Recorded of Contracts Investment Investment (dollars in thousands) Extend payment terms: Commercial — $ — $ — Real estate - commercial — — — Other real estate construction — — — Real estate 1 – 4 family construction — — — Real estate – residential — — — Home equity — — — Consumer loans — — — Other loans — — — — $ — $ — Other: Commercial — $ — $ — Real estate - commercial 1 356 341 Other real estate construction — — — Real estate 1 – 4 family construction — — — Real estate – residential 8 895 875 Home equity 1 18 18 Consumer loans — — — Other loans — — — 10 $ 1,269 $ 1,234 Total 10 $ 1,269 $ 1,234 |
Schedule of Successes and Failures of Types of Debt Restructuring | The following table presents the successes and failures of the types of modifications within the previous twelve months as of December 31, 2015, 2014 and 2013: Paid In Full Paying as restructured Converted to nonaccrual Foreclosure/ Default Number of Recorded Number of Recorded Number of Recorded Number of Recorded Loans Investments Loans Investments Loans Investments Loans Investments (dollars in thousands) December 31, 2015 Extended payment terms — $ — — $ — — $ — — $ — Other — — 10 728 — — — — Total — $ — 10 $ 728 — $ — — $ — Paid In Full Paying as restructured Converted to nonaccrual Foreclosure/ Default Number of Recorded Number of Recorded Number of Recorded Number of Recorded Loans Investments Loans Investments Loans Investments Loans Investments (dollars in thousands) December 31, 2014 Extended payment terms — $ — 1 $ 32 — $ — — $ — Other 1 112 8 1,182 — — — — Total 1 $ 112 9 $ 1,214 — $ — — $ — Paid In Full Paying as restructured Converted to nonaccrual Foreclosure/ Default Number of Recorded Number of Recorded Number of Recorded Number of Recorded Loans Investments Loans Investments Loans Investments Loans Investments (dollars in thousands) December 31, 2013 Extended payment terms — $ — — $ — — $ — — $ — Other — — 10 1,234 — — — — Total — $ — 10 $ 1,234 — $ — — $ — |
Mortgage Servicing Assets (Tabl
Mortgage Servicing Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Summary of Mortgage Servicing Rights | A summary of mortgage servicing rights follows: 2015 2014 2013 (dollars in thousands) Beginning of year mortgage servicing rights: $ 2,072 $ 2,356 $ 2,394 Amounts capitalized 657 386 763 Amortization (689 ) (709 ) (801 ) Impairment — 39 — End of year $ 2,040 $ 2,072 $ 2,356 |
Estimated Amortization Expense | Amortization expense is estimated as follows: Year ending December 31, (dollars in thousands) 2016 $ 482 2017 417 2018 352 2019 287 2020 223 Thereafter 279 Total $ 2,040 |
Key Assumptions Used to Value Mortgage Servicing Rights | The key assumptions used to value mortgage servicing rights were as follows: 2015 2014 Weighted average remaining life 257 months 256 months Weighted average discount rate 10 % 10 % Weighted average coupon 3.95 % 3.98 % Weighted average prepayment speed 171 % 187 % |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Major Classes of Premises and Equipment and the Total Accumulated Depreciation | The major classes of premises and equipment and the total accumulated depreciation at December 31, 2015 and 2014 are listed below: 2015 2014 (dollars in thousands) Land $ 3,302 $ 3,302 Building and improvements 12,808 12,701 Furniture and equipment 8,901 8,439 Total fixed assets 25,011 24,442 Less accumulated depreciation 10,345 9,584 Net fixed assets $ 14,666 $ 14,858 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Banking and Thrift [Abstract] | |
Schedule of Composition of Time Deposits | The composition of deposits at December 31, 2015 and 2014 is as follows: 2015 2014 Percentage Percentage Amount of Total Amount of Total (dollars in thousands) Demand noninterest-bearing $ 92,524 20 % $ 80,069 18 % Interest checking and money market 252,345 54 % 243,116 53 % Savings 40,436 8 % 39,091 9 % Time deposits $250,000 and over 8,148 2 % 9,865 2 % Other time deposits 74,280 16 % 84,294 18 % Total $ 467,733 100 % $ 456,435 100 % |
Maturities of Fixed-Rate Time Deposits | The maturities of fixed-rate time deposits at December 31, 2015 are reflected in the table below: Time Deposits Other Year ending December 31, $250,000 Time (dollars in thousands) 2016 $ 4,841 $ 56,238 2017 3,307 9,237 2018 — 2,538 2019 — 1,578 2020 — 4,591 Thereafter — 98 Total $ 8,148 $ 74,280 |
Short-Term Borrowed Funds (Tabl
Short-Term Borrowed Funds (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Summary of Short-Term Borrowed Funds | The following tables set forth certain information regarding the amounts, year-end weighted average rates, average balances, weighted average rate, and maximum month-end balances for short-term borrowed funds, at and during 2015 and 2014: 2015 2014 Amount Rate Amount Rate (dollars in thousands) At year-end Master notes and other short term borrowing $ 3,396 0.25 % $ 3,674 0.25 % Notes payable 12 6.00 % 11 6.00 % Short-term line of credit 2,350 3.50 % 1,000 3.75 % Short-term advances from FHLB — 0.00 % — 0.00 % $ 5,758 1.59 % $ 4,685 1.01 % 2015 2014 Amount Rate Amount Rate (dollars in thousands) Average for the year Federal funds purchased $ 2 0.79 % $ 2 0.79 % Master notes and other short term borrowing 3,280 0.25 % 4,250 0.44 % Notes payable 18 6.00 % 11 6.00 % Short-term line of credit 1,598 3.51 % 57 3.75 % Short-term advances from FHLB — 0.00 % 510 4.08 % $ 4,898 1.32 % $ 4,830 0.88 % 2015 2014 (dollars in thousands) Maximum month-end balance Federal funds purchased $ — $ — Master notes and other short term borrowing 7,736 4,640 Notes payable 12 11 Short-term line of credit 2,350 1,000 Short-term advances from FHLB — 1,500 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Scheduled Maturities of Advances and Notes Payable | As of December 31, 2015, the scheduled maturities of these long term borrowings are as follows: Year ending December 31, (dollars in thousands) 2017 $ 13 2018 — 2019 9,534 2020 — 2021 — Thereafter — Total $ 9,547 |
Income Tax Matters (Tables)
Income Tax Matters (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Significant Components of Income Tax Expense (Benefit) | The significant components of income tax expense (benefit) for the years ended December 31, 2015, 2014 and 2013 are summarized as follows: 2015 2014 2013 (dollars in thousands) Current tax expense (benefit): Federal $ 389 $ 11 $ (98 ) State 81 44 2 Total 470 55 (96 ) Deferred tax expense (benefit): Federal 228 458 285 State 108 135 153 Total 336 593 438 Net provision for income taxes $ 806 $ 648 $ 342 |
Provision for Income Taxes and the Amounts Computed by Applying the Statutory Federal Income Tax Rate of 34% to Income Before Income Taxes | The difference between the provision for income taxes and the amounts computed by applying the statutory federal income tax rate of 34% to income before income taxes is summarized below: 2015 2014 2013 (dollars in thousands) Tax computed at the statutory federal rate $ 956 $ 791 $ 441 Increases (decrease) resulting from: Tax exempt interest, net (280 ) (252 ) (229 ) State income taxes, net of federal benefit 125 118 102 Other 5 (9 ) 28 Provision for income taxes $ 806 $ 648 $ 342 |
Significant Components of Deferred Taxes | Significant components of deferred taxes at December 31, 2015, 2014 and 2013 are as follows: 2015 2014 2013 (dollars in thousands) Deferred tax assets relating to: Allowance for loan losses $ 1,057 $ 1,395 $ 1,934 Deferred compensation 1,080 975 853 Other 555 701 856 Net unrealized loss on securities available for sale 109 — 289 Total deferred tax assets 2,801 3,071 3,932 Deferred tax liabilities relating to: Net unrealized gain on securities available for sale — (157 ) — Premises and equipment (319 ) (371 ) (487 ) Deferred loans fees and costs (213 ) (198 ) (199 ) Loan servicing (176 ) (182 ) (201 ) Total deferred tax liabilities (708 ) (908 ) (887 ) Net recorded deferred tax asset $ 2,093 $ 2,163 $ 3,045 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Outstanding Financial Instruments Whose Contract Amounts Represent Credit Risk | As of December 31, 2015 and 2014, outstanding financial instruments whose contract amounts represent credit risk were as follows: 2015 2014 (dollars in thousands) Commitments to extend credit $ 82,417 $ 75,573 Credit card commitments 9,269 8,754 Standby letters of credit 2,255 2,224 $ 93,941 $ 86,551 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Summary of Loans to Directors, Executive Officers and Their Related Interests | A summary of loans to directors, executive officers and their related interests follows: 2015 2014 (dollars in thousands) Balance, at beginning of the year $ 21,720 $ 12,667 Disbursements during the year 4,722 12,901 Collections during the year (7,234 ) (3,848 ) Balance, at end of the year $ 19,208 $ 21,720 |
Shareholders' Equity and Regu43
Shareholders' Equity and Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Company's Consolidated Capital Ratios | The Company expects to meet or exceed these minimums without altering current operations or strategy. Minimum to Be Well Minimum Capitalized Under For Capital Prompt Corrective Actual Requirement Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) December 31, 2015 Total Capital to Risk Weighted Assets: Consolidated $ 55,945 15.6 % $ 28,708 8.0 % $ 35,885 10.0 % Uwharrie Bank 56,221 15.8 % 28,549 8.0 % 35,686 10.0 % Tier 1 Capital to Risk Weighted Assets: Consolidated 43,527 12.1 % 21,531 6.0 % 28,708 8.0 % Uwharrie Bank 53,337 15.0 % 21,412 6.0 % 28,549 8.0 % Common Equity Tier 1 Capital to Risk Weighted Assets: Consolidated 32,931 9.2 % 16,148 5.0 % 23,325 6.5 % Uwharrie Bank 42,741 12.0 % 17,843 5.0 % 23,196 6.5 % Tier 1 Capital to Average Assets: Consolidated 43,527 8.2 % 21,225 4.0 % 26,531 5.0 % Uwharrie Bank 53,337 10.1 % 21,156 4.0 % 26,445 5.0 % Minimum to Be Well Minimum Capitalized Under For Capital Prompt Corrective Actual Requirement Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) December 31, 2014 Total Capital to Risk Weighted Assets: Consolidated $ 55,229 16.1 % $ 27,469 8.0 % $ N/A — % Uwharrie Bank 54,933 16.1 % 27,362 8.0 % 34,202 10.0 % Tier 1 Capital to Risk Weighted Assets: Consolidated 41,957 12.2 % 13,735 4.0 % N/A — % Uwharrie Bank 51,195 15.0 % 13,681 4.0 % 20,521 6.0 % Tier 1 Capital to Average Assets: Consolidated 41,957 8.1 % 20,765 4.0 % N/A — % Uwharrie Bank 51,195 9.9 % 20,716 4.0 % 25,895 5.0 % |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Stock Option Activity | The following is a summary of stock option activity for the year ended December 31, 2015: Weighted Average Aggregate Exercise Intrinsic Value Shares Price (in thousands) Options outstanding at the beginning of the year 12,859 $ 5.13 $ — Options granted — — Options exercised — — Forfeitures — — Options outstanding at the end of the year 12,859 $ 5.13 $ — Options exercisable at the end of the year 12,859 $ 5.13 $ — |
Fair Values of Financial Inst45
Fair Values of Financial Instruments and Interest Rate Risk (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Comparison of Carrying Amounts and Estimated Fair Value of Financial Instruments | The following table reflects a comparison of carrying amounts and the estimated fair value of the financial instruments as of December 31, 2015 and December 31, 2014: December 31, 2015 Carrying Estimated Value Fair Value Level 1 Level 2 Level 3 (dollars in thousands) FINANCIAL ASSETS Cash and cash equivalents $ 68,933 $ 68,973 $ 65,198 $ 3,775 $ — Securities available for sale 89,258 89,258 4,012 85,246 — Securities held to maturity 11,242 11,242 — 11,242 — Loans held for investment, net 317,248 313,649 — — 313,649 Loans held for sale 5,922 5,922 — 5,922 — Restricted stock 1,040 1,040 1,040 — — Accrued interest receivable 1,564 1,564 — — — FINANCIAL LIABILITIES Deposits $ 467,733 $ 442,619 $ — $ 442,619 $ — Short-term borrowings 5,758 5,758 — 5,758 — Long-term borrowings 13 13 — 13 Junior subordinated debt 9,534 9,688 — — 9,688 Accrued interest payable 168 168 — — 168 December 31, 2014 Carrying Estimated Value Fair Value Level 1 Level 2 Level 3 (dollars in thousands) FINANCIAL ASSETS Cash and cash equivalents $ 50,791 $ 50,826 $ 47,605 $ 3,221 $ — Securities available for sale 112,824 112,824 19,386 93,438 — Securities held to maturity 5,496 5,450 2,053 3,397 — Loans held for investment, net 307,115 321,295 — — 321,295 Loans held for sale 2,147 2,147 — 2,147 Restricted stock 1,038 1,038 1,038 — — Accrued interest receivable 1,747 1,747 — — 1,747 FINANCIAL LIABILITIES Deposits $ 456,435 $ 442,655 $ — $ 442,655 $ — Short-term borrowings 4,685 4,685 — 4,685 — Long-term borrowings 24 24 — 24 — Junior subordinated debt 9,534 9,703 — — 9,703 Accrued interest payable 180 180 — — 180 |
Fair Value Information for Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following table provides fair value information for assets and liabilities measured at fair value on a recurring basis as of December 31, 2015 and 2014: December 31, 2015 (dollars in thousands) Total Level 1 Level 2 Level 3 Securities available for sale: US Treasury $ 4,012 $ 4,012 $ — $ — US Gov’t 36,070 — 36,070 — Mortgage-backed securities and CMO’s 29,773 — 29,773 — State and political subdivisions 14,039 — 14,039 — Corporate bonds 5,364 — 5,364 — Total assets at fair value $ 89,258 $ 4,012 $ 85,246 $ — Total liabilities at fair value $ — $ — $ — $ — December 31, 2014 (dollars in thousands) Total Level 1 Level 2 Level 3 Securities available for sale: US Treasury $ 19,386 $ 19,386 $ — $ — US Gov’t 50,775 — 50,775 — Mortgage-backed securities and CMO’s 27,572 — 27,572 — State and political subdivisions 12,080 — 12,080 — Corporate bonds 3,011 — 3,011 — Total assets at fair value $ 112,824 $ 19,386 $ 93,438 $ — Total liabilities at fair value $ — $ — $ — $ — The Company may be required, from time to time, to measure certain assets at fair value on a nonrecurring basis in accordance with U.S. generally accepted accounting principles. These include assets that are measured at the lower of cost or market that were recognized at fair value below cost at the end of the period. Assets measured at fair value on a nonrecurring basis are included in the table below as of December 31, 2015 and December 31, 2014: December 31, 2015 (dollars in thousands) Total Level 1 Level 2 Level 3 Impaired loans $ 3,108 $ — $ — $ 3,108 Other real estate owned 2,909 — — 2,909 Total assets at fair value $ 6,017 $ — $ — $ 6,017 Total liabilities at fair value $ — $ — $ — $ — December 31, 2014 (dollars in thousands) Total Level 1 Level 2 Level 3 Impaired loans $ 1,854 $ — $ — $ 1,854 Other real estate owned 3,290 — — 3,290 Total assets at fair value $ 5,144 $ — $ — $ 5,144 Total liabilities at fair value $ — $ — $ — $ — |
Assets Measured at Fair Value on Nonrecurring Basis | Assets measured at fair value on a nonrecurring basis are included in the table below as of December 31, 2015 and December 31, 2014: December 31, 2015 (dollars in thousands) Total Level 1 Level 2 Level 3 Impaired loans $ 3,108 $ — $ — $ 3,108 Other real estate owned 2,909 — — 2,909 Total assets at fair value $ 6,017 $ — $ — $ 6,017 Total liabilities at fair value $ — $ — $ — $ — December 31, 2014 (dollars in thousands) Total Level 1 Level 2 Level 3 Impaired loans $ 1,854 $ — $ — $ 1,854 Other real estate owned 3,290 — — 3,290 Total assets at fair value $ 5,144 $ — $ — $ 5,144 Total liabilities at fair value $ — $ — $ — $ — |
Quantitative Information about Level 3 Fair Value Measurements | Quantitative Information about Level 3 Fair Value Measurements December 31, 2015 General Valuation Technique Unobservable Input Range Nonrecurring measurements: Impaired loans Discounted appraisals Expected loss rates 0 – 25 % Discounted cash flows Discount rates 4%-8.75 % OREO Discounted appraisals Collateral discounts and Estimated costs to sell 0 – 10 % December 31, 2014 General Valuation Technique Unobservable Input Range Nonrecurring measurements: Impaired loans Discounted appraisals Expected loss rates 0 – 25 % Discounted cash flows Discount rates 4%-8.75 % OREO Estimated costs to sell Discounted appraisals Collateral discounts and Estimated costs to sell 0 – 10 % |
Parent Company Financial Data (
Parent Company Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Balance Sheets | Condensed Balance Sheets December 31, 2015 2014 (dollars in thousands) Assets Cash and demand deposits $ 246 $ 297 Interest-earning deposits 3,396 3,674 Investments in: Bank subsidiaries 42,528 40,931 Nonbank subsidiaries 648 594 Other assets 1,342 1,115 Total assets $ 48,160 $ 46,611 Liabilities and shareholders’ equity Master notes $ 3,396 $ 3,674 Short term debt 2,350 1,000 Junior subordinated debentures 9,534 9,534 Other liabilities 163 149 Total liabilities 15,443 14,357 Redeemable common stock held by the Employee Stock Ownership Plan (ESOP) — 561 Shareholders’ equity 32,717 31,693 Total liabilities and shareholders’ equity $ 48,160 $ 46,611 |
Condensed Statements of Income | Condensed Statements of Income 2015 2014 2013 (dollars in thousands) Equity in undistributed earnings (loss) of subsidiaries $ 2,760 $ 1,456 $ (1,053 ) Dividends received from subsidiaries — 1,000 2,719 Interest income 8 11 21 Management and service fees — — 4,347 Other income 81 87 166 Interest expense (612 ) (583 ) (659 ) Other operating expense (555 ) (624 ) (4,881 ) Income tax benefit 325 332 294 Net income $ 2,007 $ 1,679 $ 954 Consolidated net income $ 2,007 $ 1,679 $ 954 Less: Net income attributable to noncontrolling interest (592 ) (591 ) (478 ) Net income attributable to Uwharrie Capital Corp 1,415 1,088 476 Dividends – preferred stock — — (325 ) Net Income (loss) available to common shareholders $ 1,415 $ 1,088 $ 151 Net income (loss) per common share Basic $ 0.20 $ 0.15 $ 0.02 Diluted $ 0.20 $ 0.15 $ 0.02 Weighted average shares outstanding Basic 7,051,751 7,447,008 7,570,732 Diluted 7,051,751 7,447,008 7,570,732 |
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows 2015 2014 2013 (dollars in thousands) Cash flows from operating activities Net income $ 2,007 $ 1,679 $ 954 Adjustments to reconcile net income to net cash used by operating activities: Equity in undistributed (earnings) loss of subsidiaries (2,760 ) (1,456 ) 1,053 (Increase) decrease in other assets (228 ) 136 2,298 Increase (decrease) in other liabilities 14 78 (305 ) Net cash provided (used) by operating activities (967 ) 437 4,000 Cash flows from financing activities Net decrease in master notes (278 ) (324 ) (1,453 ) Net increase in short-term debt 1,350 1,000 — Net repayments of issuance of junior subordinated debentures — (1,593 ) — Repurchase of common stock, net (429 ) (1,401 ) (169 ) Repayment of series A preferred stock — — (10,500 ) Preferred stock redeemed by from bank subsidiary — — 7,800 Increase in unearned ESOP compensation — — (114 ) Dividends on preferred stock — — (225 ) Cash paid for fractional shares (5 ) (4 ) — Net cash used by financing activities 638 (2,322 ) (4,661 ) Net decrease in cash and cash equivalents (329 ) (1,885 ) (661 ) Cash and cash equivalents at beginning of year 3,971 5,856 6,517 Cash and cash equivalents at end of year $ 3,642 $ 3,971 $ 5,856 |
Significant Accounting Polici47
Significant Accounting Policies - Additional Information (Detail) | Oct. 20, 2015 | Jan. 31, 2013USD ($) | Dec. 31, 2015USD ($)SegmentBranchshares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013USD ($)shares | Dec. 31, 2012 | Feb. 28, 2014shares | Dec. 31, 2010USD ($) |
Business Acquisition [Line Items] | ||||||||
Common stock exchange | 1 | |||||||
Number of branch locations | Branch | 6 | |||||||
Number of branch offices | Branch | 2 | |||||||
Number of segments | Segment | 2 | |||||||
Mortgage and commercial loans period | 90 days | |||||||
Credit card and personal loans period | 180 days | |||||||
Minimum required sustained performance | 6 months | |||||||
Interest or penalties accrued | $ 0 | $ 0 | $ 0 | |||||
Accumulated other comprehensive income (loss) | $ (212,000) | $ 305,000 | ||||||
Stock options outstanding | shares | 96,228 | 12,859 | 96,228 | |||||
Stock dividend, percentage | 2.00% | 2.00% | 2.00% | |||||
Dividends Payable, date declared | Oct. 20, 2015 | |||||||
Dividends Payable, date to be paid | Nov. 19, 2015 | |||||||
Dividends Payable, date of record | Nov. 3, 2015 | |||||||
Shares held by ESOP | shares | 740,530 | |||||||
Shares held by ESOP, Percentage | 9.95% | |||||||
Shares unallocated to participants in the ESOP | shares | 252,446 | 252,446 | ||||||
Line of credit | $ 52,100,000 | |||||||
Dividends rate | 5.30% | |||||||
Real Estate - Residential [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Foreclosed residential real estate | 1,600,000 | |||||||
Real estate in process of foreclosure | $ 219,000 | |||||||
Preferred Stock Series B [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Preferred stock issued | $ 7,900,000 | |||||||
Dividends rate | 5.30% | |||||||
Voting rights | The preferred stock has no voting rights | |||||||
Preferred Stock Series C [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Preferred stock issued | $ 2,800,000 | |||||||
Dividends rate | 5.30% | |||||||
Voting rights | The preferred stock has no voting rights | |||||||
Furniture, Fixtures and Equipment [Member] | Minimum [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Useful lives | 5 years | |||||||
Furniture, Fixtures and Equipment [Member] | Maximum [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Useful lives | 7 years | |||||||
Equipment [Member] | Minimum [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Useful lives | 5 years | |||||||
Equipment [Member] | Maximum [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Useful lives | 7 years | |||||||
Building [Member] | Minimum [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Useful lives | 10 years | |||||||
Building [Member] | Maximum [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Useful lives | 39 years | |||||||
Leasehold Improvements [Member] | Minimum [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Useful lives | 10 years | |||||||
Leasehold Improvements [Member] | Maximum [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Useful lives | 39 years | |||||||
Anson BanCorp Inc [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Acquisition | Jan. 19, 2000 | |||||||
Gateway Mortgage Inc [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Acquisition | Aug. 4, 2000 | |||||||
Cabarrus Bank and Trust Company [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Date of capitalization of new wholly-owned subsidiary | Apr. 10, 2003 | |||||||
Uwharrie Mortgage Inc [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Date of subsidiary incorporation | Apr. 7, 2004 | |||||||
Employee Stock Ownership Plan [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Line of credit | $ 500,000 | $ 500,000 |
Significant Accounting Polici48
Significant Accounting Policies - Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Equity [Abstract] | |||
Beginning Balance | $ 305 | $ (562) | $ 1,487 |
Other comprehensive income (loss) before reclassifications, net of $474, ($445) and $1,292 tax effect, respectively | (188) | 866 | (2,370) |
Amounts reclassified from accumulated other comprehensive income, net of ($207), $1 and $222 tax effect, respectively | (329) | 1 | 321 |
Total other comprehensive income (loss) | (517) | 867 | (2,049) |
Ending Balance | $ (212) | $ 305 | $ (562) |
Significant Accounting Polici49
Significant Accounting Policies - Accumulated Other Comprehensive Income (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Equity [Abstract] | |||
Tax effect on Other Comprehensive income before reclassifications | $ 474 | $ (445) | $ 1,292 |
Tax effect on amount reclassified from accumulated Other comprehensive income | $ (207) | $ 1 | $ 222 |
Significant Accounting Polici50
Significant Accounting Policies - Computation of Weighted Average Shares Used in the Calculation of Basic and Dilutive Earnings Per Share (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||
Weighted average number of common shares used in computing basic net income per common share | 7,051,751 | 7,490,799 | 7,786,032 |
Effect of ESOP shares | (43,791) | (215,300) | |
Adjusted weighted average number of common shares used in computing basic net income per common share | 7,051,751 | 7,447,008 | 7,570,732 |
Effect of dilutive stock options | 0 | 0 | 0 |
Weighted average number of common shares and dilutive potential common shares used in computing diluted net income per common share | 7,051,751 | 7,447,008 | 7,570,732 |
Investment Securities - Carryin
Investment Securities - Carrying Amounts and Fair Values of Securities Available for Sale and Held to Maturity (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | $ 89,580 | $ 112,362 |
Available-for-sale Securities, Gross Unrealized Gains | 503 | 1,096 |
Available-for-sale Securities, Gross Unrealized Losses | 825 | 634 |
Available-for-sale Securities, Fair Value | 89,258 | 112,824 |
Held-to-maturity Securities, Amortized Cost | 11,242 | 5,496 |
Held-to-maturity Securities, Gross Unrealized Gains | 30 | |
Held-to-maturity Securities, Gross Unrealized Losses | 30 | 46 |
Held-to-maturity Securities, Fair Value | 11,242 | 5,450 |
Corporate Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 5,435 | 3,040 |
Available-for-sale Securities, Gross Unrealized Losses | 71 | 29 |
Available-for-sale Securities, Fair Value | 5,364 | 3,011 |
Held-to-maturity Securities, Amortized Cost | 3,338 | 3,411 |
Held-to-maturity Securities, Gross Unrealized Losses | 20 | 14 |
Held-to-maturity Securities, Fair Value | 3,318 | 3,397 |
U.S. Treasury [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 4,026 | 19,030 |
Available-for-sale Securities, Gross Unrealized Gains | 362 | |
Available-for-sale Securities, Gross Unrealized Losses | 14 | 6 |
Available-for-sale Securities, Fair Value | 4,012 | 19,386 |
U.S. Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 36,159 | 50,969 |
Available-for-sale Securities, Gross Unrealized Gains | 99 | 96 |
Available-for-sale Securities, Gross Unrealized Losses | 188 | 290 |
Available-for-sale Securities, Fair Value | 36,070 | 50,775 |
Held-to-maturity Securities, Amortized Cost | 1,911 | 2,085 |
Held-to-maturity Securities, Gross Unrealized Losses | 5 | 32 |
Held-to-maturity Securities, Fair Value | 1,906 | 2,053 |
Mortgage-backed Securities and CMO's [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 30,269 | 27,748 |
Available-for-sale Securities, Gross Unrealized Gains | 53 | 133 |
Available-for-sale Securities, Gross Unrealized Losses | 549 | 309 |
Available-for-sale Securities, Fair Value | 29,773 | 27,572 |
State and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 13,691 | 11,575 |
Available-for-sale Securities, Gross Unrealized Gains | 351 | 505 |
Available-for-sale Securities, Gross Unrealized Losses | 3 | |
Available-for-sale Securities, Fair Value | 14,039 | $ 12,080 |
Held-to-maturity Securities, Amortized Cost | 5,993 | |
Held-to-maturity Securities, Gross Unrealized Gains | 30 | |
Held-to-maturity Securities, Gross Unrealized Losses | 5 | |
Held-to-maturity Securities, Fair Value | $ 6,018 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2015USD ($)Security | Dec. 31, 2014USD ($)Security | Dec. 31, 2013USD ($) | |
Schedule of Available-for-sale Securities [Line Items] | |||
Federal Reserve stock owned by Company | $ | $ 507,000 | $ 506,000 | |
Federal Home Loan Bank stock | $ | 533,000 | 532,000 | |
Securities available for sale pledged as collateral on public deposits | $ | $ 68,800,000 | $ 84,700,000 | $ 63,100,000 |
Corporate Bonds [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Number of available for sale securities related to unrealized losses less than twelve months | 2 | ||
Number of available for sale securities related to unrealized losses more than twelve months | 1 | ||
Number of securities related to unrealized losses | 2 | 2 | |
Number of available for sale securities related to unrealized losses | 2 | ||
U.S. Treasury [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Number of available for sale securities related to unrealized losses less than twelve months | 1 | ||
Number of available for sale securities related to unrealized losses | 1 | ||
Mortgage-backed Securities and CMO's [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Number of available for sale securities related to unrealized losses less than twelve months | 8 | ||
Number of available for sale securities related to unrealized losses more than twelve months | 4 | ||
Number of available for sale securities related to unrealized losses | 8 | ||
Available for sale securities | $ | $ 0 | ||
U.S. Government Agencies [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Number of available for sale securities related to unrealized losses less than twelve months | 5 | ||
Number of available for sale securities related to unrealized losses more than twelve months | 6 | ||
Number of securities related to unrealized losses | 1 | 1 | |
Number of available for sale securities related to unrealized losses | 13 | ||
State and Political Subdivisions [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Number of available for sale securities related to unrealized losses less than twelve months | 1 | ||
Number of securities related to unrealized losses | 2 |
Investment Securities - Sales a
Investment Securities - Sales and Calls of Securities Available for Sale (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Investments, Debt and Equity Securities [Abstract] | |||
Gross proceeds from sales and calls | $ 32,780 | $ 11,592 | $ 20,182 |
Realized gains from sales | 536 | 28 | 41 |
Realized losses from sales | (30) | (564) | |
Net realized gains (losses) | $ 536 | $ (2) | $ (523) |
Investment Securities - Gross U
Investment Securities - Gross Unrealized Losses and Fair Value of Investments (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Gross unrealized losses, Less than Twelve Months, Fair Value | $ 41,356 | $ 17,834 |
Available-for-sale Securities, Gross unrealized losses, Less than Twelve Months, Unrealized Losses | 490 | 62 |
Available-for-sale Securities, Gross unrealized losses, Twelve Months or More, Fair Value | 13,076 | 31,944 |
Available-for-sale Securities, Gross unrealized losses, Twelve Months or More, Unrealized Losses | 335 | 572 |
Available-for-sale Securities, Gross unrealized losses, Fair Value | 54,432 | 49,778 |
Available-for-sale Securities, Gross unrealized losses, Unrealized Losses | 825 | 634 |
Held-to-maturity Securities, Gross unrealized losses, Less than Twelve Months, Fair Value | 6,536 | 5,450 |
Held-to-maturity-Securities, Gross unrealized losses, Less than Twelve Months, Unrealized Losses | 30 | 46 |
Held-to-maturity Securities, Gross unrealized losses, Twelve Months or More, Fair Value | 0 | 0 |
Held-to-maturity Securities, Gross unrealized losses, Twelve Months or More, Unrealized Losses | 0 | 0 |
Held-to-maturity Securities, Gross unrealized losses, Fair Value | 6,536 | 5,450 |
Held-to-maturity Securities, Gross unrealized losses, Unrealized Losses | 30 | 46 |
Corporate Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Gross unrealized losses, Less than Twelve Months, Fair Value | 4,566 | 3,011 |
Available-for-sale Securities, Gross unrealized losses, Less than Twelve Months, Unrealized Losses | 55 | 29 |
Available-for-sale Securities, Gross unrealized losses, Twelve Months or More, Fair Value | 798 | |
Available-for-sale Securities, Gross unrealized losses, Twelve Months or More, Unrealized Losses | 16 | |
Available-for-sale Securities, Gross unrealized losses, Fair Value | 5,364 | 3,011 |
Available-for-sale Securities, Gross unrealized losses, Unrealized Losses | 71 | 29 |
Held-to-maturity Securities, Gross unrealized losses, Less than Twelve Months, Fair Value | 1,312 | 3,397 |
Held-to-maturity-Securities, Gross unrealized losses, Less than Twelve Months, Unrealized Losses | 20 | 14 |
Held-to-maturity Securities, Gross unrealized losses, Twelve Months or More, Fair Value | 0 | 0 |
Held-to-maturity Securities, Gross unrealized losses, Twelve Months or More, Unrealized Losses | 0 | 0 |
Held-to-maturity Securities, Gross unrealized losses, Fair Value | 1,312 | 3,397 |
Held-to-maturity Securities, Gross unrealized losses, Unrealized Losses | 20 | 14 |
U.S. Treasury [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Gross unrealized losses, Less than Twelve Months, Fair Value | 4,013 | 3,143 |
Available-for-sale Securities, Gross unrealized losses, Less than Twelve Months, Unrealized Losses | 14 | 6 |
Available-for-sale Securities, Gross unrealized losses, Fair Value | 4,013 | 3,143 |
Available-for-sale Securities, Gross unrealized losses, Unrealized Losses | 14 | 6 |
U.S. Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Gross unrealized losses, Less than Twelve Months, Fair Value | 16,692 | 9,690 |
Available-for-sale Securities, Gross unrealized losses, Less than Twelve Months, Unrealized Losses | 128 | 23 |
Available-for-sale Securities, Gross unrealized losses, Twelve Months or More, Fair Value | 5,048 | 17,776 |
Available-for-sale Securities, Gross unrealized losses, Twelve Months or More, Unrealized Losses | 60 | 267 |
Available-for-sale Securities, Gross unrealized losses, Fair Value | 21,740 | 27,466 |
Available-for-sale Securities, Gross unrealized losses, Unrealized Losses | 188 | 290 |
Held-to-maturity Securities, Gross unrealized losses, Less than Twelve Months, Fair Value | 1,906 | 2,053 |
Held-to-maturity-Securities, Gross unrealized losses, Less than Twelve Months, Unrealized Losses | 5 | 32 |
Held-to-maturity Securities, Gross unrealized losses, Twelve Months or More, Fair Value | 0 | 0 |
Held-to-maturity Securities, Gross unrealized losses, Twelve Months or More, Unrealized Losses | 0 | 0 |
Held-to-maturity Securities, Gross unrealized losses, Fair Value | 1,906 | 2,053 |
Held-to-maturity Securities, Gross unrealized losses, Unrealized Losses | 5 | 32 |
Mortgage-backed Securities and CMO's [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Gross unrealized losses, Less than Twelve Months, Fair Value | 15,620 | 1,990 |
Available-for-sale Securities, Gross unrealized losses, Less than Twelve Months, Unrealized Losses | 290 | 4 |
Available-for-sale Securities, Gross unrealized losses, Twelve Months or More, Fair Value | 7,230 | 14,168 |
Available-for-sale Securities, Gross unrealized losses, Twelve Months or More, Unrealized Losses | 259 | 305 |
Available-for-sale Securities, Gross unrealized losses, Fair Value | 22,850 | 16,158 |
Available-for-sale Securities, Gross unrealized losses, Unrealized Losses | 549 | $ 309 |
State and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Gross unrealized losses, Less than Twelve Months, Fair Value | 465 | |
Available-for-sale Securities, Gross unrealized losses, Less than Twelve Months, Unrealized Losses | 3 | |
Available-for-sale Securities, Gross unrealized losses, Fair Value | 465 | |
Available-for-sale Securities, Gross unrealized losses, Unrealized Losses | 3 | |
Held-to-maturity Securities, Gross unrealized losses, Less than Twelve Months, Fair Value | 3,318 | |
Held-to-maturity-Securities, Gross unrealized losses, Less than Twelve Months, Unrealized Losses | 5 | |
Held-to-maturity Securities, Gross unrealized losses, Twelve Months or More, Fair Value | 0 | |
Held-to-maturity Securities, Gross unrealized losses, Twelve Months or More, Unrealized Losses | 0 | |
Held-to-maturity Securities, Gross unrealized losses, Fair Value | 3,318 | |
Held-to-maturity Securities, Gross unrealized losses, Unrealized Losses | $ 5 |
Investment Securities - Amortiz
Investment Securities - Amortized Cost and Fair Value of Available for Sale Securities Portfolio (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Investments, Debt and Equity Securities [Abstract] | ||
Due within one year, Amortized Cost | $ 2,871 | |
Due after one but within five years, Amortized Cost | 37,759 | |
Due after five but within ten years, Amortized Cost | 15,111 | |
Due after ten years, Amortized Cost | 14,812 | |
Mortgage backed securities, Amortized Cost | 30,269 | |
Available-for-sale Securities, Amortized Cost | 89,580 | $ 112,362 |
Due within one year, Estimated Fair Value | 2,872 | |
Due after one but within five years, Estimated Fair Value | 37,821 | |
Due after five but within ten years, Estimated Fair Value | 15,076 | |
Due after ten years, Estimated Fair Value | 14,958 | |
Mortgage backed securities, Estimated Fair Value | 29,773 | |
Fair Value | $ 89,258 | $ 112,824 |
Loans Held for Investment - Com
Loans Held for Investment - Composition of Net Loans Held for Investment by Class (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, Total | $ 320,092 | $ 310,860 | ||
Less: | ||||
Allowance for loan losses | (2,884) | (3,738) | $ (5,095) | $ (6,801) |
Deferred loan (fees) costs, net | 40 | (7) | ||
Net loans held for investment | 317,248 | 307,115 | ||
Commercial [Member] | ||||
Less: | ||||
Allowance for loan losses | (1,310) | (1,716) | (2,665) | (2,791) |
Commercial [Member] | Commercial Loan [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, Total | 52,311 | 47,418 | ||
Commercial [Member] | Real Estate - Commercial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, Total | 101,198 | 92,517 | ||
Commercial [Member] | Other Real Estate Construction [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, Total | 17,692 | 22,362 | ||
Non-Commercial [Member] | ||||
Less: | ||||
Allowance for loan losses | (1,574) | (2,022) | $ (2,430) | $ (4,010) |
Non-Commercial [Member] | Real Estate 1-4 Family Construction [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, Total | 5,629 | 3,888 | ||
Non-Commercial [Member] | Real Estate - Residential [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, Total | 83,379 | 89,374 | ||
Non-Commercial [Member] | Home Equity [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, Total | 49,420 | 46,360 | ||
Non-Commercial [Member] | Consumer Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, Total | 8,982 | 8,460 | ||
Non-Commercial [Member] | Other Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, Total | $ 1,481 | $ 481 |
Loans Held for Investment - Add
Loans Held for Investment - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Noncommercial segment Loans | $ 5,500 | $ 7,600 |
Accruing Loans 90 or More Days Past Due | 0 | 0 |
Restructured loans | 4,700 | 6,000 |
Restructured loans included in impaired loans | 4,700 | 6,000 |
Carrying value of foreclosed properties | 5,000 | 5,900 |
Amount pledged to borrowings at Federal Home Loan Bank | 135,900 | 128,900 |
Amount pledged to borrowings at Federal Reserve Bank | $ 135,900 | $ 128,900 |
Mortgages [Member] | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Concentrations of Loans as Percentage of Net Loans | 43.25% | |
Commercial Loan [Member] | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Concentrations of Loans as Percentage of Net Loans | 53.48% |
Allowance for Loan Losses - Cha
Allowance for Loan Losses - Changes in Allowance for Loan Losses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance, beginning of year | $ 3,738 | $ 5,095 | $ 6,801 |
Provision (recovery) charged to operations | (620) | (389) | 28 |
Charge-offs | (589) | (1,231) | (1,971) |
Recoveries | 355 | 263 | 242 |
Net (charge-offs) | (234) | (968) | (1,729) |
Other | (5) | ||
Balance, end of year | 2,884 | 3,738 | 5,095 |
Commercial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance, beginning of year | 1,716 | 2,665 | 2,791 |
Provision (recovery) charged to operations | (527) | (302) | 784 |
Charge-offs | (89) | (749) | (1,005) |
Recoveries | 210 | 102 | 96 |
Net (charge-offs) | 121 | (647) | (909) |
Other | (1) | ||
Balance, end of year | 1,310 | 1,716 | 2,665 |
Non-Commercial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance, beginning of year | 2,022 | 2,430 | 4,010 |
Provision (recovery) charged to operations | (93) | (87) | (756) |
Charge-offs | (500) | (482) | (966) |
Recoveries | 145 | 161 | 146 |
Net (charge-offs) | (355) | (321) | (820) |
Other | (4) | ||
Balance, end of year | $ 1,574 | $ 2,022 | $ 2,430 |
Allowance for Loan Losses - Add
Allowance for Loan Losses - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Receivables [Abstract] | |||
Decrease in allowance for loan losses | $ 20,000 | ||
Financing receivable recorded investment number of days past due | 90 days | ||
Non-performing loans | $ 783,000 | $ 2,200,000 | |
Decrease of non-performing loans | $ 1,500,000 |
Allowance for Loan Losses - Sch
Allowance for Loan Losses - Schedule of Loans and Reserve Balances by Loan Segment Both Individually and Collectively Evaluated for Impairment (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Individually Evaluated, Reserve | $ 181 | $ 456 | ||
Individually Evaluated, Loans | 5,478 | 7,561 | ||
Collectively Evaluated, Reserve | 2,703 | 3,282 | ||
Collectively Evaluated, Loans | 314,654 | 303,292 | ||
Total Reserve | 2,884 | 3,738 | $ 5,095 | $ 6,801 |
Total Loans | 320,132 | 310,853 | ||
Commercial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Individually Evaluated, Reserve | 18 | 179 | ||
Individually Evaluated, Loans | 1,019 | 2,125 | ||
Collectively Evaluated, Reserve | 1,292 | 1,537 | ||
Collectively Evaluated, Loans | 170,182 | 160,172 | ||
Total Reserve | 1,310 | 1,716 | 2,665 | 2,791 |
Total Loans | 171,201 | 162,297 | ||
Non-Commercial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Individually Evaluated, Reserve | 163 | 277 | ||
Individually Evaluated, Loans | 4,459 | 5,436 | ||
Collectively Evaluated, Reserve | 1,411 | 1,745 | ||
Collectively Evaluated, Loans | 144,472 | 143,120 | ||
Total Reserve | 1,574 | 2,022 | $ 2,430 | $ 4,010 |
Total Loans | $ 148,931 | $ 148,556 |
Allowance for Loan Losses - Pas
Allowance for Loan Losses - Past Due Information of Loan Portfolio by Class (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Impaired [Line Items] | ||
Total Past Due Loans | $ 2,707 | $ 4,250 |
Current Loans | 317,425 | 306,603 |
Total Loans | 320,132 | 310,853 |
Accruing Loans 90 or More Days Past Due | 0 | 0 |
Commercial Loan [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total Past Due Loans | 80 | 42 |
Current Loans | 52,231 | 47,376 |
Total Loans | 52,311 | 47,418 |
Accruing Loans 90 or More Days Past Due | 0 | 0 |
Real Estate - Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total Past Due Loans | 74 | 871 |
Current Loans | 101,124 | 91,646 |
Total Loans | 101,198 | 92,517 |
Accruing Loans 90 or More Days Past Due | 0 | 0 |
Other Real Estate Construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total Past Due Loans | 305 | 342 |
Current Loans | 17,387 | 22,020 |
Total Loans | 17,692 | 22,362 |
Accruing Loans 90 or More Days Past Due | 0 | 0 |
Real Estate Construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Current Loans | 5,629 | 3,888 |
Total Loans | 5,629 | 3,888 |
Accruing Loans 90 or More Days Past Due | 0 | 0 |
Real Estate - Residential [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total Past Due Loans | 2,121 | 2,770 |
Current Loans | 81,298 | 86,597 |
Total Loans | 83,419 | 89,367 |
Accruing Loans 90 or More Days Past Due | 0 | 0 |
Home Equity [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total Past Due Loans | 88 | 102 |
Current Loans | 49,332 | 46,258 |
Total Loans | 49,420 | 46,360 |
Accruing Loans 90 or More Days Past Due | 0 | 0 |
Consumer Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total Past Due Loans | 39 | 123 |
Current Loans | 8,943 | 8,337 |
Total Loans | 8,982 | 8,460 |
Accruing Loans 90 or More Days Past Due | 0 | 0 |
Other Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Current Loans | 1,481 | 481 |
Total Loans | 1,481 | 481 |
Accruing Loans 90 or More Days Past Due | 0 | 0 |
Loans 30-89 Days Past Due [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total Past Due Loans | 1,924 | 2,004 |
Loans 30-89 Days Past Due [Member] | Commercial Loan [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total Past Due Loans | 46 | 42 |
Loans 30-89 Days Past Due [Member] | Real Estate - Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total Past Due Loans | 74 | 77 |
Loans 30-89 Days Past Due [Member] | Other Real Estate Construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total Past Due Loans | 110 | |
Loans 30-89 Days Past Due [Member] | Real Estate - Residential [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total Past Due Loans | 1,580 | 1,673 |
Loans 30-89 Days Past Due [Member] | Home Equity [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total Past Due Loans | 75 | 89 |
Loans 30-89 Days Past Due [Member] | Consumer Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total Past Due Loans | 39 | 123 |
Loans 90 Days or More Past Due [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total Past Due Loans | 783 | 2,246 |
Loans 90 Days or More Past Due [Member] | Commercial Loan [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total Past Due Loans | 34 | |
Loans 90 Days or More Past Due [Member] | Real Estate - Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total Past Due Loans | 794 | |
Loans 90 Days or More Past Due [Member] | Other Real Estate Construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total Past Due Loans | 195 | 342 |
Loans 90 Days or More Past Due [Member] | Real Estate - Residential [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total Past Due Loans | 541 | 1,097 |
Loans 90 Days or More Past Due [Member] | Home Equity [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total Past Due Loans | $ 13 | $ 13 |
Allowance for Loan Losses - Com
Allowance for Loan Losses - Composition of Nonaccrual Loans by Class (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Impaired [Line Items] | ||
Increase in non-performing loans | $ 2,707 | $ 4,250 |
Commercial Loan [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Increase in non-performing loans | 80 | 42 |
Real Estate - Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Increase in non-performing loans | 74 | 871 |
Other Real Estate Construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Increase in non-performing loans | 305 | 342 |
Real Estate - Residential [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Increase in non-performing loans | 2,121 | 2,770 |
Home Equity [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Increase in non-performing loans | 88 | 102 |
Loans 90 Days or More Past Due [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Increase in non-performing loans | 783 | 2,246 |
Loans 90 Days or More Past Due [Member] | Commercial Loan [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Increase in non-performing loans | 34 | |
Loans 90 Days or More Past Due [Member] | Real Estate - Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Increase in non-performing loans | 794 | |
Loans 90 Days or More Past Due [Member] | Other Real Estate Construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Increase in non-performing loans | 195 | 342 |
Loans 90 Days or More Past Due [Member] | Real Estate - Residential [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Increase in non-performing loans | 541 | 1,097 |
Loans 90 Days or More Past Due [Member] | Home Equity [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Increase in non-performing loans | $ 13 | $ 13 |
Allowance for Loan Losses - Sum
Allowance for Loan Losses - Summary of Risk Grades of Portfolio by Class (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 320,132 | $ 310,853 |
Commercial Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 52,311 | 47,418 |
Real Estate - Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 101,198 | 92,517 |
Other Real Estate Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 17,692 | 22,362 |
Real Estate 1-4 Family Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 5,629 | 3,888 |
Real Estate - Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 83,419 | 89,367 |
Home Equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 49,420 | 46,360 |
Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 8,982 | 8,460 |
Other Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,481 | 481 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 300,286 | 282,506 |
Pass [Member] | Commercial Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 52,096 | 46,734 |
Pass [Member] | Real Estate - Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 97,506 | 82,846 |
Pass [Member] | Other Real Estate Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 15,163 | 19,724 |
Pass [Member] | Real Estate 1-4 Family Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 5,526 | 3,888 |
Pass [Member] | Real Estate - Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 71,736 | 75,859 |
Pass [Member] | Home Equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 48,195 | 44,799 |
Pass [Member] | Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 8,583 | 8,175 |
Pass [Member] | Other Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,481 | 481 |
Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 14,389 | 19,877 |
Watch [Member] | Commercial Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 130 | 614 |
Watch [Member] | Real Estate - Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,161 | 5,513 |
Watch [Member] | Other Real Estate Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,994 | 1,925 |
Watch [Member] | Real Estate 1-4 Family Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 103 | |
Watch [Member] | Real Estate - Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 9,398 | 10,090 |
Watch [Member] | Home Equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,209 | 1,458 |
Watch [Member] | Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 394 | 277 |
Sub-standard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 5,457 | 8,470 |
Sub-standard [Member] | Commercial Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 85 | 70 |
Sub-standard [Member] | Real Estate - Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 2,531 | 4,158 |
Sub-standard [Member] | Other Real Estate Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 535 | 713 |
Sub-standard [Member] | Real Estate - Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 2,285 | 3,418 |
Sub-standard [Member] | Home Equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 16 | 103 |
Sub-standard [Member] | Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 5 | $ 8 |
Allowance for Loan Losses - S64
Allowance for Loan Losses - Summary of Performing and Nonperforming Loans by Class (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 320,132 | $ 310,853 |
Commercial Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 52,311 | 47,418 |
Real Estate - Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 101,198 | 92,517 |
Other Real Estate Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 17,692 | 22,362 |
Real Estate 1-4 Family Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 5,629 | 3,888 |
Real Estate - Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 83,419 | 89,367 |
Home Equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 49,420 | 46,360 |
Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 8,982 | 8,460 |
Other Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,481 | 481 |
Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 319,349 | 308,607 |
Performing [Member] | Commercial Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 52,277 | 47,418 |
Performing [Member] | Real Estate - Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 101,198 | 91,723 |
Performing [Member] | Other Real Estate Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 17,497 | 22,020 |
Performing [Member] | Real Estate 1-4 Family Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 5,629 | 3,888 |
Performing [Member] | Real Estate - Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 82,878 | 88,270 |
Performing [Member] | Home Equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 49,407 | 46,347 |
Performing [Member] | Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 8,982 | 8,460 |
Performing [Member] | Other Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,481 | 481 |
Non-Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 783 | 2,246 |
Non-Performing [Member] | Commercial Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 34 | |
Non-Performing [Member] | Real Estate - Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 794 | |
Non-Performing [Member] | Other Real Estate Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 195 | 342 |
Non-Performing [Member] | Real Estate - Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 541 | 1,097 |
Non-Performing [Member] | Home Equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 13 | $ 13 |
Allowance for Loan Losses - S65
Allowance for Loan Losses - Summary of Loans Deemed Impaired and Specific Reserves Allocated by Class (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | $ 6,016 | $ 8,288 | $ 18,321 |
Recorded Investment With No Allowance | 2,383 | 3,576 | 9,263 |
Recorded Investment With Allowance | 3,095 | 3,985 | 8,290 |
Related Allowance | 181 | 456 | 2,387 |
Average Recorded Investment | 6,384 | 9,996 | 19,874 |
Interest Income | 253 | 361 | 711 |
Commercial Loan [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 97 | 98 | 377 |
Recorded Investment With No Allowance | 80 | 68 | 291 |
Recorded Investment With Allowance | 17 | 30 | 86 |
Related Allowance | 2 | 30 | 67 |
Average Recorded Investment | 81 | 117 | 845 |
Interest Income | 4 | 7 | 21 |
Real Estate - Commercial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 620 | 1,820 | 6,808 |
Recorded Investment With No Allowance | 498 | 1,242 | 3,962 |
Recorded Investment With Allowance | 122 | 389 | 2,375 |
Related Allowance | 9 | 145 | 507 |
Average Recorded Investment | 1,121 | 2,641 | 7,089 |
Interest Income | 42 | 73 | 328 |
Other Real Estate Construction [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 840 | 934 | 2,034 |
Recorded Investment With No Allowance | 195 | 342 | 247 |
Recorded Investment With Allowance | 107 | 54 | 1,739 |
Related Allowance | 7 | 4 | 945 |
Average Recorded Investment | 281 | 1,108 | 2,078 |
Interest Income | 3 | 6 | 17 |
Real Estate 1-4 Family Construction [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 13 | 20 | 374 |
Recorded Investment With No Allowance | 25 | ||
Recorded Investment With Allowance | 13 | 20 | 349 |
Related Allowance | 1 | 16 | |
Average Recorded Investment | 16 | 109 | 380 |
Interest Income | 1 | 1 | 23 |
Real Estate - Residential [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 4,343 | 5,298 | 8,197 |
Recorded Investment With No Allowance | 1,507 | 1,865 | 4,619 |
Recorded Investment With Allowance | 2,836 | 3,433 | 3,329 |
Related Allowance | 163 | 257 | 530 |
Average Recorded Investment | 4,798 | 5,865 | 8,507 |
Interest Income | 200 | 268 | 300 |
Home Equity [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 28 | 49 | 415 |
Recorded Investment With No Allowance | 28 | 30 | 58 |
Recorded Investment With Allowance | 19 | 357 | |
Related Allowance | 19 | 279 | |
Average Recorded Investment | 50 | 73 | 819 |
Interest Income | 1 | 2 | 8 |
Consumer Loans [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 75 | 69 | 116 |
Recorded Investment With No Allowance | 75 | 29 | 61 |
Recorded Investment With Allowance | 40 | 55 | |
Related Allowance | 43 | ||
Average Recorded Investment | 37 | 83 | 156 |
Interest Income | $ 2 | $ 4 | $ 14 |
Troubled Debt Restructures - Br
Troubled Debt Restructures - Breakdown of Types of Concessions Made by Loan Class (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)Contract | Dec. 31, 2014USD ($)Contract | Dec. 31, 2013USD ($)Contract | |
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 10 | 10 | 10 |
Pre-Modification Outstanding Recorded Investment | $ 728 | $ 1,326 | $ 1,269 |
Post-Modification Outstanding Recorded Investment | $ 673 | $ 1,326 | $ 1,234 |
Extended Maturity [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 1 | ||
Pre-Modification Outstanding Recorded Investment | $ 32 | ||
Post-Modification Outstanding Recorded Investment | $ 32 | ||
Extended Maturity [Member] | Consumer Loans [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 1 | ||
Pre-Modification Outstanding Recorded Investment | $ 32 | ||
Post-Modification Outstanding Recorded Investment | $ 32 | ||
Other Payment Terms [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 10 | 9 | 10 |
Pre-Modification Outstanding Recorded Investment | $ 728 | $ 1,294 | $ 1,269 |
Post-Modification Outstanding Recorded Investment | $ 673 | $ 1,294 | $ 1,234 |
Other Payment Terms [Member] | Commercial Loan [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 2 | ||
Pre-Modification Outstanding Recorded Investment | $ 65 | ||
Post-Modification Outstanding Recorded Investment | $ 44 | ||
Other Payment Terms [Member] | Real Estate - Commercial [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 3 | 1 | |
Pre-Modification Outstanding Recorded Investment | $ 424 | $ 356 | |
Post-Modification Outstanding Recorded Investment | $ 424 | $ 341 | |
Other Payment Terms [Member] | Other Real Estate Construction [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 1 | ||
Pre-Modification Outstanding Recorded Investment | $ 55 | ||
Post-Modification Outstanding Recorded Investment | $ 55 | ||
Other Payment Terms [Member] | Real Estate - Residential [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 6 | 6 | 8 |
Pre-Modification Outstanding Recorded Investment | $ 535 | $ 870 | $ 895 |
Post-Modification Outstanding Recorded Investment | $ 521 | $ 870 | $ 875 |
Other Payment Terms [Member] | Home Equity [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 1 | ||
Pre-Modification Outstanding Recorded Investment | $ 18 | ||
Post-Modification Outstanding Recorded Investment | $ 18 | ||
Other Payment Terms [Member] | Other Loans [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 1 | ||
Pre-Modification Outstanding Recorded Investment | $ 73 | ||
Post-Modification Outstanding Recorded Investment | $ 53 |
Troubled Debt Restructures - Ad
Troubled Debt Restructures - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Receivables [Abstract] | |||
TDR's which was default payment | $ 0 | $ 0 | $ 0 |
TDR is defined as being past due | 90 days | ||
Allowance for loan loss on TDR | $ 177,000 | $ 373,000 | $ 420,000 |
Troubled Debt Restructures - Sc
Troubled Debt Restructures - Schedule of Successes and Failures of Types of Debt Restructuring (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)ContractLoans | Dec. 31, 2014USD ($)ContractLoans | Dec. 31, 2013USD ($)ContractLoans | |
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | Contract | 10 | 10 | 10 |
Extended Maturity [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | Contract | 1 | ||
Paid In Full [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | Loans | 1 | ||
Recorded Investments | $ | $ 112 | ||
Paid In Full [Member] | Other Loans [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | Loans | 1 | ||
Recorded Investments | $ | $ 112 | ||
Paying as Restructured [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | Loans | 10 | 9 | 10 |
Recorded Investments | $ | $ 728 | $ 1,214 | $ 1,234 |
Paying as Restructured [Member] | Extended Maturity [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | Loans | 1 | ||
Recorded Investments | $ | $ 32 | ||
Paying as Restructured [Member] | Other Loans [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | Loans | 10 | 8 | 10 |
Recorded Investments | $ | $ 728 | $ 1,182 | $ 1,234 |
Mortgage Servicing Assets - Add
Mortgage Servicing Assets - Additional Information (Detail) - Mortgage Servicing Assets [Member] - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Unpaid principal balances of mortgage and other loans serviced for others | $ 406 | $ 396 |
Fair value of mortgage servicing rights | $ 3.3 | $ 3.2 |
Mortgage Servicing Assets - Sum
Mortgage Servicing Assets - Summary of Mortgage Servicing Rights (Detail) - Mortgage Servicing Assets [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Finite-Lived Intangible Assets [Line Items] | |||
Beginning of year mortgage servicing rights | $ 2,072 | $ 2,356 | $ 2,394 |
Amounts capitalized | 657 | 386 | 763 |
Amortization | (689) | (709) | (801) |
Impairment | 39 | ||
End of year | $ 2,040 | $ 2,072 | $ 2,356 |
Mortgage Servicing Assets - Est
Mortgage Servicing Assets - Estimated Amortization Expense (Detail) - Mortgage Servicing Assets [Member] - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Finite-Lived Intangible Assets [Line Items] | ||||
2,016 | $ 482 | |||
2,017 | 417 | |||
2,018 | 352 | |||
2,019 | 287 | |||
2,020 | 223 | |||
Thereafter | 279 | |||
Total | $ 2,040 | $ 2,072 | $ 2,356 | $ 2,394 |
Mortgage Servicing Assets - Key
Mortgage Servicing Assets - Key Assumptions Used to Value Mortgage Servicing Rights (Detail) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Transfers and Servicing [Abstract] | ||
Weighted average remaining life | 257 months | 256 months |
Weighted average discount rate | 10.00% | 10.00% |
Weighted average coupon | 3.95% | 3.98% |
Weighted average prepayment speed | 171.00% | 187.00% |
Premises and Equipment - Major
Premises and Equipment - Major Classes of Premises and Equipment and the Total Accumulated Depreciation (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Total fixed assets | $ 25,011 | $ 24,442 |
Less accumulated depreciation | 10,345 | 9,584 |
Net fixed assets | 14,666 | 14,858 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total fixed assets | 3,302 | 3,302 |
Building and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total fixed assets | 12,808 | 12,701 |
Furniture, Fixtures and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total fixed assets | $ 8,901 | $ 8,439 |
Leases - Additional Information
Leases - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2015USD ($)Option | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Lease Disclosure [Line Items] | |||
Number of times to renew amended office lease option | Option | 2 | ||
Lease renewal options | 5 years | ||
Rental expense related to the operating leases | $ 25,529 | $ 16,230 | $ 61,914 |
Concord [Member] | |||
Lease Disclosure [Line Items] | |||
Non-cancellable operating lease expired | 2,017 | ||
Annual rental payments | $ 62,120 | ||
Charlotte [Member] | |||
Lease Disclosure [Line Items] | |||
Rental expense related to the operating leases | $ 2,888 |
Deposits - Schedule of Composit
Deposits - Schedule of Composition of Time Deposits (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Banking and Thrift [Abstract] | ||
Demand noninterest-bearing | $ 92,524 | $ 80,069 |
Interest checking and money market | 252,345 | 243,116 |
Savings | 40,436 | 39,091 |
Time deposits $250,000 and over | 8,148 | 9,865 |
Other time deposits | 74,280 | 84,294 |
Total deposits | $ 467,733 | $ 456,435 |
Demand noninterest-bearing, percentage | 20.00% | 18.00% |
Interest checking and money market, percentage | 54.00% | 53.00% |
Savings, percentage | 8.00% | 9.00% |
Time deposits $250,000 and over, percentage | 2.00% | 2.00% |
Other time deposits, percentage | 16.00% | 18.00% |
Total, percentage | 100.00% | 100.00% |
Deposits - Maturities of Fixed-
Deposits - Maturities of Fixed-Rate Time Deposits (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Time Deposits $250,000 and Over [Member] | |
Time Deposits By Maturity [Line Items] | |
2,016 | $ 4,841 |
2,017 | 3,307 |
Total | 8,148 |
Other Time Deposits [Member] | |
Time Deposits By Maturity [Line Items] | |
2,016 | 56,238 |
2,017 | 9,237 |
2,018 | 2,538 |
2,019 | 1,578 |
2,020 | 4,591 |
Thereafter | 98 |
Total | $ 74,280 |
Short-Term Borrowed Funds - Sum
Short-Term Borrowed Funds - Summary of Short-Term Borrowed Funds (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Short-term Debt [Line Items] | ||
Short-term borrowed funds, balance at year end | $ 5,758,000 | $ 4,685,000 |
Short-term borrowed funds, weighted average rates at year end | 1.59% | 1.01% |
Short-term borrowed funds, average balance during year | $ 4,898,000 | $ 4,830,000 |
Short-term borrowed funds, weighted average rate during year | 1.32% | 0.88% |
Federal Funds Purchased [Member] | ||
Short-term Debt [Line Items] | ||
Short-term borrowed funds, average balance during year | $ 2,000 | $ 2,000 |
Short-term borrowed funds, weighted average rate during year | 0.79% | 0.79% |
Master Notes and Other Short Term Borrowing [Member] | ||
Short-term Debt [Line Items] | ||
Short-term borrowed funds, balance at year end | $ 3,396,000 | $ 3,674,000 |
Short-term borrowed funds, weighted average rates at year end | 0.25% | 0.25% |
Short-term borrowed funds, average balance during year | $ 3,280,000 | $ 4,250,000 |
Short-term borrowed funds, weighted average rate during year | 0.25% | 0.44% |
Short-term borrowed funds, maximum month-end balance | $ 7,736,000 | $ 4,640,000 |
Notes Payable [Member] | ||
Short-term Debt [Line Items] | ||
Short-term borrowed funds, balance at year end | $ 12,000 | $ 11,000 |
Short-term borrowed funds, weighted average rates at year end | 6.00% | 6.00% |
Short-term borrowed funds, average balance during year | $ 18,000 | $ 11,000 |
Short-term borrowed funds, weighted average rate during year | 6.00% | 6.00% |
Short-term borrowed funds, maximum month-end balance | $ 12,000 | $ 11,000 |
Short-term Line of Credit [Member] | ||
Short-term Debt [Line Items] | ||
Short-term borrowed funds, balance at year end | $ 2,350,000 | $ 1,000,000 |
Short-term borrowed funds, weighted average rates at year end | 3.50% | 3.75% |
Short-term borrowed funds, average balance during year | $ 1,598,000 | $ 57,000 |
Short-term borrowed funds, weighted average rate during year | 3.51% | 3.75% |
Short-term borrowed funds, maximum month-end balance | $ 2,350,000 | $ 1,000,000 |
Short-term Advances from FHLB [Member] | ||
Short-term Debt [Line Items] | ||
Short-term borrowed funds, weighted average rates at year end | 0.00% | 0.00% |
Short-term borrowed funds, average balance during year | $ 510,000 | |
Short-term borrowed funds, weighted average rate during year | 0.00% | 4.08% |
Short-term borrowed funds, maximum month-end balance | $ 1,500,000 |
Short Term-Borrowed Funds - Add
Short Term-Borrowed Funds - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Debt Disclosure [Abstract] | |
Line of credit, outstanding amount | $ 2,400,000 |
Interest rate | 3.50% |
Line of credit facility, maturity date | Jul. 5, 2016 |
Federal Reserve discount | $ 48,700,000 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) | Nov. 19, 2002USD ($)Installment | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Debt Instrument [Line Items] | ||||
Line of credit | $ 52,100,000 | |||
Remaining borrowing availability | 52,100,000 | |||
Long term advances | 0 | $ 0 | ||
Proceeds from Private placement, outstanding balance | $ 9,547,000 | 9,558,000 | ||
Junior Subordinated Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Fixed rate junior subordinated debt securities per security | $ 1,000 | |||
Minimum investment required under private placement | $ 50,000 | |||
Debt securities final maturity date | Mar. 31, 2024 | |||
Proceeds from Private placement, outstanding balance | 9,500,000 | |||
Debt instrument earliest redemption date | Mar. 31, 2019 | |||
Interest rate of private placement | 5.75% | |||
Final maturity drops period | 5 years | |||
Percentage of proceeds from sale of securities imposed as reduction | 20.00% | |||
Mortgages [Member] | ||||
Debt Instrument [Line Items] | ||||
Proceeds from Private placement, outstanding balance | $ 129,000 | $ 24,526 | $ 35,738 | |
Interest rate of private placement | 6.00% | |||
Quarterly installments on private placement | Installment | 60 | |||
Quarterly installment amount | $ 3,277 | |||
Standby Letters of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Long term advances | $ 20,500,000 |
Long-Term Debt - Scheduled Matu
Long-Term Debt - Scheduled Maturities of Advances and Notes Payable (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Disclosure [Abstract] | ||
2,017 | $ 13 | |
2,018 | 0 | |
2,019 | 9,534 | |
2,020 | 0 | |
2,021 | 0 | |
Thereafter | 0 | |
Total | $ 9,547 | $ 9,558 |
Income Tax Matters - Significan
Income Tax Matters - Significant Components of Income Tax Expense (Benefit) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current tax expense (benefit): | |||
Federal | $ 389 | $ 11 | $ (98) |
State | 81 | 44 | 2 |
Total | 470 | 55 | (96) |
Deferred tax expense (benefit): | |||
Federal | 228 | 458 | 285 |
State | 108 | 135 | 153 |
Total | 336 | 593 | 438 |
Net provision for income taxes | $ 806 | $ 648 | $ 342 |
Income Tax Matters - Additional
Income Tax Matters - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Statutory federal income tax rate | 34.00% |
Income Tax Matters - Provision
Income Tax Matters - Provision for Income Taxes and the Amounts Computed by Applying the Statutory Federal Income Tax Rate of 34% to Income Before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Provision for income taxes and the amounts computed by applying the statutory federal income tax rate of 34% to income before income taxes | |||
Tax computed at the statutory federal rate | $ 956 | $ 791 | $ 441 |
Increases (decrease) resulting from: | |||
Tax exempt interest, net | (280) | (252) | (229) |
State income taxes, net of federal benefit | 125 | 118 | 102 |
Other | 5 | (9) | 28 |
Net provision for income taxes | $ 806 | $ 648 | $ 342 |
Income Tax Matters - Signific84
Income Tax Matters - Significant Components of Deferred Taxes (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Deferred tax assets relating to: | |||
Allowance for loan losses | $ 1,057 | $ 1,395 | $ 1,934 |
Deferred compensation | 1,080 | 975 | 853 |
Other | 555 | 701 | 856 |
Net unrealized loss on securities available for sale | 109 | 289 | |
Total deferred tax assets | 2,801 | 3,071 | 3,932 |
Deferred tax liabilities relating to: | |||
Net unrealized gain on securities available for sale | (157) | ||
Premises and equipment | (319) | (371) | (487) |
Deferred loans fees and costs | (213) | (198) | (199) |
Loan servicing | (176) | (182) | (201) |
Total deferred tax liabilities | (708) | (908) | (887) |
Net recorded deferred tax asset | $ 2,093 | $ 2,163 | $ 3,045 |
Commitments and Contingencies -
Commitments and Contingencies - Outstanding Financial Instruments Whose Contract Amounts Represent Credit Risk (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Loss Contingencies [Line Items] | ||
Total commitments | $ 93,941 | $ 86,551 |
Standby Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Total commitments | 2,255 | 2,224 |
Commitments to Extend Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Total commitments | 82,417 | 75,573 |
Credit Card Commitments [Member] | ||
Loss Contingencies [Line Items] | ||
Total commitments | $ 9,269 | $ 8,754 |
Related Party Transactions - Su
Related Party Transactions - Summary of Loans to Directors, Executive Officers and Their Related Interests (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transactions [Abstract] | ||
Balance, at beginning of the year | $ 21,720 | $ 12,667 |
Disbursements during the year | 4,722 | 12,901 |
Collections during the year | (7,234) | (3,848) |
Balance,at end of the year | $ 19,208 | $ 21,720 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) $ in Millions | Dec. 31, 2015USD ($) |
Executive Officers and Directors [Member] | |
Related Party Transaction [Line Items] | |
Unused lines of credit | $ 3.9 |
Shareholders' Equity and Regu88
Shareholders' Equity and Regulatory Matters - Additional Information (Detail) - USD ($) | Sep. 15, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||
Reserve on deposit liabilities | $ 1,400,000 | ||||
Dividends rate | 5.30% | ||||
Sale | $ 7,900,000 | ||||
Total issuance costs | $ 113,000 | ||||
Sale | $ 2,800,000 | ||||
Total issuance costs | $ 23,000 | ||||
Shares repurchased during period | 114,377 | 374,130 | |||
Basel III [Member] | |||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||
capital to risk-weighted assets | 8.00% | ||||
Tier 1 leverage ratio | 4.00% | ||||
capital conservation buffer risk-weighted assets | 0.625% | ||||
capital conservation buffer risk-weighted assets addition per year | 0.625% | ||||
capital conservation buffer risk-weighted assets, 2019 | 2.50% | ||||
capital conservation buffer risk-weighted assets end date | Jan. 1, 2016 | ||||
Basel III [Member] | Minimum [Member] | |||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||
common equity Tier 1 capital to risk-weighted assets | 4.50% | ||||
Tier 1 capital to risk-weighted asset | 4.00% | ||||
Basel III [Member] | Maximum [Member] | |||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||
Tier 1 capital to risk-weighted asset | 6.00% | ||||
Preferred Stock Series C [Member] | |||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||
Dividends rate | 5.30% | ||||
Voting rights | The preferred stock has no voting rights |
Shareholders' Equity and Regu89
Shareholders' Equity and Regulatory Matters - Company's Consolidated Capital Ratios (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Consolidated [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Actual (Amount) | $ 55,945 | $ 55,229 |
Actual (Ratio) | 15.60% | 16.10% |
Minimum For Capital Requirement (Amount) | $ 28,708 | $ 27,469 |
Minimum For Capital Requirement (Ratio) | 8.00% | 8.00% |
Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions (Amount) | $ 35,885 | |
Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions (Ratio) | 10.00% | |
Actual (Amount) | $ 43,527 | $ 41,957 |
Actual (Ratio) | 12.10% | 12.20% |
Minimum For Capital Requirement (Amount) | $ 21,531 | $ 13,735 |
Minimum For Capital Requirement (Ratio) | 6.00% | 4.00% |
Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions (Amount) | $ 28,708 | |
Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions (Ratio) | 8.00% | |
Actual (Amount) | $ 32,931 | |
Actual (Ratio) | 9.20% | |
Minimum For Capital Requirement (Amount) | $ 16,148 | |
Minimum For Capital Requirement (Ratio) | 5.00% | |
Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions (Amount) | $ 23,325 | |
Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions (Ratio) | 6.50% | |
Actual (Amount) | $ 43,527 | $ 41,957 |
Actual (Ratio) | 8.20% | 8.10% |
Minimum For Capital Requirement (Amount) | $ 21,225 | $ 20,765 |
Minimum For Capital Requirement (Ratio) | 4.00% | 4.00% |
Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions (Amount) | $ 26,531 | |
Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions (Ratio) | 5.00% | |
Uwharrie Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Actual (Amount) | $ 56,221 | $ 54,933 |
Actual (Ratio) | 15.80% | 16.10% |
Minimum For Capital Requirement (Amount) | $ 28,549 | $ 27,362 |
Minimum For Capital Requirement (Ratio) | 8.00% | 8.00% |
Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions (Amount) | $ 35,686 | $ 34,202 |
Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions (Ratio) | 10.00% | 10.00% |
Actual (Amount) | $ 53,337 | $ 51,195 |
Actual (Ratio) | 15.00% | 15.00% |
Minimum For Capital Requirement (Amount) | $ 21,412 | $ 13,681 |
Minimum For Capital Requirement (Ratio) | 6.00% | 4.00% |
Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions (Amount) | $ 28,549 | $ 20,521 |
Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions (Ratio) | 8.00% | 6.00% |
Actual (Amount) | $ 42,741 | |
Actual (Ratio) | 12.00% | |
Minimum For Capital Requirement (Amount) | $ 17,843 | |
Minimum For Capital Requirement (Ratio) | 5.00% | |
Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions (Amount) | $ 23,196 | |
Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions (Ratio) | 6.50% | |
Actual (Amount) | $ 53,337 | $ 51,195 |
Actual (Ratio) | 10.10% | 9.90% |
Minimum For Capital Requirement (Amount) | $ 21,156 | $ 20,716 |
Minimum For Capital Requirement (Ratio) | 4.00% | 4.00% |
Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions (Amount) | $ 26,445 | $ 25,895 |
Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions (Ratio) | 5.00% | 5.00% |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of options outstanding | 12,859 | 12,859 | |
Options outstanding and exercisable | 12,859 | ||
Exercise price range of options outstanding | $ 5.13 | $ 5.13 | |
Options outstanding weighted average expected term | 2 years 1 month 13 days | ||
Options granted under SOP II | 0 | ||
Unrecognized compensation cost | $ 0 | ||
Options exercised, Shares | 0 | 0 | 0 |
2006 Incentive Stock Option Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share based compensation arrangement by share based payment award, expiration period | 10 years | ||
Number of options outstanding | 12,859 | ||
Common stock reserved for future grants of options | 161,071 | ||
Options granted under SOP II | 0 | 0 | |
Employee Stock Purchase Plan II [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share based compensation arrangement by share based payment award, expiration period | 2 years | ||
Number of options outstanding | 0 | ||
Common stock reserved for future grants of options | 107,405 | ||
Minimum [Member] | 2006 Incentive Stock Option Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
SOP vesting schedules | 3 years | ||
Maximum [Member] | 2006 Incentive Stock Option Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
SOP vesting schedules | 5 years |
Stock Based Compensation - Summ
Stock Based Compensation - Summary of Stock Option Activity (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Options outstanding at the beginning of the year, Shares | 12,859 | ||
Options granted, Shares | 0 | ||
Options exercised, Shares | 0 | 0 | 0 |
Forfeitures, Shares | 0 | ||
Options outstanding at the end of the year, Shares | 12,859 | 12,859 | |
Options exercisable at the end of the year, Shares | 12,859 | ||
Options outstanding at the beginning of the year, Weighted Average Exercise Price | $ 5.13 | ||
Options granted, Weighted Average Exercise Price | 0 | ||
Options exercised, Weighted Average Exercise Price | 0 | ||
Forfeitures, Weighted Average Exercise Price | 0 | ||
Options outstanding at the end of the year, Weighted Average Exercise Price | 5.13 | $ 5.13 | |
Options exercisable at the end of the year, Weighted Average Exercise Price | $ 5.13 |
Employee and Director Benefit92
Employee and Director Benefit Plans - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Feb. 28, 2014 | Dec. 31, 2010 | |
Defined Benefit Plan Disclosure [Line Items] | |||||||
Associate minimum age to make elective deferrals | 18 years | ||||||
Associate minimum service period to make elective deferrals | 1 year | ||||||
Associate minimum hours of service make elective deferrals | 1000 hours | ||||||
Percentage of employee deferrals vested | 100.00% | ||||||
Annual contribution to plan | $ 319,340 | $ 330,448 | $ 317,281 | ||||
Employee contributions | 100.00% | ||||||
Defined contribution plan, maximum annual contribution per employee for first compensation slab percentage | 50.00% | ||||||
Employee contributions benchmark | 3.00% | ||||||
Shares held by ESOP | 740,530 | ||||||
Shares held by ESOP, Percentage | 9.95% | ||||||
Shares unallocated to participants in the ESOP | 252,446 | 252,446 | |||||
Line of credit | $ 52,100,000 | ||||||
Expenses in connection with ESOP | $ 8,600 | 45,693 | 223,283 | ||||
Liability set aside for total allocated shares, fair value | 561,000 | ||||||
Supplemental Executive Retirement Plan [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Fixed monthly benefit payments | 10 years | ||||||
Provision expensed for benefits | $ 331,800 | 316,800 | 336,800 | ||||
Liability accrued for compensation deferred under the plan | $ 3,700,000 | 3,300,000 | |||||
Split-Dollar Life Insurance [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Interest in cash surrender value of policies | 100.00% | ||||||
Expense income associated with policies | $ 86,346 | $ 112,176 | |||||
2015 Stock Grant Plan [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Percentage of share vested | 100.00% | ||||||
Number of shares authorized | 510,000 | ||||||
Number of shares available for grant | 491,994 | ||||||
Number of shares granted | 16,840 | ||||||
Share based compensation expenses | $ 54,000 | ||||||
Employee Stock Ownership Plan [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Line of credit | $ 500,000 | $ 500,000 | |||||
Percentage of compensation | 2.00% | 2.00% | |||||
Maximum [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Employee contributions benchmark | 5.00% | ||||||
Employee contributions benchmark | 3.00% |
Fair Values of Financial Inst93
Fair Values of Financial Instruments and Interest Rate Risk - Comparison of Carrying Amounts and Estimated Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
FINANCIAL ASSETS | ||
Securities held to maturity | $ 11,242 | $ 5,450 |
Loans held for investment, net | 317,248 | 307,115 |
Accrued interest receivable | 1,564 | 1,747 |
FINANCIAL LIABILITIES | ||
Accrued interest payable | 168 | 180 |
Carrying Value [Member] | ||
FINANCIAL ASSETS | ||
Cash and cash equivalents | 68,933 | 50,791 |
Securities available for sale | 89,258 | 112,824 |
Securities held to maturity | 11,242 | 5,496 |
Loans held for investment, net | 317,248 | 307,115 |
Loans held for sale | 5,922 | 2,147 |
Restricted stock | 1,040 | 1,038 |
Accrued interest receivable | 1,564 | 1,747 |
FINANCIAL LIABILITIES | ||
Deposits | 467,733 | 456,435 |
Short-term borrowings | 5,758 | 4,685 |
Long-term borrowings | 13 | 24 |
Junior subordinated debt | 9,534 | 9,534 |
Accrued interest payable | 168 | 180 |
Estimated Fair Value [Member] | ||
FINANCIAL ASSETS | ||
Cash and cash equivalents | 68,973 | 50,826 |
Securities available for sale | 89,258 | 112,824 |
Securities held to maturity | 11,242 | 5,450 |
Loans held for investment, net | 313,649 | 321,295 |
Loans held for sale | 5,922 | 2,147 |
Restricted stock | 1,040 | 1,038 |
Accrued interest receivable | 1,564 | 1,747 |
FINANCIAL LIABILITIES | ||
Deposits | 442,619 | 442,655 |
Short-term borrowings | 5,758 | 4,685 |
Long-term borrowings | 13 | 24 |
Junior subordinated debt | 9,688 | 9,703 |
Accrued interest payable | 168 | 180 |
Level 1 [Member] | ||
FINANCIAL ASSETS | ||
Cash and cash equivalents | 65,198 | 47,605 |
Securities available for sale | 4,012 | 19,386 |
Securities held to maturity | 2,053 | |
Restricted stock | 1,040 | 1,038 |
Level 2 [Member] | ||
FINANCIAL ASSETS | ||
Cash and cash equivalents | 3,775 | 3,221 |
Securities available for sale | 85,246 | 93,438 |
Securities held to maturity | 11,242 | 3,397 |
Loans held for sale | 5,922 | 2,147 |
FINANCIAL LIABILITIES | ||
Deposits | 442,619 | 442,655 |
Short-term borrowings | 5,758 | 4,685 |
Long-term borrowings | 13 | 24 |
Level 3 [Member] | ||
FINANCIAL ASSETS | ||
Loans held for investment, net | 313,649 | 321,295 |
Accrued interest receivable | 1,747 | |
FINANCIAL LIABILITIES | ||
Junior subordinated debt | 9,688 | 9,703 |
Accrued interest payable | $ 168 | $ 180 |
Fair Values of Financial Inst94
Fair Values of Financial Instruments and Interest Rate Risk - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | |
Short term borrowings due period | 1 year |
Current fair value of off-balance sheet financial instruments | $ 0 |
Fair Values of Financial Inst95
Fair Values of Financial Instruments and Interest Rate Risk - Fair Value Information for Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | $ 89,258 | $ 112,824 |
Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 5,364 | 3,011 |
Fair Value on a Recurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 89,258 | 112,824 |
Total liabilities at fair value | 0 | 0 |
Fair Value on a Recurring Basis [Member] | U.S. Treasury [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 4,012 | 19,386 |
Fair Value on a Recurring Basis [Member] | U.S. Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 36,070 | 50,775 |
Fair Value on a Recurring Basis [Member] | Mortgage-backed Securities and CMO's [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 29,773 | 27,572 |
Fair Value on a Recurring Basis [Member] | State and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 14,039 | 12,080 |
Fair Value on a Recurring Basis [Member] | Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 5,364 | 3,011 |
Fair Value on a Recurring Basis [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 4,012 | 19,386 |
Total liabilities at fair value | 0 | 0 |
Fair Value on a Recurring Basis [Member] | Level 1 [Member] | U.S. Treasury [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 4,012 | 19,386 |
Fair Value on a Recurring Basis [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 85,246 | 93,438 |
Total liabilities at fair value | 0 | 0 |
Fair Value on a Recurring Basis [Member] | Level 2 [Member] | U.S. Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 36,070 | 50,775 |
Fair Value on a Recurring Basis [Member] | Level 2 [Member] | Mortgage-backed Securities and CMO's [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 29,773 | 27,572 |
Fair Value on a Recurring Basis [Member] | Level 2 [Member] | State and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 14,039 | 12,080 |
Fair Value on a Recurring Basis [Member] | Level 2 [Member] | Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 5,364 | 3,011 |
Fair Value on a Recurring Basis [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities at fair value | $ 0 | $ 0 |
Fair Values of Financial Inst96
Fair Values of Financial Instruments and Interest Rate Risk - Assets Measured at Fair Value on Nonrecurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 89,258 | $ 112,824 |
Fair Value on a Nonrecurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 3,108 | 1,854 |
Other real estate owned | 2,909 | 3,290 |
Fair Value | 6,017 | 5,144 |
Total liabilities at fair value | 0 | 0 |
Fair Value on a Nonrecurring Basis [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities at fair value | 0 | 0 |
Fair Value on a Nonrecurring Basis [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities at fair value | 0 | 0 |
Fair Value on a Nonrecurring Basis [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 3,108 | 1,854 |
Other real estate owned | 2,909 | 3,290 |
Fair Value | 6,017 | 5,144 |
Total liabilities at fair value | $ 0 | $ 0 |
Fair Values of Financial Inst97
Fair Values of Financial Instruments and Interest Rate Risk - Quantitative Information about Level 3 Fair Value Measurements (Detail) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Discounted Cash Flows [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Valuation Technique | Discounted cash flows | Discounted cash flows |
Impaired Loans [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Valuation Technique | Discounted appraisals | Discounted appraisals |
OREO [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Valuation Technique | Discounted appraisals | Discounted appraisals |
Minimum [Member] | Discounted Cash Flows [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value inputs discount rate and estimated costs to sell | 4.00% | 4.00% |
Minimum [Member] | Impaired Loans [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value inputs discount rate and estimated costs to sell | 0.00% | 0.00% |
Minimum [Member] | OREO [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value inputs discount rate and estimated costs to sell | 0.00% | 0.00% |
Maximum [Member] | Discounted Cash Flows [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value inputs discount rate and estimated costs to sell | 8.75% | 8.75% |
Maximum [Member] | Impaired Loans [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value inputs discount rate and estimated costs to sell | 25.00% | 25.00% |
Maximum [Member] | OREO [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value inputs discount rate and estimated costs to sell | 10.00% | 10.00% |
Parent Company Financial Data -
Parent Company Financial Data - Condensed Balance Sheets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
ASSETS | ||
Cash and demand deposits | $ 7,038 | $ 6,807 |
Interest-earning deposits | 61,895 | 43,984 |
Investments in: | ||
Other assets | 9,809 | 8,969 |
Total assets | 532,202 | 518,464 |
Liabilities and shareholders' equity | ||
Short term debt | 5,758 | 4,685 |
Other liabilities | 5,682 | 4,783 |
Total liabilities | 488,888 | 475,641 |
Shareholders' equity | 32,718 | 31,693 |
Total liabilities and shareholders' equity | 532,202 | 518,464 |
Consolidated [Member] | ||
ASSETS | ||
Cash and demand deposits | 246 | 297 |
Interest-earning deposits | 3,396 | 3,674 |
Investments in: | ||
Bank subsidiaries | 42,528 | 40,931 |
Nonbank subsidiaries | 648 | 594 |
Other assets | 1,342 | 1,115 |
Total assets | 48,160 | 46,611 |
Liabilities and shareholders' equity | ||
Master notes | 3,396 | 3,674 |
Short term debt | 2,350 | 1,000 |
Junior subordinated debentures | 9,534 | 9,534 |
Other liabilities | 163 | 149 |
Total liabilities | 15,443 | 14,357 |
Redeemable common stock held by the Employee Stock Ownership Plan (ESOP) | 561 | |
Shareholders' equity | 32,717 | 31,693 |
Total liabilities and shareholders' equity | $ 48,160 | $ 46,611 |
Parent Company Financial Data99
Parent Company Financial Data - Condensed Statements of Income (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Income Statements, Captions [Line Items] | |||
Other income | $ 458 | $ 927 | $ 971 |
Interest expense | (1,733) | (1,960) | (2,734) |
Other operating expense | (2,342) | (2,286) | (2,484) |
Income tax benefit | (806) | (648) | (342) |
Net income | 2,007 | 1,679 | 954 |
Consolidated net income | 2,007 | 1,679 | 954 |
Less: Net income attributable to noncontrolling interest | 592 | 591 | 478 |
Net income attributable to Uwharrie Capital Corp | 1,415 | 1,088 | 476 |
Dividends - preferred stock | (325) | ||
Net Income (loss) available to common shareholders | $ 1,415 | $ 1,088 | $ 151 |
Net income (loss) per common share | |||
Basic | $ 0.20 | $ 0.15 | $ 0.02 |
Diluted | $ 0.20 | $ 0.15 | $ 0.02 |
Weighted average shares outstanding | |||
Basic | 7,051,751 | 7,447,008 | 7,570,732 |
Diluted | 7,051,751 | 7,447,008 | 7,570,732 |
Consolidated [Member] | |||
Condensed Income Statements, Captions [Line Items] | |||
Equity in undistributed earnings (loss) of subsidiaries | $ 2,760 | $ 1,456 | $ (1,053) |
Dividends received from subsidiaries | 1,000 | 2,719 | |
Interest income | 8 | 11 | 21 |
Management and service fees | 4,347 | ||
Other income | 81 | 87 | 166 |
Interest expense | (612) | (583) | (659) |
Other operating expense | (555) | (624) | (4,881) |
Income tax benefit | 325 | 332 | 294 |
Net income | 2,007 | 1,679 | 954 |
Consolidated net income | 2,007 | 1,679 | 954 |
Less: Net income attributable to noncontrolling interest | (592) | (591) | (478) |
Net income attributable to Uwharrie Capital Corp | 1,415 | 1,088 | 476 |
Dividends - preferred stock | (325) | ||
Net Income (loss) available to common shareholders | $ 1,415 | $ 1,088 | $ 151 |
Net income (loss) per common share | |||
Basic | $ 0.20 | $ 0.15 | $ 0.02 |
Diluted | $ 0.20 | $ 0.15 | $ 0.02 |
Weighted average shares outstanding | |||
Basic | 7,051,751 | 7,447,008 | 7,570,732 |
Diluted | 7,051,751 | 7,447,008 | 7,570,732 |
Parent Company Financial Dat100
Parent Company Financial Data - Condensed Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities | |||
Net Income | $ 2,007 | $ 1,679 | $ 954 |
Adjustments to reconcile net income to net cash used by operating activities: | |||
(Increase) decrease in other assets | (1,201) | (663) | (810) |
Increase (decrease) in other liabilities | 899 | 349 | 424 |
Net cash provided (used) by operating activities | 154 | 3,201 | 9,207 |
Cash flows from financing activities | |||
Repurchase of common stock, net | (429) | (1,401) | (169) |
Repayment of series A preferred stock | (10,500) | ||
Increase in unearned ESOP compensation | (208) | ||
Cash paid for fractional shares | (5) | (4) | |
Net cash provided (used) by financing activities | 11,503 | (1,529) | (27,015) |
Increase (decrease) in cash and cash equivalents | 18,142 | (21,603) | (9,334) |
Cash and cash equivalents at beginning of year | 50,791 | 72,394 | 81,728 |
Cash and cash equivalents at end of year | 68,933 | 50,791 | 72,394 |
Consolidated [Member] | |||
Cash flows from operating activities | |||
Net Income | 2,007 | 1,679 | 954 |
Adjustments to reconcile net income to net cash used by operating activities: | |||
Equity in undistributed (earnings) loss of subsidiaries | (2,760) | (1,456) | 1,053 |
(Increase) decrease in other assets | (228) | 136 | 2,298 |
Increase (decrease) in other liabilities | 14 | 78 | (305) |
Net cash provided (used) by operating activities | (967) | 437 | 4,000 |
Cash flows from financing activities | |||
Net decrease in master notes | (278) | (324) | (1,453) |
Net increase in short-term debt | 1,350 | 1,000 | |
Net repayments of issuance of junior subordinated debentures | (1,593) | ||
Repurchase of common stock, net | (429) | (1,401) | (169) |
Preferred stock redeemed by from bank subsidiary | 7,800 | ||
Increase in unearned ESOP compensation | (114) | ||
Dividends on preferred stock | (225) | ||
Cash paid for fractional shares | (5) | (4) | |
Net cash provided (used) by financing activities | 638 | (2,322) | (4,661) |
Increase (decrease) in cash and cash equivalents | (329) | (1,885) | (661) |
Cash and cash equivalents at beginning of year | 3,971 | 5,856 | 6,517 |
Cash and cash equivalents at end of year | $ 3,642 | $ 3,971 | 5,856 |
Consolidated [Member] | Preferred Stock Series A [Member] | |||
Cash flows from financing activities | |||
Repayment of series A preferred stock | $ (10,500) |