Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 12, 2015 | |
Document and Entity Information | ||
Entity Registrant Name | FIRST COMMUNITY CORP /SC/ | |
Entity Central Index Key | 932,781 | |
Document Type | 10-Q | |
Trading Symbol | fcco | |
Document Period End Date | Sep. 30, 2015 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 6,684,563 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 |
CONSOLIDATED BALANCE SHEETS (Un
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and due from banks | $ 9,238 | $ 12,480 |
Interest-bearing bank balances | 23,225 | 9,454 |
Federal funds sold and securities purchased under agreements to resell | 548 | 598 |
Investment securities held-to-maturity | 16,600 | 10,647 |
Investment securities available-for-sale | 255,182 | 270,164 |
Other investments, at cost | 1,900 | 2,003 |
Loans held for sale | 3,568 | 4,124 |
Loans | 483,931 | 443,844 |
Less, allowance for loan losses | 4,468 | 4,132 |
Net loans | 479,463 | 439,712 |
Property, furniture and equipment - net | 30,109 | 28,510 |
Land held for sale | 1,080 | 1,200 |
Bank owned life insurance | 14,947 | 14,642 |
Other real estate owned | 2,450 | 2,943 |
Intangible assets | 1,508 | 1,806 |
Goodwill | 5,078 | 5,078 |
Other assets | 7,433 | 9,002 |
Total assets | 852,329 | 812,363 |
Deposits: | ||
Non-interest bearing demand | 157,650 | 133,004 |
NOW and money market accounts | 304,153 | 287,982 |
Savings | 59,908 | 53,583 |
Time deposits less than $100,000 | 101,455 | 108,048 |
Time deposits $100,000 and over | 81,204 | 86,966 |
Total deposits | 704,370 | 669,583 |
Securities sold under agreements to repurchase | 19,908 | 17,383 |
Federal Home Loan Bank advances | 27,543 | 28,807 |
Junior subordinated debt | 15,464 | 15,464 |
Other liabilities | 6,556 | 6,598 |
Total liabilities | $ 773,841 | $ 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 6,684,563 at September 30, 2015 6,664,391 at December 31, 2014 | $ 6,685 | $ 6,664 |
Common stock warrants issued | 46 | 48 |
Nonvested restricted stock | (426) | (673) |
Additional paid in capital | 75,690 | 75,504 |
Accumulated Deficit | (5,131) | (8,286) |
Accumulated other comprehensive income | 1,624 | 1,271 |
Total shareholders' equity | 78,488 | 74,528 |
Total liabilities and shareholders' equity | $ 852,329 | $ 812,363 |
CONSOLIDATED BALANCE SHEETS (U3
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Sep. 30, 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 | 6,684,563 | 6,664,391 |
Common stock, shares outstanding | 6,684,563 | 6,664,391 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Interest income: | ||||
Loans, including fees | $ 5,795 | $ 5,615 | $ 17,373 | $ 16,277 |
Taxable securities | 860 | 987 | 2,771 | 2,936 |
Non-taxable securities | 430 | 339 | 1,216 | 933 |
Federal funds sold and securities purchased under resale agreements | 8 | 8 | 22 | 25 |
Other | 21 | 19 | 64 | 49 |
Total interest income | 7,114 | 6,968 | 21,446 | 20,220 |
Interest expense: | ||||
Deposits | 443 | 415 | 1,304 | 1,272 |
Federal funds sold and securities sold under agreement to repurchase | 11 | 9 | 26 | 28 |
Other borrowed money | 407 | 448 | 1,211 | 1,381 |
Total interest expense | 861 | 872 | 2,541 | 2,681 |
Net interest income | 6,253 | 6,096 | 18,905 | 17,539 |
Provision for loan losses | 193 | 152 | 990 | 702 |
Net interest income after provision for loan losses | 6,060 | 5,944 | 17,915 | 16,837 |
Non-interest income: | ||||
Deposit service charges | 390 | 400 | 1,083 | 1,145 |
Mortgage banking income | 964 | 1,016 | 2,679 | 2,337 |
Investment advisory fees and non-deposit commissions | $ 290 | 267 | 993 | 722 |
Gain on sale of securities | 16 | 271 | 102 | |
Gain on sale of other assets | $ 17 | 10 | 24 | (2) |
Loss on early extinguishment of debt | (103) | (67) | ||
Other | 668 | 591 | 1,928 | 1,837 |
Total non-interest income | 2,329 | 2,300 | 6,875 | 6,074 |
Non-interest expense: | ||||
Salaries and employee benefits | 3,595 | 3,502 | 10,818 | 10,198 |
Occupancy | 513 | 489 | 1,498 | 1,367 |
Equipment | 437 | 414 | 1,233 | 1,128 |
Marketing and public relations | 129 | 218 | 683 | 591 |
FDIC assessments | 113 | 138 | 389 | 393 |
Other real estate expense | 126 | 105 | 434 | 360 |
Amortization of intangibles | $ 98 | 64 | $ 299 | 169 |
Merger and acquisition expense | 39 | 474 | ||
Other | $ 1,056 | 1,091 | $ 3,202 | 3,191 |
Total non-interest expense | 6,067 | 6,060 | 18,556 | 17,871 |
Net income before tax | 2,322 | 2,184 | 6,234 | 5,040 |
Income taxes | 643 | 632 | 1,708 | 1,425 |
Net income | $ 1,679 | $ 1,552 | $ 4,526 | $ 3,615 |
Basic earnings per common share (in dollars per share) | $ 0.26 | $ 0.23 | $ 0.69 | $ 0.56 |
Diluted earnings per common share (in dollars per share) | $ 0.25 | $ 0.23 | $ 0.68 | $ 0.55 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Consolidated Statements Of Comprehensive Income | ||||
Net income | $ 1,679 | $ 1,552 | $ 4,526 | $ 3,615 |
Other comprehensive income: | ||||
Unrealized gain during six months ended on available-for-sale securities, net of taxes was $275 and $1,699 and during three months ended, net of tax was 357 and $118. | $ 672 | 229 | 532 | 3,203 |
Less: Reclassification adjustment for gain included in net income, net of taxes during six months ended was $92 and $35 and during three months ended was $0 and $5. | (11) | (179) | (67) | |
Other comprehensive income | $ 672 | 218 | 353 | 3,136 |
Comprehensive income | $ 2,351 | $ 1,770 | $ 4,879 | $ 6,751 |
CONSOLIDATED STATEMENTS OF COM6
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Consolidated Statements Of Comprehensive Income Parenthetical | ||||
Unrealized Holding Gain (Loss) on Securities Available for Sale Arising During Period, Tax | $ 357 | $ 118 | $ 275 | $ 1,699 |
Reclassification adjustment for Gain included in net income, taxes | $ 0 | $ 5 | $ 92 | $ 35 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Common Stock Warrant [Member] | Additional Paid-In Capital [Member] | Nonvested Restricted Stock [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
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 | 5,303,000 | ||||||
Net income | 3,615 | 3,615 | |||||
Other comprehensive income net of tax | 3,136 | $ 3,136 | |||||
Issuance of restricted stock | $ 71 | 697 | (768) | ||||
Issuance of restricted stock, in shares | 71,000 | ||||||
Restricted shares surrendered | |||||||
Amortization of compensation on restricted stock | 393 | $ 393 | |||||
Issuance of common stock | $ 1,274 | 12,436 | 13,710 | ||||
Issuance of common stock, in shares | 1,274,000 | ||||||
Dividends: Common | (703) | (703) | |||||
Dividend reinvestment plan | $ 12 | 120 | 132 | ||||
Dividend reinvestment plan, in shares | 12,000 | ||||||
Ending Balance at Sep. 30, 2014 | $ 6,660 | 48 | 75,467 | (819) | (9,402) | 609 | 72,563 |
Ending Balance, in shares at Sep. 30, 2014 | 6,660,000 | ||||||
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 | 6,664,000 | ||||||
Net income | 4,526 | 4,526 | |||||
Other comprehensive income net of tax | 353 | $ 353 | |||||
Issuance of restricted stock | $ 13 | 137 | (150) | ||||
Issuance of restricted stock, in shares | 13,000 | ||||||
Restricted shares surrendered | $ (8) | (90) | $ (98) | ||||
Restricted shares surrendered (in shares) | (8,000) | ||||||
Amortization of compensation on restricted stock | 397 | $ 397 | |||||
Exercise of stock warrants | $ 2 | (2) | |||||
Exercise of stock warrants, in shares | 2,000 | ||||||
Dividends: Common | (1,371) | $ (1,371) | |||||
Dividend reinvestment plan | $ 14 | 139 | 153 | ||||
Dividend reinvestment plan, in shares | 14,000 | ||||||
Ending Balance at Sep. 30, 2015 | $ 6,685 | $ 46 | $ 75,690 | $ (426) | $ (5,131) | $ 1,624 | $ 78,488 |
Ending Balance, in shares at Sep. 30, 2015 | 6,685,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Cash flows from operating activities: | |||||
Net income | $ 1,679,000 | $ 1,552,000 | $ 4,526,000 | $ 3,615,000 | |
Adjustments to reconcile net income to net cash provided in operating activities: | |||||
Depreciation | 932,000 | 827,000 | |||
Premium amortization | 3,093,000 | 2,680,000 | |||
Provision for loan losses | 193,000 | 152,000 | 990,000 | 702,000 | $ 881,000 |
Writedowns of other real estate owned | 201,000 | 146,000 | |||
Loss (gain) on sale of other real estate owned | (24,000) | 2,000 | |||
Sale of loans held-for-sale | 80,571,000 | 66,548,000 | |||
Origination of loans held-for-sale | (80,016,000) | (66,161,000) | |||
Amortization of intangibles | $ 98,000 | 64,000 | 299,000 | 169,000 | |
Accretion on acquired loans | (709,000) | (102,000) | |||
Gain on sale of securities | (16,000) | (271,000) | (102,000) | ||
Writedown of land held for sale | 120,000 | 67,000 | |||
Loss on early extinguishment of debt | 103,000 | 67,000 | |||
Decrease in other assets | 1,305,000 | 1,297,000 | |||
Decrease in other liabilities | (153,000) | (572,000) | |||
Net cash provided in operating activities | 10,967,000 | 9,218,000 | |||
Cash flows from investing activities: | |||||
Purchase of investment securities available-for-sale and other investments | (33,441,000) | (82,322,000) | |||
Purchase of investment securities held-to-maturity | (6,065,000) | (1,352,000) | |||
Maturity of investment securities available-for-sale | 28,470,000 | 28,302,000 | |||
Proceeds from sale of securities available-for-sale | $ 10,100,000 | 15,400,000 | 17,061,000 | 43,589,000 | |
Proceeds from sale of other investments | 1,133,000 | 513,000 | |||
Decrease (increase) in loans | $ (40,336,000) | 11,775,000 | |||
Net cash disbursed in business combination | (11,354,000) | ||||
Purchase of loans | (8,705,000) | ||||
Proceeds from sale of other real estate owned | $ 479,000 | 1,742,000 | |||
Purchase of property and equipment | (2,502,000) | (2,746,000) | |||
Net cash used in investing activities | (35,201,000) | (20,558,000) | |||
Cash flows from financing activities: | |||||
Increase in deposit accounts | 34,871,000 | 35,552,000 | |||
Increase (decrease) in securities sold under agreements to repurchase | 2,525,000 | (984,000) | |||
Advances from the Federal Home Loan Bank | 32,500,000 | 38,100,000 | |||
Repayment of advances from the Federal Home Loan Bank | $ (33,867,000) | (57,886,000) | |||
Purchase of deposit accounts | $ 39,482,000 | ||||
Restricted shares surrendered | $ (98,000) | ||||
Dividends paid: Common Stock | (1,371,000) | $ (1,094,000) | |||
Dividend reinvestment plan | 153,000 | 132,000 | |||
Net cash provided from financing activities | 34,713,000 | 53,302,000 | |||
Net increase in cash and cash equivalents | 10,479,000 | 41,962,000 | |||
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 | $ 33,011,000 | $ 56,128,000 | 33,011,000 | 56,128,000 | $ 22,532,000 |
Cash paid during the period for: | |||||
Interest | 2,566,000 | 2,666,000 | |||
Income Taxes | 2,220,000 | 860,000 | |||
Non-cash investing and financing activities: | |||||
Unrealized gain on securities | 353,000 | 3,136,000 | |||
Transfer of loans to foreclosed property | $ 193,000 | $ 1,574,000 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 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 September 30, 2015 and December 31, 2014, and the Company’s results of operations and cash flows for the three and nine months ended September 30, 2015 and 2014. The results of operations for the three and nine months ended September 30, 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 | 9 Months Ended |
Sep. 30, 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: (Dollars in thousands, except average market price) Nine months Three months Ended September 30, Ended September 30, 2015 2014 2015 2014 Numerator (Net income available to common shareholders) $ 4,526 $ 3,615 $ 1,679 $ 1,552 Denominator Weighted average common shares outstanding for: Basic earnings per share 6,549 6,496 6,560 6,659 Dilutive securities: Deferred compensation 23 23 25 22 Warrants/Restricted stock – Treasury stock method 127 46 127 46 Diluted earnings per share 6,699 6,565 6,712 6,727 The average market price used in calculating assumed number of shares $ 11.89 $ 10.82 $ 12.16 $ 10.73 At September 30, 2015, there were no outstanding options. At September 30, 2014, there were 69,903 outstanding options at an average exercise price of $20.15. None of these options had an exercise price below the average market price of $10.73 for the three-month period ended September 30, 2014 or $10.82 for the nine-month period ended September 30, 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 September 30, 2015, there were 97,100 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 157,000 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 September 30, 2015 for non-vested shares totaled $426 thousand. |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Note 3—Investment Securities The amortized cost and estimated fair values of investment securities at September 30, 2015 and December 31, 2014 are summarized below: AVAILABLE-FOR-SALE: (Dollars in thousands) Amortized Gross Gross Fair Value September 30, 2015: Government sponsored enterprises $ 2,448 $ 60 $ — $ 2,508 Mortgage-backed securities 140,725 1,252 418 141,559 Small Business Administration pools 58,340 483 359 58,464 State and local government 49,979 1,445 71 51,353 Corporate and other securities 1,348 — 50 1,298 $ 252,840 $ 3,240 $ 898 $ 255,182 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 September 30, 2015: State and local government $ 16,600 $ 116 $ 107 $ 16,609 $ 16,600 $ 116 $ 107 $ 16,609 December 31, 2014: State and local government $ 10,647 $ 6 $ 68 $ 10,585 $ 10,647 $ 6 $ 68 $ 10,585 During the nine months ended September 30, 2015 and September 30, 2014, the Company received proceeds of $17.1 million and $43.6 million, respectively, from the sale of investment securities available-for-sale. For the nine months ended September 30, 2015, gross realized gains totaled $271 thousand and there were no gross realized losses. Gross realized gains amounted to $205 thousand and gross realized losses amounted to $103 thousand for the nine months ended September 30, 2014. For the three months ended September 30, 2015, there were no sales of investment securities. For the three months ended September 30, 2014, gross realized gains from the sale of investment securities available-for-sale amounted to $57 thousand and gross realized losses amounted to $40 thousand. The Company did not sell any investment securities held-to-maturity for the three and nine month periods ended September 30, 2015 or September 30, 2014. At September 30, 2015, corporate and other securities available-for-sale included the following at fair value: mutual funds at $821.4 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 $1.9 million and $2.0 million at September 30, 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 September 30, 2015 and December 31, 2014. Less than 12 months 12 months or more Total September 30, 2015 Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Available-for-sale securities: Government Sponsored Enterprises $ — $ — $ — $ — $ — $ — Government Sponsored Enterprise mortgage-backed securities 20,407 130 19,034 284 39,441 414 Small Business Administration pools 14,510 106 21,283 253 35,793 359 Non-agency mortgage-backed securities 114 2 188 2 302 4 State and local government 3,798 16 2,329 55 6,127 71 Corporate bonds and other — — 822 50 822 50 Total $ 38,829 $ 254 $ 43,656 $ 644 $ 82,485 $ 898 Less than 12 months 12 months or more Total December 31, 2014 Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized 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 September 30, 2015 Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Held-to-maturity securities: State and local government $ 7,444 $ 107 $ — $ — $ 7,444 $ 107 Total $ 7,444 $ 107 $ — $ — $ 7,444 $ 107 Less than 12 months 12 months or more Total December 31, 2014 Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized 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 September 30, 2015, the Company owned mortgage-backed securities (“MBSs”), including collateralized mortgage obligations (“CMOs”), with an amortized cost of $140.7 million and approximate fair value of $141.6 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 September 30, 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 (“OTTI”) impaired at September 30, 2015. Non-agency Mortgage-Backed Securities: State and Local Governments and Other: The following sets forth the amortized cost and fair value of investment securities at September 30, 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 Due in one year or less $ 6,897 $ 6,926 $ — $ — Due after one year through five years 141,611 142,838 3,888 3,917 Due after five years through ten years 92,918 94,097 12,132 12,123 Due after ten years 11,414 11,321 580 569 $ 252,840 $ 255,182 $ 16,600 $ 16,609 |
Loans
Loans | 9 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Loans | Note 4—Loans Loans summarized by category as of September 30, 2015, December 31, 2014 and September 30, 2014 are as follows: September 30, December 31, September 30, (Dollars in thousands) 2015 2014 2014 Commercial, financial and agricultural $ 38,020 $ 33,403 $ 33,147 Real estate: Construction 33,127 27,545 22,738 Mortgage-residential 49,135 48,510 47,369 Mortgage-commercial 323,513 293,186 305,013 Consumer: Home equity 31,154 33,000 32,435 Other 8,982 8,200 7,854 Total $ 483,931 $ 443,844 $ 448,556 The detailed activity in the allowance for loan losses and the recorded investment in loans receivable as of and for the nine months ended September 30, 2015 and September 30, 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 September 30, 2015 Allowance for loan losses: Beginning balance $ 67 $ 45 $ 179 $ 1,572 $ 134 $ 44 $ 2,091 $ 4,132 Charge-offs (56 ) — (39 ) (625 ) — (44 ) — (764 ) Recoveries 5 — 6 16 3 80 — 110 Provisions 154 130 53 861 (17 ) (25 ) (166 ) 990 Ending balance $ 170 $ 175 $ 199 $ 1,824 $ 120 $ 55 $ 1,925 $ 4,468 Ending balances: Individually evaluated $ — $ — $ 3 $ 1 $ — $ — $ — $ 4 Collectively evaluated 170 175 196 1,823 120 55 1,925 4,464 Loans receivable: Ending balance-total $ 38,020 $ 33,127 $ 49,135 $ 323,513 $ 31,154 $ 8,982 $ — $ 483,931 Ending balances: Individually evaluated 11 — 923 5,786 — — — 6,720 Collectively evaluated $ 38,009 $ 33,127 $ 48,212 $ 317,727 $ 31,154 $ 8,982 $ — $ 477,211 (Dollars in thousands) Real estate Real estate Real estate Mortgage Mortgage Consumer Consumer Commercial Construction Residential Commercial Home equity Other Unallocated Total September 30, 2014 Allowance for loan losses: Beginning balance $ 233 $ 26 $ 291 $ 1,117 $ 112 $ 80 $ 2,360 $ 4,219 Charge-offs (2 ) — (39 ) (689 ) — (95 ) — (825 ) Recoveries 32 — 15 — — 13 — 60 Provisions (116 ) 12 (101 ) 1,171 — 65 (329 ) 702 Ending balance $ 147 $ 38 $ 166 $ 1,599 $ 112 $ 63 $ 2,031 $ 4,156 Ending balances: Individually evaluated $ — $ — $ 4 $ — $ — $ — $ — $ 4 Collectively evaluated 147 38 162 1,599 112 63 2,031 4,152 Loans receivable: Ending balance-total $ 33,147 $ 22,738 $ 47,369 $ 305,013 $ 32,435 $ 7,854 $ — $ 448,556 Ending balances: Individually evaluated 58 — 1,038 6,152 93 5 — 7,346 Collectively evaluated $ 33,089 $ 22,738 $ 46,331 $ 298,861 $ 32,342 $ 7,849 $ — $ 441,210 (Dollars in thousands) Real estate Real estate Real estate Mortgage Mortgage Consumer Consumer Commercial Construction Residential Commercial Home equity Other Unallocated Total December 31, 2014 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 $ — $ — $ 4 $ 57 $ — $ — $ — $ 61 Collectively evaluated 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 55 — 1,078 7,334 92 — — 8,559 Collectively evaluated $ 33,348 $ 27,545 $ 47,432 $ 285,852 $ 32,908 $ 8,200 $ — $ 435,285 Loans outstanding to bank directors, executive officers and their related business interests amounted to $6.9 million and $10.6 million at September 30, 2015 and September 30, 2014, respectively. Repayments on these loans during the nine months ended September 30, 2015 were $1.3 million and there were no new loans made. Repayments on these loans during the nine months ended September 30, 2014 were $1.1 million and loans made totaled $1.4 million. 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 detailed activity in the allowance for loan losses as of and for the three months ended September 30, 2015 and the three months ended September 30, 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 2015 Allowance for loan losses: Beginning balance $ 221 $ 124 $ 179 $ 1,774 $ 119 $ 60 $ 1,804 $ 4,281 Charge-offs — — (13 ) — — (17 ) — (30 ) Recoveries 2 — 4 11 1 6 — 24 Provisions (53 ) 51 29 39 — 6 121 193 Ending balance $ 170 $ 175 $ 199 $ 1,824 $ 120 $ 55 $ 1,925 $ 4,468 (Dollars in thousands) Real estate Real estate Real estate Mortgage Mortgage Consumer Consumer Commercial Construction Residential Commercial Home equity Other Unallocated Total 2014 Allowance for loan losses: Beginning balance $ 180 $ 109 $ 206 $ 1,317 $ 118 $ 52 $ 2,084 $ 4,066 Charge-offs (2 ) — (4 ) — — (75 ) — (81 ) Recoveries 8 — 6 — — 5 — 19 Provisions (39 ) (71 ) (42 ) 282 (6 ) 81 (53 ) 152 Ending balance $ 147 $ 38 $ 166 $ 1,599 $ 112 $ 63 $ 2,031 $ 4,156 The following table presents at September 30, 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) September 30, December 31, 2015 2014 Total loans considered impaired $ 6,720 $ 8,559 Loans considered impaired for which there is a related allowance for loan loss: Outstanding loan balance 83 1,959 Related allowance 4 61 Loans considered impaired and previously written down to fair value 6,637 6,600 Average impaired loans 9,627 10,900 The following tables are by loan category and present at September 30, 2015, December 31, 2014 and September 30, 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) Nine months ended Three months ended Unpaid Average Interest Average Interest September 30, 2015 Recorded Principal Related Recorded Income Recorded Income Investment Balance Allowance Investment Recognized Investment Recognized With no allowance recorded: Commercial $ 11 $ 11 $ — $ 14 $ — $ 13 $ — Real estate: Construction — — — — — — — Mortgage-residential 873 952 — 1,140 71 1,133 1 Mortgage-commercial 5,753 8,149 — 8,388 — 8,293 — Consumer: Home Equity — — — — — — — Other — — — — — — — With an allowance recorded: Commercial — — — — — — — Real estate: Construction — — — — — — — Mortgage-residential 50 50 3 51 2 50 — Mortgage-commercial 33 33 1 34 2 34 — Consumer: Home Equity — — — — — — — Other — — — — — — — Total: Commercial $ 11 $ 11 $ — $ 14 $ — $ 13 $ — Real estate: Construction — — — — — — — Mortgage-residential 923 1,002 3 1,191 73 1,183 1 Mortgage-commercial 5,786 8,182 1 8,422 2 8,327 — Consumer: Home Equity — — — — — — — Other — — — — — — — $ 6,720 $ 9,195 $ 4 $ 9,627 $ 75 $ 9,523 $ 1 (Dollars in thousands) Nine months ended Three months ended Unpaid Average Interest Average Interest September 30, 2014 Recorded Principal Related Recorded Income Recorded Income Investment Balance Allowance Investment Recognized Investment Recognized With no allowance recorded: Commercial $ 58 $ 115 $ — $ 133 $ — $ 131 $ 0 Real estate: Construction — — — — — — — Mortgage-residential 985 1,344 — 1,227 5 1,221 — Mortgage-commercial 6,152 7,381 — 7,326 39 7,236 9 Consumer: Home Equity 93 97 — 79 — 86 — Other 5 5 — 8 — 6 With an allowance recorded: Commercial — — — — — — — Real estate: Construction — — — — — — — Mortgage-residential 53 53 4 54 2 54 1 Mortgage-commercial — — — — — — — Consumer: Home Equity — — — — — — — Other — — — — — — — Total: Commercial $ 58 $ 115 $ — $ 133 $ — $ 131 $ — Real estate: Construction — — — — — — — Mortgage-residential 1,038 1,397 4 1,281 7 1,275 1 Mortgage-commercial 6,152 7,381 — 7,326 39 7,236 9 Consumer: Home Equity 93 97 — 79 — 86 — Other 5 5 — 8 — 6 $ 7,346 $ 8,995 $ 4 $ 8,827 $ 46 $ 8,734 $ 10 (Dollars in thousands) December 31, 2014 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 Substandard Doubtful 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 September 30, 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 September 30, 2015 and December 31, 2014, no loans were classified as doubtful. (Dollars in thousands) September 30, 2015 Special Pass Mention Substandard Doubtful Total Commercial, financial & agricultural $ 37,682 $ 312 $ 26 $ — $ 38,020 Real estate: Construction 32,406 721 — — 33,127 Mortgage – residential 46,572 1,456 1,107 — 49,135 Mortgage – commercial 305,582 9,009 8,922 — 323,513 Consumer: Home Equity 30,833 189 132 — 31,154 Other 8,962 1 19 — 8,982 Total $ 462,037 $ 11,688 $ 10,206 $ — $ 483,931 (Dollars in thousands) December 31, 2014 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 September 30, 2015 and December 31, 2014, non-accrual loans totaled $5.1 million and $6.6 million, respectively. TDRs that are still accruing and included in impaired loans at September 30, 2015 and December 31, 2014 totaled $1.7 million and $2.2 million, respectively. TDRs in non-accrual status at September 30, 2015 and December 31, 2014 totaled $1.9 million and $2.6 million, respectively. Loans greater than 90 days delinquent and still accruing interest totaled $2 thousand as of September 30, 2015. There were no loans greater than 90 days delinquent and still accruing interest as of December 31, 2014. We account for acquisitions under FASB ASC Topic 805, Business Combinations 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, 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 and nine months ended September 30, 2015 and September 30, 2014 follows (dollars in thousands): Three Months Nine Months Accretable yield, beginning of period $ 135 $ 75 Accretion (42 ) (513 ) Reclassification of nonaccretable difference due to improvement in — 531 Accretable yield, end of period $ 93 $ 93 Three Months Nine Months Accretable yield, beginning of period $ 164 $ 272 Accretion (49 ) (132 ) Reclassification of nonaccretable difference due to improvement in — (25 ) Accretable yield, end of period $ 115 $ 115 The following tables are by loan category and present loans past due and on non-accrual status as of September 30, 2015 and December 31, 2014: (Dollars in thousands) 30-59 Days 60-89 Days Past Due Greater than 90 Days and Accruing Nonaccrual Total Past Due Current Total Loans Commercial $ — $ 34 $ — $ 11 $ 45 $ 37,975 $ 38,020 Real estate: Construction — — — — — 33,127 33,127 Mortgage-residential 93 134 — 873 1,100 48,035 49,135 Mortgage-commercial 847 650 — 4,183 5,680 317,833 323,513 Consumer: Home equity 36 — — — 36 31,118 31,154 Other 3 9 2 — 14 8,968 8,982 Total $ 979 $ 827 $ 2 $ 5,067 $ 6,875 $ 477,056 $ 483,931 (Dollars in thousands) 30-59 Days 60-89 Days Past Due Greater than 90 Days and Accruing Nonaccrual Total Past Due Current Total Loans 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. The following table, by loan category, presents loans determined to be TDRs during the nine-month period ended September 30, 2014. There were no loans determined to be TDRs during the three-month period ended September 30, 2014 or the three and nine month periods ended September 30, 2015. Troubled Debt Restructurings For the nine months ended September 30, 2014 (Dollars in thousands) Pre-Modification Post-Modification Number Outstanding Outstanding of Recorded Recorded Contracts Investment Investment Nonaccrual Mortgage-Commercial 1 $ 1,730 $ 1,730 Mortgage-Residential 1 $ 180 $ 180 Total TDRs 2 $ 1,910 $ 1,910 As shown in the table above, two loans were determined to be TDRs during the nine months ended September 30, 2014. The interest rate was lowered on both of these loans. During the three and nine month periods ended September 30, 2015 and September 30, 2014, there were no loans determined to be TDRs in the previous twelve months that had payment defaults. Any payment that is past due greater than 89 days is considered to be a payment default. 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 Pron
Recently Issued Accounting Pronouncements | 9 Months Ended |
Sep. 30, 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 were effective for the Company for 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. These amendments did not 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 were effective for the Company for annual periods, and interim periods within those annual 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 applied the amendments prospectively. These amendments did not have a material effect on the Company’s 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 August 2015, the FASB deferred the effective date of ASU 2014-09, Revenue from Contracts with Customers. As a result of the deferral, the guidance in ASU 2014-09 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. 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. 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. In April 2015, the FASB issued guidance that will require debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. This update affects disclosures related to debt issuance costs but does not affect existing recognition and measurement guidance for these items. The amendments will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015 with early adoption permitted. The Company does not expect these amendments to have a material effect on its financial statements. In April 2015, the FASB issued guidance which provides guidance to customers about whether a cloud computing arrangement includes a software license. The amendments will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015-, with early adoption permitted. The Company does not expect these amendments to have a material effect on its financial statements. In May 2015, the FASB issued guidance which removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The amendments will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permitted. The Company does not expect these amendments to have a material effect on its financial statements. In August 2015, the FASB issued amendments to the Interest topic of the Accounting Standards Codification to clarify the SEC staff’s position on presenting and measuring debt issuance costs incurred in connection with line-of-credit arrangements. The amendments were effective upon issuance. The Company does not expect these amendments to have a material effect on its financial statements. In September 2015, the FASB amended the Business Combinations topic of the Accounting Standards Codification to simplify the accounting for adjustments made to provisional amounts recognized in a business combination by eliminating the requirement to retrospectively account for those adjustments. The amendments will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permitted for financial statements that have not been issued. All entities are required to apply the amendments prospectively to adjustments to provisional amounts that occur after the effective 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 Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 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 - Investment Securities - Loans Held for Sale - Loans - fair values are obtained using independent appraisals, which the Company considers to be Level 3 inputs. Other Real Estate Owned (OREO) - Accrued Interest Receivable Interest Rate Swap - Deposits - Federal Home Loan Bank Advances - Short Term Borrowings - Junior Subordinated Debentures - Accrued Interest Payable - Commitments to Extend Credit The carrying amount and estimated fair value by classification level of the Company’s financial instruments as of September 30, 2015 and December 31, 2014 are as follows: September 30, 2015 Fair Value (Dollars in thousands) Carrying Total Level 1 Level 2 Level 3 Financial Assets: Cash and short term investments $ 33,011 $ 33,011 $ 33,011 $ — $ — Held-to-maturity securities 16,600 16,609 — 16,609 — Available-for-sale securities 255,182 255,182 821 253,944 417 Other investments, at cost 1,900 1,900 — — 1,900 Loans held for sale 3,568 3,568 — 3,568 — Net loans receivable 479,463 480,083 — 473,367 6,716 Accrued interest 2,614 2,614 2,614 — — Financial liabilities: Non-interest bearing demand $ 157,650 $ 157,650 $ — $ 157,650 $ — NOW and money market accounts 304,153 304,153 — 304,153 — Savings 59,908 59,908 — 59,908 — Time deposits 182,659 183,082 — 183,082 — Total deposits 704,370 704,793 — 704,793 — Federal Home Loan Bank Advances 27,543 29,129 — 29,129 — Short term borrowings 19,908 19,908 — 19,908 — Junior subordinated debentures 15,464 15,482 — 15,482 — Accrued interest payable 699 699 699 — — December 31, 2014 Fair Value (Dollars in thousands) Carrying Total Level 1 Level 2 Level 3 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 September 30, 2015 and December 31, 2014 that are measured on a recurring basis. There were no liabilities carried at fair value as of September 30, 2015 or December 31, 2014 that are measured on a recurring basis. (Dollars in thousands) Quoted Prices in Significant Active Markets for Significant Other Unobservable Identical Assets Observable Inputs Inputs Description September 30, 2015 (Level 1) (Level 2) (Level 3) Available for sale securities Government sponsored enterprises $ 2,508 $ — $ 2,508 $ — Mortgage-backed securities 141,559 — 141,559 — Small Business Administration securities 58,464 — 58,464 — State and local government 51,353 — 51,353 — Corporate and other securities 1,298 821 60 417 Total $ 255,182 $ 821 $ 253,944 $ 417 (Dollars in thousands) Quoted Prices in Significant Active Markets for Significant Other Unobservable Identical Assets Observable Inputs Inputs Description December 31, 2014 (Level 1) (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 nine months ended September 30, 2015 and September 30, 2014 that are measured on a recurring basis. September 30, 2015 2014 ( Dollars in thousands) Corporate Corporate Beginning Balance $ 417 $ 417 Total gains or losses (realized/unrealized) — — Included in other comprehensive income — — Purchases, issuances, and settlements — — Transfers in and/or out of Level 3 — — Ending Balance $ 417 $ 417 The following table reconciles the changes in Level 3 financial instruments for the three months ended September 30, 2015 and September 30, 2014 that are measured on a recurring basis. September 30, 2015 2014 ( Dollars in thousands) Corporate Corporate Beginning Balance $ 417 $ 417 Total gains or losses (realized/unrealized) — — 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 September 30, 2015 and December 31, 2014 that are measured on a non-recurring basis. (Dollars in thousands) Description September 30, Quoted Prices Significant Significant Impaired loans: Commercial & Industrial $ 11 $ — $ — $ 11 Real estate: Mortgage-residential 920 — — 920 Mortgage-commercial 5,785 — — 5,785 Consumer: Home equity — — — — Other — — — — Total impaired 6,716 — — 6,716 Other real estate owned: Construction 276 — — 276 Mortgage-residential 180 — — 180 Mortgage-commercial 1,994 — — 1,994 Total other real estate owned 2,450 — — 2,450 Total $ 9,166 $ — $ — $ 9,166 (Dollars in thousands) Description December 31, 2014 Quoted Prices Significant Significant 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 $6.7 million and $8.5 million as of September 30, 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 September 30, 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 Preferred stock $ 417 Estimation based on comparable non-listed securities Comparable transactions n/a OREO $2,450 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 $6,716 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 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 - Sava
Mergers and Acquisitions - Savannah River Financial Corporation | 9 Months Ended |
Sep. 30, 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, 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 Company’s common stock of $10.76 on January 31, 2014 as reported by NASDAQ. 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 September 30, 2014 include the operating results of the acquired assets and assumed liabilities for the 242 days subsequent to the acquisition date of February 1, 2014. Merger-related charges related to the Savannah River acquisition of $435 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 September 30, 2014. The table also presents certain pro forma information as if Savannah River had been acquired on January 1, 2014. These 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 months ended September 30, 2014 and three and nine month periods ended September 30, 2015 do not have any material 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 periods. Actual since Acquisition Pro Forma (February 1, 2014 through Nine Months Ended (Dollars in thousands) September 30, 2014) September 30, 2014 Total revenues (net interest income plus noninterest income) $ 21,377 $ 24,132 Net income $ 3,553 $ 3,760 On September 26, 2014, First Community Bank (the “Bank”), the wholly-owned subsidiary of the Company, completed the 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. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 8—Subsequent Events Subsequent events In early October 2015, the State of South Carolina experienced a historic weather event. The Midlands area of the state was particularly hard hit by devastating flooding. We experienced damage in only one of our banking offices and our operations were not significantly impacted. We are currently in the process of evaluating the effect on our customers and the potential impact this could have on our loan portfolio, although our initial indications are that the effects of the flooding have not had a material adverse impact on our loan portfolio. We are committed to working with and assisting any of our customers that have been impacted by this historic weather event. |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 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: (Dollars in thousands, except average market price) Nine months Three months Ended September 30, Ended September 30, 2015 2014 2015 2014 Numerator (Net income available to common shareholders) $ 4,526 $ 3,615 $ 1,679 $ 1,552 Denominator Weighted average common shares outstanding for: Basic earnings per share 6,549 6,496 6,560 6,659 Dilutive securities: Deferred compensation 23 23 25 22 Warrants/Restricted stock – Treasury stock method 127 46 127 46 Diluted earnings per share 6,699 6,565 6,712 6,727 The average market price used in calculating assumed number of shares $ 11.89 $ 10.82 $ 12.16 $ 10.73 |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of amortized cost and estimated fair values of available-for-sale | AVAILABLE-FOR-SALE: (Dollars in thousands) Amortized Gross Gross Fair Value September 30, 2015: Government sponsored enterprises $ 2,448 $ 60 $ — $ 2,508 Mortgage-backed securities 140,725 1,252 418 141,559 Small Business Administration pools 58,340 483 359 58,464 State and local government 49,979 1,445 71 51,353 Corporate and other securities 1,348 — 50 1,298 $ 252,840 $ 3,240 $ 898 $ 255,182 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 September 30, 2015: State and local government $ 16,600 $ 116 $ 107 $ 16,609 $ 16,600 $ 116 $ 107 $ 16,609 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 September 30, 2015 and December 31, 2014. Less than 12 months 12 months or more Total September 30, 2015 Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Available-for-sale securities: Government Sponsored Enterprises $ — $ — $ — $ — $ — $ — Government Sponsored Enterprise mortgage-backed securities 20,407 130 19,034 284 39,441 414 Small Business Administration pools 14,510 106 21,283 253 35,793 359 Non-agency mortgage-backed securities 114 2 188 2 302 4 State and local government 3,798 16 2,329 55 6,127 71 Corporate bonds and other — — 822 50 822 50 Total $ 38,829 $ 254 $ 43,656 $ 644 $ 82,485 $ 898 Less than 12 months 12 months or more Total December 31, 2014 Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized 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 September 30, 2015 Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Held-to-maturity securities: State and local government $ 7,444 $ 107 $ — $ — $ 7,444 $ 107 Total $ 7,444 $ 107 $ — $ — $ 7,444 $ 107 Less than 12 months 12 months or more Total December 31, 2014 Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized 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 September 30, 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 Due in one year or less $ 6,897 $ 6,926 $ — $ — Due after one year through five years 141,611 142,838 3,888 3,917 Due after five years through ten years 92,918 94,097 12,132 12,123 Due after ten years 11,414 11,321 580 569 $ 252,840 $ 255,182 $ 16,600 $ 16,609 |
Loans (Tables)
Loans (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Summary of loans by category | Loans summarized by category as of September 30, 2015, December 31, 2014 and September 30, 2014 are as follows: September 30, December 31, September 30, (Dollars in thousands) 2015 2014 2014 Commercial, financial and agricultural $ 38,020 $ 33,403 $ 33,147 Real estate: Construction 33,127 27,545 22,738 Mortgage-residential 49,135 48,510 47,369 Mortgage-commercial 323,513 293,186 305,013 Consumer: Home equity 31,154 33,000 32,435 Other 8,982 8,200 7,854 Total $ 483,931 $ 443,844 $ 448,556 |
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 nine months ended September 30, 2015 and September 30, 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 September 30, 2015 Allowance for loan losses: Beginning balance $ 67 $ 45 $ 179 $ 1,572 $ 134 $ 44 $ 2,091 $ 4,132 Charge-offs (56 ) — (39 ) (625 ) — (44 ) — (764 ) Recoveries 5 — 6 16 3 80 — 110 Provisions 154 130 53 861 (17 ) (25 ) (166 ) 990 Ending balance $ 170 $ 175 $ 199 $ 1,824 $ 120 $ 55 $ 1,925 $ 4,468 Ending balances: Individually evaluated $ — $ — $ 3 $ 1 $ — $ — $ — $ 4 Collectively evaluated 170 175 196 1,823 120 55 1,925 4,464 Loans receivable: Ending balance-total $ 38,020 $ 33,127 $ 49,135 $ 323,513 $ 31,154 $ 8,982 $ — $ 483,931 Ending balances: Individually evaluated 11 — 923 5,786 — — — 6,720 Collectively evaluated $ 38,009 $ 33,127 $ 48,212 $ 317,727 $ 31,154 $ 8,982 $ — $ 477,211 (Dollars in thousands) Real estate Real estate Real estate Mortgage Mortgage Consumer Consumer Commercial Construction Residential Commercial Home equity Other Unallocated Total September 30, 2014 Allowance for loan losses: Beginning balance $ 233 $ 26 $ 291 $ 1,117 $ 112 $ 80 $ 2,360 $ 4,219 Charge-offs (2 ) — (39 ) (689 ) — (95 ) — (825 ) Recoveries 32 — 15 — — 13 — 60 Provisions (116 ) 12 (101 ) 1,171 — 65 (329 ) 702 Ending balance $ 147 $ 38 $ 166 $ 1,599 $ 112 $ 63 $ 2,031 $ 4,156 Ending balances: Individually evaluated $ — $ — $ 4 $ — $ — $ — $ — $ 4 Collectively evaluated 147 38 162 1,599 112 63 2,031 4,152 Loans receivable: Ending balance-total $ 33,147 $ 22,738 $ 47,369 $ 305,013 $ 32,435 $ 7,854 $ — $ 448,556 Ending balances: Individually evaluated 58 — 1,038 6,152 93 5 — 7,346 Collectively evaluated $ 33,089 $ 22,738 $ 46,331 $ 298,861 $ 32,342 $ 7,849 $ — $ 441,210 (Dollars in thousands) Real estate Real estate Real estate Mortgage Mortgage Consumer Consumer Commercial Construction Residential Commercial Home equity Other Unallocated Total December 31, 2014 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 $ — $ — $ 4 $ 57 $ — $ — $ — $ 61 Collectively evaluated 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 55 — 1,078 7,334 92 — — 8,559 Collectively evaluated $ 33,348 $ 27,545 $ 47,432 $ 285,852 $ 32,908 $ 8,200 $ — $ 435,285 The detailed activity in the allowance for loan losses as of and for the three months ended September 30, 2015 and the three months ended September 30, 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 2015 Allowance for loan losses: Beginning balance $ 221 $ 124 $ 179 $ 1,774 $ 119 $ 60 $ 1,804 $ 4,281 Charge-offs — — (13 ) — — (17 ) — (30 ) Recoveries 2 — 4 11 1 6 — 24 Provisions (53 ) 51 29 39 — 6 121 193 Ending balance $ 170 $ 175 $ 199 $ 1,824 $ 120 $ 55 $ 1,925 $ 4,468 (Dollars in thousands) Real estate Real estate Real estate Mortgage Mortgage Consumer Consumer Commercial Construction Residential Commercial Home equity Other Unallocated Total 2014 Allowance for loan losses: Beginning balance $ 180 $ 109 $ 206 $ 1,317 $ 118 $ 52 $ 2,084 $ 4,066 Charge-offs (2 ) — (4 ) — — (75 ) — (81 ) Recoveries 8 — 6 — — 5 — 19 Provisions (39 ) (71 ) (42 ) 282 (6 ) 81 (53 ) 152 Ending balance $ 147 $ 38 $ 166 $ 1,599 $ 112 $ 63 $ 2,031 $ 4,156 |
Schedule of loans individually evaluated and considered impaired | The following table presents at September 30, 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) September 30, December 31, 2015 2014 Total loans considered impaired $ 6,720 $ 8,559 Loans considered impaired for which there is a related allowance for loan loss: Outstanding loan balance 83 1,959 Related allowance 4 61 Loans considered impaired and previously written down to fair value 6,637 6,600 Average impaired loans 9,627 10,900 |
Schedule of loan category and loans individually evaluated and considered impaired | The following tables are by loan category and present at September 30, 2015, December 31, 2014 and September 30, 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) Nine months ended Three months ended Unpaid Average Interest Average Interest September 30, 2015 Recorded Principal Related Recorded Income Recorded Income Investment Balance Allowance Investment Recognized Investment Recognized With no allowance recorded: Commercial $ 11 $ 11 $ — $ 14 $ — $ 13 $ — Real estate: Construction — — — — — — — Mortgage-residential 873 952 — 1,140 71 1,133 1 Mortgage-commercial 5,753 8,149 — 8,388 — 8,293 — Consumer: Home Equity — — — — — — — Other — — — — — — — With an allowance recorded: Commercial — — — — — — — Real estate: Construction — — — — — — — Mortgage-residential 50 50 3 51 2 50 — Mortgage-commercial 33 33 1 34 2 34 — Consumer: Home Equity — — — — — — — Other — — — — — — — Total: Commercial $ 11 $ 11 $ — $ 14 $ — $ 13 $ — Real estate: Construction — — — — — — — Mortgage-residential 923 1,002 3 1,191 73 1,183 1 Mortgage-commercial 5,786 8,182 1 8,422 2 8,327 — Consumer: Home Equity — — — — — — — Other — — — — — — — $ 6,720 $ 9,195 $ 4 $ 9,627 $ 75 $ 9,523 $ 1 (Dollars in thousands) Nine months ended Three months ended Unpaid Average Interest Average Interest September 30, 2014 Recorded Principal Related Recorded Income Recorded Income Investment Balance Allowance Investment Recognized Investment Recognized With no allowance recorded: Commercial $ 58 $ 115 $ — $ 133 $ — $ 131 $ 0 Real estate: Construction — — — — — — — Mortgage-residential 985 1,344 — 1,227 5 1,221 — Mortgage-commercial 6,152 7,381 — 7,326 39 7,236 9 Consumer: Home Equity 93 97 — 79 — 86 — Other 5 5 — 8 — 6 With an allowance recorded: Commercial — — — — — — — Real estate: Construction — — — — — — — Mortgage-residential 53 53 4 54 2 54 1 Mortgage-commercial — — — — — — — Consumer: Home Equity — — — — — — — Other — — — — — — — Total: Commercial $ 58 $ 115 $ — $ 133 $ — $ 131 $ — Real estate: Construction — — — — — — — Mortgage-residential 1,038 1,397 4 1,281 7 1,275 1 Mortgage-commercial 6,152 7,381 — 7,326 39 7,236 9 Consumer: Home Equity 93 97 — 79 — 86 — Other 5 5 — 8 — 6 $ 7,346 $ 8,995 $ 4 $ 8,827 $ 46 $ 8,734 $ 10 (Dollars in thousands) December 31, 2014 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 | (Dollars in thousands) September 30, 2015 Special Pass Mention Substandard Doubtful Total Commercial, financial & agricultural $ 37,682 $ 312 $ 26 $ — $ 38,020 Real estate: Construction 32,406 721 — — 33,127 Mortgage – residential 46,572 1,456 1,107 — 49,135 Mortgage – commercial 305,582 9,009 8,922 — 323,513 Consumer: Home Equity 30,833 189 132 — 31,154 Other 8,962 1 19 — 8,982 Total $ 462,037 $ 11,688 $ 10,206 $ — $ 483,931 (Dollars in thousands) December 31, 2014 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 and nine months ended September 30, 2015 and September 30, 2014 follows (dollars in thousands): Three Months Nine Months Accretable yield, beginning of period $ 135 $ 75 Accretion (42 ) (513 ) Reclassification of nonaccretable difference due to improvement in — 531 Accretable yield, end of period $ 93 $ 93 Three Months Nine Months Accretable yield, beginning of period $ 164 $ 272 Accretion (49 ) (132 ) Reclassification of nonaccretable difference due to improvement in — (25 ) Accretable yield, end of period $ 115 $ 115 |
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 September 30, 2015 and December 31, 2014: (Dollars in thousands) 30-59 Days 60-89 Days Past Due Greater than 90 Days and Accruing Nonaccrual Total Past Due Current Total Loans Commercial $ — $ 34 $ — $ 11 $ 45 $ 37,975 $ 38,020 Real estate: Construction — — — — — 33,127 33,127 Mortgage-residential 93 134 — 873 1,100 48,035 49,135 Mortgage-commercial 847 650 — 4,183 5,680 317,833 323,513 Consumer: Home equity 36 — — — 36 31,118 31,154 Other 3 9 2 — 14 8,968 8,982 Total $ 979 $ 827 $ 2 $ 5,067 $ 6,875 $ 477,056 $ 483,931 (Dollars in thousands) 30-59 Days 60-89 Days Past Due Greater than 90 Days and Accruing Nonaccrual Total Past Due Current Total Loans 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 For the nine months ended September 30, 2014 (Dollars in thousands) Pre-Modification Post-Modification Number Outstanding Outstanding of Recorded Recorded Contracts Investment Investment Nonaccrual Mortgage-Commercial 1 $ 1,730 $ 1,730 Mortgage-Residential 1 $ 180 $ 180 Total TDRs 2 $ 1,910 $ 1,910 |
Fair Value of Financial Instr20
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, 2015 and December 31, 2014 are as follows: September 30, 2015 Fair Value (Dollars in thousands) Carrying Total Level 1 Level 2 Level 3 Financial Assets: Cash and short term investments $ 33,011 $ 33,011 $ 33,011 $ — $ — Held-to-maturity securities 16,600 16,609 — 16,609 — Available-for-sale securities 255,182 255,182 821 253,944 417 Other investments, at cost 1,900 1,900 — — 1,900 Loans held for sale 3,568 3,568 — 3,568 — Net loans receivable 479,463 480,083 — 473,367 6,716 Accrued interest 2,614 2,614 2,614 — — Financial liabilities: Non-interest bearing demand $ 157,650 $ 157,650 $ — $ 157,650 $ — NOW and money market accounts 304,153 304,153 — 304,153 — Savings 59,908 59,908 — 59,908 — Time deposits 182,659 183,082 — 183,082 — Total deposits 704,370 704,793 — 704,793 — Federal Home Loan Bank Advances 27,543 29,129 — 29,129 — Short term borrowings 19,908 19,908 — 19,908 — Junior subordinated debentures 15,464 15,482 — 15,482 — Accrued interest payable 699 699 699 — — December 31, 2014 Fair Value (Dollars in thousands) Carrying Total Level 1 Level 2 Level 3 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 September 30, 2015 and December 31, 2014 that are measured on a recurring basis. There were no liabilities carried at fair value as of September 30, 2015 or December 31, 2014 that are measured on a recurring basis. (Dollars in thousands) Quoted Prices in Significant Active Markets for Significant Other Unobservable Identical Assets Observable Inputs Inputs Description September 30, 2015 (Level 1) (Level 2) (Level 3) Available for sale securities Government sponsored enterprises $ 2,508 $ — $ 2,508 $ — Mortgage-backed securities 141,559 — 141,559 — Small Business Administration securities 58,464 — 58,464 — State and local government 51,353 — 51,353 — Corporate and other securities 1,298 821 60 417 Total $ 255,182 $ 821 $ 253,944 $ 417 (Dollars in thousands) Quoted Prices in Significant Active Markets for Significant Other Unobservable Identical Assets Observable Inputs Inputs Description December 31, 2014 (Level 1) (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 nine months ended September 30, 2015 and September 30, 2014 that are measured on a recurring basis. September 30, 2015 2014 ( Dollars in thousands) Corporate Corporate Beginning Balance $ 417 $ 417 Total gains or losses (realized/unrealized) — — Included in other comprehensive income — — Purchases, issuances, and settlements — — Transfers in and/or out of Level 3 — — Ending Balance $ 417 $ 417 The following table reconciles the changes in Level 3 financial instruments for the three months ended September 30, 2015 and September 30, 2014 that are measured on a recurring basis. September 30, 2015 2014 ( Dollars in thousands) Corporate Corporate Beginning Balance $ 417 $ 417 Total gains or losses (realized/unrealized) — — 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 September 30, 2015 and December 31, 2014 that are measured on a non-recurring basis. (Dollars in thousands) Description September 30, Quoted Prices Significant Significant Impaired loans: Commercial & Industrial $ 11 $ — $ — $ 11 Real estate: Mortgage-residential 920 — — 920 Mortgage-commercial 5,785 — — 5,785 Consumer: Home equity — — — — Other — — — — Total impaired 6,716 — — 6,716 Other real estate owned: Construction 276 — — 276 Mortgage-residential 180 — — 180 Mortgage-commercial 1,994 — — 1,994 Total other real estate owned 2,450 — — 2,450 Total $ 9,166 $ — $ — $ 9,166 (Dollars in thousands) Description December 31, 2014 Quoted Prices Significant Significant 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 September 30, 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 Preferred stock $ 417 Estimation based on comparable non-listed securities Comparable transactions n/a OREO $2,450 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 $6,716 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 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 - Sa21
Mergers and Acquisitions - Savannah River Financial Corporation (Tables) | 9 Months Ended |
Sep. 30, 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 | Actual since Acquisition Pro Forma (February 1, 2014 through Nine Months Ended (Dollars in thousands) September 30, 2014) September 30, 2014 Total revenues (net interest income plus noninterest income) $ 21,377 $ 24,132 Net income $ 3,553 $ 3,760 |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Numerator (Net income) | $ 1,679 | $ 1,552 | $ 4,526 | $ 3,615 |
Weighted average common shares outstanding for: | ||||
Basic earnings per share | 6,560 | 6,659 | 6,549 | 6,496 |
Dilutive securities: | ||||
Deferred compensation (in shares) | 25 | 22 | 23 | 23 |
Warrants/Restricted stock -Treasury stock method (in shares) | 127 | 46 | 127 | 46 |
Diluted earnings per share (in shares) | 6,712 | 6,727 | 6,699 | 6,565 |
The average market price used in calculating assumed number of shares (in dollars per share) | $ 12.16 | $ 10.73 | $ 11.89 | $ 10.82 |
Earnings Per Common Share (De23
Earnings Per Common Share (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | Dec. 16, 2012 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 |
Outstanding securities not deemed to be dilutive (in shares) | 69,903 | |||
Exercise price of Option (per share) | $ 20.15 | |||
Warrants outstanding (in shares) | 97,100 | |||
Unrecognized Compensation Cost | $ 426 | $ 673 | ||
Restricted Stock Units (RSUs) [Member] | ||||
Restricted shares issued (in shares) | 157,000 | |||
Junior Subordinated Debt [Member] | ||||
Debt issued | $ 2,500 | |||
Common Stock Warrant [Member] | ||||
Warrants outstanding (in shares) | 107,500 | |||
Warrant issue price (per share) | $ 5.90 |
Investment Securities (Details)
Investment Securities (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 252,840 | $ 268,358 |
Gross Unrealized Gains | 3,240 | 3,164 |
Gross Unrealized Losses | 898 | 1,358 |
Fair Value | 255,182 | 270,164 |
Government sponsored enterprises [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 2,448 | 3,403 |
Gross Unrealized Gains | $ 60 | 45 |
Gross Unrealized Losses | 14 | |
Fair Value | $ 2,508 | 3,434 |
Government Sponsored Enterprise mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 140,725 | 159,861 |
Gross Unrealized Gains | 1,252 | 1,211 |
Gross Unrealized Losses | 418 | 719 |
Fair Value | 141,559 | 160,353 |
Small Business Administration pools [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 58,340 | 58,643 |
Gross Unrealized Gains | 483 | 385 |
Gross Unrealized Losses | 359 | 483 |
Fair Value | 58,464 | 58,545 |
State and local government [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 49,979 | 45,102 |
Gross Unrealized Gains | 1,445 | 1,523 |
Gross Unrealized Losses | 71 | 109 |
Fair Value | 51,353 | 46,516 |
Corporate and other securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 1,348 | $ 1,349 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | $ 50 | $ 33 |
Fair Value | $ 1,298 | $ 1,316 |
Investment Securities (Details
Investment Securities (Details 2) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Amortized Cost | $ 16,600 | $ 10,647 |
Gross Unrealized Gains | 116 | 6 |
Gross Unrealized Losses | 107 | 68 |
Fair Value | 16,609 | 10,585 |
State and local government [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Amortized Cost | 16,600 | 10,647 |
Gross Unrealized Gains | 116 | 6 |
Gross Unrealized Losses | 107 | 68 |
Fair Value | $ 16,609 | $ 10,585 |
Investment Securities (Detail26
Investment Securities (Details 3) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Available-for-sale securities | ||
Less Than 12 Months, Fair Value | $ 38,829 | $ 51,230 |
Less Than 12 Months, Unrealized Losses | 254 | 378 |
12 Months Or Longer, Fair Value | 43,656 | 54,791 |
12 Months Or Longer, Unrealized Losses | 644 | 980 |
Total Fair Value | 82,485 | 106,021 |
Total Unrealized Losses | 898 | 1,358 |
Held-to-maturity debt securities | ||
Less Than 12 Months, Fair Value | 7,444 | 8,655 |
Less Than 12 Months, Unrealized Losses | $ 107 | $ 68 |
12 Months Or Longer, Fair Value | ||
12 Months Or Longer, Unrealized Losses | ||
Total Fair Value | $ 7,444 | $ 8,655 |
Total Unrealized Losses | $ 107 | $ 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 | $ 20,407 | 38,341 |
Less Than 12 Months, Unrealized Losses | 130 | 283 |
12 Months Or Longer, Fair Value | 19,034 | 26,232 |
12 Months Or Longer, Unrealized Losses | 284 | 429 |
Total Fair Value | 39,441 | 64,573 |
Total Unrealized Losses | 414 | 712 |
Small Business Administration pools [Member] | ||
Available-for-sale securities | ||
Less Than 12 Months, Fair Value | 14,510 | 12,313 |
Less Than 12 Months, Unrealized Losses | 106 | 89 |
12 Months Or Longer, Fair Value | 21,283 | 20,896 |
12 Months Or Longer, Unrealized Losses | 253 | 394 |
Total Fair Value | 35,793 | 33,209 |
Total Unrealized Losses | 359 | 483 |
Non-agency mortgage-backed securities [Member] | ||
Available-for-sale securities | ||
Less Than 12 Months, Fair Value | 114 | 576 |
Less Than 12 Months, Unrealized Losses | 2 | 6 |
12 Months Or Longer, Fair Value | 188 | 18 |
12 Months Or Longer, Unrealized Losses | 2 | 1 |
Total Fair Value | 302 | 594 |
Total Unrealized Losses | 4 | $ 7 |
State and local government [Member] | ||
Available-for-sale securities | ||
Less Than 12 Months, Fair Value | 3,798 | |
Less Than 12 Months, Unrealized Losses | 16 | |
12 Months Or Longer, Fair Value | 2,329 | $ 5,270 |
12 Months Or Longer, Unrealized Losses | 55 | 109 |
Total Fair Value | 6,127 | 5,270 |
Total Unrealized Losses | 71 | 109 |
Held-to-maturity debt securities | ||
Less Than 12 Months, Fair Value | 7,444 | 8,655 |
Less Than 12 Months, Unrealized Losses | $ 107 | $ 68 |
12 Months Or Longer, Fair Value | ||
12 Months Or Longer, Unrealized Losses | ||
Total Fair Value | $ 7,444 | $ 8,655 |
Total Unrealized Losses | $ 107 | $ 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 | $ 822 | $ 889 |
12 Months Or Longer, Unrealized Losses | 50 | 33 |
Total Fair Value | 822 | 889 |
Total Unrealized Losses | $ 50 | $ 33 |
Investment Securities (Detail27
Investment Securities (Details 4) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Available-for-sale, Amortized Cost | ||
Due in one year or less | $ 6,897,000 | |
Due after one year through five years | 141,611,000 | |
Due after five years through ten years | 92,918,000 | |
Due after ten years | 11,414,000 | |
Total | 252,840,000 | $ 268,358,000 |
Available-for-sale, Fair Value | ||
Due in one year or less | 6,926,000 | |
Due after one year through five years | 142,838,000 | |
Due after five years through ten years | 94,097,000 | |
Due after ten years | 11,321,000 | |
Total | $ 255,182,000 | 270,164,000 |
Held To Maturity Securities, Amortized Cost | ||
Due in one year or less | ||
Due after one year through five years | $ 3,888,000 | |
Due after five years through ten years | 12,132,000 | |
Due after ten years | 580,000 | |
Total | $ 16,600,000 | 10,647,000 |
Held To Maturity Securities, Fair value | ||
Due in one year or less | ||
Due after one year through five years | $ 3,917,000 | |
Due after five years through ten years | 12,123,000 | |
Due after ten years | 569,000 | |
Total | $ 16,609,000 | $ 10,585,000 |
Investment Securities (Detail28
Investment Securities (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Amortized Cost | $ 252,840,000 | $ 252,840,000 | $ 268,358,000 | ||
Fair Value | 255,182,000 | 255,182,000 | 270,164,000 | ||
FHLB Stock | 1,900,000 | 1,900,000 | 2,000,000 | ||
Proceeds from sale of investment securities available-for-sale | 10,100,000 | $ 15,400,000 | 17,061,000 | $ 43,589,000 | |
Gross realized gains | 57,000 | $ 271,000 | 205,000 | ||
Gross realized losses | $ 40,000 | $ 103,000 | |||
Government Sponsored Enterprise mortgage-backed securities [Member] | |||||
Amortized Cost | 140,700,000 | $ 140,700,000 | 159,100,000 | ||
Fair Value | 141,600,000 | 141,600,000 | 159,700,000 | ||
Foreign Corporate Debt Securities [Member] | |||||
Fair Value | 60,300 | 60,300 | 60,300 | ||
Mutual Funds [Member] | |||||
Fair Value | 821,400 | 821,400 | 839,200 | ||
Corporate Preferred Stock [Member] | |||||
Fair Value | 416,800 | 416,800 | 416,800 | ||
Non-agency mortgage-backed securities [Member] | |||||
Amortized Cost | 583,100 | 583,100 | 736,600 | ||
Fair Value | $ 581,500 | $ 581,500 | $ 734,400 |
Loans (Details)
Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 483,931 | $ 443,844 | $ 448,556 |
Commercial Financial and Agricultural Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 38,020 | 33,403 | 33,147 |
Real Estate Construction Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 33,127 | 27,545 | 22,738 |
Real estate Mortgage-residential [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 49,135 | 48,510 | 47,369 |
Real estate Mortgage-commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 323,513 | 293,186 | 305,013 |
Consumer Home Equity Line of Credit [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 31,154 | 33,000 | 32,435 |
Consumer Other Financing Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 8,982 | $ 8,200 | $ 7,854 |
Loans (Details 2)
Loans (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Activity in the allowance for loan losses | |||||
Balance at the beginning of the period | $ 4,281 | $ 4,066 | $ 4,132 | $ 4,219 | $ 4,219 |
Charge-offs | (30) | (81) | (764) | (825) | (1,111) |
Recoveries | 24 | 19 | 110 | 60 | 143 |
Provisions | 193 | 152 | 990 | 702 | 881 |
Balance at end of the period | 4,468 | 4,156 | 4,468 | 4,156 | 4,132 |
Allowance for loan losses | |||||
Individually evaluated for impairment | 4 | 4 | 4 | 4 | 61 |
Collectively evaluated for impairment | 4,464 | 4,152 | 4,464 | 4,152 | 4,071 |
Loans receivable: | |||||
Ending balance-total | 483,931 | 448,556 | 483,931 | 448,556 | 443,844 |
Individually evaluated for impairment | 6,720 | 7,346 | 6,720 | 7,346 | 8,559 |
Collectively evaluated for impairment | 477,211 | 441,210 | 477,211 | 441,210 | 435,285 |
Commercial Loan [Member] | |||||
Activity in the allowance for loan losses | |||||
Balance at the beginning of the period | $ 221 | 180 | 67 | 233 | 233 |
Charge-offs | (2) | (56) | (2) | (54) | |
Recoveries | $ 2 | 8 | 5 | 32 | 110 |
Provisions | (53) | (39) | 154 | (116) | (222) |
Balance at end of the period | $ 170 | $ 147 | $ 170 | $ 147 | $ 67 |
Allowance for loan losses | |||||
Individually evaluated for impairment | |||||
Collectively evaluated for impairment | $ 170 | $ 147 | $ 170 | $ 147 | $ 67 |
Loans receivable: | |||||
Ending balance-total | 38,020 | 33,147 | 38,020 | 33,147 | 33,403 |
Individually evaluated for impairment | 11 | 58 | 11 | 58 | 55 |
Collectively evaluated for impairment | 38,009 | 33,089 | 38,009 | 33,089 | 33,348 |
Real Estate Construction Loans [Member] | |||||
Activity in the allowance for loan losses | |||||
Balance at the beginning of the period | $ 124 | $ 109 | $ 45 | $ 26 | $ 26 |
Charge-offs | |||||
Recoveries | |||||
Provisions | $ 51 | $ (71) | $ 130 | $ 12 | $ 19 |
Balance at end of the period | $ 175 | $ 38 | $ 175 | $ 38 | $ 45 |
Allowance for loan losses | |||||
Individually evaluated for impairment | |||||
Collectively evaluated for impairment | $ 175 | $ 38 | $ 175 | $ 38 | $ 45 |
Loans receivable: | |||||
Ending balance-total | $ 33,127 | $ 22,738 | $ 33,127 | $ 22,738 | $ 27,545 |
Individually evaluated for impairment | |||||
Collectively evaluated for impairment | $ 33,127 | $ 22,738 | $ 33,127 | $ 22,738 | $ 27,545 |
Real estate Mortgage-residential [Member] | |||||
Activity in the allowance for loan losses | |||||
Balance at the beginning of the period | 179 | 206 | 179 | 291 | 291 |
Charge-offs | (13) | (4) | (39) | (39) | (52) |
Recoveries | 4 | 6 | 6 | 15 | 10 |
Provisions | 29 | (42) | 53 | (101) | (70) |
Balance at end of the period | 199 | 166 | 199 | 166 | 179 |
Allowance for loan losses | |||||
Individually evaluated for impairment | 3 | 4 | 3 | 4 | 4 |
Collectively evaluated for impairment | 196 | 162 | 196 | 162 | 175 |
Loans receivable: | |||||
Ending balance-total | 49,135 | 47,369 | 49,135 | 47,369 | 48,510 |
Individually evaluated for impairment | 923 | 1,038 | 923 | 1,038 | 1,078 |
Collectively evaluated for impairment | 48,212 | 46,331 | 48,212 | 46,331 | 47,432 |
Real estate Mortgage-commercial [Member] | |||||
Activity in the allowance for loan losses | |||||
Balance at the beginning of the period | $ 1,774 | $ 1,317 | 1,572 | 1,117 | 1,117 |
Charge-offs | (625) | $ (689) | $ (879) | ||
Recoveries | $ 11 | 16 | |||
Provisions | 39 | $ 282 | 861 | $ 1,171 | $ 1,334 |
Balance at end of the period | 1,824 | $ 1,599 | 1,824 | $ 1,599 | 1,572 |
Allowance for loan losses | |||||
Individually evaluated for impairment | 1 | 1 | 57 | ||
Collectively evaluated for impairment | 1,823 | $ 1,599 | 1,823 | $ 1,599 | 1,515 |
Loans receivable: | |||||
Ending balance-total | 323,513 | 305,013 | 323,513 | 305,013 | 293,186 |
Individually evaluated for impairment | 5,786 | 6,152 | 5,786 | 6,152 | 7,334 |
Collectively evaluated for impairment | 317,727 | 298,861 | 317,727 | 298,861 | 285,852 |
Consumer Home Equity Line of Credit [Member] | |||||
Activity in the allowance for loan losses | |||||
Balance at the beginning of the period | $ 119 | $ 118 | $ 134 | $ 112 | 112 |
Charge-offs | (17) | ||||
Recoveries | $ 1 | $ 3 | 6 | ||
Provisions | $ (6) | (17) | 33 | ||
Balance at end of the period | $ 120 | $ 112 | $ 120 | $ 112 | $ 134 |
Allowance for loan losses | |||||
Individually evaluated for impairment | |||||
Collectively evaluated for impairment | $ 120 | $ 112 | $ 120 | $ 112 | $ 134 |
Loans receivable: | |||||
Ending balance-total | $ 31,154 | 32,435 | $ 31,154 | 32,435 | 33,000 |
Individually evaluated for impairment | 93 | 93 | 92 | ||
Collectively evaluated for impairment | $ 31,154 | 32,342 | $ 31,154 | 32,342 | 32,908 |
Consumer Other Financing Receivable [Member] | |||||
Activity in the allowance for loan losses | |||||
Balance at the beginning of the period | 60 | 52 | 44 | 80 | 80 |
Charge-offs | (17) | (75) | (44) | (95) | (109) |
Recoveries | 6 | 5 | 80 | 13 | 17 |
Provisions | 6 | 81 | (25) | 65 | 56 |
Balance at end of the period | $ 55 | $ 63 | $ 55 | $ 63 | $ 44 |
Allowance for loan losses | |||||
Individually evaluated for impairment | |||||
Collectively evaluated for impairment | $ 55 | $ 63 | $ 55 | $ 63 | $ 44 |
Loans receivable: | |||||
Ending balance-total | $ 8,982 | 7,854 | $ 8,982 | 7,854 | $ 8,200 |
Individually evaluated for impairment | 5 | 5 | |||
Collectively evaluated for impairment | $ 8,982 | 7,849 | $ 8,982 | 7,849 | $ 8,200 |
Unallocated Financing Receivables [Member] | |||||
Activity in the allowance for loan losses | |||||
Balance at the beginning of the period | $ 1,804 | $ 2,084 | $ 2,091 | $ 2,360 | $ 2,360 |
Charge-offs | |||||
Recoveries | |||||
Provisions | $ 121 | $ (53) | $ (166) | $ (329) | $ (269) |
Balance at end of the period | $ 1,925 | $ 2,031 | $ 1,925 | $ 2,031 | $ 2,091 |
Allowance for loan losses | |||||
Individually evaluated for impairment | |||||
Collectively evaluated for impairment | $ 1,925 | $ 2,031 | $ 1,925 | $ 2,031 | $ 2,091 |
Loans receivable: | |||||
Ending balance-total | |||||
Individually evaluated for impairment | |||||
Collectively evaluated for impairment |
Loans (Details 3)
Loans (Details 3) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Loans Details 3 | |||||
Total loans considered impaired at year end | $ 6,720 | $ 7,346 | $ 6,720 | $ 7,346 | $ 8,559 |
Loans considered impaired for which there is a related allowance for loan loss: | |||||
Outstanding loan balance | 83 | 83 | 1,959 | ||
Related allowance | 4 | 4 | 4 | 4 | 61 |
Loans considered impaired and previously written down to fair value | 6,637 | 6,637 | 6,600 | ||
Average impaired loans | $ 9,523 | $ 8,734 | $ 9,627 | $ 8,827 | $ 10,900 |
Loans (Details 4)
Loans (Details 4) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
With no allowance recorded: | |||||
Recorded Investment | $ 6,637 | $ 6,637 | $ 6,600 | ||
With an allowance recorded: | |||||
Recorded Investment | 83 | 83 | 1,959 | ||
Related allowance | 4 | $ 4 | 4 | $ 4 | 61 |
Total: | |||||
Recorded Investment | 6,720 | 7,346 | 6,720 | 7,346 | 8,559 |
Unpaid Principal Balance | 9,195 | 8,995 | 9,195 | 8,995 | 10,032 |
Average Recorded Investment | 9,523 | 8,734 | 9,627 | 8,827 | 10,900 |
Interest Income Recognized | 1 | 10 | 75 | 46 | 163 |
Commercial Loan [Member] | |||||
With no allowance recorded: | |||||
Recorded Investment | 11 | 58 | 11 | 58 | 55 |
Unpaid Principal Balance | 11 | 115 | 11 | 115 | 112 |
Average Recorded Investment | $ 13 | 131 | $ 14 | $ 133 | 132 |
Interest Income Recognized | $ 0 | $ 3 | |||
With an allowance recorded: | |||||
Recorded Investment | |||||
Unpaid Principal Balance | |||||
Related allowance | |||||
Average Recorded Investment | |||||
Interest Income Recognized | |||||
Total: | |||||
Recorded Investment | $ 11 | $ 58 | $ 11 | $ 58 | $ 55 |
Unpaid Principal Balance | 11 | 115 | 11 | 115 | 112 |
Average Recorded Investment | $ 13 | $ 131 | $ 14 | $ 133 | 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 | $ 873 | $ 985 | $ 873 | $ 985 | $ 1,025 |
Unpaid Principal Balance | 952 | 1,344 | 952 | 1,344 | 1,167 |
Average Recorded Investment | 1,133 | $ 1,221 | 1,140 | 1,227 | 1,071 |
Interest Income Recognized | 1 | 71 | 5 | 8 | |
With an allowance recorded: | |||||
Recorded Investment | 50 | $ 53 | 50 | 53 | 53 |
Unpaid Principal Balance | 50 | 53 | 50 | 53 | 53 |
Related allowance | 3 | 4 | 3 | 4 | 4 |
Average Recorded Investment | $ 50 | 54 | 51 | 54 | 54 |
Interest Income Recognized | 1 | 2 | 2 | 3 | |
Total: | |||||
Recorded Investment | $ 923 | 1,038 | 923 | 1,038 | 1,078 |
Unpaid Principal Balance | 1,002 | 1,397 | 1,002 | 1,397 | 1,220 |
Average Recorded Investment | 1,183 | 1,275 | 1,191 | 1,281 | 1,125 |
Interest Income Recognized | 1 | 1 | 73 | 7 | 11 |
Real estate Mortgage-commercial [Member] | |||||
With no allowance recorded: | |||||
Recorded Investment | 5,753 | 6,152 | 5,753 | 6,152 | 5,428 |
Unpaid Principal Balance | 8,149 | 7,381 | 8,149 | 7,381 | 6,469 |
Average Recorded Investment | $ 8,293 | 7,236 | $ 8,388 | 7,326 | 7,634 |
Interest Income Recognized | $ 9 | $ 39 | 64 | ||
With an allowance recorded: | |||||
Recorded Investment | $ 33 | $ 33 | 1,906 | ||
Unpaid Principal Balance | 33 | 33 | 2,134 | ||
Related allowance | 1 | 1 | 57 | ||
Average Recorded Investment | $ 34 | 34 | 1,926 | ||
Interest Income Recognized | 2 | 85 | |||
Total: | |||||
Recorded Investment | $ 5,786 | $ 6,152 | 5,786 | $ 6,152 | 7,334 |
Unpaid Principal Balance | 8,182 | 7,381 | 8,182 | 7,381 | 8,603 |
Average Recorded Investment | $ 8,327 | 7,236 | 8,422 | 7,326 | 9,560 |
Interest Income Recognized | 9 | $ 2 | 39 | 149 | |
Consumer Home Equity Line of Credit [Member] | |||||
With no allowance recorded: | |||||
Recorded Investment | 93 | 93 | 92 | ||
Unpaid Principal Balance | 97 | 97 | 97 | ||
Average Recorded Investment | $ 86 | $ 79 | $ 83 | ||
Interest Income Recognized | |||||
With an allowance recorded: | |||||
Recorded Investment | |||||
Unpaid Principal Balance | |||||
Related allowance | |||||
Average Recorded Investment | |||||
Interest Income Recognized | |||||
Total: | |||||
Recorded Investment | $ 93 | $ 93 | $ 92 | ||
Unpaid Principal Balance | 97 | 97 | 97 | ||
Average Recorded Investment | $ 86 | $ 79 | $ 83 | ||
Interest Income Recognized | |||||
Consumer Other Financing Receivable [Member] | |||||
With no allowance recorded: | |||||
Recorded Investment | $ 5 | $ 5 | |||
Unpaid Principal Balance | 5 | 5 | |||
Average Recorded Investment | $ 6 | $ 8 | |||
Interest Income Recognized | |||||
With an allowance recorded: | |||||
Recorded Investment | |||||
Unpaid Principal Balance | |||||
Related allowance | |||||
Average Recorded Investment | |||||
Interest Income Recognized | |||||
Total: | |||||
Recorded Investment | $ 5 | $ 5 | |||
Unpaid Principal Balance | 5 | 5 | |||
Average Recorded Investment | $ 6 | $ 8 | |||
Interest Income Recognized |
Loans (Details 5)
Loans (Details 5) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Loans | $ 483,931 | $ 443,844 | $ 448,556 |
Commercial Financial and Agricultural Loans [Member] | |||
Loans | 38,020 | 33,403 | 33,147 |
Real Estate Construction Loans [Member] | |||
Loans | 33,127 | 27,545 | 22,738 |
Real estate Mortgage-residential [Member] | |||
Loans | 49,135 | 48,510 | 47,369 |
Real estate Mortgage-commercial [Member] | |||
Loans | 323,513 | 293,186 | 305,013 |
Consumer Home Equity Line of Credit [Member] | |||
Loans | 31,154 | 33,000 | 32,435 |
Consumer Other Financing Receivable [Member] | |||
Loans | 8,982 | 8,200 | $ 7,854 |
Pass [Member] | |||
Loans | 462,037 | 416,528 | |
Pass [Member] | Commercial Financial and Agricultural Loans [Member] | |||
Loans | 37,682 | 32,579 | |
Pass [Member] | Real Estate Construction Loans [Member] | |||
Loans | 32,406 | 26,824 | |
Pass [Member] | Real estate Mortgage-residential [Member] | |||
Loans | 46,572 | 46,090 | |
Pass [Member] | Real estate Mortgage-commercial [Member] | |||
Loans | 305,582 | 270,986 | |
Pass [Member] | Consumer Home Equity Line of Credit [Member] | |||
Loans | 30,833 | 32,008 | |
Pass [Member] | Consumer Other Financing Receivable [Member] | |||
Loans | 8,962 | 8,041 | |
Special Mention [Member] | |||
Loans | 11,688 | 13,817 | |
Special Mention [Member] | Commercial Financial and Agricultural Loans [Member] | |||
Loans | 312 | 754 | |
Special Mention [Member] | Real Estate Construction Loans [Member] | |||
Loans | 721 | 721 | |
Special Mention [Member] | Real estate Mortgage-residential [Member] | |||
Loans | 1,456 | 1,054 | |
Special Mention [Member] | Real estate Mortgage-commercial [Member] | |||
Loans | 9,009 | 10,437 | |
Special Mention [Member] | Consumer Home Equity Line of Credit [Member] | |||
Loans | 189 | 751 | |
Special Mention [Member] | Consumer Other Financing Receivable [Member] | |||
Loans | 1 | 100 | |
Substandard [Member] | |||
Loans | 10,206 | 13,499 | |
Substandard [Member] | Commercial Financial and Agricultural Loans [Member] | |||
Loans | $ 26 | $ 70 | |
Substandard [Member] | Real Estate Construction Loans [Member] | |||
Loans | |||
Substandard [Member] | Real estate Mortgage-residential [Member] | |||
Loans | $ 1,107 | $ 1,366 | |
Substandard [Member] | Real estate Mortgage-commercial [Member] | |||
Loans | 8,922 | 11,763 | |
Substandard [Member] | Consumer Home Equity Line of Credit [Member] | |||
Loans | 132 | 241 | |
Substandard [Member] | Consumer Other Financing Receivable [Member] | |||
Loans | $ 19 | $ 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) $ in Thousands | Feb. 01, 2014USD ($) |
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 ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Loans Details 6 | ||||
Accretable yield, beginning of period | $ 135 | $ 164 | $ 75 | $ 272 |
Accretion | $ (42) | $ (49) | (513) | (132) |
Reclassification of nonaccretable difference due to improvement in expected cash flows | 531 | (25) | ||
Accretable yield, end of period | $ 93 | $ 115 | $ 93 | $ 115 |
Loans (Details 8)
Loans (Details 8) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 Days Past Due | $ 979 | $ 1,748 | |
60-89 Days Past Due | 827 | 17 | |
Greater than 90 Days and Accruing | 2 | ||
Nonaccrual | 5,067 | 6,585 | |
Total Past Due | 6,875 | 8,350 | |
Current | 477,056 | 435,494 | |
Total Loans | $ 483,931 | $ 443,844 | $ 448,556 |
Commercial Loan [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 Days Past Due | |||
60-89 Days Past Due | $ 34 | ||
Greater than 90 Days and Accruing | |||
Nonaccrual | $ 11 | $ 55 | |
Total Past Due | 45 | 147 | |
Current | 37,975 | 33,256 | |
Total Loans | $ 38,020 | $ 33,403 | 33,147 |
Real Estate Construction Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 Days Past Due | |||
60-89 Days Past Due | $ 2 | ||
Greater than 90 Days and Accruing | |||
Nonaccrual | |||
Total Past Due | $ 2 | ||
Current | $ 33,127 | 27,543 | |
Total Loans | 33,127 | 27,545 | 22,738 |
Real estate Mortgage-residential [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 Days Past Due | 93 | 131 | |
60-89 Days Past Due | $ 134 | $ 5 | |
Greater than 90 Days and Accruing | |||
Nonaccrual | $ 873 | $ 1,025 | |
Total Past Due | 1,100 | 1,161 | |
Current | 48,035 | 47,349 | |
Total Loans | 49,135 | 48,510 | 47,369 |
Real estate Mortgage-commercial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 Days Past Due | 847 | 1,443 | |
60-89 Days Past Due | $ 650 | $ 4 | |
Greater than 90 Days and Accruing | |||
Nonaccrual | $ 4,183 | $ 5,413 | |
Total Past Due | 5,680 | 6,860 | |
Current | 317,833 | 286,326 | |
Total Loans | 323,513 | 293,186 | 305,013 |
Consumer Home Equity Line of Credit [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 Days Past Due | $ 36 | $ 19 | |
60-89 Days Past Due | |||
Greater than 90 Days and Accruing | |||
Nonaccrual | $ 92 | ||
Total Past Due | $ 36 | 111 | |
Current | 31,118 | 32,889 | |
Total Loans | 31,154 | 33,000 | 32,435 |
Consumer Other Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 Days Past Due | 3 | 63 | |
60-89 Days Past Due | 9 | $ 6 | |
Greater than 90 Days and Accruing | $ 2 | ||
Nonaccrual | |||
Total Past Due | $ 14 | $ 69 | |
Current | 8,968 | 8,131 | |
Total Loans | $ 8,982 | $ 8,200 | $ 7,854 |
Loans (Details 9)
Loans (Details 9) - Nonaccrual Status [Member] $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($)N | |
Troubled Debt Restructurings that subsequently defaulted | |
Number of Contracts | N | 2 |
Pre-Modification Outstanding Recorded Investment | $ 1,910 |
Post-Modification Outstanding Recorded Investment | $ 1,910 |
Real estate Mortgage-commercial [Member] | |
Troubled Debt Restructurings that subsequently defaulted | |
Number of Contracts | N | 1 |
Pre-Modification Outstanding Recorded Investment | $ 1,730 |
Post-Modification Outstanding Recorded Investment | $ 1,730 |
Real estate Mortgage-residential [Member] | |
Troubled Debt Restructurings that subsequently defaulted | |
Number of Contracts | N | 1 |
Pre-Modification Outstanding Recorded Investment | $ 180 |
Post-Modification Outstanding Recorded Investment | $ 180 |
Loans (Details Narrative)
Loans (Details Narrative) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Receivables [Abstract] | |||
Non-accrual loans | $ 5,067 | $ 6,585 | |
Troubled debt restructurings | 1,700 | 2,200 | |
Troubled debt restructurings in non accrual status | 1,900 | $ 2,600 | |
Loans greater than ninety days delinquent and still accruing interest | 2 | ||
Loans outstanding to bank directors, executive officers and their related business interests | 6,900 | $ 10,600 | |
Loans to bank directors, executive officers and their related business interests repaid during the period | 1,200 | 383 | |
Loans made to bank directors, executive officers and their related business interests during the period | $ 1,700 | $ 1,400 |
Fair Value of Financial Instr39
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Financial Assets: | ||
Held-to-maturity securities | $ 16,609 | $ 10,585 |
Investment securities available-for-sale | 255,182 | 270,164 |
Other investments, at cost | 1,900 | 2,003 |
Financial liabilities: | ||
Non-interest bearing demand | 157,650 | 133,004 |
NOW and money market accounts | 304,153 | 287,982 |
Savings | 59,908 | 53,583 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Financial Assets: | ||
Cash and short term investments | 33,011 | 22,532 |
Held-to-maturity securities | 16,600 | 10,647 |
Investment securities available-for-sale | 255,182 | 270,164 |
Other investments, at cost | 1,900 | 2,003 |
Loans held for sale | 3,568 | 4,124 |
Net loans receivable | 479,463 | 439,712 |
Accrued interest | 2,614 | 2,712 |
Financial liabilities: | ||
Non-interest bearing demand | 157,650 | 133,004 |
NOW and money market accounts | 304,153 | 287,982 |
Savings | 59,908 | 53,583 |
Time deposits | 182,659 | 195,014 |
Total deposits | 704,370 | 669,583 |
Federal Home Loan Bank Advances | 27,543 | 28,807 |
Short term borrowings | 19,908 | 17,383 |
Junior subordinated debentures | 15,464 | 15,464 |
Accrued interest payable | 699 | 725 |
Estimate of Fair Value, Fair Value Disclosure [Member] | ||
Financial Assets: | ||
Cash and short term investments | 33,011 | 22,532 |
Held-to-maturity securities | 16,609 | 10,585 |
Investment securities available-for-sale | 255,182 | 270,164 |
Other investments, at cost | 1,900 | 2,003 |
Loans held for sale | 3,568 | 4,124 |
Net loans receivable | 480,083 | 441,944 |
Accrued interest | 2,614 | 2,712 |
Financial liabilities: | ||
Non-interest bearing demand | 157,650 | 133,004 |
NOW and money market accounts | 304,153 | 287,982 |
Savings | 59,908 | 53,583 |
Time deposits | 183,082 | 195,721 |
Total deposits | 704,793 | 670,290 |
Federal Home Loan Bank Advances | 29,129 | 30,745 |
Short term borrowings | 19,908 | 17,383 |
Junior subordinated debentures | 15,482 | 15,464 |
Accrued interest payable | 699 | 725 |
Fair Value, Inputs, Level 1 [Member] | ||
Financial Assets: | ||
Cash and short term investments | $ 33,011 | $ 22,532 |
Held-to-maturity securities | ||
Investment securities available-for-sale | $ 821 | $ 839 |
Other investments, at cost | ||
Loans held for sale | ||
Net loans receivable | ||
Accrued interest | $ 2,614 | $ 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 | $ 699 | $ 725 |
Fair Value, Inputs, Level 2 [Member] | ||
Financial Assets: | ||
Cash and short term investments | ||
Held-to-maturity securities | $ 16,609 | $ 10,585 |
Investment securities available-for-sale | $ 253,944 | $ 268,908 |
Other investments, at cost | ||
Loans held for sale | $ 3,568 | $ 4,124 |
Net loans receivable | $ 473,367 | $ 433,446 |
Accrued interest | ||
Financial liabilities: | ||
Non-interest bearing demand | $ 157,650 | $ 133,004 |
NOW and money market accounts | 304,153 | 287,982 |
Savings | 59,908 | 53,583 |
Time deposits | 183,082 | 195,721 |
Total deposits | 704,793 | 670,290 |
Federal Home Loan Bank Advances | 29,129 | 30,745 |
Short term borrowings | 19,908 | 17,383 |
Junior subordinated debentures | $ 15,482 | $ 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 | $ 1,900 | $ 2,003 |
Loans held for sale | ||
Net loans receivable | $ 6,716 | $ 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 Instr40
Fair Value of Financial Instruments (Details 2) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | $ 255,182 | $ 270,164 |
Government sponsored enterprises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 2,508 | 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 | 58,464 | 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 | 51,353 | 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 | 1,298 | 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 | 255,182 | 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 | 2,508 | 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 | 141,559 | 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 | 58,464 | 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 | 51,353 | 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 | 1,298 | 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 | 821 | 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 | 821 | 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 | 253,944 | 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 | 2,508 | 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 | 141,559 | 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 | 58,464 | 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 | 51,353 | 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 Instr41
Fair Value of Financial Instruments (Details 3) - Corporate Preferred Stock [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Reconciliation of changes in level 3 financial instruments | ||||
Balance at the beginning of the period | $ 417 | $ 417 | $ 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 | $ 417 | $ 417 |
Fair Value of Financial Instr42
Fair Value of Financial Instruments (Details 4) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired loans | $ 6,720 | $ 8,559 | $ 7,346 |
Total other real estate owned | 2,450 | 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 | 6,716 | 8,498 | |
Total other real estate owned | 2,450 | 2,943 | |
Total | 9,166 | 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 | 6,716 | 8,498 | |
Total other real estate owned | 2,450 | 2,943 | |
Total | 9,166 | 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 | 11 | 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 | 11 | 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 | 920 | 1,074 | |
Total other real estate owned | 180 | 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 | 920 | 1,074 | |
Total other real estate owned | 180 | 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 | 5,785 | 7,277 | |
Total other real estate owned | 1,994 | 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 | 5,785 | 7,277 | |
Total other real estate owned | $ 1,994 | 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 | 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 | $ 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 Instr43
Fair Value of Financial Instruments (Details 5) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
OREO | $ 2,450 | $ 2,943 | |
Total impaired loans | 6,720 | 8,559 | $ 7,346 |
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 | $ 2,450 | $ 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 | $ 6,716 | $ 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 - Sa44
Mergers and Acquisitions - Savannah River Financial Corporation (Details) - USD ($) $ / shares in Units, $ in Thousands | Feb. 01, 2014 | Sep. 30, 2015 | Dec. 31, 2014 | |
ASSETS | ||||
Cash and due from banks | $ 9,238 | $ 12,480 | ||
Investment securities available-for-sale | 255,182 | 270,164 | ||
Loans | 479,463 | 439,712 | ||
Premises and equipment | 30,109 | 28,510 | ||
Intangible assets | 1,508 | 1,806 | ||
Bank owned life insurance | 14,947 | 14,642 | ||
Other assets | 7,433 | 9,002 | ||
Total assets | 852,329 | 812,363 | ||
Deposits: | ||||
Noninterest-bearing | 157,650 | 133,004 | ||
Total deposits | 704,370 | 669,583 | ||
FHLB advances | 27,543 | 28,807 | ||
Other liabilities | 6,556 | 6,598 | ||
Total liabilities | 773,841 | 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 | [1] | 126 | ||
Loans | [2] | (3,016) | ||
Premises and equipment | [3] | 473 | ||
Intangible assets | [4] | $ 1,182 | ||
Bank owned life insurance | ||||
Other assets | [5] | $ (248) | ||
Total assets | (1,483) | |||
Deposits: | ||||
Interest-bearing | [6] | 211 | ||
Total deposits | 211 | |||
FHLB advances | [7] | 22 | ||
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 - Sa45
Mergers and Acquisitions - Savannah River Financial Corporation (Details 2) - USD ($) $ in Thousands | 8 Months Ended | 9 Months Ended |
Sep. 30, 2014 | Sep. 30, 2014 | |
Mergers And Acquisitions - Savannah River Financial Corporation Detail 2 | ||
Total revenues (net interest income plus noninterest income) | $ 21,377 | $ 24,132 |
Net income | $ 3,553 | $ 3,760 |
Mergers and Acquisitions - Sa46
Mergers and Acquisitions - Savannah River Financial Corporation (Details Narrative) - First South Bank [Member] - USD ($) $ in Thousands | 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 |