Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Nov. 06, 2017 | |
Document and Entity Information | ||
Entity Registrant Name | FIRST COMMUNITY CORP /SC/ | |
Entity Central Index Key | 932,781 | |
Document Type | 10-Q | |
Trading Symbol | fcco | |
Document Period End Date | Sep. 30, 2017 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 6,706,406 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 |
CONSOLIDATED BALANCE SHEETS (Un
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
ASSETS | ||
Cash and due from banks | $ 11,695 | $ 11,925 |
Interest-bearing bank balances | 14,792 | 9,475 |
Federal funds sold and securities purchased under agreements to resell | 601 | 599 |
Investment securities held-to-maturity | 17,057 | 17,193 |
Investment securities available-for-sale | 229,060 | 253,394 |
Other investments, at cost | 2,555 | 1,809 |
Loans held for sale | 6,018 | 5,707 |
Loans | 568,488 | 546,709 |
Less, allowance for loan losses | 5,656 | 5,214 |
Net loans | 562,832 | 541,495 |
Property, furniture and equipment - net | 31,343 | 29,833 |
Land held for sale | 1,055 | |
Bank owned life insurance | 22,855 | 20,905 |
Other real estate owned | 733 | 1,146 |
Intangible assets | 878 | 1,102 |
Goodwill | 5,078 | 5,078 |
Other assets | 8,731 | 14,077 |
Total assets | 914,228 | 914,793 |
Deposits: | ||
Non-interest bearing demand | 195,348 | 182,915 |
Interest bearing | 574,734 | 583,707 |
Total deposits | 770,082 | 766,622 |
Securities sold under agreements to repurchase | 17,469 | 19,527 |
Federal Home Loan Bank advances | 17,255 | 24,035 |
Junior subordinated debt | 14,964 | 14,964 |
Other liabilities | 7,863 | 7,784 |
Total liabilities | 827,633 | 832,932 |
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 6,706,406 at September 30, 2017 6,708,393 at December 31, 2016 | 6,706 | 6,708 |
Common stock warrants issued | 46 | 46 |
Nonvested restricted stock | (158) | (220) |
Additional paid in capital | 75,960 | 75,991 |
Retained earnings (deficit) | 4,088 | 573 |
Accumulated other comprehensive income (loss) | (47) | (1,237) |
Total shareholders' equity | 86,595 | 81,861 |
Total liabilities and shareholders' equity | $ 914,228 | $ 914,793 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2017 | Dec. 31, 2016 |
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 | 6,706,406 | 6,708,393 |
Common stock, shares outstanding | 6,706,406 | 6,708,393 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Interest income: | ||||
Loans, including fees | $ 6,438 | $ 5,977 | $ 19,003 | $ 17,582 |
Taxable securities | 989 | 944 | 2,924 | 2,903 |
Non-taxable securities | 453 | 445 | 1,395 | 1,428 |
Other | 41 | 34 | 94 | 83 |
Total interest income | 7,921 | 7,400 | 23,416 | 21,996 |
Interest expense: | ||||
Deposits | 459 | 465 | 1,341 | 1,358 |
Securities sold under agreement to repurchase | 24 | 12 | 45 | 32 |
Other borrowed money | 211 | 272 | 694 | 941 |
Total interest expense | 694 | 749 | 2,080 | 2,331 |
Net interest income | 7,227 | 6,651 | 21,336 | 19,665 |
Provision for loan losses | 166 | 179 | 360 | 536 |
Net interest income after provision for loan losses | 7,061 | 6,472 | 20,976 | 19,129 |
Non-interest income: | ||||
Deposit service charges | 379 | 377 | 1,047 | 1,064 |
Mortgage banking income | 1,032 | 937 | 2,950 | 2,515 |
Investment advisory fees and non-deposit commissions | 336 | 283 | 908 | 871 |
Gain on sale of securities | 124 | 478 | 350 | 601 |
Gain (loss) on sale of other assets | 40 | 45 | 128 | (36) |
Loss on early extinguishment of debt | (165) | (459) | (446) | (459) |
Other | 676 | 726 | 2,108 | 2,184 |
Total non-interest income | 2,422 | 2,387 | 7,045 | 6,740 |
Non-interest expense: | ||||
Salaries and employee benefits | 4,122 | 3,888 | 12,469 | 11,472 |
Occupancy | 532 | 531 | 1,598 | 1,601 |
Equipment | 396 | 442 | 1,348 | 1,308 |
Marketing and public relations | 96 | 240 | 615 | 529 |
FDIC Assessment | 78 | 60 | 234 | 336 |
Other real estate expense | 19 | 115 | 75 | 187 |
Amortization of intangibles | 74 | 80 | 223 | 243 |
Merger expenses | 228 | 326 | ||
Other | 1,349 | 1,227 | 4,096 | 3,582 |
Total non-interest expense | 6,894 | 6,583 | 20,984 | 19,258 |
Net income before tax | 2,589 | 2,276 | 7,037 | 6,611 |
Income taxes | 696 | 599 | 1,724 | 1,721 |
Net income | $ 1,893 | $ 1,677 | $ 5,313 | $ 4,890 |
Basic earnings per common share (in dollars per share) | $ 0.28 | $ 0.26 | $ 0.8 | $ 0.74 |
Diluted earnings per common share (in dollars per share) | $ 0.28 | $ 0.25 | $ 0.78 | $ 0.72 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Consolidated Statements Of Comprehensive Income | ||||
Net income | $ 1,893 | $ 1,677 | $ 5,313 | $ 4,890 |
Other comprehensive income (loss): | ||||
Unrealized gain during the period on available-for-sale securities, net of taxes of $732 and $1,085, respectively, for 9 Months ended September 30, 2017 and 2016 respectively and $94 and $509, respectively for 3 Months ended September 30, 2017 and 2016 respectively | 181 | (989) | 1,421 | 2,106 |
Less: Reclassification adjustment for gain included in net income, net of taxes of $119 and $204, respectively for 9 Months ended September 30, 2017 and 2016 respectively; $42 and $163 for 3 Months ended September 30, 2017 and 2016 respectively | (82) | (315) | (231) | (397) |
Other comprehensive income (loss) | 99 | (1,304) | 1,190 | 1,709 |
Comprehensive income | $ 1,992 | $ 373 | $ 6,503 | $ 6,599 |
CONSOLIDATED STATEMENTS OF COM6
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Consolidated Statements Of Comprehensive Income | ||||
Unrealized gain (loss) during the period on available-for-sale securities, taxes | $ 94 | $ 509 | $ 732 | $ 1,085 |
Reclassification adjustment for (gain) loss included in net income, taxes | $ 42 | $ 163 | $ 119 | $ 204 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Warrant [Member] | Additional Paid-In Capital [Member] | Restricted Stock [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
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 | 6,690,000 | ||||||
Net income | 4,890 | 4,890 | |||||
Other comprehensive income net of tax | 1,709 | 1,709 | |||||
Issuance of restricted stock | $ 22 | 275 | (297) | ||||
Issuance of restricted stock, in shares | 22,000 | ||||||
Restricted stock shares surrendered | $ (26) | (327) | (353) | ||||
Restricted stock shares surrendered, in shares | (26,000) | ||||||
Issuance of common stock | $ 1 | 13 | 14 | ||||
Issuance of common stock, in shares | 1,000 | ||||||
Amortization of compensation on restricted stock | 281 | 281 | |||||
Shares forfeited | |||||||
Dividends: Common | (1,586) | (1,586) | |||||
Dividend reinvestment plan | $ 16 | 199 | 215 | ||||
Dividend reinvestment plan, in shares | 16,000 | ||||||
Ending Balance at Sep. 30, 2016 | $ 6,703 | 46 | 75,921 | (313) | (688) | 2,539 | 84,208 |
Ending Balance, in shares at Sep. 30, 2016 | 6,703,000 | ||||||
Beginning Balance at Dec. 31, 2016 | $ 6,708 | 46 | 75,991 | (220) | 573 | (1,237) | 81,861 |
Beginning Balance, in shares at Dec. 31, 2016 | 6,708,000 | ||||||
Net income | 5,313 | 5,313 | |||||
Other comprehensive income net of tax | 1,190 | 1,190 | |||||
Issuance of restricted stock | $ 5 | 100 | (105) | ||||
Issuance of restricted stock, in shares | 5,000 | ||||||
Restricted stock shares surrendered | $ (19) | (369) | (388) | ||||
Restricted stock shares surrendered, in shares | (19,000) | ||||||
Amortization of compensation on restricted stock | 158 | 158 | |||||
Shares forfeited | $ (2) | (27) | 9 | (20) | |||
Shares forfeited, in shares | (2,000) | ||||||
Dividends: Common | (1,798) | (1,798) | |||||
Dividend reinvestment plan | $ 14 | 265 | 279 | ||||
Dividend reinvestment plan, in shares | 14,000 | ||||||
Ending Balance at Sep. 30, 2017 | $ 6,706 | $ 46 | $ 75,960 | $ (158) | $ 4,088 | $ (47) | $ 86,595 |
Ending Balance, in shares at Sep. 30, 2017 | 6,706,000 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Cash flows from operating activities: | |||||
Net income | $ 1,893 | $ 1,677 | $ 5,313 | $ 4,890 | |
Adjustments to reconcile net income to net cash provided in operating activities: | |||||
Depreciation | 1,075 | 994 | |||
Premium amortization | 2,449 | 3,044 | |||
Provision for loan losses | 166 | 179 | 360 | 536 | $ 774 |
Write-down of other real estate owned | 17 | 76 | |||
(Gain) loss on sale of other real estate owned | (128) | 36 | |||
Origination of loans held-for-sale | (80,340) | (71,169) | |||
Sale of loans held-for-sale | 80,029 | 69,880 | |||
Amortization of intangibles | 74 | 80 | 223 | 243 | |
Accretion on acquired loans | (138) | (804) | |||
Writedown of land held for sale | 90 | 25 | |||
Gain on sale of securities | (124) | (478) | (350) | (601) | |
Loss on extinguishment of debt | 165 | 459 | 446 | 459 | |
Decrease in other assets | 4,042 | 343 | |||
Decrease in other liabilities | 78 | 144 | |||
Net cash provided in operating activities | 13,166 | 8,096 | |||
Cash flows from investing activities: | |||||
Purchase of investment securities available-for-sale | (15,350) | (64,059) | |||
Maturity/call of investment securities available-for-sale | 25,761 | 26,553 | |||
Proceeds from sale of securities available-for-sale | 2,300 | 19,100 | 12,867 | 33,215 | |
Proceeds from sale of other securities | 357 | 486 | |||
Increase in loans | (21,787) | (34,052) | |||
Proceeds from sale of other real estate owned | 530 | 1,597 | |||
Purchase of property and equipment | (2,675) | (1,016) | |||
Net cash used in investing activities | (297) | (37,275) | |||
Cash flows from financing activities: | |||||
Increase in deposit accounts | 3,473 | 49,711 | |||
Increase (decrease) in securities sold under agreements to repurchase | (2,058) | 1,199 | |||
Advances from the Federal Home Loan Bank | 26,000 | 70,593 | |||
Repayment of advances from the Federal Home Loan Bank | (33,268) | (74,860) | |||
Issuance of common stock | 14 | ||||
Shares forfeited | (20) | ||||
Shares retired | (388) | (353) | |||
Dividends paid: Common Stock | (1,798) | (1,586) | |||
Dividend reinvestment plan | 279 | 215 | |||
Net cash provided from financing activities | (7,780) | 44,933 | |||
Net increase (decrease) in cash and cash equivalents | 5,089 | 15,754 | |||
Cash and cash equivalents at beginning of year | 21,999 | 22,941 | 22,941 | ||
Cash and cash equivalents at end of year | $ 27,088 | $ 38,695 | 27,088 | 38,695 | $ 21,999 |
Cash paid during the period for: | |||||
Interest | 2,162 | 2,395 | |||
Taxes | 1,095 | 1,345 | |||
Non-cash investing and financing activities: | |||||
Unrealized (loss) gain on securities available-for-sale | 1,190 | 1,709 | |||
Transfer of loans to foreclosed property | $ 26 | $ 450 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | Note 1 - Basis of Presentation In the opinion of management, the accompanying unaudited consolidated balance sheets, and the consolidated statements of income, comprehensive income, changes in shareholders’ equity, and the cash flows of First Community Corporation (the “Company”), present fairly in all material respects the Company’s financial position at September 30, 2017 and December 31, 2016, and the Company’s results of operations and cash flows for the three and nine months ended September 30, 2017 and 2016. The results of operations for the three and nine months ended September 30, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017. 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 2016 Annual Report on Form 10-K should be referred to in connection with these unaudited interim financial statements. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
EARNINGS PER 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) Nine months Three months Ended September 30, Ended September 30, 2017 2016 2017 2016 Numerator (Net income) $ 5,313 $ 4,890 $ 1,893 $ 1,677 Denominator Weighted average common shares outstanding for: Basic earnings per share 6,666 6,583 6,666 6,584 Dilutive securities: Deferred compensation 54 39 54 38 Warrants/Restricted stock – Treasury stock method 88 152 88 147 Diluted earnings per share 6,808 6,774 6,808 6,769 The average market price used in calculating assumed number of shares $ 20.59 $ 14.29 $ 20.66 $ 14.00 There were no options outstanding as of September 30, 2017 and 2016. In the fourth quarter of 2011, we issued $2.5 million in 8.75% subordinated notes maturing December 16, 2019. On November 15, 2012, the subordinated notes were redeemed in full at par. Warrants for 107,500 shares of common stock at $5.90 per share were issued in connection with the issuance of the subordinated debt. There were 97,180 warrants outstanding at September 30, 2017. These warrants expire December 16, 2019 and are included in dilutive securities in the table above. The Company has issued a total of 138,000 shares of restricted stock under the terms of its compensation plans and employment agreements. The employee shares cliff vest over a three year period; the non-employee director shares vest one year after issuance. The unrecognized compensation cost at September 30, 2017 for non-vested shares amounts to $158 thousand. In February 2017, the Company issued 353 restricted stock units to an employee that cliff vest over three years. Each unit is convertible into one share of common stock at the time the units vest. The related compensation cost is accrued over the vesting period. In 2006, the Company established a Non-Employee Director Deferred Compensation Plan, whereby a director may elect to defer all or any part of 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 September 30, 2017 and December 31, 2016, there were 108,577 and 101,888 units in the plan, respectively. The accrued liability at September 30, 2017 and December 31, 2016 amounted to $1.1 million and $966 thousand, respectively, and is included in “Other liabilities” on the balance sheet. |
INVESTMENT SECURITIES
INVESTMENT SECURITIES | 9 Months Ended |
Sep. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENT SECURITIES | Note 3—Investment Securities-continued The amortized cost and estimated fair values of investment securities are summarized below: AVAILABLE-FOR-SALE: Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value September 30, 2017 US Treasury securities $ 1,531 $ — $ 10 $ 1,521 Government sponsored enterprises 959 37 — 996 Mortgage-backed securities 124,437 459 1,148 123,748 Small Business Administration pools 50,653 189 477 50,365 State and local government 50,738 1,419 583 51,574 Corporate and other securities 932 — 76 856 $ 229,250 $ 2,104 $ 2,294 $ 229,060 Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value December 31, 2016 US Treasury securities $ 1,538 $ — $ 18 $ 1,520 Government sponsored enterprises 959 38 — 997 Mortgage-backed securities 145,696 480 1,878 144,298 Small Business Administration pools 50,560 208 584 50,184 State and local government 54,702 907 1,075 54,534 Corporate and other securities 1,932 — 71 1,861 $ 255,387 $ 1,633 $ 3,626 $ 253,394 HELD-TO-MATURITY: Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value September 30, 2017 State and local government $ 17,057 $ 289 $ 2 $ 17,344 $ 17,057 $ 289 $ 2 $ 17,344 Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value December 31, 2016 State and local government $ 17,193 $ 54 $ 133 $ 17,114 $ 17,193 $ 54 $ 133 $ 17,114 During the nine months ended September 30, 2017 and 2016, the Company received proceeds of $12.9 million and $33.2 million, respectively, from the sale of investment securities available-for-sale. For the nine months ended September 30, 2017, gross realized gains totaled $371 thousand and gross realized losses totaled $21 thousand. For the nine months ended September 30, 2016, gross realized gains totaled $601 thousand and there were no gross realized losses. During the three months ended September 30, 2017, the Company received proceeds of $2.3 million from the sale of investment securities available-for-sale, gross realized gains totaled $125 thousand and there were no gross realized losses. During the three months ended September 30, 2016, the Company received proceeds of $19.1 million from the sale of investment securities available-for-sale, gross realized gains totaled $478 thousand and there were no gross realized losses. At September 30, 2017, corporate and other securities available-for-sale included the following at fair value: mutual funds at $795.8 thousand and foreign debt of $60.0 thousand. At December 31, 2016, corporate and other securities available-for-sale included the following at fair value: mutual funds at $801.1 thousand, foreign debt of $60.1 thousand, and corporate preferred stock in the amount of $1.0 million. Other investments, at cost, include Federal Home Loan Bank (“FHLB”) stock in the amount of $1.6 million and corporate stock in the amount of $1.0 million at September 30, 2017. The Company held $1.8 million of FHLB stock at December 31, 2016. The following tables show gross unrealized losses and fair values, aggregated by investment category and length of time that individual securities have been in a continuous loss position, at September 30, 2017 and December 31, 2016. (Dollars in thousands) Less than 12 months 12 months or more Total September 30, 2017 Unrealized Unrealized Unrealized Available-for-sale securities: Fair Value Loss Fair Value Loss Fair Value Loss US Treasury securities $ 1,521 $ 10 $ — $ — $ 1,521 $ 10 Government Sponsored Enterprise mortgage-backed securities 28,950 219 37,271 929 66,221 1,148 Small Business Administration pools 14,931 100 23,307 377 38,238 477 State and local government 884 10 12,341 573 13,225 583 Corporate and other securities — — 796 76 796 76 $ 46,286 $ 339 $ 73,715 $ 1,955 $ 120,001 $ 2,294 (Dollars in thousands) Less than 12 months 12 months or more Total September 30, 2017 Unrealized Unrealized Unrealized Held-to-maturity securities: Fair Value Loss Fair Value Loss Fair Value Loss State and local government $ 680 $ 2 $ — $ — $ 680 $ 2 (Dollars in thousands) Less than 12 months 12 months or more Total December 31, 2016 Unrealized Unrealized Unrealized Available-for-sale securities: Fair Value Loss Fair Value Loss Fair Value Loss US Treasury securities $ 1,520 $ 18 $ — $ — $ 1,520 $ 18 Government Sponsored Enterprise mortgage-backed securities 77,389 1,597 16,655 281 94,044 1,878 Small Business Administration pools 15,213 206 23,382 378 38,595 584 State and local government 17,502 1,075 — — 17,502 1,075 Corporate and other securities — — 801 71 801 71 $ 111,624 $ 2,896 $ 40,838 $ 730 $ 152,462 $ 3,626 (Dollars in thousands) Less than 12 months 12 months or more Total December 31, 2016 Unrealized Unrealized Unrealized Held-to-maturity securities: Fair Value Loss Fair Value Loss Fair Value Loss State and local government $ 10,245 $ 133 $ — $ — $ 10,245 $ 133 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 September 30, 2017 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. September 30, 2017 Available-for-sale Held-to-maturity Amortized Fair Amortized Fair (Dollars in thousands) Cost Value Cost Value Due in one year or less $ 9,254 $ 9,308 $ — $ — Due after one year through five years 119,813 120,124 7,939 8,051 Due after five years through ten years 92,654 92,222 9,118 9,293 Due after ten years 7,529 7,406 — — $ 229,250 $ 229,060 $ 17,057 $ 17,344 |
LOANS
LOANS | 9 Months Ended |
Sep. 30, 2017 | |
Receivables [Abstract] | |
LOANS | Note 4—Loans Loans summarized by category as of September 30, 2017, December 31, 2016 and September 30, 2016 are as follows: September 30, December 31, September 30, (Dollars in thousands) 2017 2016 2016 Commercial, financial, agricultural $ 44,917 $ 42,704 $ 38,790 Real estate: Construction 42,693 45,746 41,228 Mortgage-residential 44,567 47,472 49,330 Mortgage-commercial 398,777 371,112 354,095 Consumer: Home equity 29,984 31,368 31,743 Other 7,550 8,307 8,255 Total $ 568,488 $ 546,709 $ 523,441 The detailed activity in the allowance for loan losses and the recorded investment in loans receivable as of and for the nine months ended September 30, 2017 and September 30, 2016 and for the year ended December 31, 2016 is as follows: (Dollars in thousands) Real estate Real estate Consumer Real estate Mortgage Mortgage Home Consumer Commercial construction Residential Commercial Equity Other Unallocated Total Allowance for loan losses: Beginning balance December 31, 2016 $ 145 $ 104 $ 438 $ 2,793 $ 153 $ 127 $ 1,454 $ 5,214 Charge-offs (5 ) — — (30 ) — (85 ) — (120 ) Recoveries 3 — 4 158 24 13 — 202 Provisions 41 (10 ) (115 ) (5 ) 81 (38 ) 406 360 Ending balance September 30, 2017 $ 184 $ 94 $ 327 $ 2,916 $ 258 $ 17 $ 1,860 $ 5,656 Ending balances: Individually evaluated for impairment $ — $ — $ 2 $ 29 $ — $ — $ — $ 31 Collectively evaluated for impairment 184 94 325 2,887 258 17 1,860 5,625 September 30, 2017 Loans receivable: Ending balance-total $ 44,917 $ 42,693 $ 44,567 $ 398,777 $ 29,984 $ 7,550 $ — $ 568,488 Ending balances: Individually evaluated for impairment — — 422 4,173 34 — — 4,629 Collectively evaluated for impairment $ 44,917 $ 42,693 $ 44,145 $ 394,604 $ 29,950 $ 7,550 $ — $ 563,859 (Dollars in thousands) Real estate Real estate Consumer Real estate Mortgage Mortgage Home Consumer Commercial Construction Residential Commercial equity Other Unallocated Total Allowance for loan losses: Beginning balance December 31, 2015 $ 75 $ 51 $ 223 $ 2,036 $ 127 $ 37 $ 2,047 $ 4,596 Charge-offs — — (2 ) (94 ) (8 ) (52 ) — (156 ) Recoveries 4 — 39 16 2 10 — 71 Provisions 51 43 252 778 2 28 (618 ) 536 Ending balance September 30, 2016 $ 130 $ 94 $ 512 $ 2,736 $ 123 $ 23 $ 1,429 $ 5,047 Ending balances: Individually evaluated for impairment $ — $ — $ 2 $ — $ — $ — $ — $ 2 Collectively evaluated for impairment 130 94 510 2,736 123 23 1,429 5,045 September 30, 2016 Ending balance-total $ 38,790 $ 41,228 $ 49,330 $ 354,095 $ 31,743 $ 8,255 $ — $ 523,441 Ending balances: Individually evaluated for impairment — — 421 5,243 56 — — 5,720 Collectively evaluated for impairment $ 38,790 $ 41,228 $ 48,909 $ 348,852 $ 31,687 $ 8,255 $ — $ 517,721 (Dollars in thousands) Real estate Real estate Consumer Real estate Mortgage Mortgage Home Consumer Commercial Construction Residential Commercial equity Other Unallocated Total December 31, 2016 Allowance for loan losses: Beginning balance December 31, 2015 $ 75 $ 51 $ 223 $ 2,036 $ 127 $ 37 $ 2,047 $ 4,596 Charge-offs — — (11 ) (136 ) (20 ) (72 ) — (239 ) Recoveries 5 — 40 21 3 14 — 83 Provisions 65 53 186 872 43 148 (593 ) 774 Ending balance December 31, 2016 $ 145 $ 104 $ 438 $ 2,793 $ 153 $ 127 $ 1,454 $ 5,214 Ending balances: Individually evaluated for impairment $ — $ — $ 2 $ 4 $ — $ — $ — $ 6 Collectively evaluated for impairment 145 104 436 2,789 153 127 1,454 5,208 December 31, 2016 Ending balance-total $ 42,704 $ 45,746 $ 47,472 $ 371,112 $ 31,368 $ 8,307 $ — $ 546,709 Ending balances: Individually evaluated for impairment — — 639 5,124 56 — — 5,819 Collectively evaluated for impairment $ 42,704 $ 45,746 $ 46,833 $ 365,988 $ 31,312 $ 8,307 $ — $ 540,890 The detailed activity in the allowance for loan losses as of and for the three months ended September 30, 2017 and the three months ended September 30, 2016 is as follows: (Dollars in thousands) Real estate Real estate Consumer Real estate Mortgage Mortgage Home Consumer 2017 Commercial Construction Residential Commercial Equity Other Unallocated Total Allowance for loan losses: Beginning balance June 30, 2017 $ 169 $ 76 $ 353 $ 2,845 $ 196 $ 24 $ 1,827 $ 5,490 Charge-offs (5 ) — — (6 ) — (41 ) — (52 ) Recoveries — — 2 45 — 5 — 52 Provisions 20 18 (28 ) 32 62 29 33 166 Ending balance September 30, 2017 $ 184 $ 94 $ 327 $ 2,916 $ 258 $ 17 $ 1,860 $ 5,656 (Dollars in thousands) Real estate Real estate Consumer Real estate Mortgage Mortgage Home Consumer 2016 Commercial Construction Residential Commercial Equity Other Unallocated Total Allowance for loan losses: Beginning balance June 30, 2016 $ 71 $ 59 $ 207 $ 2,349 $ 93 $ 23 $ 2,075 $ 4,877 Charge-offs — — (1 ) (36 ) — (19 ) — (56 ) Recoveries 1 — 34 8 — 4 — 47 Provisions 58 35 272 415 30 15 (646 ) 179 Ending balance September 30, 2016 $ 130 $ 94 $ 512 $ 2,736 $ 123 $ 23 $ 1,429 $ 5,047 Related party loans and lines of credit are made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with unrelated persons and generally do not involve more than the normal risk of collectability. The following table presents related party loan transactions for the nine months ended September 30, 2017 and 2016: (Dollars in thousands) 2017 2016 Beginning Balance December 31, $ 6,103 $ 7,037 New Loans 339 431 Less loan repayments 925 1,093 Ending Balance September 30, $ 5,517 $ 6,375 The following table presents at September 30, 2017 and December 31, 2016 loans individually evaluated and considered impaired under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 310 “Accounting by Creditors for Impairment of a Loan.” Impairment includes performing troubled debt restructurings (“TDRs”). (Dollars in thousands) September 30, December 31, 2017 2016 Total loans considered impaired $ 4,629 $ 5,819 Loans considered impaired for which there is a related allowance for loan loss: 1,715 224 Related allowance 31 6 Loans considered impaired and previously written down to fair value 2,914 5,595 Average impaired loans 4,675 8,727 The following tables are by loan category and present at September 30, 2017, December 31, 2016 and September, 2016 loans individually evaluated and considered impaired under FASB ASC 310 “Accounting by Creditors for Impairment of a Loan.” Impairment includes performing TDRs. (Dollars in thousands) Nine months ended Three months ended September 30, 2017 Unpaid Average Interest Average Interest Recorded Principal Related Recorded income Recorded income Investment Balance Allowance Investment Recognized Investment Recognized With no allowance recorded: Commercial, financial, agricultural $ — $ — $ — $ — $ — $ — $ — Real estate: Construction — — — — — — — Mortgage-residential 379 443 — 384 11 378 11 Mortgage-commercial 2,501 5,051 — 2,536 117 2,488 118 Consumer: Home equity 34 34 — 34 — 56 — Other — — — — — — — With an allowance recorded: Commercial, financial, agricultural — — — — — — — Real estate: Construction — — — — — — — Mortgage-residential 43 43 2 43 2 43 1 Mortgage-commercial 1,672 2,293 29 1,678 111 1,671 31 Consumer: Home equity — — — — — — — Other — — — — — — — Total: Commercial, financial, agricultural $ — $ — $ — $ — $ — $ — $ — Real estate: Construction — — — — — — — Mortgage-residential 422 486 2 427 13 421 12 Mortgage-commercial 4,173 7,344 29 4,214 228 4,159 149 Consumer: Home equity 34 34 — 34 — 56 — Other — — — — — — — $ 4,629 $ 7,864 $ 31 $ 4,675 $ 241 $ 4,636 $ 161 (Dollars in thousands) Nine months ended Three months ended Unpaid Average Interest Average Interest September 30, 2016 Recorded Principal Related Recorded Income Recorded Income Investment Balance Allowance Investment Recognized Investment Recognized With no allowance recorded: Commercial $ — $ — $ — $ — $ — $ — $ — Real estate: Construction — — — — — — — Mortgage-residential 374 374 — 419 — 411 — Mortgage-commercial 5,243 7,821 — 8,683 88 8,609 31 Consumer: Home Equity 56 56 — 57 — 57 — Other — — — — — — — With an allowance recorded: Commercial — — — — — — — Real estate: Construction — — — — — — — Mortgage-residential 47 47 2 48 2 47 1 Mortgage-commercial — — — — — — — Consumer: Home Equity — — — — — — — Other — — — — — — — Total: Commercial $ — $ — $ — $ — $ — $ — $ — Real estate: Construction — — — — — — — Mortgage-residential 421 421 2 467 2 458 1 Mortgage-commercial 5,243 7,821 — 8,683 88 8,609 31 Consumer: Home Equity 56 56 — 57 — 57 — Other — — — — — — — $ 5,720 $ 8,298 $ 2 $ 9,207 $ 90 $ 9,124 $ 32 (Dollars in thousands) December 31, 2016 Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized With no allowance recorded: Commercial $ — $ — $ — $ — $ — Real estate: Construction — — — — — Mortgage-residential 593 603 — 660 — Mortgage-commercial 4,946 6,821 — 7,777 98 Consumer: Home Equity 56 56 — 56 — Other — — — — — With an allowance recorded: Commercial — — — — — Real estate: Construction — — — — — Mortgage-residential 46 46 2 48 2 Mortgage-commercial 178 178 4 186 12 Consumer: Home Equity — — — — — Other — — — — — Total: Commercial — — — — — Real estate: Construction — — — — — Mortgage-residential 639 649 2 708 2 Mortgage-commercial 5,124 6,999 4 7,963 110 Consumer: Home Equity 56 56 — 56 — Other — — — — — $ 5,819 $ 7,704 $ 6 $ 8,727 $ 112 The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt, including: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans as to credit risk. This analysis is performed on a monthly basis. The Company uses the following definitions for risk ratings: Special Mention Substandard Doubtful Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered as pass rated loans. As of September 30, 2017 and December 31, 2016, and based on the most recent analysis performed, the risk category of loans by class of loans is shown in the table below. As of September 30, 2017 and December 31, 2016, no loans were classified as doubtful. (Dollars in thousands) Special September 30, 2017 Pass Mention Substandard Doubtful Total Commercial, financial & agricultural $ 44,735 $ 182 $ — $ — $ 44,917 Real estate: — Construction 42,693 — — — 42,693 Mortgage – residential 43,061 653 853 — 44,567 Mortgage – commercial 385,796 7,595 5,386 — 398,777 Consumer: — Home Equity 28,550 1,191 243 — 29,984 Other 7,550 — — 7,550 Total $ 552,385 $ 9,621 $ 6,482 $ — $ 568,488 (Dollars in thousands) Special December 31, 2016 Pass Mention Substandard Doubtful Total Commercial, financial & agricultural $ 42,486 $ 218 $ — $ — $ 42,704 Real estate: — Construction 45,746 — — — 45,746 Mortgage – residential 45,751 622 1,099 — 47,472 Mortgage – commercial 358,766 5,773 6,572 — 371,112 Consumer: — Home Equity 30,929 180 259 — 31,368 Other 8,302 6 — 8,307 Total $ 531,980 $ 6,799 $ 7,930 $ — $ 546,709 At September 30, 2017 and December 31, 2016, non-accrual loans totaled $2.9 million and $4.1 million, respectively. TDRs that are still accruing and included in impaired loans at September 30, 2017 and December 31, 2016 amounted to $1.7 million and $1.8 million, respectively. TDRs in non-accrual status at September 30, 2017 and December 31, 2016 amounted to $1.2 million and $1.2 million, respectively. Loans greater than 90 days delinquent and still accruing interest were $101.9 thousand and $53.0 thousand at September 30, 2017 and December 31, 2016, respectively. 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), A summary of changes in the accretable yield for PCI loans for the three and nine months ended September 30, 2017 and 2016 follows (in thousands): Three Months Ended September 30, 2017 Nine Months Ended September 30, 2017 Accretable yield, beginning of period $ 50 $ 34 Accretion (29 ) (57 ) Reclassification of nonaccretable difference due to improvement in expected cash flows — 44 Accretable yield, end of period $ 21 $ 21 Three Months Nine Months Accretable yield, beginning of period $ 53 $ 92 Accretion (17 ) (150 ) Reclassification of nonaccretable difference due to improvement in expected cash flows 18 112 Accretable yield, end of period $ 54 $ 54 The following tables are by loan category and present loans past due and on non-accrual status as of September 30, 2017 and December 31, 2016: (Dollars in thousands) Greater than 30-59 Days 60-89 Days 90 Days and Total September 30, 2017 Past Due Past Due Accruing Nonaccrual Past Due Current Total Loans Commercial $ 255 $ 39 $ — $ — $ 294 $ 44,623 $ 44,917 Real estate: Construction 163 — — — 163 42,530 42,693 Mortgage-residential — — — 379 379 44,188 44,567 Mortgage-commercial 497 843 — 2,501 3,841 394,936 398,777 Consumer: Home equity 121 — — 34 155 29,829 29,984 Other 83 7 102 — 192 7,358 7,550 $ 1,119 $ 889 $ 102 $ 2,914 $ 5,024 $ 563,464 $ 568,488 (Dollars in thousands) Greater than 30-59 Days 60-89 Days 90 Days and Total December 31, 2016 Past Due Past Due Accruing Nonaccrual Past Due Current Total Loans Commercial $ 11 $ — $ — $ — $ 11 $ 42,693 $ 42,704 Real estate: Construction — — — — — 45,746 45,746 Mortgage-residential 194 145 32 593 964 46,508 47,472 Mortgage-commercial 995 337 — 3,400 4,732 366,380 371,112 Consumer: Home equity 59 64 16 56 195 31,173 31,368 Other 16 1 5 — 22 8,285 8,307 $ 1,275 $ 547 $ 53 $ 4,049 $ 5,924 $ 540,785 $ 546,709 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 nine month periods ended September 30, 2017 or the three month period ended September 30, 2017. The following table, by loan category, presents one loan determined to be a TDR during the nine month period ended September 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 nine months ended September 30, 2016 (Dollars in thousands) Pre-Modification Post-Modification Outstanding Outstanding Number of Recorded Recorded Contracts Investment Investment Accrual Mortgage-Commercial 1 $ 413 $ 413 Total Accrual 1 $ 413 $ 413 Total TDRs 1 $ 413 $ 413 During the three and nine month periods ended September 30, 2017 and 2016, 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 considered impaired and are reviewed to ensure that one of the three proper valuation methods (fair market value of the collateral, present value of cash flows, or observable market price) is adhered to. All non-accrual loans are written down to their corresponding collateral value. All troubled TDR accruing loans that have a loan balance that exceeds the present value of cash flows will have a specific allocation. All nonaccrual loans are considered impaired. Under ASC 310-10, a loan is impaired when it is probable that the Company will be unable to collect all amounts due including both principal and interest according to the contractual terms of the loan agreement. |
RECENTLY ISSUED ACCOUNTING PRON
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Changes and Error Corrections [Abstract] | |
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS | Note 5 - Recently Issued Accounting Pronouncements The following is a summary of recent authoritative pronouncements: In May 2014, the FASB issued guidance to change the recognition of revenue from contracts with customers. The core principle of the new guidance is that an entity should recognize revenue to reflect the transfer of goods and services to customers in an amount equal to the consideration the entity receives or expects to receive. The guidance will be effective for the Company for reporting periods beginning after December 15, 2017. The Company will apply the guidance using a modified retrospective approach. The Company does not expect these amendments to have a material effect on its financial statements. In August 2015, the FASB deferred the effective date of ASU 2014-09, Revenue from Contracts with Customers. As a result of the deferral, the guidance in ASU 2014-09 will be effective for the Company for reporting periods beginning after December 15, 2017. The Company will apply the guidance using a modified retrospective approach. The Company does not expect these amendments to have a material effect on its financial statements. In 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 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 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 became effective for the Company for annual periods beginning after December 15, 2016 and interim periods within those annual periods. These amendments did not have a material effect on the Company’s 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 . In August 2016, the FASB amended the Statement of Cash Flows topic of the Accounting Standards Codification to clarify how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The amendments will be effective for the Company for fiscal years beginning after December 15, 2017 including interim periods within those fiscal years . In December 2016, the FASB issued technical corrections and improvements to the Revenue from Contracts with Customers Topic. These corrections make a limited number of revisions to several pieces of the revenue recognition standard issued in 2014. The effective date and transition requirements for the technical corrections will be effective for the Company for reporting periods beginning after December 15, 2017. The Company will apply the guidance using a full retrospective approach. The Company does not expect these amendments to have a material effect on its financial statements. In January 2017, the FASB issued guidance to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The amendment to the Business Combinations Topic is intended to address concerns that the existing definition of a business has been applied too broadly and has resulted in many transactions being recorded as business acquisitions that in substance are more akin to asset acquisitions. The guidance will be effective for the Company for reporting periods beginning after December 15, 2017. Early adoption is permitted. The Company does not expect these amendments to have a material effect on its financial statements. In January 2017, the FASB updated the Accounting Changes and Error Corrections and the Investments—Equity Method and Joint Ventures Topics of the Accounting Standards Codification. The ASU incorporates into the Accounting Standards Codification recent SEC guidance about disclosing, under SEC SAB Topic 11.M, the effect on financial statements of adopting the revenue, leases, and credit losses standards. The ASU was effective upon issuance. The Company is currently evaluating the impact on additional disclosure requirements as each of the standards is adopted, however it does not expect these amendments to have a material effect on its financial position, results of operations or cash flows. In January 2017, the FASB amended the Goodwill and Other Topic of the Accounting Standards Codification to simplify the accounting for goodwill impairment for public business entities and other entities that have goodwill reported in their financial statements and have not elected the private company alternative for the subsequent measurement of goodwill. The amendment removes Step 2 of the goodwill impairment test. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The effective date and transition requirements for the technical corrections will be effective for the Company for reporting periods beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company does not expect these amendments to have a material effect on its financial statements. In March 2017, the FASB amended the requirements in the Receivables—Nonrefundable Fees and Other Costs Topic of the Accounting Standards Codification related to the amortization period for certain purchased callable debt securities held at a premium. The amendments shorten the amortization period for the premium to the earliest call date. The amendments will be effective for the Company for interim and annual periods beginning after December 15, 2018. The Company does not expect these amendments to have a material effect on its financial statements. Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies are not expected to have a material impact on the Company’s financial position, results of operations or cash flows. |
FAIR VALUE MEASUREMENT
FAIR VALUE MEASUREMENT | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENT | 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 September 30, 2017 and December 31, 2016 are as follows: September 30, 2017 Carrying Fair Value (Dollars in thousands) amount Total Level 1 Level 2 Level 3 Financial Assets: Cash and short term investments $ 27,088 $ 27,088 $ 27,088 $ — $ — Held-to-maturity securities 17,057 17,057 — 17,057 — Available-for-sale securities 229,060 229,060 — — — Other investments, at cost 2,555 2,555 — — 2,555 Loans held for sale 6,018 6,018 — 6,018 — Net loans receivable 562,832 559,811 — 555,213 4,598 Accrued interest 2,901 2,901 2,901 — — Financial Liabilities Non-interest bearing demand deposits $ 195,348 $ 195,348 $ — $ 195,348 $ — Interest bearing demand deposits and money market accounts 332,560 332,560 — 332,560 — Savings 77,676 77,676 — 77,676 — Time deposits 164,498 164,829 — 164,829 — Total deposits 770,082 770,413 — 770,413 — Federal Home Loan Bank Advances 17,255 17,254 — 17,254 — Short term borrowings 17,469 17,469 — 17,469 — Junior subordinated debentures 14,964 15,001 — 15,001 — Accrued interest payable 514 514 514 — — December 31, 2016 Carrying Fair Value (Dollars in thousands) amount Total Level 1 Level 2 Level 3 Financial Assets: Cash and short term investments $ 21,999 $ 21,999 $ 21,999 $ — $ — Held-to-maturity securities 17,193 17,114 — 17,114 — Available-for-sale securities 253,394 253,394 801 251,593 1,000 Other investments, at cost 1,809 1,809 — — 1,809 Loans held for sale 5,707 5,707 — 5,707 — Net loans receivable 541,495 540,487 — 534,674 5,813 Accrued interest 2,925 2,925 2,925 — — Financial Liabilities Non-interest bearing demand deposits $ 182,915 $ 182,915 $ — $ 182,915 $ — Interest bearing demand deposits and money market accounts 327,459 327,459 — 327,459 — Savings 75,012 75,012 — 75,012 — Time deposits 181,236 181,638 — 181,638 — Total deposits 766,622 767,024 — 767,024 — Federal Home Loan Bank Advances 24,035 24,518 — 24,518 — Short term borrowings 19,527 19,527 — 19,527 — Junior subordinated debentures 14,964 15,258 — 15,258 — Accrued interest payable 532 532 532 — — The following tables summarize quantitative disclosures about the fair value for each category of assets carried at fair value as of September 30, 2017 and December 31, 2016 that are measured on a recurring basis. There were no liabilities carried at fair value as of September 30, 2017 or December 31, 2016 that are measured on a recurring basis. Quoted Prices Significant Significant September 30, 2017 in Active markets Other Observable Unobservable Available-for-sale securities for Identical Assets Inputs Inputs (Dollars in thousands) Fair Value (Level 1) (Level 2) (Level 3) US Treasury securities $ 1,521 $ — $ 1,521 $ — Government sponsored enterprises 996 — 996 — Mortgage-backed securities 123,748 — 123,748 — Small Business Administration pools 50,365 — 50,365 — State and local government 51,574 — 51,574 — Corporate and other securities 856 796 60 — $ 229,060 $ 796 $ 228,264 $ — Quoted Prices Significant Significant December 31, 2016 in Active markets Other Observable Unobservable Available-for-sale securities for Identical Assets Inputs Inputs (Dollars in thousands) Fair Value (Level 1) (Level 2) (Level 3) US Treasury securities $ 1,520 $ — $ 1,520 $ — Government sponsored enterprises 997 — 997 — Mortgage-backed securities 144,298 — 144,298 — Small Business Administration pools 50,184 — 50,184 — State and local government 54,534 — 54,534 — Corporate and other securities 1,861 801 60 1,000 $ 253,394 $ 801 $ 251,593 $ 1,000 The following table reconciles the changes in Level 3 financial instruments for the three months ended September 30, 2017 and 2016 that are measured on a recurring basis. September 30, 2017 2016 ( Dollars in thousands) Corporate Corporate Beginning Balance December 31: $ 1,000 $ 417 Total gains or losses (realized/unrealized) — — Included in other comprehensive income — — Purchases, issuances, and settlements — 950 Maturities, sales, payoffs (417 ) Transfers in and/or out of Level 3 (1,000 ) — Ending Balance September 30: $ — $ 950 The following tables summarize quantitative disclosures about the fair value for each category of assets carried at fair value as of September 30, 2017 and December 31, 2016 that are measured on a non-recurring basis. (Dollars in thousands) Description September 30, Quoted Prices Significant Significant Impaired loans: Commercial $ — $ — $ — $ — Real estate: Mortgage-residential 420 — — 420 Mortgage-commercial 4,144 — — 4,144 Consumer: Home equity 34 — — 34 Other — — — — Total impaired 4,598 — — 4,598 Other real estate owned: Construction 141 — — 141 Mortgage-residential 47 — — 47 Mortgage-commercial 545 — — 545 Total other real estate owned 733 — — 733 Total $ 5,331 $ — $ — $ 5,331 (Dollars in thousands) Description December 31, Quoted Prices Significant Significant Impaired loans: Commercial & Industrial $ — $ — $ — $ — Real estate: Mortgage-residential 637 — — 637 Mortgage-commercial 5,120 — — 5,120 Consumer: Home equity 56 — — 56 Other — — — — Total impaired 5,813 — — 5,813 Other real estate owned: Construction 141 — — 141 Mortgage-residential 269 — — 269 Mortgage-commercial 736 — — 736 Total other real estate owned 1,146 — — 1,146 Total $ 6,959 $ — $ — $ 6,959 The Company has a large percentage of loans with real estate serving as collateral. Loans which are deemed to be impaired are primarily valued on a nonrecurring basis at the fair value of the underlying real estate collateral. Such fair values are obtained using independent appraisals, which the Company considers to be Level 3 inputs. Third party appraisals are generally obtained when a loan is identified as being impaired or at the time it is transferred to OREO. This internal process consists of evaluating the underlying collateral to independently obtained comparable properties. With respect to less complex or smaller credits, an internal evaluation may be performed. Generally, the independent and internal evaluations are updated annually. Factors considered in determining the fair value include, among others, geographic sales trends, the value of comparable surrounding properties and the condition of the property. The aggregate amount of impaired loans was $4.6 million and $5.8 million as of September 30, 2017 and December 31, 2016, respectively. For Level 3 assets and liabilities measured at fair value on a recurring or non-recurring basis as of September 30, 2017 and December 31, 2016, the significant unobservable inputs used in the fair value measurements were as follows: (Dollars in thousands) Fair Value as of September 30, 2017 Valuation Technique Significant Observable Inputs Significant Unobservable Inputs OREO $ 733 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 $ 4,598 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, 2016 Valuation Technique Significant Observable Inputs Significant Unobservable Inputs Corporate and Other Securities $ 1,000 Estimation based on comparable non-listed securities Comparable transactions n/a OREO $ 1,146 Appraisal Value/Comparison Sales/Other estimates Appraisals and or sales of comparable properties Appraisals discounted 6% to 16% for sales commissions and other holding cost Impaired loans $ 5,813 Appraisal Value Appraisals and or sales of comparable properties Appraisals discounted 6% to 16% for sales commissions and other holding cost |
DEPOSITS
DEPOSITS | 9 Months Ended |
Sep. 30, 2017 | |
Banking and Thrift [Abstract] | |
DEPOSITS | Note 7 — Deposits The Company’s total deposits are comprised of the following at the dates indicated: September 30, December 31, (Dollars in thousands) 2017 2016 Non-interest bearing demand deposits $ 195,348 $ 182,915 Interest bearing demand deposits and money market accounts 332,560 327,459 Savings 77,676 75,012 Time deposits 164,498 181,236 Total deposits $ 770,082 $ 766,622 As of September 30, 2017 and December 31, 2016, the Company had time deposits greater than $250,000 of $36.2 million and $37.7 million, respectively. |
REPORTABLE SEGMENTS
REPORTABLE SEGMENTS | 9 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
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”). Nine months ended September 30, 2017 Commercial Investment (Dollars in thousands) and Retail Mortgage advisory and Banking Banking non-deposit Corporate Eliminations Consolidated Dividend and Interest Income $ 23,072 $ 331 $ — $ 2,191 $ (2,178 ) $ 23,416 Interest expense 1,660 — — 420 — 2,080 Net interest income $ 21,412 $ 331 $ — $ 1,771 $ (2,178 ) $ 21,336 Provision for loan losses 360 — — — — 360 Noninterest income 3,097 2,950 908 90 — 7,045 Noninterest expense 17,699 2,181 839 265 — 20,984 Net income before taxes $ 6,450 $ 1,100 $ 69 $ 1,596 $ (2,178 ) $ 7,037 Income tax provision (benefit) 2,037 — — (313 ) — 1,724 Net income $ 4,413 $ 1,100 $ 69 $ 1,909 $ (2,178 ) $ 5,313 Three months ended September 30, 2017 Commercial Investment (Dollars in thousands) and Retail Mortgage advisory and Banking Banking non-deposit Corporate Eliminations Consolidated Dividend and Interest Income $ 7,763 $ 153 $ — $ 747 $ (742 ) 7,921 Interest expense 547 — — 147 — 694 Net interest income $ 7,216 $ 153 $ — $ 600 $ (742 ) $ 7,227 Provision for loan losses 166 — — — — 166 Noninterest income 1,053 1,032 337 — — 2,422 Noninterest expense 5,780 769 262 83 — 6,894 Net income before taxes $ 2,323 $ 416 $ 75 $ 517 $ (742 ) $ 2,589 Income tax provision (benefit) 772 — — (76 ) — 696 Net income $ 1,551 $ 416 $ 75 $ 593 $ (742 ) $ 1,893 Nine months ended September 30, 2016 Commercial Investment (Dollars in thousands) and Retail Mortgage advisory and Banking Banking non-deposit Corporate Eliminations Consolidated Dividend and Interest Income $ 21,732 $ 142 $ — $ 2,072 $ (1,950 ) $ 21,996 Interest expense 1,968 — — 363 — 2,331 Net interest income $ 19,764 $ 142 $ — $ 1,709 $ (1,950 ) $ 19,665 Provision for loan losses 536 — — — — 536 Noninterest income 3,353 2,516 871 — — 6,740 Noninterest expense 16,227 1,828 766 437 — 19,258 Net income before taxes $ 6,354 $ 830 $ 105 $ 1,272 $ (1,950 ) $ 6,611 Income tax (provision) benefit (1,910 ) — — 189 — (1,721 ) Net income $ 4,444 $ 830 $ 105 $ 1,461 $ (1,950 ) $ 4,890 Three months ended September 30, 2016 Commercial Investment (Dollars in thousands) and Retail Mortgage advisory and Banking Banking non-deposit Corporate Eliminations Consolidated Dividend and Interest Income $ 7,336 $ 60 $ — $ 658 $ (654 ) $ 7,400 Interest expense 625 — — 124 — 749 Net interest income $ 6,711 $ 60 $ — $ 534 $ (654 ) $ 6,651 Provision for loan losses 179 — — — — 179 Noninterest income 1,166 937 284 — — 2,387 Noninterest expense 5,506 672 249 156 — 6,583 Net income before taxes $ 2,192 $ 325 $ 35 $ 378 $ (654 ) $ 2,276 Income tax (provision) benefit (677 ) — — 78 — (599 ) Net income $ 1,515 $ 325 $ 35 $ 456 $ (654 ) $ 1,677 Commercial Investment (Dollars in thousands) and Retail Mortgage advisory and Banking Banking non-deposit Corporate Eliminations Consolidated Total Assets as of September 30, 2017 $ 900,144 $ 14,061 $ 23 $ 101,520 $ (101,520 ) $ 914,228 Total Assets as of December 31, 2016 $ 904,568 $ 8,158 $ 32 $ 98,210 $ (96,175 ) $ 914,793 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 9 – Subsequent Events Subsequent events Effective October 20, 2017, the Company completed its previously announced merger with Cornerstone Bancorp (“Cornerstone”), the holding company for Cornerstone National Bank, pursuant to that certain Agreement and Plan of Merger, dated as of April 11, 2017 (the “Merger Agreement”), by and between the Company and Cornerstone, whereby Cornerstone merged with and into the Company (the “Merger”), with the Company surviving. Under the terms of the Merger Agreement, Cornerstone shareholders have the right to receive either $11.00 in cash or 0.54 shares of the Company’s common stock, or a combination thereof, for each Cornerstone share of common stock they owned immediately prior to the Merger, subject to the limitation that 30% of the outstanding shares of Cornerstone common stock will be exchanged for cash and 70% of the outstanding shares of Cornerstone common stock will be exchanged for shares of the Company’s common stock. Immediately following the consummation of the Merger, Cornerstone National Bank merged with and into the Bank, with the Bank surviving. |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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) Nine months Three months Ended September 30, Ended September 30, 2017 2016 2017 2016 Numerator (Net income) $ 5,313 $ 4,890 $ 1,893 $ 1,677 Denominator Weighted average common shares outstanding for: Basic earnings per share 6,666 6,583 6,666 6,584 Dilutive securities: Deferred compensation 54 39 54 38 Warrants/Restricted stock – Treasury stock method 88 152 88 147 Diluted earnings per share 6,808 6,774 6,808 6,769 The average market price used in calculating assumed number of shares $ 20.59 $ 14.29 $ 20.66 $ 14.00 |
INVESTMENT SECURITIES (Tables)
INVESTMENT SECURITIES (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of amortized cost and estimated fair values of available-for-sale | The amortized cost and estimated fair values of investment securities are summarized below: AVAILABLE-FOR-SALE: Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value September 30, 2017 US Treasury securities $ 1,531 $ — $ 10 $ 1,521 Government sponsored enterprises 959 37 — 996 Mortgage-backed securities 124,437 459 1,148 123,748 Small Business Administration pools 50,653 189 477 50,365 State and local government 50,738 1,419 583 51,574 Corporate and other securities 932 — 76 856 $ 229,250 $ 2,104 $ 2,294 $ 229,060 Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value December 31, 2016 US Treasury securities $ 1,538 $ — $ 18 $ 1,520 Government sponsored enterprises 959 38 — 997 Mortgage-backed securities 145,696 480 1,878 144,298 Small Business Administration pools 50,560 208 584 50,184 State and local government 54,702 907 1,075 54,534 Corporate and other securities 1,932 — 71 1,861 $ 255,387 $ 1,633 $ 3,626 $ 253,394 |
Schedule of amortized cost and estimated fair values of held-to-maturity securities | HELD-TO-MATURITY: Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value September 30, 2017 State and local government $ 17,057 $ 289 $ 2 $ 17,344 $ 17,057 $ 289 $ 2 $ 17,344 Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value December 31, 2016 State and local government $ 17,193 $ 54 $ 133 $ 17,114 $ 17,193 $ 54 $ 133 $ 17,114 |
Schedule of the amortized cost and fair value of investment securities by expected maturity | The following tables show gross unrealized losses and fair values, aggregated by investment category and length of time that individual securities have been in a continuous loss position, at September 30, 2017 and December 31, 2016. (Dollars in thousands) Less than 12 months 12 months or more Total September 30, 2017 Unrealized Unrealized Unrealized Available-for-sale securities: Fair Value Loss Fair Value Loss Fair Value Loss US Treasury securities $ 1,521 $ 10 $ — $ — $ 1,521 $ 10 Government Sponsored Enterprise mortgage-backed securities 28,950 219 37,271 929 66,221 1,148 Small Business Administration pools 14,931 100 23,307 377 38,238 477 State and local government 884 10 12,341 573 13,225 583 Corporate and other securities — — 796 76 796 76 $ 46,286 $ 339 $ 73,715 $ 1,955 $ 120,001 $ 2,294 (Dollars in thousands) Less than 12 months 12 months or more Total September 30, 2017 Unrealized Unrealized Unrealized Held-to-maturity securities: Fair Value Loss Fair Value Loss Fair Value Loss State and local government $ 680 $ 2 $ — $ — $ 680 $ 2 (Dollars in thousands) Less than 12 months 12 months or more Total December 31, 2016 Unrealized Unrealized Unrealized Available-for-sale securities: Fair Value Loss Fair Value Loss Fair Value Loss US Treasury securities $ 1,520 $ 18 $ — $ — $ 1,520 $ 18 Government Sponsored Enterprise mortgage-backed securities 77,389 1,597 16,655 281 94,044 1,878 Small Business Administration pools 15,213 206 23,382 378 38,595 584 State and local government 17,502 1,075 — — 17,502 1,075 Corporate and other securities — — 801 71 801 71 $ 111,624 $ 2,896 $ 40,838 $ 730 $ 152,462 $ 3,626 (Dollars in thousands) Less than 12 months 12 months or more Total December 31, 2016 Unrealized Unrealized Unrealized Held-to-maturity securities: Fair Value Loss Fair Value Loss Fair Value Loss State and local government $ 10,245 $ 133 $ — $ — $ 10,245 $ 133 |
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 sets forth the amortized cost and fair value of investment securities at September 30, 2017 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. September 30, 2017 Available-for-sale Held-to-maturity Amortized Fair Amortized Fair (Dollars in thousands) Cost Value Cost Value Due in one year or less $ 9,254 $ 9,308 $ — $ — Due after one year through five years 119,813 120,124 7,939 8,051 Due after five years through ten years 92,654 92,222 9,118 9,293 Due after ten years 7,529 7,406 — — $ 229,250 $ 229,060 $ 17,057 $ 17,344 |
LOANS (Tables)
LOANS (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Receivables [Abstract] | |
Summary of loans by category | Loans summarized by category as of September 30, 2017, December 31, 2016 and September 30, 2016 are as follows: September 30, December 31, September 30, (Dollars in thousands) 2017 2016 2016 Commercial, financial, agricultural $ 44,917 $ 42,704 $ 38,790 Real estate: Construction 42,693 45,746 41,228 Mortgage-residential 44,567 47,472 49,330 Mortgage-commercial 398,777 371,112 354,095 Consumer: Home equity 29,984 31,368 31,743 Other 7,550 8,307 8,255 Total $ 568,488 $ 546,709 $ 523,441 |
Schedule of activity in the allowance for loan losses | The detailed activity in the allowance for loan losses and the recorded investment in loans receivable as of and for the nine months ended September 30, 2017 and September 30, 2016 and for the year ended December 31, 2016 is as follows: (Dollars in thousands) Real estate Real estate Consumer Real estate Mortgage Mortgage Home Consumer Commercial construction Residential Commercial Equity Other Unallocated Total Allowance for loan losses: Beginning balance December 31, 2016 $ 145 $ 104 $ 438 $ 2,793 $ 153 $ 127 $ 1,454 $ 5,214 Charge-offs (5 ) — — (30 ) — (85 ) — (120 ) Recoveries 3 — 4 158 24 13 — 202 Provisions 41 (10 ) (115 ) (5 ) 81 (38 ) 406 360 Ending balance September 30, 2017 $ 184 $ 94 $ 327 $ 2,916 $ 258 $ 17 $ 1,860 $ 5,656 Ending balances: Individually evaluated for impairment $ — $ — $ 2 $ 29 $ — $ — $ — $ 31 Collectively evaluated for impairment 184 94 325 2,887 258 17 1,860 5,625 September 30, 2017 Loans receivable: Ending balance-total $ 44,917 $ 42,693 $ 44,567 $ 398,777 $ 29,984 $ 7,550 $ — $ 568,488 Ending balances: Individually evaluated for impairment — — 422 4,173 34 — — 4,629 Collectively evaluated for impairment $ 44,917 $ 42,693 $ 44,145 $ 394,604 $ 29,950 $ 7,550 $ — $ 563,859 (Dollars in thousands) Real estate Real estate Consumer Real estate Mortgage Mortgage Home Consumer Commercial Construction Residential Commercial equity Other Unallocated Total Allowance for loan losses: Beginning balance December 31, 2015 $ 75 $ 51 $ 223 $ 2,036 $ 127 $ 37 $ 2,047 $ 4,596 Charge-offs — — (2 ) (94 ) (8 ) (52 ) — (156 ) Recoveries 4 — 39 16 2 10 — 71 Provisions 51 43 252 778 2 28 (618 ) 536 Ending balance September 30, 2016 $ 130 $ 94 $ 512 $ 2,736 $ 123 $ 23 $ 1,429 $ 5,047 Ending balances: Individually evaluated for impairment $ — $ — $ 2 $ — $ — $ — $ — $ 2 Collectively evaluated for impairment 130 94 510 2,736 123 23 1,429 5,045 September 30, 2016 Ending balance-total $ 38,790 $ 41,228 $ 49,330 $ 354,095 $ 31,743 $ 8,255 $ — $ 523,441 Ending balances: Individually evaluated for impairment — — 421 5,243 56 — — 5,720 Collectively evaluated for impairment $ 38,790 $ 41,228 $ 48,909 $ 348,852 $ 31,687 $ 8,255 $ — $ 517,721 (Dollars in thousands) Real estate Real estate Consumer Real estate Mortgage Mortgage Home Consumer Commercial Construction Residential Commercial equity Other Unallocated Total December 31, 2016 Allowance for loan losses: Beginning balance December 31, 2015 $ 75 $ 51 $ 223 $ 2,036 $ 127 $ 37 $ 2,047 $ 4,596 Charge-offs — — (11 ) (136 ) (20 ) (72 ) — (239 ) Recoveries 5 — 40 21 3 14 — 83 Provisions 65 53 186 872 43 148 (593 ) 774 Ending balance December 31, 2016 $ 145 $ 104 $ 438 $ 2,793 $ 153 $ 127 $ 1,454 $ 5,214 Ending balances: Individually evaluated for impairment $ — $ — $ 2 $ 4 $ — $ — $ — $ 6 Collectively evaluated for impairment 145 104 436 2,789 153 127 1,454 5,208 December 31, 2016 Ending balance-total $ 42,704 $ 45,746 $ 47,472 $ 371,112 $ 31,368 $ 8,307 $ — $ 546,709 Ending balances: Individually evaluated for impairment — — 639 5,124 56 — — 5,819 Collectively evaluated for impairment $ 42,704 $ 45,746 $ 46,833 $ 365,988 $ 31,312 $ 8,307 $ — $ 540,890 The detailed activity in the allowance for loan losses as of and for the three months ended September 30, 2017 and the three months ended September 30, 2016 is as follows: (Dollars in thousands) Real estate Real estate Consumer Real estate Mortgage Mortgage Home Consumer 2017 Commercial Construction Residential Commercial Equity Other Unallocated Total Allowance for loan losses: Beginning balance June 30, 2017 $ 169 $ 76 $ 353 $ 2,845 $ 196 $ 24 $ 1,827 $ 5,490 Charge-offs (5 ) — — (6 ) — (41 ) — (52 ) Recoveries — — 2 45 — 5 — 52 Provisions 20 18 (28 ) 32 62 29 33 166 Ending balance September 30, 2017 $ 184 $ 94 $ 327 $ 2,916 $ 258 $ 17 $ 1,860 $ 5,656 (Dollars in thousands) Real estate Real estate Consumer Real estate Mortgage Mortgage Home Consumer 2016 Commercial Construction Residential Commercial Equity Other Unallocated Total Allowance for loan losses: Beginning balance June 30, 2016 $ 71 $ 59 $ 207 $ 2,349 $ 93 $ 23 $ 2,075 $ 4,877 Charge-offs — — (1 ) (36 ) — (19 ) — (56 ) Recoveries 1 — 34 8 — 4 — 47 Provisions 58 35 272 415 30 15 (646 ) 179 Ending balance September 30, 2016 $ 130 $ 94 $ 512 $ 2,736 $ 123 $ 23 $ 1,429 $ 5,047 |
Schedule of related party loan | The following table presents related party loan transactions for the nine months ended September 30, 2017 and 2016: (Dollars in thousands) 2017 2016 Beginning Balance December 31, $ 6,103 $ 7,037 New Loans 339 431 Less loan repayments 925 1,093 Ending Balance September 30, $ 5,517 $ 6,375 |
Schedule of loans individually evaluated and considered impaired | The following table presents at September 30, 2017 and December 31, 2016 loans individually evaluated and considered impaired under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 310 “Accounting by Creditors for Impairment of a Loan.” Impairment includes performing troubled debt restructurings (“TDRs”). (Dollars in thousands) September 30, December 31, 2017 2016 Total loans considered impaired $ 4,629 $ 5,819 Loans considered impaired for which there is a related allowance for loan loss: 1,715 224 Related allowance 31 6 Loans considered impaired and previously written down to fair value 2,914 5,595 Average impaired loans 4,675 8,727 |
Schedule of loan category and loans individually evaluated and considered impaired | The following tables are by loan category and present at September 30, 2017, December 31, 2016 and September, 2016 loans individually evaluated and considered impaired under FASB ASC 310 “Accounting by Creditors for Impairment of a Loan.” Impairment includes performing TDRs. (Dollars in thousands) Nine months ended Three months ended September 30, 2017 Unpaid Average Interest Average Interest Recorded Principal Related Recorded income Recorded income Investment Balance Allowance Investment Recognized Investment Recognized With no allowance recorded: Commercial, financial, agricultural $ — $ — $ — $ — $ — $ — $ — Real estate: Construction — — — — — — — Mortgage-residential 379 443 — 384 11 378 11 Mortgage-commercial 2,501 5,051 — 2,536 117 2,488 118 Consumer: Home equity 34 34 — 34 — 56 — Other — — — — — — — With an allowance recorded: Commercial, financial, agricultural — — — — — — — Real estate: Construction — — — — — — — Mortgage-residential 43 43 2 43 2 43 1 Mortgage-commercial 1,672 2,293 29 1,678 111 1,671 31 Consumer: Home equity — — — — — — — Other — — — — — — — Total: Commercial, financial, agricultural $ — $ — $ — $ — $ — $ — $ — Real estate: Construction — — — — — — — Mortgage-residential 422 486 2 427 13 421 12 Mortgage-commercial 4,173 7,344 29 4,214 228 4,159 149 Consumer: Home equity 34 34 — 34 — 56 — Other — — — — — — — $ 4,629 $ 7,864 $ 31 $ 4,675 $ 241 $ 4,636 $ 161 (Dollars in thousands) Nine months ended Three months ended Unpaid Average Interest Average Interest September 30, 2016 Recorded Principal Related Recorded Income Recorded Income Investment Balance Allowance Investment Recognized Investment Recognized With no allowance recorded: Commercial $ — $ — $ — $ — $ — $ — $ — Real estate: Construction — — — — — — — Mortgage-residential 374 374 — 419 — 411 — Mortgage-commercial 5,243 7,821 — 8,683 88 8,609 31 Consumer: Home Equity 56 56 — 57 — 57 — Other — — — — — — — With an allowance recorded: Commercial — — — — — — — Real estate: Construction — — — — — — — Mortgage-residential 47 47 2 48 2 47 1 Mortgage-commercial — — — — — — — Consumer: Home Equity — — — — — — — Other — — — — — — — Total: Commercial $ — $ — $ — $ — $ — $ — $ — Real estate: Construction — — — — — — — Mortgage-residential 421 421 2 467 2 458 1 Mortgage-commercial 5,243 7,821 — 8,683 88 8,609 31 Consumer: Home Equity 56 56 — 57 — 57 — Other — — — — — — — $ 5,720 $ 8,298 $ 2 $ 9,207 $ 90 $ 9,124 $ 32 (Dollars in thousands) December 31, 2016 Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized With no allowance recorded: Commercial $ — $ — $ — $ — $ — Real estate: Construction — — — — — Mortgage-residential 593 603 — 660 — Mortgage-commercial 4,946 6,821 — 7,777 98 Consumer: Home Equity 56 56 — 56 — Other — — — — — With an allowance recorded: Commercial — — — — — Real estate: Construction — — — — — Mortgage-residential 46 46 2 48 2 Mortgage-commercial 178 178 4 186 12 Consumer: Home Equity — — — — — Other — — — — — Total: Commercial — — — — — Real estate: Construction — — — — — Mortgage-residential 639 649 2 708 2 Mortgage-commercial 5,124 6,999 4 7,963 110 Consumer: Home Equity 56 56 — 56 — Other — — — — — $ 5,819 $ 7,704 $ 6 $ 8,727 $ 112 |
Schedule of loan category and loan by risk categories | As of September 30, 2017 and December 31, 2016, no loans were classified as doubtful. (Dollars in thousands) Special September 30, 2017 Pass Mention Substandard Doubtful Total Commercial, financial & agricultural $ 44,735 $ 182 $ — $ — $ 44,917 Real estate: — Construction 42,693 — — — 42,693 Mortgage – residential 43,061 653 853 — 44,567 Mortgage – commercial 385,796 7,595 5,386 — 398,777 Consumer: — Home Equity 28,550 1,191 243 — 29,984 Other 7,550 — — 7,550 Total $ 552,385 $ 9,621 $ 6,482 $ — $ 568,488 (Dollars in thousands) Special December 31, 2016 Pass Mention Substandard Doubtful Total Commercial, financial & agricultural $ 42,486 $ 218 $ — $ — $ 42,704 Real estate: — Construction 45,746 — — — 45,746 Mortgage – residential 45,751 622 1,099 — 47,472 Mortgage – commercial 358,766 5,773 6,572 — 371,112 Consumer: — Home Equity 30,929 180 259 — 31,368 Other 8,302 6 — 8,307 Total $ 531,980 $ 6,799 $ 7,930 $ — $ 546,709 |
Schedule of summary of changes in the accretable yield | A summary of changes in the accretable yield for PCI loans for the three and nine months ended September 30, 2017 and 2016 follows (in thousands): Three Months Ended September 30, 2017 Nine Months Ended September 30, 2017 Accretable yield, beginning of period $ 50 $ 34 Accretion (29 ) (57 ) Reclassification of nonaccretable difference due to improvement in expected cash flows — 44 Accretable yield, end of period $ 21 $ 21 Three Months Nine Months Accretable yield, beginning of period $ 53 $ 92 Accretion (17 ) (150 ) Reclassification of nonaccretable difference due to improvement in expected cash flows 18 112 Accretable yield, end of period $ 54 $ 54 |
Schedule of loan category and present loans past due and on non-accrual status | The following tables are by loan category and present loans past due and on non-accrual status as of September 30, 2017 and December 31, 2016: (Dollars in thousands) Greater than 30-59 Days 60-89 Days 90 Days and Total September 30, 2017 Past Due Past Due Accruing Nonaccrual Past Due Current Total Loans Commercial $ 255 $ 39 $ — $ — $ 294 $ 44,623 $ 44,917 Real estate: Construction 163 — — — 163 42,530 42,693 Mortgage-residential — — — 379 379 44,188 44,567 Mortgage-commercial 497 843 — 2,501 3,841 394,936 398,777 Consumer: Home equity 121 — — 34 155 29,829 29,984 Other 83 7 102 — 192 7,358 7,550 $ 1,119 $ 889 $ 102 $ 2,914 $ 5,024 $ 563,464 $ 568,488 (Dollars in thousands) Greater than 30-59 Days 60-89 Days 90 Days and Total December 31, 2016 Past Due Past Due Accruing Nonaccrual Past Due Current Total Loans Commercial $ 11 $ — $ — $ — $ 11 $ 42,693 $ 42,704 Real estate: Construction — — — — — 45,746 45,746 Mortgage-residential 194 145 32 593 964 46,508 47,472 Mortgage-commercial 995 337 — 3,400 4,732 366,380 371,112 Consumer: Home equity 59 64 16 56 195 31,173 31,368 Other 16 1 5 — 22 8,285 8,307 $ 1,275 $ 547 $ 53 $ 4,049 $ 5,924 $ 540,785 $ 546,709 |
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 nine month period ended September 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 nine months ended September 30, 2016 (Dollars in thousands) Pre-Modification Post-Modification Outstanding Outstanding Number of Recorded Recorded Contracts Investment Investment Accrual Mortgage-Commercial 1 $ 413 $ 413 Total Accrual 1 $ 413 $ 413 Total TDRs 1 $ 413 $ 413 |
FAIR VALUE MEASUREMENT (Tables)
FAIR VALUE MEASUREMENT (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of carrying amount and estimated fair value by classification Level of the Company's financial instruments | The carrying amount and estimated fair value by classification level of the Company’s financial instruments as of September 30, 2017 and December 31, 2016 are as follows: September 30, 2017 Carrying Fair Value (Dollars in thousands) amount Total Level 1 Level 2 Level 3 Financial Assets: Cash and short term investments $ 27,088 $ 27,088 $ 27,088 $ — $ — Held-to-maturity securities 17,057 17,057 — 17,057 — Available-for-sale securities 229,060 229,060 — — — Other investments, at cost 2,555 2,555 — — 2,555 Loans held for sale 6,018 6,018 — 6,018 — Net loans receivable 562,832 559,811 — 555,213 4,598 Accrued interest 2,901 2,901 2,901 — — Financial Liabilities Non-interest bearing demand deposits $ 195,348 $ 195,348 $ — $ 195,348 $ — Interest bearing demand deposits and money market accounts 332,560 332,560 — 332,560 — Savings 77,676 77,676 — 77,676 — Time deposits 164,498 164,829 — 164,829 — Total deposits 770,082 770,413 — 770,413 — Federal Home Loan Bank Advances 17,255 17,254 — 17,254 — Short term borrowings 17,469 17,469 — 17,469 — Junior subordinated debentures 14,964 15,001 — 15,001 — Accrued interest payable 514 514 514 — — December 31, 2016 Carrying Fair Value (Dollars in thousands) amount Total Level 1 Level 2 Level 3 Financial Assets: Cash and short term investments $ 21,999 $ 21,999 $ 21,999 $ — $ — Held-to-maturity securities 17,193 17,114 — 17,114 — Available-for-sale securities 253,394 253,394 801 251,593 1,000 Other investments, at cost 1,809 1,809 — — 1,809 Loans held for sale 5,707 5,707 — 5,707 — Net loans receivable 541,495 540,487 — 534,674 5,813 Accrued interest 2,925 2,925 2,925 — — Financial Liabilities Non-interest bearing demand deposits $ 182,915 $ 182,915 $ — $ 182,915 $ — Interest bearing demand deposits and money market accounts 327,459 327,459 — 327,459 — Savings 75,012 75,012 — 75,012 — Time deposits 181,236 181,638 — 181,638 — Total deposits 766,622 767,024 — 767,024 — Federal Home Loan Bank Advances 24,035 24,518 — 24,518 — Short term borrowings 19,527 19,527 — 19,527 — Junior subordinated debentures 14,964 15,258 — 15,258 — Accrued interest payable 532 532 532 — — |
Schedule of fair value for each category of assets carried at fair value that are measured on a recurring basis | The following tables summarize quantitative disclosures about the fair value for each category of assets carried at fair value as of September 30, 2017 and December 31, 2016 that are measured on a recurring basis. There were no liabilities carried at fair value as of September 30, 2017 or December 31, 2016 that are measured on a recurring basis. Quoted Prices Significant Significant September 30, 2017 in Active markets Other Observable Unobservable Available-for-sale securities for Identical Assets Inputs Inputs (Dollars in thousands) Fair Value (Level 1) (Level 2) (Level 3) US Treasury securities $ 1,521 $ — $ 1,521 $ — Government sponsored enterprises 996 — 996 — Mortgage-backed securities 123,748 — 123,748 — Small Business Administration pools 50,365 — 50,365 — State and local government 51,574 — 51,574 — Corporate and other securities 856 796 60 — $ 229,060 $ 796 $ 228,264 $ — Quoted Prices Significant Significant December 31, 2016 in Active markets Other Observable Unobservable Available-for-sale securities for Identical Assets Inputs Inputs (Dollars in thousands) Fair Value (Level 1) (Level 2) (Level 3) US Treasury securities $ 1,520 $ — $ 1,520 $ — Government sponsored enterprises 997 — 997 — Mortgage-backed securities 144,298 — 144,298 — Small Business Administration pools 50,184 — 50,184 — State and local government 54,534 — 54,534 — Corporate and other securities 1,861 801 60 1,000 $ 253,394 $ 801 $ 251,593 $ 1,000 |
Schedule reconciling the changes in Level 3 financial instruments measured on a recurring basis | The following table reconciles the changes in Level 3 financial instruments for the three months ended September 30, 2017 and 2016 that are measured on a recurring basis. September 30, 2017 2016 ( Dollars in thousands) Corporate Corporate Beginning Balance December 31: $ 1,000 $ 417 Total gains or losses (realized/unrealized) — — Included in other comprehensive income — — Purchases, issuances, and settlements — 950 Maturities, sales, payoffs (417 ) Transfers in and/or out of Level 3 (1,000 ) — Ending Balance September 30: $ — $ 950 |
Schedule of the fair value for each category of assets carried at fair value that are measured on a non-recurring basis | The following tables summarize quantitative disclosures about the fair value for each category of assets carried at fair value as of September 30, 2017 and December 31, 2016 that are measured on a non-recurring basis. (Dollars in thousands) Description September 30, Quoted Prices Significant Significant Impaired loans: Commercial $ — $ — $ — $ — Real estate: Mortgage-residential 420 — — 420 Mortgage-commercial 4,144 — — 4,144 Consumer: Home equity 34 — — 34 Other — — — — Total impaired 4,598 — — 4,598 Other real estate owned: Construction 141 — — 141 Mortgage-residential 47 — — 47 Mortgage-commercial 545 — — 545 Total other real estate owned 733 — — 733 Total $ 5,331 $ — $ — $ 5,331 (Dollars in thousands) Description December 31, Quoted Prices Significant Significant Impaired loans: Commercial & Industrial $ — $ — $ — $ — Real estate: Mortgage-residential 637 — — 637 Mortgage-commercial 5,120 — — 5,120 Consumer: Home equity 56 — — 56 Other — — — — Total impaired 5,813 — — 5,813 Other real estate owned: Construction 141 — — 141 Mortgage-residential 269 — — 269 Mortgage-commercial 736 — — 736 Total other real estate owned 1,146 — — 1,146 Total $ 6,959 $ — $ — $ 6,959 |
Schedule of significant unobservable inputs used in the fair value measurements | For Level 3 assets and liabilities measured at fair value on a recurring or non-recurring basis as of September 30, 2017 and December 31, 2016, the significant unobservable inputs used in the fair value measurements were as follows: (Dollars in thousands) Fair Value as of September 30, 2017 Valuation Technique Significant Observable Inputs Significant Unobservable Inputs OREO $ 733 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 $ 4,598 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, 2016 Valuation Technique Significant Observable Inputs Significant Unobservable Inputs Corporate and Other Securities $ 1,000 Estimation based on comparable non-listed securities Comparable transactions n/a OREO $ 1,146 Appraisal Value/Comparison Sales/Other estimates Appraisals and or sales of comparable properties Appraisals discounted 6% to 16% for sales commissions and other holding cost Impaired loans $ 5,813 Appraisal Value Appraisals and or sales of comparable properties Appraisals discounted 6% to 16% for sales commissions and other holding cost |
DEPOSITS (Tables)
DEPOSITS (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Banking and Thrift [Abstract] | |
Schedule of Total Deposit Liabilities | The Company’s total deposits are comprised of the following at the dates indicated: September 30, December 31, (Dollars in thousands) 2017 2016 Non-interest bearing demand deposits $ 195,348 $ 182,915 Interest bearing demand deposits and money market accounts 332,560 327,459 Savings 77,676 75,012 Time deposits 164,498 181,236 Total deposits $ 770,082 $ 766,622 |
REPORTABLE SEGMENTS (Tables)
REPORTABLE SEGMENTS (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Reportable Segment | Nine months ended September 30, 2017 Commercial Investment (Dollars in thousands) and Retail Mortgage advisory and Banking Banking non-deposit Corporate Eliminations Consolidated Dividend and Interest Income $ 23,072 $ 331 $ — $ 2,191 $ (2,178 ) $ 23,416 Interest expense 1,660 — — 420 — 2,080 Net interest income $ 21,412 $ 331 $ — $ 1,771 $ (2,178 ) $ 21,336 Provision for loan losses 360 — — — — 360 Noninterest income 3,097 2,950 908 90 — 7,045 Noninterest expense 17,699 2,181 839 265 — 20,984 Net income before taxes $ 6,450 $ 1,100 $ 69 $ 1,596 $ (2,178 ) $ 7,037 Income tax provision (benefit) 2,037 — — (313 ) — 1,724 Net income $ 4,413 $ 1,100 $ 69 $ 1,909 $ (2,178 ) $ 5,313 Three months ended September 30, 2017 Commercial Investment (Dollars in thousands) and Retail Mortgage advisory and Banking Banking non-deposit Corporate Eliminations Consolidated Dividend and Interest Income $ 7,763 $ 153 $ — $ 747 $ (742 ) 7,921 Interest expense 547 — — 147 — 694 Net interest income $ 7,216 $ 153 $ — $ 600 $ (742 ) $ 7,227 Provision for loan losses 166 — — — — 166 Noninterest income 1,053 1,032 337 — — 2,422 Noninterest expense 5,780 769 262 83 — 6,894 Net income before taxes $ 2,323 $ 416 $ 75 $ 517 $ (742 ) $ 2,589 Income tax provision (benefit) 772 — — (76 ) — 696 Net income $ 1,551 $ 416 $ 75 $ 593 $ (742 ) $ 1,893 Nine months ended September 30, 2016 Commercial Investment (Dollars in thousands) and Retail Mortgage advisory and Banking Banking non-deposit Corporate Eliminations Consolidated Dividend and Interest Income $ 21,732 $ 142 $ — $ 2,072 $ (1,950 ) $ 21,996 Interest expense 1,968 — — 363 — 2,331 Net interest income $ 19,764 $ 142 $ — $ 1,709 $ (1,950 ) $ 19,665 Provision for loan losses 536 — — — — 536 Noninterest income 3,353 2,516 871 — — 6,740 Noninterest expense 16,227 1,828 766 437 — 19,258 Net income before taxes $ 6,354 $ 830 $ 105 $ 1,272 $ (1,950 ) $ 6,611 Income tax (provision) benefit (1,910 ) — — 189 — (1,721 ) Net income $ 4,444 $ 830 $ 105 $ 1,461 $ (1,950 ) $ 4,890 Three months ended September 30, 2016 Commercial Investment (Dollars in thousands) and Retail Mortgage advisory and Banking Banking non-deposit Corporate Eliminations Consolidated Dividend and Interest Income $ 7,336 $ 60 $ — $ 658 $ (654 ) $ 7,400 Interest expense 625 — — 124 — 749 Net interest income $ 6,711 $ 60 $ — $ 534 $ (654 ) $ 6,651 Provision for loan losses 179 — — — — 179 Noninterest income 1,166 937 284 — — 2,387 Noninterest expense 5,506 672 249 156 — 6,583 Net income before taxes $ 2,192 $ 325 $ 35 $ 378 $ (654 ) $ 2,276 Income tax (provision) benefit (677 ) — — 78 — (599 ) Net income $ 1,515 $ 325 $ 35 $ 456 $ (654 ) $ 1,677 Commercial Investment (Dollars in thousands) and Retail Mortgage advisory and Banking Banking non-deposit Corporate Eliminations Consolidated Total Assets as of September 30, 2017 $ 900,144 $ 14,061 $ 23 $ 101,520 $ (101,520 ) $ 914,228 Total Assets as of December 31, 2016 $ 904,568 $ 8,158 $ 32 $ 98,210 $ (96,175 ) $ 914,793 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
Numerator (Included in basic and diluted earnings per share) | $ 1,893 | $ 1,677 | $ 5,313 | $ 4,890 |
Weighted average common shares outstanding for: | ||||
Basic earnings common per share (in shares) | 6,666,000 | 6,584,000 | 6,666,000 | 6,583,000 |
Dilutive securities: | ||||
Deferred compensation (in shares) | 54,000 | 38,000 | 54,000 | 39,000 |
Warrants - Treasury stock method (in shares) | 88,000 | 147,000 | 88,000 | 152,000 |
Diluted earnings per share (in shares) | 6,808,000 | 6,769,000 | 6,808,000 | 6,774,000 |
The average market price used in calculating assumed number of shares (in dollars per share) | $ 20.66 | $ 14 | $ 20.59 | $ 14.29 |
EARNINGS PER SHARE (Details Nar
EARNINGS PER SHARE (Details Narrative) - USD ($) $ in Thousands | Dec. 16, 2011 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 |
Outstanding Shares (in shares) | ||||
Unrecognized compensation cost | $ 158 | $ 220 | ||
Junior Subordinated Debt [Member] | ||||
Debt issued | $ 2,500 | |||
Warrant [Member] | ||||
Outstanding Shares (in shares) | 97,180 | |||
Warrants issued (in shares) | 107,500 |
INVESTMENT SECURITIES (Details)
INVESTMENT SECURITIES (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 229,250 | $ 255,387 |
Gross Unrealized Gains | 2,104 | 1,633 |
Gross Unrealized Losses | 2,294 | 3,626 |
Fair Value | 229,060 | 253,394 |
US Treasury Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,531 | 1,538 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | 10 | 18 |
Fair Value | 1,521 | 1,520 |
Government sponsored enterprises [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 959 | 959 |
Gross Unrealized Gains | 37 | 38 |
Gross Unrealized Losses | ||
Fair Value | 996 | 997 |
Mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 124,437 | 145,696 |
Gross Unrealized Gains | 459 | 480 |
Gross Unrealized Losses | 1,148 | 1,878 |
Fair Value | 123,748 | 144,298 |
Small Business Administration pools [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 50,653 | 50,560 |
Gross Unrealized Gains | 189 | 208 |
Gross Unrealized Losses | 477 | 584 |
Fair Value | 50,365 | 50,184 |
State and local government [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 50,738 | 54,702 |
Gross Unrealized Gains | 1,419 | 907 |
Gross Unrealized Losses | 583 | 1,075 |
Fair Value | 51,574 | 54,534 |
Corporate and other securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 932 | 1,932 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | 76 | 71 |
Fair Value | $ 856 | $ 1,861 |
INVESTMENT SECURITIES (Details
INVESTMENT SECURITIES (Details 2) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Amortized Cost | $ 17,057 | $ 17,193 |
Gross Unrealized Gains | 289 | 54 |
Gross Unrealized Losses | 2 | 133 |
Fair Value | 17,344 | 17,114 |
State and local government [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Amortized Cost | 17,057 | 17,193 |
Gross Unrealized Gains | 289 | 54 |
Gross Unrealized Losses | 2 | 133 |
Fair Value | $ 17,344 | $ 17,114 |
INVESTMENT SECURITIES (Detail28
INVESTMENT SECURITIES (Details 3) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Available-for-sale securities | ||
Less Than 12 Months, Fair Value | $ 46,286 | $ 111,624 |
Less Than 12 Months, Unrealized Losses | 339 | 2,896 |
12 Months Or Longer, Fair Value | 73,715 | 40,838 |
12 Months Or Longer, Unrealized Losses | 1,955 | 730 |
Total Fair Value | 120,001 | 152,462 |
Total Unrealized Losses | 2,294 | 3,626 |
Held-to-maturity debt securities | ||
Less Than 12 Months, Fair Value | 680 | 10,245 |
Less Than 12 Months, Unrealized Losses | 2 | 133 |
12 Months Or Longer, Fair Value | ||
12 Months Or Longer, Unrealized Losses | ||
Total Fair Value | 680 | 10,245 |
Total Unrealized Losses | 2 | 133 |
US Treasury Securities [Member] | ||
Available-for-sale securities | ||
Less Than 12 Months, Fair Value | 1,521 | 1,520 |
Less Than 12 Months, Unrealized Losses | 10 | 18 |
12 Months Or Longer, Fair Value | ||
12 Months Or Longer, Unrealized Losses | ||
Total Fair Value | 1,521 | 1,520 |
Total Unrealized Losses | 10 | 18 |
Government sponsored enterprises [Member] | ||
Available-for-sale securities | ||
Less Than 12 Months, Fair Value | 28,950 | 77,389 |
Less Than 12 Months, Unrealized Losses | 219 | 1,597 |
12 Months Or Longer, Fair Value | 37,271 | 16,655 |
12 Months Or Longer, Unrealized Losses | 929 | 281 |
Total Fair Value | 66,221 | 94,044 |
Total Unrealized Losses | 1,148 | 1,878 |
Small Business Administration pools [Member] | ||
Available-for-sale securities | ||
Less Than 12 Months, Fair Value | 14,931 | 15,213 |
Less Than 12 Months, Unrealized Losses | 100 | 206 |
12 Months Or Longer, Fair Value | 23,307 | 23,382 |
12 Months Or Longer, Unrealized Losses | 377 | 378 |
Total Fair Value | 38,238 | 38,595 |
Total Unrealized Losses | 477 | 584 |
State and local government [Member] | ||
Available-for-sale securities | ||
Less Than 12 Months, Fair Value | 884 | 17,502 |
Less Than 12 Months, Unrealized Losses | 10 | 1,075 |
12 Months Or Longer, Fair Value | 12,341 | |
12 Months Or Longer, Unrealized Losses | 573 | |
Total Fair Value | 13,225 | 17,502 |
Total Unrealized Losses | 583 | 1,075 |
Held-to-maturity debt securities | ||
Less Than 12 Months, Fair Value | 680 | 10,245 |
Less Than 12 Months, Unrealized Losses | 2 | 133 |
12 Months Or Longer, Fair Value | ||
12 Months Or Longer, Unrealized Losses | ||
Total Fair Value | 680 | 10,245 |
Total Unrealized Losses | 2 | 133 |
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 | 796 | 801 |
12 Months Or Longer, Unrealized Losses | 76 | 71 |
Total Fair Value | 796 | 801 |
Total Unrealized Losses | $ 76 | $ 71 |
INVESTMENT SECURITIES (Detail29
INVESTMENT SECURITIES (Details 4) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Available-for-sale, Amortized Cost | ||
Due in one year or less | $ 9,254 | |
Due after one year through five years | 119,813 | |
Due after five years through ten years | 92,654 | |
Due after ten years | 7,529 | |
Total | 229,250 | $ 255,387 |
Available-for-sale, Fair Value | ||
Due in one year or less | 9,308 | |
Due after one year through five years | 120,124 | |
Due after five years through ten years | 92,222 | |
Due after ten years | 7,406 | |
Total | 229,060 | 253,394 |
Held To Maturity Securities, Amortized Cost | ||
Due in one year or less | ||
Due after one year through five years | 7,939 | |
Due after five years through ten years | 9,118 | |
Due after ten years | ||
Total | 17,057 | 17,193 |
Held To Maturity Securities, Fair value | ||
Due in one year or less | ||
Due after one year through five years | 8,051 | |
Due after five years through ten years | 9,293 | |
Due after ten years | ||
Total | $ 17,344 | $ 17,114 |
INVESTMENT SECURITIES (Detail30
INVESTMENT SECURITIES (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Amortized Cost | $ 229,250 | $ 229,250 | $ 255,387 | ||
Fair Value | 229,060 | 229,060 | 253,394 | ||
FHLB Stock | 1,600 | 1,600 | 1,800 | ||
Corporate Stock | 1,000 | 1,000 | |||
Proceeds from sale of investment securities available-for-sale | 2,300 | $ 19,100 | 12,867 | $ 33,215 | |
Gross realized gains | 125 | $ 478 | 371 | $ 601 | |
Gross realized losses | 21 | ||||
Mutual Funds [Member] | |||||
Fair Value | 795 | 795 | 801 | ||
Foreign Corporate Debt Securities [Member] | |||||
Fair Value | $ 60 | $ 60 | $ 60 |
LOANS (Details)
LOANS (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 568,488 | $ 546,709 | $ 523,441 |
Commercial Financial and Agricultural Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 44,917 | 42,704 | 38,790 |
Real Estate Construction Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 42,693 | 45,746 | 41,228 |
Real estate Mortgage-residential [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 44,567 | 47,472 | 49,330 |
Real estate Mortgage-commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 398,777 | 371,112 | 354,095 |
Consumer Home Equity Line of Credit [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 29,984 | 31,368 | 31,743 |
Consumer Other Financing Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 7,550 | $ 8,307 | $ 8,255 |
LOANS (Details 2)
LOANS (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Activity in the allowance for loan losses | |||||
Balance at the beginning of the period | $ 5,490 | $ 4,877 | $ 5,214 | $ 4,596 | $ 4,596 |
Charge-offs | (52) | (56) | (120) | (156) | (239) |
Recoveries | 52 | 47 | 202 | 71 | 83 |
Provisions | 166 | 179 | 360 | 536 | 774 |
Balance at end of the period | 5,656 | 5,047 | 5,656 | 5,047 | 5,214 |
Allowance for loan losses | |||||
Individually evaluated for impairment | 31 | 2 | 31 | 2 | 6 |
Collectively evaluated for impairment | 5,625 | 5,045 | 5,625 | 5,045 | 5,208 |
Loans receivable: | |||||
Ending balance-total | 568,488 | 523,441 | 568,488 | 523,441 | 546,709 |
Individually evaluated for impairment | 4,629 | 5,720 | 4,629 | 5,720 | 5,819 |
Collectively evaluated for impairment | 563,859 | 517,721 | 563,859 | 517,721 | 540,890 |
Commercial Loan [Member] | |||||
Activity in the allowance for loan losses | |||||
Balance at the beginning of the period | 169 | 71 | 145 | 75 | 75 |
Charge-offs | (5) | (5) | |||
Recoveries | 1 | 3 | 4 | 5 | |
Provisions | 20 | 58 | 41 | 51 | 65 |
Balance at end of the period | 184 | 130 | 184 | 130 | 145 |
Allowance for loan losses | |||||
Individually evaluated for impairment | |||||
Collectively evaluated for impairment | 184 | 130 | 184 | 130 | 145 |
Loans receivable: | |||||
Ending balance-total | 44,917 | 38,790 | 44,917 | 38,790 | 42,704 |
Individually evaluated for impairment | |||||
Collectively evaluated for impairment | 44,917 | 38,790 | 44,917 | 38,790 | 42,704 |
Real Estate Construction Loans [Member] | |||||
Activity in the allowance for loan losses | |||||
Balance at the beginning of the period | 76 | 59 | 104 | 51 | 51 |
Charge-offs | |||||
Recoveries | |||||
Provisions | 18 | 35 | (10) | 43 | 53 |
Balance at end of the period | 94 | 94 | 94 | 94 | 104 |
Allowance for loan losses | |||||
Individually evaluated for impairment | |||||
Collectively evaluated for impairment | 94 | 94 | 94 | 94 | 104 |
Loans receivable: | |||||
Ending balance-total | 42,693 | 41,228 | 42,693 | 41,228 | 45,746 |
Individually evaluated for impairment | |||||
Collectively evaluated for impairment | 42,693 | 41,228 | 42,693 | 41,228 | 45,746 |
Real estate Mortgage-residential [Member] | |||||
Activity in the allowance for loan losses | |||||
Balance at the beginning of the period | 353 | 207 | 438 | 223 | 223 |
Charge-offs | (1) | (2) | (11) | ||
Recoveries | 2 | 34 | 4 | 39 | 40 |
Provisions | (28) | 272 | (115) | 252 | 186 |
Balance at end of the period | 327 | 512 | 327 | 512 | 438 |
Allowance for loan losses | |||||
Individually evaluated for impairment | 2 | 2 | 2 | 2 | 2 |
Collectively evaluated for impairment | 325 | 510 | 325 | 510 | 436 |
Loans receivable: | |||||
Ending balance-total | 44,567 | 49,330 | 44,567 | 49,330 | 47,472 |
Individually evaluated for impairment | 422 | 421 | 422 | 421 | 639 |
Collectively evaluated for impairment | 44,145 | 48,909 | 44,145 | 48,909 | 46,833 |
Real estate Mortgage-commercial [Member] | |||||
Activity in the allowance for loan losses | |||||
Balance at the beginning of the period | 2,845 | 2,349 | 2,793 | 2,036 | 2,036 |
Charge-offs | (6) | (36) | (30) | (94) | (136) |
Recoveries | 45 | 8 | 158 | 16 | 21 |
Provisions | 32 | 415 | (5) | 778 | 872 |
Balance at end of the period | 2,916 | 2,736 | 2,916 | 2,736 | 2,793 |
Allowance for loan losses | |||||
Individually evaluated for impairment | 29 | 29 | 4 | ||
Collectively evaluated for impairment | 2,887 | 2,736 | 2,887 | 2,736 | 2,789 |
Loans receivable: | |||||
Ending balance-total | 398,777 | 354,095 | 398,777 | 354,095 | 371,112 |
Individually evaluated for impairment | 4,173 | 5,243 | 4,173 | 5,243 | 5,124 |
Collectively evaluated for impairment | 394,604 | 348,852 | 394,604 | 348,852 | 365,988 |
Consumer Home Equity Line of Credit [Member] | |||||
Activity in the allowance for loan losses | |||||
Balance at the beginning of the period | 196 | 93 | 153 | 127 | 127 |
Charge-offs | (8) | (20) | |||
Recoveries | 24 | 2 | 3 | ||
Provisions | 62 | 30 | 81 | 2 | 43 |
Balance at end of the period | 258 | 123 | 258 | 123 | 153 |
Allowance for loan losses | |||||
Individually evaluated for impairment | |||||
Collectively evaluated for impairment | 258 | 123 | 258 | 123 | 153 |
Loans receivable: | |||||
Ending balance-total | 29,984 | 31,743 | 29,984 | 31,743 | 31,368 |
Individually evaluated for impairment | 34 | 56 | 34 | 56 | 56 |
Collectively evaluated for impairment | 29,950 | 31,687 | 29,950 | 31,687 | 31,312 |
Consumer Other Financing Receivable [Member] | |||||
Activity in the allowance for loan losses | |||||
Balance at the beginning of the period | 24 | 23 | 127 | 37 | 37 |
Charge-offs | (41) | (19) | (85) | (52) | (72) |
Recoveries | 5 | 4 | 13 | 10 | 14 |
Provisions | 29 | 15 | (38) | 28 | 148 |
Balance at end of the period | 17 | 23 | 17 | 23 | 127 |
Allowance for loan losses | |||||
Individually evaluated for impairment | |||||
Collectively evaluated for impairment | 17 | 23 | 17 | 23 | 127 |
Loans receivable: | |||||
Ending balance-total | 7,550 | 8,255 | 7,550 | 8,255 | 8,307 |
Individually evaluated for impairment | |||||
Collectively evaluated for impairment | 7,550 | 8,255 | 7,550 | 8,255 | 8,307 |
Unallocated Financing Receivables [Member] | |||||
Activity in the allowance for loan losses | |||||
Balance at the beginning of the period | 1,827 | 2,075 | 1,454 | 2,047 | 2,047 |
Charge-offs | |||||
Recoveries | |||||
Provisions | 33 | (646) | 406 | (618) | (593) |
Balance at end of the period | 1,860 | 1,429 | 1,860 | 1,429 | 1,454 |
Allowance for loan losses | |||||
Individually evaluated for impairment | |||||
Collectively evaluated for impairment | 1,860 | 1,429 | 1,860 | 1,429 | 1,454 |
Loans receivable: | |||||
Ending balance-total | |||||
Individually evaluated for impairment | |||||
Collectively evaluated for impairment |
LOANS (Details 3)
LOANS (Details 3) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Loans Details 3 | |||||
Total loans considered impaired at year end | $ 4,629 | $ 5,720 | $ 4,629 | $ 5,720 | $ 5,819 |
Loans considered impaired for which there is a related allowance for loan loss: | |||||
Outstanding loan balance | 1,715 | 1,715 | 224 | ||
Related allowance | 31 | 2 | 31 | 2 | 6 |
Loans considered impaired and previously written down to fair value | 2,914 | 2,914 | 5,595 | ||
Average impaired loans | 4,636 | 9,124 | 4,675 | 9,207 | 8,727 |
Loans and Leases Receivable, Related Parties [Roll Forward] | |||||
Balance, beginning of year | 6,103 | 7,037 | 7,037 | ||
New Loans | 339 | 431 | |||
Less loan repayments | 925 | 1,093 | |||
Balance, end of year | $ 5,517 | $ 6,375 | $ 5,517 | $ 6,375 | $ 6,103 |
LOANS (Details 4)
LOANS (Details 4) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
With no allowance recorded: | |||||
Recorded Investment | $ 2,914 | $ 2,914 | $ 5,595 | ||
With an allowance recorded: | |||||
Recorded Investment | 1,715 | 1,715 | 224 | ||
Related allowance | 31 | $ 2 | 31 | $ 2 | 6 |
Total: | |||||
Recorded Investment | 4,629 | 5,720 | 4,629 | 5,720 | 5,819 |
Unpaid Principal Balance | 7,864 | 8,298 | 7,864 | 8,298 | 7,704 |
Average Recorded Investment | 4,636 | 9,124 | 4,675 | 9,207 | 8,727 |
Interest Income Recognized | 161 | 32 | 241 | 90 | 112 |
Commercial Loan [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 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 | 379 | 374 | 379 | 374 | 593 |
Unpaid Principal Balance | 443 | 374 | 443 | 374 | 603 |
Average Recorded Investment | 378 | 411 | 384 | 419 | 660 |
Interest Income Recognized | 11 | 11 | |||
With an allowance recorded: | |||||
Recorded Investment | 43 | 47 | 43 | 47 | 46 |
Unpaid Principal Balance | 43 | 47 | 43 | 47 | 46 |
Related allowance | 2 | 2 | 2 | 2 | 2 |
Average Recorded Investment | 43 | 47 | 43 | 48 | 48 |
Interest Income Recognized | 1 | 1 | 2 | 2 | 2 |
Total: | |||||
Recorded Investment | 422 | 421 | 422 | 421 | 639 |
Unpaid Principal Balance | 486 | 421 | 486 | 421 | 649 |
Average Recorded Investment | 421 | 458 | 427 | 467 | 708 |
Interest Income Recognized | 12 | 1 | 13 | 2 | 2 |
Real estate Mortgage-commercial [Member] | |||||
With no allowance recorded: | |||||
Recorded Investment | 2,501 | 5,243 | 2,501 | 5,243 | 4,946 |
Unpaid Principal Balance | 5,051 | 7,821 | 5,051 | 7,821 | 6,821 |
Average Recorded Investment | 2,488 | 8,609 | 2,536 | 8,683 | 7,777 |
Interest Income Recognized | 118 | 31 | 117 | 88 | 98 |
With an allowance recorded: | |||||
Recorded Investment | 1,672 | 1,672 | 178 | ||
Unpaid Principal Balance | 2,293 | 2,293 | 178 | ||
Related allowance | 29 | 29 | 4 | ||
Average Recorded Investment | 1,671 | 1,678 | 186 | ||
Interest Income Recognized | 31 | 111 | 12 | ||
Total: | |||||
Recorded Investment | 4,173 | 5,243 | 4,173 | 5,243 | 5,124 |
Unpaid Principal Balance | 7,344 | 7,821 | 7,344 | 7,821 | 6,999 |
Average Recorded Investment | 4,159 | 8,609 | 4,214 | 8,683 | 7,963 |
Interest Income Recognized | 149 | 31 | 228 | 88 | 110 |
Consumer Home Equity Line of Credit [Member] | |||||
With no allowance recorded: | |||||
Recorded Investment | 34 | 56 | 34 | 56 | 56 |
Unpaid Principal Balance | 34 | 56 | 34 | 56 | 56 |
Average Recorded Investment | 56 | 57 | 34 | 57 | 56 |
Interest Income Recognized | |||||
With an allowance recorded: | |||||
Recorded Investment | |||||
Unpaid Principal Balance | |||||
Related allowance | |||||
Average Recorded Investment | |||||
Interest Income Recognized | |||||
Total: | |||||
Recorded Investment | 34 | 56 | 34 | 56 | 56 |
Unpaid Principal Balance | 34 | 56 | 34 | 56 | 56 |
Average Recorded Investment | 56 | 57 | 34 | 57 | 56 |
Interest Income Recognized | |||||
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 | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 |
Loans | $ 568,488 | $ 546,709 | $ 523,441 |
Commercial Financial and Agricultural Loans [Member] | |||
Loans | 44,917 | 42,704 | 38,790 |
Real Estate Construction Loans [Member] | |||
Loans | 42,693 | 45,746 | 41,228 |
Real estate Mortgage-residential [Member] | |||
Loans | 44,567 | 47,472 | 49,330 |
Real estate Mortgage-commercial [Member] | |||
Loans | 398,777 | 371,112 | 354,095 |
Consumer Home Equity Line of Credit [Member] | |||
Loans | 29,984 | 31,368 | 31,743 |
Consumer Other Financing Receivable [Member] | |||
Loans | 7,550 | 8,307 | $ 8,255 |
Pass [Member] | |||
Loans | 552,385 | 531,980 | |
Pass [Member] | Commercial Financial and Agricultural Loans [Member] | |||
Loans | 44,735 | 42,486 | |
Pass [Member] | Real Estate Construction Loans [Member] | |||
Loans | 42,693 | 45,746 | |
Pass [Member] | Real estate Mortgage-residential [Member] | |||
Loans | 43,061 | 45,751 | |
Pass [Member] | Real estate Mortgage-commercial [Member] | |||
Loans | 7,550 | 8,302 | |
Pass [Member] | Consumer Home Equity Line of Credit [Member] | |||
Loans | 28,550 | 30,929 | |
Pass [Member] | Real estate Mortgage-commercial [Member] | |||
Loans | 385,796 | 358,767 | |
Special Mention [Member] | |||
Loans | 9,621 | 6,799 | |
Special Mention [Member] | Commercial Financial and Agricultural Loans [Member] | |||
Loans | 182 | 218 | |
Special Mention [Member] | Real Estate Construction Loans [Member] | |||
Loans | |||
Special Mention [Member] | Real estate Mortgage-residential [Member] | |||
Loans | 653 | 622 | |
Special Mention [Member] | Real estate Mortgage-commercial [Member] | |||
Loans | 6 | ||
Special Mention [Member] | Consumer Home Equity Line of Credit [Member] | |||
Loans | 1,191 | 180 | |
Special Mention [Member] | Real estate Mortgage-commercial [Member] | |||
Loans | 7,595 | 5,773 | |
Substandard [Member] | |||
Loans | 6,482 | 7,930 | |
Substandard [Member] | Commercial Financial and Agricultural Loans [Member] | |||
Loans | |||
Substandard [Member] | Real Estate Construction Loans [Member] | |||
Loans | |||
Substandard [Member] | Real estate Mortgage-residential [Member] | |||
Loans | 853 | 1,099 | |
Substandard [Member] | Real estate Mortgage-commercial [Member] | |||
Loans | |||
Substandard [Member] | Consumer Home Equity Line of Credit [Member] | |||
Loans | 243 | 259 | |
Substandard [Member] | Real estate Mortgage-commercial [Member] | |||
Loans | 5,386 | 6,572 | |
Doubtful [Member] | |||
Loans | |||
Doubtful [Member] | Commercial Financial and Agricultural Loans [Member] | |||
Loans | |||
Doubtful [Member] | Real Estate Construction Loans [Member] | |||
Loans | |||
Doubtful [Member] | Real estate Mortgage-residential [Member] | |||
Loans | |||
Doubtful [Member] | Real estate Mortgage-commercial [Member] | |||
Loans | |||
Doubtful [Member] | Consumer Home Equity Line of Credit [Member] | |||
Loans | |||
Doubtful [Member] | Real estate Mortgage-commercial [Member] | |||
Loans |
LOANS (Details 6)
LOANS (Details 6) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Loans Details 6 | ||||
Accretable yield, beginning of period | $ 50 | $ 53 | $ 34 | $ 92 |
Accretion | (29) | (17) | (57) | (150) |
Reclassification of nonaccretable difference due to improvement in expected cash flows | 18 | 44 | 112 | |
Accretable yield, end of period | $ 21 | $ 54 | $ 21 | $ 54 |
LOANS (Details 7)
LOANS (Details 7) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 Days Past Due | $ 1,119 | $ 1,275 | |
60-89 Days Past Due | 889 | 547 | |
Greater than 90 Days and Accruing | 102 | 53 | |
Nonaccrual | 2,914 | 4,049 | |
Total Past Due | 5,024 | 5,924 | |
Current | 563,464 | 540,785 | |
Total Loans | 568,488 | 546,709 | $ 523,441 |
Commercial Loan [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 Days Past Due | 255 | 11 | |
60-89 Days Past Due | 39 | ||
Greater than 90 Days and Accruing | |||
Nonaccrual | |||
Total Past Due | 294 | 11 | |
Current | 44,623 | 42,693 | |
Total Loans | 44,917 | 42,704 | 38,790 |
Real Estate Construction Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 Days Past Due | 163 | ||
60-89 Days Past Due | |||
Greater than 90 Days and Accruing | |||
Nonaccrual | |||
Total Past Due | 163 | ||
Current | 42,530 | 45,746 | |
Total Loans | 42,693 | 45,746 | 41,228 |
Real estate Mortgage-residential [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 Days Past Due | 194 | ||
60-89 Days Past Due | 145 | ||
Greater than 90 Days and Accruing | 32 | ||
Nonaccrual | 379 | 593 | |
Total Past Due | 379 | 964 | |
Current | 44,188 | 46,508 | |
Total Loans | 44,567 | 47,472 | 49,330 |
Real estate Mortgage-commercial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 Days Past Due | 497 | 995 | |
60-89 Days Past Due | 843 | 337 | |
Greater than 90 Days and Accruing | |||
Nonaccrual | 2,501 | 3,400 | |
Total Past Due | 3,841 | 4,732 | |
Current | 394,936 | 366,380 | |
Total Loans | 398,777 | 371,112 | 354,095 |
Consumer Home Equity Line of Credit [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 Days Past Due | 121 | 59 | |
60-89 Days Past Due | 64 | ||
Greater than 90 Days and Accruing | 16 | ||
Nonaccrual | 34 | 56 | |
Total Past Due | 155 | 195 | |
Current | 29,829 | 31,173 | |
Total Loans | 29,984 | 31,368 | 31,743 |
Consumer Other Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-59 Days Past Due | 83 | 16 | |
60-89 Days Past Due | 7 | 1 | |
Greater than 90 Days and Accruing | 102 | 5 | |
Nonaccrual | |||
Total Past Due | 192 | 22 | |
Current | 7,358 | 8,285 | |
Total Loans | $ 7,550 | $ 8,307 | $ 8,255 |
LOANS (Details 8)
LOANS (Details 8) $ in Thousands | 9 Months Ended |
Sep. 30, 2016USD ($)N | |
Troubled Debt Restructurings that subsequently defaulted | |
Number of Contracts | N | 1 |
Pre - Recorded Investment | $ 413 |
Post - Recorded Investment | $ 413 |
Real estate Mortgage-Consumer [Member] | |
Troubled Debt Restructurings that subsequently defaulted | |
Number of Contracts | N | 1 |
Pre - Recorded Investment | $ 413 |
Post - Recorded Investment | $ 413 |
LOANS (Details Narrative)
LOANS (Details Narrative) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Receivables [Abstract] | ||
Non-accrual loans | $ 2,914 | $ 4,049 |
Troubled debt restructurings | 1,700 | 1,800 |
TDR in Non-Accural Status | 1,200 | 1,200 |
Loans greater than ninety days delinquent and still accruing interest | $ 102 | $ 53 |
FAIR VALUE MEASUREMENT (Details
FAIR VALUE MEASUREMENT (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Financial Assets: | ||
Held-to-maturity securities | $ 17,344 | $ 17,114 |
Investment securities available-for-sale | 229,060 | 253,394 |
Other investments, at cost | 2,555 | 1,809 |
Financial liabilities: | ||
Non-interest bearing demand | 195,348 | 182,915 |
Interest bearing demand deposits and money market accounts | 332,560 | 327,459 |
Savings | 77,676 | 75,012 |
Time deposits | 164,498 | 181,236 |
Fair Value, Inputs, Level 1 [Member] | ||
Financial Assets: | ||
Cash and short term investments | 27,088 | 21,999 |
Held-to-maturity securities | ||
Investment securities available-for-sale | 801 | |
Other investments, at cost | ||
Loans held for sale | ||
Net loans receivable | ||
Accrued interest | 2,901 | 2,925 |
Financial liabilities: | ||
Non-interest bearing demand | ||
Interest bearing demand deposits and money market accounts | ||
Savings | ||
Time deposits | ||
Total deposits | ||
Federal Home Loan Bank Advances | ||
Short term borrowings | ||
Junior subordinated debentures | ||
Accrued interest payable | 514 | 532 |
Fair Value, Inputs, Level 2 [Member] | ||
Financial Assets: | ||
Cash and short term investments | ||
Held-to-maturity securities | 17,057 | 17,114 |
Investment securities available-for-sale | 251,593 | |
Other investments, at cost | ||
Loans held for sale | 6,018 | 5,707 |
Net loans receivable | 555,213 | 534,674 |
Accrued interest | ||
Financial liabilities: | ||
Non-interest bearing demand | 195,348 | 182,915 |
Interest bearing demand deposits and money market accounts | 332,560 | 327,459 |
Savings | 77,676 | 75,012 |
Time deposits | 164,829 | 181,638 |
Total deposits | 770,413 | 767,024 |
Federal Home Loan Bank Advances | 17,254 | 24,518 |
Short term borrowings | 17,469 | 19,527 |
Junior subordinated debentures | 15,001 | 15,258 |
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 | 1,000 | |
Other investments, at cost | 2,555 | 1,809 |
Loans held for sale | ||
Net loans receivable | 4,598 | 5,813 |
Accrued interest | ||
Financial liabilities: | ||
Non-interest bearing demand | ||
Interest bearing demand deposits and money market accounts | ||
Savings | ||
Time deposits | ||
Total deposits | ||
Federal Home Loan Bank Advances | ||
Short term borrowings | ||
Junior subordinated debentures | ||
Accrued interest payable | ||
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Financial Assets: | ||
Cash and short term investments | 27,088 | 21,999 |
Held-to-maturity securities | 17,057 | 17,193 |
Investment securities available-for-sale | 229,060 | 253,394 |
Other investments, at cost | 2,555 | 1,809 |
Loans held for sale | 6,018 | 5,707 |
Net loans receivable | 562,832 | 541,495 |
Accrued interest | 2,901 | 2,925 |
Financial liabilities: | ||
Non-interest bearing demand | 195,348 | 182,915 |
Interest bearing demand deposits and money market accounts | 332,560 | 327,459 |
Savings | 77,676 | 75,012 |
Time deposits | 164,498 | 181,236 |
Total deposits | 770,082 | 766,622 |
Federal Home Loan Bank Advances | 17,255 | 24,035 |
Short term borrowings | 17,469 | 19,527 |
Junior subordinated debentures | 14,964 | 14,964 |
Accrued interest payable | 514 | 532 |
Estimate of Fair Value, Fair Value Disclosure [Member] | ||
Financial Assets: | ||
Cash and short term investments | 27,088 | 21,999 |
Held-to-maturity securities | 17,057 | 17,114 |
Investment securities available-for-sale | 229,060 | 253,394 |
Other investments, at cost | 2,555 | 1,809 |
Loans held for sale | 6,018 | 5,707 |
Net loans receivable | 559,811 | 540,487 |
Accrued interest | 2,901 | 2,925 |
Financial liabilities: | ||
Non-interest bearing demand | 195,348 | 182,915 |
Interest bearing demand deposits and money market accounts | 332,560 | 327,459 |
Savings | 77,676 | 75,012 |
Time deposits | 164,829 | 181,638 |
Total deposits | 770,413 | 767,024 |
Federal Home Loan Bank Advances | 17,254 | 24,518 |
Short term borrowings | 17,469 | 19,527 |
Junior subordinated debentures | 15,001 | 15,258 |
Accrued interest payable | $ 514 | $ 532 |
FAIR VALUE MEASUREMENT (Detai41
FAIR VALUE MEASUREMENT (Details 2) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | $ 229,060 | $ 253,394 |
Estimate of Fair Value, Fair Value Disclosure [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 229,060 | 253,394 |
US Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 1,521 | 1,520 |
Government sponsored enterprises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 996 | 997 |
Mortgage-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 123,748 | 144,298 |
Small Business Administration pools [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 50,365 | 50,184 |
State and local government [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 51,574 | 54,534 |
Corporate and other securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 856 | 1,861 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 229,060 | 253,394 |
Fair Value, Measurements, Recurring [Member] | US Treasury Securities [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 1,521 | 1,520 |
Fair Value, Measurements, Recurring [Member] | Government sponsored enterprises [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 996 | 997 |
Fair Value, Measurements, Recurring [Member] | Mortgage-backed securities [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 123,748 | 144,298 |
Fair Value, Measurements, Recurring [Member] | Small Business Administration pools [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 50,365 | 50,184 |
Fair Value, Measurements, Recurring [Member] | State and local government [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 51,574 | 54,534 |
Fair Value, Measurements, Recurring [Member] | Corporate and other securities [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 856 | 1,861 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 801 | |
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 | 796 | 801 |
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 | 796 | 801 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 251,593 | |
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 | 228,264 | 251,593 |
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 | 1,521 | 1,520 |
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 | 996 | 997 |
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 | 123,748 | 144,298 |
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 | 50,365 | 50,184 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | State and local government [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 51,574 | 54,534 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Corporate and other securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 60 | 60 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 1,000 | |
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 | 1,000 | |
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 | $ 1,000 |
FAIR VALUE MEASUREMENT (Detai42
FAIR VALUE MEASUREMENT (Details 3) - Corporate Preferred Stock [Member] - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Reconciliation of changes in level 3 financial instruments | ||
Balance at the beginning of the period | $ 1,000 | $ 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 | (1,000) | |
Balance at the end of the period | $ 950 |
FAIR VALUE MEASUREMENT (Detai43
FAIR VALUE MEASUREMENT (Details 4) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired loans | $ 4,629 | $ 5,819 | $ 5,720 |
Total other real estate owned | 733 | 1,146 | |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired loans | 4,598 | 5,813 | |
Total other real estate owned | 733 | 1,146 | |
Total | 5,331 | 6,959 | |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired loans | 4,598 | 5,813 | |
Total other real estate owned | 733 | 1,146 | |
Total | 5,331 | 6,959 | |
Commercial and Industrial Loans Receivable [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired loans | |||
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 | |||
Real Estate Construction Loans [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total other real estate owned | 141 | 141 | |
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 | 141 | 141 | |
Real estate Mortgage-residential [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired loans | 420 | 637 | |
Total other real estate owned | 47 | 269 | |
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 | 420 | 637 | |
Total other real estate owned | 47 | 269 | |
Real estate Mortgage-commercial [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired loans | 4,144 | 5,120 | |
Total other real estate owned | 545 | 736 | |
Real estate Mortgage-commercial [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired loans | 4,144 | 5,120 | |
Total other real estate owned | 545 | 736 | |
Consumer Home Equity Line of Credit [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired loans | 34 | 56 | |
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 | $ 34 | 56 | |
Real estate Mortgage-commercial [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired loans | |||
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 |
FAIR VALUE MEASUREMENT (Detai44
FAIR VALUE MEASUREMENT (Details 5) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
OREO | $ 733 | $ 1,146 | |
Total impaired loans | 4,629 | 5,819 | $ 5,720 |
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 | 1,000 | ||
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 | $ 733 | $ 1,146 | |
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 | $ 4,598 | $ 5,813 | |
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% |
DEPOSITS (Details)
DEPOSITS (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Deposits Details | ||
Non-interest bearing demand deposits | $ 195,348 | $ 182,915 |
NOW and money market accounts | 332,560 | 327,459 |
Savings | 77,676 | 75,012 |
Time deposits | 164,498 | 181,236 |
Total deposits | $ 770,082 | $ 766,622 |
DEPOSITS (Details 2)
DEPOSITS (Details 2) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Interest paid on certificates of deposits | ||
Time deposits FDIC insurance limit of $250 thousand | $ 36,200 | $ 37,700 |
REPORTABLE SEGMENTS (Details)
REPORTABLE SEGMENTS (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Dividend and Interest Income | $ 7,921 | $ 7,400 | $ 23,416 | $ 21,996 | |
Interest expense | 694 | 749 | 2,080 | 2,331 | |
Net interest income | 7,227 | 6,651 | 21,336 | 19,665 | |
Provision for loan losses | 166 | 179 | 360 | 536 | $ 774 |
Noninterest income | 2,422 | 2,387 | 7,045 | 6,740 | |
Noninterest expense | 6,894 | 6,583 | 20,984 | 19,258 | |
Net income before taxes | 2,589 | 2,276 | 7,037 | 6,611 | |
Income tax (provision) benefit | 696 | 599 | 1,724 | 1,721 | |
Net income (loss) | 1,893 | 1,677 | 5,313 | 4,890 | |
Total assets | 914,228 | 914,228 | 914,793 | ||
Commercial And Retail Banking [Member] | |||||
Dividend and Interest Income | 7,763 | 7,336 | 23,072 | 21,732 | |
Interest expense | 547 | 625 | 1,660 | 1,968 | |
Net interest income | 7,216 | 6,711 | 21,412 | 19,764 | |
Provision for loan losses | 166 | 179 | 360 | 536 | |
Noninterest income | 1,053 | 1,166 | 3,097 | 3,353 | |
Noninterest expense | 5,780 | 5,506 | 17,699 | 16,227 | |
Net income before taxes | 2,323 | 2,192 | 6,450 | 6,354 | |
Income tax (provision) benefit | 772 | (677) | 2,037 | (1,910) | |
Net income (loss) | 1,551 | 1,515 | 4,413 | 4,444 | |
Total assets | 900,144 | 900,144 | 904,568 | ||
Mortgage Banking [Member] | |||||
Dividend and Interest Income | 153 | 60 | 331 | 142 | |
Interest expense | |||||
Net interest income | 153 | 60 | 331 | 142 | |
Provision for loan losses | |||||
Noninterest income | 1,032 | 937 | 2,950 | 2,516 | |
Noninterest expense | 769 | 672 | 2,181 | 1,828 | |
Net income before taxes | 416 | 325 | 1,100 | 830 | |
Income tax (provision) benefit | |||||
Net income (loss) | 416 | 325 | 1,100 | 830 | |
Total assets | 14,061 | 14,061 | 8,158 | ||
Investment Advisory And Non Deposit [Member] | |||||
Dividend and Interest Income | |||||
Interest expense | |||||
Net interest income | |||||
Provision for loan losses | |||||
Noninterest income | 337 | 284 | 908 | 871 | |
Noninterest expense | 262 | 249 | 839 | 766 | |
Net income before taxes | 75 | 35 | 69 | 105 | |
Income tax (provision) benefit | |||||
Net income (loss) | 75 | 35 | 69 | 105 | |
Total assets | 23 | 23 | 32 | ||
Corporate [Member] | |||||
Dividend and Interest Income | 747 | 658 | 2,191 | 2,072 | |
Interest expense | 147 | 124 | 420 | 363 | |
Net interest income | 600 | 534 | 1,771 | 1,709 | |
Provision for loan losses | |||||
Noninterest income | 90 | ||||
Noninterest expense | 83 | 156 | 265 | 437 | |
Net income before taxes | 517 | 378 | 1,596 | 1,272 | |
Income tax (provision) benefit | (76) | 78 | (313) | 189 | |
Net income (loss) | 593 | 456 | 1,909 | 1,461 | |
Total assets | 101,520 | 101,520 | 98,210 | ||
Eliminations [Member] | |||||
Dividend and Interest Income | (742) | (654) | (2,178) | (1,950) | |
Interest expense | |||||
Net interest income | (742) | (654) | (2,178) | (1,950) | |
Provision for loan losses | |||||
Noninterest income | |||||
Noninterest expense | |||||
Net income before taxes | (742) | (654) | (2,178) | (1,950) | |
Income tax (provision) benefit | |||||
Net income (loss) | (742) | $ (654) | (2,178) | $ (1,950) | |
Total assets | $ (101,520) | $ (101,520) | $ (96,175) |