Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Aug. 11, 2016 | |
Document And Entity Information | ||
Entity Registrant Name | FIRST COMMUNITY CORP /SC/ | |
Entity Central Index Key | 932,781 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity a Well-known Seasoned Issuer | No | |
Entity a Voluntary Filer | No | |
Entity's Reporting Status Current | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 6,699,030 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,016 |
CONSOLIDATED BALANCE SHEETS (Un
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and due from banks | $ 12,285 | $ 10,973 |
Interest-bearing bank balances | 9,412 | 11,375 |
Federal funds sold and securities purchased under agreements to resell | 598 | 593 |
Investment securities-held-to-maturity | 17,283 | 17,371 |
Investment securities-available-for-sale | 267,315 | 264,687 |
Other investments, at cost | 2,168 | 1,783 |
Loans held for sale | 7,707 | 2,962 |
Loans | 511,303 | 489,191 |
Less, allowance for loan losses | 4,877 | 4,596 |
Net loans | 506,426 | 484,595 |
Property, furniture and equipment - net | 30,129 | 29,929 |
Land held for sale | 1,080 | 1,080 |
Bank owned life insurance | 20,603 | 20,301 |
Other real estate owned | 1,355 | 2,458 |
Intangible assets | 1,257 | 1,419 |
Goodwill | 5,078 | 5,078 |
Other assets | 6,141 | 8,130 |
Total assets | 888,837 | 862,734 |
Deposits: | ||
Non-interest bearing demand | 170,976 | 156,247 |
Interest bearing | 558,647 | 559,904 |
Total deposits | 729,623 | 716,151 |
Securities sold under agreements to repurchase | 21,112 | 21,033 |
Federal Home Loan Bank advances | 32,445 | 24,788 |
Junior subordinated debt | 14,964 | 14,964 |
Other liabilities | 6,482 | 6,760 |
Total liabilities | 804,626 | 783,696 |
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 6,699,030 at June 30, 2016 6,690,551 at December 31, 2015 | 6,699 | 6,690 |
Common stock warrants issued | 46 | 46 |
Nonvested restricted stock | (405) | (297) |
Additional paid in capital | 75,863 | 75,761 |
Accumulated Deficit | (1,835) | (3,992) |
Accumulated other comprehensive income | 3,843 | 830 |
Total shareholders' equity | 84,211 | 79,038 |
Total liabilities and shareholders' equity | $ 888,837 | $ 862,734 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2016 | Dec. 31, 2015 |
Consolidated Balance Sheets | ||
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 | 6,699,030 | 6,690,551 |
Common stock, shares outstanding | 6,699,030 | 6,690,551 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Interest income: | ||||
Loans, including fees | $ 5,924 | $ 5,704 | $ 11,605 | $ 11,578 |
Taxable securities | 1,011 | 909 | 1,959 | 1,911 |
Non taxable securities | 498 | 406 | 983 | 786 |
Federal funds sold and securities purchased under resale agreements | 18 | 8 | 32 | 14 |
Other | 8 | 22 | 17 | 43 |
Total interest income | 7,459 | 7,049 | 14,596 | 14,332 |
Interest expense: | ||||
Deposits | 445 | 435 | 893 | 861 |
Federal funds sold and securities sold under agreement to repurchase | 10 | 7 | 20 | 15 |
Other borrowed money | 327 | 403 | 669 | 804 |
Total interest expense | 782 | 845 | 1,582 | 1,680 |
Net interest income | 6,677 | 6,204 | 13,014 | 12,652 |
Provision for loan losses | 217 | 391 | 357 | 797 |
Net interest income after provision for loan losses | 6,460 | 5,813 | 12,657 | 11,855 |
Non-interest income: | ||||
Deposit service charges | 340 | 346 | 687 | 693 |
Mortgage banking income | 913 | 980 | 1,578 | 1,715 |
Investment advisory fees and non-deposit commissions | 297 | 407 | 588 | 703 |
Gain on sale of securities | 64 | 167 | 123 | 271 |
Gain (loss) on sale of other assets | (84) | 1 | (81) | 5 |
Loss on early extinguishment of debt | (103) | |||
Other | 734 | 664 | 1,458 | 1,262 |
Total non-interest income | 2,264 | 2,565 | 4,353 | 4,546 |
Non-interest expense: | ||||
Salaries and employee benefits | 3,833 | 3,658 | 7,584 | 7,223 |
Occupancy | 511 | 500 | 1,070 | 985 |
Equipment | 437 | 394 | 866 | 796 |
Marketing and public relations | 195 | 328 | 289 | 554 |
FDIC assessments | 138 | 138 | 276 | 276 |
Other real estate expense | 21 | 154 | 72 | 308 |
Amortization of intangibles | 80 | 98 | 163 | 201 |
Other | 1,118 | 1,119 | 2,355 | 2,146 |
Total non-interest expense | 6,333 | 6,389 | 12,675 | 12,489 |
Net income before tax | 2,391 | 1,989 | 4,335 | 3,912 |
Income taxes | 646 | 546 | 1,122 | 1,065 |
Net income | $ 1,745 | $ 1,443 | $ 3,213 | $ 2,847 |
Basic earnings per common share (in dollars per share) | $ 0.27 | $ 0.22 | $ 0.49 | $ 0.44 |
Diluted earnings per common share (in dollars per share) | $ 0.26 | $ 0.22 | $ 0.47 | $ 0.43 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Consolidated Statements Of Comprehensive Income | ||||
Net income | $ 1,745 | $ 1,443 | $ 3,213 | $ 2,847 |
Other comprehensive income: | ||||
Unrealized gain (loss) during the period on available-for-sale securities, net of tax of $1,594 and $32, respectively | 1,259 | (1,101) | 3,095 | (179) |
Less: Reclassification adjustment for gain included in net income, net of tax benefit of $41 and $131, respectively | (43) | (111) | (82) | (140) |
Other comprehensive income (loss) | 1,216 | (1,212) | 3,013 | (319) |
Comprehensive income | $ 2,961 | $ 231 | $ 6,226 | $ 2,528 |
CONSOLIDATED STATEMENTS OF COM6
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Consolidated Statements Of Comprehensive Income | ||||
Unrealized gain during the period on available-for-sale securities, taxes | $ 649 | $ 567 | $ 1,594 | $ 32 |
Reclassification adjustment for gain included in net income, taxes | $ 21 | $ 56 | $ 41 | $ 131 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Common Stock Warrants [Member] | Additional Paid-In Capital [Member] | Nonvested Restricted Stock [Memver] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income [Member] | Total |
Beginning Balance at Dec. 31, 2014 | $ 6,664 | $ 48 | $ 75,504 | $ (673) | $ (8,286) | $ 1,271 | $ 74,528 |
Beginning Balance, in shares at Dec. 31, 2014 | 6,664 | ||||||
Net income | 2,847 | 2,847 | |||||
Other comprehensive loss net of tax of $164 and $1,552 | (319) | (319) | |||||
Issuance of restricted stock | $ 13 | 137 | (150) | ||||
Issuance of restricted stock, in shares | 13 | ||||||
Amortization compensation restricted stock | 268 | 268 | |||||
Exercise of stock warrants | $ 2 | (2) | |||||
Exercise of stock warrants, in shares | 2 | ||||||
Issuance of common stock | |||||||
Dividends: Common ($0.14 and $0.16 per share) | (913) | (913) | |||||
Dividend reinvestment plan | $ 8 | 90 | 98 | ||||
Dividend reinvestment plan, in shares | 8 | ||||||
Ending Balance at Jun. 30, 2015 | $ 6,679 | 46 | 75,641 | (555) | (6,352) | 952 | 76,411 |
Ending Balance, in shares at Jun. 30, 2015 | 6,679 | ||||||
Beginning Balance at Dec. 31, 2015 | $ 6,690 | 46 | 75,761 | (297) | (3,992) | 830 | 79,038 |
Beginning Balance, in shares at Dec. 31, 2015 | 6,690 | ||||||
Net income | 3,213 | 3,213 | |||||
Other comprehensive loss net of tax of $164 and $1,552 | 3,013 | 3,013 | |||||
Issuance of restricted stock | $ 22 | 275 | (297) | ||||
Issuance of restricted stock, in shares | 22 | 138,000 | |||||
Amortization compensation restricted stock | 189 | $ 189 | |||||
Shares retired | $ (26) | (327) | (353) | ||||
Shares retired (in shares) | (26) | ||||||
Issuance of common stock | $ 1 | 13 | (14) | ||||
Issuance of common stock (in shares) | 1 | ||||||
Dividends: Common ($0.14 and $0.16 per share) | (1,056) | (1,056) | |||||
Dividend reinvestment plan | $ 12 | 141 | 153 | ||||
Dividend reinvestment plan, in shares | 12 | ||||||
Ending Balance at Jun. 30, 2016 | $ 6,699 | $ 46 | $ 75,863 | $ (405) | $ (1,835) | $ 3,843 | $ 84,211 |
Ending Balance, in shares at Jun. 30, 2016 | 6,699 |
Consolidated Statements of Cha8
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Statement of Stockholders' Equity [Abstract] | ||
Tax on Other Comphrehensive loss | $ 1,552 | $ 164 |
Common Stock, dividends | $ 0.16 | $ 0.14 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Cash flows from operating activities: | |||||
Net income | $ 1,745,000 | $ 1,443,000 | $ 3,213,000 | $ 2,847,000 | |
Adjustments to reconcile net income to net cash provided in operating activities: | |||||
Depreciation | 657,000 | 613,000 | |||
Premium amortization | 1,953,000 | 2,009,000 | |||
Provision for loan losses | 217,000 | 391,000 | 357,000 | 797,000 | $ 1,138,000 |
Writedowns of other real estate owned | 10,000 | 162,000 | |||
Loss (gain) on sale of other real estate owned | 81,000 | (5,000) | |||
Sale of loans held-for-sale | 40,653,000 | 51,243,000 | |||
Origination of loans held-for-sale | (45,397,000) | (53,781,000) | |||
Amortization of intangibles | 80,000 | 98,000 | 163,000 | 201,000 | |
Accretion on acquired loans | (741,000) | (607,000) | |||
Gain on sale of securities | (64,000) | (167,000) | (123,000) | (271,000) | |
Writedown of land held for sale | 100,000 | ||||
Loss on early extinguishment of debt | 103,000 | ||||
Decrease in other assets | 158,000 | 1,098,000 | |||
Decrease in other liabilities | (277,000) | (1,220,000) | |||
Net cash provided from operating activities | 705,000 | 3,289,000 | |||
Cash flows from investing activities: | |||||
Purchase of investment securities available-for-sale and other investments | (31,005,000) | (21,341,000) | |||
Purchase of investment securities held-to-maturity | (6,065,000) | ||||
Maturity of investment securities available-for-sale | 16,903,000 | 19,127,000 | |||
Proceeds from sale of securities available-for-sale | 2,200,000 | 10,100,000 | 14,126,000 | 17,061,000 | |
Proceeds from sale of other investments | 793,000 | ||||
Increase in loans | (21,817,000) | (30,421,000) | |||
Proceeds from sale of other real estate owned | 1,357,000 | 388,000 | |||
Purchase of property and equipment | (858,000) | (1,820,000) | |||
Net cash used in investing activities | (21,294,000) | (22,278,000) | |||
Cash flows from financing activities: | |||||
Increase in deposit accounts | 13,472,000 | 14,532,000 | |||
Increase in securities sold under agreements to repurchase | 79,000 | 2,077,000 | |||
Advances from the Federal Home Loan Bank | 50,500,000 | 29,500,000 | |||
Repayment of advances from the Federal Home Loan Bank | (42,866,000) | (22,863,000) | |||
Restricted shares surrendered | (353,000) | (98,000) | |||
Issuance of common stock | 14,000 | ||||
Dividends paid: Common Stock | (1,056,000) | (913,000) | |||
Dividend reinvestment plan | 153,000 | 98,000 | |||
Net cash provided from financing activities | 19,943,000 | 22,333,000 | |||
Net increase in cash and cash equivalents | (646,000) | 3,344,000 | |||
Cash and cash equivalents at beginning of year | 22,941,000 | 22,532,000 | 22,532,000 | ||
Cash and cash equivalents at end of year | $ 22,295,000 | $ 25,876,000 | 22,295,000 | 25,876,000 | $ 22,941,000 |
Cash paid during the period for: | |||||
Interest | 1,614,000 | 1,754,000 | |||
Income taxes | 650,000 | 1,460,000 | |||
Non-cash investing and financing activities: | |||||
Unrealized gain (loss) on securities | 3,013,000 | (319,000) | |||
Transfer of loans to foreclosed property | $ 347,000 | $ 122,000 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2016 | |
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 June 30, 2016 and December 31, 2015, and the Company’s results of operations and cash flows for the three and six months ended June 30, 2016 and 2015. The results of operations for the three and six months ended June 30, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. 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 2015 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 | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Note 2 – Earnings Per Common Share The following reconciles the numerator and denominator of the basic and diluted earnings per common share computation: (In thousands except average market price) Six months Three months Ended June 30, Ended June 30, 2016 2015 2016 2015 Numerator (Net income) $ 3,213 $ 2,847 $ 1,745 $ 1,443 Denominator Weighted average common shares outstanding for: Basic earnings per share 6,554 6,534 6,584 6,539 Dilutive securities: Deferred compensation 38 50 38 50 Warrants/Restricted stock – Treasury stock method 141 94 147 109 Diluted earnings per share 6,733 6,678 6,769 6,698 The average market price used in calculating assumed number of shares $ 14.00 $ 12.12 $ 14.00 $ 12.12 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 notes. At June 30, 2016 there were 97,180 warrants outstanding. These warrants expire on December 16, 2019 and are included in dilutive securities in the table above. The Company has issued a total of 138,000 restricted shares under the terms of its compensation plans and employment agreements. The employee shares cliff vest over a three year period, and the non-employee director shares vest one year after issuance. The unrecognized compensation cost at June 30, 2016 for non-vested shares amounts to $405 thousand. In 2006, the Company established a Non-Employee Director Deferred Compensation Plan, whereby a director may elect to defer all or any part of their annual retainer and monthly meeting fees payable with respect to service on the board of directors or a committee of the board. Units of common stock are credited to the director’s account at the time compensation is earned and are included in dilutive securities in the table above. At June 30, 2016 there were 99,050 units issued under the Plan. The accrued liability at June 30, 2016 amounted to $922.5 thousand and is included in “Other liabilities” on the balance sheet. |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Note 3—Investment Securities The amortized cost and estimated fair values of investment securities at June 30, 2016 and December 31, 2015 are summarized below: AVAILABLE-FOR-SALE: (Dollars in thousands) Amortized Gross Gross Fair Value June 30, 2016: US Treasury securities $ 1,542 $ 35 $ — $ 1,577 Government sponsored enterprises 954 78 — 1,032 Mortgage-backed securities 149,415 2,168 315 151,268 Small Business Administration pools 55,223 476 348 55,351 State and local government 52,595 3,663 — 56,258 Corporate and other securities 1,882 — 53 1,829 $ 261,611 $ 6,420 $ 716 $ 267,315 December 31, 2015: US Treasury securities $ 1,547 $ — $ 25 $ 1,522 Government sponsored enterprises 950 42 — 992 Mortgage-backed securities 146,935 498 1,172 146,261 Small Business Administration pools 57,474 355 501 57,328 State and local government 55,294 2,037 36 57,295 Corporate and other securities 1,349 — 60 1,289 $ 263,549 $ 2,932 $ 1,794 $ 264,687 HELD-TO-MATURITY: (Dollars in thousands) Amortized Gross Gross Fair Value June 30, 2016: State and local government $ 17,283 $ 817 $ — $ 18,100 $ 17,283 $ 817 $ — $ 18,100 December 31, 2015: State and local government $ 17,371 $ 211 $ 27 $ 17,555 $ 17,371 $ 211 $ 27 $ 17,555 During the six months ended June 30, 2016 and 2015, the Company received proceeds of $14.1 million and $17.1 million, respectively, from the sale of investment securities available-for-sale. For the six months ended June 30, 2016, gross realized gains totaled $123 thousand and there were no gross realized losses. For the six months ended June 30, 2015, gross realized gains totaled $271 thousand and there were no gross realized losses. During the three months ended June 30, 2016 and 2015, the Company received proceeds of $2.2 million and $10.1 million, respectively, from the sale of investment securities available-for-sale. For the three months ended June 30, 2016, gross realized gains totaled $64 thousand and there were no gross realized losses. For the three months ended June 30, 2015, gross realized gains totaled $167 thousand and there were no gross realized losses. At June 30, 2016, corporate and other securities available-for-sale included the following at fair value: mutual funds at $826.1 thousand, foreign debt of $60.2 thousand, and preferred stock in the amount of $950.0 thousand. At December 31, 2015, corporate and other securities available-for-sale included the following at fair value: mutual funds at $839.2 thousand, foreign debt of $60.3 thousand, and corporate preferred stock in the amount of $416.8 thousand. Other investments, at cost, include Federal Home Loan Bank (“FHLB”) stock in the amount of $2.2 million and $1.8 million at June 30, 2016 and December 31, 2015, 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 June 30, 2016 and December 31, 2015. There were no held-to-maturity securities with gross unrealized losses at June 30, 2016. Less than 12 months 12 months or more Total June 30, 2016 Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Available-for-sale securities: Government Sponsored Enterprise mortgage-backed securities $ 13,693 $ 109 $ 15,017 $ 201 $ 28,710 $ 310 Small Business Administration pools 6,708 16 24,810 331 31,518 347 Non-agency mortgage-backed securities 159 2 250 4 409 6 Corporate bonds and other — — 818 53 818 53 Total $ 20,560 $ 127 $ 40,895 $ 589 $ 61,455 $ 716 Less than 12 months 12 months or more Total December 31, 2015 Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Available-for-sale securities: US Treasury $ 1,522 $ 25 $ — $ — $ 1,522 $ 25 Government Sponsored Enterprise mortgage-backed securities 69,112 731 17,593 439 86,705 1,170 Small Business Administration pools 13,386 153 25,709 348 39,095 501 Non-agency mortgage-backed securities — — 186 2 186 2 State and local government 1,461 8 1,362 28 2,823 36 Corporate bonds and other — — 812 60 812 60 Total $ 85,481 $ 917 $ 45,662 $ 877 $ 131,143 $ 1,794 Less than 12 months 12 months or more Total December 31, 2015 Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Held-to-maturity securities: State and local government $ 3,473 $ 24 $ 444 $ 3 $ 3,917 $ 27 Total $ 3,473 $ 24 $ 444 $ 3 $ 3,917 $ 27 Government Sponsored Enterprise, Mortgage-Backed Securities: 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 June 30, 2016 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 $ 8,059 $ 8,075 $ — $ — Due after one year through five years 143,234 145,584 4,994 5,147 Due after five years through ten years 100,893 104,248 12,289 12,953 Due after ten years 9,425 9,408 — — $ 261,611 $ 267,315 $ 17,283 $ 18,100 |
Loans
Loans | 6 Months Ended |
Jun. 30, 2016 | |
Receivables [Abstract] | |
Loans | Note 4—Loans Loans summarized by category as of June 30, 2016, December 31, 2015 and June 30, 2015 are as follows: June 30, December 31, June 30, (Dollars in thousands) 2016 2015 2015 Commercial, financial and agricultural $ 39,480 $ 37,809 $ 37,915 Real estate: Construction 42,253 35,829 30,392 Mortgage-residential 50,500 49,077 49,341 Mortgage-commercial 339,276 326,978 315,373 Consumer: Home equity 31,608 30,906 32,264 Other 8,186 8,592 8,731 Total $ 511,303 $ 489,191 $ 474,016 The detailed activity in the allowance for loan losses and the recorded investment in loans receivable as of and for the six months ended June 30, 2016 and 2015 and for the year ended December 31, 2015 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 June 30, 2016 Allowance for loan losses: Beginning balance $ 75 $ 51 $ 223 $ 2,036 $ 127 $ 37 $ 2,047 $ 4,596 Charge-offs — — (1 ) (58 ) (8 ) (33 ) — (100 ) Recoveries 3 — 5 8 2 6 — 24 Provisions (7 ) 8 (20 ) 363 (28 ) 13 28 357 Ending balance $ 71 $ 59 $ 207 $ 2,349 $ 93 $ 23 $ 2,075 $ 4,877 Ending balances: Individually evaluated for impairment $ — $ — $ — $ 3 $ — $ — $ — $ 3 Collectively evaluated for impairment 71 59 207 2,346 93 23 2,075 4,874 June 30, 2016 Ending balance-total $ 39,480 $ 42,253 $ 50,500 $ 339,276 $ 31,608 $ 8,186 $ — $ 511,303 Ending balances: Individually evaluated for impairment 1 — 718 5,353 30 — — 6,102 Collectively evaluated for impairment $ 39,479 $ 42,253 $ 49,782 $ 333,923 $ 31,578 $ 8,186 $ — $ 505,201 (Dollars in thousands) Real estate Real estate Real estate Mortgage Mortgage Consumer Consumer Commercial Construction Residential Commercial Home equity Other Unallocated Total June 30, 2015 Allowance for loan losses: Beginning balance $ 67 $ 45 $ 179 $ 1,572 $ 134 $ 44 $ 2,091 $ 4,132 Charge-offs (56 ) — (26 ) (625 ) — (27 ) — (734 ) Recoveries 3 — 2 5 2 74 — 86 Provisions 207 79 24 822 (17 ) (31 ) (287 ) 797 Ending balance $ 221 $ 124 $ 179 $ 1,774 $ 119 $ 60 $ 1,804 $ 4,281 Ending balances: Individually evaluated for impairment $ — $ — $ 3 $ 1 $ — $ — $ — $ 4 Collectively evaluated for impairment 221 124 176 1,773 119 60 1,804 4,277 June 30, 2015 Ending balance-total $ 37,915 $ 30,392 $ 49,341 $ 315,373 $ 32,264 $ 8,731 $ — $ 474,016 Ending balances: Individually evaluated for impairment 13 — 997 5,924 89 — — 7,023 Collectively evaluated for impairment $ 37,902 $ 30,392 $ 48,344 $ 309,449 $ 32,175 $ 8,731 $ — $ 466,993 ( Dollars in thousands) Real estate Real estate Real estate Mortgage Mortgage Consumer Consumer Commercial Construction Residential Commercial Home equity Other Unallocated Total December 31, 2015 Allowance for loan losses: Beginning balance $ 67 $ 45 $ 179 $ 1,572 $ 134 $ 44 $ 2,091 $ 4,132 Charge-offs (69 ) — (50 ) (626 ) — (62 ) — (807 ) Recoveries 6 — 7 33 3 84 — 133 Provisions 71 6 87 1,057 (10 ) (29 ) (44 ) 1,138 Ending balance $ 75 $ 51 $ 223 $ 2,036 $ 127 $ 37 $ 2,047 $ 4,596 Ending balances: Individually evaluated for impairment $ — $ — $ 3 $ — $ — $ — $ — $ 3 Collectively evaluated for impairment 75 51 220 2,036 127 37 2,047 4,593 December 31, 2015 Ending balance-total $ 37,809 $ 35,829 $ 49,077 $ 326,978 $ 30,906 $ 8,592 $ — $ 489,191 Ending balances: Individually evaluated for impairment 9 — 848 5,620 — — — 6,477 Collectively evaluated for impairment $ 37,800 $ 35,829 $ 48,229 $ 321,358 $ 30,906 $ 8,592 $ — $ 482,714 Loans outstanding and available lines of credit to bank directors, executive officers and their related business interests totaled Loans outstanding and available lines of credit to bank directors, executive officers and their related business interests totaled $8.8 million and $8.4 million at June 30, 2016 and 2015, respectively. Repayments on these loans during the six months ended June 30, 2016 were $378.9 thousand and there were no new loans made. During the six months ended June 30, 2015, repayments on these loans totaled $1.2 million and loans made totaled $1.7 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 June 30, 2016 and the three months ended June 30, 2015 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 2016 Allowance for loan losses: Beginning balance $ 73 $ 57 $ 237 $ 2,001 $ 87 $ 26 $ 2,206 $ 4,687 Charge-offs — — (1 ) (13 ) (8 ) (15 ) — (37 ) Recoveries 1 — 3 2 1 3 — 10 Provisions (3 ) 2 (32 ) 359 13 9 (131 ) 217 Ending balance $ 71 $ 59 $ 207 $ 2,349 $ 93 $ 23 $ 2,075 $ 4,877 (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 $ 210 $ 134 $ 243 $ 1,580 $ 121 $ 58 $ 1,906 $ 4,252 Charge-offs — — (26 ) (334 ) — (16 ) — (376 ) Recoveries 1 — 1 1 1 10 — 14 Provisions 10 (10 ) (39 ) 527 (3 ) 8 (102 ) 391 Ending balance $ 221 $ 124 $ 179 $ 1,774 $ 119 $ 60 $ 1,804 $ 4,281 The following table presents at June 30, 2016 and December 31, 2015 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) June 30, December 31, 2016 2015 Total loans considered impaired $ 6,102 $ 6,477 Loans considered impaired for which there is a related allowance for loan loss: Outstanding loan balance 48 49 Related allowance 3 3 Loans considered impaired and previously written down to fair value 6,054 6,428 Average impaired loans 9,729 9,518 The following tables are by loan category and present at June 30, 2016, December 31, 2015 and June 30, 2015 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) Six months ended Three months ended Unpaid Average Interest Average Interest June 30, 2016 Recorded Principal Related Recorded Income Recorded Income Investment Balance Allowance Investment Recognized Investment Recognized With no allowance recorded: Commercial $ 1 $ 1 $ — $ 6 $ — $ 3 $ — Real estate: Construction — — — — — — — Mortgage-residential 670 687 — 794 1 837 1 Mortgage-commercial 5, 353 7,855 — 8,851 50 8,796 24 Consumer: Home Equity 30 30 — 30 — 30 — Other — — — — — — — With an allowance recorded: Commercial — — — — — — — Real estate: Construction — — — — — — — Mortgage-residential 48 48 3 48 1 48 1 Mortgage-commercial — — — — — — — Consumer: Home Equity — — — — — — — Other — — — — — — — Total: Commercial $ 1 $ 1 $ — $ 6 $ — $ 3 $ — Real estate: Construction — — — — — — — Mortgage-residential 718 735 3 842 1 837 1 Mortgage-commercial 5, 353 7,855 — 8,851 50 8,796 24 Consumer: Home Equity 30 30 — 30 — 30 — Other — — — — — — — $ 6,102 $ 8,621 $ 3 $ 9,729 $ 51 $ 9,666 $ 25 (Dollars in thousands) Six months ended Three months ended Unpaid Average Interest Average Interest June 30, 2015 Recorded Principal Related Recorded Income Recorded Income Investment Balance Allowance Investment Recognized Investment Recognized With no allowance recorded: Commercial $ 13 $ 13 $ — $ 15 $ 1 $ 14 $ — Real estate: Construction — — — — — — — Mortgage-residential 946 1,201 — 1,207 14 1,204 8 Mortgage-commercial 5,890 8,327 — 8,428 165 8,073 79 Consumer: Home Equity 89 95 — 96 2 97 1 Other — — — — — — — With an allowance recorded: Commercial — — — — — — — Real estate: Construction — — — — — — — Mortgage-residential 51 51 3 52 2 51 — Mortgage-commercial 34 34 1 34 1 346 — Consumer: Home Equity — — — — — — — Other — — — — — — — Total: Commercial $ 13 $ 13 $ — $ 15 $ 1 $ 14 $ — Real estate: Construction — — — — — — — Mortgage-residential 997 1,252 3 1,259 16 1,255 8 Mortgage-commercial 5,924 8,361 1 8,462 166 8,419 79 Consumer: Home Equity 89 95 — 96 2 97 1 Other — — — — — — — $ 7,023 $ 9,721 $ 4 $ 9,832 $ 185 $ 9,785 $ 88 (Dollars in thousands) December 31, 2015 Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized With no allowance recorded: Commercial $ 9 $ 9 $ — $ 13 $ — Real estate: Construction — — — — — Mortgage-residential 799 874 — 1,082 1 Mortgage-commercial 5,620 7,548 — 8,372 60 Consumer: Home Equity — — — — — Other — — — — — With an allowance recorded: Commercial — — — — — Real estate: Construction — — — — — Mortgage-residential 49 49 3 51 3 Mortgage-commercial — — — — — Consumer: Home Equity — — — — — Other — — — — — Total: Commercial 9 9 — 13 — Real estate: Construction — — — — — Mortgage-residential 848 923 3 1,133 4 Mortgage-commercial 5,620 7,548 — 8,372 60 Consumer: Home Equity — — — — — Other — — — — — $ 6,477 $ 8,480 $ 3 $ 9,518 $ 64 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 June 30, 2016 and December 31, 2015, 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 June 30, 2016 and December 31, 2015, no loans were classified as doubtful. (Dollars in thousands) June 30, 2016 Special Pass Mention Substandard Doubtful Total Commercial, financial & agricultural $ 39,247 $ 232 $ 1 $ — $ 39,480 Real estate: Construction 41,912 341 — — 42,253 Mortgage – residential 48,742 776 982 — 50,500 Mortgage – commercial 320,094 11,775 7,407 — 339,276 Consumer: Home Equity 31,274 173 161 — 31,608 Other 8,185 — 1 — 8,186 Total $ 489,454 $ 13,297 $ 8,552 $ — $ 511,303 (Dollars in thousands) December 31, 2015 Special Pass Mention Substandard Doubtful Total Commercial, financial & agricultural $ 37,501 $ 299 $ 9 $ — $ 37,809 Real estate: Construction 35,374 455 — — 35,829 Mortgage – residential 46,580 1,378 1,119 — 49,077 Mortgage – commercial 310,367 7,555 9,056 — 326,978 Consumer: Home Equity 30,587 180 139 — 30,906 Other 8,587 1 4 — 8,592 Total $ 468,996 $ 9,868 $ 10,327 $ — $ 489,191 At June 30, 2016 and December 31, 2015, non-accrual loans totaled $4.5 million and $4.8 million, respectively. TDRs that are still accruing and included in impaired loans at June 30, 2016 and December 31, 2015 amounted to $1.6 million and $1.6 million, respectively. TDRs in non-accrual status at June 30, 2016 and December 31, 2015 amounted to $1.5 million and $1.8 million, respectively. Loans greater than 90 days delinquent and still accruing interest were $38.1 thousand as of June 30, 2016. There were no loans greater than 90 days delinquent and still accruing interest as of December 31, 2015. 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 Financial Corporation of Augusta, Georgia, the bank holding company for Savannah River Banking Company (“Savannah River”), 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 six months ended June 30, 2016 and 2015 follows (in thousands): Three Months Six Months Accretable yield, beginning of period $ 50 $ 92 Accretion (91 ) (133 ) Reclassification of nonaccretable difference due to improvement in 94 94 Accretable yield, end of period $ 53 $ 53 Three Months Six Months Accretable yield, beginning of period $ 28 $ 75 Accretion (34 ) (471 ) Reclassification of nonaccretable difference due to improvement in 141 531 Accretable yield, end of period $ 135 $ 135 The following tables are by loan category and present loans past due and on non-accrual status as of June 30, 2016 and December 31, 2015: (Dollars in thousands) 30-59 60-89 Greater than Nonaccrual Total Current Total Loans Commercial $ 163 $ — $ — $ 1 $ 164 $ 39,316 $ 39,480 Real estate: Construction 288 — — — 288 41,965 42,253 Mortgage-residential 319 — — 670 989 49,511 50,500 Mortgage-commercial 413 455 — 3,801 4,669 334,607 339,276 Consumer: Home equity 62 70 31 30 193 31,415 31,608 Other 40 2 7 — 49 8,137 8,186 Total $ 1,285 $ 527 $ 38 $ 4,502 $ 6,352 $ 504,951 $ 511,303 (Dollars in thousands) 30-59 60-89 Greater than Nonaccrual Total Current Total Loans Commercial $ 5 $ — $ — $ 9 $ 14 $ 37,795 $ 37,809 Real estate: Construction — — — — — 35,829 35,829 Mortgage-residential 126 195 — 799 1,120 47,957 49,077 Mortgage-commercial 1,180 290 — 4,031 5,501 321,477 326,978 Consumer: Home equity 135 — — — 135 30,771 30,906 Other 4 4 — — 8 8,584 8,592 Total $ 1,450 $ 489 $ — $ 4,839 $ 6,778 $ 482,413 $ 489,191 The Company reviews TDRs in accordance with applicable regulatory and accounting guidance There were no loans determined to be TDRs that were restructured during the three and six month periods ended June 30, 2015 or the three month period ended June 30, 2016. The following table, by loan category, presents one loan determined to be a TDR during the six month period ended June 30, 2016. The loan was modified to extend the term of the loan due to financial hardship of the borrower. The loan was subsequently paid off in June 2016. Troubled Debt Restructurings For the six months ended June 30, 2016 (Dollars in thousands) Number Pre-Modification Post-Modification Accrual Mortgage-Commercial 1 $ 413 $ 413 Total Accrual 1 $ 413 $ 413 Total TDRs 1 $ 413 $ 413 During the three and six month periods ended June 30, 2016 and 2015, there were no loans determined to be TDRs in the previous twelve months that had payment defaults. Defaulted loans are those loans that are greater than 89 days past due. 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 | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Pronouncements | Note 5 - Recently Issued Accounting Pronouncements 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 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 became effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. 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 became effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. The Company does not expect these amendments to have a material effect on its financial statements. In April 2015, the FASB issued guidance which changes the presentation of debt issuance costs. The amendments became effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. 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 a practical expedient that permits the Company to measure defined benefit plan assets and obligations using the month-end that is closest to the Company’s fiscal year-end. The amendments became effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. 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 became effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. 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 became effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. 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 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 became effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. 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. In November 2015, the FASB amended the Income Taxes topic of the Accounting Standards Codification to simplify the presentation of deferred income taxes by requiring that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The amendments will be effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The Company will apply the guidance prospectively. The Company does not expect these amendments to have a material effect on its financial statements. In January 2016, the FASB amended the Financial Instruments topic of the Accounting Standards Codification to address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. The amendments will be effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company will apply the guidance by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The amendments related to equity securities without readily determinable fair values will be applied prospectively to equity investments that exist as of the date of adoption of the amendments. The Company does not expect these amendments to have a material effect on its financial statements. In February 2016, the FASB amended the Leases topic of the Accounting Standards Codification to revise certain aspects of recognition, measurement, presentation, and disclosure of leasing transactions. The amendments will be effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years.- The Company is currently evaluating the effect that implementation of the new standard will have on its financial position, results of operations, and cash flows. In March 2016, the FASB amended the Liabilities topic of the Accounting Standards Codification to address the current and potential future diversity in practice related to the derecognition of a prepaid stored-value product liability. The amendments will be effective for financial statements issued for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company will apply the guidance using a modified retrospective transition method by means of a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year in which the guidance is effective to each period presented. The Company does not expect these amendments to have a material effect on its financial statements. In March 2016, the FASB amended the Derivatives and Hedging topic of the Accounting Standards Codification to clarify that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument does not, in and of itself, require dedesignation of that hedging relationship provided that all other hedge accounting criteria continue to be met. The amendments will be effective for financial statements issued for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The Company will apply the guidance prospectively to each period presented. The Company does not expect these amendments to have a material effect on its financial statements. In March 2016, the FASB amended the Investments—Equity Method and Joint Ventures topic of the Accounting Standards Codification to eliminate the requirement to retroactively adopt the equity method of accounting. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. The Company will apply the guidance prospectively upon their effective date to increases in the level of ownership interest or degree of influence that result in the adoption of the equity method. The Company does not expect these amendments to have a material effect on its financial statements. In March 2016, the FASB amended the Revenue from Contracts with Customers topic of the Accounting Standards Codification to clarify the implementation guidance on principal versus agent considerations and address how an entity should assess whether it is the principal or the agent in contracts that include three or more parties. The amendments will be effective for the Company for reporting periods beginning after December 15, 2017. The Company does not expect these amendments to have a material effect on its financial statements. In March 2016, the FASB issued guidance to simplify several aspects of the accounting for share-based payment award transactions including the income tax consequences, the classification of awards as either equity or liabilities, and the classification on the statement of cash flows. Additionally, the guidance simplifies two areas specific to entities other than public business entities allowing them to apply a practical expedient to estimate the expected term for all awards with performance or service conditions that have certain characteristics and also allowing them to make a one-time election to switch from measuring all liability-classified awards at fair value to measuring them at intrinsic value. The amendments will be effective for the Company for annual periods beginning after December 15, 2016 and interim periods within those annual periods. The Company does not expect these amendments to have a material effect on its financial statements. In April 2016, the FASB amended the Revenue from Contracts with Customers topic of the Accounting Standards Codification to clarify guidance related to identifying performance obligations and accounting for licenses of intellectual property. The amendments will be effective for the Company for reporting periods beginning after December 15, 2017. The Company does not expect these amendments to have a material effect on its financial statements. In May 2016, the FASB amended the Revenue from Contracts with Customers topic of the Accounting Standards Codification to clarify guidance related to collectability, noncash consideration, presentation of sales tax, and transition. The amendments will be effective for the Company for reporting periods beginning after December 15, 2017. The Company does not expect these amendments to have a material effect on its financial statements. In June 2016, the FASB issued guidance to change the accounting for credit losses and modify the impairment model for certain debt securities. The amendments will be effective for the Company for reporting periods beginning after December 15, 2019. The Company is currently evaluating the effect that implementation of the new standard will have on its financial position, results of operations, and cash flows. 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 | 6 Months Ended |
Jun. 30, 2016 | |
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 - Other Real Estate Owned (OREO) - Accrued Interest Receivable 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 June 30, 2016 and December 31, 2015 are as follows: June 30, 2016 Fair Value (Dollars in thousands) Carrying Total Level 1 Level 2 Level 3 Financial Assets: Cash and short term investments $ 22,295 $ 22,295 $ 22,295 $ — $ — Held-to-maturity securities 17,283 18,100 — 18,100 — Available-for-sale securities 267,315 267,315 818 265,547 950 Other investments, at cost 2,168 2,168 — — 2,168 Loans held for sale 7,707 7,707 — 7,707 — Net loans receivable 506,426 505,415 — 499,316 6,099 Accrued interest 2,934 2,934 2,934 — — Financial liabilities: Non-interest bearing demand $ 170,976 $ 170,976 $ — $ 170,976 $ — NOW and money market accounts 318,875 318,875 — 318,875 — Savings 63,887 63,887 — 63,887 — Time deposits 175,885 176,141 — 176,141 — Total deposits 729,623 729,879 — 729,879 — Federal Home Loan Bank Advances 32,445 33,993 — 33,993 — Short term borrowings 21,112 21,112 — 21,112 — Junior subordinated debentures 14,964 14,961 — 14,961 — Accrued interest payable 621 621 621 — — December 31, 2015 Fair Value (Dollars in thousands) Carrying Total Level 1 Level 2 Level 3 Financial Assets: Cash and short term investments $ 22,941 $ 22,941 $ 22,941 $ — $ — Held-to-maturity securities 17,371 17,555 — 17,555 — Available-for-sale securities 264,687 264,687 812 263,458 417 Other investments, at cost 1,783 1,783 — — 1,783 Loans held for sale 2,962 2,962 — 2,962 — Net loans receivable 484,595 484,669 — 478,195 6,474 Accrued interest 2,877 2,877 2,877 — — Financial liabilities: Non-interest bearing demand deposits $ 156,247 $ 156,247 $ — $ 156,247 $ — NOW and money market accounts 318,308 318,308 — 318,308 — Savings 60,699 60,699 — 60,699 — Time deposits 180,897 181,325 — 181,325 — Total deposits 716,151 716,579 — 716,579 — Federal Home Loan Bank Advances 24,788 25,841 — 25,841 — Short term borrowings 21,033 21,033 — 21,033 — Junior subordinated debentures 14,964 14,954 — 14,954 — Accrued interest payable 652 652 652 — — The following tables summarize quantitative disclosures about the fair value for each category of assets carried at fair value as of June 30, 2016 and December 31, 2015 that are measured on a recurring basis. There were no liabilities carried at fair value as of June 30, 2016 or December 31, 2015 that are measured on a recurring basis. (Dollars in thousands) Description June 30, Quoted Significant Significant Available for sale securities US Treasury $ 1,577 $ — $ 1,577 $ — Government sponsored enterprises 1,032 — 1,032 $ — Mortgage-backed securities 151,268 — 151,268 — Small Business Administration securities 55,351 — 55,351 — State and local government 56,258 — 56,258 — Corporate and other securities 1,829 818 61 950 Total $ 267,315 $ 818 $ 265,547 $ 950 (Dollars in thousands) Description December 31 2015 Quoted Significant Significant Available for sale securities US Treasury Securities $ 1,522 $ — $ 1,522 $ — Government sponsored enterprises 992 — 992 — Mortgage-backed securities 146,261 — 146,261 — Small Business Administration securities 57,328 — 57,328 — State and local government 57,295 — 57,295 — Corporate and other securities 1,289 812 60 417 Total $ 264,687 $ 812 $ 263,458 $ 417 The following table reconciles the changes in Level 3 financial instruments for the six months ended June 30, 2016 and 2015 that are measured on a recurring basis. June 30, 2016 2015 (Dollars in thousands) Corporate Corporate Beginning Balance $ 417 $ 417 Total gains or losses (realized/unrealized) Included in earnings — — Included in other comprehensive income — — Purchases, issuances, and settlements 950 — Maturities, sales, payoffs (417 ) Transfers in and/or out of Level 3 — — Ending Balance $ 950 $ 417 The following table reconciles the changes in Level 3 financial instruments for the three months ended June 30, 2016 and June 30, 2015 that are measured on a recurring basis. June 30, 2016 2015 (Dollars in thousands) Corporate Corporate Beginning Balance $ 417 $ 417 Total gains or losses (realized/unrealized) Included in earnings — — Included in other comprehensive income — — Purchases, issuances, and settlements 950 — Maturities, sales, payoffs (417 ) Transfers in and/or out of Level 3 — — Ending Balance $ 950 $ 417 The following tables summarize quantitative disclosures about the fair value for each category of assets carried at fair value as of June 30, 2016 and December 31, 2015 that are measured on a non-recurring basis. (Dollars in thousands) Description June 30, Quoted Prices Significant Significant Impaired loans: Commercial & Industrial $ 1 $ — $ — $ 1 Real estate: Mortgage-residential 715 — — 715 Mortgage-commercial 5,353 — — 5,353 Consumer: Home equity 30 — — 30 Other — — — — Total impaired 6,099 — — 6,099 Other real estate owned: Construction — — — — Mortgage-residential 336 — — 336 Mortgage-commercial 1,019 — — 1,019 Total other real estate owned 1,355 — — 1,355 Total $ 7,454 $ — $ — $ 7,454 (Dollars in thousands) Description December 31, Quoted Prices Significant Significant Impaired loans: Commercial $ 9 $ — $ — $ 9 Real estate: Mortgage-residential 845 — — 845 Mortgage-commercial 5,620 — — 5,620 Consumer: Home equity — — — — Other — — — — Total impaired 6,474 — — 6,474 Other real estate owned: Construction 276 — — 276 Mortgage-residential 191 — — 191 Mortgage-commercial 1,991 — — 1,991 Total other real estate owned 2,458 — — 2,458 Total $ 8,932 $ — $ — $ 8,932 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. The independent and internal evaluations are generally 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 $6.1 million and $6.5 million as of June 30, 2016 and December 31, 2015, respectively. For Level 3 assets and liabilities measured at fair value on a recurring or non-recurring basis as of June 30, 2016 and December 31, 2015, the significant unobservable inputs used in the fair value measurements were as follows: (Dollars in thousands) Fair Value as of Valuation Technique Significant Significant Preferred stock $950 Estimation based on comparable non-listed securities Comparable transactions n/a OREO $1,355 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 $6,099 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 Significant Preferred stock $417 Estimation based on comparable non-listed securities Comparable transactions n/a OREO $2,458 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 $6,474 Appraisal Value Appraisals and or sales of comparable properties Appraisals discounted 6% to 16% for sales commissions and other holding cost |
Deposits
Deposits | 6 Months Ended |
Jun. 30, 2016 | |
Banking and Thrift [Abstract] | |
Deposits | Note 7 — Deposits The Company’s total deposits are comprised of the following at the dates indicated: June 30, December 31, (Dollars in thousands) 2016 2015 Non-interest bearing demand deposits $ 170,976 $ 156,247 NOW and money market accounts 318,875 318,308 Savings 63,887 60,699 Time deposits 175,885 180,897 Total deposits $ 729,623 $ 716,151 As of June 30, 2016 and December 31, 2015, the Company had time deposits greater than $250,000 of $22.1 million and $21.2 million, respectively. |
Reportable Segments
Reportable Segments | 6 Months Ended |
Jun. 30, 2016 | |
Reportable Segments | |
Reportable Segments | Note 8 – Reportable Segments The Company’s reportable segments represent the distinct product lines the Company offers and are viewed separately for strategic planning by management. The Company has four reportable segments: · Commercial and retail banking: The Company’s primary business is to provide deposit and lending products and services to its commercial and retail customers. · Mortgage banking: This segment provides mortgage origination services for loans that will be sold to investors in the secondary market. · Investment advisory and non-deposit: This segment provides investment advisory services and non-deposit products. · Corporate: This segment includes the parent company financial information, including interest on parent company debt and dividend income received from First Community Bank (the “Bank”). The following tables present selected financial information for the Company’s reportable business segments for the three and six months ended June 30, 2016 and 2015: Six months ended June 30, 2016 Commercial Investment (Dollars in thousands) and Retail Mortgage advisory and Banking Banking non-deposit Corporate Eliminations Consolidated Dividend and Interest Income $ 14,396 $ 82 $ — $ 1,414 $ (1,296 ) $ 14,596 Interest expense 1,343 — — 239 1,582 Net interest income $ 13,053 $ 82 $ — $ 1,175 $ — $ 13,014 Provision for loan losses 357 — — — — 357 Noninterest income 2,187 1,578 588 — — 4,353 Noninterest expense 10,722 1,155 517 281 — 12,675 Net income before taxes $ 4,161 $ 505 $ 71 $ 894 $ — $ 4,335 Income tax (provision) benefit (1,233 ) — — 111 (1,122 ) Net income (loss) $ 2,928 $ 505 $ 71 $ 1,005 $ — $ 3,213 Three months ended June 30, 2016 Commercial Investment (Dollars in thousands) and Retail Mortgage advisory and Banking Banking non-deposit Corporate Eliminations Consolidated Dividend and Interest Income $ 7,389 $ 55 $ — $ 679 $ (664 ) 7,459 Interest expense 664 — — 118 782 Net interest income $ 6,725 $ 55 $ — $ 561 $ — $ 6,677 Provision for loan losses 217 — — — — 217 Noninterest income 1,054 913 297 — — 2,264 Noninterest expense 5,317 623 260 133 — 6,333 Net income before taxes $ 2,245 $ 345 $ 37 $ 428 $ — $ 2,391 Income tax (provision) benefit (709 ) — — 63 — (646 ) Net income $ 1,536 $ 345 $ 37 $ 491 $ — $ 1,745 Six months ended June 30, 2015 Commercial Investment (Dollars in thousands) and Retail Mortgage advisory and Banking Banking non-deposit Corporate Eliminations Consolidated Dividend and Interest Income $ 14,194 $ 109 $ — $ 1,127 $ (1,098 ) $ 14,332 Interest expense 1,460 — — 220 1,680 Net interest income $ 12,734 $ 109 $ — $ 907 $ — $ 12,652 Provision for loan losses 797 — — — — 797 Noninterest income 2,128 1,715 703 — — 4,546 Noninterest expense 10,223 1,317 506 443 — 12,489 Net income before taxes $ 3,842 $ 507 $ 197 $ 464 $ — $ 3,912 Income tax (provision) benefit (1,248 ) — — 183 — (1,065 ) Net income $ 2,594 $ 507 $ 197 $ 647 $ — $ 2,847 Three months ended June 30, 2015 Commercial Investment (Dollars in thousands) and Retail Mortgage advisory and Banking Banking non-deposit Corporate Eliminations Consolidated Dividend and Interest Income $ 6,970 $ 64 $ — $ 547 $ (532 ) 7,049 Interest expense 736 — — 109 845 Net interest income $ 6,234 $ 64 $ — $ 438 $ — $ 6,204 Provision for loan losses 391 — — — — 391 Noninterest income 1,290 981 294 — — 2,565 Noninterest expense 5,256 740 220 173 — 6,389 Net income before taxes $ 1,877 $ 305 $ 74 $ 265 $ — $ 1,989 Income tax (provision) benefit (622 ) — — 76 — (546 ) Net income $ 1,255 $ 305 $ 74 $ 341 $ — $ 1,443 Commercial Investment (Dollars in thousands) and Retail Mortgage advisory and Banking Banking non-deposit Corporate Eliminations Consolidated Total Assets as of June 30, 2016 $ 877,142 $ 9,594 $ 37 $ 95,445 $ (93,381 ) $ 888,837 Total Assets as of December 31, 2015 $ 855,888 $ 4,355 $ 34 $ 93,296 $ (90,839 ) $ 862,734 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 8 – Subsequent Events Subsequent events |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of reconciliation of the numerator and denominator of the basic and diluted earnings per common share computation | The following reconciles the numerator and denominator of the basic and diluted earnings per common share computation: (In thousands except average market price) Six months Three months Ended June 30, Ended June 30, 2016 2015 2016 2015 Numerator (Net income) $ 3,213 $ 2,847 $ 1,745 $ 1,443 Denominator Weighted average common shares outstanding for: Basic earnings per share 6,554 6,534 6,584 6,539 Dilutive securities: Deferred compensation 38 50 38 50 Warrants/Restricted stock – Treasury stock method 141 94 147 109 Diluted earnings per share 6,733 6,678 6,769 6,698 The average market price used in calculating assumed number of shares $ 14.00 $ 12.12 $ 14.00 $ 12.12 |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of amortized cost and estimated fair values of available-for-sale | The amortized cost and estimated fair values of investment securities at June 30, 2016 and December 31, 2015 are summarized below: AVAILABLE-FOR-SALE: (Dollars in thousands) Amortized Gross Gross Fair Value June 30, 2016: US Treasury securities $ 1,542 $ 35 $ — $ 1,577 Government sponsored enterprises 954 78 — 1,032 Mortgage-backed securities 149,415 2,168 315 151,268 Small Business Administration pools 55,223 476 348 55,351 State and local government 52,595 3,663 — 56,258 Corporate and other securities 1,882 — 53 1,829 $ 261,611 $ 6,420 $ 716 $ 267,315 December 31, 2015: US Treasury securities $ 1,547 $ — $ 25 $ 1,522 Government sponsored enterprises 950 42 — 992 Mortgage-backed securities 146,935 498 1,172 146,261 Small Business Administration pools 57,474 355 501 57,328 State and local government 55,294 2,037 36 57,295 Corporate and other securities 1,349 — 60 1,289 $ 263,549 $ 2,932 $ 1,794 $ 264,687 |
Schedule of amortized cost and estimated fair values of held-to-maturity securities | HELD-TO-MATURITY: (Dollars in thousands) Amortized Gross Gross Fair Value June 30, 2016: State and local government $ 17,283 $ 817 $ — $ 18,100 $ 17,283 $ 817 $ — $ 18,100 December 31, 2015: State and local government $ 17,371 $ 211 $ 27 $ 17,555 $ 17,371 $ 211 $ 27 $ 17,555 |
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 June 30, 2016 and December 31, 2015. There were no held-to-maturity securities with gross unrealized losses at June 30, 2016. Less than 12 months 12 months or more Total June 30, 2016 Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Available-for-sale securities: Government Sponsored Enterprise mortgage-backed securities $ 13,693 $ 109 $ 15,017 $ 201 $ 28,710 $ 310 Small Business Administration pools 6,708 16 24,810 331 31,518 347 Non-agency mortgage-backed securities 159 2 250 4 409 6 Corporate bonds and other — — 818 53 818 53 Total $ 20,560 $ 127 $ 40,895 $ 589 $ 61,455 $ 716 Less than 12 months 12 months or more Total December 31, 2015 Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Available-for-sale securities: US Treasury $ 1,522 $ 25 $ — $ — $ 1,522 $ 25 Government Sponsored Enterprise mortgage-backed securities 69,112 731 17,593 439 86,705 1,170 Small Business Administration pools 13,386 153 25,709 348 39,095 501 Non-agency mortgage-backed securities — — 186 2 186 2 State and local government 1,461 8 1,362 28 2,823 36 Corporate bonds and other — — 812 60 812 60 Total $ 85,481 $ 917 $ 45,662 $ 877 $ 131,143 $ 1,794 Less than 12 months 12 months or more Total December 31, 2015 Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Held-to-maturity securities: State and local government $ 3,473 $ 24 $ 444 $ 3 $ 3,917 $ 27 Total $ 3,473 $ 24 $ 444 $ 3 $ 3,917 $ 27 |
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 June 30, 2016 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 $ 8,059 $ 8,075 $ — $ — Due after one year through five years 143,234 145,584 4,994 5,147 Due after five years through ten years 100,893 104,248 12,289 12,953 Due after ten years 9,425 9,408 — — $ 261,611 $ 267,315 $ 17,283 $ 18,100 |
Loans (Tables)
Loans (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Receivables [Abstract] | |
Summary of loans by category | Loans summarized by category as of June 30, 2016, December 31, 2015 and June 30, 2015 are as follows: June 30, December 31, June 30, (Dollars in thousands) 2016 2015 2015 Commercial, financial and agricultural $ 39,480 $ 37,809 $ 37,915 Real estate: Construction 42,253 35,829 30,392 Mortgage-residential 50,500 49,077 49,341 Mortgage-commercial 339,276 326,978 315,373 Consumer: Home equity 31,608 30,906 32,264 Other 8,186 8,592 8,731 Total $ 511,303 $ 489,191 $ 474,016 |
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 six months ended June 30, 2016 and 2015 and for the year ended December 31, 2015 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 June 30, 2016 Allowance for loan losses: Beginning balance $ 75 $ 51 $ 223 $ 2,036 $ 127 $ 37 $ 2,047 $ 4,596 Charge-offs — — (1 ) (58 ) (8 ) (33 ) — (100 ) Recoveries 3 — 5 8 2 6 — 24 Provisions (7 ) 8 (20 ) 363 (28 ) 13 28 357 Ending balance $ 71 $ 59 $ 207 $ 2,349 $ 93 $ 23 $ 2,075 $ 4,877 Ending balances: Individually evaluated for impairment $ — $ — $ — $ 3 $ — $ — $ — $ 3 Collectively evaluated for impairment 71 59 207 2,346 93 23 2,075 4,874 June 30, 2016 Ending balance-total $ 39,480 $ 42,253 $ 50,500 $ 339,276 $ 31,608 $ 8,186 $ — $ 511,303 Ending balances: Individually evaluated for impairment 1 — 718 5,353 30 — — 6,102 Collectively evaluated for impairment $ 39,479 $ 42,253 $ 49,782 $ 333,923 $ 31,578 $ 8,186 $ — $ 505,201 Note 4—Loans-continued (Dollars in thousands) Real estate Real estate Real estate Mortgage Mortgage Consumer Consumer Commercial Construction Residential Commercial Home equity Other Unallocated Total June 30, 2015 Allowance for loan losses: Beginning balance $ 67 $ 45 $ 179 $ 1,572 $ 134 $ 44 $ 2,091 $ 4,132 Charge-offs (56 ) — (26 ) (625 ) — (27 ) — (734 ) Recoveries 3 — 2 5 2 74 — 86 Provisions 207 79 24 822 (17 ) (31 ) (287 ) 797 Ending balance $ 221 $ 124 $ 179 $ 1,774 $ 119 $ 60 $ 1,804 $ 4,281 Ending balances: Individually evaluated for impairment $ — $ — $ 3 $ 1 $ — $ — $ — $ 4 Collectively evaluated for impairment 221 124 176 1,773 119 60 1,804 4,277 June 30, 2015 Ending balance-total $ 37,915 $ 30,392 $ 49,341 $ 315,373 $ 32,264 $ 8,731 $ — $ 474,016 Ending balances: Individually evaluated for impairment 13 — 997 5,924 89 — — 7,023 Collectively evaluated for impairment $ 37,902 $ 30,392 $ 48,344 $ 309,449 $ 32,175 $ 8,731 $ — $ 466,993 Note 4—Loans-continued (Dollars in thousands) Real estate Real estate Real estate Mortgage Mortgage Consumer Consumer Commercial Construction Residential Commercial Home equity Other Unallocated Total December 31, 2015 Allowance for loan losses: Beginning balance $ 67 $ 45 $ 179 $ 1,572 $ 134 $ 44 $ 2,091 $ 4,132 Charge-offs (69 ) — (50 ) (626 ) — (62 ) — (807 ) Recoveries 6 — 7 33 3 84 — 133 Provisions 71 6 87 1,057 (10 ) (29 ) (44 ) 1,138 Ending balance $ 75 $ 51 $ 223 $ 2,036 $ 127 $ 37 $ 2,047 $ 4,596 Ending balances: Individually evaluated for impairment $ — $ — $ 3 $ — $ — $ — $ — $ 3 Collectively evaluated for impairment 75 51 220 2,036 127 37 2,047 4,593 December 31, 2015 Ending balance-total $ 37,809 $ 35,829 $ 49,077 $ 326,978 $ 30,906 $ 8,592 $ — $ 489,191 Ending balances: Individually evaluated for impairment 9 — 848 5,620 — — — 6,477 Collectively evaluated for impairment $ 37,800 $ 35,829 $ 48,229 $ 321,358 $ 30,906 $ 8,592 $ — $ 482,714 The detailed activity in the allowance for loan losses as of and for the three months ended June 30, 2016 and the three months ended June 30, 2015 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 2016 Allowance for loan losses: Beginning balance $ 73 $ 57 $ 237 $ 2,001 $ 87 $ 26 $ 2,206 $ 4,687 Charge-offs — — (1 ) (13 ) (8 ) (15 ) — (37 ) Recoveries 1 — 3 2 1 3 — 10 Provisions (3 ) 2 (32 ) 359 13 9 (131 ) 217 Ending balance $ 71 $ 59 $ 207 $ 2,349 $ 93 $ 23 $ 2,075 $ 4,877 (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 $ 210 $ 134 $ 243 $ 1,580 $ 121 $ 58 $ 1,906 $ 4,252 Charge-offs — — (26 ) (334 ) — (16 ) — (376 ) Recoveries 1 — 1 1 1 10 — 14 Provisions 10 (10 ) (39 ) 527 (3 ) 8 (102 ) 391 Ending balance $ 221 $ 124 $ 179 $ 1,774 $ 119 $ 60 $ 1,804 $ 4,281 |
Schedule of loans individually evaluated and considered impaired | The following table presents at June 30, 2016 and December 31, 2015 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) June 30, December 31, 2016 2015 Total loans considered impaired $ 6,102 $ 6,477 Loans considered impaired for which there is a related allowance for loan loss: Outstanding loan balance 48 49 Related allowance 3 3 Loans considered impaired and previously written down to fair value 6,054 6,428 Average impaired loans 9,729 9,518 |
Schedule of loan category and loans individually evaluated and considered impaired | The following tables are by loan category and present at June 30, 2016, December 31, 2015 and June 30, 2015 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) Six months ended Three months ended Unpaid Average Interest Average Interest June 30, 2016 Recorded Principal Related Recorded Income Recorded Income Investment Balance Allowance Investment Recognized Investment Recognized With no allowance recorded: Commercial $ 1 $ 1 $ — $ 6 $ — $ 3 $ — Real estate: Construction — — — — — — — Mortgage-residential 670 687 — 794 1 837 1 Mortgage-commercial 5, 353 7,855 — 8,851 50 8,796 24 Consumer: Home Equity 30 30 — 30 — 30 — Other — — — — — — — With an allowance recorded: Commercial — — — — — — — Real estate: Construction — — — — — — — Mortgage-residential 48 48 3 48 1 48 1 Mortgage-commercial — — — — — — — Consumer: Home Equity — — — — — — — Other — — — — — — — Total: Commercial $ 1 $ 1 $ — $ 6 $ — $ 3 $ — Real estate: Construction — — — — — — — Mortgage-residential 718 735 3 842 1 837 1 Mortgage-commercial 5, 353 7,855 — 8,851 50 8,796 24 Consumer: Home Equity 30 30 — 30 — 30 — Other — — — — — — — $ 6,102 $ 8,621 $ 3 $ 9,729 $ 51 $ 9,666 $ 25 (Dollars in thousands) Six months ended Three months ended Unpaid Average Interest Average Interest June 30, 2015 Recorded Principal Related Recorded Income Recorded Income Investment Balance Allowance Investment Recognized Investment Recognized With no allowance recorded: Commercial $ 13 $ 13 $ — $ 15 $ 1 $ 14 $ — Real estate: Construction — — — — — — — Mortgage-residential 946 1,201 — 1,207 14 1,204 8 Mortgage-commercial 5,890 8,327 — 8,428 165 8,073 79 Consumer: Home Equity 89 95 — 96 2 97 1 Other — — — — — — — With an allowance recorded: Commercial — — — — — — — Real estate: Construction — — — — — — — Mortgage-residential 51 51 3 52 2 51 — Mortgage-commercial 34 34 1 34 1 346 — Consumer: Home Equity — — — — — — — Other — — — — — — — Total: Commercial $ 13 $ 13 $ — $ 15 $ 1 $ 14 $ — Real estate: Construction — — — — — — — Mortgage-residential 997 1,252 3 1,259 16 1,255 8 Mortgage-commercial 5,924 8,361 1 8,462 166 8,419 79 Consumer: Home Equity 89 95 — 96 2 97 1 Other — — — — — — — $ 7,023 $ 9,721 $ 4 $ 9,832 $ 185 $ 9,785 $ 88 (Dollars in thousands) December 31, 2015 Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized With no allowance recorded: Commercial $ 9 $ 9 $ — $ 13 $ — Real estate: Construction — — — — — Mortgage-residential 799 874 — 1,082 1 Mortgage-commercial 5,620 7,548 — 8,372 60 Consumer: Home Equity — — — — — Other — — — — — With an allowance recorded: Commercial — — — — — Real estate: Construction — — — — — Mortgage-residential 49 49 3 51 3 Mortgage-commercial — — — — — Consumer: Home Equity — — — — — Other — — — — — Total: Commercial 9 9 — 13 — Real estate: Construction — — — — — Mortgage-residential 848 923 3 1,133 4 Mortgage-commercial 5,620 7,548 — 8,372 60 Consumer: Home Equity — — — — — Other — — — — — $ 6,477 $ 8,480 $ 3 $ 9,518 $ 64 |
Schedule of loan category and loan by risk categories | (Dollars in thousands) June 30, 2016 Special Pass Mention Substandard Doubtful Total Commercial, financial & agricultural $ 39,247 $ 232 $ 1 $ — $ 39,480 Real estate: Construction 41,912 341 — — 42,253 Mortgage – residential 48,742 776 982 — 50,500 Mortgage – commercial 320,094 11,775 7,407 — 339,276 Consumer: Home Equity 31,274 173 161 — 31,608 Other 8,185 — 1 — 8,186 Total $ 489,454 $ 13,297 $ 8,552 $ — $ 511,303 (Dollars in thousands) December 31, 2015 Special Pass Mention Substandard Doubtful Total Commercial, financial & agricultural $ 37,501 $ 299 $ 9 $ — $ 37,809 Real estate: Construction 35,374 455 — — 35,829 Mortgage – residential 46,580 1,378 1,119 — 49,077 Mortgage – commercial 310,367 7,555 9,056 — 326,978 Consumer: Home Equity 30,587 180 139 — 30,906 Other 8,587 1 4 — 8,592 Total $ 468,996 $ 9,868 $ 10,327 $ — $ 489,191 |
Schedule of PCI Loan portfolio at fair value | In conjunction with the acquisition of Savannah River Financial Corporation of Augusta, Georgia, the bank holding company for Savannah River Banking Company (“Savannah River”), 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 six months ended June 30, 2016 and 2015 follows (in thousands): Three Months Six Months Accretable yield, beginning of period $ 50 $ 92 Accretion (91 ) (133 ) Reclassification of nonaccretable difference due to improvement in 94 94 Accretable yield, end of period $ 53 $ 53 Three Months Six Months Accretable yield, beginning of period $ 28 $ 75 Accretion (34 ) (471 ) Reclassification of nonaccretable difference due to improvement in 141 531 Accretable yield, end of period $ 135 $ 135 |
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 June 30, 2016 and December 31, 2015: (Dollars in thousands) 30-59 60-89 Greater than Nonaccrual Total Current Total Loans Commercial $ 163 $ — $ — $ 1 $ 164 $ 39,316 $ 39,480 Real estate: Construction 288 — — — 288 41,965 42,253 Mortgage-residential 319 — — 670 989 49,511 50,500 Mortgage-commercial 413 455 — 3,801 4,669 334,607 339,276 Consumer: Home equity 62 70 31 30 193 31,415 31,608 Other 40 2 7 — 49 8,137 8,186 Total $ 1,285 $ 527 $ 38 $ 4,502 $ 6,352 $ 504,951 $ 511,303 (Dollars in thousands) 30-59 60-89 Greater than Nonaccrual Total Current Total Loans Commercial $ 5 $ — $ — $ 9 $ 14 $ 37,795 $ 37,809 Real estate: Construction — — — — — 35,829 35,829 Mortgage-residential 126 195 — 799 1,120 47,957 49,077 Mortgage-commercial 1,180 290 — 4,031 5,501 321,477 326,978 Consumer: Home equity 135 — — — 135 30,771 30,906 Other 4 4 — — 8 8,584 8,592 Total $ 1,450 $ 489 $ — $ 4,839 $ 6,778 $ 482,413 $ 489,191 |
Schedule by loan category, present loans determined to be TDRs | The following table, by loan category, presents one loan determined to be a TDR during the six month period ended June 30, 2016. The loan was modified to extend the term of the loan due to financial hardship of the borrower. The loan was subsequently paid off in June 2016. Troubled Debt Restructurings For the six months ended June 30, 2016 (Dollars in thousands) Number Pre-Modification Post-Modification Accrual Mortgage-Commercial 1 $ 413 $ 413 Total Accrual 1 $ 413 $ 413 Total TDRs 1 $ 413 $ 413 |
Fair Value of Financial Instr22
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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 June 30, 2016 and December 31, 2015 are as follows: June 30, 2016 Fair Value (Dollars in thousands) Carrying Amount Total Level 1 Level 2 Level 3 Financial Assets: Cash and short term investments $ 22,295 $ 22,295 $ 22,295 $ — $ — Held-to-maturity securities 17,283 18,100 — 18,100 — Available-for-sale securities 267,315 267,315 818 265,547 950 Other investments, at cost 2,168 2,168 — — 2,168 Loans held for sale 7,707 7,707 — 7,707 — Net loans receivable 506,426 505,415 — 499,316 6,099 Accrued interest 2,934 2,934 2,934 — — Financial liabilities: Non-interest bearing demand $ 170,976 $ 170,976 $ — $ 170,976 $ — NOW and money market accounts 318,875 318,875 — 318,875 — Savings 63,887 63,887 — 63,887 — Time deposits 175,885 176,141 — 176,141 — Total deposits 729,623 729,879 — 729,879 — Federal Home Loan Bank Advances 32,445 33,993 — 33,993 — Short term borrowings 21,112 21,112 — 21,112 — Junior subordinated debentures 14,964 14,961 — 14,961 — Accrued interest payable 621 621 621 — — December 31, 2015 Fair Value (Dollars in thousands) Carrying Amount Total Level 1 Level 2 Level 3 Financial Assets: Cash and short term investments $ 22,941 $ 22,941 $ 22,941 $ — $ — Held-to-maturity securities 17,371 17,555 — 17,555 — Available-for-sale securities 264,687 264,687 812 263,458 417 Other investments, at cost 1,783 1,783 — — 1,783 Loans held for sale 2,962 2,962 — 2,962 — Net loans receivable 484,595 484,669 — 478,195 6,474 Accrued interest 2,877 2,877 2,877 — — Financial liabilities: Non-interest bearing demand deposits $ 156,247 $ 156,247 $ — $ 156,247 $ — NOW and money market accounts 318,308 318,308 — 318,308 — Savings 60,699 60,699 — 60,699 — Time deposits 180,897 181,325 — 181,325 — Total deposits 716,151 716,579 — 716,579 — Federal Home Loan Bank Advances 24,788 25,841 — 25,841 — Short term borrowings 21,033 21,033 — 21,033 — Junior subordinated debentures 14,964 14,954 — 14,954 — Accrued interest payable 652 652 652 — — |
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 June 30, 2016 and December 31, 2015 that are measured on a recurring basis. There were no liabilities carried at fair value as of June 30, 2016 or December 31, 2015 that are measured on a recurring basis. (Dollars in thousands) Description June 30, Quoted Significant Significant Available for sale securities US Treasury $ 1,577 $ — $ 1,577 $ — Government sponsored enterprises 1,032 — 1,032 $ — Mortgage-backed securities 151,268 — 151,268 — Small Business Administration securities 55,351 — 55,351 — State and local government 56,258 — 56,258 — Corporate and other securities 1,829 818 61 950 Total $ 267,315 $ 818 $ 265,547 $ 950 (Dollars in thousands) Description December 31 2015 Quoted Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Available for sale securities US Treasury Securities $ 1,522 $ — $ 1,522 $ — Government sponsored enterprises 992 — 992 — Mortgage-backed securities 146,261 — 146,261 — Small Business Administration securities 57,328 — 57,328 — State and local government 57,295 — 57,295 — Corporate and other securities 1,289 812 60 417 Total $ 264,687 $ 812 $ 263,458 $ 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 six months ended June 30, 2016 and 2015 that are measured on a recurring basis. June 30, 2016 2015 ( Dollars in thousands) Corporate Corporate Beginning Balance $ 417 $ 417 Total gains or losses (realized/unrealized) Included in earnings — — Included in other comprehensive income — — Purchases, issuances, and settlements 950 — Maturities, sales, payoffs (417 ) Transfers in and/or out of Level 3 — — Ending Balance $ 950 $ 417 The following table reconciles the changes in Level 3 financial instruments for the three months ended June 30, 2016 and June 30, 2015 that are measured on a recurring basis. June 30, 2016 2015 ( Dollars in thousands) Corporate Corporate Beginning Balance $ 417 $ 417 Total gains or losses (realized/unrealized) Included in earnings — — Included in other comprehensive income — — Purchases, issuances, and settlements 950 — Maturities, sales, payoffs (417 ) Transfers in and/or out of Level 3 — — Ending Balance $ 950 $ 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 June 30, 2016 and December 31, 2015 that are measured on a non-recurring basis. (Dollars in thousands) Description June 30, Quoted Prices Significant Significant Impaired loans: Commercial & Industrial $ 1 $ — $ — $ 1 Real estate: Mortgage-residential 715 — — 715 Mortgage-commercial 5,353 — — 5,353 Consumer: Home equity 30 — — 30 Other — — — — Total impaired 6,099 — — 6,099 Other real estate owned: Construction — — — — Mortgage-residential 336 — — 336 Mortgage-commercial 1,019 — — 1,019 Total other real estate owned 1,355 — — 1,355 Total $ 7,454 $ — $ — $ 7,454 (Dollars in thousands) Description December 31, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Impaired loans: Commercial $ 9 $ — $ — $ 9 Real estate: Mortgage-residential 845 — — 845 Mortgage-commercial 5,620 — — 5,620 Consumer: Home equity — — — — Other — — — — Total impaired 6,474 — — 6,474 Other real estate owned: Construction 276 — — 276 Mortgage-residential 191 — — 191 Mortgage-commercial 1,991 — — 1,991 Total other real estate owned 2,458 — — 2,458 Total $ 8,932 $ — $ — $ 8,932 |
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 June 30, 2016 and December 31, 2015, the significant unobservable inputs used in the fair value measurements were as follows: (Dollars in thousands) Fair Value as of June 30, 2016 Valuation Technique Significant Observable Inputs Significant Unobservable Inputs Preferred stock $950 Estimation based on comparable non-listed securities Comparable transactions n/a OREO $1,355 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 $6,099 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 December 31, 2015 Valuation Technique Significant Observable Inputs Significant Unobservable Inputs Preferred stock $417 Estimation based on comparable non-listed securities Comparable transactions n/a OREO $2,458 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 $6,474 Appraisal Value Appraisals and or sales of comparable properties Appraisals discounted 6% to 16% for sales commissions and other holding cost |
Reportable Segments (Tables)
Reportable Segments (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Reportable Segments Tables | |
Schedule of financial information for reportable business segments | The following tables present selected financial information for the Company’s reportable business segments for the three and six months ended June 30, 2016 and 2015: Six months ended June 30, 2016 Commercial Investment (Dollars in thousands) and Retail Mortgage advisory and Banking Banking non-deposit Corporate Eliminations Consolidated Dividend and Interest Income $ 14,396 $ 82 $ — $ 1,414 $ (1,296 ) $ 14,596 Interest expense 1,343 — — 239 1,582 Net interest income $ 13,053 $ 82 $ — $ 1,175 $ — $ 13,014 Provision for loan losses 357 — — — — 357 Noninterest income 2,187 1,578 588 — — 4,353 Noninterest expense 10,722 1,155 517 281 — 12,675 Net income before taxes $ 4,161 $ 505 $ 71 $ 894 $ — $ 4,335 Income tax (provision) benefit (1,233 ) — — 111 (1,122 ) Net income (loss) $ 2,928 $ 505 $ 71 $ 1,005 $ — $ 3,213 Three months ended June 30, 2016 Commercial Investment (Dollars in thousands) and Retail Mortgage advisory and Banking Banking non-deposit Corporate Eliminations Consolidated Dividend and Interest Income $ 7,389 $ 55 $ — $ 679 $ (664 ) 7,459 Interest expense 664 — — 118 782 Net interest income $ 6,725 $ 55 $ — $ 561 $ — $ 6,677 Provision for loan losses 217 — — — — 217 Noninterest income 1,054 913 297 — — 2,264 Noninterest expense 5,317 623 260 133 — 6,333 Net income before taxes $ 2,245 $ 345 $ 37 $ 428 $ — $ 2,391 Income tax (provision) benefit (709 ) — — 63 — (646 ) Net income $ 1,536 $ 345 $ 37 $ 491 $ — $ 1,745 Six months ended June 30, 2015 Commercial Investment (Dollars in thousands) and Retail Mortgage advisory and Banking Banking non-deposit Corporate Eliminations Consolidated Dividend and Interest Income $ 14,194 $ 109 $ — $ 1,127 $ (1,098 ) $ 14,332 Interest expense 1,460 — — 220 1,680 Net interest income $ 12,734 $ 109 $ — $ 907 $ — $ 12,652 Provision for loan losses 797 — — — — 797 Noninterest income 2,128 1,715 703 — — 4,546 Noninterest expense 10,223 1,317 506 443 — 12,489 Net income before taxes $ 3,842 $ 507 $ 197 $ 464 $ — $ 3,912 Income tax (provision) benefit (1,248 ) — — 183 — (1,065 ) Net income $ 2,594 $ 507 $ 197 $ 647 $ — $ 2,847 Three months ended June 30, 2015 Commercial Investment (Dollars in thousands) and Retail Mortgage advisory and Banking Banking non-deposit Corporate Eliminations Consolidated Dividend and Interest Income $ 6,970 $ 64 $ — $ 547 $ (532 ) 7,049 Interest expense 736 — — 109 845 Net interest income $ 6,234 $ 64 $ — $ 438 $ — $ 6,204 Provision for loan losses 391 — — — — 391 Noninterest income 1,290 981 294 — — 2,565 Noninterest expense 5,256 740 220 173 — 6,389 Net income before taxes $ 1,877 $ 305 $ 74 $ 265 $ — $ 1,989 Income tax (provision) benefit (622 ) — — 76 — (546 ) Net income $ 1,255 $ 305 $ 74 $ 341 $ — $ 1,443 Commercial Investment (Dollars in thousands) and Retail Mortgage advisory and Banking Banking non-deposit Corporate Eliminations Consolidated Total Assets as of June 30, 2016 $ 877,142 $ 9,594 $ 37 $ 95,445 $ (93,381 ) $ 888,837 Total Assets as of December 31, 2015 $ 855,888 $ 4,355 $ 34 $ 93,296 $ (90,839 ) $ 862,734 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Earnings Per Share [Abstract] | ||||
Numerator (Net income) | $ 1,745 | $ 1,443 | $ 3,213 | $ 2,847 |
Weighted average common shares outstanding for: | ||||
Basic earnings per share (in shares) | 6,584 | 6,539 | 6,554 | 6,534 |
Dilutive securities: | ||||
Deferred compensation (in shares) | 38 | 50 | 38 | 50 |
Warrants/Restricted stock -Treasury stock method (in shares) | 147 | 109 | 141 | 94 |
Diluted earnings per share (in shares) | 6,769 | 6,698 | 6,733 | 6,678 |
The average market price used in calculating assumed number of shares (in dollars per share) | $ 14 | $ 12.12 | $ 14 | $ 12.12 |
EARNINGS PER SHARE (Details Nar
EARNINGS PER SHARE (Details Narrative) - USD ($) $ in Thousands | Dec. 16, 2013 | Jun. 30, 2016 | Dec. 31, 2015 |
Warrants outstanding | 97,180 | ||
Restricted shares issued (in shares) | 138,000 | ||
Unrecognized compensation cost | $ 405 | $ 297 | |
Junior Subordinated Debt [Member] | |||
Debt issued | $ 2,500 | ||
Warrant [Member] | |||
Warrants issued (in shares) | 107,500 |
INVESTMENT SECURITIES (Details)
INVESTMENT SECURITIES (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 261,611 | $ 263,549 |
Gross Unrealized Gains | 6,420 | 2,932 |
Gross Unrealized Losses | 716 | 1,794 |
Fair Value | 267,315 | 264,687 |
US Treasury Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,542 | 1,547 |
Gross Unrealized Gains | 35 | |
Gross Unrealized Losses | 25 | |
Fair Value | 1,577 | 1,522 |
Government sponsored enterprises [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 954 | 950 |
Gross Unrealized Gains | 78 | 42 |
Gross Unrealized Losses | ||
Fair Value | 1,032 | 992 |
Government Sponsored Enterprise mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 149,415 | 146,935 |
Gross Unrealized Gains | 2,168 | 498 |
Gross Unrealized Losses | 315 | 1,172 |
Fair Value | 151,268 | 146,261 |
Small Business Administration pools [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 55,223 | 57,474 |
Gross Unrealized Gains | 476 | 355 |
Gross Unrealized Losses | 348 | 501 |
Fair Value | 55,351 | 57,328 |
State and local government [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 52,595 | 55,294 |
Gross Unrealized Gains | 3,663 | 2,037 |
Gross Unrealized Losses | 36 | |
Fair Value | 56,258 | 57,295 |
Corporate and other securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,882 | 1,349 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | 53 | 60 |
Fair Value | $ 1,829 | $ 1,289 |
INVESTMENT SECURITIES (Details
INVESTMENT SECURITIES (Details 2) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Amortized Cost | $ 17,283 | $ 17,371 |
Gross Unrealized Gains | 817 | 211 |
Gross Unrealized Losses | 27 | |
Fair Value | 18,100 | 17,555 |
State and local government [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Amortized Cost | 17,283 | 17,371 |
Gross Unrealized Gains | 817 | 211 |
Gross Unrealized Losses | 27 | |
Fair Value | $ 18,100 | $ 17,555 |
INVESTMENT SECURITIES (Detail28
INVESTMENT SECURITIES (Details 3) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Available-for-sale securities | ||
Less Than 12 Months, Fair Value | $ 20,560 | $ 85,481 |
Less Than 12 Months, Unrealized Losses | 127 | 917 |
12 Months Or Longer, Fair Value | 40,895 | 45,662 |
12 Months Or Longer, Unrealized Losses | 589 | 877 |
Total Fair Value | 61,455 | 131,143 |
Total Unrealized Losses | 716 | 1,794 |
Held-to-maturity debt securities | ||
Less Than 12 Months, Fair Value | 3,473 | |
Less Than 12 Months, Unrealized Losses | 24 | |
12 Months Or Longer, Fair Value | 444 | |
12 Months Or Longer, Unrealized Losses | 3 | |
Total Fair Value | 3,917 | |
Total Unrealized Losses | 27 | |
US Treasury Securities [Member] | ||
Available-for-sale securities | ||
Less Than 12 Months, Fair Value | 1,522 | |
Less Than 12 Months, Unrealized Losses | 25 | |
12 Months Or Longer, Fair Value | ||
12 Months Or Longer, Unrealized Losses | ||
Total Fair Value | 1,522 | |
Total Unrealized Losses | 25 | |
Government Sponsored Enterprise mortgage-backed securities [Member] | ||
Available-for-sale securities | ||
Less Than 12 Months, Fair Value | 13,693 | 69,112 |
Less Than 12 Months, Unrealized Losses | 109 | 731 |
12 Months Or Longer, Fair Value | 15,017 | 17,593 |
12 Months Or Longer, Unrealized Losses | 201 | 439 |
Total Fair Value | 28,710 | 86,705 |
Total Unrealized Losses | 310 | 1,170 |
Small Business Administration pools [Member] | ||
Available-for-sale securities | ||
Less Than 12 Months, Fair Value | 6,708 | 13,386 |
Less Than 12 Months, Unrealized Losses | 16 | 153 |
12 Months Or Longer, Fair Value | 24,810 | 25,709 |
12 Months Or Longer, Unrealized Losses | 331 | 348 |
Total Fair Value | 31,518 | 39,095 |
Total Unrealized Losses | 347 | 501 |
Non-agency mortgage-backed securities [Member] | ||
Available-for-sale securities | ||
Less Than 12 Months, Fair Value | 159 | |
Less Than 12 Months, Unrealized Losses | 2 | |
12 Months Or Longer, Fair Value | 250 | 186 |
12 Months Or Longer, Unrealized Losses | 4 | 2 |
Total Fair Value | 409 | 186 |
Total Unrealized Losses | 6 | 2 |
State and local government [Member] | ||
Available-for-sale securities | ||
Less Than 12 Months, Fair Value | 1,461 | |
Less Than 12 Months, Unrealized Losses | 8 | |
12 Months Or Longer, Fair Value | 1,362 | |
12 Months Or Longer, Unrealized Losses | 28 | |
Total Fair Value | 2,823 | |
Total Unrealized Losses | 36 | |
Held-to-maturity debt securities | ||
Less Than 12 Months, Fair Value | 3,473 | |
Less Than 12 Months, Unrealized Losses | 24 | |
12 Months Or Longer, Fair Value | 444 | |
12 Months Or Longer, Unrealized Losses | 3 | |
Total Fair Value | 3,917 | |
Total Unrealized Losses | 27 | |
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 | 818 | 812 |
12 Months Or Longer, Unrealized Losses | 53 | 60 |
Total Fair Value | 818 | 812 |
Total Unrealized Losses | $ 53 | $ 60 |
INVESTMENT SECURITIES (Detail29
INVESTMENT SECURITIES (Details 4) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Available-for-sale, Amortized Cost | ||
Due in one year or less | $ 8,059 | |
Due after one year through five years | 143,234 | |
Due after five years through ten years | 100,893 | |
Due after ten years | 9,425 | |
Total | 261,611 | |
Available-for-sale, Fair Value | ||
Due in one year or less | 8,075 | |
Due after one year through five years | 145,584 | |
Due after five years through ten years | 104,248 | |
Due after ten years | 9,408 | |
Total | 267,315 | |
Held To Maturity Securities, Amortized Cost | ||
Due in one year or less | ||
Due after one year through five years | 4,994 | |
Due after five years through ten years | 12,289 | |
Due after ten years | ||
Total | 17,283 | $ 17,371 |
Held To Maturity Securities, Fair value | ||
Due in one year or less | ||
Due after one year through five years | 5,147 | |
Due after five years through ten years | 12,953 | |
Due after ten years | ||
Total | $ 18,100 | $ 17,555 |
INVESTMENT SECURITIES (Detail30
INVESTMENT SECURITIES (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Amortized Cost | $ 261,611,000 | $ 261,611,000 | |||
Fair Value | 267,315,000 | 267,315,000 | |||
FHLB Stock | 2,200,000 | 2,200,000 | $ 1,800,000 | ||
Proceeds from sale of investment securities available-for-sale | 2,200,000 | $ 10,100,000 | 14,126,000 | $ 17,061,000 | |
Gross realized gains | 64,000 | 167,000 | 123,000 | 271,000 | |
Gross realized losses | 0 | $ 0 | 0 | $ 0 | |
Mutual Funds [Member] | |||||
Fair Value | 826,100 | 826,100 | 839,200 | ||
Foreign Corporate Debt Securities [Member] | |||||
Fair Value | 60,200 | 60,200 | 60,300 | ||
Corporate Preferred Stock [Member] | |||||
Fair Value | $ 950,000 | $ 950,000 | $ 416,800 |
LOANS (Details)
LOANS (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 511,303 | $ 489,191 | $ 474,016 |
Commercial Financial and Agricultural Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 39,480 | 37,809 | 37,915 |
Real Estate Construction Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 42,253 | 35,829 | 30,392 |
Real estate Mortgage-residential [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 50,500 | 49,077 | 49,341 |
Real estate Mortgage-commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 339,276 | 326,978 | 315,373 |
Consumer Home Equity Line of Credit [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 31,608 | 30,906 | 32,264 |
Consumer Other Financing Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 8,186 | $ 8,592 | $ 8,731 |
LOANS (Details 2)
LOANS (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Activity in the allowance for loan losses | |||||
Balance at the beginning of the period | $ 4,687 | $ 4,252 | $ 4,596 | $ 4,132 | $ 4,132 |
Charge-offs | (37) | (376) | (100) | (807) | |
Recoveries | 10 | 14 | 24 | 133 | |
Provisions | 217 | 391 | 357 | 797 | 1,138 |
Balance at end of the period | 4,877 | 4,281 | 4,877 | 4,281 | 4,596 |
Allowance for loan losses | |||||
Individually evaluated for impairment | 3 | 3 | 3 | ||
Collectively evaluated for impairment | 4,874 | 4,874 | 4,593 | ||
Loans receivable: | |||||
Ending balance-total | 511,303 | 474,016 | 511,303 | 474,016 | 489,191 |
Individually evaluated for impairment | 6,102 | 6,102 | 6,477 | ||
Collectively evaluated for impairment | 505,201 | 505,201 | 482,714 | ||
Commercial Financial and Agricultural Loans [Member] | |||||
Activity in the allowance for loan losses | |||||
Balance at the beginning of the period | 73 | 210 | 75 | 67 | 67 |
Charge-offs | (69) | ||||
Recoveries | 1 | 1 | 3 | 6 | |
Provisions | (3) | 10 | (7) | 71 | |
Balance at end of the period | 71 | 221 | 71 | 221 | 75 |
Allowance for loan losses | |||||
Individually evaluated for impairment | |||||
Collectively evaluated for impairment | 71 | 71 | 75 | ||
Loans receivable: | |||||
Ending balance-total | 39,480 | 37,915 | 39,480 | 37,915 | 37,809 |
Individually evaluated for impairment | 1 | 1 | 9 | ||
Collectively evaluated for impairment | 39,479 | 39,479 | 37,800 | ||
Real Estate Construction Loans [Member] | |||||
Activity in the allowance for loan losses | |||||
Balance at the beginning of the period | 57 | 134 | 51 | 45 | 45 |
Charge-offs | |||||
Recoveries | |||||
Provisions | 2 | (10) | 8 | 6 | |
Balance at end of the period | 59 | 124 | 59 | 124 | 51 |
Allowance for loan losses | |||||
Individually evaluated for impairment | |||||
Collectively evaluated for impairment | 59 | 59 | 51 | ||
Loans receivable: | |||||
Ending balance-total | 42,253 | 30,392 | 42,253 | 30,392 | 35,829 |
Individually evaluated for impairment | |||||
Collectively evaluated for impairment | 42,253 | 42,253 | 35,829 | ||
Real estate Mortgage-residential [Member] | |||||
Activity in the allowance for loan losses | |||||
Balance at the beginning of the period | 237 | 243 | 223 | 179 | 179 |
Charge-offs | (1) | (26) | (1) | (50) | |
Recoveries | 3 | 1 | 5 | 7 | |
Provisions | (32) | (39) | (20) | 87 | |
Balance at end of the period | 207 | 179 | 207 | 179 | 223 |
Allowance for loan losses | |||||
Individually evaluated for impairment | 3 | ||||
Collectively evaluated for impairment | 207 | 207 | 220 | ||
Loans receivable: | |||||
Ending balance-total | 50,500 | 49,341 | 50,500 | 49,341 | 49,077 |
Individually evaluated for impairment | 718 | 718 | 848 | ||
Collectively evaluated for impairment | 49,782 | 49,782 | 48,229 | ||
Real estate Mortgage-commercial [Member] | |||||
Activity in the allowance for loan losses | |||||
Balance at the beginning of the period | 2,001 | 1,580 | 2,036 | 1,572 | 1,572 |
Charge-offs | (13) | (334) | (58) | (626) | |
Recoveries | 2 | 1 | 8 | 33 | |
Provisions | 359 | 527 | 363 | 1,057 | |
Balance at end of the period | 2,349 | 1,774 | 2,349 | 1,774 | 2,036 |
Allowance for loan losses | |||||
Individually evaluated for impairment | 3 | 3 | |||
Collectively evaluated for impairment | 2,346 | 2,346 | 2,036 | ||
Loans receivable: | |||||
Ending balance-total | 339,276 | 315,373 | 339,276 | 315,373 | 326,978 |
Individually evaluated for impairment | 5,353 | 5,353 | 5,620 | ||
Collectively evaluated for impairment | 333,923 | 333,923 | 321,358 | ||
Consumer Home Equity Line of Credit [Member] | |||||
Activity in the allowance for loan losses | |||||
Balance at the beginning of the period | 87 | 121 | 127 | 134 | 134 |
Charge-offs | (8) | (8) | |||
Recoveries | 1 | 1 | 2 | 3 | |
Provisions | 13 | (3) | (28) | (10) | |
Balance at end of the period | 93 | 119 | 93 | 119 | 127 |
Allowance for loan losses | |||||
Individually evaluated for impairment | |||||
Collectively evaluated for impairment | 93 | 93 | 127 | ||
Loans receivable: | |||||
Ending balance-total | 31,608 | 32,264 | 31,608 | 32,264 | 30,906 |
Individually evaluated for impairment | 30 | 30 | |||
Collectively evaluated for impairment | 31,578 | 31,578 | 30,906 | ||
Consumer Other Financing Receivable [Member] | |||||
Activity in the allowance for loan losses | |||||
Balance at the beginning of the period | 26 | 58 | 37 | 44 | 44 |
Charge-offs | (15) | (16) | (33) | (62) | |
Recoveries | 3 | 10 | 6 | 84 | |
Provisions | 9 | 8 | 13 | (29) | |
Balance at end of the period | 23 | 60 | 23 | 60 | 37 |
Allowance for loan losses | |||||
Individually evaluated for impairment | |||||
Collectively evaluated for impairment | 23 | 23 | 37 | ||
Loans receivable: | |||||
Ending balance-total | 8,186 | 8,731 | 8,186 | 8,731 | 8,592 |
Individually evaluated for impairment | |||||
Collectively evaluated for impairment | 8,186 | 8,186 | 8,592 | ||
Unallocated Financing Receivables [Member] | |||||
Activity in the allowance for loan losses | |||||
Balance at the beginning of the period | 2,206 | 1,906 | 2,047 | 2,091 | 2,091 |
Charge-offs | |||||
Recoveries | |||||
Provisions | (131) | (102) | 28 | (44) | |
Balance at end of the period | 2,075 | $ 1,804 | 2,075 | $ 1,804 | 2,047 |
Allowance for loan losses | |||||
Individually evaluated for impairment | |||||
Collectively evaluated for impairment | 2,075 | 2,075 | 2,047 | ||
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 | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Loans Details 3 | |||||
Total loans considered impaired at year end | $ 6,102 | $ 7,023 | $ 6,102 | $ 7,023 | $ 6,477 |
Loans considered impaired for which there is a related allowance for loan loss: | |||||
Outstanding loan balance | 48 | 48 | 49 | ||
Related allowance | 3 | 4 | 3 | 4 | 3 |
Loans considered impaired and previously written down to fair value | 6,054 | 6,054 | 6,428 | ||
Average impaired loans | 9,666 | 9,785 | 9,729 | 9,832 | $ 9,518 |
Amount of interest earned during period of impairment | $ 25 | $ 88 | $ 51 | $ 185 |
LOANS (Details 4)
LOANS (Details 4) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
With no allowance recorded: | |||||
Recorded Investment | $ 6,054 | $ 6,054 | $ 6,428 | ||
With an allowance recorded: | |||||
Recorded Investment | 48 | 48 | 49 | ||
Related allowance | 3 | $ 4 | 3 | $ 4 | 3 |
Total: | |||||
Recorded Investment | 6,102 | 7,023 | 6,102 | 7,023 | 6,477 |
Unpaid Principal Balance | 8,621 | 9,721 | 8,621 | 9,721 | 8,480 |
Average Recorded Investment | 9,666 | 9,785 | 9,729 | 9,832 | 9,518 |
Interest Income Recognized | 25 | 88 | 51 | 185 | |
Commercial Financial and Agricultural Loans [Member] | |||||
With no allowance recorded: | |||||
Recorded Investment | 1 | 13 | 1 | 13 | 9 |
Unpaid Principal Balance | 1 | 13 | 1 | 13 | 9 |
Average Recorded Investment | 3 | 14 | 6 | 15 | 13 |
Interest Income Recognized | 1 | ||||
With an allowance recorded: | |||||
Recorded Investment | |||||
Unpaid Principal Balance | |||||
Related allowance | |||||
Average Recorded Investment | |||||
Interest Income Recognized | |||||
Total: | |||||
Recorded Investment | 1 | 13 | 1 | 13 | 9 |
Unpaid Principal Balance | 1 | 13 | 1 | 13 | 9 |
Average Recorded Investment | 3 | 14 | 6 | 15 | 13 |
Interest Income Recognized | 1 | ||||
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 | 670 | 946 | 670 | 946 | 799 |
Unpaid Principal Balance | 687 | 1,201 | 687 | 1,201 | 874 |
Average Recorded Investment | 837 | 1,204 | 794 | 1,207 | 1,082 |
Interest Income Recognized | 1 | 8 | 1 | 14 | 1 |
With an allowance recorded: | |||||
Recorded Investment | 48 | 51 | 48 | 51 | 49 |
Unpaid Principal Balance | 48 | 51 | 48 | 51 | 49 |
Related allowance | 3 | 3 | 3 | 3 | 3 |
Average Recorded Investment | 48 | 51 | 48 | 52 | 51 |
Interest Income Recognized | 1 | 1 | 2 | 3 | |
Total: | |||||
Recorded Investment | 718 | 997 | 718 | 997 | 848 |
Unpaid Principal Balance | 735 | 1,252 | 735 | 1,252 | 923 |
Average Recorded Investment | 837 | 1,255 | 842 | 1,259 | 1,133 |
Interest Income Recognized | 1 | 8 | 1 | 16 | 4 |
Real estate Mortgage-commercial [Member] | |||||
With no allowance recorded: | |||||
Recorded Investment | 5,353 | 5,890 | 5,353 | 5,890 | 5,620 |
Unpaid Principal Balance | 7,855 | 8,327 | 7,855 | 8,327 | 7,548 |
Average Recorded Investment | 8,796 | 8,073 | 8,851 | 8,428 | 8,372 |
Interest Income Recognized | 24 | 79 | 50 | 165 | 60 |
With an allowance recorded: | |||||
Recorded Investment | 34 | 34 | |||
Unpaid Principal Balance | 34 | 34 | |||
Related allowance | 1 | 1 | |||
Average Recorded Investment | 346 | 34 | |||
Interest Income Recognized | 1 | ||||
Total: | |||||
Recorded Investment | 5,353 | 5,924 | 5,353 | 5,924 | 5,620 |
Unpaid Principal Balance | 7,855 | 8,361 | 7,855 | 8,361 | 7,548 |
Average Recorded Investment | 8,796 | 8,419 | 8,851 | 8,462 | 8,372 |
Interest Income Recognized | 24 | 79 | 50 | 166 | 60 |
Consumer Home Equity Line of Credit [Member] | |||||
With no allowance recorded: | |||||
Recorded Investment | 30 | 89 | 30 | 89 | |
Unpaid Principal Balance | 30 | 95 | 30 | 95 | |
Average Recorded Investment | 30 | 97 | 30 | 96 | |
Interest Income Recognized | 1 | 2 | |||
With an allowance recorded: | |||||
Recorded Investment | |||||
Unpaid Principal Balance | |||||
Related allowance | |||||
Average Recorded Investment | |||||
Interest Income Recognized | |||||
Total: | |||||
Recorded Investment | 30 | 89 | 30 | 89 | |
Unpaid Principal Balance | 30 | 95 | 30 | 95 | |
Average Recorded Investment | 30 | 97 | 30 | 96 | |
Interest Income Recognized | 1 | 2 | |||
Consumer Other Financing Receivable [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 |
LOANS (Details 5)
LOANS (Details 5) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 |
Loans | $ 511,303 | $ 489,191 | $ 474,016 |
Commercial Financial and Agricultural Loans [Member] | |||
Loans | 39,480 | 37,809 | 37,915 |
Real Estate Construction Loans [Member] | |||
Loans | 42,253 | 35,829 | 30,392 |
Real estate Mortgage-residential [Member] | |||
Loans | 50,500 | 49,077 | 49,341 |
Consumer Other Financing Receivable [Member] | |||
Loans | 339,276 | 326,978 | |
Consumer Home Equity Line of Credit [Member] | |||
Loans | 31,608 | 30,906 | 32,264 |
Consumer Other Financing Receivable [Member] | |||
Loans | 8,186 | 8,592 | 8,731 |
Real estate Mortgage-commercial [Member] | |||
Loans | 339,276 | 326,978 | $ 315,373 |
Pass [Member] | |||
Loans | 489,454 | 468,996 | |
Pass [Member] | Commercial Financial and Agricultural Loans [Member] | |||
Loans | 39,247 | 37,501 | |
Pass [Member] | Real Estate Construction Loans [Member] | |||
Loans | 41,912 | 35,374 | |
Pass [Member] | Real estate Mortgage-residential [Member] | |||
Loans | 48,742 | 46,580 | |
Pass [Member] | Consumer Other Financing Receivable [Member] | |||
Loans | 8,185 | 8,587 | |
Pass [Member] | Consumer Home Equity Line of Credit [Member] | |||
Loans | 31,274 | 30,587 | |
Pass [Member] | Real estate Mortgage-commercial [Member] | |||
Loans | 320,094 | 310,367 | |
Special Mention [Member] | |||
Loans | 13,297 | 9,868 | |
Special Mention [Member] | Commercial Financial and Agricultural Loans [Member] | |||
Loans | 232 | 299 | |
Special Mention [Member] | Real Estate Construction Loans [Member] | |||
Loans | 341 | 455 | |
Special Mention [Member] | Real estate Mortgage-residential [Member] | |||
Loans | 776 | 1,378 | |
Special Mention [Member] | Consumer Other Financing Receivable [Member] | |||
Loans | 1 | ||
Special Mention [Member] | Consumer Home Equity Line of Credit [Member] | |||
Loans | 173 | 180 | |
Special Mention [Member] | Real estate Mortgage-commercial [Member] | |||
Loans | 11,775 | 7,555 | |
Substandard [Member] | |||
Loans | 8,552 | 10,327 | |
Substandard [Member] | Commercial Financial and Agricultural Loans [Member] | |||
Loans | 1 | 9 | |
Substandard [Member] | Real Estate Construction Loans [Member] | |||
Loans | |||
Substandard [Member] | Real estate Mortgage-residential [Member] | |||
Loans | 982 | 1,119 | |
Substandard [Member] | Consumer Other Financing Receivable [Member] | |||
Loans | 1 | 4 | |
Substandard [Member] | Consumer Home Equity Line of Credit [Member] | |||
Loans | 161 | 139 | |
Substandard [Member] | Real estate Mortgage-commercial [Member] | |||
Loans | 7,407 | 9,056 | |
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] | Consumer Other Financing Receivable [Member] | |||
Loans | |||
Doubtful [Member] | Consumer Home Equity Line of Credit [Member] | |||
Loans | |||
Doubtful [Member] | Real estate Mortgage-commercial [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 | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Loans Details 6 | ||||
Accretable yield, beginning of period | $ 50 | $ 28 | $ 92 | $ 75 |
Accretion | (91) | (34) | (133) | (471) |
Reclassification of nonaccretable difference due to improvement in expected cash flows | 94 | 141 | 94 | 531 |
Accretable yield, end of period | $ 53 | $ 135 | $ 53 | $ 135 |
LOANS (Details 8)
LOANS (Details 8) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 Days Past Due | $ 1,285 | $ 1,450 | |
60-89 Days Past Due | 527 | 489 | |
Greater than 90 Days and Accruing | 38 | ||
Nonaccrual | 4,502 | 4,839 | |
Total Past Due | 6,352 | 6,778 | |
Current | 504,951 | 482,413 | |
Total Loans | 511,303 | 489,191 | $ 474,016 |
Commercial Loan [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 Days Past Due | 163 | 5 | |
60-89 Days Past Due | |||
Greater than 90 Days and Accruing | |||
Nonaccrual | 1 | 9 | |
Total Past Due | 164 | 14 | |
Current | 39,316 | 37,795 | |
Total Loans | 39,480 | 37,809 | |
Real Estate Construction Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 Days Past Due | 288 | ||
60-89 Days Past Due | |||
Greater than 90 Days and Accruing | |||
Nonaccrual | |||
Total Past Due | 288 | ||
Current | 41,965 | 35,829 | |
Total Loans | 42,253 | 35,829 | 30,392 |
Real estate Mortgage-residential [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 Days Past Due | 319 | 126 | |
60-89 Days Past Due | 195 | ||
Greater than 90 Days and Accruing | |||
Nonaccrual | 670 | 799 | |
Total Past Due | 989 | 1,120 | |
Current | 49,511 | 47,957 | |
Total Loans | 50,500 | 49,077 | 49,341 |
Consumer Other Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 Days Past Due | 413 | 1,180 | |
60-89 Days Past Due | 455 | 290 | |
Greater than 90 Days and Accruing | |||
Nonaccrual | 3,801 | 4,031 | |
Total Past Due | 4,669 | 5,501 | |
Current | 334,607 | 321,477 | |
Total Loans | 339,276 | 326,978 | |
Consumer Home Equity Line of Credit [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 Days Past Due | 62 | 135 | |
60-89 Days Past Due | 70 | ||
Greater than 90 Days and Accruing | 31 | ||
Nonaccrual | 30 | ||
Total Past Due | 193 | 135 | |
Current | 31,415 | 30,771 | |
Total Loans | 31,608 | 30,906 | 32,264 |
Consumer Other Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 Days Past Due | 40 | 4 | |
60-89 Days Past Due | 2 | 4 | |
Greater than 90 Days and Accruing | 7 | ||
Nonaccrual | |||
Total Past Due | 49 | 8 | |
Current | 8,137 | 8,584 | |
Total Loans | $ 8,186 | $ 8,592 | $ 8,731 |
LOANS (Details 9)
LOANS (Details 9) - Nonaccrual Status [Member] $ in Thousands | 6 Months Ended |
Jun. 30, 2016USD ($)Number | |
Financing Receivable, Modifications [Line Items] | |
Number of Contracts | Number | 1 |
Pre-Modification Outstanding Recorded Investment | $ 413 |
Post-Modification Outstanding Recorded Investment | $ 413 |
Real estate Mortgage-commercial [Member] | |
Financing Receivable, Modifications [Line Items] | |
Number of Contracts | Number | 1 |
Pre-Modification Outstanding Recorded Investment | $ 413 |
Post-Modification Outstanding Recorded Investment | $ 413 |
LOANS (Details Narrative)
LOANS (Details Narrative) - USD ($) | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Receivables [Abstract] | |||
Loans outstanding to bank directors, executive officers and their related business interests | $ 8,800,000 | $ 8,400,000 | |
Loans to bank directors, executive officers and their related business interests repaid during the period | 378,900 | 1,200,000 | |
Loans made to bank directors, executive officers and their related business interests during the period | $ 1,700,000 | ||
Troubled debt restructurings | $ 1,600,000 | $ 1,600,000 |
FAIR VALUE MEASUREMENT (Details
FAIR VALUE MEASUREMENT (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Financial Assets: | ||
Held-to-maturity securities | $ 18,100 | $ 17,555 |
Investment securities available-for-sale | 267,315 | 264,687 |
Other investments, at cost | 2,168 | 1,783 |
Financial liabilities: | ||
Non-interest bearing demand | 170,976 | 156,247 |
NOW and money market accounts | 318,875 | 318,308 |
Savings | 63,887 | 60,699 |
Time deposits | 175,885 | 180,897 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Financial Assets: | ||
Cash and short term investments | 22,295 | 22,941 |
Held-to-maturity securities | 17,283 | 17,371 |
Investment securities available-for-sale | 267,315 | 264,687 |
Other investments, at cost | 2,168 | 1,783 |
Loans held for sale | 7,707 | 2,962 |
Net loans receivable | 506,426 | 484,595 |
Accrued interest | 2,934 | 2,877 |
Financial liabilities: | ||
Non-interest bearing demand | 170,976 | 156,247 |
NOW and money market accounts | 318,875 | 318,308 |
Savings | 63,887 | 60,699 |
Time deposits | 175,885 | 180,897 |
Total deposits | 729,623 | 716,151 |
Federal Home Loan Bank Advances | 32,445 | 24,788 |
Short term borrowings | 21,112 | 21,033 |
Junior subordinated debentures | 14,964 | 14,964 |
Accrued interest payable | 621 | 652 |
Estimate of Fair Value, Fair Value Disclosure [Member] | ||
Financial Assets: | ||
Cash and short term investments | 22,295 | 22,941 |
Held-to-maturity securities | 18,100 | 17,555 |
Investment securities available-for-sale | 267,315 | 264,687 |
Other investments, at cost | 2,168 | 1,783 |
Loans held for sale | 7,707 | 2,962 |
Net loans receivable | 505,415 | 484,669 |
Accrued interest | 2,934 | 2,877 |
Financial liabilities: | ||
Non-interest bearing demand | 170,976 | 156,247 |
NOW and money market accounts | 318,875 | 318,308 |
Savings | 63,887 | 60,699 |
Time deposits | 176,141 | 181,325 |
Total deposits | 729,879 | 716,579 |
Federal Home Loan Bank Advances | 33,993 | 25,841 |
Short term borrowings | 21,112 | 21,033 |
Junior subordinated debentures | 14,961 | 14,954 |
Accrued interest payable | 621 | 652 |
Fair Value, Inputs, Level 1 [Member] | ||
Financial Assets: | ||
Cash and short term investments | 22,295 | 22,941 |
Held-to-maturity securities | ||
Investment securities available-for-sale | 818 | 812 |
Other investments, at cost | ||
Loans held for sale | ||
Net loans receivable | ||
Accrued interest | 2,934 | 2,877 |
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 | 621 | 652 |
Fair Value, Inputs, Level 2 [Member] | ||
Financial Assets: | ||
Cash and short term investments | ||
Held-to-maturity securities | 18,100 | 17,555 |
Investment securities available-for-sale | 265,547 | 263,458 |
Other investments, at cost | ||
Loans held for sale | 7,707 | 2,962 |
Net loans receivable | 499,316 | 478,195 |
Accrued interest | ||
Financial liabilities: | ||
Non-interest bearing demand | 170,976 | 156,247 |
NOW and money market accounts | 318,875 | 318,308 |
Savings | 63,887 | 60,699 |
Time deposits | 176,141 | 181,325 |
Total deposits | 729,879 | 716,579 |
Federal Home Loan Bank Advances | 33,993 | 25,841 |
Short term borrowings | 21,112 | 21,033 |
Junior subordinated debentures | 14,961 | 14,954 |
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 | 950 | 417 |
Other investments, at cost | 2,168 | 1,783 |
Loans held for sale | ||
Net loans receivable | 6,099 | 6,474 |
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 MEASUREMENT (Detai42
FAIR VALUE MEASUREMENT (Details 2) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | $ 267,315 | $ 264,687 |
US Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 1,577 | 1,522 |
Government sponsored enterprises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 1,032 | 992 |
Small Business Administration pools [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 55,351 | 57,328 |
State and local government [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 56,258 | 57,295 |
Corporate and other securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 1,829 | 1,289 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 267,315 | 264,687 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Measurements, Recurring [Member] | US Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 1,577 | 1,522 |
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 | 1,032 | 992 |
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 | 151,268 | 146,261 |
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 | 55,351 | 57,328 |
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 | 56,258 | 57,295 |
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 | 1,829 | 1,289 |
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 | 818 | 812 |
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 | 818 | 812 |
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 | 265,547 | 263,458 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | US Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 1,577 | 1,522 |
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 | 1,032 | 992 |
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 | 151,268 | 146,261 |
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 | 55,351 | 57,328 |
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 | 56,258 | 57,295 |
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 | 61 | 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 | 950 | 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 | $ 950 | $ 417 |
FAIR VALUE MEASUREMENT (Detai43
FAIR VALUE MEASUREMENT (Details 3) - Corporate Preferred Stock [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Reconciliation of changes in level 3 financial instruments | ||||
Beginning Balance | $ 417 | $ 417 | $ 417 | $ 417 |
Total gains or losses (realized/unrealized) Included in earnings | ||||
Included in other comprehensive income | ||||
Purchases, issuances, and settlements | 950 | 950 | ||
Maturities, sales, payoffs | (417) | (417) | ||
Transfers in and/or out of Level 3 | ||||
Balance at the end of the period | $ 950 | $ 417 | $ 950 | $ 417 |
FAIR VALUE MEASUREMENT (Detai44
FAIR VALUE MEASUREMENT (Details 4) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired loans | $ 6,102 | $ 6,477 | $ 7,023 |
Total other real estate owned | 1,355 | 2,458 | |
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 | 6,099 | 6,474 | |
Total other real estate owned | 1,355 | 2,458 | |
Total | 7,454 | 8,932 | |
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 | 6,099 | 6,474 | |
Total other real estate owned | 1,355 | 2,458 | |
Total | 7,454 | 8,932 | |
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 | 1 | 9 | |
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 | 1 | 9 | |
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 | ||
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 | ||
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 | 715 | 845 | |
Total other real estate owned | 336 | 191 | |
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 | 715 | 845 | |
Total other real estate owned | 336 | 191 | |
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 | 5,353 | 5,620 | |
Total other real estate owned | 1,019 | 1,991 | |
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 | 5,353 | 5,620 | |
Total other real estate owned | 1,019 | 1,991 | |
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 | 30 | ||
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 | 30 | ||
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 MEASUREMENT (Detai45
FAIR VALUE MEASUREMENT (Details 5) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
OREO | $ 1,355 | $ 2,458 | |
Total impaired loans | 6,102 | 6,477 | $ 7,023 |
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 | $ 1,355 | $ 2,458 | |
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 | $ 6,099 | $ 6,474 | |
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 | $ 950 | $ 417 |
DEPOSITS (Details)
DEPOSITS (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Banking and Thrift [Abstract] | ||
Non-interest bearing demand deposits | $ 170,976 | $ 156,247 |
NOW and money market accounts | 318,875 | 318,308 |
Savings | 63,887 | 60,699 |
Time deposits | 175,885 | 180,897 |
Total deposits | 729,623 | 716,151 |
Time deposits greater than $250 thousand | $ 22,100 | $ 21,200 |
Reportable Segments (Details)
Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Dividend and Interest Income | $ 7,459 | $ 7,049 | $ 14,596 | $ 14,332 | |
Interest expense | 782 | 845 | 1,582 | 1,680 | |
Net interest income | 6,677 | 6,204 | 13,014 | 12,652 | |
Provision for loan losses | 217 | 391 | 357 | 797 | $ 1,138 |
Noninterest income | 2,264 | 2,565 | 4,353 | 4,546 | |
Noninterest expense | 6,333 | 6,389 | 12,675 | 12,489 | |
Net income before taxes | 2,391 | 1,989 | 4,335 | 3,912 | |
Income tax (provision) benefit | 646 | 546 | 1,122 | 1,065 | |
Net income (loss) | 1,745 | 1,443 | 3,213 | 2,847 | |
Total assets | 888,837 | 888,837 | 862,734 | ||
Commercial And Retail Banking [Member] | |||||
Dividend and Interest Income | 7,389 | 6,970 | 14,396 | 14,194 | |
Interest expense | 664 | 736 | 1,343 | 1,460 | |
Net interest income | 6,725 | 6,234 | 13,053 | 12,734 | |
Provision for loan losses | 217 | 391 | 357 | 797 | |
Noninterest income | 1,054 | 1,290 | 2,187 | 2,128 | |
Noninterest expense | 5,317 | 5,256 | 10,722 | 10,223 | |
Net income before taxes | 2,245 | 1,877 | 4,161 | 3,842 | |
Income tax (provision) benefit | (709) | (622) | (1,233) | (1,248) | |
Net income (loss) | 1,536 | 1,255 | 2,928 | 2,594 | |
Total assets | 877,142 | 877,142 | 855,888 | ||
Mortgage Banking [Member] | |||||
Dividend and Interest Income | 55 | 64 | 82 | 109 | |
Interest expense | |||||
Net interest income | 55 | 64 | 82 | 109 | |
Provision for loan losses | |||||
Noninterest income | 913 | 981 | 1,578 | 1,715 | |
Noninterest expense | 623 | 740 | 1,155 | 1,317 | |
Net income before taxes | 345 | 305 | 505 | 507 | |
Income tax (provision) benefit | |||||
Net income (loss) | 345 | 305 | 505 | 507 | |
Total assets | 9,594 | 9,594 | 4,355 | ||
Investment Advisory And Non Deposit [Member] | |||||
Dividend and Interest Income | |||||
Interest expense | |||||
Net interest income | |||||
Provision for loan losses | |||||
Noninterest income | 297 | 294 | 588 | 703 | |
Noninterest expense | 260 | 220 | 517 | 506 | |
Net income before taxes | 37 | 74 | 71 | 197 | |
Income tax (provision) benefit | |||||
Net income (loss) | 37 | 74 | 71 | 197 | |
Total assets | 37 | 37 | 34 | ||
Corporate [Member] | |||||
Dividend and Interest Income | 679 | 547 | 1,414 | 1,127 | |
Interest expense | 118 | 109 | 239 | 220 | |
Net interest income | 561 | 438 | 1,175 | 907 | |
Provision for loan losses | |||||
Noninterest income | |||||
Noninterest expense | 133 | 173 | 281 | 443 | |
Net income before taxes | 428 | 265 | 894 | 464 | |
Income tax (provision) benefit | 63 | 76 | 111 | 183 | |
Net income (loss) | 491 | 341 | 1,005 | 647 | |
Total assets | 95,445 | 95,445 | 93,296 | ||
Eliminations [Member] | |||||
Dividend and Interest Income | (664) | (532) | (1,296) | (1,098) | |
Net interest income | |||||
Provision for loan losses | |||||
Noninterest income | |||||
Noninterest expense | |||||
Net income before taxes | |||||
Income tax (provision) benefit | |||||
Net income (loss) | |||||
Total assets | $ (93,381) | $ (93,381) | $ (90,839) |