Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Oct. 31, 2017 | |
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 Information [Line Items] | ||
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 | |
Voting Common Stock [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 9,256,785 | |
Nonvoting Common Stock [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 8,286,200 |
CONSOLIDATED BALANCE SHEETS (Un
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
ASSETS | ||
Cash and due from banks | $ 11,733 | $ 13,537 |
Interest-bearing deposits with banks | 68,234 | 105,798 |
Cash and cash equivalents | 79,967 | 119,335 |
Investment securities available for sale, at fair value | 434,521 | 439,650 |
Investment securities held to maturity, at amortized cost (fair value of $7,512 and $8,613 as of September 30, 2017 and December 31, 2016, respectively) | 7,882 | 8,824 |
Non-marketable equity securities | 3,615 | 3,812 |
Loans (net of allowance for loan losses of $13,200 and $14,352 as of September 30, 2017 and December 31, 2016, respectively) | 721,817 | 771,138 |
Mortgage servicing rights ("MSRs"), net | 5,499 | 6,905 |
Bank owned life insurance ("BOLI") | 10,462 | 10,191 |
Premises and equipment, net | 28,794 | 25,959 |
Other real estate owned ("OREO"), net | 8,199 | 8,436 |
Other assets | 21,730 | 31,187 |
Total assets | 1,322,486 | 1,425,437 |
Deposits: | ||
Noninterest-bearing | 183,881 | 174,305 |
Interest-bearing | 983,438 | 1,033,115 |
Total deposits | 1,167,319 | 1,207,420 |
Borrowings | 2,300 | 2,300 |
Junior subordinated debt | 36,937 | 36,927 |
Other liabilities | 15,566 | 41,491 |
Total liabilities | 1,222,122 | 1,288,138 |
Stock owned by Employee Stock Ownership Plan ("ESOP") participants; 671,578 shares and 671,962 shares as of September 30, 2017 and December 31, 2016, respectively, at fair value | 3,192 | 3,192 |
Commitments and contingencies (Note 13) | ||
Stockholders' equity | ||
Additional paid-in capital | 29,724 | 694 |
Retained earnings | 52,935 | 55,391 |
Accumulated other comprehensive loss | (3,340) | (5,495) |
Total stockholders' equity | 97,172 | 134,107 |
Total liabilities and stockholders' equity | 1,322,486 | 1,425,437 |
Series A Preferred Stock [Member] | ||
Stockholders' equity | ||
Preferred stock, no par, 1,000,000 shares authorized | 0 | 35,068 |
Series B Preferred Stock [Member] | ||
Stockholders' equity | ||
Preferred stock, no par, 1,000,000 shares authorized | 0 | 1,850 |
Series C Preferred Stock [Member] | ||
Stockholders' equity | ||
Preferred stock, no par, 1,000,000 shares authorized | 0 | 37,089 |
Voting Common Stock [Member] | ||
Stockholders' equity | ||
Common stock | 9,567 | 9,510 |
Nonvoting Common Stock [Member] | ||
Stockholders' equity | ||
Common stock | $ 8,286 | $ 0 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
ASSETS | ||
Investment securities held to maturity, at amortized cost | $ 7,512 | $ 8,613 |
Net of allowance for loan losses | $ 13,200 | $ 14,352 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Participants, stock ownership (in shares) | 671,578 | 671,962 |
Stockholders' equity | ||
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, outstanding (in shares) | 0 | |
Series A Preferred Stock [Member] | ||
Stockholders' equity | ||
Cumulative perpetual percentage | 9.00% | 9.00% |
Preferred stock, issued (in shares) | 0 | 35,539 |
Preferred stock, outstanding (in shares) | 0 | 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) | 0 | 1,777 |
Preferred stock, outstanding (in shares) | 0 | 1,777 |
Liquidation value (in dollars per share) | $ 1,000 | $ 1,000 |
Series C Preferred Stock [Member] | ||
Stockholders' equity | ||
Cumulative perpetual percentage | 0.00% | 0.00% |
Preferred stock, issued (in shares) | 0 | 82,862 |
Preferred stock, outstanding (in shares) | 0 | 82,862 |
Liquidation value (in dollars per share) | $ 475 | $ 475 |
Voting Common Stock [Member] | ||
Stockholders' equity | ||
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) | 9,256,785 | 9,199,306 |
Common stock, outstanding (in shares) | 9,256,785 | 9,199,306 |
Nonvoting Common Stock [Member] | ||
Stockholders' equity | ||
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) | 8,286,200 | 0 |
Common stock, outstanding (in shares) | 8,286,200 | 0 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Interest income: | ||||
Loans, including fees | $ 9,016 | $ 9,413 | $ 27,613 | $ 29,532 |
Interest and dividends on investment securities: | ||||
Taxable | 1,665 | 2,163 | 5,143 | 5,769 |
Nontaxable | 506 | 175 | 1,085 | 323 |
Other interest income | 275 | 98 | 567 | 524 |
Total interest income | 11,462 | 11,849 | 34,408 | 36,148 |
Interest expense: | ||||
Deposits | 432 | 556 | 1,333 | 1,770 |
Borrowings | 37 | 37 | 114 | 110 |
Junior subordinated debt | 599 | 742 | 1,912 | 2,179 |
Total interest expense | 1,068 | 1,335 | 3,359 | 4,059 |
Net interest income | 10,394 | 10,514 | 31,049 | 32,089 |
(Benefit) provision for loan losses | (250) | 0 | (1,220) | 0 |
Net interest income after provision for loan losses | 10,644 | 10,514 | 32,269 | 32,089 |
Noninterest income: | ||||
Mortgage loan servicing fees | 446 | 456 | 1,394 | 1,546 |
Trust and investment services fees | 643 | 654 | 1,953 | 1,900 |
Service charges on deposits | 202 | 153 | 784 | 719 |
Net gain on sale of OREO | 130 | 316 | 800 | 1,159 |
Net gain on sale of loans | 0 | 630 | 0 | 1,853 |
Net (loss) gain on sale of securities | 0 | 130 | (1,248) | 184 |
BOLI income | 88 | 98 | 271 | 98 |
Mortgage referral fee income | 431 | 123 | 1,175 | 123 |
Other fees | 598 | 684 | 1,732 | 1,240 |
Other noninterest income | 12 | (176) | 71 | 25 |
Total noninterest income | 2,550 | 3,068 | 6,932 | 8,847 |
Noninterest expenses: | ||||
Salaries and employee benefits | 5,668 | 6,536 | 17,913 | 19,460 |
Occupancy | 805 | 671 | 2,360 | 2,414 |
Data processing | 1,132 | 872 | 3,557 | 2,232 |
Legal, professional and accounting fees | 541 | 1,539 | 4,488 | 4,949 |
Change in value of MSRs | 677 | (95) | 1,406 | 1,830 |
Other noninterest expense | 2,568 | 3,268 | 7,675 | 8,044 |
Total noninterest expenses | 11,391 | 12,791 | 37,399 | 38,929 |
Income before provision for income taxes | 1,803 | 791 | 1,802 | 2,007 |
Provision for income taxes | 1,398 | 0 | 3,487 | 0 |
Net income (loss) | 405 | 791 | (1,685) | 2,007 |
Dividends and discount accretion on preferred shares | 0 | 1,083 | 771 | 3,176 |
Net income (loss) available to common shareholders | $ 405 | $ (292) | $ (2,456) | $ (1,169) |
Basic earnings (loss) per common share (in dollars per share) | $ 0.02 | $ (0.04) | $ (0.16) | $ (0.18) |
Diluted earnings (loss) per common share (in dollars per share) | $ 0.02 | $ (0.04) | $ (0.16) | $ (0.18) |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) [Abstract] | ||||
Net income (loss) | $ 405 | $ 791 | $ (1,685) | $ 2,007 |
Other comprehensive income: | ||||
Unrealized gains on securities available for sale | 229 | (969) | 2,343 | 5,957 |
Securities losses (gains) reclassified into earnings | 0 | (130) | 1,248 | (184) |
Related income tax (benefit) expense | (106) | 0 | (1,436) | 0 |
Other comprehensive income (loss) | 123 | (1,099) | 2,155 | 5,773 |
Total comprehensive income (loss) | $ 528 | $ (308) | $ 470 | $ 7,780 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands | Voting Common Stock [Member] | Nonvoting Common Stock [Member] | Common Stock Held in Treasury at Cost [Member] | Preferred Stock [Member] | Preferred Stock [Member]Series A Preferred Stock [Member] | Preferred Stock [Member]Series B Preferred Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total | Series A Preferred Stock [Member] | Series B Preferred Stock [Member] |
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 (loss) | 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 for board compensation | 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 | |||||
Balance at Dec. 31, 2016 | 9,510 | $ 0 | 74,007 | 694 | 55,391 | (5,495) | 134,107 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net income (loss) | (1,685) | (1,685) | ||||||||||
Other comprehensive income | 2,155 | 2,155 | ||||||||||
Redemption of Preferred shares | $ (35,539) | $ (1,777) | $ (35,539) | $ (1,777) | ||||||||
Dividends declared on preferred shares | (373) | (373) | ||||||||||
Series C preferred shares converted to non-voting common stock | 8,286 | (37,089) | 28,803 | 0 | ||||||||
Common stock issued for board compensation | 40 | 153 | 193 | |||||||||
Amortization of preferred stock issuance costs | 398 | (398) | 0 | |||||||||
Restricted stock units ("RSUs") vested | 17 | (17) | 0 | |||||||||
Restricted stock units ("RSUs") compensation expense | 91 | 91 | ||||||||||
Balance at Sep. 30, 2017 | $ 9,567 | $ 8,286 | $ 0 | $ 29,724 | $ 52,935 | $ (3,340) | $ 97,172 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash Flows From Operating Activities | ||
Net (loss) income | $ (1,685) | $ 2,007 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 5,104 | 4,509 |
Benefit for loan losses | (1,220) | 0 |
Net loss (gain) on sale of investment securities | 1,248 | (184) |
Net gain on sale of loans | 0 | (1,853) |
Gains and write-downs on OREO, net | (166) | (1,036) |
(Gain) loss on disposal of premises and equipment | (37) | 1 |
Decrease in deferred income tax assets | 1,081 | 0 |
Federal Home Loan Bank stock dividends received | (5) | 1 |
Change in value of MSRs | 1,406 | 1,830 |
BOLI income | (271) | (98) |
Compensation expense recognized for restricted stock units | 91 | 0 |
Change in escrow liabilities | 712 | 2,710 |
Decrease in accrued interest payable on sub debt | (9,676) | 0 |
Changes in operating assets and liabilities: | ||
Other Assets | 4,708 | 505 |
Other Liabilities | (2,158) | 6,076 |
Net cash (used in) provided by operating activities before origination and gross sales of loans held for sale | (868) | 14,468 |
Gross sales of loans held for sale | 0 | (51,746) |
Origination of loans held for sale | 0 | 55,770 |
Net cash (used in) provided by operating activities | (868) | 18,492 |
Cash Flows From Investing Activities | ||
Proceeds from maturities and paydowns of investment securities, available for sale | 38,647 | 46,694 |
Proceeds from sale of investment securities, available for sale | 56,543 | 98,259 |
Purchase of investment securities, available for sale | (92,437) | (225,741) |
Purchase of investment securities, other | (2) | 0 |
Proceeds from maturities and paydowns of investment securities, held to maturity | 884 | 104 |
Proceeds from sale of investment securities, other | 33 | 0 |
Purchase bank owned life insurance | 0 | (10,000) |
Proceeds from sale of other real estate owned | 3,251 | 3,724 |
Loans paid down (funded), net | 48,608 | 39,598 |
Purchases of premises and equipment | (3,907) | (4,745) |
Proceeds from sale of premises and equipment | 69 | 0 |
Net cash provided by (used in) investing activities | 51,689 | (52,107) |
Cash Flows From Financing Activities | ||
Net decrease in demand deposits, NOW accounts and savings accounts | (2,770) | 39,303 |
Net decrease in time deposits | (37,331) | (42,781) |
Redemption of preferred stock | (37,316) | 0 |
Decrease in dividends payable on Preferred Stock | (12,965) | 0 |
Issuance of common stock for board compensation | 193 | 138 |
Net cash used in financing activities | (90,189) | (3,340) |
Net decrease in cash and cash equivalents | (39,368) | (36,955) |
Cash and cash equivalents: | ||
Beginning of period | 119,335 | 188,875 |
End of period | 79,967 | 151,920 |
Cash payments for: | ||
Interest | 13,118 | 1,987 |
Non-cash investing and financing activities: | ||
Transfers from loans to other real estate owned | 2,848 | 2,944 |
Sales of other real estate owned financed by loans by the bank | 0 | 1,548 |
Transfer from Venture Capital to loans | 150 | 0 |
Conversion of Preferred C stock to non-voting common stock | 37,089 | 0 |
Dividends declared on preferred stock | $ 373 | $ 3,176 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2017 | |
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, 2016 (the "2016 Form 10-K"). Operating results for the three and nine months ended September 30, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017 or any other period. Reclassifications |
Earnings (Loss) Per Share Data
Earnings (Loss) Per Share Data | 9 Months Ended |
Sep. 30, 2017 | |
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, 2017 and 2016: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (In thousands, except share data) Net income (loss) $ 405 $ 791 $ (1,685 ) $ 2,007 Dividends and discount accretion on preferred shares - 1,083 771 3,176 Net income (loss) attributable to common stockholders $ 405 $ (292 ) $ (2,456 ) $ (1,169 ) Weighted average common shares issued 17,539,689 6,856,800 15,647,178 6,856,800 LESS: Weighted average treasury stock shares - (330,498 ) - (331,002 ) Weighted average common shares outstanding, net 17,539,689 6,526,302 15,647,178 6,525,798 Basic earnings (loss) per common share $ 0.02 $ (0.04 ) $ (0.16 ) $ (0.18 ) Dilutive effect of stock-based compensation 13,134 - - - Weighted average common shares outstanding including dilutive shares 17,552,823 6,526,302 15,647,178 6,525,798 Diluted earnings (loss) per common share $ 0.02 $ (0.04 ) $ (0.16 ) $ (0.18 ) Certain restricted stock units ("RSUs") were not included in the above calculation, as they would have had an anti-dilutive effect. The total number of excluded shares relating to such RSUs was approximately 62,000 for the three months ended September 30, 2016. There were no shares excluded from the calcualtion for the three months ended September 30, 2017. The total number of excluded shares relating to such RSUs was approximately 97,000 shares and 62,000 shares for the nine months ended September 30, 2017 and 2016, respectively. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2017 | |
Recent Accounting Pronouncements [Abstract] | |
Recent Accounting Pronouncements | Note 3. Recent Accounting Pronouncements Newly Issued But Not Effective Accounting Standards In May 2014, the FASB issued ASU No. 2014-09 Revenue from Contracts with Customers (Topic 606) ASU No. 2015-14 Revenue from Contracts with Customers (Topic 606) – Deferral of the Effective Date In February 2016, the FASB issued ASU 2016-02 Leases In June 2016, the FASB issued ASU 2016-13 Financial Instruments – Credit Losses In August 2017, the FASB issued ASU 2017-12 Derivatives and Hedging |
Restrictions on Cash and Due Fr
Restrictions on Cash and Due From Banks | 9 Months Ended |
Sep. 30, 2017 | |
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, 2017 and December 31, 2016, the reserve requirement on deposit at the FRB was $0 due to the large balance maintained at the FRB. 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 as the Company reviews this risk on a quarterly basis. |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2017 | |
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, 2017 U.S. Government sponsored agencies $ 74,321 $ 170 $ (262 ) $ 74,229 State and political subdivision 111,127 660 (1,015 ) 110,772 Residential mortgage backed securities 131,099 112 (1,473 ) 129,738 Residential collateralized mortgage obligation 10,313 56 (65 ) 10,304 Commercial mortgage backed securities 110,720 176 (2,017 ) 108,879 SBA pools 606 - (7 ) 599 Totals $ 438,186 $ 1,174 $ (4,839 ) $ 434,521 December 31, 2016 U.S. Government sponsored agencies $ 69,306 $ 20 $ (498 ) $ 68,828 State and political subdivision 38,718 42 (1,417 ) 37,343 Residential mortgage backed securities 206,101 42 (2,324 ) 203,819 Residential collateralized mortgage obligation 14,828 77 (89 ) 14,816 Commercial mortgage backed securities 117,272 57 (3,157 ) 114,172 SBA pools 681 - (9 ) 672 Totals $ 446,906 $ 238 $ (7,494 ) $ 439,650 Securities Held to Maturity Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In thousands) September 30, 2017 SBA pools $ 7,882 $ - $ (370 ) $ 7,512 Totals $ 7,882 $ - $ (370 ) $ 7,512 December 31, 2016 SBA pools $ 8,824 $ - $ (211 ) $ 8,613 Totals $ 8,824 $ - $ (211 ) $ 8,613 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, 2017 2016 2017 2016 (In thousands) Gross realized gains $ - $ 620 $ 6 $ 674 Gross realized losses - (490 ) (1,254 ) (490 ) Net gains (losses) $ - $ 130 $ (1,248 ) $ 184 There was a tax benefit of $482 thousand for the nine months ended September 30, 2017 related to these net realized gains and losses. There was no tax benefit (provision) related to these net realized gains and losses for the three and nine months ended September 30, 2016 due to the full valuation allowance on deferred tax asset ("DTA"). A summary of unrealized loss information for investment securities, categorized by security type, as of September 30, 2017 and December 31, 2016 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, 2017 U.S. Government sponsored agencies $ 24,647 $ (262 ) $ - $ - $ 24,647 $ (262 ) State and political subdivision 53,485 (537 ) 27,812 (478 ) 81,297 (1,015 ) Residential mortgage backed securities 34,651 (276 ) 78,039 (1,197 ) 112,690 (1,473 ) Residential collateralized mortgage obligation 8,286 (57 ) 518 (8 ) 8,804 (65 ) Commercial mortgage backed securities 68,137 (1,242 ) 22,747 (775 ) 90,884 (2,017 ) SBA pools - - 599 (7 ) 599 (7 ) Totals $ 189,206 $ (2,374 ) $ 129,715 $ (2,465 ) $ 318,921 $ (4,839 ) December 31, 2016 U.S. Government sponsored agencies $ 53,877 $ (498 ) $ - $ - $ 53,877 $ (498 ) State and political subdivision 33,833 (1,417 ) - - 33,833 (1,417 ) Residential mortgage backed securities 143,344 (1,539 ) 50,474 (785 ) 193,818 (2,324 ) Residential collateralized mortgage obligation 8,413 (87 ) 122 (2 ) 8,535 (89 ) Commercial mortgage backed securities 96,222 (3,157 ) - - 96,222 (3,157 ) SBA pools - - 673 (9 ) 673 (9 ) Totals $ 335,689 $ (6,698 ) $ 51,269 $ (796 ) $ 386,958 $ (7,494 ) Securities Held to Maturity: September 30, 2017 SBA Pools $ - $ - $ 7,512 $ (370 ) $ 7,512 $ (370 ) Totals $ - $ - $ 7,512 $ (370 ) $ 7,512 $ (370 ) December 31, 2016 SBA Pools $ 8,613 $ (211 ) $ - $ - $ 8,613 $ (211 ) Totals $ 8,613 $ (211 ) $ - $ - $ 8,613 $ (211 ) As of September 30, 2017, the Company's security portfolio consisted of 131 securities, 88 of which were in an unrealized loss position. As of September 30, 2017, $326.4 million in investment securities had unrealized losses with aggregate depreciation of 1.57% of the Company’s amortized cost basis. Of these securities, $137.2 million had a continuous unrealized loss position for twelve months or longer with an aggregate depreciation of 2.02%. 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. The amortized cost and fair value of investment securities, as of September 30, 2017, 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 $ 5,201 $ 5,200 $ - $ - One to five years 55,421 55,270 - - Five to ten years 16,710 16,863 - - Over ten years 108,722 108,267 7,882 7,512 Subtotal 186,054 185,600 7,882 7,512 Residential mortgage backed securities 131,099 129,738 - - Residential collateralized mortgage obligation 10,313 10,304 - - Commercial mortgage backed securities 110,720 108,879 Total $ 438,186 $ 434,521 $ 7,882 $ 7,512 Securities with carrying amounts of $87.9 million and $87.9 million as of September 30, 2017 and December 31, 2016, 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, 2017 | |
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, 2017 and December 31, 2016, loans consisted of: September 30, 2017 December 31, 2016 (In thousands) Commercial $ 65,157 $ 69,161 Commercial real estate 389,831 405,900 Residential real estate 186,934 214,726 Construction real estate 76,399 75,972 Installment and other 17,676 21,053 Total loans 735,997 786,812 Unearned income (980 ) (1,322 ) Gross loans 735,017 785,490 Allowance for loan losses (13,200 ) (14,352 ) Net loans $ 721,817 $ 771,138 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 had 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 category of loans as of September 30, 2017 and December 31, 2016, 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, 2017 (In thousands) Commercial $ 64,256 $ 89 $ 381 $ 431 $ 901 $ 65,157 Commercial real estate 387,717 420 323 1,371 2,114 389,831 Residential real estate 183,740 1,403 45 1,746 3,194 186,934 Construction real estate 71,194 424 75 4,706 5,205 76,399 Installment and other 17,460 99 31 86 216 17,676 Total loans $ 724,367 $ 2,435 $ 855 $ 8,340 $ 11,630 $ 735,997 Nonaccrual loan classification, included above $ 7,073 $ 344 $ 368 $ 7,946 $ 8,658 $ 15,731 December 31, 2016 Commercial $ 67,562 $ 1,010 $ 221 $ 368 $ 1,599 $ 69,161 Commercial real estate 399,861 4,564 - 1,475 6,039 405,900 Residential real estate 208,200 3,089 1,355 2,082 6,526 214,726 Construction real estate 67,310 378 43 8,241 8,662 75,972 Installment and other 20,860 135 38 20 193 21,053 Total loans $ 763,793 $ 9,176 $ 1,657 $ 12,186 $ 23,019 $ 786,812 Nonaccrual loan classification, included above $ 8,331 $ 249 $ 712 $ 12,186 $ 13,147 $ 21,478 The following table presents the recorded investment in nonaccrual loans and loans past due 90 days or more and still accruing interest by category of loans as of September 30, 2017 and December 31, 2016: September 30, 2017 December 31, 2016 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 $ 108 $ 394 $ 1,192 $ - Commercial real estate 6,202 - 5,823 - Residential real estate 4,364 - 4,247 - Construction real estate 4,921 - 10,159 - Installment and other 136 - 57 - Total $ 15,731 $ 394 $ 21,478 $ - 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 category of loans based on the most recent analysis performed as of September 30, 2017 and December 31, 2016: Pass Special Mention Substandard Doubtful Total September 30, 2017 (In thousands) Commercial $ 62,631 $ 157 $ 2,369 $ - $ 65,157 Commercial real estate 373,901 5,472 10,458 - 389,831 Residential real estate 180,522 152 6,260 - 186,934 Construction real estate 68,413 936 7,050 - 76,399 Installment and other 17,528 - 148 - 17,676 Total $ 702,995 $ 6,717 $ 26,285 $ - $ 735,997 December 31, 2016 Commercial $ 56,611 $ 1,046 $ 11,504 $ - $ 69,161 Commercial real estate 380,777 11,573 13,550 - 405,900 Residential real estate 209,049 588 5,089 - 214,726 Construction real estate 60,848 5,378 9,746 - 75,972 Installment and other 20,983 4 66 - 21,053 Total $ 728,268 $ 18,589 $ 39,955 $ - $ 786,812 The following table shows all loans, including nonaccrual loans, by risk category and aging as of September 30, 2017 and December 31, 2016: Pass Special Mention Substandard Doubtful Total September 30, 2017 (In thousands) Current $ 700,893 $ 6,297 $ 17,177 $ - $ 724,367 Past due 30-59 days 1,517 420 498 - 2,435 Past due 60-89 days 191 - 664 - 855 Past due 90 days or more 394 - 7,946 - 8,340 Total $ 702,995 $ 6,717 $ 26,285 $ - $ 735,997 December 31, 2016 Current $ 724,075 $ 13,956 $ 25,762 $ - $ 763,793 Past due 30-59 days 3,383 4,633 1,160 - 9,176 Past due 60-89 days 810 - 847 - 1,657 Past due 90 days or more - - 12,186 - 12,186 Total $ 728,268 $ 18,589 $ 39,955 $ - $ 786,812 As of September 30, 2017 and December 31, 2016, nonaccrual loans totaling $15.7 million and $18.4 million were classified as Substandard, respectively. The following table presents loans individually evaluated for impairment by class of loans as of September 30, 2017 and December 31, 2016, 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, 2017 December 31, 2016 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 $ 12,626 $ 12,624 $ 2,203 $ 2,166 Commercial real estate 6,962 6,455 6,368 6,136 Residential real estate 5,485 4,911 5,176 4,494 Construction real estate 8,934 7,091 7,522 6,031 Installment and other 405 404 313 313 With an allowance recorded: Commercial 1,575 1,574 $ 223 13,988 13,988 $ 350 Commercial real estate 6,326 6,326 865 6,376 6,376 911 Residential real estate 7,682 7,678 1,381 8,601 8,598 1,424 Construction real estate 3,282 3,282 202 5,288 5,251 237 Installment and other 272 272 34 433 433 88 Total $ 53,549 $ 50,617 $ 2,705 $ 56,268 $ 53,786 $ 3,010 The table above includes $39.8 million in trouble debt restructurings ("TDRs") at September 30, 2017, and $43.1 million at December 31, 2016. The following table presents loans individually evaluated for impairment by class of loans for the three and nine months ended September 30, 2017 and 2016, showing the average recorded investment and the interest income recognized: Three Months Ended Nine Months Ended September 30, 2017 September 30, 2016 September 30, 2017 September 30, 2016 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 $ 6,834 $ 184 $ 9,648 $ 103 $ 4,411 $ 543 $ 9,715 $ 307 Commercial real estate 5,133 99 10,279 18 5,084 295 10,668 53 Residential real estate 4,712 54 5,955 10 4,586 162 6,541 31 Construction real estate 7,397 104 6,213 5 7,189 308 6,587 16 Installment and other 399 5 341 4 353 14 339 12 With an allowance recorded: Commercial 7,547 22 14,338 196 10,741 66 14,451 584 Commercial real estate 6,350 69 9,003 92 6,352 205 9,056 273 Residential real estate 7,695 81 9,652 81 8,019 240 9,860 242 Construction real estate 3,302 43 4,443 45 3,755 129 4,178 134 Installment and other 289 2 529 4 347 7 554 13 Total $ 49,658 $ 663 $ 70,401 $ 558 $ 50,837 $ 1,969 $ 71,949 $ 1,665 If nonaccrual loans outstanding had been current in accordance with their original terms, approximately $197.1 thousand and $517.3 thousand would have been recorded as loan interest income during the three months ended September 30, 2017 and 2016, respectively, and $584.8 thousand and $1.2 million during the nine months ended September 30, 2017 and 2016, respectively. Interest income recognized on a cash basis was not material. 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, 2017 and 2016, 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, 2017: Beginning balance $ 1,377 $ 6,205 $ 3,805 $ 1,117 $ 635 $ 28 $ 13,167 Provision (benefit) for loan losses (297 ) 461 (117 ) 1,731 (2,073 ) 45 (250 ) Charge-offs (7 ) (612 ) - (1,385 ) (19 ) - (2,023 ) Recoveries 56 88 125 37 2,000 - 2,306 Net recoveries (charge-offs) 49 (524 ) 125 (1,348 ) 1,981 - 283 Ending balance $ 1,129 $ 6,142 $ 3,813 $ 1,500 $ 543 $ 73 $ 13,200 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 recoveries (charge-offs) 54 331 (118 ) 5 (63 ) - 209 Ending balance $ 2,081 $ 8,251 $ 5,521 $ 1,199 $ 698 $ 51 $ 17,801 Nine Months Ended September 30, 2017: Beginning balance $ 1,449 $ 6,472 $ 4,524 $ 1,119 $ 715 $ 73 $ 14,352 Provision (benefit) for loan losses (356 ) 123 (626 ) 1,739 (2,100 ) - (1,220 ) Charge-offs (270 ) (639 ) (309 ) (1,409 ) (253 ) - (2,880 ) Recoveries 306 186 224 51 2,181 - 2,948 Net recoveries (charge-offs) 36 (453 ) (85 ) (1,358 ) 1,928 - 68 Ending balance $ 1,129 $ 6,142 $ 3,813 $ 1,500 $ 543 $ 73 $ 13,200 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 recoveries (charge-offs) 268 461 (261 ) 100 (159 ) - 409 Ending balance $ 2,081 $ 8,251 $ 5,521 $ 1,199 $ 698 $ 51 $ 17,801 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, 2017 (In thousands) Allowance for loan losses allocated to: Loans individually evaluated for impairment $ 223 $ 865 $ 1,381 $ 202 $ 34 $ - $ 2,705 Loans collectively evaluated for impairment 906 5,277 2,432 1,298 509 73 10,495 Ending balance $ 1,129 $ 6,142 $ 3,813 $ 1,500 $ 543 $ 73 $ 13,200 Loans: Individually evaluated for impairment $ 14,198 $ 12,781 $ 12,589 $ 10,373 $ 676 $ - $ 50,617 Collectively evaluated for impairment 50,959 377,050 174,345 66,026 17,000 - 685,380 Total ending loans balance $ 65,157 $ 389,831 $ 186,934 $ 76,399 $ 17,676 $ - $ 735,997 December 31, 2016 Allowance for loan losses allocated to: Loans individually evaluated for impairment $ 350 $ 911 $ 1,424 $ 237 $ 88 $ - $ 3,010 Loans collectively evaluated for impairment 1,099 5,561 3,100 882 627 73 11,342 Ending balance $ 1,449 $ 6,472 $ 4,524 $ 1,119 $ 715 $ 73 $ 14,352 Loans: Individually evaluated for impairment $ 16,154 $ 12,512 $ 13,092 $ 11,282 $ 746 $ - $ 53,786 Collectively evaluated for impairment 53,007 393,388 201,634 64,690 20,307 - 733,026 Total ending loans balance $ 69,161 $ 405,900 $ 214,726 $ 75,972 $ 21,053 $ - $ 786,812 Troubled Debt Restructurings: 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. The following tables present the loans restructured as TDRs during the three months ended September 30, 2017 and the nine months ended September 30, 2017 and 2016. There were no loans restructured during the three months ended September 30, 2016. Three Months Ended September 30, 2017 Number of Contracts Pre- Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Specific reserves allocated (Dollars in thousands) Commercial 2 $ 105 $ 105 $ 29 Total 2 $ 105 $ 105 $ 29 Nine Months Ended September 30, 2017 Number of Contracts Pre- Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Specific reserves allocated (Dollars in thousands) Commercial 4 $ 135 $ 135 $ 30 Residential real estate 2 187 187 - Construction real estate 1 10 10 - Total 7 $ 332 $ 332 $ 30 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 $ - The following table presents loans by class modified as TDRs for which there was a payment default within 12 months following the modification during the nine months ended September 30, 2017 and 2016: Nine Months Ended September 30, 2017 Number of Contracts Recorded Investment Specific reserves allocated (Dollars in thousands) Construction real estate 1 $ 61 $ - Total 1 $ 61 $ - 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 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, 2017 and 2016. Impairment analyses are prepared on TDRs in conjunction with the normal allowance for loan loss process. TDRs required a specific reserve of $29 thousand for loans restructured during the three months ended September 30, 2017. TDRs required a specific reserve of $30 thousand for loans restructured during the nine months ended September 30, 2017. TDRs did not require any specific reserves at the three and nine months ended September 30, 2016. TDRs resulted in charge-offs of $402.7 thousand and $172.8 thousand during the three months ended September 30, 2017 and 2016, respectively. For the nine months ended September 30, 2017 and 2016, TDRs resulted in charge-offs of $457.8 thousand and $356.3 thousand, respectively. The TDRs that subsequently defaulted required a provision of $0 and $10 thousand to the allowance for loan losses for the nine months ended September 30, 2017 and 2016, respectively. The following table presents total TDRs, both in accrual and nonaccrual status: September 30, 2017 December 31, 2016 Number of contracts Amount Number of contracts Amount (Dollars in thousands) Accrual 117 $ 34,886 $ 127 $ 35,158 Nonaccrual 20 4,924 23 7,909 Total 137 $ 39,810 $ 150 $ 43,067 Specific reserves on TDRs at September 30, 2017 and December 31, 2016 were $2.1 million and $2.6 million, respectively. As of September 30, 2017, the Bank had a total of $23 thousand in commitments to lend additional funds on one commercial loan and one commercial real estate loan classified as TDRs. As of December 31, 2016, the Bank had a total of $1.6 million in commitments to lend additional funds on six commercial loans classified as TDRs. Loan principal balances to executive officers and directors of the Company were $210.1 thousand and $347.8 thousand as of September 30, 2017 and December 31, 2016, respectively. Total credit available, including companies in which these individuals have management control or beneficial ownership, was $335.1 thousand and $513.6 thousand as of September 30, 2017 and December 31, 2016, respectively. An analysis of the activity related to these loans as of September 30, 2017 and December 31, 2016 is as follows: September 30, 2017 December 31, 2016 (In thousands) Balance, beginning $ 348 $ 1,933 Additions 8 158 Changes in composition (87 ) (648 ) Principal payments and other reductions (59 ) (1,095 ) Balance, ending $ 210 $ 348 |
Loan Servicing and Mortgage Ser
Loan Servicing and Mortgage Servicing Rights ("MSRs") | 9 Months Ended |
Sep. 30, 2017 | |
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, 2017 and December 31, 2016 is summarized as follows: September 30, 2017 December 31, 2016 (In thousands) Mortgage loan portfolios serviced for: Federal National Mortgage Association ("Fannie Mae") $ 687,380 $ 780,348 Totals $ 687,380 $ 780,348 During the three and nine months ended September 30, 2017 and 2016, 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 $23 thousand and $11 thousand during the three months ended September 30, 2017 and 2016, respectively, and $59 thousand and $42 thousand for the nine months ended September 30, 2017 and 2016, 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 $8.4 million and $4.8 million as of September 30, 2017 and December 31, 2016, respectively. An analysis of changes in the MSR asset for the three and nine months ended September 30, 2017 and 2016 is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (In thousands) Balance at beginning of period $ 6,176 $ 5,311 $ 6,905 $ 6,882 Servicing rights originated and capitalized - 209 - 563 Change in value of MSRs (677 ) 95 (1,406 ) (1,830 ) Balance at end of period $ 5,499 $ 5,615 $ 5,499 $ 5,615 The fair values of the MSRs were $5.5 million and $5.6 million as of nine months ended September 30, 2017 and 2016, respectively. Mortgage servicing rights are recorded at fair market value at origination and updated on a monthly basis. The following assumptions were used to calculate the fair value of the MSRs as of September 30, 2017 and December 31, 2016: September 30, 2017 December 31, 2016 Weighted Average Public Securities Association (PSA) speed 199.07% 193.93% Weighted Average Discount rate 10.50 10.50 Weighted Average Delinquency rate 0.92 1.32 |
Other Real Estate Owned ("OREO"
Other Real Estate Owned ("OREO") | 9 Months Ended |
Sep. 30, 2017 | |
Other Real Estate Owned ("OREO") [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, 2017 and December 31, 2016, total OREO consisted of: September 30, 2017 December 31, 2016 (In thousands) Commercial real estate $ 1,667 $ 2,181 Residential real estate 1,532 2,734 Construction real estate 5,000 3,521 Total $ 8,199 $ 8,436 Loans secured by residential real estate properties for which formal foreclosure proceedings were in process at September 30, 2017 and December 31, 2016 were $1.9 million and $2.1 million, respectively. The following table presents a summary of OREO activity for the three and nine months ended September 30, 2017 and 2016: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (In thousands) Balance at beginning of period $ 7,085 $ 8,653 $ 8,436 $ 8,346 Transfers in at fair value 2,154 59 2,848 2,944 Write-down of value (29 ) (23 ) (615 ) (23 ) Gain on disposal 124 308 781 1,059 Cash received upon disposition (1,135 ) (1,366 ) (3,251 ) (3,724 ) Sales financed by loans by the Bank - (577 ) - (1,548 ) Balance at end of period $ 8,199 $ 7,054 $ 8,199 $ 7,054 |
Deposits
Deposits | 9 Months Ended |
Sep. 30, 2017 | |
Deposits [Abstract] | |
Deposits | Note 9. Deposits As of September 30, 2017 and December 31, 2016, deposits consisted of: September 30, 2017 December 31, 2016 (In thousands ) Demand deposits, noninterest bearing $ 183,881 $ 174,305 NOW and money market accounts 401,269 405,268 Savings deposits 399,258 407,606 Time certificates, $250,000 or more 23,067 28,531 Other time certificates 159,844 191,710 Total $ 1,167,319 $ 1,207,420 Deposits from executive officers, directors and their affiliates as of September 30, 2017 were $1.7 million and $1.6 million as of December 31, 2016. |
Borrowings
Borrowings | 9 Months Ended |
Sep. 30, 2017 | |
Borrowings [Abstract] | |
Borrowings | Note 10. Borrowings Notes payable to the Federal Home Loan Bank ("FHLB") as of September 30, 2017 and December 31, 2016 were secured by an 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, 2017, there was $341.6 thousand in pledged loans. Investment securities are held in safekeeping at the FHLB with $2.3 million pledged as collateral for outstanding advances. An additional $75.8 million in advances is available based on the September 30, 2017 value of the remaining unpledged investment securities. The following table details borrowings as of September 30, 2017 and December 31, 2016: Maturity Date Rate Type Principal due September 30, 2017 December 31, 2016 (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, 2017 | |
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, 2017: 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 % 4.01611% (variable) 6.88 % 2.9700% (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 % 4.01611% (variable) 6.88 % 2.9700% (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 amounts and at the rates indicated above. These 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 totaled $9.8 million as of December 31, 2016. In the first quarter of 2017, upon receiving regulatory approval, all deferred interest was paid in full and the Company is no longer deferring interest payments on the junior subordinated debentures. As of September 30, 2017, there was $173.9 thousand in interest accrued and unpaid to security holders. As of September 30, 2017 and December 31, 2016, 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, 2017 | |
Income Taxes [Abstract] | |
Income Taxes | Note 12. Income Taxes For the three months ended September 30, 2017, the Company recorded a tax expense of $1.4 million which included an additional deferred tax asset ("DTA") valuation allowance of $900 thousand. For the nine months ended September 30, 2017, the Company recorded a tax expense of $3.5 million due to a number of one time items. There was no income tax expense or benefit recorded for the three and nine months ended September 30, 2016 because the Company had a full valuation allowance against the deferred tax assets on those dates. A 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 deferred tax asset will not be realized. As discussed in Note 14 "Income Taxes" in Item 8, "Financial Statements and Supplementary Data" of the 2016 Form 10-K, the Company had a valuation allowance on part of the net DTAs, most of which was reversed during 2016. In evaluating its deferred tax asset (“DTA”) as of September 30, 2017, it was determined that it was more likely than not that a portion of the Company’s federal and state tax credit carryforwards would expire unrealized. Accordingly the DTA valuation was increased by a charge to tax expense of $900 thousand. As of September 30, 2017, there was a total of $2.4 million for the valuation allowance. Items causing differences between the Federal statutory tax rate and the effective tax rate are summarized as follows: Three Months Ended September 30, Nine Months Ended September 30, 2017 2017 (In thousands) Federal statutory tax rate $ 613 33,990 % $ 613 34 % Net tax exempt interest income (108 ) (6,012 )% (372 ) (21 )% Other, net (73 ) (4,050 )% (17 ) (1 )% Uncollectable income tax receivables - - 431 24 % Tax credits not realizable - - 584 32 % State income tax, net of federal benefit 66 3,660 % 235 13 % Tax provision before change in valuation allowance 498 27,606 % 1,474 82 % Change in valuation allowance 900 49,894 % 2,013 112 % Provision for income taxes $ 1,398 77,516 % $ 3,487 194 % |
Commitments and Off-Balance-She
Commitments and Off-Balance-Sheet Activities | 9 Months Ended |
Sep. 30, 2017 | |
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, 2017 and December 31, 2016, the following credit-related commitments were outstanding: Contract Amount September 30, 2017 December 31, 2016 (In thousands) Unfunded commitments under lines of credit $ 112,116 $ 118,252 Commercial and standby letters of credit 5,249 7,152 Commitments to make loans 1,554 5,835 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. Commitments to make loans are generally made for periods of 90 days or less. The Company had outstanding loan commitments, excluding undisbursed portion of loans in process and equity lines of credit, of approximately $117.4 million as of September 30, 2017 and $125.4 million as of December 31, 2016. Of these commitments outstanding, the breakdown between fixed rate and adjustable rate loans is as follows: September 30, 2017 December 31, 2016 (In thousands) Fixed rate $ 18,888 $ 19,663 Adjustable rate 98,477 105,741 Total $ 117,365 $ 125,404 The fixed loan commitments as of September 30, 2017 have interest rates ranging from 0.0% to 6.5% and maturities ranging from on demand to 8 years. 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, 2017 was $78.1 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, 2017 and December 31, 2016, $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 $17 thousand and $26 thousand as of September 30, 2017 and December 31, 2016, respectively, and are included in “other liabilities” on the consolidated balance sheets. |
Preferred Equity Issues
Preferred Equity Issues | 9 Months Ended |
Sep. 30, 2017 | |
Preferred Equity Issues [Abstract] | |
Preferred Equity Issues | Note 14. Preferred Equity Issues The Company had no outstanding preferred shares as of September 30, 2017 because all outstanding preferred shares were either redeemed or converted to non-voting common stock in the first quarter of 2017, as further described below. On March 27, 2009, the Company issued two series of preferred stock to the U.S. Department of the Treasury ("Treasury") under the Capital Purchase Program (“CPP”). On December 19, 2016, the Company issued 82,862 shares of Series C Convertible Preferred Stock to certain institutional investors pursuant to a private placement. Below is a table disclosing the information on the three series outstanding at December 31, 2016: 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 Series C cumulative perpetual convertible preferred shares 82,862 - 475 39,359 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 the nine months ended September 30, 2017 and 2016, a net amount of $398 and $134 thousand, respectively, was recorded for amortization. Dividends and discount accretion on preferred stock reduce the amount of net income available to common shareholders. For each of the three months ended September 30, 2017 and 2016 the total of these amounts was $0 and $1.1 million, respectively. For each of the nine months ended September 30, 2017 and 2016 the total of these amounts was $771.0 thousand and $3.2 million, respectively. 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"). The Company used a portion of the net proceeds from the private placement to redeem its outstanding Series A Preferred Stock and Series B Preferred Stock , which it completed on January 25, 2017, and used the remaining net proceeds, plus a $15.0 million dividend from the Bank to pay the deferred interest on its trust preferred securities, and for general corporate purposes. 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 us. Under the terms of the 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). Redemption of Series A Preferred Stock and Series B Preferred Stock On March 27, 2009, Trinity participated in the TARP CPP by issuing 35,539 shares of Trinity's Fixed Rate Cumulative Perpetual Preferred Stock, Series A Preferred Stock to the Treasury for a purchase price of $35.5 million in cash and issued warrants that were immediately exercised by the Treasury for 1,777 shares of Trinity's Fixed Rate Cumulative Perpetual Preferred Stock, 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. 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 8,286,200 shares of non-voting common stock at a conversion price of $4.75 per share of non-voting common stock pursuant to the private placement. This conversion was completed on February 2, 2017. The non-voting common stock will rank pari passu with the Company's voting common stock with respect to the payment of dividends or distributions. |
Stock Incentives
Stock Incentives | 9 Months Ended |
Sep. 30, 2017 | |
Stock Incentives [Abstract] | |
Stock Incentives | Note 15. Stock Incentives At the Company's Annual Shareholder Meeting held on January 22, 2015, the Company's shareholders approved the Trinity Capital Corporation 2015 Long-Term Incentive Plan ("2015 Plan"). Under the 2015 Plan, 500,000 shares of voting common stock from shares held in treasury or authorized but unissued voting common stock are reserved for granting stock-based incentive awards. The Compensation Committee determines the terms and conditions of the awards. For the three months ended September 30, 2017 there were 356,225 performance-based RSUs granted. See Exhibit 10.2 of this Form 10Q for more information on the performance-based RSUs. As of September 30, 2017, there were 96,557 RSUs and 356,225 performance-based RSUs issued under the 2015 Plan. A summary of changes in the RSUs and performance-based RSUs for the nine months ended September 30, 2017 follows: Shares Nonvested as of January 1, 2017 50,228 Granted 424,930 Vested (16,741) Forfeited or expired (5,635) Nonvested as of September 30, 2017 452,782 Share-based compensation expense of $41.5 thousand and $90.9 thousand was recognized for the three and nine months ended September 30, 2017, respectivly. As of September 30, 2017, there was $2.1 million in unrecognized compensation cost related to unvested share-based compensation awards granted under the 2015 Plan. The cost will be recognized over the remaining vesting period. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2017 | |
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. 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, 2017 and December 31, 2016, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: September 30, 2017 Total Level 1 Level 2 Level 3 (In thousands) Financial Assets: Investment securities available for sale: U.S. Government sponsored agencies $ 74,229 $ - $ 74,229 $ - States and political subdivision 110,772 - 110,772 - Residential mortgage backed securities 129,738 - 129,738 - Residential collateralized mortgage obligation 10,304 - 10,304 - Commercial mortgage backed securities 108,879 - 108,879 - SBA Pools 599 - 599 - Total $ 434,521 $ - $ 434,521 $ - December 31, 2016 Financial Assets: Investment securities available for sale: U.S. Government sponsored agencies $ 68,828 $ - $ 68,828 $ - States and political subdivision 37,343 - 37,343 - Residential mortgage backed securities 203,819 - 203,819 - Residential collateralized mortgage obligation 14,816 - 14,816 - Commercial mortgage backed securities 114,172 - 114,172 - SBA Pools 672 - 672 - Total $ 439,650 $ - $ 439,650 $ - There were no financial instruments 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 classes during the three and nine months ended September 30, 2017 or the year ended December 31, 2016. 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, 2017, impaired loans with a carrying value of $19.1 million had a valuation allowance of $2.7 million. As of December 31, 2016, impaired loans with a carrying value of $34.6 million had a valuation allowance of $3.0 million recorded during 2016. In the table below, OREO had write-downs during the nine months ended September 30, 2017 of $72 thousand. In the table below, OREO had writedowns during the year ended December 31, 2016 of $63 thousand. The valuation adjustments on OREO have been recorded through earnings. Assets measured at fair value on a nonrecurring basis as of September 30, 2017 and December 31, 2016 are included in the table below: ` Total Level 1 Level 2 Level 3 (In thousands) September 30, 2017 Financial Assets Impaired loans $ 16,427 $ - $ - $ 16,427 MSRs 5,499 - - 5,499 Non-Financial Assets OREO 851 - - 851 December 31, 2016 Financial Assets Impaired loans $ 31,636 $ - $ - $ 31,636 MSRs 6,905 - - 6,905 Non-Financial Assets OREO 582 - - 582 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, 2017 and December 31, 2016: Fair value Valuation Technique(s) Unobservable Input(s) Adjustment Range, Weighted Average September 30, 2017 (In thousands) Impaired loans Commercial $ 1,351 Sales comparison Adjustments for differences of comparable sales (0.00)% to (7.50)%, (6.35)% Commercial real estate 5,461 Sales comparison Adjustments for differences of comparable sales (4.25) to (7.62), (5.98) Residential real estate 6,297 Sales comparison Adjustments for differences of comparable sales (3.13) to (7.67), (5.86) Construction real estate 3,080 Sales comparison Adjustments for differences of comparable sales (4.00) to (7.25), (6.17) Installment and other 238 Sales comparison Adjustments for differences of comparable sales (0.00) to (8.00), (6.41) Total impaired loans $ 16,427 OREO Residential real estate 840 Sales comparison Adjustments for differences of comparable sales (1.56) to (23.29),(6.10) Construction real estate 11 Sales comparison Adjustments for differences of comparable sales (61.05) to (61.05),(61.05) Total OREO $ 851 December 31, 2016 Impaired loans Commercial $ 13,638 Sales comparison Adjustments for differences of comparable sales (0.00)% to (7.75)%, (5.79)% Commercial real estate 5,465 Sales comparison Adjustments for differences of comparable sales (4.25) to (7.62), (5.96) Residential real estate 7,174 Sales comparison Adjustments for differences of comparable sales (3.13) to (37.50), (6.73) Construction real estate 5,014 Sales comparison Adjustments for differences of comparable sales (4.00) to (7.50), (5.79) Installment and other 345 Sales comparison Adjustments for differences of comparable sales (0.00) to (37.50), (7.70) Total impaired loans $ 31,636 OREO Residential real estate $ 483 Sales comparison Adjustments for differences of comparable sales (3.16) to (11.76) (9.29) Construction real estate 99 Sales comparison Adjustments for differences of comparable sales (12.00) to (12.00) (12.00) Total OREO $ 582 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, 2017 and December 31, 2016 are as follows: Carrying amount Level 1 Level 2 Level 3 Total (In thousands) September 30, 2017 Financial assets: Cash and due from banks $ 11,733 $ 11,733 $ - $ - $ 11,733 Interest-bearing deposits with banks 68,234 68,234 - - 68,234 Investments: Available for sale 434,521 - 434,521 - 434,521 Held to maturity 7,882 - 7,512 - 7,512 Non-marketable equity securities 3,615 N/A N/A N/A N/A Loans, net 721,817 - - 720,008 720,008 Accrued interest receivable on securities 2,008 - 2,008 - 2,008 Accrued interest receivable on loans 2,285 - - 2,285 2,285 Accrued interest receivable other 8 - - 8 8 Off-balance-sheet instruments: Loan commitments and standby letters of credit $ 17 $ - $ 17 $ - $ 17 Financial liabilities: Non-interest bearing deposits $ 183,881 $ 183,881 $ - $ - $ 183,881 Interest bearing deposits 983,438 - 983,534 - 983,534 Borrowings 2,300 - 2,644 - 2,644 Junior subordinated debt 36,937 - - 22,750 22,750 Accrued interest payable 360 - 186 174 360 December 31, 2016 Financial assets: Cash and due from banks $ 13,537 $ 13,537 $ - $ - $ 13,537 Interest-bearing deposits with banks 105,798 105,798 - - 105,798 Securities purchased under resell agreements - - - - - Investments: Available for sale 439,650 - 439,650 - 439,650 Held to maturity 8,824 - 8,613 - 8,613 Non-marketable equity securities 3,812 N/A N/A N/A N/A Loans, net 771,138 - - 770,254 770,254 Accrued interest receivable on securities 1,873 - 1,873 - 1,873 Accrued interest receivable on loans 3,874 - - 3,874 3,874 Accrued interest receivable other 296 - - 296 296 Off-balance-sheet instruments: Loan commitments and standby letters of credit $ 26 $ - $ 26 $ - $ 26 Financial liabilities: Non-interest bearing deposits $ 174,305 $ 174,305 $ - $ - $ 174,305 Interest bearing deposits 1,033,115 - 1,040,560 - 1,040,560 Long-term borrowings 2,300 - 2,698 - 2,698 Junior subordinated debt 36,927 - - 20,582 20,582 Accrued interest payable 10,119 - 270 9,849 10,119 |
Regulatory Matters
Regulatory Matters | 9 Months Ended |
Sep. 30, 2017 | |
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 restricts Trinity's ability 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 or make other capital distributions or to repurchase or redeem Trinity stock. Additionally, the Bank was 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 required that the Bank maintain certain capital ratios and receive approval from the OCC prior to declaring dividends. The Consent Order was terminated by the OCC effective November 3, 2017. The Company and the Bank continue to take actions to address the provisions of the Written Agreement. 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 Common Equity Tier 1 and Tier 1 capital (as defined in the regulations) to risk-weighted assets (as defined in the regulations), and of Tier 1 capital (as defined in the regulations) to average assets (as defined in the regulations). The Company and the Bank met all capital adequacy requirements to which they were subject as of September 30, 2017 and December 31, 2016. 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 Consent Order Provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) September 30, 2017 Total capital (to risk-weighted assets): Consolidated $ 144,827 16.9750 % $ 68,254 8.00 % N/A N/A N/A N/A Bank only 139,379 16.3432 % 68,226 8.00 % $ 85,283 10.00 % $ 93,811 11.00 % Tier 1 capital (to risk weighted assets): Consolidated 124,036 14.5381 % 51,191 6.00 % N/A N/A N/A N/A Bank only 128,674 15.0880 % 51,170 6.00 % 68,226 8.00 % N/A N/A Common Equity Tier 1 Capital (to risk weighted assets): Consolidated 99,229 11.6305 % 38,393 4.50 % N/A N/A N/A N/A Bank only 128,674 15.0880 % 38,377 4.50 % 55,434 6.50 % N/A N/A Tier 1 leverage (to average assets): Consolidated 124,036 9.4951 % 52,253 4.00 % N/A N/A N/A N/A Bank only 128,674 9.8963 % 52,009 4.00 % 65,011 5.00 % 104,018 8.00 % N/A—not applicable Actual For Capital Adequacy Purposes To be well capitalized under prompt corrective action provisions Minimum Levels Under Consent Order Provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) December 31, 2016 Total capital (to risk-weighted assets): Consolidated $ 178,906 20.0509 % $ 71,381 8.00 % N/A N/A N/A N/A Bank only 137,873 15.3793 % 71,719 8.00 % $ 89,649 10.00 % $ 98,614 11.00 % Tier 1 capital (to risk weighted assets): Consolidated 167,290 18.7490 % 53,536 6.00 % N/A N/A N/A N/A Bank only 126,598 14.1216 % 53,789 6.00 % 71,719 8.00 % N/A N/A Common Equity Tier 1 Capital (to risk weighted assets): Consolidated 60,840 6.8186 % 40,152 4.50 % N/A N/A N/A N/A Bank only 126,598 14.1216 % 40,342 4.50 % 58,272 6.50 % N/A N/A Tier 1 leverage (to average assets): Consolidated 167,290 12.0120 % 35,690 4.00 % N/A N/A N/A N/A Bank only 126,598 9.1596 % 35,859 4.00 % 44,824 5.00 % 71,719 8.00 % N/A - not applicable Pursuant to the Consent Order, the Bank was 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, 2017 and December 31, 2016, the Bank was in compliance with these requirements. While the Bank's capital ratios as of the periods in the tables above fall into the category of "well-capitalized" under the prompt corrective action rules, the Bank cannot be considered "well-capitalized" due to the requirements in the Consent Order to meet and maintain specific capital levels. The Consent Order was terminated by the OCC effective November 3, 2017. 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, 2017 the Bank's capital conservation buffer was 8.3432% and the consolidated capital conservation buffer was 7.1305%. At December 31, 2016 the Bank's capital conservation buffer was 7.3793% and the consolidated capital conservation buffer was 2.3186%. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 18. Subsequent Events On November 13, 2017, the Company completed a combined shareholder rights offering, directed share program for certain of its officers, directors and employees and supplemental community offering, at an offering price of $4.75 per share, under its Registration Statement on Form S-1 (No. 333-218952) and related prospectus, dated September 22, 2017. The Company issued 2,105,263 shares of voting common stock and received gross proceeds of approximately $10.0 million. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
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, 2016 (the "2016 Form 10-K"). Operating results for the three and nine months ended September 30, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017 or any other period. |
Reclassifications | Reclassifications |
Earnings (Loss) Per Share Data
Earnings (Loss) Per Share Data (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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, 2017 and 2016: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (In thousands, except share data) Net income (loss) $ 405 $ 791 $ (1,685 ) $ 2,007 Dividends and discount accretion on preferred shares - 1,083 771 3,176 Net income (loss) attributable to common stockholders $ 405 $ (292 ) $ (2,456 ) $ (1,169 ) Weighted average common shares issued 17,539,689 6,856,800 15,647,178 6,856,800 LESS: Weighted average treasury stock shares - (330,498 ) - (331,002 ) Weighted average common shares outstanding, net 17,539,689 6,526,302 15,647,178 6,525,798 Basic earnings (loss) per common share $ 0.02 $ (0.04 ) $ (0.16 ) $ (0.18 ) Dilutive effect of stock-based compensation 13,134 - - - Weighted average common shares outstanding including dilutive shares 17,552,823 6,526,302 15,647,178 6,525,798 Diluted earnings (loss) per common share $ 0.02 $ (0.04 ) $ (0.16 ) $ (0.18 ) |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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, 2017 U.S. Government sponsored agencies $ 74,321 $ 170 $ (262 ) $ 74,229 State and political subdivision 111,127 660 (1,015 ) 110,772 Residential mortgage backed securities 131,099 112 (1,473 ) 129,738 Residential collateralized mortgage obligation 10,313 56 (65 ) 10,304 Commercial mortgage backed securities 110,720 176 (2,017 ) 108,879 SBA pools 606 - (7 ) 599 Totals $ 438,186 $ 1,174 $ (4,839 ) $ 434,521 December 31, 2016 U.S. Government sponsored agencies $ 69,306 $ 20 $ (498 ) $ 68,828 State and political subdivision 38,718 42 (1,417 ) 37,343 Residential mortgage backed securities 206,101 42 (2,324 ) 203,819 Residential collateralized mortgage obligation 14,828 77 (89 ) 14,816 Commercial mortgage backed securities 117,272 57 (3,157 ) 114,172 SBA pools 681 - (9 ) 672 Totals $ 446,906 $ 238 $ (7,494 ) $ 439,650 Securities Held to Maturity Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In thousands) September 30, 2017 SBA pools $ 7,882 $ - $ (370 ) $ 7,512 Totals $ 7,882 $ - $ (370 ) $ 7,512 December 31, 2016 SBA pools $ 8,824 $ - $ (211 ) $ 8,613 Totals $ 8,824 $ - $ (211 ) $ 8,613 |
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, 2017 2016 2017 2016 (In thousands) Gross realized gains $ - $ 620 $ 6 $ 674 Gross realized losses - (490 ) (1,254 ) (490 ) Net gains (losses) $ - $ 130 $ (1,248 ) $ 184 |
Unrealized loss information for investment securities | A summary of unrealized loss information for investment securities, categorized by security type, as of September 30, 2017 and December 31, 2016 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, 2017 U.S. Government sponsored agencies $ 24,647 $ (262 ) $ - $ - $ 24,647 $ (262 ) State and political subdivision 53,485 (537 ) 27,812 (478 ) 81,297 (1,015 ) Residential mortgage backed securities 34,651 (276 ) 78,039 (1,197 ) 112,690 (1,473 ) Residential collateralized mortgage obligation 8,286 (57 ) 518 (8 ) 8,804 (65 ) Commercial mortgage backed securities 68,137 (1,242 ) 22,747 (775 ) 90,884 (2,017 ) SBA pools - - 599 (7 ) 599 (7 ) Totals $ 189,206 $ (2,374 ) $ 129,715 $ (2,465 ) $ 318,921 $ (4,839 ) December 31, 2016 U.S. Government sponsored agencies $ 53,877 $ (498 ) $ - $ - $ 53,877 $ (498 ) State and political subdivision 33,833 (1,417 ) - - 33,833 (1,417 ) Residential mortgage backed securities 143,344 (1,539 ) 50,474 (785 ) 193,818 (2,324 ) Residential collateralized mortgage obligation 8,413 (87 ) 122 (2 ) 8,535 (89 ) Commercial mortgage backed securities 96,222 (3,157 ) - - 96,222 (3,157 ) SBA pools - - 673 (9 ) 673 (9 ) Totals $ 335,689 $ (6,698 ) $ 51,269 $ (796 ) $ 386,958 $ (7,494 ) Securities Held to Maturity: September 30, 2017 SBA Pools $ - $ - $ 7,512 $ (370 ) $ 7,512 $ (370 ) Totals $ - $ - $ 7,512 $ (370 ) $ 7,512 $ (370 ) December 31, 2016 SBA Pools $ 8,613 $ (211 ) $ - $ - $ 8,613 $ (211 ) Totals $ 8,613 $ (211 ) $ - $ - $ 8,613 $ (211 ) |
Amortized cost and fair value of investment securities, by contractual maturity | The amortized cost and fair value of investment securities, as of September 30, 2017, 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 $ 5,201 $ 5,200 $ - $ - One to five years 55,421 55,270 - - Five to ten years 16,710 16,863 - - Over ten years 108,722 108,267 7,882 7,512 Subtotal 186,054 185,600 7,882 7,512 Residential mortgage backed securities 131,099 129,738 - - Residential collateralized mortgage obligation 10,313 10,304 - - Commercial mortgage backed securities 110,720 108,879 Total $ 438,186 $ 434,521 $ 7,882 $ 7,512 |
Loans and Allowance for Loan 29
Loans and Allowance for Loan Losses (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Loans and Allowance for Loan Losses [Abstract] | |
Components of loans | As of September 30, 2017 and December 31, 2016, loans consisted of: September 30, 2017 December 31, 2016 (In thousands) Commercial $ 65,157 $ 69,161 Commercial real estate 389,831 405,900 Residential real estate 186,934 214,726 Construction real estate 76,399 75,972 Installment and other 17,676 21,053 Total loans 735,997 786,812 Unearned income (980 ) (1,322 ) Gross loans 735,017 785,490 Allowance for loan losses (13,200 ) (14,352 ) Net loans $ 721,817 $ 771,138 |
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 category of loans as of September 30, 2017 and December 31, 2016, 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, 2017 (In thousands) Commercial $ 64,256 $ 89 $ 381 $ 431 $ 901 $ 65,157 Commercial real estate 387,717 420 323 1,371 2,114 389,831 Residential real estate 183,740 1,403 45 1,746 3,194 186,934 Construction real estate 71,194 424 75 4,706 5,205 76,399 Installment and other 17,460 99 31 86 216 17,676 Total loans $ 724,367 $ 2,435 $ 855 $ 8,340 $ 11,630 $ 735,997 Nonaccrual loan classification, included above $ 7,073 $ 344 $ 368 $ 7,946 $ 8,658 $ 15,731 December 31, 2016 Commercial $ 67,562 $ 1,010 $ 221 $ 368 $ 1,599 $ 69,161 Commercial real estate 399,861 4,564 - 1,475 6,039 405,900 Residential real estate 208,200 3,089 1,355 2,082 6,526 214,726 Construction real estate 67,310 378 43 8,241 8,662 75,972 Installment and other 20,860 135 38 20 193 21,053 Total loans $ 763,793 $ 9,176 $ 1,657 $ 12,186 $ 23,019 $ 786,812 Nonaccrual loan classification, included above $ 8,331 $ 249 $ 712 $ 12,186 $ 13,147 $ 21,478 The following table presents the recorded investment in nonaccrual loans and loans past due 90 days or more and still accruing interest by category of loans as of September 30, 2017 and December 31, 2016: September 30, 2017 December 31, 2016 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 $ 108 $ 394 $ 1,192 $ - Commercial real estate 6,202 - 5,823 - Residential real estate 4,364 - 4,247 - Construction real estate 4,921 - 10,159 - Installment and other 136 - 57 - Total $ 15,731 $ 394 $ 21,478 $ - |
Risk category of loans by class of loans | The following table presents the risk category by category of loans based on the most recent analysis performed as of September 30, 2017 and December 31, 2016: Pass Special Mention Substandard Doubtful Total September 30, 2017 (In thousands) Commercial $ 62,631 $ 157 $ 2,369 $ - $ 65,157 Commercial real estate 373,901 5,472 10,458 - 389,831 Residential real estate 180,522 152 6,260 - 186,934 Construction real estate 68,413 936 7,050 - 76,399 Installment and other 17,528 - 148 - 17,676 Total $ 702,995 $ 6,717 $ 26,285 $ - $ 735,997 December 31, 2016 Commercial $ 56,611 $ 1,046 $ 11,504 $ - $ 69,161 Commercial real estate 380,777 11,573 13,550 - 405,900 Residential real estate 209,049 588 5,089 - 214,726 Construction real estate 60,848 5,378 9,746 - 75,972 Installment and other 20,983 4 66 - 21,053 Total $ 728,268 $ 18,589 $ 39,955 $ - $ 786,812 The following table shows all loans, including nonaccrual loans, by risk category and aging as of September 30, 2017 and December 31, 2016: Pass Special Mention Substandard Doubtful Total September 30, 2017 (In thousands) Current $ 700,893 $ 6,297 $ 17,177 $ - $ 724,367 Past due 30-59 days 1,517 420 498 - 2,435 Past due 60-89 days 191 - 664 - 855 Past due 90 days or more 394 - 7,946 - 8,340 Total $ 702,995 $ 6,717 $ 26,285 $ - $ 735,997 December 31, 2016 Current $ 724,075 $ 13,956 $ 25,762 $ - $ 763,793 Past due 30-59 days 3,383 4,633 1,160 - 9,176 Past due 60-89 days 810 - 847 - 1,657 Past due 90 days or more - - 12,186 - 12,186 Total $ 728,268 $ 18,589 $ 39,955 $ - $ 786,812 |
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, 2017 and December 31, 2016, 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, 2017 December 31, 2016 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 $ 12,626 $ 12,624 $ 2,203 $ 2,166 Commercial real estate 6,962 6,455 6,368 6,136 Residential real estate 5,485 4,911 5,176 4,494 Construction real estate 8,934 7,091 7,522 6,031 Installment and other 405 404 313 313 With an allowance recorded: Commercial 1,575 1,574 $ 223 13,988 13,988 $ 350 Commercial real estate 6,326 6,326 865 6,376 6,376 911 Residential real estate 7,682 7,678 1,381 8,601 8,598 1,424 Construction real estate 3,282 3,282 202 5,288 5,251 237 Installment and other 272 272 34 433 433 88 Total $ 53,549 $ 50,617 $ 2,705 $ 56,268 $ 53,786 $ 3,010 The following table presents loans individually evaluated for impairment by class of loans for the three and nine months ended September 30, 2017 and 2016, showing the average recorded investment and the interest income recognized: Three Months Ended Nine Months Ended September 30, 2017 September 30, 2016 September 30, 2017 September 30, 2016 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 $ 6,834 $ 184 $ 9,648 $ 103 $ 4,411 $ 543 $ 9,715 $ 307 Commercial real estate 5,133 99 10,279 18 5,084 295 10,668 53 Residential real estate 4,712 54 5,955 10 4,586 162 6,541 31 Construction real estate 7,397 104 6,213 5 7,189 308 6,587 16 Installment and other 399 5 341 4 353 14 339 12 With an allowance recorded: Commercial 7,547 22 14,338 196 10,741 66 14,451 584 Commercial real estate 6,350 69 9,003 92 6,352 205 9,056 273 Residential real estate 7,695 81 9,652 81 8,019 240 9,860 242 Construction real estate 3,302 43 4,443 45 3,755 129 4,178 134 Installment and other 289 2 529 4 347 7 554 13 Total $ 49,658 $ 663 $ 70,401 $ 558 $ 50,837 $ 1,969 $ 71,949 $ 1,665 |
Activity and allocation of allowance for loan losses | For the three and nine months ended September 30, 2017 and 2016, 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, 2017: Beginning balance $ 1,377 $ 6,205 $ 3,805 $ 1,117 $ 635 $ 28 $ 13,167 Provision (benefit) for loan losses (297 ) 461 (117 ) 1,731 (2,073 ) 45 (250 ) Charge-offs (7 ) (612 ) - (1,385 ) (19 ) - (2,023 ) Recoveries 56 88 125 37 2,000 - 2,306 Net recoveries (charge-offs) 49 (524 ) 125 (1,348 ) 1,981 - 283 Ending balance $ 1,129 $ 6,142 $ 3,813 $ 1,500 $ 543 $ 73 $ 13,200 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 recoveries (charge-offs) 54 331 (118 ) 5 (63 ) - 209 Ending balance $ 2,081 $ 8,251 $ 5,521 $ 1,199 $ 698 $ 51 $ 17,801 Nine Months Ended September 30, 2017: Beginning balance $ 1,449 $ 6,472 $ 4,524 $ 1,119 $ 715 $ 73 $ 14,352 Provision (benefit) for loan losses (356 ) 123 (626 ) 1,739 (2,100 ) - (1,220 ) Charge-offs (270 ) (639 ) (309 ) (1,409 ) (253 ) - (2,880 ) Recoveries 306 186 224 51 2,181 - 2,948 Net recoveries (charge-offs) 36 (453 ) (85 ) (1,358 ) 1,928 - 68 Ending balance $ 1,129 $ 6,142 $ 3,813 $ 1,500 $ 543 $ 73 $ 13,200 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 recoveries (charge-offs) 268 461 (261 ) 100 (159 ) - 409 Ending balance $ 2,081 $ 8,251 $ 5,521 $ 1,199 $ 698 $ 51 $ 17,801 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, 2017 (In thousands) Allowance for loan losses allocated to: Loans individually evaluated for impairment $ 223 $ 865 $ 1,381 $ 202 $ 34 $ - $ 2,705 Loans collectively evaluated for impairment 906 5,277 2,432 1,298 509 73 10,495 Ending balance $ 1,129 $ 6,142 $ 3,813 $ 1,500 $ 543 $ 73 $ 13,200 Loans: Individually evaluated for impairment $ 14,198 $ 12,781 $ 12,589 $ 10,373 $ 676 $ - $ 50,617 Collectively evaluated for impairment 50,959 377,050 174,345 66,026 17,000 - 685,380 Total ending loans balance $ 65,157 $ 389,831 $ 186,934 $ 76,399 $ 17,676 $ - $ 735,997 December 31, 2016 Allowance for loan losses allocated to: Loans individually evaluated for impairment $ 350 $ 911 $ 1,424 $ 237 $ 88 $ - $ 3,010 Loans collectively evaluated for impairment 1,099 5,561 3,100 882 627 73 11,342 Ending balance $ 1,449 $ 6,472 $ 4,524 $ 1,119 $ 715 $ 73 $ 14,352 Loans: Individually evaluated for impairment $ 16,154 $ 12,512 $ 13,092 $ 11,282 $ 746 $ - $ 53,786 Collectively evaluated for impairment 53,007 393,388 201,634 64,690 20,307 - 733,026 Total ending loans balance $ 69,161 $ 405,900 $ 214,726 $ 75,972 $ 21,053 $ - $ 786,812 |
Troubled debt restructurings on financing receivables | The following tables present the loans restructured as TDRs during the three months ended September 30, 2017 and the nine months ended September 30, 2017 and 2016. Three Months Ended September 30, 2017 Number of Contracts Pre- Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Specific reserves allocated (Dollars in thousands) Commercial 2 $ 105 $ 105 $ 29 Total 2 $ 105 $ 105 $ 29 Nine Months Ended September 30, 2017 Number of Contracts Pre- Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Specific reserves allocated (Dollars in thousands) Commercial 4 $ 135 $ 135 $ 30 Residential real estate 2 187 187 - Construction real estate 1 10 10 - Total 7 $ 332 $ 332 $ 30 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 $ - The following table presents loans by class modified as TDRs for which there was a payment default within 12 months following the modification during the nine months ended September 30, 2017 and 2016: Nine Months Ended September 30, 2017 Number of Contracts Recorded Investment Specific reserves allocated (Dollars in thousands) Construction real estate 1 $ 61 $ - Total 1 $ 61 $ - 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 |
Total TDRs in accrual and nonaccrual status | The following table presents total TDRs, both in accrual and nonaccrual status: September 30, 2017 December 31, 2016 Number of contracts Amount Number of contracts Amount (Dollars in thousands) Accrual 117 $ 34,886 $ 127 $ 35,158 Nonaccrual 20 4,924 23 7,909 Total 137 $ 39,810 $ 150 $ 43,067 |
Related parties loan | An analysis of the activity related to these loans as of September 30, 2017 and December 31, 2016 is as follows: September 30, 2017 December 31, 2016 (In thousands) Balance, beginning $ 348 $ 1,933 Additions 8 158 Changes in composition (87 ) (648 ) Principal payments and other reductions (59 ) (1,095 ) Balance, ending $ 210 $ 348 |
Loan Servicing and Mortgage S30
Loan Servicing and Mortgage Servicing Rights ("MSRs") (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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, 2017 and December 31, 2016 is summarized as follows: September 30, 2017 December 31, 2016 (In thousands) Mortgage loan portfolios serviced for: Federal National Mortgage Association ("Fannie Mae") $ 687,380 $ 780,348 Totals $ 687,380 $ 780,348 |
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, 2017 and 2016 is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (In thousands) Balance at beginning of period $ 6,176 $ 5,311 $ 6,905 $ 6,882 Servicing rights originated and capitalized - 209 - 563 Change in value of MSRs (677 ) 95 (1,406 ) (1,830 ) Balance at end of period $ 5,499 $ 5,615 $ 5,499 $ 5,615 |
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, 2017 and December 31, 2016: September 30, 2017 December 31, 2016 Weighted Average Public Securities Association (PSA) speed 199.07% 193.93% Weighted Average Discount rate 10.50 10.50 Weighted Average Delinquency rate 0.92 1.32 |
Other Real Estate Owned ("ORE31
Other Real Estate Owned ("OREO") (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Other Real Estate Owned ("OREO") [Abstract] | |
Other real estate owned | OREO consists of property acquired due to foreclosure on real estate loans. As of September 30, 2017 and December 31, 2016, total OREO consisted of: September 30, 2017 December 31, 2016 (In thousands) Commercial real estate $ 1,667 $ 2,181 Residential real estate 1,532 2,734 Construction real estate 5,000 3,521 Total $ 8,199 $ 8,436 |
Summary of OREO activity | The following table presents a summary of OREO activity for the three and nine months ended September 30, 2017 and 2016: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (In thousands) Balance at beginning of period $ 7,085 $ 8,653 $ 8,436 $ 8,346 Transfers in at fair value 2,154 59 2,848 2,944 Write-down of value (29 ) (23 ) (615 ) (23 ) Gain on disposal 124 308 781 1,059 Cash received upon disposition (1,135 ) (1,366 ) (3,251 ) (3,724 ) Sales financed by loans by the Bank - (577 ) - (1,548 ) Balance at end of period $ 8,199 $ 7,054 $ 8,199 $ 7,054 |
Deposits (Tables)
Deposits (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Deposits [Abstract] | |
Deposits | As of September 30, 2017 and December 31, 2016, deposits consisted of: September 30, 2017 December 31, 2016 (In thousands ) Demand deposits, noninterest bearing $ 183,881 $ 174,305 NOW and money market accounts 401,269 405,268 Savings deposits 399,258 407,606 Time certificates, $250,000 or more 23,067 28,531 Other time certificates 159,844 191,710 Total $ 1,167,319 $ 1,207,420 |
Borrowings (Tables)
Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Borrowings [Abstract] | |
Schedule of borrowings | The following table details borrowings as of September 30, 2017 and December 31, 2016: Maturity Date Rate Type Principal due September 30, 2017 December 31, 2016 (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, 2017 | |
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, 2017: 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 % 4.01611% (variable) 6.88 % 2.9700% (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 % 4.01611% (variable) 6.88 % 2.9700% (variable) |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Income Taxes [Abstract] | |
Federal statutory tax rate and effective tax rate reconciliation | Items causing differences between the Federal statutory tax rate and the effective tax rate are summarized as follows: Three Months Ended September 30, Nine Months Ended September 30, 2017 2017 (In thousands) Federal statutory tax rate $ 613 33,990 % $ 613 34 % Net tax exempt interest income (108 ) (6,012 )% (372 ) (21 )% Other, net (73 ) (4,050 )% (17 ) (1 )% Uncollectable income tax receivables - - 431 24 % Tax credits not realizable - - 584 32 % State income tax, net of federal benefit 66 3,660 % 235 13 % Tax provision before change in valuation allowance 498 27,606 % 1,474 82 % Change in valuation allowance 900 49,894 % 2,013 112 % Provision for income taxes $ 1,398 77,516 % $ 3,487 194 % |
Commitments and Off-Balance-S36
Commitments and Off-Balance-Sheet Activities (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Off-Balance-Sheet Activities [Abstract] | |
Credit-related commitments | As of September 30, 2017 and December 31, 2016, the following credit-related commitments were outstanding: Contract Amount September 30, 2017 December 31, 2016 (In thousands) Unfunded commitments under lines of credit $ 112,116 $ 118,252 Commercial and standby letters of credit 5,249 7,152 Commitments to make loans 1,554 5,835 |
Commitments outstanding, breakdown between fixed-and adjustable-rate loans | Of these commitments outstanding, the breakdown between fixed rate and adjustable rate loans is as follows: September 30, 2017 December 31, 2016 (In thousands) Fixed rate $ 18,888 $ 19,663 Adjustable rate 98,477 105,741 Total $ 117,365 $ 125,404 |
Preferred Equity Issues (Tables
Preferred Equity Issues (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Preferred Equity Issues [Abstract] | |
Preferred equity issues under capital purchase program | Below is a table disclosing the information on the three series outstanding at December 31, 2016: 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 Series C cumulative perpetual convertible preferred shares 82,862 - 475 39,359 |
Stock Incentives (Tables)
Stock Incentives (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Stock Incentives [Abstract] | |
Summary of changes in RSUs and performance-based restricted stock units | A summary of changes in the RSUs and performance-based RSUs for the nine months ended September 30, 2017 follows: Shares Nonvested as of January 1, 2017 50,228 Granted 424,930 Vested (16,741) Forfeited or expired (5,635) Nonvested as of September 30, 2017 452,782 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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, 2017 and December 31, 2016, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: September 30, 2017 Total Level 1 Level 2 Level 3 (In thousands) Financial Assets: Investment securities available for sale: U.S. Government sponsored agencies $ 74,229 $ - $ 74,229 $ - States and political subdivision 110,772 - 110,772 - Residential mortgage backed securities 129,738 - 129,738 - Residential collateralized mortgage obligation 10,304 - 10,304 - Commercial mortgage backed securities 108,879 - 108,879 - SBA Pools 599 - 599 - Total $ 434,521 $ - $ 434,521 $ - December 31, 2016 Financial Assets: Investment securities available for sale: U.S. Government sponsored agencies $ 68,828 $ - $ 68,828 $ - States and political subdivision 37,343 - 37,343 - Residential mortgage backed securities 203,819 - 203,819 - Residential collateralized mortgage obligation 14,816 - 14,816 - Commercial mortgage backed securities 114,172 - 114,172 - SBA Pools 672 - 672 - Total $ 439,650 $ - $ 439,650 $ - |
Assets measured at fair value on a nonrecurring basis | Assets measured at fair value on a nonrecurring basis as of September 30, 2017 and December 31, 2016 are included in the table below: ` Total Level 1 Level 2 Level 3 (In thousands) September 30, 2017 Financial Assets Impaired loans $ 16,427 $ - $ - $ 16,427 MSRs 5,499 - - 5,499 Non-Financial Assets OREO 851 - - 851 December 31, 2016 Financial Assets Impaired loans $ 31,636 $ - $ - $ 31,636 MSRs 6,905 - - 6,905 Non-Financial Assets OREO 582 - - 582 |
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, 2017 and December 31, 2016: Fair value Valuation Technique(s) Unobservable Input(s) Adjustment Range, Weighted Average September 30, 2017 (In thousands) Impaired loans Commercial $ 1,351 Sales comparison Adjustments for differences of comparable sales (0.00)% to (7.50)%, (6.35)% Commercial real estate 5,461 Sales comparison Adjustments for differences of comparable sales (4.25) to (7.62), (5.98) Residential real estate 6,297 Sales comparison Adjustments for differences of comparable sales (3.13) to (7.67), (5.86) Construction real estate 3,080 Sales comparison Adjustments for differences of comparable sales (4.00) to (7.25), (6.17) Installment and other 238 Sales comparison Adjustments for differences of comparable sales (0.00) to (8.00), (6.41) Total impaired loans $ 16,427 OREO Residential real estate 840 Sales comparison Adjustments for differences of comparable sales (1.56) to (23.29),(6.10) Construction real estate 11 Sales comparison Adjustments for differences of comparable sales (61.05) to (61.05),(61.05) Total OREO $ 851 December 31, 2016 Impaired loans Commercial $ 13,638 Sales comparison Adjustments for differences of comparable sales (0.00)% to (7.75)%, (5.79)% Commercial real estate 5,465 Sales comparison Adjustments for differences of comparable sales (4.25) to (7.62), (5.96) Residential real estate 7,174 Sales comparison Adjustments for differences of comparable sales (3.13) to (37.50), (6.73) Construction real estate 5,014 Sales comparison Adjustments for differences of comparable sales (4.00) to (7.50), (5.79) Installment and other 345 Sales comparison Adjustments for differences of comparable sales (0.00) to (37.50), (7.70) Total impaired loans $ 31,636 OREO Residential real estate $ 483 Sales comparison Adjustments for differences of comparable sales (3.16) to (11.76) (9.29) Construction real estate 99 Sales comparison Adjustments for differences of comparable sales (12.00) to (12.00) (12.00) Total OREO $ 582 |
Carrying amount and estimated fair values of financial instruments | The carrying amount and estimated fair values of other financial instruments as of September 30, 2017 and December 31, 2016 are as follows: Carrying amount Level 1 Level 2 Level 3 Total (In thousands) September 30, 2017 Financial assets: Cash and due from banks $ 11,733 $ 11,733 $ - $ - $ 11,733 Interest-bearing deposits with banks 68,234 68,234 - - 68,234 Investments: Available for sale 434,521 - 434,521 - 434,521 Held to maturity 7,882 - 7,512 - 7,512 Non-marketable equity securities 3,615 N/A N/A N/A N/A Loans, net 721,817 - - 720,008 720,008 Accrued interest receivable on securities 2,008 - 2,008 - 2,008 Accrued interest receivable on loans 2,285 - - 2,285 2,285 Accrued interest receivable other 8 - - 8 8 Off-balance-sheet instruments: Loan commitments and standby letters of credit $ 17 $ - $ 17 $ - $ 17 Financial liabilities: Non-interest bearing deposits $ 183,881 $ 183,881 $ - $ - $ 183,881 Interest bearing deposits 983,438 - 983,534 - 983,534 Borrowings 2,300 - 2,644 - 2,644 Junior subordinated debt 36,937 - - 22,750 22,750 Accrued interest payable 360 - 186 174 360 December 31, 2016 Financial assets: Cash and due from banks $ 13,537 $ 13,537 $ - $ - $ 13,537 Interest-bearing deposits with banks 105,798 105,798 - - 105,798 Securities purchased under resell agreements - - - - - Investments: Available for sale 439,650 - 439,650 - 439,650 Held to maturity 8,824 - 8,613 - 8,613 Non-marketable equity securities 3,812 N/A N/A N/A N/A Loans, net 771,138 - - 770,254 770,254 Accrued interest receivable on securities 1,873 - 1,873 - 1,873 Accrued interest receivable on loans 3,874 - - 3,874 3,874 Accrued interest receivable other 296 - - 296 296 Off-balance-sheet instruments: Loan commitments and standby letters of credit $ 26 $ - $ 26 $ - $ 26 Financial liabilities: Non-interest bearing deposits $ 174,305 $ 174,305 $ - $ - $ 174,305 Interest bearing deposits 1,033,115 - 1,040,560 - 1,040,560 Long-term borrowings 2,300 - 2,698 - 2,698 Junior subordinated debt 36,927 - - 20,582 20,582 Accrued interest payable 10,119 - 270 9,849 10,119 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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 Consent Order Provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) September 30, 2017 Total capital (to risk-weighted assets): Consolidated $ 144,827 16.9750 % $ 68,254 8.00 % N/A N/A N/A N/A Bank only 139,379 16.3432 % 68,226 8.00 % $ 85,283 10.00 % $ 93,811 11.00 % Tier 1 capital (to risk weighted assets): Consolidated 124,036 14.5381 % 51,191 6.00 % N/A N/A N/A N/A Bank only 128,674 15.0880 % 51,170 6.00 % 68,226 8.00 % N/A N/A Common Equity Tier 1 Capital (to risk weighted assets): Consolidated 99,229 11.6305 % 38,393 4.50 % N/A N/A N/A N/A Bank only 128,674 15.0880 % 38,377 4.50 % 55,434 6.50 % N/A N/A Tier 1 leverage (to average assets): Consolidated 124,036 9.4951 % 52,253 4.00 % N/A N/A N/A N/A Bank only 128,674 9.8963 % 52,009 4.00 % 65,011 5.00 % 104,018 8.00 % N/A—not applicable Actual For Capital Adequacy Purposes To be well capitalized under prompt corrective action provisions Minimum Levels Under Consent Order Provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) December 31, 2016 Total capital (to risk-weighted assets): Consolidated $ 178,906 20.0509 % $ 71,381 8.00 % N/A N/A N/A N/A Bank only 137,873 15.3793 % 71,719 8.00 % $ 89,649 10.00 % $ 98,614 11.00 % Tier 1 capital (to risk weighted assets): Consolidated 167,290 18.7490 % 53,536 6.00 % N/A N/A N/A N/A Bank only 126,598 14.1216 % 53,789 6.00 % 71,719 8.00 % N/A N/A Common Equity Tier 1 Capital (to risk weighted assets): Consolidated 60,840 6.8186 % 40,152 4.50 % N/A N/A N/A N/A Bank only 126,598 14.1216 % 40,342 4.50 % 58,272 6.50 % N/A N/A Tier 1 leverage (to average assets): Consolidated 167,290 12.0120 % 35,690 4.00 % N/A N/A N/A N/A Bank only 126,598 9.1596 % 35,859 4.00 % 44,824 5.00 % 71,719 8.00 % N/A - not applicable |
Earnings (Loss) Per Share Dat41
Earnings (Loss) Per Share Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Computation of basic and diluted earnings per share [Abstract] | ||||
Net income (loss) | $ 405 | $ 791 | $ (1,685) | $ 2,007 |
Dividends and discount accretion on preferred shares | 0 | 1,083 | 771 | 3,176 |
Net income (loss) available to common shareholders | $ 405 | $ (292) | $ (2,456) | $ (1,169) |
Weighted average common shares issued (in shares) | 17,539,689 | 6,856,800 | 15,647,178 | 6,856,800 |
LESS: Weighted average treasury stock shares (in shares) | 0 | (330,498) | 0 | (331,002) |
Weighted average common shares outstanding, net (in shares) | 17,539,689 | 6,526,302 | 15,647,178 | 6,525,798 |
Basic earnings (loss) per common share | $ 0.02 | $ (0.04) | $ (0.16) | $ (0.18) |
Dilutive effect of stock-based compensation (in shares) | 13,134 | 0 | 0 | 0 |
Weighted average common shares outstanding including dilutive shares (in shares) | 17,552,823 | 6,526,302 | 15,647,178 | 6,525,798 |
Diluted earnings (loss) per common share | $ 0.02 | $ (0.04) | $ (0.16) | $ (0.18) |
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) | 0 | 62,000 | 97,000 | 62,000 |
Restrictions on Cash and Due 42
Restrictions on Cash and Due From Banks (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Restrictions on Cash and Due From Banks [Abstract] | ||
Reserve balances in cash or on deposit with Federal Reserve Bank | $ 0 | $ 0 |
Investment Securities (Details)
Investment Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Securities Available for Sale [Abstract] | ||
Amortized Cost | $ 438,186 | $ 446,906 |
Gross Unrealized Gains | 1,174 | 238 |
Gross Unrealized Losses | (4,839) | (7,494) |
Fair Value | 434,521 | 439,650 |
Securities Held-to-maturity [Abstract] | ||
Amortized Cost | 7,882 | 8,824 |
Gross Unrecognized Gains | 0 | 0 |
Gross Unrecognized Losses | (370) | (211) |
Fair Value | 7,512 | 8,613 |
U.S. Government Sponsored Agencies [Member] | ||
Securities Available for Sale [Abstract] | ||
Amortized Cost | 74,321 | 69,306 |
Gross Unrealized Gains | 170 | 20 |
Gross Unrealized Losses | (262) | (498) |
Fair Value | 74,229 | 68,828 |
State and Political Subdivision [Member] | ||
Securities Available for Sale [Abstract] | ||
Amortized Cost | 111,127 | 38,718 |
Gross Unrealized Gains | 660 | 42 |
Gross Unrealized Losses | (1,015) | (1,417) |
Fair Value | 110,772 | 37,343 |
Residential Mortgage-Backed Securities [Member] | ||
Securities Available for Sale [Abstract] | ||
Amortized Cost | 131,099 | 206,101 |
Gross Unrealized Gains | 112 | 42 |
Gross Unrealized Losses | (1,473) | (2,324) |
Fair Value | 129,738 | 203,819 |
Residential Collateralized Mortgage Obligation [Member] | ||
Securities Available for Sale [Abstract] | ||
Amortized Cost | 10,313 | 14,828 |
Gross Unrealized Gains | 56 | 77 |
Gross Unrealized Losses | (65) | (89) |
Fair Value | 10,304 | 14,816 |
Commercial Mortgage Backed Securities [Member] | ||
Securities Available for Sale [Abstract] | ||
Amortized Cost | 110,720 | 117,272 |
Gross Unrealized Gains | 176 | 57 |
Gross Unrealized Losses | (2,017) | (3,157) |
Fair Value | 108,879 | 114,172 |
SBA Pools [Member] | ||
Securities Available for Sale [Abstract] | ||
Amortized Cost | 606 | 681 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (7) | (9) |
Fair Value | 599 | 672 |
SBA Pools [Member] | ||
Securities Held-to-maturity [Abstract] | ||
Amortized Cost | 7,882 | 8,824 |
Gross Unrecognized Gains | 0 | 0 |
Gross Unrecognized Losses | (370) | (211) |
Fair Value | $ 7,512 | $ 8,613 |
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, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Realized net gains (losses) on sale of securities available for sale [Abstract] | ||||
Gross realized gains | $ 0 | $ 620 | $ 6 | $ 674 |
Gross realized losses | 0 | (490) | (1,254) | (490) |
Net gains (losses) | $ 0 | $ 130 | $ (1,248) | $ 184 |
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 ($) | Sep. 30, 2017USD ($)Security | Sep. 30, 2016USD ($) | Dec. 31, 2016USD ($) | |
Investment Securities [Abstract] | ||||
Tax benefit (provision) related to net realized gains and losses on sale and call of securities available for sale | $ 0 | $ 482 | $ 0 | |
Number of securities - total | Security | 131 | |||
Number of securities in unrealized loss position | Security | 88 | |||
Unrealized losses on debt securities | $ 326,400 | |||
Percentage of aggregate depreciation of amortized cost basis | 1.57% | |||
Investment securities continuous unrealized loss position twelve months or longer, fair value | $ 137,200 | |||
Percentage of aggregate depreciation related to continuous unrealized loss position twelve months or longer | 2.02% | |||
Securities Available for Sale [Abstract] | ||||
Less than 12 Months, Fair Value | $ 189,206 | $ 335,689 | ||
Less than 12 Months, Unrealized Losses | (2,374) | (6,698) | ||
12 Months or Longer, Fair Value | 129,715 | 51,269 | ||
12 Months or Longer, Unrealized Losses | (2,465) | (796) | ||
Total, Fair Value | 318,921 | 386,958 | ||
Total, Unrealized Losses | (4,839) | (7,494) | ||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Less than 12 Months, Fair Value | 0 | 8,613 | ||
Less than 12 Months, Unrealized Losses | 0 | (211) | ||
12 Months or Longer, Fair Value | 7,512 | 0 | ||
12 Months or Longer, Unrealized Losses | (370) | 0 | ||
Total, Fair Value | 7,512 | 8,613 | ||
Total, Unrealized Losses | (370) | (211) | ||
U.S. Government Sponsored Agencies [Member] | ||||
Securities Available for Sale [Abstract] | ||||
Less than 12 Months, Fair Value | 24,647 | 53,877 | ||
Less than 12 Months, Unrealized Losses | (262) | (498) | ||
12 Months or Longer, Fair Value | 0 | 0 | ||
12 Months or Longer, Unrealized Losses | 0 | 0 | ||
Total, Fair Value | 24,647 | 53,877 | ||
Total, Unrealized Losses | (262) | (498) | ||
State and Political Subdivision [Member] | ||||
Securities Available for Sale [Abstract] | ||||
Less than 12 Months, Fair Value | 53,485 | 33,833 | ||
Less than 12 Months, Unrealized Losses | (537) | (1,417) | ||
12 Months or Longer, Fair Value | 27,812 | 0 | ||
12 Months or Longer, Unrealized Losses | (478) | 0 | ||
Total, Fair Value | 81,297 | 33,833 | ||
Total, Unrealized Losses | (1,015) | (1,417) | ||
Residential Mortgage-Backed Securities [Member] | ||||
Securities Available for Sale [Abstract] | ||||
Less than 12 Months, Fair Value | 34,651 | 143,344 | ||
Less than 12 Months, Unrealized Losses | (276) | (1,539) | ||
12 Months or Longer, Fair Value | 78,039 | 50,474 | ||
12 Months or Longer, Unrealized Losses | (1,197) | (785) | ||
Total, Fair Value | 112,690 | 193,818 | ||
Total, Unrealized Losses | (1,473) | (2,324) | ||
Residential Collateralized Mortgage Obligation [Member] | ||||
Securities Available for Sale [Abstract] | ||||
Less than 12 Months, Fair Value | 8,286 | 8,413 | ||
Less than 12 Months, Unrealized Losses | (57) | (87) | ||
12 Months or Longer, Fair Value | 518 | 122 | ||
12 Months or Longer, Unrealized Losses | (8) | (2) | ||
Total, Fair Value | 8,804 | 8,535 | ||
Total, Unrealized Losses | (65) | (89) | ||
Commercial Mortgage Backed Securities [Member] | ||||
Securities Available for Sale [Abstract] | ||||
Less than 12 Months, Fair Value | 68,137 | 96,222 | ||
Less than 12 Months, Unrealized Losses | (1,242) | (3,157) | ||
12 Months or Longer, Fair Value | 22,747 | 0 | ||
12 Months or Longer, Unrealized Losses | (775) | 0 | ||
Total, Fair Value | 90,884 | 96,222 | ||
Total, Unrealized Losses | (2,017) | (3,157) | ||
SBA pools [Member] | ||||
Securities Available for Sale [Abstract] | ||||
Less than 12 Months, Fair Value | 0 | 0 | ||
Less than 12 Months, Unrealized Losses | 0 | 0 | ||
12 Months or Longer, Fair Value | 599 | 673 | ||
12 Months or Longer, Unrealized Losses | (7) | (9) | ||
Total, Fair Value | 599 | 673 | ||
Total, Unrealized Losses | (7) | (9) | ||
SBA pools [Member] | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Less than 12 Months, Fair Value | 0 | 8,613 | ||
Less than 12 Months, Unrealized Losses | 0 | (211) | ||
12 Months or Longer, Fair Value | 7,512 | 0 | ||
12 Months or Longer, Unrealized Losses | (370) | 0 | ||
Total, Fair Value | 7,512 | 8,613 | ||
Total, Unrealized Losses | $ (370) | $ (211) |
Investment Securities, Amortize
Investment Securities, Amortized Cost and Fair Value of Investment Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Available for Sale, Amortized Cost [Abstract] | ||
One year or less | $ 5,201 | |
One to five years | 55,421 | |
Five to ten years | 16,710 | |
Over ten years | 108,722 | |
Subtotal | 186,054 | |
Amortized cost | 438,186 | |
Available for Sale, Fair Value [Abstract] | ||
One year or less | 5,200 | |
One to five years | 55,270 | |
Five to ten years | 16,863 | |
Over ten years | 108,267 | |
Subtotal | 185,600 | |
Fair value | 434,521 | |
Held to Maturity, Amortized Cost [Abstract] | ||
One year or less | 0 | |
One to five years | 0 | |
Five to ten years | 0 | |
Over ten years | 7,882 | |
Subtotal | 7,882 | |
Amortized Cost | 7,882 | $ 8,824 |
Held to Maturity, Fair Value [Abstract] | ||
One year or less | 0 | |
One to five years | 0 | |
Five to ten years | 0 | |
Over ten years | 7,512 | |
Subtotal | 7,512 | |
Fair value | 7,512 | 8,613 |
Securities pledged as collateral on public deposits and for other purposes as required or permitted by law | 87,900 | $ 87,900 |
Residential Mortgage-Backed Securities [Member] | ||
Available for Sale, Amortized Cost [Abstract] | ||
Amortized cost | 131,099 | |
Available for Sale, Fair Value [Abstract] | ||
Fair value | 129,738 | |
Residential Collateralized Mortgage Obligation [Member] | ||
Available for Sale, Amortized Cost [Abstract] | ||
Amortized cost | 10,313 | |
Available for Sale, Fair Value [Abstract] | ||
Fair value | 10,304 | |
Commercial Mortgage Backed Securities [Member] | ||
Available for Sale, Amortized Cost [Abstract] | ||
Amortized cost | 110,720 | |
Available for Sale, Fair Value [Abstract] | ||
Fair value | 108,879 | |
Residential Mortgage-Backed Securities [Member] | ||
Held to Maturity, Amortized Cost [Abstract] | ||
Amortized Cost | 0 | |
Held to Maturity, Fair Value [Abstract] | ||
Fair value | 0 | |
Residential Collateralized Mortgage Obligation [Member] | ||
Held to Maturity, Amortized Cost [Abstract] | ||
Amortized Cost | 0 | |
Held to Maturity, Fair Value [Abstract] | ||
Fair value | $ 0 |
Loans and Allowance for Loan 47
Loans and Allowance for Loan Losses (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Components of loans receivables [Abstract] | ||
Total loans | $ 735,997 | $ 786,812 |
Unearned income | (980) | (1,322) |
Gross loans | 735,017 | 785,490 |
Allowance for loan losses | (13,200) | (14,352) |
Net loans | $ 721,817 | 771,138 |
Percentage of outstanding principal balance of commercial real estate loans secured by owner occupied properties | 25.90% | |
Commercial [Member] | ||
Components of loans receivables [Abstract] | ||
Total loans | $ 65,157 | 69,161 |
Commercial Real Estate [Member] | ||
Components of loans receivables [Abstract] | ||
Total loans | 389,831 | 405,900 |
Residential Real Estate [Member] | ||
Components of loans receivables [Abstract] | ||
Total loans | 186,934 | 214,726 |
Construction Real Estate [Member] | ||
Components of loans receivables [Abstract] | ||
Total loans | 76,399 | 75,972 |
Installment and Other [Member] | ||
Components of loans receivables [Abstract] | ||
Total loans | $ 17,676 | $ 21,053 |
Loans and Allowance for Loan 48
Loans and Allowance for Loan Losses, Loan Classification (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Contractual aging of the recorded investment in current and past due loans by class of loans [Abstract] | ||
Current | $ 724,367 | $ 763,793 |
Nonaccrual loan classification, Current | 7,073 | 8,331 |
Total Past Due | 11,630 | 23,019 |
Nonaccrual loan classification, Total Past Due | 8,658 | 13,147 |
Total loans | 735,997 | 786,812 |
Nonaccrual | 15,731 | 21,478 |
Loans past due 90 days or more still accruing interest | 394 | 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 | 2,435 | 9,176 |
Nonaccrual loan classification, Total Past Due | 344 | 249 |
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 | 855 | 1,657 |
Nonaccrual loan classification, Total Past Due | 368 | 712 |
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 | 8,340 | 12,186 |
Nonaccrual loan classification, Total Past Due | 7,946 | 12,186 |
Commercial [Member] | ||
Contractual aging of the recorded investment in current and past due loans by class of loans [Abstract] | ||
Current | 64,256 | 67,562 |
Total Past Due | 901 | 1,599 |
Total loans | 65,157 | 69,161 |
Nonaccrual | 108 | 1,192 |
Loans past due 90 days or more still accruing interest | 394 | 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 | 89 | 1,010 |
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 | 381 | 221 |
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 | 431 | 368 |
Commercial Real Estate [Member] | ||
Contractual aging of the recorded investment in current and past due loans by class of loans [Abstract] | ||
Current | 387,717 | 399,861 |
Total Past Due | 2,114 | 6,039 |
Total loans | 389,831 | 405,900 |
Nonaccrual | 6,202 | 5,823 |
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 | 420 | 4,564 |
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 | 323 | 0 |
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 | 1,371 | 1,475 |
Residential Real Estate [Member] | ||
Contractual aging of the recorded investment in current and past due loans by class of loans [Abstract] | ||
Current | 183,740 | 208,200 |
Total Past Due | 3,194 | 6,526 |
Total loans | 186,934 | 214,726 |
Nonaccrual | 4,364 | 4,247 |
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 | 1,403 | 3,089 |
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 | 45 | 1,355 |
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 | 1,746 | 2,082 |
Construction Real Estate [Member] | ||
Contractual aging of the recorded investment in current and past due loans by class of loans [Abstract] | ||
Current | 71,194 | 67,310 |
Total Past Due | 5,205 | 8,662 |
Total loans | 76,399 | 75,972 |
Nonaccrual | 4,921 | 10,159 |
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 | 424 | 378 |
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 | 75 | 43 |
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 | 4,706 | 8,241 |
Installment and Other [Member] | ||
Contractual aging of the recorded investment in current and past due loans by class of loans [Abstract] | ||
Current | 17,460 | 20,860 |
Total Past Due | 216 | 193 |
Total loans | 17,676 | 21,053 |
Nonaccrual | 136 | 57 |
Loans past due 90 days or more still accruing interest | 0 | 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 | 99 | 135 |
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 | 31 | 38 |
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 | $ 86 | $ 20 |
Loans and Allowance for Loan 49
Loans and Allowance for Loan Losses, Risk Category of Loans by Class (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Risk category of loans by class of loans [Abstract] | ||
Total loans | $ 735,997 | $ 786,812 |
Current | 724,367 | 763,793 |
Past due | 11,630 | 23,019 |
Nonaccrual | 15,731 | 21,478 |
30-59 Days Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 2,435 | 9,176 |
60-89 Days Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 855 | 1,657 |
90 Days or More Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 8,340 | 12,186 |
Pass [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Total loans | 702,995 | 728,268 |
Current | 700,893 | 724,075 |
Pass [Member] | 30-59 Days Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 1,517 | 3,383 |
Pass [Member] | 60-89 Days Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 191 | 810 |
Pass [Member] | 90 Days or More Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 394 | 0 |
Special Mention [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Total loans | 6,717 | 18,589 |
Current | 6,297 | 13,956 |
Special Mention [Member] | 30-59 Days Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 420 | 4,633 |
Special Mention [Member] | 60-89 Days Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 0 | 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 | 26,285 | 39,955 |
Current | 17,177 | 25,762 |
Nonaccrual | 15,700 | 18,400 |
Substandard [Member] | 30-59 Days Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 498 | 1,160 |
Substandard [Member] | 60-89 Days Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 664 | 847 |
Substandard [Member] | 90 Days or More Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 7,946 | 12,186 |
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 | 65,157 | 69,161 |
Current | 64,256 | 67,562 |
Past due | 901 | 1,599 |
Nonaccrual | 108 | 1,192 |
Commercial [Member] | 30-59 Days Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 89 | 1,010 |
Commercial [Member] | 60-89 Days Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 381 | 221 |
Commercial [Member] | 90 Days or More Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 431 | 368 |
Commercial [Member] | Pass [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Total loans | 62,631 | 56,611 |
Commercial [Member] | Special Mention [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Total loans | 157 | 1,046 |
Commercial [Member] | Substandard [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Total loans | 2,369 | 11,504 |
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 | 389,831 | 405,900 |
Current | 387,717 | 399,861 |
Past due | 2,114 | 6,039 |
Nonaccrual | 6,202 | 5,823 |
Commercial Real Estate [Member] | 30-59 Days Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 420 | 4,564 |
Commercial Real Estate [Member] | 60-89 Days Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 323 | 0 |
Commercial Real Estate [Member] | 90 Days or More Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 1,371 | 1,475 |
Commercial Real Estate [Member] | Pass [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Total loans | 373,901 | 380,777 |
Commercial Real Estate [Member] | Special Mention [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Total loans | 5,472 | 11,573 |
Commercial Real Estate [Member] | Substandard [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Total loans | 10,458 | 13,550 |
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 | 186,934 | 214,726 |
Current | 183,740 | 208,200 |
Past due | 3,194 | 6,526 |
Nonaccrual | 4,364 | 4,247 |
Residential Real Estate [Member] | 30-59 Days Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 1,403 | 3,089 |
Residential Real Estate [Member] | 60-89 Days Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 45 | 1,355 |
Residential Real Estate [Member] | 90 Days or More Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 1,746 | 2,082 |
Residential Real Estate [Member] | Pass [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Total loans | 180,522 | 209,049 |
Residential Real Estate [Member] | Special Mention [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Total loans | 152 | 588 |
Residential Real Estate [Member] | Substandard [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Total loans | 6,260 | 5,089 |
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 | 76,399 | 75,972 |
Current | 71,194 | 67,310 |
Past due | 5,205 | 8,662 |
Nonaccrual | 4,921 | 10,159 |
Construction Real Estate [Member] | 30-59 Days Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 424 | 378 |
Construction Real Estate [Member] | 60-89 Days Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 75 | 43 |
Construction Real Estate [Member] | 90 Days or More Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 4,706 | 8,241 |
Construction Real Estate [Member] | Pass [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Total loans | 68,413 | 60,848 |
Construction Real Estate [Member] | Special Mention [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Total loans | 936 | 5,378 |
Construction Real Estate [Member] | Substandard [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Total loans | 7,050 | 9,746 |
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 | 17,676 | 21,053 |
Current | 17,460 | 20,860 |
Past due | 216 | 193 |
Nonaccrual | 136 | 57 |
Installment and Other [Member] | 30-59 Days Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 99 | 135 |
Installment and Other [Member] | 60-89 Days Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 31 | 38 |
Installment and Other [Member] | 90 Days or More Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 86 | 20 |
Installment and Other [Member] | Pass [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Total loans | 17,528 | 20,983 |
Installment and Other [Member] | Special Mention [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Total loans | 0 | 4 |
Installment and Other [Member] | Substandard [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Total loans | 148 | 66 |
Installment and Other [Member] | Doubtful [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Total loans | $ 0 | $ 0 |
Loans and Allowance for Loan 50
Loans and Allowance for Loan Losses, Impairment by Class of Loans (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Unpaid Principal Balance [Abstract] | |||||
Total | $ 53,549,000 | $ 53,549,000 | $ 56,268,000 | ||
Recorded Investment [Abstract] | |||||
Total | 50,617,000 | 50,617,000 | 53,786,000 | ||
Allowance for Loan Losses Allocated [Abstract] | |||||
With an allowance recorded | 2,705,000 | 2,705,000 | 3,010,000 | ||
Average Recorded Investment [Abstract] | |||||
Total | 49,658,000 | $ 70,401,000 | 50,837,000 | $ 71,949,000 | |
Interest Income Recognized [Abstract] | |||||
Total | 663,000 | 558,000 | 1,969,000 | 1,665,000 | |
Troubled debt restructuring, recorded investment | 39,800,000 | 43,100,000 | 39,800,000 | 43,100,000 | |
Loan interest income | 197,100 | 517,300 | 584,800 | 1,200,000 | |
Commercial [Member] | |||||
Unpaid Principal Balance [Abstract] | |||||
With no related allowance recorded | 12,626,000 | 12,626,000 | 2,203,000 | ||
With an allowance recorded | 1,575,000 | 1,575,000 | 13,988,000 | ||
Recorded Investment [Abstract] | |||||
With no related allowance recorded | 12,624,000 | 12,624,000 | 2,166,000 | ||
With an allowance recorded | 1,574,000 | 1,574,000 | 13,988,000 | ||
Allowance for Loan Losses Allocated [Abstract] | |||||
With an allowance recorded | 223,000 | 223,000 | 350,000 | ||
Average Recorded Investment [Abstract] | |||||
With no related allowance recorded | 6,834,000 | 9,648,000 | 4,411,000 | 9,715,000 | |
With allowance recorded | 7,547,000 | 14,338,000 | 10,741,000 | 14,451,000 | |
Interest Income Recognized [Abstract] | |||||
With no related allowance recorded | 184,000 | 103,000 | 543,000 | 307,000 | |
With an allowance recorded | 22,000 | 196,000 | 66,000 | 584,000 | |
Commercial Real Estate [Member] | |||||
Unpaid Principal Balance [Abstract] | |||||
With no related allowance recorded | 6,962,000 | 6,962,000 | 6,368,000 | ||
With an allowance recorded | 6,326,000 | 6,326,000 | 6,376,000 | ||
Recorded Investment [Abstract] | |||||
With no related allowance recorded | 6,455,000 | 6,455,000 | 6,136,000 | ||
With an allowance recorded | 6,326,000 | 6,326,000 | 6,376,000 | ||
Allowance for Loan Losses Allocated [Abstract] | |||||
With an allowance recorded | 865,000 | 865,000 | 911,000 | ||
Average Recorded Investment [Abstract] | |||||
With no related allowance recorded | 5,133,000 | 10,279,000 | 5,084,000 | 10,668,000 | |
With allowance recorded | 6,350,000 | 9,003,000 | 6,352,000 | 9,056,000 | |
Interest Income Recognized [Abstract] | |||||
With no related allowance recorded | 99,000 | 18,000 | 295,000 | 53,000 | |
With an allowance recorded | 69,000 | 92,000 | 205,000 | 273,000 | |
Residential Real Estate [Member] | |||||
Unpaid Principal Balance [Abstract] | |||||
With no related allowance recorded | 5,485,000 | 5,485,000 | 5,176,000 | ||
With an allowance recorded | 7,682,000 | 7,682,000 | 8,601,000 | ||
Recorded Investment [Abstract] | |||||
With no related allowance recorded | 4,911,000 | 4,911,000 | 4,494,000 | ||
With an allowance recorded | 7,678,000 | 7,678,000 | 8,598,000 | ||
Allowance for Loan Losses Allocated [Abstract] | |||||
With an allowance recorded | 1,381,000 | 1,381,000 | 1,424,000 | ||
Average Recorded Investment [Abstract] | |||||
With no related allowance recorded | 4,712,000 | 5,955,000 | 4,586,000 | 6,541,000 | |
With allowance recorded | 7,695,000 | 9,652,000 | 8,019,000 | 9,860,000 | |
Interest Income Recognized [Abstract] | |||||
With no related allowance recorded | 54,000 | 10,000 | 162,000 | 31,000 | |
With an allowance recorded | 81,000 | 81,000 | 240,000 | 242,000 | |
Construction Real Estate [Member] | |||||
Unpaid Principal Balance [Abstract] | |||||
With no related allowance recorded | 8,934,000 | 8,934,000 | 7,522,000 | ||
With an allowance recorded | 3,282,000 | 3,282,000 | 5,288,000 | ||
Recorded Investment [Abstract] | |||||
With no related allowance recorded | 7,091,000 | 7,091,000 | 6,031,000 | ||
With an allowance recorded | 3,282,000 | 3,282,000 | 5,251,000 | ||
Allowance for Loan Losses Allocated [Abstract] | |||||
With an allowance recorded | 202,000 | 202,000 | 237,000 | ||
Average Recorded Investment [Abstract] | |||||
With no related allowance recorded | 7,397,000 | 6,213,000 | 7,189,000 | 6,587,000 | |
With allowance recorded | 3,302,000 | 4,443,000 | 3,755,000 | 4,178,000 | |
Interest Income Recognized [Abstract] | |||||
With no related allowance recorded | 104,000 | 5,000 | 308,000 | 16,000 | |
With an allowance recorded | 43,000 | 45,000 | 129,000 | 134,000 | |
Installment and Other [Member] | |||||
Unpaid Principal Balance [Abstract] | |||||
With no related allowance recorded | 405,000 | 405,000 | 313,000 | ||
With an allowance recorded | 272,000 | 272,000 | 433,000 | ||
Recorded Investment [Abstract] | |||||
With no related allowance recorded | 404,000 | 404,000 | 313,000 | ||
With an allowance recorded | 272,000 | 272,000 | 433,000 | ||
Allowance for Loan Losses Allocated [Abstract] | |||||
With an allowance recorded | 34,000 | 34,000 | $ 88,000 | ||
Average Recorded Investment [Abstract] | |||||
With no related allowance recorded | 399,000 | 341,000 | 353,000 | 339,000 | |
With allowance recorded | 289,000 | 529,000 | 347,000 | 554,000 | |
Interest Income Recognized [Abstract] | |||||
With no related allowance recorded | 5,000 | 4,000 | 14,000 | 12,000 | |
With an allowance recorded | $ 2,000 | $ 4,000 | $ 7,000 | $ 13,000 |
Loans and Allowance for Loan 51
Loans and Allowance for Loan Losses, Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Dec. 31, 2016 | |
Activity in the allowance for loan losses [Roll Forward] | ||||||
Beginning balance | $ 13,167 | $ 17,592 | $ 14,352 | $ 17,392 | ||
Provision (benefit) for loan losses | (250) | 0 | (1,220) | 0 | ||
Charge-offs | (2,023) | (524) | (2,880) | (1,458) | ||
Recoveries | 2,306 | 733 | 2,948 | 1,867 | ||
Net recoveries (charge-offs) | 283 | 209 | 68 | 409 | ||
Ending balance | 13,200 | 17,801 | 13,200 | 17,801 | ||
Allowance for loan losses allocated to [Abstract] | ||||||
Loans individually evaluated for impairment | $ 2,705 | $ 3,010 | ||||
Loans collectively evaluated for impairment | 10,495 | 11,342 | ||||
Ending balance | 13,167 | 17,592 | 14,352 | 17,392 | 13,200 | 14,352 |
Loans [Abstract] | ||||||
Individually evaluated for impairment | 50,617 | 53,786 | ||||
Collectively evaluated for impairment | 685,380 | 733,026 | ||||
Total ending loans balance | 735,997 | 786,812 | ||||
Commercial [Member] | ||||||
Activity in the allowance for loan losses [Roll Forward] | ||||||
Beginning balance | 1,377 | 2,220 | 1,449 | 2,442 | ||
Provision (benefit) for loan losses | (297) | (193) | (356) | (629) | ||
Charge-offs | (7) | (206) | (270) | (481) | ||
Recoveries | 56 | 260 | 306 | 749 | ||
Net recoveries (charge-offs) | 49 | 54 | 36 | 268 | ||
Ending balance | 1,129 | 2,081 | 1,129 | 2,081 | ||
Allowance for loan losses allocated to [Abstract] | ||||||
Loans individually evaluated for impairment | 223 | 350 | ||||
Loans collectively evaluated for impairment | 906 | 1,099 | ||||
Ending balance | 1,377 | 2,220 | 1,449 | 2,442 | 1,129 | 1,449 |
Loans [Abstract] | ||||||
Individually evaluated for impairment | 14,198 | 16,154 | ||||
Collectively evaluated for impairment | 50,959 | 53,007 | ||||
Total ending loans balance | 65,157 | 69,161 | ||||
Commercial Real Estate [Member] | ||||||
Activity in the allowance for loan losses [Roll Forward] | ||||||
Beginning balance | 6,205 | 7,919 | 6,472 | 6,751 | ||
Provision (benefit) for loan losses | 461 | 1 | 123 | 1,039 | ||
Charge-offs | (612) | (46) | (639) | (46) | ||
Recoveries | 88 | 377 | 186 | 507 | ||
Net recoveries (charge-offs) | (524) | 331 | (453) | 461 | ||
Ending balance | 6,142 | 8,251 | 6,142 | 8,251 | ||
Allowance for loan losses allocated to [Abstract] | ||||||
Loans individually evaluated for impairment | 865 | 911 | ||||
Loans collectively evaluated for impairment | 5,277 | 5,561 | ||||
Ending balance | 6,205 | 7,919 | 6,472 | 6,751 | 6,142 | 6,472 |
Loans [Abstract] | ||||||
Individually evaluated for impairment | 12,781 | 12,512 | ||||
Collectively evaluated for impairment | 377,050 | 393,388 | ||||
Total ending loans balance | 389,831 | 405,900 | ||||
Residential Real Estate [Member] | ||||||
Activity in the allowance for loan losses [Roll Forward] | ||||||
Beginning balance | 3,805 | 5,629 | 4,524 | 6,082 | ||
Provision (benefit) for loan losses | (117) | 10 | (626) | (300) | ||
Charge-offs | 0 | (174) | (309) | (576) | ||
Recoveries | 125 | 56 | 224 | 315 | ||
Net recoveries (charge-offs) | 125 | (118) | (85) | (261) | ||
Ending balance | 3,813 | 5,521 | 3,813 | 5,521 | ||
Allowance for loan losses allocated to [Abstract] | ||||||
Loans individually evaluated for impairment | 1,381 | 1,424 | ||||
Loans collectively evaluated for impairment | 2,432 | 3,100 | ||||
Ending balance | 3,805 | 5,629 | 4,524 | 6,082 | 3,813 | 4,524 |
Loans [Abstract] | ||||||
Individually evaluated for impairment | 12,589 | 13,092 | ||||
Collectively evaluated for impairment | 174,345 | 201,634 | ||||
Total ending loans balance | 186,934 | 214,726 | ||||
Construction Real Estate [Member] | ||||||
Activity in the allowance for loan losses [Roll Forward] | ||||||
Beginning balance | 1,117 | 1,039 | 1,119 | 1,143 | ||
Provision (benefit) for loan losses | 1,731 | 155 | 1,739 | (44) | ||
Charge-offs | (1,385) | 0 | (1,409) | (22) | ||
Recoveries | 37 | 5 | 51 | 122 | ||
Net recoveries (charge-offs) | (1,348) | 5 | (1,358) | 100 | ||
Ending balance | 1,500 | 1,199 | 1,500 | 1,199 | ||
Allowance for loan losses allocated to [Abstract] | ||||||
Loans individually evaluated for impairment | 202 | 237 | ||||
Loans collectively evaluated for impairment | 1,298 | 882 | ||||
Ending balance | 1,117 | 1,039 | 1,119 | 1,143 | 1,500 | 1,119 |
Loans [Abstract] | ||||||
Individually evaluated for impairment | 10,373 | 11,282 | ||||
Collectively evaluated for impairment | 66,026 | 64,690 | ||||
Total ending loans balance | 76,399 | 75,972 | ||||
Installment and Other [Member] | ||||||
Activity in the allowance for loan losses [Roll Forward] | ||||||
Beginning balance | 635 | 758 | 715 | 940 | ||
Provision (benefit) for loan losses | (2,073) | 3 | (2,100) | (83) | ||
Charge-offs | (19) | (98) | (253) | (333) | ||
Recoveries | 2,000 | 35 | 2,181 | 174 | ||
Net recoveries (charge-offs) | 1,981 | (63) | 1,928 | (159) | ||
Ending balance | 543 | 698 | 543 | 698 | ||
Allowance for loan losses allocated to [Abstract] | ||||||
Loans individually evaluated for impairment | 34 | 88 | ||||
Loans collectively evaluated for impairment | 509 | 627 | ||||
Ending balance | 635 | 758 | 715 | 940 | 543 | 715 |
Loans [Abstract] | ||||||
Individually evaluated for impairment | 676 | 746 | ||||
Collectively evaluated for impairment | 17,000 | 20,307 | ||||
Total ending loans balance | 17,676 | 21,053 | ||||
Unallocated [Member] | ||||||
Activity in the allowance for loan losses [Roll Forward] | ||||||
Beginning balance | 28 | 27 | 73 | 34 | ||
Provision (benefit) for loan losses | 45 | 24 | 0 | 17 | ||
Charge-offs | 0 | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | 0 | ||
Net recoveries (charge-offs) | 0 | 0 | 0 | 0 | ||
Ending balance | 73 | 51 | 73 | 51 | ||
Allowance for loan losses allocated to [Abstract] | ||||||
Loans individually evaluated for impairment | 0 | 0 | ||||
Loans collectively evaluated for impairment | 73 | 73 | ||||
Ending balance | $ 28 | $ 27 | $ 73 | $ 34 | 73 | 73 |
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 52
Loans and Allowance for Loan Losses, Troubled Debt Restructurings (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2017USD ($)Contract | Sep. 30, 2016USD ($)Contract | Sep. 30, 2017USD ($)ContractLoan | Sep. 30, 2016USD ($)Contract | Dec. 31, 2016USD ($)ContractLoan | |
TDRs on financing receivables [Abstract] | |||||
Number of Contracts | Contract | 2 | 0 | 7 | 1 | |
Pre-Modification Outstanding Recorded Investment | $ 105,000 | $ 332,000 | $ 43,000 | ||
Post-Modification Outstanding Recorded Investment | 105,000 | 332,000 | 43,000 | ||
Specific reserves allocated | $ 29,000 | $ 30,000 | $ 0 | ||
TDRs, subsequent default [Abstract] | |||||
Number of Contracts | Contract | 0 | 0 | 1 | 2 | |
Pre-Modification Outstanding Recorded Investment | $ 61,000 | $ 807,000 | |||
Specific reserves allocated | $ 0 | 10,000 | |||
Number of Contracts [Abstract] | |||||
Accrual | Contract | 117 | 127 | |||
Nonaccrual | Contract | 20 | 23 | |||
Total TDRs | Contract | 137 | 150 | |||
Amount [Abstract] | |||||
Accrual | $ 34,886,000 | $ 34,886,000 | $ 35,158,000 | ||
Nonaccrual | 4,924,000 | 4,924,000 | 7,909,000 | ||
Total TDRs | 39,810,000 | 39,810,000 | 43,067,000 | ||
TDR charge-offs | 402,700 | $ 172,800 | 457,800 | 356,300 | |
Troubled debt restructuring, subsequently defaulted, Provision to the allowance for loan losses | 0 | $ 10,000 | |||
Specific reserves on TDRs | 2,100,000 | 2,100,000 | 2,600,000 | ||
Commitments to lend additional funds | $ 23,000 | $ 23,000 | $ 1,600,000 | ||
Commercial [Member] | |||||
TDRs on financing receivables [Abstract] | |||||
Number of Contracts | Contract | 2 | 4 | |||
Pre-Modification Outstanding Recorded Investment | $ 105,000 | $ 135,000 | |||
Post-Modification Outstanding Recorded Investment | 105,000 | 135,000 | |||
Specific reserves allocated | $ 29,000 | $ 30,000 | |||
Amount [Abstract] | |||||
Number of commercial loans classified as TDRs | Loan | 1 | 6 | |||
Residential Real Estate [Member] | |||||
TDRs on financing receivables [Abstract] | |||||
Number of Contracts | Contract | 2 | ||||
Pre-Modification Outstanding Recorded Investment | $ 187,000 | ||||
Post-Modification Outstanding Recorded Investment | 187,000 | ||||
Specific reserves allocated | $ 0 | ||||
Construction Real Estate [Member] | |||||
TDRs on financing receivables [Abstract] | |||||
Number of Contracts | Contract | 1 | ||||
Pre-Modification Outstanding Recorded Investment | $ 10,000 | ||||
Post-Modification Outstanding Recorded Investment | 10,000 | ||||
Specific reserves allocated | $ 0 | ||||
TDRs, subsequent default [Abstract] | |||||
Number of Contracts | Contract | 1 | 2 | |||
Pre-Modification Outstanding Recorded Investment | $ 61,000 | $ 807,000 | |||
Specific reserves allocated | $ 0 | $ 10,000 | |||
Installment and Other [Member] | |||||
TDRs on financing receivables [Abstract] | |||||
Number of Contracts | Contract | 1 | ||||
Pre-Modification Outstanding Recorded Investment | $ 43,000 | ||||
Post-Modification Outstanding Recorded Investment | 43,000 | ||||
Specific reserves allocated | $ 0 | ||||
Commercial Real Estate [Member] | |||||
Amount [Abstract] | |||||
Number of commercial loans classified as TDRs | Loan | 1 |
Loans and Allowance for Loan 53
Loans and Allowance for Loan Losses, Activity Related to Loans (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Loans and Allowance for Loan Losses [Abstract] | ||
Loans outstanding to executive officers and directors | $ 335,100 | $ 513,600 |
Analysis of the activity related to loans [Abstract] | ||
Balance, beginning | 348,000 | 1,933,000 |
Additions | 8,000 | 158,000 |
Changes in composition | (87,000) | (648,000) |
Principal payments and other reductions | (59,000) | (1,095,000) |
Balance, ending | $ 210,000 | $ 348,000 |
Loan Servicing and Mortgage S54
Loan Servicing and Mortgage Servicing Rights ("MSRs") (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Mortgage loan portfolios serviced for [Abstract] | |||||
Federal National Mortgage Association ("Fannie Mae") | $ 687,380 | $ 687,380 | $ 780,348 | ||
Totals | $ 687,380 | $ 687,380 | 780,348 | ||
Contractual servicing fee | 0.25% | 0.25% | 0.25% | 0.25% | |
Late fees on loans serviced for others | $ 23 | $ 11 | $ 59 | $ 42 | |
Custodial balances on deposit at the Bank in connection with the foregoing loan servicing | 8,400 | 8,400 | 4,800 | ||
Analysis of changes in mortgage servicing rights assets [Roll Forward] | |||||
Balance at beginning of period | 6,176 | 5,311 | 6,905 | 6,882 | 6,882 |
Servicing rights originated and capitalized | 0 | 209 | 0 | 563 | |
Change in value of MSRs | (677) | 95 | (1,406) | (1,830) | |
Balance at end of period | 5,499 | 5,615 | 5,499 | 5,615 | $ 6,905 |
Mortgage servicing right, fair value | $ 5,500 | $ 5,600 | $ 5,500 | $ 5,600 | |
Assumptions used to calculate the market value [Abstract] | |||||
Weighted Average Public Securities Association (PSA) speed | 199.07% | 193.93% | |||
Weighted Average Discount rate | 10.50% | 10.50% | |||
Weighted Average Delinquency rate | 0.92% | 1.32% |
Other Real Estate Owned ("ORE55
Other Real Estate Owned ("OREO") (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Real Estate [Line Items] | ||||||
Other real estate owned | $ 8,199 | $ 7,085 | $ 8,436 | $ 7,054 | $ 8,653 | $ 8,346 |
Loans secured by residential real estate properties | 1,900 | 2,100 | ||||
Commercial Real Estate [Member] | ||||||
Real Estate [Line Items] | ||||||
Other real estate owned | 1,667 | 2,181 | ||||
Residential Real Estate [Member] | ||||||
Real Estate [Line Items] | ||||||
Other real estate owned | 1,532 | 2,734 | ||||
Construction Real Estate [Member] | ||||||
Real Estate [Line Items] | ||||||
Other real estate owned | $ 5,000 | $ 3,521 |
Other Real Estate Owned ("ORE56
Other Real Estate Owned ("OREO"), Rollforward (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Other Real Estate [Roll Forward] | ||||
Balance at beginning of period | $ 7,085 | $ 8,653 | $ 8,436 | $ 8,346 |
Transfers in at fair value | 2,154 | 59 | 2,848 | 2,944 |
Write-down of value | (29) | (23) | (615) | (23) |
Gain on disposal | 124 | 308 | 781 | 1,059 |
Cash received upon disposition | (1,135) | (1,366) | (3,251) | (3,724) |
Sales financed by loans by the Bank | 0 | (577) | 0 | (1,548) |
Balance at end of period | $ 8,199 | $ 7,054 | $ 8,199 | $ 7,054 |
Deposits (Details)
Deposits (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Deposits [Abstract] | ||
Demand deposits, noninterest bearing | $ 183,881 | $ 174,305 |
NOW and money market accounts | 401,269 | 405,268 |
Savings deposits | 399,258 | 407,606 |
Time certificates, $250,000 or more | 23,067 | 28,531 |
Other time certificates | 159,844 | 191,710 |
Total deposits | 1,167,319 | 1,207,420 |
Deposits from executive officers, directors and their affiliates | $ 1,700 | $ 1,600 |
Borrowings (Details)
Borrowings (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | |
Borrowings [Abstract] | ||
Loans pledged under blanket assignment | $ 341,600 | |
Investment securities pledged as collateral | 2,300 | |
Advances available based on remaining unpledged investment securities | 75,800 | |
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) | 9 Months Ended | ||
Sep. 30, 2017USD ($)Payment | Dec. 31, 2016USD ($) | Jun. 30, 2013USD ($) | |
Variable Interest Entity [Line Items] | |||
Junior subordinated deferrable interest debentures owed | $ 36,937,000 | $ 36,927,000 | |
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] | |||
Junior subordinated deferrable interest debentures owed | $ 37,100,000 | ||
Accrued interest and unpaid | $ 173,900 | $ 9,800,000 | |
Trust I [Member] | |||
Variable Interest Entity [Line Items] | |||
Date of Issue | Mar. 23, 2000 | ||
Amount of trust preferred securities issued | $ 10,000,000 | ||
Rate on trust preferred securities | 10.875% | ||
Maturity | Mar. 8, 2030 | ||
Date of first redemption | Mar. 8, 2010 | ||
Common equity securities issued | $ 310,000 | ||
Junior subordinated deferrable interest debentures owed | $ 10,310,000 | ||
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 | $ 6,000,000 | ||
Variable rate on trust preferred securities | 4.01611% | ||
Maturity | Sep. 8, 2034 | ||
Date of first redemption | Sep. 8, 2009 | ||
Common equity securities issued | $ 186,000 | ||
Junior subordinated deferrable interest debentures owed | $ 6,186,000 | ||
Rate on junior subordinated deferrable interest debentures, variable | 4.01611% | ||
Trust IV [Member] | |||
Variable Interest Entity [Line Items] | |||
Date of Issue | Jun. 29, 2005 | ||
Amount of trust preferred securities issued | $ 10,000,000 | ||
Rate on trust preferred securities | 6.88% | ||
Maturity | Nov. 23, 2035 | ||
Date of first redemption | Aug. 23, 2010 | ||
Common equity securities issued | $ 310,000 | ||
Junior subordinated deferrable interest debentures owed | $ 10,310,000 | ||
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 | $ 10,000,000 | ||
Variable rate on trust preferred securities | 2.97% | ||
Maturity | Dec. 15, 2036 | ||
Date of first redemption | Sep. 15, 2011 | ||
Common equity securities issued | $ 310,000 | ||
Junior subordinated deferrable interest debentures owed | $ 10,310,000 | ||
Rate on junior subordinated deferrable interest debentures, variable | 2.97% |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Taxes [Abstract] | ||||
Deferred tax assets, valuation allowance | $ 2,400 | $ 2,400 | ||
Effective Income Tax Rate Reconciliation, Amount [Abstract] | ||||
Federal statutory tax rate | 613 | 613 | ||
Net tax exempt interest income | (108) | (372) | ||
Other, net | (73) | (17) | ||
Uncollectable income tax receivables | 0 | 431 | ||
Tax credits not realizable | 0 | 584 | ||
State income tax, net of federal benefit | 66 | 235 | ||
Tax provision before change in valuation allowance | 498 | 1,474 | ||
Change in valuation allowance | 900 | 2,013 | ||
Provision for income taxes | $ 1,398 | $ 0 | $ 3,487 | $ 0 |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | ||||
Federal statutory tax rate | 33990.00% | 34.00% | ||
Net tax exempt interest income | (6012.00%) | (21.00%) | ||
Other, net | (4050.00%) | (1.00%) | ||
Uncollectable income tax receivables | 0.00% | 24.00% | ||
Elimination of duplicate tax credits not realizable | 0.00% | 32.00% | ||
State income tax, net of federal benefit | 3660.00% | 13.00% | ||
Tax provision before change in valuation allowance | 27606.00% | 82.00% | ||
Change in valuation allowance | 49894.00% | 112.00% | ||
Provision for income taxes | 77516.00% | 194.00% |
Commitments and Off-Balance-S61
Commitments and Off-Balance-Sheet Activities (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Loss Contingencies [Line Items] | ||
FHLB, collateral amount | $ 78,100 | |
Term of letter of credit | 1 year | |
Potential obligations under credit-related commitments | $ 575 | $ 575 |
Fixed And Adjustable Rate Loans [Abstract] | ||
Fixed rate | 18,888 | 19,663 |
Adjustable rate | 98,477 | 105,741 |
Total | $ 117,365 | 125,404 |
Minimum [Member] | ||
Loss Contingencies [Line Items] | ||
Fixed interest rate | 0.00% | |
Maximum [Member] | ||
Loss Contingencies [Line Items] | ||
Fixed interest rate | 6.50% | |
Term of derivatives maturities | 8 years | |
Unfunded Commitments under Lines of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Credit-related commitments | $ 112,116 | 118,252 |
Commercial and Standby Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Credit-related commitments | 5,249 | 7,152 |
Fees collected on grants of letters of credit | 17 | 26 |
Commitments to Make Loans [Member] | ||
Loss Contingencies [Line Items] | ||
Credit-related commitments | $ 1,554 | $ 5,835 |
Preferred Equity Issues (Detail
Preferred Equity Issues (Details) | Dec. 19, 2016USD ($)$ / sharesshares | Mar. 27, 2009USD ($)Series | Sep. 30, 2017USD ($)$ / sharesshares | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($)$ / sharesshares | Sep. 30, 2016USD ($) | Dec. 31, 2016USD ($)Series$ / sharesshares | Dec. 31, 2015 | Feb. 02, 2017$ / sharesshares |
Schedule of preferred equity issues under capital purchase program [Abstract] | |||||||||
Gross proceeds from private placement | $ | $ 52,000,000 | ||||||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0 | $ 0 | $ 0 | ||||||
Preferred stock, outstanding (in shares) | shares | 0 | 0 | |||||||
Number of series of preferred stock issued | Series | 2 | 3 | |||||||
Amortized period of the liquidation value of the preferred shares | 10 years | ||||||||
Net amount accreted to capital preferred equity | $ | $ 398,000 | $ 134,000 | |||||||
Amount of dividends and net accretion on the preferred shares reduces net income | $ | $ 0 | $ 1,100,000 | $ 771,000 | $ 3,200,000 | |||||
Minimum [Member] | |||||||||
Schedule of preferred equity issues under capital purchase program [Abstract] | |||||||||
Percentage of stock ownership required for investor to be appointed as representative of board of directors | 5.00% | ||||||||
Series A Cumulative Perpetual Preferred Shares [Member] | |||||||||
Schedule of preferred equity issues under capital purchase program [Abstract] | |||||||||
Number of shares issued (in shares) | shares | 0 | 0 | 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 | $ | $ 33,437,000 | ||||||||
Dividend rate of first five years | 5.00% | ||||||||
Dividend rate after five years | 9.00% | ||||||||
Purchase price in cash | $ | $ 35,500,000 | ||||||||
Preferred stock, outstanding (in shares) | shares | 0 | 0 | 35,539 | ||||||
Series B Cumulative Perpetual Preferred Shares [Member] | |||||||||
Schedule of preferred equity issues under capital purchase program [Abstract] | |||||||||
Number of shares issued (in shares) | shares | 0 | 0 | 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 | $ | $ 2,102,000 | ||||||||
Preferred stock, outstanding (in shares) | shares | 0 | 0 | 1,777 | ||||||
Series C Cumulative Perpetual Convertible Preferred Shares [Member] | |||||||||
Schedule of preferred equity issues under capital purchase program [Abstract] | |||||||||
Number of shares issued (in shares) | shares | 0 | 0 | 82,862 | ||||||
Dividend rate | 0.00% | 0.00% | 0.00% | ||||||
Liquidation value per share (in dollars per share) | $ / shares | $ 475 | $ 475 | $ 475 | ||||||
Original cost | $ | $ 39,359,000 | ||||||||
Purchase price (in dollars per share) | $ / shares | $ 475 | ||||||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0 | ||||||||
Preferred stock, outstanding (in shares) | shares | 0 | 0 | 82,862 | ||||||
Preferred stock converted in common stock (in shares) | shares | 8,286,200 | ||||||||
Preferred stock, conversion price (in dollars per share) | $ / shares | $ 4.75 | ||||||||
Trust Preferred Securities [Member] | |||||||||
Schedule of preferred equity issues under capital purchase program [Abstract] | |||||||||
Proceeds from dividend from bank | $ | $ 15,000,000 | ||||||||
Common Stock [Member] | |||||||||
Schedule of preferred equity issues under capital purchase program [Abstract] | |||||||||
Common stock, issued (in shares) | shares | 2,661,239 | ||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0 | ||||||||
Purchase price (in dollars per share) | $ / shares | $ 4.75 |
Stock Incentives (Details)
Stock Incentives (Details) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2017USD ($)shares | Sep. 30, 2017USD ($)shares | |
RSUs and Performance-based RSUs [Member] | ||
Summary of changes in RSUs and performance-based RSUs [Roll Forward] | ||
Nonvested, beginning balance (in shares) | 50,228 | |
Granted (in shares) | 424,930 | |
Vested (in shares) | (16,741) | |
Forfeited or expired (in shares) | (5,635) | |
Nonvested, ending balance (in shares) | 452,782 | 452,782 |
2015 Plan [Member] | ||
Additional Disclosures [Abstract] | ||
Share-based compensation expense | $ | $ 41,500 | $ 90,900 |
Unrecognized compensation cost | $ | $ 2,100,000 | $ 2,100,000 |
2015 Plan [Member] | Voting Common Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares held in treasury or authorized but unissued common stock have been reserved (in shares) | 500,000 | 500,000 |
2015 Plan [Member] | Performance-based RSUs [Member] | ||
Summary of changes in RSUs and performance-based RSUs [Roll Forward] | ||
Granted (in shares) | 356,225 | 356,225 |
Nonvested, ending balance (in shares) | 356,225 | 356,225 |
2015 Plan [Member] | RSUs [Member] | ||
Summary of changes in RSUs and performance-based RSUs [Roll Forward] | ||
Nonvested, ending balance (in shares) | 96,557 | 96,557 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | |
Investment securities available for sale [Abstract] | |||
Fair value, Liabilities, Level 2 to Level 1 transfers | $ 0 | $ 0 | |
Fair value, Assets, Level 1 to Level 2 transfers | 0 | 0 | |
Fair value, Assets, Level 2 to Level 1 transfers | 0 | 0 | |
Fair value, Liabilities, Level 1 to Level 2 transfers | 0 | 0 | |
Carrying value of impaired loans | 19,100 | 34,600 | |
Impaired loans, valuation allowance | 2,700 | 3,000 | |
Write-down of OREO | 72 | 63 | |
Financial Assets [Abstract] | |||
Impaired loans | 50,617 | 53,786 | |
MSRs | 5,500 | $ 5,600 | |
Recurring [Member] | |||
Investment securities available for sale [Abstract] | |||
U.S. Government sponsored agencies | 74,229 | 68,828 | |
States and political subdivision | 110,772 | 37,343 | |
Residential mortgage backed securities | 129,738 | 203,819 | |
Residential collateralized mortgage obligation | 10,304 | 14,816 | |
Commercial mortgage backed securities | 108,879 | 114,172 | |
SBA pools | 599 | 672 | |
Total | 434,521 | 439,650 | |
Recurring [Member] | Level 1 [Member] | |||
Investment securities available for sale [Abstract] | |||
U.S. Government sponsored agencies | 0 | 0 | |
States and political subdivision | 0 | 0 | |
Residential mortgage backed securities | 0 | 0 | |
Residential collateralized mortgage obligation | 0 | 0 | |
Commercial mortgage backed securities | 0 | 0 | |
SBA pools | 0 | 0 | |
Total | 0 | 0 | |
Recurring [Member] | Level 2 [Member] | |||
Investment securities available for sale [Abstract] | |||
U.S. Government sponsored agencies | 74,229 | 68,828 | |
States and political subdivision | 110,772 | 37,343 | |
Residential mortgage backed securities | 129,738 | 203,819 | |
Residential collateralized mortgage obligation | 10,304 | 14,816 | |
Commercial mortgage backed securities | 108,879 | 114,172 | |
SBA pools | 599 | 672 | |
Total | 434,521 | 439,650 | |
Recurring [Member] | Level 3 [Member] | |||
Investment securities available for sale [Abstract] | |||
U.S. Government sponsored agencies | 0 | 0 | |
States and political subdivision | 0 | 0 | |
Residential mortgage backed securities | 0 | 0 | |
Residential collateralized mortgage obligation | 0 | 0 | |
Commercial mortgage backed securities | 0 | 0 | |
SBA pools | 0 | 0 | |
Total | 0 | 0 | |
Nonrecurring [Member] | |||
Financial Assets [Abstract] | |||
Impaired loans | 16,427 | 31,636 | |
MSRs | 5,499 | 6,905 | |
Non-Financial Assets [Abstract] | |||
OREO | 851 | 582 | |
Nonrecurring [Member] | Level 1 [Member] | |||
Financial Assets [Abstract] | |||
Impaired loans | 0 | 0 | |
MSRs | 0 | 0 | |
Non-Financial Assets [Abstract] | |||
OREO | 0 | 0 | |
Nonrecurring [Member] | Level 2 [Member] | |||
Financial Assets [Abstract] | |||
Impaired loans | 0 | 0 | |
MSRs | 0 | 0 | |
Non-Financial Assets [Abstract] | |||
OREO | 0 | 0 | |
Nonrecurring [Member] | Level 3 [Member] | |||
Financial Assets [Abstract] | |||
Impaired loans | 16,427 | 31,636 | |
MSRs | 5,499 | 6,905 | |
Non-Financial Assets [Abstract] | |||
OREO | $ 851 | $ 582 |
Fair Value Measurements, Assets
Fair Value Measurements, Assets, Quantitative Information (Details) - Nonrecurring [Member] - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Impaired Loans Commercial [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value | $ 1,351 | $ 13,638 |
Impaired Loans Commercial Real Estate [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value | 5,461 | 5,465 |
Impaired Loans Residential Real Estate [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value | 6,297 | 7,174 |
Impaired Loans Construction Real Estate [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value | 3,080 | 5,014 |
Impaired Loans Installment and Other [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value | 238 | 345 |
Impaired Loans [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value | 16,427 | 31,636 |
Other Real Estate Owned Residential Real Estate [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value | 840 | 483 |
Other Real Estate Owned Construction Real Estate [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value | 11 | 99 |
Other Real Estate Owned [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value | $ 851 | $ 582 |
Sales Comparison [Member] | Minimum [Member] | Impaired Loans Commercial [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparison between sales and income approaches | 0.00% | 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 | 4.25% | 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% | 3.13% |
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 | 0.00% | 0.00% |
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 | 1.56% | 3.16% |
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 | 61.05% | 12.00% |
Sales Comparison [Member] | Maximum [Member] | Impaired Loans Commercial [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparison between sales and income approaches | 7.50% | 7.75% |
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 | 7.67% | 37.50% |
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 | 7.25% | 7.50% |
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% | 37.50% |
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 | 23.29% | 11.76% |
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 | 61.05% | 12.00% |
Sales Comparison [Member] | Weighted Average [Member] | Impaired Loans Commercial [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparison between sales and income approaches | 6.35% | 5.79% |
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 | 5.98% | 5.96% |
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 | 5.86% | 6.73% |
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 | 6.17% | 5.79% |
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 | 6.41% | 7.70% |
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 | 6.10% | 9.29% |
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 | 61.05% | 12.00% |
Fair Value Measurements, Estima
Fair Value Measurements, Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Financial assets [Abstract] | ||
Cash and due from banks | $ 11,733 | $ 13,537 |
Interest-bearing deposits with banks | 68,234 | 105,798 |
Investments [Abstract] | ||
Available for sale | 434,521 | 439,650 |
Held to maturity | 7,882 | 8,824 |
Non-marketable equity securities | 3,615 | 3,812 |
Loans, net | 721,817 | 771,138 |
Financial liabilities [Abstract] | ||
Non-interest bearing deposits | 183,881 | 174,305 |
Interest bearing deposits | 983,438 | 1,033,115 |
Long-term borrowings | 2,300 | 2,300 |
Junior subordinated debt | 36,937 | 36,927 |
Level 1 [Member] | ||
Financial assets [Abstract] | ||
Cash and due from banks | 11,733 | 13,537 |
Interest-bearing deposits with banks | 68,234 | 105,798 |
Securities purchased under resell agreements | 0 | |
Investments [Abstract] | ||
Available for sale | 0 | 0 |
Held to maturity | 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 | 0 |
Off-balance-sheet instruments [Abstract] | ||
Loan commitments and standby letters of credit | 0 | 0 |
Financial liabilities [Abstract] | ||
Non-interest bearing deposits | 183,881 | 174,305 |
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 | 434,521 | 439,650 |
Held to maturity | 7,512 | 8,613 |
Loans, net | 0 | 0 |
Accrued interest receivable on securities | 2,008 | 1,873 |
Accrued interest receivable on loans | 0 | 0 |
Accrued interest receivable other | 0 | 0 |
Off-balance-sheet instruments [Abstract] | ||
Loan commitments and standby letters of credit | 17 | 26 |
Financial liabilities [Abstract] | ||
Non-interest bearing deposits | 0 | 0 |
Interest bearing deposits | 983,534 | 1,040,560 |
Long-term borrowings | 2,644 | 2,698 |
Junior subordinated debt | 0 | 0 |
Accrued interest payable | 186 | 270 |
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, net | 720,008 | 770,254 |
Accrued interest receivable on securities | 0 | 0 |
Accrued interest receivable on loans | 2,285 | 3,874 |
Accrued interest receivable other | 8 | 296 |
Off-balance-sheet instruments [Abstract] | ||
Loan commitments and standby letters of credit | 0 | 0 |
Financial liabilities [Abstract] | ||
Non-interest bearing deposits | 0 | 0 |
Interest bearing deposits | 0 | 0 |
Long-term borrowings | 0 | 0 |
Junior subordinated debt | 22,750 | 20,582 |
Accrued interest payable | 174 | 9,849 |
Carrying Amount [Member] | ||
Financial assets [Abstract] | ||
Cash and due from banks | 11,733 | 13,537 |
Interest-bearing deposits with banks | 68,234 | 105,798 |
Securities purchased under resell agreements | 0 | |
Investments [Abstract] | ||
Available for sale | 434,521 | 439,650 |
Held to maturity | 7,882 | 8,824 |
Non-marketable equity securities | 3,615 | 3,812 |
Loans, net | 721,817 | 771,138 |
Accrued interest receivable on securities | 2,008 | 1,873 |
Accrued interest receivable on loans | 2,285 | 3,874 |
Accrued interest receivable other | 8 | 296 |
Off-balance-sheet instruments [Abstract] | ||
Loan commitments and standby letters of credit | 17 | 26 |
Financial liabilities [Abstract] | ||
Non-interest bearing deposits | 183,881 | 174,305 |
Interest bearing deposits | 983,438 | 1,033,115 |
Long-term borrowings | 2,300 | 2,300 |
Junior subordinated debt | 36,937 | 36,927 |
Accrued interest payable | 360 | 10,119 |
Fair Value [Member] | ||
Financial assets [Abstract] | ||
Cash and due from banks | 11,733 | 13,537 |
Interest-bearing deposits with banks | 68,234 | 105,798 |
Securities purchased under resell agreements | 0 | |
Investments [Abstract] | ||
Available for sale | 434,521 | 439,650 |
Held to maturity | 7,512 | 8,613 |
Loans, net | 720,008 | 770,254 |
Accrued interest receivable on securities | 2,008 | 1,873 |
Accrued interest receivable on loans | 2,285 | 3,874 |
Accrued interest receivable other | 8 | 296 |
Off-balance-sheet instruments [Abstract] | ||
Loan commitments and standby letters of credit | 17 | 26 |
Financial liabilities [Abstract] | ||
Non-interest bearing deposits | 183,881 | 174,305 |
Interest bearing deposits | 983,534 | 1,040,560 |
Long-term borrowings | 2,644 | 2,698 |
Junior subordinated debt | 22,750 | 20,582 |
Accrued interest payable | $ 360 | $ 10,119 |
Regulatory Matters (Details)
Regulatory Matters (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | |
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 | $ 144,827 | $ 178,906 |
For capital adequacy purposes | $ 68,254 | $ 71,381 |
Total capital (to risk-weighted assets), Ratio [Abstract] | ||
Actual | 16.975% | 20.0509% |
For capital adequacy purposes | 8.00% | 8.00% |
Tier 1 capital (risk-weighted assets), Amount [Abstract] | ||
Actual | $ 124,036 | $ 167,290 |
For capital adequacy purposes | $ 51,191 | $ 53,536 |
Tier 1 capital (to risk-weighted assets), Ratio [Abstract] | ||
Actual | 14.5381% | 18.749% |
For capital adequacy purposes | 6.00% | 6.00% |
Common equity Tier 1 capital (to risk weighted assets), Amount [Abstract] | ||
Actual | $ 99,229 | $ 60,840 |
For capital adequacy purposes | $ 38,393 | $ 40,152 |
Common equity Tier 1 capital (to risk weighted assets), Ratio [Abstract] | ||
Actual | 11.6305% | 6.8186% |
For capital adequacy purposes | 4.50% | 4.50% |
Tier 1 leverage (to average assets), Amount [Abstract] | ||
Actual | $ 124,036 | $ 167,290 |
For capital adequacy purposes | $ 52,253 | $ 35,690 |
Tier 1 leverage (to average assets), Ratio [Abstract] | ||
Actual | 9.4951% | 12.012% |
For capital adequacy purposes | 4.00% | 4.00% |
Bank Only [Member] | ||
Total capital (to risk-weighted assets), Amount [Abstract] | ||
Actual | $ 139,379 | $ 137,873 |
For capital adequacy purposes | 68,226 | 71,719 |
To be well capitalized under prompt corrective action provisions | 85,283 | 89,649 |
Minimum levels under consent order provisions | $ 93,811 | $ 98,614 |
Total capital (to risk-weighted assets), Ratio [Abstract] | ||
Actual | 16.3432% | 15.3793% |
For capital adequacy purposes | 8.00% | 8.00% |
To be well capitalized under prompt corrective action provisions | 10.00% | 10.00% |
Minimum levels under consent order provisions | 11.00% | 11.00% |
Tier 1 capital (risk-weighted assets), Amount [Abstract] | ||
Actual | $ 128,674 | $ 126,598 |
For capital adequacy purposes | 51,170 | 53,789 |
To be well capitalized under prompt corrective action provisions | $ 68,226 | $ 71,719 |
Tier 1 capital (to risk-weighted assets), Ratio [Abstract] | ||
Actual | 15.088% | 14.1216% |
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] | ||
Actual | $ 128,674 | $ 126,598 |
For capital adequacy purposes | 38,377 | 40,342 |
To be well capitalized under prompt corrective action provisions | $ 55,434 | $ 58,272 |
Common equity Tier 1 capital (to risk weighted assets), Ratio [Abstract] | ||
Actual | 15.088% | 14.1216% |
For capital adequacy purposes | 4.50% | 4.50% |
To be well capitalized under prompt corrective action provisions | 6.50% | 6.50% |
Tier 1 leverage (to average assets), Amount [Abstract] | ||
Actual | $ 128,674 | $ 126,598 |
For capital adequacy purposes | 52,009 | 35,859 |
To be well capitalized under prompt corrective action provisions | 65,011 | 44,824 |
Minimum levels under consent order provisions | $ 104,018 | $ 71,719 |
Tier 1 leverage (to average assets), Ratio [Abstract] | ||
Actual | 9.8963% | 9.1596% |
For capital adequacy purposes | 4.00% | 4.00% |
To be well capitalized under prompt corrective action provisions | 5.00% | 5.00% |
Minimum levels under consent order provisions | 8.00% | 8.00% |
Capital Conservation Buffer [Abstract] | ||
Capital conservation buffer | 8.3432% | 7.3793% |
Consolidated capital conservation buffer | 7.1305% | 2.3186% |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands | Nov. 13, 2017 | Sep. 30, 2017 | Sep. 30, 2016 |
Subsequent Event [Line Items] | |||
Gross proceeds from common stock | $ 193 | $ 138 | |
Subsequent Event [Member] | Voting Common Stock [Member] | |||
Subsequent Event [Line Items] | |||
Offering price (in dollars per share) | $ 4.75 | ||
Common stock, issued (in shares) | 2,105,263 | ||
Gross proceeds from common stock | $ 10,000 |