Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 01, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Registrant Name | 'UNITY BANCORP INC /NJ/ | ' |
Entity Central Index Key | '0000920427 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 7,548,126 |
Trading Symbol | 'unty | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and due from banks | $27,602 | $23,705 |
Federal funds sold and interest-bearing deposits | 47,124 | 70,487 |
Cash and cash equivalents | 74,726 | 94,192 |
Securities: | ' | ' |
Securities available for sale | 80,926 | 89,538 |
Securities held to maturity (fair value of $25,261 and $22,741, respectively) | 25,980 | 21,515 |
Total securities | 106,906 | 111,053 |
Loans: | ' | ' |
SBA loans held for sale | 5,893 | 6,937 |
SBA loans held to maturity | 50,445 | 58,593 |
SBA 504 loans | 37,041 | 41,438 |
Commercial loans | 348,625 | 301,564 |
Residential mortgage loans | 173,129 | 132,094 |
Consumer loans | 45,484 | 46,410 |
Total loans | 660,617 | 587,036 |
Allowance for loan losses | -13,550 | -14,758 |
Net loans | 647,067 | 572,278 |
Premises and equipment, net | 15,671 | 12,062 |
Bank owned life insurance ("BOLI") | 12,648 | 9,402 |
Deferred tax assets | 6,880 | 5,954 |
Federal Home Loan Bank stock | 3,952 | 3,989 |
Accrued interest receivable | 3,131 | 3,298 |
Other real estate owned ("OREO") | 1,249 | 1,826 |
Prepaid FDIC insurance | ' | 1,929 |
Goodwill and other intangibles | 1,516 | 1,516 |
Other assets | 2,355 | 2,231 |
Total assets | 876,101 | 819,730 |
Liabilities: | ' | ' |
Deposits: Noninterest-bearing demand deposits | 163,617 | 114,424 |
Deposits: Interest-bearing demand deposits | 119,579 | 114,838 |
Deposits: Savings deposits | 280,892 | 294,533 |
Deposits: Time deposits, under $100,000 | 95,990 | 76,994 |
Deposits: Time deposits, $100,000 and over | 67,034 | 47,971 |
Total deposits | 727,112 | 648,760 |
Borrowed funds | 75,000 | 75,000 |
Subordinated debentures | 15,465 | 15,465 |
Accrued interest payable | 430 | 434 |
Accrued expenses and other liabilities | 2,155 | 2,561 |
Total liabilities | 820,162 | 742,220 |
Commitments and contingencies | ' | ' |
Shareholders' equity: | ' | ' |
Cumulative perpetual preferred stock | ' | 20,115 |
Common stock | 51,944 | 54,274 |
Retained earnings | 4,408 | 1,788 |
Accumulated other comprehensive income (loss) | -413 | 1,333 |
Total shareholders' equity | 55,939 | 77,510 |
Total liabilities and shareholders' equity | $876,101 | $819,730 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Consolidated Balance Sheets [Abstract] | ' | ' |
Held to maturity securities, fair value | $25,261 | $22,741 |
Preferred Stock, Shares Outstanding | ' | 21 |
Issued common shares | 7,546 | 7,534 |
Outstanding common shares | 7,546 | 7,534 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
INTEREST INCOME | ' | ' | ' | ' |
Federal funds sold and interest-bearing deposits | $9 | $13 | $31 | $56 |
Federal Home Loan Bank stock | 40 | 50 | 118 | 144 |
Securities: | ' | ' | ' | ' |
Taxable | 591 | 694 | 1,858 | 2,177 |
Tax-exempt | 109 | 108 | 354 | 371 |
Total securities | 700 | 802 | 2,212 | 2,548 |
Loans: | ' | ' | ' | ' |
SBA loans | 586 | 881 | 2,141 | 2,652 |
SBA 504 loans | 411 | 647 | 1,503 | 2,098 |
Commercial loans | 4,387 | 4,313 | 12,638 | 12,707 |
Residential mortgage loans | 1,861 | 1,631 | 5,060 | 4,869 |
Consumer loans | 480 | 534 | 1,485 | 1,624 |
Total loans | 7,725 | 8,006 | 22,827 | 23,950 |
Total interest income | 8,474 | 8,871 | 25,188 | 26,698 |
INTEREST EXPENSE | ' | ' | ' | ' |
Interest-bearing demand deposits | 90 | 108 | 281 | 368 |
Savings deposits | 183 | 293 | 524 | 933 |
Time deposits | 510 | 619 | 1,593 | 2,222 |
Borrowed funds and subordinated debentures | 820 | 824 | 2,428 | 2,486 |
Total interest expense | 1,603 | 1,844 | 4,826 | 6,009 |
Net interest income | 6,871 | 7,027 | 20,362 | 20,689 |
Provision for loan losses | 600 | 1,000 | 1,550 | 3,200 |
Net interest income after provision for loan losses | 6,271 | 6,027 | 18,812 | 17,489 |
NONINTEREST INCOME | ' | ' | ' | ' |
Branch fee income | 398 | 383 | 1,093 | 1,131 |
Service and loan fee income | 351 | 366 | 975 | 954 |
Gain on sale of SBA loans held for sale, net | 280 | 46 | 607 | 427 |
Gain on sale of mortgage loans, net | 314 | 662 | 1,339 | 1,526 |
BOLI income | 100 | 74 | 246 | 220 |
Net security gains | 34 | 7 | 367 | 514 |
Other income | 173 | 236 | 505 | 558 |
Total noninterest income | 1,650 | 1,774 | 5,132 | 5,330 |
NONINTEREST EXPENSE | ' | ' | ' | ' |
Compensation and benefits | 2,984 | 3,191 | 9,325 | 9,505 |
Occupancy | 598 | 690 | 1,918 | 2,038 |
Processing and communications | 598 | 544 | 1,720 | 1,631 |
Furniture and equipment | 374 | 368 | 1,110 | 1,085 |
Professional services | 210 | 196 | 634 | 598 |
Loan collection costs | 188 | 182 | 594 | 453 |
OREO expenses | 174 | 36 | 364 | 398 |
Deposit insurance | 165 | 162 | 493 | 502 |
Advertising | 218 | 181 | 519 | 630 |
Other expenses | 426 | 449 | 1,457 | 1,319 |
Total noninterest expense | 5,935 | 5,999 | 18,134 | 18,159 |
Income before provision for income taxes | 1,986 | 1,802 | 5,810 | 4,660 |
Provision for income taxes | 684 | 606 | 1,962 | 1,583 |
Net income | 1,302 | 1,196 | 3,848 | 3,077 |
Preferred stock dividends and discount accretion | 119 | 397 | 988 | 1,195 |
Income available to common shareholders | $1,183 | $799 | $2,860 | $1,882 |
Net income per common share | ' | ' | ' | ' |
Basic | $0.16 | $0.11 | $0.38 | $0.25 |
Diluted | $0.15 | $0.10 | $0.36 | $0.24 |
Weighted average common shares outstanding: | ' | ' | ' | ' |
Basic | 7,545 | 7,473 | 7,542 | 7,465 |
Diluted | 7,822 | 7,782 | 7,867 | 7,786 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Consolidated Statements of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $1,302 | $1,196 | $3,848 | $3,077 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Unrealized holding gains (losses) on securities arising during the period | -618 | 286 | -1,502 | 431 |
Less: Reclassification adjustment for gains on securities included in net income | 22 | ' | 244 | 337 |
Total other comprehensive income (loss) | -640 | 286 | -1,746 | 94 |
Total comprehensive income | $662 | $1,482 | $2,102 | $3,171 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Shareholder's Equity (USD $) | Preferred Stock Including Additional Paid in Capital [Member] | Common Stock [Member] | Retained Earnings (deficit) [Member] | Accumulated Other Comprehensive Income [Member] | Total | |
In Thousands | ||||||
Shareholders' equity at Dec. 31, 2011 | $19,545 | $53,746 | ($854) | $1,121 | $73,558 | |
Common Stock, Shares, Beginning Balance at Dec. 31, 2011 | ' | 7,459 | ' | ' | ' | |
Net income | ' | ' | 3,077 | ' | 3,077 | |
Other comprehensive income (loss), net of tax | ' | ' | ' | 94 | 94 | |
Accretion of discount on preferred stock | 423 | ' | -423 | ' | ' | |
Dividends on preferred stock (5% annually) | ' | ' | -772 | ' | -772 | |
Common stock issued and related tax effects | [1] | ' | 430 | ' | ' | 430 |
Shares, Common stock issued and related tax effects | [1] | ' | 44 | ' | ' | ' |
Shareholders' equity at Sep. 30, 2012 | 19,968 | 54,176 | 1,028 | 1,215 | 76,387 | |
Common Stock, Shares, Ending Balance at Sep. 30, 2012 | ' | 7,503 | ' | ' | ' | |
Shareholders' equity at Dec. 31, 2012 | 20,115 | 54,274 | 1,788 | 1,333 | 77,510 | |
Common Stock, Shares, Beginning Balance at Dec. 31, 2012 | ' | 7,534 | ' | ' | 7,534 | |
Net income | ' | ' | 3,848 | ' | 3,848 | |
Other comprehensive income (loss), net of tax | ' | ' | ' | -1,746 | -1,746 | |
Redemption of perpetual preferred stock | -20,649 | ' | ' | ' | -20,649 | |
Repurchase of warrants from U.S. Treasury | ' | -2,617 | -90 | ' | -2,707 | |
Accretion of discount on preferred stock | 534 | ' | -534 | ' | ' | |
Dividends on common stock ($0.01 per share) | ' | 33 | -150 | ' | -117 | |
Dividends on preferred stock (5% annually) | ' | ' | -454 | ' | -454 | |
Common stock issued and related tax effects | [1] | ' | 254 | ' | ' | 254 |
Shares, Common stock issued and related tax effects | [1] | ' | 12 | ' | ' | ' |
Shareholders' equity at Sep. 30, 2013 | ' | $51,944 | $4,408 | ($413) | $55,939 | |
Common Stock, Shares, Ending Balance at Sep. 30, 2013 | ' | 7,546 | ' | ' | 7,546 | |
[1] | Includes the issuance of common stock under employee benefit plans, which includes nonqualified stock options and restricted stock expense related entries, employee option exercises and the tax benefit of options exercised. |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Consolidated Statements of Changes in Shareholders' Equity [Abstract] | ' | ' |
Preferred Stock, Dividend Rate, Percentage | 5.00% | 5.00% |
Common Stock, Dividends, Per Share, Cash Paid | $0.01 | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
OPERATING ACTIVITIES: | ' | ' |
Net income | $3,848 | $3,077 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Provision for loan losses | 1,550 | 3,200 |
Net amortization of purchase premiums and discounts on securities | 550 | 638 |
Depreciation and amortization | 961 | 999 |
Deferred income tax expense | 225 | 594 |
Net security gains | -367 | -514 |
Stock compensation expense | 250 | 234 |
Loss on sale of OREO | 61 | 77 |
Valuation writedowns on OREO | 170 | 30 |
Gain on sale of mortgage loans held for sale, net | -1,339 | -1,526 |
Gain on sale of SBA loans held for sale, net | -607 | -427 |
Origination of mortgage loans held for sale | -62,589 | -71,568 |
Origination of SBA loans held for sale | -5,323 | -4,700 |
Proceeds from sale of mortgage loans held for sale, net | 63,928 | 73,094 |
Proceeds from sale of SBA loans held for sale, net | 6,940 | 5,087 |
Loss on sale or disposal of premises and equipment | 5 | 23 |
Net change in other assets and liabilities | 1,451 | 1,398 |
Net cash provided by operating activities | 9,714 | 9,716 |
INVESTING ACTIVITIES: | ' | ' |
Purchases of securities held to maturity | -8,578 | -624 |
Purchases of securities available for sale | -25,863 | -32,802 |
Purchases of Federal Home Loan Bank stock, at cost | -3,224 | ' |
Maturities and principal payments on securities held to maturity | 3,983 | 3,706 |
Maturities and principal payments on securities available for sale | 19,370 | 24,172 |
Proceeds from sale of securities available for sale | 12,155 | 6,638 |
Proceeds from redemption of Federal Home Loan Bank stock | 3,261 | 99 |
Proceeds from sale of OREO | 1,146 | 3,525 |
Net increase in loans | -78,238 | -11,499 |
Purchase of BOLI | -3,000 | ' |
Proceeds from sale or disposal of premises and equipment | 1 | 12 |
Purchases of premises and equipment | -4,487 | -1,493 |
Net cash used in investing activities | -83,474 | -8,266 |
FINANCING ACTIVITIES: | ' | ' |
Net increase (decrease) in deposits | 78,352 | -10,844 |
Redemption of perpetual preferred stock from U.S. Treasury | -20,649 | ' |
Repurchase of warrant from U.S. Treasury | -2,707 | ' |
Proceeds from exercise of stock options | ' | 157 |
Dividends on preferred stock | -585 | -774 |
Dividends on common stock | -117 | ' |
Net cash provided by (used in) financing activities | 54,294 | -11,461 |
Decrease in cash and cash equivalents | -19,466 | -10,011 |
Cash and cash equivalents, beginning of period | 94,192 | 82,574 |
Cash and cash equivalents, end of period | 74,726 | 72,563 |
SUPPLEMENTAL DISCLOSURES: | ' | ' |
Cash: Interest paid | 4,830 | 6,068 |
Cash: Income taxes paid | 2,047 | 939 |
Noncash investing activities: | ' | ' |
Transfer of SBA loans held for sale to held to maturity | 34 | ' |
Transfer of loans to OREO | $800 | $2,772 |
Significant_Accounting_Policie
Significant Accounting Policies | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Significant Accounting Policies [Abstract] | ' | ||||||||||||||||
Significant Accounting Policies | ' | ||||||||||||||||
NOTE 1. Significant Accounting Policies | |||||||||||||||||
The accompanying Consolidated Financial Statements include the accounts of Unity Bancorp, Inc. (the "Parent Company") and its wholly-owned subsidiary, Unity Bank (the "Bank" or when consolidated with the Parent Company, the "Company"), and reflect all adjustments and disclosures which are generally routine and recurring in nature, and in the opinion of management, necessary for a fair presentation of interim results. The Bank has multiple subsidiaries used to hold part of its investment and loan portfolios and other real estate owned (“OREO”) properties. All significant intercompany balances and transactions have been eliminated in consolidation. Certain reclassifications have been made to prior period amounts to conform to the current year presentation, with no impact on current earnings or shareholders’ equity. The financial information has been prepared in accordance with U.S. generally accepted accounting principles and has not been audited. In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and revenues and expenses during the reporting periods. Actual results could differ from those estimates. Amounts requiring the use of significant estimates include the allowance for loan losses, valuation of deferred tax and servicing assets, the carrying value of loans held for sale and other real estate owned, the valuation of securities and the determination of other-than-temporary impairment for securities and fair value disclosures. Management believes that the allowance for loan losses is adequate. While management uses available information to recognize losses on loans, future additions to the allowance for loan losses may be necessary based on changes in economic conditions. The Company has evaluated subsequent events for potential recognition and/or disclosure through the date the Consolidated Financial Statements included in this Quarterly Report on Form 10-Q were available to be issued. | |||||||||||||||||
The interim unaudited Consolidated Financial Statements included herein have been prepared in accordance with instructions for Form 10-Q and the rules and regulations of the Securities and Exchange Commission (“SEC”) and consist of normal recurring adjustments necessary for the fair presentation of interim results. The results of operations for the nine months ended September 30, 2013 are not necessarily indicative of the results which may be expected for the entire year. As used in this Form 10-Q, “we” and “us” and “our” refer to Unity Bancorp, Inc., and its consolidated subsidiary, Unity Bank, depending on the context. Certain information and financial disclosures required by U.S. generally accepted accounting principles have been condensed or omitted from interim reporting pursuant to SEC rules. Interim financial statements should be read in conjunction with the Company’s Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. | |||||||||||||||||
Stock Transactions | |||||||||||||||||
Stock Option Plans | |||||||||||||||||
The Company has incentive and nonqualified option plans, which allow for the grant of options to officers, employees and members of the Board of Directors. Transactions under the Company’s stock option plans for the nine months ended September 30, 2013 are summarized in the following table: | |||||||||||||||||
Shares | Weighted average exercise price | Weighted average remaining contractual life in years | Aggregate intrinsic value | ||||||||||||||
Outstanding at December 31, 2012 | 516,332 | $ | 7.06 | 5.4 | $ | 327,725 | |||||||||||
Options granted | 25,000 | 6.02 | |||||||||||||||
Options exercised | -11,667 | 6.62 | |||||||||||||||
Options forfeited | -8,333 | 6.56 | |||||||||||||||
Options expired | -2,617 | 8.86 | |||||||||||||||
Outstanding at September 30, 2013 | 518,715 | $ | 7.02 | 4.8 | $ | 669,827 | |||||||||||
Exercisable at September 30, 2013 | 422,217 | $ | 7.19 | 4.0 | $ | 554,078 | |||||||||||
Grants under the Company’s incentive and nonqualified option plans generally vest over 3 years and must be exercised within 10 years of the date of grant. The exercise price of each option is the market price on the date of grant. As of September 30, 2013, 1,720,529 shares have been reserved for issuance upon the exercise of options 518,715 option grants are outstanding, and 1,102,073 option grants have been exercised, forfeited or expired, leaving 99,741 shares available for grant. | |||||||||||||||||
The fair values of the options granted during the three and nine months ended September 30, 2013 and 2012 were estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions: | |||||||||||||||||
For the three months ended September 30, | For the nine months ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Number of options granted | - | - | 25,000 | 2,500 | |||||||||||||
Weighted average exercise price | $ | - | $ | - | $ | 6.02 | $ | 5.95 | |||||||||
Weighted average fair value of options | $ | - | $ | - | $ | 2.91 | $ | 2.79 | |||||||||
Expected life in years (1) | - | - | 5.11 | 4.72 | |||||||||||||
Expected volatility (2) | - | % | - | % | 52.81 | % | 56.33 | % | |||||||||
Risk-free interest rate (3) | - | % | - | % | 0.77 | % | 0.72 | % | |||||||||
Dividend yield (4) | - | % | - | % | - | % | - | % | |||||||||
-1 | The expected life of the options was estimated based on historical employee behavior and represents the period of time that options granted are expected to be outstanding. | ||||||||||||||||
-2 | The expected volatility of the Company’s stock price was based on the historical volatility over the period commensurate with the expected life of the options. | ||||||||||||||||
-3 | The risk-free interest rate is the U.S. Treasury rate commensurate with the expected life of the options on the date of grant. | ||||||||||||||||
-4 | The expected dividend yield is the projected annual yield based on the grant date stock price. | ||||||||||||||||
Upon exercise, the Company issues shares from its authorized but unissued common stock to satisfy the options. The following table presents information about options exercised during the three and nine months ended September 30, 2013 and 2012: | |||||||||||||||||
For the three months ended September 30, | For the nine months ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Number of options exercised | 11,667 | 107,367 | 11,667 | 111,208 | |||||||||||||
Total intrinsic value of options exercised | $ | 15,367 | $ | 109,896 | $ | 15,367 | $ | 115,951 | |||||||||
Cash received from options exercised | - | 139,943 | - | 156,988 | |||||||||||||
Tax deduction realized from options exercised | - | 40,401 | - | 40,913 | |||||||||||||
The following table summarizes information about stock options outstanding and exercisable at September 30, 2013: | |||||||||||||||||
Options outstanding | Options exercisable | ||||||||||||||||
Range of exercise prices | Options outstanding | Weighted average remaining contractual life (in years) | Weighted average exercise price | Options exercisable | Weighted average exercise price | ||||||||||||
$ | 0.00 - 4.00 | 119,750 | 5.6 | $ | 3.87 | 119,750 | $ | 3.87 | |||||||||
4.01 - 8.00 | 236,675 | 6.9 | 6.45 | 140,177 | 6.59 | ||||||||||||
8.01 - 12.00 | 117,639 | 0.5 | 9.23 | 117,639 | 9.23 | ||||||||||||
12.01 - 16.00 | 44,651 | 3.3 | 12.62 | 44,651 | 12.62 | ||||||||||||
Total | 518,715 | 4.8 | $ | 7.02 | 422,217 | $ | 7.19 | ||||||||||
Financial Accounting Standards Board Accounting Standards Codification ("FASB ASC") Topic 718, “Compensation - Stock Compensation,” requires an entity to recognize the fair value of equity awards as compensation expense over the period during which an employee is required to provide service in exchange for such an award (vesting period). Compensation expense related to stock options and the related income tax benefit for the three and nine months ended September 30, 2013 and 2012 are detailed in the following table: | |||||||||||||||||
For the three months ended September 30, | For the nine months ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Compensation expense | $ | 30,431 | $ | 38,167 | $ | 105,076 | $ | 113,631 | |||||||||
Income tax benefit | 12,154 | 11,935 | 41,967 | 40,333 | |||||||||||||
As of September 30, 2013, unrecognized compensation costs related to nonvested share-based compensation arrangements granted under the Company’s stock option plans totaled approximately $182 thousand. That cost is expected to be recognized over a weighted average period of 1.7 years. | |||||||||||||||||
Restricted Stock Awards | |||||||||||||||||
Restricted stock is issued under the stock bonus program to reward employees and directors and to retain them by distributing stock over a period of time. The following table summarizes nonvested restricted stock activity for the nine months ended September 30, 2013: | |||||||||||||||||
Shares | Average grant date fair value | ||||||||||||||||
Nonvested restricted stock at December 31, 2012 | 90,975 | $ | 6.10 | ||||||||||||||
Granted | 14,000 | 6.02 | |||||||||||||||
Vested | -9,275 | 5.97 | |||||||||||||||
Forfeited | -6,650 | 6.16 | |||||||||||||||
Nonvested restricted stock at September 30, 2013 | 89,050 | $ | 6.10 | ||||||||||||||
Restricted stock awards granted to date vest over a period of 4 years and are recognized as compensation to the recipient over the vesting period. The awards are recorded at fair market value at the time of grant and amortized into salary expense on a straight line basis over the vesting period. As of September 30, 2013, 471,551 shares of restricted stock were reserved for issuance, of which 261,313 shares are available for grant. | |||||||||||||||||
Restricted stock awards granted during the three and nine months ended September 30, 2013 and 2012 were as follows: | |||||||||||||||||
For the three months ended September 30, | For the nine months ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Number of shares granted | - | - | 14,000 | 1,000 | |||||||||||||
Average grant date fair value | $ | - | $ | - | $ | 6.02 | $ | 5.95 | |||||||||
Compensation expense related to restricted stock for the three and nine months ended September 30, 2013 and 2012 is detailed in the following table: | |||||||||||||||||
For the three months ended September 30, | For the nine months ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Compensation expense | $ | 50,628 | $ | 39,301 | $ | 145,014 | $ | 120,413 | |||||||||
As of September 30, 2013, there was approximately $414 thousand of unrecognized compensation cost related to nonvested restricted stock awards granted under the Company’s stock incentive plans. That cost is expected to be recognized over a weighted average period of 2.6 years. | |||||||||||||||||
Perpetual Preferred Stock | |||||||||||||||||
On October 3, 2008, Congress passed the Emergency Economic Stabilization Act of 2008 (“EESA”), which provided the U.S. Secretary of the Treasury with broad authority to implement certain actions to help restore stability and liquidity to the U.S. markets. One of the programs resulting from the EESA was the Treasury’s Capital Purchase Program (“CPP”) which provided direct equity investment of perpetual preferred stock by the U.S. Treasury in qualified financial institutions. The Company received an investment in perpetual preferred stock of $20.6 million on December 5, 2008. | |||||||||||||||||
On May 9, 2013, the Company announced that it received approval of its application from the U.S. Department of Treasury to redeem half of the 20,649 shares of preferred stock issued in connection with the Company’s participation in the Treasury’s CPP. On May 15, 2013, the Company paid $10.3 million to the Treasury to repurchase 10,324 shares of the preferred stock, including accrued and unpaid dividends for the shares. On July 1, 2013, the Company announced that it received approval to redeem the remaining 10,325 shares of preferred stock. On July 3, 2013, the Company paid $10.4 million to the Treasury to repurchase the remaining shares of the preferred stock, including accrued and unpaid dividends for the shares. On August 28, 2013, the Company completed the $2.7 million repurchase of the warrant to purchase 764,788 shares of the Company’s common stock issued to the U.S. Department of the Treasury as part of the Company’s participation in the Treasury’s CPP. | |||||||||||||||||
Other-Than-Temporary Impairment | |||||||||||||||||
The Company has a process in place to identify debt securities that could potentially incur credit impairment that is other-than-temporary. This process involves monitoring late payments, pricing levels, downgrades by rating agencies, key financial ratios, financial statements, revenue forecasts and cash flow projections as indicators of credit issues. Management evaluates securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concern warrants such evaluation. This evaluation considers relevant facts and circumstances in evaluating whether a credit or interest rate-related impairment of a security is other-than-temporary. Relevant facts and circumstances considered include: (1) the extent and length of time the fair value has been below cost; (2) the reasons for the decline in value; (3) the financial position and access to capital of the issuer, including the current and future impact of any specific events and (4) for fixed maturity securities, our intent to sell a security or whether it is more likely than not we will be required to sell the security before the recovery of its amortized cost which, in some cases, may extend to maturity and for equity securities, our ability and intent to hold the security for a forecasted period of time that allows for the recovery in value. | |||||||||||||||||
Management assesses its intent to sell or whether it is more likely than not that it will be required to sell a security before recovery of its amortized cost basis less any current-period credit losses. For debt securities that are considered other-than-temporarily impaired with no intent to sell and no requirement to sell prior to recovery of its amortized cost basis, the amount of the impairment is separated into the amount that is credit related (credit loss component) and the amount due to all other factors. The credit loss component is recognized in earnings and is the difference between the security’s amortized cost basis and the present value of its expected future cash flows. The remaining difference between the security’s fair value and the present value of future expected cash flows is due to factors that are not credit related and is recognized in other comprehensive income. For debt securities where management has the intent to sell, the amount of the impairment is reflected in earnings as realized losses. | |||||||||||||||||
The present value of expected future cash flows is determined using the best estimate cash flows discounted at the effective interest rate implicit to the security at the date of purchase or the current yield to accrete an asset-backed or floating rate security. The methodology and assumptions for establishing the best estimate cash flows vary depending on the type of security. The asset-backed securities cash flow estimates are based on bond specific facts and circumstances that may include collateral characteristics, expectations of delinquency and default rates, loss severity and prepayment speeds and structural support, including subordination and guarantees. The corporate bond cash flow estimates are derived from scenario-based outcomes of expected corporate restructurings or the disposition of assets using bond specific facts and circumstances including timing, security interests and loss severity. | |||||||||||||||||
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. | |||||||||||||||||
Loans | |||||||||||||||||
Loans Held for Sale | |||||||||||||||||
Loans held for sale represent the guaranteed portion of SBA loans and are reflected at the lower of aggregate cost or market value. The Company originates loans to customers under an SBA program that historically has provided for SBA guarantees of up to 90 percent of each loan. The Company generally sells the guaranteed portion of its SBA loans to a third party and retains the servicing, holding the nonguaranteed portion in its portfolio. The net amount of loan origination fees on loans sold is included in the carrying value and in the gain or loss on the sale. When sales of SBA loans do occur, the premium received on the sale and the present value of future cash flows of the servicing assets are recognized in income. All criteria for sale accounting must be met in order for the loan sales to occur; see details under the “Transfers of Financial Assets” heading above. | |||||||||||||||||
Servicing assets represent the estimated fair value of retained servicing rights, net of servicing costs, at the time loans are sold. Servicing assets are amortized in proportion to, and over the period of, estimated net servicing revenues. Impairment is evaluated based on stratifying the underlying financial assets by date of origination and term. Fair value is determined using prices for similar assets with similar characteristics, when available, or based upon discounted cash flows using market-based assumptions. Any impairment, if temporary, would be reported as a valuation allowance. | |||||||||||||||||
Serviced loans sold to others are not included in the accompanying Consolidated Balance Sheets. Income and fees collected for loan servicing are credited to noninterest income when earned, net of amortization on the related servicing assets. | |||||||||||||||||
Loans Held to Maturity | |||||||||||||||||
Loans held to maturity are stated at the unpaid principal balance, net of unearned discounts and deferred loan origination fees and costs. In accordance with the level yield method, loan origination fees, net of direct loan origination costs, are deferred and recognized over the estimated life of the related loans as an adjustment to the loan yield. Interest is credited to operations primarily based upon the principal balance outstanding. | |||||||||||||||||
Loans are reported as past due when either interest or principal is unpaid in the following circumstances: fixed payment loans when the borrower is in arrears for two or more monthly payments; open end credit for two or more billing cycles; and single payment notes if interest or principal remains unpaid for 30 days or more. | |||||||||||||||||
Nonperforming loans consist of loans that are not accruing interest as a result of principal or interest being in default for a period of 90 days or more or when the ability to collect principal and interest according to the contractual terms is in doubt (nonaccrual loans). When a loan is classified as nonaccrual, interest accruals are discontinued and all past due interest previously recognized as income is reversed and charged against current period earnings. Generally, until the loan becomes current, any payments received from the borrower are applied to outstanding principal until such time as management determines that the financial condition of the borrower and other factors merit recognition of a portion of such payments as interest income. Loans may be returned to an accrual status when the ability to collect is reasonably assured and when the loan is brought current as to principal and interest. | |||||||||||||||||
Loans are charged off when collection is sufficiently questionable and when the Company can no longer justify maintaining the loan as an asset on the balance sheet. Loans qualify for charge-off when, after thorough analysis, all possible sources of repayment are insufficient. These include: 1) potential future cash flows, 2) value of collateral, and/or 3) strength of co-makers and guarantors. All unsecured loans are charged off upon the establishment of the loan’s nonaccrual status. Additionally, all loans classified as a loss or that portion of the loan classified as a loss is charged off. All loan charge-offs are approved by the Board of Directors. | |||||||||||||||||
Troubled debt restructurings ("TDRs") occur when a creditor, for economic or legal reasons related to a debtor’s financial condition, grants a concession to the debtor that it would not otherwise consider. These concessions typically include reductions in interest rate, extending the maturity of a loan, or a combination of both. Interest income on accruing TDRs is credited to operations primarily based upon the principal amount outstanding, as stated in the paragraphs above. | |||||||||||||||||
The Company evaluates its loans for impairment. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. The Company has defined impaired loans to be all TDRs and nonperforming loans. Impairment is evaluated in total for smaller-balance loans of a similar nature (consumer and residential mortgage loans), and on an individual basis for all other loans. Impairment of a loan is measured based on the present value of expected future cash flows, discounted at the loan's effective interest rate, or as a practical expedient, based on a loan’s observable market price or the fair value of collateral, net of estimated costs to sell, if the loan is collateral-dependent. If the value of the impaired loan is less than the recorded investment in the loan, the Company establishes a valuation allowance, or adjusts existing valuation allowances, with a corresponding charge to the provision for loan losses. | |||||||||||||||||
For additional information on loans, see Note 8 to the Consolidated Financial Statements and the section titled "Loan Portfolio" under Item 2. Management's Discussion and Analysis. | |||||||||||||||||
Allowance for Loan Losses and Reserve for Unfunded Loan Commitments | |||||||||||||||||
The allowance for loan losses is maintained at a level management considers adequate to provide for probable loan losses as of the balance sheet date. The allowance is increased by provisions charged to expense and is reduced by net charge-offs. | |||||||||||||||||
The level of the allowance is based on management’s evaluation of probable losses in the loan portfolio, after consideration of prevailing economic conditions in the Company’s market area, the volume and composition of the loan portfolio, and historical loan loss experience. The allowance for loan losses consists of specific reserves for individually impaired credits and TDRs, reserves for nonimpaired loans based on historical loss factors and reserves based on general economic factors and other qualitative risk factors such as changes in delinquency trends, industry concentrations or local/national economic trends. This risk assessment process is performed at least quarterly, and, as adjustments become necessary, they are realized in the periods in which they become known. | |||||||||||||||||
Although management attempts to maintain the allowance at a level deemed adequate to provide for probable losses, future additions to the allowance may be necessary based upon certain factors including changes in market conditions and underlying collateral values. In addition, various regulatory agencies periodically review the adequacy of the Company’s allowance for loan losses. These agencies may require the Company to make additional provisions based on their judgments about information available to them at the time of their examination. | |||||||||||||||||
The Company maintains an allowance for unfunded loan commitments that is maintained at a level that management believes is adequate to absorb estimated probable losses. Adjustments to the allowance are made through other expenses and applied to the allowance which is maintained in other liabilities. | |||||||||||||||||
For additional information on the allowance for loan losses and unfunded loan commitments, see Note 9 to the Consolidated Financial Statements and the sections titled "Asset Quality" and "Allowance for Loan Losses and Reserve for Unfunded Loan Commitments" under Item 2. Management's Discussion and Analysis. | |||||||||||||||||
Income Taxes | |||||||||||||||||
The Company accounts for income taxes according to the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using the enacted tax rates applicable to taxable income for the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | |||||||||||||||||
Valuation reserves are established against certain deferred tax assets when it is more likely than not that the deferred tax assets will not be realized. Increases or decreases in the valuation reserve are charged or credited to the income tax provision. | |||||||||||||||||
When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that ultimately would be sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. The evaluation of a tax position taken is considered by itself and not offset or aggregated with other positions. Tax positions that meet the more likely than not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying balance sheet along with any associated interest and penalties that would be payable to the taxing authorities upon examination. | |||||||||||||||||
Interest and penalties associated with unrecognized tax benefits would be recognized in income tax expense on the income statement. | |||||||||||||||||
Litigation
Litigation | 9 Months Ended |
Sep. 30, 2013 | |
Litigation [Abstract] | ' |
Litigation | ' |
NOTE 2. Litigation | |
The Company may, in the ordinary course of business, become a party to litigation involving collection matters, contract claims and other legal proceedings relating to the conduct of its business. In the best judgment of management, based upon consultation with counsel, the consolidated financial position and results of operations of the Company will not be affected materially by the final outcome of any pending legal proceedings or other contingent liabilities and commitments. | |
Net_Income_per_Share
Net Income per Share | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Net Income per Share [Abstract] | ' | ||||||||||||
Net Income per Share | ' | ||||||||||||
NOTE 3. Net Income per Share | |||||||||||||
Basic net income per common share is calculated as net income available to common shareholders divided by the weighted average common shares outstanding during the reporting period. Net income available to common shareholders is calculated as net income less accrued dividends and discount accretion related to preferred stock. | |||||||||||||
Diluted net income per common share is computed similarly to that of basic net income per common share, except that the denominator is increased to include the number of additional common shares that would have been outstanding if all potentially dilutive common shares, principally stock options and warrants, were issued during the reporting period utilizing the Treasury stock method. | |||||||||||||
The following is a reconciliation of the calculation of basic and diluted income per share. | |||||||||||||
For the three months ended September 30, | For the nine months ended September 30, | ||||||||||||
(In thousands, except per share amounts) | 2013 | 2012 | 2013 | 2012 | |||||||||
Net income | $ | 1,302 | $ | 1,196 | $ | 3,848 | $ | 3,077 | |||||
Less: Preferred stock dividends and discount accretion | 119 | 397 | 988 | 1,195 | |||||||||
Income available to common shareholders | $ | 1,183 | $ | 799 | $ | 2,860 | $ | 1,882 | |||||
Weighted average common shares outstanding - Basic | 7,545 | 7,473 | 7,542 | 7,465 | |||||||||
Plus: Potential dilutive common stock equivalents | 277 | 309 | 325 | 321 | |||||||||
Weighted average common shares outstanding - Diluted | 7,822 | 7,782 | 7,867 | 7,786 | |||||||||
Net income per common share - Basic | $ | 0.16 | $ | 0.11 | $ | 0.38 | $ | 0.25 | |||||
Net income per common share - Diluted | 0.15 | 0.10 | 0.36 | 0.24 | |||||||||
Stock options and common stock excluded from the income per share calculation as their effect would have been anti-dilutive | 282 | 499 | 383 | 505 | |||||||||
The "potential dilutive common stock equivalents" shown in the table above includes the impact of 764,778 common stock warrants issued to the U.S. Department of Treasury under the Capital Purchase Program in December 2008, utilizing the Treasury stock method. These warrants were repurchased on August 28, 2013 for a price of $2.7 million utilizing the Treasury Stock Method for the period outstanding. | |||||||||||||
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Taxes [Abstract] | ' |
Income Taxes | ' |
NOTE 4. Income Taxes | |
The Company follows FASB ASC Topic 740, “Income Taxes,” which prescribes a threshold for the financial statement recognition of income taxes and provides criteria for the measurement of tax positions taken or expected to be taken in a tax return. ASC 740 also includes guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition of income taxes. | |
For the quarter ended September 30, 2013, the Company reported income tax expense of $684 thousand for an effective tax rate of 34.4 percent, compared to an income tax expense of $606 thousand and effective tax rate of 33.6 percent for the prior year’s quarter. For the nine months ended September 30, 2013, the Company reported income tax expense of $2.0 million for an effective tax rate of 33.8 percent, compared to an income tax expense of $1.6 million and effective tax rate of 34.0 percent for the nine months ended September 30, 2012. | |
The Company did not recognize or accrue any interest or penalties related to income taxes during the nine months ended September 30, 2013 or 2012. The Company did not have an accrual for uncertain tax positions as of September 30, 2013 or December 31, 2012, as deductions taken and benefits accrued are based on widely understood administrative practices and procedures and are based on clear and unambiguous tax law. Tax returns for all years 2009 and thereafter are subject to future examination by tax authorities. | |
Other_Comprehensive_Income_Los
Other Comprehensive Income (Loss) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Other Comprehensive Income (Loss) [Abstract] | ' | ||||||||||||||||||
Other Comprehensive Income (Loss) | ' | ||||||||||||||||||
NOTE 5. Other Comprehensive Income (Loss) | |||||||||||||||||||
The following table shows the changes in other comprehensive income for the three months ended September 30, 2013 and 2012: | |||||||||||||||||||
For the three months ended September 30, | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
(In thousands) | Pre-tax | Tax | After-tax | Pre-tax | Tax | After-tax | |||||||||||||
Balance, beginning of period | $ | 227 | $ | 929 | |||||||||||||||
Unrealized holding gains (losses) on securities arising during period | $ | -1,031 | $ | -413 | -618 | $ | 477 | $ | 191 | 286 | |||||||||
Less: Reclassification adjustment for gains on securities included in net income | 33 | 11 | 22 | - | - | - | |||||||||||||
Net unrealized gains (losses) on securities arising during the period | -1,064 | -424 | -640 | 477 | 191 | 286 | |||||||||||||
Balance, end of period | $ | -413 | $ | 1,215 | |||||||||||||||
The following table shows the changes in other comprehensive income for the nine months ended September 30, 2013 and 2012: | |||||||||||||||||||
For the nine months ended September 30, | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
(In thousands) | Pre-tax | Tax | After-tax | Pre-tax | Tax | After-tax | |||||||||||||
Balance, beginning of period | $ | 1,333 | $ | 1,121 | |||||||||||||||
Unrealized holding gains (losses) on securities arising during period | $ | -2,530 | $ | -1,028 | -1,502 | $ | 665 | $ | 234 | 431 | |||||||||
Less: Reclassification adjustment for gains included in net income | 367 | 123 | 244 | 507 | 170 | 337 | |||||||||||||
Net unrealized gains (losses) on securities arising during the period | -2,897 | -1,151 | -1,746 | 158 | 64 | 94 | |||||||||||||
Balance, end of period | $ | -413 | $ | 1,215 | |||||||||||||||
Fair_Value
Fair Value | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Fair Value [Abstract] | ' | ||||||||||||||||||
Fair Value | ' | ||||||||||||||||||
NOTE 6. Fair Value | |||||||||||||||||||
Fair Value Measurement | |||||||||||||||||||
The Company follows FASB ASC Topic 820, “Fair Value Measurement and Disclosures,” which requires additional disclosures about the Company’s assets and liabilities that are measured at fair value. Fair value is the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. In determining fair value, the Company uses various methods including market, income and cost approaches. Based on these approaches, the Company often utilizes certain assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and/or the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable inputs. The Company utilizes techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy ranks the quality and reliability of the information used to determine fair values. Financial assets and liabilities carried at fair value will be classified and disclosed as follows: | |||||||||||||||||||
Level 1 Inputs | |||||||||||||||||||
· | Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. | ||||||||||||||||||
· | Generally, this includes debt and equity securities and derivative contracts that are traded in an active exchange market (i.e. New York Stock Exchange), as well as certain U.S. Treasury, U.S. Government and sponsored entity agency mortgage-backed securities that are highly liquid and are actively traded in over-the-counter markets. | ||||||||||||||||||
Level 2 Inputs | |||||||||||||||||||
· | Quoted prices for similar assets or liabilities in active markets. | ||||||||||||||||||
· | Quoted prices for identical or similar assets or liabilities in inactive markets. | ||||||||||||||||||
· | Inputs other than quoted prices that are observable, either directly or indirectly, for the term of the asset or liability (i.e., interest rates, yield curves, credit risks, prepayment speeds or volatilities) or “market corroborated inputs.” | ||||||||||||||||||
· | Generally, this includes U.S. Government and sponsored entity mortgage-backed securities, corporate debt securities and derivative contracts. | ||||||||||||||||||
Level 3 Inputs | |||||||||||||||||||
· | Prices or valuation techniques that require inputs that are both unobservable (i.e. supported by little or no market activity) and that are significant to the fair value of the assets or liabilities. | ||||||||||||||||||
· | These assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. | ||||||||||||||||||
Fair Value on a Recurring Basis | |||||||||||||||||||
The following is a description of the valuation methodologies used for instruments measured at fair value on a recurring basis: | |||||||||||||||||||
Securities Available for Sale | |||||||||||||||||||
The fair value of available for sale ("AFS") securities is the market value based on quoted market prices, when available, or market prices provided by recognized broker dealers (Level 1). If listed prices or quotes are not available, fair value is based upon quoted market prices for similar or identical assets or other observable inputs (Level 2) or externally developed models that use unobservable inputs due to limited or no market activity of the instrument (Level 3). | |||||||||||||||||||
As of September 30, 2013, the fair value of the Company's AFS securities portfolio was $80.9 million. Approximately 54 percent of the portfolio was made up of residential mortgage-backed securities, which had a fair value of $43.7 million at September 30, 2013. Approximately $42.4 million of the residential mortgage-backed securities are guaranteed by the Government National Mortgage Association ("GNMA"), the Federal National Mortgage Association ("FNMA") or the Federal Home Loan Mortgage Corporation ("FHLMC"). The underlying loans for these securities are residential mortgages that are geographically dispersed throughout the United States. | |||||||||||||||||||
All of the Company’s AFS securities, excluding commercial mortgage-backed securities, were classified as Level 2 assets at September 30, 2013. The valuation of AFS securities using Level 2 inputs was primarily determined using the market approach, which uses quoted prices for similar assets or liabilities in active markets and all other relevant information. It includes model pricing, defined as valuing securities based upon their relationship with other benchmark securities. | |||||||||||||||||||
For Commercial Mortgage-Backed Securities, the inputs used by either dealer market participants or an independent pricing service, may be derived from unobservable market information (Level 3 inputs). In these instances, management evaluates the appropriateness and quality of the assumptions and the resulting prices. In addition, management reviews the volume and level of activity for all AFS securities and attempts to identify transactions which may not be orderly or reflective of a significant level of activity and volume. For securities meeting these criteria, the quoted prices received from either market participants or an independent pricing service may be adjusted, as necessary, to estimate fair value and this results in fair values based on Level 3 inputs. In determining fair value, the Company utilizes unobservable inputs which reflect its own assumptions about the inputs that market participants would use in pricing each security. In developing its assertion of market participant assumptions, the Company utilizes the best information that is both reasonable and available without undue cost and effort. | |||||||||||||||||||
In calculating the fair value for AFS securities under Level 3, management prepared present value cash flow models for certain private label commercial mortgage-backed securities. Private label commercial mortgage-backed securities owned by the Bank are A1 and A2 tranche sequential structures and are currently paying principal. The cash flows for the commercial mortgage-backed securities incorporated the expected cash flow of each security adjusted for default rates, loss severities and prepayments of the individual loans collateralizing the security. The following table presents quantitative information about Level 3 inputs used to measure the fair value of commercial mortgage-backed securities at September 30, 2013: | |||||||||||||||||||
30-Sep-13 | |||||||||||||||||||
Valuation Technique | Unobservable Input | Range | Weighted Average | ||||||||||||||||
Discounted Cash Flow | Prepayment rate | 8 through 15 | % | 10.0 | % | ||||||||||||||
Default rate | 10 through 15 | % | 12.5 | % | |||||||||||||||
Loss severity | 10 through 25 | % | 18.0 | % | |||||||||||||||
Significant increases or decreases in any of the unobservable inputs in the table above in isolation would result in a significantly lower or higher fair value measurement of the securities. Generally, a change in the assumption used for the default rate is accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumption used for prepayment rates. | |||||||||||||||||||
For the Level 3 available for sale private label commercial mortgage-backed securities, cash flow assumptions incorporate independent third party market participant data based on vintage year for each security. The discount rate utilized in determining the present value of cash flows for the commercial mortgage-backed securities was arrived at by combining the yield on orderly transactions for similar maturity government sponsored mortgage-backed securities with (i) the historical average risk premium of similar structured private label securities, (ii) a risk premium reflecting current market conditions, including liquidity risk and (iii) if applicable, a forecasted loss premium derived from the expected cash flows of each security. The estimated cash flows for each private label commercial mortgage-backed security are then discounted at the aforementioned effective rate to determine the fair value. The quoted prices received from either market participants or independent pricing services are weighted with the internal price estimate to determine the fair value of each instrument. | |||||||||||||||||||
There were no changes in the inputs or methodologies used to determine fair value during the period ended September 30, 2013, as compared to the periods ended December 31, 2012 and September 30, 2012. | |||||||||||||||||||
The tables below present the balances of assets and liabilities measured at fair value on a recurring basis as of September 30, 2013 and December 31, 2012: | |||||||||||||||||||
30-Sep-13 | |||||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Securities available for sale: | |||||||||||||||||||
U.S. Government sponsored entities | $ | - | $ | 6,379 | $ | - | $ | 6,379 | |||||||||||
State and political subdivisions | - | 16,614 | - | 16,614 | |||||||||||||||
Residential mortgage-backed securities | - | 43,669 | - | 43,669 | |||||||||||||||
Commercial mortgage-backed securities | - | - | 1,308 | 1,308 | |||||||||||||||
Corporate and other securities | - | 12,956 | - | 12,956 | |||||||||||||||
Total securities available for sale | $ | - | $ | 79,618 | $ | 1,308 | $ | 80,926 | |||||||||||
31-Dec-12 | |||||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Securities available for sale: | |||||||||||||||||||
U.S. Government sponsored entities | $ | - | $ | 2,568 | $ | - | $ | 2,568 | |||||||||||
State and political subdivisions | - | 15,303 | - | 15,303 | |||||||||||||||
Residential mortgage-backed securities | - | 45,545 | - | 45,545 | |||||||||||||||
Commercial mortgage-backed securities | - | - | 4,463 | 4,463 | |||||||||||||||
Corporate and other securities | - | 21,659 | - | 21,659 | |||||||||||||||
Total securities available for sale | $ | - | $ | 85,075 | $ | 4,463 | $ | 89,538 | |||||||||||
The following table summarizes changes in Level 3 assets during the three and nine months ended September 30, 2013 and 2012, consisting of commercial mortgage-backed available for sale securities, measured at fair value on a recurring basis: | |||||||||||||||||||
For the three months ended September 30, | For the nine months ended September 30, | ||||||||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||
Commercial mortgage-backed securities: | |||||||||||||||||||
Balance, beginning of period | $ | 1,594 | $ | - | $ | 4,463 | $ | - | |||||||||||
Payoffs | -75 | - | -815 | - | |||||||||||||||
Principal paydowns | -219 | - | -2,301 | - | |||||||||||||||
Total net losses included in: | |||||||||||||||||||
Other comprehensive income | 8 | - | -39 | - | |||||||||||||||
Balance, end of period | $ | 1,308 | $ | - | $ | 1,308 | $ | - | |||||||||||
There were no gains or losses (realized or unrealized) on Level 3 securities included in earnings for assets and liabilities held at September 30, 2013 or 2012. | |||||||||||||||||||
Fair Value on a Nonrecurring Basis | |||||||||||||||||||
Certain assets and liabilities are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). The following is a description of the valuation methodologies used for instruments measured at fair value on a nonrecurring basis: | |||||||||||||||||||
Appraisal Policy | |||||||||||||||||||
All appraisals must be performed in accordance with the Uniform Standards of Professional Appraisal Practice ("USPAP"). Appraisals are certified to the Company and performed by appraisers on the Company’s approved list of appraisers. Evaluations are completed by a person independent of Company management. The content of the appraisal depends on the complexity of the property. Appraisals are completed on a “retail value” and an “as is value”. | |||||||||||||||||||
The Company requires current real estate appraisals on all loans that become OREO or in-substance foreclosure, loans that are classified substandard, doubtful or loss, or loans that are over $100,000 and nonperforming. Prior to each balance sheet date, the Company values impaired collateral-dependent loans and OREO based upon a third party appraisal, broker's price opinion, drive by appraisal, automated valuation model, updated market evaluation, or a combination of these methods. The amount is discounted for the decline in market real estate values (for original appraisals), for any known damage or repair costs, and for selling and closing costs. The amount of the discount ranges from 10 to 25 percent and is dependent upon the method used to determine the original value. The original appraisal is generally used when a loan is first determined to be impaired. When applying the discount, the Company takes into consideration when the appraisal was performed, the collateral’s location, the type of collateral, any known damage to the property and the type of business. Subsequent to entering impaired status and the Company determining that there is a collateral shortfall, the Company will generally, depending on the type of collateral, order a third party appraisal, broker's price opinion, automated valuation model or updated market evaluation. Subsequent to receiving the third party results, the Company will discount the value 8 to 10 percent for selling and closing costs. | |||||||||||||||||||
Other Real Estate Owned ("OREO") | |||||||||||||||||||
The fair value of OREO is determined using appraisals, which may be discounted based on management’s review and changes in market conditions (Level 3 Inputs). | |||||||||||||||||||
Impaired Collateral-Dependent Loans | |||||||||||||||||||
The fair value of impaired collateral-dependent loans is derived in accordance with FASB ASC Topic 310, “Receivables.” Fair value is determined based on the loan’s observable market price or the fair value of the collateral. Partially charged-off loans are measured for impairment based upon an appraisal for collateral-dependant loans. When an updated appraisal is received for a nonperforming loan, the value on the appraisal is discounted in the manner discussed above. If there is a deficiency in the value after the Company applies these discounts, management applies a specific reserve and the loan remains in nonaccrual status. The receipt of an updated appraisal would not qualify as a reason to put a loan back into accruing status. The Company removes loans from nonaccrual status when the borrower makes nine months of contractual payments and demonstrates the ability to service the debt going forward. Charge-offs are determined based upon the loss that management believes the Company will incur after evaluating collateral for impairment based upon the valuation methods described above and the ability of the borrower to pay any deficiency. | |||||||||||||||||||
The valuation allowance for impaired loans is included in the allowance for loan losses in the consolidated balance sheets. At September 30, 2013, the valuation allowance for impaired loans was $1.4 million, a decrease of $554 thousand from $2.0 million at December 31, 2012. | |||||||||||||||||||
The following tables present the assets and liabilities carried on the balance sheet by caption and by level within the hierarchy (as described above) as of September 30, 2013 and September 30, 2012 and the fair value gains (losses) recognized during the three and nine months ended September 30, 2013 and 2012: | |||||||||||||||||||
Fair value at September 30, 2013 | Gains (losses) from fair value changes for the | Gains (losses) from fair value changes for the | |||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | three months ended September 30, 2013 | nine months ended September 30, 2013 | |||||||||||||
Financial assets: | |||||||||||||||||||
OREO | $ | - | $ | - | $ | 1,000 | $ | 1,000 | $ | -390 | $ | -459 | |||||||
Impaired collateral-dependent loans | - | - | 8,782 | 8,782 | 286 | 554 | |||||||||||||
Fair value at September 30, 2012 | Gains (losses) from fair value changes for the | Gains (losses) from fair value changes for the | |||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | three months ended September 30, 2012 | nine months ended September 30, 2012 | |||||||||||||
Financial assets: | |||||||||||||||||||
OREO | $ | - | $ | - | $ | 281 | $ | 281 | $ | -362 | $ | -1,502 | |||||||
Impaired collateral-dependent loans | - | - | 12,162 | 12,162 | 1,320 | 2,067 | |||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||||
FASB ASC Topic 825, “Financial Instruments,” requires the disclosure of the estimated fair value of certain financial instruments, including those financial instruments for which the Company did not elect the fair value option. These estimated fair values as of September 30, 2013 and December 31, 2012 have been determined using available market information and appropriate valuation methodologies. Considerable judgment is required to interpret market data to develop estimates of fair value. The estimates presented are not necessarily indicative of amounts the Company could realize in a current market exchange. The use of alternative market assumptions and estimation methodologies could have had a material effect on these estimates of fair value. The methodology for estimating the fair value of financial assets and liabilities that are measured on a recurring or nonrecurring basis are discussed above. The following methods and assumptions were used to estimate the fair value of other financial instruments for which it is practicable to estimate that value: | |||||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||||
For these short-term instruments, the carrying value is a reasonable estimate of fair value. | |||||||||||||||||||
Securities Held to Maturity | |||||||||||||||||||
The fair value of held to maturity ("HTM") securities is based upon quoted market prices for similar or identical assets or other observable inputs (Level 2) or externally developed models that use unobservable inputs due to limited or no market activity of the instrument (Level 3). | |||||||||||||||||||
SBA Loans Held for Sale | |||||||||||||||||||
The fair value of SBA loans held for sale is estimated by using a market approach that includes significant other observable inputs. | |||||||||||||||||||
Loans | |||||||||||||||||||
The fair value of loans is estimated by discounting the future cash flows using current market rates that reflect the interest rate risk inherent in the loan, except for previously discussed impaired loans. | |||||||||||||||||||
Federal Home Loan Bank Stock | |||||||||||||||||||
Federal Home Loan Bank stock is carried at cost. Carrying value approximates fair value based on the redemption provisions of the issues. | |||||||||||||||||||
SBA Servicing Assets | |||||||||||||||||||
SBA servicing assets do not trade in an active, open market with readily observable prices. The Company estimates the fair value of SBA servicing assets using discounted cash flow models incorporating numerous assumptions from the perspective of a market participant including market discount rates and prepayment speeds. | |||||||||||||||||||
Accrued Interest | |||||||||||||||||||
The carrying amounts of accrued interest approximate fair value. | |||||||||||||||||||
Deposit Liabilities | |||||||||||||||||||
The fair value of demand deposits and savings accounts is the amount payable on demand at the reporting date (i.e. carrying value). The fair value of fixed-maturity certificates of deposit is estimated by discounting the future cash flows using current market rates. | |||||||||||||||||||
Borrowed Funds and Subordinated Debentures | |||||||||||||||||||
The fair value of borrowings is estimated by discounting the projected future cash flows using current market rates. | |||||||||||||||||||
Standby Letters of Credit | |||||||||||||||||||
At September 30, 2013, the Bank had standby letters of credit outstanding of $1.6 million, consistent with December 31, 2012. The fair value of these commitments is nominal. | |||||||||||||||||||
The table below presents the carrying amount and estimated fair values of the Company’s financial instruments not previously presented as of September 30, 2013 and December 31, 2012: | |||||||||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||||||||
(In thousands) | Fair value level | Carrying amount | Estimated fair value | Carrying amount | Estimated fair value | ||||||||||||||
Financial assets: | |||||||||||||||||||
Cash and cash equivalents | Level 1 | $ | 74,726 | $ | 74,726 | $ | 94,192 | $ | 94,192 | ||||||||||
Securities held to maturity (1) | Level 2 | 25,980 | 25,261 | 21,515 | 22,741 | ||||||||||||||
SBA loans held for sale | Level 2 | 5,893 | 6,376 | 6,937 | 7,582 | ||||||||||||||
Loans, net of allowance for loan losses (2) | Level 2 | 641,174 | 631,628 | 565,341 | 564,528 | ||||||||||||||
Federal Home Loan Bank stock | Level 2 | 3,952 | 3,952 | 3,989 | 3,989 | ||||||||||||||
SBA servicing assets | Level 3 | 383 | 383 | 396 | 396 | ||||||||||||||
Accrued interest receivable | Level 2 | 3,131 | 3,131 | 3,298 | 3,298 | ||||||||||||||
Financial liabilities: | |||||||||||||||||||
Deposits | Level 2 | 727,112 | 727,374 | 648,760 | 650,668 | ||||||||||||||
Borrowed funds and subordinated debentures | Level 2 | 90,465 | 98,490 | 90,465 | 100,257 | ||||||||||||||
Accrued interest payable | Level 2 | 430 | 430 | 434 | 434 | ||||||||||||||
-1 | Includes held to maturity commercial mortgage-backed securities that are considered Level 3. These securities had book values of $6.8 million and $2.7 million at September 30, 2013 and December 31, 2012, respectively, and market values of $6.5 million and $3.2 million at September 30, 2013 and December 31, 2012, respectively. | ||||||||||||||||||
-2 | Includes collateral-dependent impaired loans that are considered Level 3 and reported separately in the tables under the “Fair Value on a Nonrecurring Basis” heading. Collateral-dependent impaired loans, net of specific reserves totaled $8.8 million and $8.2 million at September 30, 2013 and December 31, 2012, respectively. | ||||||||||||||||||
Securities
Securities | 9 Months Ended | ||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||
Securities [Abstract] | ' | ||||||||||||||||||||||||||
Securities | ' | ||||||||||||||||||||||||||
NOTE 7. Securities | |||||||||||||||||||||||||||
This table provides the major components of securities available for sale (“AFS”) and held to maturity (“HTM”) at amortized cost and estimated fair value at September 30, 2013 and December 31, 2012: | |||||||||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||||||||||||||||
(In thousands) | Amortized cost | Gross unrealized gains | Gross unrealized losses | Estimated fair value | Amortized cost | Gross unrealized gains | Gross unrealized losses | Estimated fair value | |||||||||||||||||||
Available for sale: | |||||||||||||||||||||||||||
U.S. Government sponsored entities | $ | 6,748 | $ | 28 | $ | -397 | $ | 6,379 | $ | 2,482 | $ | 86 | $ | - | $ | 2,568 | |||||||||||
State and political subdivisions | 17,027 | 171 | -584 | 16,614 | 14,690 | 613 | - | 15,303 | |||||||||||||||||||
Residential mortgage-backed securities | 43,269 | 817 | -417 | 43,669 | 43,984 | 1,684 | -123 | 45,545 | |||||||||||||||||||
Commercial mortgage-backed securities | 1,307 | 4 | -3 | 1,308 | 4,423 | 42 | -2 | 4,463 | |||||||||||||||||||
Corporate and other securities | 13,255 | 66 | -365 | 12,956 | 21,741 | 490 | -572 | 21,659 | |||||||||||||||||||
Total securities available for sale | $ | 81,606 | $ | 1,086 | $ | -1,766 | $ | 80,926 | $ | 87,320 | $ | 2,915 | $ | -697 | $ | 89,538 | |||||||||||
Held to maturity: | |||||||||||||||||||||||||||
U.S. Government sponsored entities | $ | 5,928 | $ | - | $ | -462 | $ | 5,466 | $ | 5,050 | $ | 38 | $ | - | $ | 5,088 | |||||||||||
State and political subdivisions | 2,443 | 114 | -20 | 2,537 | 2,746 | 288 | - | 3,034 | |||||||||||||||||||
Residential mortgage-backed securities | 9,848 | 171 | -150 | 9,869 | 11,048 | 374 | -13 | 11,409 | |||||||||||||||||||
Commercial mortgage-backed securities | 6,781 | 99 | -391 | 6,489 | 2,671 | 539 | - | 3,210 | |||||||||||||||||||
Corporate and other securities | 980 | - | -80 | 900 | - | - | - | - | |||||||||||||||||||
Total securities held to maturity | $ | 25,980 | $ | 384 | $ | -1,103 | $ | 25,261 | $ | 21,515 | $ | 1,239 | $ | -13 | $ | 22,741 | |||||||||||
This table provides the remaining contractual maturities and yields of securities within the investment portfolios. The carrying value of securities at September 30, 2013 is distributed by contractual maturity. Mortgage-backed securities and other securities, which may have principal prepayment provisions, are distributed based on contractual maturity. Expected maturities will differ materially from contractual maturities as a result of early prepayments and calls. | |||||||||||||||||||||||||||
Within one year | After one through five years | After five through ten years | After ten years | Total carrying value | |||||||||||||||||||||||
(In thousands, except percentages) | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | |||||||||||||||||
Available for sale at fair value: | |||||||||||||||||||||||||||
U.S. Government sponsored entities | $ | 35 | 3.96 | % | $ | 1,015 | 1.00 | % | $ | 942 | 2.06 | % | $ | 4,387 | 2.19 | % | $ | 6,379 | 1.99 | % | |||||||
State and political subdivisions | - | - | 823 | 2.56 | 11,442 | 2.69 | 4,349 | 2.80 | 16,614 | 2.71 | |||||||||||||||||
Residential mortgage-backed securities | 5 | 2.59 | 557 | 4.47 | 714 | 3.27 | 42,393 | 2.67 | 43,669 | 2.70 | |||||||||||||||||
Commercial mortgage-backed securities | - | - | - | - | - | - | 1,308 | 2.45 | 1,308 | 2.45 | |||||||||||||||||
Corporate and other securities | - | - | 402 | 1.28 | 5,709 | 1.85 | 6,845 | 2.49 | 12,956 | 2.17 | |||||||||||||||||
Total securities available for sale | $ | 40 | 3.78 | % | $ | 2,797 | 2.19 | % | $ | 18,807 | 2.43 | % | $ | 59,282 | 2.62 | % | $ | 80,926 | 2.56 | % | |||||||
Held to maturity at cost: | |||||||||||||||||||||||||||
U.S. Government sponsored entities | $ | - | - | % | $ | - | - | % | $ | - | - | % | $ | 5,928 | 1.97 | % | $ | 5,928 | 1.97 | % | |||||||
State and political subdivisions | 326 | 0.75 | - | - | - | - | 2,117 | 4.70 | 2,443 | 4.17 | |||||||||||||||||
Residential mortgage-backed securities | 5 | 2.88 | 786 | 4.74 | 370 | 4.93 | 8,687 | 2.83 | 9,848 | 3.06 | |||||||||||||||||
Commercial mortgage-backed securities | - | - | - | - | - | - | 6,781 | 3.80 | 6,781 | 3.80 | |||||||||||||||||
Corporate and other securities | - | - | - | - | 980 | 2.95 | - | - | 980 | 2.95 | |||||||||||||||||
Total securities held to maturity | $ | 331 | 0.78 | % | $ | 786 | 4.74 | % | $ | 1,350 | 3.49 | % | $ | 23,513 | 3.06 | % | $ | 25,980 | 3.10 | % | |||||||
The fair value of securities with unrealized losses by length of time that the individual securities have been in a continuous unrealized loss position at September 30, 2013 and December 31, 2012 are as follows: | |||||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||
Less than 12 months | 12 months and greater | Total | |||||||||||||||||||||||||
(In thousands, except number in a loss position) | Total number in a loss position | Estimated fair value | Unrealized loss | Estimated fair value | Unrealized loss | Estimated fair value | Unrealized loss | ||||||||||||||||||||
Available for sale: | |||||||||||||||||||||||||||
U.S. Government sponsored entities | 6 | $ | 5,555 | $ | -397 | $ | - | $ | - | $ | 5,555 | $ | -397 | ||||||||||||||
State and political subdivisions | 21 | 10,209 | -584 | - | - | 10,209 | -584 | ||||||||||||||||||||
Residential mortgage-backed securities | 14 | 15,091 | -331 | 1,533 | -86 | 16,624 | -417 | ||||||||||||||||||||
Commercial mortgage-backed securities | 2 | 531 | -3 | - | - | 531 | -3 | ||||||||||||||||||||
Corporate and other securities | 8 | 2,432 | -70 | 2,686 | -295 | 5,118 | -365 | ||||||||||||||||||||
Total temporarily impaired securities | 51 | $ | 33,818 | $ | -1,385 | $ | 4,219 | $ | -381 | $ | 38,037 | $ | -1,766 | ||||||||||||||
Held to maturity: | |||||||||||||||||||||||||||
U.S. Government sponsored entities | 3 | $ | 5,465 | $ | -462 | $ | - | $ | - | $ | 5,465 | $ | -462 | ||||||||||||||
State and political subdivisions | 1 | 659 | -20 | - | - | 659 | -20 | ||||||||||||||||||||
Residential mortgage-backed securities | 6 | 4,730 | -145 | $ | 128 | -5 | $ | 4,858 | -150 | ||||||||||||||||||
Commercial mortgage-backed securities | 2 | 3,738 | -391 | - | - | 3,738 | -391 | ||||||||||||||||||||
Corporate and other securities | 1 | 901 | -80 | - | - | 901 | -80 | ||||||||||||||||||||
Total temporarily impaired securities | 13 | $ | 15,493 | $ | -1,098 | $ | 128 | $ | -5 | $ | 15,621 | $ | -1,103 | ||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||
Less than 12 months | 12 months and greater | Total | |||||||||||||||||||||||||
(In thousands, except number in a loss position) | Total number in a loss position | Estimated fair value | Unrealized loss | Estimated fair value | Unrealized loss | Estimated fair value | Unrealized loss | ||||||||||||||||||||
Available for sale: | |||||||||||||||||||||||||||
Residential mortgage-backed securities | 5 | $ | 3,272 | $ | -43 | $ | 1,951 | $ | -80 | $ | 5,223 | $ | -123 | ||||||||||||||
Commercial mortgage-backed securities | 4 | 2,351 | -2 | - | - | 2,351 | -2 | ||||||||||||||||||||
Corporate and other securities | 6 | 2,486 | -26 | 2,994 | -546 | 5,480 | -572 | ||||||||||||||||||||
Total temporarily impaired securities | 15 | $ | 8,109 | $ | -71 | $ | 4,945 | $ | -626 | $ | 13,054 | $ | -697 | ||||||||||||||
Held to maturity: | |||||||||||||||||||||||||||
Residential mortgage-backed securities | 3 | $ | 838 | $ | -2 | $ | 279 | $ | -11 | $ | 1,117 | $ | -13 | ||||||||||||||
Total temporarily impaired securities | 3 | $ | 838 | $ | -2 | $ | 279 | $ | -11 | $ | 1,117 | $ | -13 | ||||||||||||||
Unrealized Losses | |||||||||||||||||||||||||||
The unrealized losses in each of the categories presented in the tables above are discussed in the paragraphs that follow: | |||||||||||||||||||||||||||
U.S. government sponsored entities and state and political subdivision securities: The unrealized losses on investments in these types of securities were caused by the increase in interest rate spreads. The contractual terms of these investments do not permit the issuer to settle the securities at a price less than the par value of the investments. Because the Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost basis, which may be at maturity, the Company did not consider these investments to be other-than temporarily impaired as of September 30, 2013. There was no impairment on these securities at December 31, 2012. | |||||||||||||||||||||||||||
Residential and commercial mortgage-backed securities: The unrealized losses on investments in mortgage-backed securities were caused by increases in interest rate spreads or faster prepayment speeds. The majority of contractual cash flows of these securities are guaranteed by Fannie Mae, Ginnie Mae and the Federal Home Loan Mortgage Corporation. It is expected that the securities would not be settled at a price significantly less than the par value of the investment. Because the decline in fair value is attributable to changes in interest rates and not credit quality, and because the Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost basis, which may be at maturity, the Company did not consider these investments to be other-than-temporarily impaired as of September 30, 2013 or December 31, 2012. | |||||||||||||||||||||||||||
Corporate and other securities: Included in this category are corporate debt securities, Community Reinvestment Act (“CRA”) investments, asset-backed securities, and trust preferred securities. The unrealized losses on corporate debt securities were due to widening credit spreads and the unrealized losses on CRA investments were caused by decreases in the market prices of the shares. The Company evaluated the prospects of the issuers and forecasted a recovery period; and as a result determined it did not consider these investments to be other-than-temporarily impaired as of September 30, 2013 or December 31, 2012. The unrealized losses on asset-backed securities were caused by increases in interest rate spreads. It is expected that the securities would not be settled at a price significantly less than the par value of the investment. Because the decline in fair value is attributable to changes in interest rates and not credit quality, and because the Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost basis, which may be at maturity, the Company did not consider these investments to be other-than-temporarily impaired as of September 30, 2013 or December 31, 2012. The unrealized losses on trust preferred securities were caused by an inactive trading market and changes in market credit spreads. At September 30, 2013 and December 31, 2012, this category consisted of one single-issuer trust preferred security. The contractual terms do not allow the security to be settled at a price less than the par value. Because the Company does not intend to sell the security and it is not more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis, which may be at maturity, the Company did not consider this security to be other-than-temporarily impaired as of September 30, 2013 or December 31, 2012. | |||||||||||||||||||||||||||
Realized Gains and Losses | |||||||||||||||||||||||||||
Gross realized gains (losses) on securities for the three and nine months ended September 30, 2013 and 2012 are detailed in the table below: | |||||||||||||||||||||||||||
For the three months ended September 30, | For the nine months ended September 30, | ||||||||||||||||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||
Available for sale: | |||||||||||||||||||||||||||
Realized gains | $ | 34 | $ | - | $ | 371 | $ | 511 | |||||||||||||||||||
Realized losses | - | - | -4 | -4 | |||||||||||||||||||||||
Total securities available for sale | 34 | - | 367 | 507 | |||||||||||||||||||||||
Held to maturity: | |||||||||||||||||||||||||||
Realized gains | - | 7 | - | 7 | |||||||||||||||||||||||
Realized losses | - | - | - | - | |||||||||||||||||||||||
Total securities held to maturity | - | 7 | - | 7 | |||||||||||||||||||||||
Net gains on sales of securities | $ | 34 | $ | 7 | $ | 367 | $ | 514 | |||||||||||||||||||
The net realized gains are included in noninterest income in the Consolidated Statements of Income as net security gains. For the three and nine months ended September 30, 2013, there were gross realized gains of $34 thousand and $371 thousand, respectively. There were no realized losses during the third quarter of 2013 and gross realized losses of $4 thousand for the year-to-date period. The net realized gains during 2013 were a result of the following: | |||||||||||||||||||||||||||
· | The Company sold approximately $11.8 million in book value of available for sale asset-backed securities, mortgage-backed securities, and corporate bonds, resulting in pre-tax gains of approximately $371 thousand, partially offset by | ||||||||||||||||||||||||||
· | Losses of $4 thousand on the partial call of $64 thousand in book value of one available for sale municipal security. | ||||||||||||||||||||||||||
For the three and nine months ended September 30, 2012, there were gross realized gains of $7 thousand and $518 thousand, respectively. There were no realized losses during the third quarter of 2012 and gross realized losses of $4 thousand in the year-to-date period. The net realized gains during 2012 were a result of the following: | |||||||||||||||||||||||||||
· | The Company sold approximately $6.1 million in book value of available for sale mortgage-backed and municipal securities, resulting in pre-tax gains of approximately $511 thousand, | ||||||||||||||||||||||||||
· | The call of a tax-exempt held to maturity municipal security resulted in a $7 thousand gain, partially offset by | ||||||||||||||||||||||||||
· | Losses of $4 thousand on the partial call of $64 thousand in book value of one available for sale municipal security. | ||||||||||||||||||||||||||
Pledged Securities | |||||||||||||||||||||||||||
Securities with a carrying value of $72.2 million and $78.4 million at September 30, 2013 and December 31, 2012, respectively, were pledged to secure Government deposits, secure other borrowings and for other purposes required or permitted by law. Included in these figures was $20.0 million and $25.1 million pledged against Government deposits at September 30, 2013 and December 31, 2012, respectively. | |||||||||||||||||||||||||||
Loans
Loans | 9 Months Ended | |||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||
Loans [Abstract] | ' | |||||||||||||||||||||
Loans | ' | |||||||||||||||||||||
Note 8. Loans | ||||||||||||||||||||||
The following table sets forth the classification of loans by class, including unearned fees, deferred costs and excluding the allowance for loan losses as of September 30, 2013 and December 31, 2012: | ||||||||||||||||||||||
(In thousands) | 30-Sep-13 | 31-Dec-12 | ||||||||||||||||||||
SBA loans held to maturity | $ | 50,445 | $ | 58,593 | ||||||||||||||||||
SBA 504 loans | 37,041 | 41,438 | ||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||
Commercial other | 32,580 | 24,043 | ||||||||||||||||||||
Commercial real estate | 308,761 | 264,439 | ||||||||||||||||||||
Commercial real estate construction | 7,284 | 13,082 | ||||||||||||||||||||
Residential mortgage loans | ||||||||||||||||||||||
Residential mortgages | 166,830 | 125,232 | ||||||||||||||||||||
Purchased residential mortgages | 6,299 | 6,862 | ||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||
Home equity | 44,128 | 45,152 | ||||||||||||||||||||
Consumer other | 1,356 | 1,258 | ||||||||||||||||||||
Total loans held for investment | $ | 654,724 | $ | 580,099 | ||||||||||||||||||
SBA loans held for sale | 5,893 | 6,937 | ||||||||||||||||||||
Total loans | $ | 660,617 | $ | 587,036 | ||||||||||||||||||
Loans are made to individuals as well as commercial entities. Specific loan terms vary as to interest rate, repayment, and collateral requirements based on the type of loan requested and the credit worthiness of the prospective borrower. Credit risk, excluding SBA loans, tends to be geographically concentrated in that a majority of the loan customers are located in the markets serviced by the Bank. As a preferred SBA lender, a portion of the SBA portfolio is to borrowers outside the Company’s lending area. However, during late 2008, the Company withdrew from SBA lending outside of its primary trade area, but continues to offer SBA loan products as an additional credit product within its primary trade area. Loan performance may be adversely affected by factors impacting the general economy or conditions specific to the real estate market such as geographic location and/or property type. A description of the Company's different loan segments follows: | ||||||||||||||||||||||
SBA Loans: SBA 7(a) loans, on which the SBA has historically provided guarantees of up to 90 percent of the principal balance, are considered a higher risk loan product for the Company than its other loan products. The guaranteed portion of the Company’s SBA loans is generally sold in the secondary market with the nonguaranteed portion held in the portfolio as a loan held for investment. SBA loans are for the purpose of providing working capital, financing the purchase of equipment, inventory or commercial real estate and for other business purposes. Loans are guaranteed by the businesses' major owners. SBA loans are made based primarily on the historical and projected cash flow of the business and secondarily on the underlying collateral provided. | ||||||||||||||||||||||
SBA 504 Loans: The SBA 504 program consists of real estate backed commercial mortgages where the Company has the first mortgage and the SBA has the second mortgage on the property. SBA 504 loans are made based primarily on the historical and projected cash flow of the business and secondarily on the underlying collateral provided. Generally, the Company has a 50 percent loan to value ratio on SBA 504 program loans at origination. | ||||||||||||||||||||||
Commercial Loans: Commercial credit is extended primarily to middle market and small business customers. Commercial loans are generally made in the Company’s market place for the purpose of providing working capital, financing the purchase of equipment, inventory or commercial real estate and for other business purposes. Loans will generally be guaranteed in full or for a meaningful amount by the businesses' major owners. Commercial loans are made based primarily on the historical and projected cash flow of the business and secondarily on the underlying collateral provided. | ||||||||||||||||||||||
Residential Mortgage and Consumer Loans: The Company originates mortgage and consumer loans including principally residential real estate and home equity lines and loans. Each loan type is evaluated on debt to income, type of collateral and loan to collateral value, credit history and Company relationship with the borrower. | ||||||||||||||||||||||
Inherent in the lending function is credit risk, which is the possibility a borrower may not perform in accordance with the contractual terms of their loan. A borrower’s inability to pay their obligations according to the contractual terms can create the risk of past due loans and, ultimately, credit losses, especially on collateral deficient loans. The Company minimizes its credit risk by loan diversification and adhering to credit administration policies and procedures. Due diligence on loans begins when we initiate contact regarding a loan with a borrower. Documentation, including a borrower’s credit history, materials establishing the value and liquidity of potential collateral, the purpose of the loan, the source of funds for repayment of the loan, and other factors, are analyzed before a loan is submitted for approval. The loan portfolio is then subject to on-going internal reviews for credit quality, as well as independent credit reviews by an outside firm. | ||||||||||||||||||||||
The Company's extension of credit is governed by the Credit Risk Policy which was established to control the quality of the Company's loans. These policies and procedures are reviewed and approved by the Board of Directors on a regular basis. | ||||||||||||||||||||||
Credit Ratings | ||||||||||||||||||||||
For SBA 7(a), SBA 504 and commercial loans, management uses internally assigned risk ratings as the best indicator of credit quality. A loan’s internal risk rating is updated at least annually and more frequently if circumstances warrant a change in risk rating. The Company uses a 1 through 10 loan grading system that follows regulatory accepted definitions. | ||||||||||||||||||||||
Pass: Risk ratings of 1 through 6 are used for loans that are performing, as they meet, and are expected to continue to meet, all of the terms and conditions set forth in the original loan documentation, and are generally current on principal and interest payments. These performing loans are termed “Pass”. | ||||||||||||||||||||||
Special Mention: Criticized loans are assigned a risk rating of 7 and termed “Special Mention”, as the borrowers exhibit potential credit weaknesses or downward trends deserving management’s close attention. If not checked or corrected, these trends will weaken the Bank’s collateral and position. While potentially weak, these borrowers are currently marginally acceptable and no loss of interest or principal is anticipated. As a result, special mention assets do not expose an institution to sufficient risk to warrant adverse classification. Included in “Special Mention” could be turnaround situations, such as borrowers with deteriorating trends beyond one year, borrowers in startup or deteriorating industries, or borrowers with a poor market share in an average industry. "Special Mention" loans may include an element of asset quality, financial flexibility, or below average management. Management and ownership may have limited depth or experience. Regulatory agencies have agreed on a consistent definition of “Special Mention” as an asset with potential weaknesses which, if left uncorrected, may result in deterioration of the repayment prospects for the asset or in the Bank’s credit position at some future date. This definition is intended to ensure that the “Special Mention” category is not used to identify assets that have as their sole weakness credit data exceptions or collateral documentation exceptions that are not material to the repayment of the asset. | ||||||||||||||||||||||
Substandard: Classified loans are assigned a risk rating of an 8 or 9, depending upon the prospect for collection, and deemed “Substandard”. A risk rating of 8 is used for borrowers with well-defined weaknesses that jeopardize the orderly liquidation of debt. The loan is inadequately protected by the current paying capacity of the obligor or by the collateral pledged, if any. Normal repayment from the borrower is in jeopardy, although no loss of principal is envisioned. There is a distinct possibility that a partial loss of interest and/or principal will occur if the deficiencies are not corrected. Loss potential, while existing in the aggregate amount of substandard assets, does not have to exist in individual assets classified “Substandard”. | ||||||||||||||||||||||
A risk rating of 9 is used for borrowers that have all the weaknesses inherent in a loan with a risk rating of 8, with the added characteristic that the weaknesses make collection of debt in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Serious problems exist to the point where partial loss of principal is likely. The possibility of loss is extremely high, but because of certain important, reasonably specific pending factors that may work to strengthen the assets, the loans’ classification as estimated losses is deferred until a more exact status may be determined. Pending factors include proposed merger, acquisition, or liquidation procedures; capital injection; perfecting liens on additional collateral; and refinancing plans. Partial charge-offs are likely. | ||||||||||||||||||||||
Loss: Once a borrower is deemed incapable of repayment of unsecured debt, the risk rating becomes a 10, the loan is termed a “Loss”, and charged-off immediately. Loans to such borrowers are considered uncollectible and of such little value that continuance as active assets of the Bank is not warranted. This classification does not mean that the loan has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing off these basically worthless assets even though partial recovery may be affected in the future. | ||||||||||||||||||||||
For residential mortgage and consumer loans, management uses performing versus nonperforming as the best indicator of credit quality. Nonperforming loans consist of loans that are not accruing interest (nonaccrual loans) as a result of principal or interest being in default for a period of 90 days or more or when the ability to collect principal and interest according to the contractual terms is in doubt. These credit quality indicators are updated on an ongoing basis, as a loan is placed on nonaccrual status as soon as management believes there is sufficient doubt as to the ultimate ability to collect interest on a loan. | ||||||||||||||||||||||
The tables below detail the Company’s loan portfolio by class according to their credit quality indicators discussed in the paragraphs above as of September 30, 2013: | ||||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||
SBA, SBA 504 & Commercial loans - Internal risk ratings | ||||||||||||||||||||||
(In thousands) | Pass | Special mention | Substandard | Total | ||||||||||||||||||
SBA loans held to maturity | $ | 42,087 | $ | 1,928 | $ | 6,430 | $ | 50,445 | ||||||||||||||
SBA 504 loans | 27,428 | 7,080 | 2,533 | 37,041 | ||||||||||||||||||
Commercial loans | ||||||||||||||||||||||
Commercial other | 29,735 | 1,667 | 1,178 | 32,580 | ||||||||||||||||||
Commercial real estate | 277,691 | 22,988 | 8,082 | 308,761 | ||||||||||||||||||
Commercial real estate construction | 7,107 | - | 177 | 7,284 | ||||||||||||||||||
Total commercial loans | 314,533 | 24,655 | 9,437 | 348,625 | ||||||||||||||||||
Total SBA, SBA 504 and commercial loans | $ | 384,048 | $ | 33,663 | $ | 18,400 | $ | 436,111 | ||||||||||||||
Residential mortgage & Consumer loans - Performing/Nonperforming | ||||||||||||||||||||||
(In thousands) | Performing | Nonperforming | Total | |||||||||||||||||||
Residential mortgage loans | ||||||||||||||||||||||
Residential mortgages | $ | 164,487 | $ | 2,343 | $ | 166,830 | ||||||||||||||||
Purchased residential mortgages | 4,570 | 1,729 | 6,299 | |||||||||||||||||||
Total residential mortgage loans | 169,057 | 4,072 | 173,129 | |||||||||||||||||||
Consumer loans | ||||||||||||||||||||||
Home equity | 42,400 | 1,728 | 44,128 | |||||||||||||||||||
Consumer other | 1,356 | - | 1,356 | |||||||||||||||||||
Total consumer loans | 43,756 | 1,728 | 45,484 | |||||||||||||||||||
Total residential mortgage and consumer loans | $ | 212,813 | $ | 5,800 | $ | 218,613 | ||||||||||||||||
The tables below detail the Company’s loan portfolio by class according to their credit quality indicators discussed in the paragraphs above as of December 31, 2012: | ||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||
SBA, SBA 504 & Commercial loans - Internal risk ratings | ||||||||||||||||||||||
(In thousands) | Pass | Special mention | Substandard | Total | ||||||||||||||||||
SBA loans held to maturity | $ | 45,680 | $ | 4,376 | $ | 8,537 | $ | 58,593 | ||||||||||||||
SBA 504 loans | 28,726 | 5,860 | 6,852 | 41,438 | ||||||||||||||||||
Commercial loans | ||||||||||||||||||||||
Commercial other | 20,187 | 1,669 | 2,187 | 24,043 | ||||||||||||||||||
Commercial real estate | 229,516 | 30,733 | 4,190 | 264,439 | ||||||||||||||||||
Commercial real estate construction | 12,880 | 202 | - | 13,082 | ||||||||||||||||||
Total commercial loans | 262,583 | 32,604 | 6,377 | 301,564 | ||||||||||||||||||
Total SBA, SBA 504 and commercial loans | $ | 336,989 | $ | 42,840 | $ | 21,766 | $ | 401,595 | ||||||||||||||
Residential mortgage & Consumer loans - Performing/Nonperforming | ||||||||||||||||||||||
(In thousands) | Performing | Nonperforming | Total | |||||||||||||||||||
Residential mortgage loans | ||||||||||||||||||||||
Residential mortgages | $ | 122,711 | $ | 2,521 | $ | 125,232 | ||||||||||||||||
Purchased residential mortgages | 3,872 | 2,990 | 6,862 | |||||||||||||||||||
Total residential mortgage loans | 126,583 | 5,511 | 132,094 | |||||||||||||||||||
Consumer loans | ||||||||||||||||||||||
Home equity | 44,844 | 308 | 45,152 | |||||||||||||||||||
Consumer other | 1,249 | 9 | 1,258 | |||||||||||||||||||
Total consumer loans | 46,093 | 317 | 46,410 | |||||||||||||||||||
Total residential mortgage and consumer loans | $ | 172,676 | $ | 5,828 | $ | 178,504 | ||||||||||||||||
Nonperforming and Past Due Loans | ||||||||||||||||||||||
Nonperforming loans consist of loans that are not accruing interest (nonaccrual loans) as a result of principal or interest being in default for a period of 90 days or more or when the ability to collect principal and interest according to the contractual terms is in doubt. Loans past due 90 days or more and still accruing interest are not included in nonperforming loans and generally represent loans that are well collateralized and in a continuing process expected to result in repayment or restoration to current status. The risk of loss is difficult to quantify and is subject to fluctuations in collateral values, general economic conditions and other factors. The current state of the economy and the downturn in the real estate market has resulted in increased loan delinquencies and defaults. In some cases, these factors have also resulted in significant impairment to the value of loan collateral. The Company values its collateral through the use of appraisals, broker price opinions, and knowledge of its local market. In response to the credit risk in its portfolio, the Company has increased staffing in its credit monitoring department and increased efforts in the collection and analysis of borrowers’ financial statements and tax returns. | ||||||||||||||||||||||
The following tables set forth an aging analysis of past due and nonaccrual loans as of September 30, 2013 and December 31, 2012: | ||||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||
(In thousands) | 30-59 days past due | 60-89 days past due | 90+ days and still accruing | Nonaccrual (1) | Total past due | Current | Total loans | |||||||||||||||
SBA loans held to maturity | $ | 830 | $ | 96 | $ | 1 | $ | 3,058 | $ | 3,985 | $ | 46,460 | $ | 50,445 | ||||||||
SBA 504 loans | - | - | - | 2,298 | 2,298 | 34,743 | 37,041 | |||||||||||||||
Commercial loans | ||||||||||||||||||||||
Commercial other | 10 | - | 94 | 979 | 1,083 | 31,497 | 32,580 | |||||||||||||||
Commercial real estate | 57 | - | 14 | 4,342 | 4,413 | 304,348 | 308,761 | |||||||||||||||
Commercial real estate construction | - | - | - | 177 | 177 | 7,107 | 7,284 | |||||||||||||||
Residential mortgage loans | ||||||||||||||||||||||
Residential mortgages | 1,148 | - | 748 | 2,343 | 4,239 | 162,591 | 166,830 | |||||||||||||||
Purchased residential mortgages | 537 | 68 | 4 | 1,729 | 2,338 | 3,961 | 6,299 | |||||||||||||||
Consumer loans | ||||||||||||||||||||||
Home equity | 432 | 198 | - | 1,728 | 2,358 | 41,770 | 44,128 | |||||||||||||||
Consumer other | 5 | - | - | - | 5 | 1,351 | 1,356 | |||||||||||||||
Total loans held for investment | $ | 3,019 | $ | 362 | $ | 861 | $ | 16,654 | $ | 20,896 | $ | 633,828 | $ | 654,724 | ||||||||
SBA loans held for sale | - | - | - | - | - | 5,893 | 5,893 | |||||||||||||||
Total loans | $ | 3,019 | $ | 362 | $ | 861 | $ | 16,654 | $ | 20,896 | $ | 639,721 | $ | 660,617 | ||||||||
-1 | At September 30, 2013, nonaccrual loans included $1.8 million of troubled debt restructurings ("TDRs") and $592 thousand of loans guaranteed by the SBA. The remaining $7.7 million of TDRs are in accrual status because they are performing in accordance with their restructured terms. | |||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||
(In thousands) | 30-59 days past due | 60-89 days past due | 90+ days and still accruing | Nonaccrual (1) | Total past due | Current | Total loans | |||||||||||||||
SBA loans held to maturity | $ | 1,912 | $ | 296 | $ | - | $ | 4,633 | $ | 6,841 | $ | 51,752 | $ | 58,593 | ||||||||
SBA 504 loans | 5,037 | - | - | 2,562 | 7,599 | 33,839 | 41,438 | |||||||||||||||
Commercial loans | ||||||||||||||||||||||
Commercial other | - | - | 109 | 1,122 | 1,231 | 22,812 | 24,043 | |||||||||||||||
Commercial real estate | 3,763 | - | - | 3,323 | 7,086 | 257,353 | 264,439 | |||||||||||||||
Commercial real estate construction | - | 202 | - | - | 202 | 12,880 | 13,082 | |||||||||||||||
Residential mortgage loans | ||||||||||||||||||||||
Residential mortgages | 2,651 | 1,878 | - | 2,521 | 7,050 | 118,182 | 125,232 | |||||||||||||||
Purchased residential mortgages | 134 | 78 | - | 2,990 | 3,202 | 3,660 | 6,862 | |||||||||||||||
Consumer loans | ||||||||||||||||||||||
Home equity | 833 | - | - | 308 | 1,141 | 44,011 | 45,152 | |||||||||||||||
Consumer other | - | - | - | 9 | 9 | 1,249 | 1,258 | |||||||||||||||
Total loans held for investment | $ | 14,330 | $ | 2,454 | $ | 109 | $ | 17,468 | $ | 34,361 | $ | 545,738 | $ | 580,099 | ||||||||
SBA loans held for sale | - | - | - | - | - | 6,937 | 6,937 | |||||||||||||||
Total loans | $ | 14,330 | $ | 2,454 | $ | 109 | $ | 17,468 | $ | 34,361 | $ | 552,675 | $ | 587,036 | ||||||||
(1) At December 31, 2012, nonaccrual loans included $1.1 million of TDRs and $1.8 million of loans guaranteed by the SBA. The remaining $13.6 million of TDRs are in accrual status because they are performing in accordance with their restructured terms. | ||||||||||||||||||||||
Impaired Loans | ||||||||||||||||||||||
The Company has defined impaired loans to be all nonperforming loans and troubled debt restructurings. Management considers a loan impaired when, based on current information and events, it is determined that the Company will not be able to collect all amounts due according to the loan contract. Impairment is evaluated in total for smaller-balance loans of a similar nature (consumer and residential mortgage loans), and on an individual basis for SBA, SBA 504, and commercial loans. | ||||||||||||||||||||||
The following table provides detail on the Company’s impaired loans that are individually evaluated for impairment with the associated allowance amount, if applicable, as of September 30, 2013: | ||||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||
(In thousands) | Unpaid principal balance | Recorded investment | Specific reserves | |||||||||||||||||||
With no related allowance: | ||||||||||||||||||||||
SBA loans held to maturity (1) | $ | 1,657 | $ | 768 | $ | - | ||||||||||||||||
SBA 504 loans | 2,265 | 2,265 | - | |||||||||||||||||||
Commercial loans | ||||||||||||||||||||||
Commercial other | 966 | 966 | - | |||||||||||||||||||
Commercial real estate | 3,886 | 3,739 | - | |||||||||||||||||||
Total commercial loans | 4,852 | 4,705 | - | |||||||||||||||||||
Total impaired loans with no related allowance | 8,774 | 7,738 | - | |||||||||||||||||||
With an allowance: | ||||||||||||||||||||||
SBA loans held to maturity (1) | 2,446 | 2,169 | 876 | |||||||||||||||||||
SBA 504 loans | 2,574 | 1,874 | 31 | |||||||||||||||||||
Commercial loans | ||||||||||||||||||||||
Commercial other | 26 | 13 | 13 | |||||||||||||||||||
Commercial real estate | 6,246 | 5,996 | 490 | |||||||||||||||||||
Commercial real estate construction | 202 | 177 | 37 | |||||||||||||||||||
Total commercial loans | 6,474 | 6,186 | 540 | |||||||||||||||||||
Total impaired loans with a related allowance | 11,494 | 10,229 | 1,447 | |||||||||||||||||||
Total individually evaluated impaired loans: | ||||||||||||||||||||||
SBA loans held to maturity (1) | 4,103 | 2,937 | 876 | |||||||||||||||||||
SBA 504 loans | 4,839 | 4,139 | 31 | |||||||||||||||||||
Commercial loans | ||||||||||||||||||||||
Commercial other | 992 | 979 | 13 | |||||||||||||||||||
Commercial real estate | 10,132 | 9,735 | 490 | |||||||||||||||||||
Commercial real estate construction | 202 | 177 | 37 | |||||||||||||||||||
Total commercial loans | 11,326 | 10,891 | 540 | |||||||||||||||||||
Total individually evaluated impaired loans | $ | 20,268 | $ | 17,967 | $ | 1,447 | ||||||||||||||||
-1 | Balances are reduced by amount guaranteed by the SBA of $592 thousand at September 30, 2013. | |||||||||||||||||||||
The following table provides detail on the Company’s impaired loans that are individually evaluated for impairment with the associated allowance amount, if applicable, as of December 31, 2012: | ||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||
(In thousands) | Unpaid principal balance | Recorded investment | Specific reserves | |||||||||||||||||||
With no related allowance: | ||||||||||||||||||||||
SBA loans held to maturity (1) | $ | 1,352 | $ | 866 | $ | - | ||||||||||||||||
SBA 504 loans | 5,812 | 5,555 | - | |||||||||||||||||||
Commercial loans | ||||||||||||||||||||||
Commercial other | 2,032 | 2,033 | - | |||||||||||||||||||
Commercial real estate | 5,220 | 4,752 | - | |||||||||||||||||||
Total commercial loans | 7,252 | 6,785 | - | |||||||||||||||||||
Total impaired loans with no related allowance | 14,416 | 13,206 | - | |||||||||||||||||||
With an allowance: | ||||||||||||||||||||||
SBA loans held to maturity (1) | 3,355 | 2,846 | 1,159 | |||||||||||||||||||
SBA 504 loans | 1,297 | 1,297 | 217 | |||||||||||||||||||
Commercial loans | ||||||||||||||||||||||
Commercial other | 126 | 38 | 38 | |||||||||||||||||||
Commercial real estate | 6,014 | 5,979 | 587 | |||||||||||||||||||
Total commercial loans | 6,140 | 6,017 | 625 | |||||||||||||||||||
Total impaired loans with a related allowance | 10,792 | 10,160 | 2,001 | |||||||||||||||||||
Total individually evaluated impaired loans: | ||||||||||||||||||||||
SBA loans held to maturity (1) | 4,707 | 3,712 | 1,159 | |||||||||||||||||||
SBA 504 loans | 7,109 | 6,852 | 217 | |||||||||||||||||||
Commercial loans | ||||||||||||||||||||||
Commercial other | 2,158 | 2,071 | 38 | |||||||||||||||||||
Commercial real estate | 11,234 | 10,731 | 587 | |||||||||||||||||||
Total commercial loans | 13,392 | 12,802 | 625 | |||||||||||||||||||
Total individually evaluated impaired loans | $ | 25,208 | $ | 23,366 | $ | 2,001 | ||||||||||||||||
-1 | Balances are reduced by amount guaranteed by the SBA of $1.8 million at December 31, 2012. | |||||||||||||||||||||
The following tables present the average recorded investments in impaired loans and the related amount of interest recognized during the time period in which the loans were impaired for the three and nine months ended September 30, 2013 and 2012. The average balances are calculated based on the month-end balances of impaired loans. When the ultimate collectability of the total principal of an impaired loan is in doubt and the loan is on nonaccrual status, all payments are applied to principal under the cost recovery method, therefore no interest income is recognized. The interest income recognized on impaired loans noted below represents primarily accruing troubled debt restructurings and nominal amounts of income recognized on a cash basis for well-collateralized impaired loans. | ||||||||||||||||||||||
For the three months ended September 30, | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
(In thousands) | Average recorded investment | Interest income recognized on impaired loans | Average recorded investment | Interest income recognized on impaired loans | ||||||||||||||||||
SBA loans held to maturity (1) | $ | 3,223 | $ | 40 | $ | 3,405 | $ | 48 | ||||||||||||||
SBA 504 loans | 4,069 | 28 | 5,828 | 69 | ||||||||||||||||||
Commercial loans | ||||||||||||||||||||||
Commercial other | 1,679 | 16 | 3,567 | 13 | ||||||||||||||||||
Commercial real estate | 8,115 | 83 | 18,879 | 157 | ||||||||||||||||||
Commercial real estate construction | 177 | - | - | - | ||||||||||||||||||
Residential mortgage loans | ||||||||||||||||||||||
Residential mortgages | 2,690 | - | 2,104 | - | ||||||||||||||||||
Purchased residential mortgages | 1,740 | - | 3,168 | - | ||||||||||||||||||
Consumer loans | ||||||||||||||||||||||
Home equity | 1,212 | - | 290 | - | ||||||||||||||||||
Consumer other | - | - | 10 | - | ||||||||||||||||||
Total | $ | 22,905 | $ | 167 | $ | 37,251 | $ | 287 | ||||||||||||||
-1 | Balances are reduced by the average amount guaranteed by the Small Business Administration of $605 thousand and $534 thousand for the three months ended September 30, 2013 and 2012, respectively. | |||||||||||||||||||||
For the nine months ended September 30, | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
(In thousands) | Average recorded investment | Interest income recognized on impaired loans | Average recorded investment | Interest income recognized on impaired loans | ||||||||||||||||||
SBA loans held to maturity (1) | $ | 3,395 | $ | 153 | $ | 4,436 | $ | 164 | ||||||||||||||
SBA 504 loans | 5,642 | 142 | 6,244 | 209 | ||||||||||||||||||
Commercial loans | ||||||||||||||||||||||
Commercial other | 1,923 | 100 | 3,560 | 40 | ||||||||||||||||||
Commercial real estate | 9,853 | 252 | 19,031 | 454 | ||||||||||||||||||
Commercial real estate construction | 169 | - | 178 | - | ||||||||||||||||||
Residential mortgage loans | ||||||||||||||||||||||
Residential mortgages | 2,717 | - | 1,904 | - | ||||||||||||||||||
Residential construction | - | - | 1,205 | - | ||||||||||||||||||
Purchased residential mortgages | 1,875 | - | 2,512 | - | ||||||||||||||||||
Consumer loans | ||||||||||||||||||||||
Home equity | 724 | 16 | 301 | - | ||||||||||||||||||
Consumer other | 1 | - | 10 | - | ||||||||||||||||||
Total | $ | 26,299 | $ | 663 | $ | 39,381 | $ | 867 | ||||||||||||||
-1 | Balances are reduced by the average amount guaranteed by the Small Business Administration of $1.1 million and $567 thousand for the nine months ended September 30, 2013 and 2012, respectively. | |||||||||||||||||||||
Troubled Debt Restructurings | ||||||||||||||||||||||
The Company's loan portfolio also includes certain loans that have been modified in a troubled debt restructuring (“TDR”). TDRs occur when a creditor, for economic or legal reasons related to a debtor’s financial condition, grants a concession to the debtor that it would not otherwise consider, unless it results in a delay in payment that is insignificant. These concessions typically include reductions in interest rate, extending the maturity of a loan, or a combination of both. When the Company modifies a loan, management evaluates for any possible impairment using either the discounted cash flows method, where the value of the modified loan is based on the present value of expected cash flows, discounted at the contractual interest rate of the original loan agreement, or by using the fair value of the collateral less selling costs if the loan is collateral-dependent. If management determines that the value of the modified loan is less than the recorded investment in the loan, impairment is recognized by segment or class of loan, as applicable, through an allowance estimate or charge-off to the allowance. This process is used, regardless of loan type, and for loans modified as TDRs that subsequently default on their modified terms. | ||||||||||||||||||||||
TDRs of $9.5 million and $14.7 million are included in the impaired loan numbers listed above as of September 30, 2013 and December 31, 2012, respectively. Specific reserves for these TDRs were $379 thousand and $659 thousand as of September 30, 2013 and December 31, 2012, respectively. At September 30, 2013, $1.8 million of TDRs were in nonaccrual status, compared to $1.1 million at December 31, 2012. The remaining TDRs are in accrual status since they continue to perform in accordance with their restructured terms. There are no commitments to lend additional funds on these loans. | ||||||||||||||||||||||
There were no loans modified during the three months ended September 30, 2013 or 2012 that were deemed to be TDRs. In addition, there were no loans modified as TDRs within the previous 12 months where a concession was made and the loan subsequently defaulted at some point during the three months ended September 30, 2013 or 2012. In this case, subsequent default is defined as 90 days past due or transferred to nonaccrual status. | ||||||||||||||||||||||
The following table details loans modified during the nine months ended September 30, 2013 and 2012, including the number of modifications, the recorded investment at the time of the modification and the year-to-date impact to interest income as a result of the modification. | ||||||||||||||||||||||
For the nine months ended September 30, | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
(In thousands, except number of contracts) | Number of contracts | Recorded investment at time of modification | Impact of interest rate change on income | Number of contracts | Recorded investment at time of modification | Impact of interest rate change on income | ||||||||||||||||
Commercial real estate | 1 | $ | 2,684 | $ | 33 | 3 | $ | 1,856 | $ | 11 | ||||||||||||
Total | 1 | $ | 2,684 | $ | 33 | 3 | $ | 1,856 | $ | 11 | ||||||||||||
The following table presents loans modified as TDRs within the previous 12 months where a concession was made and the loan subsequently defaulted at some point during the nine months ended September 30, 2013 or 2012. | ||||||||||||||||||||||
For the nine months ended September 30, | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
(In thousands, except number of contracts) | Number of contracts | Recorded investment | Number of contracts | Recorded investment | ||||||||||||||||||
Commercial real estate | - | $ | - | 1 | $ | 909 | ||||||||||||||||
Total | - | $ | - | 1 | $ | 909 | ||||||||||||||||
To date, the Company’s TDRs consisted of interest rate reductions, interest only periods and maturity extensions. There has been no principal forgiveness. The following tables show the types of modifications done during the nine months ended September 30, 2013 and 2012, with the respective loan balances as of those period ends: | ||||||||||||||||||||||
For the nine months ended September 30, 2013 | ||||||||||||||||||||||
(In thousands) | Commercial real estate | Total | ||||||||||||||||||||
Type of modification: | ||||||||||||||||||||||
Interest only with reduced interest rate | $ | 2,684 | $ | 2,684 | ||||||||||||||||||
Total TDRs | $ | 2,684 | $ | 2,684 | ||||||||||||||||||
For the nine months ended September 30, 2012 | ||||||||||||||||||||||
(In thousands) | Commercial real estate | Total | ||||||||||||||||||||
Type of modification: | ||||||||||||||||||||||
Interest only | $ | 1,856 | $ | 1,856 | ||||||||||||||||||
Total TDRs | $ | 1,856 | $ | 1,856 | ||||||||||||||||||
Allowance_for_Loan_Losses_and_
Allowance for Loan Losses and Reserve for Unfunded Loan Commitments | 9 Months Ended | |||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||
Allowance for Loan Losses and Reserve for Unfunded Loan Commitments [Abstract] | ' | |||||||||||||||||||||
Allowance for Loan Losses and Reserve for Unfunded Loan Commitments | ' | |||||||||||||||||||||
Note 9. Allowance for Loan Losses and Reserve for Unfunded Loan Commitments | ||||||||||||||||||||||
Allowance for Loan Losses | ||||||||||||||||||||||
The Company has an established methodology to determine the adequacy of the allowance for loan losses that assesses the risks and losses inherent in the loan portfolio. At a minimum, the adequacy of the allowance for loan losses is reviewed by management on a quarterly basis. For purposes of determining the allowance for loan losses, the Company has segmented the loans in its portfolio by loan type. Loans are segmented into the following pools: SBA 7(a), SBA 504, commercial, residential mortgages, and consumer loans. Certain portfolio segments are further broken down into classes based on the associated risks within those segments and the type of collateral underlying each loan. Commercial loans are divided into the following three classes: commercial real estate, commercial real estate construction and commercial other. Residential mortgage loans are divided into the following three classes: Residential mortgages, residential construction and purchased mortgages. Consumer loans are divided into two classes as follows: Home equity and other. | ||||||||||||||||||||||
The standardized methodology used to assess the adequacy of the allowance includes the allocation of specific and general reserves. The same standard methodology is used, regardless of loan type. Specific reserves are made to individual impaired loans and troubled debt restructurings (see Note 1 for additional information on this term). The general reserve is set based upon a representative average historical net charge-off rate adjusted for the following environmental factors: delinquency and impairment trends, charge-off and recovery trends, changes in the volume of restructured loans, volume and loan term trends, changes in risk and underwriting policy trends, staffing and experience changes, national and local economic trends, industry conditions and credit concentration changes. Within the five-year historical net charge-off rate, the Company weights the past three years more heavily due to the higher amount of charge-offs experienced during those years. All of the environmental factors are ranked and assigned a basis points value based on the following scale: low, low moderate, moderate, high moderate and high risk. Each environmental factor is evaluated separately for each class of loans and risk weighted based on its individual characteristics. | ||||||||||||||||||||||
· | For SBA 7(a), SBA 504 and commercial loans, the estimate of loss based on pools of loans with similar characteristics is made through the use of a standardized loan grading system that is applied on an individual loan level and updated on a continuous basis. The loan grading system incorporates reviews of the financial performance of the borrower, including cash flow, debt-service coverage ratio, earnings power, debt level and equity position, in conjunction with an assessment of the borrower's industry and future prospects. It also incorporates analysis of the type of collateral and the relative loan to value ratio. | |||||||||||||||||||||
· | For residential mortgage and consumer loans, the estimate of loss is based on pools of loans with similar characteristics. Factors such as credit score, delinquency status and type of collateral are evaluated. Factors are updated frequently to capture the recent behavioral characteristics of the subject portfolios, as well as any changes in loss mitigation or credit origination strategies, and adjustments to the reserve factors are made as needed. | |||||||||||||||||||||
According to the Company’s policy, a loss (“charge-off”) is to be recognized and charged to the allowance for loan losses as soon as a loan is recognized as uncollectable. All credits which are 90 days past due must be analyzed for the Company’s ability to collect on the credit. Once a loss is known to exist, the charge-off approval process is immediately expedited. This charge-off policy is followed for all loan types. | ||||||||||||||||||||||
The allocated allowance is the total of identified specific and general reserves by loan category. The allocation is not necessarily indicative of the categories in which future losses may occur. The total allowance is available to absorb losses from any segment of the portfolio. An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in methodologies for estimating allocated and general reserves in the portfolio. | ||||||||||||||||||||||
The following tables detail the activity in the allowance for loan losses by portfolio segment for the three months ended September 30, 2013 and 2012: | ||||||||||||||||||||||
For the three months ended September 30, 2013 | ||||||||||||||||||||||
(In thousands) | SBA held to maturity | SBA 504 | Commercial | Residential | Consumer | Unallocated | Total | |||||||||||||||
Balance, beginning of period | $ | 3,135 | $ | 1,488 | $ | 6,806 | $ | 1,954 | $ | 489 | $ | 437 | $ | 14,309 | ||||||||
Charge-offs | -211 | -590 | -253 | -125 | -229 | - | -1,408 | |||||||||||||||
Recoveries | 12 | - | 24 | 13 | - | - | 49 | |||||||||||||||
Net charge-offs | -199 | -590 | -229 | -112 | -229 | - | -1,359 | |||||||||||||||
Provision for loan losses charged to expense | -152 | 209 | 418 | 181 | 255 | -311 | 600 | |||||||||||||||
Balance, end of period | $ | 2,784 | $ | 1,107 | $ | 6,995 | $ | 2,023 | $ | 515 | $ | 126 | $ | 13,550 | ||||||||
For the three months ended September 30, 2012 | ||||||||||||||||||||||
(In thousands) | SBA held to maturity | SBA 504 | Commercial | Residential | Consumer | Unallocated | Total | |||||||||||||||
Balance, beginning of period | $ | 3,201 | $ | 1,331 | $ | 8,756 | $ | 1,836 | $ | 522 | $ | 638 | $ | 16,284 | ||||||||
Charge-offs | -254 | -481 | -1,428 | -65 | -31 | - | -2,259 | |||||||||||||||
Recoveries | 195 | 15 | 58 | - | 1 | - | 269 | |||||||||||||||
Net charge-offs | -59 | -466 | -1,370 | -65 | -30 | - | -1,990 | |||||||||||||||
Provision for loan losses charged to expense | -37 | 342 | 527 | 66 | 14 | 88 | 1,000 | |||||||||||||||
Balance, end of period | $ | 3,105 | $ | 1,207 | $ | 7,913 | $ | 1,837 | $ | 506 | $ | 726 | $ | 15,294 | ||||||||
The following tables detail the activity in the allowance for loan losses by portfolio segment for the nine months ended September 30, 2013 and 2012: | ||||||||||||||||||||||
For the nine months ended September 30, 2013 | ||||||||||||||||||||||
(In thousands) | SBA held to maturity | SBA 504 | Commercial | Residential | Consumer | Unallocated | Total | |||||||||||||||
Balance, beginning of period | $ | 3,378 | $ | 1,312 | $ | 7,091 | $ | 1,769 | $ | 524 | $ | 684 | $ | 14,758 | ||||||||
Charge-offs | -948 | -990 | -828 | -250 | -288 | - | -3,304 | |||||||||||||||
Recoveries | 157 | 179 | 190 | 17 | 3 | - | 546 | |||||||||||||||
Net charge-offs | -791 | -811 | -638 | -233 | -285 | - | -2,758 | |||||||||||||||
Provision for loan losses charged to expense | 197 | 606 | 542 | 487 | 276 | -558 | 1,550 | |||||||||||||||
Balance, end of period | $ | 2,784 | $ | 1,107 | $ | 6,995 | $ | 2,023 | $ | 515 | $ | 126 | $ | 13,550 | ||||||||
For the nine months ended September 30, 2012 | ||||||||||||||||||||||
(In thousands) | SBA held to maturity | SBA 504 | Commercial | Residential | Consumer | Unallocated | Total | |||||||||||||||
Balance, beginning of period | $ | 4,088 | $ | 1,423 | $ | 8,129 | $ | 1,703 | $ | 536 | $ | 469 | $ | 16,348 | ||||||||
Charge-offs | -1,081 | -808 | -2,314 | -672 | -56 | - | -4,931 | |||||||||||||||
Recoveries | 496 | 58 | 122 | - | 1 | - | 677 | |||||||||||||||
Net charge-offs | -585 | -750 | -2,192 | -672 | -55 | - | -4,254 | |||||||||||||||
Provision for loan losses charged to expense | -398 | 534 | 1,976 | 806 | 25 | 257 | 3,200 | |||||||||||||||
Balance, end of period | $ | 3,105 | $ | 1,207 | $ | 7,913 | $ | 1,837 | $ | 506 | $ | 726 | $ | 15,294 | ||||||||
The following tables present loans and their related allowance for loan losses, by portfolio segment, as of September 30, 2013 and December 31, 2012: | ||||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||
(In thousands) | SBA held to maturity | SBA 504 | Commercial | Residential | Consumer | Unallocated | Total | |||||||||||||||
Allowance for loan losses ending balance: | ||||||||||||||||||||||
Individually evaluated for impairment | $ | 876 | $ | 31 | $ | 540 | $ | - | $ | - | $ | - | $ | 1,447 | ||||||||
Collectively evaluated for impairment | 1,908 | 1,076 | 6,455 | 2,023 | 515 | 126 | 12,103 | |||||||||||||||
Total | $ | 2,784 | $ | 1,107 | $ | 6,995 | $ | 2,023 | $ | 515 | $ | 126 | $ | 13,550 | ||||||||
Loan ending balances: | ||||||||||||||||||||||
Individually evaluated for impairment | $ | 2,937 | $ | 4,139 | $ | 10,891 | $ | - | $ | - | $ | - | $ | 17,967 | ||||||||
Collectively evaluated for impairment | 47,508 | 32,902 | 337,734 | 173,129 | 45,484 | - | 636,757 | |||||||||||||||
Total | $ | 50,445 | $ | 37,041 | $ | 348,625 | $ | 173,129 | $ | 45,484 | $ | - | $ | 654,724 | ||||||||
31-Dec-12 | ||||||||||||||||||||||
(In thousands) | SBA held to maturity | SBA 504 | Commercial | Residential | Consumer | Unallocated | Total | |||||||||||||||
Allowance for loan losses ending balance: | ||||||||||||||||||||||
Individually evaluated for impairment | $ | 1,159 | $ | 217 | $ | 625 | $ | - | $ | - | $ | - | $ | 2,001 | ||||||||
Collectively evaluated for impairment | 2,219 | 1,095 | 6,466 | 1,769 | 524 | 684 | 12,757 | |||||||||||||||
Total | $ | 3,378 | $ | 1,312 | $ | 7,091 | $ | 1,769 | $ | 524 | $ | 684 | $ | 14,758 | ||||||||
Loan ending balances: | ||||||||||||||||||||||
Individually evaluated for impairment | $ | 3,712 | $ | 6,852 | $ | 12,802 | $ | - | $ | - | $ | - | $ | 23,366 | ||||||||
Collectively evaluated for impairment | 54,881 | 34,586 | 288,762 | 132,094 | 46,410 | - | 556,733 | |||||||||||||||
Total | $ | 58,593 | $ | 41,438 | $ | 301,564 | $ | 132,094 | $ | 46,410 | $ | - | $ | 580,099 | ||||||||
Changes in Methodology: | ||||||||||||||||||||||
The Company did not make any changes to its allowance for loan losses methodology in the current period. | ||||||||||||||||||||||
Reserve for Unfunded Loan Commitments | ||||||||||||||||||||||
In addition to the allowance for loan losses, the Company maintains a reserve for unfunded loan commitments at a level that management believes is adequate to absorb estimated probable losses. Adjustments to the reserve are made through other expense and applied to the reserve which is classified as other liabilities. At September 30, 2013, a $120 thousand commitment reserve was reported on the balance sheet as an “other liability”, compared to an $87 thousand commitment reserve at December 31, 2012. | ||||||||||||||||||||||
New_Accounting_Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2013 | |
New Accounting Pronouncements [Abstract] | ' |
New Accounting Pronouncements | ' |
Note 10. New Accounting Pronouncements | |
ASU No. 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. In July 2013, the FASB issued ASU No. 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. The objective of the amendments in this Update is to eliminate diversity on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. An unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, unless certain exceptions exist as defined in the ASU. The amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013 and are not expected to impact the Company's financial condition, results of operations or cash flows. | |
Significant_Accounting_Policie1
Significant Accounting Policies (Policy) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Significant Accounting Policies [Abstract] | ' | ||||||||||||||||
Overview [Policy Text Block] | ' | ||||||||||||||||
The accompanying Consolidated Financial Statements include the accounts of Unity Bancorp, Inc. (the "Parent Company") and its wholly-owned subsidiary, Unity Bank (the "Bank" or when consolidated with the Parent Company, the "Company"), and reflect all adjustments and disclosures which are generally routine and recurring in nature, and in the opinion of management, necessary for a fair presentation of interim results. The Bank has multiple subsidiaries used to hold part of its investment and loan portfolios and other real estate owned (“OREO”) properties. All significant intercompany balances and transactions have been eliminated in consolidation. Certain reclassifications have been made to prior period amounts to conform to the current year presentation, with no impact on current earnings or shareholders’ equity. The financial information has been prepared in accordance with U.S. generally accepted accounting principles and has not been audited. In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and revenues and expenses during the reporting periods. Actual results could differ from those estimates. Amounts requiring the use of significant estimates include the allowance for loan losses, valuation of deferred tax and servicing assets, the carrying value of loans held for sale and other real estate owned, the valuation of securities and the determination of other-than-temporary impairment for securities and fair value disclosures. Management believes that the allowance for loan losses is adequate. While management uses available information to recognize losses on loans, future additions to the allowance for loan losses may be necessary based on changes in economic conditions. The Company has evaluated subsequent events for potential recognition and/or disclosure through the date the Consolidated Financial Statements included in this Quarterly Report on Form 10-Q were available to be issued. | |||||||||||||||||
The interim unaudited Consolidated Financial Statements included herein have been prepared in accordance with instructions for Form 10-Q and the rules and regulations of the Securities and Exchange Commission (“SEC”) and consist of normal recurring adjustments necessary for the fair presentation of interim results. The results of operations for the nine months ended September 30, 2013 are not necessarily indicative of the results which may be expected for the entire year. As used in this Form 10-Q, “we” and “us” and “our” refer to Unity Bancorp, Inc., and its consolidated subsidiary, Unity Bank, depending on the context. Certain information and financial disclosures required by U.S. generally accepted accounting principles have been condensed or omitted from interim reporting pursuant to SEC rules. Interim financial statements should be read in conjunction with the Company’s Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. | |||||||||||||||||
Stock-Based Compensation [Policy Text Block] | ' | ||||||||||||||||
Stock Transactions | |||||||||||||||||
Stock Option Plans | |||||||||||||||||
The Company has incentive and nonqualified option plans, which allow for the grant of options to officers, employees and members of the Board of Directors. Transactions under the Company’s stock option plans for the nine months ended September 30, 2013 are summarized in the following table: | |||||||||||||||||
Shares | Weighted average exercise price | Weighted average remaining contractual life in years | Aggregate intrinsic value | ||||||||||||||
Outstanding at December 31, 2012 | 516,332 | $ | 7.06 | 5.4 | $ | 327,725 | |||||||||||
Options granted | 25,000 | 6.02 | |||||||||||||||
Options exercised | -11,667 | 6.62 | |||||||||||||||
Options forfeited | -8,333 | 6.56 | |||||||||||||||
Options expired | -2,617 | 8.86 | |||||||||||||||
Outstanding at September 30, 2013 | 518,715 | $ | 7.02 | 4.8 | $ | 669,827 | |||||||||||
Exercisable at September 30, 2013 | 422,217 | $ | 7.19 | 4.0 | $ | 554,078 | |||||||||||
Grants under the Company’s incentive and nonqualified option plans generally vest over 3 years and must be exercised within 10 years of the date of grant. The exercise price of each option is the market price on the date of grant. As of September 30, 2013, 1,720,529 shares have been reserved for issuance upon the exercise of options 518,715 option grants are outstanding, and 1,102,073 option grants have been exercised, forfeited or expired, leaving 99,741 shares available for grant. | |||||||||||||||||
The fair values of the options granted during the three and nine months ended September 30, 2013 and 2012 were estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions: | |||||||||||||||||
For the three months ended September 30, | For the nine months ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Number of options granted | - | - | 25,000 | 2,500 | |||||||||||||
Weighted average exercise price | $ | - | $ | - | $ | 6.02 | $ | 5.95 | |||||||||
Weighted average fair value of options | $ | - | $ | - | $ | 2.91 | $ | 2.79 | |||||||||
Expected life in years (1) | - | - | 5.11 | 4.72 | |||||||||||||
Expected volatility (2) | - | % | - | % | 52.81 | % | 56.33 | % | |||||||||
Risk-free interest rate (3) | - | % | - | % | 0.77 | % | 0.72 | % | |||||||||
Dividend yield (4) | - | % | - | % | - | % | - | % | |||||||||
-1 | The expected life of the options was estimated based on historical employee behavior and represents the period of time that options granted are expected to be outstanding. | ||||||||||||||||
-2 | The expected volatility of the Company’s stock price was based on the historical volatility over the period commensurate with the expected life of the options. | ||||||||||||||||
-3 | The risk-free interest rate is the U.S. Treasury rate commensurate with the expected life of the options on the date of grant. | ||||||||||||||||
-4 | The expected dividend yield is the projected annual yield based on the grant date stock price. | ||||||||||||||||
Upon exercise, the Company issues shares from its authorized but unissued common stock to satisfy the options. The following table presents information about options exercised during the three and nine months ended September 30, 2013 and 2012: | |||||||||||||||||
For the three months ended September 30, | For the nine months ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Number of options exercised | 11,667 | 107,367 | 11,667 | 111,208 | |||||||||||||
Total intrinsic value of options exercised | $ | 15,367 | $ | 109,896 | $ | 15,367 | $ | 115,951 | |||||||||
Cash received from options exercised | - | 139,943 | - | 156,988 | |||||||||||||
Tax deduction realized from options exercised | - | 40,401 | - | 40,913 | |||||||||||||
The following table summarizes information about stock options outstanding and exercisable at September 30, 2013: | |||||||||||||||||
Options outstanding | Options exercisable | ||||||||||||||||
Range of exercise prices | Options outstanding | Weighted average remaining contractual life (in years) | Weighted average exercise price | Options exercisable | Weighted average exercise price | ||||||||||||
$ | 0.00 - 4.00 | 119,750 | 5.6 | $ | 3.87 | 119,750 | $ | 3.87 | |||||||||
4.01 - 8.00 | 236,675 | 6.9 | 6.45 | 140,177 | 6.59 | ||||||||||||
8.01 - 12.00 | 117,639 | 0.5 | 9.23 | 117,639 | 9.23 | ||||||||||||
12.01 - 16.00 | 44,651 | 3.3 | 12.62 | 44,651 | 12.62 | ||||||||||||
Total | 518,715 | 4.8 | $ | 7.02 | 422,217 | $ | 7.19 | ||||||||||
Financial Accounting Standards Board Accounting Standards Codification ("FASB ASC") Topic 718, “Compensation - Stock Compensation,” requires an entity to recognize the fair value of equity awards as compensation expense over the period during which an employee is required to provide service in exchange for such an award (vesting period). Compensation expense related to stock options and the related income tax benefit for the three and nine months ended September 30, 2013 and 2012 are detailed in the following table: | |||||||||||||||||
For the three months ended September 30, | For the nine months ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Compensation expense | $ | 30,431 | $ | 38,167 | $ | 105,076 | $ | 113,631 | |||||||||
Income tax benefit | 12,154 | 11,935 | 41,967 | 40,333 | |||||||||||||
As of September 30, 2013, unrecognized compensation costs related to nonvested share-based compensation arrangements granted under the Company’s stock option plans totaled approximately $182 thousand. That cost is expected to be recognized over a weighted average period of 1.7 years. | |||||||||||||||||
Restricted Stock Awards | |||||||||||||||||
Restricted stock is issued under the stock bonus program to reward employees and directors and to retain them by distributing stock over a period of time. The following table summarizes nonvested restricted stock activity for the nine months ended September 30, 2013: | |||||||||||||||||
Shares | Average grant date fair value | ||||||||||||||||
Nonvested restricted stock at December 31, 2012 | 90,975 | $ | 6.10 | ||||||||||||||
Granted | 14,000 | 6.02 | |||||||||||||||
Vested | -9,275 | 5.97 | |||||||||||||||
Forfeited | -6,650 | 6.16 | |||||||||||||||
Nonvested restricted stock at September 30, 2013 | 89,050 | $ | 6.10 | ||||||||||||||
Restricted stock awards granted to date vest over a period of 4 years and are recognized as compensation to the recipient over the vesting period. The awards are recorded at fair market value at the time of grant and amortized into salary expense on a straight line basis over the vesting period. As of September 30, 2013, 471,551 shares of restricted stock were reserved for issuance, of which 261,313 shares are available for grant. | |||||||||||||||||
Restricted stock awards granted during the three and nine months ended September 30, 2013 and 2012 were as follows: | |||||||||||||||||
For the three months ended September 30, | For the nine months ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Number of shares granted | - | - | 14,000 | 1,000 | |||||||||||||
Average grant date fair value | $ | - | $ | - | $ | 6.02 | $ | 5.95 | |||||||||
Compensation expense related to restricted stock for the three and nine months ended September 30, 2013 and 2012 is detailed in the following table: | |||||||||||||||||
For the three months ended September 30, | For the nine months ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Compensation expense | $ | 50,628 | $ | 39,301 | $ | 145,014 | $ | 120,413 | |||||||||
As of September 30, 2013, there was approximately $414 thousand of unrecognized compensation cost related to nonvested restricted stock awards granted under the Company’s stock incentive plans. That cost is expected to be recognized over a weighted average period of 2.6 years. | |||||||||||||||||
Securities [Policy Text Block] | ' | ||||||||||||||||
Other-Than-Temporary Impairment | |||||||||||||||||
The Company has a process in place to identify debt securities that could potentially incur credit impairment that is other-than-temporary. This process involves monitoring late payments, pricing levels, downgrades by rating agencies, key financial ratios, financial statements, revenue forecasts and cash flow projections as indicators of credit issues. Management evaluates securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concern warrants such evaluation. This evaluation considers relevant facts and circumstances in evaluating whether a credit or interest rate-related impairment of a security is other-than-temporary. Relevant facts and circumstances considered include: (1) the extent and length of time the fair value has been below cost; (2) the reasons for the decline in value; (3) the financial position and access to capital of the issuer, including the current and future impact of any specific events and (4) for fixed maturity securities, our intent to sell a security or whether it is more likely than not we will be required to sell the security before the recovery of its amortized cost which, in some cases, may extend to maturity and for equity securities, our ability and intent to hold the security for a forecasted period of time that allows for the recovery in value. | |||||||||||||||||
Management assesses its intent to sell or whether it is more likely than not that it will be required to sell a security before recovery of its amortized cost basis less any current-period credit losses. For debt securities that are considered other-than-temporarily impaired with no intent to sell and no requirement to sell prior to recovery of its amortized cost basis, the amount of the impairment is separated into the amount that is credit related (credit loss component) and the amount due to all other factors. The credit loss component is recognized in earnings and is the difference between the security’s amortized cost basis and the present value of its expected future cash flows. The remaining difference between the security’s fair value and the present value of future expected cash flows is due to factors that are not credit related and is recognized in other comprehensive income. For debt securities where management has the intent to sell, the amount of the impairment is reflected in earnings as realized losses. | |||||||||||||||||
The present value of expected future cash flows is determined using the best estimate cash flows discounted at the effective interest rate implicit to the security at the date of purchase or the current yield to accrete an asset-backed or floating rate security. The methodology and assumptions for establishing the best estimate cash flows vary depending on the type of security. The asset-backed securities cash flow estimates are based on bond specific facts and circumstances that may include collateral characteristics, expectations of delinquency and default rates, loss severity and prepayment speeds and structural support, including subordination and guarantees. The corporate bond cash flow estimates are derived from scenario-based outcomes of expected corporate restructurings or the disposition of assets using bond specific facts and circumstances including timing, security interests and loss severity. | |||||||||||||||||
Transfers of Financial Assets [Policy Text Block] | ' | ||||||||||||||||
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. | |||||||||||||||||
Loan Held to Maturity and Loans Held for Sale [Policy Text Block] | ' | ||||||||||||||||
Loans | |||||||||||||||||
Loans Held for Sale | |||||||||||||||||
Loans held for sale represent the guaranteed portion of SBA loans and are reflected at the lower of aggregate cost or market value. The Company originates loans to customers under an SBA program that historically has provided for SBA guarantees of up to 90 percent of each loan. The Company generally sells the guaranteed portion of its SBA loans to a third party and retains the servicing, holding the nonguaranteed portion in its portfolio. The net amount of loan origination fees on loans sold is included in the carrying value and in the gain or loss on the sale. When sales of SBA loans do occur, the premium received on the sale and the present value of future cash flows of the servicing assets are recognized in income. All criteria for sale accounting must be met in order for the loan sales to occur; see details under the “Transfers of Financial Assets” heading above. | |||||||||||||||||
Servicing assets represent the estimated fair value of retained servicing rights, net of servicing costs, at the time loans are sold. Servicing assets are amortized in proportion to, and over the period of, estimated net servicing revenues. Impairment is evaluated based on stratifying the underlying financial assets by date of origination and term. Fair value is determined using prices for similar assets with similar characteristics, when available, or based upon discounted cash flows using market-based assumptions. Any impairment, if temporary, would be reported as a valuation allowance. | |||||||||||||||||
Serviced loans sold to others are not included in the accompanying Consolidated Balance Sheets. Income and fees collected for loan servicing are credited to noninterest income when earned, net of amortization on the related servicing assets. | |||||||||||||||||
Loans Held to Maturity | |||||||||||||||||
Loans held to maturity are stated at the unpaid principal balance, net of unearned discounts and deferred loan origination fees and costs. In accordance with the level yield method, loan origination fees, net of direct loan origination costs, are deferred and recognized over the estimated life of the related loans as an adjustment to the loan yield. Interest is credited to operations primarily based upon the principal balance outstanding. | |||||||||||||||||
Loans are reported as past due when either interest or principal is unpaid in the following circumstances: fixed payment loans when the borrower is in arrears for two or more monthly payments; open end credit for two or more billing cycles; and single payment notes if interest or principal remains unpaid for 30 days or more. | |||||||||||||||||
Nonperforming loans consist of loans that are not accruing interest as a result of principal or interest being in default for a period of 90 days or more or when the ability to collect principal and interest according to the contractual terms is in doubt (nonaccrual loans). When a loan is classified as nonaccrual, interest accruals are discontinued and all past due interest previously recognized as income is reversed and charged against current period earnings. Generally, until the loan becomes current, any payments received from the borrower are applied to outstanding principal until such time as management determines that the financial condition of the borrower and other factors merit recognition of a portion of such payments as interest income. Loans may be returned to an accrual status when the ability to collect is reasonably assured and when the loan is brought current as to principal and interest. | |||||||||||||||||
Loans are charged off when collection is sufficiently questionable and when the Company can no longer justify maintaining the loan as an asset on the balance sheet. Loans qualify for charge-off when, after thorough analysis, all possible sources of repayment are insufficient. These include: 1) potential future cash flows, 2) value of collateral, and/or 3) strength of co-makers and guarantors. All unsecured loans are charged off upon the establishment of the loan’s nonaccrual status. Additionally, all loans classified as a loss or that portion of the loan classified as a loss is charged off. All loan charge-offs are approved by the Board of Directors. | |||||||||||||||||
Troubled debt restructurings ("TDRs") occur when a creditor, for economic or legal reasons related to a debtor’s financial condition, grants a concession to the debtor that it would not otherwise consider. These concessions typically include reductions in interest rate, extending the maturity of a loan, or a combination of both. Interest income on accruing TDRs is credited to operations primarily based upon the principal amount outstanding, as stated in the paragraphs above. | |||||||||||||||||
The Company evaluates its loans for impairment. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. The Company has defined impaired loans to be all TDRs and nonperforming loans. Impairment is evaluated in total for smaller-balance loans of a similar nature (consumer and residential mortgage loans), and on an individual basis for all other loans. Impairment of a loan is measured based on the present value of expected future cash flows, discounted at the loan's effective interest rate, or as a practical expedient, based on a loan’s observable market price or the fair value of collateral, net of estimated costs to sell, if the loan is collateral-dependent. If the value of the impaired loan is less than the recorded investment in the loan, the Company establishes a valuation allowance, or adjusts existing valuation allowances, with a corresponding charge to the provision for loan losses. | |||||||||||||||||
For additional information on loans, see Note 8 to the Consolidated Financial Statements and the section titled "Loan Portfolio" under Item 2. Management's Discussion and Analysis. | |||||||||||||||||
Allowance for Loan Losses and Reserve for Unfunded Loan Commitments [Policy Text Block] | ' | ||||||||||||||||
Allowance for Loan Losses and Reserve for Unfunded Loan Commitments | |||||||||||||||||
The allowance for loan losses is maintained at a level management considers adequate to provide for probable loan losses as of the balance sheet date. The allowance is increased by provisions charged to expense and is reduced by net charge-offs. | |||||||||||||||||
The level of the allowance is based on management’s evaluation of probable losses in the loan portfolio, after consideration of prevailing economic conditions in the Company’s market area, the volume and composition of the loan portfolio, and historical loan loss experience. The allowance for loan losses consists of specific reserves for individually impaired credits and TDRs, reserves for nonimpaired loans based on historical loss factors and reserves based on general economic factors and other qualitative risk factors such as changes in delinquency trends, industry concentrations or local/national economic trends. This risk assessment process is performed at least quarterly, and, as adjustments become necessary, they are realized in the periods in which they become known. | |||||||||||||||||
Although management attempts to maintain the allowance at a level deemed adequate to provide for probable losses, future additions to the allowance may be necessary based upon certain factors including changes in market conditions and underlying collateral values. In addition, various regulatory agencies periodically review the adequacy of the Company’s allowance for loan losses. These agencies may require the Company to make additional provisions based on their judgments about information available to them at the time of their examination. | |||||||||||||||||
The Company maintains an allowance for unfunded loan commitments that is maintained at a level that management believes is adequate to absorb estimated probable losses. Adjustments to the allowance are made through other expenses and applied to the allowance which is maintained in other liabilities. | |||||||||||||||||
For additional information on the allowance for loan losses and unfunded loan commitments, see Note 9 to the Consolidated Financial Statements and the sections titled "Asset Quality" and "Allowance for Loan Losses and Reserve for Unfunded Loan Commitments" under Item 2. Management's Discussion and Analysis. | |||||||||||||||||
Income Taxes [Policy Text Block] | ' | ||||||||||||||||
Income Taxes | |||||||||||||||||
The Company accounts for income taxes according to the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using the enacted tax rates applicable to taxable income for the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | |||||||||||||||||
Valuation reserves are established against certain deferred tax assets when it is more likely than not that the deferred tax assets will not be realized. Increases or decreases in the valuation reserve are charged or credited to the income tax provision. | |||||||||||||||||
When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that ultimately would be sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. The evaluation of a tax position taken is considered by itself and not offset or aggregated with other positions. Tax positions that meet the more likely than not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying balance sheet along with any associated interest and penalties that would be payable to the taxing authorities upon examination. | |||||||||||||||||
Interest and penalties associated with unrecognized tax benefits would be recognized in income tax expense on the income statement. | |||||||||||||||||
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Transactions Under The Company's Stock Option Plans [Table Text Block] | ' | ||||||||||||||||
Shares | Weighted average exercise price | Weighted average remaining contractual life in years | Aggregate intrinsic value | ||||||||||||||
Outstanding at December 31, 2012 | 516,332 | $ | 7.06 | 5.4 | $ | 327,725 | |||||||||||
Options granted | 25,000 | 6.02 | |||||||||||||||
Options exercised | -11,667 | 6.62 | |||||||||||||||
Options forfeited | -8,333 | 6.56 | |||||||||||||||
Options expired | -2,617 | 8.86 | |||||||||||||||
Outstanding at September 30, 2013 | 518,715 | $ | 7.02 | 4.8 | $ | 669,827 | |||||||||||
Exercisable at September 30, 2013 | 422,217 | $ | 7.19 | 4.0 | $ | 554,078 | |||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ||||||||||||||||
For the three months ended September 30, | For the nine months ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Number of options granted | - | - | 25,000 | 2,500 | |||||||||||||
Weighted average exercise price | $ | - | $ | - | $ | 6.02 | $ | 5.95 | |||||||||
Weighted average fair value of options | $ | - | $ | - | $ | 2.91 | $ | 2.79 | |||||||||
Expected life in years (1) | - | - | 5.11 | 4.72 | |||||||||||||
Expected volatility (2) | - | % | - | % | 52.81 | % | 56.33 | % | |||||||||
Risk-free interest rate (3) | - | % | - | % | 0.77 | % | 0.72 | % | |||||||||
Dividend yield (4) | - | % | - | % | - | % | - | % | |||||||||
-1 | The expected life of the options was estimated based on historical employee behavior and represents the period of time that options granted are expected to be outstanding. | ||||||||||||||||
-2 | The expected volatility of the Company’s stock price was based on the historical volatility over the period commensurate with the expected life of the options. | ||||||||||||||||
-3 | The risk-free interest rate is the U.S. Treasury rate commensurate with the expected life of the options on the date of grant. | ||||||||||||||||
-4 | The expected dividend yield is the projected annual yield based on the grant date stock price. | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||||||
For the three months ended September 30, | For the nine months ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Compensation expense | $ | 30,431 | $ | 38,167 | $ | 105,076 | $ | 113,631 | |||||||||
Income tax benefit | 12,154 | 11,935 | 41,967 | 40,333 | |||||||||||||
Information About Options Exercised [Table Text Block] | ' | ||||||||||||||||
For the three months ended September 30, | For the nine months ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Number of options exercised | 11,667 | 107,367 | 11,667 | 111,208 | |||||||||||||
Total intrinsic value of options exercised | $ | 15,367 | $ | 109,896 | $ | 15,367 | $ | 115,951 | |||||||||
Cash received from options exercised | - | 139,943 | - | 156,988 | |||||||||||||
Tax deduction realized from options exercised | - | 40,401 | - | 40,913 | |||||||||||||
Information About Stock Options Outstanding [Table Text Block] | ' | ||||||||||||||||
Options outstanding | Options exercisable | ||||||||||||||||
Range of exercise prices | Options outstanding | Weighted average remaining contractual life (in years) | Weighted average exercise price | Options exercisable | Weighted average exercise price | ||||||||||||
$ | 0.00 - 4.00 | 119,750 | 5.6 | $ | 3.87 | 119,750 | $ | 3.87 | |||||||||
4.01 - 8.00 | 236,675 | 6.9 | 6.45 | 140,177 | 6.59 | ||||||||||||
8.01 - 12.00 | 117,639 | 0.5 | 9.23 | 117,639 | 9.23 | ||||||||||||
12.01 - 16.00 | 44,651 | 3.3 | 12.62 | 44,651 | 12.62 | ||||||||||||
Total | 518,715 | 4.8 | $ | 7.02 | 422,217 | $ | 7.19 | ||||||||||
Restricted Stock Grants [TableTextBlock] | ' | ||||||||||||||||
For the three months ended September 30, | For the nine months ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Number of shares granted | - | - | 14,000 | 1,000 | |||||||||||||
Average grant date fair value | $ | - | $ | - | $ | 6.02 | $ | 5.95 | |||||||||
Restricted Stock [Member] | ' | ||||||||||||||||
Transactions Under The Company's Stock Option Plans [Table Text Block] | ' | ||||||||||||||||
Shares | Average grant date fair value | ||||||||||||||||
Nonvested restricted stock at December 31, 2012 | 90,975 | $ | 6.10 | ||||||||||||||
Granted | 14,000 | 6.02 | |||||||||||||||
Vested | -9,275 | 5.97 | |||||||||||||||
Forfeited | -6,650 | 6.16 | |||||||||||||||
Nonvested restricted stock at September 30, 2013 | 89,050 | $ | 6.10 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||||||
For the three months ended September 30, | For the nine months ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Compensation expense | $ | 50,628 | $ | 39,301 | $ | 145,014 | $ | 120,413 | |||||||||
Net_Income_per_Share_Tables
Net Income per Share (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Net Income per Share [Abstract] | ' | ||||||||||||
Reconciliation Of The Calculation Of Basic And Diluted Income Per Share [TableTextBlock] | ' | ||||||||||||
For the three months ended September 30, | For the nine months ended September 30, | ||||||||||||
(In thousands, except per share amounts) | 2013 | 2012 | 2013 | 2012 | |||||||||
Net income | $ | 1,302 | $ | 1,196 | $ | 3,848 | $ | 3,077 | |||||
Less: Preferred stock dividends and discount accretion | 119 | 397 | 988 | 1,195 | |||||||||
Income available to common shareholders | $ | 1,183 | $ | 799 | $ | 2,860 | $ | 1,882 | |||||
Weighted average common shares outstanding - Basic | 7,545 | 7,473 | 7,542 | 7,465 | |||||||||
Plus: Potential dilutive common stock equivalents | 277 | 309 | 325 | 321 | |||||||||
Weighted average common shares outstanding - Diluted | 7,822 | 7,782 | 7,867 | 7,786 | |||||||||
Net income per common share - Basic | $ | 0.16 | $ | 0.11 | $ | 0.38 | $ | 0.25 | |||||
Net income per common share - Diluted | 0.15 | 0.10 | 0.36 | 0.24 | |||||||||
Stock options and common stock excluded from the income per share calculation as their effect would have been anti-dilutive | 282 | 499 | 383 | 505 | |||||||||
Other_Comprehensive_Income_Los1
Other Comprehensive Income (Loss) (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Other Comprehensive Income (Loss) [Abstract] | ' | ||||||||||||||||||
Changes In Other Comprehensive Income (Loss) | ' | ||||||||||||||||||
The following table shows the changes in other comprehensive income for the three months ended September 30, 2013 and 2012: | |||||||||||||||||||
For the three months ended September 30, | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
(In thousands) | Pre-tax | Tax | After-tax | Pre-tax | Tax | After-tax | |||||||||||||
Balance, beginning of period | $ | 227 | $ | 929 | |||||||||||||||
Unrealized holding gains (losses) on securities arising during period | $ | -1,031 | $ | -413 | -618 | $ | 477 | $ | 191 | 286 | |||||||||
Less: Reclassification adjustment for gains on securities included in net income | 33 | 11 | 22 | - | - | - | |||||||||||||
Net unrealized gains (losses) on securities arising during the period | -1,064 | -424 | -640 | 477 | 191 | 286 | |||||||||||||
Balance, end of period | $ | -413 | $ | 1,215 | |||||||||||||||
The following table shows the changes in other comprehensive income for the nine months ended September 30, 2013 and 2012: | |||||||||||||||||||
For the nine months ended September 30, | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
(In thousands) | Pre-tax | Tax | After-tax | Pre-tax | Tax | After-tax | |||||||||||||
Balance, beginning of period | $ | 1,333 | $ | 1,121 | |||||||||||||||
Unrealized holding gains (losses) on securities arising during period | $ | -2,530 | $ | -1,028 | -1,502 | $ | 665 | $ | 234 | 431 | |||||||||
Less: Reclassification adjustment for gains included in net income | 367 | 123 | 244 | 507 | 170 | 337 | |||||||||||||
Net unrealized gains (losses) on securities arising during the period | -2,897 | -1,151 | -1,746 | 158 | 64 | 94 | |||||||||||||
Balance, end of period | $ | -413 | $ | 1,215 | |||||||||||||||
Fair_Value_Tables
Fair Value (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Fair Value [Abstract] | ' | ||||||||||||||||||
Quantitative Information About Level 3 Inputs [Table Text Block] | ' | ||||||||||||||||||
30-Sep-13 | |||||||||||||||||||
Valuation Technique | Unobservable Input | Range | Weighted Average | ||||||||||||||||
Discounted Cash Flow | Prepayment rate | 8 through 15 | % | 10.0 | % | ||||||||||||||
Default rate | 10 through 15 | % | 12.5 | % | |||||||||||||||
Loss severity | 10 through 25 | % | 18.0 | % | |||||||||||||||
Balances Of Assets And Liabilities Measured At Fair Value On A Recurring Basis [TableTextBlock] | ' | ||||||||||||||||||
30-Sep-13 | |||||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Securities available for sale: | |||||||||||||||||||
U.S. Government sponsored entities | $ | - | $ | 6,379 | $ | - | $ | 6,379 | |||||||||||
State and political subdivisions | - | 16,614 | - | 16,614 | |||||||||||||||
Residential mortgage-backed securities | - | 43,669 | - | 43,669 | |||||||||||||||
Commercial mortgage-backed securities | - | - | 1,308 | 1,308 | |||||||||||||||
Corporate and other securities | - | 12,956 | - | 12,956 | |||||||||||||||
Total securities available for sale | $ | - | $ | 79,618 | $ | 1,308 | $ | 80,926 | |||||||||||
31-Dec-12 | |||||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Securities available for sale: | |||||||||||||||||||
U.S. Government sponsored entities | $ | - | $ | 2,568 | $ | - | $ | 2,568 | |||||||||||
State and political subdivisions | - | 15,303 | - | 15,303 | |||||||||||||||
Residential mortgage-backed securities | - | 45,545 | - | 45,545 | |||||||||||||||
Commercial mortgage-backed securities | - | - | 4,463 | 4,463 | |||||||||||||||
Corporate and other securities | - | 21,659 | - | 21,659 | |||||||||||||||
Total securities available for sale | $ | - | $ | 85,075 | $ | 4,463 | $ | 89,538 | |||||||||||
Schedule Of Fair Value Changes In Level 3 [Table Text Block] | ' | ||||||||||||||||||
For the three months ended September 30, | For the nine months ended September 30, | ||||||||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||
Commercial mortgage-backed securities: | |||||||||||||||||||
Balance, beginning of period | $ | 1,594 | $ | - | $ | 4,463 | $ | - | |||||||||||
Payoffs | -75 | - | -815 | - | |||||||||||||||
Principal paydowns | -219 | - | -2,301 | - | |||||||||||||||
Total net losses included in: | |||||||||||||||||||
Other comprehensive income | 8 | - | -39 | - | |||||||||||||||
Balance, end of period | $ | 1,308 | $ | - | $ | 1,308 | $ | - | |||||||||||
Assets And Liabilities Carried On The Balance Sheet By Caption And By Level Within The Hierarchy (As Described Above) [TableTextBlock] | ' | ||||||||||||||||||
Fair value at September 30, 2013 | Gains (losses) from fair value changes for the | Gains (losses) from fair value changes for the | |||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | three months ended September 30, 2013 | nine months ended September 30, 2013 | |||||||||||||
Financial assets: | |||||||||||||||||||
OREO | $ | - | $ | - | $ | 1,000 | $ | 1,000 | $ | -390 | $ | -459 | |||||||
Impaired collateral-dependent loans | - | - | 8,782 | 8,782 | 286 | 554 | |||||||||||||
Fair value at September 30, 2012 | Gains (losses) from fair value changes for the | Gains (losses) from fair value changes for the | |||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | three months ended September 30, 2012 | nine months ended September 30, 2012 | |||||||||||||
Financial assets: | |||||||||||||||||||
OREO | $ | - | $ | - | $ | 281 | $ | 281 | $ | -362 | $ | -1,502 | |||||||
Impaired collateral-dependent loans | - | - | 12,162 | 12,162 | 1,320 | 2,067 | |||||||||||||
Carrying Amount And Estimated Fair Values Of The Company's Financial Instruments Not Previously Presented [TableTextBlock] | ' | ||||||||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||||||||
(In thousands) | Fair value level | Carrying amount | Estimated fair value | Carrying amount | Estimated fair value | ||||||||||||||
Financial assets: | |||||||||||||||||||
Cash and cash equivalents | Level 1 | $ | 74,726 | $ | 74,726 | $ | 94,192 | $ | 94,192 | ||||||||||
Securities held to maturity (1) | Level 2 | 25,980 | 25,261 | 21,515 | 22,741 | ||||||||||||||
SBA loans held for sale | Level 2 | 5,893 | 6,376 | 6,937 | 7,582 | ||||||||||||||
Loans, net of allowance for loan losses (2) | Level 2 | 641,174 | 631,628 | 565,341 | 564,528 | ||||||||||||||
Federal Home Loan Bank stock | Level 2 | 3,952 | 3,952 | 3,989 | 3,989 | ||||||||||||||
SBA servicing assets | Level 3 | 383 | 383 | 396 | 396 | ||||||||||||||
Accrued interest receivable | Level 2 | 3,131 | 3,131 | 3,298 | 3,298 | ||||||||||||||
Financial liabilities: | |||||||||||||||||||
Deposits | Level 2 | 727,112 | 727,374 | 648,760 | 650,668 | ||||||||||||||
Borrowed funds and subordinated debentures | Level 2 | 90,465 | 98,490 | 90,465 | 100,257 | ||||||||||||||
Accrued interest payable | Level 2 | 430 | 430 | 434 | 434 | ||||||||||||||
-1 | Includes held to maturity commercial mortgage-backed securities that are considered Level 3. These securities had book values of $6.8 million and $2.7 million at September 30, 2013 and December 31, 2012, respectively, and market values of $6.5 million and $3.2 million at September 30, 2013 and December 31, 2012, respectively. | ||||||||||||||||||
-2 | Includes collateral-dependent impaired loans that are considered Level 3 and reported separately in the tables under the “Fair Value on a Nonrecurring Basis” heading. Collateral-dependent impaired loans, net of specific reserves totaled $8.8 million and $8.2 million at September 30, 2013 and December 31, 2012, respectively. | ||||||||||||||||||
Securities_Tables
Securities (Tables) | 9 Months Ended | ||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||
Securities [Abstract] | ' | ||||||||||||||||||||||||||
Major Components Of Securities Available For Sale ("AFS") And Held To Maturity ("HTM") At Amortized Cost And Estimated Fair Value [Table Text Block] | ' | ||||||||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||||||||||||||||
(In thousands) | Amortized cost | Gross unrealized gains | Gross unrealized losses | Estimated fair value | Amortized cost | Gross unrealized gains | Gross unrealized losses | Estimated fair value | |||||||||||||||||||
Available for sale: | |||||||||||||||||||||||||||
U.S. Government sponsored entities | $ | 6,748 | $ | 28 | $ | -397 | $ | 6,379 | $ | 2,482 | $ | 86 | $ | - | $ | 2,568 | |||||||||||
State and political subdivisions | 17,027 | 171 | -584 | 16,614 | 14,690 | 613 | - | 15,303 | |||||||||||||||||||
Residential mortgage-backed securities | 43,269 | 817 | -417 | 43,669 | 43,984 | 1,684 | -123 | 45,545 | |||||||||||||||||||
Commercial mortgage-backed securities | 1,307 | 4 | -3 | 1,308 | 4,423 | 42 | -2 | 4,463 | |||||||||||||||||||
Corporate and other securities | 13,255 | 66 | -365 | 12,956 | 21,741 | 490 | -572 | 21,659 | |||||||||||||||||||
Total securities available for sale | $ | 81,606 | $ | 1,086 | $ | -1,766 | $ | 80,926 | $ | 87,320 | $ | 2,915 | $ | -697 | $ | 89,538 | |||||||||||
Held to maturity: | |||||||||||||||||||||||||||
U.S. Government sponsored entities | $ | 5,928 | $ | - | $ | -462 | $ | 5,466 | $ | 5,050 | $ | 38 | $ | - | $ | 5,088 | |||||||||||
State and political subdivisions | 2,443 | 114 | -20 | 2,537 | 2,746 | 288 | - | 3,034 | |||||||||||||||||||
Residential mortgage-backed securities | 9,848 | 171 | -150 | 9,869 | 11,048 | 374 | -13 | 11,409 | |||||||||||||||||||
Commercial mortgage-backed securities | 6,781 | 99 | -391 | 6,489 | 2,671 | 539 | - | 3,210 | |||||||||||||||||||
Corporate and other securities | 980 | - | -80 | 900 | - | - | - | - | |||||||||||||||||||
Total securities held to maturity | $ | 25,980 | $ | 384 | $ | -1,103 | $ | 25,261 | $ | 21,515 | $ | 1,239 | $ | -13 | $ | 22,741 | |||||||||||
Remaining Contractual Maturities And Yields Of Securities Within The Investment Portfolios [Table Text Block] | ' | ||||||||||||||||||||||||||
Within one year | After one through five years | After five through ten years | After ten years | Total carrying value | |||||||||||||||||||||||
(In thousands, except percentages) | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | |||||||||||||||||
Available for sale at fair value: | |||||||||||||||||||||||||||
U.S. Government sponsored entities | $ | 35 | 3.96 | % | $ | 1,015 | 1.00 | % | $ | 942 | 2.06 | % | $ | 4,387 | 2.19 | % | $ | 6,379 | 1.99 | % | |||||||
State and political subdivisions | - | - | 823 | 2.56 | 11,442 | 2.69 | 4,349 | 2.80 | 16,614 | 2.71 | |||||||||||||||||
Residential mortgage-backed securities | 5 | 2.59 | 557 | 4.47 | 714 | 3.27 | 42,393 | 2.67 | 43,669 | 2.70 | |||||||||||||||||
Commercial mortgage-backed securities | - | - | - | - | - | - | 1,308 | 2.45 | 1,308 | 2.45 | |||||||||||||||||
Corporate and other securities | - | - | 402 | 1.28 | 5,709 | 1.85 | 6,845 | 2.49 | 12,956 | 2.17 | |||||||||||||||||
Total securities available for sale | $ | 40 | 3.78 | % | $ | 2,797 | 2.19 | % | $ | 18,807 | 2.43 | % | $ | 59,282 | 2.62 | % | $ | 80,926 | 2.56 | % | |||||||
Held to maturity at cost: | |||||||||||||||||||||||||||
U.S. Government sponsored entities | $ | - | - | % | $ | - | - | % | $ | - | - | % | $ | 5,928 | 1.97 | % | $ | 5,928 | 1.97 | % | |||||||
State and political subdivisions | 326 | 0.75 | - | - | - | - | 2,117 | 4.70 | 2,443 | 4.17 | |||||||||||||||||
Residential mortgage-backed securities | 5 | 2.88 | 786 | 4.74 | 370 | 4.93 | 8,687 | 2.83 | 9,848 | 3.06 | |||||||||||||||||
Commercial mortgage-backed securities | - | - | - | - | - | - | 6,781 | 3.80 | 6,781 | 3.80 | |||||||||||||||||
Corporate and other securities | - | - | - | - | 980 | 2.95 | - | - | 980 | 2.95 | |||||||||||||||||
Total securities held to maturity | $ | 331 | 0.78 | % | $ | 786 | 4.74 | % | $ | 1,350 | 3.49 | % | $ | 23,513 | 3.06 | % | $ | 25,980 | 3.10 | % | |||||||
Fair Value Of Securities With Unrealized Losses By Length Of Time That The Individual Securities Have Been In A Continuous Unrealized Loss Position [Table Text Block] | ' | ||||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||
Less than 12 months | 12 months and greater | Total | |||||||||||||||||||||||||
(In thousands, except number in a loss position) | Total number in a loss position | Estimated fair value | Unrealized loss | Estimated fair value | Unrealized loss | Estimated fair value | Unrealized loss | ||||||||||||||||||||
Available for sale: | |||||||||||||||||||||||||||
U.S. Government sponsored entities | 6 | $ | 5,555 | $ | -397 | $ | - | $ | - | $ | 5,555 | $ | -397 | ||||||||||||||
State and political subdivisions | 21 | 10,209 | -584 | - | - | 10,209 | -584 | ||||||||||||||||||||
Residential mortgage-backed securities | 14 | 15,091 | -331 | 1,533 | -86 | 16,624 | -417 | ||||||||||||||||||||
Commercial mortgage-backed securities | 2 | 531 | -3 | - | - | 531 | -3 | ||||||||||||||||||||
Corporate and other securities | 8 | 2,432 | -70 | 2,686 | -295 | 5,118 | -365 | ||||||||||||||||||||
Total temporarily impaired securities | 51 | $ | 33,818 | $ | -1,385 | $ | 4,219 | $ | -381 | $ | 38,037 | $ | -1,766 | ||||||||||||||
Held to maturity: | |||||||||||||||||||||||||||
U.S. Government sponsored entities | 3 | $ | 5,465 | $ | -462 | $ | - | $ | - | $ | 5,465 | $ | -462 | ||||||||||||||
State and political subdivisions | 1 | 659 | -20 | - | - | 659 | -20 | ||||||||||||||||||||
Residential mortgage-backed securities | 6 | 4,730 | -145 | $ | 128 | -5 | $ | 4,858 | -150 | ||||||||||||||||||
Commercial mortgage-backed securities | 2 | 3,738 | -391 | - | - | 3,738 | -391 | ||||||||||||||||||||
Corporate and other securities | 1 | 901 | -80 | - | - | 901 | -80 | ||||||||||||||||||||
Total temporarily impaired securities | 13 | $ | 15,493 | $ | -1,098 | $ | 128 | $ | -5 | $ | 15,621 | $ | -1,103 | ||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||
Less than 12 months | 12 months and greater | Total | |||||||||||||||||||||||||
(In thousands, except number in a loss position) | Total number in a loss position | Estimated fair value | Unrealized loss | Estimated fair value | Unrealized loss | Estimated fair value | Unrealized loss | ||||||||||||||||||||
Available for sale: | |||||||||||||||||||||||||||
Residential mortgage-backed securities | 5 | $ | 3,272 | $ | -43 | $ | 1,951 | $ | -80 | $ | 5,223 | $ | -123 | ||||||||||||||
Commercial mortgage-backed securities | 4 | 2,351 | -2 | - | - | 2,351 | -2 | ||||||||||||||||||||
Corporate and other securities | 6 | 2,486 | -26 | 2,994 | -546 | 5,480 | -572 | ||||||||||||||||||||
Total temporarily impaired securities | 15 | $ | 8,109 | $ | -71 | $ | 4,945 | $ | -626 | $ | 13,054 | $ | -697 | ||||||||||||||
Held to maturity: | |||||||||||||||||||||||||||
Residential mortgage-backed securities | 3 | $ | 838 | $ | -2 | $ | 279 | $ | -11 | $ | 1,117 | $ | -13 | ||||||||||||||
Total temporarily impaired securities | 3 | $ | 838 | $ | -2 | $ | 279 | $ | -11 | $ | 1,117 | $ | -13 | ||||||||||||||
Gross Realized Gains (Losses) On Securities [Table Text Block] | ' | ||||||||||||||||||||||||||
For the three months ended September 30, | For the nine months ended September 30, | ||||||||||||||||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||
Available for sale: | |||||||||||||||||||||||||||
Realized gains | $ | 34 | $ | - | $ | 371 | $ | 511 | |||||||||||||||||||
Realized losses | - | - | -4 | -4 | |||||||||||||||||||||||
Total securities available for sale | 34 | - | 367 | 507 | |||||||||||||||||||||||
Held to maturity: | |||||||||||||||||||||||||||
Realized gains | - | 7 | - | 7 | |||||||||||||||||||||||
Realized losses | - | - | - | - | |||||||||||||||||||||||
Total securities held to maturity | - | 7 | - | 7 | |||||||||||||||||||||||
Net gains on sales of securities | $ | 34 | $ | 7 | $ | 367 | $ | 514 | |||||||||||||||||||
Loans_Tables
Loans (Tables) | 9 Months Ended | |||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||
Loans [Abstract] | ' | |||||||||||||||||||||
Classification Of Loans By Class [Table Text Block] | ' | |||||||||||||||||||||
(In thousands) | 30-Sep-13 | 31-Dec-12 | ||||||||||||||||||||
SBA loans held to maturity | $ | 50,445 | $ | 58,593 | ||||||||||||||||||
SBA 504 loans | 37,041 | 41,438 | ||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||
Commercial other | 32,580 | 24,043 | ||||||||||||||||||||
Commercial real estate | 308,761 | 264,439 | ||||||||||||||||||||
Commercial real estate construction | 7,284 | 13,082 | ||||||||||||||||||||
Residential mortgage loans | ||||||||||||||||||||||
Residential mortgages | 166,830 | 125,232 | ||||||||||||||||||||
Purchased residential mortgages | 6,299 | 6,862 | ||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||
Home equity | 44,128 | 45,152 | ||||||||||||||||||||
Consumer other | 1,356 | 1,258 | ||||||||||||||||||||
Total loans held for investment | $ | 654,724 | $ | 580,099 | ||||||||||||||||||
SBA loans held for sale | 5,893 | 6,937 | ||||||||||||||||||||
Total loans | $ | 660,617 | $ | 587,036 | ||||||||||||||||||
Loan Portfolio By Class According To Their Credit Quality Indicators [Table Text Block] | ' | |||||||||||||||||||||
The tables below detail the Company’s loan portfolio by class according to their credit quality indicators discussed in the paragraphs above as of September 30, 2013: | ||||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||
SBA, SBA 504 & Commercial loans - Internal risk ratings | ||||||||||||||||||||||
(In thousands) | Pass | Special mention | Substandard | Total | ||||||||||||||||||
SBA loans held to maturity | $ | 42,087 | $ | 1,928 | $ | 6,430 | $ | 50,445 | ||||||||||||||
SBA 504 loans | 27,428 | 7,080 | 2,533 | 37,041 | ||||||||||||||||||
Commercial loans | ||||||||||||||||||||||
Commercial other | 29,735 | 1,667 | 1,178 | 32,580 | ||||||||||||||||||
Commercial real estate | 277,691 | 22,988 | 8,082 | 308,761 | ||||||||||||||||||
Commercial real estate construction | 7,107 | - | 177 | 7,284 | ||||||||||||||||||
Total commercial loans | 314,533 | 24,655 | 9,437 | 348,625 | ||||||||||||||||||
Total SBA, SBA 504 and commercial loans | $ | 384,048 | $ | 33,663 | $ | 18,400 | $ | 436,111 | ||||||||||||||
Residential mortgage & Consumer loans - Performing/Nonperforming | ||||||||||||||||||||||
(In thousands) | Performing | Nonperforming | Total | |||||||||||||||||||
Residential mortgage loans | ||||||||||||||||||||||
Residential mortgages | $ | 164,487 | $ | 2,343 | $ | 166,830 | ||||||||||||||||
Purchased residential mortgages | 4,570 | 1,729 | 6,299 | |||||||||||||||||||
Total residential mortgage loans | 169,057 | 4,072 | 173,129 | |||||||||||||||||||
Consumer loans | ||||||||||||||||||||||
Home equity | 42,400 | 1,728 | 44,128 | |||||||||||||||||||
Consumer other | 1,356 | - | 1,356 | |||||||||||||||||||
Total consumer loans | 43,756 | 1,728 | 45,484 | |||||||||||||||||||
Total residential mortgage and consumer loans | $ | 212,813 | $ | 5,800 | $ | 218,613 | ||||||||||||||||
The tables below detail the Company’s loan portfolio by class according to their credit quality indicators discussed in the paragraphs above as of December 31, 2012: | ||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||
SBA, SBA 504 & Commercial loans - Internal risk ratings | ||||||||||||||||||||||
(In thousands) | Pass | Special mention | Substandard | Total | ||||||||||||||||||
SBA loans held to maturity | $ | 45,680 | $ | 4,376 | $ | 8,537 | $ | 58,593 | ||||||||||||||
SBA 504 loans | 28,726 | 5,860 | 6,852 | 41,438 | ||||||||||||||||||
Commercial loans | ||||||||||||||||||||||
Commercial other | 20,187 | 1,669 | 2,187 | 24,043 | ||||||||||||||||||
Commercial real estate | 229,516 | 30,733 | 4,190 | 264,439 | ||||||||||||||||||
Commercial real estate construction | 12,880 | 202 | - | 13,082 | ||||||||||||||||||
Total commercial loans | 262,583 | 32,604 | 6,377 | 301,564 | ||||||||||||||||||
Total SBA, SBA 504 and commercial loans | $ | 336,989 | $ | 42,840 | $ | 21,766 | $ | 401,595 | ||||||||||||||
Residential mortgage & Consumer loans - Performing/Nonperforming | ||||||||||||||||||||||
(In thousands) | Performing | Nonperforming | Total | |||||||||||||||||||
Residential mortgage loans | ||||||||||||||||||||||
Residential mortgages | $ | 122,711 | $ | 2,521 | $ | 125,232 | ||||||||||||||||
Purchased residential mortgages | 3,872 | 2,990 | 6,862 | |||||||||||||||||||
Total residential mortgage loans | 126,583 | 5,511 | 132,094 | |||||||||||||||||||
Consumer loans | ||||||||||||||||||||||
Home equity | 44,844 | 308 | 45,152 | |||||||||||||||||||
Consumer other | 1,249 | 9 | 1,258 | |||||||||||||||||||
Total consumer loans | 46,093 | 317 | 46,410 | |||||||||||||||||||
Total residential mortgage and consumer loans | $ | 172,676 | $ | 5,828 | $ | 178,504 | ||||||||||||||||
Aging Analysis Of Past Due And Nonaccrual Loans By Loan Class [Table Text Block] | ' | |||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||
(In thousands) | 30-59 days past due | 60-89 days past due | 90+ days and still accruing | Nonaccrual (1) | Total past due | Current | Total loans | |||||||||||||||
SBA loans held to maturity | $ | 830 | $ | 96 | $ | 1 | $ | 3,058 | $ | 3,985 | $ | 46,460 | $ | 50,445 | ||||||||
SBA 504 loans | - | - | - | 2,298 | 2,298 | 34,743 | 37,041 | |||||||||||||||
Commercial loans | ||||||||||||||||||||||
Commercial other | 10 | - | 94 | 979 | 1,083 | 31,497 | 32,580 | |||||||||||||||
Commercial real estate | 57 | - | 14 | 4,342 | 4,413 | 304,348 | 308,761 | |||||||||||||||
Commercial real estate construction | - | - | - | 177 | 177 | 7,107 | 7,284 | |||||||||||||||
Residential mortgage loans | ||||||||||||||||||||||
Residential mortgages | 1,148 | - | 748 | 2,343 | 4,239 | 162,591 | 166,830 | |||||||||||||||
Purchased residential mortgages | 537 | 68 | 4 | 1,729 | 2,338 | 3,961 | 6,299 | |||||||||||||||
Consumer loans | ||||||||||||||||||||||
Home equity | 432 | 198 | - | 1,728 | 2,358 | 41,770 | 44,128 | |||||||||||||||
Consumer other | 5 | - | - | - | 5 | 1,351 | 1,356 | |||||||||||||||
Total loans held for investment | $ | 3,019 | $ | 362 | $ | 861 | $ | 16,654 | $ | 20,896 | $ | 633,828 | $ | 654,724 | ||||||||
SBA loans held for sale | - | - | - | - | - | 5,893 | 5,893 | |||||||||||||||
Total loans | $ | 3,019 | $ | 362 | $ | 861 | $ | 16,654 | $ | 20,896 | $ | 639,721 | $ | 660,617 | ||||||||
-1 | At September 30, 2013, nonaccrual loans included $1.8 million of troubled debt restructurings ("TDRs") and $592 thousand of loans guaranteed by the SBA. The remaining $7.7 million of TDRs are in accrual status because they are performing in accordance with their restructured terms. | |||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||
(In thousands) | 30-59 days past due | 60-89 days past due | 90+ days and still accruing | Nonaccrual (1) | Total past due | Current | Total loans | |||||||||||||||
SBA loans held to maturity | $ | 1,912 | $ | 296 | $ | - | $ | 4,633 | $ | 6,841 | $ | 51,752 | $ | 58,593 | ||||||||
SBA 504 loans | 5,037 | - | - | 2,562 | 7,599 | 33,839 | 41,438 | |||||||||||||||
Commercial loans | ||||||||||||||||||||||
Commercial other | - | - | 109 | 1,122 | 1,231 | 22,812 | 24,043 | |||||||||||||||
Commercial real estate | 3,763 | - | - | 3,323 | 7,086 | 257,353 | 264,439 | |||||||||||||||
Commercial real estate construction | - | 202 | - | - | 202 | 12,880 | 13,082 | |||||||||||||||
Residential mortgage loans | ||||||||||||||||||||||
Residential mortgages | 2,651 | 1,878 | - | 2,521 | 7,050 | 118,182 | 125,232 | |||||||||||||||
Purchased residential mortgages | 134 | 78 | - | 2,990 | 3,202 | 3,660 | 6,862 | |||||||||||||||
Consumer loans | ||||||||||||||||||||||
Home equity | 833 | - | - | 308 | 1,141 | 44,011 | 45,152 | |||||||||||||||
Consumer other | - | - | - | 9 | 9 | 1,249 | 1,258 | |||||||||||||||
Total loans held for investment | $ | 14,330 | $ | 2,454 | $ | 109 | $ | 17,468 | $ | 34,361 | $ | 545,738 | $ | 580,099 | ||||||||
SBA loans held for sale | - | - | - | - | - | 6,937 | 6,937 | |||||||||||||||
Total loans | $ | 14,330 | $ | 2,454 | $ | 109 | $ | 17,468 | $ | 34,361 | $ | 552,675 | $ | 587,036 | ||||||||
(1) At December 31, 2012, nonaccrual loans included $1.1 million of TDRs and $1.8 million of loans guaranteed by the SBA. The remaining $13.6 million of TDRs are in accrual status because they are performing in accordance with their restructured terms. | ||||||||||||||||||||||
Impaired Loans With The Associated Allowance Amount [Table Text Block] | ' | |||||||||||||||||||||
The following table provides detail on the Company’s impaired loans that are individually evaluated for impairment with the associated allowance amount, if applicable, as of September 30, 2013: | ||||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||
(In thousands) | Unpaid principal balance | Recorded investment | Specific reserves | |||||||||||||||||||
With no related allowance: | ||||||||||||||||||||||
SBA loans held to maturity (1) | $ | 1,657 | $ | 768 | $ | - | ||||||||||||||||
SBA 504 loans | 2,265 | 2,265 | - | |||||||||||||||||||
Commercial loans | ||||||||||||||||||||||
Commercial other | 966 | 966 | - | |||||||||||||||||||
Commercial real estate | 3,886 | 3,739 | - | |||||||||||||||||||
Total commercial loans | 4,852 | 4,705 | - | |||||||||||||||||||
Total impaired loans with no related allowance | 8,774 | 7,738 | - | |||||||||||||||||||
With an allowance: | ||||||||||||||||||||||
SBA loans held to maturity (1) | 2,446 | 2,169 | 876 | |||||||||||||||||||
SBA 504 loans | 2,574 | 1,874 | 31 | |||||||||||||||||||
Commercial loans | ||||||||||||||||||||||
Commercial other | 26 | 13 | 13 | |||||||||||||||||||
Commercial real estate | 6,246 | 5,996 | 490 | |||||||||||||||||||
Commercial real estate construction | 202 | 177 | 37 | |||||||||||||||||||
Total commercial loans | 6,474 | 6,186 | 540 | |||||||||||||||||||
Total impaired loans with a related allowance | 11,494 | 10,229 | 1,447 | |||||||||||||||||||
Total individually evaluated impaired loans: | ||||||||||||||||||||||
SBA loans held to maturity (1) | 4,103 | 2,937 | 876 | |||||||||||||||||||
SBA 504 loans | 4,839 | 4,139 | 31 | |||||||||||||||||||
Commercial loans | ||||||||||||||||||||||
Commercial other | 992 | 979 | 13 | |||||||||||||||||||
Commercial real estate | 10,132 | 9,735 | 490 | |||||||||||||||||||
Commercial real estate construction | 202 | 177 | 37 | |||||||||||||||||||
Total commercial loans | 11,326 | 10,891 | 540 | |||||||||||||||||||
Total individually evaluated impaired loans | $ | 20,268 | $ | 17,967 | $ | 1,447 | ||||||||||||||||
-1 | Balances are reduced by amount guaranteed by the SBA of $592 thousand at September 30, 2013. | |||||||||||||||||||||
The following table provides detail on the Company’s impaired loans that are individually evaluated for impairment with the associated allowance amount, if applicable, as of December 31, 2012: | ||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||
(In thousands) | Unpaid principal balance | Recorded investment | Specific reserves | |||||||||||||||||||
With no related allowance: | ||||||||||||||||||||||
SBA loans held to maturity (1) | $ | 1,352 | $ | 866 | $ | - | ||||||||||||||||
SBA 504 loans | 5,812 | 5,555 | - | |||||||||||||||||||
Commercial loans | ||||||||||||||||||||||
Commercial other | 2,032 | 2,033 | - | |||||||||||||||||||
Commercial real estate | 5,220 | 4,752 | - | |||||||||||||||||||
Total commercial loans | 7,252 | 6,785 | - | |||||||||||||||||||
Total impaired loans with no related allowance | 14,416 | 13,206 | - | |||||||||||||||||||
With an allowance: | ||||||||||||||||||||||
SBA loans held to maturity (1) | 3,355 | 2,846 | 1,159 | |||||||||||||||||||
SBA 504 loans | 1,297 | 1,297 | 217 | |||||||||||||||||||
Commercial loans | ||||||||||||||||||||||
Commercial other | 126 | 38 | 38 | |||||||||||||||||||
Commercial real estate | 6,014 | 5,979 | 587 | |||||||||||||||||||
Total commercial loans | 6,140 | 6,017 | 625 | |||||||||||||||||||
Total impaired loans with a related allowance | 10,792 | 10,160 | 2,001 | |||||||||||||||||||
Total individually evaluated impaired loans: | ||||||||||||||||||||||
SBA loans held to maturity (1) | 4,707 | 3,712 | 1,159 | |||||||||||||||||||
SBA 504 loans | 7,109 | 6,852 | 217 | |||||||||||||||||||
Commercial loans | ||||||||||||||||||||||
Commercial other | 2,158 | 2,071 | 38 | |||||||||||||||||||
Commercial real estate | 11,234 | 10,731 | 587 | |||||||||||||||||||
Total commercial loans | 13,392 | 12,802 | 625 | |||||||||||||||||||
Total individually evaluated impaired loans | $ | 25,208 | $ | 23,366 | $ | 2,001 | ||||||||||||||||
-1 | Balances are reduced by amount guaranteed by the SBA of $1.8 million at December 31, 2012. | |||||||||||||||||||||
Average Recorded Investments In Impaired Loans And The Related Amount Of Interest Recognized [TableText Block] | ' | |||||||||||||||||||||
For the three months ended September 30, | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
(In thousands) | Average recorded investment | Interest income recognized on impaired loans | Average recorded investment | Interest income recognized on impaired loans | ||||||||||||||||||
SBA loans held to maturity (1) | $ | 3,223 | $ | 40 | $ | 3,405 | $ | 48 | ||||||||||||||
SBA 504 loans | 4,069 | 28 | 5,828 | 69 | ||||||||||||||||||
Commercial loans | ||||||||||||||||||||||
Commercial other | 1,679 | 16 | 3,567 | 13 | ||||||||||||||||||
Commercial real estate | 8,115 | 83 | 18,879 | 157 | ||||||||||||||||||
Commercial real estate construction | 177 | - | - | - | ||||||||||||||||||
Residential mortgage loans | ||||||||||||||||||||||
Residential mortgages | 2,690 | - | 2,104 | - | ||||||||||||||||||
Purchased residential mortgages | 1,740 | - | 3,168 | - | ||||||||||||||||||
Consumer loans | ||||||||||||||||||||||
Home equity | 1,212 | - | 290 | - | ||||||||||||||||||
Consumer other | - | - | 10 | - | ||||||||||||||||||
Total | $ | 22,905 | $ | 167 | $ | 37,251 | $ | 287 | ||||||||||||||
-1 | Balances are reduced by the average amount guaranteed by the Small Business Administration of $605 thousand and $534 thousand for the three months ended September 30, 2013 and 2012, respectively. | |||||||||||||||||||||
For the nine months ended September 30, | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
(In thousands) | Average recorded investment | Interest income recognized on impaired loans | Average recorded investment | Interest income recognized on impaired loans | ||||||||||||||||||
SBA loans held to maturity (1) | $ | 3,395 | $ | 153 | $ | 4,436 | $ | 164 | ||||||||||||||
SBA 504 loans | 5,642 | 142 | 6,244 | 209 | ||||||||||||||||||
Commercial loans | ||||||||||||||||||||||
Commercial other | 1,923 | 100 | 3,560 | 40 | ||||||||||||||||||
Commercial real estate | 9,853 | 252 | 19,031 | 454 | ||||||||||||||||||
Commercial real estate construction | 169 | - | 178 | - | ||||||||||||||||||
Residential mortgage loans | ||||||||||||||||||||||
Residential mortgages | 2,717 | - | 1,904 | - | ||||||||||||||||||
Residential construction | - | - | 1,205 | - | ||||||||||||||||||
Purchased residential mortgages | 1,875 | - | 2,512 | - | ||||||||||||||||||
Consumer loans | ||||||||||||||||||||||
Home equity | 724 | 16 | 301 | - | ||||||||||||||||||
Consumer other | 1 | - | 10 | - | ||||||||||||||||||
Total | $ | 26,299 | $ | 663 | $ | 39,381 | $ | 867 | ||||||||||||||
-1 | Balances are reduced by the average amount guaranteed by the Small Business Administration of $1.1 million and $567 thousand for the nine months ended September 30, 2013 and 2012, respectively. | |||||||||||||||||||||
Troubled Debt Restructurings Loans Modified [Table Text Block] | ' | |||||||||||||||||||||
The following table details loans modified during the nine months ended September 30, 2013 and 2012, including the number of modifications, the recorded investment at the time of the modification and the year-to-date impact to interest income as a result of the modification. | ||||||||||||||||||||||
For the nine months ended September 30, | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
(In thousands, except number of contracts) | Number of contracts | Recorded investment at time of modification | Impact of interest rate change on income | Number of contracts | Recorded investment at time of modification | Impact of interest rate change on income | ||||||||||||||||
Commercial real estate | 1 | $ | 2,684 | $ | 33 | 3 | $ | 1,856 | $ | 11 | ||||||||||||
Total | 1 | $ | 2,684 | $ | 33 | 3 | $ | 1,856 | $ | 11 | ||||||||||||
The following table presents loans modified as TDRs within the previous 12 months where a concession was made and the loan subsequently defaulted at some point during the nine months ended September 30, 2013 or 2012. | ||||||||||||||||||||||
For the nine months ended September 30, | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
(In thousands, except number of contracts) | Number of contracts | Recorded investment | Number of contracts | Recorded investment | ||||||||||||||||||
Commercial real estate | - | $ | - | 1 | $ | 909 | ||||||||||||||||
Total | - | $ | - | 1 | $ | 909 | ||||||||||||||||
Troubled Debt Restructurings Types Of Modifications [TableText Block] | ' | |||||||||||||||||||||
For the nine months ended September 30, 2013 | ||||||||||||||||||||||
(In thousands) | Commercial real estate | Total | ||||||||||||||||||||
Type of modification: | ||||||||||||||||||||||
Interest only with reduced interest rate | $ | 2,684 | $ | 2,684 | ||||||||||||||||||
Total TDRs | $ | 2,684 | $ | 2,684 | ||||||||||||||||||
For the nine months ended September 30, 2012 | ||||||||||||||||||||||
(In thousands) | Commercial real estate | Total | ||||||||||||||||||||
Type of modification: | ||||||||||||||||||||||
Interest only | $ | 1,856 | $ | 1,856 | ||||||||||||||||||
Total TDRs | $ | 1,856 | $ | 1,856 | ||||||||||||||||||
Allowance_for_Loan_Losses_and_1
Allowance for Loan Losses and Reserve for Unfunded Loan Commitments (Tables) | 9 Months Ended | |||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||
Allowance for Loan Losses and Reserve for Unfunded Loan Commitments [Abstract] | ' | |||||||||||||||||||||
Allowance for Credit Losses on Financing Receivables [Table Text Block] | ' | |||||||||||||||||||||
he following tables detail the activity in the allowance for loan losses by portfolio segment for the three months ended September 30, 2013 and 2012: | ||||||||||||||||||||||
For the three months ended September 30, 2013 | ||||||||||||||||||||||
(In thousands) | SBA held to maturity | SBA 504 | Commercial | Residential | Consumer | Unallocated | Total | |||||||||||||||
Balance, beginning of period | $ | 3,135 | $ | 1,488 | $ | 6,806 | $ | 1,954 | $ | 489 | $ | 437 | $ | 14,309 | ||||||||
Charge-offs | -211 | -590 | -253 | -125 | -229 | - | -1,408 | |||||||||||||||
Recoveries | 12 | - | 24 | 13 | - | - | 49 | |||||||||||||||
Net charge-offs | -199 | -590 | -229 | -112 | -229 | - | -1,359 | |||||||||||||||
Provision for loan losses charged to expense | -152 | 209 | 418 | 181 | 255 | -311 | 600 | |||||||||||||||
Balance, end of period | $ | 2,784 | $ | 1,107 | $ | 6,995 | $ | 2,023 | $ | 515 | $ | 126 | $ | 13,550 | ||||||||
For the three months ended September 30, 2012 | ||||||||||||||||||||||
(In thousands) | SBA held to maturity | SBA 504 | Commercial | Residential | Consumer | Unallocated | Total | |||||||||||||||
Balance, beginning of period | $ | 3,201 | $ | 1,331 | $ | 8,756 | $ | 1,836 | $ | 522 | $ | 638 | $ | 16,284 | ||||||||
Charge-offs | -254 | -481 | -1,428 | -65 | -31 | - | -2,259 | |||||||||||||||
Recoveries | 195 | 15 | 58 | - | 1 | - | 269 | |||||||||||||||
Net charge-offs | -59 | -466 | -1,370 | -65 | -30 | - | -1,990 | |||||||||||||||
Provision for loan losses charged to expense | -37 | 342 | 527 | 66 | 14 | 88 | 1,000 | |||||||||||||||
Balance, end of period | $ | 3,105 | $ | 1,207 | $ | 7,913 | $ | 1,837 | $ | 506 | $ | 726 | $ | 15,294 | ||||||||
The following tables detail the activity in the allowance for loan losses by portfolio segment for the nine months ended September 30, 2013 and 2012: | ||||||||||||||||||||||
For the nine months ended September 30, 2013 | ||||||||||||||||||||||
(In thousands) | SBA held to maturity | SBA 504 | Commercial | Residential | Consumer | Unallocated | Total | |||||||||||||||
Balance, beginning of period | $ | 3,378 | $ | 1,312 | $ | 7,091 | $ | 1,769 | $ | 524 | $ | 684 | $ | 14,758 | ||||||||
Charge-offs | -948 | -990 | -828 | -250 | -288 | - | -3,304 | |||||||||||||||
Recoveries | 157 | 179 | 190 | 17 | 3 | - | 546 | |||||||||||||||
Net charge-offs | -791 | -811 | -638 | -233 | -285 | - | -2,758 | |||||||||||||||
Provision for loan losses charged to expense | 197 | 606 | 542 | 487 | 276 | -558 | 1,550 | |||||||||||||||
Balance, end of period | $ | 2,784 | $ | 1,107 | $ | 6,995 | $ | 2,023 | $ | 515 | $ | 126 | $ | 13,550 | ||||||||
For the nine months ended September 30, 2012 | ||||||||||||||||||||||
(In thousands) | SBA held to maturity | SBA 504 | Commercial | Residential | Consumer | Unallocated | Total | |||||||||||||||
Balance, beginning of period | $ | 4,088 | $ | 1,423 | $ | 8,129 | $ | 1,703 | $ | 536 | $ | 469 | $ | 16,348 | ||||||||
Charge-offs | -1,081 | -808 | -2,314 | -672 | -56 | - | -4,931 | |||||||||||||||
Recoveries | 496 | 58 | 122 | - | 1 | - | 677 | |||||||||||||||
Net charge-offs | -585 | -750 | -2,192 | -672 | -55 | - | -4,254 | |||||||||||||||
Provision for loan losses charged to expense | -398 | 534 | 1,976 | 806 | 25 | 257 | 3,200 | |||||||||||||||
Balance, end of period | $ | 3,105 | $ | 1,207 | $ | 7,913 | $ | 1,837 | $ | 506 | $ | 726 | $ | 15,294 | ||||||||
Allowance For Credit Losses On Financing Receivables On Basis Of Impairment Method [Table Text Block] | ' | |||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||
(In thousands) | SBA held to maturity | SBA 504 | Commercial | Residential | Consumer | Unallocated | Total | |||||||||||||||
Allowance for loan losses ending balance: | ||||||||||||||||||||||
Individually evaluated for impairment | $ | 876 | $ | 31 | $ | 540 | $ | - | $ | - | $ | - | $ | 1,447 | ||||||||
Collectively evaluated for impairment | 1,908 | 1,076 | 6,455 | 2,023 | 515 | 126 | 12,103 | |||||||||||||||
Total | $ | 2,784 | $ | 1,107 | $ | 6,995 | $ | 2,023 | $ | 515 | $ | 126 | $ | 13,550 | ||||||||
Loan ending balances: | ||||||||||||||||||||||
Individually evaluated for impairment | $ | 2,937 | $ | 4,139 | $ | 10,891 | $ | - | $ | - | $ | - | $ | 17,967 | ||||||||
Collectively evaluated for impairment | 47,508 | 32,902 | 337,734 | 173,129 | 45,484 | - | 636,757 | |||||||||||||||
Total | $ | 50,445 | $ | 37,041 | $ | 348,625 | $ | 173,129 | $ | 45,484 | $ | - | $ | 654,724 | ||||||||
31-Dec-12 | ||||||||||||||||||||||
(In thousands) | SBA held to maturity | SBA 504 | Commercial | Residential | Consumer | Unallocated | Total | |||||||||||||||
Allowance for loan losses ending balance: | ||||||||||||||||||||||
Individually evaluated for impairment | $ | 1,159 | $ | 217 | $ | 625 | $ | - | $ | - | $ | - | $ | 2,001 | ||||||||
Collectively evaluated for impairment | 2,219 | 1,095 | 6,466 | 1,769 | 524 | 684 | 12,757 | |||||||||||||||
Total | $ | 3,378 | $ | 1,312 | $ | 7,091 | $ | 1,769 | $ | 524 | $ | 684 | $ | 14,758 | ||||||||
Loan ending balances: | ||||||||||||||||||||||
Individually evaluated for impairment | $ | 3,712 | $ | 6,852 | $ | 12,802 | $ | - | $ | - | $ | - | $ | 23,366 | ||||||||
Collectively evaluated for impairment | 54,881 | 34,586 | 288,762 | 132,094 | 46,410 | - | 556,733 | |||||||||||||||
Total | $ | 58,593 | $ | 41,438 | $ | 301,564 | $ | 132,094 | $ | 46,410 | $ | - | $ | 580,099 | ||||||||
Significant_Accounting_Policie3
Significant Accounting Policies (Stock Transactions - Stock Option Plans Narrative) (Details) (USD $) | 9 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Significant Accounting Policies [Abstract] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '3 years | ' |
Share Based Compensation Arrangement By ShareBased Payment Award Award Expiration Period | '10 years | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,720,529 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 518,715 | 516,332 |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercised Forfited Or Expired Number | 1,102,073 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 99,741 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Stock Options | $182 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | '1 year 8 months 12 days | ' |
Significant_Accounting_Policie4
Significant Accounting Policies (Stock Transactions - Stock Option Plans Tables) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Significant Accounting Policies [Abstract] | ' | ' | ' | ' | ' |
Options Outstanding, shares | ' | ' | 516,332 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | ' | ' | 25,000 | 2,500 | ' |
Options exercised, shares | -11,667 | -107,367 | -11,667 | -111,208 | ' |
Options forfeited, shares | ' | ' | -8,333 | ' | ' |
Options expired, shares | ' | ' | -2,617 | ' | ' |
Options Outstanding, shares | 518,715 | ' | 518,715 | ' | 516,332 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 422,217 | ' | 422,217 | ' | ' |
Weighted Average exercise Price: Options Outstanding | ' | ' | $7.06 | ' | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | ' | ' | $6.02 | $5.95 | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | ' | ' | $6.62 | ' | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | ' | ' | $6.56 | ' | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price | ' | ' | $8.86 | ' | ' |
Weighted Average exercise Price: Options Outstanding | $7.02 | ' | $7.02 | ' | $7.06 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $7.19 | ' | $7.19 | ' | ' |
Weighted Average Remaining Contractual Life (in years): Options Outstanding | ' | ' | '4 years 9 months 18 days | ' | '5 years 4 months 24 days |
Weighted Average Remaining Contractual Life (in years): Options Outstanding | ' | ' | '4 years 9 months 18 days | ' | '5 years 4 months 24 days |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | ' | ' | '4 years | ' | ' |
Aggregate Intrinsic Value: Options Outstanding | ' | ' | $327,725 | ' | ' |
Aggregate Intrinsic Value: Options Outstanding | 669,827 | ' | 669,827 | ' | 327,725 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $554,078 | ' | $554,078 | ' | ' |
Significant_Accounting_Policie5
Significant Accounting Policies (Fair Value Assumptions) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |||||
Significant Accounting Policies [Abstract] | ' | ' | ' | ' | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | ' | ' | 25,000 | 2,500 | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | ' | ' | $6.02 | $5.95 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | ' | ' | $2.91 | $2.79 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | '0 years | [1] | '0 years | [1] | '5 years 1 month 10 days | [1] | '4 years 8 months 19 days | [1] |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | ' | ' | 52.81% | [2] | 56.33% | [2] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | ' | ' | 0.77% | [3] | 0.72% | [3] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | ' | [4] | ' | [4] | ' | [4] | ' | [4] |
[1] | The expected life of the options was estimated based on historical employee behavior and represents the period of time that options granted are expected to be outstanding. | |||||||
[2] | The expected volatility of the Companybs stock price was based on the historical volatility over the period commensurate with the expected life of the options. | |||||||
[3] | The risk-free interest rate is the U.S. Treasury rate commensurate with the expected life of the options on the date of grant. | |||||||
[4] | The expected dividend yield is the projected annual yield based on the grant date stock price. |
Significant_Accounting_Policie6
Significant Accounting Policies (Stock Transactions - Options Exercised Tables) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Significant Accounting Policies [Abstract] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 11,667 | 107,367 | 11,667 | 111,208 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | $15,367 | $109,896 | $15,367 | $115,951 |
Employee Service Share-based Compensation, Cash Received from Exercise of Stock Options | ' | 139,943 | ' | 156,988 |
Tax deduction realized from options exercised | ' | $40,401 | ' | $40,913 |
Significant_Accounting_Policie7
Significant Accounting Policies (Stock Transactions - Stock Options Outstanding) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2012 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 518,715 | 516,332 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | '4 years 9 months 18 days | '5 years 4 months 24 days |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $7.02 | $7.06 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 422,217 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $7.19 | ' |
Range Of Option Exercise Prices 0.00-4.00 [Member] | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 119,750 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | '5 years 7 months 6 days | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $3.87 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 119,750 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $3.87 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $0 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $4 | ' |
Range Of Option Exercise Prices 4.01-8.00 [Member] | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 236,675 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | '6 years 10 months 24 days | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $6.45 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 140,177 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $6.59 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $4.01 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $8 | ' |
Range Of Option Exercise Prices 8.01-12.00 [Member] | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 117,639 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | '6 months | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $9.23 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 117,639 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $9.23 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $8.01 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $12 | ' |
Range Of Option Exercise Prices 12.01-16.00 [Member] | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 44,651 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | '3 years 3 months 18 days | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $12.62 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 44,651 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $12.62 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $12.01 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $16 | ' |
Significant_Accounting_Policie8
Significant Accounting Policies (Compensation expense related to stock options) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Stock Options [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Compensation expense | $30,431 | $38,167 | $105,076 | $113,631 |
Income tax benefit | 12,154 | 11,935 | 41,967 | 40,333 |
Restricted Stock [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Compensation expense | $50,628 | $39,301 | $145,014 | $120,413 |
Significant_Accounting_Policie9
Significant Accounting Policies (Stock Transactions - Restricted Stock Activity Tables) (Details) (Restricted Stock [Member], USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Restricted Stock [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Nonvested restricted stock: shares | 90,975 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 14,000 | 1,000 |
Vested: shares | -9,275 | ' |
Forfeited: shares | -6,650 | ' |
Nonvested restricted stock: shares | 89,050 | ' |
Nonvested restricted stock: Average Grant Date Fair Value | $6.10 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $6.02 | $5.95 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $5.97 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $6.16 | ' |
Nonvested restricted stock: Average Grant Date Fair Value | $6.10 | ' |
Recovered_Sheet1
Significant Accounting Policies (Stock Transactions - Restricted Stock Awards) (Details) (USD $) | 9 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '3 years | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,720,529 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 99,741 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | '1 year 8 months 12 days | ' |
Restricted Stock [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '4 years | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 471,551 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 261,313 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 14,000 | 1,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $6.02 | $5.95 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Share-based Awards Other than Options | $414 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | '2 years 7 months 6 days | ' |
Recovered_Sheet2
Significant Accounting Policies (Perpetual Preferred Stock Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | |
Significant Accounting Policies [Abstract] | ' | ' | ' | ' |
Preferred Stock, Value, Issued | ' | ' | ' | $20,600,000 |
Preferred Stock, Shares Issued | ' | ' | ' | 20,649 |
Stock Redeemed or Called During Period, Shares | 10,325 | 10,324 | ' | ' |
Stock Redeemed or Called During Period, Value | 10,400,000 | 10,300,000 | 20,649,000 | ' |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 764,788 | ' | 764,788 | ' |
Payments for Repurchase of Warrants | ' | ' | $2,707,000 | ' |
Net_Income_per_Share_Calculati
Net Income per Share (Calculation of Basic and Diluted EPS) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net Income per Share [Abstract] | ' | ' | ' | ' |
Net income | $1,302 | $1,196 | $3,848 | $3,077 |
Less: Preferred stock dividends and discount accretion | 119 | 397 | 988 | 1,195 |
Income available to common shareholders | $1,183 | $799 | $2,860 | $1,882 |
Weighted average common shares outstanding - Basic | 7,545 | 7,473 | 7,542 | 7,465 |
Plus: Potential dilutive common stock equivalents | 277 | 309 | 325 | 321 |
Weighted average common shares oustanding - Diluted | 7,822 | 7,782 | 7,867 | 7,786 |
Net income per common share - Basic | $0.16 | $0.11 | $0.38 | $0.25 |
Net income per common share - Diluted | $0.15 | $0.10 | $0.36 | $0.24 |
Stock options and common stock excluded from the income per share computation as their effect would have been anti-dilutive | 282 | 499 | 383 | 505 |
Net_Income_per_Share_Narrative
Net Income per Share (Narrative) (Details) (USD $) | 9 Months Ended |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 |
Net Income per Share [Abstract] | ' |
Common Stock Warrants Issued To U.S. Treasury Under Capital Purchase Program In December 2008 | 764,778 |
Payments for Repurchase of Warrants | $2,707 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Taxes [Abstract] | ' | ' | ' | ' |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | ' | ' | $0 | $0 |
Income Tax Expense (Benefit) | $684 | $606 | $1,962 | $1,583 |
Effective Income Tax Rate, Continuing Operations | 34.40% | 33.60% | 33.80% | 34.00% |
Open Tax Year | ' | ' | '2009 | ' |
Other_Comprehensive_Income_Los2
Other Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Other Comprehensive Income (Loss) [Abstract] | ' | ' | ' | ' |
Net unrealized gains on securities: Balance, Beginning of Period | $227 | $929 | $1,333 | $1,121 |
Unrealized holding gains arising during period, pre-tax | -1,031 | 477 | -2,530 | 665 |
Unrealized holding gains arising during period, tax | -413 | 191 | -1,028 | 234 |
Unrealized holding gains arising during period, after-tax | -618 | 286 | -1,502 | 431 |
Less: Reclassification adjustment for gains included in net income, pre-tax | 33 | ' | 367 | 507 |
Less: Reclassification adjustment for gains included in net income, tax | 11 | ' | 123 | 170 |
Less: Reclassification adjustment for gains on securities included in net income | 22 | ' | 244 | 337 |
Net unrealized gains on securities arising during period, pre-tax | -1,064 | 477 | -2,897 | 158 |
Net unrealized gains on securities arising during period, tax | -424 | 191 | -1,151 | 64 |
Net unrealized gains on securities arising during the period, after-tax | -640 | 286 | -1,746 | 94 |
Net unrealized gains on securities: Balance, End of Period | ($413) | $1,215 | ($413) | $1,215 |
Fair_Value_Quantitative_Inform
Fair Value (Quantitative Information About Level 3 Inputs) (Details) | 9 Months Ended |
Sep. 30, 2013 | |
Prepayment Risk [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Fair Value Measurements, Valuation Techniques | 'Discounted Cash Flow |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings, Description | 'Prepayment rate |
Default Rate [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings, Description | 'Default rate |
Loss Severity [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings, Description | 'Loss severity |
Minimum [Member] | Prepayment Risk [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Fair Value Inputs, Discount Rate | 8.00% |
Minimum [Member] | Default Rate [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Fair Value Inputs, Discount Rate | 10.00% |
Minimum [Member] | Loss Severity [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Fair Value Inputs, Discount Rate | 10.00% |
Maximum [Member] | Prepayment Risk [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Fair Value Inputs, Discount Rate | 15.00% |
Maximum [Member] | Default Rate [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Fair Value Inputs, Discount Rate | 15.00% |
Maximum [Member] | Loss Severity [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Fair Value Inputs, Discount Rate | 25.00% |
Weighted Average [Member] | Prepayment Risk [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Fair Value Inputs, Discount Rate | 10.00% |
Weighted Average [Member] | Default Rate [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Fair Value Inputs, Discount Rate | 12.50% |
Weighted Average [Member] | Loss Severity [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Fair Value Inputs, Discount Rate | 18.00% |
Fair_Value_Fair_Value_On_A_Rec
Fair Value (Fair Value On A Recurring Basis) (Narrative) (Details) (USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Fair Value [Abstract] | ' |
Percentage Of Portfolio In Residential Mortgage Backed Securities | 54.00% |
Residential Mortgage Backed Securities Guaranteed By Government National Mortgage Association Or Federal National Mortgage Association Or Federal Home Loan Mortgage Corporation | $42.40 |
Fair_Value_Fair_Value_On_A_Rec1
Fair Value (Fair Value On A Recurring Basis) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale | $80,926 | $89,538 |
US Government Agencies Debt Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale | 6,379 | 2,568 |
US States and Political Subdivisions Debt Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale | 16,614 | 15,303 |
Residential Mortgage Backed Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale | 43,669 | 45,545 |
Commercial Mortgage Backed Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale | 1,308 | 4,463 |
Corporate Debt Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale | 12,956 | 21,659 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale | 79,618 | 85,075 |
Fair Value, Inputs, Level 2 [Member] | US Government Agencies Debt Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale | 6,379 | 2,568 |
Fair Value, Inputs, Level 2 [Member] | US States and Political Subdivisions Debt Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale | 16,614 | 15,303 |
Fair Value, Inputs, Level 2 [Member] | Residential Mortgage Backed Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale | 43,669 | 45,545 |
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale | 12,956 | 21,659 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale | 1,308 | 4,463 |
Fair Value, Inputs, Level 3 [Member] | Commercial Mortgage Backed Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale | $1,308 | $4,463 |
Fair_Value_Schedule_Of_Fair_Va
Fair Value (Schedule Of Fair Value Changes In Level 3) (Details) (Commercial Mortgage Backed Securities [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Commercial Mortgage Backed Securities [Member] | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Balance, beginning of year | $1,594 | ' | $4,463 | ' |
Payoffs | -75 | ' | -815 | ' |
Principal paydowns | -219 | ' | -2,301 | ' |
Total net gains included in: Other comprehensive income | 8 | ' | -39 | ' |
Balance, end of year | $1,308 | ' | $1,308 | ' |
Fair_Value_Fair_Value_On_A_Non
Fair Value (Fair Value On A Nonrecurring Basis) (Narrative) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired Financing Receivable, Related Allowance | $1,447 | $2,001 |
Impaired Financing Receivable Related Allowance, Increase (Decrease) | -554 | ' |
Impaired Financing Receivable, Recorded Investment | $17,967 | $23,366 |
Minimum [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financing Receivable Modifications Post Modification Recorded Investment Discount For Selling And Closing Costs | 8.00% | ' |
Maximum [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financing Receivable Modifications Post Modification Recorded Investment Discount For Selling And Closing Costs | 10.00% | ' |
Fair_Value_Fair_Value_On_A_Non1
Fair Value (Fair Value On A Nonrecurring Basis) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | Other Real Estate Owner [Member] | Other Real Estate Owner [Member] | Other Real Estate Owner [Member] | Other Real Estate Owner [Member] | Impaired Collateral-Dependant Loans [Member] | Impaired Collateral-Dependant Loans [Member] | Impaired Collateral-Dependant Loans [Member] | Impaired Collateral-Dependant Loans [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
OREO | $1,000 | ' | $281 | ' | ' | ' | ' | ' | ' | ' | ' | $1,000 | $281 |
Impaired collateral-depended | 8,782 | 8,200 | 12,162 | ' | ' | ' | ' | ' | ' | ' | ' | 8,782 | 12,162 |
Assets, Fair Value Adjustment | ' | ' | ' | ($390) | ($362) | ($459) | ($1,502) | $286 | $1,320 | $554 | $2,067 | ' | ' |
Fair_Value_Fair_Value_Of_Finan
Fair Value (Fair Value Of Financial Instruments) (Narrative) (Details) (Standby Letters of Credit [Member], USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Standby Letters of Credit [Member] | ' |
Schedule of Investments [Line Items] | ' |
Supply Commitment, Remaining Minimum Amount Committed | $1.60 |
Fair_Value_Fair_Value_Of_Finan1
Fair Value (Fair Value Of Financial Instruments) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 | ||
In Thousands, unless otherwise specified | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Accrued interest receivable | $3,131 | $3,298 | ' | ' | ||
Accrued interest payable | 430 | 434 | ' | ' | ||
Cash and cash equivalents, Carrying amount | 74,726 | 94,192 | 72,563 | 82,574 | ||
Securities held to maturity, Carrying amount | 25,980 | 21,515 | ' | ' | ||
SBA loans held for sale, Carrying value | 5,893 | 6,937 | ' | ' | ||
Loans, net of allowance for loan losses, Carrying value | 641,174 | [1] | 565,341 | [1] | ' | ' |
Federal Home Loan Bank Stock, Carrying value | 3,952 | 3,989 | ' | ' | ||
SBA Servicing Assets, Carrying value | 383 | 396 | ' | ' | ||
Deposits, Carrying value | 727,112 | 648,760 | ' | ' | ||
Borrowed funds and subordinated debenture, Carrying value | 90,465 | 90,465 | ' | ' | ||
Impaired Collateral Dependent Loans, Fair Value Disclosure | 8,782 | 8,200 | 12,162 | ' | ||
Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Cash And Cash Equivalents, Estimated fair value | 74,726 | 94,192 | ' | ' | ||
Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Securities Held To Maturity, Estimated fair value | 25,261 | [2] | 22,741 | [2] | ' | ' |
SBA Loans Held For Sale, Estimated fair value | 6,376 | 7,582 | ' | ' | ||
Loans, Net Of Allowance For Loan Losses, Estimated fair value | 631,628 | [1] | 564,528 | [1] | ' | ' |
Federal Home Loan Bank Stock, Estimated fair value | 3,952 | 3,989 | ' | ' | ||
Accrued interest receivable | 3,131 | 3,298 | ' | ' | ||
Deposits, Estimated fair value | 727,374 | 650,668 | ' | ' | ||
Borrowed Funds And Subordinated Debentures, Estimated fair value | 98,490 | 100,257 | ' | ' | ||
Accrued interest payable | 430 | 434 | ' | ' | ||
Securities held to maturity, Carrying amount | 25,980 | [2] | 21,515 | [2] | ' | ' |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
SBA servicing assets | 383 | 396 | ' | ' | ||
Impaired Collateral Dependent Loans, Fair Value Disclosure | 8,782 | ' | 12,162 | ' | ||
Commercial Mortgage Backed Securities [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Securities held to maturity, Carrying amount | 6,781 | 2,671 | ' | ' | ||
Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Securities Held To Maturity, Estimated fair value | 6,500 | 3,200 | ' | ' | ||
Securities held to maturity, Carrying amount | $6,800 | $2,700 | ' | ' | ||
[1] | Includes collateral-dependent impaired loans that are considered Level 3 and reported separately in the tables under the bFair Value on a Nonrecurring Basisb heading. Collateral-dependent impaired loans, net of specific reserves totaled $8.8 million and $8.2 million at September 30, 2013 and December 31, 2012, respectively. | |||||
[2] | Includes held to maturity commercial mortgage-backed securities that are considered Level 3. These securities had book values of $6.8 million and $2.7 million at September 30, 2013 and December 31, 2012, respectively, and market values of $6.5 million and $3.2 million at September 30, 2013 and December 31, 2012, respectively. |
Securities_Unrealized_Gain_Los
Securities (Unrealized Gain (Loss) on Investments) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Investments [Line Items] | ' | ' |
Available-for-sale securities, Amortized Cost | $81,606 | $87,320 |
Available-for-sale Securities, Gross Unrealized Gains | 1,086 | 2,915 |
Available-for-sale Securities, Gross Unrealized Losses | -1,766 | -697 |
Available-for-sale securities, Estimated Fair Value | 80,926 | 89,538 |
Securities held to maturity, Amortized cost | 25,980 | 21,515 |
Securities held-to-maturity, Unrecognized Holding Gain | 384 | 1,239 |
Securities held-to-maturity, Unrecognized Holding Loss | -1,103 | -13 |
Securities held-to-maturity, Estimated Fair Value | 25,261 | 22,741 |
US Government Agencies Debt Securities [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Available-for-sale securities, Amortized Cost | 6,748 | 2,482 |
Available-for-sale Securities, Gross Unrealized Gains | 28 | 86 |
Available-for-sale Securities, Gross Unrealized Losses | -397 | ' |
Available-for-sale securities, Estimated Fair Value | 6,379 | 2,568 |
Securities held to maturity, Amortized cost | 5,928 | 5,050 |
Securities held-to-maturity, Unrecognized Holding Gain | ' | 38 |
Securities held-to-maturity, Unrecognized Holding Loss | -462 | ' |
Securities held-to-maturity, Estimated Fair Value | 5,466 | 5,088 |
US States and Political Subdivisions Debt Securities [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Available-for-sale securities, Amortized Cost | 17,027 | 14,690 |
Available-for-sale Securities, Gross Unrealized Gains | 171 | 613 |
Available-for-sale Securities, Gross Unrealized Losses | -584 | ' |
Available-for-sale securities, Estimated Fair Value | 16,614 | 15,303 |
Securities held to maturity, Amortized cost | 2,443 | 2,746 |
Securities held-to-maturity, Unrecognized Holding Gain | 114 | 288 |
Securities held-to-maturity, Unrecognized Holding Loss | -20 | ' |
Securities held-to-maturity, Estimated Fair Value | 2,537 | 3,034 |
Residential Mortgage Backed Securities [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Available-for-sale securities, Amortized Cost | 43,269 | 43,984 |
Available-for-sale Securities, Gross Unrealized Gains | 817 | 1,684 |
Available-for-sale Securities, Gross Unrealized Losses | -417 | -123 |
Available-for-sale securities, Estimated Fair Value | 43,669 | 45,545 |
Securities held to maturity, Amortized cost | 9,848 | 11,048 |
Securities held-to-maturity, Unrecognized Holding Gain | 171 | 374 |
Securities held-to-maturity, Unrecognized Holding Loss | -150 | -13 |
Securities held-to-maturity, Estimated Fair Value | 9,869 | 11,409 |
Commercial Mortgage Backed Securities [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Available-for-sale securities, Amortized Cost | 1,307 | 4,423 |
Available-for-sale Securities, Gross Unrealized Gains | 4 | 42 |
Available-for-sale Securities, Gross Unrealized Losses | -3 | -2 |
Available-for-sale securities, Estimated Fair Value | 1,308 | 4,463 |
Securities held to maturity, Amortized cost | 6,781 | 2,671 |
Securities held-to-maturity, Unrecognized Holding Gain | 99 | 539 |
Securities held-to-maturity, Unrecognized Holding Loss | -391 | ' |
Securities held-to-maturity, Estimated Fair Value | 6,489 | 3,210 |
Corporate Debt Securities [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Available-for-sale securities, Amortized Cost | 13,255 | 21,741 |
Available-for-sale Securities, Gross Unrealized Gains | 66 | 490 |
Available-for-sale Securities, Gross Unrealized Losses | -365 | -572 |
Available-for-sale securities, Estimated Fair Value | 12,956 | 21,659 |
Securities held to maturity, Amortized cost | 980 | ' |
Securities held-to-maturity, Unrecognized Holding Loss | -80 | ' |
Securities held-to-maturity, Estimated Fair Value | $900 | ' |
Securities_Investments_Classif
Securities (Investments Classified by Contractual Maturity Date) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Investments [Line Items] | ' | ' |
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Fair Value | $40 | ' |
Available For Sale Securities Debt Maturities Next Twelve Months Fair Value Yield | 3.78% | ' |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Fair Value | 2,797 | ' |
Available For Sale Securities Debt Maturities Year Two Through Five Years Fair Value Yield | 2.19% | ' |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Fair Value | 18,807 | ' |
Available For Sale Securities Debt Maturities Year Six Through Ten Years Fair Value Yield | 2.43% | ' |
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 59,282 | ' |
Available For Sale Securities Debt Maturities After Ten Years Fair Value Yield | 2.62% | ' |
Available-for-sale Securities | 80,926 | 89,538 |
Available For Sale Securities Total Fair Value Yield | 2.56% | ' |
Held-to-maturity Securities, Debt Maturities, within One Year, Net Carrying Amount | 331 | ' |
Held-to-maturity Securities, Debt Maturities, within One Year, Net Carrying Amount Yield | 0.78% | ' |
Held-to-maturity Securities, Debt Maturities, after One Through Five Years, Net Carrying Amount | 786 | ' |
Held To Maturity Securities Debt Maturities After One Through Five Years Net Carrying Amount Yield | 4.74% | ' |
Held-to-maturity Securities, Debt Maturities, after Five Through Ten Years, Net Carrying Amount | 1,350 | ' |
Held To Maturity Securities Debt Maturities After Five Through Ten Years Net Carrying Amount Yield | 3.49% | ' |
Held-to-maturity Securities, Debt Maturities, after Ten Years, Net Carrying Amount | 23,513 | ' |
Held To Maturity Securities Debt Maturities After Ten Years Net Carrying Amount Yield | 3.06% | ' |
Securities held to maturity, Carrying amount | 25,980 | 21,515 |
Held To Maturity Securities Total Carrying Amount Yield | 3.10% | ' |
US Government Agencies Debt Securities [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Fair Value | 35 | ' |
Available For Sale Securities Debt Maturities Next Twelve Months Fair Value Yield | 3.96% | ' |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Fair Value | 1,015 | ' |
Available For Sale Securities Debt Maturities Year Two Through Five Years Fair Value Yield | 1.00% | ' |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Fair Value | 942 | ' |
Available For Sale Securities Debt Maturities Year Six Through Ten Years Fair Value Yield | 2.06% | ' |
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 4,387 | ' |
Available For Sale Securities Debt Maturities After Ten Years Fair Value Yield | 2.19% | ' |
Available-for-sale Securities | 6,379 | 2,568 |
Available For Sale Securities Total Fair Value Yield | 1.99% | ' |
Held-to-maturity Securities, Debt Maturities, after Ten Years, Net Carrying Amount | 5,928 | ' |
Held To Maturity Securities Debt Maturities After Ten Years Net Carrying Amount Yield | 1.97% | ' |
Securities held to maturity, Carrying amount | 5,928 | 5,050 |
Held To Maturity Securities Total Carrying Amount Yield | 1.97% | ' |
US States and Political Subdivisions Debt Securities [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Fair Value | 823 | ' |
Available For Sale Securities Debt Maturities Year Two Through Five Years Fair Value Yield | 2.56% | ' |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Fair Value | 11,442 | ' |
Available For Sale Securities Debt Maturities Year Six Through Ten Years Fair Value Yield | 2.69% | ' |
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 4,349 | ' |
Available For Sale Securities Debt Maturities After Ten Years Fair Value Yield | 2.80% | ' |
Available-for-sale Securities | 16,614 | 15,303 |
Available For Sale Securities Total Fair Value Yield | 2.71% | ' |
Held-to-maturity Securities, Debt Maturities, within One Year, Net Carrying Amount | 326 | ' |
Held-to-maturity Securities, Debt Maturities, within One Year, Net Carrying Amount Yield | 0.75% | ' |
Held-to-maturity Securities, Debt Maturities, after Ten Years, Net Carrying Amount | 2,117 | ' |
Held To Maturity Securities Debt Maturities After Ten Years Net Carrying Amount Yield | 4.70% | ' |
Securities held to maturity, Carrying amount | 2,443 | 2,746 |
Held To Maturity Securities Total Carrying Amount Yield | 4.17% | ' |
Residential Mortgage Backed Securities [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Fair Value | 5 | ' |
Available For Sale Securities Debt Maturities Next Twelve Months Fair Value Yield | 2.59% | ' |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Fair Value | 557 | ' |
Available For Sale Securities Debt Maturities Year Two Through Five Years Fair Value Yield | 4.47% | ' |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Fair Value | 714 | ' |
Available For Sale Securities Debt Maturities Year Six Through Ten Years Fair Value Yield | 3.27% | ' |
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 42,393 | ' |
Available For Sale Securities Debt Maturities After Ten Years Fair Value Yield | 2.67% | ' |
Available-for-sale Securities | 43,669 | 45,545 |
Available For Sale Securities Total Fair Value Yield | 2.70% | ' |
Held-to-maturity Securities, Debt Maturities, within One Year, Net Carrying Amount | 5 | ' |
Held-to-maturity Securities, Debt Maturities, within One Year, Net Carrying Amount Yield | 2.88% | ' |
Held-to-maturity Securities, Debt Maturities, after One Through Five Years, Net Carrying Amount | 786 | ' |
Held To Maturity Securities Debt Maturities After One Through Five Years Net Carrying Amount Yield | 4.74% | ' |
Held-to-maturity Securities, Debt Maturities, after Five Through Ten Years, Net Carrying Amount | 370 | ' |
Held To Maturity Securities Debt Maturities After Five Through Ten Years Net Carrying Amount Yield | 4.93% | ' |
Held-to-maturity Securities, Debt Maturities, after Ten Years, Net Carrying Amount | 8,687 | ' |
Held To Maturity Securities Debt Maturities After Ten Years Net Carrying Amount Yield | 2.83% | ' |
Securities held to maturity, Carrying amount | 9,848 | 11,048 |
Held To Maturity Securities Total Carrying Amount Yield | 3.06% | ' |
Commercial Mortgage Backed Securities [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 1,308 | ' |
Available For Sale Securities Debt Maturities After Ten Years Fair Value Yield | 2.45% | ' |
Available-for-sale Securities | 1,308 | 4,463 |
Available For Sale Securities Total Fair Value Yield | 2.45% | ' |
Held-to-maturity Securities, Debt Maturities, after Ten Years, Net Carrying Amount | 6,781 | ' |
Held To Maturity Securities Debt Maturities After Ten Years Net Carrying Amount Yield | 3.80% | ' |
Securities held to maturity, Carrying amount | 6,781 | 2,671 |
Held To Maturity Securities Total Carrying Amount Yield | 3.80% | ' |
Corporate Debt Securities [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Fair Value | 402 | ' |
Available For Sale Securities Debt Maturities Year Two Through Five Years Fair Value Yield | 1.28% | ' |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Fair Value | 5,709 | ' |
Available For Sale Securities Debt Maturities Year Six Through Ten Years Fair Value Yield | 1.85% | ' |
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 6,845 | ' |
Available For Sale Securities Debt Maturities After Ten Years Fair Value Yield | 2.49% | ' |
Available-for-sale Securities | 12,956 | 21,659 |
Available For Sale Securities Total Fair Value Yield | 2.17% | ' |
Held-to-maturity Securities, Debt Maturities, after Five Through Ten Years, Net Carrying Amount | 980 | ' |
Held To Maturity Securities Debt Maturities After Five Through Ten Years Net Carrying Amount Yield | 2.95% | ' |
Securities held to maturity, Carrying amount | $980 | ' |
Held To Maturity Securities Total Carrying Amount Yield | 2.95% | ' |
Securities_Schedule_of_Unreali
Securities (Schedule of Unrealized Loss on Investments) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | security | security |
Schedule of Investments [Line Items] | ' | ' |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 51 | 15 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $33,818 | $8,109 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -1,385 | -71 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 4,219 | 4,945 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -381 | -626 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 38,037 | 13,054 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | -1,766 | -697 |
Held-to-maturity, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 13 | 3 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 15,493 | 838 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -1,098 | -2 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 128 | 279 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -5 | -11 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value, Total | 15,621 | 1,117 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | -1,103 | -13 |
US Government Agencies Debt Securities [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 6 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 5,555 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -397 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 5,555 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | -397 | ' |
Held-to-maturity, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 3 | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 5,465 | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -462 | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value, Total | 5,465 | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | -462 | ' |
US States and Political Subdivisions Debt Securities [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 21 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 10,209 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -584 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 10,209 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | -584 | ' |
Held-to-maturity, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 1 | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 659 | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -20 | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value, Total | 659 | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | -20 | ' |
Residential Mortgage Backed Securities [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 14 | 5 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 15,091 | 3,272 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -331 | -43 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,533 | 1,951 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -86 | -80 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 16,624 | 5,223 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | -417 | -123 |
Held-to-maturity, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 6 | 3 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 4,730 | 838 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -145 | -2 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 128 | 279 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -5 | -11 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value, Total | 4,858 | 1,117 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | -150 | -13 |
Commercial Mortgage Backed Securities [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 2 | 4 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 531 | 2,351 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -3 | -2 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 531 | 2,351 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | -3 | -2 |
Held-to-maturity, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 2 | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 3,738 | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -391 | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value, Total | 3,738 | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | -391 | ' |
Corporate Debt Securities [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 8 | 6 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 2,432 | 2,486 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -70 | -26 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 2,686 | 2,994 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -295 | -546 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 5,118 | 5,480 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | -365 | -572 |
Held-to-maturity, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 1 | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 901 | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -80 | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value, Total | 901 | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | ($80) | ' |
Securities_Gross_Realized_Gain
Securities (Gross Realized Gains (Losses) on Investments) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Securities [Abstract] | ' | ' | ' | ' |
Available-for-sale Securities, Gross Realized Gains | $34 | ' | $371 | $511 |
Available-for-sale Securities, Gross Realized Losses | ' | ' | -4 | -4 |
Available-for-sale Securities, Gross Realized Gain (Loss), Total | 34 | ' | 367 | 507 |
Held-to-maturity Securities, Sold Security, Realized Gain | ' | 7 | ' | 7 |
Held-to-maturity Securities, Sold Security, Realized Gain (Loss), Total | ' | 7 | ' | 7 |
Gain (Loss) on Sale of Securities, Net, Total | $34 | $7 | $367 | $514 |
Securities_Unrealized_Losses_N
Securities (Unrealized Losses Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' |
Available-for-sale Securities, Gross Realized Gains | $34,000 | ' | $371,000 | $511,000 | ' |
Available-for-sale Securities, Gross Realized Losses | ' | ' | 4,000 | 4,000 | ' |
Gross Realized Gains on Marketable Securities | ' | 7,000 | 371,000 | 518,000 | ' |
Gross Realized Losses on Marketable Securities | ' | ' | ' | 4,000 | ' |
Available-for-sale Securities, Gross Realized Gains (Losses), Sale Proceeds | ' | ' | 11,800,000 | ' | ' |
Available-for-sale Securities Pledged as Collateral | 72,200,000 | ' | 72,200,000 | ' | 78,400,000 |
Available For Sale Securities Pledged As Collateral Against Government Deposits | 20,000,000 | ' | 20,000,000 | ' | 25,100,000 |
US States and Political Subdivisions Debt Securities [Member] | ' | ' | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' |
Gross Realized Gains on Marketable Securities | ' | ' | ' | 7,000 | ' |
Gross Realized Losses on Marketable Securities | ' | ' | 4,000 | 4,000 | ' |
Available-for-sale Securities, Gross Realized Gains (Losses), Sale Proceeds | ' | ' | 64,000 | 64,000 | ' |
Residential Mortgage Backed Securities [Member] | ' | ' | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' |
Gross Realized Gains on Marketable Securities | ' | ' | ' | 511,000 | ' |
Available-for-sale Securities, Gross Realized Gains (Losses), Sale Proceeds | ' | ' | ' | $6,100,000 | ' |
Loans_Classification_Of_Loans_
Loans (Classification Of Loans By Class) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
SBA loans held to maturity | $50,445 | $58,593 |
SBA 504 loans | 37,041 | 41,438 |
Commercial loans | 348,625 | 301,564 |
Residential mortgage loans | 173,129 | 132,094 |
Consumer loans | 45,484 | 46,410 |
Total loans held for investment | 654,724 | 580,099 |
SBA loans held for sale | 5,893 | 6,937 |
Total Loans | 660,617 | 587,036 |
Commercial other [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Commercial loans | 32,580 | 24,043 |
Total Loans | 32,580 | 24,043 |
Commercial real estate [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Commercial loans | 308,761 | 264,439 |
Total Loans | 308,761 | 264,439 |
Commercial real estate construction [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Commercial loans | 7,284 | 13,082 |
Total Loans | 7,284 | 13,082 |
Residential mortgages [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Residential mortgage loans | 166,830 | 125,232 |
Total Loans | 166,830 | 125,232 |
Residential Purchased Mortgages Segment [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Residential mortgage loans | 6,299 | 6,862 |
Total Loans | 6,299 | 6,862 |
Home equity [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Consumer loans | 44,128 | 45,152 |
Total Loans | 44,128 | 45,152 |
Consumer other [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Consumer loans | 1,356 | 1,258 |
Total Loans | $1,356 | $1,258 |
Loans_Loan_Portfolio_By_Class_
Loans (Loan Portfolio By Class According To Credit Quality Indicatiors) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
SBA loans held to maturity | $50,445 | $58,593 |
SBA 504 loans | 37,041 | 41,438 |
Commercial loans | 348,625 | 301,564 |
SBA, SBA 504, and commercial loans | 436,111 | 401,595 |
Residential mortgage loans | 173,129 | 132,094 |
Consumer loans | 45,484 | 46,410 |
Total Loans | 660,617 | 587,036 |
Commercial other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Commercial loans | 32,580 | 24,043 |
Total Loans | 32,580 | 24,043 |
Commercial real estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Commercial loans | 308,761 | 264,439 |
Total Loans | 308,761 | 264,439 |
Commercial real estate construction [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Commercial loans | 7,284 | 13,082 |
Total Loans | 7,284 | 13,082 |
Residential mortgages [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Residential mortgage loans | 166,830 | 125,232 |
Total Loans | 166,830 | 125,232 |
Residential Purchased Mortgages Segment [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Residential mortgage loans | 6,299 | 6,862 |
Total Loans | 6,299 | 6,862 |
Home equity [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Consumer loans | 44,128 | 45,152 |
Total Loans | 44,128 | 45,152 |
Consumer other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Consumer loans | 1,356 | 1,258 |
Total Loans | 1,356 | 1,258 |
Residential Mortgage And Consumer Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Loans | 218,613 | 178,504 |
Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
SBA loans held to maturity | 42,087 | 45,680 |
SBA 504 loans | 27,428 | 28,726 |
Commercial loans | 314,533 | 262,583 |
SBA, SBA 504, and commercial loans | 384,048 | 336,989 |
Pass [Member] | Commercial other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Commercial loans | 29,735 | 20,187 |
Pass [Member] | Commercial real estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Commercial loans | 277,691 | 229,516 |
Pass [Member] | Commercial real estate construction [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Commercial loans | 7,107 | 12,880 |
Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
SBA loans held to maturity | 1,928 | 4,376 |
SBA 504 loans | 7,080 | 5,860 |
Commercial loans | 24,655 | 32,604 |
SBA, SBA 504, and commercial loans | 33,663 | 42,840 |
Special Mention [Member] | Commercial other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Commercial loans | 1,667 | 1,669 |
Special Mention [Member] | Commercial real estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Commercial loans | 22,988 | 30,733 |
Special Mention [Member] | Commercial real estate construction [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Commercial loans | ' | 202 |
Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
SBA loans held to maturity | 6,430 | 8,537 |
SBA 504 loans | 2,533 | 6,852 |
Commercial loans | 9,437 | 6,377 |
SBA, SBA 504, and commercial loans | 18,400 | 21,766 |
Substandard [Member] | Commercial other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Commercial loans | 1,178 | 2,187 |
Substandard [Member] | Commercial real estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Commercial loans | 8,082 | 4,190 |
Substandard [Member] | Commercial real estate construction [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Commercial loans | 177 | ' |
Performing Financing Receivable [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Residential mortgage loans | 169,057 | 126,583 |
Consumer loans | 43,756 | 46,093 |
Performing Financing Receivable [Member] | Residential mortgages [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Residential mortgage loans | 164,487 | 122,711 |
Performing Financing Receivable [Member] | Residential Purchased Mortgages Segment [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Residential mortgage loans | 4,570 | 3,872 |
Performing Financing Receivable [Member] | Home equity [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Consumer loans | 42,400 | 44,844 |
Performing Financing Receivable [Member] | Consumer other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Consumer loans | 1,356 | 1,249 |
Performing Financing Receivable [Member] | Residential Mortgage And Consumer Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Loans | 212,813 | 172,676 |
Nonperforming Financing Receivable [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Residential mortgage loans | 4,072 | 5,511 |
Consumer loans | 1,728 | 317 |
Nonperforming Financing Receivable [Member] | Residential mortgages [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Residential mortgage loans | 2,343 | 2,521 |
Nonperforming Financing Receivable [Member] | Residential Purchased Mortgages Segment [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Residential mortgage loans | 1,729 | 2,990 |
Nonperforming Financing Receivable [Member] | Home equity [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Consumer loans | 1,728 | 308 |
Nonperforming Financing Receivable [Member] | Consumer other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Consumer loans | ' | 9 |
Nonperforming Financing Receivable [Member] | Residential Mortgage And Consumer Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Loans | $5,800 | $5,828 |
Loans_Aging_Analysis_Of_Past_D
Loans (Aging Analysis Of Past Due And Nonaccrual Loans By Class) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Financing Receivable, Recorded Investment, 30 to 59 Days Past Due | $3,019,000 | $14,330,000 | ||
Financing Receivable, Recorded Investment, 60 to 89 Days Past Due | 362,000 | 2,454,000 | ||
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 861,000 | 109,000 | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 16,654,000 | [1] | 17,468,000 | [1] |
Financing Receivable, Recorded Investment, Past Due | 20,896,000 | 34,361,000 | ||
Financing Receivable, Recorded Investment, Current | 639,721,000 | 552,675,000 | ||
Total loans | 660,617,000 | 587,036,000 | ||
Performing Troubled Debt Restructurings | 7,700,000 | 13,600,000 | ||
SBA held to maturity [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Financing Receivable, Recorded Investment, 30 to 59 Days Past Due | 830,000 | 1,912,000 | ||
Financing Receivable, Recorded Investment, 60 to 89 Days Past Due | 96,000 | 296,000 | ||
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 1,000 | ' | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 3,058,000 | [1] | 4,633,000 | [1] |
Financing Receivable, Recorded Investment, Past Due | 3,985,000 | 6,841,000 | ||
Financing Receivable, Recorded Investment, Current | 46,460,000 | 51,752,000 | ||
Total loans | 50,445,000 | 58,593,000 | ||
SBA 504 loans [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Financing Receivable, Recorded Investment, 30 to 59 Days Past Due | ' | 5,037,000 | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 2,298,000 | [1] | 2,562,000 | [1] |
Financing Receivable, Recorded Investment, Past Due | 2,298,000 | 7,599,000 | ||
Financing Receivable, Recorded Investment, Current | 34,743,000 | 33,839,000 | ||
Total loans | 37,041,000 | 41,438,000 | ||
Commercial other [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Financing Receivable, Recorded Investment, 30 to 59 Days Past Due | 10,000 | ' | ||
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 94,000 | 109,000 | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 979,000 | [1] | 1,122,000 | [1] |
Financing Receivable, Recorded Investment, Past Due | 1,083,000 | 1,231,000 | ||
Financing Receivable, Recorded Investment, Current | 31,497,000 | 22,812,000 | ||
Total loans | 32,580,000 | 24,043,000 | ||
Commercial real estate [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Financing Receivable, Recorded Investment, 30 to 59 Days Past Due | 57,000 | 3,763,000 | ||
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 14,000 | ' | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 4,342,000 | [1] | 3,323,000 | [1] |
Financing Receivable, Recorded Investment, Past Due | 4,413,000 | 7,086,000 | ||
Financing Receivable, Recorded Investment, Current | 304,348,000 | 257,353,000 | ||
Total loans | 308,761,000 | 264,439,000 | ||
Commercial real estate construction [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Financing Receivable, Recorded Investment, 60 to 89 Days Past Due | ' | 202,000 | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 177,000 | [1] | ' | |
Financing Receivable, Recorded Investment, Past Due | 177,000 | 202,000 | ||
Financing Receivable, Recorded Investment, Current | 7,107,000 | 12,880,000 | ||
Total loans | 7,284,000 | 13,082,000 | ||
Residential mortgages [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Financing Receivable, Recorded Investment, 30 to 59 Days Past Due | 1,148,000 | 2,651,000 | ||
Financing Receivable, Recorded Investment, 60 to 89 Days Past Due | ' | 1,878,000 | ||
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 748,000 | ' | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 2,343,000 | [1] | 2,521,000 | [1] |
Financing Receivable, Recorded Investment, Past Due | 4,239,000 | 7,050,000 | ||
Financing Receivable, Recorded Investment, Current | 162,591,000 | 118,182,000 | ||
Total loans | 166,830,000 | 125,232,000 | ||
Residential Purchased Mortgages Segment [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Financing Receivable, Recorded Investment, 30 to 59 Days Past Due | 537,000 | 134,000 | ||
Financing Receivable, Recorded Investment, 60 to 89 Days Past Due | 68,000 | 78,000 | ||
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 4,000 | ' | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,729,000 | [1] | 2,990,000 | [1] |
Financing Receivable, Recorded Investment, Past Due | 2,338,000 | 3,202,000 | ||
Financing Receivable, Recorded Investment, Current | 3,961,000 | 3,660,000 | ||
Total loans | 6,299,000 | 6,862,000 | ||
Home equity [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Financing Receivable, Recorded Investment, 30 to 59 Days Past Due | 432,000 | 833,000 | ||
Financing Receivable, Recorded Investment, 60 to 89 Days Past Due | 198,000 | ' | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,728,000 | [1] | 308,000 | [1] |
Financing Receivable, Recorded Investment, Past Due | 2,358,000 | 1,141,000 | ||
Financing Receivable, Recorded Investment, Current | 41,770,000 | 44,011,000 | ||
Total loans | 44,128,000 | 45,152,000 | ||
Consumer other [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Financing Receivable, Recorded Investment, 30 to 59 Days Past Due | 5,000 | ' | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | ' | 9,000 | [1] | |
Financing Receivable, Recorded Investment, Past Due | 5,000 | 9,000 | ||
Financing Receivable, Recorded Investment, Current | 1,351,000 | 1,249,000 | ||
Total loans | 1,356,000 | 1,258,000 | ||
Loans Held for Investment [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Financing Receivable, Recorded Investment, 30 to 59 Days Past Due | 3,019,000 | 14,330,000 | ||
Financing Receivable, Recorded Investment, 60 to 89 Days Past Due | 362,000 | 2,454,000 | ||
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 861,000 | 109,000 | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 16,654,000 | [1] | 17,468,000 | [1] |
Financing Receivable, Recorded Investment, Past Due | 20,896,000 | 34,361,000 | ||
Financing Receivable, Recorded Investment, Current | 633,828,000 | 545,738,000 | ||
Total loans | 654,724,000 | 580,099,000 | ||
SBA Loans Held for Sale [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Financing Receivable, Recorded Investment, Current | 5,893,000 | 6,937,000 | ||
Total loans | 5,893,000 | 6,937,000 | ||
Loans Guaranteed by the Small Business Administration [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 592,000 | 1,800,000 | ||
Troubled Debt Restructuring (TDR) [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | $1,800,000 | $1,100,000 | ||
[1] | At September 30, 2013, nonaccrual loans included $1.8 millionB of troubled debt restructurings ("TDRs") and $592 thousand of loans guaranteed by the SBA.B The remaining $7.7 million of TDRs are in accrual status because they are performing in accordance with their restructured terms. |
Loans_Impaired_Loans_With_Asso
Loans (Impaired Loans With Associated Allowance Amount) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | $8,774 | $14,416 | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 11,494 | 10,792 | ||
Impaired Financing Receivable, Unpaid Principal Balance, Total | 20,268 | 25,208 | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 7,738 | 13,206 | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 10,229 | 10,160 | ||
Impaired Financing Receivable, Recorded Investment, Total | 17,967 | 23,366 | ||
Impaired Financing Receivable, Related Allowance | 1,447 | 2,001 | ||
Impaired Financing Receivable Unpaid Principle Balance, Guaranteed by the Small Business Administration | 592 | 1,800 | ||
SBA held to maturity [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 1,657 | [1] | 1,352 | [2] |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 2,446 | [1] | 3,355 | [2] |
Impaired Financing Receivable, Unpaid Principal Balance, Total | 4,103 | [1] | 4,707 | [2] |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 768 | [1] | 866 | [2] |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 2,169 | [1] | 2,846 | [2] |
Impaired Financing Receivable, Recorded Investment, Total | 2,937 | [1] | 3,712 | [2] |
Impaired Financing Receivable, Related Allowance | 876 | [1] | 1,159 | [2] |
SBA 504 loans [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 2,265 | 5,812 | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 2,574 | 1,297 | ||
Impaired Financing Receivable, Unpaid Principal Balance, Total | 4,839 | 7,109 | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 2,265 | 5,555 | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 1,874 | 1,297 | ||
Impaired Financing Receivable, Recorded Investment, Total | 4,139 | 6,852 | ||
Impaired Financing Receivable, Related Allowance | 31 | 217 | ||
Commercial other [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 966 | 2,032 | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 26 | 126 | ||
Impaired Financing Receivable, Unpaid Principal Balance, Total | 992 | 2,158 | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 966 | 2,033 | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 13 | 38 | ||
Impaired Financing Receivable, Recorded Investment, Total | 979 | 2,071 | ||
Impaired Financing Receivable, Related Allowance | 13 | 38 | ||
Commercial real estate [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 3,886 | 5,220 | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 6,246 | 6,014 | ||
Impaired Financing Receivable, Unpaid Principal Balance, Total | 10,132 | 11,234 | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 3,739 | 4,752 | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 5,996 | 5,979 | ||
Impaired Financing Receivable, Recorded Investment, Total | 9,735 | 10,731 | ||
Impaired Financing Receivable, Related Allowance | 490 | 587 | ||
Commercial real estate construction [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 202 | ' | ||
Impaired Financing Receivable, Unpaid Principal Balance, Total | 202 | ' | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 177 | ' | ||
Impaired Financing Receivable, Recorded Investment, Total | 177 | ' | ||
Impaired Financing Receivable, Related Allowance | 37 | ' | ||
Total Commercial Loans [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 4,852 | 7,252 | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 6,474 | 6,140 | ||
Impaired Financing Receivable, Unpaid Principal Balance, Total | 11,326 | 13,392 | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 4,705 | 6,785 | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 6,186 | 6,017 | ||
Impaired Financing Receivable, Recorded Investment, Total | 10,891 | 12,802 | ||
Impaired Financing Receivable, Related Allowance | $540 | $625 | ||
[1] | Balances are reduced by amount guaranteed by the SBA of $592 thousand at September 30, 2013. | |||
[2] | Balances are reduced by amount guaranteed by the SBA of $1.8 million at December 31, 2012. |
Loans_Average_Recorded_Investm
Loans (Average Recorded Investments In Impaired Loans And Related Amount Of Interest Recognized) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ||||
Impaired Financing Receivable, Average Recorded Investment | $22,905 | $37,251 | $26,299 | $39,381 | ||||
Impaired Financing Receivable, Interest Income, Accrual Method | 167 | 287 | 663 | 867 | ||||
SBA held to maturity [Member] | ' | ' | ' | ' | ||||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ||||
Impaired Financing Receivable, Average Recorded Investment | 3,223 | [1] | 3,405 | [1] | 3,395 | [2] | 4,436 | [2] |
Impaired Financing Receivable, Interest Income, Accrual Method | 40 | [1] | 48 | [1] | 153 | [2] | 164 | [2] |
Impaired Financing Receivable Average Recorded Investment, Guaranteed by the Small Business Administration | 605 | 534 | 1,100 | 567 | ||||
SBA 504 loans [Member] | ' | ' | ' | ' | ||||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ||||
Impaired Financing Receivable, Average Recorded Investment | 4,069 | 5,828 | 5,642 | 6,244 | ||||
Impaired Financing Receivable, Interest Income, Accrual Method | 28 | 69 | 142 | 209 | ||||
Commercial other [Member] | ' | ' | ' | ' | ||||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ||||
Impaired Financing Receivable, Average Recorded Investment | 1,679 | 3,567 | 1,923 | 3,560 | ||||
Impaired Financing Receivable, Interest Income, Accrual Method | 16 | 13 | 100 | 40 | ||||
Commercial real estate [Member] | ' | ' | ' | ' | ||||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ||||
Impaired Financing Receivable, Average Recorded Investment | 8,115 | 18,879 | 9,853 | 19,031 | ||||
Impaired Financing Receivable, Interest Income, Accrual Method | 83 | 157 | 252 | 454 | ||||
Commercial real estate construction [Member] | ' | ' | ' | ' | ||||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ||||
Impaired Financing Receivable, Average Recorded Investment | 177 | ' | 169 | 178 | ||||
Residential mortgages [Member] | ' | ' | ' | ' | ||||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ||||
Impaired Financing Receivable, Average Recorded Investment | 2,690 | 2,104 | 2,717 | 1,904 | ||||
Residential Construction Segment [Member] | ' | ' | ' | ' | ||||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ||||
Impaired Financing Receivable, Average Recorded Investment | ' | ' | ' | 1,205 | ||||
Residential Purchased Mortgages Segment [Member] | ' | ' | ' | ' | ||||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ||||
Impaired Financing Receivable, Average Recorded Investment | 1,740 | 3,168 | 1,875 | 2,512 | ||||
Home equity [Member] | ' | ' | ' | ' | ||||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ||||
Impaired Financing Receivable, Average Recorded Investment | 1,212 | 290 | 724 | 301 | ||||
Impaired Financing Receivable, Interest Income, Accrual Method | ' | ' | 16 | ' | ||||
Consumer other [Member] | ' | ' | ' | ' | ||||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ||||
Impaired Financing Receivable, Average Recorded Investment | ' | $10 | $1 | $10 | ||||
[1] | Balances are reduced by the average amount guaranteed by the Small Business Administration of $605 thousand and $534 thousand for the three months ended September 30, 2013 and 2012, respectively. | |||||||
[2] | Balances are reduced by the average amount guaranteed by the Small Business Administration of $1.1 million and $567 thousand for the nine months ended September 30, 2013 and 2012, respectively. |
Loans_Troubled_Debt_Restructur
Loans (Troubled Debt Restructurings Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | |
Troubled Debt Restructuring (TDR) [Member] | Troubled Debt Restructuring (TDR) [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Impaired Financing Receivable, Average Recorded Investment | $22,905,000 | $37,251,000 | $26,299,000 | $39,381,000 | ' | $9,500,000 | $14,700,000 |
Impaired Financing Receivable, Related Allowance | 1,447,000 | ' | 1,447,000 | ' | 2,001,000 | 379,000 | 659,000 |
Loans in nonaccrual status | ' | ' | ' | ' | ' | $1,800,000 | $1,100,000 |
Loans_Troubled_Debt_Restructur1
Loans (Troubled Debt Restructurings Loans Modified) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
loan | loan | |
Financing Receivable, Impaired [Line Items] | ' | ' |
Financing Receivable, Number of Contracts, Duration | 1 | 3 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment, Duration | $2,684 | $1,856 |
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | 33 | 11 |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | ' | 1 |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | ' | 909 |
Commercial real estate [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Financing Receivable, Number of Contracts, Duration | 1 | 3 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment, Duration | 2,684 | 1,856 |
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | 33 | 11 |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | ' | 1 |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | ' | $909 |
Loans_Troubled_Debt_Restructur2
Loans (Troubled Debt Restructurings Types Of Modifications) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Financing Receivable, Impaired [Line Items] | ' | ' |
Financing Receivable, Modifications, Post-Modficiation Recorded Investment, Duration | $2,684 | $1,856 |
Commercial real estate [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Financing Receivable, Modifications, Post-Modficiation Recorded Investment, Duration | 2,684 | 1,856 |
Interest only with reduced interest [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Financing Receivable, Modifications, Post-Modficiation Recorded Investment, Duration | 2,684 | 1,856 |
Interest only with reduced interest [Member] | Commercial real estate [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Financing Receivable, Modifications, Post-Modficiation Recorded Investment, Duration | $2,684 | $1,856 |
Allowance_for_Loan_Losses_and_2
Allowance for Loan Losses and Reserve for Unfunded Loan Commitments (Activity In The Allowance For Loan Losses By Portfolio Segment ) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Beginning Balance | $14,309 | $16,284 | $14,758 | $16,348 |
Charge-offs | -1,408 | -2,259 | -3,304 | -4,931 |
Recoveries | 49 | 269 | 546 | 677 |
Net charge-offs | -1,359 | -1,990 | -2,758 | -4,254 |
Provision for loan losses charged to expense | 600 | 1,000 | 1,550 | 3,200 |
Ending Balance | 13,550 | 15,294 | 13,550 | 15,294 |
SBA held to maturity [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Beginning Balance | 3,135 | 3,201 | 3,378 | 4,088 |
Charge-offs | -211 | -254 | -948 | -1,081 |
Recoveries | 12 | 195 | 157 | 496 |
Net charge-offs | -199 | -59 | -791 | -585 |
Provision for loan losses charged to expense | -152 | -37 | 197 | -398 |
Ending Balance | 2,784 | 3,105 | 2,784 | 3,105 |
SBA 504 loans [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Beginning Balance | 1,488 | 1,331 | 1,312 | 1,423 |
Charge-offs | -590 | -481 | -990 | -808 |
Recoveries | ' | 15 | 179 | 58 |
Net charge-offs | -590 | -466 | -811 | -750 |
Provision for loan losses charged to expense | 209 | 342 | 606 | 534 |
Ending Balance | 1,107 | 1,207 | 1,107 | 1,207 |
Total Commercial Loans [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Beginning Balance | 6,806 | 8,756 | 7,091 | 8,129 |
Charge-offs | -253 | -1,428 | -828 | -2,314 |
Recoveries | 24 | 58 | 190 | 122 |
Net charge-offs | -229 | -1,370 | -638 | -2,192 |
Provision for loan losses charged to expense | 418 | 527 | 542 | 1,976 |
Ending Balance | 6,995 | 7,913 | 6,995 | 7,913 |
Total residential mortgage loans [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Beginning Balance | 1,954 | 1,836 | 1,769 | 1,703 |
Charge-offs | -125 | -65 | -250 | -672 |
Recoveries | 13 | ' | 17 | ' |
Net charge-offs | -112 | -65 | -233 | -672 |
Provision for loan losses charged to expense | 181 | 66 | 487 | 806 |
Ending Balance | 2,023 | 1,837 | 2,023 | 1,837 |
Total consumer [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Beginning Balance | 489 | 522 | 524 | 536 |
Charge-offs | -229 | -31 | -288 | -56 |
Recoveries | ' | 1 | 3 | 1 |
Net charge-offs | -229 | -30 | -285 | -55 |
Provision for loan losses charged to expense | 255 | 14 | 276 | 25 |
Ending Balance | 515 | 506 | 515 | 506 |
Unallocated Financing Receivables [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Beginning Balance | 437 | 638 | 684 | 469 |
Provision for loan losses charged to expense | -311 | 88 | -558 | 257 |
Ending Balance | $126 | $726 | $126 | $726 |
Allowance_for_Loan_Losses_and_3
Allowance for Loan Losses and Reserve for Unfunded Loan Commitments (Loans And Their Related Allowance For Loan Losses, By Portfolio Segment ) (Details) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' |
Loans and Leases Receivable, Allowance, Total | $13,550 | $14,309 | $14,758 | $15,294 | $16,284 | $16,348 |
Total loans | 660,617 | ' | 587,036 | ' | ' | ' |
Other Commitment | 120 | ' | 87 | ' | ' | ' |
SBA held to maturity [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 876 | ' | 1,159 | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 1,908 | ' | 2,219 | ' | ' | ' |
Loans and Leases Receivable, Allowance, Total | 2,784 | 3,135 | 3,378 | 3,105 | 3,201 | 4,088 |
Financing Receivable, Individually Evaluated for Impairment | 2,937 | ' | 3,712 | ' | ' | ' |
Financing Receivable, Collectively Evaluated for Impairment | 47,508 | ' | 54,881 | ' | ' | ' |
Total loans | 50,445 | ' | 58,593 | ' | ' | ' |
SBA 504 loans [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 31 | ' | 217 | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 1,076 | ' | 1,095 | ' | ' | ' |
Loans and Leases Receivable, Allowance, Total | 1,107 | 1,488 | 1,312 | 1,207 | 1,331 | 1,423 |
Financing Receivable, Individually Evaluated for Impairment | 4,139 | ' | 6,852 | ' | ' | ' |
Financing Receivable, Collectively Evaluated for Impairment | 32,902 | ' | 34,586 | ' | ' | ' |
Total loans | 37,041 | ' | 41,438 | ' | ' | ' |
Total Commercial Loans [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 540 | ' | 625 | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 6,455 | ' | 6,466 | ' | ' | ' |
Loans and Leases Receivable, Allowance, Total | 6,995 | 6,806 | 7,091 | 7,913 | 8,756 | 8,129 |
Financing Receivable, Individually Evaluated for Impairment | 10,891 | ' | 12,802 | ' | ' | ' |
Financing Receivable, Collectively Evaluated for Impairment | 337,734 | ' | 288,762 | ' | ' | ' |
Total loans | 348,625 | ' | 301,564 | ' | ' | ' |
Total residential mortgage loans [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 2,023 | ' | 1,769 | ' | ' | ' |
Loans and Leases Receivable, Allowance, Total | 2,023 | 1,954 | 1,769 | 1,837 | 1,836 | 1,703 |
Financing Receivable, Collectively Evaluated for Impairment | 173,129 | ' | 132,094 | ' | ' | ' |
Total loans | 173,129 | ' | 132,094 | ' | ' | ' |
Total consumer [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 515 | ' | 524 | ' | ' | ' |
Loans and Leases Receivable, Allowance, Total | 515 | 489 | 524 | 506 | 522 | 536 |
Financing Receivable, Collectively Evaluated for Impairment | 45,484 | ' | 46,410 | ' | ' | ' |
Total loans | 45,484 | ' | 46,410 | ' | ' | ' |
Unallocated Financing Receivables [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 126 | ' | 684 | ' | ' | ' |
Loans and Leases Receivable, Allowance, Total | 126 | 437 | 684 | 726 | 638 | 469 |
Loans Held for Investment [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 1,447 | ' | 2,001 | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 12,103 | ' | 12,757 | ' | ' | ' |
Loans and Leases Receivable, Allowance, Total | 13,550 | ' | 14,758 | ' | ' | ' |
Financing Receivable, Individually Evaluated for Impairment | 17,967 | ' | 23,366 | ' | ' | ' |
Financing Receivable, Collectively Evaluated for Impairment | 636,757 | ' | 556,733 | ' | ' | ' |
Total loans | $654,724 | ' | $580,099 | ' | ' | ' |