Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2016 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | TRINITY CAPITAL CORP | |
Entity Central Index Key | 99,771 | |
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 | 9,199,306 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 |
CONSOLIDATED BALANCE SHEETS (Un
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and due from banks | $ 14,142 | $ 13,506 |
Interest-bearing deposits with banks | 137,778 | 151,049 |
Securities purchased under resell agreements | 0 | 24,320 |
Cash and cash equivalents | 151,920 | 188,875 |
Investment securities available for sale, at fair value | 399,421 | 316,040 |
Investment securities held to maturity, at amortized cost (fair value of $8,625 and $8,988 as of September 30, 2016 and December 31, 2015, respectively) | 8,866 | 8,986 |
Non-marketable equity securities | 3,809 | 3,854 |
Loans held for sale | 307 | 3,041 |
Loans (net of allowance for loan losses of $17,801 and $17,392 as of September 30, 2016 and December 31, 2015, respectively) | 781,395 | 822,396 |
Mortgage servicing rights ("MSRs"), net | 5,615 | 6,882 |
Bank owned life insurance ("BOLI") | 10,098 | 0 |
Premises and equipment, net | 26,201 | 23,373 |
Other real estate owned ("OREO"), net | 7,054 | 8,346 |
Other assets | 17,524 | 17,192 |
Total assets | 1,412,210 | 1,398,985 |
Deposits: | ||
Noninterest-bearing | 22,509 | 75,867 |
Interest-bearing | 1,230,681 | 1,178,091 |
Total deposits | 1,253,190 | 1,253,958 |
Borrowings | 2,300 | 2,300 |
Junior subordinated debt | 37,116 | 37,116 |
Other liabilities | 35,872 | 26,621 |
Total liabilities | 1,328,478 | 1,319,995 |
Stock owned by Employee Stock Ownership Plan ("ESOP") participants; 671,962 shares and 672,623 shares as of December 31, 2016 and 2015, respectively, at fair value | 2,689 | 2,690 |
Commitments and contingencies (Note 13) | ||
Stockholders' equity | ||
Common stock, no par, 20,000,000 shares authorized; 9,187,541 shares issued; 9,187,541 shares and 6,491,802 shares outstanding as of December 31, 2016 and 2015, respectively | 6,836 | 6,836 |
Additional paid-in capital | 394 | 1,153 |
Retained earnings | 42,930 | 44,232 |
Accumulated other comprehensive income (loss) | 2,992 | (2,781) |
Total stockholders' equity before treasury stock | 90,026 | 86,180 |
Treasury stock, at cost; 0 shares and 364,998 shares as of December 31, 2016 and 2015, respectively | (8,983) | (9,880) |
Total stockholders' equity | 81,043 | 76,300 |
Total liabilities and stockholders' equity | 1,412,210 | 1,398,985 |
Series A Preferred Stock [Member] | ||
Stockholders' equity | ||
Preferred stock, no par, 1,000,000 shares authorized | 35,016 | 34,858 |
Series B Preferred Stock [Member] | ||
Stockholders' equity | ||
Preferred stock, no par, 1,000,000 shares authorized | $ 1,858 | $ 1,882 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
ASSETS | ||
Fair Value | $ 8,625 | $ 8,988 |
Net of allowance for loan losses | $ 17,801 | $ 17,392 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Participants, stock ownership (in shares) | 672,654 | 672,623 |
Stockholders' equity | ||
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, authorized (in shares) | 1,000,000 | 1,000,000 |
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, issued (in shares) | 6,856,800 | 6,856,800 |
Common stock, outstanding (in shares) | 6,526,302 | 6,491,802 |
Treasury stock, shares (in shares) | 330,498 | 364,998 |
Series A Preferred Stock [Member] | ||
Stockholders' equity | ||
Cumulative perpetual percentage | 9.00% | 9.00% |
Preferred stock, issued (in shares) | 35,539 | 35,539 |
Preferred stock, outstanding (in shares) | 35,539 | 35,539 |
Liquidation value (in dollars per share) | $ 1,000 | $ 1,000 |
Series B Preferred Stock [Member] | ||
Stockholders' equity | ||
Cumulative perpetual percentage | 9.00% | 9.00% |
Preferred stock, issued (in shares) | 1,777 | 1,777 |
Preferred stock, outstanding (in shares) | 1,777 | 1,777 |
Liquidation value (in dollars per share) | $ 1,000 | $ 1,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Interest income: | ||||
Loans, including fees | $ 9,413 | $ 10,354 | $ 29,532 | $ 32,334 |
Interest and dividends on investment securities: | ||||
Taxable | 2,163 | 1,053 | 5,769 | 2,815 |
Nontaxable | 175 | 44 | 323 | 134 |
Other interest income | 98 | 363 | 524 | 792 |
Total interest income | 11,849 | 11,814 | 36,148 | 36,075 |
Interest expense: | ||||
Deposits | 556 | 716 | 1,770 | 2,258 |
Borrowings | 37 | 36 | 110 | 248 |
Junior subordinated debt | 742 | 665 | 2,179 | 1,980 |
Total interest expense | 1,335 | 1,417 | 4,059 | 4,486 |
Net interest income | 10,514 | 10,397 | 32,089 | 31,589 |
Provision for loan losses | 0 | 0 | 0 | 0 |
Net interest income after provision for loan losses | 10,514 | 10,397 | 32,089 | 31,589 |
Noninterest income: | ||||
Mortgage loan servicing fees | 456 | 569 | 1,546 | 1,740 |
Trust and investment services fees | 654 | 632 | 1,900 | 1,980 |
Service charges on deposits | 153 | 306 | 719 | 989 |
Net gain (loss) on sale of OREO | 316 | 78 | 1,159 | 507 |
Net gain on sale of loans | 630 | 552 | 1,853 | 2,089 |
Net gain on sale of securities | 130 | 0 | 184 | 1 |
Other fees | 733 | 523 | 1,289 | 1,685 |
Other noninterest income | 197 | 81 | ||
Other noninterest loss | (4) | (72) | ||
Total noninterest income | 3,068 | 2,588 | 8,847 | 9,072 |
Noninterest expenses: | ||||
Salaries and employee benefits | 6,536 | 6,410 | 19,460 | 18,838 |
Occupancy | 669 | 717 | 2,412 | 2,617 |
Data processing | 872 | 758 | 2,232 | 2,169 |
Legal, professional, and audit fees | 1,539 | 1,470 | 4,949 | 5,514 |
Valuation on MSR | (95) | |||
MSA amortization | 1,257 | 1,830 | 1,616 | |
Other noninterest expense | 3,270 | 2,499 | 8,046 | 7,082 |
Total noninterest expenses | 12,791 | 13,111 | 38,929 | 37,836 |
Income (loss) before provision for income taxes | 791 | (126) | 2,007 | 2,825 |
Provision for income taxes | 0 | 0 | 0 | 0 |
Net income (loss) | 791 | (126) | 2,007 | 2,825 |
Dividends and discount accretion on preferred shares | 1,083 | 990 | 3,176 | 2,905 |
Net income (loss) available to common shareholders | $ (292) | $ (1,116) | $ (1,169) | $ (80) |
Basic earnings (loss) per common share (in dollars per share) | $ (0.04) | $ (0.17) | $ (0.18) | $ (0.01) |
Diluted earnings (loss)per common share (in dollars per share) | $ (0.04) | $ (0.17) | $ (0.18) | $ (0.01) |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) [Abstract] | ||||
Net income (loss) | $ 791 | $ (126) | $ 2,007 | $ 2,825 |
Other comprehensive loss (gain): | ||||
Unrealized (losses) gains on securities available for sale | (969) | 974 | 5,957 | (181) |
Securities (gains) losses reclassified into earnings | (130) | 0 | (184) | (1) |
Related income tax benefit (expense) | 0 | 0 | 0 | 0 |
Other comprehensive loss (gain) | (1,099) | 974 | 5,773 | (182) |
Total comprehensive income (loss) | $ (308) | $ 848 | $ 7,780 | $ 2,643 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands | Common Stock Issued [Member] | Common Stock Held in Treasury at Cost [Member] | Preferred Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
Balance at Dec. 31, 2014 | $ 6,836 | $ (10,888) | $ 36,563 | $ 1,963 | $ 47,084 | $ (555) | $ 81,003 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 2,825 | 2,825 | |||||
Other comprehensive income | (182) | (182) | |||||
Dividends declared on preferred shares | (2,905) | (2,905) | |||||
Amortization of preferred stock issuance costs | 133 | (133) | 0 | ||||
Treasury shares issued | 1,008 | (843) | 165 | ||||
Net change in the fair value of stock owned by ESOP participants | (674) | (674) | |||||
Balance at Sep. 30, 2015 | 6,836 | (9,880) | 36,696 | 1,120 | 46,197 | (737) | 80,232 |
Balance at Dec. 31, 2015 | 6,836 | (9,880) | 36,740 | 1,153 | 44,232 | (2,781) | 76,300 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 2,007 | 2,007 | |||||
Other comprehensive income | 5,773 | 5,773 | |||||
Dividends declared on preferred shares | (3,176) | (3,176) | |||||
Amortization of preferred stock issuance costs | 134 | (134) | 0 | ||||
Treasury shares issued | 897 | (759) | 138 | ||||
Net change in the fair value of stock owned by ESOP participants | 1 | 1 | |||||
Balance at Sep. 30, 2016 | $ 6,836 | $ (8,983) | $ 36,874 | $ 394 | $ 42,930 | $ 2,992 | $ 81,043 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Cash Flows From Operating Activities | ||
Net income | $ 2,007 | $ 2,825 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 1,147 | 1,273 |
Provision for loan losses | 0 | 0 |
Gain on sale of investment securities | (184) | (1) |
Net (gain) on sale of loans | (1,853) | (2,089) |
Gain on sale of OREO | (1,059) | (714) |
Loss on disposal of premises and equipment | 1 | 2 |
Federal Home Loan Bank (FHLB) stock dividends received | 1 | 2 |
Net amortization of MSRs | 1,038 | 1,147 |
Change in mortgage servicing rights valuation allowance | 783 | 468 |
Changes in operating assets and liabilities: | ||
Other assets | 3,891 | 10,179 |
Other Liabilities | 6,075 | 1,845 |
Net cash provided by operating activities before origination and gross sales of loans held for sale | 11,847 | 14,937 |
Gross sales of loans held for sale | (51,737) | (74,302) |
Origination of loans held for sale | 55,770 | 61,791 |
Net cash provided by operating activities | 15,880 | 2,426 |
Cash Flows From Investing Activities | ||
Proceeds from maturities and paydowns of investment securities, available for sale | 46,694 | 51,143 |
Proceeds from sale of investment securities, available for sale | 98,259 | 0 |
Purchase of investment securities, available for sale | (225,741) | (102,890) |
Proceeds from maturities and paydowns of investment securities, held to maturity | 104 | 141 |
Proceeds from maturities and paydowns of investment securities, other | 0 | 1,055 |
Purchase of BOLI | (10,098) | 0 |
Proceeds from sale of other real estate owned | 3,724 | 7,511 |
Loans paid down (funded), net | 39,598 | 87,515 |
Purchases of premises and equipment | (4,745) | (193) |
Proceeds from sale of premises and equipment | 0 | 21 |
Net cash (used in) provided by investing activities | (52,205) | 44,303 |
Cash Flows From Financing Activities | ||
Net increase (decrease) in demand deposits, NOW accounts and savings accounts | 42,013 | 50,393 |
Net (decrease) in time deposits | (42,781) | (46,305) |
Repayment of borrowings | 0 | (20,000) |
Issuance of common stock | 138 | 168 |
Net cash (used in) financing activities | (630) | (15,744) |
Net (decrease) increase in cash and cash equivalents | (36,955) | 30,985 |
Cash and cash equivalents: | ||
Beginning of period | 188,875 | 247,398 |
End of period | 151,920 | 278,383 |
Cash payments for: | ||
Interest | 1,987 | 869 |
Non-cash investing and financing activities: | ||
Transfers from loans to other real estate owned | 2,944 | 3,958 |
Sales of other real estate owned financed by loans | 1,548 | 665 |
Transfer from loans to loans held for sale | 0 | 11,860 |
Dividends declared on preferred stock, not yet paid | 3,176 | 2,905 |
Change in unrealized gain on investment securities | $ 5,957 | $ (181) |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2016 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | Note 1. Basis of Presentation Consolidation: "Consolidation." Basis of presentation: The accompanying unaudited consolidated financial statements have been prepared in accordance with GAAP for financial information and with the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the statements reflect all adjustments necessary for a fair presentation of the financial position, results of operations and cash flows of the Company on a consolidated basis, and all such adjustments are of a normal recurring nature. These financial statements and the notes thereto should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. Operating results for the nine-month period ended September 30, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016 or any other period. |
Earnings (Loss) Per Share Data
Earnings (Loss) Per Share Data | 9 Months Ended |
Sep. 30, 2016 | |
Earnings (Loss) Per Share Data [Abstract] | |
Earnings (Loss) Per Share Data | Note 2. Earnings (Loss) Per Share Data Average number of shares used in calculation of basic and diluted earnings (loss) per common share were as follows for the three and nine months ended September 30, 2016 and 2015: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (In thousands, except share data) Net income (loss) $ 791 $ (126 ) $ 2,007 $ 2,825 Dividends and discount accretion on preferred shares 1,083 990 3,176 2,905 Net loss available to common stockholders $ (292 ) $ (1,116 ) $ (1,169 ) $ (80 ) Weighted average common shares issued 6,856,800 6,856,800 6,856,800 6,856,800 LESS: Weighted average treasury stock shares (330,498 ) (367,253 ) (331,002 ) (375,914 ) Weighted average common shares outstanding, net 6,526,302 6,489,547 6,525,798 6,480,886 Basic loss per common share $ (0.04 ) $ (0.17 ) $ (0.18 ) $ (0.01 ) Dilutive effect of stock-based compensation - - - - Weighted average common shares outstanding including dilutive shares 6,526,302 6,489,547 6,525,798 6,480,886 Diluted loss per common share $ (0.04 ) $ (0.17 ) $ (0.18 ) $ (0.01 ) Certain restricted stock units were not included in the above calculation, as they would have had an anti-dilutive effect as the exercise price was greater than current market prices. The total number of shares excluded was approximately 62,000 shares and 12,000 shares for three months ended September 30, 2016 and 2015, respectively. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2016 | |
Recent Accounting Pronouncements [Abstract] | |
Recent Accounting Pronouncements | Note 3. Recent Accounting Pronouncements In August 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ( ASU") 2016-15 Statement of Cash Flows |
Restrictions on Cash and Due Fr
Restrictions on Cash and Due From Banks | 9 Months Ended |
Sep. 30, 2016 | |
Restrictions on Cash and Due From Banks [Abstract] | |
Restrictions on Cash and Due From Banks | Note 4. Restrictions on Cash and Due From Banks The Bank is required to maintain reserve balances in cash or on deposit with the Board of Governors of the Federal Reserve System ("FRB"), based on a percentage of deposits. As of September 30, 2016 there was no reserve requirement on deposit at FRB and at December 31, 2015 the reserve requirement on deposit at the FRB $4.3 million. The Company maintains some of its cash in bank deposit accounts at financial institutions other than its subsidiaries that, at times, may exceed federally insured limits. The Company may lose all uninsured balances if one of the correspondent banks fails without warning. The Company has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risk on cash and cash equivalents. |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2016 | |
Investment Securities [Abstract] | |
Investment Securities | Note 5. Investment Securities Amortized cost and fair values of investment securities are summarized as follows: Securities Available for Sale: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In thousands) September 30, 2016 U.S. Government sponsored agency $ 49,425 $ 1,388 $ - $ 50,813 State and political subdivision 32,027 372 (3 ) 32,396 Residential mortgage backed security 213,102 703 (1,411 ) 212,394 Residential collateralized mortgage obligation 15,540 88 (12 ) 15,616 Commercial mortgage backed security 85,621 1,875 - 87,496 SBA pools 714 - (8 ) 706 Totals $ 396,429 $ 4,426 $ (1,434 ) $ 399,421 December 31, 2015 U.S. Government sponsored agency $ 69,798 $ 98 $ (312 ) $ 69,584 State and political subdivision 3,429 147 - 3,576 Residential mortgage backed security 123,055 43 (1,501 ) 121,597 Residential collateralized mortgage obligation 40,305 139 (523 ) 39,921 Commercial mortgage backed security 41,341 15 (237 ) 41,119 SBA pools 757 - (7 ) 750 Asset-backed security 40,136 - (643 ) 39,493 Totals $ 318,821 $ 442 $ (3,223 ) $ 316,040 Securities Held to Maturity Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In thousands) September 30, 2016 SBA pools $ 8,866 $ - $ (241 ) $ 8,625 Totals $ 8,866 $ - $ (241 ) $ 8,625 December 31, 2015 SBA pools $ 8,986 $ 2 $ - $ 8,988 Totals $ 8,986 $ 2 $ - $ 8,988 Realized net gains (losses) on sale and call of securities available for sale are summarized as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (In thousands) Gross realized gains $ 620 $ - $ 674 $ 1 Gross realized losses (490 ) - (490 ) - Net gains (losses) $ 130 $ - $ 184 $ 1 There was no tax benefit (provision) related to these net realized gains and losses for the three and nine months ended September 30, 2016 and for the three and nine months ended September 30, 2015. As of September 30, 2016, the Company's security portfolio consisted of 133 securities, 41 of which were in an unrealized loss position. As of September 30, 2016, $155.9 million in investment securities had unrealized losses with aggregate depreciation of 0.91% of the Company’s amortized cost basis. Of these securities, $54.0 million had a continuous unrealized loss position for twelve months or longer with an aggregate depreciation of 1.77%. The unrealized losses relate principally to the general change in interest rates and illiquidity, and not credit quality, that has occurred since the securities purchase dates, and such unrecognized losses or gains will continue to vary with general interest rate level fluctuations in the future. As management does not intend to sell the securities, and it is likely that it will not be required to sell the securities before their anticipated recovery, no declines are deemed to be other than temporary. A summary of unrealized loss information for investment securities, categorized by security type, as of September 30, 2016 and December 31, 2015 was as follows: Less than 12 Months 12 Months or Longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In thousands) Securities Available for Sale: September 30, 2016 State and political subdivision $ 935 $ (3 ) $ - $ - $ 935 $ (3 ) Residential mortgage backed security 96,469 (446 ) 53,148 (965 ) 149,617 (1,411 ) Residential collateralized mortgage obligation 4,497 (10 ) 145 (2 ) 4,642 (12 ) SBA pools - - 705 (8 ) 705 (8 ) Totals $ 101,901 $ (459 ) $ 53,998 $ (975 ) $ 155,899 $ (1,434 ) December 31, 2015 U.S. Government sponsored agency $ 54,804 $ (312 ) $ - $ - $ 54,804 $ (312 ) State and political subdivision - - - - - - Residential mortgage backed security 54,760 (602 ) 48,752 (899 ) 103,512 (1,501 ) Residential collateralized mortgage obligation 17,237 (185 ) 16,252 (338 ) 33,489 (523 ) Commercial mortgage backed security 26,883 (237 ) - - 26,883 (237 ) SBA pools - - 742 (7 ) 742 (7 ) Asset-backed security 39,493 (643 ) - - 39,493 (643 ) Totals $ 193,177 $ (1,979 ) $ 65,746 $ (1,244 ) $ 258,923 $ (3,223 ) Securities Held to Maturity: September 30, 2016 SBA Pools $ 8,625 $ (241 ) $ - $ - $ 8,625 $ (241 ) Totals $ 8,625 $ (241 ) $ - $ - $ 8,625 $ (241 ) December 31, 2015 None $ - $ - $ - $ - $ - $ - Totals $ - $ - $ - $ - $ - $ - The amortized cost and fair value of investment securities, as of September 30, 2016, by contractual maturity are shown below. Maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalties. Available for Sale Held to Maturity Amortized Cost Fair Value Amortized Cost Fair Value (In thousands) One year or less $ 5,204 $ 5,207 $ - $ - One to five years 16,176 16,480 - - Five to ten years 31,265 32,536 - - Over ten years 29,521 29,692 8,866 8,625 Subtotal 82,166 83,915 8,866 8,625 Residential mortgage backed security 213,102 212,394 - - Residential collateralized mortgage obligation 15,540 15,616 - - Commercial mortgage backed security 85,621 87,496 Total $ 396,429 $ 399,421 $ 8,866 $ 8,625 Securities with carrying amounts of $82.9 million and $91.7 million as of September 30, 2016 and December 31, 2015, respectively, were pledged as collateral on public deposits and for other purposes as required or permitted by law. |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 9 Months Ended |
Sep. 30, 2016 | |
Loans and Allowance for Loan Losses [Abstract] | |
Loans and Allowance for Loan Losses | Note 6. Loans and Allowance for Loan Losses As of September 30, 2016 and December 31, 2015, loans consisted of: September 30, 2016 December 31, 2015 (In thousands) Commercial $ 85,247 $ 92,995 Commercial real estate 383,203 371,599 Residential real estate 228,099 258,606 Construction real estate 79,629 89,341 Installment and other 24,387 28,730 Total loans 800,565 841,271 Unearned income (1,369 ) (1,483 ) Gross loans 799,196 839,788 Allowance for loan losses (17,801 ) (17,392 ) Net loans $ 781,395 $ 822,396 Loan Origination/Risk Management. Commercial loans: Commercial real estate loans: With respect to loans to developers and builders that are secured by non-owner occupied properties that the Company may originate from time to time, the Company generally requires the borrower to have an existing relationship with the Company and have a proven record of success. Construction real estate loans: Residential real estate loans: Installment loans: The loan review process complements and reinforces the risk identification and assessment decisions made by lenders and credit personnel, as well as the Company’s policies and procedures, which include periodic internal reviews and reports to identify and address risk factors developing within the loan portfolio. The Company engages external independent loan reviews that assess and validate the credit risk program on a periodic basis. Results of these reviews are presented to and reviewed by management and the Board of Directors. The following table presents the contractual aging of the recorded investment in current and past due loans by class of loans as of September 30, 2016 and December 31, 2015, including nonaccrual loans: Current 30-59 Days Past Due 60-89 Days Past Due Loans past due 90 days or more Total Past Due Total September 30, 2016 (In thousands) Commercial $ 82,801 $ 1,253 $ 77 $ 1,116 $ 2,446 $ 85,247 Commercial real estate 378,823 - 194 4,186 4,380 383,203 Residential real estate 222,469 229 939 4,462 5,630 228,099 Construction real estate 71,813 64 83 7,669 7,816 79,629 Installment and other 24,115 169 69 34 272 24,387 Total loans $ 780,021 $ 1,715 $ 1,362 $ 17,467 $ 20,544 $ 800,565 Nonaccrual loan classification $ 8,845 $ 705 $ 305 $ 17,091 $ 18,101 $ 26,946 December 31, 2015 Commercial $ 90,839 $ 167 $ 131 $ 1,858 $ 2,156 $ 92,995 Commercial real estate 363,495 1,526 704 5,874 8,104 371,599 Residential real estate 252,568 1,215 606 4,217 6,038 258,606 Construction real estate 80,629 291 85 8,336 8,712 89,341 Installment and other 28,534 110 12 74 196 28,730 Total loans $ 816,065 $ 3,309 $ 1,538 $ 20,359 $ 25,206 $ 841,271 Nonaccrual loan classification $ 6,202 $ 2,702 $ 1,418 $ 20,003 $ 24,123 $ 30,325 The following table presents the recorded investment in nonaccrual loans and loans past due 90 days or more and still accruing interest by class of loans as of September 30, 2016 and December 31, 2015: September 30, 2016 December 31, 2015 Nonaccrual Loans past due 90 days or more and still accruing interest Nonaccrual Loans past due 90 days or more and still accruing interest (In thousands) Commercial $ 1,905 $ - $ 2,268 $ - Commercial real estate 9,659 - 10,737 - Residential real estate 5,924 - 7,821 - Construction real estate 9,445 - 9,353 - Installment and other 13 21 146 - Total $ 26,946 $ 21 $ 30,325 $ - The Company utilizes an internal asset classification system as a means of reporting problem and potential problem loans. Under the Company’s risk rating system, problem and potential problem loans are classified as “Special Mention,” “Substandard,” and “Doubtful.” Substandard loans include those characterized by the likelihood that the Company will sustain some loss if the deficiencies are not corrected. Loans classified as Doubtful have all the weaknesses inherent in those classified as Substandard with the added characteristic that the weaknesses present make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. Loans that do not currently expose the Company to sufficient risk to warrant classification in one of the aforementioned categories, but possess weaknesses that deserve management’s close attention are deemed to be Special Mention. Any time a situation warrants, the risk rating may be reviewed. Loans not meeting the criteria above that are analyzed individually are considered to be pass-rated loans. The following table presents the risk category by class of loans based on the most recent analysis performed as of September 30, 2016 and December 31, 2015: Pass Special Mention Substandard Doubtful Total September 30, 2016 (In thousands) Commercial $ 67,274 $ 2,104 $ 15,869 $ - $ 85,247 Commercial real estate 342,906 10,516 29,781 - 383,203 Residential real estate 217,918 1,278 8,903 - 228,099 Construction real estate 61,715 5,282 12,632 - 79,629 Installment and other 24,285 5 97 - 24,387 Total $ 714,098 $ 19,185 $ 67,282 $ - $ 800,565 December 31, 2015 Commercial $ 69,221 $ 3,129 $ 20,645 $ - $ 92,995 Commercial real estate 307,700 19,512 44,387 - 371,599 Residential real estate 245,897 1,622 11,087 - 258,606 Construction real estate 71,864 6,667 10,810 - 89,341 Installment and other 28,378 2 350 - 28,730 Total $ 723,060 $ 30,932 $ 87,279 $ - $ 841,271 The following table shows all loans, including nonaccrual loans, by risk category and aging as of September 30, 2016 and December 31, 2015: Pass Special Mention Substandard Doubtful Total September 30, 2016 (In thousands) Current $ 712,438 $ 19,168 $ 48,415 $ - $ 780,021 Past due 30-59 days 729 - 986 - 1,715 Past due 60-89 days 846 17 499 - 1,362 Past due 90 days or more 85 - 17,382 - 17,467 Total $ 714,098 $ 19,185 $ 67,282 $ - $ 800,565 December 31, 2015 Current $ 719,752 $ 30,674 $ 65,639 $ - $ 816,065 Past due 30-59 days 349 258 2,702 - 3,309 Past due 60-89 days 109 - 1,429 - 1,538 Past due 90 days or more 2,850 - 17,509 - 20,359 Total $ 723,060 $ 30,932 $ 87,279 $ - $ 841,271 As of September 30, 2016 and December 31, 2015, nonaccrual loans totaling $26.9 million and $27.5 million, respectively, were classified as Substandard. The following table presents loans individually evaluated for impairment by class of loans as of September 30, 2016 and December 31, 2015, showing the unpaid principal balance, the recorded investment of the loan (reflecting any loans with partial charge-offs), and the amount of allowance for loan losses specifically allocated for these impaired loans (if any): September 30, 2016 December 31, 2015 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated (In thousands) With no related allowance recorded: Commercial $ 11,812 $ 9,704 $ 13,611 $ 10,137 Commercial real estate 11,055 10,576 15,872 14,198 Residential real estate 7,942 6,508 9,473 7,450 Construction real estate 6,775 5,293 9,816 8,137 Installment and other 339 339 433 416 With an allowance recorded: Commercial 14,221 14,221 $ 295 14,958 14,956 $ 399 Commercial real estate 9,016 9,016 1,622 11,050 11,050 1,295 Residential real estate 8,965 8,965 1,978 10,759 10,755 2,132 Construction real estate 5,336 5,313 365 3,688 3,688 252 Installment and other 488 488 57 636 636 138 Total $ 75,949 $ 70,423 $ 4,317 $ 90,296 $ 81,423 $ 4,216 The following table presents loans individually evaluated for impairment by class of loans for the three and nine months ended September 30, 2016 and 2015, showing the average recorded investment and the interest income recognized: Three Months Ended Nine Months Ended September 30, 2016 September 30, 2015 September 30, 2016 September 30, 2015 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (In thousands) With no related allowance recorded: Commercial $ 9,648 $ 103 $ 11,278 $ 112 $ 9,715 $ 307 $ 11,254 $ 332 Commercial real estate 10,279 18 15,553 52 10,668 53 17,819 155 Residential real estate 5,955 10 7,827 9 6,541 31 8,101 26 Construction real estate 6,213 5 9,568 28 6,587 16 9,652 82 Installment and other 341 4 560 4 339 12 589 12 With an allowance recorded: Commercial 14,338 196 14,777 203 14,451 584 14,927 604 Commercial real estate 9,003 92 11,917 120 9,056 273 12,543 357 Residential real estate 9,652 81 10,579 97 9,860 242 10,653 289 Construction real estate 4,443 45 3,319 44 4,178 134 3,344 131 Installment and other 529 4 558 5 554 13 541 15 Total $ 70,401 $ 558 $ 85,936 $ 674 $ 71,949 $ 1,665 $ 89,423 $ 2,003 If nonaccrual loans outstanding had been current in accordance with their original terms, approximately $517.3 thousand and $393.3 million would have been recorded as loan interest income during the three months ended September 30, 2016 and 2015, respectively, and $1.2 million and $1.2 million during the nine months ended September 30, 2016 and 2015, respectively. Interest income recognized in the above table was primarily recognized on a cash basis. Recorded investment balances in the above tables exclude accrued interest income and unearned income as such amounts were immaterial. Allowance for Loan Losses: For the three and nine months ended September 30, 2016 and 2015, activity in the allowance for loan losses was as follows: Commercial Commercial real estate Residential real estate Construction real estate Installment and other Unallocated Total (In thousands) Three Months Ended September 30, 2016: Beginning balance $ 2,220 $ 7,919 $ 5,629 $ 1,039 $ 758 $ 27 $ 17,592 Provision (benefit) for loan losses (193 ) 1 10 155 3 24 - Charge-offs (206 ) (46 ) (174 ) - (98 ) - (524 ) Recoveries 260 377 56 5 35 - 733 Net charge-offs 54 331 (118 ) 5 (63 ) - 209 Ending balance $ 2,081 $ 8,251 $ 5,521 $ 1,199 $ 698 $ 51 $ 17,801 Three Months Ended September 30, 2015: Beginning balance $ 3,219 $ 8,870 $ 7,696 $ 2,588 $ 876 $ 31 $ 23,280 Provision (benefit) for loan losses (522 ) 1,853 (1,094 ) (517 ) 54 226 - Charge-offs (568 ) (3,775 ) (627 ) (410 ) (264 ) - (5,644 ) Recoveries 192 124 334 93 163 - 906 Net charge-offs (376 ) (3,651 ) (293 ) (317 ) (101 ) - (4,738 ) Ending balance $ 2,321 $ 7,072 $ 6,309 $ 1,754 $ 829 $ 257 $ 18,542 Nine Months Ended September 30, 2016: Beginning balance $ 2,442 $ 6,751 $ 6,082 $ 1,143 $ 940 $ 34 $ 17,392 Provision (benefit) for loan losses (629 ) 1,039 (300 ) (44 ) (83 ) 17 - Charge-offs (481 ) (46 ) (576 ) (22 ) (333 ) - (1,458 ) Recoveries 749 507 315 122 174 - 1,867 Net charge-offs 268 461 (261 ) 100 (159 ) - 409 Ending balance $ 2,081 $ 8,251 $ 5,521 $ 1,199 $ 698 $ 51 $ 17,801 Nine Months Ended September 30, 2015: Beginning balance $ 4,031 $ 8,339 $ 7,939 $ 3,323 $ 788 $ 363 $ 24,783 Provision (benefit) for loan losses (1,708 ) 2,309 (287 ) (536 ) 328 (106 ) - Charge-offs (1,357 ) (4,039 ) (1,841 ) (1,442 ) (516 ) - (9,195 ) Recoveries 1,355 463 498 409 229 - 2,954 Net charge-offs (2 ) (3,576 ) (1,343 ) (1,033 ) (287 ) - (6,241 ) Ending balance $ 2,321 $ 7,072 $ 6,309 $ 1,754 $ 829 $ 257 $ 18,542 Allocation of the allowance for loan losses (as well as the total loans in each allocation method), disaggregated on the basis of the Company’s impairment methodology, is as follows: Commercial Commercial real estate Residential real estate Construction real estate Installment and other Unallocated Total September 30, 2016 (In thousands) Allowance for loan losses allocated to: Loans individually evaluated for impairment $ 295 $ 1,622 $ 1,978 $ 365 $ 57 $ - $ 4,317 Loans collectively evaluated for impairment 1,786 6,629 3,543 834 641 51 13,484 Ending balance $ 2,081 $ 8,251 $ 5,521 $ 1,199 $ 698 $ 51 $ 17,801 Loans: Individually evaluated for impairment $ 23,925 $ 19,592 $ 15,473 $ 10,606 $ 827 $ - $ 70,423 Collectively evaluated for impairment 61,322 363,611 212,626 69,023 23,560 - 730,142 Total ending loans balance $ 85,247 $ 383,203 $ 228,099 $ 79,629 $ 24,387 $ - $ 800,565 December 31, 2015 Allowance for loan losses allocated to: Loans individually evaluated for impairment $ 399 $ 1,295 $ 2,132 $ 252 $ 138 $ - $ 4,216 Loans collectively evaluated for impairment 2,043 5,456 3,950 891 802 34 13,176 Ending balance $ 2,442 $ 6,751 $ 6,082 $ 1,143 $ 940 $ 34 $ 17,392 Loans: Individually evaluated for impairment $ 25,093 $ 25,248 $ 18,205 $ 11,825 $ 1,052 $ - $ 81,423 Collectively evaluated for impairment 67,902 346,351 240,401 77,516 27,678 - 759,848 Total ending loans balance $ 92,995 $ 371,599 $ 258,606 $ 89,341 $ 28,730 $ - $ 841,271 Troubled Debt Restructurings ("TDRs"): TDRs are defined as those loans where: (1) the borrower is experiencing financial difficulties and (2) the restructuring includes a concession by the Bank to the borrower. There were no loans restructured during the three months ended September 30, 2016 or 2015. The following tables present the loans restructured during the nine months ended September 30, 2016 and 2015. Nine Months Ended September 30, 2016 Number of Contracts Pre- Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Specific reserves allocated (Dollars in thousands) Installment and other 1 $ 43 $ 43 $ - Total 1 $ 43 $ 43 $ - Nine Months Ended September 30, 2015 Number of Contracts Pre- Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Specific reserves allocated (Dollars in thousands) Installment and other 2 $ 45 $ 45 $ - Total 2 $ 45 $ 45 $ - There were no loans modified as TDRs for which there was a payment default within 12 months following the modification during the three months ended September 30, 2016 and 2015. The following table presents loans by class modified as TDRs for which there was a payment default within twelve months following the modification during the nine months ended September 30, 2016 and 2015: Nine Months Ended September 30, 2016 Number of Contracts Recorded Investment Specific reserves allocated (Dollars in thousands) Construction real estate 2 $ 807 $ 10 Total 2 $ 807 $ 10 Nine Months Ended September 30, 2015 Number of Contracts Recorded Investment Specific reserves allocated (Dollars in thousands) Residential real estate 1 $ 167 $ - Construction real estate 2 407 - Total 3 $ 574 $ - The following table presents total TDRs, both in accrual and nonaccrual status: September 30, 2016 December 31, 2015 Number of contracts Amount Number of contracts Amount (Dollars in thousands) Accrual 150 $ 45,971 $ 165 $ 53,862 Nonaccrual 26 9,158 32 10,641 Total 176 $ 55,129 $ 197 $ 64,503 As of September 30, 2016, the Bank had a total of $680 thousand in commitments to lend additional funds to debtors who also had TDRs. As of December 31, 2015, the Bank had a total of $194 thousand in commitments to lend additional funds on six commercial loans classified as TDRs. Impairment analyses are prepared on TDRs in conjunction with the normal allowance for loan loss process. TDRs did not require any specific reserves at the three months ended and nine months ended September 30, 2016 and 2015, respectively. TDRs resulted in charge-offs of $172.8 thousand and $2.1 million during the three months ended September 30, 2016 and 2015, respectively. For the nine months ended September 30, 2016 and 2015, TDRs resulted in charge-offs of $356.3 thousand and $3.9 million, respectively. The TDRs that subsequently defaulted required a provision of $10 thousand and $0 to the allowance for loan losses for the nine months ended September 30, 2016 and 2015, respectively. Loans to Executive Officers and Directors: Loan principal balances to executive officers and directors of the Company were $375 thousand and $1.9 million as of September 30, 2016 and December 31, 2015, respectively. Total credit available, including companies in which these individuals have management control or beneficial ownership, was $536 thousand and $2.3 million as of September 30, 2016 and December 31, 2015, respectively. An analysis of the activity related to these loans as of September 30, 2016 and December 31, 2015 is as follows: September 30, 2016 December 31, 2015 (In thousands) Balance, beginning $ 1,933 $ 1,322 Additions 158 438 Changes in composition (648 ) 800 Principal payments and other reductions (1,068 ) (627 ) Balance, ending $ 375 $ 1,933 |
Loan Servicing and Mortgage Ser
Loan Servicing and Mortgage Servicing Rights ("MSRs") | 9 Months Ended |
Sep. 30, 2016 | |
Loan Servicing and Mortgage Servicing Rights ("MSRs") [Abstract] | |
Loan Servicing and Mortgage Servicing Rights ("MSRs") | Note 7. Loan Servicing and Mortgage Servicing Rights ("MSRs") Mortgage loans serviced for others are not included in the accompanying unaudited consolidated balance sheets. The unpaid balance of these loans as of September 30, 2016 and December 31, 2015 is summarized as follows: September 30, 2016 December 31, 2015 (In thousands) Mortgage loan portfolios serviced for: Federal National Mortgage Association ("Fannie Mae") $ 815,520 $ 865,568 Other investors 2 16 Totals $ 815,522 $ 865,584 During the nine months ended September 30, 2016 and 2015, substantially all of the loans serviced for others had a contractual servicing fee of 0.25% on the unpaid principal balance. These fees are recorded as “mortgage loan servicing fees” under “noninterest income” on the consolidated statements of operations. Late fees on the loans serviced for others totaled $11 thousand and $33 thousand during the three months ended September 30, 2016 and 2015, respectively, and $42 thousand and $156 thousand for the nine months ended September 30, 2016 and 2015, respectively. These fees are included in “noninterest income” on the consolidated statements of operations. Custodial balances on deposit at the Bank in connection with the foregoing loan servicing were approximately $6.8 million and $6.1 million as of September 30, 2016 and December 31, 2015, respectively. There were no custodial balances on deposit with other financial institutions as of September 30, 2016 and December 31, 2015. An analysis of changes in the MSR asset for the three and nine months ended September 30, 2016 and 2015 is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (In thousands) Balance at beginning of period $ 8,415 $ 9,144 $ 8,777 $ 9,470 Servicing rights originated and capitalized 199 168 554 616 Amortization (321 ) (373 ) (1,038 ) (1,147 ) Balance at end of period $ 8,293 $ 8,939 $ 8,293 $ 8,939 Below is an analysis of changes in the MSR asset valuation allowance for the three and nine months ended September 30, 2016 and 2015: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (In thousands) Balance at beginning of period $ (3,104 ) $ (1,602 ) $ (1,895 ) $ (2,017 ) Aggregate reduction credited to operations 426 - 877 1,384 Aggregate additions credited to operations - (883 ) (1,660 ) (1,852 ) Balance at end of period $ (2,678 ) $ (2,485 ) $ (2,678 ) $ (2,485 ) The fair values of the MSRs were $5.6 million and $6.5 million for the nine months ended September 30, 2016 and 2015, respectively. A valuation allowance is used to recognize impairments of MSRs. An MSR is considered impaired when the fair value of the MSR is below the amortized book value of the MSR. MSRs are accounted for by risk tranche, with the interest rate and term of the underlying loan being the primary strata used in distinguishing the tranches. Each tranche is evaluated separately for impairment. The following assumptions were used to calculate the fair value of the MSRs as of September 30, 2016 and December 31, 2015: September 30, 2016 December 31, 2015 Weighted Average Public Securities Association (PSA) speed 278.66% 213.25% Weighted Average Discount rate 11.50 10.50 Weighted Average Earnings rate 1.18 1.73 |
Other Real Estate Owned ("OREO"
Other Real Estate Owned ("OREO") | 9 Months Ended |
Sep. 30, 2016 | |
Other Real Estate Owned [Abstract] | |
Other Real Estate Owned ("OREO") | Note 8. Other Real Estate Owned ("OREO") OREO consists of property acquired due to foreclosure on real estate loans. As of September 30, 2016 and December 31, 2015, total OREO consisted of: September 30, 2016 December 31, 2015 (In thousands) Commercial real estate $ 1,375 $ 781 Residential real estate 2,027 3,024 Construction real estate 3,652 4,541 Total $ 7,054 $ 8,346 The following table presents a summary of OREO activity for the nine months ended September 30, 2016 and 2015: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (In thousands) Balance at beginning of period $ 8,653 $ 10,447 $ 8,346 $ 13,980 Transfers in at fair value 59 1,900 2,944 3,958 Write-down of value (23 ) (228 ) (23 ) (306 ) Gain on disposal 308 311 1,059 714 Cash received upon disposition (1,366 ) (1,892 ) (3,724 ) (7,511 ) Sales financed by loans (577 ) (368 ) (1,548 ) (665 ) Balance at end of period $ 7,054 $ 10,170 $ 7,054 $ 10,170 |
Deposits
Deposits | 9 Months Ended |
Sep. 30, 2016 | |
Deposits [Abstract] | |
Deposits | Note 9. Deposits As of September 30, 2016 and December 31, 2015, deposits consisted of: September 30, 2016 December 31, 2015 (In thousands ) Demand deposits, noninterest bearing $ 22,509 $ 75,867 NOW and money market accounts 576,984 511,423 Savings deposits 409,856 380,045 Time certificates, $250,000 or more 28,214 39,148 Other time certificates 215,627 247,475 Total $ 1,253,190 $ 1,253,958 Deposits from executive officers, directors and their affiliates as of September 30, 2016 were $1.1 million and $1.1 million as of December 31, 2015. |
Borrowings
Borrowings | 9 Months Ended |
Sep. 30, 2016 | |
Borrowings [Abstract] | |
Borrowings | Note 10. Borrowings Notes payable to the Federal Home Loan Bank ("FHLB") as of September 30, 2016 and December 31, 2015 were secured by a blanket assignment of mortgage loans or other collateral acceptable to FHLB, and generally had a fixed rate of interest, interest payable monthly and principal due at end of term, unless otherwise noted. As of September 30, 2016, there was $813 thousand in pledged loans under the blanket assignment. Investment securities are held in safekeeping at the FHLB with $2.3 million pledged as collateral for outstanding advances. An additional $77.7 million in advances is available based on the September 30, 2016 value of the remaining unpledged investment securities. The following table details borrowings as of September 30, 2016 and December 31, 2015. Maturity Date Rate Type Principal due September 30, 2016 December 31, 2015 (In thousands) April 27, 2021 6.343 % Fixed At maturity 2,300 2,300 Total $ 2,300 $ 2,300 |
Junior Subordinated Debt
Junior Subordinated Debt | 9 Months Ended |
Sep. 30, 2016 | |
Junior Subordinated Debt [Abstract] | |
Junior Subordinated Debt | Note 11. Junior Subordinated Debt The following table presents details on the junior subordinated debt as of September 30, 2016: Trust I Trust III Trust IV Trust V (Dollars in thousands) Date of Issue March 23, 2000 May 11, 2004 June 29, 2005 September 21, 2006 Amount of trust preferred securities issued $ 10,000 $ 6,000 $ 10,000 $ 10,000 Rate on trust preferred securities 10.875 % 3.5421% (variable) 6.88 % 2.5039% (variable) Maturity March 8, 2030 September 8, 2034 November 23, 2035 December 15, 2036 Date of first redemption March 8, 2010 September 8, 2009 August 23, 2010 September 15, 2011 Common equity securities issued $ 310 $ 186 $ 310 $ 310 Junior subordinated deferrable interest debentures owed $ 10,310 $ 6,186 $ 10,310 $ 10,310 Rate on junior subordinated deferrable interest debentures 10.875 % 3.5421% (variable) 6.88 % 2.5039% (variable) On the dates of issue indicated above, the Trusts, being Delaware statutory business trusts, issued trust preferred securities (the “trust preferred securities”) in the amount and at the rate indicated above. These trust preferred securities represent preferred beneficial interests in the assets of the Trusts. The trust preferred securities will mature on the dates indicated, and are redeemable in whole or in part at the option of Trinity, with the approval of the FRB. The Trusts also issued common equity securities to Trinity in the amounts indicated above. The Trusts used the proceeds of the offering of the trust preferred securities to purchase junior subordinated deferrable interest debentures (the “debentures”) issued by Trinity, which have terms substantially similar to the trust preferred securities. Trinity has the right to defer payments of interest on the debentures at any time or from time to time for a period of up to ten consecutive semi-annual periods (or twenty consecutive quarterly periods in the case of Trusts with quarterly interest payments) with respect to each interest payment deferred. During a period of deferral, unpaid accrued interest is compounded. Under the terms of the debentures, under certain circumstances of default or if Trinity has elected to defer interest on the debentures, Trinity may not, with certain exceptions, declare or pay any dividends or distributions on its common stock or purchase or acquire any of its common stock. In the second quarter of 2013, Trinity began to defer the interest payments on $37.1 million of junior subordinated debentures that are held by the Trusts that it controls. Interest accrued and unpaid to securities holders total $9.1 million and $6.9 million as of September 30, 2016 and December 31, 2015, respectively. As of December 31, 2016, the Company continued to defer the interest payments on the junior subordinated debentures, with interest accrued but unpaid totaling $9.9 million. In the first quarter of 2017, the Company began to pay all current and deferred interest payments in order to bring all junior subordinated debentures current. All junior subordinated debentures were brought current as of March 15, 2017. As of September 30, 2016 and December 31, 2015, the Company’s trust preferred securities, subject to certain limitations, qualified as Tier 1 Capital for regulatory capital purposes. Payments of distributions on the trust preferred securities and payments on redemption of the trust preferred securities are guaranteed by Trinity. Trinity also entered into an agreement as to expenses and liabilities with the Trusts pursuant to which it agreed, on a subordinated basis, to pay any costs, expenses or liabilities of the Trusts other than those arising under the trust preferred securities. The obligations of Trinity under the junior subordinated debentures, the related indenture, the trust agreement establishing the Trusts, the guarantee and the agreement as to expenses and liabilities, in the aggregate, constitute a full and unconditional guarantee by Trinity of the Trusts’ obligations under the trust preferred securities. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2016 | |
Income Taxes [Abstract] | |
Income Taxes | Note 12. Income Taxes There was no income tax expense or benefit recorded for the three and nine months ended September 30, 2016 and 2015. A deferred tax asset ("DTA") or liability is recognized to reflect the net tax effects of temporary differences between the carrying amounts of existing assets and liabilities for financial reporting purposes and the amounts used for income tax reporting purposes. A valuation allowance is established when it is more likely than not that all or a portion of a net DTA will not be realized. The Company recorded a loss before income taxes for the years ended December 31, 2011 and 2010. Based on these losses, the Company determined that it was no longer more likely than not that its DTA of $14.6 million at December 31, 2011 would be utilized. Accordingly, a full valuation allowance was recorded as of December 31, 2011. As of September 30, 2016 and December 31, 2015, the DTA balances were $11.4 million and $11.8 million, respectively but management did not believe that it was more likely than not that the full amount of the DTA would be utilized in future periods. As of September 30, 2016 and December 31, 2015 the DTA balances continued to have a full valuation allowance. |
Commitments and Off-Balance She
Commitments and Off-Balance Sheet Activities | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Off-Balance Sheet Activities [Abstract] | |
Commitments and Off-Balance Sheet Activities | Note 13. Commitments and Off-Balance-Sheet Activities Credit-related financial instruments: The Company’s exposure to credit loss is represented by the contractual amount of these credit-related commitments. The Company follows the same credit policies in making credit-related commitments as it does for on-balance-sheet instruments. As of September 30, 2016 and December 31, 2015, the following credit-related commitments were outstanding: Contract Amount September 30, 2016 December 31, 2015 (In thousands) Unfunded commitments under lines of credit $ 98,312 $ 108,966 Commercial and standby letters of credit 5,960 7,608 Commitments to make loans - 5,105 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. The commitments for equity lines of credit may expire without being drawn upon. Therefore, the total commitment amounts do not necessarily represent future cash requirements. The amount of collateral obtained, if deemed necessary by the Bank, is based on management’s credit evaluation of the customer. Unfunded commitments under commercial lines of credit, revolving credit lines and overdraft protection agreements are commitments for possible future extensions of credit to existing customers. Overdraft protection agreements are uncollateralized, but most other unfunded commitments have collateral. These unfunded lines of credit usually do not contain a specified maturity date and may not necessarily be drawn upon to the total extent to which the Bank is committed. FHLB requires a blanket assignment of mortgage loans or other collateral acceptable to the FHLB to secure the Company’s short and long-term borrowings from FHLB. The amount of collateral with the FHLB at September 30, 2016 was $80.0 million. Commercial and standby letters of credit are conditional credit-related commitments issued by the Bank to guarantee the performance of a customer to a third party. Those letters of credit are primarily issued to support public and private borrowing arrangements. Essentially all letters of credit issued have expiration dates within one year. The credit risk involved in issuing letters of credit is the same as that involved in extending loans to customers. The Bank generally holds collateral supporting those credit-related commitments, if deemed necessary. In the event the customer does not perform in accordance with the terms of the agreement with the third party, the Bank would be required to fund the credit-related commitment. The maximum potential amount of future payments the Bank could be required to make is represented by the contractual amount shown in the summary above. If the credit-related commitment is funded, the Bank would be entitled to seek recovery from the customer. As of both September 30, 2016 and December 31, 2015, $575 thousand had been recorded as liabilities for the Company’s potential losses under these credit-related commitments. The fair value of these credit-related commitments is approximately equal to the fees collected when granting these letters of credit. These fees collected were $13 thousand and $20 thousand as of September 30, 2016 and December 31, 2015, respectively, and are included in “other liabilities” on the consolidated balance sheets. |
Preferred Equity Issues
Preferred Equity Issues | 9 Months Ended |
Sep. 30, 2016 | |
Preferred Equity Issues [Abstract] | |
Preferred Equity Issues | Note 14. Preferred Equity Issues On March 27, 2009, the Company issued two series of preferred stock to the U.S. Treasury under the Capital Purchase Program (“CPP”). Below is a table disclosing the information on the two series: Number of shares issued Dividend rate Liquidation value per share Original cost, in thousands Series A cumulative perpetual preferred shares 35,539 5% for first 5 years; thereafter 9% $ 1,000.00 $ 33,437 Series B cumulative perpetual preferred shares 1,777 9 % 1,000.00 2,102 The difference between the liquidation value of the preferred stock and the original cost is accreted (for the Series B Preferred Stock) or amortized (for the Series A Preferred Stock) over 10 years and is reflected, on a net basis, as an increase to the carrying value of preferred stock and decrease to retained earnings. For each of the nine months ended September 30, 2016 and 2015, a net amount of $134 thousand and $133 thousand, respectively, was recorded for amortization. Dividends and discount accretion on the two series of preferred stock reduce the amount of net income available to common stockholders. For each of the three months ended September 30, 2016 and 2015 the total of these amounts was $1.1 million and $990.0 thousand, respectively. For each of the nine months ended September 30, 2016 and 2015 the total of these amounts was $3.2 million and $2.9 million, respectively. On August 10, 2012, the Treasury sold its ownership of the Series A Preferred Stock and the Series B Preferred Stock to third parties. On May 7, 2013, the Company elected to exercise the option to defer the payment of dividends on the preferred stock, as provided by the agreements under which the stock was issued. The amounts of dividends accrued and unpaid as of September 30, 2016 and December 31, 2015 were $11.9 million and $8.7 million, respectively, and are included in “other liabilities” on the consolidated balance sheets. The Company redeemed all of its outstanding Series A Preferred Stock and Series B Preferred Stock effective January 25, 2017. Please see Note 18 - Subsequent Events of this Form 10-Q. |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2016 | |
Derivative Financial Instruments [Abstract] | |
Derivative Financial Instruments | Note 15. Derivative Financial Instruments In the normal course of business, the Bank uses a variety of financial instruments to service the financial needs of customers and to reduce its exposure to fluctuations in interest rates. Derivative instruments that the Bank uses as part of its interest rate risk management strategy include mandatory forward delivery commitments and rate lock commitments. As a result of using derivative instruments, the Bank has potential exposure to credit loss in the event of non-performance by the counterparties. The Bank manages this credit risk by spreading the credit risk among counterparties that the Company believes are well established and financially strong and by placing contractual limits on the amount of unsecured credit risk from any single counterparty. The Bank’s exposure to credit risk in the event of default by a counterparty is the current cost of replacing the contracts net of any available margins retained by the Bank. However, if the borrower defaults on the commitment the Bank requires the borrower to cover these costs. The Company’s derivative instruments outstanding as of September 30, 2016 included commitments to fund loans held for sale. The interest rate lock commitment was valued at fair value at inception. The rate locks will be adjusted for changes in value resulting from changes in market interest rates. The Bank originates single-family residential loans for sale pursuant to programs offered by Fannie Mae. At the time the interest rate is locked in by the borrower, the Bank concurrently enters into a forward loan sale agreement with respect to the sale of such loan at a set price in an effort to manage the interest rate risk inherent in the locked loan commitment. Any change in the fair value of the loan commitment after the borrower locks in the interest rate is substantially offset by the corresponding change in the fair value of the forward loan sale agreement related to such loan. This change is recorded to “other noninterest expenses” in the consolidated statements of operations. The period from the time the borrower locks in the interest rate to the time the Bank funds the loan and sells it to Fannie Mae is generally 60 days. The fair value of each instrument will rise or fall in response to changes in market interest rates subsequent to the dates the interest rate locks and forward loan sale agreements are entered into. In the event that interest rates rise after the Bank enters into an interest rate lock, the fair value of the loan commitment will decline. However, the fair value of the forward loan sale agreement related to such loan commitment generally increases by substantially the same amount, effectively eliminating the Company’s interest rate and price risk. As of September 30, 2016, the Company had no contracts with customers and no contracts with Fannie Mae for interest rate lock commitments outstanding related to loans being originated for sale. As of December 31, 2015, the Company had notional amounts of $5.1 million in contracts with customers and $8.1 million in contracts with Fannie Mae for interest rate lock commitments outstanding related to loans being originated for sale. The fair value of interest rate lock commitments was $225 thousand as of December 31, 2015. The Company had outstanding loan commitments, excluding undisbursed portion of loans in process and equity lines of credit, of approximately $98.3 million as of September 30, 2016 and $116.6 million as of December 31, 2015. Of these commitments outstanding, the breakdown between fixed rate and adjustable rate loans is as follows: September 30, 2016 December 31, 2015 (In thousands) Fixed rate (ranging from 2.4% to 13.9%) $ 17,880 $ 11,913 Adjustable rate 80,432 104,661 Total $ 98,312 $ 116,574 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | Note 16. Fair Value Measurements ASC Topic 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. The price in the principal (or most advantageous) market used to measure the fair value of the asset or liability shall not be adjusted for transaction costs. An orderly transaction is a transaction that assumes exposure to the market for a period prior to the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets and liabilities; it is not a forced transaction. Market participants are buyers and sellers in the principal market that are (i) independent, (ii) knowledgeable, (iii) able to transact and (iv) willing to transact. The Company uses valuation techniques that are consistent with the sales comparison approach, the income approach and/or the cost approach. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities. The income approach uses valuation techniques to convert expected future amounts, such as cash flows or earnings, to a single present value amount on a discounted basis. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset (replacement cost). Valuation techniques should be consistently applied. Inputs to valuation techniques refer to the assumptions that market participants would use in pricing the asset or liability. Inputs may be observable, meaning those that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from independent sources, or unobservable, meaning those that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. In that regard, ASC Topic 820 establishes a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2: Significant other 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. Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. While management believes the Company’s valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. Transfers between levels of the fair value hierarchy are recognized on the actual date of the event or circumstances that caused the transfer, which generally coincides with the Company’s monthly and/or quarterly valuation process. Financial Instruments Recorded at Fair Value on a Recurring Basis Securities Available for Sale. Derivatives. The following table summarizes the Company's financial assets and off-balance-sheet instruments measured at fair value on a recurring basis as of September 30, 2016 and December 31, 2015, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: September 30, 2016 Total Level 1 Level 2 Level 3 (In thousands) Financial Assets: Investment securities available for sale: U.S. Government sponsored agency $ 50,813 $ - $ 50,813 $ - States and political subdivision 32,396 - 32,396 - Mortgage backed security 212,394 - 212,394 - Collateralized mortgage obligation 15,616 - 15,616 - Commercial mortgage backed security 87,496 - 87,496 - SBA Pools 706 - 706 - Total $ 399,421 $ - $ 399,421 $ - December 31, 2015 Financial Assets: Investment securities available for sale: U.S. Government sponsored agency $ 69,584 $ - $ 69,584 $ - States and political subdivision 3,576 - 3,576 - Mortgage backed security 121,597 - 121,597 - Collateralized mortgage obligation 39,921 - 39,921 - Commercial mortgage backed security 41,119 - 41,119 - SBA Pools 750 - 750 - Asset backed securities 39,493 - 39,493 - Interest rate lock commitments, mandatory forward delivery commitments and pair offs 225 - 225 - Total $ 316,265 $ - $ 316,265 $ - There were no financial assets or financial liabilities measured at fair value on a recurring basis for which the Company used significant unobservable inputs (Level 3) during the periods presented in these financial statements. There were no transfers between the levels used on any asset classes during the three and nine months ended September 30, 2016 or the year ended December 31, 2015. Assets and Liabilities Recorded at Fair Value on a Nonrecurring Basis The Company may be required, from time to time, to measure certain financial assets and financial liabilities at fair value on a nonrecurring basis in accordance with GAAP. Impaired Loans. In accordance with ASC Topic 820, impaired loans where an allowance is established based on the fair value of collateral require classification in the fair value hierarchy. Collateral values are estimated using Level 3 inputs based on customized discounting criteria. For collateral dependent impaired loans, the Company obtains a current independent appraisal of loan collateral. Other valuation techniques are used as well, including internal valuations, comparable property analysis and contractual sales information. OREO. As of September 30, 2016, impaired loans with a carrying value of $38.0 million had a valuation allowance of $4.3 million. As of December 31, 2015, impaired loans with a carrying value of $40.7 million had a valuation allowance of $4.2 million recorded during 2015. OREO did not have any write-downs during the three and nine months ended September 30, 2016. In the table below, OREO had writedowns during the year ended December 31, 2015 of $361 thousand. The valuation adjustments on OREO have been recorded through earnings. Assets measured at fair value on a nonrecurring basis as of September 30, 2016 and December 31, 2015 are included in the table below: ` Total Level 1 Level 2 Level 3 (In thousands) September 30, 2016 Financial Assets Impaired loans $ 33,686 $ - $ - $ 33,686 MSRs 5,615 - - 5,615 December 31, 2015 Financial Assets Impaired loans $ 36,870 $ - $ - $ 36,870 MSRs 6,905 - - 6,905 Non-Financial Assets OREO 2,231 - - 2,231 See Note 7 for assumptions used to determine the fair value of MSRs. Assumptions used to determine impaired loans and OREO are presented below by classification, measured at fair value and on a nonrecurring basis as of September 30, 2016 and December 31, 2015: Fair value Valuation Technique(s) Unobservable Input(s) Adjustment Range, Weighted Average September 30, 2016 (In thousands) Impaired loans Commercial $ 13,926 Sales comparison Adjustments for differences of comparable sales (5.70)% to (13.92)%, (5.82)% Commercial real estate 7,394 Sales comparison Adjustments for differences of comparable sales (0.00) to (7.62), (5.60) Residential real estate 6,987 Sales comparison Adjustments for differences of comparable sales (3.13) to (8.70), (5.32) Construction real estate 4,948 Sales comparison Adjustments for differences of comparable sales (4.00) to (7.50), (5.78) Installment and other 431 Sales comparison Adjustments for differences of comparable sales (4.13) to (8.00), (6.45) Total impaired loans $ 33,686 December 31, 2015 Impaired loans Commercial $ 14,557 Sales comparison Adjustments for differences of comparable sales (0.00)% to (13.92)%, (5.70)% Commercial real estate 9,755 Sales comparison Adjustments for differences of comparable sales (4.25) to (7.62), (5.65) Residential real estate 8,624 Sales comparison Adjustments for differences of comparable sales (0.00) to (8.70), (5.29) Construction real estate 3,436 Sales comparison Adjustments for differences of comparable sales (4.00) to (7.25), (6.14) Installment and other 498 Sales comparison Adjustments for differences of comparable sales (4.13) to (9.50), (6.52) Total impaired loans $ 36,870 OREO Commercial real estate $ 217 Sales comparison Adjustments for differences of comparable sales (14.55) to (14.55), (14.55) Residential real estate 1,493 Sales comparison Adjustments for differences of comparable sales (8.47) to (91.19) (21.76) Construction real estate 521 Sales comparison Adjustments for differences of comparable sales (10.70) to (67.45) (57.32) Total OREO $ 2,231 Fair Value Assumptions ASC Topic 825 requires disclosure of the fair value of financial assets and financial liabilities, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring basis or non-recurring basis. The following methods and assumptions were used by the Company in estimating the fair values of its other financial instruments: Cash and due from banks and interest-bearing deposits with banks: Securities purchased under resell agreements: Investment Securities: Non-marketable equity securities: Loans held for sale: Loans: Noninterest-bearing deposits: Interest-bearing deposits: Long-term borrowings Junior subordinated debt Off-balance-sheet instruments Accrued interest: The carrying amount and estimated fair values of other financial instruments as of September 30, 2016 and December 31, 2015 are as follows: Carrying amount Level 1 Level 2 Level 3 Total (In thousands) September 30, 2016 Financial assets: Cash and due from banks $ 15,549 $ 15,549 $ - $ - $ 15,549 Interest-bearing deposits with banks 137,778 137,778 - - 137,778 Investments: Available for sale 399,421 - 399,421 - 399,421 Held to maturity 8,866 - 8,625 - 8,625 Non-marketable equity securities 3,809 N/A N/A N/A N/A Loans held for sale 307 - - 307 307 Loans, net 781,395 - - 788,466 788,466 Accrued interest receivable on securities 1,384 - 1,384 - 1,384 Accrued interest receivable on loans 3,943 - - 3,943 3,943 Accrued interest receivable other 273 - - 273 273 Off-balance-sheet instruments: Loan commitments and standby letters of credit $ 13 $ - $ 13 $ - $ 13 Financial liabilities: Non-interest bearing deposits $ 22,509 $ 22,509 $ - $ - $ 22,509 Interest bearing deposits 1,230,681 - 1,181,204 - 1,181,204 Borrowings 2,300 - 2,802 - 2,802 Junior subordinated debt 37,116 - - 20,722 20,722 Accrued interest payable 9,442 - 9,442 - 9,442 December 31, 2015 Financial assets: Cash and due from banks $ 13,506 $ 13,506 $ - $ - $ 13,506 Interest-bearing deposits with banks 151,049 151,049 - - 151,049 Securities purchased under resell agreements 24,320 24,320 - - 24,320 Investments: Available for sale 316,040 - 316,040 - 316,040 Held to maturity 8,986 - 8,988 - 8,988 Non-marketable equity securities 3,854 N/A N/A N/A N/A Loans held for sale 3,041 - - 3,041 3,041 Loans, net 822,396 - - 830,555 830,555 Accrued interest receivable on securities 1,028 - 1,028 - 1,028 Accrued interest receivable on loans 3,795 - - 3,795 3,795 Accrued interest receivable other 208 - - 208 208 Interest rate lock commitments, mandatory forward delivery commitments and pair offs 225 - 225 - 225 Off-balance-sheet instruments: Loan commitments and standby letters of credit $ 20 $ - $ 20 $ - $ 20 Financial liabilities: Non-interest bearing deposits $ 75,867 $ 75,867 $ - $ - $ 75,867 Interest bearing deposits 1,178,091 - 1,181,204 - 1,181,204 Long-term borrowings 2,300 - 2,642 - 2,642 Junior subordinated debt 37,116 - - 20,461 20,461 Accrued interest payable 7,370 - 7,370 - 7,370 |
Regulatory Matters
Regulatory Matters | 9 Months Ended |
Sep. 30, 2016 | |
Regulatory Matters [Abstract] | |
Regulatory Matters | Note 17. Regulatory Matters The payment of dividends by any financial institution is affected by the requirement to maintain adequate capital pursuant to applicable capital adequacy guidelines and regulations, and a financial institution generally is prohibited from paying any dividends if, following payment thereof, the institution would be undercapitalized. The Company is subject to statutory and regulatory restrictions on the payment of dividends and generally cannot pay dividends that exceed its net income or which may weaken its financial health. The Company’s primary source of cash is dividends from the Bank. Generally, the Bank is subject to certain restrictions on dividends that it may declare without prior regulatory approval. The Bank cannot pay dividends in any calendar year that, in the aggregate, exceed the Bank’s year-to-date net income plus its retained income for the two preceding years. Additionally, the Bank cannot pay dividends that are in excess of the amount that would result in the Bank falling below the minimum required for capital adequacy purposes. Trinity was placed under a Written Agreement by the FRB on September 26, 2013. The Written Agreement requires Trinity to serve as a source of strength to the Bank and prohibits Trinity without written approval of the FRB, to make payments on the Company’s junior subordinated debentures, incur or increase any debt, declare and pay dividends and other capital distributions or to repurchase or redeem any shares of Trinity stock. Additionally, the Bank is similarly prohibited from paying dividends to Trinity under the Formal Agreement issued by the Office of Comptroller of the Currency ("OCC") on November 30, 2012 and under the Consent Order, which replaced the Formal Agreement, issued on December 17, 2013. The Consent Order requires that the Bank maintain certain capital ratios and receive approval from the OCC prior to declaring dividends. The Company and the Bank are taking actions to address the provisions of these enforcement actions. The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory—and additional discretionary—actions by regulators that, if undertaken, could have a direct material effect on the Company’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company’s and the Bank’s assets, liabilities, and certain off-balance-sheet items are calculated under regulatory accounting practices. The Company’s and the Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Prompt corrective action provisions are not applicable to bank holding companies. Quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios (set forth in the table below) of total and Tier 1 capital (as defined in the regulations) to risk-weighted assets (as defined), and of Tier 1 capital (as defined) to average assets (as defined). The Company and the Bank met all capital adequacy requirements to which they were subject as of September 30, 2016 and December 31, 2015. The statutory requirements and actual amounts and ratios for the Company and the Bank are presented below: Actual For Capital Adequacy Purposes To be well capitalized under prompt corrective action provisions Minimum Levels Under Order Provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) September 30, 2016 Total capital (to risk-weighted assets): Consolidated $ 127,248 14.2543 % $ 71,416 8.00 % N/A N/A N/A N/A Bank only 146,117 16.4425 % 71,092 8.00 % $ 88,866 10.00 % $ 97,752 11.00 % Tier 1 capital (to risk weighted assets): Consolidated 100,002 11.2022 % 53,562 6.00 % N/A N/A N/A N/A Bank only 134,919 15.1824 % 53,319 6.00 % 71,092 8.00 % N/A N/A Common Equity Tier 1 Capital (to risk weighted assets): Consolidated 43,128 4.8312 % 40,171 4.50 % N/A N/A N/A N/A Bank only 134,919 15.1824 % 39,990 4.50 % 57,763 6.50 % N/A N/A Tier 1 leverage (to average assets): Consolidated 100,002 7.1248 % 56,143 4.00 % N/A N/A N/A N/A Bank only 134,919 9.6644 % 55,842 4.00 % 69,802 5.00 % 111,683 8.00 % N/A—not applicable Actual For Capital Adequacy Purposes To be well capitalized under prompt corrective action provisions Minimum Levels Under Order Provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) December 31, 2015 Total capital (to risk-weighted assets): Consolidated $ 128,272 14.10 % $ 72,774 8.00 % N/A N/A N/A N/A Bank only 141,486 15.62 % 72,452 8.00 % $ 90,565 10.00 % $ 99,621 11.00 % Tier 1 capital (to risk weighted assets): Consolidated 101,263 11.13 % 54,580 6.00 % N/A N/A N/A N/A Bank only 130,084 14.36 % 54,339 6.00 % 72,452 8.00 % N/A N/A Common Equity Tier 1 Capital (to risk weighted assets): Consolidated 44,080 4.85 % 40,935 4.50 % N/A N/A N/A N/A Bank only 130,084 14.36 % 40,754 4.50 % 58,867 6.50 % N/A N/A Tier 1 leverage (to average assets): Consolidated 101,263 7.11 % 56,943 4.00 % N/A N/A N/A N/A Bank only 130,084 9.18 % 56,685 4.00 % 70,856 5.00 % 113,370 8.00 % N/A - not applicable While the Bank’s capital ratios fall into the category of “well-capitalized,” the Bank cannot be considered “well-capitalized” due to the requirement to meet and maintain a specific capital level in the Consent Order pursuant to the prompt corrective action rules. The Bank is required to maintain (i) a leverage ratio of Tier 1 Capital to total assets of at least 8%; and (ii) a ratio of Total Capital to total risk-weighted assets of at least 11%. As of September 30, 2016 and December 31, 2015 the Bank was in compliance with these requirements. Trinity and the Bank are also required to maintain a “capital conservation buffer” of 2.5% above the regulatory minimum risk-based capital requirements. The purpose of the conservation buffer is to ensure that banks maintain a buffer of capital that can be used to absorb losses during periods of financial and economic stress. The capital conservation buffer began to be phased in beginning in January 2016 at 0.625% of risk-weighted assets and will increase by that amount each year until fully implemented in January 2019. An institution would be subject to limitations on certain activities, including payment of dividends, share repurchases and discretionary bonuses to executive officers, if its capital level is below the buffered ratio. Factoring in the fully phased-in conservation buffer increases the minimum ratios described above to 7.0% for Common Equity Tier 1, 8.5% for Tier 1 Capital and 10.5% for Total Capital. At September 30, 2016 the Bank's capital conservation buffer was 8.4425% and the consolidated capital conservation buffer was 0.3312%. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 18. Subsequent Events Private Placement to Certain Institutional and Accredited Investors On December 19, 2016, the Company closed its previously announced $52 million private placement with Castle Creek Capital Partners VI, L.P. ("Castle Creek"), Patriot Financial Partners II, L.P., Patriot Financial Partners Parallel II, L.P. (collectively, "Patriot") and Strategic Value Bank Partners, L.P., through its fund Strategic Value Investors LP, pursuant to which the Company issued 2,661,239 shares of its common stock, no par value per share, at $4.75 per share, and 82,862 shares of a new series of convertible perpetual non-voting preferred stock, Series C, no par value per share, at $475.00 per share (“Series C Preferred Stock”). In connection with the private placement and in accordance with the terms of a stock purchase agreement, dated September 9, 2016 (the “Stock Purchase Agreement”), the Company entered into a registration rights agreement (the "Registration Rights Agreement") with each of Castle Creek and Patriot. Pursuant to the terms of the Registration Rights Agreement, the Company has agreed to file a resale registration statement for the purpose of registering the resale of the shares of the Common Stock and Series C Preferred Stock issued in the private placement and the underlying shares of Common Stock or non-voting Common Stock into which the shares of Series C Preferred Stock are convertible, as appropriate. The Company is obligated to file the registration statement no later than the third anniversary after the closing of the private placement. Pursuant to the terms of the Stock Purchase Agreement, Castle Creek and Patriot entered into side letter agreements with the Company. Under the terms of a side letter agreements, each of Castle Creek and Patriot is entitled to have one representative appointed to our Board of Directors for so long as such investor, together with its respective affiliates, owns, in the aggregate, 5% or more of all of our outstanding shares of common stock (including shares of common stock issuable upon conversion of the Series C Preferred Stock or non-voting common stock). Repurchase of Series A Preferred Stock and Series B Preferred Stock Using part of the proceeds from the private placement described above, the Company redeemed all of its outstanding Series A preferred stock and Series B preferred stock effective January 25, 2017. Payment of Deferred Interest on Trust Preferred Securities As of December 31, 2016, the Company had outstanding $37.1 million of trust preferred securities with a total of $9.9 million of accrued and unpaid interest. During the first quarter of 2017, the Company used part of the proceeds from the private placement, plus a portion of a $15 million dividend from the Bank, to pay all of the accrued and unpaid interest on the junior subordinated debentures. Conversion of Series C Preferred Stock to Non-Voting Common Stock At December 31, 2016, the Company had outstanding 82,862 shares of Series C Preferred Stock that were issued in connection with the private placement. Following shareholder approval of an amendment to the Company’s articles of incorporation to authorize a class of non-voting common stock, and the subsequent filing of such amendment with the New Mexico Secretary of State, all outstanding shares of Series C Preferred Stock were automatically converted into shares of non-voting common stock. The conversion was effective February 2, 2017. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Basis of Presentation [Abstract] | |
Consolidation | Consolidation: "Consolidation." |
Basis of presentation | Basis of presentation: The accompanying unaudited consolidated financial statements have been prepared in accordance with GAAP for financial information and with the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the statements reflect all adjustments necessary for a fair presentation of the financial position, results of operations and cash flows of the Company on a consolidated basis, and all such adjustments are of a normal recurring nature. These financial statements and the notes thereto should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. Operating results for the nine-month period ended September 30, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016 or any other period. |
Earnings (Loss) Per Share Data
Earnings (Loss) Per Share Data (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Earnings (Loss) Per Share Data [Abstract] | |
Calculation of basic and diluted earnings (loss) per share | Average number of shares used in calculation of basic and diluted earnings (loss) per common share were as follows for the three and nine months ended September 30, 2016 and 2015: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (In thousands, except share data) Net income (loss) $ 791 $ (126 ) $ 2,007 $ 2,825 Dividends and discount accretion on preferred shares 1,083 990 3,176 2,905 Net loss available to common stockholders $ (292 ) $ (1,116 ) $ (1,169 ) $ (80 ) Weighted average common shares issued 6,856,800 6,856,800 6,856,800 6,856,800 LESS: Weighted average treasury stock shares (330,498 ) (367,253 ) (331,002 ) (375,914 ) Weighted average common shares outstanding, net 6,526,302 6,489,547 6,525,798 6,480,886 Basic loss per common share $ (0.04 ) $ (0.17 ) $ (0.18 ) $ (0.01 ) Dilutive effect of stock-based compensation - - - - Weighted average common shares outstanding including dilutive shares 6,526,302 6,489,547 6,525,798 6,480,886 Diluted loss per common share $ (0.04 ) $ (0.17 ) $ (0.18 ) $ (0.01 ) |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Investment Securities [Abstract] | |
Amortized cost and fair values of investment securities | Amortized cost and fair values of investment securities are summarized as follows: Securities Available for Sale: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In thousands) September 30, 2016 U.S. Government sponsored agency $ 49,425 $ 1,388 $ - $ 50,813 State and political subdivision 32,027 372 (3 ) 32,396 Residential mortgage backed security 213,102 703 (1,411 ) 212,394 Residential collateralized mortgage obligation 15,540 88 (12 ) 15,616 Commercial mortgage backed security 85,621 1,875 - 87,496 SBA pools 714 - (8 ) 706 Totals $ 396,429 $ 4,426 $ (1,434 ) $ 399,421 December 31, 2015 U.S. Government sponsored agency $ 69,798 $ 98 $ (312 ) $ 69,584 State and political subdivision 3,429 147 - 3,576 Residential mortgage backed security 123,055 43 (1,501 ) 121,597 Residential collateralized mortgage obligation 40,305 139 (523 ) 39,921 Commercial mortgage backed security 41,341 15 (237 ) 41,119 SBA pools 757 - (7 ) 750 Asset-backed security 40,136 - (643 ) 39,493 Totals $ 318,821 $ 442 $ (3,223 ) $ 316,040 Securities Held to Maturity Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In thousands) September 30, 2016 SBA pools $ 8,866 $ - $ (241 ) $ 8,625 Totals $ 8,866 $ - $ (241 ) $ 8,625 December 31, 2015 SBA pools $ 8,986 $ 2 $ - $ 8,988 Totals $ 8,986 $ 2 $ - $ 8,988 |
Realized net gains (losses) on sale and call of securities available for sale | Realized net gains (losses) on sale and call of securities available for sale are summarized as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (In thousands) Gross realized gains $ 620 $ - $ 674 $ 1 Gross realized losses (490 ) - (490 ) - Net gains (losses) $ 130 $ - $ 184 $ 1 |
Unrealized loss information for investment securities | A summary of unrealized loss information for investment securities, categorized by security type, as of September 30, 2016 and December 31, 2015 was as follows: Less than 12 Months 12 Months or Longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In thousands) Securities Available for Sale: September 30, 2016 State and political subdivision $ 935 $ (3 ) $ - $ - $ 935 $ (3 ) Residential mortgage backed security 96,469 (446 ) 53,148 (965 ) 149,617 (1,411 ) Residential collateralized mortgage obligation 4,497 (10 ) 145 (2 ) 4,642 (12 ) SBA pools - - 705 (8 ) 705 (8 ) Totals $ 101,901 $ (459 ) $ 53,998 $ (975 ) $ 155,899 $ (1,434 ) December 31, 2015 U.S. Government sponsored agency $ 54,804 $ (312 ) $ - $ - $ 54,804 $ (312 ) State and political subdivision - - - - - - Residential mortgage backed security 54,760 (602 ) 48,752 (899 ) 103,512 (1,501 ) Residential collateralized mortgage obligation 17,237 (185 ) 16,252 (338 ) 33,489 (523 ) Commercial mortgage backed security 26,883 (237 ) - - 26,883 (237 ) SBA pools - - 742 (7 ) 742 (7 ) Asset-backed security 39,493 (643 ) - - 39,493 (643 ) Totals $ 193,177 $ (1,979 ) $ 65,746 $ (1,244 ) $ 258,923 $ (3,223 ) Securities Held to Maturity: September 30, 2016 SBA Pools $ 8,625 $ (241 ) $ - $ - $ 8,625 $ (241 ) Totals $ 8,625 $ (241 ) $ - $ - $ 8,625 $ (241 ) December 31, 2015 None $ - $ - $ - $ - $ - $ - Totals $ - $ - $ - $ - $ - $ - |
Amortized cost and fair value of investment securities, by contractual maturity | The amortized cost and fair value of investment securities, as of September 30, 2016, by contractual maturity are shown below. Maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalties. Available for Sale Held to Maturity Amortized Cost Fair Value Amortized Cost Fair Value (In thousands) One year or less $ 5,204 $ 5,207 $ - $ - One to five years 16,176 16,480 - - Five to ten years 31,265 32,536 - - Over ten years 29,521 29,692 8,866 8,625 Subtotal 82,166 83,915 8,866 8,625 Residential mortgage backed security 213,102 212,394 - - Residential collateralized mortgage obligation 15,540 15,616 - - Commercial mortgage backed security 85,621 87,496 Total $ 396,429 $ 399,421 $ 8,866 $ 8,625 |
Loans and Allowance for Loan 29
Loans and Allowance for Loan Losses (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Loans and Allowance for Loan Losses [Abstract] | |
Components of loans | As of September 30, 2016 and December 31, 2015, loans consisted of: September 30, 2016 December 31, 2015 (In thousands) Commercial $ 85,247 $ 92,995 Commercial real estate 383,203 371,599 Residential real estate 228,099 258,606 Construction real estate 79,629 89,341 Installment and other 24,387 28,730 Total loans 800,565 841,271 Unearned income (1,369 ) (1,483 ) Gross loans 799,196 839,788 Allowance for loan losses (17,801 ) (17,392 ) Net loans $ 781,395 $ 822,396 |
Contractual aging of the recorded investment in current and past due loans by class of loans | The following table presents the contractual aging of the recorded investment in current and past due loans by class of loans as of September 30, 2016 and December 31, 2015, including nonaccrual loans: Current 30-59 Days Past Due 60-89 Days Past Due Loans past due 90 days or more Total Past Due Total September 30, 2016 (In thousands) Commercial $ 82,801 $ 1,253 $ 77 $ 1,116 $ 2,446 $ 85,247 Commercial real estate 378,823 - 194 4,186 4,380 383,203 Residential real estate 222,469 229 939 4,462 5,630 228,099 Construction real estate 71,813 64 83 7,669 7,816 79,629 Installment and other 24,115 169 69 34 272 24,387 Total loans $ 780,021 $ 1,715 $ 1,362 $ 17,467 $ 20,544 $ 800,565 Nonaccrual loan classification $ 8,845 $ 705 $ 305 $ 17,091 $ 18,101 $ 26,946 December 31, 2015 Commercial $ 90,839 $ 167 $ 131 $ 1,858 $ 2,156 $ 92,995 Commercial real estate 363,495 1,526 704 5,874 8,104 371,599 Residential real estate 252,568 1,215 606 4,217 6,038 258,606 Construction real estate 80,629 291 85 8,336 8,712 89,341 Installment and other 28,534 110 12 74 196 28,730 Total loans $ 816,065 $ 3,309 $ 1,538 $ 20,359 $ 25,206 $ 841,271 Nonaccrual loan classification $ 6,202 $ 2,702 $ 1,418 $ 20,003 $ 24,123 $ 30,325 The following table presents the recorded investment in nonaccrual loans and loans past due 90 days or more and still accruing interest by class of loans as of September 30, 2016 and December 31, 2015: September 30, 2016 December 31, 2015 Nonaccrual Loans past due 90 days or more and still accruing interest Nonaccrual Loans past due 90 days or more and still accruing interest (In thousands) Commercial $ 1,905 $ - $ 2,268 $ - Commercial real estate 9,659 - 10,737 - Residential real estate 5,924 - 7,821 - Construction real estate 9,445 - 9,353 - Installment and other 13 21 146 - Total $ 26,946 $ 21 $ 30,325 $ - |
Risk category of loans by class of loans | The following table presents the risk category by class of loans based on the most recent analysis performed as of September 30, 2016 and December 31, 2015: Pass Special Mention Substandard Doubtful Total September 30, 2016 (In thousands) Commercial $ 67,274 $ 2,104 $ 15,869 $ - $ 85,247 Commercial real estate 342,906 10,516 29,781 - 383,203 Residential real estate 217,918 1,278 8,903 - 228,099 Construction real estate 61,715 5,282 12,632 - 79,629 Installment and other 24,285 5 97 - 24,387 Total $ 714,098 $ 19,185 $ 67,282 $ - $ 800,565 December 31, 2015 Commercial $ 69,221 $ 3,129 $ 20,645 $ - $ 92,995 Commercial real estate 307,700 19,512 44,387 - 371,599 Residential real estate 245,897 1,622 11,087 - 258,606 Construction real estate 71,864 6,667 10,810 - 89,341 Installment and other 28,378 2 350 - 28,730 Total $ 723,060 $ 30,932 $ 87,279 $ - $ 841,271 The following table shows all loans, including nonaccrual loans, by risk category and aging as of September 30, 2016 and December 31, 2015: Pass Special Mention Substandard Doubtful Total September 30, 2016 (In thousands) Current $ 712,438 $ 19,168 $ 48,415 $ - $ 780,021 Past due 30-59 days 729 - 986 - 1,715 Past due 60-89 days 846 17 499 - 1,362 Past due 90 days or more 85 - 17,382 - 17,467 Total $ 714,098 $ 19,185 $ 67,282 $ - $ 800,565 December 31, 2015 Current $ 719,752 $ 30,674 $ 65,639 $ - $ 816,065 Past due 30-59 days 349 258 2,702 - 3,309 Past due 60-89 days 109 - 1,429 - 1,538 Past due 90 days or more 2,850 - 17,509 - 20,359 Total $ 723,060 $ 30,932 $ 87,279 $ - $ 841,271 |
Loans and average loans individually evaluated for impairment by class of loans | The following table presents loans individually evaluated for impairment by class of loans as of September 30, 2016 and December 31, 2015, showing the unpaid principal balance, the recorded investment of the loan (reflecting any loans with partial charge-offs), and the amount of allowance for loan losses specifically allocated for these impaired loans (if any): September 30, 2016 December 31, 2015 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated (In thousands) With no related allowance recorded: Commercial $ 11,812 $ 9,704 $ 13,611 $ 10,137 Commercial real estate 11,055 10,576 15,872 14,198 Residential real estate 7,942 6,508 9,473 7,450 Construction real estate 6,775 5,293 9,816 8,137 Installment and other 339 339 433 416 With an allowance recorded: Commercial 14,221 14,221 $ 295 14,958 14,956 $ 399 Commercial real estate 9,016 9,016 1,622 11,050 11,050 1,295 Residential real estate 8,965 8,965 1,978 10,759 10,755 2,132 Construction real estate 5,336 5,313 365 3,688 3,688 252 Installment and other 488 488 57 636 636 138 Total $ 75,949 $ 70,423 $ 4,317 $ 90,296 $ 81,423 $ 4,216 The following table presents loans individually evaluated for impairment by class of loans for the three and nine months ended September 30, 2016 and 2015, showing the average recorded investment and the interest income recognized: Three Months Ended Nine Months Ended September 30, 2016 September 30, 2015 September 30, 2016 September 30, 2015 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (In thousands) With no related allowance recorded: Commercial $ 9,648 $ 103 $ 11,278 $ 112 $ 9,715 $ 307 $ 11,254 $ 332 Commercial real estate 10,279 18 15,553 52 10,668 53 17,819 155 Residential real estate 5,955 10 7,827 9 6,541 31 8,101 26 Construction real estate 6,213 5 9,568 28 6,587 16 9,652 82 Installment and other 341 4 560 4 339 12 589 12 With an allowance recorded: Commercial 14,338 196 14,777 203 14,451 584 14,927 604 Commercial real estate 9,003 92 11,917 120 9,056 273 12,543 357 Residential real estate 9,652 81 10,579 97 9,860 242 10,653 289 Construction real estate 4,443 45 3,319 44 4,178 134 3,344 131 Installment and other 529 4 558 5 554 13 541 15 Total $ 70,401 $ 558 $ 85,936 $ 674 $ 71,949 $ 1,665 $ 89,423 $ 2,003 |
Activity and allocation of allowance for loan losses | For the three and nine months ended September 30, 2016 and 2015, activity in the allowance for loan losses was as follows: Commercial Commercial real estate Residential real estate Construction real estate Installment and other Unallocated Total (In thousands) Three Months Ended September 30, 2016: Beginning balance $ 2,220 $ 7,919 $ 5,629 $ 1,039 $ 758 $ 27 $ 17,592 Provision (benefit) for loan losses (193 ) 1 10 155 3 24 - Charge-offs (206 ) (46 ) (174 ) - (98 ) - (524 ) Recoveries 260 377 56 5 35 - 733 Net charge-offs 54 331 (118 ) 5 (63 ) - 209 Ending balance $ 2,081 $ 8,251 $ 5,521 $ 1,199 $ 698 $ 51 $ 17,801 Three Months Ended September 30, 2015: Beginning balance $ 3,219 $ 8,870 $ 7,696 $ 2,588 $ 876 $ 31 $ 23,280 Provision (benefit) for loan losses (522 ) 1,853 (1,094 ) (517 ) 54 226 - Charge-offs (568 ) (3,775 ) (627 ) (410 ) (264 ) - (5,644 ) Recoveries 192 124 334 93 163 - 906 Net charge-offs (376 ) (3,651 ) (293 ) (317 ) (101 ) - (4,738 ) Ending balance $ 2,321 $ 7,072 $ 6,309 $ 1,754 $ 829 $ 257 $ 18,542 Nine Months Ended September 30, 2016: Beginning balance $ 2,442 $ 6,751 $ 6,082 $ 1,143 $ 940 $ 34 $ 17,392 Provision (benefit) for loan losses (629 ) 1,039 (300 ) (44 ) (83 ) 17 - Charge-offs (481 ) (46 ) (576 ) (22 ) (333 ) - (1,458 ) Recoveries 749 507 315 122 174 - 1,867 Net charge-offs 268 461 (261 ) 100 (159 ) - 409 Ending balance $ 2,081 $ 8,251 $ 5,521 $ 1,199 $ 698 $ 51 $ 17,801 Nine Months Ended September 30, 2015: Beginning balance $ 4,031 $ 8,339 $ 7,939 $ 3,323 $ 788 $ 363 $ 24,783 Provision (benefit) for loan losses (1,708 ) 2,309 (287 ) (536 ) 328 (106 ) - Charge-offs (1,357 ) (4,039 ) (1,841 ) (1,442 ) (516 ) - (9,195 ) Recoveries 1,355 463 498 409 229 - 2,954 Net charge-offs (2 ) (3,576 ) (1,343 ) (1,033 ) (287 ) - (6,241 ) Ending balance $ 2,321 $ 7,072 $ 6,309 $ 1,754 $ 829 $ 257 $ 18,542 Allocation of the allowance for loan losses (as well as the total loans in each allocation method), disaggregated on the basis of the Company’s impairment methodology, is as follows: Commercial Commercial real estate Residential real estate Construction real estate Installment and other Unallocated Total September 30, 2016 (In thousands) Allowance for loan losses allocated to: Loans individually evaluated for impairment $ 295 $ 1,622 $ 1,978 $ 365 $ 57 $ - $ 4,317 Loans collectively evaluated for impairment 1,786 6,629 3,543 834 641 51 13,484 Ending balance $ 2,081 $ 8,251 $ 5,521 $ 1,199 $ 698 $ 51 $ 17,801 Loans: Individually evaluated for impairment $ 23,925 $ 19,592 $ 15,473 $ 10,606 $ 827 $ - $ 70,423 Collectively evaluated for impairment 61,322 363,611 212,626 69,023 23,560 - 730,142 Total ending loans balance $ 85,247 $ 383,203 $ 228,099 $ 79,629 $ 24,387 $ - $ 800,565 December 31, 2015 Allowance for loan losses allocated to: Loans individually evaluated for impairment $ 399 $ 1,295 $ 2,132 $ 252 $ 138 $ - $ 4,216 Loans collectively evaluated for impairment 2,043 5,456 3,950 891 802 34 13,176 Ending balance $ 2,442 $ 6,751 $ 6,082 $ 1,143 $ 940 $ 34 $ 17,392 Loans: Individually evaluated for impairment $ 25,093 $ 25,248 $ 18,205 $ 11,825 $ 1,052 $ - $ 81,423 Collectively evaluated for impairment 67,902 346,351 240,401 77,516 27,678 - 759,848 Total ending loans balance $ 92,995 $ 371,599 $ 258,606 $ 89,341 $ 28,730 $ - $ 841,271 |
Troubled debt restructurings on financing receivables | There were no loans restructured during the three months ended September 30, 2016 or 2015. The following tables present the loans restructured during the nine months ended September 30, 2016 and 2015. Nine Months Ended September 30, 2016 Number of Contracts Pre- Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Specific reserves allocated (Dollars in thousands) Installment and other 1 $ 43 $ 43 $ - Total 1 $ 43 $ 43 $ - Nine Months Ended September 30, 2015 Number of Contracts Pre- Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Specific reserves allocated (Dollars in thousands) Installment and other 2 $ 45 $ 45 $ - Total 2 $ 45 $ 45 $ - There were no loans modified as TDRs for which there was a payment default within 12 months following the modification during the three months ended September 30, 2016 and 2015. The following table presents loans by class modified as TDRs for which there was a payment default within twelve months following the modification during the nine months ended September 30, 2016 and 2015: Nine Months Ended September 30, 2016 Number of Contracts Recorded Investment Specific reserves allocated (Dollars in thousands) Construction real estate 2 $ 807 $ 10 Total 2 $ 807 $ 10 Nine Months Ended September 30, 2015 Number of Contracts Recorded Investment Specific reserves allocated (Dollars in thousands) Residential real estate 1 $ 167 $ - Construction real estate 2 407 - Total 3 $ 574 $ - |
Total TDRs in accrual and nonaccrual status | The following table presents total TDRs, both in accrual and nonaccrual status: September 30, 2016 December 31, 2015 Number of contracts Amount Number of contracts Amount (Dollars in thousands) Accrual 150 $ 45,971 $ 165 $ 53,862 Nonaccrual 26 9,158 32 10,641 Total 176 $ 55,129 $ 197 $ 64,503 |
Related parties loan | An analysis of the activity related to these loans as of September 30, 2016 and December 31, 2015 is as follows: September 30, 2016 December 31, 2015 (In thousands) Balance, beginning $ 1,933 $ 1,322 Additions 158 438 Changes in composition (648 ) 800 Principal payments and other reductions (1,068 ) (627 ) Balance, ending $ 375 $ 1,933 |
Loan Servicing and Mortgage S30
Loan Servicing and Mortgage Servicing Rights ("MSRs") (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Loan Servicing and Mortgage Servicing Rights ("MSRs") [Abstract] | |
Unpaid balance of mortgage loan serviced for others | The unpaid balance of these loans as of September 30, 2016 and December 31, 2015 is summarized as follows: September 30, 2016 December 31, 2015 (In thousands) Mortgage loan portfolios serviced for: Federal National Mortgage Association ("Fannie Mae") $ 815,520 $ 865,568 Other investors 2 16 Totals $ 815,522 $ 865,584 |
Analysis of changes in mortgage servicing rights assets | An analysis of changes in the MSR asset for the three and nine months ended September 30, 2016 and 2015 is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (In thousands) Balance at beginning of period $ 8,415 $ 9,144 $ 8,777 $ 9,470 Servicing rights originated and capitalized 199 168 554 616 Amortization (321 ) (373 ) (1,038 ) (1,147 ) Balance at end of period $ 8,293 $ 8,939 $ 8,293 $ 8,939 |
Analysis of changes in the mortgage servicing right assets valuation allowance | Below is an analysis of changes in the MSR asset valuation allowance for the three and nine months ended September 30, 2016 and 2015: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (In thousands) Balance at beginning of period $ (3,104 ) $ (1,602 ) $ (1,895 ) $ (2,017 ) Aggregate reduction credited to operations 426 - 877 1,384 Aggregate additions credited to operations - (883 ) (1,660 ) (1,852 ) Balance at end of period $ (2,678 ) $ (2,485 ) $ (2,678 ) $ (2,485 ) |
Assumptions used to calculate the market value of mortgage servicing right | The following assumptions were used to calculate the fair value of the MSRs as of September 30, 2016 and December 31, 2015: September 30, 2016 December 31, 2015 Weighted Average Public Securities Association (PSA) speed 278.66% 213.25% Weighted Average Discount rate 11.50 10.50 Weighted Average Earnings rate 1.18 1.73 |
Other Real Estate Owned ("ORE31
Other Real Estate Owned ("OREO") (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Other Real Estate Owned [Abstract] | |
Other real estate owned | OREO consists of property acquired due to foreclosure on real estate loans. As of September 30, 2016 and December 31, 2015, total OREO consisted of: September 30, 2016 December 31, 2015 (In thousands) Commercial real estate $ 1,375 $ 781 Residential real estate 2,027 3,024 Construction real estate 3,652 4,541 Total $ 7,054 $ 8,346 |
Summary of OREO activity | The following table presents a summary of OREO activity for the nine months ended September 30, 2016 and 2015: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (In thousands) Balance at beginning of period $ 8,653 $ 10,447 $ 8,346 $ 13,980 Transfers in at fair value 59 1,900 2,944 3,958 Write-down of value (23 ) (228 ) (23 ) (306 ) Gain on disposal 308 311 1,059 714 Cash received upon disposition (1,366 ) (1,892 ) (3,724 ) (7,511 ) Sales financed by loans (577 ) (368 ) (1,548 ) (665 ) Balance at end of period $ 7,054 $ 10,170 $ 7,054 $ 10,170 |
Deposits (Tables)
Deposits (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Deposits [Abstract] | |
Deposits | As of September 30, 2016 and December 31, 2015, deposits consisted of: September 30, 2016 December 31, 2015 (In thousands ) Demand deposits, noninterest bearing $ 22,509 $ 75,867 NOW and money market accounts 576,984 511,423 Savings deposits 409,856 380,045 Time certificates, $250,000 or more 28,214 39,148 Other time certificates 215,627 247,475 Total $ 1,253,190 $ 1,253,958 |
Borrowings (Tables)
Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Borrowings [Abstract] | |
Schedule of borrowings | The following table details borrowings as of September 30, 2016 and December 31, 2015. Maturity Date Rate Type Principal due September 30, 2016 December 31, 2015 (In thousands) April 27, 2021 6.343 % Fixed At maturity 2,300 2,300 Total $ 2,300 $ 2,300 |
Junior Subordinated Debt (Table
Junior Subordinated Debt (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Junior Subordinated Debt [Abstract] | |
Junior subordinated debt owed to unconsolidated trust | The following table presents details on the junior subordinated debt as of September 30, 2016: Trust I Trust III Trust IV Trust V (Dollars in thousands) Date of Issue March 23, 2000 May 11, 2004 June 29, 2005 September 21, 2006 Amount of trust preferred securities issued $ 10,000 $ 6,000 $ 10,000 $ 10,000 Rate on trust preferred securities 10.875 % 3.5421% (variable) 6.88 % 2.5039% (variable) Maturity March 8, 2030 September 8, 2034 November 23, 2035 December 15, 2036 Date of first redemption March 8, 2010 September 8, 2009 August 23, 2010 September 15, 2011 Common equity securities issued $ 310 $ 186 $ 310 $ 310 Junior subordinated deferrable interest debentures owed $ 10,310 $ 6,186 $ 10,310 $ 10,310 Rate on junior subordinated deferrable interest debentures 10.875 % 3.5421% (variable) 6.88 % 2.5039% (variable) |
Commitments and Off-Balance S35
Commitments and Off-Balance Sheet Activities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Off-Balance Sheet Activities [Abstract] | |
Credit-related commitments | As of September 30, 2016 and December 31, 2015, the following credit-related commitments were outstanding: Contract Amount September 30, 2016 December 31, 2015 (In thousands) Unfunded commitments under lines of credit $ 98,312 $ 108,966 Commercial and standby letters of credit 5,960 7,608 Commitments to make loans - 5,105 |
Preferred Equity Issues (Tables
Preferred Equity Issues (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Preferred Equity Issues [Abstract] | |
Preferred equity issues under capital purchase program | On March 27, 2009, the Company issued two series of preferred stock to the U.S. Treasury under the Capital Purchase Program (“CPP”). Below is a table disclosing the information on the two series: Number of shares issued Dividend rate Liquidation value per share Original cost, in thousands Series A cumulative perpetual preferred shares 35,539 5% for first 5 years; thereafter 9% $ 1,000.00 $ 33,437 Series B cumulative perpetual preferred shares 1,777 9 % 1,000.00 2,102 |
Derivative Financial Instrume37
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Derivative Financial Instruments [Abstract] | |
Commitments outstanding, breakdown between fixed-and adjustable-rate loans | The Company had outstanding loan commitments, excluding undisbursed portion of loans in process and equity lines of credit, of approximately $98.3 million as of September 30, 2016 and $116.6 million as of December 31, 2015. Of these commitments outstanding, the breakdown between fixed rate and adjustable rate loans is as follows: September 30, 2016 December 31, 2015 (In thousands) Fixed rate (ranging from 2.4% to 13.9%) $ 17,880 $ 11,913 Adjustable rate 80,432 104,661 Total $ 98,312 $ 116,574 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Measurements [Abstract] | |
Financial assets and off-balance-sheet instruments measured at fair value on a recurring basis | The following table summarizes the Company's financial assets and off-balance-sheet instruments measured at fair value on a recurring basis as of September 30, 2016 and December 31, 2015, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: September 30, 2016 Total Level 1 Level 2 Level 3 (In thousands) Financial Assets: Investment securities available for sale: U.S. Government sponsored agency $ 50,813 $ - $ 50,813 $ - States and political subdivision 32,396 - 32,396 - Mortgage backed security 212,394 - 212,394 - Collateralized mortgage obligation 15,616 - 15,616 - Commercial mortgage backed security 87,496 - 87,496 - SBA Pools 706 - 706 - Total $ 399,421 $ - $ 399,421 $ - December 31, 2015 Financial Assets: Investment securities available for sale: U.S. Government sponsored agency $ 69,584 $ - $ 69,584 $ - States and political subdivision 3,576 - 3,576 - Mortgage backed security 121,597 - 121,597 - Collateralized mortgage obligation 39,921 - 39,921 - Commercial mortgage backed security 41,119 - 41,119 - SBA Pools 750 - 750 - Asset backed securities 39,493 - 39,493 - Interest rate lock commitments, mandatory forward delivery commitments and pair offs 225 - 225 - Total $ 316,265 $ - $ 316,265 $ - |
Assets measured at fair value on a nonrecurring basis | Assets measured at fair value on a nonrecurring basis as of September 30, 2016 and December 31, 2015 are included in the table below: ` Total Level 1 Level 2 Level 3 (In thousands) September 30, 2016 Financial Assets Impaired loans $ 33,686 $ - $ - $ 33,686 MSRs 5,615 - - 5,615 December 31, 2015 Financial Assets Impaired loans $ 36,870 $ - $ - $ 36,870 MSRs 6,905 - - 6,905 Non-Financial Assets OREO 2,231 - - 2,231 |
Valuation assumptions used on impaired loans and OREO on a nonrecurring basis at fair value | Assumptions used to determine impaired loans and OREO are presented below by classification, measured at fair value and on a nonrecurring basis as of September 30, 2016 and December 31, 2015: Fair value Valuation Technique(s) Unobservable Input(s) Adjustment Range, Weighted Average September 30, 2016 (In thousands) Impaired loans Commercial $ 13,926 Sales comparison Adjustments for differences of comparable sales (5.70)% to (13.92)%, (5.82)% Commercial real estate 7,394 Sales comparison Adjustments for differences of comparable sales (0.00) to (7.62), (5.60) Residential real estate 6,987 Sales comparison Adjustments for differences of comparable sales (3.13) to (8.70), (5.32) Construction real estate 4,948 Sales comparison Adjustments for differences of comparable sales (4.00) to (7.50), (5.78) Installment and other 431 Sales comparison Adjustments for differences of comparable sales (4.13) to (8.00), (6.45) Total impaired loans $ 33,686 December 31, 2015 Impaired loans Commercial $ 14,557 Sales comparison Adjustments for differences of comparable sales (0.00)% to (13.92)%, (5.70)% Commercial real estate 9,755 Sales comparison Adjustments for differences of comparable sales (4.25) to (7.62), (5.65) Residential real estate 8,624 Sales comparison Adjustments for differences of comparable sales (0.00) to (8.70), (5.29) Construction real estate 3,436 Sales comparison Adjustments for differences of comparable sales (4.00) to (7.25), (6.14) Installment and other 498 Sales comparison Adjustments for differences of comparable sales (4.13) to (9.50), (6.52) Total impaired loans $ 36,870 OREO Commercial real estate $ 217 Sales comparison Adjustments for differences of comparable sales (14.55) to (14.55), (14.55) Residential real estate 1,493 Sales comparison Adjustments for differences of comparable sales (8.47) to (91.19) (21.76) Construction real estate 521 Sales comparison Adjustments for differences of comparable sales (10.70) to (67.45) (57.32) Total OREO $ 2,231 |
Carrying amount and estimated fair values of financial instruments | The carrying amount and estimated fair values of other financial instruments as of September 30, 2016 and December 31, 2015 are as follows: Carrying amount Level 1 Level 2 Level 3 Total (In thousands) September 30, 2016 Financial assets: Cash and due from banks $ 15,549 $ 15,549 $ - $ - $ 15,549 Interest-bearing deposits with banks 137,778 137,778 - - 137,778 Investments: Available for sale 399,421 - 399,421 - 399,421 Held to maturity 8,866 - 8,625 - 8,625 Non-marketable equity securities 3,809 N/A N/A N/A N/A Loans held for sale 307 - - 307 307 Loans, net 781,395 - - 788,466 788,466 Accrued interest receivable on securities 1,384 - 1,384 - 1,384 Accrued interest receivable on loans 3,943 - - 3,943 3,943 Accrued interest receivable other 273 - - 273 273 Off-balance-sheet instruments: Loan commitments and standby letters of credit $ 13 $ - $ 13 $ - $ 13 Financial liabilities: Non-interest bearing deposits $ 22,509 $ 22,509 $ - $ - $ 22,509 Interest bearing deposits 1,230,681 - 1,181,204 - 1,181,204 Borrowings 2,300 - 2,802 - 2,802 Junior subordinated debt 37,116 - - 20,722 20,722 Accrued interest payable 9,442 - 9,442 - 9,442 December 31, 2015 Financial assets: Cash and due from banks $ 13,506 $ 13,506 $ - $ - $ 13,506 Interest-bearing deposits with banks 151,049 151,049 - - 151,049 Securities purchased under resell agreements 24,320 24,320 - - 24,320 Investments: Available for sale 316,040 - 316,040 - 316,040 Held to maturity 8,986 - 8,988 - 8,988 Non-marketable equity securities 3,854 N/A N/A N/A N/A Loans held for sale 3,041 - - 3,041 3,041 Loans, net 822,396 - - 830,555 830,555 Accrued interest receivable on securities 1,028 - 1,028 - 1,028 Accrued interest receivable on loans 3,795 - - 3,795 3,795 Accrued interest receivable other 208 - - 208 208 Interest rate lock commitments, mandatory forward delivery commitments and pair offs 225 - 225 - 225 Off-balance-sheet instruments: Loan commitments and standby letters of credit $ 20 $ - $ 20 $ - $ 20 Financial liabilities: Non-interest bearing deposits $ 75,867 $ 75,867 $ - $ - $ 75,867 Interest bearing deposits 1,178,091 - 1,181,204 - 1,181,204 Long-term borrowings 2,300 - 2,642 - 2,642 Junior subordinated debt 37,116 - - 20,461 20,461 Accrued interest payable 7,370 - 7,370 - 7,370 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Regulatory Matters [Abstract] | |
Summary of required and actual amounts and ratios for the entity and the Bank | The statutory requirements and actual amounts and ratios for the Company and the Bank are presented below: Actual For Capital Adequacy Purposes To be well capitalized under prompt corrective action provisions Minimum Levels Under Order Provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) September 30, 2016 Total capital (to risk-weighted assets): Consolidated $ 127,248 14.2543 % $ 71,416 8.00 % N/A N/A N/A N/A Bank only 146,117 16.4425 % 71,092 8.00 % $ 88,866 10.00 % $ 97,752 11.00 % Tier 1 capital (to risk weighted assets): Consolidated 100,002 11.2022 % 53,562 6.00 % N/A N/A N/A N/A Bank only 134,919 15.1824 % 53,319 6.00 % 71,092 8.00 % N/A N/A Common Equity Tier 1 Capital (to risk weighted assets): Consolidated 43,128 4.8312 % 40,171 4.50 % N/A N/A N/A N/A Bank only 134,919 15.1824 % 39,990 4.50 % 57,763 6.50 % N/A N/A Tier 1 leverage (to average assets): Consolidated 100,002 7.1248 % 56,143 4.00 % N/A N/A N/A N/A Bank only 134,919 9.6644 % 55,842 4.00 % 69,802 5.00 % 111,683 8.00 % N/A—not applicable Actual For Capital Adequacy Purposes To be well capitalized under prompt corrective action provisions Minimum Levels Under Order Provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) December 31, 2015 Total capital (to risk-weighted assets): Consolidated $ 128,272 14.10 % $ 72,774 8.00 % N/A N/A N/A N/A Bank only 141,486 15.62 % 72,452 8.00 % $ 90,565 10.00 % $ 99,621 11.00 % Tier 1 capital (to risk weighted assets): Consolidated 101,263 11.13 % 54,580 6.00 % N/A N/A N/A N/A Bank only 130,084 14.36 % 54,339 6.00 % 72,452 8.00 % N/A N/A Common Equity Tier 1 Capital (to risk weighted assets): Consolidated 44,080 4.85 % 40,935 4.50 % N/A N/A N/A N/A Bank only 130,084 14.36 % 40,754 4.50 % 58,867 6.50 % N/A N/A Tier 1 leverage (to average assets): Consolidated 101,263 7.11 % 56,943 4.00 % N/A N/A N/A N/A Bank only 130,084 9.18 % 56,685 4.00 % 70,856 5.00 % 113,370 8.00 % |
Earnings (Loss) Per Share Dat40
Earnings (Loss) Per Share Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Computation of basic and diluted earnings per share [Abstract] | ||||
Net income (loss) | $ 791 | $ (126) | $ 2,007 | $ 2,825 |
Dividends and discount accretion on preferred shares | 1,083 | 990 | 3,176 | 2,905 |
Net income (loss) available to common shareholders | $ (292) | $ (1,116) | $ (1,169) | $ (80) |
Weighted average common shares issued (in shares) | 6,856,800 | 6,856,800 | 6,856,800 | 6,856,800 |
LESS: Weighted average treasury stock shares (in shares) | (330,498) | (367,253) | (331,002) | (375,914) |
Weighted average common shares outstanding, net (in shares) | 6,526,302 | 6,489,547 | 6,525,798 | 6,480,886 |
Basic loss per common share (in dollars per share) | $ (0.04) | $ (0.17) | $ (0.18) | $ (0.01) |
Dilutive effect of stock based compensation (in shares) | 0 | 0 | 0 | 0 |
Weighted average common shares outstanding including dilutive shares (in shares) | 6,526,302 | 6,489,547 | 6,525,798 | 6,480,886 |
Diluted earnings (loss)per common share (in dollars per share) | $ (0.04) | $ (0.17) | $ (0.18) | $ (0.01) |
Restricted Stock Units [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Number of shares excluded computation of earnings per share (in shares) | 62,000 | 12,000 |
Restrictions on Cash and Due 41
Restrictions on Cash and Due From Banks (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Restrictions on Cash and Due From Banks [Abstract] | ||
Reserve balances in cash or on deposit with Federal Reserve Bank | $ 0 | $ 4.3 |
Investment Securities (Details)
Investment Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Securities Available for Sale [Abstract] | ||
Amortized Cost | $ 396,429 | $ 318,821 |
Gross Unrealized Gains | 4,426 | 442 |
Gross Unrealized Losses | (1,434) | (3,223) |
Fair Value | 399,421 | 316,040 |
Securities Held-to-maturity [Abstract] | ||
Amortized Cost | 8,866 | 8,986 |
Gross Unrecognized Gains | 0 | 2 |
Gross Unrecognized Losses | (241) | 0 |
Fair Value | 8,625 | 8,988 |
U.S. Government Sponsored Agency [Member] | ||
Securities Available for Sale [Abstract] | ||
Amortized Cost | 49,425 | 69,798 |
Gross Unrealized Gains | 1,388 | 98 |
Gross Unrealized Losses | 0 | (312) |
Fair Value | 50,813 | 69,584 |
State and Political Subdivision [Member] | ||
Securities Available for Sale [Abstract] | ||
Amortized Cost | 32,027 | 3,429 |
Gross Unrealized Gains | 372 | 147 |
Gross Unrealized Losses | (3) | 0 |
Fair Value | 32,396 | 3,576 |
Residential Mortgage-Backed Security [Member] | ||
Securities Available for Sale [Abstract] | ||
Amortized Cost | 213,102 | 123,055 |
Gross Unrealized Gains | 703 | 43 |
Gross Unrealized Losses | (1,411) | (1,501) |
Fair Value | 212,394 | 121,597 |
Residential Collateralized Mortgage Obligation [Member] | ||
Securities Available for Sale [Abstract] | ||
Amortized Cost | 15,540 | 40,305 |
Gross Unrealized Gains | 88 | 139 |
Gross Unrealized Losses | (12) | (523) |
Fair Value | 15,616 | 39,921 |
Commercial Mortgage Backed Security [Member] | ||
Securities Available for Sale [Abstract] | ||
Amortized Cost | 85,621 | 41,341 |
Gross Unrealized Gains | 1,875 | 15 |
Gross Unrealized Losses | 0 | (237) |
Fair Value | 87,496 | 41,119 |
SBA Pools [Member] | ||
Securities Available for Sale [Abstract] | ||
Amortized Cost | 714 | 757 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (8) | (7) |
Fair Value | 706 | 750 |
Asset-Backed Security [Member] | ||
Securities Available for Sale [Abstract] | ||
Amortized Cost | 40,136 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (643) | |
Fair Value | 39,493 | |
SBA Pools [Member] | ||
Securities Held-to-maturity [Abstract] | ||
Amortized Cost | 8,866 | 8,986 |
Gross Unrecognized Gains | 0 | 2 |
Gross Unrecognized Losses | (241) | 0 |
Fair Value | $ 8,625 | $ 8,988 |
Investment Securities, Realized
Investment Securities, Realized Net Gains (Losses) on Sale of Securities Available for Sale (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Realized net gains (losses) on sale of securities available for sale [Abstract] | ||||
Gross realized gains | $ 620 | $ 0 | $ 674 | $ 1 |
Gross realized losses | (490) | 0 | (490) | 0 |
Net gains (losses) | $ 130 | $ 0 | $ 184 | $ 1 |
Investment Securities, Unrealiz
Investment Securities, Unrealized Loss Information for Investment Securities (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016USD ($)Security | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)Security | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) | |
Investment Securities [Abstract] | |||||
Tax benefit (provision) related to net realized gains and losses | $ 0 | $ 0 | $ 0 | $ 0 | |
Number of securities - total | Security | 133 | 133 | |||
Number of securities in unrealized loss position | Security | 41 | 41 | |||
Unrealized losses on debt securities | $ 155,900 | ||||
Percentage of aggregate depreciation of amortized cost basis | 0.91% | 0.91% | |||
Investment securities continuous unrealized loss position twelve months or longer, fair value | $ 54,000 | $ 54,000 | |||
Percentage of aggregate depreciation related to continuous unrealized loss position twelve months or longer | 1.77% | 1.77% | |||
Securities Available for Sale [Abstract] | |||||
Less than 12 Months, Fair Value | $ 101,901 | $ 101,901 | $ 193,177 | ||
Less than 12 Months, Unrealized Losses | (459) | (1,979) | |||
12 Months or Longer, Fair Value | 53,998 | 53,998 | 65,746 | ||
12 Months or Longer, Unrealized Losses | (975) | (1,244) | |||
Total, Fair Value | 155,899 | 155,899 | 258,923 | ||
Total, Unrealized Losses | (1,434) | (3,223) | |||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Less than 12 Months, Fair Value | 8,625 | 8,625 | 0 | ||
Less than 12 Months, Unrealized Losses | (241) | 0 | |||
12 Months or Longer, Fair Value | 0 | 0 | 0 | ||
12 Months or Longer, Unrealized Losses | 0 | 0 | |||
Total, Fair Value | 8,625 | 8,625 | 0 | ||
Total, Unrealized Losses | (241) | 0 | |||
U.S. Government Sponsored Agencies [Member] | |||||
Securities Available for Sale [Abstract] | |||||
Less than 12 Months, Fair Value | 54,804 | ||||
Less than 12 Months, Unrealized Losses | (312) | ||||
12 Months or Longer, Fair Value | 0 | ||||
12 Months or Longer, Unrealized Losses | 0 | ||||
Total, Fair Value | 54,804 | ||||
Total, Unrealized Losses | (312) | ||||
State and Political Subdivision [Member] | |||||
Securities Available for Sale [Abstract] | |||||
Less than 12 Months, Fair Value | 935 | 935 | 0 | ||
Less than 12 Months, Unrealized Losses | (3) | 0 | |||
12 Months or Longer, Fair Value | 0 | 0 | 0 | ||
12 Months or Longer, Unrealized Losses | 0 | 0 | |||
Total, Fair Value | 935 | 935 | 0 | ||
Total, Unrealized Losses | (3) | 0 | |||
Residential Mortgage-Backed Security [Member] | |||||
Securities Available for Sale [Abstract] | |||||
Less than 12 Months, Fair Value | 96,469 | 96,469 | 54,760 | ||
Less than 12 Months, Unrealized Losses | (446) | (602) | |||
12 Months or Longer, Fair Value | 53,148 | 53,148 | 48,752 | ||
12 Months or Longer, Unrealized Losses | (965) | (899) | |||
Total, Fair Value | 149,617 | 149,617 | 103,512 | ||
Total, Unrealized Losses | (1,411) | (1,501) | |||
Residential Collateralized Mortgage Obligation [Member] | |||||
Securities Available for Sale [Abstract] | |||||
Less than 12 Months, Fair Value | 4,497 | 4,497 | 17,237 | ||
Less than 12 Months, Unrealized Losses | (10) | (185) | |||
12 Months or Longer, Fair Value | 145 | 145 | 16,252 | ||
12 Months or Longer, Unrealized Losses | (2) | (338) | |||
Total, Fair Value | 4,642 | 4,642 | 33,489 | ||
Total, Unrealized Losses | (12) | (523) | |||
Commercial Mortgage Backed Security [Member] | |||||
Securities Available for Sale [Abstract] | |||||
Less than 12 Months, Fair Value | 26,883 | ||||
Less than 12 Months, Unrealized Losses | (237) | ||||
12 Months or Longer, Fair Value | 0 | ||||
12 Months or Longer, Unrealized Losses | 0 | ||||
Total, Fair Value | 26,883 | ||||
Total, Unrealized Losses | (237) | ||||
SBA pools [Member] | |||||
Securities Available for Sale [Abstract] | |||||
Less than 12 Months, Fair Value | 0 | 0 | 0 | ||
Less than 12 Months, Unrealized Losses | 0 | 0 | |||
12 Months or Longer, Fair Value | 705 | 705 | 742 | ||
12 Months or Longer, Unrealized Losses | (8) | (7) | |||
Total, Fair Value | 705 | 705 | 742 | ||
Total, Unrealized Losses | (8) | (7) | |||
Asset-Backed Security [Member] | |||||
Securities Available for Sale [Abstract] | |||||
Less than 12 Months, Fair Value | 39,493 | ||||
Less than 12 Months, Unrealized Losses | (643) | ||||
12 Months or Longer, Fair Value | 0 | ||||
12 Months or Longer, Unrealized Losses | 0 | ||||
Total, Fair Value | 39,493 | ||||
Total, Unrealized Losses | (643) | ||||
SBA pools [Member] | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Less than 12 Months, Fair Value | 8,625 | 8,625 | 0 | ||
Less than 12 Months, Unrealized Losses | (241) | 0 | |||
12 Months or Longer, Fair Value | 0 | 0 | 0 | ||
12 Months or Longer, Unrealized Losses | 0 | 0 | |||
Total, Fair Value | $ 8,625 | 8,625 | 0 | ||
Total, Unrealized Losses | $ (241) | $ 0 |
Investment Securities, Amortize
Investment Securities, Amortized Cost and Fair Value of Investment Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Available for Sale, Amortized Cost [Abstract] | ||
One year or less | $ 5,204 | |
One to five years | 16,176 | |
Five to ten years | 31,265 | |
Over ten years | 29,521 | |
Subtotal | 82,166 | |
Amortized cost | 396,429 | |
Available for Sale, Fair Value [Abstract] | ||
One year or less | 5,207 | |
One to five years | 16,480 | |
Five to ten years | 32,536 | |
Over ten years | 29,692 | |
Subtotal | 83,915 | |
Fair value | 399,421 | |
Held to Maturity, Amortized Cost [Abstract] | ||
One year or less | 0 | |
One to five years | 0 | |
Five to ten years | 0 | |
Over ten years | 8,866 | |
Subtotal | 8,866 | |
Investment securities held to maturity, at amortized cost (fair value of $8,613 and $8,988 as of December 31, 2016 and 2015, respectively) | 8,866 | $ 8,986 |
Held to Maturity, Fair Value [Abstract] | ||
One year or less | 0 | |
One to five years | 0 | |
Five to ten years | 0 | |
Over ten years | 8,625 | |
Subtotal | 8,625 | |
Fair value | 8,625 | 8,988 |
Securities pledged as collateral on public deposits and for other purposes as required or permitted by law | 82,900 | $ 91,700 |
Residential Mortgage-Backed Security [Member] | ||
Available for Sale, Amortized Cost [Abstract] | ||
Amortized cost | 213,102 | |
Available for Sale, Fair Value [Abstract] | ||
Fair value | 212,394 | |
Residential Collateralized Mortgage Obligation [Member] | ||
Available for Sale, Amortized Cost [Abstract] | ||
Amortized cost | 15,540 | |
Available for Sale, Fair Value [Abstract] | ||
Fair value | 15,616 | |
Commercial Mortgage Backed Security [Member] | ||
Available for Sale, Amortized Cost [Abstract] | ||
Amortized cost | 85,621 | |
Available for Sale, Fair Value [Abstract] | ||
Fair value | 87,496 | |
Residential Mortgage-Backed Security [Member] | ||
Held to Maturity, Amortized Cost [Abstract] | ||
Investment securities held to maturity, at amortized cost (fair value of $8,613 and $8,988 as of December 31, 2016 and 2015, respectively) | 0 | |
Held to Maturity, Fair Value [Abstract] | ||
Fair value | 0 | |
Residential Collateralized Mortgage Obligation [Member] | ||
Held to Maturity, Amortized Cost [Abstract] | ||
Investment securities held to maturity, at amortized cost (fair value of $8,613 and $8,988 as of December 31, 2016 and 2015, respectively) | 0 | |
Held to Maturity, Fair Value [Abstract] | ||
Fair value | $ 0 |
Loans and Allowance for Loan 46
Loans and Allowance for Loan Losses (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Components of loans receivables [Abstract] | ||
Total loans | $ 800,565 | $ 841,271 |
Unearned income | (1,369) | (1,483) |
Gross loans | 799,196 | 839,788 |
Allowance for loan losses | (17,801) | (17,392) |
Net loans | $ 781,395 | 822,396 |
Percentage of outstanding principal balance of commercial real estate loans secured by owner occupied properties | 29.60% | |
Commercial [Member] | ||
Components of loans receivables [Abstract] | ||
Total loans | $ 85,247 | 92,995 |
Commercial Real Estate [Member] | ||
Components of loans receivables [Abstract] | ||
Total loans | 383,203 | 371,599 |
Residential Real Estate [Member] | ||
Components of loans receivables [Abstract] | ||
Total loans | 228,099 | 258,606 |
Construction Real Estate [Member] | ||
Components of loans receivables [Abstract] | ||
Total loans | 79,629 | 89,341 |
Installment and Other [Member] | ||
Components of loans receivables [Abstract] | ||
Total loans | $ 24,387 | $ 28,730 |
Loans and Allowance for Loan 47
Loans and Allowance for Loan Losses, Loan Classification (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Contractual aging of the recorded investment in current and past due loans by class of loans [Abstract] | ||
Current | $ 780,021 | $ 816,065 |
Nonaccrual loan classification, Current | 8,845 | 6,202 |
Total Past Due | 20,544 | 25,206 |
Nonaccrual loan classification, Total Past Due | 18,101 | 24,123 |
Total loans | 800,565 | 841,271 |
Nonaccrual | 26,946 | 30,325 |
Loans past due 90 days or more still accruing interest | 21 | 0 |
30-59 Days Past Due [Member] | ||
Contractual aging of the recorded investment in current and past due loans by class of loans [Abstract] | ||
Total Past Due | 1,715 | 3,309 |
Nonaccrual loan classification, Total Past Due | 705 | 2,702 |
60-89 Days Past Due [Member] | ||
Contractual aging of the recorded investment in current and past due loans by class of loans [Abstract] | ||
Total Past Due | 1,362 | 1,538 |
Nonaccrual loan classification, Total Past Due | 305 | 1,418 |
90 Days or More Past Due [Member] | ||
Contractual aging of the recorded investment in current and past due loans by class of loans [Abstract] | ||
Total Past Due | 17,467 | 20,359 |
Nonaccrual loan classification, Total Past Due | 17,091 | 20,003 |
Commercial [Member] | ||
Contractual aging of the recorded investment in current and past due loans by class of loans [Abstract] | ||
Current | 82,801 | 90,839 |
Total Past Due | 2,446 | 2,156 |
Total loans | 85,247 | 92,995 |
Nonaccrual | 1,905 | 2,268 |
Loans past due 90 days or more still accruing interest | 0 | 0 |
Commercial [Member] | 30-59 Days Past Due [Member] | ||
Contractual aging of the recorded investment in current and past due loans by class of loans [Abstract] | ||
Total Past Due | 1,253 | 167 |
Commercial [Member] | 60-89 Days Past Due [Member] | ||
Contractual aging of the recorded investment in current and past due loans by class of loans [Abstract] | ||
Total Past Due | 77 | 131 |
Commercial [Member] | 90 Days or More Past Due [Member] | ||
Contractual aging of the recorded investment in current and past due loans by class of loans [Abstract] | ||
Total Past Due | 1,116 | 1,858 |
Commercial Real Estate [Member] | ||
Contractual aging of the recorded investment in current and past due loans by class of loans [Abstract] | ||
Current | 378,823 | 363,495 |
Total Past Due | 4,380 | 8,104 |
Total loans | 383,203 | 371,599 |
Nonaccrual | 9,659 | 10,737 |
Loans past due 90 days or more still accruing interest | 0 | 0 |
Commercial Real Estate [Member] | 30-59 Days Past Due [Member] | ||
Contractual aging of the recorded investment in current and past due loans by class of loans [Abstract] | ||
Total Past Due | 0 | 1,526 |
Commercial Real Estate [Member] | 60-89 Days Past Due [Member] | ||
Contractual aging of the recorded investment in current and past due loans by class of loans [Abstract] | ||
Total Past Due | 194 | 704 |
Commercial Real Estate [Member] | 90 Days or More Past Due [Member] | ||
Contractual aging of the recorded investment in current and past due loans by class of loans [Abstract] | ||
Total Past Due | 4,186 | 5,874 |
Residential Real Estate [Member] | ||
Contractual aging of the recorded investment in current and past due loans by class of loans [Abstract] | ||
Current | 222,469 | 252,568 |
Total Past Due | 5,630 | 6,038 |
Total loans | 228,099 | 258,606 |
Nonaccrual | 5,924 | 7,821 |
Loans past due 90 days or more still accruing interest | 0 | 0 |
Residential Real Estate [Member] | 30-59 Days Past Due [Member] | ||
Contractual aging of the recorded investment in current and past due loans by class of loans [Abstract] | ||
Total Past Due | 229 | 1,215 |
Residential Real Estate [Member] | 60-89 Days Past Due [Member] | ||
Contractual aging of the recorded investment in current and past due loans by class of loans [Abstract] | ||
Total Past Due | 939 | 606 |
Residential Real Estate [Member] | 90 Days or More Past Due [Member] | ||
Contractual aging of the recorded investment in current and past due loans by class of loans [Abstract] | ||
Total Past Due | 4,462 | 4,217 |
Construction Real Estate [Member] | ||
Contractual aging of the recorded investment in current and past due loans by class of loans [Abstract] | ||
Current | 71,813 | 80,629 |
Total Past Due | 7,816 | 8,712 |
Total loans | 79,629 | 89,341 |
Nonaccrual | 9,445 | 9,353 |
Loans past due 90 days or more still accruing interest | 0 | 0 |
Construction Real Estate [Member] | 30-59 Days Past Due [Member] | ||
Contractual aging of the recorded investment in current and past due loans by class of loans [Abstract] | ||
Total Past Due | 64 | 291 |
Construction Real Estate [Member] | 60-89 Days Past Due [Member] | ||
Contractual aging of the recorded investment in current and past due loans by class of loans [Abstract] | ||
Total Past Due | 83 | 85 |
Construction Real Estate [Member] | 90 Days or More Past Due [Member] | ||
Contractual aging of the recorded investment in current and past due loans by class of loans [Abstract] | ||
Total Past Due | 7,669 | 8,336 |
Installment and Other [Member] | ||
Contractual aging of the recorded investment in current and past due loans by class of loans [Abstract] | ||
Current | 24,115 | 28,534 |
Total Past Due | 272 | 196 |
Total loans | 24,387 | 28,730 |
Nonaccrual | 13 | 146 |
Loans past due 90 days or more still accruing interest | 21 | 0 |
Installment and Other [Member] | 30-59 Days Past Due [Member] | ||
Contractual aging of the recorded investment in current and past due loans by class of loans [Abstract] | ||
Total Past Due | 169 | 110 |
Installment and Other [Member] | 60-89 Days Past Due [Member] | ||
Contractual aging of the recorded investment in current and past due loans by class of loans [Abstract] | ||
Total Past Due | 69 | 12 |
Installment and Other [Member] | 90 Days or More Past Due [Member] | ||
Contractual aging of the recorded investment in current and past due loans by class of loans [Abstract] | ||
Total Past Due | $ 34 | $ 74 |
Loans and Allowance for Loan 48
Loans and Allowance for Loan Losses, Risk Category of Loans by Class (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Risk category of loans by class of loans [Abstract] | ||
Total loans | $ 800,565 | $ 841,271 |
Current | 780,021 | 816,065 |
Past due | 20,544 | 25,206 |
Nonaccrual | 26,946 | 30,325 |
30-59 Days Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 1,715 | 3,309 |
60-89 Days Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 1,362 | 1,538 |
90 Days or More Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 17,467 | 20,359 |
Pass [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Total loans | 714,098 | 723,060 |
Current | 712,438 | 719,752 |
Pass [Member] | 30-59 Days Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 729 | 349 |
Pass [Member] | 60-89 Days Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 846 | 109 |
Pass [Member] | 90 Days or More Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 85 | 2,850 |
Special Mention [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Total loans | 19,185 | 30,932 |
Current | 19,168 | 30,674 |
Special Mention [Member] | 30-59 Days Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 0 | 258 |
Special Mention [Member] | 60-89 Days Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 17 | 0 |
Special Mention [Member] | 90 Days or More Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 0 | 0 |
Substandard [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Total loans | 67,282 | 87,279 |
Current | 48,415 | 65,639 |
Nonaccrual | 26,900 | 27,500 |
Substandard [Member] | 30-59 Days Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 986 | 2,702 |
Substandard [Member] | 60-89 Days Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 499 | 1,429 |
Substandard [Member] | 90 Days or More Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 17,382 | 17,509 |
Doubtful [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Total loans | 0 | 0 |
Current | 0 | 0 |
Doubtful [Member] | 30-59 Days Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 0 | 0 |
Doubtful [Member] | 60-89 Days Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 0 | 0 |
Doubtful [Member] | 90 Days or More Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 0 | 0 |
Commercial [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Total loans | 85,247 | 92,995 |
Current | 82,801 | 90,839 |
Past due | 2,446 | 2,156 |
Nonaccrual | 1,905 | 2,268 |
Commercial [Member] | 30-59 Days Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 1,253 | 167 |
Commercial [Member] | 60-89 Days Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 77 | 131 |
Commercial [Member] | 90 Days or More Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 1,116 | 1,858 |
Commercial [Member] | Pass [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Total loans | 67,274 | 69,221 |
Commercial [Member] | Special Mention [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Total loans | 2,104 | 3,129 |
Commercial [Member] | Substandard [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Total loans | 15,869 | 20,645 |
Commercial [Member] | Doubtful [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Total loans | 0 | 0 |
Commercial Real Estate [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Total loans | 383,203 | 371,599 |
Current | 378,823 | 363,495 |
Past due | 4,380 | 8,104 |
Nonaccrual | 9,659 | 10,737 |
Commercial Real Estate [Member] | 30-59 Days Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 0 | 1,526 |
Commercial Real Estate [Member] | 60-89 Days Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 194 | 704 |
Commercial Real Estate [Member] | 90 Days or More Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 4,186 | 5,874 |
Commercial Real Estate [Member] | Pass [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Total loans | 342,906 | 307,700 |
Commercial Real Estate [Member] | Special Mention [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Total loans | 10,516 | 19,512 |
Commercial Real Estate [Member] | Substandard [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Total loans | 29,781 | 44,387 |
Commercial Real Estate [Member] | Doubtful [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Total loans | 0 | 0 |
Residential Real Estate [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Total loans | 228,099 | 258,606 |
Current | 222,469 | 252,568 |
Past due | 5,630 | 6,038 |
Nonaccrual | 5,924 | 7,821 |
Residential Real Estate [Member] | 30-59 Days Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 229 | 1,215 |
Residential Real Estate [Member] | 60-89 Days Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 939 | 606 |
Residential Real Estate [Member] | 90 Days or More Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 4,462 | 4,217 |
Residential Real Estate [Member] | Pass [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Total loans | 217,918 | 245,897 |
Residential Real Estate [Member] | Special Mention [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Total loans | 1,278 | 1,622 |
Residential Real Estate [Member] | Substandard [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Total loans | 8,903 | 11,087 |
Residential Real Estate [Member] | Doubtful [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Total loans | 0 | 0 |
Construction Real Estate [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Total loans | 79,629 | 89,341 |
Current | 71,813 | 80,629 |
Past due | 7,816 | 8,712 |
Nonaccrual | 9,445 | 9,353 |
Construction Real Estate [Member] | 30-59 Days Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 64 | 291 |
Construction Real Estate [Member] | 60-89 Days Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 83 | 85 |
Construction Real Estate [Member] | 90 Days or More Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 7,669 | 8,336 |
Construction Real Estate [Member] | Pass [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Total loans | 61,715 | 71,864 |
Construction Real Estate [Member] | Special Mention [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Total loans | 5,282 | 6,667 |
Construction Real Estate [Member] | Substandard [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Total loans | 12,632 | 10,810 |
Construction Real Estate [Member] | Doubtful [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Total loans | 0 | 0 |
Installment and Other [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Total loans | 24,387 | 28,730 |
Current | 24,115 | 28,534 |
Past due | 272 | 196 |
Nonaccrual | 13 | 146 |
Installment and Other [Member] | 30-59 Days Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 169 | 110 |
Installment and Other [Member] | 60-89 Days Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 69 | 12 |
Installment and Other [Member] | 90 Days or More Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 34 | 74 |
Installment and Other [Member] | Pass [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Total loans | 24,285 | 28,378 |
Installment and Other [Member] | Special Mention [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Total loans | 5 | 2 |
Installment and Other [Member] | Substandard [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Total loans | 97 | 350 |
Installment and Other [Member] | Doubtful [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Total loans | $ 0 | $ 0 |
Loans and Allowance for Loan 49
Loans and Allowance for Loan Losses, Impairment by Class of Loans (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Unpaid Principal Balance [Abstract] | |||||
Total | $ 75,949,000 | $ 75,949,000 | $ 90,296,000 | ||
Recorded Investment [Abstract] | |||||
Total | 70,423,000 | 70,423,000 | 81,423,000 | ||
Allowance for Loan Losses Allocated [Abstract] | |||||
With an allowance recorded | 4,317,000 | 4,317,000 | 4,216,000 | ||
Average Recorded Investment [Abstract] | |||||
Total | 70,401,000 | $ 85,936,000 | 71,949,000 | $ 89,423,000 | |
Interest Income Recognized [Abstract] | |||||
Total | 558,000 | 674,000 | 1,665,000 | 2,003,000 | |
Loan interest income | 517,300 | 393,300,000 | 1,200,000 | 1,200,000 | |
Commercial [Member] | |||||
Unpaid Principal Balance [Abstract] | |||||
With no related allowance recorded | 11,812,000 | 11,812,000 | 13,611,000 | ||
With an allowance recorded | 14,221,000 | 14,221,000 | 14,958,000 | ||
Recorded Investment [Abstract] | |||||
With no related allowance recorded | 9,704,000 | 9,704,000 | 10,137,000 | ||
With an allowance recorded | 14,221,000 | 14,221,000 | 14,956,000 | ||
Allowance for Loan Losses Allocated [Abstract] | |||||
With an allowance recorded | 295,000 | 295,000 | 399,000 | ||
Average Recorded Investment [Abstract] | |||||
With no related allowance recorded | 9,648,000 | 11,278,000 | 9,715,000 | 11,254,000 | |
With allowance recorded | 14,338,000 | 14,777,000 | 14,451,000 | 14,927,000 | |
Interest Income Recognized [Abstract] | |||||
With no related allowance recorded | 103,000 | 112,000 | 307,000 | 332,000 | |
With an allowance recorded | 196,000 | 203,000 | 584,000 | 604,000 | |
Commercial Real Estate [Member] | |||||
Unpaid Principal Balance [Abstract] | |||||
With no related allowance recorded | 11,055,000 | 11,055,000 | 15,872,000 | ||
With an allowance recorded | 9,016,000 | 9,016,000 | 11,050,000 | ||
Recorded Investment [Abstract] | |||||
With no related allowance recorded | 10,576,000 | 10,576,000 | 14,198,000 | ||
With an allowance recorded | 9,016,000 | 9,016,000 | 11,050,000 | ||
Allowance for Loan Losses Allocated [Abstract] | |||||
With an allowance recorded | 1,622,000 | 1,622,000 | 1,295,000 | ||
Average Recorded Investment [Abstract] | |||||
With no related allowance recorded | 10,279,000 | 15,553,000 | 10,668,000 | 17,819,000 | |
With allowance recorded | 9,003,000 | 11,917,000 | 9,056,000 | 12,543,000 | |
Interest Income Recognized [Abstract] | |||||
With no related allowance recorded | 18,000 | 52,000 | 53,000 | 155,000 | |
With an allowance recorded | 92,000 | 120,000 | 273,000 | 357,000 | |
Residential Real Estate [Member] | |||||
Unpaid Principal Balance [Abstract] | |||||
With no related allowance recorded | 7,942,000 | 7,942,000 | 9,473,000 | ||
With an allowance recorded | 8,965,000 | 8,965,000 | 10,759,000 | ||
Recorded Investment [Abstract] | |||||
With no related allowance recorded | 6,508,000 | 6,508,000 | 7,450,000 | ||
With an allowance recorded | 8,965,000 | 8,965,000 | 10,755,000 | ||
Allowance for Loan Losses Allocated [Abstract] | |||||
With an allowance recorded | 1,978,000 | 1,978,000 | 2,132,000 | ||
Average Recorded Investment [Abstract] | |||||
With no related allowance recorded | 5,955,000 | 7,827,000 | 6,541,000 | 8,101,000 | |
With allowance recorded | 9,652,000 | 10,579,000 | 9,860,000 | 10,653,000 | |
Interest Income Recognized [Abstract] | |||||
With no related allowance recorded | 10,000 | 9,000 | 31,000 | 26,000 | |
With an allowance recorded | 81,000 | 97,000 | 242,000 | 289,000 | |
Construction Real Estate [Member] | |||||
Unpaid Principal Balance [Abstract] | |||||
With no related allowance recorded | 6,775,000 | 6,775,000 | 9,816,000 | ||
With an allowance recorded | 5,336,000 | 5,336,000 | 3,688,000 | ||
Recorded Investment [Abstract] | |||||
With no related allowance recorded | 5,293,000 | 5,293,000 | 8,137,000 | ||
With an allowance recorded | 5,313,000 | 5,313,000 | 3,688,000 | ||
Allowance for Loan Losses Allocated [Abstract] | |||||
With an allowance recorded | 365,000 | 365,000 | 252,000 | ||
Average Recorded Investment [Abstract] | |||||
With no related allowance recorded | 6,213,000 | 9,568,000 | 6,587,000 | 9,652,000 | |
With allowance recorded | 4,443,000 | 3,319,000 | 4,178,000 | 3,344,000 | |
Interest Income Recognized [Abstract] | |||||
With no related allowance recorded | 5,000 | 28,000 | 16,000 | 82,000 | |
With an allowance recorded | 45,000 | 44,000 | 134,000 | 131,000 | |
Installment and Other [Member] | |||||
Unpaid Principal Balance [Abstract] | |||||
With no related allowance recorded | 339,000 | 339,000 | 433,000 | ||
With an allowance recorded | 488,000 | 488,000 | 636,000 | ||
Recorded Investment [Abstract] | |||||
With no related allowance recorded | 339,000 | 339,000 | 416,000 | ||
With an allowance recorded | 488,000 | 488,000 | 636,000 | ||
Allowance for Loan Losses Allocated [Abstract] | |||||
With an allowance recorded | 57,000 | 57,000 | $ 138,000 | ||
Average Recorded Investment [Abstract] | |||||
With no related allowance recorded | 341,000 | 560,000 | 339,000 | 589,000 | |
With allowance recorded | 529,000 | 558,000 | 554,000 | 541,000 | |
Interest Income Recognized [Abstract] | |||||
With no related allowance recorded | 4,000 | 4,000 | 12,000 | 12,000 | |
With an allowance recorded | $ 4,000 | $ 5,000 | $ 13,000 | $ 15,000 |
Loans and Allowance for Loan 50
Loans and Allowance for Loan Losses, Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Dec. 31, 2015 | |
Activity in the allowance for loan losses [Roll Forward] | ||||||
Beginning balance | $ 17,592 | $ 23,280 | $ 17,392 | $ 24,783 | ||
Provision (benefit) for loan losses | 0 | 0 | 0 | 0 | ||
Charge-offs | (524) | (5,644) | (1,458) | (9,195) | ||
Recoveries | 733 | 906 | 1,867 | 2,954 | ||
Net charge-offs | 209 | (4,738) | 409 | (6,241) | ||
Ending balance | 17,801 | 18,542 | 17,801 | 18,542 | ||
Allocation of the allowance for loan losses [Abstract] | ||||||
Loans individually evaluated for impairment | $ 4,317 | $ 4,216 | ||||
Loans collectively evaluated for impairment | 13,484 | 13,176 | ||||
Ending balance | 17,592 | 23,280 | 17,392 | 24,783 | 17,801 | 17,392 |
Loans [Abstract] | ||||||
Individually evaluated for impairment | 70,423 | 81,423 | ||||
Collectively evaluated for impairment | 730,142 | 759,848 | ||||
Total ending loans balance | 800,565 | 841,271 | ||||
Commercial [Member] | ||||||
Activity in the allowance for loan losses [Roll Forward] | ||||||
Beginning balance | 2,220 | 3,219 | 2,442 | 4,031 | ||
Provision (benefit) for loan losses | (193) | (522) | (629) | (1,708) | ||
Charge-offs | (206) | (568) | (481) | (1,357) | ||
Recoveries | 260 | 192 | 749 | 1,355 | ||
Net charge-offs | 54 | (376) | 268 | (2) | ||
Ending balance | 2,081 | 2,321 | 2,081 | 2,321 | ||
Allocation of the allowance for loan losses [Abstract] | ||||||
Loans individually evaluated for impairment | 295 | 399 | ||||
Loans collectively evaluated for impairment | 1,786 | 2,043 | ||||
Ending balance | 2,220 | 3,219 | 2,442 | 4,031 | 2,081 | 2,442 |
Loans [Abstract] | ||||||
Individually evaluated for impairment | 23,925 | 25,093 | ||||
Collectively evaluated for impairment | 61,322 | 67,902 | ||||
Total ending loans balance | 85,247 | 92,995 | ||||
Commercial Real Estate [Member] | ||||||
Activity in the allowance for loan losses [Roll Forward] | ||||||
Beginning balance | 7,919 | 8,870 | 6,751 | 8,339 | ||
Provision (benefit) for loan losses | 1 | 1,853 | 1,039 | 2,309 | ||
Charge-offs | (46) | (3,775) | (46) | (4,039) | ||
Recoveries | 377 | 124 | 507 | 463 | ||
Net charge-offs | 331 | (3,651) | 461 | (3,576) | ||
Ending balance | 8,251 | 7,072 | 8,251 | 7,072 | ||
Allocation of the allowance for loan losses [Abstract] | ||||||
Loans individually evaluated for impairment | 1,622 | 1,295 | ||||
Loans collectively evaluated for impairment | 6,629 | 5,456 | ||||
Ending balance | 7,919 | 8,870 | 6,751 | 8,339 | 8,251 | 6,751 |
Loans [Abstract] | ||||||
Individually evaluated for impairment | 19,592 | 25,248 | ||||
Collectively evaluated for impairment | 363,611 | 346,351 | ||||
Total ending loans balance | 383,203 | 371,599 | ||||
Residential Real Estate [Member] | ||||||
Activity in the allowance for loan losses [Roll Forward] | ||||||
Beginning balance | 5,629 | 7,696 | 6,082 | 7,939 | ||
Provision (benefit) for loan losses | 10 | (1,094) | (300) | (287) | ||
Charge-offs | (174) | (627) | (576) | (1,841) | ||
Recoveries | 56 | 334 | 315 | 498 | ||
Net charge-offs | (118) | (293) | (261) | (1,343) | ||
Ending balance | 5,521 | 6,309 | 5,521 | 6,309 | ||
Allocation of the allowance for loan losses [Abstract] | ||||||
Loans individually evaluated for impairment | 1,978 | 2,132 | ||||
Loans collectively evaluated for impairment | 3,543 | 3,950 | ||||
Ending balance | 5,629 | 7,696 | 6,082 | 7,939 | 5,521 | 6,082 |
Loans [Abstract] | ||||||
Individually evaluated for impairment | 15,473 | 18,205 | ||||
Collectively evaluated for impairment | 212,626 | 240,401 | ||||
Total ending loans balance | 228,099 | 258,606 | ||||
Construction Real Estate [Member] | ||||||
Activity in the allowance for loan losses [Roll Forward] | ||||||
Beginning balance | 1,039 | 2,588 | 1,143 | 3,323 | ||
Provision (benefit) for loan losses | 155 | (517) | (44) | (536) | ||
Charge-offs | 0 | (410) | (22) | (1,442) | ||
Recoveries | 5 | 93 | 122 | 409 | ||
Net charge-offs | 5 | (317) | 100 | (1,033) | ||
Ending balance | 1,199 | 1,754 | 1,199 | 1,754 | ||
Allocation of the allowance for loan losses [Abstract] | ||||||
Loans individually evaluated for impairment | 365 | 252 | ||||
Loans collectively evaluated for impairment | 834 | 891 | ||||
Ending balance | 1,039 | 2,588 | 1,143 | 3,323 | 1,199 | 1,143 |
Loans [Abstract] | ||||||
Individually evaluated for impairment | 10,606 | 11,825 | ||||
Collectively evaluated for impairment | 69,023 | 77,516 | ||||
Total ending loans balance | 79,629 | 89,341 | ||||
Installment and Other [Member] | ||||||
Activity in the allowance for loan losses [Roll Forward] | ||||||
Beginning balance | 758 | 876 | 940 | 788 | ||
Provision (benefit) for loan losses | 3 | 54 | (83) | 328 | ||
Charge-offs | (98) | (264) | (333) | (516) | ||
Recoveries | 35 | 163 | 174 | 229 | ||
Net charge-offs | (63) | (101) | (159) | (287) | ||
Ending balance | 698 | 829 | 698 | 829 | ||
Allocation of the allowance for loan losses [Abstract] | ||||||
Loans individually evaluated for impairment | 57 | 138 | ||||
Loans collectively evaluated for impairment | 641 | 802 | ||||
Ending balance | 758 | 876 | 940 | 788 | 698 | 940 |
Loans [Abstract] | ||||||
Individually evaluated for impairment | 827 | 1,052 | ||||
Collectively evaluated for impairment | 23,560 | 27,678 | ||||
Total ending loans balance | 24,387 | 28,730 | ||||
Unallocated [Member] | ||||||
Activity in the allowance for loan losses [Roll Forward] | ||||||
Beginning balance | 27 | 31 | 34 | 363 | ||
Provision (benefit) for loan losses | 24 | 226 | 17 | (106) | ||
Charge-offs | 0 | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | 0 | ||
Net charge-offs | 0 | 0 | 0 | 0 | ||
Ending balance | 51 | 257 | 51 | 257 | ||
Allocation of the allowance for loan losses [Abstract] | ||||||
Loans individually evaluated for impairment | 0 | 0 | ||||
Loans collectively evaluated for impairment | 51 | 34 | ||||
Ending balance | $ 27 | $ 31 | $ 34 | $ 363 | 51 | 34 |
Loans [Abstract] | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 0 | 0 | ||||
Total ending loans balance | $ 0 | $ 0 |
Loans and Allowance for Loan 51
Loans and Allowance for Loan Losses, Troubled Debt Restructurings (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)Contract | Sep. 30, 2015USD ($)Contract | Dec. 31, 2015USD ($)ContractLoan | |
TDRs on financing receivables [Abstract] | |||||
Number of Contracts | Contract | 1 | 2 | |||
Pre-Modification Outstanding Recorded Investment | $ 43,000 | $ 45,000 | |||
Post-Modification Outstanding Recorded Investment | 43,000 | 45,000 | |||
Specific reserves allocated | $ 0 | $ 0 | |||
TDRs, subsequent default [Abstract] | |||||
Number of Contracts | Contract | 2 | 3 | |||
Recorded Investment | $ 807,000 | $ 574,000 | |||
Specific reserves allocated | $ 10,000 | 0 | |||
Number of Contracts [Abstract] | |||||
Accrual | Contract | 150 | 165 | |||
Nonaccrual | Contract | 26 | 32 | |||
Total TDRs | Contract | 176 | 197 | |||
Amount [Abstract] | |||||
Accrual | $ 45,971,000 | $ 45,971,000 | $ 53,862,000 | ||
Nonaccrual | 9,158,000 | 9,158,000 | 10,641,000 | ||
Total TDRs | 55,129,000 | 55,129,000 | 64,503,000 | ||
Commitments to lend additional funds | 680,000 | 680,000 | $ 194,000 | ||
Number of commercial loans classified as TDRs | Loan | 6 | ||||
Allowance for credit losses, Change in method of calculating impairment | 0 | $ 0 | 0 | 0 | |
TDR charge-offs | $ 172,800 | $ 2,100,000 | 356,300 | 3,900,000 | |
Troubled debt restructuring, subsequently defaulted, Provision to the allowance for loan losses | $ 10,000 | $ 0 | |||
Residential Real Estate [Member] | |||||
TDRs, subsequent default [Abstract] | |||||
Number of Contracts | Contract | 1 | ||||
Recorded Investment | $ 167,000 | ||||
Specific reserves allocated | $ 0 | ||||
Construction Real Estate [Member] | |||||
TDRs, subsequent default [Abstract] | |||||
Number of Contracts | Contract | 2 | 2 | |||
Recorded Investment | $ 807,000 | $ 407,000 | |||
Specific reserves allocated | $ 10,000 | $ 0 | |||
Installment and Other [Member] | |||||
TDRs on financing receivables [Abstract] | |||||
Number of Contracts | Contract | 1 | 2 | |||
Pre-Modification Outstanding Recorded Investment | $ 43,000 | $ 45,000 | |||
Post-Modification Outstanding Recorded Investment | 43,000 | 45,000 | |||
Specific reserves allocated | $ 0 | $ 0 |
Loans and Allowance for Loan 52
Loans and Allowance for Loan Losses, Activity Related to Loans (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Loans and Allowance for Loan Losses [Abstract] | ||
Loans outstanding to executive officers and directors | $ 536 | $ 2,300 |
Analysis of the activity related to loans [Abstract] | ||
Balance, beginning | 1,933 | 1,322 |
Additions | 158 | 438 |
Changes in composition | (648) | 800 |
Principal payments and other reductions | (1,068) | (627) |
Balance, ending | $ 375 | $ 1,933 |
Loan Servicing and Mortgage S53
Loan Servicing and Mortgage Servicing Rights ("MSRs") (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Mortgage loan portfolios serviced for [Abstract] | ||||||
Federal National Mortgage Association ("Fannie Mae") | $ 815,520 | $ 815,520 | $ 865,568 | |||
Other investors | 2 | 2 | 16 | |||
Totals | 815,522 | $ 815,522 | 865,584 | |||
Contractual servicing fee | 0.25% | 0.25% | ||||
Late fees on loans serviced for others | 11 | $ 33 | $ 42 | $ 156 | ||
Custodial balances on deposit at the Bank in connection with the foregoing loan servicing | 6,800 | 6,800 | 6,100 | |||
Custodial balances on deposit with other financial institutions with the foregoing loan servicing | 0 | 0 | $ 0 | |||
Mortgage servicing right, fair value | 5,600 | 6,500 | 5,600 | 6,500 | ||
Analysis of changes in mortgage servicing rights assets [Roll Forward] | ||||||
Balance at beginning of period | 8,415 | 9,144 | 8,777 | 9,470 | $ 8,777 | |
Servicing rights originated and capitalized | 199 | 168 | 554 | 616 | ||
Amortization | (321) | (373) | (1,038) | (1,147) | ||
Balance at end of period | 8,293 | 8,939 | 8,293 | 8,939 | ||
Analysis of changes in the mortgage servicing right assets valuation allowance [Roll Forward] | ||||||
Balance at beginning of period | (3,104) | (1,602) | (1,895) | (2,017) | $ (1,895) | |
Aggregate reduction credited to operations | 426 | 0 | 877 | 1,384 | ||
Aggregate additions charged to operations | 0 | (883) | (1,660) | (1,852) | ||
Balance at end of period | $ (2,678) | $ (2,485) | $ (2,678) | $ (2,485) | ||
Assumptions used to calculate the market value [Abstract] | ||||||
Weighted Average Public Securities Association (PSA) speed | 278.66% | 213.25% | ||||
Weighted Average Discount rate | 11.50% | 10.50% | ||||
Weighted Average Earnings rate | 1.18% | 1.73% |
Other Real Estate Owned ("ORE54
Other Real Estate Owned ("OREO") (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Real Estate [Line Items] | ||||||
Other real estate owned | $ 7,054 | $ 8,653 | $ 8,346 | $ 10,170 | $ 10,447 | $ 13,980 |
Commercial Real Estate [Member] | ||||||
Real Estate [Line Items] | ||||||
Other real estate owned | 1,375 | 781 | ||||
Residential Real Estate [Member] | ||||||
Real Estate [Line Items] | ||||||
Other real estate owned | 2,027 | 3,024 | ||||
Construction Real Estate [Member] | ||||||
Real Estate [Line Items] | ||||||
Other real estate owned | $ 3,652 | $ 4,541 |
Other Real Estate Owned ("ORE55
Other Real Estate Owned ("OREO"), Rollforward (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Other Real Estate [Roll Forward] | ||||
Balance at beginning of period | $ 8,653 | $ 10,447 | $ 8,346 | $ 13,980 |
Transfers in at fair value | 59 | 1,900 | 2,944 | 3,958 |
Write-down of value | (23) | (228) | (23) | (306) |
Gain on disposal | 308 | 311 | 1,059 | 714 |
Cash received upon disposition | (1,366) | (1,892) | (3,724) | (7,511) |
Sales financed by loans | (577) | (368) | (1,548) | (665) |
Balance at end of period | $ 7,054 | $ 10,170 | $ 7,054 | $ 10,170 |
Deposits (Details)
Deposits (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Deposits [Abstract] | ||
Demand deposits, noninterest bearing | $ 22,509 | $ 75,867 |
NOW and money market accounts | 576,984 | 511,423 |
Savings deposits | 409,856 | 380,045 |
Time certificates, $250,000 or more | 28,214 | 39,148 |
Other time certificates | 215,627 | 247,475 |
Total deposits | 1,253,190 | 1,253,958 |
Deposits from executive officers, directors and their affiliates | $ 1,100 | $ 1,100 |
Borrowings (Details)
Borrowings (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
Borrowings [Abstract] | ||
Loans pledged under blanket assignment | $ 813 | |
Investment securities pledged as collateral | 2,300 | |
Advances available based on remaining unpledged investment securities | 77,700 | |
Fixed rate advances on borrowings [Abstract] | ||
Long-term borrowings | $ 2,300 | $ 2,300 |
Federal Home Loan Bank Advances 6.343 % [Member] | ||
Fixed rate advances on borrowings [Abstract] | ||
Maturity Date | Apr. 27, 2021 | |
Rate | 6.343% | |
Type | Fixed | |
Principal due | At maturity | |
Long-term borrowings | $ 2,300 | $ 2,300 |
Junior Subordinated Debt (Detai
Junior Subordinated Debt (Details) $ in Thousands | 9 Months Ended | |||
Sep. 30, 2016USD ($)Payment | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Jun. 30, 2013USD ($) | |
Variable Interest Entity [Line Items] | ||||
Common equity securities issued | $ 6,836 | $ 6,836 | ||
Junior subordinated deferrable interest debentures owed | $ 37,116 | 37,116 | $ 37,100 | |
Number of semi annual payments entity has right to defer | Payment | 10 | |||
Number of quarterly payments entity has right to defer | Payment | 20 | |||
Trust Preferred Securities [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Accrued interest and unpaid | $ 9,100 | $ 6,900 | ||
Trust Preferred Securities [Member] | Subsequent Event [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Junior subordinated deferrable interest debentures owed | $ 37,100 | |||
Accrued interest and unpaid | $ 9,900 | |||
Trust I [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Date of Issue | Mar. 23, 2000 | |||
Amount of trust preferred securities issued | $ 10,000 | |||
Rate on trust preferred securities | 10.875% | |||
Maturity | Mar. 8, 2030 | |||
Date of first redemption | Mar. 8, 2010 | |||
Common equity securities issued | $ 310 | |||
Junior subordinated deferrable interest debentures owed | $ 10,310 | |||
Rate on junior subordinated deferrable interest debentures, fixed | 10.875% | |||
Trust III [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Date of Issue | May 11, 2004 | |||
Amount of trust preferred securities issued | $ 6,000 | |||
Variable rate on trust preferred securities | 3.5421% | |||
Maturity | Sep. 8, 2034 | |||
Date of first redemption | Sep. 8, 2009 | |||
Common equity securities issued | $ 186 | |||
Junior subordinated deferrable interest debentures owed | $ 6,186 | |||
Rate on junior subordinated deferrable interest debentures, variable | 3.5421% | |||
Trust IV [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Date of Issue | Jun. 29, 2005 | |||
Amount of trust preferred securities issued | $ 10,000 | |||
Rate on trust preferred securities | 6.88% | |||
Maturity | Nov. 23, 2035 | |||
Date of first redemption | Aug. 23, 2010 | |||
Common equity securities issued | $ 310 | |||
Junior subordinated deferrable interest debentures owed | $ 10,310 | |||
Rate on junior subordinated deferrable interest debentures, fixed | 6.88% | |||
Trust V [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Date of Issue | Sep. 21, 2006 | |||
Amount of trust preferred securities issued | $ 10,000 | |||
Variable rate on trust preferred securities | 2.5039% | |||
Maturity | Dec. 15, 2036 | |||
Date of first redemption | Sep. 15, 2011 | |||
Common equity securities issued | $ 310 | |||
Junior subordinated deferrable interest debentures owed | $ 10,310 | |||
Rate on junior subordinated deferrable interest debentures, variable | 2.5039% |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2011 | |
Income Taxes [Abstract] | ||||||
Income tax expense (benefit) | $ 0 | $ 0 | $ 0 | $ 0 | ||
Total deferred tax assets | $ 11,400 | $ 11,400 | $ 11,800 | $ 14,600 |
Commitments and Off-Balance S60
Commitments and Off-Balance Sheet Activities (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Loss Contingencies [Line Items] | ||
FHLB, collateral amount | $ 80,000 | |
Original term of letter of credit | 1 year | |
Potential obligations under credit-related commitments | $ 575 | $ 575 |
Unfunded Commitments under Lines of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Credit-related commitments | 98,312 | 108,966 |
Commercial and Standby Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Credit-related commitments | 5,960 | 7,608 |
Fees collected on grants of letters of credit | 13 | 20 |
Commitments to Make Loans [Member] | ||
Loss Contingencies [Line Items] | ||
Credit-related commitments | $ 0 | $ 5,105 |
Preferred Equity Issues (Detail
Preferred Equity Issues (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016USD ($)$ / sharesshares | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)Series$ / sharesshares | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($)$ / sharesshares | |
Preferred Equity Issues [Abstract] | |||||
Number of series of preferred stock issued | Series | 2 | ||||
Schedule of preferred equity issues under capital purchase program [Abstract] | |||||
Amortized period of the liquidation value of the preferred shares | 10 years | ||||
Net amount accreted to capital preferred equity | $ 134 | $ 133 | |||
Amount of dividends and net accretion on the preferred shares reduces net income | $ 1,100 | $ 990 | 3,200 | $ 2,900 | |
Dividends accrued and unpaid | $ 11,900 | $ 11,900 | $ 8,700 | ||
Series A Cumulative Perpetual Preferred Shares [Member] | |||||
Schedule of preferred equity issues under capital purchase program [Abstract] | |||||
Number of shares issued (in shares) | shares | 35,539 | 35,539 | 35,539 | ||
Dividend rate, description | 5% for first 5 years; thereafter 9% | ||||
Dividend rate | 9.00% | 9.00% | |||
Liquidation value per share (in dollars per share) | $ / shares | $ 1,000 | $ 1,000 | $ 1,000 | ||
Original cost | $ 33,437 | $ 33,437 | |||
Dividend rate of first five years | 5.00% | ||||
Dividend rate after five years | 9.00% | ||||
Series B Cumulative Perpetual Preferred Shares [Member] | |||||
Schedule of preferred equity issues under capital purchase program [Abstract] | |||||
Number of shares issued (in shares) | shares | 1,777 | 1,777 | 1,777 | ||
Dividend rate | 9.00% | 9.00% | |||
Liquidation value per share (in dollars per share) | $ / shares | $ 1,000 | $ 1,000 | $ 1,000 | ||
Original cost | $ 2,102 | $ 2,102 |
Derivative Financial Instrume62
Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
Derivative Financial Instruments [Abstract] | ||
Period under interest rate lock commitment contract | 60 days | |
Fixed And Adjustable Rate Loans [Abstract] | ||
Fixed rate (ranging from 2.4% to 13.9%) | $ 17,880 | $ 11,913 |
Adjustable rate | 80,432 | 104,661 |
Total | $ 98,312 | 116,574 |
Maximum [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fixed interest rate | 13.90% | |
Minimum [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fixed interest rate | 2.40% | |
Customer Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative financial instruments, notional amount | $ 0 | 5,100 |
FNMA Interest Rate Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative financial instruments, notional amount | $ 0 | 8,100 |
Fair value commitment assets | $ 225 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | |
Investment securities available for sale [Abstract] | ||||
Fair value, Liabilities, Level 2 to Level 1 transfers | $ 0 | $ 0 | $ 0 | |
Fair value, Assets, Level 1 to Level 2 transfers | 0 | 0 | 0 | |
Fair value, Assets, Level 2 to Level 1 transfers | 0 | 0 | 0 | |
Fair value, Liabilities, Level 1 to Level 2 transfers | 0 | 0 | 0 | |
Impaired loans contract value | 38,000 | 38,000 | 40,700 | |
Impaired loans contract value - valuation allowance | 4,300 | 4,300 | 4,200 | |
OREO - write-down of value | 0 | 0 | 361 | |
Financial Assets [Abstract] | ||||
Impaired loans | 70,423 | 70,423 | 81,423 | |
MSRs | 5,600 | 5,600 | $ 6,500 | |
Recurring [Member] | ||||
Investment securities available for sale [Abstract] | ||||
U.S. Government sponsored agency | 50,813 | 50,813 | 69,584 | |
States and political subdivision | 32,396 | 32,396 | 3,576 | |
Mortgage-backed security | 212,394 | 212,394 | 121,597 | |
Collateralized mortgage obligation | 15,616 | 15,616 | 39,921 | |
Commercial mortgage backed security | 87,496 | 87,496 | 41,119 | |
SBA pools | 706 | 706 | 750 | |
Asset backed securities | 39,493 | |||
Interest rate lock commitments, mandatory forward delivery commitments and pair offs | 225 | |||
Total | 399,421 | 399,421 | 316,265 | |
Recurring [Member] | Level 1 [Member] | ||||
Investment securities available for sale [Abstract] | ||||
U.S. Government sponsored agency | 0 | 0 | 0 | |
States and political subdivision | 0 | 0 | 0 | |
Mortgage-backed security | 0 | 0 | 0 | |
Collateralized mortgage obligation | 0 | 0 | 0 | |
Commercial mortgage backed security | 0 | 0 | 0 | |
SBA pools | 0 | 0 | 0 | |
Asset backed securities | 0 | |||
Interest rate lock commitments, mandatory forward delivery commitments and pair offs | 0 | |||
Total | 0 | 0 | 0 | |
Recurring [Member] | Level 2 [Member] | ||||
Investment securities available for sale [Abstract] | ||||
U.S. Government sponsored agency | 50,813 | 50,813 | 69,584 | |
States and political subdivision | 32,396 | 32,396 | 3,576 | |
Mortgage-backed security | 212,394 | 212,394 | 121,597 | |
Collateralized mortgage obligation | 15,616 | 15,616 | 39,921 | |
Commercial mortgage backed security | 87,496 | 87,496 | 41,119 | |
SBA pools | 706 | 706 | 750 | |
Asset backed securities | 39,493 | |||
Interest rate lock commitments, mandatory forward delivery commitments and pair offs | 225 | |||
Total | 399,421 | 399,421 | 316,265 | |
Recurring [Member] | Level 3 [Member] | ||||
Investment securities available for sale [Abstract] | ||||
U.S. Government sponsored agency | 0 | 0 | 0 | |
States and political subdivision | 0 | 0 | 0 | |
Mortgage-backed security | 0 | 0 | 0 | |
Collateralized mortgage obligation | 0 | 0 | 0 | |
Commercial mortgage backed security | 0 | 0 | 0 | |
SBA pools | 0 | 0 | 0 | |
Asset backed securities | 0 | |||
Interest rate lock commitments, mandatory forward delivery commitments and pair offs | 0 | |||
Total | 0 | 0 | 0 | |
Nonrecurring [Member] | ||||
Financial Assets [Abstract] | ||||
Impaired loans | 33,686 | 33,686 | 36,870 | |
MSRs | 5,615 | 5,615 | 6,905 | |
Non-Financial Assets [Abstract] | ||||
OREO | 2,231 | |||
Nonrecurring [Member] | Level 1 [Member] | ||||
Financial Assets [Abstract] | ||||
Impaired loans | 0 | 0 | 0 | |
MSRs | 0 | 0 | 0 | |
Non-Financial Assets [Abstract] | ||||
OREO | 0 | |||
Nonrecurring [Member] | Level 2 [Member] | ||||
Financial Assets [Abstract] | ||||
Impaired loans | 0 | 0 | 0 | |
MSRs | 0 | 0 | 0 | |
Non-Financial Assets [Abstract] | ||||
OREO | 0 | |||
Nonrecurring [Member] | Level 3 [Member] | ||||
Financial Assets [Abstract] | ||||
Impaired loans | 33,686 | 33,686 | 36,870 | |
MSRs | $ 5,615 | $ 5,615 | 6,905 | |
Non-Financial Assets [Abstract] | ||||
OREO | $ 2,231 |
Fair Value Measurements, Assets
Fair Value Measurements, Assets, Quantitative Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Impaired Loans [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value | $ 33,686 | $ 36,870 |
Other Real Estate Owned [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value | 2,231 | |
Sales Comparison [Member] | Impaired Loans Commercial [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value | 13,926 | 14,557 |
Sales Comparison [Member] | Impaired Loans Commercial Real Estate [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value | 7,394 | 9,755 |
Sales Comparison [Member] | Impaired Loans Residential Real Estate [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value | 6,987 | 8,624 |
Sales Comparison [Member] | Impaired Loans Construction Real Estate [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value | 4,948 | 3,436 |
Sales Comparison [Member] | Impaired Loans Installment and Other [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value | $ 431 | 498 |
Sales Comparison [Member] | Other Real Estate Owned Commercial Real Estate [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value | 217 | |
Sales Comparison [Member] | Other Real Estate Owned Residential Real Estate [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value | 1,493 | |
Sales Comparison [Member] | Other Real Estate Owned Construction Real Estate [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value | $ 521 | |
Sales Comparison [Member] | Minimum [Member] | Impaired Loans Commercial [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparison between sales and income approaches | 5.70% | 0.00% |
Sales Comparison [Member] | Minimum [Member] | Impaired Loans Commercial Real Estate [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparison between sales and income approaches | 0.00% | 4.25% |
Sales Comparison [Member] | Minimum [Member] | Impaired Loans Residential Real Estate [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparison between sales and income approaches | 3.13% | 0.00% |
Sales Comparison [Member] | Minimum [Member] | Impaired Loans Construction Real Estate [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparison between sales and income approaches | 4.00% | 4.00% |
Sales Comparison [Member] | Minimum [Member] | Impaired Loans Installment and Other [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparison between sales and income approaches | 4.13% | 4.13% |
Sales Comparison [Member] | Minimum [Member] | Other Real Estate Owned Commercial Real Estate [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparison between sales and income approaches | 14.55% | |
Sales Comparison [Member] | Minimum [Member] | Other Real Estate Owned Residential Real Estate [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparison between sales and income approaches | 8.47% | |
Sales Comparison [Member] | Minimum [Member] | Other Real Estate Owned Construction Real Estate [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparison between sales and income approaches | 10.70% | |
Sales Comparison [Member] | Maximum [Member] | Impaired Loans Commercial [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparison between sales and income approaches | 13.92% | 13.92% |
Sales Comparison [Member] | Maximum [Member] | Impaired Loans Commercial Real Estate [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparison between sales and income approaches | 7.62% | 7.62% |
Sales Comparison [Member] | Maximum [Member] | Impaired Loans Residential Real Estate [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparison between sales and income approaches | 8.70% | 8.70% |
Sales Comparison [Member] | Maximum [Member] | Impaired Loans Construction Real Estate [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparison between sales and income approaches | 7.50% | 7.25% |
Sales Comparison [Member] | Maximum [Member] | Impaired Loans Installment and Other [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparison between sales and income approaches | 8.00% | 9.50% |
Sales Comparison [Member] | Maximum [Member] | Other Real Estate Owned Commercial Real Estate [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparison between sales and income approaches | 14.55% | |
Sales Comparison [Member] | Maximum [Member] | Other Real Estate Owned Residential Real Estate [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparison between sales and income approaches | 91.19% | |
Sales Comparison [Member] | Maximum [Member] | Other Real Estate Owned Construction Real Estate [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparison between sales and income approaches | 67.45% | |
Sales Comparison [Member] | Weighted Average [Member] | Impaired Loans Commercial [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparison between sales and income approaches | 5.82% | 5.70% |
Sales Comparison [Member] | Weighted Average [Member] | Impaired Loans Commercial Real Estate [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparison between sales and income approaches | 5.60% | 5.65% |
Sales Comparison [Member] | Weighted Average [Member] | Impaired Loans Residential Real Estate [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparison between sales and income approaches | 5.32% | 5.29% |
Sales Comparison [Member] | Weighted Average [Member] | Impaired Loans Construction Real Estate [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparison between sales and income approaches | 5.78% | 6.14% |
Sales Comparison [Member] | Weighted Average [Member] | Impaired Loans Installment and Other [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparison between sales and income approaches | 6.45% | 6.52% |
Sales Comparison [Member] | Weighted Average [Member] | Other Real Estate Owned Commercial Real Estate [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparison between sales and income approaches | 14.55% | |
Sales Comparison [Member] | Weighted Average [Member] | Other Real Estate Owned Residential Real Estate [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparison between sales and income approaches | 21.76% | |
Sales Comparison [Member] | Weighted Average [Member] | Other Real Estate Owned Construction Real Estate [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparison between sales and income approaches | 57.32% |
Fair Value Measurements, Estima
Fair Value Measurements, Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2013 |
Financial assets [Abstract] | |||
Cash and due from banks | $ 14,142 | $ 13,506 | |
Interest-bearing deposits with banks | 137,778 | 151,049 | |
Investments [Abstract] | |||
Available for sale | 399,421 | 316,040 | |
Held to maturity | 8,866 | 8,986 | |
Non-marketable equity securities | 3,809 | 3,854 | |
Loans held for sale | 307 | 3,041 | |
Loans, net | 781,395 | 822,396 | |
Financial liabilities [Abstract] | |||
Noninterest-bearing deposits | 22,509 | 75,867 | |
Interest bearing deposits | 1,230,681 | 1,178,091 | |
Long-term borrowings | 2,300 | 2,300 | |
Junior subordinated debt | 37,116 | 37,116 | $ 37,100 |
Level 1 [Member] | |||
Financial assets [Abstract] | |||
Cash and due from banks | 15,549 | 13,506 | |
Interest-bearing deposits with banks | 137,778 | 151,049 | |
Securities purchased under resell agreements | 24,320 | ||
Investments [Abstract] | |||
Available for sale | 0 | 0 | |
Held to maturity | 0 | 0 | |
Loans held for sale | 0 | 0 | |
Loans, net | 0 | 0 | |
Accrued interest receivable on securities | 0 | 0 | |
Accrued interest receivable on loans | 0 | 0 | |
Accrued interest receivable other | 0 | ||
Interest rate lock commitments, mandatory forward delivery commitments and pair offs | 0 | ||
Off-balance-sheet instruments [Abstract] | |||
Loan commitments and standby letters of credit | 0 | 0 | |
Financial liabilities [Abstract] | |||
Noninterest-bearing deposits | 22,509 | 75,867 | |
Interest bearing deposits | 0 | 0 | |
Long-term borrowings | 0 | 0 | |
Junior subordinated debt | 0 | 0 | |
Accrued interest payable | 0 | 0 | |
Level 2 [Member] | |||
Financial assets [Abstract] | |||
Cash and due from banks | 0 | 0 | |
Interest-bearing deposits with banks | 0 | 0 | |
Securities purchased under resell agreements | 0 | ||
Investments [Abstract] | |||
Available for sale | 399,421 | 316,040 | |
Held to maturity | 8,625 | 8,988 | |
Loans held for sale | 0 | 0 | |
Loans, net | 0 | 0 | |
Accrued interest receivable on securities | 1,384 | 1,028 | |
Accrued interest receivable on loans | 0 | 0 | |
Accrued interest receivable other | 0 | ||
Interest rate lock commitments, mandatory forward delivery commitments and pair offs | 225 | ||
Off-balance-sheet instruments [Abstract] | |||
Loan commitments and standby letters of credit | 13 | 20 | |
Financial liabilities [Abstract] | |||
Noninterest-bearing deposits | 0 | 0 | |
Interest bearing deposits | 1,181,204 | 1,181,204 | |
Long-term borrowings | 2,802 | 2,642 | |
Junior subordinated debt | 0 | 0 | |
Accrued interest payable | 9,442 | 7,370 | |
Level 3 [Member] | |||
Financial assets [Abstract] | |||
Cash and due from banks | 0 | 0 | |
Interest-bearing deposits with banks | 0 | 0 | |
Securities purchased under resell agreements | 0 | ||
Investments [Abstract] | |||
Available for sale | 0 | 0 | |
Held to maturity | 0 | 0 | |
Loans held for sale | 307 | 3,041 | |
Loans, net | 788,466 | 830,555 | |
Accrued interest receivable on securities | 0 | 0 | |
Accrued interest receivable on loans | 3,943 | 3,795 | |
Accrued interest receivable other | 273 | 208 | |
Interest rate lock commitments, mandatory forward delivery commitments and pair offs | 0 | ||
Off-balance-sheet instruments [Abstract] | |||
Loan commitments and standby letters of credit | 0 | 0 | |
Financial liabilities [Abstract] | |||
Noninterest-bearing deposits | 0 | 0 | |
Interest bearing deposits | 0 | 0 | |
Long-term borrowings | 0 | 0 | |
Junior subordinated debt | 20,722 | 20,461 | |
Accrued interest payable | 0 | 0 | |
Carrying Amount [Member] | |||
Financial assets [Abstract] | |||
Cash and due from banks | 15,549 | 13,506 | |
Interest-bearing deposits with banks | 137,778 | 151,049 | |
Securities purchased under resell agreements | 24,320 | ||
Investments [Abstract] | |||
Available for sale | 399,421 | 316,040 | |
Held to maturity | 8,866 | 8,986 | |
Non-marketable equity securities | 3,809 | 3,854 | |
Loans held for sale | 307 | 3,041 | |
Loans, net | 781,395 | 822,396 | |
Accrued interest receivable on securities | 1,384 | 1,028 | |
Accrued interest receivable on loans | 3,943 | 3,795 | |
Accrued interest receivable other | 273 | 208 | |
Interest rate lock commitments, mandatory forward delivery commitments and pair offs | 225 | ||
Off-balance-sheet instruments [Abstract] | |||
Loan commitments and standby letters of credit | 13 | 20 | |
Financial liabilities [Abstract] | |||
Noninterest-bearing deposits | 22,509 | 75,867 | |
Interest bearing deposits | 1,230,681 | 1,178,091 | |
Long-term borrowings | 2,300 | 2,300 | |
Junior subordinated debt | 37,116 | 37,116 | |
Accrued interest payable | 9,442 | 7,370 | |
Estimated Fair Value [Member] | |||
Financial assets [Abstract] | |||
Cash and due from banks | 15,549 | 13,506 | |
Interest-bearing deposits with banks | 137,778 | 151,049 | |
Securities purchased under resell agreements | 24,320 | ||
Investments [Abstract] | |||
Available for sale | 399,421 | 316,040 | |
Held to maturity | 8,625 | 8,988 | |
Loans held for sale | 307 | 3,041 | |
Loans, net | 788,466 | 830,555 | |
Accrued interest receivable on securities | 1,384 | 1,028 | |
Accrued interest receivable on loans | 3,943 | 3,795 | |
Accrued interest receivable other | 273 | 208 | |
Interest rate lock commitments, mandatory forward delivery commitments and pair offs | 225 | ||
Off-balance-sheet instruments [Abstract] | |||
Loan commitments and standby letters of credit | 13 | 20 | |
Financial liabilities [Abstract] | |||
Noninterest-bearing deposits | 22,509 | 75,867 | |
Interest bearing deposits | 1,181,204 | 1,181,204 | |
Long-term borrowings | 2,802 | 2,642 | |
Junior subordinated debt | 20,722 | 20,461 | |
Accrued interest payable | $ 9,442 | $ 7,370 |
Regulatory Matters (Details)
Regulatory Matters (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Number of years net income plus retained income taken for dividend payment | 2 years | |
Total capital (to risk-weighted assets), Amount [Abstract] | ||
Actual | $ 127,248 | $ 128,272 |
For capital adequacy purposes | $ 71,416 | $ 72,774 |
Total capital (to risk-weighted assets), Ratio [Abstract] | ||
Actual | 14.2543% | 14.10% |
For capital adequacy purposes | 8.00% | 8.00% |
Tier 1 capital (risk-weighted assets), Amount [Abstract] | ||
Amount | $ 100,002 | $ 101,263 |
For capital adequacy purposes | $ 53,562 | $ 54,580 |
Tier 1 capital (to risk-weighted assets), Ratio [Abstract] | ||
Actual | 11.2022% | 11.13% |
For capital adequacy purposes | 6.00% | 6.00% |
Common equity Tier 1 capital (to risk weighted assets), Amount [Abstract] | ||
Amount | $ 43,128 | $ 44,080 |
For capital adequacy purposes | $ 40,171 | $ 40,935 |
Common equity Tier 1 capital (to risk weighted assets), Ratio [Abstract] | ||
Actual | 4.8312% | 4.85% |
For capital adequacy purposes | 4.50% | 4.50% |
Tier 1 leverage capital (to average assets), Amount [Abstract] | ||
Actual | $ 100,002 | $ 101,263 |
For capital adequacy purposes | $ 56,143 | $ 56,943 |
Tier 1 capital (to average assets), Ratio [Abstract] | ||
Actual | 7.1248% | 7.11% |
For capital adequacy purposes | 4.00% | 4.00% |
Bank Only [Member] | ||
Total capital (to risk-weighted assets), Amount [Abstract] | ||
Actual | $ 146,117 | $ 141,486 |
For capital adequacy purposes | 71,092 | 72,452 |
To be well capitalized under prompt corrective action provisions | 88,866 | 90,565 |
Minimum levels under order provisions | $ 97,752 | $ 99,621 |
Total capital (to risk-weighted assets), Ratio [Abstract] | ||
Actual | 16.4425% | 15.62% |
For capital adequacy purposes | 8.00% | 8.00% |
To be well capitalized under prompt corrective action provisions | 10.00% | 10.00% |
Minimum levels under order provisions | 11.00% | 11.00% |
Tier 1 capital (risk-weighted assets), Amount [Abstract] | ||
Amount | $ 134,919 | $ 130,084 |
For capital adequacy purposes | 53,319 | 54,339 |
To be well capitalized under prompt corrective action provisions | $ 71,092 | $ 72,452 |
Tier 1 capital (to risk-weighted assets), Ratio [Abstract] | ||
Actual | 15.1824% | 14.36% |
For capital adequacy purposes | 6.00% | 6.00% |
To be well capitalized under prompt corrective action provisions | 8.00% | 8.00% |
Common equity Tier 1 capital (to risk weighted assets), Amount [Abstract] | ||
Amount | $ 134,919 | $ 130,084 |
For capital adequacy purposes | 39,990 | 40,754 |
To be well capitalized under prompt corrective action provisions | $ 57,763 | $ 58,867 |
Common equity Tier 1 capital (to risk weighted assets), Ratio [Abstract] | ||
Actual | 15.1824% | 14.36% |
For capital adequacy purposes | 4.50% | 4.50% |
To be well capitalized under prompt corrective action provisions | 6.50% | 6.50% |
Tier 1 leverage capital (to average assets), Amount [Abstract] | ||
Actual | $ 134,919 | $ 130,084 |
For capital adequacy purposes | 55,842 | 56,685 |
To be well capitalized under prompt corrective action provisions | 69,802 | 70,856 |
Minimum levels under order provisions | $ 111,683 | $ 113,370 |
Tier 1 capital (to average assets), Ratio [Abstract] | ||
Actual | 9.6644% | 9.18% |
For capital adequacy purposes | 4.00% | 4.00% |
To be well capitalized under prompt corrective action provisions | 5.00% | 5.00% |
Minimum levels under order provisions | 8.00% | 8.00% |
Capital Conservation Buffer [Abstract] | ||
Capital conservation buffer | 8.4425% | |
Consolidated capital conservation buffer | 0.3312% |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 19, 2016 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2013 |
Subsequent Event [Line Items] | ||||||
Common stock, issued (in shares) | 6,856,800 | 6,856,800 | ||||
Common stock, par value (in dollars per share) | $ 0 | $ 0 | ||||
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 | ||||
Junior subordinated debenture | $ 37,116 | $ 37,116 | $ 37,100 | |||
Trust Preferred Securities [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Accrued interest and unpaid | $ 9,100 | $ 6,900 | ||||
Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Gross proceeds from private placement | $ 52,000 | |||||
Subsequent Event [Member] | Trust Preferred Securities [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Junior subordinated debenture | $ 37,100 | |||||
Accrued interest and unpaid | $ 9,900 | |||||
Proceeds from private placement and dividend from bank | $ 15,000 | |||||
Subsequent Event [Member] | Minimum [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Percentage of stock ownership required for investor to be appointed as representative of board of directors | 5.00% | |||||
Subsequent Event [Member] | Series C Preferred Stock [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Preferred stock, issued (in shares) | 82,862 | |||||
Preferred stock, par value (in dollars per share) | $ 0 | |||||
Purchase price (in dollars per share) | $ 475 | |||||
Preferred stock, outstanding (in shares) | 82,862 | |||||
Subsequent Event [Member] | Common Stock [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Common stock, issued (in shares) | 2,661,239 | |||||
Common stock, par value (in dollars per share) | $ 0 | |||||
Purchase price (in dollars per share) | $ 4.75 |