Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 13-May-15 | |
Document and Entity Information | ||
Entity Registrant Name | FIRST COMMUNITY CORP /SC/ | |
Entity Central Index Key | 932781 | |
Document Type | 10-Q | |
Trading Symbol | fcco | |
Document Period End Date | 31-Mar-15 | |
Amendment Flag | FALSE | |
Current Fiscal Year End Date | -19 | |
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 | 6,652,189 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 |
CONSOLIDATED_BALANCE_SHEETS_Un
CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Cash and due from banks | $11,537 | $12,480 |
Interest-bearing bank balances | 31,796 | 9,454 |
Federal funds sold and securities purchased under agreements to resell | 878 | 598 |
Investment securities held-to-maturity | 12,756 | 10,647 |
Investment securities available-for-sale | 259,369 | 270,164 |
Other investments, at cost | 1,969 | 2,003 |
Loans held for sale | 5,446 | 4,124 |
Loans | 454,301 | 443,844 |
Less, allowance for loan losses | 4,252 | 4,132 |
Net loans | 450,049 | 439,712 |
Property, furniture and equipment - net | 29,383 | 28,510 |
Land held for sale | 1,200 | 1,200 |
Bank owned life insurance | 14,744 | 14,642 |
Other real estate owned | 2,748 | 2,943 |
Intangible assets | 1,704 | 1,806 |
Goodwill | 5,078 | 5,078 |
Other assets | 7,162 | 9,002 |
Total assets | 835,819 | 812,363 |
Deposits: | ||
Non-interest bearing demand | 140,689 | 133,004 |
NOW and money market accounts | 305,851 | 287,982 |
Savings | 56,467 | 53,583 |
Time deposits less than $100,000 | 105,262 | 108,048 |
Time deposits $100,000 and over | 86,304 | 86,966 |
Total deposits | 694,573 | 669,583 |
Securities sold under agreements to repurchase | 16,684 | 17,383 |
Federal Home Loan Bank advances | 27,552 | 28,807 |
Junior subordinated debt | 15,464 | 15,464 |
Other liabilities | 4,998 | 6,598 |
Total liabilities | 759,271 | 737,835 |
SHAREHOLDERS' EQUITY | ||
Preferred stock, par value $1.00 per share, 10,000,000 shares authorized; none issued and outstanding | ||
Common stock, par value $1.00 per share; 10,000,000 shares authorized; issued and outstanding 6,683,960 at March 31, 2015 6,664,391 at December 31, 2014 | 6,684 | 6,664 |
Common stock warrants issued | 46 | 48 |
Nonvested restricted stock | -694 | -673 |
Additional paid in capital | 75,687 | 75,504 |
Accumulated Deficit | -7,339 | -8,286 |
Accumulated other comprehensive income (loss) | 2,164 | 1,271 |
Total shareholders' equity | 76,548 | 74,528 |
Total liabilities and shareholders' equity | $835,819 | $812,363 |
CONSOLIDATED_BALANCE_SHEETS_Un1
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
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 | 6,683,960 | 6,664,391 |
Common stock, shares outstanding | 6,683,960 | 6,664,391 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Interest income: | ||
Loans, including fees | $5,874 | $5,080 |
Taxable securities | 1,002 | 983 |
Non-taxable securities | 380 | 317 |
Federal funds sold and securities purchased under resale agreements | 6 | 10 |
Other | 21 | 13 |
Total interest income | 7,283 | 6,403 |
Interest expense: | ||
Deposits | 426 | 429 |
Federal funds sold and securities sold under agreement to repurchase | 8 | 10 |
Other borrowed money | 401 | 468 |
Total interest expense | 835 | 907 |
Net interest income | 6,448 | 5,496 |
Provision for loan losses | 406 | 150 |
Net interest income after provision for loan losses | 6,042 | 5,346 |
Non-interest income: | ||
Deposit service charges | 347 | 366 |
Mortgage banking income | 735 | 619 |
Investment advisory and non-deposit commissions | 296 | 257 |
Gain on sale of securities | 104 | 8 |
Gain on sale of other assets | 4 | 12 |
Loss on early extinguishment of debt | -103 | |
Other | 598 | 613 |
Total non-interest income | 1,981 | 1,875 |
Non-interest expense: | ||
Salaries and employee benefits | 3,565 | 3,424 |
Occupancy | 485 | 413 |
Equipment | 402 | 339 |
Marketing and public relations | 226 | 161 |
FDIC insurance assessments | 138 | 124 |
Other real estate expense | 154 | 138 |
Amortization of intangibles | 103 | 42 |
Merger expenses | 420 | |
Other | 1,027 | 965 |
Total non-interest expense | 6,100 | 6,026 |
Net income before tax | 1,923 | 1,195 |
Income tax expense | 519 | 333 |
Net income | $1,404 | $862 |
Basic earnings per common share (in dollars per share) | $0.22 | $0.14 |
Diluted earnings per common share (in dollars per share) | $0.21 | $0.14 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Consolidated Statements Of Comprehensive Income | ||
Net income | $1,404 | $862 |
Other comprehensive income: | ||
Unrealized gain during the period on available-for-sale securities, net of tax of $495 and $876, respectively | 962 | 1,696 |
Less: Reclassification adjustment for gain on available-for-sale securities included in net income, net of tax expense of $35 and $2, respectively | -69 | -6 |
Other comprehensive income | 893 | 1,690 |
Comprehensive income | $2,297 | $2,552 |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Consolidated Statements Of Comprehensive Income Parenthetical | ||
Unrealized gain (loss) during the period on available-for-sale securities, taxes | $495 | $876 |
Reclassification adjustment for (gain) loss included in net income, taxes | $35 | $2 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (USD $) | Common Stock [Member] | Warrant [Member] | Additional Paid-In Capital [Member] | Restricted Stock [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
In Thousands, except Share data | |||||||
Beginning Balance at Dec. 31, 2013 | $5,303 | $48 | $62,214 | ($444) | ($11,923) | ($2,527) | $52,671 |
Beginning Balance, in shares at Dec. 31, 2013 | 5,303 | ||||||
Net income | 862 | 862 | |||||
Other comprehensive income net of tax | 1,690 | 1,690 | |||||
Issuance of restricted stock | 71 | 697 | -768 | ||||
Issuance of restricted stock, in shares | 71 | 100 | 100 | ||||
Issuance of common stock | 1,274 | 12,436 | 13,710 | ||||
Issuance of common stock, in shares | 1,274 | ||||||
Dividends: Common | -313 | -313 | |||||
Dividend reinvestment plan | 4 | 41 | 45 | ||||
Dividend reinvestment plan, in shares | 4 | ||||||
Ending Balance at Mar. 31, 2014 | 6,652 | 48 | 75,388 | -1,112 | -11,374 | -837 | 68,765 |
Ending Balance, in shares at Mar. 31, 2014 | 6,652 | ||||||
Beginning Balance at Dec. 31, 2014 | 6,664 | 48 | 75,504 | -673 | -8,286 | 1,271 | 74,528 |
Beginning Balance, in shares at Dec. 31, 2014 | 6,664 | ||||||
Net income | 1,404 | 1,404 | |||||
Other comprehensive income net of tax | 893 | 893 | |||||
Issuance of restricted stock | 13 | 137 | -150 | ||||
Issuance of restricted stock, in shares | 13 | ||||||
Amortization of compensation on restricted stock | 129 | 129 | |||||
Exercise of stock warrants | 2 | -2 | |||||
Exercise of stock warrants, in shares | 2 | ||||||
Dividends: Common | -457 | -457 | |||||
Dividend reinvestment plan | 5 | 46 | 51 | ||||
Dividend reinvestment plan, in shares | 5 | ||||||
Ending Balance at Mar. 31, 2015 | $6,684 | $46 | $75,687 | ($694) | ($7,339) | $2,164 | $76,548 |
Ending Balance, in shares at Mar. 31, 2015 | 6,684 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Cash flows from operating activities: | |||
Net income | $1,404,000 | $862,000 | |
Adjustments to reconcile net income to net cash provided in operating activities: | |||
Depreciation | 297,000 | 248,000 | |
Premium amortization | 936,000 | 774,000 | |
Provision for loan losses | 406,000 | 150,000 | 881,000 |
Writedowns of other real estate owned | 90,000 | 82,000 | |
Gain on sale of other real estate owned | -4,000 | -12,000 | |
Origination of loans held-for-sale | -23,701,000 | -18,191,000 | |
Sale of loans held-for-sale | 22,379,000 | 18,144,000 | |
Amortization of intangibles | 103,000 | 42,000 | |
Accretion on acquired loans | -509,000 | -114,000 | |
Gain on sale of securities | -104,000 | -8,000 | |
Loss on early extinguishment of debt | 103,000 | ||
Decrease in other assets | 1,461,000 | 1,088,000 | |
Increase in accounts payable | -1,711,000 | -1,094,000 | |
Net cash provided in operating activities | 1,150,000 | 1,971,000 | |
Cash flows from investing activities: | |||
Purchase of investment securities available-for-sale | -5,436,000 | -34,235,000 | |
Purchase of investment securities held-to-maturity | -2,142,000 | ||
Maturity/call of investment securities available-for-sale | 9,643,000 | 9,875,000 | |
Proceeds from sale of securities available-for-sale | 6,955,000 | 20,916,000 | |
Proceeds from sale of other investments | 304,000 | ||
(Increase) decrease in loans | -10,382,000 | 9,571,000 | |
Net cash disbursed in business combination | -11,353,000 | ||
Proceeds from sale of other real estate owned | 185,000 | 712,000 | |
Purchase of property and equipment | -1,170,000 | -607,000 | |
Net cash used in investing activities | -2,043,000 | -5,121,000 | |
Cash flows from financing activities: | |||
Increase in deposit accounts | 25,035,000 | 43,232,000 | |
Increase (decrease) in securities sold under agreements to repurchase | -699,000 | 858,000 | |
Advances from the Federal Home Loan Bank | 8,500,000 | 20,000,000 | |
Repayment of advances from the Federal Home Loan Bank | -9,858,000 | -37,710,000 | |
Dividends paid: Common Stock | -457,000 | -313,000 | |
Dividend reinvestment plan | 51,000 | 45,000 | |
Net cash provided from financing activities | 22,572,000 | 26,112,000 | |
Net increase (decrease) in cash and cash equivalents | 21,679,000 | 22,962,000 | |
Cash and cash equivalents at beginning of year | 22,532,000 | 14,166,000 | 14,166,000 |
Cash and cash equivalents at end of year | 44,211,000 | 37,128,000 | 22,532,000 |
Cash paid during the period for: | |||
Interest | 865,000 | 791,000 | |
Income Taxes | 935,000 | ||
Non-cash investing and financing activities: | |||
Unrealized gain on securities | 893,000 | 1,690,000 | |
Transfer of loans to foreclosed property | 75,000 | 559,000 | |
Acquisitions | |||
Fair value of tangible assets acquired | 151,024,000 | ||
Other intangible assets acquired | 1,182,000 | ||
Liabilities assumed | 123,198,000 | ||
Net identifiable assets acquired over liabilities assumed | 29,008,000 | ||
Common stock issued in acquisition | $13,710,000 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Note 1 – Basis of Presentation |
In the opinion of management, the accompanying unaudited consolidated balance sheets, and the consolidated statements of income, comprehensive income, changes in shareholders’ equity, and the cash flows of First Community Corporation (the “Company”), present fairly in all material respects the Company’s financial position at March 31, 2015 and December 31, 2014, and the Company’s results of operations and cash flows for the three months ended March 31, 2015 and 2014. The results of operations for the three months ended March 31, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. | |
In the opinion of management, all adjustments necessary to fairly present the consolidated financial position and consolidated results of operations have been made. All such adjustments are of a normal, recurring nature. All significant intercompany accounts and transactions have been eliminated in consolidation. The consolidated financial statements and notes thereto are presented in accordance with the instructions for Form 10-Q. The information included in the Company’s 2014 Annual Report on Form 10-K should be referred to in connection with these unaudited interim financial statements. |
Earnings_Per_Common_Share
Earnings Per Common Share | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Earnings Per Common Share | Note 2 – Earnings Per Common Share | ||||||||
The following reconciles the numerator and denominator of the basic and diluted earnings per common share computation: | |||||||||
(In thousands except average market price) | |||||||||
Three months ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Numerator (Net income available to common shareholders) | $ | 1,404 | $ | 862 | |||||
Denominator | |||||||||
Weighted average common shares outstanding for: | |||||||||
Basic earnings per share | 6,522 | 6,169 | |||||||
Dilutive securities: | |||||||||
Deferred compensation | 20 | 17 | |||||||
Warrants/Restricted stock -Treasury stock method | 123 | 43 | |||||||
Diluted earnings per share | 6,665 | 6,229 | |||||||
The average market price used in calculating assumed number of shares | $ | 11.42 | $ | 10.86 | |||||
At March 31, 2015, there were 8,903 outstanding options at an average exercise price of $14.21. None of these options has an exercise price below the average market price of $11.42 for the three-month period ended March 31, 2015, and, therefore they are not deemed to be dilutive. At March 31, 2014, there were 70,903 outstanding options at an average exercise price of $19.48. None of these options had an exercise price below the average market price of $10.86 for the three-month period ended March 31, 2014, and, therefore they were not deemed to be dilutive. In the fourth quarter of 2011, we issued $2.5 million in 8.75% subordinated notes maturing December 16, 2019. On November 15, 2012, the subordinated notes were redeemed in full at par. Warrants for 107,500 shares of common stock at $5.90 per share were issued in connection with the issuance of the subordinated debt. At March 31, 2015 there were 97,180 warrants outstanding. These warrants expire December 16, 2019 and are included in dilutive securities in the table above. The Company has issued a total of 157 thousand restricted shares under the terms of its compensation plans and employment agreements. These shares cliff vest over a three year period. The unrecognized compensation cost at March 31, 2015 for non-vested shares amounts to $694 thousand. |
Investment_Securities
Investment Securities | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||
Investment Securities | Note 3 – 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 | ||||||||||||||||||||||||
March 31, 2015: | |||||||||||||||||||||||||
Government sponsored enterprises | $ | 3,406 | $ | 97 | $ | — | $ | 3,503 | |||||||||||||||||
Mortgage-backed securities | 147,054 | 1,846 | 347 | 148,553 | |||||||||||||||||||||
Small Business Administration pools | 59,452 | 447 | 344 | 59,555 | |||||||||||||||||||||
State and local government | 44,948 | 1,590 | 91 | 46,447 | |||||||||||||||||||||
Corporate and other securities | 1,349 | — | 38 | 1,311 | |||||||||||||||||||||
$ | 256,209 | $ | 3,980 | $ | 820 | $ | 259,369 | ||||||||||||||||||
December 31, 2014: | |||||||||||||||||||||||||
Government sponsored enterprises | $ | 3,403 | $ | 45 | $ | 14 | $ | 3,434 | |||||||||||||||||
Mortgage-backed securities | 159,861 | 1,211 | 719 | 160,353 | |||||||||||||||||||||
Small Business Administration pools | 58,643 | 385 | 483 | 58,545 | |||||||||||||||||||||
State and local government | 45,102 | 1,523 | 109 | 46,516 | |||||||||||||||||||||
Corporate and other securities | 1,349 | — | 33 | 1,316 | |||||||||||||||||||||
$ | 268,358 | $ | 3,164 | $ | 1,358 | $ | 270,164 | ||||||||||||||||||
HELD-TO-MATURITY: | |||||||||||||||||||||||||
(Dollars in thousands) | Amortized | Gross | Gross | Fair Value | |||||||||||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
March 31, 2015: | |||||||||||||||||||||||||
State and local government | $ | 12,756 | $ | 72 | $ | 81 | $ | 12,747 | |||||||||||||||||
$ | 12,756 | $ | 72 | $ | 81 | $ | 12,747 | ||||||||||||||||||
December 31, 2014: | |||||||||||||||||||||||||
State and local government | $ | 10,647 | $ | 6 | $ | 68 | $ | 10,585 | |||||||||||||||||
$ | 10,647 | $ | 6 | $ | 68 | $ | 10,585 | ||||||||||||||||||
During the three months ended March 31, 2015 and March 31, 2014, the Company received proceeds of $7.0 million and $20.9 million, respectively, from the sale of investment securities available-for-sale, amounting to gross gains of $104.1 thousand and $8.3 thousand in earnings for each respective period. There were no gross losses from the sale of investments for the three months ended March 31, 2015. There were no gross losses from the sale of investment securities for the three months ended March 31, 2014. | |||||||||||||||||||||||||
At March 31, 2015, corporate and other securities available-for-sale included the following at fair value: mutual funds at $834.1 thousand, foreign debt of $60.3 thousand, and corporate preferred stock in the amount of $416.8 thousand. At December 31, 2014, corporate and other securities available-for-sale included the following at fair value: mutual funds at $839.2 thousand, foreign debt of $60.3 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 $2.0 million and $2.0 million at March 31, 2015 and December 31, 2014 respectively. | |||||||||||||||||||||||||
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 March 31, 2015 and December 31, 2014. | |||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||
31-Mar-15 | Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||
(Dollars in thousands) | Loss | Loss | Loss | ||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||
Government Sponsored Enterprises | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Government Sponsored Enterprise mortgage-backed securities | 15,585 | 116 | 19,334 | 224 | 34,919 | 340 | |||||||||||||||||||
Small Business Administration pools | 10,929 | 77 | 22,815 | 267 | 33,744 | 344 | |||||||||||||||||||
Non-agency mortgage-backed securities | 348 | 7 | — | — | 348 | 7 | |||||||||||||||||||
State and local government | — | — | 3,306 | 91 | 3,306 | 91 | |||||||||||||||||||
Corporate bonds and other | — | — | 884 | 38 | 884 | 38 | |||||||||||||||||||
Total | $ | 26,862 | $ | 200 | $ | 46,339 | $ | 620 | $ | 73,201 | $ | 820 | |||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||
31-Dec-14 | Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||
(Dollars in thousands) | Loss | Loss | Loss | ||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||
Government Sponsored Enterprises | $ | — | $ | — | $ | 1,486 | $ | 14 | $ | 1,486 | $ | 14 | |||||||||||||
Government Sponsored Enterprise mortgage-backed securities | 38,341 | 283 | 26,232 | 429 | 64,573 | 712 | |||||||||||||||||||
Small Business Administration pools | 12,313 | 89 | 20,896 | 394 | 33,209 | 483 | |||||||||||||||||||
Non-agency mortgage-backed securities | 576 | 6 | 18 | 1 | 594 | 7 | |||||||||||||||||||
State and local government | — | — | 5,270 | 109 | 5,270 | 109 | |||||||||||||||||||
Corporate bonds and other | — | — | 889 | 33 | 889 | 33 | |||||||||||||||||||
Total | $ | 51,230 | $ | 378 | $ | 54,791 | $ | 980 | $ | 106,021 | $ | 1,358 | |||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||
31-Mar-15 | Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||
(Dollars in thousands) | Loss | Loss | Loss | ||||||||||||||||||||||
Held-to-maturity securities: | |||||||||||||||||||||||||
State and local government | $ | 7,727 | $ | 81 | $ | — | $ | — | $ | 7,727 | $ | 81 | |||||||||||||
Total | $ | 7,727 | $ | 81 | $ | — | $ | — | $ | 7,727 | $ | 81 | |||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||
31-Dec-14 | Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||
(Dollars in thousands) | Loss | Loss | Loss | ||||||||||||||||||||||
Held-to-maturity securities: | |||||||||||||||||||||||||
State and local government | $ | 8,655 | $ | 68 | $ | — | $ | — | $ | 8,655 | $ | 68 | |||||||||||||
Total | $ | 8,655 | $ | 68 | $ | — | $ | — | $ | 8,655 | $ | 68 | |||||||||||||
Government Sponsored Enterprise, Mortgage-Backed Securities: At March 31, 2015, the Company owned mortgage-backed securities (“MBSs”), including collateralized mortgage obligations (“CMOs”), with an amortized cost of $146.4 million and approximate fair value of $147.9 million issued by government sponsored enterprises (“GSEs”). At December 31, 2014, the Company owned MBSs, including CMOs with an amortized cost of $159.1 million and approximate fair value of $159.7 million issued by GSEs. As of March 31, 2015 and December 31, 2014, 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 that 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 March 31, 2015. | |||||||||||||||||||||||||
Non-agency Mortgage-Backed Securities: The Company also held private label mortgage-backed securities (“PLMBSs”), including CMOs, at March 31, 2015 with an amortized cost of $696.6 thousand and approximate fair value of $696.2 thousand. The Company held PLMBSs, including CMOs, at December 31, 2014 with an amortized cost of $736.6 thousand and approximate fair value of $734.4 thousand. 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. There were no PLMBSs rated below investment grade as of March 31, 2015. | |||||||||||||||||||||||||
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 March 31, 2015 and December 31, 2014 the Company did not own any corporate bonds. | |||||||||||||||||||||||||
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 March 31, 2015. | |||||||||||||||||||||||||
The following sets forth the amortized cost and fair value of investment securities at March 31, 2015 by contractual maturity. Expected maturities differ from contractual maturities because borrowers may have the right to call or prepay the obligations with or without prepayment penalties. MBSs are based on average life at estimated prepayment speeds. | |||||||||||||||||||||||||
Available-for-sale | Held-to-maturity | ||||||||||||||||||||||||
(Dollars in thousands) | Amortized | Fair | Amortized | Fair | |||||||||||||||||||||
Cost | Value | Cost | Value | ||||||||||||||||||||||
Due in one year or less | $ | 6,668 | $ | 6,727 | $ | — | $ | — | |||||||||||||||||
Due after one year through five years | 126,652 | 127,963 | 494 | 497 | |||||||||||||||||||||
Due after five years through ten years | 108,647 | 110,567 | 11,715 | 11,720 | |||||||||||||||||||||
Due after ten years | 14,242 | 14,112 | 547 | 530 | |||||||||||||||||||||
$ | 256,209 | $ | 259,369 | $ | 12,756 | $ | 12,747 |
Loans
Loans | 3 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||
Loans | Note 4 – Loans | ||||||||||||||||||||||||||||||||
Loans summarized by category as of March 31, 2015, December 31, 2014 and March 31, 2014 are as follows: | |||||||||||||||||||||||||||||||||
March 31, | December 31, | March 31, | |||||||||||||||||||||||||||||||
(Dollars in thousands) | 2015 | 2014 | 2014 | ||||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 32,569 | $ | 33,403 | $ | 34,860 | |||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Construction | 36,080 | 27,545 | 29,112 | ||||||||||||||||||||||||||||||
Mortgage-residential | 49,838 | 48,510 | 46,810 | ||||||||||||||||||||||||||||||
Mortgage-commercial | 294,108 | 293,186 | 292,995 | ||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Home equity | 33,511 | 33,000 | 31,378 | ||||||||||||||||||||||||||||||
Other | 8,195 | 8,200 | 8,713 | ||||||||||||||||||||||||||||||
Total | $ | 454,301 | $ | 443,844 | $ | 443,868 | |||||||||||||||||||||||||||
The detailed activity in the allowance for loan losses and the recorded investment in loans receivable as of and for the three months ended March 31, 2015 and March 31, 2014 and for the year ended December 31, 2014 is as follows: | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
Real estate | Real estate | ||||||||||||||||||||||||||||||||
Real estate | Mortgage | Mortgage | Consumer | Consumer | |||||||||||||||||||||||||||||
Commercial | Construction | Residential | Commercial | Home equity | Other | Unallocated | Total | ||||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||
Beginning balance December 31, 2014 | $ | 67 | $ | 45 | $ | 179 | $ | 1,572 | $ | 134 | $ | 44 | $ | 2,091 | $ | 4,132 | |||||||||||||||||
Charge-offs | (56 | ) | — | — | (291 | ) | — | (11 | ) | — | (358 | ) | |||||||||||||||||||||
Recoveries | 2 | — | 1 | 4 | 1 | 64 | — | 72 | |||||||||||||||||||||||||
Provisions | 197 | 89 | 63 | 295 | (14 | ) | (39 | ) | (185 | ) | 406 | ||||||||||||||||||||||
Ending balance March 31, 2015 | $ | 210 | $ | 134 | $ | 243 | $ | 1,580 | $ | 121 | $ | 58 | $ | 1,906 | $ | 4,252 | |||||||||||||||||
Ending balances: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | 4 | $ | 3 | $ | — | $ | — | $ | — | $ | 7 | |||||||||||||||||
Collectively evaluated for impairment | 210 | 134 | 239 | 1,577 | 121 | 58 | 1,906 | 4,245 | |||||||||||||||||||||||||
Loans receivable: | |||||||||||||||||||||||||||||||||
Ending balance-total | $ | 32,569 | $ | 36,080 | $ | 49,838 | $ | 294,108 | $ | 33,511 | $ | 8,195 | $ | — | $ | 454,301 | |||||||||||||||||
Ending balances: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | — | — | 1,066 | 6,740 | 91 | — | — | 7,897 | |||||||||||||||||||||||||
Collectively evaluated for impairment | $ | 32,569 | $ | 36,080 | $ | 48,772 | $ | 287,368 | $ | 33,420 | $ | 8,195 | $ | — | $ | 446,404 | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
Real estate | Real estate | ||||||||||||||||||||||||||||||||
Real estate | Mortgage | Mortgage | Consumer | Consumer | |||||||||||||||||||||||||||||
Commercial | Construction | Residential | Commercial | Home equity | Other | Unallocated | Total | ||||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||
Beginning balance December 31, 2013 | $ | 233 | $ | 26 | $ | 291 | $ | 1,117 | $ | 112 | $ | 80 | $ | 2,360 | $ | 4,219 | |||||||||||||||||
Charge-offs | — | — | (35 | ) | (187 | ) | — | (8 | ) | — | (230 | ) | |||||||||||||||||||||
Recoveries | 17 | — | 1 | — | — | 4 | — | 22 | |||||||||||||||||||||||||
Provisions | (7 | ) | 137 | (1 | ) | 94 | 2 | (13 | ) | (62 | ) | 150 | |||||||||||||||||||||
Ending balance March 31, 2014 | $ | 243 | $ | 163 | $ | 256 | $ | 1,024 | $ | 114 | $ | 63 | $ | 2,298 | $ | 4,161 | |||||||||||||||||
Ending balances: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | 4 | $ | — | $ | — | $ | — | $ | — | $ | 4 | |||||||||||||||||
Collectively evaluated for impairment | 243 | 163 | 252 | 1,024 | 114 | 63 | 2,298 | 4,157 | |||||||||||||||||||||||||
Loans receivable: | |||||||||||||||||||||||||||||||||
Ending balance-total | $ | 34,860 | $ | 29,112 | $ | 46,810 | $ | 292,995 | $ | 31,378 | $ | 8,713 | $ | — | $ | 443,868 | |||||||||||||||||
Ending balances: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | 65 | — | 956 | 7,332 | 71 | 9 | — | 8,433 | |||||||||||||||||||||||||
Collectively evaluated for impairment | $ | 34,795 | $ | 29,112 | $ | 45,854 | $ | 285,663 | $ | 31,307 | $ | 8,704 | $ | — | $ | 435,435 | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
Real estate | Real estate | ||||||||||||||||||||||||||||||||
Real estate | Mortgage | Mortgage | Consumer | Consumer | |||||||||||||||||||||||||||||
Commercial | Construction | Residential | Commercial | Home equity | Other | Unallocated | Total | ||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||
Beginning balance | $ | 233 | $ | 26 | $ | 291 | $ | 1,117 | $ | 112 | $ | 80 | $ | 2,360 | $ | 4,219 | |||||||||||||||||
Charge-offs | (54 | ) | — | (52 | ) | (879 | ) | (17 | ) | (109 | ) | — | (1,111 | ) | |||||||||||||||||||
Recoveries | 110 | — | 10 | — | 6 | 17 | — | 143 | |||||||||||||||||||||||||
Provisions | (222 | ) | 19 | (70 | ) | 1,334 | 33 | 56 | (269 | ) | 881 | ||||||||||||||||||||||
Ending balance | $ | 67 | $ | 45 | $ | 179 | $ | 1,572 | $ | 134 | $ | 44 | $ | 2,091 | $ | 4,132 | |||||||||||||||||
Ending balances: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | 4 | $ | 57 | $ | — | $ | — | $ | — | $ | 61 | |||||||||||||||||
Collectively evaluated for impairment | 67 | 45 | 175 | 1,515 | 134 | 44 | 2,091 | 4,071 | |||||||||||||||||||||||||
Loans receivable: | |||||||||||||||||||||||||||||||||
Ending balance-total | $ | 33,403 | $ | 27,545 | $ | 48,510 | $ | 293,186 | $ | 33,000 | $ | 8,200 | $ | — | $ | 443,844 | |||||||||||||||||
Ending balances: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | 55 | — | 1,078 | 7,334 | 92 | — | — | 8,559 | |||||||||||||||||||||||||
Collectively evaluated for impairment | $ | 33,348 | $ | 27,545 | $ | 47,432 | $ | 285,852 | $ | 32,908 | $ | 8,200 | $ | — | $ | 435,285 | |||||||||||||||||
Loans outstanding and available lines of credit to bank directors, executive officers and their related business interests amounted to $9.5 million and $11.1 million at March 31, 2015 and March 31, 2014, respectively. Repayments on these loans during the three months ended March 31, 2015 were $961.5 thousand and loans made amounted to $871.7 thousand. Repayments on these loans during the three months ended March 31, 2014 were $517.3 thousand and loans made amounted to $977.0 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 March 31, 2015 and December 31, 2014 loans individually evaluated and considered impaired under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 310 “Accounting by Creditors for Impairment of a Loan.” Impairment includes performing troubled debt restructurings (“TDRs”). | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | March 31, | December 31, | |||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||
Total loans considered impaired | $ | 7,897 | $ | 8,559 | |||||||||||||||||||||||||||||
Loans considered impaired for which there is a related allowance for loan loss: | |||||||||||||||||||||||||||||||||
Outstanding loan balance | 300 | 1,959 | |||||||||||||||||||||||||||||||
Related allowance | 7 | 61 | |||||||||||||||||||||||||||||||
Loans considered impaired and previously written down to fair value | 7,597 | 6,600 | |||||||||||||||||||||||||||||||
Average impaired loans | 10,249 | 10,900 | |||||||||||||||||||||||||||||||
The following tables are by loan category and present at March 31, 2015, December 31, 2014 and March 31, 2014 loans individually evaluated and considered impaired under FASB ASC 310 “Accounting by Creditors for Impairment of a Loan.” Impairment includes performing TDRs. | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Three months ended | ||||||||||||||||||||||||||||||||
Unpaid | Average | Interest | |||||||||||||||||||||||||||||||
31-Mar-15 | Recorded | Principal | Related | Recorded | Income | ||||||||||||||||||||||||||||
Investment | Balance | Allowance | Investment | Recognized | |||||||||||||||||||||||||||||
With no allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||||||||||||||||
Mortgage-residential | 1,014 | 1,157 | — | 1,266 | 1 | ||||||||||||||||||||||||||||
Mortgage-commercial | 6,492 | 7,995 | 3 | 8,584 | 30 | ||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Home Equity | 91 | 97 | — | 97 | — | ||||||||||||||||||||||||||||
Other | — | — | — | — | — | ||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial | — | — | — | — | — | ||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||||||||||||||||
Mortgage-residential | 52 | 52 | 4 | 52 | — | ||||||||||||||||||||||||||||
Mortgage-commercial | 248 | 248 | 3 | 250 | — | ||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Home Equity | — | — | — | — | — | ||||||||||||||||||||||||||||
Other | — | — | — | — | — | ||||||||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||||||
Commercial | — | — | — | — | — | ||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||||||||||||||||
Mortgage-residential | 1,066 | 1,209 | 4 | 1,318 | 1 | ||||||||||||||||||||||||||||
Mortgage-commercial | 6,740 | 8,243 | 3 | 8,834 | 30 | ||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Home Equity | 91 | 97 | — | 97 | — | ||||||||||||||||||||||||||||
Other | — | — | — | — | — | ||||||||||||||||||||||||||||
$ | 7,897 | $ | 9,549 | $ | 7 | $ | 10,249 | $ | 31 | ||||||||||||||||||||||||
(Dollars in thousands) | Three months ended | ||||||||||||||||||||||||||||||||
Unpaid | Average | Interest | |||||||||||||||||||||||||||||||
31-Mar-14 | Recorded | Principal | Related | Recorded | Income | ||||||||||||||||||||||||||||
Investment | Balance | Allowance | Investment | Recognized | |||||||||||||||||||||||||||||
With no allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial | $ | 65 | $ | 69 | $ | — | $ | 135 | $ | — | |||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||||||||||||||||
Mortgage-residential | 901 | 1,002 | — | 1,112 | 1 | ||||||||||||||||||||||||||||
Mortgage-commercial | 7,332 | 7,948 | — | 9,468 | 9 | ||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Home Equity | 71 | 71 | — | 75 | — | ||||||||||||||||||||||||||||
Other | 9 | 11 | — | 21 | — | ||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial | — | — | — | — | — | ||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||||||||||||||||
Mortgage-residential | 55 | 55 | 4 | 55 | — | ||||||||||||||||||||||||||||
Mortgage-commercial | — | — | — | — | — | ||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Home Equity | — | — | — | — | — | ||||||||||||||||||||||||||||
Other | — | — | — | — | — | ||||||||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||||||
Commercial | 65 | 69 | — | 135 | — | ||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||||||||||||||||
Mortgage-residential | 956 | 1,057 | 4 | 1,167 | 1 | ||||||||||||||||||||||||||||
Mortgage-commercial | 7,332 | 7,948 | — | 9,468 | 9 | ||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Home Equity | 71 | 71 | — | 75 | — | ||||||||||||||||||||||||||||
Other | 9 | 11 | — | 21 | — | ||||||||||||||||||||||||||||
$ | 8,433 | $ | 9,156 | $ | 4 | $ | 10,866 | $ | 10 | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
31-Dec-14 | Unpaid | Average | Interest | ||||||||||||||||||||||||||||||
Recorded | Principal | Related | Recorded | Income | |||||||||||||||||||||||||||||
Investment | Balance | Allowance | Investment | Recognized | |||||||||||||||||||||||||||||
With no allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial | $ | 55 | $ | 112 | $ | — | $ | 132 | $ | 3 | |||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||||||||||||||||
Mortgage-residential | 1,025 | 1,167 | — | 1,071 | 8 | ||||||||||||||||||||||||||||
Mortgage-commercial | 5,428 | 6,469 | — | 7,634 | 64 | ||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Home Equity | 92 | 97 | — | 83 | — | ||||||||||||||||||||||||||||
Other | — | — | — | — | — | ||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial | — | — | — | — | — | ||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||||||||||||||||
Mortgage-residential | 53 | 53 | 4 | 54 | 3 | ||||||||||||||||||||||||||||
Mortgage-commercial | 1,906 | 2,134 | 57 | 1,926 | 85 | ||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Home Equity | — | — | — | — | — | ||||||||||||||||||||||||||||
Other | — | — | — | — | — | ||||||||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||||||
Commercial | 55 | 112 | — | 132 | 3 | ||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||||||||||||||||
Mortgage-residential | 1,078 | 1,220 | 4 | 1,125 | 11 | ||||||||||||||||||||||||||||
Mortgage-commercial | 7,334 | 8,603 | 57 | 9,560 | 149 | ||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Home Equity | 92 | 97 | — | 83 | — | ||||||||||||||||||||||||||||
Other | — | — | — | — | — | ||||||||||||||||||||||||||||
$ | 8,559 | $ | 10,032 | $ | 61 | $ | 10,900 | $ | 163 | ||||||||||||||||||||||||
The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt, including: 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 as pass rated loans. As of March 31, 2015 and December 31, 2014, 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 March 31, 2015 and December 31, 2014, no loans were classified as doubtful. | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
31-Mar-15 | Special | ||||||||||||||||||||||||||||||||
Pass | Mention | Substandard | Doubtful | Total | |||||||||||||||||||||||||||||
Commercial, financial & agricultural | $ | 32,189 | $ | 366 | $ | 14 | $ | — | $ | 32,569 | |||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Construction | 35,359 | 721 | — | — | 36,080 | ||||||||||||||||||||||||||||
Mortgage – residential | 47,241 | 1,361 | 1,236 | — | 49,838 | ||||||||||||||||||||||||||||
Mortgage – commercial | 273,674 | 9,594 | 10,840 | — | 294,108 | ||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Home Equity | 33,003 | 269 | 239 | — | 33,511 | ||||||||||||||||||||||||||||
Other | 8,166 | 2 | 27 | — | 8,195 | ||||||||||||||||||||||||||||
Total | $ | 429,632 | $ | 12,313 | $ | 12,356 | $ | — | $ | 454,301 | |||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
31-Dec-14 | Special | ||||||||||||||||||||||||||||||||
Pass | Mention | Substandard | Doubtful | Total | |||||||||||||||||||||||||||||
Commercial, financial & agricultural | $ | 32,579 | $ | 754 | $ | 70 | $ | — | $ | 33,403 | |||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Construction | 26,824 | 721 | — | — | 27,545 | ||||||||||||||||||||||||||||
Mortgage – residential | 46,090 | 1,054 | 1,366 | — | 48,510 | ||||||||||||||||||||||||||||
Mortgage – commercial | 270,986 | 10,437 | 11,763 | — | 293,186 | ||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Home Equity | 32,008 | 751 | 241 | — | 33,000 | ||||||||||||||||||||||||||||
Other | 8,041 | 100 | 59 | — | 8,200 | ||||||||||||||||||||||||||||
Total | $ | 416,528 | $ | 13,817 | $ | 13,499 | $ | — | $ | 443,844 | |||||||||||||||||||||||
At March 31, 2015 and December 31, 2014, non-accrual loans totaled $5.9 million and $6.6 million, respectively. | |||||||||||||||||||||||||||||||||
TDRs that are still accruing and included in impaired loans at March 31, 2015 and December 31, 2014 amounted to $2.0 million and $2.2 million, respectively. TDRs in non-accrual status at March 31, 2015 and December 31, 2014 amounted to $2.3 million and $2.6 million, respectively. | |||||||||||||||||||||||||||||||||
There were no loans greater than 90 days delinquent and still accruing interest as of March 31, 2015 and December 31, 2014. | |||||||||||||||||||||||||||||||||
We account for acquisitions under FASB ASC Topic 805, Business Combinations, which requires the use of the acquisition method of accounting. All identifiable assets acquired, including loans, are recorded at fair value. No allowance for loan losses related to the acquired loans is recorded on the acquisition date because the fair value of the loans acquired incorporates assumptions regarding credit risk. | |||||||||||||||||||||||||||||||||
Acquired credit-impaired loans are accounted for under the accounting guidance for loans and debt securities acquired with deteriorated credit quality, found in FASB ASC Topic 310-30, Receivables—Loans and Debt Securities Acquired with Deteriorated Credit Quality, and initially measured at fair value, which includes estimated future credit losses expected to be incurred over the life of the loans. Loans acquired in business combinations with evidence of credit deterioration are considered impaired. Loans acquired through business combinations that do not meet the specific criteria of FASB ASC Topic 310-30, but for which a discount is attributable, at least in part to credit quality, are also accounted for under this guidance. Certain acquired loans, including performing loans and revolving lines of credit (consumer and commercial), are accounted for in accordance with FASB ASC Topic 310-20, where the discount is accreted through earnings based on estimated cash flows over the estimated life of the loan. | |||||||||||||||||||||||||||||||||
Purchase credit impaired (“PCI”) loans acquired totaled $4.2 million at estimated fair value, and acquired performing loans totaling $102.3 million at estimated fair value were not credit impaired. The gross contractual amount receivable for PCI loans and acquired performing loans was approximately $5.7 million and $116.0 million, respectively, as of the acquisition date. For the acquired performing loans, the best estimate at acquisition date of contractual cash flows not expected to be collected is $825 thousand. Determining the fair value of PCI loans at acquisition required the Company to estimate cash flows expected to result from those loans and to discount those cash flows at appropriate rates of interest. For such loans, the excess of cash flows expected to be collected at acquisition over the estimated fair value is recognized as interest income over the remaining lives of the loans and is called the accretable yield. The difference between contractually required payments at acquisition and the cash flows expected to be collected at acquisition reflects the impact of estimated credit losses and is called the nonaccretable difference. In accordance with GAAP, there was no carry-over of previously established allowance for credit losses from the acquired company. | |||||||||||||||||||||||||||||||||
In conjunction with the acquisition of Savannah River (as defined below) on February 1, 2014, the acquired PCI loan portfolio was accounted for at fair value as follows: | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | February 1, 2014 | ||||||||||||||||||||||||||||||||
Contractual principal and interest at acquisition | $ | 5,717 | |||||||||||||||||||||||||||||||
Nonaccretable difference | (1,205 | ) | |||||||||||||||||||||||||||||||
Expected cash flows at acquisition | 4,512 | ||||||||||||||||||||||||||||||||
Accretable yield | (272 | ) | |||||||||||||||||||||||||||||||
Basis in PCI loans at acquisition – estimated fair value | $ | 4,240 | |||||||||||||||||||||||||||||||
A summary of changes in the accretable yield for PCI loans for the three months ended March 31, 2015 and March 31, 2014 follows (in thousands): | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Three Months | Three Months | |||||||||||||||||||||||||||||||
Ended | Ended | ||||||||||||||||||||||||||||||||
March 31, 2015 | March 31, 2014 | ||||||||||||||||||||||||||||||||
Accretable yield, beginning of period | $ | 75 | $ | — | |||||||||||||||||||||||||||||
Additions | — | 272 | |||||||||||||||||||||||||||||||
Accretion | (437 | ) | (33 | ) | |||||||||||||||||||||||||||||
Reclassification of nonaccretable difference due to improvement in expected cash flows | 390 | — | |||||||||||||||||||||||||||||||
Other changes, net | — | — | |||||||||||||||||||||||||||||||
Accretable yield, end of period | $ | 28 | $ | 239 | |||||||||||||||||||||||||||||
The following tables are by loan category and present loans past due and on non-accrual status as of March 31, 2015 and December 31, 2014: | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | 30-59 Days | 60-89 Days | Greater than | Nonaccrual | Total | Current | Total Loans | ||||||||||||||||||||||||||
Past Due | Past Due | 90 Days and | Past Due | ||||||||||||||||||||||||||||||
31-Mar-15 | Accruing | ||||||||||||||||||||||||||||||||
Commercial | $ | 19 | $ | 18 | $ | — | $ | — | $ | 37 | $ | 32,532 | $ | 32,569 | |||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | 36,080 | 36,080 | ||||||||||||||||||||||||||
Mortgage-residential | 77 | — | — | 1,014 | 1,091 | 48,747 | 49,838 | ||||||||||||||||||||||||||
Mortgage-commercial | 2,130 | 290 | — | 4,838 | 7,258 | 286,850 | 294,108 | ||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Home equity | 44 | 46 | — | 91 | 181 | 33,330 | 33,511 | ||||||||||||||||||||||||||
Other | 4 | 2 | — | — | 6 | 8,189 | 8,195 | ||||||||||||||||||||||||||
Total | $ | 2,274 | $ | 356 | $ | — | $ | 5,943 | $ | 8,573 | $ | 445,728 | $ | 454,301 | |||||||||||||||||||
(Dollars in thousands) | 30-59 Days | 60-89 Days | Greater than | Nonaccrual | Total | Current | Total Loans | ||||||||||||||||||||||||||
Past Due | Past Due | 90 Days and | Past Due | ||||||||||||||||||||||||||||||
31-Dec-14 | Accruing | ||||||||||||||||||||||||||||||||
Commercial | $ | — | $ | — | $ | — | $ | 55 | $ | 147 | $ | 33,256 | $ | 33,403 | |||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Construction | — | 2 | — | — | 2 | 27,543 | 27,545 | ||||||||||||||||||||||||||
Mortgage-residential | 131 | 5 | — | 1,025 | 1,161 | 47,349 | 48,510 | ||||||||||||||||||||||||||
Mortgage-commercial | 1,443 | 4 | — | 5,413 | 6,860 | 286,326 | 293,186 | ||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Home equity | 19 | — | — | 92 | 111 | 32,899 | 33,000 | ||||||||||||||||||||||||||
Other | 63 | 6 | — | — | 69 | 8,131 | 8,200 | ||||||||||||||||||||||||||
Total | $ | 1,748 | $ | 17 | $ | — | $ | 6,585 | $ | 8,350 | $ | 435,494 | $ | 443,844 | |||||||||||||||||||
As a result of adopting the amendments in Accounting Standards Update (“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. | |||||||||||||||||||||||||||||||||
There were no loans determined to be TDRs that were restructured during the three-month periods ended March 31, 2015 and March 31, 2014. | |||||||||||||||||||||||||||||||||
The following table, by loan category, presents loans determined to be TDRs in the twelve month period preceding March 31, 2015 that subsequently defaulted during the three month period ended March 31, 2015. During the three month period ended March 31, 2014, there were no loans determined to be TDRs in the previous twelve months that had payment defaults. Defaulted loans are those loans that are greater than 89 days past due. | |||||||||||||||||||||||||||||||||
Troubled Debt Restructurings that subsequently defaulted this period | For the three months ended | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | 31-Mar-15 | ||||||||||||||||||||||||||||||||
Number | Recorded | ||||||||||||||||||||||||||||||||
of Contracts | Investment | ||||||||||||||||||||||||||||||||
Mortgage-Commercial | 1 | $ | 1,391 | ||||||||||||||||||||||||||||||
Mortgage-Consumer | 1 | 180 | |||||||||||||||||||||||||||||||
Total TDRs | 2 | $ | 1,571 | ||||||||||||||||||||||||||||||
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 their corresponding collateral value. All troubled TDR accruing loans that have a loan balance that exceeds the present value of cash flows 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 Company will be unable to collect all amounts due including both principal and interest according to the contractual terms of the loan agreement. |
Recently_Issued_Accounting_Pro
Recently Issued Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Pronouncements | Note 5 – Recently Issued Accounting Pronouncements |
The following is a summary of recent authoritative pronouncements: | |
In January 2014, the FASB amended the Equity Method and Joint Ventures topic of the Accounting Standards Codification. The amendments provide criteria that must be met in order to apply a proportional amortization method to Low-Income Housing Tax Credit investments and provide guidance on the method used to amortize the investment, the impairment approach, and the eligibility criteria for entities that have other arrangements (e.g., loans) with the limited liability entity. The amendments are effective for the Company for any new investments in qualified affordable housing projects for interim and annual periods beginning after December 15, 2014. The Company intends to continue using the effective yield method for existing investments in qualified affordable housing projects. The Company does not expect these amendments to have a material effect on its financial statements. | |
In January 2014, the FASB amended Receivables topic of the Accounting Standards Codification. The amendments are intended to resolve diversity in practice with respect to when a creditor should reclassify a collateralized consumer mortgage loan to other real estate owned (OREO). In addition, the amendments require a creditor reclassify a collateralized consumer mortgage loan to OREO upon obtaining legal title to the real estate collateral, or the borrower voluntarily conveying all interest in the real estate property to the lender to satisfy the loan through a deed in lieu of foreclosure or similar legal agreement. The amendments are effective for the Company for annual periods, and interim periods beginning after December 15, 2014, with early implementation of the guidance permitted. In implementing this guidance, assets that are reclassified from real estate to loans are measured at the carrying value of the real estate at the date of adoption. Assets reclassified from loans to real estate are measured at the lower of the net amount of the loan receivable or the fair value of the real estate less costs to sell at the date of adoption. The Company will apply the amendments prospectively. The Company does not expect these amendments to have a material effect on its financial statements. | |
In May 2014, the FASB issued guidance to change the recognition of revenue from contracts with customers. The core principle of the new guidance is that an entity should recognize revenue to reflect the transfer of goods and services to customers in an amount equal to the consideration the entity receives or expects to receive. The guidance will be effective for the Company for reporting periods beginning after December 15, 2017. The Company will apply the guidance using a modified retrospective approach. The Company does not expect these amendments to have a material effect on its financial statements. | |
In June 2014, the FASB issued guidance which clarifies that performance targets associated with stock compensation should be treated as a performance condition and should not be reflected in the grant date fair value of the stock award. The amendments will be effective for the Company for fiscal years that begin after December 15, 2015. The Company will apply the guidance to all stock awards granted or modified after the amendments are effective. The Company does not expect these amendments to have a material effect on its financial statements. | |
In November 2014, the FASB issued guidance for determining whether embedded features need to be accounted for separately from their host shares. The new guidance requires companies to consider all terms and features, including the embedded feature(s) being evaluated for separate recognition, when determining whether a host contract is more akin to debt or equity; no single term or feature should be considered determinative regarding the nature of the host contract. The amendments will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015, with early adoption, including adoption in an interim period, permitted. The Company does not expect these amendments to have a material effect on its financial statements. | |
In January 2015, the FASB issued guidance to eliminate from U.S. GAAP the concept of an extraordinary item, which is an event or transaction that is both (1) unusual in nature and (2) infrequently occurring. Under the new guidance, an entity will no longer (1) segregate an extraordinary item from the results of ordinary operations; (2) separately present an extraordinary item on its income statement, net of tax, after income from continuing operations; or (3) disclose income taxes and earnings-per-share data applicable to an extraordinary item. The amendments will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The Company will apply the guidance prospectively to all prior periods presented in the financial statements. The Company does not expect these amendments to have a material effect on its financial statements. | |
In February 2015, the FASB issued guidance which amends the consolidation requirements and significantly changes the consolidation analysis required under U.S. GAAP. Although the amendments are expected to result in the deconsolidation of many entities, the Company will need to reevaluate all its previous consolidation conclusions. The amendments will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permitted (including during an interim period), provided that the guidance is applied as of the beginning of the annual period containing the adoption date. 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. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||
Fair Value of Financial Instruments | Note 6 – Fair Value of Financial Instruments | ||||||||||||||||||||
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 MBSs issued both by government sponsored enterprises and PLMBSs. 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 March 31, 2015 and December 31, 2014 are as follows: | |||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||
Fair Value | |||||||||||||||||||||
(Dollars in thousands) | Carrying | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Amount | |||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||
Cash and short term investments | $ | 44,211 | $ | 44,211 | $ | 44,211 | $ | — | $ | — | |||||||||||
Held-to-maturity securities | 12,756 | 12,747 | — | 12,747 | — | ||||||||||||||||
Available-for-sale securities | 259,369 | 259,369 | 834 | 258,118 | 417 | ||||||||||||||||
Other investments, at cost | 1,969 | 1,969 | — | — | 1,969 | ||||||||||||||||
Loans held for sale | 5,446 | 5,446 | — | 5,446 | — | ||||||||||||||||
Net loans receivable | 450,049 | 451,219 | — | 443,329 | 7,890 | ||||||||||||||||
Accrued interest | 2,485 | 2,485 | 2,485 | — | — | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Non-interest bearing demand | $ | 140,689 | $ | 140,689 | $ | — | $ | 140,689 | $ | — | |||||||||||
NOW and money market accounts | 305,851 | 305,851 | — | 305,851 | — | ||||||||||||||||
Savings | 56,467 | 56,467 | — | 56,467 | — | ||||||||||||||||
Time deposits | 191,566 | 192,161 | — | 192,161 | — | ||||||||||||||||
Total deposits | 694,573 | 695,168 | — | 695,168 | — | ||||||||||||||||
Federal Home Loan Bank Advances | 27,552 | 29,373 | — | 29,373 | — | ||||||||||||||||
Short term borrowings | 16,684 | 16,684 | — | 16,684 | — | ||||||||||||||||
Junior subordinated debentures | 15,464 | 15,464 | — | 15,464 | — | ||||||||||||||||
Accrued interest payable | 695 | 695 | 695 | — | — | ||||||||||||||||
31-Dec-14 | |||||||||||||||||||||
Fair Value | |||||||||||||||||||||
(Dollars in thousands) | Carrying | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Amount | |||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||
Cash and short term investments | $ | 22,532 | $ | 22,532 | $ | 22,532 | $ | — | $ | — | |||||||||||
Held-to-maturity securities | 10,647 | 10,585 | — | 10,585 | — | ||||||||||||||||
Available-for-sale securities | 270,164 | 270,164 | 839 | 268,908 | 417 | ||||||||||||||||
Other investments, at cost | 2,003 | 2,003 | — | — | 2,003 | ||||||||||||||||
Loans held for sale | 4,124 | 4,124 | — | 4,124 | — | ||||||||||||||||
Net loans receivable | 439,712 | 441,944 | — | 433,446 | 8,498 | ||||||||||||||||
Accrued interest | 2,712 | 2,712 | 2,712 | — | — | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Non-interest bearing demand | $ | 133,004 | $ | 133,004 | $ | — | $ | 133,004 | $ | — | |||||||||||
NOW and money market accounts | 287,982 | 287,982 | — | 287,982 | — | ||||||||||||||||
Savings | 53,583 | 53,583 | — | 53,583 | — | ||||||||||||||||
Time deposits | 195,014 | 195,721 | — | 195,721 | — | ||||||||||||||||
Total deposits | 669,583 | 670,290 | — | 670,290 | — | ||||||||||||||||
Federal Home Loan Bank Advances | 28,807 | 30,745 | — | 30,745 | — | ||||||||||||||||
Short term borrowings | 17,383 | 17,383 | — | 17,383 | — | ||||||||||||||||
Junior subordinated debentures | 15,464 | 15,464 | — | 15,464 | — | ||||||||||||||||
Accrued interest payable | 725 | 725 | 725 | — | — | ||||||||||||||||
The following tables summarize quantitative disclosures about the fair value for each category of assets carried at fair value as of March 31, 2015 and December 31, 2014 that are measured on a recurring basis. There were no liabilities carried at fair value as of March 31, 2015 or December 31, 2014 that are measured on a recurring basis. | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Description | 31-Mar-15 | Quoted Prices in Active Markets for Identical Assets | Significant Other | Significant | |||||||||||||||||
(Level 1) | Observable Inputs | Unobservable Inputs | |||||||||||||||||||
(Level 2) | (Level 3) | ||||||||||||||||||||
Available for sale securities | |||||||||||||||||||||
Government sponsored enterprises | $ | 3,503 | $ | — | $ | 3,503 | $ | — | |||||||||||||
Mortgage-backed securities | 148,553 | — | 148,553 | — | |||||||||||||||||
Small Business Administration securities | 59.555 | — | 59,555 | — | |||||||||||||||||
State and local government | 46,447 | — | 46,447 | — | |||||||||||||||||
Corporate and other securities | 1,311 | 834 | 60 | 417 | |||||||||||||||||
Total | $ | 259,369 | $ | 834 | $ | 258,118 | $ | 417 | |||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Description | 31-Dec-14 | Quoted Prices in Active Markets for Identical Assets | Significant Other | Significant | |||||||||||||||||
(Level 1) | Observable Inputs | Unobservable Inputs | |||||||||||||||||||
(Level 2) | (Level 3) | ||||||||||||||||||||
Available for sale securities | |||||||||||||||||||||
Government sponsored enterprises | $ | 3,434 | $ | — | $ | 3,434 | $ | — | |||||||||||||
Mortgage-backed securities | 160,353 | — | 160,353 | — | |||||||||||||||||
Small Business Administration securities | 58,545 | — | 58,545 | — | |||||||||||||||||
State and local government | 46,516 | — | 46,516 | — | |||||||||||||||||
Corporate and other securities | 1,316 | 839 | 60 | 417 | |||||||||||||||||
Total | $ | 270,164 | $ | 839 | $ | 268,908 | $ | 417 | |||||||||||||
The following table reconciles the changes in Level 3 financial instruments for the three months ended March 31, 2015 and March 31, 2014 that are measured on a recurring basis. | |||||||||||||||||||||
March 31, | |||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||
(Dollars in thousands) | Corporate Preferred Stock | Corporate Preferred Stock | |||||||||||||||||||
Beginning Balance | $ | 417 | $ | 417 | |||||||||||||||||
Total gains or losses (realized/unrealized) | — | — | |||||||||||||||||||
Included in earnings | |||||||||||||||||||||
Included in other comprehensive income | — | — | |||||||||||||||||||
Purchases, issuances, and settlements | — | — | |||||||||||||||||||
Transfers in and/or out of Level 3 | — | — | |||||||||||||||||||
Ending Balance | $ | 417 | $ | 417 | |||||||||||||||||
The following tables summarize quantitative disclosures about the fair value for each category of assets carried at fair value as of March 31, 2015 and December 31, 2014 that are measured on a non-recurring basis. | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Description | March 31, | Quoted Prices | Significant | Significant | |||||||||||||||||
2015 | in Active | Other | Unobservable | ||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||
Identical Assets | Inputs | (Level 3) | |||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||
Impaired loans: | |||||||||||||||||||||
Commercial & Industrial | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Real estate: | |||||||||||||||||||||
Mortgage-residential | 1,062 | — | — | 1,062 | |||||||||||||||||
Mortgage-commercial | 6,737 | — | — | 6,737 | |||||||||||||||||
Consumer: | |||||||||||||||||||||
Home equity | 91 | — | — | 91 | |||||||||||||||||
Other | — | — | — | — | |||||||||||||||||
Total impaired | 7,890 | — | — | 7,890 | |||||||||||||||||
Other real estate owned: | |||||||||||||||||||||
Construction | 276 | — | — | 276 | |||||||||||||||||
Mortgage-residential | 219 | — | — | 219 | |||||||||||||||||
Mortgage-commercial | 2,253 | — | — | 2,253 | |||||||||||||||||
Total other real estate owned | 2,748 | — | — | 2,748 | |||||||||||||||||
Total | $ | 10,638 | $ | — | $ | — | $ | 10,638 | |||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Description | December 31, | Quoted Prices | Significant | Significant | |||||||||||||||||
2014 | in Active | Other | Unobservable | ||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||
Identical Assets | Inputs | (Level 3) | |||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||
Impaired loans: | |||||||||||||||||||||
Commercial & Industrial | $ | 55 | $ | — | $ | — | $ | 55 | |||||||||||||
Real estate: | |||||||||||||||||||||
Mortgage-residential | 1,074 | — | — | 1,074 | |||||||||||||||||
Mortgage-commercial | 7,277 | — | — | 7,277 | |||||||||||||||||
Consumer: | |||||||||||||||||||||
Home equity | 92 | — | — | 92 | |||||||||||||||||
Other | — | — | — | — | |||||||||||||||||
Total impaired | 8,498 | — | — | 8,498 | |||||||||||||||||
Other real estate owned: | |||||||||||||||||||||
Construction. | 424 | — | — | 424 | |||||||||||||||||
Mortgage-residential | 232 | — | — | 232 | |||||||||||||||||
Mortgage-commercial | 2,287 | — | — | 2,287 | |||||||||||||||||
Total other real estate owned | 2,943 | — | — | 2,943 | |||||||||||||||||
Total | $ | 11,441 | $ | — | $ | — | $ | 11,441 | |||||||||||||
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 consists 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 $7.9 million and $8.5 million as of March 31, 2015 and December 31, 2014, respectively. | |||||||||||||||||||||
For Level 3 assets and liabilities measured at fair value on a recurring or non-recurring basis as of March 31, 2015 and December 31, 2014, the significant unobservable inputs used in the fair value measurements were as follows: | |||||||||||||||||||||
(Dollars in thousands) | Fair Value as of | Valuation Technique | Significant Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||
31-Mar-15 | |||||||||||||||||||||
Preferred stock | $417 | Estimation based on comparable non-listed securities | Comparable transactions | n/a | |||||||||||||||||
OREO | $2,748 | 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 | $7,890 | Appraisal Value | Appraisals and or sales of comparable properties | Appraisals discounted 6% to 16% for sales commissions and other holding cost | |||||||||||||||||
(Dollars in thousands) | Fair Value as of | Valuation Technique | Significant Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||
31-Dec-14 | |||||||||||||||||||||
Preferred stock | $417 | Estimation based on comparable non-listed securities | Comparable transactions | n/a | |||||||||||||||||
OREO | $2,943 | 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 | $8,498 | Appraisal Value | Appraisals and or sales of comparable properties | Appraisals discounted 6% to 16% for sales commissions and other holding cost |
Mergers_and_Acquisitions_Savan
Mergers and Acquisitions - Savannah River Financial Corporation | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Business Combinations [Abstract] | |||||||||||||
Mergers and Acquisitions - Savannah River Financial Corporation | Note 7 – Mergers and Acquisitions – Savannah River Financial Corporation | ||||||||||||
On February 1, 2014, the Company acquired all of the outstanding common stock of Savannah River Financial Corporation (“Savannah River”), of Augusta, Georgia, the bank holding company for Savannah River Banking Company (“SRBC”), in a cash and stock transaction. The total purchase price was approximately $33.5 million, consisting of $19.8 million in cash and 1,274,200 shares of our common stock valued at $13.7 million based on a provision in the merger agreement that 60% of the outstanding shares of Savannah River common stock be exchanged for cash and 40% of the outstanding shares of Savannah River common stock be exchanged for shares of the Company’s common stock. The value of the Company’s common stock issued was determined based on the closing price of the common stock on January 31, 2014 as reported by NASDAQ, which was $10.76. Savannah River common shareholders received 1.0618 shares of the Company’s common stock in exchange for each share of Savannah River common stock, or $11.00 per share, subject to the limitations discussed above. The Company issued 1,274,200 shares of its common stock in connection with the merger. | |||||||||||||
The Savannah River transaction was accounted for using the acquisition method of accounting and, accordingly, assets acquired, liabilities assumed and consideration exchanged were recorded at estimated fair value on the acquisition date. Fair values are subject to refinement for up to a year. | |||||||||||||
The following table presents the assets acquired and liabilities assumed as of February 1, 2014 as recorded by the Company on the acquisition date and initial fair value adjustments. | |||||||||||||
As Recorded by | Fair Value | As Recorded | |||||||||||
(Dollars in thousands, except per share data) | Savannah River | Adjustments | by the Company | ||||||||||
Assets | |||||||||||||
Cash and cash equivalents | $ | 8,451 | $ | — | $ | 8,451 | |||||||
Investment securities | 23,014 | 126 | (a) | 23,140 | |||||||||
Loans | 109,532 | (3,016 | )(b) | 106,516 | |||||||||
Premises and equipment | 7,695 | 473 | (c) | 8,168 | |||||||||
Intangible assets | — | 1,182 | (d) | 1,182 | |||||||||
Bank owned life insurance | 3,158 | — | 3,158 | ||||||||||
Other assets | 1,839 | (248 | )(e) | 1,591 | |||||||||
Total assets | $ | 153,689 | $ | (1,483 | ) | $ | 152,206 | ||||||
Liabilities | |||||||||||||
Deposits: | |||||||||||||
Noninterest-bearing | $ | 11,045 | $ | — | $ | 11,045 | |||||||
Interest-bearing | 102,891 | 211 | (f) | 103,102 | |||||||||
Total deposits | 113,936 | 211 | 114,147 | ||||||||||
FHLB advances | 8,684 | 22 | (g) | 8,706 | |||||||||
Other liabilities | 345 | — | 345 | ||||||||||
Total liabilities | 122,965 | 233 | 123,198 | ||||||||||
Net identifiable assets acquired over (under) liabilities assumed | 30,724 | (1,716 | ) | 29,008 | |||||||||
Goodwill | — | 4,507 | 4,507 | ||||||||||
Net assets acquired over liabilities assumed | $ | 30,724 | $ | 2,791 | $ | 33,515 | |||||||
Consideration: | |||||||||||||
First Community Corporation common shares issued | 1,274,200 | ||||||||||||
Purchase price per share of the Company’s common stock | $ | 10.76 | |||||||||||
$ | 13,710 | ||||||||||||
Cash exchanged for stock and fractional shares | 19,805 | ||||||||||||
Fair value of total consideration transferred | $ | 33,515 | |||||||||||
Explanation of fair value adjustments | |||||||||||||
(a)—Adjustment reflects marking the securities portfolio to fair value as of the acquisition date. | |||||||||||||
(b)—Adjustment reflects the fair value adjustments based on the Company’s evaluation of the acquired loan portfolio. and excludes the allowance for loan losses recorded by Savannah River. | |||||||||||||
(c)—Adjustment reflects the fair value adjustments based on the Company’s evaluation of the acquired premises and equipment. | |||||||||||||
(d)—Adjustment reflects the recording of the core deposit intangible on the acquired deposit accounts. | |||||||||||||
(e)—Adjustment reflects the deferred tax adjustment related to fair value adjustments at 34%. | |||||||||||||
(f)—Adjustment reflects the fair value adjustment on interest-bearing deposits. | |||||||||||||
(g)—Adjustment reflects the fair value adjustment on FHLB Advances which was equal to the prepayment fee paid to pay-off the FHLB Advances upon consummation of the merger. | |||||||||||||
The operating results of the Company for the period ended March 31, 2014 include the operating results of the acquired assets and assumed liabilities for the 59 days subsequent to the acquisition date of February 1, 2014. Merger-related charges of $420 thousand are recorded in the consolidated statement of income and include incremental costs related to closing the acquisition, including legal, accounting and auditing, investment banker, travel, printing, supplies and other costs. | |||||||||||||
The following table discloses the impact of the merger with Savannah River (excluding the impact of merger-related expenses) since the acquisition on February 1, 2014 through March 31, 2014. The table also presents certain pro forma information as if Savannah River had been acquired on January 1, 2014. The results combine the historical results of Savannah River in the Company’s consolidated statement of income and, while certain adjustments were made for the estimated impact of certain fair value adjustments and other acquisition-related activity, they are not indicative of what would have occurred had the acquisition taken place on January 1, 2014. The results for the three month period ended March 31, 2015 do not have any merger related expenses and include the impact of the Savannah River acquisition for the entire period, and therefore, no pro-forma information is presented for such period. | |||||||||||||
Actual since | |||||||||||||
Acquisition | Pro Forma | ||||||||||||
(February 1, 2014 | Three Months | ||||||||||||
(Dollars in thousands) | through | Ended March 31, | |||||||||||
March 31, 2014) | 2014 | ||||||||||||
Total revenues (net interest income plus noninterest income) | $ | 7,371 | $ | 7,850 | |||||||||
Net income | $ | 862 | $ | 1,302 | |||||||||
On September 26, 2014, the Bank completed its acquisition of approximately $40 million in deposits and $8.7 million in loans from First South Bank (“First South”). This represented all of the deposits and a portion of the loans at First South’s Columbia, South Carolina banking office located at 1333 Main Street. The Bank paid a premium of $714 thousand for the deposits and loans acquired. The deposits and loans from First South have been consolidated into the Bank’s branch located at 1213 Lady Street, Columbia, South Carolina. The premium paid of $714 thousand plus fair value adjustments recorded on loans and deposits acquired resulted in a core deposit intangible of $365.9 thousand and other identifiable intangible assets in the amount of $538.6 thousand being recorded related to this transaction and is reflected on the consolidated balance sheet at December 31, 2014. The transaction is being accounted for as an asset acquisition and liability assumption. The core deposit intangible and other identifiable intangible are being amortized over seven years on an accelerated basis. |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 8 – 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. Nonrecognized 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. |
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
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: | ||||||||
(In thousands except average market price) | |||||||||
Three months ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Numerator (Net income available to common shareholders) | $ | 1,404 | $ | 862 | |||||
Denominator | |||||||||
Weighted average common shares outstanding for: | |||||||||
Basic earnings per share | 6,522 | 6,169 | |||||||
Dilutive securities: | |||||||||
Deferred compensation | 20 | 17 | |||||||
Warrants/Restricted stock -Treasury stock method | 123 | 43 | |||||||
Diluted earnings per share | 6,665 | 6,229 | |||||||
The average market price used in calculating assumed number of shares | $ | 11.42 | $ | 10.86 |
Investment_Securities_Tables
Investment Securities (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||
Schedule of amortized cost and estimated fair values of available-for-sale | 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 | ||||||||||||||||||||||||
March 31, 2015: | |||||||||||||||||||||||||
Government sponsored enterprises | $ | 3,406 | $ | 97 | $ | — | $ | 3,503 | |||||||||||||||||
Mortgage-backed securities | 147,054 | 1,846 | 347 | 148,553 | |||||||||||||||||||||
Small Business Administration pools | 59,452 | 447 | 344 | 59,555 | |||||||||||||||||||||
State and local government | 44,948 | 1,590 | 91 | 46,447 | |||||||||||||||||||||
Corporate and other securities | 1,349 | — | 38 | 1,311 | |||||||||||||||||||||
$ | 256,209 | $ | 3,980 | $ | 820 | $ | 259,369 | ||||||||||||||||||
December 31, 2014: | |||||||||||||||||||||||||
Government sponsored enterprises | $ | 3,403 | $ | 45 | $ | 14 | $ | 3,434 | |||||||||||||||||
Mortgage-backed securities | 159,861 | 1,211 | 719 | 160,353 | |||||||||||||||||||||
Small Business Administration pools | 58,643 | 385 | 483 | 58,545 | |||||||||||||||||||||
State and local government | 45,102 | 1,523 | 109 | 46,516 | |||||||||||||||||||||
Corporate and other securities | 1,349 | — | 33 | 1,316 | |||||||||||||||||||||
$ | 268,358 | $ | 3,164 | $ | 1,358 | $ | 270,164 | ||||||||||||||||||
Schedule of amortized cost and estimated fair values of held-to-maturity securities | HELD-TO-MATURITY: | ||||||||||||||||||||||||
(Dollars in thousands) | Amortized | Gross | Gross | Fair Value | |||||||||||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
March 31, 2015: | |||||||||||||||||||||||||
State and local government | $ | 12,756 | $ | 72 | $ | 81 | $ | 12,747 | |||||||||||||||||
$ | 12,756 | $ | 72 | $ | 81 | $ | 12,747 | ||||||||||||||||||
December 31, 2014: | |||||||||||||||||||||||||
State and local government | $ | 10,647 | $ | 6 | $ | 68 | $ | 10,585 | |||||||||||||||||
$ | 10,647 | $ | 6 | $ | 68 | $ | 10,585 | ||||||||||||||||||
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 | 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 March 31, 2015 and December 31, 2014. | ||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||
31-Mar-15 | Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||
(Dollars in thousands) | Loss | Loss | Loss | ||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||
Government Sponsored Enterprises | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Government Sponsored Enterprise mortgage-backed securities | 15,585 | 116 | 19,334 | 224 | 34,919 | 340 | |||||||||||||||||||
Small Business Administration pools | 10,929 | 77 | 22,815 | 267 | 33,744 | 344 | |||||||||||||||||||
Non-agency mortgage-backed securities | 348 | 7 | — | — | 348 | 7 | |||||||||||||||||||
State and local government | — | — | 3,306 | 91 | 3,306 | 91 | |||||||||||||||||||
Corporate bonds and other | — | — | 884 | 38 | 884 | 38 | |||||||||||||||||||
Total | $ | 26,862 | $ | 200 | $ | 46,339 | $ | 620 | $ | 73,201 | $ | 820 | |||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||
31-Dec-14 | Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||
(Dollars in thousands) | Loss | Loss | Loss | ||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||
Government Sponsored Enterprises | $ | — | $ | — | $ | 1,486 | $ | 14 | $ | 1,486 | $ | 14 | |||||||||||||
Government Sponsored Enterprise mortgage-backed securities | 38,341 | 283 | 26,232 | 429 | 64,573 | 712 | |||||||||||||||||||
Small Business Administration pools | 12,313 | 89 | 20,896 | 394 | 33,209 | 483 | |||||||||||||||||||
Non-agency mortgage-backed securities | 576 | 6 | 18 | 1 | 594 | 7 | |||||||||||||||||||
State and local government | — | — | 5,270 | 109 | 5,270 | 109 | |||||||||||||||||||
Corporate bonds and other | — | — | 889 | 33 | 889 | 33 | |||||||||||||||||||
Total | $ | 51,230 | $ | 378 | $ | 54,791 | $ | 980 | $ | 106,021 | $ | 1,358 | |||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||
31-Mar-15 | Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||
(Dollars in thousands) | Loss | Loss | Loss | ||||||||||||||||||||||
Held-to-maturity securities: | |||||||||||||||||||||||||
State and local government | $ | 7,727 | $ | 81 | $ | — | $ | — | $ | 7,727 | $ | 81 | |||||||||||||
Total | $ | 7,727 | $ | 81 | $ | — | $ | — | $ | 7,727 | $ | 81 | |||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||
31-Dec-14 | Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||
(Dollars in thousands) | Loss | Loss | Loss | ||||||||||||||||||||||
Held-to-maturity securities: | |||||||||||||||||||||||||
State and local government | $ | 8,655 | $ | 68 | $ | — | $ | — | $ | 8,655 | $ | 68 | |||||||||||||
Total | $ | 8,655 | $ | 68 | $ | — | $ | — | $ | 8,655 | $ | 68 | |||||||||||||
Schedule of the amortized cost and fair value of investment securities by expected maturity | The following sets forth the amortized cost and fair value of investment securities at March 31, 2015 by contractual maturity. Expected maturities differ from contractual maturities because borrowers may have the right to call or prepay the obligations with or without prepayment penalties. MBSs are based on average life at estimated prepayment speeds. | ||||||||||||||||||||||||
Available-for-sale | Held-to-maturity | ||||||||||||||||||||||||
(Dollars in thousands) | Amortized | Fair | Amortized | Fair | |||||||||||||||||||||
Cost | Value | Cost | Value | ||||||||||||||||||||||
Due in one year or less | $ | 6,668 | $ | 6,727 | $ | — | $ | — | |||||||||||||||||
Due after one year through five years | 126,652 | 127,963 | 494 | 497 | |||||||||||||||||||||
Due after five years through ten years | 108,647 | 110,567 | 11,715 | 11,720 | |||||||||||||||||||||
Due after ten years | 14,242 | 14,112 | 547 | 530 | |||||||||||||||||||||
$ | 256,209 | $ | 259,369 | $ | 12,756 | $ | 12,747 |
Loans_Tables
Loans (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||
Summary of loans by category | Loans summarized by category as of March 31, 2015, December 31, 2014 and March 31, 2014 are as follows: | ||||||||||||||||||||||||||||||||
March 31, | December 31, | March 31, | |||||||||||||||||||||||||||||||
(Dollars in thousands) | 2015 | 2014 | 2014 | ||||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 32,569 | $ | 33,403 | $ | 34,860 | |||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Construction | 36,080 | 27,545 | 29,112 | ||||||||||||||||||||||||||||||
Mortgage-residential | 49,838 | 48,510 | 46,810 | ||||||||||||||||||||||||||||||
Mortgage-commercial | 294,108 | 293,186 | 292,995 | ||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Home equity | 33,511 | 33,000 | 31,378 | ||||||||||||||||||||||||||||||
Other | 8,195 | 8,200 | 8,713 | ||||||||||||||||||||||||||||||
Total | $ | 454,301 | $ | 443,844 | $ | 443,868 | |||||||||||||||||||||||||||
Schedule of activity in the allowance for loan losses and the recorded investment in loans receivable | The detailed activity in the allowance for loan losses and the recorded investment in loans receivable as of and for the three months ended March 31, 2015 and March 31, 2014 and for the year ended December 31, 2014 is as follows: | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
Real estate | Real estate | ||||||||||||||||||||||||||||||||
Real estate | Mortgage | Mortgage | Consumer | Consumer | |||||||||||||||||||||||||||||
Commercial | Construction | Residential | Commercial | Home equity | Other | Unallocated | Total | ||||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||
Beginning balance December 31, 2014 | $ | 67 | $ | 45 | $ | 179 | $ | 1,572 | $ | 134 | $ | 44 | $ | 2,091 | $ | 4,132 | |||||||||||||||||
Charge-offs | (56 | ) | — | — | (291 | ) | — | (11 | ) | — | (358 | ) | |||||||||||||||||||||
Recoveries | 2 | — | 1 | 4 | 1 | 64 | — | 72 | |||||||||||||||||||||||||
Provisions | 197 | 89 | 63 | 295 | (14 | ) | (39 | ) | (185 | ) | 406 | ||||||||||||||||||||||
Ending balance March 31, 2015 | $ | 210 | $ | 134 | $ | 243 | $ | 1,580 | $ | 121 | $ | 58 | $ | 1,906 | $ | 4,252 | |||||||||||||||||
Ending balances: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | 4 | $ | 3 | $ | — | $ | — | $ | — | $ | 7 | |||||||||||||||||
Collectively evaluated for impairment | 210 | 134 | 239 | 1,577 | 121 | 58 | 1,906 | 4,245 | |||||||||||||||||||||||||
Loans receivable: | |||||||||||||||||||||||||||||||||
Ending balance-total | $ | 32,569 | $ | 36,080 | $ | 49,838 | $ | 294,108 | $ | 33,511 | $ | 8,195 | $ | — | $ | 454,301 | |||||||||||||||||
Ending balances: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | — | — | 1,066 | 6,740 | 91 | — | — | 7,897 | |||||||||||||||||||||||||
Collectively evaluated for impairment | $ | 32,569 | $ | 36,080 | $ | 48,772 | $ | 287,368 | $ | 33,420 | $ | 8,195 | $ | — | $ | 446,404 | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
Real estate | Real estate | ||||||||||||||||||||||||||||||||
Real estate | Mortgage | Mortgage | Consumer | Consumer | |||||||||||||||||||||||||||||
Commercial | Construction | Residential | Commercial | Home equity | Other | Unallocated | Total | ||||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||
Beginning balance December 31, 2013 | $ | 233 | $ | 26 | $ | 291 | $ | 1,117 | $ | 112 | $ | 80 | $ | 2,360 | $ | 4,219 | |||||||||||||||||
Charge-offs | — | — | (35 | ) | (187 | ) | — | (8 | ) | — | (230 | ) | |||||||||||||||||||||
Recoveries | 17 | — | 1 | — | — | 4 | — | 22 | |||||||||||||||||||||||||
Provisions | (7 | ) | 137 | (1 | ) | 94 | 2 | (13 | ) | (62 | ) | 150 | |||||||||||||||||||||
Ending balance March 31, 2014 | $ | 243 | $ | 163 | $ | 256 | $ | 1,024 | $ | 114 | $ | 63 | $ | 2,298 | $ | 4,161 | |||||||||||||||||
Ending balances: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | 4 | $ | — | $ | — | $ | — | $ | — | $ | 4 | |||||||||||||||||
Collectively evaluated for impairment | 243 | 163 | 252 | 1,024 | 114 | 63 | 2,298 | 4,157 | |||||||||||||||||||||||||
Loans receivable: | |||||||||||||||||||||||||||||||||
Ending balance-total | $ | 34,860 | $ | 29,112 | $ | 46,810 | $ | 292,995 | $ | 31,378 | $ | 8,713 | $ | — | $ | 443,868 | |||||||||||||||||
Ending balances: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | 65 | — | 956 | 7,332 | 71 | 9 | — | 8,433 | |||||||||||||||||||||||||
Collectively evaluated for impairment | $ | 34,795 | $ | 29,112 | $ | 45,854 | $ | 285,663 | $ | 31,307 | $ | 8,704 | $ | — | $ | 435,435 | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
Real estate | Real estate | ||||||||||||||||||||||||||||||||
Real estate | Mortgage | Mortgage | Consumer | Consumer | |||||||||||||||||||||||||||||
Commercial | Construction | Residential | Commercial | Home equity | Other | Unallocated | Total | ||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||
Beginning balance | $ | 233 | $ | 26 | $ | 291 | $ | 1,117 | $ | 112 | $ | 80 | $ | 2,360 | $ | 4,219 | |||||||||||||||||
Charge-offs | (54 | ) | — | (52 | ) | (879 | ) | (17 | ) | (109 | ) | — | (1,111 | ) | |||||||||||||||||||
Recoveries | 110 | — | 10 | — | 6 | 17 | — | 143 | |||||||||||||||||||||||||
Provisions | (222 | ) | 19 | (70 | ) | 1,334 | 33 | 56 | (269 | ) | 881 | ||||||||||||||||||||||
Ending balance | $ | 67 | $ | 45 | $ | 179 | $ | 1,572 | $ | 134 | $ | 44 | $ | 2,091 | $ | 4,132 | |||||||||||||||||
Ending balances: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | 4 | $ | 57 | $ | — | $ | — | $ | — | $ | 61 | |||||||||||||||||
Collectively evaluated for impairment | 67 | 45 | 175 | 1,515 | 134 | 44 | 2,091 | 4,071 | |||||||||||||||||||||||||
Loans receivable: | |||||||||||||||||||||||||||||||||
Ending balance-total | $ | 33,403 | $ | 27,545 | $ | 48,510 | $ | 293,186 | $ | 33,000 | $ | 8,200 | $ | — | $ | 443,844 | |||||||||||||||||
Ending balances: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | 55 | — | 1,078 | 7,334 | 92 | — | — | 8,559 | |||||||||||||||||||||||||
Collectively evaluated for impairment | $ | 33,348 | $ | 27,545 | $ | 47,432 | $ | 285,852 | $ | 32,908 | $ | 8,200 | $ | — | $ | 435,285 | |||||||||||||||||
Schedule of loans individually evaluated and considered impaired | The following table presents at March 31, 2015 and December 31, 2014 loans individually evaluated and considered impaired under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 310 “Accounting by Creditors for Impairment of a Loan.” Impairment includes performing troubled debt restructurings (“TDRs”). | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | March 31, | December 31, | |||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||
Total loans considered impaired | $ | 7,897 | $ | 8,559 | |||||||||||||||||||||||||||||
Loans considered impaired for which there is a related allowance for loan loss: | |||||||||||||||||||||||||||||||||
Outstanding loan balance | 300 | 1,959 | |||||||||||||||||||||||||||||||
Related allowance | 7 | 61 | |||||||||||||||||||||||||||||||
Loans considered impaired and previously written down to fair value | 7,597 | 6,600 | |||||||||||||||||||||||||||||||
Average impaired loans | 10,249 | 10,900 | |||||||||||||||||||||||||||||||
Schedule of loan category and loans individually evaluated and considered impaired | The following tables are by loan category and present at March 31, 2015, December 31, 2014 and March 31, 2014 loans individually evaluated and considered impaired under FASB ASC 310 “Accounting by Creditors for Impairment of a Loan.” Impairment includes performing TDRs. | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Three months ended | ||||||||||||||||||||||||||||||||
Unpaid | Average | Interest | |||||||||||||||||||||||||||||||
31-Mar-15 | Recorded | Principal | Related | Recorded | Income | ||||||||||||||||||||||||||||
Investment | Balance | Allowance | Investment | Recognized | |||||||||||||||||||||||||||||
With no allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||||||||||||||||
Mortgage-residential | 1,014 | 1,157 | — | 1,266 | 1 | ||||||||||||||||||||||||||||
Mortgage-commercial | 6,492 | 7,995 | 3 | 8,584 | 30 | ||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Home Equity | 91 | 97 | — | 97 | — | ||||||||||||||||||||||||||||
Other | — | — | — | — | — | ||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial | — | — | — | — | — | ||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||||||||||||||||
Mortgage-residential | 52 | 52 | 4 | 52 | — | ||||||||||||||||||||||||||||
Mortgage-commercial | 248 | 248 | 3 | 250 | — | ||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Home Equity | — | — | — | — | — | ||||||||||||||||||||||||||||
Other | — | — | — | — | — | ||||||||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||||||
Commercial | — | — | — | — | — | ||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||||||||||||||||
Mortgage-residential | 1,066 | 1,209 | 4 | 1,318 | 1 | ||||||||||||||||||||||||||||
Mortgage-commercial | 6,740 | 8,243 | 3 | 8,834 | 30 | ||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Home Equity | 91 | 97 | — | 97 | — | ||||||||||||||||||||||||||||
Other | — | — | — | — | — | ||||||||||||||||||||||||||||
$ | 7,897 | $ | 9,549 | $ | 7 | $ | 10,249 | $ | 31 | ||||||||||||||||||||||||
(Dollars in thousands) | Three months ended | ||||||||||||||||||||||||||||||||
Unpaid | Average | Interest | |||||||||||||||||||||||||||||||
31-Mar-14 | Recorded | Principal | Related | Recorded | Income | ||||||||||||||||||||||||||||
Investment | Balance | Allowance | Investment | Recognized | |||||||||||||||||||||||||||||
With no allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial | $ | 65 | $ | 69 | $ | — | $ | 135 | $ | — | |||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||||||||||||||||
Mortgage-residential | 901 | 1,002 | — | 1,112 | 1 | ||||||||||||||||||||||||||||
Mortgage-commercial | 7,332 | 7,948 | — | 9,468 | 9 | ||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Home Equity | 71 | 71 | — | 75 | — | ||||||||||||||||||||||||||||
Other | 9 | 11 | — | 21 | — | ||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial | — | — | — | — | — | ||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||||||||||||||||
Mortgage-residential | 55 | 55 | 4 | 55 | — | ||||||||||||||||||||||||||||
Mortgage-commercial | — | — | — | — | — | ||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Home Equity | — | — | — | — | — | ||||||||||||||||||||||||||||
Other | — | — | — | — | — | ||||||||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||||||
Commercial | 65 | 69 | — | 135 | — | ||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||||||||||||||||
Mortgage-residential | 956 | 1,057 | 4 | 1,167 | 1 | ||||||||||||||||||||||||||||
Mortgage-commercial | 7,332 | 7,948 | — | 9,468 | 9 | ||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Home Equity | 71 | 71 | — | 75 | — | ||||||||||||||||||||||||||||
Other | 9 | 11 | — | 21 | — | ||||||||||||||||||||||||||||
$ | 8,433 | $ | 9,156 | $ | 4 | $ | 10,866 | $ | 10 | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
31-Dec-14 | Unpaid | Average | Interest | ||||||||||||||||||||||||||||||
Recorded | Principal | Related | Recorded | Income | |||||||||||||||||||||||||||||
Investment | Balance | Allowance | Investment | Recognized | |||||||||||||||||||||||||||||
With no allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial | $ | 55 | $ | 112 | $ | — | $ | 132 | $ | 3 | |||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||||||||||||||||
Mortgage-residential | 1,025 | 1,167 | — | 1,071 | 8 | ||||||||||||||||||||||||||||
Mortgage-commercial | 5,428 | 6,469 | — | 7,634 | 64 | ||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Home Equity | 92 | 97 | — | 83 | — | ||||||||||||||||||||||||||||
Other | — | — | — | — | — | ||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial | — | — | — | — | — | ||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||||||||||||||||
Mortgage-residential | 53 | 53 | 4 | 54 | 3 | ||||||||||||||||||||||||||||
Mortgage-commercial | 1,906 | 2,134 | 57 | 1,926 | 85 | ||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Home Equity | — | — | — | — | — | ||||||||||||||||||||||||||||
Other | — | — | — | — | — | ||||||||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||||||
Commercial | 55 | 112 | — | 132 | 3 | ||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||||||||||||||||
Mortgage-residential | 1,078 | 1,220 | 4 | 1,125 | 11 | ||||||||||||||||||||||||||||
Mortgage-commercial | 7,334 | 8,603 | 57 | 9,560 | 149 | ||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Home Equity | 92 | 97 | — | 83 | — | ||||||||||||||||||||||||||||
Other | — | — | — | — | — | ||||||||||||||||||||||||||||
$ | 8,559 | $ | 10,032 | $ | 61 | $ | 10,900 | $ | 163 | ||||||||||||||||||||||||
Schedule of loan category and loan by risk categories | Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered as pass rated loans. As of March 31, 2015 and December 31, 2014, 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 March 31, 2015 and December 31, 2014, no loans were classified as doubtful. | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
31-Mar-15 | Special | ||||||||||||||||||||||||||||||||
Pass | Mention | Substandard | Doubtful | Total | |||||||||||||||||||||||||||||
Commercial, financial & agricultural | $ | 32,189 | $ | 366 | $ | 14 | $ | — | $ | 32,569 | |||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Construction | 35,359 | 721 | — | — | 36,080 | ||||||||||||||||||||||||||||
Mortgage – residential | 47,241 | 1,361 | 1,236 | — | 49,838 | ||||||||||||||||||||||||||||
Mortgage – commercial | 273,674 | 9,594 | 10,840 | — | 294,108 | ||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Home Equity | 33,003 | 269 | 239 | — | 33,511 | ||||||||||||||||||||||||||||
Other | 8,166 | 2 | 27 | — | 8,195 | ||||||||||||||||||||||||||||
Total | $ | 429,632 | $ | 12,313 | $ | 12,356 | $ | — | $ | 454,301 | |||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
31-Dec-14 | Special | ||||||||||||||||||||||||||||||||
Pass | Mention | Substandard | Doubtful | Total | |||||||||||||||||||||||||||||
Commercial, financial & agricultural | $ | 32,579 | $ | 754 | $ | 70 | $ | — | $ | 33,403 | |||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Construction | 26,824 | 721 | — | — | 27,545 | ||||||||||||||||||||||||||||
Mortgage – residential | 46,090 | 1,054 | 1,366 | — | 48,510 | ||||||||||||||||||||||||||||
Mortgage – commercial | 270,986 | 10,437 | 11,763 | — | 293,186 | ||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Home Equity | 32,008 | 751 | 241 | — | 33,000 | ||||||||||||||||||||||||||||
Other | 8,041 | 100 | 59 | — | 8,200 | ||||||||||||||||||||||||||||
Total | $ | 416,528 | $ | 13,817 | $ | 13,499 | $ | — | $ | 443,844 | |||||||||||||||||||||||
Schedule of PCI Loan portfolio at fair value | In conjunction with the acquisition of Savannah River (as defined below) on February 1, 2014, the acquired PCI loan portfolio was accounted for at fair value as follows: | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | February 1, 2014 | ||||||||||||||||||||||||||||||||
Contractual principal and interest at acquisition | $ | 5,717 | |||||||||||||||||||||||||||||||
Nonaccretable difference | (1,205 | ) | |||||||||||||||||||||||||||||||
Expected cash flows at acquisition | 4,512 | ||||||||||||||||||||||||||||||||
Accretable yield | (272 | ) | |||||||||||||||||||||||||||||||
Basis in PCI loans at acquisition – estimated fair value | $ | 4,240 | |||||||||||||||||||||||||||||||
Schedule for changes in the accretable yield for PCI loans | A summary of changes in the accretable yield for PCI loans for the three months ended March 31, 2015 and March 31, 2014 follows (in thousands): | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Three Months | Three Months | |||||||||||||||||||||||||||||||
Ended | Ended | ||||||||||||||||||||||||||||||||
March 31, 2015 | March 31, 2014 | ||||||||||||||||||||||||||||||||
Accretable yield, beginning of period | $ | 75 | $ | — | |||||||||||||||||||||||||||||
Additions | — | 272 | |||||||||||||||||||||||||||||||
Accretion | (437 | ) | (33 | ) | |||||||||||||||||||||||||||||
Reclassification of nonaccretable difference due to improvement in expected cash flows | 390 | — | |||||||||||||||||||||||||||||||
Other changes, net | — | — | |||||||||||||||||||||||||||||||
Accretable yield, end of period | $ | 28 | $ | 239 | |||||||||||||||||||||||||||||
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 March 31, 2015 and December 31, 2014: | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | 30-59 Days | 60-89 Days | Greater than | Nonaccrual | Total | Current | Total Loans | ||||||||||||||||||||||||||
Past Due | Past Due | 90 Days and | Past Due | ||||||||||||||||||||||||||||||
31-Mar-15 | Accruing | ||||||||||||||||||||||||||||||||
Commercial | $ | 19 | $ | 18 | $ | — | $ | — | $ | 37 | $ | 32,532 | $ | 32,569 | |||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | 36,080 | 36,080 | ||||||||||||||||||||||||||
Mortgage-residential | 77 | — | — | 1,014 | 1,091 | 48,747 | 49,838 | ||||||||||||||||||||||||||
Mortgage-commercial | 2,130 | 290 | — | 4,838 | 7,258 | 286,850 | 294,108 | ||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Home equity | 44 | 46 | — | 91 | 181 | 33,330 | 33,511 | ||||||||||||||||||||||||||
Other | 4 | 2 | — | — | 6 | 8,189 | 8,195 | ||||||||||||||||||||||||||
Total | $ | 2,274 | $ | 356 | $ | — | $ | 5,943 | $ | 8,573 | $ | 445,728 | $ | 454,301 | |||||||||||||||||||
(Dollars in thousands) | 30-59 Days | 60-89 Days | Greater than | Nonaccrual | Total | Current | Total Loans | ||||||||||||||||||||||||||
Past Due | Past Due | 90 Days and | Past Due | ||||||||||||||||||||||||||||||
31-Dec-14 | Accruing | ||||||||||||||||||||||||||||||||
Commercial | $ | — | $ | — | $ | — | $ | 55 | $ | 147 | $ | 33,256 | $ | 33,403 | |||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Construction | — | 2 | — | — | 2 | 27,543 | 27,545 | ||||||||||||||||||||||||||
Mortgage-residential | 131 | 5 | — | 1,025 | 1,161 | 47,349 | 48,510 | ||||||||||||||||||||||||||
Mortgage-commercial | 1,443 | 4 | — | 5,413 | 6,860 | 286,326 | 293,186 | ||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Home equity | 19 | — | — | 92 | 111 | 32,899 | 33,000 | ||||||||||||||||||||||||||
Other | 63 | 6 | — | — | 69 | 8,131 | 8,200 | ||||||||||||||||||||||||||
Total | $ | 1,748 | $ | 17 | $ | — | $ | 6,585 | $ | 8,350 | $ | 435,494 | $ | 443,844 | |||||||||||||||||||
Schedule by loan category, present loans determined to be TDRs in the last twelve months that had payment defaults during the period | Troubled Debt Restructurings that subsequently defaulted this period | For the three months ended | |||||||||||||||||||||||||||||||
(Dollars in thousands) | 31-Mar-15 | ||||||||||||||||||||||||||||||||
Number | Recorded | ||||||||||||||||||||||||||||||||
of Contracts | Investment | ||||||||||||||||||||||||||||||||
Mortgage-Commercial | 1 | $ | 1,391 | ||||||||||||||||||||||||||||||
Mortgage-Consumer | 1 | 180 | |||||||||||||||||||||||||||||||
Total TDRs | 2 | $ | 1,571 |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||
Schedule of carrying amount and estimated fair value by classification Level of the Company's financial instruments | The carrying amount and estimated fair value by classification level of the Company’s financial instruments as of March 31, 2015 and December 31, 2014 are as follows: | ||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||
Fair Value | |||||||||||||||||||||
(Dollars in thousands) | Carrying | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Amount | |||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||
Cash and short term investments | $ | 44,211 | $ | 44,211 | $ | 44,211 | $ | — | $ | — | |||||||||||
Held-to-maturity securities | 12,756 | 12,747 | — | 12,747 | — | ||||||||||||||||
Available-for-sale securities | 259,369 | 259,369 | 834 | 258,118 | 417 | ||||||||||||||||
Other investments, at cost | 1,969 | 1,969 | — | — | 1,969 | ||||||||||||||||
Loans held for sale | 5,446 | 5,446 | — | 5,446 | — | ||||||||||||||||
Net loans receivable | 450,049 | 451,219 | — | 443,329 | 7,890 | ||||||||||||||||
Accrued interest | 2,485 | 2,485 | 2,485 | — | — | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Non-interest bearing demand | $ | 140,689 | $ | 140,689 | $ | — | $ | 140,689 | $ | — | |||||||||||
NOW and money market accounts | 305,851 | 305,851 | — | 305,851 | — | ||||||||||||||||
Savings | 56,467 | 56,467 | — | 56,467 | — | ||||||||||||||||
Time deposits | 191,566 | 192,161 | — | 192,161 | — | ||||||||||||||||
Total deposits | 694,573 | 695,168 | — | 695,168 | — | ||||||||||||||||
Federal Home Loan Bank Advances | 27,552 | 29,373 | — | 29,373 | — | ||||||||||||||||
Short term borrowings | 16,684 | 16,684 | — | 16,684 | — | ||||||||||||||||
Junior subordinated debentures | 15,464 | 15,464 | — | 15,464 | — | ||||||||||||||||
Accrued interest payable | 695 | 695 | 695 | — | — | ||||||||||||||||
31-Dec-14 | |||||||||||||||||||||
Fair Value | |||||||||||||||||||||
(Dollars in thousands) | Carrying | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Amount | |||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||
Cash and short term investments | $ | 22,532 | $ | 22,532 | $ | 22,532 | $ | — | $ | — | |||||||||||
Held-to-maturity securities | 10,647 | 10,585 | — | 10,585 | — | ||||||||||||||||
Available-for-sale securities | 270,164 | 270,164 | 839 | 268,908 | 417 | ||||||||||||||||
Other investments, at cost | 2,003 | 2,003 | — | — | 2,003 | ||||||||||||||||
Loans held for sale | 4,124 | 4,124 | — | 4,124 | — | ||||||||||||||||
Net loans receivable | 439,712 | 441,944 | — | 433,446 | 8,498 | ||||||||||||||||
Accrued interest | 2,712 | 2,712 | 2,712 | — | — | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Non-interest bearing demand | $ | 133,004 | $ | 133,004 | $ | — | $ | 133,004 | $ | — | |||||||||||
NOW and money market accounts | 287,982 | 287,982 | — | 287,982 | — | ||||||||||||||||
Savings | 53,583 | 53,583 | — | 53,583 | — | ||||||||||||||||
Time deposits | 195,014 | 195,721 | — | 195,721 | — | ||||||||||||||||
Total deposits | 669,583 | 670,290 | — | 670,290 | — | ||||||||||||||||
Federal Home Loan Bank Advances | 28,807 | 30,745 | — | 30,745 | — | ||||||||||||||||
Short term borrowings | 17,383 | 17,383 | — | 17,383 | — | ||||||||||||||||
Junior subordinated debentures | 15,464 | 15,464 | — | 15,464 | — | ||||||||||||||||
Accrued interest payable | 725 | 725 | 725 | — | — | ||||||||||||||||
Schedule of fair value for each category of assets carried at fair value that are measured on a recurring basis | The following tables summarize quantitative disclosures about the fair value for each category of assets carried at fair value as of March 31, 2015 and December 31, 2014 that are measured on a recurring basis. There were no liabilities carried at fair value as of March 31, 2015 or December 31, 2014 that are measured on a recurring basis. | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Description | 31-Mar-15 | Quoted Prices in Active Markets for Identical Assets | Significant Other | Significant | |||||||||||||||||
(Level 1) | Observable Inputs | Unobservable Inputs | |||||||||||||||||||
(Level 2) | (Level 3) | ||||||||||||||||||||
Available for sale securities | |||||||||||||||||||||
Government sponsored enterprises | $ | 3,503 | $ | — | $ | 3,503 | $ | — | |||||||||||||
Mortgage-backed securities | 148,553 | — | 148,553 | — | |||||||||||||||||
Small Business Administration securities | 59.555 | — | 59,555 | — | |||||||||||||||||
State and local government | 46,447 | — | 46,447 | — | |||||||||||||||||
Corporate and other securities | 1,311 | 834 | 60 | 417 | |||||||||||||||||
Total | $ | 259,369 | $ | 834 | $ | 258,118 | $ | 417 | |||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Description | 31-Dec-14 | Quoted Prices in Active Markets for Identical Assets | Significant Other | Significant | |||||||||||||||||
(Level 1) | Observable Inputs | Unobservable Inputs | |||||||||||||||||||
(Level 2) | (Level 3) | ||||||||||||||||||||
Available for sale securities | |||||||||||||||||||||
Government sponsored enterprises | $ | 3,434 | $ | — | $ | 3,434 | $ | — | |||||||||||||
Mortgage-backed securities | 160,353 | — | 160,353 | — | |||||||||||||||||
Small Business Administration securities | 58,545 | — | 58,545 | — | |||||||||||||||||
State and local government | 46,516 | — | 46,516 | — | |||||||||||||||||
Corporate and other securities | 1,316 | 839 | 60 | 417 | |||||||||||||||||
Total | $ | 270,164 | $ | 839 | $ | 268,908 | $ | 417 | |||||||||||||
Schedule reconciling the changes in Level 3 financial instruments measured on a recurring basis | The following table reconciles the changes in Level 3 financial instruments for the three months ended March 31, 2015 and March 31, 2014 that are measured on a recurring basis. | ||||||||||||||||||||
March 31, | |||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||
(Dollars in thousands) | Corporate Preferred Stock | Corporate Preferred Stock | |||||||||||||||||||
Beginning Balance | $ | 417 | $ | 417 | |||||||||||||||||
Total gains or losses (realized/unrealized) | — | — | |||||||||||||||||||
Included in earnings | |||||||||||||||||||||
Included in other comprehensive income | — | — | |||||||||||||||||||
Purchases, issuances, and settlements | — | — | |||||||||||||||||||
Transfers in and/or out of Level 3 | — | — | |||||||||||||||||||
Ending Balance | $ | 417 | $ | 417 | |||||||||||||||||
Schedule of the fair value for each category of assets carried at fair value that are measured on a non-recurring basis | The following tables summarize quantitative disclosures about the fair value for each category of assets carried at fair value as of March 31, 2015 and December 31, 2014 that are measured on a non-recurring basis. | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Description | March 31, | Quoted Prices | Significant | Significant | |||||||||||||||||
2015 | in Active | Other | Unobservable | ||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||
Identical Assets | Inputs | (Level 3) | |||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||
Impaired loans: | |||||||||||||||||||||
Commercial & Industrial | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Real estate: | |||||||||||||||||||||
Mortgage-residential | 1,062 | — | — | 1,062 | |||||||||||||||||
Mortgage-commercial | 6,737 | — | — | 6,737 | |||||||||||||||||
Consumer: | |||||||||||||||||||||
Home equity | 91 | — | — | 91 | |||||||||||||||||
Other | — | — | — | — | |||||||||||||||||
Total impaired | 7,890 | — | — | 7,890 | |||||||||||||||||
Other real estate owned: | |||||||||||||||||||||
Construction | 276 | — | — | 276 | |||||||||||||||||
Mortgage-residential | 219 | — | — | 219 | |||||||||||||||||
Mortgage-commercial | 2,253 | — | — | 2,253 | |||||||||||||||||
Total other real estate owned | 2,748 | — | — | 2,748 | |||||||||||||||||
Total | $ | 10,638 | $ | — | $ | — | $ | 10,638 | |||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Description | December 31, | Quoted Prices | Significant | Significant | |||||||||||||||||
2014 | in Active | Other | Unobservable | ||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||
Identical Assets | Inputs | (Level 3) | |||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||
Impaired loans: | |||||||||||||||||||||
Commercial & Industrial | $ | 55 | $ | — | $ | — | $ | 55 | |||||||||||||
Real estate: | |||||||||||||||||||||
Mortgage-residential | 1,074 | — | — | 1,074 | |||||||||||||||||
Mortgage-commercial | 7,277 | — | — | 7,277 | |||||||||||||||||
Consumer: | |||||||||||||||||||||
Home equity | 92 | — | — | 92 | |||||||||||||||||
Other | — | — | — | — | |||||||||||||||||
Total impaired | 8,498 | — | — | 8,498 | |||||||||||||||||
Other real estate owned: | |||||||||||||||||||||
Construction. | 424 | — | — | 424 | |||||||||||||||||
Mortgage-residential | 232 | — | — | 232 | |||||||||||||||||
Mortgage-commercial | 2,287 | — | — | 2,287 | |||||||||||||||||
Total other real estate owned | 2,943 | — | — | 2,943 | |||||||||||||||||
Total | $ | 11,441 | $ | — | $ | — | $ | 11,441 | |||||||||||||
Schedule of significant unobservable inputs used in the fair value measurements | For Level 3 assets and liabilities measured at fair value on a recurring or non-recurring basis as of March 31, 2015 and December 31, 2014, the significant unobservable inputs used in the fair value measurements were as follows: | ||||||||||||||||||||
(Dollars in thousands) | Fair Value as of | Valuation Technique | Significant Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||
31-Mar-15 | |||||||||||||||||||||
Preferred stock | $417 | Estimation based on comparable non-listed securities | Comparable transactions | n/a | |||||||||||||||||
OREO | $2,748 | 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 | $7,890 | Appraisal Value | Appraisals and or sales of comparable properties | Appraisals discounted 6% to 16% for sales commissions and other holding cost | |||||||||||||||||
(Dollars in thousands) | Fair Value as of | Valuation Technique | Significant Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||
31-Dec-14 | |||||||||||||||||||||
Preferred stock | $417 | Estimation based on comparable non-listed securities | Comparable transactions | n/a | |||||||||||||||||
OREO | $2,943 | 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 | $8,498 | Appraisal Value | Appraisals and or sales of comparable properties | Appraisals discounted 6% to 16% for sales commissions and other holding cost |
Mergers_and_Acquisitions_Savan1
Mergers and Acquisitions - Savannah River Financial Corporation (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Mergers And Acquisitions - Savannah River Financial Corporation Tables | |||||||||||||
Schedule of Assets Acquired and Liabilities Assumed - Initial Fair Value Adjustment | The following table presents the assets acquired and liabilities assumed as of February 1, 2014 as recorded by the Company on the acquisition date and initial fair value adjustments. | ||||||||||||
As Recorded by | Fair Value | As Recorded | |||||||||||
(Dollars in thousands, except per share data) | Savannah River | Adjustments | by the Company | ||||||||||
Assets | |||||||||||||
Cash and cash equivalents | $ | 8,451 | $ | — | $ | 8,451 | |||||||
Investment securities | 23,014 | 126 | (a) | 23,140 | |||||||||
Loans | 109,532 | (3,016 | )(b) | 106,516 | |||||||||
Premises and equipment | 7,695 | 473 | (c) | 8,168 | |||||||||
Intangible assets | — | 1,182 | (d) | 1,182 | |||||||||
Bank owned life insurance | 3,158 | — | 3,158 | ||||||||||
Other assets | 1,839 | (248 | )(e) | 1,591 | |||||||||
Total assets | $ | 153,689 | $ | (1,483 | ) | $ | 152,206 | ||||||
Liabilities | |||||||||||||
Deposits: | |||||||||||||
Noninterest-bearing | $ | 11,045 | $ | — | $ | 11,045 | |||||||
Interest-bearing | 102,891 | 211 | (f) | 103,102 | |||||||||
Total deposits | 113,936 | 211 | 114,147 | ||||||||||
FHLB advances | 8,684 | 22 | (g) | 8,706 | |||||||||
Other liabilities | 345 | — | 345 | ||||||||||
Total liabilities | 122,965 | 233 | 123,198 | ||||||||||
Net identifiable assets acquired over (under) liabilities assumed | 30,724 | (1,716 | ) | 29,008 | |||||||||
Goodwill | — | 4,507 | 4,507 | ||||||||||
Net assets acquired over liabilities assumed | $ | 30,724 | $ | 2,791 | $ | 33,515 | |||||||
Consideration: | |||||||||||||
First Community Corporation common shares issued | 1,274,200 | ||||||||||||
Purchase price per share of the Company’s common stock | $ | 10.76 | |||||||||||
$ | 13,710 | ||||||||||||
Cash exchanged for stock and fractional shares | 19,805 | ||||||||||||
Fair value of total consideration transferred | $ | 33,515 | |||||||||||
Explanation of fair value adjustments | |||||||||||||
(a)—Adjustment reflects marking the securities portfolio to fair value as of the acquisition date. | |||||||||||||
(b)—Adjustment reflects the fair value adjustments based on the Company’s evaluation of the acquired loan portfolio. and excludes the allowance for loan losses recorded by Savannah River. | |||||||||||||
(c)—Adjustment reflects the fair value adjustments based on the Company’s evaluation of the acquired premises and equipment. | |||||||||||||
(d)—Adjustment reflects the recording of the core deposit intangible on the acquired deposit accounts. | |||||||||||||
(e)—Adjustment reflects the deferred tax adjustment related to fair value adjustments at 34%. | |||||||||||||
(f)—Adjustment reflects the fair value adjustment on interest-bearing deposits. | |||||||||||||
(g)—Adjustment reflects the fair value adjustment on FHLB Advances which was equal to the prepayment fee paid to pay-off the FHLB Advances upon consummation of the merger. | |||||||||||||
Schedule of Impact of Merger and Pro Forma Information | The following table discloses the impact of the merger with Savannah River (excluding the impact of merger-related expenses) since the acquisition on February 1, 2014 through March 31, 2014. The table also presents certain pro forma information as if Savannah River had been acquired on January 1, 2014. The results combine the historical results of Savannah River in the Company’s consolidated statement of income and, while certain adjustments were made for the estimated impact of certain fair value adjustments and other acquisition-related activity, they are not indicative of what would have occurred had the acquisition taken place on January 1, 2014. The results for the three month period ended March 31, 2015 do not have any merger related expenses and include the impact of the Savannah River acquisition for the entire period, and therefore, no pro-forma information is presented for such period. | ||||||||||||
Actual since | |||||||||||||
Acquisition | Pro Forma | ||||||||||||
(February 1, 2014 | Three Months | ||||||||||||
(Dollars in thousands) | through | Ended March 31, | |||||||||||
March 31, 2014) | 2014 | ||||||||||||
Total revenues (net interest income plus noninterest income) | $ | 7,371 | $ | 7,850 | |||||||||
Net income | $ | 862 | $ | 1,302 |
Earnings_Per_Common_Share_Deta
Earnings Per Common Share (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Earnings Per Share [Abstract] | ||
Numerator (Net income available to common shareholders) | $1,404 | $862 |
Basic earnings per share | 6,522 | 6,169 |
Dilutive securities: | ||
Deferred compensation (in shares) | 20 | 17 |
Warrants/Restricted stock -Treasury stock method (in shares) | 123 | 43 |
Diluted earnings per share (in shares) | 6,665 | 6,229 |
The average market price used in calculating assumed number of shares (in dollars per share) | $11.42 | $10.86 |
Earnings_Per_Common_Share_Deta1
Earnings Per Common Share (Details Narrative) (USD $) | 3 Months Ended | 0 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 16, 2012 | Dec. 31, 2014 |
Outstanding securities not deemed to be dilutive (in shares) | 8,903 | 70,903 | ||
Exercise price of Option (per share) | $14.21 | $19.48 | ||
Warrants outstanding (in shares) | 97,180 | |||
Unrecognized Compensation Cost | $694 | $673 | ||
Restricted Stock Units (RSUs) [Member] | ||||
Restricted shares issued (in shares) | 157,000 | |||
Junior Subordinated Debt [Member] | ||||
Debt issued | $2,500 | |||
Warrant [Member] | ||||
Warrants outstanding (in shares) | 107,500 | |||
Warrant issue price (per share) | $5.90 |
Investment_Securities_Details
Investment Securities (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $256,209 | $268,358 |
Gross Unrealized Gains | 3,980 | 3,164 |
Gross Unrealized Losses | 820 | 1,358 |
Fair Value | 259,369 | 270,164 |
Government sponsored enterprises [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 3,406 | 3,403 |
Gross Unrealized Gains | 97 | 45 |
Gross Unrealized Losses | 14 | |
Fair Value | 3,503 | 3,434 |
Government Sponsored Enterprise mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 147,054 | 159,861 |
Gross Unrealized Gains | 1,846 | 1,211 |
Gross Unrealized Losses | 347 | 719 |
Fair Value | 148,553 | 160,353 |
Small Business Administration pools [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 59,452 | 58,643 |
Gross Unrealized Gains | 447 | 385 |
Gross Unrealized Losses | 344 | 483 |
Fair Value | 59,555 | 58,545 |
State and local government [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 44,948 | 45,102 |
Gross Unrealized Gains | 1,590 | 1,523 |
Gross Unrealized Losses | 91 | 109 |
Fair Value | 46,447 | 46,516 |
Corporate and other securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,349 | 1,349 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | 38 | 33 |
Fair Value | $1,311 | $1,316 |
Investment_Securities_Details_
Investment Securities (Details 2) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Amortized Cost | $12,756 | $10,647 |
Gross Unrealized Gains | 72 | 6 |
Gross Unrealized Losses | 81 | 68 |
Fair Value | 12,747 | 10,585 |
State and local government [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Amortized Cost | 12,756 | 10,647 |
Gross Unrealized Gains | 72 | 6 |
Gross Unrealized Losses | 81 | 68 |
Fair Value | $12,747 | $10,585 |
Investment_Securities_Details_1
Investment Securities (Details 3) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Available-for-sale securities | ||
Less Than 12 Months, Fair Value | $26,862 | $51,230 |
Less Than 12 Months, Unrealized Losses | 200 | 378 |
12 Months Or Longer, Fair Value | 46,339 | 54,791 |
12 Months Or Longer, Unrealized Losses | 620 | 980 |
Total Fair Value | 73,201 | 106,021 |
Total Unrealized Losses | 820 | 1,358 |
Held-to-maturity debt securities | ||
Less Than 12 Months, Fair Value | 7,727 | 8,655 |
Less Than 12 Months, Unrealized Losses | 81 | 68 |
12 Months Or Longer, Fair Value | ||
12 Months Or Longer, Unrealized Losses | ||
Total Fair Value | 7,727 | 8,655 |
Total Unrealized Losses | 81 | 68 |
Government sponsored enterprises [Member] | ||
Available-for-sale securities | ||
Less Than 12 Months, Fair Value | ||
Less Than 12 Months, Unrealized Losses | ||
12 Months Or Longer, Fair Value | 1,486 | |
12 Months Or Longer, Unrealized Losses | 14 | |
Total Fair Value | 1,486 | |
Total Unrealized Losses | 14 | |
Government Sponsored Enterprise mortgage-backed securities [Member] | ||
Available-for-sale securities | ||
Less Than 12 Months, Fair Value | 15,585 | 38,341 |
Less Than 12 Months, Unrealized Losses | 116 | 283 |
12 Months Or Longer, Fair Value | 19,334 | 26,232 |
12 Months Or Longer, Unrealized Losses | 224 | 429 |
Total Fair Value | 34,919 | 64,573 |
Total Unrealized Losses | 340 | 712 |
Small Business Administration pools [Member] | ||
Available-for-sale securities | ||
Less Than 12 Months, Fair Value | 10,929 | 12,313 |
Less Than 12 Months, Unrealized Losses | 77 | 89 |
12 Months Or Longer, Fair Value | 22,815 | 20,896 |
12 Months Or Longer, Unrealized Losses | 267 | 394 |
Total Fair Value | 33,744 | 33,209 |
Total Unrealized Losses | 344 | 483 |
Non-agency mortgage-backed securities [Member] | ||
Available-for-sale securities | ||
Less Than 12 Months, Fair Value | 348 | 576 |
Less Than 12 Months, Unrealized Losses | 7 | 6 |
12 Months Or Longer, Fair Value | 18 | |
12 Months Or Longer, Unrealized Losses | 1 | |
Total Fair Value | 348 | 594 |
Total Unrealized Losses | 7 | 7 |
State and local government [Member] | ||
Available-for-sale securities | ||
Less Than 12 Months, Fair Value | ||
Less Than 12 Months, Unrealized Losses | ||
12 Months Or Longer, Fair Value | 3,306 | 5,270 |
12 Months Or Longer, Unrealized Losses | 91 | 109 |
Total Fair Value | 3,306 | 5,270 |
Total Unrealized Losses | 91 | 109 |
Held-to-maturity debt securities | ||
Less Than 12 Months, Fair Value | 7,727 | 8,655 |
Less Than 12 Months, Unrealized Losses | 81 | 68 |
12 Months Or Longer, Fair Value | ||
12 Months Or Longer, Unrealized Losses | ||
Total Fair Value | 7,727 | 8,655 |
Total Unrealized Losses | 81 | 68 |
Corporate and other securities [Member] | ||
Available-for-sale securities | ||
Less Than 12 Months, Fair Value | ||
Less Than 12 Months, Unrealized Losses | ||
12 Months Or Longer, Fair Value | 884 | 889 |
12 Months Or Longer, Unrealized Losses | 38 | 33 |
Total Fair Value | 884 | 889 |
Total Unrealized Losses | $38 | $33 |
Investment_Securities_Details_2
Investment Securities (Details 4) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Available-for-sale, Amortized Cost | ||
Due in one year or less | $6,668,000 | |
Due after one year through five years | 126,652,000 | |
Due after five years through ten years | 108,647,000 | |
Due after ten years | 14,242,000 | |
Total | 256,209,000 | 268,358,000 |
Available-for-sale, Fair Value | ||
Due in one year or less | 6,727,000 | |
Due after one year through five years | 127,963,000 | |
Due after five years through ten years | 110,567,000 | |
Due after ten years | 14,112,000 | |
Total | 259,369,000 | 270,164,000 |
Held To Maturity Securities, Amortized Cost | ||
Due in one year or less | ||
Due after one year through five years | 494,000 | |
Due after five years through ten years | 11,715,000 | |
Due after ten years | 547,000 | |
Total | 12,756,000 | 10,647,000 |
Held To Maturity Securities, Fair value | ||
Due in one year or less | ||
Due after one year through five years | 497,000 | |
Due after five years through ten years | 11,720,000 | |
Due after ten years | 530,000 | |
Total | $12,747,000 | $10,585,000 |
Investment_Securities_Details_3
Investment Securities (Details Narrative) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Amortized Cost | $256,209,000 | $268,358,000 | |
Fair Value | 259,369,000 | 270,164,000 | |
FHLB Stock | 2,000,000 | 2,000,000 | |
Proceeds from sale of investment securities available-for-sale | 6,955,000 | 20,916,000 | |
Gross realized gains | 104,100 | 8,300 | |
Gross realized losses | |||
Government Sponsored Enterprise mortgage-backed securities [Member] | |||
Amortized Cost | 146,400,000 | 159,100,000 | |
Fair Value | 147,900,000 | 159,700,000 | |
Mutual Funds [Member] | |||
Fair Value | 834,100 | 839,200 | |
Foreign Corporate Debt Securities [Member] | |||
Fair Value | 60,300 | 60,300 | |
Corporate Preferred Stock [Member] | |||
Fair Value | 416,800 | 416,800 | |
Non-agency mortgage-backed securities [Member] | |||
Amortized Cost | 696,600 | 736,600 | |
Fair Value | $696,200 | $734,400 |
Loans_Details
Loans (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $454,301 | $443,844 | $443,868 |
Commercial Financial and Agricultural Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 32,569 | 33,403 | 34,860 |
Real Estate Construction Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 36,080 | 27,545 | 29,112 |
Real estate Mortgage-residential [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 49,838 | 48,510 | 46,810 |
Real estate Mortgage-commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 294,108 | 293,186 | 292,995 |
Consumer Home Equity Line of Credit [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 33,511 | 33,000 | 31,378 |
Consumer Other Financing Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $8,195 | $8,200 | $8,713 |
Loans_Details_2
Loans (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Activity in the allowance for loan losses | |||
Balance at the beginning of the period | $4,132 | $4,219 | $4,219 |
Charge-offs | -358 | -230 | -1,111 |
Recoveries | 72 | 22 | 143 |
Provisions | 406 | 150 | 881 |
Balance at end of the period | 4,252 | 4,161 | 4,132 |
Allowance for loan losses | |||
Individually evaluated for impairment | 7 | 4 | 61 |
Collectively evaluated for impairment | 4,245 | 4,157 | 4,071 |
Loans receivable: | |||
Ending balance-total | 454,301 | 443,868 | 443,844 |
Individually evaluated for impairment | 7,897 | 8,433 | 8,559 |
Collectively evaluated for impairment | 446,404 | 435,435 | 435,285 |
Commercial Loan [Member] | |||
Activity in the allowance for loan losses | |||
Balance at the beginning of the period | 67 | 233 | 233 |
Charge-offs | -56 | -54 | |
Recoveries | 2 | 17 | 110 |
Provisions | 197 | -7 | -222 |
Balance at end of the period | 210 | 243 | 67 |
Allowance for loan losses | |||
Individually evaluated for impairment | |||
Collectively evaluated for impairment | 210 | 243 | 67 |
Loans receivable: | |||
Ending balance-total | 32,569 | 34,860 | 33,403 |
Individually evaluated for impairment | 65 | 55 | |
Collectively evaluated for impairment | 32,569 | 34,795 | 33,348 |
Real Estate Construction Loans [Member] | |||
Activity in the allowance for loan losses | |||
Balance at the beginning of the period | 45 | 26 | 26 |
Charge-offs | |||
Recoveries | |||
Provisions | 89 | 137 | 19 |
Balance at end of the period | 134 | 163 | 45 |
Allowance for loan losses | |||
Individually evaluated for impairment | |||
Collectively evaluated for impairment | 134 | 163 | 45 |
Loans receivable: | |||
Ending balance-total | 36,080 | 29,112 | 27,545 |
Individually evaluated for impairment | |||
Collectively evaluated for impairment | 36,080 | 29,112 | 27,545 |
Real estate Mortgage-residential [Member] | |||
Activity in the allowance for loan losses | |||
Balance at the beginning of the period | 179 | 291 | 291 |
Charge-offs | -35 | -52 | |
Recoveries | 1 | 1 | 10 |
Provisions | 63 | -1 | -70 |
Balance at end of the period | 243 | 256 | 179 |
Allowance for loan losses | |||
Individually evaluated for impairment | 4 | 4 | 4 |
Collectively evaluated for impairment | 239 | 252 | 175 |
Loans receivable: | |||
Ending balance-total | 49,838 | 46,810 | 48,510 |
Individually evaluated for impairment | 1,066 | 956 | 1,078 |
Collectively evaluated for impairment | 48,772 | 45,854 | 47,432 |
Real estate Mortgage-commercial [Member] | |||
Activity in the allowance for loan losses | |||
Balance at the beginning of the period | 1,572 | 1,117 | 1,117 |
Charge-offs | -291 | -187 | -879 |
Recoveries | 4 | ||
Provisions | 295 | 94 | 1,334 |
Balance at end of the period | 1,580 | 1,024 | 1,572 |
Allowance for loan losses | |||
Individually evaluated for impairment | 3 | 57 | |
Collectively evaluated for impairment | 1,577 | 1,024 | 1,515 |
Loans receivable: | |||
Ending balance-total | 294,108 | 292,995 | 293,186 |
Individually evaluated for impairment | 6,740 | 7,332 | 7,334 |
Collectively evaluated for impairment | 287,368 | 285,663 | 285,852 |
Consumer Home Equity Line of Credit [Member] | |||
Activity in the allowance for loan losses | |||
Balance at the beginning of the period | 134 | 112 | 112 |
Charge-offs | -17 | ||
Recoveries | 1 | 6 | |
Provisions | -14 | 2 | 33 |
Balance at end of the period | 121 | 114 | 134 |
Allowance for loan losses | |||
Individually evaluated for impairment | |||
Collectively evaluated for impairment | 121 | 114 | 134 |
Loans receivable: | |||
Ending balance-total | 33,511 | 31,378 | 33,000 |
Individually evaluated for impairment | 91 | 71 | 92 |
Collectively evaluated for impairment | 33,420 | 31,307 | 32,908 |
Consumer Other Financing Receivable [Member] | |||
Activity in the allowance for loan losses | |||
Balance at the beginning of the period | 44 | 80 | 80 |
Charge-offs | -11 | -8 | -109 |
Recoveries | 64 | 4 | 17 |
Provisions | -39 | -13 | 56 |
Balance at end of the period | 58 | 63 | 44 |
Allowance for loan losses | |||
Individually evaluated for impairment | |||
Collectively evaluated for impairment | 58 | 63 | 44 |
Loans receivable: | |||
Ending balance-total | 8,195 | 8,713 | 8,200 |
Individually evaluated for impairment | 9 | ||
Collectively evaluated for impairment | 8,195 | 8,704 | 8,200 |
Unallocated Financing Receivables [Member] | |||
Activity in the allowance for loan losses | |||
Balance at the beginning of the period | 2,091 | 2,360 | 2,360 |
Charge-offs | |||
Recoveries | |||
Provisions | -185 | -62 | -269 |
Balance at end of the period | 1,906 | 2,298 | 2,091 |
Allowance for loan losses | |||
Individually evaluated for impairment | |||
Collectively evaluated for impairment | 1,906 | 2,298 | 2,091 |
Loans receivable: | |||
Ending balance-total | |||
Individually evaluated for impairment | |||
Collectively evaluated for impairment |
Loans_Details_3
Loans (Details 3) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Loans Details 3 | |||
Total loans considered impaired at year end | $7,897 | $8,433 | $8,559 |
Loans considered impaired for which there is a related allowance for loan loss: | |||
Outstanding loan balance | 300 | 1,959 | |
Related allowance | 7 | 4 | 61 |
Loans considered impaired and previously written down to fair value | 7,597 | 6,600 | |
Average impaired loans | $10,249 | $10,866 | $10,900 |
Loans_Details_4
Loans (Details 4) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
With no allowance recorded: | |||
Recorded Investment | $7,597 | $6,600 | |
With an allowance recorded: | |||
Recorded Investment | 300 | 1,959 | |
Related allowance | 7 | 4 | 61 |
Total: | |||
Recorded Investment | 7,897 | 8,433 | 8,559 |
Unpaid Principal Balance | 9,549 | 9,156 | 10,032 |
Average Recorded Investment | 10,249 | 10,866 | 10,900 |
Interest Income Recognized | 31 | 10 | 163 |
Commercial Loan [Member] | |||
With no allowance recorded: | |||
Recorded Investment | 65 | 55 | |
Unpaid Principal Balance | 69 | 112 | |
Average Recorded Investment | 135 | 132 | |
Interest Income Recognized | 3 | ||
With an allowance recorded: | |||
Recorded Investment | |||
Unpaid Principal Balance | |||
Related allowance | |||
Average Recorded Investment | |||
Interest Income Recognized | |||
Total: | |||
Recorded Investment | 65 | 55 | |
Unpaid Principal Balance | 69 | 112 | |
Average Recorded Investment | 135 | 132 | |
Interest Income Recognized | 3 | ||
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 | |||
Average Recorded Investment | |||
Interest Income Recognized | |||
Real estate Mortgage-residential [Member] | |||
With no allowance recorded: | |||
Recorded Investment | 1,014 | 901 | 1,025 |
Unpaid Principal Balance | 1,157 | 1,002 | 1,167 |
Average Recorded Investment | 1,266 | 1,112 | 1,071 |
Interest Income Recognized | 1 | 1 | 8 |
With an allowance recorded: | |||
Recorded Investment | 52 | 55 | 53 |
Unpaid Principal Balance | 52 | 55 | 53 |
Related allowance | 4 | 4 | 4 |
Average Recorded Investment | 52 | 55 | 54 |
Interest Income Recognized | 3 | ||
Total: | |||
Recorded Investment | 1,066 | 956 | 1,078 |
Unpaid Principal Balance | 1,209 | 1,057 | 1,220 |
Average Recorded Investment | 1,318 | 1,167 | 1,125 |
Interest Income Recognized | 1 | 1 | 11 |
Real estate Mortgage-commercial [Member] | |||
With no allowance recorded: | |||
Recorded Investment | 6,492 | 7,332 | 5,428 |
Unpaid Principal Balance | 7,995 | 7,948 | 6,469 |
Average Recorded Investment | 8,584 | 9,468 | 7,634 |
Interest Income Recognized | 30 | 9 | 64 |
With an allowance recorded: | |||
Recorded Investment | 248 | 1,906 | |
Unpaid Principal Balance | 248 | 2,134 | |
Related allowance | 3 | 57 | |
Average Recorded Investment | 250 | 1,926 | |
Interest Income Recognized | 85 | ||
Total: | |||
Recorded Investment | 6,740 | 7,332 | 7,334 |
Unpaid Principal Balance | 8,243 | 7,948 | 8,603 |
Average Recorded Investment | 8,834 | 9,468 | 9,560 |
Interest Income Recognized | 30 | 9 | 149 |
Consumer Home Equity Line of Credit [Member] | |||
With no allowance recorded: | |||
Recorded Investment | 91 | 71 | 92 |
Unpaid Principal Balance | 97 | 71 | 97 |
Average Recorded Investment | 97 | 75 | 83 |
Interest Income Recognized | |||
With an allowance recorded: | |||
Recorded Investment | |||
Unpaid Principal Balance | |||
Related allowance | |||
Average Recorded Investment | |||
Interest Income Recognized | |||
Total: | |||
Recorded Investment | 91 | 71 | 92 |
Unpaid Principal Balance | 97 | 71 | 97 |
Average Recorded Investment | 97 | 75 | 83 |
Interest Income Recognized | |||
Consumer Other Financing Receivable [Member] | |||
With no allowance recorded: | |||
Recorded Investment | 9 | ||
Unpaid Principal Balance | 11 | ||
Average Recorded Investment | 21 | ||
Interest Income Recognized | |||
With an allowance recorded: | |||
Recorded Investment | |||
Unpaid Principal Balance | |||
Related allowance | |||
Average Recorded Investment | |||
Interest Income Recognized | |||
Total: | |||
Recorded Investment | 9 | ||
Unpaid Principal Balance | 11 | ||
Average Recorded Investment | 21 | ||
Interest Income Recognized |
Loans_Details_5
Loans (Details 5) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |||
Loans | $454,301 | $443,844 | $443,868 |
Commercial Financial and Agricultural Loans [Member] | |||
Loans | 32,569 | 33,403 | 34,860 |
Real Estate Construction Loans [Member] | |||
Loans | 36,080 | 27,545 | 29,112 |
Real estate Mortgage-residential [Member] | |||
Loans | 49,838 | 48,510 | 46,810 |
Real estate Mortgage-commercial [Member] | |||
Loans | 294,108 | 293,186 | 292,995 |
Consumer Home Equity Line of Credit [Member] | |||
Loans | 33,511 | 33,000 | 31,378 |
Consumer Other Financing Receivable [Member] | |||
Loans | 8,195 | 8,200 | 8,713 |
Pass [Member] | |||
Loans | 429,632 | 416,528 | |
Pass [Member] | Commercial Financial and Agricultural Loans [Member] | |||
Loans | 32,189 | 32,579 | |
Pass [Member] | Real Estate Construction Loans [Member] | |||
Loans | 35,359 | 26,824 | |
Pass [Member] | Real estate Mortgage-residential [Member] | |||
Loans | 47,241 | 46,090 | |
Pass [Member] | Real estate Mortgage-commercial [Member] | |||
Loans | 273,674 | 270,986 | |
Pass [Member] | Consumer Home Equity Line of Credit [Member] | |||
Loans | 33,003 | 32,008 | |
Pass [Member] | Consumer Other Financing Receivable [Member] | |||
Loans | 8,166 | 8,041 | |
Special Mention [Member] | |||
Loans | 12,313 | 13,817 | |
Special Mention [Member] | Commercial Financial and Agricultural Loans [Member] | |||
Loans | 366 | 754 | |
Special Mention [Member] | Real Estate Construction Loans [Member] | |||
Loans | 721 | 721 | |
Special Mention [Member] | Real estate Mortgage-residential [Member] | |||
Loans | 1,361 | 1,054 | |
Special Mention [Member] | Real estate Mortgage-commercial [Member] | |||
Loans | 9,594 | 10,437 | |
Special Mention [Member] | Consumer Home Equity Line of Credit [Member] | |||
Loans | 269 | 751 | |
Special Mention [Member] | Consumer Other Financing Receivable [Member] | |||
Loans | 2 | 100 | |
Substandard [Member] | |||
Loans | 12,356 | 13,499 | |
Substandard [Member] | Commercial Financial and Agricultural Loans [Member] | |||
Loans | 14 | 70 | |
Substandard [Member] | Real Estate Construction Loans [Member] | |||
Loans | |||
Substandard [Member] | Real estate Mortgage-residential [Member] | |||
Loans | 1,236 | 1,366 | |
Substandard [Member] | Real estate Mortgage-commercial [Member] | |||
Loans | 10,840 | 11,763 | |
Substandard [Member] | Consumer Home Equity Line of Credit [Member] | |||
Loans | 239 | 241 | |
Substandard [Member] | Consumer Other Financing Receivable [Member] | |||
Loans | 27 | 59 | |
Doubtful [Member] | |||
Loans | |||
Doubtful [Member] | Commercial Financial and Agricultural Loans [Member] | |||
Loans | |||
Doubtful [Member] | Real Estate Construction Loans [Member] | |||
Loans | |||
Doubtful [Member] | Real estate Mortgage-residential [Member] | |||
Loans | |||
Doubtful [Member] | Real estate Mortgage-commercial [Member] | |||
Loans | |||
Doubtful [Member] | Consumer Home Equity Line of Credit [Member] | |||
Loans | |||
Doubtful [Member] | Consumer Other Financing Receivable [Member] | |||
Loans |
Loans_Details_6
Loans (Details 6) (USD $) | Feb. 01, 2014 |
In Thousands, unless otherwise specified | |
Loans Details 6 | |
Contractual principal and interest at acquisition | $5,717 |
Nonaccretable difference | -1,205 |
Expected cash flows at acquisition | 4,512 |
Accretable yield | -272 |
Basis in PCI loans at acquisition - estimated fair value | $4,240 |
Loans_Details_7
Loans (Details 7) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Loans Details 6 | ||
Accretable yield, beginning of period | $75 | |
Additions | 272 | |
Accretion | -437 | -33 |
Reclassification of nonaccretable difference due to improvement in expected cash flows | 390 | |
Other changes, net | ||
Accretable yield, end of period | $28 | $239 |
Loans_Details_8
Loans (Details 8) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 Days Past Due | $2,274,000 | $1,748,000 | |
60-89 Days Past Due | 356,000 | 17,000 | |
Nonaccrual | 5,943,000 | 6,585,000 | |
Total Past Due | 8,573,000 | 8,350,000 | |
Current | 445,728,000 | 435,494,000 | |
Total Loans | 454,301,000 | 443,844,000 | 443,868,000 |
Commercial Loan [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 Days Past Due | 19,000 | 92,000 | |
60-89 Days Past Due | 18,000 | ||
Greater than 90 Days and Accruing | |||
Nonaccrual | 55,000 | ||
Total Past Due | 37,000 | 147,000 | |
Current | 32,532,000 | 33,256,000 | |
Total Loans | 32,569,000 | 33,403,000 | 34,860,000 |
Real Estate Construction Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 Days Past Due | |||
60-89 Days Past Due | 2,000 | ||
Greater than 90 Days and Accruing | |||
Nonaccrual | |||
Total Past Due | 2,000 | ||
Current | 36,080,000 | 27,543,000 | |
Total Loans | 36,080,000 | 27,545,000 | 29,112,000 |
Real estate Mortgage-residential [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 Days Past Due | 77,000 | 131,000 | |
60-89 Days Past Due | 5,000 | ||
Greater than 90 Days and Accruing | |||
Nonaccrual | 1,014,000 | 1,025,000 | |
Total Past Due | 1,091,000 | 1,161,000 | |
Current | 48,747,000 | 47,349,000 | |
Total Loans | 49,838,000 | 48,510,000 | 46,810,000 |
Real estate Mortgage-commercial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 Days Past Due | 2,130,000 | 1,443,000 | |
60-89 Days Past Due | 290,000 | 4,000 | |
Greater than 90 Days and Accruing | |||
Nonaccrual | 4,838,000 | 5,413,000 | |
Total Past Due | 7,258,000 | 6,860,000 | |
Current | 286,850,000 | 286,326,000 | |
Total Loans | 294,108,000 | 293,186,000 | 292,995,000 |
Consumer Home Equity Line of Credit [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 Days Past Due | 44,000 | 19,000 | |
60-89 Days Past Due | 46,000 | ||
Greater than 90 Days and Accruing | |||
Nonaccrual | 91,000 | 92,000 | |
Total Past Due | 181,000 | 111,000 | |
Current | 33,330,000 | 32,889,000 | |
Total Loans | 33,511,000 | 33,000,000 | 31,378,000 |
Consumer Other Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 Days Past Due | 4,000 | 63,000 | |
60-89 Days Past Due | 2,000 | 6,000 | |
Greater than 90 Days and Accruing | |||
Nonaccrual | |||
Total Past Due | 6,000 | 69,000 | |
Current | 8,189,000 | 8,131,000 | |
Total Loans | $8,195,000 | $8,200,000 | $8,713,000 |
Loans_Details_9
Loans (Details 9) (Nonaccrual Status [Member], USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
N | |
Troubled Debt Restructurings that subsequently defaulted | |
Number of Contracts | 2 |
Recorded Investment | $1,571 |
Real estate Mortgage-commercial [Member] | |
Troubled Debt Restructurings that subsequently defaulted | |
Number of Contracts | 1 |
Recorded Investment | 1,391 |
Real estate Mortgage-Consumer [Member] | |
Troubled Debt Restructurings that subsequently defaulted | |
Number of Contracts | 1 |
Recorded Investment | $180 |
Loans_Details_Narrative
Loans (Details Narrative) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Receivables [Abstract] | |||
Non-accrual loans | $5,943,000 | $6,585,000 | |
Troubled debt restructurings | 2,000,000 | 2,200,000 | |
Troubled debt restructurings in non accrual status | 2,300,000 | 2,600,000 | |
Loans outstanding to bank directors, executive officers and their related business interests | 9,500,000 | 11,100,000 | |
Loans to bank directors, executive officers and their related business interests repaid during the period | 961,500 | 517,300 | |
Loans made to bank directors, executive officers and their related business interests during the period | $871,700 | $977,000 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Financial Assets: | ||
Held-to-maturity securities | $12,747 | $10,585 |
Investment securities available-for-sale | 259,369 | 270,164 |
Other investments, at cost | 1,969 | 2,003 |
Financial liabilities: | ||
Non-interest bearing demand | 140,689 | 133,004 |
NOW and money market accounts | 305,851 | 287,982 |
Savings | 56,467 | 53,583 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Financial Assets: | ||
Cash and short term investments | 44,211 | 22,532 |
Held-to-maturity securities | 12,756 | 10,647 |
Investment securities available-for-sale | 259,369 | 270,164 |
Other investments, at cost | 1,969 | 2,003 |
Loans held for sale | 5,446 | 4,124 |
Net loans receivable | 450,049 | 439,712 |
Accrued interest | 2,485 | 2,712 |
Financial liabilities: | ||
Non-interest bearing demand | 140,689 | 133,004 |
NOW and money market accounts | 305,851 | 287,982 |
Savings | 56,467 | 53,583 |
Time deposits | 191,566 | 195,014 |
Total deposits | 694,573 | 669,583 |
Federal Home Loan Bank Advances | 27,552 | 28,807 |
Short term borrowings | 16,684 | 17,383 |
Junior subordinated debentures | 15,464 | 15,464 |
Accrued interest payable | 695 | 725 |
Estimate of Fair Value, Fair Value Disclosure [Member] | ||
Financial Assets: | ||
Cash and short term investments | 44,211 | 22,532 |
Held-to-maturity securities | 12,747 | 10,585 |
Investment securities available-for-sale | 259,369 | 270,164 |
Other investments, at cost | 1,969 | 2,003 |
Loans held for sale | 5,446 | 4,124 |
Net loans receivable | 451,219 | 441,944 |
Accrued interest | 2,485 | 2,712 |
Financial liabilities: | ||
Non-interest bearing demand | 140,689 | 133,004 |
NOW and money market accounts | 305,851 | 287,982 |
Savings | 56,467 | 53,583 |
Time deposits | 192,161 | 195,721 |
Total deposits | 695,168 | 670,290 |
Federal Home Loan Bank Advances | 29,373 | 30,745 |
Short term borrowings | 16,684 | 17,383 |
Junior subordinated debentures | 15,464 | 15,464 |
Accrued interest payable | 695 | 725 |
Fair Value, Inputs, Level 1 [Member] | ||
Financial Assets: | ||
Cash and short term investments | 44,211 | 22,532 |
Held-to-maturity securities | ||
Investment securities available-for-sale | 834 | 839 |
Other investments, at cost | ||
Loans held for sale | ||
Net loans receivable | ||
Accrued interest | 2,485 | 2,712 |
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 | 695 | 725 |
Fair Value, Inputs, Level 2 [Member] | ||
Financial Assets: | ||
Cash and short term investments | ||
Held-to-maturity securities | 12,747 | 10,585 |
Investment securities available-for-sale | 258,118 | 268,908 |
Other investments, at cost | ||
Loans held for sale | 5,446 | 4,124 |
Net loans receivable | 443,329 | 433,446 |
Accrued interest | ||
Financial liabilities: | ||
Non-interest bearing demand | 140,689 | 133,004 |
NOW and money market accounts | 305,851 | 287,982 |
Savings | 56,467 | 53,583 |
Time deposits | 192,161 | 195,721 |
Total deposits | 695,168 | 670,290 |
Federal Home Loan Bank Advances | 29,373 | 30,745 |
Short term borrowings | 16,684 | 17,383 |
Junior subordinated debentures | 15,464 | 15,464 |
Accrued interest payable | ||
Fair Value, Inputs, Level 3 [Member] | ||
Financial Assets: | ||
Cash and short term investments | ||
Held-to-maturity securities | ||
Investment securities available-for-sale | 417 | 417 |
Other investments, at cost | 1,969 | 2,003 |
Loans held for sale | ||
Net loans receivable | 7,890 | 8,498 |
Accrued interest | ||
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_of_Financial_Instru3
Fair Value of Financial Instruments (Details 2) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | $259,369 | $270,164 |
Government sponsored enterprises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 3,503 | 3,434 |
Small Business Administration pools [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 59,555 | 58,545 |
State and local government [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 46,447 | 46,516 |
Corporate and other securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 1,311 | 1,316 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 259,369 | 270,164 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Measurements, Recurring [Member] | Government sponsored enterprises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 3,503 | 3,434 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Measurements, Recurring [Member] | Mortgage-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 148,553 | 160,353 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Measurements, Recurring [Member] | Small Business Administration pools [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 59,555 | 58,545 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Measurements, Recurring [Member] | State and local government [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 46,447 | 46,516 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Measurements, Recurring [Member] | Corporate and other securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 1,311 | 1,316 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 834 | 839 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Corporate and other securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 834 | 839 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 258,118 | 268,908 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Government sponsored enterprises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 3,503 | 3,434 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Mortgage-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 148,553 | 160,353 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Small Business Administration pools [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 59,555 | 58,545 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | State and local government [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 46,447 | 46,516 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Corporate and other securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 60 | 60 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 417 | 417 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Corporate and other securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | $417 | $417 |
Fair_Value_of_Financial_Instru4
Fair Value of Financial Instruments (Details 3) (Corporate Preferred Stock [Member], USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Corporate Preferred Stock [Member] | ||
Reconciliation of changes in level 3 financial instruments | ||
Balance at the beginning of the period | $417 | $417 |
Total gains or losses (realized/unrealized) | ||
Included in earnings | ||
Included in other comprehensive income | ||
Purchases, issuances, and settlements | ||
Transfers in and/or out of Level 3 | ||
Balance at the end of the period | $417 | $417 |
Fair_Value_of_Financial_Instru5
Fair Value of Financial Instruments (Details 4) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired loans | $7,897 | $8,559 | $8,433 |
Total other real estate owned | 2,748 | 2,943 | |
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 | 7,890 | 8,498 | |
Total other real estate owned | 2,748 | 2,943 | |
Total | 10,638 | 11,441 | |
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 | 7,890 | 8,498 | |
Total other real estate owned | 2,748 | 2,943 | |
Total | 10,638 | 11,441 | |
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 | 55 | ||
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 | 55 | ||
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 | 276 | 424 | |
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 | 276 | 424 | |
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 | 1,062 | 1,074 | |
Total other real estate owned | 219 | 232 | |
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 | 1,062 | 1,074 | |
Total other real estate owned | 219 | 232 | |
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 | 6,737 | 7,277 | |
Total other real estate owned | 2,253 | 2,287 | |
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 | 6,737 | 7,277 | |
Total other real estate owned | 2,253 | 2,287 | |
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 | 91 | 92 | |
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 | 91 | 92 | |
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 | |||
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 |
Fair_Value_of_Financial_Instru6
Fair Value of Financial Instruments (Details 5) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
OREO | 2,748 | 2,943 | |
Total impaired loans | 7,897 | 8,559 | 8,433 |
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 3 [Member] | Appraisal Value Comparison Sales Other Estimates Valuation Technique [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
OREO | 2,748 | 2,943 | |
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 3 [Member] | Minimum [Member] | Appraisal Value Comparison Sales Other Estimates Valuation Technique [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Rate (as a percent) | 6.00% | 6.00% | |
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 3 [Member] | Maximum [Member] | Appraisal Value Comparison Sales Other Estimates Valuation Technique [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Rate (as a percent) | 16.00% | 16.00% | |
Impaired Loans [Member] | Fair Value, Inputs, Level 3 [Member] | Appraisal Value Discounted Cash Flows Valuation Technique [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Total impaired loans | 7,890 | 8,498 | |
Impaired Loans [Member] | Fair Value, Inputs, Level 3 [Member] | Minimum [Member] | Appraisal Value Discounted Cash Flows Valuation Technique [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Rate (as a percent) | 6.00% | 6.00% | |
Impaired Loans [Member] | Fair Value, Inputs, Level 3 [Member] | Maximum [Member] | Appraisal Value Discounted Cash Flows Valuation Technique [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Rate (as a percent) | 16.00% | 16.00% | |
Preferred Stock [Member] | Fair Value, Inputs, Level 3 [Member] | Estimation Based on Comparable Non Listed Securities Valuation Technique [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Preferred stock | 417 | 417 |
Mergers_and_Acquisitions_Savan2
Mergers and Acquisitions - Savannah River Financial Corporation (Details) (USD $) | 0 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Feb. 01, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | |
ASSETS | ||||
Cash and due from banks | $11,537 | $12,480 | ||
Investment securities available-for-sale | 259,369 | 270,164 | ||
Loans | 450,049 | 439,712 | ||
Premises and equipment | 29,383 | 28,510 | ||
Intangible assets | 1,704 | 1,806 | ||
Bank owned life insurance | 14,744 | 14,642 | ||
Other assets | 7,162 | 9,002 | ||
Total assets | 835,819 | 812,363 | ||
Deposits: | ||||
Noninterest-bearing | 140,689 | 133,004 | ||
Total deposits | 694,573 | 669,583 | ||
FHLB advances | 27,552 | 28,807 | ||
Other liabilities | 4,998 | 6,598 | ||
Total liabilities | 759,271 | 737,835 | ||
Goodwill | 5,078 | 5,078 | ||
First Community Corporation common shares issued | 1,274,200 | |||
Purchase price per share of the Company's common stock | $10.76 | |||
Equity Interests Issued or Issuable | 13,710 | |||
Cash exchanged for stock and fractional shares | 19,805 | |||
Fair value of total consideration transferred | 33,515 | |||
As initially Reported [Member] | ||||
ASSETS | ||||
Cash and due from banks | 8,451 | |||
Investment securities available-for-sale | 23,014 | |||
Loans | 109,532 | |||
Premises and equipment | 7,695 | |||
Intangible assets | ||||
Bank owned life insurance | 3,158 | |||
Other assets | 1,839 | |||
Total assets | 153,689 | |||
Deposits: | ||||
Noninterest-bearing | 11,045 | |||
Interest-bearing | 102,891 | |||
Total deposits | 113,936 | |||
FHLB advances | 8,684 | |||
Other liabilities | 345 | |||
Total liabilities | 122,965 | |||
Net identifiable assets acquired over (under) liabilities assumed | 30,724 | |||
Net assets acquired over liabilities assumed | 30,724 | |||
Fair Value Adjustments [Member] | ||||
ASSETS | ||||
Investment securities available-for-sale | 126 | [1] | ||
Loans | -3,016 | [2] | ||
Premises and equipment | 473 | [3] | ||
Intangible assets | 1,182 | [4] | ||
Other assets | 248 | [5] | ||
Total assets | -1,483 | |||
Deposits: | ||||
Interest-bearing | 211 | [6] | ||
Total deposits | 211 | |||
FHLB advances | 22 | [7] | ||
Total liabilities | 233 | |||
Net identifiable assets acquired over (under) liabilities assumed | -1,716 | |||
Goodwill | 4,507 | |||
Net assets acquired over liabilities assumed | 2,791 | |||
As adjusted [Member] | ||||
ASSETS | ||||
Cash and due from banks | 8,451 | |||
Investment securities available-for-sale | 23,140 | |||
Loans | 106,516 | |||
Premises and equipment | 8,168 | |||
Intangible assets | 1,182 | |||
Bank owned life insurance | 3,158 | |||
Other assets | 1,591 | |||
Total assets | 152,206 | |||
Deposits: | ||||
Noninterest-bearing | 11,045 | |||
Interest-bearing | 103,102 | |||
Total deposits | 114,147 | |||
FHLB advances | 8,706 | |||
Other liabilities | 345 | |||
Total liabilities | 123,198 | |||
Net identifiable assets acquired over (under) liabilities assumed | 29,696 | |||
Goodwill | 4,507 | |||
Net assets acquired over liabilities assumed | $33,515 | |||
[1] | Adjustment reflects marking the securities portfolio to fair value as of the acquisition date. | |||
[2] | Adjustment reflects the fair value adjustments based on the Company's evaluation of the acquired loan portfolio. and excludes the allowance for loan losses recorded by Savannah River. | |||
[3] | Adjustment reflects the fair value adjustments based on the Company's evaluation of the acquired premises and equipment. | |||
[4] | Adjustment reflects the recording of the core deposit intangible on the acquired deposit accounts. | |||
[5] | Adjustment reflects the deferred tax adjustment related to fair value adjustments at 34%. | |||
[6] | Adjustment reflects the fair value adjustment on interest-bearing deposits. | |||
[7] | Adjustment reflects the fair value adjustment on FHLB Advances which was equal to the prepayment fee paid to pay-off the FHLB Advances upon consummation of the merger. |
Mergers_and_Acquisitions_Savan3
Mergers and Acquisitions - Savannah River Financial Corporation (Details 2) (USD $) | 3 Months Ended | 26 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2014 |
Mergers And Acquisitions - Savannah River Financial Corporation Detail 2 | |||
Total revenues (net interest income plus noninterest income) | $7,850 | $7,371 | |
Net income | 1,302 | 862 | |
Merger Related Cost | $420 |
Mergers_and_Acquisitions_Savan4
Mergers and Acquisitions - Savannah River Financial Corporation (Details Narrative) (First South Bank [Member], USD $) | 0 Months Ended | |
In Thousands, unless otherwise specified | Sep. 26, 2014 | Dec. 31, 2014 |
Business Acquisition [Line Items] | ||
Deposits | $40,000 | |
Loans | 8,700 | |
Premium paid | 714 | |
Core Deposits [Member] | ||
Business Acquisition [Line Items] | ||
Acquired finite lived intangible assets | 365,900 | |
Other Intangible Assets [Member] | ||
Business Acquisition [Line Items] | ||
Acquired finite lived intangible assets | $538,600 |