Document_and_Entity_Informatio
Document and Entity Information | 12 Months Ended | |
Dec. 31, 2013 | Mar. 21, 2014 | |
Document and Entity Information | ' | ' |
Entity Registrant Name | 'FIRST COMMUNITY CORP /SC/ | ' |
Entity Central Index Key | '0000932781 | ' |
Document Type | '10-K | ' |
Document Period End Date | 31-Dec-13 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 6,610,487 |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'FY | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and due from banks | $8,239 | $11,517 |
Interest-bearing bank balances | 5,668 | 6,779 |
Federal funds sold and securities purchased under agreements to resell | 259 | 412 |
Investment securities - available for sale | 224,355 | 203,445 |
Other investments, at cost | 2,674 | 2,527 |
Loans held for sale | 3,790 | 9,658 |
Loans | 347,597 | 332,111 |
Less, allowance for loan losses | 4,219 | 4,621 |
Net loans | 343,378 | 327,490 |
Property, furniture and equipment - net | 19,444 | 17,258 |
Bank owned life insurance | 11,072 | 10,868 |
Other real estate owned | 3,370 | 3,987 |
Intangible assets | ' | 160 |
Goodwill | 571 | 571 |
Other assets | 10,489 | 8,253 |
Total assets | 633,309 | 602,925 |
Deposits: | ' | ' |
Non-interest bearing demand | 111,198 | 97,526 |
NOW and money market accounts | 174,224 | 150,874 |
Savings | 51,134 | 41,100 |
Time deposits less than $100,000 | 96,096 | 111,182 |
Time deposits $100,000 and over | 64,419 | 74,295 |
Total deposits | 497,071 | 474,977 |
Securities sold under agreements to repurchase | 18,634 | 15,900 |
Federal Home Loan Bank advances | 43,325 | 36,344 |
Junior subordinated debt | 15,464 | 15,464 |
Other liabilities | 6,144 | 6,057 |
Total liabilities | 580,638 | 548,742 |
Commitments and Contingencies (Note 15) | ' | ' |
SHAREHOLDERS' EQUITY | ' | ' |
Preferred stock, par value $1.00 per share; 10,000,000 shares authorized; 0 issued and outstanding at December 31, 2013 and 2012 | ' | ' |
Common stock, par value $1.00 per share; 10,000,000 shares authorized; issued and outstanding 5,302,674 at December 31, 2013 and 5,227,300 at December 31, 2012 | 5,303 | 5,227 |
Common stock warrants issued | 48 | 50 |
Nonvested restricted stock | -444 | -152 |
Additional paid in capital | 62,214 | 61,615 |
Accumulated Deficit | -11,923 | -14,915 |
Accumulated other comprehensive income (loss) | -2,527 | 2,358 |
Total shareholders' equity | 52,671 | 54,183 |
Total liabilities and shareholders' equity | $633,309 | $602,925 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Consolidated Balance Sheets Parenthetical | ' | ' |
Preferred stock, par value (in dollars per share) | $1 | $1 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $1 | $1 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 5,302,674 | 5,227,300 |
Common stock, shares outstanding | 5,302,674 | 5,227,300 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Interest income: | ' | ' | ' |
Loans, including fees | $17,581 | $18,361 | $19,110 |
Investment securities - taxable | 3,046 | 3,832 | 6,291 |
Investment securities - non taxable | 1,090 | 725 | 51 |
Other short term investments | 66 | 84 | 74 |
Total interest income | 21,783 | 23,002 | 25,526 |
Interest expense: | ' | ' | ' |
Deposits | 1,793 | 3,122 | 4,573 |
Securities sold under agreement to repurchase | 37 | 35 | 40 |
Other borrowed money | 1,904 | 2,271 | 2,596 |
Total interest expense | 3,734 | 5,428 | 7,209 |
Net interest income | 18,049 | 17,574 | 18,317 |
Provision for loan losses | 528 | 496 | 1,420 |
Net interest income after provision for loan losses | 17,521 | 17,078 | 16,897 |
Non-interest income: | ' | ' | ' |
Deposit service charges | 1,507 | 1,562 | 1,810 |
Mortgage banking income | 3,767 | 4,242 | 1,973 |
Investment advisory fees and non-deposit commissions | 972 | 651 | 767 |
Gain on sale of securities | 73 | 26 | 575 |
Loss on sale of other assets | -1 | -89 | -155 |
Other-than-temporary-impairment write-down on securities | ' | -200 | -297 |
Fair value loss adjustments on interest rate swap | -2 | -58 | -166 |
Loss on early extinguishment of debt | -142 | -217 | -188 |
Other | 2,017 | 2,038 | 1,966 |
Total non-interest income | 8,191 | 7,955 | 6,285 |
Non-interest expense: | ' | ' | ' |
Salaries and employee benefits | 12,013 | 11,152 | 9,520 |
Occupancy | 1,384 | 1,358 | 1,289 |
Equipment | 1,206 | 1,168 | 1,147 |
Marketing and public relations | 541 | 478 | 452 |
FDIC assessments | 417 | 597 | 889 |
Other real estate expense | 508 | 1,010 | 840 |
Amortization of intangibles | 160 | 204 | 517 |
Merger expenses | 539 | ' | ' |
Other | 3,654 | 3,478 | 3,747 |
Total non-interest expense | 20,422 | 19,445 | 18,401 |
Net income before tax | 5,290 | 5,588 | 4,781 |
Income taxes (benefit) | 1,153 | 1,620 | 1,457 |
Net income | 4,137 | 3,968 | 3,324 |
Preferred stock dividends and accretion | ' | 557 | 670 |
Preferred stock redemption costs | ' | 119 | ' |
Net income available to common shareholders | $4,137 | $3,292 | $2,654 |
Basic earnings per common share (in dollars per share) | $0.78 | $0.79 | $0.81 |
Diluted earnings per common share (in dollars per share) | $0.78 | $0.79 | $0.81 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Consolidated Statements Of Comprehensive Income | ' | ' | ' |
Net income | $4,137 | $3,968 | $3,324 |
Other comprehensive income: | ' | ' | ' |
Unrealized gain (loss) during the period on available for sale securities, net of tax of $2,557, $471 and $1,964, respectively | -4,837 | 914 | 3,751 |
Less: Reclassification adjustment for gain included in net income, net of tax of $25, $9, and $201, respectively | -48 | -17 | -374 |
Reclassification adjustment for other-than-temporary-impairment on securities net of tax benefit of $0, $68 and $104, respectively | ' | 132 | 193 |
Other comprehensive income (loss) | -4,885 | 1,029 | 3,570 |
Comprehensive income (loss) | ($748) | $4,997 | $6,894 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Consolidated Statements Of Comprehensive Income Parenthetical | ' | ' | ' |
Unrealized gain (loss) during the period on available-for-sale securities, taxes | $2,557 | $471 | $1,964 |
Reclassification adjustment for (gain) loss included in net income, taxes | 25 | 9 | 201 |
Reclassification adjustment for other-than-temporary-impairment on securities, taxes | $0 | $68 | $104 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Shareholders' Equity (USD $) | Preferred Stock | Common Stock [Member] | Common Stock Warrant | Additional Paid-In Capital | Restricted Stock [Member] | Accumulated Deficit | Accumulated Other Comprehensive Income (loss) | Total |
In Thousands, except Share data | ||||||||
Beginning Balance at Dec. 31, 2010 | $11,035 | $3,270 | $509 | $48,956 | ' | ($19,732) | ($2,241) | $41,797 |
Beginning Balance, in shares at Dec. 31, 2010 | ' | 3,000 | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | 3,324 | ' | 3,324 |
Other comprehensive income net of tax | ' | ' | ' | ' | ' | ' | 3,570 | 3,570 |
Issuance of stock warrants | ' | ' | 51 | ' | ' | ' | ' | 51 |
Issuance of restricted stock | ' | 23 | ' | 133 | -65 | ' | ' | 91 |
Issuance of restricted stock, in shares | ' | 23 | ' | ' | ' | ' | ' | ' |
Amortization of compensation on restricted stock | ' | ' | ' | ' | 65 | ' | ' | 65 |
Dividends: Common | ' | ' | ' | ' | ' | -525 | ' | -525 |
Preferred stock | 102 | ' | ' | ' | ' | -670 | ' | -568 |
Redemption of preferred stock | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend reinvestment plan | ' | 15 | ' | 76 | ' | ' | ' | 91 |
Dividend reinvestment plan, in shares | ' | 15 | ' | ' | ' | ' | ' | ' |
Ending Balance at Dec. 31, 2011 | 11,137 | 3,308 | 560 | 49,165 | ' | -17,603 | 1,329 | 47,896 |
Ending Balance, in shares at Dec. 31, 2011 | ' | 3,000 | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | 3,968 | ' | 3,968 |
Other comprehensive income net of tax | ' | ' | ' | ' | ' | ' | 1,029 | 1,029 |
Repurchase of stock warrants | ' | ' | -510 | 212 | ' | ' | ' | -298 |
Issuance of restricted stock | ' | 33 | ' | 239 | -272 | ' | ' | ' |
Issuance of restricted stock, in shares | ' | 33 | ' | ' | ' | ' | ' | ' |
Amortization of compensation on restricted stock | ' | ' | ' | ' | 120 | ' | ' | 120 |
Issuance of common stock net of expenses | ' | 1,875 | ' | 11,917 | ' | ' | ' | 13,792 |
Issuance of common stock net of expenses, in shares | ' | 2,000 | ' | ' | ' | ' | ' | ' |
Dividends: Common | ' | ' | ' | ' | ' | -605 | ' | -605 |
Preferred stock | ' | ' | ' | ' | ' | -475 | ' | -475 |
Redemption of preferred stock | -11,285 | ' | ' | ' | ' | ' | ' | 119 |
Accretion and redemption costs | 148 | ' | ' | ' | ' | -200 | ' | -52 |
Dividend reinvestment plan | ' | 11 | ' | 82 | ' | ' | ' | 93 |
Dividend reinvestment plan, in shares | ' | 11 | ' | ' | ' | ' | ' | ' |
Ending Balance at Dec. 31, 2012 | ' | 5,227 | 50 | 61,615 | -152 | -14,915 | 2,358 | 54,183 |
Ending Balance, in shares at Dec. 31, 2012 | ' | 5,000 | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | 4,137 | ' | 4,137 |
Other comprehensive income net of tax | ' | ' | ' | ' | ' | ' | -4,885 | -4,885 |
Exercise of stock warrants | ' | 3 | -2 | ' | ' | ' | ' | 1 |
Issuance of restricted stock | ' | 60 | ' | 493 | -553 | ' | ' | ' |
Issuance of restricted stock, in shares | ' | 60 | ' | ' | ' | ' | ' | ' |
Amortization of compensation on restricted stock | ' | ' | ' | ' | 261 | ' | ' | 261 |
Dividends: Common | ' | ' | ' | ' | ' | -1,145 | ' | -1,145 |
Redemption of preferred stock | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend reinvestment plan | ' | 13 | ' | 106 | ' | ' | ' | 119 |
Dividend reinvestment plan, in shares | ' | 13 | ' | ' | ' | ' | ' | ' |
Ending Balance at Dec. 31, 2013 | ' | $5,303 | $48 | $62,214 | ($444) | ($11,923) | $2,527 | $52,671 |
Ending Balance, in shares at Dec. 31, 2013 | ' | 5,000 | ' | ' | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $4,137 | $3,968 | $3,324 |
Adjustments to reconcile net income to net cash provided in operating activities: | ' | ' | ' |
Depreciation | 859 | 862 | 841 |
Premium amortization | 4,050 | 3,112 | 1,968 |
Provision for loan losses | 528 | 496 | 1,420 |
Writedowns of other real estate owned | 87 | 317 | 261 |
Loss on sale of other real estate owned | 6 | 89 | 155 |
Originations of HFS loans | -123,404 | -134,275 | -60,488 |
Sales of HFS loans | 129,272 | 128,342 | 56,763 |
Amortization of intangibles | 160 | 204 | 517 |
Gain on sale of securities | -73 | -26 | -575 |
Other-than-temporary-impairment on securities | ' | 200 | 297 |
Net decrease in fair value option instruments and derivatives | 2 | 58 | 166 |
Writedown of land | 110 | 170 | ' |
Loss on early extinguishment of debt | -142 | -217 | -188 |
Decrease in other assets | 301 | 2,260 | 1,214 |
Increase in accounts payable | 87 | 38 | 496 |
Net cash provided in operating activities | 16,264 | 6,032 | 6,547 |
Cash flows from investing activities: | ' | ' | ' |
Proceeds from sale of securities available-for-sale | 12,884 | 55,791 | 54,714 |
Purchase of investment securities available-for-sale | -94,907 | -103,245 | -103,040 |
Maturity/call of investment securities available-for-sale | 49,526 | 43,144 | 40,441 |
Proceeds from sale of other investments | 257 | 3,221 | 1,289 |
(Increase) decrease in loans | -17,585 | -11,312 | 241 |
Proceeds from sale of other real estate owned | 1,684 | 5,728 | 3,020 |
Proceeds from sale of land | ' | ' | 10 |
Purchase of property and equipment | -3,306 | -806 | -308 |
Net cash used in investing activities | -51,447 | -7,479 | -3,633 |
Cash flows from financing activities: | ' | ' | ' |
Increase in deposit accounts | 22,094 | 10,392 | 9,242 |
Advances from the Federal Home Loan Bank | 25,500 | 1,500 | 7,500 |
Repayment of advances from the Federal Home Loan Bank | -18,660 | -9,235 | -31,921 |
Increase in securities sold under agreements to repurchase | 2,734 | 2,284 | 929 |
Decrease in other borrowings | ' | ' | -120 |
Proceeds from issuance of subordinated note payable | ' | ' | 2,500 |
Repayment of subordinated note payable | ' | -2,500 | ' |
Proceeds from sale Common Stock | ' | 13,792 | ' |
Redemption of Preferred Stock | ' | -11,073 | ' |
Repurchase of stock warrants | ' | -510 | ' |
Dividend reinvestment plan | 119 | 93 | 182 |
Dividends paid: Common Stock | -1,145 | -605 | -525 |
Preferred Stock | ' | -475 | -670 |
Net cash provided from financing activities | 30,642 | 3,663 | -12,883 |
Net increase in cash and cash equivalents | -4,541 | 2,216 | -9,969 |
Cash and cash equivalents at beginning of period | 18,708 | 16,492 | 26,461 |
Cash and cash equivalents at end of period | 14,167 | 18,708 | 16,492 |
Cash paid during the period for: | ' | ' | ' |
Interest | 4,069 | 6,023 | 7,706 |
Income taxes | 210,000 | ' | ' |
Non-cash investing and financing activities: | ' | ' | ' |
Unrealized (loss) gain on securities available-for-sale | -4,885 | 1,029 | 3,570 |
Transfer of loans to foreclosed property | $1,160 | $2,770 | $3,889 |
ORGANIZATION_AND_BASIS_OF_PRES
ORGANIZATION AND BASIS OF PRESENTATION | 12 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
ORGANIZATION AND BASIS OF PRESENTATION | ' |
Note 1 - ORGANIZATION AND BASIS OF PRESENTATION | |
The consolidated financial statements include the accounts of First Community Corporation (the “Company”) and its wholly owned subsidiary, First Community Bank (the “Bank”). The Company owns all of the common stock of FCC Capital Trust I. All material intercompany transactions are eliminated in consolidation. The Company was organized on November 2, 1994, as a South Carolina corporation, and was formed to become a bank holding company. The Bank opened for business on August 17, 1995. FCC Capital Trust I is an unconsolidated special purpose subsidiary organized for the sole purpose of issuing trust preferred securities. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' |
Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Use of Estimates | |
The financial statements are prepared in accordance with accounting principles generally accepted in the United States of America. These principles require management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | |
Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses. The estimation process includes management’s judgment as to future losses on existing loans based on an internal review of the loan portfolio, including an analysis of the borrower’s current financial position, the consideration of current and anticipated economic conditions and the effect on specific borrowers. In determining the collectability of loans management also considers the fair value of underlying collateral. Various regulatory agencies, as an integral part of their examination process, review the Company’s allowance for loan losses. Such agencies may require the Company to recognize additions to the allowance based on their judgments about information available to them at the time of their examination. Because of these factors it is possible that the allowance for loan losses could change materially. | |
Cash and Cash Equivalents | |
Cash and cash equivalents consist of cash on hand, due from banks, interest-bearing bank balances, federal funds sold and securities purchased under agreements to resell. Generally federal funds are sold for a one-day period and securities purchased under agreements to resell mature in less than 90 days. | |
Investment Securities | |
Investment securities are classified as either held-to-maturity, available-for-sale or trading securities. In determining such classification, securities that the Company has the positive intent and ability to hold to maturity are classified as held-to maturity and are carried at amortized cost. Securities classified as available-for-sale are carried at estimated fair values with unrealized gains and losses included in shareholders’ equity on an after tax basis. Trading securities are carried at estimated fair value with unrealized gains and losses included in Non-interest income (See Note 4). | |
Gains and losses on the sale of available-for-sale securities and trading securities are determined using the specific identification method. Declines in the fair value of individual held-to-maturity and available-for-sale securities below their cost that are judged to be other than temporary are written down to fair value and charged to income in the Consolidated Statement of Income. | |
Premiums and discounts are recognized in interest income using the interest method over the period to maturity. | |
Mortgage Loans Held for Sale | |
The Company originates fixed rate residential loans on a servicing released basis in the secondary market. Loans closed but not yet settled with an investor, are carried in the Company’s loans held for sale portfolio. These loans are fixed rate residential loans that have been originated in the Company’s name and have closed. Virtually all of these loans have commitments to be purchased by investors at a locked in price with the investors on the same day that the loan was locked in with the Company’s customers. Therefore, these loans present very little market risk for the Company. | |
The Company usually delivers to, and receives funding from, the investor within 30 days. Commitments to sell these loans to the investor are considered derivative contracts and are sold to investors on a “best efforts" basis. The Company is not obligated to deliver a loan or pay a penalty if a loan is not delivered to the investor. As a result of the short-term nature of these derivative contracts, the fair value of the mortgage loans held for sale in most cases is the same as the value of the loan amount at its origination. These loans are classified as Level 2. | |
Loans and Allowance for Loan Losses | |
Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are reported at their outstanding principal balance adjusted for any charge-offs, the allowance for loan losses, and any deferred fees or costs on originated loans. Interest is recognized over the term of the loan based on the loan balance outstanding. Fees charged for originating loans, if any, are deferred and offset by the deferral of certain direct expenses associated with loans originated. The net deferred fees are recognized as yield adjustments by applying the interest method. | |
The allowance for loan losses is maintained at a level believed to be adequate by management to absorb potential losses in the loan portfolio. Management’s determination of the adequacy of the allowance is based on an evaluation of the portfolio, past loss experience, economic conditions and volume, growth and composition of the portfolio. | |
The Company considers a loan to be impaired when, based upon current information and events, it is believed that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Loans that are considered impaired are accounted for at the lower of carrying value or fair value. The accrual of interest on impaired loans is discontinued when, in management’s opinion, the borrower may be unable to meet payments as they become due, generally when a loan becomes 90 days past due. When interest accrual is discontinued, all unpaid accrued interest is reversed. Interest income is subsequently recognized only to the extent cash payments are received first to principal and then to interest income. | |
Property and Equipment | |
Property and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the asset’s estimated useful life. Estimated lives range up to 39 years for buildings and up to 10 years for furniture, fixtures and equipment. | |
Goodwill and Other Intangible Assets | |
Goodwill represents the cost in excess of fair value of net assets acquired (including identifiable intangibles) in purchase transactions. Other intangible assets represent premiums paid for acquisitions of core deposits (core deposit intangibles). Core deposit intangibles are being amortized on a straight-line basis over seven years. Goodwill and identifiable intangible assets are reviewed for impairment annually or whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. The annual valuation is performed on September 30 of each year. | |
Other Real Estate Owned | |
Other real estate owned includes real estate acquired through foreclosure. Other real estate owned is carried at the lower of cost (principal balance at date of foreclosure) or fair value minus estimated cost to sell. Any write-downs at the date of foreclosure are charged to the allowance for loan losses. Expenses to maintain such assets, subsequent changes in the valuation allowance, and gains or losses on disposal are included in other expenses. | |
Comprehensive Income | |
The Company reports comprehensive income in accordance with ASC 220, “Comprehensive Income.” ASC 220 requires that all items that are required to be reported under accounting standards as comprehensive income be reported in a financial statement that is displayed with the same prominence as other financial statements. The disclosures requirements have been included in the Company’s consolidated statements of comprehensive income. | |
Mortgage Origination Fees | |
Mortgage origination fees relate to activities comprised of accepting residential mortgage applications, qualifying borrowers to standards established by investors and selling the mortgage loans to the investors under pre-existing commitments. The loans are funded by the investor at closing and the related fees received by the Company for these services are recognized at the time the loan is closed. | |
Advertising Expense | |
Advertising and public relations costs are generally expensed as incurred. External costs incurred in producing media advertising are expensed the first time the advertising takes place. External costs relating to direct mailing costs are expensed in the period in which the direct mailings are sent. Advertising expenses totaled $513.4 thousand, $444.5 thousand, and $436.2 thousand for the years ended December 31, 2013, 2012 and 2011, respectively. | |
Income Taxes | |
A deferred income tax liability or asset is recognized for the estimated future effects attributable to differences in the tax bases of assets or liabilities and their reported amounts in the financial statements as well as operating loss and tax credit carry forwards. The deferred tax asset or liability is measured using the enacted tax rate expected to apply to taxable income in the period in which the deferred tax asset or liability is expected to be realized. | |
In 2006, the FASB issued guidance related to Accounting for Uncertainty in Income Taxes. This guidance clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements in accordance with FASB ASC topic 740-10, “Income Taxes”. It also prescribes a recognition threshold and measurement of a tax position taken or expected to be taken in an enterprise’s tax return. | |
Stock Based Compensation Cost | |
The Company accounts for stock based compensation under the fair value provisions of the accounting literature. Compensation expense is recognized in salaries and employee benefits. | |
The fair value of each grant is estimated on the date of grant using the Black-Sholes option pricing model. No options were granted in 2013, 2012 or 2011. | |
Earnings Per Common Share | |
Basic earnings per common share (“EPS”) excludes dilution and is computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income available to common shareholders by the weighted average number of shares of common stock and common stock equivalents. Common stock equivalents consist of stock options and warrants and are computed using the treasury stock method. | |
Segment Information | |
ASC Topic 280-10, “Segment Reporting,” requires selected segment information of operating segments based on a management approach. The Company operates as one business segment. | |
Recently Issued Accounting Standards | |
In December 2011, the Property, Plant and Equipment topic of the ASC was amended to provide guidance on derecognizing in substance real estate when a parent ceases to have a controlling financial interest in a subsidiary that is in substance real estate as a result of default on the subsidiary’s nonrecourse debt. Typically a company will continue to include the real estate, debt, and the results of the subsidiary’s operations in its consolidated financial statements until legal title to the real estate is transferred to legally satisfy the debt. The amendments were effective for reporting periods beginning after June 15, 2012 and did not have a material effect on the Company’s financial statements. | |
In July 2012, the Intangibles topic was amended to permit an entity to consider qualitative factors to determine whether it is more likely than not that indefinite-lived intangible assets are impaired. If it is determined to be more likely than not that indefinite-lived intangible assets are impaired, then the entity is required to determine the fair value of the indefinite-lived intangible asset and perform the quantitative impairment test by comparing the fair value with the carrying amount. The amendments are effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. Early adoption is permitted. The amendments did not have a material effect on the Company’s financial statements. | |
The Comprehensive Income topic of the ASC was amended in June 2011. The amendment eliminated the option to present other comprehensive income as a part of the statement of changes in stockholders’ equity and required consecutive presentation of the statement of net income and other comprehensive income. The amendments were applicable to the Company January 1, 2012 and have been applied retrospectively. In December 2011, the topic was further amended to defer the effective date of presenting reclassification adjustments from other comprehensive income to net income on the face of the financial statements while the FASB redeliberated the presentation requirements for the reclassification adjustments. In February 2013, the FASB further amended the Comprehensive Income topic clarifying the conclusions from such redeliberations. Specifically, the amendments do not change the current requirements for reporting net income or other comprehensive income in financial statements. However, the amendments do require an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, in certain circumstances an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income. The amendments were effective for the Company on a prospective basis for reporting periods beginning after December 15, 2012. These amendments did not have a material effect on the Company’s financial statements. | |
In February 2013, the FASB amended the Liabilities topic to address obligations resulting from joint and several liability arrangements. The guidance addresses recognition of financial commitments arising from joint and several liability arrangements. Specifically, the amendments require recognition of financial commitments arising from loans, contracts, and legal rulings if the Company can be held liable for the entire claim. The amendments will be effective for the Company for reporting periods beginning after December 15, 2013. The Company does not expect these amendments to have a material effect on its financial statements. | |
In April 2013, the FASB issued guidance addressing application of the liquidation basis of accounting. The guidance is intended to clarify when an entity should apply the liquidation basis of accounting. In addition, the guidance provides principles for the recognition and measurement of assets and liabilities and requirements for financial statements prepared using the liquidation basis of accounting. The amendments will be effective for entities that determine liquidation is imminent during annual reporting periods beginning after December 15, 2013, and interim reporting periods therein and those requirements should be applied prospectively from the day that liquidation becomes imminent. Early adoption is permitted. The Company does not expect these amendments to have any effect on its financial statements. | |
In July 2013, the FASB issued guidance that permits the Fed Funds Effective Swap Rate (“Overnight Index Swap Rate” or “OIS”) to be used as a U.S. benchmark interest rate for hedge accounting purposes, in addition to UST and LIBOR. The amendments also remove the restriction on using different benchmark rates for similar hedges. The guidance will be effective prospectively for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. The Company does not expect these amendments to have a material effect on its financial statements. | |
In January 2014, the FASB amended the Investments—Equity Method and Joint Ventures topic of the Codification to address accounting for investments in qualified affordable housing projects. If certain conditions are met, the amendments permit reporting entities to make an accounting policy election to account for their investments in qualified affordable housing projects by amortizing the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizing the net investment performance in the income statement as a component of income tax expense (benefit). If those conditions are not met, the investment should be accounted for as an equity method investment or a cost method investment in accordance with existing accounting guidance. The amendments will be effective for the Company for interim and annual reporting periods beginning after December 15, 2014 and should be applied retrospectively for all periods presented. Early adoption is permitted. The Company does not expect these amendments to have a material effect on its financial statements. | |
In January 2014, the FASB amended the Receivables—Troubled Debt Restructurings by Creditors subtopic of the Codification to address the reclassification of consumer mortgage loans collateralized by residential real estate upon foreclosure. The amendments clarify the criteria for concluding that an in substance repossession or foreclosure has occurred, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan. The amendments also outline interim and annual disclosure requirements. The amendments will be effective for the Company for interim and annual reporting periods beginning after December 15, 2014-public companies. Companies are allowed to use either a modified retrospective transition method or a prospective transition method when adopting this update. Early adoption is permitted. The Company does not expect these amendments to have a material effect on its financial statements. | |
Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies are not expected to have a material impact on the Company’s financial position, results of operations or cash flows. | |
Risk and Uncertainties | |
In the normal course of business, the Company encounters two significant types of risks: economic and regulatory. There are three main components of economic risk: interest rate risk, credit risk and market risk. The Company is subject to interest rate risk to the degree that its interest-bearing liabilities mature or reprice at different speeds, or on a different basis, than its interest-earning assets. Credit risk is the risk of default on the Company’s loan and investment portfolios that results from borrowers’ or issuer’s inability or unwillingness to make contractually required payments. Market risk reflects changes in the value of collateral underlying loans and investments and the valuation of real estate held by the Company. | |
The Company is subject to regulations of various governmental agencies (regulatory risk). These regulations can and do change significantly from period to period. The Company also undergoes periodic examinations by the regulatory agencies, which may subject it to further changes with respect to asset valuations, amounts of required loan loss allowances and operating restrictions from regulators’ judgments based on information available to them at the time of their examination. | |
Reclassifications | |
Certain captions and amounts in the 2012 and 2011 consolidated financial statements were reclassified to conform to the 2013 presentation. |
BUSINESS_COMBINATIONS
BUSINESS COMBINATIONS | 12 Months Ended |
Dec. 31, 2013 | |
Business Combinations [Abstract] | ' |
BUSINESS COMBINATIONS | ' |
Note 3 - BUSINESS COMBINATIONS | |
The Bank expanded its residential mortgage business unit with the acquisition of the assets of Palmetto South Mortgage Corporation (“Palmetto South”), effective July 31, 2011. Palmetto South, which operates as a division of the Bank, offers mortgage loan products for home purchase or refinance in the South Carolina market area. The acquisition price will be paid during a three year earn out period with the actual amount calculated based on the achievement of certain profitability metrics. The earn out terms over the three year period provide for contingent consideration which ranges from $0 to $1.2 million based upon annual net income. Management anticipates the amount will be approximately $600 thousand based upon recent past operating results and as such a contingent liability was recognized for this amount when considering business combination accounting rules. The purchase price of operating assets was $22 thousand. This acquisition was not considered material to the financial statements. |
INVESTMENT_SECURITIES
INVESTMENT SECURITIES | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
INVESTMENT SECURITIES | ' | ||||||||||||||||||||||||
Note 4—INVESTMENT SECURITIES | |||||||||||||||||||||||||
The amortized cost and estimated fair values of investment securities are summarized below: | |||||||||||||||||||||||||
AVAILABLE-FOR-SALE: | |||||||||||||||||||||||||
(Dollars in thousands) | Amortized | Gross | Gross | Fair Value | |||||||||||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||
Government sponsored enterprises | $ | 3,388 | $ | 1 | $ | 143 | $ | 3,246 | |||||||||||||||||
Mortgage-backed securities | 120,925 | 757 | 2,006 | 119,676 | |||||||||||||||||||||
Small Business Administration pools | 56,595 | 376 | 851 | 56,120 | |||||||||||||||||||||
State and local government | 45,048 | 96 | 2,146 | 42,998 | |||||||||||||||||||||
Corporate and other securities | 2,348 | 21 | 54 | 2,315 | |||||||||||||||||||||
$ | 228,304 | $ | 1,251 | $ | 5,200 | $ | 224,355 | ||||||||||||||||||
December 31, 2012: | |||||||||||||||||||||||||
Government sponsored enterprises | $ | 1,522 | $ | 12 | $ | — | $ | 1,534 | |||||||||||||||||
Mortgage-backed securities | 110,425 | 2,343 | 624 | 112,144 | |||||||||||||||||||||
Small Business Administration pools | 54,148 | 1,008 | 163 | 54,993 | |||||||||||||||||||||
State and local government | 31,483 | 936 | 46 | 32,373 | |||||||||||||||||||||
Corporate and other securities | 2,349 | 53 | 1 | 2,401 | |||||||||||||||||||||
$ | 199,927 | $ | 4,352 | $ | 834 | $ | 203,445 | ||||||||||||||||||
At December 31, 2013, corporate and other securities available-for-sale included the following at fair value: corporate bonds at $1.0 million, mutual funds at $817.8 thousand, foreign debt of $59.7 thousand, and corporate preferred stock in the amount of $416.8 thousand. At December 31, 2012, corporate and other securities available-for-sale included the following at fair value: corporate bonds at $1.0 million, mutual funds at $884.5 thousand, foreign debt of $59.7 thousand, Federal Home Loan Mortgage Corporation preferred stock of $30.0 thousand and corporate preferred stock in the amount of $416.8 thousand. | |||||||||||||||||||||||||
Other investments, at cost include Federal Home Loan Bank (“FHLB”) stock in the amount of $2.7 million and $2.5 million at December 31, 2013 and December 31, 2012, respectively. | |||||||||||||||||||||||||
For the year ended December 31, 2013, proceeds from the sale of securities available-for-sale amounted to $12.9 million, gross realized gains amounted to $583 thousand and gross realized losses amounted to $510 thousand. For the year ended December 31, 2012, proceeds from the sale of securities available-for-sale amounted to $55.8 million, gross realized gains amounted to $2.2 million and gross realized losses amounted to $2.1 million. For the year ended December 31, 2011, proceeds from the sale of securities available-for-sale amounted to $56.0 million, gross realized gains amounted to $2.6 million and gross realized losses amounted to $2.0 million. The tax provision applicable to the net realized gain was approximately $25.0 thousand, $9.0 thousand, and $201.0 thousand for 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||
The amortized cost and fair value of investment securities at December 31, 2013, by expected maturity, follow. Expected maturities differ from contractual maturities because borrowers may have the right to call or prepay the obligations with or without prepayment penalties. Mortgage-backed securities are included in the year corresponding with the remaining expected life. | |||||||||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||||
(Dollars in thousands) | Amortized | Fair | |||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||
Due in one year or less | $ | 5,890 | $ | 5,853 | |||||||||||||||||||||
Due after one year through five years | 90,122 | 89,882 | |||||||||||||||||||||||
Due after five years through ten years | 59,326 | 57,785 | |||||||||||||||||||||||
Due after ten years | 72,965 | 70,835 | |||||||||||||||||||||||
$ | 228,303 | $ | 224,355 | ||||||||||||||||||||||
Securities with an amortized cost of $66.3 million and fair value of $66.0 million at December 31, 2013 were pledged to secure FHLB advances, public deposits, and securities sold under agreements to repurchase. Securities with an amortized cost of $29.0 million and fair value of $30.3 million at December 31, 2012 were pledged to secure FHLB advances, public deposits, and securities sold under agreements to repurchase. | |||||||||||||||||||||||||
The following tables show gross unrealized losses and fair values, aggregated by investment category and length of time that individual securities have been in a continuous loss position at December 31, 2013 and 2012. | |||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||
December 31, 2013 | Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||
(Dollars in thousands) | Loss | Loss | Loss | ||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||
Government Sponsored Enterprises | $ | 3,230 | $ | 143 | $ | — | $ | — | $ | 3,230 | $ | 143 | |||||||||||||
Government Sponsored Enterprise mortgage-backed securities | 74,251 | 1,814 | 6,354 | 184 | 80,605 | 1,998 | |||||||||||||||||||
Small Business Administration pools | 19,150 | 628 | 9,294 | 223 | 28,444 | 851 | |||||||||||||||||||
Non-agency mortgage-backed securities | 716 | 8 | — | — | 716 | 8 | |||||||||||||||||||
State and local government | 33,257 | 1,856 | 3,337 | 290 | 36,594 | 2,146 | |||||||||||||||||||
Corporate bonds and other | 872 | 53 | 50 | 1 | 922 | 54 | |||||||||||||||||||
Total | $ | 131,476 | $ | 4,502 | $ | 19,035 | $ | 698 | $ | 150,511 | $ | 5,200 | |||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||
December 31, 2012 | Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||
(Dollars in thousands) | Loss | Loss | Loss | ||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||
Government Sponsored Enterprise mortgage-backed securities | $ | 22,662 | $ | 233 | $ | 4,583 | $ | 13 | $ | 27,245 | $ | 246 | |||||||||||||
Small Business Administration pools | 11,013 | 158 | 2,447 | 5 | 13,460 | 163 | |||||||||||||||||||
Non-agency mortgage-backed securities | — | — | 2,363 | 378 | 2,363 | 378 | |||||||||||||||||||
State and local government | 2,599 | 46 | — | — | 2,599 | 46 | |||||||||||||||||||
Corporate bonds and other | — | — | 50 | 1 | 50 | 1 | |||||||||||||||||||
Total | $ | 36,274 | $ | 437 | $ | 9,443 | $ | 397 | $ | 45,717 | $ | 834 | |||||||||||||
Government Sponsored Enterprise, Mortgage-Backed Securities: At December 31, 2013, the Company owned mortgage-backed securities (“MBSs”), including collateralized mortgage obligations (“CMOs”), with an amortized cost of $120.9 million and approximate fair value of $119.7 million issued by government sponsored enterprises (“GSEs”). As of December 31, 2013 and December 31, 2012, all of the MBSs issued by GSEs were classified as “Available for Sale.” Unrealized losses on certain of these investments are not considered to be “other than temporary,” and we have the intent and ability to hold these until they mature or recover the current book value. The contractual cash flows of the investments are guaranteed by the GSE. Accordingly, it is expected that the securities would not be settled at a price less than the amortized cost of the Company’s investment. Because the Company does not intend to sell these securities and it is more likely than not the Company will not be required sell these securities before a recovery of its amortized cost, which may be maturity, the Company does not consider the investments to be other-than-temporarily impaired at December 31, 2013. | |||||||||||||||||||||||||
Non-agency Mortgage Backed Securities: The Company holds private label mortgage-backed securities (“PLMBSs”), including CMOs, at December 31, 2013 with an amortized cost of $954.2 thousand and approximate fair value of $949.0 thousand. The Company held PLMBSs, including CMOs, at December 31, 2012 with an amortized cost of $3.1 million and approximate fair value of $2.7 million. Management monitors each of these securities on a quarterly basis to identify any deterioration in the credit quality, collateral values and credit support underlying the investments. | |||||||||||||||||||||||||
During the year ended December 31, 2013, no OTTI charges were recorded in earnings for the PLMBS portfolio. During the year ended December 31, 2012, the Company identified two PLMBs with a fair value of $2.5 million that it considered other-than-temporarily-impaired. As prescribed by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 320-10-65, the Company recognized an impairment charge in earnings of $199.8 thousand (credit component) during year ended December 31, 2012. The $199.8 thousand represents the estimated credit losses on these securities for the year ended December 31, 2012. One of the securities identified as other-than-temporarily-impaired during the year ended December 31, 2012 was subsequently sold after the impairment was recognized. | |||||||||||||||||||||||||
As prescribed by FASB ASC 320-10-35 for the year ended December 31, 2012, the Company recognized the credit component of OTTI on debt securities in earnings and the non-credit component in other comprehensive income (OCI) for those securities in which the Company does not intend to sell the security and it is more likely than not the Company will not be required to sell the securities prior to recovery. | |||||||||||||||||||||||||
Corporate Bonds: Corporate bonds held by the Company are reviewed on a quarterly basis to identify downgrades by rating agencies as well as deterioration of the underlying collateral or the issuer’s ability to service the debt obligation. As of December 31, 2013 and December 31, 2012, the Company owns one corporate bond which is rated above investment grade. The Company does not consider this investment to be OTTI. | |||||||||||||||||||||||||
State and Local Governments and Other: Management monitors these securities on a quarterly basis to identify any deterioration in the credit quality. Included in the monitoring is a review of the credit rating, a financial analysis and certain demographic data on the underlying issuer. The Company does not consider these securities to be OTTI at December 31, 2013. | |||||||||||||||||||||||||
There were no OTTI losses recorded on available-for-sale securities for the year ended December 31, 2013. During the year ended December 31, 2012, the Company recorded OTTI losses on available-for-sale securities as follows: | |||||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||
(Dollars in thousands) | Available- | ||||||||||||||||||||||||
for-sale | |||||||||||||||||||||||||
securities | |||||||||||||||||||||||||
Total OTTI charge realized and unrealized | $ | 415 | |||||||||||||||||||||||
OTTI recognized in other comprehensive income (non-credit component) | 215 | ||||||||||||||||||||||||
Net impairment losses recognized in earnings (credit component) | $ | 200 | |||||||||||||||||||||||
During 2012 and 2011 OTTIs occurred for which only a portion is attributed to credit loss and recognized in earnings. The remainder was reported in other comprehensive income. The following is a roll forward analysis of amounts relating to credit losses on debt securities recognized in earnings during the twelve months ended December 31, 2013, December 31, 2012 and December 31, 2011. | |||||||||||||||||||||||||
For the year ended December 31, 2012, there were two non-agency mortgage backed securities with OTTI in which $200 thousand of OTTI representing the credit loss was recognized in earnings. The Company uses a third party to obtain information about the structure in order to assist in determining how the underlying cash flows will be distributed to each security. The following is a rollforward analysis of amounts relating to credit losses recognized in earnings: | |||||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Available for | Available for | Available for | |||||||||||||||||||||||
Sale | Sale | Sale | |||||||||||||||||||||||
Balance at beginning of period | $ | 271 | $ | 930 | $ | 2,143 | |||||||||||||||||||
Other-than-temporary-impairment not previously recognized | — | 173 | 50 | ||||||||||||||||||||||
Additional increase for which an other-than-temporary impairment was previously recognized related to credit losses | — | 27 | 247 | ||||||||||||||||||||||
Realized losses during the period | (63 | ) | (180 | ) | (1,510 | ) | |||||||||||||||||||
Other-than-temporary impairment previously recognized in securities sold | (208 | ) | (679 | ) | — | ||||||||||||||||||||
Balance related to credit losses on debt securities at end of period | $ | — | $ | 271 | $ | 930 | |||||||||||||||||||
As of December 31, 2013 there are no non-agency mortgage backed securities rated below investment grade. |
LOANS
LOANS | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||||||
LOANS | ' | ||||||||||||||||||||||||||||||||
Note 5—LOANS | |||||||||||||||||||||||||||||||||
Loans summarized by category are as follows: | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 19,925 | $ | 20,924 | |||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Construction | 18,933 | 13,052 | |||||||||||||||||||||||||||||||
Mortgage-residential | 37,579 | 38,892 | |||||||||||||||||||||||||||||||
Mortgage-commercial | 237,701 | 226,575 | |||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Home equity | 25,659 | 27,173 | |||||||||||||||||||||||||||||||
Other | 7,800 | 5,495 | |||||||||||||||||||||||||||||||
Total | $ | 347,597 | $ | 332,111 | |||||||||||||||||||||||||||||
Activity in the allowance for loan losses was as follows: | |||||||||||||||||||||||||||||||||
Years ended December 31, | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||
Balance at the beginning of year | $ | 4,621 | $ | 4,699 | $ | 4,911 | |||||||||||||||||||||||||||
Provision for loan losses | 528 | 496 | 1,420 | ||||||||||||||||||||||||||||||
Charged off loans | (1,090 | ) | (742 | ) | (1,696 | ) | |||||||||||||||||||||||||||
Recoveries | 160 | 168 | 64 | ||||||||||||||||||||||||||||||
Balance at end of year | $ | 4,219 | $ | 4,621 | $ | 4,699 | |||||||||||||||||||||||||||
The detailed activity in the allowance for loan losses and the recorded investment in loans receivable as of and for the years ended December 31, 2013, December 31, 2012 and December 31, 2011 follows: | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
Real estate | Real estate | ||||||||||||||||||||||||||||||||
Real estate | Mortgage | Mortgage | Consumer | Consumer | |||||||||||||||||||||||||||||
Commercial | Construction | Residential | Commercial | Home equity | Other | Unallocated | Total | ||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||
Beginning balance | $ | 338 | $ | — | $ | 235 | $ | 1,322 | $ | 400 | $ | 17 | $ | 2,309 | $ | 4,621 | |||||||||||||||||
Charge-offs | — | — | (47 | ) | (897 | ) | (67 | ) | (79 | ) | — | (1,090 | ) | ||||||||||||||||||||
Recoveries | 47 | — | 72 | — | — | 41 | — | 160 | |||||||||||||||||||||||||
Provisions | (152 | ) | 26 | 31 | 692 | (221 | ) | 101 | 51 | 528 | |||||||||||||||||||||||
Ending balance | $ | 233 | $ | 26 | $ | 291 | $ | 1,117 | $ | 112 | $ | 80 | $ | 2,360 | $ | 4,219 | |||||||||||||||||
Ending balances: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | 4 | $ | — | $ | — | $ | — | $ | — | $ | 4 | |||||||||||||||||
Collectively evaluated for impairment | 233 | 26 | 287 | 1,117 | 112 | 80 | 2,360 | 4,215 | |||||||||||||||||||||||||
Loans receivable: | |||||||||||||||||||||||||||||||||
Ending balance-total | $ | 19,925 | $ | 18,933 | $ | 37,579 | $ | 237,701 | $ | 25,659 | $ | 7,800 | $ | — | $ | 347,597 | |||||||||||||||||
Ending balances: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | 76 | — | 951 | 4,834 | 109 | 12 | — | 5,982 | |||||||||||||||||||||||||
Collectively evaluated for impairment | 19,849 | 18,933 | 36,628 | 232,867 | 25,550 | 7,788 | — | 341,615 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
Real estate | Real estate | ||||||||||||||||||||||||||||||||
Real estate | Mortgage | Mortgage | Consumer | Consumer | |||||||||||||||||||||||||||||
Commercial | Construction | Residential | Commercial | Home equity | Other | Unallocated | Total | ||||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||
Beginning balance | $ | 331 | $ | — | $ | 514 | $ | 1,475 | $ | 521 | $ | 57 | $ | 1,801 | $ | 4,699 | |||||||||||||||||
Charge-offs | (258 | ) | — | (112 | ) | (293 | ) | — | (79 | ) | — | (742 | ) | ||||||||||||||||||||
Recoveries | 42 | — | 86 | — | 3 | 37 | — | 168 | |||||||||||||||||||||||||
Provisions | 223 | — | (253 | ) | 140 | (124 | ) | 2 | 508 | 496 | |||||||||||||||||||||||
Ending balance | $ | 338 | $ | — | $ | 235 | $ | 1,322 | $ | 400 | $ | 17 | $ | 2,309 | $ | 4,621 | |||||||||||||||||
Ending balances: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Collectively evaluated for impairment | 338 | — | 235 | 1,322 | 400 | 17 | 2,309 | 4,621 | |||||||||||||||||||||||||
Loans receivable: | |||||||||||||||||||||||||||||||||
Ending balance-total | $ | 20,924 | $ | 13,052 | $ | 38,892 | $ | 226,575 | $ | 27,173 | $ | 5,495 | $ | — | $ | 332,111 | |||||||||||||||||
Ending balances: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | 37 | — | 357 | 5,772 | — | 10 | — | 6,176 | |||||||||||||||||||||||||
Collectively evaluated for impairment | 20,887 | 13,052 | 38,535 | 220,803 | 27,173 | 5,485 | — | 325,935 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
Real estate | Real estate | ||||||||||||||||||||||||||||||||
Real estate | Mortgage | Mortgage | Consumer | Consumer | |||||||||||||||||||||||||||||
Commercial | Construction | Residential | Commercial | Home equity | Other | Unallocated | Total | ||||||||||||||||||||||||||
2011 | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||
Beginning balance | $ | 681 | $ | 905 | $ | 465 | $ | 1,404 | $ | 325 | $ | 88 | $ | 1,043 | $ | 4,911 | |||||||||||||||||
Charge-offs | (265 | ) | — | (186 | ) | (861 | ) | -285 | (99 | ) | — | (1,696 | ) | ||||||||||||||||||||
Recoveries | 31 | — | 5 | — | 5 | 23 | — | 64 | |||||||||||||||||||||||||
Provisions | (116 | ) | (905 | ) | 230 | 932 | 476 | 45 | 758 | 1,420 | |||||||||||||||||||||||
Ending balance | $ | 331 | $ | — | $ | 514 | $ | 1,475 | $ | 521 | $ | 57 | $ | 1,801 | $ | 4,699 | |||||||||||||||||
Ending balances: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 1 | $ | — | $ | — | $ | 1 | $ | — | $ | — | $ | — | $ | 2 | |||||||||||||||||
Collectively evaluated for impairment | 330 | — | 514 | 1,474 | 521 | 57 | 1,801 | 4,697 | |||||||||||||||||||||||||
Loans receivable: | |||||||||||||||||||||||||||||||||
Ending balance-total | $ | 20,608 | $ | 11,767 | $ | 38,337 | $ | 220,288 | $ | 27,976 | $ | 5,335 | $ | — | $ | 324,311 | |||||||||||||||||
Ending balances: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | 45 | — | 622 | 8,667 | — | 19 | — | 9,353 | |||||||||||||||||||||||||
Collectively evaluated for impairment | $ | 20,563 | $ | 11,767 | $ | 37,715 | $ | 211,621 | $ | 27,976 | $ | 5,316 | $ | — | $ | 314,958 | |||||||||||||||||
Loans outstanding and available lines of credit to bank directors, executive officers and their related business interests amounted to $10.2 million and $10.9 million at December 31, 2013 and 2012, respectively. Repayments on these loans during the year ended December 31, 2013 were $2.5 million, and loans made amounted to $1.8 million. Repayments on these loans during the year ended December 31, 2012 were $855 thousand, and loans made amounted to $230 thousand. Related party loans are made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with unrelated persons and generally do not involve more than the normal risk of collectability. | |||||||||||||||||||||||||||||||||
The following table presents at December 31, 2013, 2012 and 2011, loans individually evaluated and considered impaired under FAS ASC 310 “Accounting by Creditors for Impairment of a Loan.” Impairment includes performing troubled debt restructurings. | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||
Total loans considered impaired at year end | $ | 5,982 | $ | 6,176 | $ | 9,353 | |||||||||||||||||||||||||||
Loans considered impaired for which there is a related allowance for loan loss: | |||||||||||||||||||||||||||||||||
Outstanding loan balance | $ | 55 | $ | — | $ | 148 | |||||||||||||||||||||||||||
Related allowance | $ | 4 | $ | — | $ | 2 | |||||||||||||||||||||||||||
Loans considered impaired and previously written down to fair value | $ | 5,927 | $ | 6,176 | $ | 9,205 | |||||||||||||||||||||||||||
Average impaired loans | $ | 7,637 | $ | 6,704 | $ | 9,926 | |||||||||||||||||||||||||||
Amount of interest earned during period of impairment | $ | 170 | $ | 179 | $ | 397 | |||||||||||||||||||||||||||
The following tables are by loan category and present at December 31, 2013, December 31, 2012 and December 31, 2011 loans individually evaluated and considered impaired under FAS ASC 310 “Accounting by Creditors for Impairment of a Loan.” Impairment includes performing troubled debt restructurings. | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
31-Dec-13 | Unpaid | Average | Interest | ||||||||||||||||||||||||||||||
Recorded | Principal | Related | Recorded | Income | |||||||||||||||||||||||||||||
Investment | Balance | Allowance | Investment | Recognized | |||||||||||||||||||||||||||||
With no allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial | $ | 76 | $ | 76 | $ | — | $ | 146 | $ | 8 | |||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||||||||||||||||
Mortgage-residential | 896 | 998 | — | 1,096 | 121 | ||||||||||||||||||||||||||||
Mortgage-commercial | 4,834 | 5,447 | — | 6,204 | 27 | ||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Home Equity | 109 | 109 | — | 109 | 4 | ||||||||||||||||||||||||||||
Other | 12 | 13 | — | 26 | 1 | ||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial | — | — | — | — | — | ||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||||||||||||||||
Mortgage-residential | 55 | 55 | 4 | 56 | 9 | ||||||||||||||||||||||||||||
Mortgage-commercial | — | — | — | — | — | ||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Home Equity | — | — | — | — | — | ||||||||||||||||||||||||||||
Other | — | — | — | — | — | ||||||||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||||||
Commercial | 76 | 76 | — | 146 | 8 | ||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||||||||||||||||
Mortgage-residential | 951 | 1,053 | 4 | 1,152 | 121 | ||||||||||||||||||||||||||||
Mortgage-commercial | 4,834 | 5,447 | — | 6,204 | 36 | ||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Home Equity | 109 | 109 | — | 109 | 4 | ||||||||||||||||||||||||||||
Other | 12 | 13 | — | 26 | 1 | ||||||||||||||||||||||||||||
$ | 5,982 | $ | 6,698 | $ | 4 | $ | 7,637 | $ | 170 | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
31-Dec-12 | Unpaid | Average | Interest | ||||||||||||||||||||||||||||||
Recorded | Principal | Related | Recorded | Income | |||||||||||||||||||||||||||||
Investment | Balance | Allowance | Investment | Recognized | |||||||||||||||||||||||||||||
With no allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial | $ | 37 | $ | 50 | $ | — | $ | 53 | $ | — | |||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||||||||||||||||
Mortgage-residential | 357 | 381 | — | 442 | 1 | ||||||||||||||||||||||||||||
Mortgage-commercial | 5,772 | 6,162 | — | 6,188 | 178 | ||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Home Equity | — | — | — | — | — | ||||||||||||||||||||||||||||
Other | 10 | 10 | — | 21 | — | ||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial | — | — | — | — | — | ||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||||||||||||||||
Mortgage-residential | — | — | — | — | — | ||||||||||||||||||||||||||||
Mortgage-commercial | — | — | — | — | — | ||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Home Equity | — | — | — | — | — | ||||||||||||||||||||||||||||
Other | — | — | — | — | — | ||||||||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||||||
Commercial | 37 | 50 | — | 53 | — | ||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||||||||||||||||
Mortgage-residential | 357 | 381 | — | 442 | 1 | ||||||||||||||||||||||||||||
Mortgage-commercial | 5,772 | 6,162 | — | 6,188 | 178 | ||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Home Equity | — | — | — | — | — | ||||||||||||||||||||||||||||
Other | 10 | 10 | — | 21 | — | ||||||||||||||||||||||||||||
$ | 6,176 | $ | 6,603 | $ | — | $ | 6,704 | $ | 179 | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
31-Dec-11 | Unpaid | Average | Interest | ||||||||||||||||||||||||||||||
Recorded | Principal | Related | Recorded | Income | |||||||||||||||||||||||||||||
Investment | Balance | Allowance | Investment | Recognized | |||||||||||||||||||||||||||||
With no allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial | $ | 12 | $ | 19 | $ | — | $ | 21 | $ | — | |||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||||||||||||||||
Mortgage-residential | 622 | 650 | — | 656 | 4 | ||||||||||||||||||||||||||||
Mortgage-commercial | 8,552 | 8,975 | — | 9,066 | 382 | ||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Home Equity | — | — | — | — | — | ||||||||||||||||||||||||||||
Other | 19 | 19 | — | 30 | 1 | ||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial | 33 | 33 | 1 | 36 | 2 | ||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||||||||||||||||
Mortgage-residential | — | — | — | — | — | ||||||||||||||||||||||||||||
Mortgage-commercial | 115 | 115 | 1 | 117 | 8 | ||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Home Equity | — | — | — | — | — | ||||||||||||||||||||||||||||
Other | — | — | — | — | — | ||||||||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||||||
Commercial | 45 | 52 | 1 | 57 | 2 | ||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||||||||||||||||
Mortgage-residential | 622 | 650 | — | 656 | 4 | ||||||||||||||||||||||||||||
Mortgage-commercial | 8,667 | 9,090 | 1 | 9,183 | 390 | ||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Home Equity | — | — | — | — | — | ||||||||||||||||||||||||||||
Other | 19 | 19 | — | 30 | 1 | ||||||||||||||||||||||||||||
$ | 9,353 | $ | 9,811 | $ | 2 | $ | 9,926 | $ | 397 | ||||||||||||||||||||||||
The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans as to credit risk. This analysis is performed on a monthly basis. The Company uses the following definitions for risk ratings: | |||||||||||||||||||||||||||||||||
Special Mention. Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date. Special mention assets are not adversely classified and do not expose an institution to sufficient risk to warrant adverse classification. | |||||||||||||||||||||||||||||||||
Substandard. Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. | |||||||||||||||||||||||||||||||||
Doubtful. Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. | |||||||||||||||||||||||||||||||||
Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be “Pass” rated loans. As of December 31, 2013 and December 31, 2012, and based on the most recent analysis performed, the risk category of loans by class of loans is shown in the table below. As of December 31, 2013 and December 31, 2012, no loans were classified as doubtful. | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
31-Dec-13 | Special | ||||||||||||||||||||||||||||||||
Pass | Mention | Substandard | Doubtful | Total | |||||||||||||||||||||||||||||
Commercial, financial & agricultural | $ | 19,627 | $ | 218 | $ | 80 | $ | — | $ | 19,925 | |||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Construction | 15,341 | 3,592 | — | — | 18,933 | ||||||||||||||||||||||||||||
Mortgage – residential | 36,614 | 229 | 736 | — | 37,579 | ||||||||||||||||||||||||||||
Mortgage – commercial | 223,110 | 5,813 | 8,778 | — | 237,701 | ||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Home Equity | 23,800 | 855 | 1,004 | — | 25,659 | ||||||||||||||||||||||||||||
Other | 7,788 | — | 12 | — | 7,800 | ||||||||||||||||||||||||||||
Total | $ | 326,280 | $ | 10,707 | $ | 10,610 | $ | — | $ | 347,597 | |||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
31-Dec-12 | Special | ||||||||||||||||||||||||||||||||
Pass | Mention | Substandard | Doubtful | Total | |||||||||||||||||||||||||||||
Commercial, financial & agricultural | $ | 20,826 | $ | 27 | $ | 71 | $ | — | $ | 20,924 | |||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Construction | 8,595 | 2,047 | 2,410 | — | 13,052 | ||||||||||||||||||||||||||||
Mortgage – residential | 36,493 | 1,677 | 722 | — | 38,892 | ||||||||||||||||||||||||||||
Mortgage – commercial | 208,825 | 3,803 | 13,947 | — | 226,575 | ||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Home Equity | 26,604 | 124 | 445 | — | 27,173 | ||||||||||||||||||||||||||||
Other | 5,475 | 3 | 17 | — | 5,495 | ||||||||||||||||||||||||||||
Total | $ | 306,818 | $ | 7,681 | $ | 17,612 | $ | — | $ | 332,111 | |||||||||||||||||||||||
At December 31, 2013 and 2012, non-accrual loans totaled $5.4 million and $4.7 million, respectively. The gross interest income which would have been recorded under the original terms of the non-accrual loans amounted to $704 thousand and $352 thousand in 2013 and 2012, respectively. Interest recorded on non-accrual loans in 2013 and 2012 amounted to $124 thousand and $112 thousand, respectively. | |||||||||||||||||||||||||||||||||
Troubled debt restructurings (“TDRs”) that are still accruing are included in impaired loans at December 31, 2013 and 2012 amounted to $576 thousand and $1.5 million, respectively. Interest earned during 2013 and 2012 on these loans amounted to $46 thousand and $123 thousand, respectively. | |||||||||||||||||||||||||||||||||
Loans greater than 90 days delinquent and still accruing interest at December 31, 2013 and 2012 amounted to $2 thousand and $55 thousand, respectively. | |||||||||||||||||||||||||||||||||
The following tables are by loan category and present loans past due and on non-accrual status as of December 31, 2013 and December 31, 2012: | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | 30-59 Days | 60-89 Days Past Due | Greater than 90 Days and Accruing | Nonaccrual | Total Past Due | Current | Total Loans | ||||||||||||||||||||||||||
Past Due | |||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
Commercial | $ | — | $ | 8 | $ | 2 | $ | 76 | $ | 86 | $ | 19,839 | $ | 19,925 | |||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | 18,933 | 18,933 | ||||||||||||||||||||||||||
Mortgage-residential | 331 | 277 | — | 895 | 1,503 | 36,076 | 37,579 | ||||||||||||||||||||||||||
Mortgage-commercial | 54 | 908 | — | 4,314 | 5,276 | 232,425 | 237,701 | ||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Home equity | 40 | — | — | 109 | 149 | 25,510 | 25,659 | ||||||||||||||||||||||||||
Other | 8 | — | — | 12 | 20 | 7,780 | 7,800 | ||||||||||||||||||||||||||
Total | $ | 433 | $ | 1,193 | $ | 2 | $ | 5,406 | $ | 7,034 | $ | 340,563 | $ | 347,597 | |||||||||||||||||||
(Dollars in thousands) | 30-59 Days | 60-89 Days Past Due | Greater than 90 Days and Accruing | Nonaccrual | Total Past Due | Current | Total Loans | ||||||||||||||||||||||||||
Past Due | |||||||||||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||
Commercial | $ | 17 | $ | 107 | $ | — | $ | 85 | $ | 209 | $ | 20,715 | $ | 20,924 | |||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | 13,052 | 13,052 | ||||||||||||||||||||||||||
Mortgage-residential | 311 | 378 | — | 357 | 1,046 | 37,846 | 38,892 | ||||||||||||||||||||||||||
Mortgage-commercial | 627 | 898 | 55 | 4,263 | 5,843 | 220,732 | 226,575 | ||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Home equity | 211 | — | — | — | 211 | 26,962 | 27,173 | ||||||||||||||||||||||||||
Other | 32 | 7 | — | 10 | 49 | 5,446 | 5,495 | ||||||||||||||||||||||||||
Total | $ | 1,198 | $ | 1,390 | $ | 55 | $ | 4,715 | $ | 7,358 | $ | 324,753 | $ | 332,111 | |||||||||||||||||||
As a result of adopting the amendments in ASU 2011-02 (Receivables-Topic 310), the Company reassessed all restructurings that occurred on or after the beginning of the fiscal year of adoption (January 1, 2011) to determine whether they are considered TDRs under the amended guidance. The Company identified as TDRs certain loans for which the allowance for loan losses had previously been measured under a general allowance methodology. Upon identifying those loans as TDRs, the Company identified them as impaired under the guidance in ASC 310-10-35. The amendments in ASU 2011-02 require prospective application of the impairment measurement guidance in ASC 310-10-35 for those loans newly identified as impaired. | |||||||||||||||||||||||||||||||||
The following tables, by loan category, present loans determined to be TDRs during the twelve month periods ended December 31, 2013, December 31, 2012 and December 31, 2011. | |||||||||||||||||||||||||||||||||
Troubled Debt Restructurings | For the twelve months ended December 31, 2013 | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | ||||||||||||||||||||||||||||||
Nonaccrual | |||||||||||||||||||||||||||||||||
Mortgage-Commercial | 2 | $ | 285 | $ | 285 | ||||||||||||||||||||||||||||
Total nonaccrual | 2 | $ | 285 | $ | 285 | ||||||||||||||||||||||||||||
Total TDRs | 2 | $ | 285 | $ | 285 | ||||||||||||||||||||||||||||
Troubled Debt Restructurings | For the twelve months ended December 31, 2012 | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | ||||||||||||||||||||||||||||||
Nonaccrual | |||||||||||||||||||||||||||||||||
Mortgage-Commercial | 1 | $ | 40 | $ | 40 | ||||||||||||||||||||||||||||
Total nonaccrual | 1 | $ | 40 | $ | 40 | ||||||||||||||||||||||||||||
Accrual | |||||||||||||||||||||||||||||||||
Mortgage-Commercial | 2 | $ | 596 | $ | 596 | ||||||||||||||||||||||||||||
Total Accrual | 2 | $ | 596 | $ | 596 | ||||||||||||||||||||||||||||
Total TDRs | 3 | $ | 636 | $ | 636 | ||||||||||||||||||||||||||||
Troubled Debt Restructurings | For the twelve months ended December 31, 2011 | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Number | Pre-Modification | Post-Modification | ||||||||||||||||||||||||||||||
of Contracts | Outstanding | Outstanding | |||||||||||||||||||||||||||||||
Recorded | Recorded | ||||||||||||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||||||||||
Nonaccrual | |||||||||||||||||||||||||||||||||
Mortgage-Commercial | 5 | $ | 741 | $ | 741 | ||||||||||||||||||||||||||||
Commercial & Industrial | 2 | 43 | 43 | ||||||||||||||||||||||||||||||
Total nonaccrual | 7 | $ | 784 | $ | 784 | ||||||||||||||||||||||||||||
Accrual | |||||||||||||||||||||||||||||||||
Mortgage-Commercial | 1 | $ | 3,138 | $ | 3,138 | ||||||||||||||||||||||||||||
Total Accrual | 1 | $ | 3,138 | $ | 3,138 | ||||||||||||||||||||||||||||
Total TDRs | 8 | $ | 3,922 | $ | 3,922 | ||||||||||||||||||||||||||||
During the twelve month period ended December 31, 2013, the Company determined two loans to be TDRs. One of the loans renewed and the payment was modified to interest only. The business no longer exists and the main source of repayment will be the sale of the property previously occupied by the business. The other loan was modified to extend the terms outside the Company’s guidelines. During the twelve month ended December 31, 2012, the Company modified three loans that were considered to be TDRs. The payment and interest rate were lowered for two of these loans and the payment was modified to interest only for one loan. During the twelve months ended December 31, 2011, the Bank modified eight loans that were considered to be TDRs. The payment and interest rate were lowered for six of these loans, the payment was lowered for one loan and for one loan the business and guarantor were released. | |||||||||||||||||||||||||||||||||
Note 5—LOANS (continued) | |||||||||||||||||||||||||||||||||
The following table, by loan category, presents loans determined to be TDRs in the twelve months ended December 31, 2013 that had payment defaults during twelve month period ended December 31, 2013. There were no loans determined to be TDRs in the twelve months ended December 31, 2012 that subsequently defaulted during the twelve month period ended December 31, 2012. Defaulted loans are those loans that are greater than 89 days past due. | |||||||||||||||||||||||||||||||||
For the twelve months ended December 31, 2013 | |||||||||||||||||||||||||||||||||
Troubled Debt Restructurings that subsequently defaulted this period | Number of Contracts | Recorded Investment | |||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
Mortgage-Commercial | 1 | $ | 94 | ||||||||||||||||||||||||||||||
Total TDRs | 1 | $ | 94 | ||||||||||||||||||||||||||||||
In the determination of the allowance for loan losses, all TDRs are reviewed to ensure that one of the three proper valuation methods (fair market value of the collateral, present value of cash flows, or observable market price) is adhered to. All non-accrual loans are written down to its corresponding collateral value. All TDR accruing loans and where the loan balance exceeds the present value of cash flow will have a specific allocation. All nonaccrual loans are considered impaired. Under ASC 310-10, a loan is impaired when it is probable that the Bank will be unable to collect all amounts due including both principal and interest according to the contractual terms of the loan agreement. |
FAIR_VALUE_MEASUREMENT
FAIR VALUE MEASUREMENT | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
FAIR VALUE MEASUREMENT | ' | ||||||||||||||||||||
Note 6– FAIR VALUE MEASUREMENT | |||||||||||||||||||||
The Company adopted FASB ASC Fair Value Measurement Topic 820, which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. ASC 820 defines fair value as 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. ASC 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: | |||||||||||||||||||||
Level l | Quoted prices in active markets for identical assets or liabilities. | ||||||||||||||||||||
Level 2 | Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | ||||||||||||||||||||
Level 3 | Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 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. | ||||||||||||||||||||
FASB ASC 825-10-50 “Disclosure about Fair Value of Financial Instruments”, requires the Company to disclose estimated fair values for its financial instruments. Fair value estimates, methods, and assumptions are set forth below. | |||||||||||||||||||||
Cash and short term investments—The carrying amount of these financial instruments (cash and due from banks, interest-bearing bank balances, federal funds sold and securities purchased under agreements to resell) approximates fair value. All mature within 90 days and do not present unanticipated credit concerns and are classified as Level 1. | |||||||||||||||||||||
Investment Securities—Measurement is on a recurring basis based upon quoted market prices, if available. If quoted market prices are not available, fair values are measured using independent pricing models or other model-based valuation techniques such as the present value of future cash flows, adjusted for prepayment assumptions, projected credit losses, and liquidity. Level 1 securities include those traded on an active exchange, such as the New York Stock Exchange, or by dealers or brokers in active over-the-counter markets. Level 2 securities include mortgage-backed securities issued both by government sponsored enterprises and private label mortgage-backed securities. Generally these fair values are priced from established pricing models. Level 3 securities include corporate debt obligations and asset–backed securities that are less liquid or for which there is an inactive market. | |||||||||||||||||||||
Loans Held for Sale— The Company originates fixed rate residential loans on a servicing released basis in the secondary market. Loans closed but not yet settled with an investor, are carried in the Company’s loans held for sale portfolio. These loans are fixed rate residential loans that have been originated in the Company’s name and have closed. Virtually all of these loans have commitments to be purchased by investors at a locked in price with the investors on the same day that the loan was locked in with the Company’s customers. Therefore, these loans present very little market risk for the Company and are classified as Level 2. The carrying amount of these loans approximates fair value. | |||||||||||||||||||||
Loans—The fair value of loans are estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities and are classified as Level 2. As discount rates are based on current loan rates as well as management estimates, the fair values presented may not be indicative of the value negotiated in an actual sale. Loans which are deemed to be impaired are primarily valued on a nonrecurring basis at the fair value of the underlying real estate collateral. Such fair values are obtained using independent appraisals, which the Company considers to be Level 3 inputs. | |||||||||||||||||||||
Other Real Estate Owned (OREO) — OREO is carried at the lower of carrying value or fair value on a non-recurring basis. Fair value is based upon independent appraisals or management’s estimation of the collateral and is considered a Level 3 measurement. | |||||||||||||||||||||
Accrued Interest Receivable—The fair value approximates the carrying value and is classified as Level 1. | |||||||||||||||||||||
Interest rate swap—The fair value approximates the carrying value and is classified as Level 3. | |||||||||||||||||||||
Deposits—The fair value of demand deposits, savings accounts, and money market accounts is the amount payable on demand at the reporting date. The fair value of fixed-maturity certificates of deposits is estimated by discounting the future cash flows using rates currently offered for deposits of similar remaining maturities. Deposits are classified as Level 2. | |||||||||||||||||||||
Federal Home Loan Bank Advances—Fair value is estimated based on discounted cash flows using current market rates for borrowings with similar terms and are classified as Level 2. | |||||||||||||||||||||
Short Term Borrowings—The carrying value of short term borrowings (securities sold under agreements to repurchase and demand notes to the Treasury) approximates fair value. These are classified as Level 2. | |||||||||||||||||||||
Junior Subordinated Debentures—The fair values of junior subordinated debentures is estimated by using discounted cash flow analyses based on incremental borrowing rates for similar types of instruments. These are classified as Level 2. | |||||||||||||||||||||
Accrued Interest Payable—The fair value approximates the carrying value and is classified as Level 1. | |||||||||||||||||||||
Commitments to Extend Credit—The fair value of these commitments is immaterial because their underlying interest rates approximate market. | |||||||||||||||||||||
The carrying amount and estimated fair value by classification Level of the Company’s financial instruments as of December 31, 2013 and December 31, 2012 are as follows: | |||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Fair Value | |||||||||||||||||||||
(Dollars in thousands) | Carrying | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Amount | |||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||
Cash and short term investments | $ | 14,166 | $ | 14,166 | $ | 14,166 | $ | — | $ | — | |||||||||||
Available-for-sale securities | 224,355 | 224,355 | 818 | 223,120 | 417 | ||||||||||||||||
Other investments, at cost | 2,674 | 2,674 | — | — | 2,674 | ||||||||||||||||
Loans held for sale | 3,790 | 3,790 | — | 3,790 | — | ||||||||||||||||
Net loans receivable | 343,378 | 345,262 | — | 339,284 | 5,978 | ||||||||||||||||
Accrued interest | 2,267 | 2,267 | 2,267 | — | — | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Non-interest bearing demand | $ | 111,198 | $ | 111,198 | $ | — | $ | 111,198 | $ | — | |||||||||||
NOW and money market accounts | 174,224 | 174,224 | — | 174,224 | — | ||||||||||||||||
Savings | 51,134 | 51,134 | — | 51,134 | — | ||||||||||||||||
Time deposits | 160,515 | 161,623 | — | 161,623 | — | ||||||||||||||||
Total deposits | 497,071 | 498,179 | — | 498,179 | — | ||||||||||||||||
Federal Home Loan Bank Advances | 43,325 | 47,011 | — | 47,011 | — | ||||||||||||||||
Short term borrowings | 18,634 | 18,634 | — | 18,634 | — | ||||||||||||||||
Junior subordinated debentures | 15,464 | 15,464 | — | 15,464 | — | ||||||||||||||||
Accrued interest payable | 694 | 694 | 694 | — | — | ||||||||||||||||
31-Dec-12 | |||||||||||||||||||||
Fair Value | |||||||||||||||||||||
(Dollars in thousands) | Carrying | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Amount | |||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||
Cash and short term investments | $ | 18,708 | $ | 18,708 | $ | 18,708 | $ | — | $ | — | |||||||||||
Available-for-sale securities | 203,445 | 203,445 | 914 | 202,114 | 417 | ||||||||||||||||
Other investments, at cost | 2,527 | 2,527 | — | — | 2,527 | ||||||||||||||||
Loans held for sale | 9,658 | 9,658 | — | 9,658 | — | ||||||||||||||||
Net loans receivable | 327,490 | 328,893 | — | 322,717 | 6,176 | ||||||||||||||||
Accrued interest | 2,098 | 2,098 | 2,098 | — | — | ||||||||||||||||
Interest rate swap | (338 | ) | (338 | ) | — | — | (338 | ) | |||||||||||||
Financial liabilities: | |||||||||||||||||||||
Non-interest bearing demand | $ | 97,526 | $ | 97,526 | $ | — | $ | 97,526 | $ | — | |||||||||||
NOW and money market accounts | 150,874 | 150,874 | — | 150,874 | — | ||||||||||||||||
Savings | 41,100 | 41,100 | — | 41,100 | — | ||||||||||||||||
Time deposits | 185,477 | 187,313 | — | 187,313 | — | ||||||||||||||||
Total deposits | 474,977 | 476,813 | — | 476,813 | — | ||||||||||||||||
Federal Home Loan Bank Advances | 36,344 | 41,977 | — | 41,977 | — | ||||||||||||||||
Short term borrowings | 15,900 | 15,900 | — | 15,900 | — | ||||||||||||||||
Junior subordinated debentures | 15,464 | 15,464 | — | 15,464 | — | ||||||||||||||||
Accrued interest payable | 1,029 | 1,029 | 1,029 | — | — | ||||||||||||||||
The following table reflects the changes in fair values of the interest rate swap for the years ended December 31, 2013, 2012 and 2011 and where these changes are included in the income statement: | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
(Dollars in thousands) | Non-interest | Non-interest | Non-interest | ||||||||||||||||||
income: | income: | income: | |||||||||||||||||||
Fair-value | Fair-value | Fair-value | |||||||||||||||||||
adjustment | adjustment | adjustment | |||||||||||||||||||
gain (loss) | gain (loss) | gain (loss) | |||||||||||||||||||
Interest rate swap | (2 | ) | (58 | ) | (166 | ) | |||||||||||||||
Total | $ | (2 | ) | $ | (58 | ) | $ | (166 | ) | ||||||||||||
The following table summarizes quantitative disclosures about the fair value for each category of assets carried at fair value as of December 31, 2013 and December 31, 2012 that are measured on a recurring basis. There were no liabilities carried at fair value as of December 31, 2013 or December 31, 2012 that are measured on a recurring basis. | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Description | 31-Dec-13 | Significant Other | Significant | ||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Observable Inputs | Unobservable Inputs | |||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||
Available for sale securities | |||||||||||||||||||||
Government sponsored enterprises | $ | 3,246 | $ | — | $ | 3,246 | $ | — | |||||||||||||
Mortgage-backed securities | 119,676 | — | 119,676 | — | |||||||||||||||||
Small Business Administration securities | 56,120 | — | 56,120 | — | |||||||||||||||||
State and local government | 42,998 | — | 42,998 | — | |||||||||||||||||
Corporate and other securities | 2,315 | 818 | 1,080 | 417 | |||||||||||||||||
Total | 224,355 | 818 | 223,120 | 417 | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Description | 31-Dec-12 | Significant Other | Significant | ||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Observable Inputs | Unobservable Inputs | |||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||
Available for sale securities | |||||||||||||||||||||
Government sponsored enterprises | $ | 1,534 | $ | — | $ | 1,534 | $ | — | |||||||||||||
Mortgage-backed securities | 112,144 | — | 112,144 | — | |||||||||||||||||
Small Business Administration securities | 54,993 | — | 54,993 | — | |||||||||||||||||
State and local government | 32,373 | — | 32,373 | — | |||||||||||||||||
Corporate and other securities | 2,401 | 914 | 1,070 | 417 | |||||||||||||||||
203,445 | 914 | 202,114 | 417 | ||||||||||||||||||
Interest rate cap/swap | (338 | ) | — | — | (338 | ) | |||||||||||||||
Total | $ | 203,107 | $ | 914 | $ | 202,114 | $ | 79 | |||||||||||||
The following tables reconcile the changes in Level 3 financial instruments for the year ended December 31, 2013 and 2012 measured on a recurring basis: | |||||||||||||||||||||
2013 | |||||||||||||||||||||
(Dollars in thousands) | Interest rate | Corporate Preferred Stock | |||||||||||||||||||
Swap | |||||||||||||||||||||
Beginning Balance December 31, 2012 | $ | (338 | ) | $ | 417 | ||||||||||||||||
Total gains or losses (realized/unrealized) | (2 | ) | — | ||||||||||||||||||
Included in earnings | |||||||||||||||||||||
— | — | ||||||||||||||||||||
Included in other comprehensive income | |||||||||||||||||||||
340 | — | ||||||||||||||||||||
Purchases, issuances, and settlements | |||||||||||||||||||||
— | |||||||||||||||||||||
Transfers in and/or out of Level 3 | |||||||||||||||||||||
Ending Balance December 31, 2013 | $ | — | $ | 417 | |||||||||||||||||
2012 | |||||||||||||||||||||
(Dollars in thousands) | Interest rate | Corporate Preferred Stock | |||||||||||||||||||
Swap | |||||||||||||||||||||
Beginning Balance December 31, 2011 | $ | (602 | ) | $ | — | ||||||||||||||||
Total gains or losses (realized/unrealized) | (58 | ) | — | ||||||||||||||||||
Included in earnings | |||||||||||||||||||||
— | — | ||||||||||||||||||||
Included in other comprehensive income | |||||||||||||||||||||
322 | 417 | ||||||||||||||||||||
Purchases, issuances, and settlements | |||||||||||||||||||||
— | |||||||||||||||||||||
Transfers in and/or out of Level 3 | |||||||||||||||||||||
Ending Balance December 31, 2012 | $ | (338 | ) | $ | 417 | ||||||||||||||||
The following tables summarize quantitative disclosures about the fair value for each category of assets carried at fair value as of December 31, 2013 and December 31, 2012 that are measured on a non-recurring basis. There were no liabilities carried at fair value and measured on a non-recurring basis at December 31, 2013 and 2012. | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Description | December 31, | Quoted Prices | Significant | Significant | |||||||||||||||||
2013 | in Active | Other | Unobservable | ||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||
Identical Assets | Inputs | (Level 3) | |||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||
Impaired loans: | |||||||||||||||||||||
Commercial & Industrial | $ | 76 | $ | — | $ | — | $ | 76 | |||||||||||||
Real estate: | |||||||||||||||||||||
Mortgage-residential | 947 | — | — | 947 | |||||||||||||||||
Mortgage-commercial | 4,834 | — | — | 4,834 | |||||||||||||||||
Consumer: | |||||||||||||||||||||
Home equity | 109 | — | — | 109 | |||||||||||||||||
Other | 12 | — | — | 12 | |||||||||||||||||
Total impaired | 5,978 | — | — | 5,978 | |||||||||||||||||
Other real estate owned: | |||||||||||||||||||||
Construction | 301 | — | — | 301 | |||||||||||||||||
Mortgage-residential | 168 | — | — | 168 | |||||||||||||||||
Mortgage-commercial | 2,901 | — | — | 2,901 | |||||||||||||||||
Total other real estate owned | 3,370 | — | — | 3,370 | |||||||||||||||||
Total | $ | 9,348 | $ | — | $ | — | $ | 9,348 | |||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Description | December 31, | Quoted Prices | Significant | Significant | |||||||||||||||||
2012 | in Active | Other | Unobservable | ||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||
Identical Assets | Inputs | (Level 3) | |||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||
Impaired loans: | |||||||||||||||||||||
Commercial & Industrial | $ | 37 | $ | — | $ | — | $ | 37 | |||||||||||||
Real estate: | |||||||||||||||||||||
Mortgage-residential | 357 | — | — | 357 | |||||||||||||||||
Mortgage-commercial | 5,772 | — | — | 5,772 | |||||||||||||||||
Consumer: | |||||||||||||||||||||
Home equity | — | — | — | — | |||||||||||||||||
Other | 10 | — | — | 10 | |||||||||||||||||
Total impaired | 6,176 | — | — | 6,176 | |||||||||||||||||
Other real estate owned: | |||||||||||||||||||||
Construction | 301 | — | — | 301 | |||||||||||||||||
Mortgage-residential | 488 | — | — | 488 | |||||||||||||||||
Mortgage-commercial | 3,198 | — | — | 3,198 | |||||||||||||||||
Total other real estate owned | 3,987 | — | — | 3,987 | |||||||||||||||||
Total | $ | 10,163 | $ | — | $ | — | $ | 10,163 | |||||||||||||
The Company has a large percentage of loans with real estate serving as collateral. Loans which are deemed to be impaired are primarily valued on a nonrecurring basis at the fair value of the underlying real estate collateral. Such fair values are obtained using independent appraisals, which the Company considers to be Level 3 inputs. Third party appraisals are generally obtained when a loan is identified as being impaired or at the time it is transferred to OREO. This internal process would consist of evaluating the underlying collateral to independently obtained comparable properties. With respect to less complex or smaller credits, an internal evaluation may be performed. Generally the independent and internal evaluations are updated annually. Factors considered in determining the fair value include geographic sales trends, the value of comparable surrounding properties as well as the condition of the property. The aggregate amount of impaired loans was $6.0 million and $6.2 million for the year ended December 31, 2013 and year ended December 31, 2012, respectively. | |||||||||||||||||||||
For Level 3 assets and liabilities measured at fair value on a recurring or non-recurring basis as of December 31, 2013 and December 31, 2012, the significant unobservable inputs used in the fair value measurements were as follows: | |||||||||||||||||||||
(Dollars in thousands) | Fair Value as of December 31, 2013 | Valuation Technique | Significant Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||
Preferred stock | $417 | Estimation based on comparable non-listed securities | Comparable transactions | n/a | |||||||||||||||||
OREO | $3,370 | Appraisal Value/Comparison Sales/Other estimates | Appraisals and or sales of comparable properties | Appraisals discounted 6% to 16% for sales commissions and other holding cost | |||||||||||||||||
Impaired loans | $5,978 | Appraisal Value | Appraisals and or sales of comparable properties | Appraisals discounted 6% to 16% for sales commissions and other holding cost | |||||||||||||||||
PROPERTY_AND_EQUIPMENT
PROPERTY AND EQUIPMENT | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
PROPERTY AND EQUIPMENT | ' | ||||||||
Note 7 - PROPERTY AND EQUIPMENT | |||||||||
Property and equipment consisted of the following: | |||||||||
December 31, | |||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||
Land | $ | 5,259 | $ | 5,297 | |||||
Premises | 14,744 | 13,990 | |||||||
Equipment | 7,488 | 6,926 | |||||||
Fixed assets in progress | 2,029 | 261 | |||||||
29,520 | 26,474 | ||||||||
Accumulated depreciation | 10,076 | 9,216 | |||||||
$ | 19,444 | $ | 17,258 | ||||||
Provision for depreciation included in operating expenses for the years ended December 31, 2013, 2012 and 2011 amounted to $859 thousand, $862 thousand, and $841 thousand, respectively. |
GOODWILL_CORE_DEPOSIT_INTANGIB
GOODWILL, CORE DEPOSIT INTANGIBLE AND OTHER ASSETS | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||
GOODWILL, CORE DEPOSIT INTANGIBLE AND OTHER ASSETS | ' | ||||||||
Note 8 - GOODWILL, CORE DEPOSIT INTANGIBLE AND OTHER ASSETS | |||||||||
Intangible assets (excluding goodwill) consisted of the following: | |||||||||
December 31, | |||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||
Core deposit premiums, gross carrying amount | $ | 3,438 | $ | 3,438 | |||||
Other intangibles | 646 | 646 | |||||||
4,084 | 4,084 | ||||||||
Accumulated amortization | (4,084 | ) | (3,924 | ) | |||||
Net | $ | — | $ | 160 | |||||
Amortization of the intangibles amounted to $160 thousand, $204 thousand and $517 thousand the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||
The acquisition of two financial advisory firms in 2008 resulted in recognition of $646 thousand in an intangible asset related to the customer list. The intangible asset was amortized on a straight line basis over five years. | |||||||||
As a result of the acquisition of Palmetto South mortgage on July 31, 2011, we have recorded goodwill in the amount of $571 thousand. Beginning in 2012 and each year, thereafter, this goodwill will be tested for impairment. | |||||||||
Bank-owned life insurance provides benefits to various existing officers. The carrying value of all existing policies at December 31, 2013 and 2012 was $11.1 million and $10.9 million, respectively. |
OTHER_REAL_ESTATE_OWNED
OTHER REAL ESTATE OWNED | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Real Estate [Abstract] | ' | ||||||||
OTHER REAL ESTATE OWNED | ' | ||||||||
Note 9 - OTHER REAL ESTATE OWNED | |||||||||
The following summarizes the activity in the other real estate owned for the years ended December 31, 2013 and 2012. | |||||||||
December 31, | |||||||||
(In thousands) | 2013 | 2012 | |||||||
Balance—beginning of year | $ | 3,987 | $ | 7,351 | |||||
Additions—foreclosures | 1,160 | 2,770 | |||||||
Writedowns | 87 | 317 | |||||||
Sales | 1,690 | 5,817 | |||||||
Balance, end of year | $ | 3,370 | $ | 3,987 | |||||
DEPOSITS
DEPOSITS | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Banking and Thrift [Abstract] | ' | ||||
DEPOSITS | ' | ||||
Note 10 - DEPOSITS | |||||
At December 31, 2013, the scheduled maturities of Certificates of Deposits are as follows: | |||||
(Dollars in thousands) | |||||
2014 | $ | 78,873 | |||
2015 | 32,072 | ||||
2016 | 21,090 | ||||
2017 | 13,483 | ||||
2018 | 14,985 | ||||
Thereafter | 12 | ||||
$ | 160,515 | ||||
Interest paid on certificates of deposits of $100 thousand or more totaled $647 thousand, $1.2 million, and $1.7 million in 2013, 2012, and 2011, respectively. | |||||
Deposits from directors and executive officers and their related interests at December 31, 2013 and 2012 amounted to approximately $5.8 million and $4.8 million, respectively. | |||||
The amount of overdrafts classified as loans at December 31, 2013 and 2012 were $125 thousand and $142 thousand, respectively. |
SECURITIES_SOLD_UNDER_AGREEMEN
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER BORROWED MONEY | 12 Months Ended |
Dec. 31, 2013 | |
Schedule of Other than Temporary Impairment of Investments Recognized in Earnings and Other Comprehensive Income (Loss) [Table Text Block] | ' |
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER BORROWED MONEY | ' |
Note 11—SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER BORROWED MONEY | |
Securities sold under agreements to repurchase generally mature within one to four days from the transaction date. The weighted average interest rate at December 31, 2013 and 2012 was 0.20% and 0.21%, respectively. The maximum month-end balance during 2013 and 2012 was $18.9 million and $17.3 million, respectively. The average outstanding balance during the years ended December 31, 2013 and 2012 amounted to $17.9 million and $15.5 million, respectively, with an average rate paid of 0.22% and 0.23%, respectively. Securities sold under agreements to repurchase are collateralized by securities with a fair market value of 100% of the agreement. | |
At December 31, 2013 and 2012, the Company had unused short-term lines of credit totaling $20.0 million. |
ADVANCES_FROM_FEDERAL_HOME_LOA
ADVANCES FROM FEDERAL HOME LOAN BANK | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Advances from Federal Home Loan Banks [Abstract] | ' | ||||||||||||||||
ADVANCES FROM FEDERAL HOME LOAN BANK | ' | ||||||||||||||||
Note 12—ADVANCES FROM FEDERAL HOME LOAN BANK | |||||||||||||||||
Advances from the FHLB at December 31, 2013 and 2012, consisted of the following: | |||||||||||||||||
December 31, | |||||||||||||||||
(In thousands) | 2013 | 2012 | |||||||||||||||
Maturing | Amount | Rate | Amount | Rate | |||||||||||||
2014 | $ | 9,000 | 0.35 | % | $ | — | — | ||||||||||
2015 | 2,000 | 4.22 | % | 4,000 | 4.22 | % | |||||||||||
2017 | 20,000 | 3.98 | % | — | — | ||||||||||||
2018 | 12,000 | 4.45 | % | — | — | ||||||||||||
After five years | 325 | 1 | % | 32,344 | 4.13 | % | |||||||||||
$ | 43,325 | 3.35 | % | $ | 36,344 | 4.14 | % | ||||||||||
As collateral for its advances, the Company has pledged in the form of blanket liens, eligible loans, in the amount of $46.9 million at December 31, 2013. In addition, securities with a fair value of approximately $8.8 million have been pledged as collateral for advances as of December 31, 2013. As collateral for its advances, the Company has pledged in the form of blanket liens, eligible loans, in the amount of $43.8 million at December 31, 2012. In addition, securities with a fair value of approximately $3.8 million have been pledged as collateral for advances as of December 31, 2012. Advances are subject to prepayment penalties. The average advances during 2013 and 2012 were $35.6 million and $38.8 million, respectively. The average interest rate for 2013 and 2012 was 4.10% and 4.15%, respectively. The maximum outstanding amount at any month end was $43.3 million and $42.9 million for 2013 and 2012. | |||||||||||||||||
During the years ended December 31, 2013, December 31, 2012 and December 31, 2011, the Company prepaid advances in the amount of $2.0 million, $9.1 million and $14.0 million, respectively, and realized losses on the early extinguishment of $142 thousand, $217 thousand and $188 thousand, respectively. |
JUNIOR_SUBORDINATED_DEBT
JUNIOR SUBORDINATED DEBT | 12 Months Ended |
Dec. 31, 2013 | |
Investment Owned Amortized Cost | ' |
JUNIOR SUBORDINATED DEBT | ' |
Note 13—JUNIOR SUBORDINATED DEBT | |
On September 16, 2004, FCC Capital Trust I (“Trust I”), a wholly owned unconsolidated subsidiary of the Company, issued and sold floating rate securities having an aggregate liquidation amount of $15.0 million. The Trust I securities accrue and pay distributions quarterly at a rate per annum equal to LIBOR plus 257 basis points. The distributions are cumulative and payable in arrears. The Company has the right, subject to events of default, to defer payments of interest on the Trust I securities for a period not to exceed 20 consecutive quarters, provided no extension can extend beyond the maturity date of September 16, 2034. The Trust I securities are mandatorily redeemable upon maturity at September 16, 2034. If the Trust I securities are redeemed on or after September 16, 2009, the redemption price will be 100% of the principal amount plus accrued and unpaid interest. The Trust I security were eligible to be redeemed in whole but not in part, at any time prior to September 16, 2009 following an occurrence of a tax event, a capital treatment event or an investment company event. Currently, these securities qualify under risk-based capital guidelines as Tier 1 capital, subject to certain limitations. The Company has no current intention to exercise its right to defer payments of interest on the Trust I securities. | |
On December 16, 2011, the Company sold 2,500 Units (the “Units”), with each Unit consisting of an 8.75% Subordinated Note, due in 2019, $1,000 principal amount (collectively, the “Notes”), and a warrant to purchase 43 shares of common stock of the Company at an exercise price equal to $5.90 per share (collectively, the “Warrants”), to certain accredited investors, including directors and executive officers of the Company, for an aggregate purchase price of $2.5 million. Interest on the Notes is payable quarterly on February 15, May 15, August 15 and November 15 of each year, commencing on February 15, 2012, at a rate of 8.75% per annum. Proceeds were retained by the Company and available to pay dividends on the Company’s common and preferred stock, interest on the Notes and dividends on the Company’s trust preferred securities, and for general corporate and banking purposes. On November 15, 2012, the Company redeemed the $2.5 million of Notes at par plus accrued but unpaid interest to the redemption date. At December 31, 2013, there are Warrants outstanding to purchase 101,480 shares. All are currently exercisable and will automatically expire on December 16, 2019. The number of shares of common stock of the Company for which, and the price per share at which, a Warrant is exercisable are subject to adjustment upon the occurrence of certain events, including, without limitation, a stock split, stock dividend or a merger, as provided in the Warrant. |
INCOME_TAXES
INCOME TAXES | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
INCOME TAXES | ' | ||||||||||||
Note 14—INCOME TAXES | |||||||||||||
Income tax expense (benefit) for the years ended December 31, 2013, 2012 and 2011 consists of the following: | |||||||||||||
Year ended December 31 | |||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||
Current | |||||||||||||
Federal | $ | — | $ | — | $ | — | |||||||
State | 61 | 284 | 142 | ||||||||||
61 | 284 | 142 | |||||||||||
Deferred | |||||||||||||
Federal | 1,092 | 1,336 | 1,315 | ||||||||||
State | — | — | — | ||||||||||
1,092 | 1,336 | 1,315 | |||||||||||
Income tax expense (benefit) | $ | 1,153 | $ | 1,620 | $ | 1,457 | |||||||
Reconciliation from expected federal tax expense to effective income tax expense (benefit) for the periods indicated are as follows: | |||||||||||||
Year ended December 31 | |||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||
Expected federal income tax expense | $ | 1,799 | $ | 1,900 | $ | 1,625 | |||||||
State income tax net of federal benefit | 124 | 187 | 112 | ||||||||||
Tax exempt interest | (324 | ) | (182 | ) | (29 | ) | |||||||
Increase in cash surrender value life insurance | (121 | ) | (130 | ) | (59 | ) | |||||||
Valuation allowance released | (132 | ) | — | 35 | |||||||||
Merger expenses | 113 | — | — | ||||||||||
Low income housing tax credits | (186 | ) | (186 | ) | (186 | ) | |||||||
Other | (120 | ) | 31 | (41 | ) | ||||||||
$ | 1,153 | $ | 1,620 | $ | 1,457 | ||||||||
The following is a summary of the tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities: | |||||||||||||
December 31, | |||||||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||||||
Assets: | |||||||||||||
Allowance for loan losses | $ | 1,434 | $ | 1,609 | |||||||||
Excess tax basis of deductible intangible assets | 328 | 121 | |||||||||||
Net operating loss carry forward | 333 | 1,699 | |||||||||||
Unrealized loss on available-for-sale securities | 1,421 | — | |||||||||||
Compensation expense deferred for tax purposes | 858 | 767 | |||||||||||
Fair value adjustment on interest rate swap agreement | — | 115 | |||||||||||
Deferred loss on other-than-temporary-impairment charges | 65 | 257 | |||||||||||
Interest on nonaccrual loans | 251 | 99 | |||||||||||
Tax credit carry-forwards | 1,016 | 829 | |||||||||||
— | — | ||||||||||||
Other | 303 | 401 | |||||||||||
Total deferred tax asset | 6,009 | 5,897 | |||||||||||
Valuation reserve | — | 132 | |||||||||||
Total deferred tax asset net of valuation reserve | 6,009 | 5,765 | |||||||||||
Liabilities: | |||||||||||||
Tax depreciation in excess of book depreciation | 103 | 118 | |||||||||||
Excess tax basis of non-deductible intangible assets | — | 11 | |||||||||||
Excess financial reporting basis of assets acquired | 897 | 956 | |||||||||||
Unrealized gain on available-for-sale securities | — | 1,266 | |||||||||||
Other | — | — | |||||||||||
Total deferred tax liabilities | 1,000 | 2,351 | |||||||||||
Net deferred tax asset recognized | $ | 5,009 | $ | 3,414 | |||||||||
At December 31, 2012 there was a $132 thousand valuation allowance that related to deferred tax benefits for capital loss carry forwards. In 2013, the Company realized a capital gain that allowed for the reversal of the previously established valuation allowance. At December 31, 2013, the Company has net operating loss carry forward for federal income tax purposes of approximately $979 thousand available to offset future taxable income through 2031. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which the temporary differences become deductible. Management considers the scheduled reversal of deferred income tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Additional amounts of these deferred tax assets considered to be realizable could be reduced in the near term if estimates of future taxable income during the carry forward period are reduced. The net deferred asset is included in other assets on the consolidated balance sheets. | |||||||||||||
A portion of the change in the net deferred tax asset relates to unrealized gains and losses on securities available-for-sale. The change in the tax expense related to the change in unrealized losses on these securities of $2.7 million has been recorded directly to shareholders’ equity. The balance in the change in net deferred tax asset results from the current period deferred tax expense of $1.1 million. | |||||||||||||
Tax returns for 2010 and subsequent years are subject to examination by taxing authorities. | |||||||||||||
As of December 31, 2013, the Company had no material unrecognized tax benefits or accrued interest and penalties. It is the Company’s policy to account for interest and penalties accrued relative to unrecognized tax benefits as a component of income tax expense. |
COMMITMENTS_CONCENTRATIONS_OF_
COMMITMENTS, CONCENTRATIONS OF CREDIT RISK AND CONTINGENCIES | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||||
COMMITMENTS, CONCENTRATIONS OF CREDIT RISK AND CONTINGENCIES | ' | ||||||||||||||
Note 15—COMMITMENTS, CONCENTRATIONS OF CREDIT RISK AND CONTINGENCIES | |||||||||||||||
The Bank is party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit. These instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the consolidated balance sheets. | |||||||||||||||
The Bank’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit is represented by the contractual amount of these instruments. The Bank uses the same credit policies in making commitments as for on-balance sheet instruments. At December 31, 2013 and 2012, the Bank had commitments to extend credit including lines of credit of $45.5 million and $53.3 million respectively. | |||||||||||||||
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require a payment of a fee. Since commitments may expire without being drawn upon, the total commitments do not necessarily represent future cash requirements. The Bank evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Bank upon extension of credit, is based on management’s credit evaluation of the party. Collateral held varies but may include inventory, property and equipment, residential real estate and income producing commercial properties. | |||||||||||||||
The primary market area served by the Bank is Lexington, Richland, Newberry and Kershaw Counties within the Midlands of South Carolina. Management closely monitors its credit concentrations and attempts to diversify the portfolio within its primary market area. The Company considers concentrations of credit risk to exist when pursuant to regulatory guidelines, the amounts loaned to multiple borrowers engaged in similar business activities represent 25% or more of the Bank’s risk based capital, or approximately $15.4 million. Based on this criteria, the Bank had four such concentrations at December 31, 2013, including $77.6 million (22.3% of total loans) to private households, $47.8 million (13.7% of total loans) to lessors of residential properties, $71.2 million (20.5% of total loans) to lessors of non-residential properties and $31.2 million (9.0% of total loans) to religious organizations. As reflected above, private households make up 24.7% of total loans and equate to approximately 133.1% of total regulatory capital. The risk in this portfolio is diversified over a large number of loans (approximately 3,400). Commercial real estate loans and commercial construction loans represent $250.1 million, or 77.7%, of the portfolio. Approximately $70.8 million, or 28.3%, of the total commercial real estate loans are owner occupied, which can tend to reduce the risk associated with these credits. Although the Bank’s loan portfolio, as well as existing commitments, reflects the diversity of its primary market area, a substantial portion of its debtor’s ability to honor their contracts is dependent upon the economic stability of the area. | |||||||||||||||
The nature of the business of the company and bank may at times result in a certain amount of litigation. The bank is involved in certain litigation that is considered incidental to the normal conduct of business. Management believes that the liabilities, if any, resulting from the proceedings will not have a material adverse effect on the consolidated financial position, consolidated results of operations or consolidated cash flows of the company. | |||||||||||||||
At December 31, 2012, the Bank had entered into the following interest rate swap agreement: | |||||||||||||||
(Dollars in thousands) | Description | Cap/Swap | Contract | Expiration | Fair Value | ||||||||||
Notional Amount | Rate | Date | Date | 12/31/12 | |||||||||||
$10,000 | Interest Rate Swap | 3.66% fixed | 10/8/08 | 10/8/13 | $ | (338 | ) | ||||||||
The Bank entered into a five year interest rate swap agreement on October 8, 2008 which matured on October 8, 2013. The swap agreement had a $10.0 million notional amount. The Bank received a variable rate of interest on the notional amount based on a three month LIBOR rate and payed a fixed rate interest of 3.66%. The contract was entered into to protect us from the negative impact of rising interest rates. The Bank’s exposure to credit risk was limited to the ability of the counterparty to make potential future payments required pursuant to the agreement. The Bank’s exposure to market risk of loss was limited to the changes in the market value of the swap between reporting periods. The fair value of the contract was $0 thousand and ($338) thousand as of December 31, 2013 and December 31, 2012 respectively. The change in fair value of the contract recognized in earnings during 2013, 2012, and 2011 was $2 thousand, $58 thousand and $166 thousand, respectively. The fair value of the contract is calculated based on the present value, over the remaining term of the contract, of the difference between the five year swap rate multiplied by the notional amount at the reporting date and the fixed interest rate of 3.66% multiplied by the notional amount of the contract. |
OTHER_EXPENSES
OTHER EXPENSES | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Other Income and Expenses [Abstract] | ' | ||||||||||||
OTHER EXPENSES | ' | ||||||||||||
Note 16 - OTHER EXPENSES | |||||||||||||
A summary of the components of other non-interest expense is as follows: | |||||||||||||
Year ended December 31, | |||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||
Data processing | $ | 451 | $ | 479 | $ | 472 | |||||||
Supplies | 115 | 138 | 178 | ||||||||||
Telephone | 321 | 297 | 307 | ||||||||||
Courier | 68 | 72 | 66 | ||||||||||
Correspondent services | 176 | 168 | 193 | ||||||||||
Insurance | 258 | 209 | 213 | ||||||||||
Postage | 174 | 172 | 174 | ||||||||||
Loss on limited partnership interest | 211 | 194 | 119 | ||||||||||
Director fees | 297 | 312 | 319 | ||||||||||
Professional fees | 549 | 745 | 1,040 | ||||||||||
Shareholder expense | 172 | 135 | 135 | ||||||||||
Other | 862 | 557 | 531 | ||||||||||
$ | 3,654 | $ | 3,478 | $ | 3,747 | ||||||||
STOCK_OPTIONS_AND_RESTRICTED_S
STOCK OPTIONS AND RESTRICTED STOCK | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
STOCK OPTIONS AND RESTRICTED STOCK | ' | ||||||||||||||||
Note 17—STOCK OPTIONS AND RESTRICTED STOCK | |||||||||||||||||
The Company has adopted a stock option plan whereby shares have been reserved for issuance by the Company upon the grant of stock options or restricted stock awards. At December 31, 2013 and 2012, the Company had 307,779 and 340,640 shares, respectively, reserved for future grants. The 350,000 shares reserved were approved by shareholders at the 2011 annual meeting. The plan provides for the grant of options to key employees and directors as determined by a stock option committee made up of at least two members of the board of directors. Options are exercisable for a period of ten years from date of grant. | |||||||||||||||||
Stock option transactions for the years ended December 31, 2013, 2012 and 2011 are summarized as follows: | |||||||||||||||||
Shares | Weighted | Weighted- | Aggregate | ||||||||||||||
Average | Average | Intrinsic Value | |||||||||||||||
Exercise Price | Remaining | (in thousands) | |||||||||||||||
Contractual | |||||||||||||||||
Term (Years) | |||||||||||||||||
Outstanding December 31, 2011 | 75,022 | $ | 19.69 | 3.03 | $ | — | |||||||||||
Forfeited | — | — | |||||||||||||||
Outstanding December 31, 2012 | 75,022 | $ | 19.69 | 2.03 | $ | — | |||||||||||
Forfeited | (3,619 | ) | $ | 17.52 | |||||||||||||
Outstanding, December 31, 2013 | 71,403 | $ | 20.68 | 1.1 | $ | — | |||||||||||
Stock options outstanding and exercisable as of December 31, 2013 are as follows: | |||||||||||||||||
Range of Exercise Prices | Number of Option Shares | Weighted Average | Weighted | ||||||||||||||
Low/High | Outstanding | Remaining Contractual | Average Exercise | ||||||||||||||
and Exercisable | Life (Years) | Price | |||||||||||||||
$14.21 / $16.70 | 8,903 | 1.48 | $ | 14.21 | |||||||||||||
$19.00 / $22.50 | 62,500 | 1.05 | 20.23 | ||||||||||||||
71,403 | 1.1 | $ | 20.68 | ||||||||||||||
In 2013 and 2012, each non-employee director received 549 and 604 common shares of restricted stock, respectively in connection with their overall compensation plan. In 2013 there were 6,588 restricted shares granted at a value of $9.17 per share. The 2013 shares vested on January 1, 2014. In 2012 a total of 7,852 shares were issued to these directors at a value of $8.27 per share. These shares vested on January 1, 2013. | |||||||||||||||||
In 2013 and 2012, 53,732 and 25,009 restricted shares, respectively were issued to executive officers in connection with the Bank’s incentive compensation plan. The shares were valued at $9.17 and $8.27 per and share, respectively. Restricted shares granted to executive officers under the incentive compensation plan cliff vest over a three-year period from the date of grant. The assumptions used in the calculation of these amounts for the awards granted in 2013 and 2012 is based on the price of the Company’s common stock on the grant date. | |||||||||||||||||
Warrants to purchase 101,480 shares at $5.90 per share were issued in connection with the issuing of subordinated debt on November 15, 2011 and remain outstanding at December 31, 2013. (See Note 13-Junior Subordinated Debt) |
EMPLOYEE_BENEFIT_PLAN
EMPLOYEE BENEFIT PLAN | 12 Months Ended |
Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | ' |
EMPLOYEE BENEFIT PLAN | ' |
Note 18 - EMPLOYEE BENEFIT PLAN | |
The Company maintains a 401(k) plan, which covers substantially all employees. Participants may contribute up to the maximum allowed by the regulations. During the years ended December 31, 2013, 2012 and 2011, the plan expense amounted to $301 thousand, $276 thousand and $254 thousand, respectively. Prior to July 1, 2007, the Company matched 50% of an employee’s contribution up to a 6.00% participant contribution. Beginning July 1, 2007, the Company began matching 100% of the employee’s contribution up to 3% and 50% of the employee’s contribution on the next 2% of the employee’s contribution. | |
The Company acquired various single premium life insurance policies from DutchFork that are used to indirectly fund fringe benefits to certain employees and officers. A salary continuation plan was established payable to two key individuals upon attainment of age 63. The plan provides for monthly benefits of $2,500 each for seventeen years. Other plans acquired were supplemental life insurance covering certain key employees. No expense is accrued relative to these benefits, as the life insurance covers the anticipated payout with the Company receiving the remainder, thereby recovering its investment in the policies. In 2006, the Company established a salary continuation plan which covers six additional key officers. The plan provides for monthly benefits upon normal retirement age of varying amounts for a period of fifteen years. Additional single premium life insurance policies were purchased in 2006 in the amount of $3.5 million designed to offset the funding of these additional fringe benefits. The cash surrender value at December 31, 2013 and 2012 of all bank owned life insurance was $11.1 million and $10.9 million, respectively. Expenses accrued for the anticipated benefits under the salary continuation plans for the year ended December 31, 2013, 2012 and 2011 amounted to $298 thousand, $261 thousand, and $161 thousand, respectively. |
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
EARNINGS PER SHARE | ' | ||||||||||||
Note 19 - EARNINGS PER SHARE | |||||||||||||
The following reconciles the numerator and denominator of the basic and diluted earnings per common share computation: | |||||||||||||
Year ended December 31, | |||||||||||||
(Amounts in thousands) | 2013 | 2012 | 2011 | ||||||||||
Numerator (Included in basic and diluted earnings per share) | $ | 4,137 | $ | 3,292 | $ | 2,654 | |||||||
Denominator | |||||||||||||
Weighted average common shares outstanding for: | |||||||||||||
Basic earnings common per share | 5,285 | 4,144 | 3,287 | ||||||||||
Dilutive securities: | |||||||||||||
Deferred compensation | 9 | — | — | ||||||||||
Warrants—Treasury stock method | 40 | 28 | — | ||||||||||
Diluted common share outstanding | 5,334 | 4,172 | 3,287 | ||||||||||
The average market price used in calculating assumed number of shares | $ | 9.69 | $ | 7.98 | $ | 6.34 | |||||||
For the years ended December 31, 2013, 2012 and 2011, options are not dilutive in calculating diluted earnings per share. As of December 31, 2013, 2012, and 2011 there were 71,403, 75,022, and 75,022 potentially dilutive options outstanding, respectively. In 2013, 2012, and 2011 the exercise price on all outstanding options exceeded the average market price for the year. | |||||||||||||
On December 16, 2011 there were 107,500 warrants issued in connection with the issuance $2.5 million in subordinated debt. (See Note 13) These warrants were not dilutive to earnings per share for the period ended December 31, 2011. As shown above, the warrants were dilutive for the periods ended December 31, 2012 and December 31, 2013. |
SHAREHOLDERS_EQUITY_CAPITAL_RE
SHAREHOLDERS' EQUITY, CAPITAL REQUIREMENTS AND DIVIDEND RESTRICTIONS | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Shareholders Equity Capital Requirements And Dividend Restrictions | ' | ||||||||||||||||||||||||
SHAREHOLDERS' EQUITY, CAPITAL REQUIREMENTS AND DIVIDEND RESTRICTIONS | ' | ||||||||||||||||||||||||
Note 20 - SHAREHOLDERS’ EQUITY, CAPITAL REQUIREMENTS AND DIVIDEND RESTRICTIONS | |||||||||||||||||||||||||
The Company and Bank are subject to various federal and state regulatory requirements, including regulatory capital requirements. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary, actions that, if undertaken, could have a direct material effect on the Company’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and Bank must meet specific capital guidelines that involve quantitative measures of the Company’s assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The Company and Bank capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weighting, and other factors. The Company and Bank are required to maintain minimum Tier 1 capital, total risked based capital and Tier 1 leverage ratios of 4%, 8% and 4%, respectively. | |||||||||||||||||||||||||
On April 6, 2010, the Bank entered into the Formal Agreement with the OCC, the Bank’s then primary federal regulator (the “Formal Agreement”). The Formal Agreement was based on the findings of the OCC during a 2009 on-site examination of the Bank. As reflected in the Formal Agreement, the OCC’s primary concern with the Bank is driven by the rating agencies downgrades of non-agency MBS in its investment portfolio. The Formal Agreement did not require any adjustment to the Bank’s balance sheet or income statement; nor did it change the Bank’s “well capitalized” status. The OCC did, however, separately establish the following individual minimum capital ratios for the Bank: a Tier 1 leverage capital ratio of at least 8.00%, a Tier 1 risk-based capital ratio of at least 10.00%, and a Total risk-based capital ratio of at least 12.00%. | |||||||||||||||||||||||||
Following the 2012, on-site examination of the Bank, the OCC notified the Bank that, effective June 28, 2012, the Bank was no longer subject to the Formal Agreement. As of December 31, 2013, the Bank did not hold any securities rated below investment grade. | |||||||||||||||||||||||||
The OCC also notified the Bank that, effective June 28, 2012, it was no longer subject to the Individual Minimum Capital Ratios established for the Bank on February 24, 2010. In addition, the Federal Reserve notified the Company that, effective July 10, 2012, the Company was no longer subject to the MOU. | |||||||||||||||||||||||||
On July 27, 2012, the Company closed a public offering of common stock. The offering resulted in the issuance of a total of | |||||||||||||||||||||||||
1.875 million shares of common stock at $8.00 per share, resulting in gross proceeds of $15 million, as compared to our original target of $12.5 million, and net proceeds of approximately $13.8 million. | |||||||||||||||||||||||||
On August 29, 2012, we repurchased $3.78 million of our Series T Preferred Stock from the U.S. Treasury through a modified Dutch auction process. This represented 3,780 shares of the original 11,350 shares of preferred stock sold to the U.S. Treasury in November 2008 pursuant to the TARP Capital Purchase Program. The remaining 7,570 shares of Series T Preferred Stock were purchased in this same auction by third party investors unrelated to the Company. The auction price was $982.83 per share. As of October 8, 2012, we repurchased or redeemed the remaining shares of Series T Preferred Stock from the third party investors. | |||||||||||||||||||||||||
On October 1, 2012, we completed a planned conversion from a national bank charter to a state bank charter as a non-member bank. The conversion is expected reduce certain regulatory examination costs in the future. | |||||||||||||||||||||||||
On October 25, 2012, the U.S. Treasury accepted our bid to repurchase the warrant to purchase 195,915 shares of our common stock issued to the U.S. Treasury pursuant to the TARP Capital Purchase Program. The repurchase price agreed upon was $297,500. The repurchase transaction was completed on November 1, 2012. The repurchase of the warrant from the U.S. Treasury has completely eliminated the Treasury’s equity stake in the Company through the TARP Capital Purchase Program. | |||||||||||||||||||||||||
On November 15, 2012, we redeemed the $2.5 million of outstanding subordinated debt at par which was issued in November 2011. | |||||||||||||||||||||||||
The actual capital amounts and ratios as well as minimum amounts for each regulatory defined category for the Bank and the Company are as follows: | |||||||||||||||||||||||||
Actual | Required to be | Required to be | |||||||||||||||||||||||
Categorized | Categorized | ||||||||||||||||||||||||
Adequately | Well Capitalized | ||||||||||||||||||||||||
Capitalized | |||||||||||||||||||||||||
(Dollars in thousands) | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
First Community Corporation | |||||||||||||||||||||||||
Tier 1 Capital | $ | 68,755 | 17.6 | % | $ | 15,629 | 4 | % | N/A | N/A | |||||||||||||||
Total Risked Based Capital | 72,974 | 18.68 | % | 31,257 | 8 | % | N/A | N/A | |||||||||||||||||
Tier 1 Leverage | 68,755 | 10.77 | % | 25,535 | 4 | % | N/A | N/A | |||||||||||||||||
First Community Bank | |||||||||||||||||||||||||
Tier 1 Capital | $ | 65,656 | 16.84 | % | $ | 15,592 | 4 | % | $ | 23,388 | 6 | % | |||||||||||||
Total Risked Based Capital | 69,875 | 17.93 | % | 31,185 | 8 | % | 38,981 | 10 | % | ||||||||||||||||
Tier 1 Leverage | 65,656 | 10.3 | % | 25,501 | 4 | % | 31,876 | 5 | % | ||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
First Community Corporation | |||||||||||||||||||||||||
Tier 1 Capital | $ | 63,381 | 17.33 | % | $ | 14,628 | 4 | % | N/A | N/A | |||||||||||||||
Total Risked Based Capital | 67,963 | 18.58 | % | 29,258 | 8 | % | N/A | N/A | |||||||||||||||||
Tier 1 Leverage | 63,381 | 10.63 | % | 23,846 | 4 | % | N/A | N/A | |||||||||||||||||
First Community Bank | |||||||||||||||||||||||||
Tier 1 Capital | $ | 61,588 | 16.87 | % | $ | 14,605 | 4 | % | $ | 21,907 | 6 | % | |||||||||||||
Total Risked Based Capital | 66,158 | 18.12 | % | 29,209 | 8 | % | 36,512 | 10 | % | ||||||||||||||||
Tier 1 Leverage | 61,588 | 10.34 | % | 23,824 | 4 | % | 29,779 | 5 | % | ||||||||||||||||
The Federal Reserve has issued a policy statement regarding the payment of dividends by bank holding companies. In general, the Federal Reserve’s policies provide that dividends should be paid only out of current earnings and only if the prospective rate of earnings retention by the bank holding company appears consistent with the organization’s capital needs, asset quality and overall financial condition. The Federal Reserve’s policies also require that a bank holding company serve as a source of financial strength to its subsidiary banks by standing ready to use available resources to provide adequate capital funds to those banks during periods of financial stress or adversity and by maintaining the financial flexibility and capital-raising capacity to obtain additional resources for assisting its subsidiary banks where necessary. In addition, under the prompt corrective action regulations, the ability of a bank holding company to pay dividends may be restricted if a subsidiary bank becomes undercapitalized. These regulatory policies could affect the ability of the Company to pay dividends or otherwise engage in capital distributions. | |||||||||||||||||||||||||
The Company’s principal source of cash flow, including cash flow to pay dividends to its shareholders, is dividends it receives from the Bank. Statutory and regulatory limitations apply to the Bank’s payment of dividends to the Company. As a South Carolina chartered bank, the Bank is subject to limitations on the amount of dividends that it is permitted to pay. Unless otherwise instructed by the S.C. Board, the Bank is generally permitted under South Carolina state banking regulations to pay cash dividends of up to 100% of net income in any calendar year without obtaining the prior approval of the S.C. Board. The FDIC also has the authority under federal law to enjoin a bank from engaging in what in its opinion constitutes an unsafe or unsound practice in conducting its business, including the payment of a dividend under certain circumstances. | |||||||||||||||||||||||||
If our Bank is not permitted to pay cash dividends to the Company, it is unlikely that we would be able to pay cash dividends on our common stock. Moreover, holders of our common stock are entitled to receive dividends only when, and if declared by our board of directors. Although we have historically paid cash dividends on our common stock, we are not required to do so and our board of directors could reduce or eliminate our common stock dividend in the future. | |||||||||||||||||||||||||
PARENT_COMPANY_FINANCIAL_INFOR
PARENT COMPANY FINANCIAL INFORMATION | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||
PARENT COMPANY FINANCIAL INFORMATION | ' | ||||||||||||
Note 21 - PARENT COMPANY FINANCIAL INFORMATION | |||||||||||||
The balance sheets, statements of operations and cash flows for First Community Corporation (Parent Only) follow: | |||||||||||||
Condensed Balance Sheets | |||||||||||||
At December 31, | |||||||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||||||
Assets: | |||||||||||||
Cash on deposit | $ | 2,583 | $ | 1,417 | |||||||||
Securities purchased under agreement to resell | 128 | 128 | |||||||||||
Investment securities available-for-sale | 417 | 429 | |||||||||||
Investment in bank subsidiary | 64,399 | 67,055 | |||||||||||
Other | 739 | 767 | |||||||||||
Total assets | $ | 68,266 | $ | 69,796 | |||||||||
Liabilities: | |||||||||||||
Junior subordinated debentures | 15,464 | 15,464 | |||||||||||
Other | 131 | 149 | |||||||||||
Total liabilities | 15,595 | 15,613 | |||||||||||
Shareholders’ equity | 52,671 | 54,183 | |||||||||||
Total liabilities and shareholders’ equity | $ | 68,266 | $ | 69,796 | |||||||||
Condensed Statements of Operations | |||||||||||||
Year ended December 31, | |||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||
Income: | |||||||||||||
Interest and dividend income | $ | 26 | $ | 1 | $ | 9 | |||||||
Gain on sale of securities | 327 | — | — | ||||||||||
Equity in undistributed earnings of subsidiary | 2,229 | 4,313 | 3,782 | ||||||||||
Dividend income from bank subsidiary | 2,316 | 320 | — | ||||||||||
Total income | 4,898 | 4,634 | 3,791 | ||||||||||
Expenses: | |||||||||||||
Interest expense | 433 | 658 | 446 | ||||||||||
Other | 449 | 301 | 239 | ||||||||||
Total expense | 882 | 959 | 685 | ||||||||||
Income before taxes | 4,016 | 3,675 | 3,106 | ||||||||||
Income tax benefit | (121 | ) | (293 | ) | (218 | ) | |||||||
Net income | $ | 4,137 | $ | 3,968 | $ | 3,324 | |||||||
Condensed Statements of Cash Flows | |||||||||||||
Year ended December 31, | |||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||
Cash flows from operating activities: | |||||||||||||
Net income | $ | 4,137 | $ | 3,968 | $ | 3,324 | |||||||
Adjustments to reconcile net income to net cash (used) provided by operating activities | |||||||||||||
Equity in undistributed earnings of subsidiary | (2,229 | ) | (4,313 | ) | (3,782 | ) | |||||||
Gain on sale of securities | (327 | ) | — | — | |||||||||
Other-net | 272 | (90 | ) | 232 | |||||||||
Net cash (used) provided by operating activities | 1,853 | (435 | ) | (226 | ) | ||||||||
Cash flows from investing activities: | |||||||||||||
Purchase of available-for sale-securities | — | (417 | ) | — | |||||||||
Proceeds from sale of securities available-for-sale | 339 | — | — | ||||||||||
Maturity of available-for-sale securities | — | — | 1,250 | ||||||||||
Other-net | — | — | (76 | ) | |||||||||
Net cash provided (used) by investing activities | 339 | (417 | ) | 1,174 | |||||||||
Cash flows from financing activities: | |||||||||||||
Proceeds from issuance of subordinated note payable | — | — | 2,500 | ||||||||||
Repayment of subordinated note payable | — | (2,500 | ) | — | |||||||||
Dividends paid: Common stock | (1,145 | ) | (605 | ) | (525 | ) | |||||||
Preferred stock | — | (475 | ) | (670 | ) | ||||||||
Proceeds from issuance of common stock | 119 | 13,885 | 182 | ||||||||||
Redemption of preferred stock | — | (11,073 | ) | — | |||||||||
Redemption of stock warrants | — | (510 | ) | — | |||||||||
Net cash provided (used) in financing activities | (1,026 | ) | (1,278 | ) | 1,487 | ||||||||
Increase (decrease) in cash and cash equivalents | 1,166 | (2,130 | ) | 2,435 | |||||||||
Cash and cash equivalents, beginning of year | 1,417 | 3,547 | 1,112 | ||||||||||
Cash and cash equivalents, end of year | $ | 2,583 | $ | 1,417 | $ | 3,547 | |||||||
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Note 22—SUBSEQUENT EVENTS | |
Subsequent events are events or transactions that occur after the balance sheet date but before financial statements are issued. Recognized subsequent events are events or transactions that provide additional evidence about conditions that existed at the date of the balance sheet, including the estimates inherent in the process of preparing financial statements. Non-recognized subsequent events are events that provide evidence about conditions that did not exist at the date of the balance sheet but arose after that date. Management has reviewed events occurring through the date the financial statements were available to be issued and no subsequent events occurred requiring accrual or disclosure. | |
On February 1, 2014, after receiving regulatory approval from the FDIC and shareholder approval of respective companies, First Community completed its acquisition of Savannah River Financial Corporation, the holding company for Savannah River Banking Company, located in Aiken South Carolina. The merger enabled First Community to expand into the contiguous markets of Aiken, South Carolina and Augusta, Georgia. The total purchase price was approximately $33.5 million including $19.8 million in cash and 1,274,160 shares of our common stock valued at $13.7 million based on the purchase agreement provision that the transaction would be based on a 60% cash, 40% stock split of the total purchase price. The value of the common stock issued was determined based on the closing price on February 28, 2014, which was $10.76. | |
The Company is currently in the process of determining fair value allocation to specifically identifiable intangible assets of the excess purchase price over net assets acquired. Based on intial analysis, the significant intangible assets acquired in conjunction with the purchase are core deposit intangible and goodwill. The core deposit intangible will be written off over a finite life based on the underlying deposits. The transaction was a tax free exchange for federal income tax purposes and the intangible assets are not deductible for tax purposes. The Company will complete and disclose the fair value allocations as of March 31, 2014. |
QUARTERLY_FINANCIAL_DATA_UNAUD
QUARTERLY FINANCIAL DATA (UNAUDITED) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
QUARTERLY FINANCIAL DATA (UNAUDITED) | ' | ||||||||||||||||
Note 23 - QUARTERLY FINANCIAL DATA (UNAUDITED) | |||||||||||||||||
The following provides quarterly financial data for 2013 and 2012 (dollars in thousands, except per share amounts). | |||||||||||||||||
2013 | Fourth | Third | Second | First | |||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
Interest income | $ | 5,656 | $ | 5,474 | $ | 5,370 | $ | 5,283 | |||||||||
Net interest income | 4,777 | 4,570 | 4,423 | 4,279 | |||||||||||||
Provision for loan losses | 149 | 129 | 100 | 150 | |||||||||||||
Gain (loss) on sale of securities | (79 | ) | 4 | 133 | 15 | ||||||||||||
Income before income taxes | 797 | 1,425 | 1,663 | 1,405 | |||||||||||||
Net income | 850 | 1,046 | 1,203 | 1,038 | |||||||||||||
Net income available to common shareholders | $ | 850 | $ | 1,046 | $ | 1,203 | $ | 1,038 | |||||||||
Net income per share, basic | $ | 0.16 | $ | 0.2 | $ | 0.23 | $ | 0.2 | |||||||||
Net income per share, diluted | $ | 0.16 | $ | 0.2 | $ | 0.23 | $ | 0.2 | |||||||||
2012 | Fourth | Third | Second | First | |||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
Interest income | $ | 5,468 | $ | 5,650 | $ | 5,840 | $ | 6,044 | |||||||||
Net interest income | 4,285 | 4,329 | 4,451 | 4,509 | |||||||||||||
Provision for loan losses | 80 | 115 | 71 | 230 | |||||||||||||
Gain on sale of securities | 88 | (35 | ) | (38 | ) | 11 | |||||||||||
Other-than-temporary-impairment | — | — | — | (200 | ) | ||||||||||||
Income before income taxes | 1,338 | 1,793 | 1,327 | 1,130 | |||||||||||||
Net income | 1,021 | 1,220 | 928 | 799 | |||||||||||||
Preferred stock dividends | — | 339 | 168 | 169 | |||||||||||||
Net income available to common shareholders | $ | 1,021 | $ | 881 | $ | 760 | $ | 630 | |||||||||
Net income per share, basic | $ | 0.2 | $ | 0.19 | $ | 0.23 | $ | 0.19 | |||||||||
Net income per share, diluted | $ | 0.19 | $ | 0.19 | $ | 0.23 | $ | 0.19 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Use of Estimates | ' |
Use of Estimates | |
The financial statements are prepared in accordance with accounting principles generally accepted in the United States of America. These principles require management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | |
Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses. The estimation process includes management’s judgment as to future losses on existing loans based on an internal review of the loan portfolio, including an analysis of the borrower’s current financial position, the consideration of current and anticipated economic conditions and the effect on specific borrowers. In determining the collectability of loans management also considers the fair value of underlying collateral. Various regulatory agencies, as an integral part of their examination process, review the Company’s allowance for loan losses. Such agencies may require the Company to recognize additions to the allowance based on their judgments about information available to them at the time of their examination. Because of these factors it is possible that the allowance for loan losses could change materially. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents | |
Cash and cash equivalents consist of cash on hand, due from banks, interest-bearing bank balances, federal funds sold and securities purchased under agreements to resell. Generally federal funds are sold for a one-day period and securities purchased under agreements to resell mature in less than 90 days. | |
Investment Securities | ' |
Investment Securities | |
Investment securities are classified as either held-to-maturity, available-for-sale or trading securities. In determining such classification, securities that the Company has the positive intent and ability to hold to maturity are classified as held-to maturity and are carried at amortized cost. Securities classified as available-for-sale are carried at estimated fair values with unrealized gains and losses included in shareholders’ equity on an after tax basis. Trading securities are carried at estimated fair value with unrealized gains and losses included in Non-interest income (See Note 4). | |
Gains and losses on the sale of available-for-sale securities and trading securities are determined using the specific identification method. Declines in the fair value of individual held-to-maturity and available-for-sale securities below their cost that are judged to be other than temporary are written down to fair value and charged to income in the Consolidated Statement of Income. | |
Premiums and discounts are recognized in interest income using the interest method over the period to maturity. | |
Mortgage Loans Held for Sale | ' |
Mortgage Loans Held for Sale | |
The Company originates fixed rate residential loans on a servicing released basis in the secondary market. Loans closed but not yet settled with an investor, are carried in the Company’s loans held for sale portfolio. These loans are fixed rate residential loans that have been originated in the Company’s name and have closed. Virtually all of these loans have commitments to be purchased by investors at a locked in price with the investors on the same day that the loan was locked in with the Company’s customers. Therefore, these loans present very little market risk for the Company. | |
The Company usually delivers to, and receives funding from, the investor within 30 days. Commitments to sell these loans to the investor are considered derivative contracts and are sold to investors on a “best efforts" basis. The Company is not obligated to deliver a loan or pay a penalty if a loan is not delivered to the investor. As a result of the short-term nature of these derivative contracts, the fair value of the mortgage loans held for sale in most cases is the same as the value of the loan amount at its origination. These loans are classified as Level 2. | |
Loans and Allowance for Loan Losses | ' |
Loans and Allowance for Loan Losses | |
Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are reported at their outstanding principal balance adjusted for any charge-offs, the allowance for loan losses, and any deferred fees or costs on originated loans. Interest is recognized over the term of the loan based on the loan balance outstanding. Fees charged for originating loans, if any, are deferred and offset by the deferral of certain direct expenses associated with loans originated. The net deferred fees are recognized as yield adjustments by applying the interest method. | |
The allowance for loan losses is maintained at a level believed to be adequate by management to absorb potential losses in the loan portfolio. Management’s determination of the adequacy of the allowance is based on an evaluation of the portfolio, past loss experience, economic conditions and volume, growth and composition of the portfolio. | |
The Company considers a loan to be impaired when, based upon current information and events, it is believed that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Loans that are considered impaired are accounted for at the lower of carrying value or fair value. The accrual of interest on impaired loans is discontinued when, in management’s opinion, the borrower may be unable to meet payments as they become due, generally when a loan becomes 90 days past due. When interest accrual is discontinued, all unpaid accrued interest is reversed. Interest income is subsequently recognized only to the extent cash payments are received first to principal and then to interest income. | |
Property and Equipment | ' |
Property and Equipment | |
Property and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the asset’s estimated useful life. Estimated lives range up to 39 years for buildings and up to 10 years for furniture, fixtures and equipment. | |
Goodwill and Other Intangible Assets | ' |
Goodwill and Other Intangible Assets | |
Goodwill represents the cost in excess of fair value of net assets acquired (including identifiable intangibles) in purchase transactions. Other intangible assets represent premiums paid for acquisitions of core deposits (core deposit intangibles). Core deposit intangibles are being amortized on a straight-line basis over seven years. Goodwill and identifiable intangible assets are reviewed for impairment annually or whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. The annual valuation is performed on September 30 of each year. | |
Other Real Estate Owned | ' |
Other Real Estate Owned | |
Other real estate owned includes real estate acquired through foreclosure. Other real estate owned is carried at the lower of cost (principal balance at date of foreclosure) or fair value minus estimated cost to sell. Any write-downs at the date of foreclosure are charged to the allowance for loan losses. Expenses to maintain such assets, subsequent changes in the valuation allowance, and gains or losses on disposal are included in other expenses. | |
Comprehensive Income | ' |
Comprehensive Income | |
The Company reports comprehensive income in accordance with ASC 220, “Comprehensive Income.” ASC 220 requires that all items that are required to be reported under accounting standards as comprehensive income be reported in a financial statement that is displayed with the same prominence as other financial statements. The disclosures requirements have been included in the Company’s consolidated statements of comprehensive income. | |
Mortgage Origination Fees | ' |
Mortgage Origination Fees | |
Mortgage origination fees relate to activities comprised of accepting residential mortgage applications, qualifying borrowers to standards established by investors and selling the mortgage loans to the investors under pre-existing commitments. The loans are funded by the investor at closing and the related fees received by the Company for these services are recognized at the time the loan is closed. | |
Advertising Expense | ' |
Advertising Expense | |
Advertising and public relations costs are generally expensed as incurred. External costs incurred in producing media advertising are expensed the first time the advertising takes place. External costs relating to direct mailing costs are expensed in the period in which the direct mailings are sent. Advertising expenses totaled $513.4 thousand, $444.5 thousand, and $436.2 thousand for the years ended December 31, 2013, 2012 and 2011, respectively. | |
Income Taxes | ' |
Income Taxes | |
A deferred income tax liability or asset is recognized for the estimated future effects attributable to differences in the tax bases of assets or liabilities and their reported amounts in the financial statements as well as operating loss and tax credit carry forwards. The deferred tax asset or liability is measured using the enacted tax rate expected to apply to taxable income in the period in which the deferred tax asset or liability is expected to be realized. | |
In 2006, the FASB issued guidance related to Accounting for Uncertainty in Income Taxes. This guidance clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements in accordance with FASB ASC topic 740-10, “Income Taxes”. It also prescribes a recognition threshold and measurement of a tax position taken or expected to be taken in an enterprise’s tax return. | |
Stock Based Compensation Cost | ' |
Stock Based Compensation Cost | |
The Company accounts for stock based compensation under the fair value provisions of the accounting literature. Compensation expense is recognized in salaries and employee benefits. | |
Earnings Per Common Share | ' |
Earnings Per Common Share | |
Basic earnings per common share (“EPS”) excludes dilution and is computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income available to common shareholders by the weighted average number of shares of common stock and common stock equivalents. Common stock equivalents consist of stock options and warrants and are computed using the treasury stock method. | |
Segment Information | ' |
Segment Information | |
ASC Topic 280-10, “Segment Reporting,” requires selected segment information of operating segments based on a management approach. The Company operates as one business segment. | |
Recently Issued Accounting Standards | ' |
Recently Issued Accounting Standards | |
In December 2011, the Property, Plant and Equipment topic of the ASC was amended to provide guidance on derecognizing in substance real estate when a parent ceases to have a controlling financial interest in a subsidiary that is in substance real estate as a result of default on the subsidiary’s nonrecourse debt. Typically a company will continue to include the real estate, debt, and the results of the subsidiary’s operations in its consolidated financial statements until legal title to the real estate is transferred to legally satisfy the debt. The amendments were effective for reporting periods beginning after June 15, 2012 and did not have a material effect on the Company’s financial statements. | |
In July 2012, the Intangibles topic was amended to permit an entity to consider qualitative factors to determine whether it is more likely than not that indefinite-lived intangible assets are impaired. If it is determined to be more likely than not that indefinite-lived intangible assets are impaired, then the entity is required to determine the fair value of the indefinite-lived intangible asset and perform the quantitative impairment test by comparing the fair value with the carrying amount. The amendments are effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. Early adoption is permitted. The amendments did not have a material effect on the Company’s financial statements. | |
The Comprehensive Income topic of the ASC was amended in June 2011. The amendment eliminated the option to present other comprehensive income as a part of the statement of changes in stockholders’ equity and required consecutive presentation of the statement of net income and other comprehensive income. The amendments were applicable to the Company January 1, 2012 and have been applied retrospectively. In December 2011, the topic was further amended to defer the effective date of presenting reclassification adjustments from other comprehensive income to net income on the face of the financial statements while the FASB redeliberated the presentation requirements for the reclassification adjustments. In February 2013, the FASB further amended the Comprehensive Income topic clarifying the conclusions from such redeliberations. Specifically, the amendments do not change the current requirements for reporting net income or other comprehensive income in financial statements. However, the amendments do require an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, in certain circumstances an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income. The amendments were effective for the Company on a prospective basis for reporting periods beginning after December 15, 2012. These amendments did not have a material effect on the Company’s financial statements. | |
In February 2013, the FASB amended the Liabilities topic to address obligations resulting from joint and several liability arrangements. The guidance addresses recognition of financial commitments arising from joint and several liability arrangements. Specifically, the amendments require recognition of financial commitments arising from loans, contracts, and legal rulings if the Company can be held liable for the entire claim. The amendments will be effective for the Company for reporting periods beginning after December 15, 2013. The Company does not expect these amendments to have a material effect on its financial statements. | |
In April 2013, the FASB issued guidance addressing application of the liquidation basis of accounting. The guidance is intended to clarify when an entity should apply the liquidation basis of accounting. In addition, the guidance provides principles for the recognition and measurement of assets and liabilities and requirements for financial statements prepared using the liquidation basis of accounting. The amendments will be effective for entities that determine liquidation is imminent during annual reporting periods beginning after December 15, 2013, and interim reporting periods therein and those requirements should be applied prospectively from the day that liquidation becomes imminent. Early adoption is permitted. The Company does not expect these amendments to have any effect on its financial statements. | |
In July 2013, the FASB issued guidance that permits the Fed Funds Effective Swap Rate (“Overnight Index Swap Rate” or “OIS”) to be used as a U.S. benchmark interest rate for hedge accounting purposes, in addition to UST and LIBOR. The amendments also remove the restriction on using different benchmark rates for similar hedges. The guidance will be effective prospectively for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. The Company does not expect these amendments to have a material effect on its financial statements. | |
In January 2014, the FASB amended the Investments—Equity Method and Joint Ventures topic of the Codification to address accounting for investments in qualified affordable housing projects. If certain conditions are met, the amendments permit reporting entities to make an accounting policy election to account for their investments in qualified affordable housing projects by amortizing the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizing the net investment performance in the income statement as a component of income tax expense (benefit). If those conditions are not met, the investment should be accounted for as an equity method investment or a cost method investment in accordance with existing accounting guidance. The amendments will be effective for the Company for interim and annual reporting periods beginning after December 15, 2014 and should be applied retrospectively for all periods presented. Early adoption is permitted. The Company does not expect these amendments to have a material effect on its financial statements. | |
In January 2014, the FASB amended the Receivables—Troubled Debt Restructurings by Creditors subtopic of the Codification to address the reclassification of consumer mortgage loans collateralized by residential real estate upon foreclosure. The amendments clarify the criteria for concluding that an in substance repossession or foreclosure has occurred, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan. The amendments also outline interim and annual disclosure requirements. The amendments will be effective for the Company for interim and annual reporting periods beginning after December 15, 2014-public companies. Companies are allowed to use either a modified retrospective transition method or a prospective transition method when adopting this update. Early adoption is permitted. The Company does not expect these amendments to have a material effect on its financial statements. | |
Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies are not expected to have a material impact on the Company’s financial position, results of operations or cash flows. | |
Risk and Uncertainties | ' |
Risk and Uncertainties | |
In the normal course of business, the Company encounters two significant types of risks: economic and regulatory. There are three main components of economic risk: interest rate risk, credit risk and market risk. The Company is subject to interest rate risk to the degree that its interest-bearing liabilities mature or reprice at different speeds, or on a different basis, than its interest-earning assets. Credit risk is the risk of default on the Company’s loan and investment portfolios that results from borrowers’ or issuer’s inability or unwillingness to make contractually required payments. Market risk reflects changes in the value of collateral underlying loans and investments and the valuation of real estate held by the Company. | |
The Company is subject to regulations of various governmental agencies (regulatory risk). These regulations can and do change significantly from period to period. The Company also undergoes periodic examinations by the regulatory agencies, which may subject it to further changes with respect to asset valuations, amounts of required loan loss allowances and operating restrictions from regulators’ judgments based on information available to them at the time of their examination. | |
Reclassifications | ' |
Reclassifications | |
Certain captions and amounts in the 2012 and 2011 consolidated financial statements were reclassified to conform to the 2013 presentation. |
INVESTMENT_SECURITIES_Tables
INVESTMENT SECURITIES (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
Schedule of amortized cost and estimated fair values of investment securities | ' | ||||||||||||||||||||||||
(Dollars in thousands) | Amortized | Gross | Gross | Fair Value | |||||||||||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||
Government sponsored enterprises | $ | 3,388 | $ | 1 | $ | 143 | $ | 3,246 | |||||||||||||||||
Mortgage-backed securities | 120,925 | 757 | 2,006 | 119,676 | |||||||||||||||||||||
Small Business Administration pools | 56,595 | 376 | 851 | 56,120 | |||||||||||||||||||||
State and local government | 45,048 | 96 | 2,146 | 42,998 | |||||||||||||||||||||
Corporate and other securities | 2,348 | 21 | 54 | 2,315 | |||||||||||||||||||||
$ | 228,304 | $ | 1,251 | $ | 5,200 | $ | 224,355 | ||||||||||||||||||
December 31, 2012: | |||||||||||||||||||||||||
Government sponsored enterprises | $ | 1,522 | $ | 12 | $ | — | $ | 1,534 | |||||||||||||||||
Mortgage-backed securities | 110,425 | 2,343 | 624 | 112,144 | |||||||||||||||||||||
Small Business Administration pools | 54,148 | 1,008 | 163 | 54,993 | |||||||||||||||||||||
State and local government | 31,483 | 936 | 46 | 32,373 | |||||||||||||||||||||
Corporate and other securities | 2,349 | 53 | 1 | 2,401 | |||||||||||||||||||||
$ | 199,927 | $ | 4,352 | $ | 834 | $ | 203,445 | ||||||||||||||||||
Schedule of the amortized cost and fair value of investment securities by expected maturity | ' | ||||||||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||||
(Dollars in thousands) | Amortized | Fair | |||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||
Due in one year or less | $ | 5,890 | $ | 5,853 | |||||||||||||||||||||
Due after one year through five years | 90,122 | 89,882 | |||||||||||||||||||||||
Due after five years through ten years | 59,326 | 57,785 | |||||||||||||||||||||||
Due after ten years | 72,965 | 70,835 | |||||||||||||||||||||||
$ | 228,303 | $ | 224,355 | ||||||||||||||||||||||
Schedule of gross unrealized losses and fair values, aggregated by investment category and length of time that individual securities have been in a continuous loss position | ' | ||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||
December 31, 2013 | Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||
(Dollars in thousands) | Loss | Loss | Loss | ||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||
Government Sponsored Enterprises | $ | 3,230 | $ | 143 | $ | — | $ | — | $ | 3,230 | $ | 143 | |||||||||||||
Government Sponsored Enterprise mortgage-backed securities | 74,251 | 1,814 | 6,354 | 184 | 80,605 | 1,998 | |||||||||||||||||||
Small Business Administration pools | 19,150 | 628 | 9,294 | 223 | 28,444 | 851 | |||||||||||||||||||
Non-agency mortgage-backed securities | 716 | 8 | — | — | 716 | 8 | |||||||||||||||||||
State and local government | 33,257 | 1,856 | 3,337 | 290 | 36,594 | 2,146 | |||||||||||||||||||
Corporate bonds and other | 872 | 53 | 50 | 1 | 922 | 54 | |||||||||||||||||||
Total | $ | 131,476 | $ | 4,502 | $ | 19,035 | $ | 698 | $ | 150,511 | $ | 5,200 | |||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||
December 31, 2012 | Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||
(Dollars in thousands) | Loss | Loss | Loss | ||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||
Government Sponsored Enterprise mortgage-backed securities | $ | 22,662 | $ | 233 | $ | 4,583 | $ | 13 | $ | 27,245 | $ | 246 | |||||||||||||
Small Business Administration pools | 11,013 | 158 | 2,447 | 5 | 13,460 | 163 | |||||||||||||||||||
Non-agency mortgage-backed securities | — | — | 2,363 | 378 | 2,363 | 378 | |||||||||||||||||||
State and local government | 2,599 | 46 | — | — | 2,599 | 46 | |||||||||||||||||||
Corporate bonds and other | — | — | 50 | 1 | 50 | 1 | |||||||||||||||||||
Total | $ | 36,274 | $ | 437 | $ | 9,443 | $ | 397 | $ | 45,717 | $ | 834 | |||||||||||||
Schedule of OTTI losses on available-for-sale securities | ' | ||||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||
(Dollars in thousands) | Available- | ||||||||||||||||||||||||
for-sale | |||||||||||||||||||||||||
securities | |||||||||||||||||||||||||
Total OTTI charge realized and unrealized | $ | 415 | |||||||||||||||||||||||
OTTI recognized in other comprehensive income (non-credit component) | 215 | ||||||||||||||||||||||||
Net impairment losses recognized in earnings (credit component) | $ | 200 | |||||||||||||||||||||||
Schedule of analysis of amounts relating to credit losses on debt securities recognized in earnings | ' | ||||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Available for | Available for | Available for | |||||||||||||||||||||||
Sale | Sale | Sale | |||||||||||||||||||||||
Balance at beginning of period | $ | 271 | $ | 930 | $ | 2,143 | |||||||||||||||||||
Other-than-temporary-impairment not previously recognized | — | 173 | 50 | ||||||||||||||||||||||
Additional increase for which an other-than-temporary impairment was previously recognized related to credit losses | — | 27 | 247 | ||||||||||||||||||||||
Realized losses during the period | (63 | ) | (180 | ) | (1,510 | ) | |||||||||||||||||||
Other-than-temporary impairment previously recognized in securities sold | (208 | ) | (679 | ) | — | ||||||||||||||||||||
Balance related to credit losses on debt securities at end of period | $ | — | $ | 271 | $ | 930 |
LOANS_Tables
LOANS (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||||||
Summary of loans by category | ' | ||||||||||||||||||||||||||||||||
Loans summarized by category are as follows: | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 19,925 | $ | 20,924 | |||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Construction | 18,933 | 13,052 | |||||||||||||||||||||||||||||||
Mortgage-residential | 37,579 | 38,892 | |||||||||||||||||||||||||||||||
Mortgage-commercial | 237,701 | 226,575 | |||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Home equity | 25,659 | 27,173 | |||||||||||||||||||||||||||||||
Other | 7,800 | 5,495 | |||||||||||||||||||||||||||||||
Total | $ | 347,597 | $ | 332,111 | |||||||||||||||||||||||||||||
Schedule of activity in the allowance for loan losses | ' | ||||||||||||||||||||||||||||||||
Activity in the allowance for loan losses was as follows: | |||||||||||||||||||||||||||||||||
Years ended December 31, | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||
Balance at the beginning of year | $ | 4,621 | $ | 4,699 | $ | 4,911 | |||||||||||||||||||||||||||
Provision for loan losses | 528 | 496 | 1,420 | ||||||||||||||||||||||||||||||
Charged off loans | (1,090 | ) | (742 | ) | (1,696 | ) | |||||||||||||||||||||||||||
Recoveries | 160 | 168 | 64 | ||||||||||||||||||||||||||||||
Balance at end of year | $ | 4,219 | $ | 4,621 | $ | 4,699 | |||||||||||||||||||||||||||
Schedule of activity in the allowance for loan losses and the recorded investment in loans receivable | ' | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
Real estate | Real estate | ||||||||||||||||||||||||||||||||
Real estate | Mortgage | Mortgage | Consumer | Consumer | |||||||||||||||||||||||||||||
Commercial | Construction | Residential | Commercial | Home equity | Other | Unallocated | Total | ||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||
Beginning balance | $ | 338 | $ | — | $ | 235 | $ | 1,322 | $ | 400 | $ | 17 | $ | 2,309 | $ | 4,621 | |||||||||||||||||
Charge-offs | — | — | (47 | ) | (897 | ) | (67 | ) | (79 | ) | — | (1,090 | ) | ||||||||||||||||||||
Recoveries | 47 | — | 72 | — | — | 41 | — | 160 | |||||||||||||||||||||||||
Provisions | (152 | ) | 26 | 31 | 692 | (221 | ) | 101 | 51 | 528 | |||||||||||||||||||||||
Ending balance | $ | 233 | $ | 26 | $ | 291 | $ | 1,117 | $ | 112 | $ | 80 | $ | 2,360 | $ | 4,219 | |||||||||||||||||
Ending balances: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | 4 | $ | — | $ | — | $ | — | $ | — | $ | 4 | |||||||||||||||||
Collectively evaluated for impairment | 233 | 26 | 287 | 1,117 | 112 | 80 | 2,360 | 4,215 | |||||||||||||||||||||||||
Loans receivable: | |||||||||||||||||||||||||||||||||
Ending balance-total | $ | 19,925 | $ | 18,933 | $ | 37,579 | $ | 237,701 | $ | 25,659 | $ | 7,800 | $ | — | $ | 347,597 | |||||||||||||||||
Ending balances: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | 76 | — | 951 | 4,834 | 109 | 12 | — | 5,982 | |||||||||||||||||||||||||
Collectively evaluated for impairment | 19,849 | 18,933 | 36,628 | 232,867 | 25,550 | 7,788 | — | 341,615 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
Real estate | Real estate | ||||||||||||||||||||||||||||||||
Real estate | Mortgage | Mortgage | Consumer | Consumer | |||||||||||||||||||||||||||||
Commercial | Construction | Residential | Commercial | Home equity | Other | Unallocated | Total | ||||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||
Beginning balance | $ | 331 | $ | — | $ | 514 | $ | 1,475 | $ | 521 | $ | 57 | $ | 1,801 | $ | 4,699 | |||||||||||||||||
Charge-offs | (258 | ) | — | (112 | ) | (293 | ) | — | (79 | ) | — | (742 | ) | ||||||||||||||||||||
Recoveries | 42 | — | 86 | — | 3 | 37 | — | 168 | |||||||||||||||||||||||||
Provisions | 223 | — | (253 | ) | 140 | (124 | ) | 2 | 508 | 496 | |||||||||||||||||||||||
Ending balance | $ | 338 | $ | — | $ | 235 | $ | 1,322 | $ | 400 | $ | 17 | $ | 2,309 | $ | 4,621 | |||||||||||||||||
Ending balances: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Collectively evaluated for impairment | 338 | — | 235 | 1,322 | 400 | 17 | 2,309 | 4,621 | |||||||||||||||||||||||||
Loans receivable: | |||||||||||||||||||||||||||||||||
Ending balance-total | $ | 20,924 | $ | 13,052 | $ | 38,892 | $ | 226,575 | $ | 27,173 | $ | 5,495 | $ | — | $ | 332,111 | |||||||||||||||||
Ending balances: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | 37 | — | 357 | 5,772 | — | 10 | — | 6,176 | |||||||||||||||||||||||||
Collectively evaluated for impairment | 20,887 | 13,052 | 38,535 | 220,803 | 27,173 | 5,485 | — | 325,935 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
Real estate | Real estate | ||||||||||||||||||||||||||||||||
Real estate | Mortgage | Mortgage | Consumer | Consumer | |||||||||||||||||||||||||||||
Commercial | Construction | Residential | Commercial | Home equity | Other | Unallocated | Total | ||||||||||||||||||||||||||
2011 | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||
Beginning balance | $ | 681 | $ | 905 | $ | 465 | $ | 1,404 | $ | 325 | $ | 88 | $ | 1,043 | $ | 4,911 | |||||||||||||||||
Charge-offs | (265 | ) | — | (186 | ) | (861 | ) | -285 | (99 | ) | — | (1,696 | ) | ||||||||||||||||||||
Recoveries | 31 | — | 5 | — | 5 | 23 | — | 64 | |||||||||||||||||||||||||
Provisions | (116 | ) | (905 | ) | 230 | 932 | 476 | 45 | 758 | 1,420 | |||||||||||||||||||||||
Ending balance | $ | 331 | $ | — | $ | 514 | $ | 1,475 | $ | 521 | $ | 57 | $ | 1,801 | $ | 4,699 | |||||||||||||||||
Ending balances: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 1 | $ | — | $ | — | $ | 1 | $ | — | $ | — | $ | — | $ | 2 | |||||||||||||||||
Collectively evaluated for impairment | 330 | — | 514 | 1,474 | 521 | 57 | 1,801 | 4,697 | |||||||||||||||||||||||||
Loans receivable: | |||||||||||||||||||||||||||||||||
Ending balance-total | $ | 20,608 | $ | 11,767 | $ | 38,337 | $ | 220,288 | $ | 27,976 | $ | 5,335 | $ | — | $ | 324,311 | |||||||||||||||||
Ending balances: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | 45 | — | 622 | 8,667 | — | 19 | — | 9,353 | |||||||||||||||||||||||||
Collectively evaluated for impairment | $ | 20,563 | $ | 11,767 | $ | 37,715 | $ | 211,621 | $ | 27,976 | $ | 5,316 | $ | — | $ | 314,958 | |||||||||||||||||
Schedule of loans individually evaluated and considered impaired | ' | ||||||||||||||||||||||||||||||||
The following table presents at December 31, 2013, 2012 and 2011, loans individually evaluated and considered impaired under FAS ASC 310 “Accounting by Creditors for Impairment of a Loan.” Impairment includes performing troubled debt restructurings. | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||
Total loans considered impaired at year end | $ | 5,982 | $ | 6,176 | $ | 9,353 | |||||||||||||||||||||||||||
Loans considered impaired for which there is a related allowance for loan loss: | |||||||||||||||||||||||||||||||||
Outstanding loan balance | $ | 55 | $ | — | $ | 148 | |||||||||||||||||||||||||||
Related allowance | $ | 4 | $ | — | $ | 2 | |||||||||||||||||||||||||||
Loans considered impaired and previously written down to fair value | $ | 5,927 | $ | 6,176 | $ | 9,205 | |||||||||||||||||||||||||||
Average impaired loans | $ | 7,637 | $ | 6,704 | $ | 9,926 | |||||||||||||||||||||||||||
Amount of interest earned during period of impairment | $ | 170 | $ | 179 | $ | 397 | |||||||||||||||||||||||||||
Schedule of loan category and loans individually evaluated and considered impaired | ' | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
31-Dec-13 | Unpaid | Average | Interest | ||||||||||||||||||||||||||||||
Recorded | Principal | Related | Recorded | Income | |||||||||||||||||||||||||||||
Investment | Balance | Allowance | Investment | Recognized | |||||||||||||||||||||||||||||
With no allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial | $ | 76 | $ | 76 | $ | — | $ | 146 | $ | 8 | |||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||||||||||||||||
Mortgage-residential | 896 | 998 | — | 1,096 | 121 | ||||||||||||||||||||||||||||
Mortgage-commercial | 4,834 | 5,447 | — | 6,204 | 27 | ||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Home Equity | 109 | 109 | — | 109 | 4 | ||||||||||||||||||||||||||||
Other | 12 | 13 | — | 26 | 1 | ||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial | — | — | — | — | — | ||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||||||||||||||||
Mortgage-residential | 55 | 55 | 4 | 56 | 9 | ||||||||||||||||||||||||||||
Mortgage-commercial | — | — | — | — | — | ||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Home Equity | — | — | — | — | — | ||||||||||||||||||||||||||||
Other | — | — | — | — | — | ||||||||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||||||
Commercial | 76 | 76 | — | 146 | 8 | ||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||||||||||||||||
Mortgage-residential | 951 | 1,053 | 4 | 1,152 | 121 | ||||||||||||||||||||||||||||
Mortgage-commercial | 4,834 | 5,447 | — | 6,204 | 36 | ||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Home Equity | 109 | 109 | — | 109 | 4 | ||||||||||||||||||||||||||||
Other | 12 | 13 | — | 26 | 1 | ||||||||||||||||||||||||||||
$ | 5,982 | $ | 6,698 | $ | 4 | $ | 7,637 | $ | 170 | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
31-Dec-12 | Unpaid | Average | Interest | ||||||||||||||||||||||||||||||
Recorded | Principal | Related | Recorded | Income | |||||||||||||||||||||||||||||
Investment | Balance | Allowance | Investment | Recognized | |||||||||||||||||||||||||||||
With no allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial | $ | 37 | $ | 50 | $ | — | $ | 53 | $ | — | |||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||||||||||||||||
Mortgage-residential | 357 | 381 | — | 442 | 1 | ||||||||||||||||||||||||||||
Mortgage-commercial | 5,772 | 6,162 | — | 6,188 | 178 | ||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Home Equity | — | — | — | — | — | ||||||||||||||||||||||||||||
Other | 10 | 10 | — | 21 | — | ||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial | — | — | — | — | — | ||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||||||||||||||||
Mortgage-residential | — | — | — | — | — | ||||||||||||||||||||||||||||
Mortgage-commercial | — | — | — | — | — | ||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Home Equity | — | — | — | — | — | ||||||||||||||||||||||||||||
Other | — | — | — | — | — | ||||||||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||||||
Commercial | 37 | 50 | — | 53 | — | ||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||||||||||||||||
Mortgage-residential | 357 | 381 | — | 442 | 1 | ||||||||||||||||||||||||||||
Mortgage-commercial | 5,772 | 6,162 | — | 6,188 | 178 | ||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Home Equity | — | — | — | — | — | ||||||||||||||||||||||||||||
Other | 10 | 10 | — | 21 | — | ||||||||||||||||||||||||||||
$ | 6,176 | $ | 6,603 | $ | — | $ | 6,704 | $ | 179 | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
31-Dec-11 | Unpaid | Average | Interest | ||||||||||||||||||||||||||||||
Recorded | Principal | Related | Recorded | Income | |||||||||||||||||||||||||||||
Investment | Balance | Allowance | Investment | Recognized | |||||||||||||||||||||||||||||
With no allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial | $ | 12 | $ | 19 | $ | — | $ | 21 | $ | — | |||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||||||||||||||||
Mortgage-residential | 622 | 650 | — | 656 | 4 | ||||||||||||||||||||||||||||
Mortgage-commercial | 8,552 | 8,975 | — | 9,066 | 382 | ||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Home Equity | — | — | — | — | — | ||||||||||||||||||||||||||||
Other | 19 | 19 | — | 30 | 1 | ||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial | 33 | 33 | 1 | 36 | 2 | ||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||||||||||||||||
Mortgage-residential | — | — | — | — | — | ||||||||||||||||||||||||||||
Mortgage-commercial | 115 | 115 | 1 | 117 | 8 | ||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Home Equity | — | — | — | — | — | ||||||||||||||||||||||||||||
Other | — | — | — | — | — | ||||||||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||||||
Commercial | 45 | 52 | 1 | 57 | 2 | ||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||||||||||||||||
Mortgage-residential | 622 | 650 | — | 656 | 4 | ||||||||||||||||||||||||||||
Mortgage-commercial | 8,667 | 9,090 | 1 | 9,183 | 390 | ||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Home Equity | — | — | — | — | — | ||||||||||||||||||||||||||||
Other | 19 | 19 | — | 30 | 1 | ||||||||||||||||||||||||||||
$ | 9,353 | $ | 9,811 | $ | 2 | $ | 9,926 | $ | 397 | ||||||||||||||||||||||||
Schedule of loan category and loan by risk categories | ' | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
31-Dec-13 | Special | ||||||||||||||||||||||||||||||||
Pass | Mention | Substandard | Doubtful | Total | |||||||||||||||||||||||||||||
Commercial, financial & agricultural | $ | 19,627 | $ | 218 | $ | 80 | $ | — | $ | 19,925 | |||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Construction | 15,341 | 3,592 | — | — | 18,933 | ||||||||||||||||||||||||||||
Mortgage – residential | 36,614 | 229 | 736 | — | 37,579 | ||||||||||||||||||||||||||||
Mortgage – commercial | 223,110 | 5,813 | 8,778 | — | 237,701 | ||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Home Equity | 23,800 | 855 | 1,004 | — | 25,659 | ||||||||||||||||||||||||||||
Other | 7,788 | — | 12 | — | 7,800 | ||||||||||||||||||||||||||||
Total | $ | 326,280 | $ | 10,707 | $ | 10,610 | $ | — | $ | 347,597 | |||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
31-Dec-12 | Special | ||||||||||||||||||||||||||||||||
Pass | Mention | Substandard | Doubtful | Total | |||||||||||||||||||||||||||||
Commercial, financial & agricultural | $ | 20,826 | $ | 27 | $ | 71 | $ | — | $ | 20,924 | |||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Construction | 8,595 | 2,047 | 2,410 | — | 13,052 | ||||||||||||||||||||||||||||
Mortgage – residential | 36,493 | 1,677 | 722 | — | 38,892 | ||||||||||||||||||||||||||||
Mortgage – commercial | 208,825 | 3,803 | 13,947 | — | 226,575 | ||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Home Equity | 26,604 | 124 | 445 | — | 27,173 | ||||||||||||||||||||||||||||
Other | 5,475 | 3 | 17 | — | 5,495 | ||||||||||||||||||||||||||||
Total | $ | 306,818 | $ | 7,681 | $ | 17,612 | $ | — | $ | 332,111 | |||||||||||||||||||||||
Schedule of loan category and present loans past due and on non-accrual status | ' | ||||||||||||||||||||||||||||||||
The following tables are by loan category and present loans past due and on non-accrual status as of December 31, 2013 and December 31, 2012: | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | 30-59 Days | 60-89 Days Past Due | Greater than 90 Days and Accruing | Nonaccrual | Total Past Due | Current | Total Loans | ||||||||||||||||||||||||||
Past Due | |||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
Commercial | $ | — | $ | 8 | $ | 2 | $ | 76 | $ | 86 | $ | 19,839 | $ | 19,925 | |||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | 18,933 | 18,933 | ||||||||||||||||||||||||||
Mortgage-residential | 331 | 277 | — | 895 | 1,503 | 36,076 | 37,579 | ||||||||||||||||||||||||||
Mortgage-commercial | 54 | 908 | — | 4,314 | 5,276 | 232,425 | 237,701 | ||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Home equity | 40 | — | — | 109 | 149 | 25,510 | 25,659 | ||||||||||||||||||||||||||
Other | 8 | — | — | 12 | 20 | 7,780 | 7,800 | ||||||||||||||||||||||||||
Total | $ | 433 | $ | 1,193 | $ | 2 | $ | 5,406 | $ | 7,034 | $ | 340,563 | $ | 347,597 | |||||||||||||||||||
(Dollars in thousands) | 30-59 Days | 60-89 Days Past Due | Greater than 90 Days and Accruing | Nonaccrual | Total Past Due | Current | Total Loans | ||||||||||||||||||||||||||
Past Due | |||||||||||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||
Commercial | $ | 17 | $ | 107 | $ | — | $ | 85 | $ | 209 | $ | 20,715 | $ | 20,924 | |||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | 13,052 | 13,052 | ||||||||||||||||||||||||||
Mortgage-residential | 311 | 378 | — | 357 | 1,046 | 37,846 | 38,892 | ||||||||||||||||||||||||||
Mortgage-commercial | 627 | 898 | 55 | 4,263 | 5,843 | 220,732 | 226,575 | ||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Home equity | 211 | — | — | — | 211 | 26,962 | 27,173 | ||||||||||||||||||||||||||
Other | 32 | 7 | — | 10 | 49 | 5,446 | 5,495 | ||||||||||||||||||||||||||
Total | $ | 1,198 | $ | 1,390 | $ | 55 | $ | 4,715 | $ | 7,358 | $ | 324,753 | $ | 332,111 | |||||||||||||||||||
Schedule by loan category, present loans determined to be TDRs | ' | ||||||||||||||||||||||||||||||||
Troubled Debt Restructurings | For the twelve months ended December 31, 2013 | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | ||||||||||||||||||||||||||||||
Nonaccrual | |||||||||||||||||||||||||||||||||
Mortgage-Commercial | 2 | $ | 285 | $ | 285 | ||||||||||||||||||||||||||||
Total nonaccrual | 2 | $ | 285 | $ | 285 | ||||||||||||||||||||||||||||
Total TDRs | 2 | $ | 285 | $ | 285 | ||||||||||||||||||||||||||||
Troubled Debt Restructurings | For the twelve months ended December 31, 2012 | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | ||||||||||||||||||||||||||||||
Nonaccrual | |||||||||||||||||||||||||||||||||
Mortgage-Commercial | 1 | $ | 40 | $ | 40 | ||||||||||||||||||||||||||||
Total nonaccrual | 1 | $ | 40 | $ | 40 | ||||||||||||||||||||||||||||
Accrual | |||||||||||||||||||||||||||||||||
Mortgage-Commercial | 2 | $ | 596 | $ | 596 | ||||||||||||||||||||||||||||
Total Accrual | 2 | $ | 596 | $ | 596 | ||||||||||||||||||||||||||||
Total TDRs | 3 | $ | 636 | $ | 636 | ||||||||||||||||||||||||||||
Troubled Debt Restructurings | For the twelve months ended December 31, 2011 | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Number | Pre-Modification | Post-Modification | ||||||||||||||||||||||||||||||
of Contracts | Outstanding | Outstanding | |||||||||||||||||||||||||||||||
Recorded | Recorded | ||||||||||||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||||||||||
Nonaccrual | |||||||||||||||||||||||||||||||||
Mortgage-Commercial | 5 | $ | 741 | $ | 741 | ||||||||||||||||||||||||||||
Commercial & Industrial | 2 | 43 | 43 | ||||||||||||||||||||||||||||||
Total nonaccrual | 7 | $ | 784 | $ | 784 | ||||||||||||||||||||||||||||
Accrual | |||||||||||||||||||||||||||||||||
Mortgage-Commercial | 1 | $ | 3,138 | $ | 3,138 | ||||||||||||||||||||||||||||
Total Accrual | 1 | $ | 3,138 | $ | 3,138 | ||||||||||||||||||||||||||||
Total TDRs | 8 | $ | 3,922 | $ | 3,922 | ||||||||||||||||||||||||||||
Schedule by loan category, present loans determined to be TDRs in the last twelve months that had payment defaults during the period | ' | ||||||||||||||||||||||||||||||||
For the twelve months ended December 31, 2013 | |||||||||||||||||||||||||||||||||
Troubled Debt Restructurings that subsequently defaulted this period | Number of Contracts | Recorded Investment | |||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
Mortgage-Commercial | 1 | $ | 94 | ||||||||||||||||||||||||||||||
Total TDRs | 1 | $ | 94 |
FAIR_VALUE_MEASUREMENT_Tables
FAIR VALUE MEASUREMENT (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Schedule of carrying amount and estimated fair value by classification Level of the Company's financial instruments | ' | ||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Fair Value | |||||||||||||||||||||
(Dollars in thousands) | Carrying | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Amount | |||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||
Cash and short term investments | $ | 14,166 | $ | 14,166 | $ | 14,166 | $ | — | $ | — | |||||||||||
Available-for-sale securities | 224,355 | 224,355 | 818 | 223,120 | 417 | ||||||||||||||||
Other investments, at cost | 2,674 | 2,674 | — | — | 2,674 | ||||||||||||||||
Loans held for sale | 3,790 | 3,790 | — | 3,790 | — | ||||||||||||||||
Net loans receivable | 343,378 | 345,262 | — | 339,284 | 5,978 | ||||||||||||||||
Accrued interest | 2,267 | 2,267 | 2,267 | — | — | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Non-interest bearing demand | $ | 111,198 | $ | 111,198 | $ | — | $ | 111,198 | $ | — | |||||||||||
NOW and money market accounts | 174,224 | 174,224 | — | 174,224 | — | ||||||||||||||||
Savings | 51,134 | 51,134 | — | 51,134 | — | ||||||||||||||||
Time deposits | 160,515 | 161,623 | — | 161,623 | — | ||||||||||||||||
Total deposits | 497,071 | 498,179 | — | 498,179 | — | ||||||||||||||||
Federal Home Loan Bank Advances | 43,325 | 47,011 | — | 47,011 | — | ||||||||||||||||
Short term borrowings | 18,634 | 18,634 | — | 18,634 | — | ||||||||||||||||
Junior subordinated debentures | 15,464 | 15,464 | — | 15,464 | — | ||||||||||||||||
Accrued interest payable | 694 | 694 | 694 | — | — | ||||||||||||||||
31-Dec-12 | |||||||||||||||||||||
Fair Value | |||||||||||||||||||||
(Dollars in thousands) | Carrying | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Amount | |||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||
Cash and short term investments | $ | 18,708 | $ | 18,708 | $ | 18,708 | $ | — | $ | — | |||||||||||
Available-for-sale securities | 203,445 | 203,445 | 914 | 202,114 | 417 | ||||||||||||||||
Other investments, at cost | 2,527 | 2,527 | — | — | 2,527 | ||||||||||||||||
Loans held for sale | 9,658 | 9,658 | — | 9,658 | — | ||||||||||||||||
Net loans receivable | 327,490 | 328,893 | — | 322,717 | 6,176 | ||||||||||||||||
Accrued interest | 2,098 | 2,098 | 2,098 | — | — | ||||||||||||||||
Interest rate swap | (338 | ) | (338 | ) | — | — | (338 | ) | |||||||||||||
Financial liabilities: | |||||||||||||||||||||
Non-interest bearing demand | $ | 97,526 | $ | 97,526 | $ | — | $ | 97,526 | $ | — | |||||||||||
NOW and money market accounts | 150,874 | 150,874 | — | 150,874 | — | ||||||||||||||||
Savings | 41,100 | 41,100 | — | 41,100 | — | ||||||||||||||||
Time deposits | 185,477 | 187,313 | — | 187,313 | — | ||||||||||||||||
Total deposits | 474,977 | 476,813 | — | 476,813 | — | ||||||||||||||||
Federal Home Loan Bank Advances | 36,344 | 41,977 | — | 41,977 | — | ||||||||||||||||
Short term borrowings | 15,900 | 15,900 | — | 15,900 | — | ||||||||||||||||
Junior subordinated debentures | 15,464 | 15,464 | — | 15,464 | — | ||||||||||||||||
Accrued interest payable | 1,029 | 1,029 | 1,029 | — | — | ||||||||||||||||
Schedule of changes in fair values and location in the income statement where these changes are included | ' | ||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
(Dollars in thousands) | Non-interest | Non-interest | Non-interest | ||||||||||||||||||
income: | income: | income: | |||||||||||||||||||
Fair-value | Fair-value | Fair-value | |||||||||||||||||||
adjustment | adjustment | adjustment | |||||||||||||||||||
gain (loss) | gain (loss) | gain (loss) | |||||||||||||||||||
Interest rate swap | (2 | ) | (58 | ) | (166 | ) | |||||||||||||||
Total | $ | (2 | ) | $ | (58 | ) | $ | (166 | ) | ||||||||||||
Schedule of fair value for each category of assets carried at fair value that are measured on a recurring basis | ' | ||||||||||||||||||||
Description | 31-Dec-13 | Significant Other | Significant | ||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Observable Inputs | Unobservable Inputs | |||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||
Available for sale securities | |||||||||||||||||||||
Government sponsored enterprises | $ | 3,246 | $ | — | $ | 3,246 | $ | — | |||||||||||||
Mortgage-backed securities | 119,676 | — | 119,676 | — | |||||||||||||||||
Small Business Administration securities | 56,120 | — | 56,120 | — | |||||||||||||||||
State and local government | 42,998 | — | 42,998 | — | |||||||||||||||||
Corporate and other securities | 2,315 | 818 | 1,080 | 417 | |||||||||||||||||
Total | 224,355 | 818 | 223,120 | 417 | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Description | 31-Dec-12 | Significant Other | Significant | ||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Observable Inputs | Unobservable Inputs | |||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||
Available for sale securities | |||||||||||||||||||||
Government sponsored enterprises | $ | 1,534 | $ | — | $ | 1,534 | $ | — | |||||||||||||
Mortgage-backed securities | 112,144 | — | 112,144 | — | |||||||||||||||||
Small Business Administration securities | 54,993 | — | 54,993 | — | |||||||||||||||||
State and local government | 32,373 | — | 32,373 | — | |||||||||||||||||
Corporate and other securities | 2,401 | 914 | 1,070 | 417 | |||||||||||||||||
203,445 | 914 | 202,114 | 417 | ||||||||||||||||||
Interest rate cap/swap | (338 | ) | — | — | (338 | ) | |||||||||||||||
Total | $ | 203,107 | $ | 914 | $ | 202,114 | $ | 79 | |||||||||||||
Schedule reconciling the changes in Level 3 financial instruments measured on a recurring basis | ' | ||||||||||||||||||||
2013 | |||||||||||||||||||||
(Dollars in thousands) | Interest rate | Corporate Preferred Stock | |||||||||||||||||||
Swap | |||||||||||||||||||||
Beginning Balance December 31, 2012 | $ | (338 | ) | $ | 417 | ||||||||||||||||
Total gains or losses (realized/unrealized) | (2 | ) | — | ||||||||||||||||||
Included in earnings | |||||||||||||||||||||
— | — | ||||||||||||||||||||
Included in other comprehensive income | |||||||||||||||||||||
340 | — | ||||||||||||||||||||
Purchases, issuances, and settlements | |||||||||||||||||||||
— | |||||||||||||||||||||
Transfers in and/or out of Level 3 | |||||||||||||||||||||
Ending Balance December 31, 2013 | $ | — | $ | 417 | |||||||||||||||||
2012 | |||||||||||||||||||||
(Dollars in thousands) | Interest rate | Corporate Preferred Stock | |||||||||||||||||||
Swap | |||||||||||||||||||||
Beginning Balance December 31, 2011 | $ | (602 | ) | $ | — | ||||||||||||||||
Total gains or losses (realized/unrealized) | (58 | ) | — | ||||||||||||||||||
Included in earnings | |||||||||||||||||||||
— | — | ||||||||||||||||||||
Included in other comprehensive income | |||||||||||||||||||||
322 | 417 | ||||||||||||||||||||
Purchases, issuances, and settlements | |||||||||||||||||||||
— | |||||||||||||||||||||
Transfers in and/or out of Level 3 | |||||||||||||||||||||
Ending Balance December 31, 2012 | $ | (338 | ) | $ | 417 | ||||||||||||||||
Schedule of the fair value for each category of assets carried at fair value that are measured on a non-recurring basis | ' | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Description | December 31, | Quoted Prices | Significant | Significant | |||||||||||||||||
2013 | in Active | Other | Unobservable | ||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||
Identical Assets | Inputs | (Level 3) | |||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||
Impaired loans: | |||||||||||||||||||||
Commercial & Industrial | $ | 76 | $ | — | $ | — | $ | 76 | |||||||||||||
Real estate: | |||||||||||||||||||||
Mortgage-residential | 947 | — | — | 947 | |||||||||||||||||
Mortgage-commercial | 4,834 | — | — | 4,834 | |||||||||||||||||
Consumer: | |||||||||||||||||||||
Home equity | 109 | — | — | 109 | |||||||||||||||||
Other | 12 | — | — | 12 | |||||||||||||||||
Total impaired | 5,978 | — | — | 5,978 | |||||||||||||||||
Other real estate owned: | |||||||||||||||||||||
Construction | 301 | — | — | 301 | |||||||||||||||||
Mortgage-residential | 168 | — | — | 168 | |||||||||||||||||
Mortgage-commercial | 2,901 | — | — | 2,901 | |||||||||||||||||
Total other real estate owned | 3,370 | — | — | 3,370 | |||||||||||||||||
Total | $ | 9,348 | $ | — | $ | — | $ | 9,348 | |||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Description | December 31, | Quoted Prices | Significant | Significant | |||||||||||||||||
2012 | in Active | Other | Unobservable | ||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||
Identical Assets | Inputs | (Level 3) | |||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||
Impaired loans: | |||||||||||||||||||||
Commercial & Industrial | $ | 37 | $ | — | $ | — | $ | 37 | |||||||||||||
Real estate: | |||||||||||||||||||||
Mortgage-residential | 357 | — | — | 357 | |||||||||||||||||
Mortgage-commercial | 5,772 | — | — | 5,772 | |||||||||||||||||
Consumer: | |||||||||||||||||||||
Home equity | — | — | — | — | |||||||||||||||||
Other | 10 | — | — | 10 | |||||||||||||||||
Total impaired | 6,176 | — | — | 6,176 | |||||||||||||||||
Other real estate owned: | |||||||||||||||||||||
Construction | 301 | — | — | 301 | |||||||||||||||||
Mortgage-residential | 488 | — | — | 488 | |||||||||||||||||
Mortgage-commercial | 3,198 | — | — | 3,198 | |||||||||||||||||
Total other real estate owned | 3,987 | — | — | 3,987 | |||||||||||||||||
Total | $ | 10,163 | $ | — | $ | — | $ | 10,163 | |||||||||||||
Schedule of significant unobservable inputs used in the fair value measurements | ' | ||||||||||||||||||||
(Dollars in thousands) | Fair Value as of December 31, 2013 | Valuation Technique | Significant Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||
Preferred stock | $417 | Estimation based on comparable non-listed securities | Comparable transactions | n/a | |||||||||||||||||
OREO | $3,370 | Appraisal Value/Comparison Sales/Other estimates | Appraisals and or sales of comparable properties | Appraisals discounted 6% to 16% for sales commissions and other holding cost | |||||||||||||||||
Impaired loans | $5,978 | Appraisal Value | Appraisals and or sales of comparable properties | Appraisals discounted 6% to 16% for sales commissions and other holding cost | |||||||||||||||||
PROPERTY_AND_EQUIPMENT_Tables
PROPERTY AND EQUIPMENT (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Schedule of property and equipment | ' | ||||||||
December 31, | |||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||
Land | $ | 5,259 | $ | 5,297 | |||||
Premises | 14,744 | 13,990 | |||||||
Equipment | 7,488 | 6,926 | |||||||
Fixed assets in progress | 2,029 | 261 | |||||||
29,520 | 26,474 | ||||||||
Accumulated depreciation | 10,076 | 9,216 | |||||||
$ | 19,444 | $ | 17,258 |
GOODWILL_CORE_DEPOSIT_INTANGIB1
GOODWILL, CORE DEPOSIT INTANGIBLE AND OTHER ASSETS (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||
Schedule of intangible assets (excluding goodwill) | ' | ||||||||
December 31, | |||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||
Core deposit premiums, gross carrying amount | $ | 3,438 | $ | 3,438 | |||||
Other intangibles | 646 | 646 | |||||||
4,084 | 4,084 | ||||||||
Accumulated amortization | (4,084 | ) | (3,924 | ) | |||||
Net | $ | — | $ | 160 |
OTHER_REAL_ESTATE_OWNED_Tables
OTHER REAL ESTATE OWNED (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Real Estate [Abstract] | ' | ||||||||
Summary of activity in the other real estate owned | ' | ||||||||
The following summarizes the activity in the other real estate owned for the years ended December 31, 2013 and 2012. | |||||||||
December 31, | |||||||||
(In thousands) | 2013 | 2012 | |||||||
Balance—beginning of year | $ | 3,987 | $ | 7,351 | |||||
Additions—foreclosures | 1,160 | 2,770 | |||||||
Writedowns | 87 | 317 | |||||||
Sales | 1,690 | 5,817 | |||||||
Balance, end of year | $ | 3,370 | $ | 3,987 |
DEPOSITS_Tables
DEPOSITS (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Banking and Thrift [Abstract] | ' | ||||
Schedule of maturities of certificates of deposits | ' | ||||
At December 31, 2013, the scheduled maturities of Certificates of Deposits are as follows: | |||||
(Dollars in thousands) | |||||
2014 | $ | 78,873 | |||
2015 | 32,072 | ||||
2016 | 21,090 | ||||
2017 | 13,483 | ||||
2018 | 14,985 | ||||
Thereafter | 12 | ||||
$ | 160,515 |
ADVANCES_FROM_FEDERAL_HOME_LOA1
ADVANCES FROM FEDERAL HOME LOAN BANK (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Advances from Federal Home Loan Banks [Abstract] | ' | ||||||||||||||||
Schedule of advances from the FHLB | ' | ||||||||||||||||
December 31, | |||||||||||||||||
(In thousands) | 2013 | 2012 | |||||||||||||||
Maturing | Amount | Rate | Amount | Rate | |||||||||||||
2014 | $ | 9,000 | 0.35 | % | $ | — | — | ||||||||||
2015 | 2,000 | 4.22 | % | 4,000 | 4.22 | % | |||||||||||
2017 | 20,000 | 3.98 | % | — | — | ||||||||||||
2018 | 12,000 | 4.45 | % | — | — | ||||||||||||
After five years | 325 | 1 | % | 32,344 | 4.13 | % | |||||||||||
$ | 43,325 | 3.35 | % | $ | 36,344 | 4.14 | % |
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Schedule of income tax expense (benefit) | ' | ||||||||||||
Year ended December 31 | |||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||
Current | |||||||||||||
Federal | $ | — | $ | — | $ | — | |||||||
State | 61 | 284 | 142 | ||||||||||
61 | 284 | 142 | |||||||||||
Deferred | |||||||||||||
Federal | 1,092 | 1,336 | 1,315 | ||||||||||
State | — | — | — | ||||||||||
1,092 | 1,336 | 1,315 | |||||||||||
Income tax expense (benefit) | $ | 1,153 | $ | 1,620 | $ | 1,457 | |||||||
Schedule of reconciliation from expected federal tax expense to effective income tax expense (benefit) | ' | ||||||||||||
Year ended December 31 | |||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||
Expected federal income tax expense | $ | 1,799 | $ | 1,900 | $ | 1,625 | |||||||
State income tax net of federal benefit | 124 | 187 | 112 | ||||||||||
Tax exempt interest | (324 | ) | (182 | ) | (29 | ) | |||||||
Increase in cash surrender value life insurance | (121 | ) | (130 | ) | (59 | ) | |||||||
Valuation allowance released | (132 | ) | — | 35 | |||||||||
Merger expenses | 113 | — | — | ||||||||||
Low income housing tax credits | (186 | ) | (186 | ) | (186 | ) | |||||||
Other | (120 | ) | 31 | (41 | ) | ||||||||
$ | 1,153 | $ | 1,620 | $ | 1,457 | ||||||||
Summary of the tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities | ' | ||||||||||||
December 31, | |||||||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||||||
Assets: | |||||||||||||
Allowance for loan losses | $ | 1,434 | $ | 1,609 | |||||||||
Excess tax basis of deductible intangible assets | 328 | 121 | |||||||||||
Net operating loss carry forward | 333 | 1,699 | |||||||||||
Unrealized loss on available-for-sale securities | 1,421 | — | |||||||||||
Compensation expense deferred for tax purposes | 858 | 767 | |||||||||||
Fair value adjustment on interest rate swap agreement | — | 115 | |||||||||||
Deferred loss on other-than-temporary-impairment charges | 65 | 257 | |||||||||||
Interest on nonaccrual loans | 251 | 99 | |||||||||||
Tax credit carry-forwards | 1,016 | 829 | |||||||||||
— | — | ||||||||||||
Other | 303 | 401 | |||||||||||
Total deferred tax asset | 6,009 | 5,897 | |||||||||||
Valuation reserve | — | 132 | |||||||||||
Total deferred tax asset net of valuation reserve | 6,009 | 5,765 | |||||||||||
Liabilities: | |||||||||||||
Tax depreciation in excess of book depreciation | 103 | 118 | |||||||||||
Excess tax basis of non-deductible intangible assets | — | 11 | |||||||||||
Excess financial reporting basis of assets acquired | 897 | 956 | |||||||||||
Unrealized gain on available-for-sale securities | — | 1,266 | |||||||||||
Other | — | — | |||||||||||
Total deferred tax liabilities | 1,000 | 2,351 | |||||||||||
Net deferred tax asset recognized | $ | 5,009 | $ | 3,414 |
COMMITMENTS_CONCENTRATIONS_OF_1
COMMITMENTS, CONCENTRATIONS OF CREDIT RISK AND CONTINGENCIES (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||||
Schedule of interest rate swap agreement of the bank | ' | ||||||||||||||
At December 31, 2012, the Bank had entered into the following interest rate swap agreement: | |||||||||||||||
(Dollars in thousands) | Description | Cap/Swap | Contract | Expiration | Fair Value | ||||||||||
Notional Amount | Rate | Date | Date | 12/31/12 | |||||||||||
$10,000 | Interest Rate Swap | 3.66% fixed | 10/8/08 | 10/8/13 | $ | (338 | ) |
OTHER_EXPENSES_Tables
OTHER EXPENSES (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Other Income and Expenses [Abstract] | ' | ||||||||||||
Schedule of components of other non-interest expense | ' | ||||||||||||
A summary of the components of other non-interest expense is as follows: | |||||||||||||
Year ended December 31, | |||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||
Data processing | $ | 451 | $ | 479 | $ | 472 | |||||||
Supplies | 115 | 138 | 178 | ||||||||||
Telephone | 321 | 297 | 307 | ||||||||||
Courier | 68 | 72 | 66 | ||||||||||
Correspondent services | 176 | 168 | 193 | ||||||||||
Insurance | 258 | 209 | 213 | ||||||||||
Postage | 174 | 172 | 174 | ||||||||||
Loss on limited partnership interest | 211 | 194 | 119 | ||||||||||
Director fees | 297 | 312 | 319 | ||||||||||
Professional fees | 549 | 745 | 1,040 | ||||||||||
Shareholder expense | 172 | 135 | 135 | ||||||||||
Other | 862 | 557 | 531 | ||||||||||
$ | 3,654 | $ | 3,478 | $ | 3,747 |
STOCK_OPTIONS_AND_RESTRICTED_S1
STOCK OPTIONS AND RESTRICTED STOCK (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Schedule of stock option transactions | ' | ||||||||||||||||
Stock option transactions for the years ended December 31, 2013, 2012 and 2011 are summarized as follows: | |||||||||||||||||
Shares | Weighted | Weighted- | Aggregate | ||||||||||||||
Average | Average | Intrinsic Value | |||||||||||||||
Exercise Price | Remaining | (in thousands) | |||||||||||||||
Contractual | |||||||||||||||||
Term (Years) | |||||||||||||||||
Outstanding December 31, 2011 | 75,022 | 19.69 | 3.03 | $ | — | ||||||||||||
Forfeited | — | — | |||||||||||||||
Outstanding December 31, 2012 | 75,022 | 19.69 | 2.03 | $ | — | ||||||||||||
Forfeited | (3,619 | ) | 15.39 | ||||||||||||||
Outstanding, December 31, 2013 | 71,403 | 20.68 | 1.1 | $ | — | ||||||||||||
Schedule of stock options outstanding and exercisable | ' | ||||||||||||||||
Stock options outstanding and exercisable as of December 31, 2013 are as follows: | |||||||||||||||||
Range of Exercise Prices | Number of Option Shares | Weighted Average | Weighted | ||||||||||||||
Low/High | Outstanding | Remaining Contractual | Average Exercise | ||||||||||||||
and Exercisable | Life (Years) | Price | |||||||||||||||
$14.21 / $16.70 | 8,903 | 1.48 | 14.21 | ||||||||||||||
$19.00 / $22.50 | 62,500 | 1.05 | 20.23 | ||||||||||||||
71,403 | 1.1 | $ | 20.68 |
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Schedule of reconciliation of the numerator and denominator of the basic and diluted earnings per common share computation | ' | ||||||||||||
The following reconciles the numerator and denominator of the basic and diluted earnings per common share computation: | |||||||||||||
Year ended December 31, | |||||||||||||
(Amounts in thousands) | 2013 | 2012 | 2011 | ||||||||||
Numerator (Included in basic and diluted earnings per share) | $ | 4,137 | $ | 3,292 | $ | 2,654 | |||||||
Denominator | |||||||||||||
Weighted average common shares outstanding for: | |||||||||||||
Basic earnings common per share | 5,285 | 4,144 | 3,287 | ||||||||||
Dilutive securities: | |||||||||||||
Deferred compensation | 9 | — | — | ||||||||||
Warrants—Treasury stock method | 40 | 28 | — | ||||||||||
Diluted common share outstanding | 5,334 | 4,172 | 3,287 | ||||||||||
The average market price used in calculating assumed number of shares | $ | 9.69 | $ | 7.98 | $ | 6.34 |
SHAREHOLDERS_EQUITY_CAPITAL_RE1
SHAREHOLDERS' EQUITY, CAPITAL REQUIREMENTS AND DIVIDEND RESTRICTIONS (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||||||||||||||
Schedule of actual capital amounts and ratios as well as minimum amounts for each regulatory defined category for the bank and the company | ' | ||||||||||||||||||||||||
The actual capital amounts and ratios as well as minimum amounts for each regulatory defined category for the Bank and the Company are as follows: | |||||||||||||||||||||||||
Actual | Required to be | Required to be | |||||||||||||||||||||||
Categorized | Categorized | ||||||||||||||||||||||||
Adequately | Well Capitalized | ||||||||||||||||||||||||
Capitalized | |||||||||||||||||||||||||
(Dollars in thousands) | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
First Community Corporation | |||||||||||||||||||||||||
Tier 1 Capital | $ | 68,755 | 17.6 | % | $ | 15,629 | 4 | % | N/A | N/A | |||||||||||||||
Total Risked Based Capital | 72,974 | 18.68 | % | 31,257 | 8 | % | N/A | N/A | |||||||||||||||||
Tier 1 Leverage | 68,755 | 10.77 | % | 25,535 | 4 | % | N/A | N/A | |||||||||||||||||
First Community Bank | |||||||||||||||||||||||||
Tier 1 Capital | $ | 65,656 | 16.84 | % | $ | 15,592 | 4 | % | $ | 23,388 | 6 | % | |||||||||||||
Total Risked Based Capital | 69,875 | 17.93 | % | 31,185 | 8 | % | 38,981 | 10 | % | ||||||||||||||||
Tier 1 Leverage | 65,656 | 10.3 | % | 25,501 | 4 | % | 31,876 | 5 | % | ||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
First Community Corporation | |||||||||||||||||||||||||
Tier 1 Capital | $ | 63,381 | 17.33 | % | $ | 14,628 | 4 | % | N/A | N/A | |||||||||||||||
Total Risked Based Capital | 67,963 | 18.58 | % | 29,258 | 8 | % | N/A | N/A | |||||||||||||||||
Tier 1 Leverage | 63,381 | 10.63 | % | 23,846 | 4 | % | N/A | N/A | |||||||||||||||||
First Community Bank | |||||||||||||||||||||||||
Tier 1 Capital | $ | 61,588 | 16.87 | % | $ | 14,605 | 4 | % | $ | 21,907 | 6 | % | |||||||||||||
Total Risked Based Capital | 66,158 | 18.12 | % | 29,209 | 8 | % | 36,512 | 10 | % | ||||||||||||||||
Tier 1 Leverage | 61,588 | 10.34 | % | 23,824 | 4 | % | 29,779 | 5 | % |
PARENT_COMPANY_FINANCIAL_INFOR1
PARENT COMPANY FINANCIAL INFORMATION (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||
Schedule of balance sheets for First Community Corporation (Parent Only) | ' | ||||||||||||
Condensed Balance Sheets | |||||||||||||
At December 31, | |||||||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||||||
Assets: | |||||||||||||
Cash on deposit | $ | 2,583 | $ | 1,417 | |||||||||
Securities purchased under agreement to resell | 128 | 128 | |||||||||||
Investment securities available-for-sale | 417 | 429 | |||||||||||
Investment in bank subsidiary | 64,399 | 67,055 | |||||||||||
Other | 739 | 767 | |||||||||||
Total assets | $ | 68,266 | $ | 69,796 | |||||||||
Liabilities: | |||||||||||||
Junior subordinated debentures | 15,464 | 15,464 | |||||||||||
Other | 131 | 149 | |||||||||||
Total liabilities | 15,595 | 15,613 | |||||||||||
Shareholders’ equity | 52,671 | 54,183 | |||||||||||
Total liabilities and shareholders’ equity | $ | 68,266 | $ | 69,796 | |||||||||
Schedule of statements of operations for First Community Corporation (Parent Only) | ' | ||||||||||||
Condensed Statements of Operations | |||||||||||||
Year ended December 31, | |||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||
Income: | |||||||||||||
Interest and dividend income | $ | 26 | $ | 1 | $ | 9 | |||||||
Gain on sale of securities | 327 | — | — | ||||||||||
Equity in undistributed earnings of subsidiary | 2,229 | 4,313 | 3,782 | ||||||||||
Dividend income from bank subsidiary | 2,316 | 320 | — | ||||||||||
Total income | 4,898 | 4,634 | 3,791 | ||||||||||
Expenses: | |||||||||||||
Interest expense | 433 | 658 | 446 | ||||||||||
Other | 449 | 301 | 239 | ||||||||||
Total expense | 882 | 959 | 685 | ||||||||||
Income before taxes | 4,016 | 3,675 | 3,106 | ||||||||||
Income tax benefit | (121 | ) | (293 | ) | (218 | ) | |||||||
Net income | $ | 4,137 | $ | 3,968 | $ | 3,324 | |||||||
Schedule of cash flows for First Community Corporation (Parent Only) | ' | ||||||||||||
Year ended December 31, | |||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||
Cash flows from operating activities: | |||||||||||||
Net income | $ | 4,137 | $ | 3,968 | $ | 3,324 | |||||||
Adjustments to reconcile net income to net cash (used) provided by operating activities | |||||||||||||
Equity in undistributed earnings of subsidiary | (2,229 | ) | (4,313 | ) | (3,782 | ) | |||||||
Gain on sale of securities | (327 | ) | — | — | |||||||||
Other-net | 272 | (90 | ) | 232 | |||||||||
Net cash (used) provided by operating activities | 1,853 | (435 | ) | (226 | ) | ||||||||
Cash flows from investing activities: | |||||||||||||
Purchase of available-for sale-securities | — | (417 | ) | — | |||||||||
Proceeds from sale of securities available-for-sale | 339 | — | — | ||||||||||
Maturity of available-for-sale securities | — | — | 1,250 | ||||||||||
Other-net | — | — | (76 | ) | |||||||||
Net cash provided (used) by investing activities | 339 | (417 | ) | 1,174 | |||||||||
Cash flows from financing activities: | |||||||||||||
Proceeds from issuance of subordinated note payable | — | — | 2,500 | ||||||||||
Repayment of subordinated note payable | — | (2,500 | ) | — | |||||||||
Dividends paid: Common stock | (1,145 | ) | (605 | ) | (525 | ) | |||||||
Preferred stock | — | (475 | ) | (670 | ) | ||||||||
Proceeds from issuance of common stock | 119 | 13,885 | 182 | ||||||||||
Redemption of preferred stock | — | (11,073 | ) | — | |||||||||
Redemption of stock warrants | — | (510 | ) | — | |||||||||
Net cash provided (used) in financing activities | (1,026 | ) | (1,278 | ) | 1,487 | ||||||||
Increase (decrease) in cash and cash equivalents | 1,166 | (2,130 | ) | 2,435 | |||||||||
Cash and cash equivalents, beginning of year | 1,417 | 3,547 | 1,112 | ||||||||||
Cash and cash equivalents, end of year | $ | 2,583 | $ | 1,417 | $ | 3,547 |
QUARTERLY_FINANCIAL_DATA_UNAUD1
QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of quarterly financial data | ' | ||||||||||||||||
The following provides quarterly financial data for 2013 and 2012 (dollars in thousands, except per share amounts). | |||||||||||||||||
2013 | Fourth | Third | Second | First | |||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
Interest income | $ | 5,656 | $ | 5,474 | $ | 5,370 | $ | 5,283 | |||||||||
Net interest income | 4,777 | 4,570 | 4,423 | 4,279 | |||||||||||||
Provision for loan losses | 149 | 129 | 100 | 150 | |||||||||||||
Gain (loss) on sale of securities | (79 | ) | 4 | 133 | 15 | ||||||||||||
Income before income taxes | 797 | 1,425 | 1,663 | 1,405 | |||||||||||||
Net income | 850 | 1,046 | 1,203 | 1,038 | |||||||||||||
Net income available to common shareholders | $ | 850 | $ | 1,046 | $ | 1,203 | $ | 1,038 | |||||||||
Net income per share, basic | $ | 0.16 | $ | 0.2 | $ | 0.23 | $ | 0.2 | |||||||||
Net income per share, diluted | $ | 0.16 | $ | 0.2 | $ | 0.23 | $ | 0.2 | |||||||||
2012 | Fourth | Third | Second | First | |||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
Interest income | $ | 5,468 | $ | 5,650 | $ | 5,840 | $ | 6,044 | |||||||||
Net interest income | 4,285 | 4,329 | 4,451 | 4,509 | |||||||||||||
Provision for loan losses | 80 | 115 | 71 | 230 | |||||||||||||
Gain on sale of securities | 88 | (35 | ) | (38 | ) | 11 | |||||||||||
Other-than-temporary-impairment | — | — | — | (200 | ) | ||||||||||||
Income before income taxes | 1,338 | 1,793 | 1,327 | 1,130 | |||||||||||||
Net income | 1,021 | 1,220 | 928 | 799 | |||||||||||||
Preferred stock dividends | — | 339 | 168 | 169 | |||||||||||||
Net income available to common shareholders | $ | 1,021 | $ | 881 | $ | 760 | $ | 630 | |||||||||
Net income per share, basic | $ | 0.2 | $ | 0.19 | $ | 0.23 | $ | 0.19 | |||||||||
Net income per share, diluted | $ | 0.19 | $ | 0.19 | $ | 0.23 | $ | 0.19 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) | 12 Months Ended |
Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | ' |
Period for which federal funds are generally sold | '1 day |
Period within which the entity delivers to and receives funding from the investor | '30 days |
Threshold period past due for discontinuation of accrual of interest on impaired loans | '90 days |
Building [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives | '39 years |
Furniture and Fixtures [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives | '10 years |
SUMMARY_OF_SIGNIFICANT_ACCOUNT3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative 2) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
item | |||
Accounting Policies [Abstract] | ' | ' | ' |
Period over which intangibles are being amortized | '7 years | ' | ' |
Number of operating segments | 1 | ' | ' |
Number of significant types of risks | 2 | ' | ' |
Number of main components of economic risk | 3 | ' | ' |
Advertising Expense | $513,400 | $444,500 | $436,200 |
BUSINESS_COMBINATIONS_Details_
BUSINESS COMBINATIONS (Details Narrative) (Palmetto South Mortgage Corporation [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Jul. 31, 2011 |
Palmetto South Mortgage Corporation [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Earn out period over which acquisition price payable | '3 years | ' |
Contingent consideration based upon annual net income, low end of range | $0 | ' |
Contingent consideration based upon annual net income, high end of range | 1,200 | ' |
Contingent liability | 600 | ' |
Purchase price of operating assets | ' | $22 |
INVESTMENT_SECURITIES_Details
INVESTMENT SECURITIES (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Amortized Cost | $228,304 | $199,927 | ' |
Gross Unrealized Gains | 1,251 | 4,352 | ' |
Gross Unrealized Losses | 5,200 | 834 | ' |
Investment securities - available for sale | 224,355 | 203,445 | ' |
FHLB Stock | 2,700 | 2,500 | ' |
Proceeds from sale of investment securities available-for-sale | 12,884 | 55,791 | 54,714 |
Gross realized gains | 583 | 2,200 | 2,600 |
Gross realized losses | 510 | 2,100 | 2,000 |
Tax provision applicable to net realized gain | 25 | 9 | 201 |
Government sponsored enterprises | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Amortized Cost | 3,388 | 1,522 | ' |
Gross Unrealized Gains | 1 | 12 | ' |
Gross Unrealized Losses | 143 | ' | ' |
Investment securities - available for sale | 3,246 | 1,534 | ' |
Mortgage-backed securities | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Amortized Cost | 120,925 | 110,425 | ' |
Gross Unrealized Gains | 757 | 2,343 | ' |
Gross Unrealized Losses | 2,006 | 624 | ' |
Investment securities - available for sale | 119,676 | 112,144 | ' |
Small Business Administration pools | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Amortized Cost | 56,595 | 54,148 | ' |
Gross Unrealized Gains | 376 | 1,008 | ' |
Gross Unrealized Losses | 851 | 163 | ' |
Investment securities - available for sale | 56,120 | 54,993 | ' |
State and local government | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Amortized Cost | 45,048 | 31,483 | ' |
Gross Unrealized Gains | 96 | 936 | ' |
Gross Unrealized Losses | 2,146 | 46 | ' |
Investment securities - available for sale | 42,998 | 32,373 | ' |
Corporate and other securities | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Amortized Cost | 2,348 | 2,349 | ' |
Gross Unrealized Gains | 21 | 53 | ' |
Gross Unrealized Losses | 54 | 1 | ' |
Investment securities - available for sale | $2,315 | $2,401 | ' |
INVESTMENT_SECURITIES_Details_
INVESTMENT SECURITIES (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Available-for-sale, Amortized Cost | ' | ' |
Due in one year or less | $5,890 | ' |
Due after one year through five years | 90,122 | ' |
Due after five years through ten years | 59,326 | ' |
Due after ten years | 72,965 | ' |
Total | 228,303 | ' |
Available-for-sale, Fair Value | ' | ' |
Due in one year or less | 5,853 | ' |
Due after one year through five years | 89,882 | ' |
Due after five years through ten years | 57,785 | ' |
Due after ten years | 70,835 | ' |
Total | 224,355 | ' |
Securities pledged to secure FHLB Advances, public deposits, demand notes due the Treasury and securities sold under agreements to repurchase | ' | ' |
Amortized cost | 66,300 | 29,000 |
Fair value | $66,000 | $30,300 |
INVESTMENT_SECURITIES_Details_1
INVESTMENT SECURITIES (Details 3) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value | ' | ' |
Less than 12 months | $131,476 | $36,274 |
12 months or more | 19,035 | 9,443 |
Total | 150,511 | 45,717 |
Unrealized Loss | ' | ' |
Less than 12 months | 4,502 | 437 |
12 months or more | 698 | 397 |
Total | 5,200 | 834 |
Government sponsored enterprises | ' | ' |
Fair Value | ' | ' |
Less than 12 months | 3,230 | ' |
12 months or more | ' | ' |
Total | 3,230 | ' |
Unrealized Loss | ' | ' |
Less than 12 months | 143 | ' |
12 months or more | ' | ' |
Total | 143 | ' |
Government Sponsored Enterprise mortgage-backed securities | ' | ' |
Fair Value | ' | ' |
Less than 12 months | 74,251 | 22,662 |
12 months or more | 6,354 | 4,583 |
Total | 80,605 | 27,245 |
Unrealized Loss | ' | ' |
Less than 12 months | 1,814 | 233 |
12 months or more | 184 | 13 |
Total | 1,998 | 246 |
Small Business Administration pools | ' | ' |
Fair Value | ' | ' |
Less than 12 months | 19,150 | 11,013 |
12 months or more | 9,294 | 2,447 |
Total | 28,444 | 13,460 |
Unrealized Loss | ' | ' |
Less than 12 months | 628 | 158 |
12 months or more | 223 | 5 |
Total | 851 | 163 |
Non-agency mortgage-backed securities | ' | ' |
Fair Value | ' | ' |
Less than 12 months | 716 | ' |
12 months or more | ' | 2,363 |
Total | 716 | 2,363 |
Unrealized Loss | ' | ' |
Less than 12 months | 8 | ' |
12 months or more | ' | 378 |
Total | 8 | 378 |
State and local government | ' | ' |
Fair Value | ' | ' |
Less than 12 months | 33,257 | 2,599 |
12 months or more | 3,337 | ' |
Total | 36,594 | 2,599 |
Unrealized Loss | ' | ' |
Less than 12 months | 1,856 | 46 |
12 months or more | 290 | ' |
Total | 2,146 | 46 |
Corporate Bond Securities [Member] | ' | ' |
Fair Value | ' | ' |
Less than 12 months | 872 | ' |
12 months or more | 50 | ' |
Total | 922 | ' |
Unrealized Loss | ' | ' |
Less than 12 months | 54 | ' |
12 months or more | 1 | ' |
Total | 55 | ' |
Corporate and other securities | ' | ' |
Fair Value | ' | ' |
Less than 12 months | ' | ' |
12 months or more | ' | 50 |
Total | ' | 50 |
Unrealized Loss | ' | ' |
Less than 12 months | ' | ' |
12 months or more | ' | 1 |
Total | ' | $1 |
INVESTMENT_SECURITIES_Details_2
INVESTMENT SECURITIES (Details Narrative) (USD $) | 12 Months Ended | 3 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Government Sponsored Enterprise mortgage-backed securities | Non-agency mortgage-backed securities | Non-agency mortgage-backed securities | ||
item | ||||
Amortized Cost | $228,303,000 | $120,900,000 | $3,100,000 | $954,200,000 |
Fair Value | 224,355,000 | 119,700,000 | 2,700,000 | 949,000,000 |
Number of securities with OTTI | ' | ' | 2 | ' |
Fair Value of securities with OTTI | ' | ' | 2,500,000 | ' |
Impairment charges recognized in earnings, credit component | 200,000 | ' | 199,800 | ' |
Estimated credit losses | $415,000 | ' | $199,800 | ' |
INVESTMENT_SECURITIES_Details_3
INVESTMENT SECURITIES (Details 4) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Available-for-sale securities | ' |
Total OTTI charge realized and unrealized | $415 |
OTTI recognized in other comprehensive income (non-credit component) | 215 |
Net impairment losses recognized in earnings (credit component) | $200 |
INVESTMENT_SECURITIES_Details_4
INVESTMENT SECURITIES (Details 5) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Analysis of amounts relating to credit losses on debt securities recognized in earnings | ' | ' | ' | ' |
Credit losses recognized in earnings | $200 | ' | $200 | $297 |
Available-for-sale Securities [Member] | ' | ' | ' | ' |
Analysis of amounts relating to credit losses on debt securities recognized in earnings | ' | ' | ' | ' |
Balance at beginning of period | 930 | 271 | 930 | 2,143 |
Other-than-temporary-impairment not previously recognized | ' | ' | 173 | 50 |
Additional increase for which an other-than-temporary impairment was previously recognized related to credit losses | ' | ' | 27 | 247 |
Realized losses during the period | ' | -63 | -180 | -1,510 |
Other-than-temporary-impairment previously recognized on securities sold | ' | -208 | 679 | ' |
Balance related to credit losses on debt securities at end of period | ' | ' | 271 | 930 |
Credit losses recognized in earnings | ' | ' | $200 | ' |
Number of securities with an OTTI wherein loss related to credit was recognized in earnings | ' | ' | 2 | ' |
LOANS_Details
LOANS (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Loans | $347,597 | $332,111 | $324,311 |
Commercial Financial and Agricultural Loans [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Loans | 19,925 | 20,924 | ' |
Real Estate Construction Loans [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Loans | 18,933 | 13,052 | 11,767 |
Real estate Mortgage-residential [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Loans | 37,579 | 38,892 | 38,337 |
Real estate Mortgage-commercial [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Loans | 237,701 | 226,575 | 220,288 |
Consumer Home Equity Line of Credit [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Loans | 25,659 | 27,173 | 27,976 |
Consumer Other Financing Receivable [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Loans | $7,800 | $5,495 | $5,335 |
LOANS_Details_2
LOANS (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Loans Details 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the beginning of the period | ' | ' | ' | $4,621 | ' | ' | ' | $4,699 | $4,621 | $4,699 | $4,911 |
Provision for loan losses | 149 | 129 | 100 | 150 | 80 | 115 | 71 | 230 | 528 | 496 | 1,420 |
Charged off loans | ' | ' | ' | ' | ' | ' | ' | ' | 1,090 | 742 | 1,696 |
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 160 | 168 | 64 |
Balance at end of the period | $4,219 | ' | ' | ' | $4,621 | ' | ' | ' | $4,219 | $4,621 | $4,699 |
LOANS_Details_3
LOANS (Details 3) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Activity in the allowance for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the beginning of the period | ' | ' | ' | $4,621 | ' | ' | ' | $4,699 | $4,621 | $4,699 | $4,911 |
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -1,090 | -742 | -1,696 |
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 160 | 168 | 64 |
Provisions | 149 | 129 | 100 | 150 | 80 | 115 | 71 | 230 | 528 | 496 | 1,420 |
Balance at end of the period | 4,219 | ' | ' | ' | 4,621 | ' | ' | ' | 4,219 | 4,621 | 4,699 |
Allowance for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 4 | ' | ' | ' | ' | ' | ' | ' | 4 | ' | 2 |
Collectively evaluated for impairment | 4,215 | ' | ' | ' | 4,621 | ' | ' | ' | 4,215 | 4,621 | 4,697 |
Loans receivable: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending balance-total | 347,597 | ' | ' | ' | 332,111 | ' | ' | ' | 347,597 | 332,111 | 324,311 |
Individually evaluated for impairment | 5,982 | ' | ' | ' | 6,176 | ' | ' | ' | 5,982 | 6,176 | 9,353 |
Collectively evaluated for impairment | 341,615 | ' | ' | ' | 325,935 | ' | ' | ' | 341,615 | 325,935 | 314,958 |
Commercial Loan [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Activity in the allowance for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the beginning of the period | ' | ' | ' | 338 | ' | ' | ' | 331 | 338 | 331 | 681 |
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | ' | -258 | -265 |
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 47 | 42 | 31 |
Provisions | ' | ' | ' | ' | ' | ' | ' | ' | -152 | 223 | -116 |
Balance at end of the period | 233 | ' | ' | ' | 338 | ' | ' | ' | 233 | 338 | 331 |
Allowance for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 |
Collectively evaluated for impairment | 233 | ' | ' | ' | 338 | ' | ' | ' | 233 | 338 | 330 |
Loans receivable: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending balance-total | 19,925 | ' | ' | ' | 20,924 | ' | ' | ' | 19,925 | 20,924 | 20,608 |
Individually evaluated for impairment | 76 | ' | ' | ' | 37 | ' | ' | ' | 76 | 37 | 45 |
Collectively evaluated for impairment | 19,849 | ' | ' | ' | 20,887 | ' | ' | ' | 19,849 | 20,887 | 20,563 |
Real Estate Construction Loans [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Activity in the allowance for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the beginning of the period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 905 |
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Provisions | ' | ' | ' | ' | ' | ' | ' | ' | 26 | ' | -905 |
Balance at end of the period | 26 | ' | ' | ' | ' | ' | ' | ' | 26 | ' | ' |
Allowance for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Collectively evaluated for impairment | 26 | ' | ' | ' | ' | ' | ' | ' | 26 | ' | ' |
Loans receivable: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending balance-total | 18,933 | ' | ' | ' | 13,052 | ' | ' | ' | 18,933 | 13,052 | 11,767 |
Individually evaluated for impairment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Collectively evaluated for impairment | 18,933 | ' | ' | ' | 13,052 | ' | ' | ' | 18,933 | 13,052 | 11,767 |
Real estate Mortgage-residential [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Activity in the allowance for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the beginning of the period | ' | ' | ' | 235 | ' | ' | ' | 514 | 235 | 514 | 465 |
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -47 | -112 | -186 |
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 72 | 86 | 5 |
Provisions | ' | ' | ' | ' | ' | ' | ' | ' | 31 | -253 | 230 |
Balance at end of the period | 291 | ' | ' | ' | 235 | ' | ' | ' | 291 | 235 | 514 |
Allowance for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 4 | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' |
Collectively evaluated for impairment | 287 | ' | ' | ' | 235 | ' | ' | ' | 287 | 235 | 514 |
Loans receivable: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending balance-total | 37,579 | ' | ' | ' | 38,892 | ' | ' | ' | 37,579 | 38,892 | 38,337 |
Individually evaluated for impairment | 951 | ' | ' | ' | 357 | ' | ' | ' | 951 | 357 | 622 |
Collectively evaluated for impairment | 36,628 | ' | ' | ' | 38,535 | ' | ' | ' | 36,628 | 38,535 | 37,715 |
Real estate Mortgage-commercial [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Activity in the allowance for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the beginning of the period | ' | ' | ' | 1,322 | ' | ' | ' | 1,475 | 1,322 | 1,475 | 1,404 |
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -897 | -293 | -861 |
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Provisions | ' | ' | ' | ' | ' | ' | ' | ' | 692 | 140 | 932 |
Balance at end of the period | 1,117 | ' | ' | ' | 1,322 | ' | ' | ' | 1,117 | 1,322 | 1,475 |
Allowance for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 |
Collectively evaluated for impairment | 1,117 | ' | ' | ' | 1,322 | ' | ' | ' | 1,117 | 1,322 | 1,474 |
Loans receivable: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending balance-total | 237,701 | ' | ' | ' | 226,575 | ' | ' | ' | 237,701 | 226,575 | 220,288 |
Individually evaluated for impairment | 4,834 | ' | ' | ' | 5,772 | ' | ' | ' | 4,834 | 5,772 | 8,667 |
Collectively evaluated for impairment | 232,867 | ' | ' | ' | 220,803 | ' | ' | ' | 232,867 | 220,803 | 211,621 |
Consumer Home Equity Line of Credit [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Activity in the allowance for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the beginning of the period | ' | ' | ' | 400 | ' | ' | ' | 521 | 400 | 521 | 325 |
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -67 | ' | -285 |
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | 5 |
Provisions | ' | ' | ' | ' | ' | ' | ' | ' | -221 | -124 | 476 |
Balance at end of the period | 112 | ' | ' | ' | 400 | ' | ' | ' | 112 | 400 | 521 |
Allowance for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Collectively evaluated for impairment | 112 | ' | ' | ' | 400 | ' | ' | ' | 112 | 400 | 521 |
Loans receivable: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending balance-total | 25,659 | ' | ' | ' | 27,173 | ' | ' | ' | 25,659 | 27,173 | 27,976 |
Individually evaluated for impairment | 109 | ' | ' | ' | ' | ' | ' | ' | 109 | ' | ' |
Collectively evaluated for impairment | 25,550 | ' | ' | ' | 27,173 | ' | ' | ' | 25,550 | 27,173 | 27,976 |
Consumer Other Financing Receivable [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Activity in the allowance for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the beginning of the period | ' | ' | ' | 17 | ' | ' | ' | 57 | 17 | 57 | 88 |
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -79 | -79 | -99 |
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 41 | 37 | 23 |
Provisions | ' | ' | ' | ' | ' | ' | ' | ' | 101 | 2 | 45 |
Balance at end of the period | 80 | ' | ' | ' | 17 | ' | ' | ' | 80 | 17 | 57 |
Allowance for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Collectively evaluated for impairment | 80 | ' | ' | ' | 17 | ' | ' | ' | 80 | 17 | 57 |
Loans receivable: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending balance-total | 7,800 | ' | ' | ' | 5,495 | ' | ' | ' | 7,800 | 5,495 | 5,335 |
Individually evaluated for impairment | 12 | ' | ' | ' | 10 | ' | ' | ' | 12 | 10 | 19 |
Collectively evaluated for impairment | 7,788 | ' | ' | ' | 5,485 | ' | ' | ' | 7,788 | 5,485 | 5,316 |
Unallocated Financing Receivables [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Activity in the allowance for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the beginning of the period | ' | ' | ' | 2,309 | ' | ' | ' | 1,801 | 2,309 | 1,801 | 1,043 |
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Provisions | ' | ' | ' | ' | ' | ' | ' | ' | 51 | 508 | 758 |
Balance at end of the period | 2,360 | ' | ' | ' | 2,309 | ' | ' | ' | 2,360 | 2,309 | 1,801 |
Allowance for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Collectively evaluated for impairment | 2,360 | ' | ' | ' | 2,309 | ' | ' | ' | 2,360 | 2,309 | 1,801 |
Loans receivable: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending balance-total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Collectively evaluated for impairment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LOANS_Details_4
LOANS (Details 4) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Loans Details 4 | ' | ' | ' |
Total loans considered impaired at year end | $5,982 | $6,176 | $9,353 |
Outstanding loan balance | 55 | ' | 148 |
Related allowance | 4 | ' | 2 |
Loans considered impaired and previously written down to fair value | 5,927 | 6,176 | 9,205 |
Average impaired loans | 7,637 | 6,704 | 9,926 |
Amount of interest earned during period of impairment | 170 | 179 | 397 |
Loans outstanding to bank directors, executive officers and their related business interests | 10,200 | 10,900 | ' |
Loans to bank directors, executive officers and their related business interests repaid during the period | 2,500 | 855 | ' |
Loans made to bank directors, executive officers and their related business interests during the period | $1,800 | $230 | ' |
LOANS_Details_5
LOANS (Details 5) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
With no allowance recorded: | ' | ' | ' |
Recorded Investment | $5,927 | $6,176 | $9,205 |
With an allowance recorded: | ' | ' | ' |
Recorded Investment | 55 | ' | 148 |
Related allowance | 4 | ' | 2 |
Total: | ' | ' | ' |
Recorded Investment | 5,982 | 6,176 | 9,353 |
Unpaid Principal Balance | 6,698 | 6,603 | 9,811 |
Related allowance | 4 | ' | 2 |
Average Recorded Investment | 7,637 | 6,704 | 9,926 |
Interest Income Recognized | 170 | 179 | 397 |
Commercial Loan [Member] | ' | ' | ' |
With no allowance recorded: | ' | ' | ' |
Recorded Investment | 76 | 37 | 12 |
Unpaid Principal Balance | 76 | 50 | 19 |
Average Recorded Investment | 146 | 53 | 21 |
Interest Income Recognized | 8 | ' | ' |
With an allowance recorded: | ' | ' | ' |
Recorded Investment | ' | ' | 33 |
Unpaid Principal Balance | ' | ' | 33 |
Related allowance | ' | ' | 1 |
Average Recorded Investment | ' | ' | 36 |
Interest Income Recognized | ' | ' | 2 |
Total: | ' | ' | ' |
Recorded Investment | 76 | 37 | 45 |
Unpaid Principal Balance | 76 | 50 | 52 |
Related allowance | ' | ' | 1 |
Average Recorded Investment | 146 | 53 | 57 |
Interest Income Recognized | 8 | ' | 2 |
Real Estate Construction Loans [Member] | ' | ' | ' |
With no allowance recorded: | ' | ' | ' |
Recorded Investment | ' | ' | ' |
Unpaid Principal Balance | ' | ' | ' |
Average Recorded Investment | ' | ' | ' |
Interest Income Recognized | ' | ' | ' |
With an allowance recorded: | ' | ' | ' |
Recorded Investment | ' | ' | ' |
Unpaid Principal Balance | ' | ' | ' |
Related allowance | ' | ' | ' |
Average Recorded Investment | ' | ' | ' |
Interest Income Recognized | ' | ' | ' |
Total: | ' | ' | ' |
Recorded Investment | ' | ' | ' |
Unpaid Principal Balance | ' | ' | ' |
Related allowance | ' | ' | ' |
Average Recorded Investment | ' | ' | ' |
Interest Income Recognized | ' | ' | ' |
Real estate Mortgage-residential [Member] | ' | ' | ' |
With no allowance recorded: | ' | ' | ' |
Recorded Investment | 896 | 357 | 622 |
Unpaid Principal Balance | 998 | 381 | 650 |
Average Recorded Investment | 1,096 | 442 | 656 |
Interest Income Recognized | 121 | 1 | 4 |
With an allowance recorded: | ' | ' | ' |
Recorded Investment | 55 | ' | ' |
Unpaid Principal Balance | 55 | ' | ' |
Related allowance | 4 | ' | ' |
Average Recorded Investment | 56 | ' | ' |
Interest Income Recognized | 9 | ' | ' |
Total: | ' | ' | ' |
Recorded Investment | 951 | 357 | 622 |
Unpaid Principal Balance | 1,053 | 381 | 650 |
Related allowance | 4 | ' | ' |
Average Recorded Investment | 1,152 | 442 | 656 |
Interest Income Recognized | 121 | 1 | 4 |
Real estate Mortgage-commercial [Member] | ' | ' | ' |
With no allowance recorded: | ' | ' | ' |
Recorded Investment | 4,834 | 5,772 | 8,552 |
Unpaid Principal Balance | 5,447 | 6,162 | 8,975 |
Average Recorded Investment | 6,204 | 6,188 | 30 |
Interest Income Recognized | 27 | 178 | 1 |
With an allowance recorded: | ' | ' | ' |
Recorded Investment | ' | ' | 115 |
Unpaid Principal Balance | ' | ' | 115 |
Related allowance | ' | ' | 1 |
Average Recorded Investment | ' | ' | ' |
Interest Income Recognized | ' | ' | ' |
Total: | ' | ' | ' |
Recorded Investment | 4,834 | 5,772 | 8,667 |
Unpaid Principal Balance | 5,447 | 6,162 | 9,090 |
Related allowance | ' | ' | 1 |
Average Recorded Investment | 6,204 | 6,188 | 30 |
Interest Income Recognized | 36 | 178 | 1 |
Consumer Home Equity Line of Credit [Member] | ' | ' | ' |
With no allowance recorded: | ' | ' | ' |
Recorded Investment | 109 | ' | ' |
Unpaid Principal Balance | 109 | ' | ' |
Average Recorded Investment | 109 | ' | 9,066 |
Interest Income Recognized | 4 | ' | 382 |
With an allowance recorded: | ' | ' | ' |
Recorded Investment | ' | ' | ' |
Unpaid Principal Balance | ' | ' | ' |
Related allowance | ' | ' | ' |
Average Recorded Investment | ' | ' | 117 |
Interest Income Recognized | ' | ' | 8 |
Total: | ' | ' | ' |
Recorded Investment | 109 | ' | ' |
Unpaid Principal Balance | 109 | ' | ' |
Related allowance | ' | ' | ' |
Average Recorded Investment | 109 | ' | 9,183 |
Interest Income Recognized | 4 | ' | 390 |
Consumer Other Financing Receivable [Member] | ' | ' | ' |
With no allowance recorded: | ' | ' | ' |
Recorded Investment | 12 | 10 | 19 |
Unpaid Principal Balance | 13 | 10 | 19 |
Average Recorded Investment | 26 | 21 | ' |
Interest Income Recognized | 1 | ' | ' |
With an allowance recorded: | ' | ' | ' |
Recorded Investment | ' | ' | ' |
Unpaid Principal Balance | ' | ' | ' |
Related allowance | ' | ' | ' |
Average Recorded Investment | ' | ' | ' |
Interest Income Recognized | ' | ' | ' |
Total: | ' | ' | ' |
Recorded Investment | 12 | 10 | 19 |
Unpaid Principal Balance | 13 | 10 | 19 |
Related allowance | ' | ' | ' |
Average Recorded Investment | 26 | 21 | ' |
Interest Income Recognized | $1 | ' | ' |
LOANS_Details_6
LOANS (Details 6) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Loans | $347,597 | $332,111 | $324,311 |
Commercial Financial and Agricultural Loans [Member] | ' | ' | ' |
Loans | 19,925 | 20,924 | ' |
Real Estate Construction Loans [Member] | ' | ' | ' |
Loans | 18,933 | 13,052 | 11,767 |
Real estate Mortgage-residential [Member] | ' | ' | ' |
Loans | 37,579 | 38,892 | 38,337 |
Real estate Mortgage-commercial [Member] | ' | ' | ' |
Loans | 237,701 | 226,575 | 220,288 |
Consumer Home Equity Line of Credit [Member] | ' | ' | ' |
Loans | 25,659 | 27,173 | 27,976 |
Consumer Other Financing Receivable [Member] | ' | ' | ' |
Loans | 7,800 | 5,495 | 5,335 |
Pass | ' | ' | ' |
Loans | 326,280 | 306,818 | ' |
Pass | Commercial Financial and Agricultural Loans [Member] | ' | ' | ' |
Loans | 19,627 | 20,826 | ' |
Pass | Real Estate Construction Loans [Member] | ' | ' | ' |
Loans | 15,341 | 8,595 | ' |
Pass | Real estate Mortgage-residential [Member] | ' | ' | ' |
Loans | 36,614 | 36,493 | ' |
Pass | Real estate Mortgage-commercial [Member] | ' | ' | ' |
Loans | 223,110 | 208,825 | ' |
Pass | Consumer Home Equity Line of Credit [Member] | ' | ' | ' |
Loans | 23,800 | 26,604 | ' |
Pass | Consumer Other Financing Receivable [Member] | ' | ' | ' |
Loans | 7,788 | 5,475 | ' |
Special Mention | ' | ' | ' |
Loans | 10,707 | 7,681 | ' |
Special Mention | Commercial Financial and Agricultural Loans [Member] | ' | ' | ' |
Loans | 218 | 27 | ' |
Special Mention | Real Estate Construction Loans [Member] | ' | ' | ' |
Loans | 3,592 | 2,047 | ' |
Special Mention | Real estate Mortgage-residential [Member] | ' | ' | ' |
Loans | 229 | 1,677 | ' |
Special Mention | Real estate Mortgage-commercial [Member] | ' | ' | ' |
Loans | 5,813 | 3,803 | ' |
Special Mention | Consumer Home Equity Line of Credit [Member] | ' | ' | ' |
Loans | 855 | 124 | ' |
Special Mention | Consumer Other Financing Receivable [Member] | ' | ' | ' |
Loans | ' | 3 | ' |
Substandard | ' | ' | ' |
Loans | 10,610 | 17,612 | ' |
Substandard | Commercial Financial and Agricultural Loans [Member] | ' | ' | ' |
Loans | 80 | 71 | ' |
Substandard | Real Estate Construction Loans [Member] | ' | ' | ' |
Loans | ' | 2,410 | ' |
Substandard | Real estate Mortgage-residential [Member] | ' | ' | ' |
Loans | 736 | 722 | ' |
Substandard | Real estate Mortgage-commercial [Member] | ' | ' | ' |
Loans | 8,778 | 13,947 | ' |
Substandard | Consumer Home Equity Line of Credit [Member] | ' | ' | ' |
Loans | 1,004 | 445 | ' |
Substandard | Consumer Other Financing Receivable [Member] | ' | ' | ' |
Loans | 12 | 17 | ' |
Doubtful | ' | ' | ' |
Loans | ' | ' | ' |
Doubtful | Commercial Financial and Agricultural Loans [Member] | ' | ' | ' |
Loans | ' | ' | ' |
Doubtful | Real Estate Construction Loans [Member] | ' | ' | ' |
Loans | ' | ' | ' |
Doubtful | Real estate Mortgage-residential [Member] | ' | ' | ' |
Loans | ' | ' | ' |
Doubtful | Real estate Mortgage-commercial [Member] | ' | ' | ' |
Loans | ' | ' | ' |
Doubtful | Consumer Home Equity Line of Credit [Member] | ' | ' | ' |
Loans | ' | ' | ' |
Doubtful | Consumer Other Financing Receivable [Member] | ' | ' | ' |
Loans | ' | ' | ' |
Loans_Details_Narrative
Loans (Details Narrative) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Receivables [Abstract] | ' | ' |
Non-accrual loans | $5,406 | $4,715 |
Gross interest income which would have been recorded under the original terms of the non-accrual loans | 704 | 352 |
Interest recorded on non-accrual loans | 124 | 112 |
Troubled debt restructurings | 576 | 1,500 |
Interest earned on troubled debt restructurings | 46 | 123 |
Loans greater than ninety days delinquent and still accruing interest | $2 | $55 |
LOANS_Details_7
LOANS (Details 7) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
30-59 Days Past Due | $433 | $1,198 | ' |
60-89 Days Past Due | 1,193 | 1,390 | ' |
Greater than 90 Days and Accruing | 2 | 55 | ' |
Nonaccrual | 5,406 | 4,715 | ' |
Total Past Due | 7,034 | 7,358 | ' |
Current | 340,563 | 324,753 | ' |
Total Loans | 347,597 | 332,111 | 324,311 |
Commercial Loan [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
30-59 Days Past Due | ' | 17 | ' |
60-89 Days Past Due | 8 | 107 | ' |
Greater than 90 Days and Accruing | 2 | ' | ' |
Nonaccrual | 76 | 85 | ' |
Total Past Due | 86 | 209 | ' |
Current | 19,839 | 20,715 | ' |
Total Loans | 19,925 | 20,924 | 20,608 |
Real Estate Construction Loans [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
30-59 Days Past Due | ' | ' | ' |
60-89 Days Past Due | ' | ' | ' |
Greater than 90 Days and Accruing | ' | ' | ' |
Nonaccrual | ' | ' | ' |
Total Past Due | ' | ' | ' |
Current | 18,933 | 13,052 | ' |
Total Loans | 18,933 | 13,052 | 11,767 |
Real estate Mortgage-residential [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
30-59 Days Past Due | 331 | 311 | ' |
60-89 Days Past Due | 277 | 378 | ' |
Greater than 90 Days and Accruing | ' | ' | ' |
Nonaccrual | 895 | 357 | ' |
Total Past Due | 1,503 | 1,046 | ' |
Current | 36,076 | 37,846 | ' |
Total Loans | 37,579 | 38,892 | 38,337 |
Real estate Mortgage-commercial [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
30-59 Days Past Due | 54 | 627 | ' |
60-89 Days Past Due | 908 | 898 | ' |
Greater than 90 Days and Accruing | ' | 55 | ' |
Nonaccrual | 4,314 | 4,263 | ' |
Total Past Due | 5,276 | 5,843 | ' |
Current | 232,425 | 220,732 | ' |
Total Loans | 237,701 | 226,575 | 220,288 |
Consumer Home Equity Line of Credit [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
30-59 Days Past Due | 40 | 211 | ' |
60-89 Days Past Due | ' | ' | ' |
Greater than 90 Days and Accruing | ' | ' | ' |
Nonaccrual | 109 | ' | ' |
Total Past Due | 149 | 211 | ' |
Current | 25,510 | 26,962 | ' |
Total Loans | 25,659 | 27,173 | 27,976 |
Consumer Other Financing Receivable [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
30-59 Days Past Due | 8 | 32 | ' |
60-89 Days Past Due | ' | 7 | ' |
Greater than 90 Days and Accruing | ' | ' | ' |
Nonaccrual | 12 | 10 | ' |
Total Past Due | 20 | 49 | ' |
Current | 7,780 | 5,446 | ' |
Total Loans | $7,800 | $5,495 | $5,335 |
LOANS_Details_8
LOANS (Details 8) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
item | item | item | |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Number of Contracts | 2 | 3 | 8 |
Pre-Modification Outstanding Recorded Investment | $285 | $636 | $3,922 |
Post-Modification Outstanding Recorded Investment | 285 | 636 | 3,922 |
Number of loans determined to be TDRs | 2 | 3 | 8 |
Number of loans determined to be TDRs that were restructured | ' | 3 | 6 |
Number of loans for which payment and interest rate were lowered | ' | 2 | 1 |
Number of loans for which payment have been modified to interest only | 1 | 1 | ' |
Number of loans for which guarantor were released | ' | ' | 1 |
Troubled Debt Restructurings that subsequently defaulted | ' | ' | ' |
Number of Contracts | 1 | ' | ' |
Recorded Investment | 94 | ' | ' |
Period after which past due loans are considered defaulted | '89 days | ' | ' |
Nonaccrual Status [Member] | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Number of Contracts | 2 | 1 | 7 |
Pre-Modification Outstanding Recorded Investment | 285 | 40 | 784 |
Post-Modification Outstanding Recorded Investment | 285 | 40 | 784 |
Nonaccrual Status [Member] | Real estate Mortgage-commercial [Member] | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Number of Contracts | 2 | 1 | 5 |
Pre-Modification Outstanding Recorded Investment | 285 | 40 | 741 |
Post-Modification Outstanding Recorded Investment | 285 | 40 | 741 |
Nonaccrual Status [Member] | Commercial & Industrial | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Number of Contracts | ' | ' | 2 |
Pre-Modification Outstanding Recorded Investment | ' | ' | 43 |
Post-Modification Outstanding Recorded Investment | ' | ' | 43 |
Accrual Status [Member] | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Number of Contracts | ' | 2 | 1 |
Pre-Modification Outstanding Recorded Investment | ' | 596 | 3,138 |
Post-Modification Outstanding Recorded Investment | ' | 596 | 3,138 |
Accrual Status [Member] | Real estate Mortgage-commercial [Member] | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Number of Contracts | ' | 2 | 1 |
Pre-Modification Outstanding Recorded Investment | ' | 596 | 3,138 |
Post-Modification Outstanding Recorded Investment | ' | 596 | 3,138 |
Real estate Mortgage-commercial [Member] | ' | ' | ' |
Troubled Debt Restructurings that subsequently defaulted | ' | ' | ' |
Number of Contracts | 1 | ' | ' |
Recorded Investment | $94 | ' | ' |
FAIR_VALUE_MEASUREMENT_Details
FAIR VALUE MEASUREMENT (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financial Assets: | ' | ' |
Available-for-sale securities | $224,355 | $203,445 |
Other investments, at cost | 2,674 | 2,527 |
Interest rate swap | 0 | -338 |
Financial liabilities: | ' | ' |
Non-interest bearing demand | 111,198 | 97,526 |
NOW and money market accounts | 174,224 | 150,874 |
Savings | 51,134 | 41,100 |
Time deposits | 160,515 | ' |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' |
Financial Assets: | ' | ' |
Cash and short term investments | 14,166 | 18,708 |
Available-for-sale securities | 224,355 | 203,445 |
Other investments, at cost | 2,674 | 2,527 |
Loans held for sale | 3,790 | 9,658 |
Net loans receivable | 343,378 | 327,490 |
Accrued interest | 2,267 | 2,098 |
Interest rate swap | ' | -338 |
Financial liabilities: | ' | ' |
Non-interest bearing demand | 111,198 | 97,526 |
NOW and money market accounts | 174,224 | 150,874 |
Savings | 51,134 | 41,100 |
Time deposits | 160,515 | 185,477 |
Total deposits | 497,071 | 474,977 |
Federal Home Loan Bank Advances | 43,325 | 36,344 |
Short term borrowings | 18,634 | 15,900 |
Junior subordinated debentures | 15,464 | 15,464 |
Accrued interest payable | 694 | 1,029 |
Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
Financial Assets: | ' | ' |
Cash and short term investments | 14,166 | 18,708 |
Available-for-sale securities | 224,355 | 203,445 |
Other investments, at cost | 2,674 | 2,527 |
Loans held for sale | 3,790 | 9,658 |
Net loans receivable | 345,262 | 328,893 |
Accrued interest | 2,267 | 2,098 |
Interest rate swap | ' | -338 |
Financial liabilities: | ' | ' |
Non-interest bearing demand | 111,198 | 97,526 |
NOW and money market accounts | 174,224 | 150,874 |
Savings | 51,134 | 41,100 |
Time deposits | 161,623 | 187,313 |
Total deposits | 498,179 | 476,813 |
Federal Home Loan Bank Advances | 47,011 | 41,977 |
Short term borrowings | 18,634 | 15,900 |
Junior subordinated debentures | 15,464 | 15,464 |
Accrued interest payable | 694 | 1,029 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Financial Assets: | ' | ' |
Cash and short term investments | 14,166 | 18,708 |
Available-for-sale securities | 818 | 914 |
Other investments, at cost | ' | ' |
Loans held for sale | ' | ' |
Net loans receivable | ' | ' |
Accrued interest | 2,267 | 2,098 |
Interest rate swap | ' | ' |
Financial liabilities: | ' | ' |
Non-interest bearing demand | ' | ' |
NOW and money market accounts | ' | ' |
Savings | ' | ' |
Time deposits | ' | ' |
Total deposits | ' | ' |
Federal Home Loan Bank Advances | ' | ' |
Short term borrowings | ' | ' |
Junior subordinated debentures | ' | ' |
Accrued interest payable | 694 | 1,029 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Financial Assets: | ' | ' |
Cash and short term investments | ' | ' |
Available-for-sale securities | 223,120 | 202,114 |
Other investments, at cost | ' | ' |
Loans held for sale | 3,790 | 9,658 |
Net loans receivable | 339,284 | 322,717 |
Accrued interest | ' | ' |
Interest rate swap | ' | ' |
Financial liabilities: | ' | ' |
Non-interest bearing demand | 111,198 | 97,526 |
NOW and money market accounts | 174,224 | 150,874 |
Savings | 51,134 | 41,100 |
Time deposits | 161,623 | 187,313 |
Total deposits | 498,179 | 476,813 |
Federal Home Loan Bank Advances | 47,011 | 41,977 |
Short term borrowings | 18,634 | 15,900 |
Junior subordinated debentures | 15,464 | 15,464 |
Accrued interest payable | ' | ' |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Financial Assets: | ' | ' |
Cash and short term investments | ' | ' |
Available-for-sale securities | 417 | 417 |
Other investments, at cost | 2,674 | 2,527 |
Loans held for sale | ' | ' |
Net loans receivable | 5,978 | 6,176 |
Accrued interest | ' | ' |
Interest rate swap | ' | -338 |
Financial liabilities: | ' | ' |
Non-interest bearing demand | ' | ' |
NOW and money market accounts | ' | ' |
Savings | ' | ' |
Time deposits | ' | ' |
Total deposits | ' | ' |
Federal Home Loan Bank Advances | ' | ' |
Short term borrowings | ' | ' |
Junior subordinated debentures | ' | ' |
Accrued interest payable | ' | ' |
FAIR_VALUE_MEASUREMENT_Details1
FAIR VALUE MEASUREMENT (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' |
Non-interest income: Fair value adjustment gain (loss) | ($2) | ($58) | ($166) |
Interest Rate Swap [Member] | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' |
Non-interest income: Fair value adjustment gain (loss) | ($2) | ($58) | ($166) |
FAIR_VALUE_MEASUREMENT_Details2
FAIR VALUE MEASUREMENT (Details 3) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | $224,355 | $203,445 |
Interest rate swap | 0 | -338 |
Government sponsored enterprises | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 3,246 | 1,534 |
Mortgage-backed securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 119,676 | 112,144 |
Small Business Administration pools | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 56,120 | 54,993 |
State and local government | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 42,998 | 32,373 |
Corporate and other securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 2,315 | 2,401 |
Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 224,355 | ' |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Measurements, Recurring [Member] | Government sponsored enterprises | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 3,246 | 1,534 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Measurements, Recurring [Member] | Mortgage-backed securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 119,676 | 112,144 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Measurements, Recurring [Member] | Small Business Administration pools | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 56,120 | 54,993 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Measurements, Recurring [Member] | State and local government | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 42,998 | 32,373 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Measurements, Recurring [Member] | Corporate and other securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 2,315 | 2,401 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 818 | 914 |
Interest rate swap | ' | ' |
Total | ' | 914 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Corporate and other securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 818 | 914 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 223,120 | 202,114 |
Interest rate swap | ' | ' |
Total | ' | 202,114 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Government sponsored enterprises | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 3,246 | 1,534 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Mortgage-backed securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 119,676 | 112,144 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Small Business Administration pools | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 56,120 | 54,993 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | State and local government | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 42,998 | 32,373 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Corporate and other securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 1,080 | 1,070 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 417 | 417 |
Interest rate swap | ' | -338 |
Total | ' | 79 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Corporate and other securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 417 | 417 |
Junior Subordinated Debt [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | ' | 203,445 |
Interest rate swap | ' | -338 |
Total | ' | $203,107 |
FAIR_VALUE_MEASUREMENT_Details3
FAIR VALUE MEASUREMENT (Details 4) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Interest Rate Swap [Member] | ' | ' |
Reconciliation of changes in level 3 financial instruments | ' | ' |
Balance at the beginning of the period | ($338) | ($602) |
Total gains or losses (realized/unrealized) | ' | ' |
Included in earnings | -2 | -58 |
Included in other comprehensive income | ' | ' |
Purchases, issuances, and settlements | 340 | 322 |
Balance at the end of the period | ' | -338 |
Corporate Preferred Stock [Member] | ' | ' |
Total gains or losses (realized/unrealized) | ' | ' |
Purchases, issuances, and settlements | ' | 417 |
Balance at the end of the period | $417 | $417 |
FAIR_VALUE_MEASUREMENT_Details4
FAIR VALUE MEASUREMENT (Details 5) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total impaired loans | $5,982 | $6,176 | $9,353 |
Total other real estate owned | 3,370 | 3,987 | 7,351 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total impaired loans | 5,978 | 6,176 | ' |
Total other real estate owned | 3,370 | 3,987 | ' |
Total | 9,348 | 10,163 | ' |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total impaired loans | 5,978 | 6,176 | ' |
Total other real estate owned | 3,370 | 3,987 | ' |
Total | 9,348 | 10,163 | ' |
Commercial and Industrial Loans Receivable [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total impaired loans | 76 | 37 | ' |
Commercial and Industrial Loans Receivable [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total impaired loans | 76 | 37 | ' |
Real Estate Construction Loans [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total other real estate owned | 301 | 301 | ' |
Real Estate Construction Loans [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total other real estate owned | 301 | 301 | ' |
Real estate Mortgage-residential [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total impaired loans | 947 | 357 | ' |
Total other real estate owned | 168 | 488 | ' |
Real estate Mortgage-residential [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total impaired loans | 947 | 357 | ' |
Total other real estate owned | 168 | 488 | ' |
Real estate Mortgage-commercial [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total impaired loans | 4,834 | 5,772 | ' |
Total other real estate owned | 2,901 | 3,198 | ' |
Real estate Mortgage-commercial [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total impaired loans | 4,834 | 5,772 | ' |
Total other real estate owned | 2,901 | 3,198 | ' |
Consumer Home Equity Line of Credit [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total impaired loans | 109 | ' | ' |
Consumer Home Equity Line of Credit [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total impaired loans | 109 | ' | ' |
Consumer Other Financing Receivable [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total impaired loans | 12 | 10 | ' |
Consumer Other Financing Receivable [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total impaired loans | $12 | $10 | ' |
FAIR_VALUE_MEASUREMENT_Details5
FAIR VALUE MEASUREMENT (Details 6) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | Other Real Estate Owned [Member] | Other Real Estate Owned [Member] | Other Real Estate Owned [Member] | Other Real Estate Owned [Member] | Other Real Estate Owned [Member] | Other Real Estate Owned [Member] | Impaired Loans [Member] | Impaired Loans [Member] | Impaired Loans [Member] | Impaired Loans [Member] | Impaired Loans [Member] | Impaired Loans [Member] | Interest Rate Swap [Member] | Preferred Stock [Member] | Preferred Stock [Member] | |||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Appraisal Value Comparison Sales Other Estimates Valuation Technique [Member] | Appraisal Value Comparison Sales Other Estimates Valuation Technique [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Appraisal Value Discounted Cash Flows Valuation Technique [Member] | Appraisal Value Discounted Cash Flows Valuation Technique [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Discounted Cash Flow Valuation Technique [Member] | Estimation Based on Comparable Non Listed Securities Valuation Technique [Member] | Estimation Based on Comparable Non Listed Securities Valuation Technique [Member] | ||||
Appraisal Value Comparison Sales Other Estimates Valuation Technique [Member] | Appraisal Value Comparison Sales Other Estimates Valuation Technique [Member] | Appraisal Value Comparison Sales Other Estimates Valuation Technique [Member] | Appraisal Value Comparison Sales Other Estimates Valuation Technique [Member] | Appraisal Value Discounted Cash Flows Valuation Technique [Member] | Appraisal Value Discounted Cash Flows Valuation Technique [Member] | Appraisal Value Discounted Cash Flows Valuation Technique [Member] | Appraisal Value Discounted Cash Flows Valuation Technique [Member] | |||||||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate swap | $0 | ($338) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($338) | ' | ' |
Preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 417 | 417 |
OREO | 3,370 | 3,987 | 7,351 | 3,370 | 3,987 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate amount of impaired loans | $5,982 | $6,176 | $9,353 | ' | ' | ' | ' | ' | ' | $5,978 | $6,176 | ' | ' | ' | ' | ' | ' | ' |
Rate (as a percent) | ' | ' | ' | ' | ' | 6.00% | 6.00% | 16.00% | 16.00% | ' | ' | 6.00% | 6.00% | 16.00% | 16.00% | 3.20% | ' | ' |
PROPERTY_AND_EQUIPMENT_Details
PROPERTY AND EQUIPMENT (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | $29,520 | $26,474 | ' |
Accumulated depreciation | 10,076 | 9,216 | ' |
Property and Equipment Net | 19,444 | 17,258 | ' |
Provision for depreciation | 859 | 862 | 841 |
Land [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | 5,259 | 5,297 | ' |
Building [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | 14,744 | 13,990 | ' |
Equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | 7,488 | 6,926 | ' |
Fixed assets in progress | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | $2,029 | $261 | ' |
GOODWILL_CORE_DEPOSIT_INTANGIB2
GOODWILL, CORE DEPOSIT INTANGIBLE AND OTHER ASSETS (Details) (USD $) | 12 Months Ended | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2008 |
Core Deposits [Member] | Core Deposits [Member] | Other Intangible Assets [Member] | Other Intangible Assets [Member] | Customer Lists [Member] | ||||
item | ||||||||
Goodwill and other intangible assets | ' | ' | ' | ' | ' | ' | ' | ' |
Gross carrying amount | $4,084 | $4,084 | ' | $3,438 | $3,438 | $646 | $646 | ' |
Accumulated amortization | -4,084 | -3,924 | ' | ' | ' | ' | ' | ' |
Net | ' | 160 | ' | ' | ' | ' | ' | ' |
Amortization of the intangibles | 160 | 204 | 517 | ' | ' | ' | ' | ' |
Number of financial advisory firms acquired | ' | ' | ' | ' | ' | ' | ' | 2 |
Intangible asset acquired | ' | ' | ' | ' | ' | ' | ' | $646 |
Period over which intangible asset is being amortized on a straight line basis | '7 years | ' | ' | ' | ' | ' | ' | '5 years |
GOODWILL_CORE_DEPOSIT_INTANGIB3
GOODWILL, CORE DEPOSIT INTANGIBLE AND OTHER ASSETS (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 31, 2011 |
In Thousands, unless otherwise specified | Palmetto South Mortgage Corporation [Member] | ||
Goodwill [Line Items] | ' | ' | ' |
Goodwill recorded | ' | ' | $571 |
Carrying value of all existing policies related to bank-owned life insurance | $11,072 | $10,868 | ' |
OTHER_REAL_ESTATE_OWNED_Detail
OTHER REAL ESTATE OWNED (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Other real estate owned | ' | ' | ' |
Balance-beginning of year | $3,987 | $7,351 | ' |
Additions | 1,160 | 2,770 | ' |
Writedowns | 87 | 317 | 261 |
Sales | 1,690 | 5,817 | ' |
Balance, end of year | $3,370 | $3,987 | $7,351 |
DEPOSITS_Details
DEPOSITS (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Scheduled maturities of Certificates of Deposits | ' | ' | ' |
2014 | $78,873 | ' | ' |
2015 | 32,072 | ' | ' |
2016 | 21,090 | ' | ' |
2017 | 13,483 | ' | ' |
2018 | 14,985 | ' | ' |
Thereafter | 12 | ' | ' |
Total | 160,515 | ' | ' |
Interest paid on certificates of deposits | ' | ' | ' |
Interest paid on certificates of deposits of $100 thousand or more | 647 | 1,200 | 1,700 |
Deposits from directors and executive officers and their related interests | 5,800 | 4,800 | ' |
Amount of overdrafts classified as loans | $125 | $142 | ' |
SECURITIES_SOLD_UNDER_AGREEMEN1
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER BORROWED MONEY (Details Narrative) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Securities Sold under Agreements to Repurchase [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Weighted average interest rate (as a percent) | 0.20% | 0.21% |
Maximum month-end balance | $18,900 | $17,300 |
Average outstanding balance during the year | 17,900 | 15,500 |
Average rate paid (as a percent) | 0.22% | 0.23% |
Fair market value of securities pledged as collateral as a percentage of the debt agreement | ' | 100.00% |
Line of Credit [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Unused short-term lines of credit | $20,000 | $20,000 |
Minimum [Member] | Securities Sold under Agreements to Repurchase [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Maturity term of short-term debt | '1 day | ' |
Maximum [Member] | Securities Sold under Agreements to Repurchase [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Maturity term of short-term debt | '4 days | ' |
ADVANCES_FROM_FEDERAL_HOME_LOA2
ADVANCES FROM FEDERAL HOME LOAN BANK (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Advances from the FHLB, Amount | ' | ' | ' |
2014 | $9,000 | ' | ' |
2015 | 2,000 | 4,000 | ' |
2017 | 20,000 | ' | ' |
2018 | 12,000 | ' | ' |
After five years | 325 | 32,344 | ' |
Total | 43,325 | 36,344 | ' |
Advances from the FHLB, Rate | ' | ' | ' |
2014 | 0.35% | ' | ' |
2015 | 4.22% | 4.22% | ' |
2017 | 3.98% | ' | ' |
2018 | 4.45% | ' | ' |
After five years | 1.00% | 4.13% | ' |
Total | 3.35% | 4.14% | ' |
Additional disclosures | ' | ' | ' |
Eligible loans pledged as collateral for advances | 46,900 | 43,800 | ' |
Fair value of securities pledged as collateral for advances | 8,800 | 3,800 | ' |
Average advances | 35,600 | 38,800 | ' |
Average interest rate (as a percent) | 4.10% | 4.15% | ' |
Maximum outstanding amount at any month end | 43,300 | 42,900 | ' |
Prepaid advances | 2,000 | 9,100 | 14,000 |
Realized losses on the early extinguishment | $142 | $217 | $188 |
JUNIOR_SUBORDINATED_DEBT_Detai
JUNIOR SUBORDINATED DEBT (Details Narrative) (USD $) | Sep. 16, 2004 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Trust Preferred Securities Subject to Mandatory Redemption [Member] | Junior Subordinated Debt [Member] |
FCC Capital Trust I [Member] | ||
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | ' | ' |
Amount of aggregate liquidation | $15,000 | ' |
Description of annual interest distribution basis | ' | 'LIBOR |
Annual distribution rate, basis spread (as a percent) | ' | 2.57% |
Maximum consecutive period available for deferral of interest payments on the securities | ' | '5 years |
Redemption price as a percentage of the principal amount if the securities are redeemed on or after September 16, 2009 | ' | 100.00% |
JUNIOR_SUBORDINATED_DEBT_Detai1
JUNIOR SUBORDINATED DEBT (Details Narrative 2) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Dec. 16, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 16, 2011 | Dec. 31, 2013 | Nov. 15, 2012 | Dec. 16, 2011 |
item | Warrant [Member] | Subordinated Debt [Member] | Subordinated Debt [Member] | Subordinated Debt [Member] | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Units sold | 2,500 | ' | ' | ' | ' | ' | ' | ' |
Interest rate of notes (as a percent) | ' | ' | ' | ' | ' | ' | ' | 8.75% |
Principal amount of a note | ' | ' | ' | ' | ' | ' | ' | $1 |
Warrants to purchase | ' | ' | ' | ' | 43 | 101,480 | ' | ' |
Exercise price per share (in dollars per share) | ' | ' | ' | ' | ' | $5.90 | ' | ' |
Debt redeemed | ' | ' | ' | ' | ' | ' | 2,500 | ' |
Aggregate purchase price of units sold | ' | ' | ' | $2,500 | $2,500 | ' | ' | ' |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current | ' | ' | ' |
Federal | ' | ' | ' |
State | 61 | 284 | 142 |
Current, Total | 61 | 284 | 142 |
Deferred | ' | ' | ' |
Federal | 1,092 | 1,336 | 1,315 |
State | ' | ' | ' |
Deferred, Total | 1,092 | 1,336 | 1,315 |
Total | $1,153 | $1,620 | $1,457 |
INCOME_TAXES_Details_2
INCOME TAXES (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reconciliation from expected federal tax expense to effective income tax expense (benefit) | ' | ' | ' |
Expected federal income tax expense | $1,799 | $1,900 | $1,625 |
State income tax net of federal benefit | 124 | 187 | 112 |
Tax exempt interest | -324 | -182 | -29 |
Increase in cash surrender value life insurance | -121 | -130 | -59 |
Valuation allowance released | -132 | ' | 35 |
Merger expenses | 113 | ' | ' |
Low income housing tax credits | -186 | -186 | -186 |
Other | -120 | 31 | -41 |
Total | $1,153 | $1,620 | $1,457 |
INCOME_TAXES_Details_3
INCOME TAXES (Details 3) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets: | ' | ' |
Allowance for loan losses | $1,434 | $1,609 |
Excess tax basis of deductible intangible assets | 328 | 121 |
Net operating loss carry forward | 333 | 1,699 |
Unrealized loss on available-for-sale securities | 1,421 | ' |
Compensation expense deferred for tax purposes | 858 | 767 |
Fair value adjustment on interest rate swap agreement | ' | 115 |
Deferred loss on other-than-temporary-impairment charges | 65 | 257 |
Interest on nonaccrual loans | 251 | 99 |
Tax credit carry-forwards | 1,016 | 829 |
Other | 303 | 401 |
Total deferred tax asset | 6,009 | 5,897 |
Valuation reserve | ' | 132 |
Total deferred tax asset net of valuation reserve | 6,009 | 5,765 |
Liabilities: | ' | ' |
Tax depreciation in excess of book depreciation | 103 | 118 |
Excess tax basis of non-deductible intangible assets | ' | 11 |
Excess financial reporting basis of assets acquired | 897 | 956 |
Unrealized gain on available-for-sale securities | ' | 1,266 |
Other | ' | ' |
Total deferred tax liabilities | 1,000 | 2,351 |
Net deferred tax asset recognized | $5,009 | $3,414 |
INCOME_TAXES_Details_Narrative
INCOME TAXES (Details Narrative) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Valuation allowance disclosure | ' |
Valuation allowance increase | $132 |
Net operating loss carry forwards acquired in the acquisitions of DutchFork and DeKalb for federal income tax purposes | 979 |
Change in the tax expense related to the change in unrealized losses on investment securities | $2,700 |
COMMITMENTS_CONCENTRATIONS_OF_2
COMMITMENTS, CONCENTRATIONS OF CREDIT RISK AND CONTINGENCIES (Details Narrative) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Commercial Real Estate Other Receivable [Member] | Commercial Real Estate Other Receivable [Member] | Commercial Real Estate Other Receivable [Member] | First Community Bank | First Community Bank | First Community Bank | First Community Bank | First Community Bank | First Community Bank | First Community Bank | First Community Bank | First Community Bank | |||
item | Private Households [Member] | Loans Receivable [Member] | Loans Receivable [Member] | Loans Receivable [Member] | Loans Receivable [Member] | Loans Receivable [Member] | Regulatory Capital [Member] | Commercial Real Estate Other Receivable [Member] | |||||||
item | Credit Concentration Risk [Member] | Credit Concentration Risk [Member] | Credit Concentration Risk [Member] | Credit Concentration Risk [Member] | Credit Concentration Risk [Member] | Credit Concentration Risk [Member] | Credit Concentration Risk [Member] | ||||||||
Commercial Real Estate Other Receivable [Member] | Private Households [Member] | Lessors of Residential Properties [Member] | Lessors of Non Residential Properties [Member] | Religious Organizations [Member] | Private Households [Member] | Commercial Real Estate Loans Related to Owner Occupied Properties [Member] | |||||||||
Concentration Risk [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentrations of credit risk threshold, amounts loaned to multiple borrowers engaged in similar business activities as a percentage of risk based capital | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Concentrations of credit risk threshold amount of risk entity's risk based capital, amounts loaned to multiple borrowers engaged in similar business activities | ' | ' | ' | ' | ' | ' | $15,400 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of concentration risks | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' |
Total loan | $347,597 | $332,111 | $324,311 | $237,701 | $226,575 | $220,288 | ' | ' | $250,100 | $77,600 | $47,800 | $71,200 | $31,200 | ' | $70,800 |
Percentage of concentration risk | ' | ' | ' | ' | ' | ' | ' | ' | 77.70% | 22.30% | 13.70% | 20.50% | 9.00% | 133.10% | 28.30% |
Number of loans | ' | ' | ' | ' | ' | ' | ' | 3,400 | ' | ' | ' | ' | ' | ' | ' |
COMMITMENTS_CONCENTRATIONS_OF_3
COMMITMENTS, CONCENTRATIONS OF CREDIT RISK AND CONTINGENCIES (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Interest rate swap agreement | ' | ' | ' |
Notional Amount | ' | $10,000 | ' |
Cap/Swap Rate, fixed (as a percent) | ' | 3.66% | ' |
Fair value | 0 | -338 | ' |
Term of interest rate swap agreement | '5 years | ' | ' |
Derivative, variable rate basis | 'three month LIBOR | ' | ' |
Change in fair value of the contract recognized in earnings | $2 | $58 | $166 |
OTHER_EXPENSES_Details
OTHER EXPENSES (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Other Income and Expenses [Abstract] | ' | ' | ' |
Data processing | $451 | $479 | $472 |
Supplies | 115 | 138 | 178 |
Telephone | 321 | 297 | 307 |
Courier | 68 | 72 | 66 |
Correspondent services | 176 | 168 | 193 |
Insurance | 258 | 209 | 213 |
Postage | 174 | 172 | 174 |
Loss on limited partnership interest | 211 | 194 | 119 |
Director fees | 297 | 312 | 319 |
Professional fees | 549 | 745 | 1,040 |
Shareholder expense | 172 | 135 | 135 |
Other | 862 | 557 | 531 |
Total | $3,654 | $3,478 | $3,747 |
STOCK_OPTIONS_AND_RESTRICTED_S2
STOCK OPTIONS AND RESTRICTED STOCK (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
item | |||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' |
Number of shares reserved for future grants | 307,779 | 340,640 | ' |
Shares reserved that were approved by shareholders at the annual meeting | ' | ' | 350,000 |
Number of members of the board of directors in stock option committee | 2 | ' | ' |
Exercisable period | '10 years | ' | ' |
Shares | ' | ' | ' |
Outstanding at the beginning of the period (in shares) | 75,022 | 75,022 | ' |
Forfeited (in shares) | -3,619 | ' | ' |
Outstanding at the end of the period (in shares) | 71,403 | 75,022 | 75,022 |
Weighted Average Exercise Price | ' | ' | ' |
Outstanding at the beginning of the period | $19.69 | $19.69 | ' |
Forfeited (in dollars per share) | $17.52 | ' | ' |
Outstanding at the end of the period | $20.68 | $19.69 | $19.69 |
Weighted-Average Remaining Contractual Term (Years) | ' | ' | ' |
Outstanding at the end of the period | '1 year 1 month 6 days | '2 years 11 days | '3 years 11 days |
STOCK_OPTIONS_AND_RESTRICTED_S3
STOCK OPTIONS AND RESTRICTED STOCK (Details 2) (Employee Stock Option [Member], USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Number of Option Shares Outstanding and Exercisable | 71,403 |
Weighted Average Remaining Contractual Life | '1 year 1 month 6 days |
Weighted Average Exercise Price (in dollars per share) | $20.68 |
Excercise Price $14.21 / $16.70 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise price, low end of range (in dollars per share) | $14.21 |
Exercise price, high end of range (in dollars per share) | $16.70 |
Number of Option Shares Outstanding and Exercisable | 8,903 |
Weighted Average Remaining Contractual Life | '1 year 5 months 23 days |
Weighted Average Exercise Price (in dollars per share) | $14.21 |
Excercise Price $19.00 / $22.50 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise price, low end of range (in dollars per share) | $19 |
Exercise price, high end of range (in dollars per share) | $22.50 |
Number of Option Shares Outstanding and Exercisable | 62,500 |
Weighted Average Remaining Contractual Life | '1 year 18 days |
Weighted Average Exercise Price (in dollars per share) | $20.23 |
STOCK_OPTIONS_AND_RESTRICTED_S4
STOCK OPTIONS AND RESTRICTED STOCK (Details Narrative) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Subordinated Debt [Member] | ' | ' |
Restricted stock | ' | ' |
Warrants to purchase | 101,480 | ' |
Exercise price per share (in dollars per share) | $5.90 | ' |
Restricted Stock [Member] | Director [Member] | ' | ' |
Restricted stock | ' | ' |
Restricted stock issued to each officer (in shares) | 549 | 604 |
Restricted stock issued (in shares) | 6,588 | 7,852 |
Value of restricted stock issued (in dollars per share) | $9.17 | $8.27 |
Restricted Stock [Member] | Executive Officer [Member] | ' | ' |
Restricted stock | ' | ' |
Restricted stock issued (in shares) | 53,732 | 25,009 |
Value of restricted stock issued (in dollars per share) | $9.17 | $8.27 |
EMPLOYEE_BENEFIT_PLAN_Details
EMPLOYEE BENEFIT PLAN (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 01, 2007 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
401(k) plan | ' | ' | ' | ' |
Plan expense | ' | $301 | $276 | $254 |
Employer match prior to July 1, 2007 (as a percent) | 50.00% | ' | ' | ' |
Employer match of employee contributions of first 3% of eligible compensation (as a percent) | ' | 100.00% | ' | ' |
Percentage of eligible compensation, matched 100% by employer | ' | 3.00% | ' | ' |
Employer match of employee contributions of next 2% of eligible compensation (as a percent) | ' | 50.00% | ' | ' |
Percentage of eligible compensation, matched 50% by employer | 6.00% | 2.00% | ' | ' |
EMPLOYEE_BENEFIT_PLAN_Details_
EMPLOYEE BENEFIT PLAN (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2006 |
Salary Continuation Plan [Member] | Salary Continuation Plan [Member] | Salary Continuation Plan [Member] | Two Key Individuals [Member] | Six Additional Key Officers [Member] | |||
Salary Continuation Plan [Member] | Salary Continuation Plan [Member] | ||||||
item | item | ||||||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Number of individuals covered under the plan | ' | ' | ' | ' | ' | 2 | 6 |
Requisite age of individuals to be covered under the plan | ' | ' | ' | ' | ' | '63 years | ' |
Monthly benefits | ' | ' | ' | ' | ' | $2,500 | ' |
Period for which monthly benefits are provided | ' | ' | ' | ' | ' | '17 years | '15 years |
Additional single premium life insurance policies purchased | ' | ' | ' | ' | ' | ' | 3,500,000 |
Cash surrender value of bank-owned life insurance | 11,072,000 | 10,868,000 | ' | ' | ' | ' | ' |
Expenses accrued for the anticipated benefits | ' | ' | $298,000 | $261,000 | $161,000 | ' | ' |
EARNINGS_PER_SHARE_Details
EARNINGS PER SHARE (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Numerator (Included in basic and diluted earnings per share) | $850 | $1,046 | $1,203 | $1,038 | $1,021 | $881 | $760 | $630 | $4,137 | $3,292 | $2,654 |
Basic earnings common per share (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 5,000 | 4,000 | 3,000 |
Dilutive securities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred compensation (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 9 | ' | ' |
Warrants - Treasury stock method (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 40 | 28 | ' |
Diluted earnings per share (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 5,000 | 4,000 | 3,000 |
The average market price used in calculating assumed number of shares (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $9.69 | $7.98 | $6.34 |
EARNINGS_PER_SHARE_Details_Nar
EARNINGS PER SHARE (Details Narrative) (USD $) | 12 Months Ended | 0 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 16, 2011 | Dec. 16, 2011 |
Junior Subordinated Debt [Member] | Warrant [Member] | ||||
Outstanding securities not deemed to be dilutive (in shares) | 71,403 | 75,022 | 75,022 | ' | ' |
Warrants issued (in shares) | ' | ' | ' | ' | 107,500 |
Debt issued | ' | ' | ' | $2,500 | ' |
SHAREHOLDERS_EQUITY_CAPITAL_RE2
SHAREHOLDERS' EQUITY, CAPITAL REQUIREMENTS AND DIVIDEND RESTRICTIONS (Details Narrative) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 12 Months Ended | |
Oct. 25, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Aug. 29, 2012 | Nov. 30, 2008 | Jul. 27, 2012 | Dec. 31, 2012 | |
Series T Preferred Stock [Member] | Series T Preferred Stock [Member] | Common Stock [Member] | Common Stock [Member] | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Shares issued | ' | 5,227,300 | 5,302,674 | ' | ' | 1,875,000 | ' |
Public offering price (in dollars per share) | ' | ' | ' | ' | ' | $8 | ' |
Gross proceeds from public offering of common stock | ' | ' | ' | ' | ' | $15,000,000 | ' |
Original target for gross proceeds from public offering of common stock | ' | ' | ' | ' | ' | 12,500,000 | ' |
Net proceeds from issuance of common stock | ' | 13,792,000 | ' | ' | ' | 13,800,000 | ' |
Value of stock repurchased | ' | -298,000 | ' | 3,780,000 | ' | ' | ' |
Number of shares repurchased | ' | ' | ' | 3,780 | ' | ' | ' |
Number of shares sold under stock repurchase program | ' | ' | ' | ' | 11,350 | ' | ' |
Number of shares repurchased by third party investors | ' | ' | ' | 7,570 | ' | ' | ' |
Auction price (in dollars per share) | ' | ' | ' | $982.83 | ' | ' | ' |
Number of shares to be repurchased as per bid approval by the U.S. Treasury | 195,915 | ' | ' | ' | ' | ' | ' |
Repurchase price | $297,500 | ' | ' | ' | ' | ' | ' |
SHAREHOLDERS_EQUITY_CAPITAL_RE3
SHAREHOLDERS' EQUITY, CAPITAL REQUIREMENTS AND DIVIDEND RESTRICTIONS (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Tier 1 Capital | ' | ' |
Actual Amount | $68,755 | $63,381 |
Actual Ratio (as a percent) | 17.60% | 17.33% |
Required to be Categorized Adequately Capitalized Amount | 15,629 | 14,628 |
Required to be Categorized Adequately Capitalized Ratio (as a percent) | 4.00% | 4.00% |
Total Risked Based Capital | ' | ' |
Actual Amount | 72,974 | 67,963 |
Actual Ratio (as a percent) | 18.68% | 18.58% |
Required to be Categorized Adequately Capitalized Amount | 31,257 | 29,258 |
Required to be Categorized Adequately Capitalized Ratio (as a percent) | 8.00% | 8.00% |
Tier 1 Leverage | ' | ' |
Actual Amount | 68,755 | 63,381 |
Actual Ratio (as a percent) | 10.77% | 10.63% |
Required to be Categorized Adequately Capitalized Amount | 25,535 | 23,846 |
Required to be Categorized Adequately Capitalized Ratio (as a percent) | 4.00% | 4.00% |
First Community Bank | ' | ' |
Tier 1 Capital | ' | ' |
Actual Amount | 65,656 | 61,588 |
Actual Ratio (as a percent) | 16.84% | 16.87% |
Required to be Categorized Adequately Capitalized Amount | 15,592 | 14,605 |
Required to be Categorized Adequately Capitalized Ratio (as a percent) | 4.00% | 4.00% |
Required to be Categorized Well Capitalized Amount | 23,388 | 21,907 |
Required to be Categorized Well Capitalized Ratio (as a percent) | 6.00% | 6.00% |
Total Risked Based Capital | ' | ' |
Actual Amount | 69,875 | 66,158 |
Actual Ratio (as a percent) | 17.93% | 18.12% |
Required to be Categorized Adequately Capitalized Amount | 31,185 | 29,209 |
Required to be Categorized Adequately Capitalized Ratio (as a percent) | 8.00% | 8.00% |
Required to be Categorized Well Capitalized Amount | 38,981 | 36,512 |
Required to be Categorized Well Capitalized Ratio (as a percent) | 10.00% | 10.00% |
Tier 1 Leverage | ' | ' |
Actual Amount | 65,656 | 61,588 |
Actual Ratio (as a percent) | 10.30% | 10.34% |
Required to be Categorized Adequately Capitalized Amount | 25,501 | 23,824 |
Required to be Categorized Adequately Capitalized Ratio (as a percent) | 4.00% | 4.00% |
Required to be Categorized Well Capitalized Amount | $31,876 | $29,779 |
Required to be Categorized Well Capitalized Ratio (as a percent) | 5.00% | 5.00% |
SHAREHOLDERS_EQUITY_CAPITAL_RE4
SHAREHOLDERS' EQUITY, CAPITAL REQUIREMENTS AND DIVIDEND RESTRICTIONS (Details Narrative 2) | 12 Months Ended |
Dec. 31, 2013 | |
Stockholders' Equity Note [Abstract] | ' |
Cash dividends paid as percentage of net income | 100.00% |
PARENT_COMPANY_FINANCIAL_INFOR2
PARENT COMPANY FINANCIAL INFORMATION (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Assets: | ' | ' | ' | ' |
Cash on deposit | $8,239 | $11,517 | ' | ' |
Investment securities - available for sale | 224,355 | 203,445 | ' | ' |
Total assets | 633,309 | 602,925 | ' | ' |
Liabilities: | ' | ' | ' | ' |
Junior subordinated debentures | 15,464 | 15,464 | ' | ' |
Other | 6,144 | 6,057 | ' | ' |
Total liabilities | 580,638 | 548,742 | ' | ' |
Shareholders' equity | 52,671 | 54,183 | 47,896 | 41,797 |
Total liabilities and shareholders' equity | 633,309 | 602,925 | ' | ' |
Parent Company [Member] | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' |
Cash on deposit | 2,583 | 1,417 | ' | ' |
Securities purchased under agreement to resell | 128 | 128 | ' | ' |
Investment securities - available for sale | 417 | 429 | ' | ' |
Investment in bank subsidiary | 64,399 | 67,055 | ' | ' |
Other | 739 | 767 | ' | ' |
Total assets | 68,266 | 69,796 | ' | ' |
Liabilities: | ' | ' | ' | ' |
Junior subordinated debentures | 15,464 | 15,464 | ' | ' |
Other | 131 | 149 | ' | ' |
Total liabilities | 15,595 | 15,613 | ' | ' |
Shareholders' equity | 52,671 | 54,183 | ' | ' |
Total liabilities and shareholders' equity | $68,266 | $69,796 | ' | ' |
PARENT_COMPANY_FINANCIAL_INFOR3
PARENT COMPANY FINANCIAL INFORMATION (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest and dividend income | $5,656 | $5,474 | $5,370 | $5,283 | $5,468 | $5,650 | $5,840 | $6,044 | $21,783 | $23,002 | $25,526 |
Gain on sale of securities | -79 | 4 | 133 | 15 | 88 | -35 | -38 | 11 | 73 | 26 | 575 |
Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 3,734 | 5,428 | 7,209 |
Other | ' | ' | ' | ' | ' | ' | ' | ' | 3,654 | 3,478 | 3,747 |
Total non-interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 20,422 | 19,445 | 18,401 |
Income tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | 1,153 | 1,620 | 1,457 |
Net income | 850 | 1,046 | 1,203 | 1,038 | 1,021 | 1,220 | 928 | 799 | 4,137 | 3,968 | 3,324 |
Parent Company [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest and dividend income | ' | ' | ' | ' | ' | ' | ' | ' | 26 | 1 | 9 |
Gain on sale of securities | ' | ' | ' | ' | ' | ' | ' | ' | 327 | ' | ' |
Equity in undistributed earnings of subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | 2,229 | 4,313 | 3,782 |
Dividend income from bank subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | 2,316 | 320 | ' |
Total income | ' | ' | ' | ' | ' | ' | ' | ' | 4,898 | 4,634 | 3,791 |
Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 443 | 658 | 446 |
Other | ' | ' | ' | ' | ' | ' | ' | ' | 449 | 301 | 239 |
Total non-interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 882 | 959 | 685 |
Income before taxes | ' | ' | ' | ' | ' | ' | ' | ' | 4,016 | 3,675 | 3,106 |
Income tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | -121 | -293 | -218 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | $4,137 | $3,968 | $3,324 |
PARENT_COMPANY_FINANCIAL_INFOR4
PARENT COMPANY FINANCIAL INFORMATION (Details 3) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | $850 | $1,046 | $1,203 | $1,038 | $1,021 | $1,220 | $928 | $799 | $4,137 | $3,968 | $3,324 |
Adjustments to reconcile net income to net cash (used) provided by operating activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on sale of securities | 79 | -4 | -133 | -15 | -88 | 35 | 38 | -11 | -73 | -26 | -575 |
Net cash (used) provided by operating activities | ' | ' | ' | ' | ' | ' | ' | ' | 16,264 | 6,032 | 6,547 |
Cash flows from investing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase of available-for sale-securities | ' | ' | ' | ' | ' | ' | ' | ' | -94,907 | -103,245 | -103,040 |
Proceeds from sale of securities available-for-sale | ' | ' | ' | ' | ' | ' | ' | ' | 12,884 | 55,791 | 54,714 |
Maturity of available-for-sale securities | ' | ' | ' | ' | ' | ' | ' | ' | 49,526 | 43,144 | 40,441 |
Net cash provided (used) by investing activities | ' | ' | ' | ' | ' | ' | ' | ' | -51,447 | -7,479 | -3,633 |
Cash flows from financing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of subordinated note payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,500 |
Repayment of subordinated note payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,500 | ' |
Dividends paid: Common Stock | ' | ' | ' | ' | ' | ' | ' | ' | -1,145 | -605 | -525 |
Preferred Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | -475 | -670 |
Proceeds from issuance of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,792 | ' |
Redemption of stock warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | -510 | ' |
Net cash provided (used) in financing activities | ' | ' | ' | ' | ' | ' | ' | ' | 30,642 | 3,663 | -12,883 |
Net increase in cash and cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | -4,541 | 2,216 | -9,969 |
Cash and cash equivalents at beginning of period | ' | ' | ' | 18,708 | ' | ' | ' | 16,492 | 18,708 | 16,492 | 26,461 |
Cash and cash equivalents at end of period | 14,167 | ' | ' | ' | 18,708 | ' | ' | ' | 14,167 | 18,708 | 16,492 |
Parent Company [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash flows from operating activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 4,137 | 3,968 | 3,324 |
Adjustments to reconcile net income to net cash (used) provided by operating activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity in undistributed earnings of subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | -2,229 | -4,313 | -3,782 |
Gain on sale of securities | ' | ' | ' | ' | ' | ' | ' | ' | -327 | ' | ' |
Other-net | ' | ' | ' | ' | ' | ' | ' | ' | 272 | -90 | 232 |
Net cash (used) provided by operating activities | ' | ' | ' | ' | ' | ' | ' | ' | 1,853 | -435 | -226 |
Cash flows from investing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase of available-for sale-securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | -417 | ' |
Proceeds from sale of securities available-for-sale | ' | ' | ' | ' | ' | ' | ' | ' | 339 | ' | ' |
Maturity of available-for-sale securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,250 |
Other-net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -76 |
Net cash provided (used) by investing activities | ' | ' | ' | ' | ' | ' | ' | ' | 339 | -417 | 1,174 |
Cash flows from financing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of subordinated note payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,500 |
Repayment of subordinated note payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,500 | ' |
Dividends paid: Common Stock | ' | ' | ' | ' | ' | ' | ' | ' | -1,145 | -605 | -525 |
Preferred Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | -475 | -670 |
Proceeds from issuance of common stock | ' | ' | ' | ' | ' | ' | ' | ' | 119 | 13,885 | 182 |
Redemption of preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | -11,073 | ' |
Redemption of stock warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | -510 | ' |
Net cash provided (used) in financing activities | ' | ' | ' | ' | ' | ' | ' | ' | -1,026 | -1,278 | 1,487 |
Net increase in cash and cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | 1,166 | -2,130 | 2,435 |
Cash and cash equivalents at beginning of period | ' | ' | ' | 1,417 | ' | ' | ' | 3,547 | 1,417 | 3,547 | 1,112 |
Cash and cash equivalents at end of period | $2,583 | ' | ' | ' | $1,417 | ' | ' | ' | $2,583 | $1,417 | $3,547 |
SUBSEQUENT_EVENTS_Details_Narr
SUBSEQUENT EVENTS (Details Narrative) (Subsequent Event [Member], Common Stock [Member], USD $) | 1 Months Ended |
In Thousands, except Share data, unless otherwise specified | Feb. 28, 2014 |
Subsequent Event [Member] | Common Stock [Member] | ' |
Cash paid for acquisition of Savannah River Financial Corporation | $19,800 |
Number of shares issued for acquisition of Savannah River Financial Corporation (in shares) | 1,274,160 |
Value of shares issued for acquisition of Savannah River Financial Corporation | 13,700 |
Total Consideration for acquisition of Savannah River Financial Corporation | $33,500 |
Common stock value determined based on the closing price (per share) | $10.76 |
QUARTERLY_FINANCIAL_DATA_UNAUD2
QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | $5,656 | $5,474 | $5,370 | $5,283 | $5,468 | $5,650 | $5,840 | $6,044 | $21,783 | $23,002 | $25,526 |
Net interest income | 4,777 | 4,570 | 4,423 | 4,279 | 4,285 | 4,329 | 4,451 | 4,509 | 18,049 | 17,574 | 18,317 |
Provision for loan losses | 149 | 129 | 100 | 150 | 80 | 115 | 71 | 230 | 528 | 496 | 1,420 |
Gain (loss) on sale of securities | -79 | 4 | 133 | 15 | 88 | -35 | -38 | 11 | 73 | 26 | 575 |
Other-than-temporary-impairment | ' | ' | ' | ' | ' | ' | ' | -200 | ' | -200 | -297 |
Income before income taxes | 797 | 1,425 | 1,663 | 1,405 | 1,338 | 1,793 | 1,327 | 1,130 | 5,290 | 5,588 | 4,781 |
Net income | 850 | 1,046 | 1,203 | 1,038 | 1,021 | 1,220 | 928 | 799 | 4,137 | 3,968 | 3,324 |
Preferred stock dividends | ' | ' | ' | ' | ' | 339 | 168 | 169 | ' | 557 | 670 |
Net income available to common shareholders | $850 | $1,046 | $1,203 | $1,038 | $1,021 | $881 | $760 | $630 | $4,137 | $3,292 | $2,654 |
Net income per share, basic (in dollars per share) | $0.16 | $0.20 | $0.23 | $0.20 | $0.20 | $0.19 | $0.23 | $0.19 | $0.78 | $0.79 | $0.81 |
Net income per share, diluted (in dollars per share) | $0.16 | $0.20 | $0.23 | $0.20 | $0.19 | $0.19 | $0.23 | $0.19 | $0.78 | $0.79 | $0.81 |