Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Sep. 30, 2016 | Jun. 30, 2016 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | TRINITY CAPITAL CORP | ||
Entity Central Index Key | 99,771 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $ 26,105,000 | ||
Entity Common Stock, Shares Outstanding | 6,526,302 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and due from banks | $ 13,506 | $ 17,202 |
Interest-bearing deposits with banks | 151,049 | 207,965 |
Securities purchased under resell agreements | 24,320 | 22,231 |
Cash and cash equivalents | 188,875 | 247,398 |
Investment securities available for sale, at fair value | 316,040 | 216,022 |
Investment securities held to maturity, at amortized cost (fair value of $8,988 and $11,947 as of December 31, 2015 and 2014, respectively) | 8,986 | 11,775 |
Non-marketable equity securities | 3,854 | 6,984 |
Loans held for sale | 3,041 | 5,632 |
Loans (net of allowance for loan losses of $17,392 and $24,783 as of December 31, 2015 and 2014, respectively) | 822,396 | 885,764 |
Mortgage servicing rights ("MSRs"), net | 6,882 | 7,453 |
Premises and equipment, net | 23,373 | 24,734 |
Other real estate owned ("OREO"), net | 8,346 | 13,980 |
Other assets | 17,192 | 26,464 |
Total assets | 1,398,985 | 1,446,206 |
Deposits: | ||
Noninterest-bearing | 152,888 | 144,503 |
Interest-bearing | 1,101,070 | 1,138,089 |
Total deposits | 1,253,958 | 1,282,592 |
Long-term borrowings | 2,300 | 22,300 |
Junior subordinated debt | 37,116 | 37,116 |
Other liabilities | 26,621 | 21,176 |
Total liabilities | 1,319,995 | 1,363,184 |
Stock owned by Employee Stock Ownership Plan ("ESOP") participants; 672,623 shares and 672,958 shares as of December 31, 2015 and 2014, respectively, at fair value | 2,690 | 2,019 |
Commitments and contingencies (Notes 11, 15 and 17) | ||
Stockholders' equity | ||
Common stock, no par, 20,000,000 shares authorized; 6,856,800 shares issued; 6,491,802 shares and 6,453,049 shares outstanding as of December 31, 2015 and 2014, respectively | 6,836 | 6,836 |
Additional paid-in capital | 1,153 | 1,963 |
Retained earnings | 44,232 | 47,084 |
Accumulated other comprehensive (loss) | (2,781) | (555) |
Total stockholders' equity before treasury stock | 86,180 | 91,891 |
Treasury stock, at cost; 364,998 shares and 403,751 shares as of December 31, 2015 and 2014, respectively | (9,880) | (10,888) |
Total stockholders' equity | 76,300 | 81,003 |
Total liabilities and stockholders' equity | 1,398,985 | 1,446,206 |
Series A Preferred Stock [Member] | ||
Stockholders' equity | ||
Preferred stock | 34,858 | 34,648 |
Series B Preferred Stock [Member] | ||
Stockholders' equity | ||
Preferred stock | $ 1,882 | $ 1,915 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
ASSETS | ||
Investment securities held to maturity, at amortized cost | $ 8,988 | $ 11,947 |
Loans, allowance for losses | $ 17,392 | $ 24,783 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Stock owned by Employee Stock Ownership Plan (ESOP) participants (in shares) | 672,623 | 672,958 |
Stockholders' equity | ||
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, authorized (in shares) | 1,000,000 | 1,000,000 |
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, issued (in shares) | 6,856,800 | 6,856,800 |
Common stock, outstanding (in shares) | 6,491,802 | 6,453,049 |
Treasury stock, shares (in shares) | 364,998 | 403,751 |
Series A Preferred Stock [Member] | ||
Stockholders' equity | ||
Preferred stock, dividend rate | 9.00% | 9.00% |
Preferred stock, issued (in shares) | 35,539 | 35,539 |
Preferred stock, outstanding (in shares) | 35,539 | 35,539 |
Preferred stock, liquidation value (in dollars per share) | $ 1,000 | $ 1,000 |
Series B Preferred Stock [Member] | ||
Stockholders' equity | ||
Preferred stock, dividend rate | 9.00% | 9.00% |
Preferred stock, issued (in shares) | 1,777 | 1,777 |
Preferred stock, outstanding (in shares) | 1,777 | 1,777 |
Preferred stock, liquidation value (in dollars per share) | $ 1,000 | $ 1,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interest income: | |||
Loans, including fees | $ 42,364 | $ 48,766 | $ 58,002 |
Interest and dividends on investment securities: | |||
Taxable | 3,956 | 2,081 | 1,456 |
Nontaxable | 175 | 452 | 582 |
Other interest income | 1,109 | 851 | 655 |
Total interest income | 47,604 | 52,150 | 60,695 |
Interest expense: | |||
Deposits | 2,939 | 3,933 | 5,532 |
Borrowings | 285 | 995 | 1,024 |
Junior subordinated debt | 2,652 | 2,428 | 2,265 |
Total interest expense | 5,876 | 7,356 | 8,821 |
Net interest income | 41,728 | 44,794 | 51,874 |
Provision for loan losses | 500 | 2,000 | 0 |
Net interest income after provision for loan losses | 41,228 | 42,794 | 51,874 |
Noninterest income: | |||
Mortgage loan servicing fees | 2,298 | 2,428 | 2,563 |
Trust and investment services fees | 2,604 | 2,564 | 2,359 |
Service charges on deposits | 1,262 | 1,528 | 1,516 |
Net gain on sale of loans | 2,629 | 2,373 | 5,175 |
Net gain (loss) on sale of securities | 4 | 1 | (80) |
Other fees | 3,979 | 3,975 | 3,650 |
Other noninterest income | 317 | 282 | |
Other noninterest (loss) | (1,202) | ||
Total noninterest income | 11,574 | 13,186 | 15,465 |
Noninterest expenses: | |||
Salaries and employee benefits | 24,482 | 25,269 | 24,415 |
Occupancy | 3,452 | 4,204 | 4,105 |
(Gains) losses and write-downs on OREO, net | (427) | 2,012 | 980 |
Other noninterest expense | 23,381 | 29,317 | 24,976 |
Total noninterest expenses | 50,888 | 60,802 | 54,476 |
Income (loss) before provision for income taxes | 1,914 | (4,822) | 12,863 |
Provision for income taxes | 0 | 1,170 | 0 |
Net income (loss) | 1,914 | (5,992) | 12,863 |
Dividends and discount accretion on preferred shares | 3,803 | 3,230 | 2,144 |
Net income (loss) available to common shareholders | $ (1,889) | $ (9,222) | $ 10,719 |
Basic earnings (loss) per common share (in dollars per share) | $ (0.29) | $ (1.43) | $ 1.66 |
Diluted earnings (loss) per common share (in dollars per share) | $ (0.29) | $ (1.43) | $ 1.66 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||
Net income (loss) | $ 1,914 | $ (5,992) | $ 12,863 |
Other comprehensive loss: | |||
Unrealized gains (losses) on securities available for sale | (2,222) | (89) | (1,308) |
Securities losses (gains) reclassified into earnings | (4) | (1) | 80 |
Related income tax benefit | 0 | 36 | 490 |
Other comprehensive loss | (2,226) | (54) | (738) |
Total comprehensive income (loss) | $ (312) | $ (6,046) | $ 12,125 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock Issued [Member] | Common Stock Held in Treasury at Cost [Member] | Preferred Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
Balance at Dec. 31, 2012 | $ 6,836 | $ (10,974) | $ 36,208 | $ 2,005 | $ 41,546 | $ 237 | $ 75,858 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | 12,863 | 12,863 | |||||
Other comprehensive income | (738) | (738) | |||||
Dividends declared on preferred shares | (1,966) | (1,966) | |||||
Amortization of preferred stock issuance costs | 178 | (178) | 0 | ||||
Increase/Decrease in stock owned by ESOP participants | 2 | 2 | |||||
Net change in the fair value of stock owned by ESOP participants | 2,691 | 2,691 | |||||
Balance at Dec. 31, 2013 | 6,836 | (10,974) | 36,386 | 2,005 | 54,958 | (501) | 88,710 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | (5,992) | (5,992) | |||||
Other comprehensive income | (54) | (54) | |||||
Dividends declared on preferred shares | (3,052) | (3,052) | |||||
Amortization of preferred stock issuance costs | 177 | (177) | 0 | ||||
Treasury shares issued for stock option plan | 86 | 14 | 100 | ||||
Dissolution of subsidiary | (56) | (56) | |||||
Increase/Decrease in stock owned by ESOP participants | 0 | 0 | |||||
Net change in the fair value of stock owned by ESOP participants | 1,347 | 1,347 | |||||
Balance at Dec. 31, 2014 | 6,836 | (10,888) | 36,563 | 1,963 | 47,084 | (555) | 81,003 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | 1,914 | 1,914 | |||||
Other comprehensive income | (2,226) | (2,226) | |||||
Dividends declared on preferred shares | (3,917) | (3,917) | |||||
Amortization of preferred stock issuance costs | 177 | (177) | 0 | ||||
Treasury shares issued for stock option plan | 1,008 | (810) | 198 | ||||
Increase/Decrease in stock owned by ESOP participants | 0 | 0 | |||||
Net change in the fair value of stock owned by ESOP participants | (672) | (672) | |||||
Balance at Dec. 31, 2015 | $ 6,836 | $ (9,880) | $ 36,740 | $ 1,153 | $ 44,232 | $ (2,781) | $ 76,300 |
CONSOLIDATED STATEMENTS OF CHA7
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY [Abstract] | |||
Increase/ Decrease in stock owned by ESOP participants (in shares) | 57 | 108 | 191 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash Flows From Operating Activities | |||
Net income (loss) | $ 1,914 | $ (5,992) | $ 12,863 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 1,653 | 2,409 | 2,658 |
Provision for loan losses | 500 | 2,000 | 0 |
Net (gain) loss on sale of investment securities | (4) | 1 | 80 |
Net (gain) on sale of loans | (2,629) | (2,373) | (5,175) |
(Gains) losses and write-downs on OREO, net | (243) | 2,079 | 980 |
Loss on disposal of premises and equipment | 27 | (3) | 2 |
Decrease in deferred income tax assets | 0 | 36 | 489 |
Federal Home Loan Bank (FHLB) stock dividends received | (4) | 0 | (6) |
Net amortization of MSRs | 1,515 | 1,676 | 1,540 |
Change in mortgage servicing rights valuation allowance | (122) | (4) | (1,321) |
Changes in operating assets and liabilities: | |||
Other Assets | 13,560 | 3,493 | 2,375 |
Other Liabilities | 1,527 | 2,661 | 3,555 |
Net cash provided by operating activities before origination and gross sales of loans held for sale | 17,694 | 5,983 | 18,040 |
Gross sales of loans held for sale | 81,561 | 78,679 | 175,368 |
Origination of loans held for sale | (77,163) | (79,612) | (161,455) |
Net cash provided by operating activities | 22,092 | 5,050 | 31,953 |
Cash Flows From Investing Activities | |||
Proceeds from maturities and paydowns of investment securities, available for sale | 64,316 | 62,562 | 61,643 |
Proceeds from sale of investment securities, available for sale | 10,951 | 0 | 4,142 |
Purchase of investment securities, available for sale | (179,718) | (157,101) | (78,631) |
Proceeds from maturities and paydowns of investment securities, held to maturity | 191 | 7,893 | 475 |
Proceeds from maturities and paydowns of investment securities, other | 374 | 0 | 83 |
Proceeds from sale of investment securities, other | 888 | 0 | 0 |
Purchase of investment securities, other | (36) | (160) | (718) |
Proceeds from sale of other real estate owned | 7,989 | 8,849 | 1,538 |
Sale of impaired loans | 11,860 | 0 | 0 |
Loans paid down (funded), net | 88,263 | 130,448 | 124,327 |
Purchases of loans | (37,190) | (431) | (2,505) |
Purchases of premises and equipment | (350) | (538) | (1,511) |
Proceeds from sale of premises and equipment | 31 | 0 | 0 |
Net cash (used in) provided by investing activities | (32,178) | 51,522 | 108,843 |
Cash Flows From Financing Activities | |||
Net increase (decrease) in demand deposits, NOW accounts and savings accounts | 27,904 | (34,708) | 55,602 |
Net (decrease) in time deposits | (56,539) | (65,764) | (65,676) |
Repayment of borrowings | (20,000) | 0 | 0 |
Issuance of common stock for stock option plan | 198 | 100 | 0 |
Preferred shares dividend payments | 0 | 0 | (484) |
Net cash (used in) financing activities | (48,437) | (100,372) | (10,558) |
Net (decrease) increase in cash and cash equivalents | (58,523) | (43,800) | 130,238 |
Cash and cash equivalents: | |||
Beginning of period | 247,398 | 291,198 | 160,960 |
End of period | 188,875 | 247,398 | 291,198 |
Cash payments for: | |||
Interest | 3,416 | 5,306 | 9,840 |
Non-cash investing and financing activities: | |||
Transfers from loans to other real estate owned | 3,958 | 11,523 | 11,160 |
Transfers from loans to repossessed assets | 16 | 42 | 330 |
Sales of other real estate owned financed by loans | 1,846 | 617 | 3,851 |
Transfers from loans to loans held for sale | 11,860 | 0 | 0 |
Transfer from held to maturity securities to loans | 2,457 | 0 | 0 |
Dividends declared, not yet paid | 3,917 | 3,052 | 1,725 |
Change in unrealized gain on investment securities, net of taxes | $ (2,222) | $ (54) | $ (738) |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 1. Significant Accounting Policies Consolidation: Trinity owns all of the outstanding common securities of the Trusts. The Trusts are considered variable interest entities (“VIEs”) under ASC Topic 810, "Consolidation." Because Trinity is not the primary beneficiary of the Trusts, the financial statements of the Trusts are not included in the consolidated financial statements of the Company. Basis of presentation: Nature of operations: Deposits with banks and securities purchased under resell agreements: Investment securities: Securities classified as available for sale are debt securities the Bank intends to hold for an indefinite period of time, but not necessarily to maturity. Any decision to sell a security classified as available for sale would be based on various factors, including significant movements in interest rates, changes in the maturity mix of the Bank's assets and liabilities, liquidity needs, regulatory capital considerations and other similar factors. Securities available for sale are reported at fair value with unrealized gains or losses reported as other comprehensive income, net of the related deferred tax effect. Purchase premiums and discounts are generally recognized in interest income using the interest method over the term of the securities. For mortgage-backed securities, estimates of prepayments are considered in the constant yield calculations. An investment security is impaired if the fair value of the security is less than its amortized cost basis. Once the security is impaired, a determination must be made to determine if it is other than temporarily impaired (“OTTI”). In determining OTTI losses, management considers many factors, including: current market conditions, fair value in relationship to cost; extent and nature of the change in fair value; issuer rating changes and trends; whether it intends to sell the security before recovery of the amortized cost basis of the investment, which may be maturity; and other factors. For debt securities, if management intends to sell the security or it is likely that the Bank will be required to sell the security before recovering its cost basis, the entire impairment loss would be recognized in earnings as an OTTI. If management does not intend to sell the security and it is not likely that the Bank will be required to sell the security, but management does not expect to recover the entire amortized cost basis of the security, only the portion of the impairment loss representing credit losses would be recognized in earnings. The credit loss on a security is measured as the difference between the amortized cost basis and the present value of the cash flows expected to be collected. Projected cash flows are discounted by the original or current effective interest rate depending on the nature of the security being measured for potential OTTI. The remaining impairment related to the difference between the present value of the cash flows expected to be collected and fair value is recognized as a charge to other comprehensive income. Non-marketable equity securities: Also included are the Bank’s investments in certain venture capital funds totaling $1.0 million and $3.3 million as of December 31, 2015 and December 31, 2014, respectively. The Bank’s $50 thousand interest in Cottonwood Technology Group, LLC was written off in the year ending December 31, 2015. The Bank is the only member of FNM Investment Fund IV, LLC (“FNM Investment Fund IV”). As of December 31, 2015, the new market tax credit of FNM Investment Fund IV of $305 thousand was fully amortized to zero and the current outstanding commercial loan amount was $5.2 million. The commercial loan is included in “loans, net” on the consolidated balance sheets. The Bank holds an interest in Southwest Medical Technologies, LLC. During the year ending December 31, 2015 the Bank received a $200 thousand cash distribution and wrote down the remaining $201 thousand investment in Southwest Medical Technologies, LLC to zero. The Bank holds an interest in New Mexico Mezzanine Partners, LP. During the year ending December 31, 2015 the Bank received a $120 thousand cash distribution and wrote down the investment by $300 thousand to $138 thousand. The Bank holds an interest in Puente Partners, LLC. During the year ending December 31, 2015 the Bank received a distribution in the form of stock in an Albuquerque based pharmaceutical company initially valued at less than $6 thousand. The pharmaceutical company was subsequently dissolved and the Bank wrote the Puente partners, LLC investment down by $280 thousand to zero. The Bank holds an interest in VSpring II, LP. During the year ending December 31, 2015 the Bank recorded partnership operating losses of $70 thousand which reduced the carrying value of VSpring II, LP to $92 thousand. The Bank holds an interest in CCP/Respira, LP. During the year ending December 31, 2015 the Bank brought the carrying value of CCP/Respira, LP to zero. During the year ended December 31, 2015 the Bank sold its interest in PCM/FibeRio, LP and recorded a $182 thousand loss as a result of the sale. These non-marketable investments are carried at net equity value and evaluated periodically by management for impairment. Investments with fair values that are less than amortized cost are considered impaired. Impairment may result from either a decline in the financial condition of the issuing entity or, in the case of fixed rate investments, from rising interest rates. At each financial statement date, management assesses each investment to determine if impaired investments are temporarily impaired or if the impairment is other than temporary based upon the evidence available. Evidence evaluated includes (if applicable), but is not limited to, industry analyst reports, credit market conditions, and interest rate trends. If negative evidence outweighs positive evidence that the carrying amount is recoverable within a reasonable period of time, the impairment is recognized with a charge to earnings. Loans held for sale: Mortgage loans held for sale are generally sold with servicing rights retained; however, management intends to sell newly originated mortgage loans with servicing rights released going forward. The carrying value of mortgage loans sold is reduced by the amount allocated to the servicing right. Gains and losses on sales of mortgage loans are based on the difference between the selling price and the carrying value of the related loan sold. Loans: Loan origination and commitment fees and certain direct loan origination costs are deferred and the net amount amortized as an adjustment of the related loan’s yield. The Company amortizes these amounts over the estimated life of the loan. Commitment fees based upon a percentage of a customer’s unused line of credit and fees related to standby letters of credit are recognized over the commitment period. Net deferred fees on real estate loans sold in the secondary market reduce the cost basis of such loans. Interest on loans is accrued and reported as income using the interest method on daily principal balances outstanding. Past due status is based on the contractual terms of the loan. The Company generally discontinues accruing interest on loans when the loan becomes 90 days or more past due or when management believes that the borrower’s financial condition is such that collection of interest is doubtful. Cash collections on nonaccrual loans are credited to the loan balance, and no interest income is recognized on those loans until the principal balance has been determined to be collectible. Such interest will be reported as income on a cash basis, only upon collection of such interest. Loans, other than those included in large groups of smaller-balance homogeneous loans, are considered impaired when it is probable the Company will be unable to collect all contractual principal and interest payments due in accordance with the terms of the loan agreement. Impaired loans are measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate or, as a practical expedient, at the loan’s observable market price or the fair value of the collateral (less estimated disposition costs) if the loan is collateral dependent. The amount of impairment (if any) and any subsequent changes are included in the allowance for loan losses. A loan is classified as a troubled debt restructure (“TDR”) when a borrower is experiencing financial difficulties that lead to a restructuring of the loan, and the Company grants concessions to the borrower in the restructuring that it would not otherwise consider. These concessions may include rate reductions, principal forgiveness, extension of maturity date and other actions intended to minimize potential losses. In determining whether a debtor is experiencing financial difficulties, the Company considers if the debtor is in payment default or would be in payment default in the foreseeable future without the modification, the debtor declared or is in the process of declaring bankruptcy, there is substantial doubt that the debtor will continue as a going concern, the debtor has securities that have been or are in the process of being delisted, the debtor’s entity-specific projected cash flows will not be sufficient to service any of its debt, or the debtor cannot obtain funds from sources other than the existing creditors at a market rate for debt with similar risk characteristics. In determining whether the Company has granted a concession, the Company assesses, if it does not expect to collect all amounts due, whether the current value of the collateral will satisfy the amounts owed, whether additional collateral or guarantees from the debtor will serve as adequate compensation for other terms of the restructuring, and whether the debtor otherwise has access to funds at a market rate for debt with similar risk characteristics. A loan that is modified at a market rate of interest will not be classified as TDR in the calendar year subsequent to the restructuring if it is in compliance with the modified terms. Payment performance prior and subsequent to the restructuring is taken into account in assessing whether it is likely that the borrower can meet the new terms. A period of sustained repayment for at least six months generally is required for return to accrual status. Periodically, the Company will restructure a note into two separate notes (A/B structure), charging off the entire B portion of the note. The A note is structured with appropriate loan-to-value and cash flow coverage ratios that provide for a high likelihood of repayment. The A note is classified as a non-performing note until the borrower has displayed a historical payment performance for a reasonable time prior to and subsequent to the restructuring. A period of sustained repayment for at least six months generally is required to return the note to accrual status provided that management has determined that the performance is reasonably expected to continue. The A note will be classified as a restructured note (either performing or non-performing) through the calendar year of the restructuring that the historical payment performance has been established. Allowance for loan losses: The allowance for loan losses is established through a provision for loan losses charged to expense. Loans are charged-off against the allowance for loan losses when management believes that collectability of the principal is unlikely. The allowance for loan losses is an amount that management believes will be adequate to absorb probable incurred losses on existing loans, based on an evaluation of the collectability of loans in the portfolio and prior loss experience. This is based, in part, on an evaluation of the loss history of each type of loan over the past 12 quarters and this loss history is applied to the current outstanding loans of each respective type. This loss history analysis is updated quarterly to ensure it encompasses the most recent 12 quarter loss history. The allowance for loan losses is based on management’s evaluation of the loan portfolio giving consideration to the nature and volume of the loan portfolio, the value of underlying collateral, overall portfolio quality, review of specific problem loans, and prevailing economic conditions that may affect the borrower’s ability to pay. While management uses the best information available to make its evaluation, future adjustments to the allowance for loan losses may be necessary if there are significant changes in economic conditions. In analyzing the adequacy of the allowance for loan losses, management uses a comprehensive loan grading system to determine risk potential in the portfolio, and considers the results of periodic internal and external loan reviews. Specific reserves for impaired loans and historical loss experience factors, combined with other considerations, such as delinquency, nonaccrual status, trends on criticized and classified loans, economic conditions, concentrations of credit risk, and experience and abilities of lending personnel, are also considered in analyzing the adequacy of the allowance . Management uses a systematic methodology, which is applied quarterly, to determine the amount of allowance for loan losses and the resultant provisions for loan losses it considers adequate to provide for probable incurred loan losses. In the event that different assumptions or conditions were to prevail, and depending upon the severity of such changes, the possibility of materially different financial condition or results of operations is a reasonable likelihood. The allowance for loan losses consists of specific and general components. The specific component relates to loans that are individually classified as impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. The general component covers non‑impaired loans and is based on historical loss experience adjusted for current factors. The general component is based upon (a) h ; and ( ) based on l Concentrations of credit risk: The majority of the loans, commitments to extend credit, and standby letters of credit have been granted to customers in Los Alamos, Santa Fe and surrounding communities. A substantial portion of the Company’s loan of such borrowers to honor their contracts is predominately dependent upon the continued operation and funding of the Laboratory. Investments in securities issued by state and political subdivisions involve governmental entities within the state of New Mexico. The distribution of commitments to extend credit approximates the distribution of loans outstanding. Standby letters of credit are granted primarily to commercial borrowers. The Company recognizes a liability in relation to unfunded commitments that is intended to represent the estimated future losses on the commitments. In calculating the amount of this liability, management considers the amount of the Company’s off-balance-sheet commitments, estimated utilization factors and loan specific risk factors. The Company’s liability for unfunded commitments is calculated quarterly and the liability is included in “other liabilities” in the consolidated balance sheets. Premises and equipment: Other Real Estate Owned (“OREO”): Mortgage Servicing Rights (“MSRs”): The carrying amount of MSRs, and the amortization thereon, is periodically evaluated in relation to their estimated fair values. The Bank stratifies the underlying mortgage loan portfolio by certain risk characteristics, such as loan type, interest rate and maturity, for purposes of measuring impairment. The Bank estimates the fair value of each stratum by calculating the discounted present value of future net servicing income based on management’s best estimate of remaining loan lives. Impairment is recognized through a valuation allowance for an individual grouping, to the extent that fair value is less than the carrying amount. If the Company later determines that all or a portion of the impairment no longer exists for a particular group, a reduction of the valuation allowance may be recorded as an increase to income. The fair values of servicing rights are subject to significant fluctuations as a result of changes in estimated and actual payment speeds and default rates and losses. The Bank has determined that the primary risk characteristic of MSRs is the contractual interest rate and term of the underlying mortgage loans. Fees earned for servicing rights are recorded as mortgage loan servicing fees in the consolidated statements of operations. The fees are based on a contractual percentage of the outstanding principal; or a fixed amount per loan and are recorded as income when earned. The amortization of MSRs as well as change in any valuation allowances are recorded in “other noninterest expenses” in the consolidated statements of operations. Federal Home Loan Bank (FHLB) Stock: Federal Reserve Bank (FRB) Stock: Other intangible assets: Prepaid expenses: Earnings (loss) per common share: Average number of shares used in calculation of basic and diluted earnings (loss) per common share are as follows for the years ended December 31, 2015, 2014 and 2013: Year ended December 31, 2015 2014 2013 (In thousands, except share and per share data) Net income (loss) $ 1,914 $ (5,992 ) $ 12,863 Dividends and discount accretion on preferred shares 3,803 3,230 2,144 Net income (loss) available to common shareholders $ (1,889 ) $ (9,222 ) $ 10,719 Weighted average common shares issued 6,856,800 6,856,800 6,856,800 LESS: Weighted average treasury stock shares (373,163 ) (404,243 ) (407,074 ) Weighted average common shares outstanding, net 6,483,637 6,452,557 6,449,726 Basic (loss) earnings per common share $ (0.29 ) $ (1.43 ) $ 1.66 Dilutive effect of stock-based compensation - - - Weighted average common shares outstanding including dilutive shares 6,483,637 6,452,557 6,449,726 Diluted (loss) earnings per common share $ (0.29 ) $ (1.43 ) $ 1.66 Certain stock options and restricted stock units were not included in the above calculation, as they would have an anti-dilutive effect as the exercise price is greater than current market prices. The total number of shares excluded was approximately 12,000 shares, 26,000 shares and 42,000 shares for years ended December 31, 2015, 2014 and 2013, respectively. Comprehensive income (loss): Transfers of financial assets: Impairment of long-lived assets: Income taxes: A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. The Company recognizes interest and/or penalties related to income tax matters in income tax expense. Stock-based compensation: Compensation cost is recognized over the required service period, generally defined as the vesting period. For awards with graded vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. Preferred stock: Fair value of financial instruments: Newly Issued But Not Yet Effective Accounting Standards: 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 January 2016, the FASB issued ASU No. 2016-01 Recognition and Measurement of Financial Assets and Financial Liabilities (Topic 825). In February 2016, the FASB issued ASU 2016-02 Leases In March 2016, the FASB issued ASU 2016-07, Investments Equity Method and Joint Ventures In March 2016, the FASB issued ASU 2016-09 Compensation- Stock Compensation In April 2016, the FASB issued ASU 2016-10 Revenue from Contracts with Customers In May 2016, the FASB issued ASU 2016-12 Revenue from Contracts with Customers In June 2016, the FASB issued ASU 2016-13 Financial Instruments – Credit Losses |
Restrictions on Cash and Due Fr
Restrictions on Cash and Due From Banks | 12 Months Ended |
Dec. 31, 2015 | |
Restrictions on Cash and Due From Banks [Abstract] | |
Restrictions on Cash and Due From Banks | Note 2. Restrictions on Cash and Due From Banks The Bank is required to maintain reserve balances in cash or on deposit with the FRB, based on a percentage of deposits. As of December 31, 2015 and 2014, the reserve requirement on deposit at the FRB was $4.3 million and $4.2 million, respectively. 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 has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risk on cash and cash equivalents. |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2015 | |
Investment Securities [Abstract] | |
Investment Securities | Note 3. 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) December 31, 2015 U.S. Government sponsored agency $ 69,798 $ 98 $ (312 ) $ 69,584 State and political subdivision 3,429 147 - 3,576 Residential mortgage-backed security 123,055 43 (1,501 ) 121,597 Residential collateralized mortgage obligation 40,305 139 (523 ) 39,921 Commercial mortgage backed security 41,341 15 (237 ) 41,119 SBA pools 757 - (7 ) 750 Asset-backed security 40,136 - (643 ) 39,493 Totals $ 318,821 $ 442 $ (3,223 ) $ 316,040 December 31, 2014 U.S. Government sponsored agencies $ 42,438 $ 8 $ (164 ) $ 42,282 State and political subdivisions 4,964 123 - 5,087 Residential mortgage-backed security 102,482 92 (799 ) 101,775 Residential collateralized mortgage obligation 41,119 273 (341 ) 41,051 Commercial mortgage backed security 24,993 - (111 ) 24,882 SBA pools 949 - (4 ) 945 Totals $ 216,945 $ 496 $ (1,419 ) $ 216,022 Securities Held to Maturity Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In thousands) December 31, 2015 SBA pools $ 8,986 $ 2 $ - $ 8,988 Totals $ 8,986 $ 2 $ - $ 8,988 December 31, 2014 SBA pools $ 9,269 $ 109 $ - $ 9,378 State and political subdivisions 2,506 63 - 2,569 Totals $ 11,775 $ 172 $ - $ 11,947 Realized net gains (losses) on sale and call of securities available for sale are summarized as follows: Year ended December 31, 2015 2014 2013 (In thousands) Proceeds $ 17,184 $ 24,500 $ 4,142 Gross realized gains 4 1 59 Gross realized losses - - (139 ) A summary of unrealized loss information for investment securities, categorized by security type, as of December 31, 2015 and 2014 was as follows: Less than 12 Months 12 Months or Longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Securities Available for Sale: (In thousands) December 31, 2015 U.S. Government sponsored agencies $ 54,804 $ (312 ) $ - $ - $ 54,804 $ (312 ) Residential mortgage-backed security 54,760 (602 ) 48,752 (899 ) 103,512 (1,501 ) Residential collateralized mortgage obligation 17,237 (185 ) 16,252 (338 ) 33,489 (523 ) Commercial mortgage backed security 26,883 (237 ) - - 26,883 (237 ) SBA pools - - 742 (7 ) 742 (7 ) Asset-backed security 39,493 (643 ) - - 39,493 (643 ) Totals $ 193,177 $ (1,979 ) $ 65,746 $ (1,244 ) $ 258,923 $ (3,223 ) December 31, 2014 U.S. Government sponsored agency $ 34,278 $ (142 ) $ 5,477 $ (22 ) $ 39,755 $ (164 ) Residential mortgage-backed security 78,997 (777 ) 2,361 (22 ) 81,358 (799 ) Residential collateralized mortgage obligation 7,890 (89 ) 13,878 (252 ) 21,768 (341 ) Commercial mortgage backed security 14,794 (111 ) - - 14,794 (111 ) SBA pools - - 945 (4 ) 945 (4 ) Totals $ 135,959 $ (1,119 ) $ 22,661 $ (300 ) $ 158,620 $ (1,419 ) As of December 31, 2015 and 2014 there were no held to maturity investment securities in an unrealized loss position. As of December 31, 2015, the Company’s security portfolio consisted of 92 securities, 60 of which were in an unrealized loss position. As of December 31, 2015, $258.9 million in investment securities had unrealized losses with aggregate depreciation of 1.23% of the Company’s amortized cost basis. Of these securities, $65.7 million had a continuous unrealized loss position for twelve months or longer with an aggregate depreciation of 1.86%. The unrealized losses in all security categories 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. The Company utilizes several external sources to evaluate prepayments, delinquencies, loss severity, and other factors in determining if there is impairment on an individual security. 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 December 31, 2015, 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 December 31, 2015 (In thousands) One year or less $ 10,777 $ 10,761 $ - $ - One to five years 20,938 20,877 - - Five to ten years 41,215 41,202 - - Over ten years 41,190 40,563 8,986 8,988 Subtotal 114,120 113,403 8,986 8,988 Residential mortgage-backed security 123,055 121,597 - - Residential collateralized mortgage obligation 40,305 39,921 - - Commercial mortgage backed security 41,341 41,119 Total $ 318,821 $ 316,040 $ 8,986 $ 8,988 Securities with carrying amounts of $91.7 million and $78.5 million as of December 31, 2015 and 2014, 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 | 12 Months Ended |
Dec. 31, 2015 | |
Loans and Allowance for Loan Losses [Abstract] | |
Loans and Allowances for Loan Losses | Note 4. Loans and Allowance for Loan Losses As of December 31, 2015 and 2014, loans consisted of: December 31, 2015 2014 (In thousands) Commercial $ 92,995 $ 108,309 Commercial real estate 371,599 366,199 Residential real estate 258,606 305,744 Construction real estate 89,341 100,178 Installment and other 28,730 31,768 Total loans 841,271 912,198 Unearned income (1,483 ) (1,651 ) Gross loans 839,788 910,547 Allowance for loan losses (17,392 ) (24,783 ) Net loans $ 822,396 $ 885,764 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 management and the Board of Directors. The following table presents the contractual aging of the recorded investment in current and past due loans by class of loans as of December 31, 2015 and 2014, 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 (In thousands) December 31, 2015 Commercial $ 90,839 $ 167 $ 131 $ 1,858 $ 2,156 $ 92,995 Commercial real estate 363,495 1,526 704 5,874 8,104 371,599 Residential real estate 252,568 1,215 606 4,217 6,038 258,606 Construction real estate 80,629 291 85 8,336 8,712 89,341 Installment and other 28,534 110 12 74 196 28,730 Total loans $ 816,065 $ 3,309 $ 1,538 $ 20,359 $ 25,206 $ 841,271 Nonaccrual loan classification $ 6,202 $ 2,702 $ 1,418 $ 20,003 $ 24,123 $ 30,325 December 31, 2014 Commercial $ 106,847 $ 380 $ 352 $ 730 $ 1,462 $ 108,309 Commercial real estate 356,062 389 - 9,748 10,137 366,199 Residential real estate 299,250 737 235 5,522 6,494 305,744 Construction real estate 87,989 5,882 - 6,307 12,189 100,178 Installment and other 31,628 132 4 4 140 31,768 Total loans $ 881,776 $ 7,520 $ 591 $ 22,311 $ 30,422 $ 912,198 Nonaccrual loan classification $ 24,124 $ 1,195 $ 587 $ 21,950 $ 23,732 $ 47,856 The following table presents the recorded investment in nonaccrual loans and loans past due ninety days or more and still accruing by class of loans as of December 31, 2015 and 2014: December 31, 2015 2014 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 $ 2,268 $ - $ 3,697 $ - Commercial real estate 10,737 - 22,296 - Residential real estate 7,821 - 11,046 361 Construction real estate 9,353 - 10,565 - Installment and other 146 - 252 - Total $ 30,325 $ - $ 47,856 $ 361 The Company utilizes an internal asset classification system as a means of reporting problem and potential problem loans. Under the Company’s risk rating system, problem and potential problem loans are classified as “Special Mention,” “Substandard,” and “Doubtful.” Substandard loans include those characterized by the likelihood that the Company will sustain some loss if the deficiencies are not corrected. Loans classified as Doubtful have all the weaknesses inherent in those classified as Substandard with the added characteristic that the weaknesses present make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. Loans that do not currently expose the Company to sufficient risk to warrant classification in one of the aforementioned categories, but possess weaknesses that deserve management’s close attention are deemed to be Special Mention. Any time a situation warrants, the risk rating may be reviewed. Loans not meeting the criteria above that are analyzed individually are considered to be pass-rated loans. The following table presents the risk category by class of loans based on the most recent analysis performed and the contractual aging as of December 31, 2015 and 2014: Pass Special Mention Substandard Doubtful Total (In thousands) December 31, 2015 Commercial $ 69,221 $ 3,129 $ 20,645 $ - $ 92,995 Commercial real estate 307,700 19,512 44,387 - 371,599 Residential real estate 245,897 1,622 11,087 - 258,606 Construction real estate 71,864 6,667 10,810 - 89,341 Installment and other 28,378 2 350 - 28,730 Total $ 723,060 $ 30,932 $ 87,279 $ - $ 841,271 December 31, 2014 Commercial $ 66,050 $ 14,889 $ 27,128 $ 242 $ 108,309 Commercial real estate 282,279 22,222 61,698 - 366,199 Residential real estate 287,616 2,403 15,725 - 305,744 Construction real estate 71,678 12,683 15,817 - 100,178 Installment and other 30,762 116 890 - 31,768 Total $ 738,385 $ 52,313 $ 121,258 $ 242 $ 912,198 The following table shows all loans, including nonaccrual loans, by classification and aging, as of December 31, 2015 and 2014: Pass Special Mention Substandard Doubtful Total (In thousands) December 31, 2015 Current $ 719,752 $ 30,674 $ 65,639 $ - $ 816,065 Past due 30-59 days 349 258 2,702 - 3,309 Past due 60-89 days 109 - 1,429 - 1,538 Past due 90 days or more 2,850 - 17,509 - 20,359 Total $ 723,060 $ 30,932 $ 87,279 $ - $ 841,271 December 31, 2014 Current $ 731,941 $ 52,313 $ 97,425 $ 97 $ 881,776 Past due 30-59 days 6,079 - 1,441 - 7,520 Past due 60-89 days 4 - 587 - 591 Past due 90 days or more 361 - 21,805 145 22,311 Total $ 738,385 $ 52,313 $ 121,258 $ 242 $ 912,198 As of December 31, 2015, nonaccrual loans totaling $27.5 million were classified as Substandard. As of December 31, 2014, nonaccrual loans totaling $47.6 million were classified as Substandard and $242 thousand were classified as Doubtful. The following table presents loans individually evaluated for impairment by class of loans as of December 31, 2015 and 2014, 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): December 31, 2015 2014 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 $ 13,611 $ 10,137 $ - $ 16,401 $ 11,936 $ - Commercial real estate 15,872 14,198 - 25,737 22,554 - Residential real estate 9,473 7,450 - 10,132 8,707 - Construction real estate 9,816 8,137 - 12,219 9,685 - Installment and other 433 416 - 791 752 - With an allowance recorded: Commercial 14,958 14,956 399 15,924 15,918 877 Commercial real estate 11,050 11,050 1,295 18,298 17,081 2,111 Residential real estate 10,759 10,755 2,132 14,571 14,500 3,450 Construction real estate 3,688 3,688 252 6,953 6,953 1,416 Installment and other 636 636 138 743 743 107 Total $ 90,296 $ 81,423 $ 4,216 $ 121,769 $ 108,829 $ 7,961 The following table presents loans individually evaluated for impairment by class of loans for the years ended December 31, 2015, 2014 and 2013, showing the average recorded investment and the interest income recognized: 2015 2014 2013 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 $ 11,037 $ 553 $ 12,571 $ 533 $ 12,978 $ 548 Commercial real estate 18,376 592 29,459 369 32,835 626 Residential real estate 8,079 79 10,585 248 13,305 99 Construction real estate 8,911 196 10,685 162 14,610 126 Installment and other 584 65 947 81 1,150 32 With an allowance recorded: Commercial 15,437 804 15,921 832 18,293 854 Commercial real estate 14,066 468 19,791 591 24,031 881 Residential real estate 12,628 349 13,821 379 11,918 430 Construction real estate 5,321 157 6,296 210 5,692 261 Installment and other 690 20 835 27 953 35 Total $ 95,129 $ 3,283 $ 120,911 $ 3,432 $ 135,765 $ 3,892 If nonaccrual loans outstanding had been current in accordance with their original terms, approximately $1.7 million, $3.0 million and $2.6 million would have been recorded as loan interest income during the years ended December 31, 2015, 2014 and 2013, respectively. Interest income recognized in the above table was primarily recognized on a cash basis. Recorded investment balances in the above tables exclude accrued interest income and unearned income as such amounts were immaterial. Allowance for Loan Losses: For the years ended December 31, 2015, 2014 and 2013, 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) Year Ended December 31, 2015 Beginning balance $ 4,031 $ 8,339 $ 7,939 $ 3,323 $ 788 $ 363 $ 24,783 Provision (benefit) for loan losses (1,146 ) 2,635 (80 ) (1,081 ) 501 (329 ) 500 Charge-offs (1,919 ) (4,731 ) (2,297 ) (1,570 ) (642 ) - (11,159 ) Recoveries 1,476 508 520 471 293 - 3,268 Net charge-offs (443 ) (4,223 ) (1,777 ) (1,099 ) (349 ) - (7,891 ) Ending balance $ 2,442 $ 6,751 $ 6,082 $ 1,143 $ 940 $ 34 $ 17,392 Year Ended December 31, 2014 Beginning balance $ 3,958 $ 10,699 $ 8,162 $ 4,658 $ 1,199 $ (318 ) $ 28,358 Provision (benefit) for loan losses 1,516 (334 ) 1,571 (1,504 ) 70 681 2,000 Charge-offs (2,261 ) (2,772 ) (2,463 ) (285 ) (631 ) - (8,412 ) Recoveries 818 746 669 454 150 - 2,837 Net charge-offs (1,443 ) (2,026 ) (1,794 ) 169 (481 ) - (5,575 ) Ending balance $ 4,031 $ 8,339 $ 7,939 $ 3,323 $ 788 $ 363 $ 24,783 Year Ended December 31, 2013 Beginning balance $ 7,085 $ 12,587 $ 9,037 $ 5,575 $ 1,643 $ (294 ) $ 35,633 Provision (benefit) for loan losses (1,861 ) 1,118 1,136 (741 ) 372 (24 ) - Charge-offs (2,028 ) (3,296 ) (2,447 ) (471 ) (929 ) - (9,171 ) Recoveries 762 290 436 295 113 - 1,896 Net charge-offs (1,266 ) (3,006 ) (2,011 ) (176 ) (816 ) - (7,275 ) Ending balance $ 3,958 $ 10,699 $ 8,162 $ 4,658 $ 1,199 $ (318 ) $ 28,358 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 December 31, 2015 (In thousands) Allowance for loan losses allocated to: Loans individually evaluated for impairment $ 399 $ 1,295 $ 2,132 $ 252 $ 138 $ - $ 4,216 Loans collectively evaluated for impairment 2,043 5,456 3,950 891 802 34 13,176 Ending balance $ 2,442 $ 6,751 $ 6,082 $ 1,143 $ 940 $ 34 $ 17,392 Loans: Individually evaluated for impairment $ 25,093 $ 25,248 $ 18,205 $ 11,825 $ 1,052 $ - $ 81,423 Collectively evaluated for impairment 67,902 346,351 240,401 77,516 27,678 - 759,848 Total ending loans balance $ 92,995 $ 371,599 $ 258,606 $ 89,341 $ 28,730 $ - $ 841,271 December 31, 2014 Allowance for loan losses allocated to: Loans individually evaluated for impairment $ 877 $ 2,111 $ 3,450 $ 1,416 $ 107 $ - $ 7,961 Loans collectively evaluated for impairment 3,154 6,228 4,489 1,907 681 363 16,822 Ending balance $ 4,031 $ 8,339 $ 7,939 $ 3,323 $ 788 $ 363 $ 24,783 Loans: Individually evaluated for impairment $ 27,854 $ 39,635 $ 23,207 $ 16,638 $ 1,495 $ - $ 108,829 Collectively evaluated for impairment 80,455 326,564 282,537 83,540 30,273 - 803,369 Total ending loans balance $ 108,309 $ 366,199 $ 305,744 $ 100,178 $ 31,768 $ - $ 912,198 In order to determine whether a borrower is experiencing financial difficulty, an evaluation is performed of the probability that the borrower will be in payment default on any of its debt in the foreseeable future without the modification. The evaluation is performed under the Company’s internal underwriting policy. 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 that the Bank would not otherwise consider. The following loans were restructured during the years ended December 31, 2015, 2014, and 2013: Number of Contracts Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Specific reserves allocated (Dollars in thousands) December 31, 2015 Residential real estate 1 $ 82 $ 82 $ - Construction real estate 2 831 831 11 Installment and other 4 82 82 3 Total 7 $ 995 $ 995 $ 14 December 31, 2014 Commercial 3 $ 221 $ 90 $ 1 Commercial real estate 2 1,408 1,408 56 Residential real estate 6 498 493 21 Construction real estate 2 410 410 1 Installment and other 4 76 49 9 Total 17 $ 2,613 $ 2,450 $ 88 December 31, 2013 Commercial 12 $ 1,654 $ 1,587 $ 11 Commercial real estate 10 15,531 15,006 265 Residential real estate 17 3,062 2,879 373 Construction real estate 3 524 514 10 Installment and other 12 216 216 10 Total 54 $ 20,987 $ 20,202 $ 669 The following table presents loans by class modified as TDRs for which there was a payment default within twelve months following the modification during the years ended December 31, 2015, 2014, and 2013: Number of Contracts Recorded Investment Specific reserves allocated (Dollars in thousands) TDRs that subsequently defaulted: 2015 Construction real estate 2 $ 831 $ 11 Total 2 $ 831 $ 11 TDRs that subsequently defaulted: 2014 Residential real estate 1 $ 168 $ - Total 1 $ 168 $ - TDRs that subsequently defaulted: 2013 Commercial 4 $ 236 $ 4 Commercial real estate 7 10,319 - Residential real estate 7 1,421 28 Construction real estate 1 227 - Installment and other 1 22 4 Total 20 $ 12,225 $ 36 The following table presents total TDRs, both in accrual and nonaccrual status, as of December 31, 2015, 2014, and 2013: December 31, 2015 2014 2013 Number of Contracts Amount Number of Contracts Amount Number of Contracts Amount (Dollars in thousands) Accrual 165 $ 53,862 188 $ 60,973 214 $ 80,873 Nonaccrual 32 10,641 61 27,394 78 30,957 Total TDRs 197 $ 64,503 249 $ 88,367 292 $ 111,830 As of December 31, 2015, the Bank had a total of $194 thousand in commitments to lend additional funds on six commercial loans classified as TDRs. Impairment analyses are prepared on TDRs in conjunction with the normal allowance for loan loss process. TDRs required a specific reserve of $14 thousand, $88 thousand, and $669 thousand which was included in the allowance for loan losses at the years ended December 31, 2015, 2014, and 2013, respectively. TDRs resulted in charge-offs of $2.8 million, $2.75 million, and $626 thousand during the years ended December 31, 2015, 2014, and 2013, respectively. The TDRs that subsequently defaulted required a provision of $11 thousand, $0, and $36 thousand to the allowance for loan losses for the years ended December 31, 2015, 2014, and 2013 respectively. Loan principal balances to executive officers and directors of the Company were $1.9 million and $1.3 million as of December 31, 2015 and 2014, respectively. Total credit available, including companies in which these individuals have management control or beneficial ownership, was $2.3 million and $2.2 million as of December 31, 2015 and 2014, respectively. An analysis of the activity related to these loans as of December 31, 2015 and 2014 is as follows: December 31, 2015 2014 (In thousands) Balance, beginning $ 1,322 $ 271 Additions 438 470 Changes in Board composition 800 643 Principal payments and other reductions (627 ) (62 ) Balance, ending $ 1,933 $ 1,322 |
Loan Servicing and Mortgage Ser
Loan Servicing and Mortgage Servicing Rights | 12 Months Ended |
Dec. 31, 2015 | |
Loan Servicing and Mortgage Servicing Rights [Abstract] | |
Loan Servicing and Mortgage Servicing Rights | Note 5. Loan Servicing and Mortgage Servicing Rights Mortgage loans serviced for others are not included in the accompanying consolidated balance sheets. The unpaid balance of these loans as of December 31, 2015 and 2014 is summarized as follows: December 31, 2015 2014 (In thousands) Mortgage loan portfolios serviced for: Federal National Mortgage Association ("Fannie Mae") $ 865,568 $ 918,658 Other investors 16 66 Totals $ 865,584 $ 918,724 During the years ended December 31, 2015, 2014 and 2013, 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 $182 thousand, $191 thousand and $225 thousand during the years ended December 31, 2015, 2014 and 2013, respectively. These fees are included in “noninterest income” on the consolidated statements of operations. Custodial balances on deposit at the Bank in connection with the foregoing loan servicing were approximately $6.1 million and $5.4 million as of December 31, 2015 and 2014, respectively. There were no custodial balances on deposit with other financial institutions as of December 31, 2015 and 2014. An analysis of changes in the MSR asset for the years ended December 31, 2015, 2014 and 2013 follows: Year Ended December 31, 2015 2014 2013 (In thousands) Balance at beginning of period $ 9,470 $ 10,336 $ 10,313 Servicing rights originated and capitalized 822 810 1,563 Amortization (1,515 ) (1,676 ) (1,540 ) Balance at end of period $ 8,777 $ 9,470 $ 10,336 Below is an analysis of changes in the MSR asset valuation allowance for the years ended December 31, 2015, 2014 and 2013: Year Ended December 31, 2015 2014 2013 (In thousands) Balance at beginning of period $ (2,017 ) $ (2,021 ) $ (3,342 ) Aggregate reduction credited to operations 2,644 1,373 2,890 Aggregate additions charged to operations (2,522 ) (1,369 ) (1,569 ) Balance at end of period $ (1,895 ) $ (2,017 ) $ (2,021 ) The fair values of the MSRs were $6.9 million, $7.5 million and $8.3 million for the years ended December 31, 2015, 2014 and 2013, respectively. A valuation allowance is used to recognize impairments of MSRs. An MSR is considered impaired when the fair value of the MSR is below the amortized book value of the MSR. MSRs are accounted for by risk tranche, with the interest rate and term of the underlying loan being the primary strata used in distinguishing the tranches. Each tranche is evaluated separately for impairment. The following assumptions were used to calculate the fair value of the MSRs as of December 31, 2015, 2014 and 2013: December 31, 2015 2014 2013 Weighted Average Public Securities Association (PSA) speed 213.25 % 201.67 % 166.67 % Weighted Average Discount rate 10.50 10.50 10.75 Weighted Average Earnings rate 1.73 1.77 1.79 |
Other Real Estate Owned
Other Real Estate Owned | 12 Months Ended |
Dec. 31, 2015 | |
Foreclosed Real Estate [Abstract] | |
Other Real Estate Owned | Note 6. Other Real Estate Owned OREO consists of property acquired due to foreclosure on real estate loans. As of December 31, 2015 and 2014, total OREO consisted of: 2015 2014 (In thousands) Commercial real estate $ 781 $ 2,985 Residential real estate 3,024 5,284 Construction real estate 4,541 5,711 Total $ 8,346 $ 13,980 The following table presents a summary of OREO activity for the years ended December 31, 2015 and 2014: 2015 2014 (In thousands) Balance at beginning of period $ 13,980 $ 14,002 Transfers in at fair value 3,958 11,523 Write-down of value (506 ) (2,730 ) Gain (loss) on disposal 749 651 Cash received upon disposition (7,989 ) (8,849 ) Sales financed by loans (1,846 ) (617 ) Balance at end of period $ 8,346 $ 13,980 |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Premises and Equipment [Abstract] | |
Premises and Equipment | Note 7. Premises and Equipment As of December 31, 2015 and 2014, premises and equipment consisted of: December 31, 2015 2014 (In thousands) Land and land improvements $ 3,820 $ 3,820 Buildings 23,166 23,146 Furniture and equipment 31,846 32,145 Total 58,832 59,111 Accumulated depreciation (35,459 ) (34,377 ) Total less depreciation $ 23,373 $ 24,734 Depreciation on premises and equipment was $1.7 million, $2.4 million and $2.7 million for the years ended December 31, 2015, 2014 and 2013, respectively. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2015 | |
Deposits [Abstract] | |
Deposits | Note 8. Deposits As of December 31, 2015 and 2014, deposits consisted of: December 31, 2015 2014 (In thousands) Demand deposits, noninterest bearing $ 75,867 $ 76,706 NOW and money market accounts 511,423 430,708 Savings deposits 380,045 432,017 Time certificates, $250,000 or more 39,148 53,693 Other time certificates 247,475 289,468 Total $ 1,253,958 $ 1,282,592 As of December 31, 2015, the scheduled maturities of time certificates were as follows: (In thousands) 2016 $ 227,583 2017 29,119 2018 13,108 2019 6,910 2020 4,002 Thereafter 5,901 Total $ 286,623 Deposits from executive officers, directors and their affiliates as of December 31, 2015 and 2014 were $1.1 million and $874 thousand, respectively. |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2015 | |
Borrowings [Abstract] | |
Borrowings | Note 9. Borrowings Notes payable to the FHLB as of December 31, 2015 and 2014 were secured by a blanket assignment of mortgage loans or other collateral acceptable to FHLB, and generally had a fixed rate of interest, interest payable monthly and principal due at end of term, unless otherwise noted. As of December 31, 2015, no loans were pledged under the blanket assignment. However, investment securities are held in safekeeping at the FHLB with $2.3 million pledged as collateral for outstanding advances and letters of credit. An additional $112.6 million in advances is available based on the current value of the remaining unpledged investment securities. The following table details borrowings as of December 31, 2015 and 2014. Maturity Date Rate Type Principal due 2015 2014 (In thousands) March 23, 2015 3.050 % Fixed At maturity $ - $ 20,000 April 27, 2021 6.343 % Fixed At maturity 2,300 2,300 Total $ 2,300 $ 22,300 |
Junior Subordinated Debt
Junior Subordinated Debt | 12 Months Ended |
Dec. 31, 2015 | |
Junior Subordinated Debt [Abstract] | |
Junior Subordinated Debt | Note 10. Junior Subordinated Debt The following table presents details on the junior subordinated debt as of December 31, 2015: Trust I Trust III Trust IV Trust V (Dollars in thousands) Date of Issue March 23, 2000 May 11, 2004 June 29, 2005 September 21, 2006 Amount of trust preferred securities issued $ 10,000 $ 6,000 $ 10,000 $ 10,000 Rate on trust preferred securities 10.875 % 3.3351% (variable) 6.88 % 2.162% (variable) Maturity March 8, 2030 September 8, 2034 November 23, 2035 December 15, 2036 Date of first redemption March 8, 2010 September 8, 2009 August 23, 2010 September 15, 2011 Common equity securities issued $ 310 $ 186 $ 310 $ 310 Junior subordinated deferrable interest debentures owed $ 10,310 $ 6,186 $ 10,310 $ 10,310 Rate on junior subordinated deferrable interest debentures 10.875 % 3.3351% (variable) 6.88 % 2.162% (variable) On the dates of issue indicated above, the Trusts, being Delaware statutory business trusts, issued trust preferred securities (the “trust preferred securities”) in the amount and at the rate indicated above. These securities represent preferred beneficial interests in the assets of the Trusts. The trust preferred securities will mature on the dates indicated, and are redeemable in whole or in part at the option of Trinity, with the approval of the FRB. The Trusts also issued common equity securities to Trinity in the amounts indicated above. The Trusts used the proceeds of the offering of the trust preferred securities to purchase junior subordinated deferrable interest debentures (the “debentures”) issued by Trinity, which have terms substantially similar to the trust preferred securities. Trinity has the right to defer payments of interest on the debentures at any time or from time to time for a period of up to ten consecutive semi-annual periods (or twenty consecutive quarterly periods in the case of Trusts with quarterly interest payments) with respect to each interest payment deferred. During a period of deferral, unpaid accrued interest is compounded. Under the terms of the debentures, under certain circumstances of default or if Trinity has elected to defer interest on the debentures, Trinity may not, with certain exceptions, declare or pay any dividends or distributions on its common stock or purchase or acquire any of its common stock. In the second quarter of 2013, Trinity began to defer the interest payments on $37.1 million of junior subordinated debentures that are held by the Trusts that it controls. Interest accrued and unpaid to securities holders total $6.9 million and $4.3 million as of December 31, 2015 and 2014, respectively. As of September 30, 2016, the Company continued to defer the interest payments on the junior subordinated debentures, with interest accrued but unpaid totaling $9.1 million. As of December 31, 2015 and 2014, 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. |
Description of Leasing Arrangem
Description of Leasing Arrangements | 12 Months Ended |
Dec. 31, 2015 | |
Description of Leasing Arrangements [Abstract] | |
Description of Leasing Arrangements | Note 11. Description of Leasing Arrangements The Company is leasing land in Santa Fe on which it built a bank office as well as the vacant land adjacent to the office. The construction of the office was completed in 2009. The original terms of the leases expired in May 2014 and are currently month-to-month. The leases contain both options to extend for additional five year terms and an option to purchase the land at a set price. Trinity was required to notify the landlord of its intent to exercise the options to purchase between December 1, 2014 and December 1, 2015 for the land on which the bank built its office and between May 1, 2014 and December 1, 2015 for the adjacent land. Trinity formally notified the landlord of its exercise of the options to purchase under the leases on April 24, 2015 and expects to complete the exercise or extend the lease in 2016. This lease is classified as a capital lease. The Company also holds two notes and mortgages on the land, and the interest payments received on the notes are approximately equal to the rental payments on the leases; and the principal due at maturity or upon transfer of the land, will largely offset the option purchase prices. Operating lease payments for the years ended December 31, 2015, 2014 and 2013 totaled $272 thousand, $356 thousand and $507 thousand, respectively. The lease payments under capital lease for 2015 totaled $161 thousand. These amounts were offset by the interest payments due on the notes. Commitments for minimum future rentals under operating leases were as follows as of December 31, 2015: Lease Payments under Operating Leases; Year (In thousands) 2016 $ 129 2017 114 2018 5 2019 7 Thereafter - Total $ 255 |
Retirement Plans
Retirement Plans | 12 Months Ended |
Dec. 31, 2015 | |
Retirement Plans [Abstract] | |
Retirement Plans | Note 12. Retirement Plans The Company has an ESOP for the benefit of all employees who are at least 18 years of age and have completed 1,000 hours of service during the Plan year. The employee’s interest in the ESOP vests over a period of six years. The ESOP was established in January 1989 and is a defined contribution plan subject to the requirements of the Employee Retirement Income Security Act of 1974. The ESOP is funded by discretionary contributions by the Company as determined by its Board of Directors. No expenses were recorded in 2015, 2014, or 2013. All shares held by the ESOP, acquired prior to the issuance of ASC 718-40, "Compensation—Stock Compensation-Employee Stock Ownership Plans” Shares of the Company held by the ESOP are as follows: December 31, 2015 2014 Shares acquired before December 31, 1992 215,369 215,503 Shares acquired after December 31, 1992 457,254 457,455 Total shares 672,623 672,958 There was no compensation expense recognized for ESOP shares acquired prior to December 31, 1992 during the years ended December 31, 2015, 2014 and 2013. Under federal income tax regulations, the employer securities that are held by the Plan and its participants and that are not readily tradable on an established market or that are subject to trading limitations include a put option (liquidity put). The liquidity put is a right to demand that the Company buy shares of its stock held by the participant for which there is no readily available market. The put price is representative of the fair value of the stock. The Company may pay the purchase price over a five-year period. The purpose of the liquidity put is to ensure that the participant has the ability to ultimately obtain cash. The fair value of the allocated shares subject to repurchase was $2.7 million and $2.0 million as of December 31, 2015 and 2014, respectively. The Company’s employees may also participate in a tax-deferred savings plan (401(k)) to which the Company does not contribute. |
Stock Incentives
Stock Incentives | 12 Months Ended |
Dec. 31, 2015 | |
Stock Incentives [Abstract] | |
Stock Incentives | Note 13. Stock Incentives The Trinity Capital Corporation 1998 Stock Option Plan (“1998 Plan”) and Trinity Capital Corporation 2005 Stock Incentive Plan (“2005 Plan”) were created for the benefit of key management and select employees. Under the 1998 Plan, 400,000 shares (as adjusted for the stock split on December 19, 2002) from shares held in treasury or authorized but unissued common stock were reserved for granting options. No further awards may be granted under the 1998 Plan. Under the 2005 Plan, 500,000 shares from shares held in treasury or authorized but unissued common stock were reserved for granting stock-based incentive awards. No further awards may be granted under the 2005 Plan. Both of these plans were approved by the Company’s stockholders. The Compensation Committee determines the terms and conditions of the awards. At the Shareholder Meeting held on January 22, 2015, the Company’s stockholders approved Because share-based compensation awards vesting in the current periods were granted on a variety of dates, the assumptions are presented as weighted averages in those assumptions. Shares Weighted- Average Exercise Price Weighted-Average Remaining Contractual Term, in years Agregate Intrinsic Value Stock Options Outstanding as of January 1, 2015 14,000 30.50 0.70 - Forfeited or expired (14,000 ) 30.50 - - Outstanding as of December 31, 2015 - $ - - $ - Vested as of December 31, 2015 - $ - - $ - Shares Weighted- Average Grant Price Weighted-Average Remaining Contractual Term, in years Agregate Intrinsic Value RSUs Outstanding as of January 1, 2015 11,765 4.25 1.50 50 Granted - - - - Exercised - - - - Forfeited or expired - - - - Outstanding as of December 31, 2015 11,765 $ 4.25 0.50 $ 50 Vested as of December 31, 2015 - $ - - $ - There were no stock options exercised in 2015, 2014 or 2013. As of December 31, 2015, there was $50 thousand in unrecognized compensation cost related to unvested share-based compensation awards granted under the 2005 Plan and the 1998 Plan. The cost will be recognized over the 2 year vesting period. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | Note 14. Income Taxes The current and deferred components of the provision (benefit) for income taxes for the years ended December 31, 2015, 2014 and 2013 are as follows: Year Ended December 31, 2015 2014 2013 (In thousands) Current provision (benefit) for income taxes Federal $ - $ - $ - State - - - Deferred provision (benefit) for income taxes Federal (188 ) (1,621 ) 3,996 State 242 (206 ) 324 Change in valuation allowance (54 ) 2,997 (4,320 ) Total provision (benefit) for income taxes $ - $ 1,170 $ - A deferred tax asset 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. Temporary differences that gave rise to the deferred tax assets and liabilities as of December 31, 2015 and 2014 are as follows: 2015 2014 Asset Liability Asset Liability (In thousands) Investment securities $ - $ - $ - $ - Unrealized loss on securities available for sale 1,109 - 368 - Stock dividends on FHLB stock - 3 - 4 Venture capital investments 835 - 460 - Allowance for loan losses 7,106 - 10,916 - Premises and equipment - 1,273 - 1,429 MSRs - 2,722 - 2,972 Other intangible assets 377 - 418 - OREO 1,349 - 1,144 - Prepaid expenses - 636 - 656 Accrued compensation 566 - 728 - Capital losses 372 - - - Net operating loss carryforwards 4,687 - 3,002 - Business tax credits 2,827 - 1,970 - Stock options and SARs expensed 237 - 160 - Contributions and Other 206 - 41 - AMT credit 173 - 377 - Total deferred taxes 19,844 4,634 19,584 5,061 Allowance for deferred taxes (19,844 ) (4,634 ) (19,584 ) (5,061 ) Net deferred taxes $ 0 $ (0 ) $ - $ - 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. The Company recorded a loss before income taxes for the years ended December 31, 2011 and 2010. Based on these losses, the Company determined that it was no longer more likely than not that its deferred tax assets of $14.6 million at December 31, 2011 would be utilized. Accordingly, a full valuation allowance was recorded as of December 31, 2011. As of December 31, 2015, 2014, and 2013, management did not believe that it was more likely than not that the full amount of the deferred tax assets would be utilized in future periods. For the year ended December 31, 2015, the Company had federal net operating loss carryforwards of $11.0 million and state net operating loss carryforwards of $18.8 million which will expire at various dates from 2031 to 2035. Realization of deferred tax assets associated with the net operating loss carryforwards is dependent upon generating sufficient taxable income prior to their expiration. The Company had no income tax expense in 2015. The Company is subject to U.S. federal and New Mexico state income taxes and is subject to examination by the taxing authorities for the years after 2010. In September 2014, the Company filed amended federal income tax returns for tax years 2006-2012 to claim additional bad debt deductions. The additional deductions resulted in net operating losses (NOLs) in 2011 and 2012; the NOLs have been utilized in full through carryback and carryforward. The Company had business tax credits totaling $2.4 million as of December 31, 2015 and $2.3 million as of December 31, 2014, which will begin to expire in 2031. Items causing differences between the Federal statutory tax rate and the effective tax rate are summarized as follows: Year Ended December 31, 2015 2014 2013 Amount Rate Amount Rate Amount Rate (Dollars in thousands) Federal statuatory tax rate $ 651 34.00 % $ (1,688 ) (35.00 )% 4,502 35.00 % Net tax exempt interest income (64 ) (3.34 )% (158 ) (3.28 )% (197 ) (1.53 )% Interest disallowance 1 0.05 % 3 0.06 % 2 0.02 % Nondeductible expenses 13 0.68 % 32 0.66 % 37 0.29 % Nondeductible book amortization 107 5.59 % 156 3.24 % 217 1.69 % Other, net - 0.00 % (90 ) (1.87 )% (241 ) (1.87 )% Tax credits (424 ) (22.15 )% (424 ) (8.79 )% - 0.00 % Provision to return adjustments (445 ) (23.25 )% - (8.79 )% - 0.00 % Fed rate differential 20 1.04 % - (8.79 )% - 0.00 % Change in state tax rate 114 5.96 % - (8.79 )% - 0.00 % Fines & penalties - 0.00 % 525 10.89 % - 0.00 % State income tax, net of federal benefit 81 4.23 % (183 ) (3.80 )% - 0.00 % Tax provision (benefit) before change in valuation allowance 54 2.82 % (1,827 ) (64.26 )% 4,320 33.60 % Change in valuation allowance (54 ) (2.82 )% 2,997 62.15 % (4,320 ) (33.60 )% Provision (benefit) for income taxes $ - 0.00 % $ 1,170 (2.11 )% $ - 0.00 % The calculation for the income tax provision or benefit generally does not consider the tax effects of changes in other comprehensive income (“OCI”), which is a component of stockholders’ equity on the balance sheet. However, an exception is provided in certain circumstances, such as when there is a full valuation allowance on net deferred tax assets, a loss before provision (benefit) for income taxes and income in other components of the financial statements. In such a case, pre-tax income from other categories, such as changes in OCI, must be considered in determining a tax benefit to be allocated to the loss before provision (benefit) for income taxes. During 2014, the Company recognized a penalty in the amount of $1.5 million imposed by the SEC as a result of the restatement of the Company’s financial statements. The impact of this non-deductible penalty was an increase in income tax in the amount of $525 thousand for the year ended December 31, 2014. The Company has no liabilities associated with uncertain tax positions as of December 31, 2015 and 2014 and does not anticipate providing an income tax reserve in the next twelve months. During the years ended December 31, 2015 and 2014, the Company did not record an accrual for interest and penalties associated with uncertain tax positions. |
Commitments and Off-Balance She
Commitments and Off-Balance Sheet Activities | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Off-Balance Sheet Activities [Abstract] | |
Commitments and Off-Balance Sheet Activities | Note 15. 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 December 31, 2015 and 2014, the following credit-related commitments were outstanding: Contract Amount 2015 2014 (In thousands) Unfunded commitments under lines of credit $ 108,966 $ 141,674 Commercial and standby letters of credit 7,608 10,411 Commitments to make loans 5,105 5,489 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. Outstanding Letters of Credit: In addition to short and long-term borrowings from the FHLB, the FHLB has issued letters of credit to various public entities with deposits at the Bank. These letters of credit are issued to collateralize the deposits of these entities at the Bank as required or allowed under law. These letters of credit expired during 2015. The total value of these letters of credit was $22.0 million as of December 31, 2014. These letters were secured under the blanket assignment of mortgage loans or other collateral acceptable to the FHLB that also secures the Company’s short and long-term borrowings from FHLB. 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. A December 31, 2015 and 2014, $575 thousand has 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 $20 thousand and $28 thousand as of December 31, 2015 and 2014, respectively, and are included in “other liabilities” on the consolidated balance sheets. |
Preferred Equity Issues
Preferred Equity Issues | 12 Months Ended |
Dec. 31, 2015 | |
Preferred Equity Issues [Abstract] | |
Preferred Equity Issues | Note 16. Preferred Equity Issues 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”). Below is a table disclosing the information on the two series: Number of shares issued Dividend rate Liquidation value per share Original cost, in thousands Series A cumulative perpetual preferred shares 35,539 5% for first 5 years; thereafter 9% $ 1,000.00 $ 33,437 Series B cumulative perpetual preferred shares 1,777 9% 1,000.00 2,102 The difference between the liquidation value of the preferred stock and the original cost is accreted (for the Series B Preferred Stock) or amortized (for the Series A Preferred Stock) over 10 years and is reflected, on a net basis, as an increase to the carrying value of preferred stock and decrease to retained earnings. For each of the years ended December 31, 2015 and 2014, a net amount of $178 thousand 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 years ended December 31, 2015 and 2014 the total of these amounts was $3.8 million and $3.2 million, respectively. On August 10, 2012, the Treasury sold its ownership of the Series A Preferred Stock and the Series B Preferred Stock to third parties. On May 7, 2013, the Company elected to exercise the option to defer the payment of dividends on the preferred stock, as provided by the agreements under which the stock was issued. |
Litigation
Litigation | 12 Months Ended |
Dec. 31, 2015 | |
Litigation [Abstract] | |
Litigation | Note 17. Litigation The Company and its subsidiaries are subject, in the normal course of business, to various pending and threatened legal proceedings in which claims for monetary damages are asserted. On an ongoing basis management, after consultation with legal counsel, assesses the Company’s liabilities and contingencies in connection with such legal proceedings. For those matters where it is probable that the Company will incur losses and the amounts of the losses can be reasonably estimated, the Company records an expense and corresponding liability in its consolidated financial statements. To the extent the pending or threatened litigation could result in exposure in excess of that liability, the amount of such excess is not currently estimable. The Company can give no assurance, however, its business, financial condition and results of operations will not be materially adversely affected, or that it will not be required to materially change its business practices, based on: (i) future enactment of new banking or other laws or regulations; (ii) the interpretation or application of existing laws or regulations, including the laws and regulations as they may relate to the Company’s business, banking services or the financial services industry in general; (iii) pending or future federal or state governmental investigations of the business; (iv) institution of government enforcement actions against the Company; or (v) adverse developments in other pending or future legal proceedings against the Company or affecting the banking or financial services industry generally. In addition to legal proceedings occurring in the normal course of business, the Company is the subject of certain governmental investigations and legal proceedings as set forth below. SEC Investigation: SIGTARP/DOJ Investigation: As of May 1, 2016, no suit or charges have been filed against the Company or its current directors, executive officers or employees by any parties relating to the restatement. While there is a reasonable probability that some loss will be experienced, through litigation or assessments, other than as disclosed above, the potential loss cannot be quantified. The Company has not accrued a reserve for any potential losses resulting from unresolved regulatory investigations. Insurance Coverage and Indemnification Litigation: · Trinity Capital Corporation and Los Alamos National Bank v. Atlantic Specialty Insurance Company, Federal Insurance Company, William C. Enloe and Jill Cook, (First Judicial District Court, State of New Mexico, Case No. D-132-CV-201500083); · William C. Enloe v. Atlantic Specialty Insurance Company, Federal Insurance Company, Trinity Capital Corporation and Los Alamos National Bank, (First Judicial District Court, State of New Mexico, Case No. D-132-CV-201500082) · Mark Pierce v. Atlantic Specialty Insurance Company, Trinity Capitol Corporation d/b/a Los Alamos National Bank, and Federal Insurance Company, (First Judicial District Court, State of New Mexico, Case No. D-101-CV-201502381). In connection with the restatements and investigations, on September 1, 2015, the Company and William Enloe (“Enloe”), Trinity and the Bank’s former Chief Executive Officer and Chairman of the Board, filed separate suits in New Mexico State Court. Jill Cook, the Company’s former Chief Credit Officer, was also named in the suit brought by Trinity. On October 28, 2015, the Court entered an order consolidating the Enloe and Trinity suits. Mark Pierce, the Bank’s former Senior Lending Officer, filed suit in New Mexico State Court on November 2, 2015. On April 26, 2016, Pierce filed a motion to consolidate his suit with the Enloe and Trinity suit. In each of the three suits listed above, the plaintiffs seek coverage and reimbursement from the insurance carriers for the defense costs incurred by individuals covered under those policies, as defined therein, in addition to causes of action against the insurance companies for bad faith, breach of insurance contracts and against Atlantic Specialty Insurance for violations of New Mexico insurance statutes. The suits, with the exception of Enloe’s suit, also seek a determination on the obligations of the Company and/or the Bank to indemnify the former officers. The suits filed by Enloe and Pierce each allege, in the alternative, negligence against the Company and the Bank for failing to timely put all carriers on notice of his claims. The Company and the Bank will vigorously defend its actions and seek indemnification and coverage from its insurance carriers as required under the insurance policies. Due to the complex nature, the outcome and timing of ultimate resolution is inherently difficult to predict. Title Insurance Coverage Litigation: First American Title v. Los Alamos National Bank (Second Judicial District Court, State of New Mexico, Case No. D-202-CV-201207023 |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Financial Instruments [Abstract] | |
Derivative Financial Instruments | Note 18. Derivative Financial Instruments In the normal course of business, the Bank uses a variety of financial instruments to service the financial needs of customers and to reduce its exposure to fluctuations in interest rates. Derivative instruments that the Bank uses as part of its interest rate risk management strategy include mandatory forward delivery commitments and rate lock commitments. As a result of using derivative instruments, the Bank has potential exposure to credit loss in the event of non-performance by the counterparties. The Bank manages this credit risk by spreading the credit risk among counterparties that the Company believes are well established and financially strong and by placing contractual limits on the amount of unsecured credit risk from any single counterparty. The Bank’s exposure to credit risk in the event of default by a counterparty is the current cost of replacing the contracts net of any available margins retained by the Bank. However, if the borrower defaults on the commitment the Bank requires the borrower to cover these costs. The Company’s derivative instruments outstanding as of December 31, 2015 included commitments to fund loans held for sale. The interest rate lock commitment was valued at fair value at inception. The rate locks will continue to be adjusted for changes in value resulting from changes in market interest rates. The Company originates single-family residential loans for sale pursuant to programs offered by Fannie Mae. At the time the interest rate is locked in by the borrower, the Bank concurrently enters into a forward loan sale agreement with respect to the sale of such loan at a set price in an effort to manage the interest rate risk inherent in the locked loan commitment. Any change in the fair value of the loan commitment after the borrower locks in the interest rate is substantially offset by the corresponding change in the fair value of the forward loan sale agreement related to such loan. This change is recorded to “other noninterest expenses” in the consolidated statements of operations. The period from the time the borrower locks in the interest rate to the time the Bank funds the loan and sells it to Fannie Mae is generally 60 days. The fair value of each instrument will rise or fall in response to changes in market interest rates subsequent to the dates the interest rate locks and forward loan sale agreements are entered into. In the event that interest rates rise after the Bank enters into an interest rate lock, the fair value of the loan commitment will decline. However, the fair value of the forward loan sale agreement related to such loan commitment generally increases by substantially the same amount, effectively eliminating the Company’s interest rate and price risk. As of December 31, 2015, the Company had notional amounts of $5.1 million in contracts with customers and $8.1 million in contracts with Fannie Mae for interest rate lock commitments outstanding related to loans being originated for sale. As of December 31, 2014, the Company had notional amounts of $5.5 million in contracts with customers and $11.2 million in contracts with Fannie Mae for interest rate lock commitments outstanding related to loans being originated for sale. The fair value of interest rate lock commitments was $225 thousand as of December 31, 2015 and $139 thousand as of December 31, 2014. The Company had outstanding loan commitments, excluding undisbursed portion of loans in process and equity lines of credit, of approximately $116.6 million as of December 31, 2015 and $136.1 million as of 2014, respectively. Of these commitments outstanding, the breakdown between fixed rate and adjustable rate loans is as follows: December 31, 2015 2014 (In thousands) Fixed rate (ranging from 2.1% to 13.9%) $ 11,913 $ 9,913 Adjustable rate 104,661 126,215 Total $ 116,574 $ 136,128 |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2015 | |
Regulatory Matters [Abstract] | |
Regulatory Matters | Note 19. 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 restrictions on the payment of dividends and 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, issue dividends and other capital distributions or to repurchase or redeem any Trinity stock. Additionally, the Bank was similarly prohibited from paying dividends to Trinity under the Formal Agreement issued by the OCC on November 30, 2012 and under the Consent Order, which replaced the Formal Agreement, issued on December 17, 2013. The Consent Order requires that the Bank maintain certain capital ratios and receive approval from the OCC prior to declaring dividends. The Written Agreement was filed with the Company’s Current Report on Form 8-K filed on October 1, 2013; the Formal Agreement was filed with the Company’s Current Report on Form 8-K filed on December 6, 2012; and the Consent Order was filed with the Company’s Current Report on Form 8-K filed on December 23, 2013. The Company and the Bank are taking actions to address the provisions of the enforcement actions. Banks and bank holding companies are subject to regulatory capital requirements administered by federal banking agencies. Capital adequacy guidelines and, additionally for bank, prompt corrective action regulations, involve quantitative measures of assets, liabilities, and certain off-balance-sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgements by regulators. Failure to meet capital requirements can initiate regulatory action. The final rules implementing Basel Committee on Banking Supervision’s capital guidelines for U.S. banks (Basel III rules) became effective for the Company on January 1, 2015 with full compliance with all of the requirements being phased in over a multi-year schedule, and fully phased in by January 1, 2019. Capital amounts and ratios for December 31, 2014 are calculated using Basel I rules. The Company and the Bank met all capital adequacy requirements to which they were subject as of December 31, 2015. The statutory requirements and actual amounts and ratios for the Company and the Bank are presented below: Actual For Capital Adequacy Purposes To be well capitalized under prompt corrective action provisions Minimum Levels Under Order Provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) December 31, 2015 Total capital (to risk-weighted assets): Consolidated $ 128,272 14.10 % $ 72,774 8.00 % N/A N/A N/A N/A Bank only 141,486 15.62 % 72,452 8.00 % $ 90,565 10.00 % $ 99,621 11.00 % Tier 1 capital (to risk weighted assets): Consolidated 101,263 11.13 % 54,580 6.00 % N/A N/A N/A N/A Bank only 130,084 14.36 % 54,339 6.00 % 72,452 8.00 % N/A N/A Common Equity Tier 1 Capital (to risk weighted assets): Consolidated 44,080 4.85 % 40,935 4.50 % N/A N/A N/A N/A Bank only 130,084 14.36 % 40,754 4.50 % 58,867 6.50 % N/A N/A Tier 1 leverage (to average assets): Consolidated 101,263 7.11 % 56,943 4.00 % N/A N/A N/A N/A Bank only 130,084 9.18 % 56,685 4.00 % 70,856 5.00 % 113,370 8.00 % December 31, 2014 Total capital (to risk-weighted assets): Consolidated $ 130,452 14.27 % $ 73,108 8.00 % N/A N/A N/A N/A Bank only 135,872 14.98 % 72,562 8.00 % $ 90,703 10.00 % $ 99,773 11.00 % Tier 1 capital (to risk weighted assets): Consolidated 110,532 12.10 % 36,554 4.00 % N/A N/A N/A N/A Bank only 124,361 13.71 % 36,281 4.00 % 54,422 6.00 % N/A N/A Tier 1 capital (to average assets): Consolidated 110,532 7.54 % 58,650 4.00 % N/A N/A N/A N/A Bank only 124,361 8.51 % 58,420 4.00 % 73,025 5.00 % 116,840 8.00 % N/A—not applicable While the Bank’s capital ratios fall into the category of “well-capitalized,” the Bank cannot be considered “well-capitalized” due to the requirement to meet and maintain a specific capital level in the Consent Order pursuant to the prompt corrective action rules. The Bank is required to maintain (i) a leverage ratio of Tier 1 Capital to total assets of at least 8%; and (ii) a ratio of Total Capital to total risk-weighted assets of at least 11%. As of December 31, 2015 and 2014 the Bank was in compliance with these requirements. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | Note 20. 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. Financial Instruments Recorded at Fair Value on a Recurring Basis Securities Available for Sale. Derivatives. The following table summarizes the Company's financial assets and off-balance-sheet instruments measured at fair value on a recurring basis as of December 31, 2015 and 2014, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: December 31, 2015 Total Level 1 Level 2 Level 3 (In thousands) Financial Assets: Investment securities available for sale: U.S. Government sponsored agencies $ 69,584 $ - $ 69,584 $ - State and political subdivisions 3,576 - 3,576 - Residential mortgage-backed security 121,597 - 121,597 - Residential collateralized mortgage obligation 39,921 - 39,921 - Commercial mortgage backed security 41,119 - 41,119 - SBA pool 750 - 750 - Asset-backed security 39,493 - 39,493 - Interest rate lock commitments, mandatory forward delivery commitments and pair offs 225 - 225 - Total $ 316,265 $ - $ 316,265 $ - December 31, 2014 Financial Assets: Investment securities available for sale: U.S. Government sponsored agencies $ 42,282 $ - $ 42,282 $ - Stats and political subdivisions 5,087 - 5,087 - Residential mortgage-backed security 101,775 - 101,775 - Residential collateralized mortgage obligation 41,051 - 41,051 - Commercial mortgage backed security 24,882 - 24,882 - SBA pool 945 - 945 - Interest rate lock commitments, mandatory forward delivery commitments and pair offs 186 - 186 - Total $ 216,208 $ - $ 216,208 $ - There were no financial liabilities that were measured at fair value as of December 31, 2015 and 2014. There were no financial assets or financial liabilities measured at fair value on a recurring basis for which the Company used significant unobservable inputs (Level 3) during the periods presented in these financial statements. There were no transfers between the levels used on any asset classes during the year. 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 December 31, 2015, impaired loans with a carrying value of $40.7 million had a valuation allowance of $4.2 million. As of December 31, 2014, impaired loans with a carrying value of $47.2 million had a valuation allowance of $8.0 million. In the table below, OREO had write-downs during the years ended of $361 thousand and $2.7 million, respectively. Assets measured at fair value on a nonrecurring basis as of December 31, 2015 and 2014 are included in the table below: Total Level 1 Level 2 Level 3 (In thousands) December 31, 2015 Financial Assets Impaired loans $ 36,870 $ - $ - $ 36,870 MSRs 6,905 - - 6,905 Non-Financial Assets OREO 2,231 - - 2,231 December 31, 2014 Financial Assets Impaired loans $ 47,234 $ - $ - $ 47,234 MSRs 7,438 - - 7,438 Non-Financial Assets OREO 6,111 - - 6,111 See Note 5 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 December 31, 2015 and 2014: Fair value Valuation Technique(s) Unobservable Input(s) Adjustment Range, Weighted Average December 31, 2015 (In thousands) Impaired loans Commercial $ 14,557 Sales comparison Adjustments for differences of comparable sales (0.00)% to (13.92)%, Commercial real estate 9,755 Sales comparison Adjustments for differences of comparable sales (4.25) to (7.62), Residential real estate 8,624 Sales comparison Adjustments for differences of comparable sales (0.00) to (8.70), Construction real estate 3,436 Sales comparison Adjustments for differences of comparable sales (4.00) to (7.50), Installment and other 498 Sales comparison Adjustments for differences of comparable sales (4.13) to (9.50), Total impaired loans $ 36,870 OREO Commercial real estate $ 217 Sales comparison Adjustments for differences of comparable sales (14.55)% to (14.55)%, Residential real estate 1,493 Sales comparison Adjustments for differences of comparable sales (8.47) to (91.19), Construction real estate 521 Sales comparison Adjustments for differences of comparable sales (10.70) to (67.45), Total OREO $ 2,231 December 31, 2014 Impaired loans Commercial $ 15,041 Sales comparison Adjustments for differences of comparable sales (5.70)% to (13.92)%, Commercial real estate 14,970 Sales comparison Adjustments for differences of comparable sales (5.50) to (7.62), Residential real estate 11,050 Sales comparison Adjustments for differences of comparable sales (3.13) to (8.70), Construction real estate 5,537 Sales comparison Adjustments for differences of comparable sales (5.00) to (7.25), Installment and other 636 Sales comparison Adjustments for differences of comparable sales (4.13) to (10.00), Total impaired loans $ 47,234 OREO Commercial real estate $ 2,179 Sales comparison Adjustments for differences of comparable sales (5.45) to (42.92), Residential real estate 1,966 Sales comparison Adjustments for differences of comparable sales (2.98) to (82.38) Construction real estate 1,966 Sales comparison Adjustments for differences of comparable sales (22.41) to (100.00) Total OREO $ 6,111 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 December 31, 2015 and 2014 are as follows: Carrying amount Level 1 Level 2 Level 3 Total (In thousands) December 31, 2015 Financial assets: Cash and due from banks $ 13,506 $ 13,506 $ - $ - $ 13,506 Interest-bearing deposits with banks 151,049 151,049 - - 151,049 Securities purchased under resell agreements 24,320 24,320 - - 24,320 Investments: Available for sale 316,040 - 316,040 - 316,040 Held to maturity 8,986 - 8,988 - 8,988 Non-marketable equity securities 3,854 N/A N/A N/A N/A Loans held for sale 3,041 - - 3,041 3,041 Loans, net 822,396 - - 830,555 830,555 Accrued interest receivable on securities 1,028 - 1,028 - 1,028 Accrued interest receivable on loans 3,795 - - 3,795 3,795 Accrued interest receivable other 208 - - 208 208 Interest rate lock commitments, mandatory forward delivery commitments and pair offs 225 - 225 - 225 Off-balance-sheet instruments: Loan commitments and standby letters of credit $ 20 $ - $ 20 $ - $ 20 Financial liabilities: Non-interest bearing deposits $ 152,888 $ 152,888 $ - $ - $ 152,888 Interest bearing deposits 1,101,070 - 1,099,937 - 1,099,937 Long-term borrowings 2,300 - 2,642 - 2,642 Junior subordinated debt 37,116 - - 20,461 20,461 Accrued interest payable 7,370 - 7,370 - 7,370 December 31, 2014 Financial assets: Cash and due from banks $ 17,202 $ 17,202 $ - $ - $ 17,202 Interest-bearing deposits with banks 207,965 207,965 - - 207,965 Securities purchased under resell agreements 22,231 22,231 - - 22,231 Investments: Available for sale 216,022 - 216,022 - 216,022 Held to maturity 11,775 - 11,947 - 11,947 Non-marketable equity securities 6,984 N/A N/A N/A N/A Loans held for sale 5,632 - - 5,831 5,831 Loans, net 885,764 - - 889,031 889,031 Accrued interest receivable 5,100 - 5,100 - 5,100 Interest rate lock commitments, mandatory forward delivery commitments and pair offs 186 - 186 - 186 Off-balance-sheet instruments: Loan commitments and standby letters of credit $ 28 $ - $ 28 $ - $ 28 Financial liabilities: Non-interest bearing deposits $ 144,503 $ 144,503 $ - $ - $ 144,503 Interest bearing deposits 1,138,089 - 1,142,657 - 1,142,657 Long-term borrowings 22,300 - 23,001 - 23,001 Junior subordinated debt 37,116 - - 20,758 20,758 Accrued interest payable 4,911 - 4,911 - 4,911 |
Other Noninterest Expense
Other Noninterest Expense | 12 Months Ended |
Dec. 31, 2015 | |
Other Noninterest Expense [Abstract] | |
Other Noninterest Expense | Note 21. Other Noninterest Expense Other noninterest expense items are presented in the following table for the years ended December 31, 2015, 2014 and 2013. Components exceeding 1% of the aggregate of total net interest income and total noninterest income are presented separately. Year Ended December 31, 2015 2014 2013 (In thousands) Other noninterest expenses Data processing $ 2,979 $ 3,155 $ 3,202 Marketing 1,335 1,119 1,181 Amortization and valuation of MSRs 1,393 1,672 219 Supplies 486 444 652 Postage 648 748 795 Bankcard and ATM network fees 1,872 2,169 1,458 Legal, professional and accounting fees 7,304 10,868 7,169 FDIC insurance premiums 3,087 3,211 2,944 Collection expenses 834 1,217 4,369 Other 3,443 4,714 2,987 Total noninterest expenses $ 23,381 $ 29,317 $ 24,976 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 22. Subsequent Events Purchase of Commercial Property. Stock Purchase Agreement. In connection with the private placement, 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, prior to closing, Castle Creek and Patriot will enter into side letter agreements with us. Under the terms of a side letter agreements, each investor will be 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 the outstanding shares of common stock (including shares of Common Stock issuable upon conversion of the Series C preferred stock or non-voting Common Stock). |
Condensed Parent Company Financ
Condensed Parent Company Financial Information | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Parent Company Financial Information [Abstract] | |
Condensed Parent Company Financial Information | Note 23. Condensed Parent Company Financial Information The condensed financial statements of Trinity Capital Corporation (parent company only) are presented below: Balance Sheets December 31, 2015 2014 (In thousands) Assets Cash $ 707 $ 1,382 Investments in subsidiaries 128,627 125,770 Other assets 7,944 16,993 Total assets $ 137,278 $ 144,145 Liabilities and Stockholders' Equity Dividends payable $ 8,693 $ 4,776 Junior subordinated debt owed to unconsolidated trusts 37,116 37,116 Other liabilities 12,479 19,231 Stock owned by Employee Stock Ownership Plan (ESOP) participants 2,690 2,019 Stockholders' equity 76,300 81,003 Total liabilities and stockholders' equity $ 137,278 $ 144,145 Statements of Operations December 31, 2015 2014 2013 (In thousands) Dividends from subsidiaries $ - $ - $ 25 Interest and other income 161 475 463 Interest and other expense (3,152 ) (3,320 ) (2,312 ) Income before income tax benefit and equity in undistributed net income of subsidiaries (2,991 ) (2,845 ) (1,824 ) Income tax benefit - - 1,137 Loss before equity in undistributed net income of subsidiaries (2,991 ) (2,845 ) (687 ) Equity in undistributed net income (loss) of subsidiaries 4,905 (3,147 ) 13,550 Net income (loss) $ 1,914 $ (5,992 ) $ 12,863 Dividends and discount accretion on preferred shares 3,803 3,230 2,144 Net (loss) income available to common shareholders $ (1,889 ) $ (9,222 ) $ 10,719 Statements of Cash Flows December 31, 2015 2014 2013 (In thousands) Cash Flows From Operating Activities Net income (loss) $ 1,914 $ (5,992 ) $ 12,863 Adjustments to reconcile net income (loss) to net cash used in operating activities Amortization of junior subordinated debt owed to unconsolidated trusts issuance costs 14 14 14 Equity in undistributed net income (loss) of subsidiaries (4,905 ) 3,147 (13,550 ) Decrease in taxes receivable from subsidiaries 9,051 1,139 1,137 Gain on sale of subsidiary - (56 ) - Decrease (increase) in other assets 9,036 828 (296 ) Decrease in other liabilities (18,442 ) (1,632 ) (1,994 ) Increase in TPS accrued dividend payable 2,559 2,340 - Sale of subsidiary - (111 ) - Tax benefit recognized for exercise of stock options - - 1,376 Net cash used in operating activities $ (773 ) $ (323 ) $ (450 ) Cash Flows From Investing Activities Investments in and advances to subsidiaries (100 ) 290 42 Net cash (used in) provided by investing activities $ (100 ) $ 290 $ 42 Cash Flows from Financing Activities Issuance of treasury stock 198 100 - Preferred shares dividend payments - - (484 ) Net cash provided by (used in) financing activities $ 198 $ 100 $ (484 ) Net increase (decrease) in cash (675 ) 67 (892 ) Cash: Beginning of year 1,382 1,315 2,207 End of year $ 707 $ 1,382 $ 1,315 |
Significant Accounting Polici32
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Significant Accounting Policies [Abstract] | |
Consolidation | Consolidation: Trinity owns all of the outstanding common securities of the Trusts. The Trusts are considered variable interest entities (“VIEs”) under ASC Topic 810, "Consolidation." Because Trinity is not the primary beneficiary of the Trusts, the financial statements of the Trusts are not included in the consolidated financial statements of the Company. |
Basis of presentation | Basis of presentation: |
Deposits with banks and securities purchased under resell agreements | Deposits with banks and securities purchased under resell agreements: |
Investment securities | Investment securities: Securities classified as available for sale are debt securities the Bank intends to hold for an indefinite period of time, but not necessarily to maturity. Any decision to sell a security classified as available for sale would be based on various factors, including significant movements in interest rates, changes in the maturity mix of the Bank's assets and liabilities, liquidity needs, regulatory capital considerations and other similar factors. Securities available for sale are reported at fair value with unrealized gains or losses reported as other comprehensive income, net of the related deferred tax effect. Purchase premiums and discounts are generally recognized in interest income using the interest method over the term of the securities. For mortgage-backed securities, estimates of prepayments are considered in the constant yield calculations. An investment security is impaired if the fair value of the security is less than its amortized cost basis. Once the security is impaired, a determination must be made to determine if it is other than temporarily impaired (“OTTI”). In determining OTTI losses, management considers many factors, including: current market conditions, fair value in relationship to cost; extent and nature of the change in fair value; issuer rating changes and trends; whether it intends to sell the security before recovery of the amortized cost basis of the investment, which may be maturity; and other factors. For debt securities, if management intends to sell the security or it is likely that the Bank will be required to sell the security before recovering its cost basis, the entire impairment loss would be recognized in earnings as an OTTI. If management does not intend to sell the security and it is not likely that the Bank will be required to sell the security, but management does not expect to recover the entire amortized cost basis of the security, only the portion of the impairment loss representing credit losses would be recognized in earnings. The credit loss on a security is measured as the difference between the amortized cost basis and the present value of the cash flows expected to be collected. Projected cash flows are discounted by the original or current effective interest rate depending on the nature of the security being measured for potential OTTI. The remaining impairment related to the difference between the present value of the cash flows expected to be collected and fair value is recognized as a charge to other comprehensive income. |
Non-marketable Equity securities | Non-marketable equity securities: Also included are the Bank’s investments in certain venture capital funds totaling $1.0 million and $3.3 million as of December 31, 2015 and December 31, 2014, respectively. The Bank’s $50 thousand interest in Cottonwood Technology Group, LLC was written off in the year ending December 31, 2015. The Bank is the only member of FNM Investment Fund IV, LLC (“FNM Investment Fund IV”). As of December 31, 2015, the new market tax credit of FNM Investment Fund IV of $305 thousand was fully amortized to zero and the current outstanding commercial loan amount was $5.2 million. The commercial loan is included in “loans, net” on the consolidated balance sheets. The Bank holds an interest in Southwest Medical Technologies, LLC. During the year ending December 31, 2015 the Bank received a $200 thousand cash distribution and wrote down the remaining $201 thousand investment in Southwest Medical Technologies, LLC to zero. The Bank holds an interest in New Mexico Mezzanine Partners, LP. During the year ending December 31, 2015 the Bank received a $120 thousand cash distribution and wrote down the investment by $300 thousand to $138 thousand. The Bank holds an interest in Puente Partners, LLC. During the year ending December 31, 2015 the Bank received a distribution in the form of stock in an Albuquerque based pharmaceutical company initially valued at less than $6 thousand. The pharmaceutical company was subsequently dissolved and the Bank wrote the Puente partners, LLC investment down by $280 thousand to zero. The Bank holds an interest in VSpring II, LP. During the year ending December 31, 2015 the Bank recorded partnership operating losses of $70 thousand which reduced the carrying value of VSpring II, LP to $92 thousand. The Bank holds an interest in CCP/Respira, LP. During the year ending December 31, 2015 the Bank brought the carrying value of CCP/Respira, LP to zero. During the year ended December 31, 2015 the Bank sold its interest in PCM/FibeRio, LP and recorded a $182 thousand loss as a result of the sale. These non-marketable investments are carried at net equity value and evaluated periodically by management for impairment. Investments with fair values that are less than amortized cost are considered impaired. Impairment may result from either a decline in the financial condition of the issuing entity or, in the case of fixed rate investments, from rising interest rates. At each financial statement date, management assesses each investment to determine if impaired investments are temporarily impaired or if the impairment is other than temporary based upon the evidence available. Evidence evaluated includes (if applicable), but is not limited to, industry analyst reports, credit market conditions, and interest rate trends. If negative evidence outweighs positive evidence that the carrying amount is recoverable within a reasonable period of time, the impairment is recognized with a charge to earnings. |
Loans held for sale | Loans held for sale: Mortgage loans held for sale are generally sold with servicing rights retained; however, management intends to sell newly originated mortgage loans with servicing rights released going forward. The carrying value of mortgage loans sold is reduced by the amount allocated to the servicing right. Gains and losses on sales of mortgage loans are based on the difference between the selling price and the carrying value of the related loan sold. |
Loans | Loans: Loan origination and commitment fees and certain direct loan origination costs are deferred and the net amount amortized as an adjustment of the related loan’s yield. The Company amortizes these amounts over the estimated life of the loan. Commitment fees based upon a percentage of a customer’s unused line of credit and fees related to standby letters of credit are recognized over the commitment period. Net deferred fees on real estate loans sold in the secondary market reduce the cost basis of such loans. Interest on loans is accrued and reported as income using the interest method on daily principal balances outstanding. Past due status is based on the contractual terms of the loan. The Company generally discontinues accruing interest on loans when the loan becomes 90 days or more past due or when management believes that the borrower’s financial condition is such that collection of interest is doubtful. Cash collections on nonaccrual loans are credited to the loan balance, and no interest income is recognized on those loans until the principal balance has been determined to be collectible. Such interest will be reported as income on a cash basis, only upon collection of such interest. Loans, other than those included in large groups of smaller-balance homogeneous loans, are considered impaired when it is probable the Company will be unable to collect all contractual principal and interest payments due in accordance with the terms of the loan agreement. Impaired loans are measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate or, as a practical expedient, at the loan’s observable market price or the fair value of the collateral (less estimated disposition costs) if the loan is collateral dependent. The amount of impairment (if any) and any subsequent changes are included in the allowance for loan losses. A loan is classified as a troubled debt restructure (“TDR”) when a borrower is experiencing financial difficulties that lead to a restructuring of the loan, and the Company grants concessions to the borrower in the restructuring that it would not otherwise consider. These concessions may include rate reductions, principal forgiveness, extension of maturity date and other actions intended to minimize potential losses. In determining whether a debtor is experiencing financial difficulties, the Company considers if the debtor is in payment default or would be in payment default in the foreseeable future without the modification, the debtor declared or is in the process of declaring bankruptcy, there is substantial doubt that the debtor will continue as a going concern, the debtor has securities that have been or are in the process of being delisted, the debtor’s entity-specific projected cash flows will not be sufficient to service any of its debt, or the debtor cannot obtain funds from sources other than the existing creditors at a market rate for debt with similar risk characteristics. In determining whether the Company has granted a concession, the Company assesses, if it does not expect to collect all amounts due, whether the current value of the collateral will satisfy the amounts owed, whether additional collateral or guarantees from the debtor will serve as adequate compensation for other terms of the restructuring, and whether the debtor otherwise has access to funds at a market rate for debt with similar risk characteristics. A loan that is modified at a market rate of interest will not be classified as TDR in the calendar year subsequent to the restructuring if it is in compliance with the modified terms. Payment performance prior and subsequent to the restructuring is taken into account in assessing whether it is likely that the borrower can meet the new terms. A period of sustained repayment for at least six months generally is required for return to accrual status. Periodically, the Company will restructure a note into two separate notes (A/B structure), charging off the entire B portion of the note. The A note is structured with appropriate loan-to-value and cash flow coverage ratios that provide for a high likelihood of repayment. The A note is classified as a non-performing note until the borrower has displayed a historical payment performance for a reasonable time prior to and subsequent to the restructuring. A period of sustained repayment for at least six months generally is required to return the note to accrual status provided that management has determined that the performance is reasonably expected to continue. The A note will be classified as a restructured note (either performing or non-performing) through the calendar year of the restructuring that the historical payment performance has been established. |
Allowance for loan losses | Allowance for loan losses: The allowance for loan losses is established through a provision for loan losses charged to expense. Loans are charged-off against the allowance for loan losses when management believes that collectability of the principal is unlikely. The allowance for loan losses is an amount that management believes will be adequate to absorb probable incurred losses on existing loans, based on an evaluation of the collectability of loans in the portfolio and prior loss experience. This is based, in part, on an evaluation of the loss history of each type of loan over the past 12 quarters and this loss history is applied to the current outstanding loans of each respective type. This loss history analysis is updated quarterly to ensure it encompasses the most recent 12 quarter loss history. The allowance for loan losses is based on management’s evaluation of the loan portfolio giving consideration to the nature and volume of the loan portfolio, the value of underlying collateral, overall portfolio quality, review of specific problem loans, and prevailing economic conditions that may affect the borrower’s ability to pay. While management uses the best information available to make its evaluation, future adjustments to the allowance for loan losses may be necessary if there are significant changes in economic conditions. In analyzing the adequacy of the allowance for loan losses, management uses a comprehensive loan grading system to determine risk potential in the portfolio, and considers the results of periodic internal and external loan reviews. Specific reserves for impaired loans and historical loss experience factors, combined with other considerations, such as delinquency, nonaccrual status, trends on criticized and classified loans, economic conditions, concentrations of credit risk, and experience and abilities of lending personnel, are also considered in analyzing the adequacy of the allowance . Management uses a systematic methodology, which is applied quarterly, to determine the amount of allowance for loan losses and the resultant provisions for loan losses it considers adequate to provide for probable incurred loan losses. In the event that different assumptions or conditions were to prevail, and depending upon the severity of such changes, the possibility of materially different financial condition or results of operations is a reasonable likelihood. The allowance for loan losses consists of specific and general components. The specific component relates to loans that are individually classified as impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. The general component covers non‑impaired loans and is based on historical loss experience adjusted for current factors. The general component is based upon (a) h ; and ( ) based on l |
Concentrations of credit risk | Concentrations of credit risk: The majority of the loans, commitments to extend credit, and standby letters of credit have been granted to customers in Los Alamos, Santa Fe and surrounding communities. A substantial portion of the Company’s loan of such borrowers to honor their contracts is predominately dependent upon the continued operation and funding of the Laboratory. Investments in securities issued by state and political subdivisions involve governmental entities within the state of New Mexico. The distribution of commitments to extend credit approximates the distribution of loans outstanding. Standby letters of credit are granted primarily to commercial borrowers. The Company recognizes a liability in relation to unfunded commitments that is intended to represent the estimated future losses on the commitments. In calculating the amount of this liability, management considers the amount of the Company’s off-balance-sheet commitments, estimated utilization factors and loan specific risk factors. The Company’s liability for unfunded commitments is calculated quarterly and the liability is included in “other liabilities” in the consolidated balance sheets. |
Premises and equipment | Premises and equipment: |
Other real Estate Owned ("OREO") | Other Real Estate Owned (“OREO”): |
Mortgage Servicing Rights ("MSRs") | Mortgage Servicing Rights (“MSRs”): The carrying amount of MSRs, and the amortization thereon, is periodically evaluated in relation to their estimated fair values. The Bank stratifies the underlying mortgage loan portfolio by certain risk characteristics, such as loan type, interest rate and maturity, for purposes of measuring impairment. The Bank estimates the fair value of each stratum by calculating the discounted present value of future net servicing income based on management’s best estimate of remaining loan lives. Impairment is recognized through a valuation allowance for an individual grouping, to the extent that fair value is less than the carrying amount. If the Company later determines that all or a portion of the impairment no longer exists for a particular group, a reduction of the valuation allowance may be recorded as an increase to income. The fair values of servicing rights are subject to significant fluctuations as a result of changes in estimated and actual payment speeds and default rates and losses. The Bank has determined that the primary risk characteristic of MSRs is the contractual interest rate and term of the underlying mortgage loans. Fees earned for servicing rights are recorded as mortgage loan servicing fees in the consolidated statements of operations. The fees are based on a contractual percentage of the outstanding principal; or a fixed amount per loan and are recorded as income when earned. The amortization of MSRs as well as change in any valuation allowances are recorded in “other noninterest expenses” in the consolidated statements of operations. |
Federal Home Loan Bank (FHLB) Stock | Federal Home Loan Bank (FHLB) Stock: |
Federal Reserve Bank (FRB) Stock | Federal Reserve Bank (FRB) Stock: |
Other intangible assets | Other intangible assets: |
Prepaid expenses | Prepaid expenses: |
Earnings (loss) per common share | Earnings (loss) per common share: Average number of shares used in calculation of basic and diluted earnings (loss) per common share are as follows for the years ended December 31, 2015, 2014 and 2013: Year ended December 31, 2015 2014 2013 (In thousands, except share and per share data) Net income (loss) $ 1,914 $ (5,992 ) $ 12,863 Dividends and discount accretion on preferred shares 3,803 3,230 2,144 Net income (loss) available to common shareholders $ (1,889 ) $ (9,222 ) $ 10,719 Weighted average common shares issued 6,856,800 6,856,800 6,856,800 LESS: Weighted average treasury stock shares (373,163 ) (404,243 ) (407,074 ) Weighted average common shares outstanding, net 6,483,637 6,452,557 6,449,726 Basic (loss) earnings per common share $ (0.29 ) $ (1.43 ) $ 1.66 Dilutive effect of stock-based compensation - - - Weighted average common shares outstanding including dilutive shares 6,483,637 6,452,557 6,449,726 Diluted (loss) earnings per common share $ (0.29 ) $ (1.43 ) $ 1.66 Certain stock options and restricted stock units were not included in the above calculation, as they would have an anti-dilutive effect as the exercise price is greater than current market prices. The total number of shares excluded was approximately 12,000 shares, 26,000 shares and 42,000 shares for years ended December 31, 2015, 2014 and 2013, respectively. |
Comprehensive income (loss) | Comprehensive income (loss): |
Transfers of financial assets | Transfers of financial assets: |
Impairment of long-lived assets | Impairment of long-lived assets: |
Income taxes | Income taxes: A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. The Company recognizes interest and/or penalties related to income tax matters in income tax expense. |
Stock-based compensation | Stock-based compensation: Compensation cost is recognized over the required service period, generally defined as the vesting period. For awards with graded vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. |
Preferred stock | Preferred stock: |
Fair value of financial instruments | Fair value of financial instruments: |
Newly issued but not yet effective accounting standards | Newly Issued But Not Yet Effective Accounting Standards: 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 January 2016, the FASB issued ASU No. 2016-01 Recognition and Measurement of Financial Assets and Financial Liabilities (Topic 825). In February 2016, the FASB issued ASU 2016-02 Leases In March 2016, the FASB issued ASU 2016-07, Investments Equity Method and Joint Ventures In March 2016, the FASB issued ASU 2016-09 Compensation- Stock Compensation In April 2016, the FASB issued ASU 2016-10 Revenue from Contracts with Customers In May 2016, the FASB issued ASU 2016-12 Revenue from Contracts with Customers In June 2016, the FASB issued ASU 2016-13 Financial Instruments – Credit Losses |
Significant Accounting Polici33
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Significant Accounting Policies [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 are as follows for the years ended December 31, 2015, 2014 and 2013: Year ended December 31, 2015 2014 2013 (In thousands, except share and per share data) Net income (loss) $ 1,914 $ (5,992 ) $ 12,863 Dividends and discount accretion on preferred shares 3,803 3,230 2,144 Net income (loss) available to common shareholders $ (1,889 ) $ (9,222 ) $ 10,719 Weighted average common shares issued 6,856,800 6,856,800 6,856,800 LESS: Weighted average treasury stock shares (373,163 ) (404,243 ) (407,074 ) Weighted average common shares outstanding, net 6,483,637 6,452,557 6,449,726 Basic (loss) earnings per common share $ (0.29 ) $ (1.43 ) $ 1.66 Dilutive effect of stock-based compensation - - - Weighted average common shares outstanding including dilutive shares 6,483,637 6,452,557 6,449,726 Diluted (loss) earnings per common share $ (0.29 ) $ (1.43 ) $ 1.66 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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) December 31, 2015 U.S. Government sponsored agency $ 69,798 $ 98 $ (312 ) $ 69,584 State and political subdivision 3,429 147 - 3,576 Residential mortgage-backed security 123,055 43 (1,501 ) 121,597 Residential collateralized mortgage obligation 40,305 139 (523 ) 39,921 Commercial mortgage backed security 41,341 15 (237 ) 41,119 SBA pools 757 - (7 ) 750 Asset-backed security 40,136 - (643 ) 39,493 Totals $ 318,821 $ 442 $ (3,223 ) $ 316,040 December 31, 2014 U.S. Government sponsored agencies $ 42,438 $ 8 $ (164 ) $ 42,282 State and political subdivisions 4,964 123 - 5,087 Residential mortgage-backed security 102,482 92 (799 ) 101,775 Residential collateralized mortgage obligation 41,119 273 (341 ) 41,051 Commercial mortgage backed security 24,993 - (111 ) 24,882 SBA pools 949 - (4 ) 945 Totals $ 216,945 $ 496 $ (1,419 ) $ 216,022 Securities Held to Maturity Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In thousands) December 31, 2015 SBA pools $ 8,986 $ 2 $ - $ 8,988 Totals $ 8,986 $ 2 $ - $ 8,988 December 31, 2014 SBA pools $ 9,269 $ 109 $ - $ 9,378 State and political subdivisions 2,506 63 - 2,569 Totals $ 11,775 $ 172 $ - $ 11,947 |
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: Year ended December 31, 2015 2014 2013 (In thousands) Proceeds $ 17,184 $ 24,500 $ 4,142 Gross realized gains 4 1 59 Gross realized losses - - (139 ) |
Unrealized loss information for investment securities | A summary of unrealized loss information for investment securities, categorized by security type, as of December 31, 2015 and 2014 was as follows: Less than 12 Months 12 Months or Longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Securities Available for Sale: (In thousands) December 31, 2015 U.S. Government sponsored agencies $ 54,804 $ (312 ) $ - $ - $ 54,804 $ (312 ) Residential mortgage-backed security 54,760 (602 ) 48,752 (899 ) 103,512 (1,501 ) Residential collateralized mortgage obligation 17,237 (185 ) 16,252 (338 ) 33,489 (523 ) Commercial mortgage backed security 26,883 (237 ) - - 26,883 (237 ) SBA pools - - 742 (7 ) 742 (7 ) Asset-backed security 39,493 (643 ) - - 39,493 (643 ) Totals $ 193,177 $ (1,979 ) $ 65,746 $ (1,244 ) $ 258,923 $ (3,223 ) December 31, 2014 U.S. Government sponsored agency $ 34,278 $ (142 ) $ 5,477 $ (22 ) $ 39,755 $ (164 ) Residential mortgage-backed security 78,997 (777 ) 2,361 (22 ) 81,358 (799 ) Residential collateralized mortgage obligation 7,890 (89 ) 13,878 (252 ) 21,768 (341 ) Commercial mortgage backed security 14,794 (111 ) - - 14,794 (111 ) SBA pools - - 945 (4 ) 945 (4 ) Totals $ 135,959 $ (1,119 ) $ 22,661 $ (300 ) $ 158,620 $ (1,419 ) |
Amortized cost and fair value of investment securities, by contractual maturity | The amortized cost and fair value of investment securities, as of December 31, 2015, 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 December 31, 2015 (In thousands) One year or less $ 10,777 $ 10,761 $ - $ - One to five years 20,938 20,877 - - Five to ten years 41,215 41,202 - - Over ten years 41,190 40,563 8,986 8,988 Subtotal 114,120 113,403 8,986 8,988 Residential mortgage-backed security 123,055 121,597 - - Residential collateralized mortgage obligation 40,305 39,921 - - Commercial mortgage backed security 41,341 41,119 Total $ 318,821 $ 316,040 $ 8,986 $ 8,988 |
Loans and Allowance for Loan 35
Loans and Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Loans and Allowance for Loan Losses [Abstract] | |
Components of loans | As of December 31, 2015 and 2014, loans consisted of: December 31, 2015 2014 (In thousands) Commercial $ 92,995 $ 108,309 Commercial real estate 371,599 366,199 Residential real estate 258,606 305,744 Construction real estate 89,341 100,178 Installment and other 28,730 31,768 Total loans 841,271 912,198 Unearned income (1,483 ) (1,651 ) Gross loans 839,788 910,547 Allowance for loan losses (17,392 ) (24,783 ) Net loans $ 822,396 $ 885,764 |
Contractual aging of the recorded investment in current and past due loans by class of loans | The following table presents the contractual aging of the recorded investment in current and past due loans by class of loans as of December 31, 2015 and 2014, 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 (In thousands) December 31, 2015 Commercial $ 90,839 $ 167 $ 131 $ 1,858 $ 2,156 $ 92,995 Commercial real estate 363,495 1,526 704 5,874 8,104 371,599 Residential real estate 252,568 1,215 606 4,217 6,038 258,606 Construction real estate 80,629 291 85 8,336 8,712 89,341 Installment and other 28,534 110 12 74 196 28,730 Total loans $ 816,065 $ 3,309 $ 1,538 $ 20,359 $ 25,206 $ 841,271 Nonaccrual loan classification $ 6,202 $ 2,702 $ 1,418 $ 20,003 $ 24,123 $ 30,325 December 31, 2014 Commercial $ 106,847 $ 380 $ 352 $ 730 $ 1,462 $ 108,309 Commercial real estate 356,062 389 - 9,748 10,137 366,199 Residential real estate 299,250 737 235 5,522 6,494 305,744 Construction real estate 87,989 5,882 - 6,307 12,189 100,178 Installment and other 31,628 132 4 4 140 31,768 Total loans $ 881,776 $ 7,520 $ 591 $ 22,311 $ 30,422 $ 912,198 Nonaccrual loan classification $ 24,124 $ 1,195 $ 587 $ 21,950 $ 23,732 $ 47,856 The following table presents the recorded investment in nonaccrual loans and loans past due ninety days or more and still accruing by class of loans as of December 31, 2015 and 2014: December 31, 2015 2014 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 $ 2,268 $ - $ 3,697 $ - Commercial real estate 10,737 - 22,296 - Residential real estate 7,821 - 11,046 361 Construction real estate 9,353 - 10,565 - Installment and other 146 - 252 - Total $ 30,325 $ - $ 47,856 $ 361 |
Risk category of loans by class of loans | The following table presents the risk category by class of loans based on the most recent analysis performed and the contractual aging as of December 31, 2015 and 2014: Pass Special Mention Substandard Doubtful Total (In thousands) December 31, 2015 Commercial $ 69,221 $ 3,129 $ 20,645 $ - $ 92,995 Commercial real estate 307,700 19,512 44,387 - 371,599 Residential real estate 245,897 1,622 11,087 - 258,606 Construction real estate 71,864 6,667 10,810 - 89,341 Installment and other 28,378 2 350 - 28,730 Total $ 723,060 $ 30,932 $ 87,279 $ - $ 841,271 December 31, 2014 Commercial $ 66,050 $ 14,889 $ 27,128 $ 242 $ 108,309 Commercial real estate 282,279 22,222 61,698 - 366,199 Residential real estate 287,616 2,403 15,725 - 305,744 Construction real estate 71,678 12,683 15,817 - 100,178 Installment and other 30,762 116 890 - 31,768 Total $ 738,385 $ 52,313 $ 121,258 $ 242 $ 912,198 The following table shows all loans, including nonaccrual loans, by classification and aging, as of December 31, 2015 and 2014: Pass Special Mention Substandard Doubtful Total (In thousands) December 31, 2015 Current $ 719,752 $ 30,674 $ 65,639 $ - $ 816,065 Past due 30-59 days 349 258 2,702 - 3,309 Past due 60-89 days 109 - 1,429 - 1,538 Past due 90 days or more 2,850 - 17,509 - 20,359 Total $ 723,060 $ 30,932 $ 87,279 $ - $ 841,271 December 31, 2014 Current $ 731,941 $ 52,313 $ 97,425 $ 97 $ 881,776 Past due 30-59 days 6,079 - 1,441 - 7,520 Past due 60-89 days 4 - 587 - 591 Past due 90 days or more 361 - 21,805 145 22,311 Total $ 738,385 $ 52,313 $ 121,258 $ 242 $ 912,198 |
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 December 31, 2015 and 2014, 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): December 31, 2015 2014 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 $ 13,611 $ 10,137 $ - $ 16,401 $ 11,936 $ - Commercial real estate 15,872 14,198 - 25,737 22,554 - Residential real estate 9,473 7,450 - 10,132 8,707 - Construction real estate 9,816 8,137 - 12,219 9,685 - Installment and other 433 416 - 791 752 - With an allowance recorded: Commercial 14,958 14,956 399 15,924 15,918 877 Commercial real estate 11,050 11,050 1,295 18,298 17,081 2,111 Residential real estate 10,759 10,755 2,132 14,571 14,500 3,450 Construction real estate 3,688 3,688 252 6,953 6,953 1,416 Installment and other 636 636 138 743 743 107 Total $ 90,296 $ 81,423 $ 4,216 $ 121,769 $ 108,829 $ 7,961 The following table presents loans individually evaluated for impairment by class of loans for the years ended December 31, 2015, 2014 and 2013, showing the average recorded investment and the interest income recognized: 2015 2014 2013 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 $ 11,037 $ 553 $ 12,571 $ 533 $ 12,978 $ 548 Commercial real estate 18,376 592 29,459 369 32,835 626 Residential real estate 8,079 79 10,585 248 13,305 99 Construction real estate 8,911 196 10,685 162 14,610 126 Installment and other 584 65 947 81 1,150 32 With an allowance recorded: Commercial 15,437 804 15,921 832 18,293 854 Commercial real estate 14,066 468 19,791 591 24,031 881 Residential real estate 12,628 349 13,821 379 11,918 430 Construction real estate 5,321 157 6,296 210 5,692 261 Installment and other 690 20 835 27 953 35 Total $ 95,129 $ 3,283 $ 120,911 $ 3,432 $ 135,765 $ 3,892 |
Activity and allocation of allowance for loan losses | For the years ended December 31, 2015, 2014 and 2013, 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) Year Ended December 31, 2015 Beginning balance $ 4,031 $ 8,339 $ 7,939 $ 3,323 $ 788 $ 363 $ 24,783 Provision (benefit) for loan losses (1,146 ) 2,635 (80 ) (1,081 ) 501 (329 ) 500 Charge-offs (1,919 ) (4,731 ) (2,297 ) (1,570 ) (642 ) - (11,159 ) Recoveries 1,476 508 520 471 293 - 3,268 Net charge-offs (443 ) (4,223 ) (1,777 ) (1,099 ) (349 ) - (7,891 ) Ending balance $ 2,442 $ 6,751 $ 6,082 $ 1,143 $ 940 $ 34 $ 17,392 Year Ended December 31, 2014 Beginning balance $ 3,958 $ 10,699 $ 8,162 $ 4,658 $ 1,199 $ (318 ) $ 28,358 Provision (benefit) for loan losses 1,516 (334 ) 1,571 (1,504 ) 70 681 2,000 Charge-offs (2,261 ) (2,772 ) (2,463 ) (285 ) (631 ) - (8,412 ) Recoveries 818 746 669 454 150 - 2,837 Net charge-offs (1,443 ) (2,026 ) (1,794 ) 169 (481 ) - (5,575 ) Ending balance $ 4,031 $ 8,339 $ 7,939 $ 3,323 $ 788 $ 363 $ 24,783 Year Ended December 31, 2013 Beginning balance $ 7,085 $ 12,587 $ 9,037 $ 5,575 $ 1,643 $ (294 ) $ 35,633 Provision (benefit) for loan losses (1,861 ) 1,118 1,136 (741 ) 372 (24 ) - Charge-offs (2,028 ) (3,296 ) (2,447 ) (471 ) (929 ) - (9,171 ) Recoveries 762 290 436 295 113 - 1,896 Net charge-offs (1,266 ) (3,006 ) (2,011 ) (176 ) (816 ) - (7,275 ) Ending balance $ 3,958 $ 10,699 $ 8,162 $ 4,658 $ 1,199 $ (318 ) $ 28,358 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 December 31, 2015 (In thousands) Allowance for loan losses allocated to: Loans individually evaluated for impairment $ 399 $ 1,295 $ 2,132 $ 252 $ 138 $ - $ 4,216 Loans collectively evaluated for impairment 2,043 5,456 3,950 891 802 34 13,176 Ending balance $ 2,442 $ 6,751 $ 6,082 $ 1,143 $ 940 $ 34 $ 17,392 Loans: Individually evaluated for impairment $ 25,093 $ 25,248 $ 18,205 $ 11,825 $ 1,052 $ - $ 81,423 Collectively evaluated for impairment 67,902 346,351 240,401 77,516 27,678 - 759,848 Total ending loans balance $ 92,995 $ 371,599 $ 258,606 $ 89,341 $ 28,730 $ - $ 841,271 December 31, 2014 Allowance for loan losses allocated to: Loans individually evaluated for impairment $ 877 $ 2,111 $ 3,450 $ 1,416 $ 107 $ - $ 7,961 Loans collectively evaluated for impairment 3,154 6,228 4,489 1,907 681 363 16,822 Ending balance $ 4,031 $ 8,339 $ 7,939 $ 3,323 $ 788 $ 363 $ 24,783 Loans: Individually evaluated for impairment $ 27,854 $ 39,635 $ 23,207 $ 16,638 $ 1,495 $ - $ 108,829 Collectively evaluated for impairment 80,455 326,564 282,537 83,540 30,273 - 803,369 Total ending loans balance $ 108,309 $ 366,199 $ 305,744 $ 100,178 $ 31,768 $ - $ 912,198 |
Troubled debt restructurings on financing receivables | The following table presents loans by class modified as TDRs for which there was a payment default within twelve months following the modification during the years ended December 31, 2015, 2014, and 2013: Number of Contracts Recorded Investment Specific reserves allocated (Dollars in thousands) TDRs that subsequently defaulted: 2015 Construction real estate 2 $ 831 $ 11 Total 2 $ 831 $ 11 TDRs that subsequently defaulted: 2014 Residential real estate 1 $ 168 $ - Total 1 $ 168 $ - TDRs that subsequently defaulted: 2013 Commercial 4 $ 236 $ 4 Commercial real estate 7 10,319 - Residential real estate 7 1,421 28 Construction real estate 1 227 - Installment and other 1 22 4 Total 20 $ 12,225 $ 36 |
Total TDRs in accrual and nonaccrual status | The following table presents total TDRs, both in accrual and nonaccrual status, as of December 31, 2015, 2014, and 2013: December 31, 2015 2014 2013 Number of Contracts Amount Number of Contracts Amount Number of Contracts Amount (Dollars in thousands) Accrual 165 $ 53,862 188 $ 60,973 214 $ 80,873 Nonaccrual 32 10,641 61 27,394 78 30,957 Total TDRs 197 $ 64,503 249 $ 88,367 292 $ 111,830 |
Schedule of related parties loan | An analysis of the activity related to these loans as of December 31, 2015 and 2014 is as follows: December 31, 2015 2014 (In thousands) Balance, beginning $ 1,322 $ 271 Additions 438 470 Changes in Board composition 800 643 Principal payments and other reductions (627 ) (62 ) Balance, ending $ 1,933 $ 1,322 |
Loan Servicing and Mortgage S36
Loan Servicing and Mortgage Servicing Rights (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Loan Servicing and Mortgage Servicing Rights [Abstract] | |
Unpaid balance of mortgage loan serviced for others | The unpaid balance of these loans as of December 31, 2015 and 2014 is summarized as follows: December 31, 2015 2014 (In thousands) Mortgage loan portfolios serviced for: Federal National Mortgage Association ("Fannie Mae") $ 865,568 $ 918,658 Other investors 16 66 Totals $ 865,584 $ 918,724 |
Analysis of changes in mortgage servicing rights assets | An analysis of changes in the MSR asset for the years ended December 31, 2015, 2014 and 2013 follows: Year Ended December 31, 2015 2014 2013 (In thousands) Balance at beginning of period $ 9,470 $ 10,336 $ 10,313 Servicing rights originated and capitalized 822 810 1,563 Amortization (1,515 ) (1,676 ) (1,540 ) Balance at end of period $ 8,777 $ 9,470 $ 10,336 |
Analysis of changes in the mortgage servicing right assets valuation allowance | Below is an analysis of changes in the MSR asset valuation allowance for the years ended December 31, 2015, 2014 and 2013: Year Ended December 31, 2015 2014 2013 (In thousands) Balance at beginning of period $ (2,017 ) $ (2,021 ) $ (3,342 ) Aggregate reduction credited to operations 2,644 1,373 2,890 Aggregate additions charged to operations (2,522 ) (1,369 ) (1,569 ) Balance at end of period $ (1,895 ) $ (2,017 ) $ (2,021 ) |
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 December 31, 2015, 2014 and 2013: December 31, 2015 2014 2013 Weighted Average Public Securities Association (PSA) speed 213.25 % 201.67 % 166.67 % Weighted Average Discount rate 10.50 10.50 10.75 Weighted Average Earnings rate 1.73 1.77 1.79 |
Other Real Estate Owned (Tables
Other Real Estate Owned (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Foreclosed Real Estate [Abstract] | |
Other real estate owned | OREO consists of property acquired due to foreclosure on real estate loans. As of December 31, 2015 and 2014, total OREO consisted of: 2015 2014 (In thousands) Commercial real estate $ 781 $ 2,985 Residential real estate 3,024 5,284 Construction real estate 4,541 5,711 Total $ 8,346 $ 13,980 |
Summary of OREO activity | The following table presents a summary of OREO activity for the years ended December 31, 2015 and 2014: 2015 2014 (In thousands) Balance at beginning of period $ 13,980 $ 14,002 Transfers in at fair value 3,958 11,523 Write-down of value (506 ) (2,730 ) Gain (loss) on disposal 749 651 Cash received upon disposition (7,989 ) (8,849 ) Sales financed by loans (1,846 ) (617 ) Balance at end of period $ 8,346 $ 13,980 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Premises and Equipment [Abstract] | |
Components of premises and equipment | As of December 31, 2015 and 2014, premises and equipment consisted of: December 31, 2015 2014 (In thousands) Land and land improvements $ 3,820 $ 3,820 Buildings 23,166 23,146 Furniture and equipment 31,846 32,145 Total 58,832 59,111 Accumulated depreciation (35,459 ) (34,377 ) Total less depreciation $ 23,373 $ 24,734 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Deposits [Abstract] | |
Deposits | As of December 31, 2015 and 2014, deposits consisted of: December 31, 2015 2014 (In thousands) Demand deposits, noninterest bearing $ 75,867 $ 76,706 NOW and money market accounts 511,423 430,708 Savings deposits 380,045 432,017 Time certificates, $250,000 or more 39,148 53,693 Other time certificates 247,475 289,468 Total $ 1,253,958 $ 1,282,592 |
Scheduled maturities of time certificates | As of December 31, 2015, the scheduled maturities of time certificates were as follows: (In thousands) 2016 $ 227,583 2017 29,119 2018 13,108 2019 6,910 2020 4,002 Thereafter 5,901 Total $ 286,623 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Borrowings [Abstract] | |
Schedule of borrowings | The following table details borrowings as of December 31, 2015 and 2014. Maturity Date Rate Type Principal due 2015 2014 (In thousands) March 23, 2015 3.050 % Fixed At maturity $ - $ 20,000 April 27, 2021 6.343 % Fixed At maturity 2,300 2,300 Total $ 2,300 $ 22,300 |
Junior Subordinated Debt (Table
Junior Subordinated Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Junior Subordinated Debt [Abstract] | |
Junior subordinated debt owed to unconsolidated trust | The following table presents details on the junior subordinated debt as of December 31, 2015: Trust I Trust III Trust IV Trust V (Dollars in thousands) Date of Issue March 23, 2000 May 11, 2004 June 29, 2005 September 21, 2006 Amount of trust preferred securities issued $ 10,000 $ 6,000 $ 10,000 $ 10,000 Rate on trust preferred securities 10.875 % 3.3351% (variable) 6.88 % 2.162% (variable) Maturity March 8, 2030 September 8, 2034 November 23, 2035 December 15, 2036 Date of first redemption March 8, 2010 September 8, 2009 August 23, 2010 September 15, 2011 Common equity securities issued $ 310 $ 186 $ 310 $ 310 Junior subordinated deferrable interest debentures owed $ 10,310 $ 6,186 $ 10,310 $ 10,310 Rate on junior subordinated deferrable interest debentures 10.875 % 3.3351% (variable) 6.88 % 2.162% (variable) |
Description of Leasing Arrang42
Description of Leasing Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Description of Leasing Arrangements [Abstract] | |
Commitments for minimum future rentals under operating leases | Commitments for minimum future rentals under operating leases were as follows as of December 31, 2015: Lease Payments under Operating Leases; Year (In thousands) 2016 $ 129 2017 114 2018 5 2019 7 Thereafter - Total $ 255 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Retirement Plans [Abstract] | |
Shares of company held by ESOP | Shares of the Company held by the ESOP are as follows: December 31, 2015 2014 Shares acquired before December 31, 1992 215,369 215,503 Shares acquired after December 31, 1992 457,254 457,455 Total shares 672,623 672,958 |
Stock Incentives (Tables)
Stock Incentives (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Stock Incentives [Abstract] | |
Summary of stock option, stock appreciation right and restricted stock unit activity | A summary of stock option and restricted stock unit (“RSU”) activity under the 1998 Plan and the 2005 Plan as of December 31, 2015 and 2014 is presented below: Shares Weighted- Average Exercise Price Weighted-Average Remaining Contractual Term, in years Agregate Intrinsic Value Stock Options Outstanding as of January 1, 2015 14,000 30.50 0.70 - Forfeited or expired (14,000 ) 30.50 - - Outstanding as of December 31, 2015 - $ - - $ - Vested as of December 31, 2015 - $ - - $ - Shares Weighted- Average Grant Price Weighted-Average Remaining Contractual Term, in years Agregate Intrinsic Value RSUs Outstanding as of January 1, 2015 11,765 4.25 1.50 50 Granted - - - - Exercised - - - - Forfeited or expired - - - - Outstanding as of December 31, 2015 11,765 $ 4.25 0.50 $ 50 Vested as of December 31, 2015 - $ - - $ - |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Abstract] | |
Current and deferred components of provision (benefit) for income taxes | The current and deferred components of the provision (benefit) for income taxes for the years ended December 31, 2015, 2014 and 2013 are as follows: Year Ended December 31, 2015 2014 2013 (In thousands) Current provision (benefit) for income taxes Federal $ - $ - $ - State - - - Deferred provision (benefit) for income taxes Federal (188 ) (1,621 ) 3,996 State 242 (206 ) 324 Change in valuation allowance (54 ) 2,997 (4,320 ) Total provision (benefit) for income taxes $ - $ 1,170 $ - |
Deferred tax assets and liabilities | Temporary differences that gave rise to the deferred tax assets and liabilities as of December 31, 2015 and 2014 are as follows: 2015 2014 Asset Liability Asset Liability (In thousands) Investment securities $ - $ - $ - $ - Unrealized loss on securities available for sale 1,109 - 368 - Stock dividends on FHLB stock - 3 - 4 Venture capital investments 835 - 460 - Allowance for loan losses 7,106 - 10,916 - Premises and equipment - 1,273 - 1,429 MSRs - 2,722 - 2,972 Other intangible assets 377 - 418 - OREO 1,349 - 1,144 - Prepaid expenses - 636 - 656 Accrued compensation 566 - 728 - Capital losses 372 - - - Net operating loss carryforwards 4,687 - 3,002 - Business tax credits 2,827 - 1,970 - Stock options and SARs expensed 237 - 160 - Contributions and Other 206 - 41 - AMT credit 173 - 377 - Total deferred taxes 19,844 4,634 19,584 5,061 Allowance for deferred taxes (19,844 ) (4,634 ) (19,584 ) (5,061 ) Net deferred taxes $ 0 $ (0 ) $ - $ - |
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: Year Ended December 31, 2015 2014 2013 Amount Rate Amount Rate Amount Rate (Dollars in thousands) Federal statuatory tax rate $ 651 34.00 % $ (1,688 ) (35.00 )% 4,502 35.00 % Net tax exempt interest income (64 ) (3.34 )% (158 ) (3.28 )% (197 ) (1.53 )% Interest disallowance 1 0.05 % 3 0.06 % 2 0.02 % Nondeductible expenses 13 0.68 % 32 0.66 % 37 0.29 % Nondeductible book amortization 107 5.59 % 156 3.24 % 217 1.69 % Other, net - 0.00 % (90 ) (1.87 )% (241 ) (1.87 )% Tax credits (424 ) (22.15 )% (424 ) (8.79 )% - 0.00 % Provision to return adjustments (445 ) (23.25 )% - (8.79 )% - 0.00 % Fed rate differential 20 1.04 % - (8.79 )% - 0.00 % Change in state tax rate 114 5.96 % - (8.79 )% - 0.00 % Fines & penalties - 0.00 % 525 10.89 % - 0.00 % State income tax, net of federal benefit 81 4.23 % (183 ) (3.80 )% - 0.00 % Tax provision (benefit) before change in valuation allowance 54 2.82 % (1,827 ) (64.26 )% 4,320 33.60 % Change in valuation allowance (54 ) (2.82 )% 2,997 62.15 % (4,320 ) (33.60 )% Provision (benefit) for income taxes $ - 0.00 % $ 1,170 (2.11 )% $ - 0.00 % |
Commitments and Off-Balance S46
Commitments and Off-Balance Sheet Activities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Off-Balance Sheet Activities [Abstract] | |
Credit-related commitments | As of December 31, 2015 and 2014, the following credit-related commitments were outstanding: Contract Amount 2015 2014 (In thousands) Unfunded commitments under lines of credit $ 108,966 $ 141,674 Commercial and standby letters of credit 7,608 10,411 Commitments to make loans 5,105 5,489 |
Preferred Equity Issues (Tables
Preferred Equity Issues (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Preferred Equity Issues [Abstract] | |
Preferred equity issues under capital purchase program | Below is a table disclosing the information on the two series: Number of shares issued Dividend rate Liquidation value per share Original cost, in thousands Series A cumulative perpetual preferred shares 35,539 5% for first 5 years; thereafter 9% $ 1,000.00 $ 33,437 Series B cumulative perpetual preferred shares 1,777 9% 1,000.00 2,102 |
Derivative Financial Instrume48
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Financial Instruments [Abstract] | |
Commitments outstanding, breakdown between fixed-and adjustable-rate loans | The Company had outstanding loan commitments, excluding undisbursed portion of loans in process and equity lines of credit, of approximately $116.6 million as of December 31, 2015 and $136.1 million as of 2014, respectively. Of these commitments outstanding, the breakdown between fixed rate and adjustable rate loans is as follows: December 31, 2015 2014 (In thousands) Fixed rate (ranging from 2.1% to 13.9%) $ 11,913 $ 9,913 Adjustable rate 104,661 126,215 Total $ 116,574 $ 136,128 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Regulatory Matters [Abstract] | |
Summary of required and actual amounts and ratios for the entity and the Bank | The statutory requirements and actual amounts and ratios for the Company and the Bank are presented below: Actual For Capital Adequacy Purposes To be well capitalized under prompt corrective action provisions Minimum Levels Under Order Provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) December 31, 2015 Total capital (to risk-weighted assets): Consolidated $ 128,272 14.10 % $ 72,774 8.00 % N/A N/A N/A N/A Bank only 141,486 15.62 % 72,452 8.00 % $ 90,565 10.00 % $ 99,621 11.00 % Tier 1 capital (to risk weighted assets): Consolidated 101,263 11.13 % 54,580 6.00 % N/A N/A N/A N/A Bank only 130,084 14.36 % 54,339 6.00 % 72,452 8.00 % N/A N/A Common Equity Tier 1 Capital (to risk weighted assets): Consolidated 44,080 4.85 % 40,935 4.50 % N/A N/A N/A N/A Bank only 130,084 14.36 % 40,754 4.50 % 58,867 6.50 % N/A N/A Tier 1 leverage (to average assets): Consolidated 101,263 7.11 % 56,943 4.00 % N/A N/A N/A N/A Bank only 130,084 9.18 % 56,685 4.00 % 70,856 5.00 % 113,370 8.00 % December 31, 2014 Total capital (to risk-weighted assets): Consolidated $ 130,452 14.27 % $ 73,108 8.00 % N/A N/A N/A N/A Bank only 135,872 14.98 % 72,562 8.00 % $ 90,703 10.00 % $ 99,773 11.00 % Tier 1 capital (to risk weighted assets): Consolidated 110,532 12.10 % 36,554 4.00 % N/A N/A N/A N/A Bank only 124,361 13.71 % 36,281 4.00 % 54,422 6.00 % N/A N/A Tier 1 capital (to average assets): Consolidated 110,532 7.54 % 58,650 4.00 % N/A N/A N/A N/A Bank only 124,361 8.51 % 58,420 4.00 % 73,025 5.00 % 116,840 8.00 % N/A—not applicable |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 December 31, 2015 and 2014, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: December 31, 2015 Total Level 1 Level 2 Level 3 (In thousands) Financial Assets: Investment securities available for sale: U.S. Government sponsored agencies $ 69,584 $ - $ 69,584 $ - State and political subdivisions 3,576 - 3,576 - Residential mortgage-backed security 121,597 - 121,597 - Residential collateralized mortgage obligation 39,921 - 39,921 - Commercial mortgage backed security 41,119 - 41,119 - SBA pool 750 - 750 - Asset-backed security 39,493 - 39,493 - Interest rate lock commitments, mandatory forward delivery commitments and pair offs 225 - 225 - Total $ 316,265 $ - $ 316,265 $ - December 31, 2014 Financial Assets: Investment securities available for sale: U.S. Government sponsored agencies $ 42,282 $ - $ 42,282 $ - Stats and political subdivisions 5,087 - 5,087 - Residential mortgage-backed security 101,775 - 101,775 - Residential collateralized mortgage obligation 41,051 - 41,051 - Commercial mortgage backed security 24,882 - 24,882 - SBA pool 945 - 945 - Interest rate lock commitments, mandatory forward delivery commitments and pair offs 186 - 186 - Total $ 216,208 $ - $ 216,208 $ - |
Assets measured at fair value on a nonrecurring basis | Assets measured at fair value on a nonrecurring basis as of December 31, 2015 and 2014 are included in the table below: Total Level 1 Level 2 Level 3 (In thousands) December 31, 2015 Financial Assets Impaired loans $ 36,870 $ - $ - $ 36,870 MSRs 6,905 - - 6,905 Non-Financial Assets OREO 2,231 - - 2,231 December 31, 2014 Financial Assets Impaired loans $ 47,234 $ - $ - $ 47,234 MSRs 7,438 - - 7,438 Non-Financial Assets OREO 6,111 - - 6,111 |
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 December 31, 2015 and 2014: Fair value Valuation Technique(s) Unobservable Input(s) Adjustment Range, Weighted Average December 31, 2015 (In thousands) Impaired loans Commercial $ 14,557 Sales comparison Adjustments for differences of comparable sales (0.00)% to (13.92)%, Commercial real estate 9,755 Sales comparison Adjustments for differences of comparable sales (4.25) to (7.62), Residential real estate 8,624 Sales comparison Adjustments for differences of comparable sales (0.00) to (8.70), Construction real estate 3,436 Sales comparison Adjustments for differences of comparable sales (4.00) to (7.50), Installment and other 498 Sales comparison Adjustments for differences of comparable sales (4.13) to (9.50), Total impaired loans $ 36,870 OREO Commercial real estate $ 217 Sales comparison Adjustments for differences of comparable sales (14.55)% to (14.55)%, Residential real estate 1,493 Sales comparison Adjustments for differences of comparable sales (8.47) to (91.19), Construction real estate 521 Sales comparison Adjustments for differences of comparable sales (10.70) to (67.45), Total OREO $ 2,231 December 31, 2014 Impaired loans Commercial $ 15,041 Sales comparison Adjustments for differences of comparable sales (5.70)% to (13.92)%, Commercial real estate 14,970 Sales comparison Adjustments for differences of comparable sales (5.50) to (7.62), Residential real estate 11,050 Sales comparison Adjustments for differences of comparable sales (3.13) to (8.70), Construction real estate 5,537 Sales comparison Adjustments for differences of comparable sales (5.00) to (7.25), Installment and other 636 Sales comparison Adjustments for differences of comparable sales (4.13) to (10.00), Total impaired loans $ 47,234 OREO Commercial real estate $ 2,179 Sales comparison Adjustments for differences of comparable sales (5.45) to (42.92), Residential real estate 1,966 Sales comparison Adjustments for differences of comparable sales (2.98) to (82.38) Construction real estate 1,966 Sales comparison Adjustments for differences of comparable sales (22.41) to (100.00) Total OREO $ 6,111 |
Carrying amount and estimated fair values of financial instruments | The carrying amount and estimated fair values of other financial instruments as of December 31, 2015 and 2014 are as follows: Carrying amount Level 1 Level 2 Level 3 Total (In thousands) December 31, 2015 Financial assets: Cash and due from banks $ 13,506 $ 13,506 $ - $ - $ 13,506 Interest-bearing deposits with banks 151,049 151,049 - - 151,049 Securities purchased under resell agreements 24,320 24,320 - - 24,320 Investments: Available for sale 316,040 - 316,040 - 316,040 Held to maturity 8,986 - 8,988 - 8,988 Non-marketable equity securities 3,854 N/A N/A N/A N/A Loans held for sale 3,041 - - 3,041 3,041 Loans, net 822,396 - - 830,555 830,555 Accrued interest receivable on securities 1,028 - 1,028 - 1,028 Accrued interest receivable on loans 3,795 - - 3,795 3,795 Accrued interest receivable other 208 - - 208 208 Interest rate lock commitments, mandatory forward delivery commitments and pair offs 225 - 225 - 225 Off-balance-sheet instruments: Loan commitments and standby letters of credit $ 20 $ - $ 20 $ - $ 20 Financial liabilities: Non-interest bearing deposits $ 152,888 $ 152,888 $ - $ - $ 152,888 Interest bearing deposits 1,101,070 - 1,099,937 - 1,099,937 Long-term borrowings 2,300 - 2,642 - 2,642 Junior subordinated debt 37,116 - - 20,461 20,461 Accrued interest payable 7,370 - 7,370 - 7,370 December 31, 2014 Financial assets: Cash and due from banks $ 17,202 $ 17,202 $ - $ - $ 17,202 Interest-bearing deposits with banks 207,965 207,965 - - 207,965 Securities purchased under resell agreements 22,231 22,231 - - 22,231 Investments: Available for sale 216,022 - 216,022 - 216,022 Held to maturity 11,775 - 11,947 - 11,947 Non-marketable equity securities 6,984 N/A N/A N/A N/A Loans held for sale 5,632 - - 5,831 5,831 Loans, net 885,764 - - 889,031 889,031 Accrued interest receivable 5,100 - 5,100 - 5,100 Interest rate lock commitments, mandatory forward delivery commitments and pair offs 186 - 186 - 186 Off-balance-sheet instruments: Loan commitments and standby letters of credit $ 28 $ - $ 28 $ - $ 28 Financial liabilities: Non-interest bearing deposits $ 144,503 $ 144,503 $ - $ - $ 144,503 Interest bearing deposits 1,138,089 - 1,142,657 - 1,142,657 Long-term borrowings 22,300 - 23,001 - 23,001 Junior subordinated debt 37,116 - - 20,758 20,758 Accrued interest payable 4,911 - 4,911 - 4,911 |
Other Noninterest Expense (Tabl
Other Noninterest Expense (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Noninterest Expense [Abstract] | |
Other non-interest expense items | Other noninterest expense items are presented in the following table for the years ended December 31, 2015, 2014 and 2013. Components exceeding 1% of the aggregate of total net interest income and total noninterest income are presented separately. Year Ended December 31, 2015 2014 2013 (In thousands) Other noninterest expenses Data processing $ 2,979 $ 3,155 $ 3,202 Marketing 1,335 1,119 1,181 Amortization and valuation of MSRs 1,393 1,672 219 Supplies 486 444 652 Postage 648 748 795 Bankcard and ATM network fees 1,872 2,169 1,458 Legal, professional and accounting fees 7,304 10,868 7,169 FDIC insurance premiums 3,087 3,211 2,944 Collection expenses 834 1,217 4,369 Other 3,443 4,714 2,987 Total noninterest expenses $ 23,381 $ 29,317 $ 24,976 |
Condensed Parent Company Fina52
Condensed Parent Company Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Parent Company Financial Information [Abstract] | |
Condensed balance sheets | Balance Sheets December 31, 2015 2014 (In thousands) Assets Cash $ 707 $ 1,382 Investments in subsidiaries 128,627 125,770 Other assets 7,944 16,993 Total assets $ 137,278 $ 144,145 Liabilities and Stockholders' Equity Dividends payable $ 8,693 $ 4,776 Junior subordinated debt owed to unconsolidated trusts 37,116 37,116 Other liabilities 12,479 19,231 Stock owned by Employee Stock Ownership Plan (ESOP) participants 2,690 2,019 Stockholders' equity 76,300 81,003 Total liabilities and stockholders' equity $ 137,278 $ 144,145 |
Condensed statements of operations | Statements of Operations December 31, 2015 2014 2013 (In thousands) Dividends from subsidiaries $ - $ - $ 25 Interest and other income 161 475 463 Interest and other expense (3,152 ) (3,320 ) (2,312 ) Income before income tax benefit and equity in undistributed net income of subsidiaries (2,991 ) (2,845 ) (1,824 ) Income tax benefit - - 1,137 Loss before equity in undistributed net income of subsidiaries (2,991 ) (2,845 ) (687 ) Equity in undistributed net income (loss) of subsidiaries 4,905 (3,147 ) 13,550 Net income (loss) $ 1,914 $ (5,992 ) $ 12,863 Dividends and discount accretion on preferred shares 3,803 3,230 2,144 Net (loss) income available to common shareholders $ (1,889 ) $ (9,222 ) $ 10,719 |
Condensed statements of cash flows | Statements of Cash Flows December 31, 2015 2014 2013 (In thousands) Cash Flows From Operating Activities Net income (loss) $ 1,914 $ (5,992 ) $ 12,863 Adjustments to reconcile net income (loss) to net cash used in operating activities Amortization of junior subordinated debt owed to unconsolidated trusts issuance costs 14 14 14 Equity in undistributed net income (loss) of subsidiaries (4,905 ) 3,147 (13,550 ) Decrease in taxes receivable from subsidiaries 9,051 1,139 1,137 Gain on sale of subsidiary - (56 ) - Decrease (increase) in other assets 9,036 828 (296 ) Decrease in other liabilities (18,442 ) (1,632 ) (1,994 ) Increase in TPS accrued dividend payable 2,559 2,340 - Sale of subsidiary - (111 ) - Tax benefit recognized for exercise of stock options - - 1,376 Net cash used in operating activities $ (773 ) $ (323 ) $ (450 ) Cash Flows From Investing Activities Investments in and advances to subsidiaries (100 ) 290 42 Net cash (used in) provided by investing activities $ (100 ) $ 290 $ 42 Cash Flows from Financing Activities Issuance of treasury stock 198 100 - Preferred shares dividend payments - - (484 ) Net cash provided by (used in) financing activities $ 198 $ 100 $ (484 ) Net increase (decrease) in cash (675 ) 67 (892 ) Cash: Beginning of year 1,382 1,315 2,207 End of year $ 707 $ 1,382 $ 1,315 |
Significant Accounting Polici53
Significant Accounting Policies (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)Note$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2013USD ($)$ / sharesshares | |
Schedule of Equity Method Investments [Line Items] | |||
Loans, net | $ 822,396 | $ 885,764 | |
Loan [Abstract] | |||
Minimum period of sustained repayment for loan to return to accrual status | 6 months | ||
Number of separate notes | Note | 2 | ||
Computation of basic and diluted earnings per share [Abstract] | |||
Net income (loss) | $ 1,914 | (5,992) | $ 12,863 |
Dividends and discount accretion on preferred shares | 3,803 | 3,230 | 2,144 |
Net income (loss) available to common shareholders | $ (1,889) | $ (9,222) | $ 10,719 |
Weighted average common shares issued (in shares) | shares | 6,856,800 | 6,856,800 | 6,856,800 |
LESS: Weighted average treasury stock shares (in shares) | shares | (373,163) | (404,243) | (407,074) |
Weighted average common shares outstanding, net (in shares) | shares | 6,483,637 | 6,452,557 | 6,449,726 |
Basic (loss) earnings per common share | $ / shares | $ (0.29) | $ (1.43) | $ 1.66 |
Dilutive effect of stock-based compensation (in shares) | shares | 0 | 0 | 0 |
Weighted average common shares outstanding including dilutive shares (in shares) | shares | 6,483,637 | 6,452,557 | 6,449,726 |
Diluted (loss) earnings per common share | $ / shares | $ (0.29) | $ (1.43) | $ 1.66 |
Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 3 years | ||
Prepaid Expense [Line Items] | |||
Original term of prepaid expenses | 3 months | ||
Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 39 years | ||
Prepaid Expense [Line Items] | |||
Original term of prepaid expenses | 5 years | ||
Venture Capital Funds [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Non-marketable equity securities | $ 1,000 | $ 3,300 | |
Software [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 3 years | ||
Computer and Office Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 5 years | ||
Furniture [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 10 years | ||
Building and Building Improvements [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 10 years | ||
Building and Building Improvements [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 39 years | ||
FNM Investment Fund IV [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Initial value of tax credits | $ 0 | $ 305 | |
Loans, net | 5,200 | ||
Southwest Medical Technologies LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Non-marketable equity securities | 0 | ||
Cash distribution received | 200 | ||
Investment written off | 201 | ||
Cottonwood Technology Group LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Interest written off | 50 | ||
New Mexico Mezzanine Partners, LP [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Non-marketable equity securities | 138 | ||
Cash distribution received | 120 | ||
Investment written off | 300 | ||
Puente Partners, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Non-marketable equity securities | 0 | ||
Cash distribution received | 6 | ||
Investment written off | 280 | ||
VSpring II, LP [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Non-marketable equity securities | 92 | ||
Partnership operating losses | (70) | ||
CCP/Respira, LP [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Non-marketable equity securities | 0 | ||
PCM/FibeRio, LP [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Loss on sale of equity interest | $ (182) | ||
Stock Options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Number of shares excluded computation of earnings per share (in shares) | shares | 12,000 | 26,000 | 42,000 |
Restrictions on Cash and Due 54
Restrictions on Cash and Due From Banks (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Restrictions on Cash and Due From Banks [Abstract] | ||
Reserve balances in cash or on deposit with Federal Reserve Bank | $ 4.3 | $ 4.2 |
Investment Securities (Details)
Investment Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Securities Available for Sale [Abstract] | ||
Amortized Cost | $ 318,821 | $ 216,945 |
Gross Unrealized Gains | 442 | 496 |
Gross Unrealized Losses | (3,223) | (1,419) |
Fair Value | 316,040 | 216,022 |
Securities Held-to-maturity [Abstract] | ||
Amortized Cost | 8,986 | 11,775 |
Gross Unrecognized Gains | 2 | 172 |
Gross Unrecognized Losses | 0 | 0 |
Fair Value | 8,988 | 11,947 |
U.S. Government Sponsored Agency [Member] | ||
Securities Available for Sale [Abstract] | ||
Amortized Cost | 69,798 | 42,438 |
Gross Unrealized Gains | 98 | 8 |
Gross Unrealized Losses | (312) | (164) |
Fair Value | 69,584 | 42,282 |
State and Political Subdivision [Member] | ||
Securities Available for Sale [Abstract] | ||
Amortized Cost | 3,429 | 4,964 |
Gross Unrealized Gains | 147 | 123 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 3,576 | 5,087 |
Residential Mortgage-Backed Security [Member] | ||
Securities Available for Sale [Abstract] | ||
Amortized Cost | 123,055 | 102,482 |
Gross Unrealized Gains | 43 | 92 |
Gross Unrealized Losses | (1,501) | (799) |
Fair Value | 121,597 | 101,775 |
Residential collateralized mortgage obligation [Member] | ||
Securities Available for Sale [Abstract] | ||
Amortized Cost | 40,305 | 41,119 |
Gross Unrealized Gains | 139 | 273 |
Gross Unrealized Losses | (523) | (341) |
Fair Value | 39,921 | 41,051 |
Commercial mortgage backed security [Member] | ||
Securities Available for Sale [Abstract] | ||
Amortized Cost | 41,341 | 24,993 |
Gross Unrealized Gains | 15 | 0 |
Gross Unrealized Losses | (237) | (111) |
Fair Value | 41,119 | 24,882 |
SBA Pools [Member] | ||
Securities Available for Sale [Abstract] | ||
Amortized Cost | 757 | 949 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (7) | (4) |
Fair Value | 750 | 945 |
Asset-backed security [Member] | ||
Securities Available for Sale [Abstract] | ||
Amortized Cost | 40,136 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (643) | |
Fair Value | 39,493 | |
SBA Pools [Member] | ||
Securities Held-to-maturity [Abstract] | ||
Amortized Cost | 8,986 | 9,269 |
Gross Unrecognized Gains | 2 | 109 |
Gross Unrecognized Losses | 0 | 0 |
Fair Value | $ 8,988 | 9,378 |
State and Political Subdivision [Member] | ||
Securities Held-to-maturity [Abstract] | ||
Amortized Cost | 2,506 | |
Gross Unrecognized Gains | 63 | |
Gross Unrecognized Losses | 0 | |
Fair Value | $ 2,569 |
Investment Securities, Realized
Investment Securities, Realized Net Gains (Losses) on Sale of Securities Available for Sale (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Realized net gains (losses) on sale and call of securities available for sale [Abstract] | |||
Proceeds | $ 17,184 | $ 24,500 | $ 4,142 |
Gross realized gains | 4 | 1 | 59 |
Gross realized losses | $ 0 | $ 0 | $ (139) |
Investment Securities, Unrealiz
Investment Securities, Unrealized Loss Information for Investment Securities (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($)Security | Dec. 31, 2014USD ($) | |
Securities Available for Sale [Abstract] | ||
Less than 12 Months, Fair Value | $ 193,177 | $ 135,959 |
Less than 12 Months, Unrealized Losses | (1,979) | (1,119) |
12 Months or Longer, Fair Value | 65,746 | 22,661 |
12 Months or Longer, Unrealized Losses | (1,244) | (300) |
Total, Fair Value | 258,923 | 158,620 |
Total, Unrealized Losses | (3,223) | (1,419) |
Held to maturity investment securities in an unrealized loss position | $ 0 | 0 |
Aggregate number of securities | Security | 92 | |
Number of securities in unrealized loss position | Security | 60 | |
Unrealized losses on debt securities | $ 258,900 | |
Percentage of aggregate depreciation of amortized cost basis | 1.23% | |
Investment securities continuous unrealized loss position twelve months or longer, fair value | $ 65,700 | |
Percentage of aggregate depreciation related to continuous unrealized loss position twelve months or longer | 1.86% | |
U.S. Government Sponsored Agencies [Member] | ||
Securities Available for Sale [Abstract] | ||
Less than 12 Months, Fair Value | $ 54,804 | 34,278 |
Less than 12 Months, Unrealized Losses | (312) | (142) |
12 Months or Longer, Fair Value | 0 | 5,477 |
12 Months or Longer, Unrealized Losses | 0 | (22) |
Total, Fair Value | 54,804 | 39,755 |
Total, Unrealized Losses | (312) | (164) |
Residential Mortgage-Backed Security [Member] | ||
Securities Available for Sale [Abstract] | ||
Less than 12 Months, Fair Value | 54,760 | 78,997 |
Less than 12 Months, Unrealized Losses | (602) | (777) |
12 Months or Longer, Fair Value | 48,752 | 2,361 |
12 Months or Longer, Unrealized Losses | (899) | (22) |
Total, Fair Value | 103,512 | 81,358 |
Total, Unrealized Losses | (1,501) | (799) |
Residential collateralized mortgage obligation [Member] | ||
Securities Available for Sale [Abstract] | ||
Less than 12 Months, Fair Value | 17,237 | 7,890 |
Less than 12 Months, Unrealized Losses | (185) | (89) |
12 Months or Longer, Fair Value | 16,252 | 13,878 |
12 Months or Longer, Unrealized Losses | (338) | (252) |
Total, Fair Value | 33,489 | 21,768 |
Total, Unrealized Losses | (523) | (341) |
Commercial mortgage backed security [Member] | ||
Securities Available for Sale [Abstract] | ||
Less than 12 Months, Fair Value | 26,883 | 14,794 |
Less than 12 Months, Unrealized Losses | (237) | (111) |
12 Months or Longer, Fair Value | 0 | 0 |
12 Months or Longer, Unrealized Losses | 0 | 0 |
Total, Fair Value | 26,883 | 14,794 |
Total, Unrealized Losses | (237) | (111) |
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 | 742 | 945 |
12 Months or Longer, Unrealized Losses | (7) | (4) |
Total, Fair Value | 742 | 945 |
Total, Unrealized Losses | (7) | $ (4) |
Asset-backed security [Member] | ||
Securities Available for Sale [Abstract] | ||
Less than 12 Months, Fair Value | 39,493 | |
Less than 12 Months, Unrealized Losses | (643) | |
12 Months or Longer, Fair Value | 0 | |
12 Months or Longer, Unrealized Losses | 0 | |
Total, Fair Value | 39,493 | |
Total, Unrealized Losses | $ (643) |
Investment Securities, Amortize
Investment Securities, Amortized Cost and Fair Value of Investment Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Available for Sale, Amortized Cost [Abstract] | ||
One year or less | $ 10,777 | |
One to five years | 20,938 | |
Five to ten years | 41,215 | |
Over ten years | 41,190 | |
Subtotal | 114,120 | |
Amortized cost | 318,821 | |
Available for Sale, Fair Value [Abstract] | ||
One year or less | 10,761 | |
One to five years | 20,877 | |
Five to ten years | 41,202 | |
Over ten years | 40,563 | |
Subtotal | 113,403 | |
Fair value | 316,040 | |
Held to Maturity, Amortized Cost [Abstract] | ||
One year or less | 0 | |
One to five years | 0 | |
Five to ten years | 0 | |
Over ten years | 8,986 | |
Subtotal | 8,986 | |
Amortized cost | 8,986 | $ 11,775 |
Held to Maturity, Fair Value [Abstract] | ||
One year or less | 0 | |
One to five years | 0 | |
Five to ten years | 0 | |
Over ten years | 8,988 | |
Subtotal | 8,988 | |
Fair value | 8,988 | 11,947 |
Securities pledged as collateral on public deposits and for other purposes as required or permitted by law | 91,700 | $ 78,500 |
Residential Mortgage-Backed Security [Member] | ||
Available for Sale, Amortized Cost [Abstract] | ||
Amortized cost | 123,055 | |
Available for Sale, Fair Value [Abstract] | ||
Fair value | 121,597 | |
Residential collateralized mortgage obligation [Member] | ||
Available for Sale, Amortized Cost [Abstract] | ||
Amortized cost | 40,305 | |
Available for Sale, Fair Value [Abstract] | ||
Fair value | 39,921 | |
Commercial mortgage backed security [Member] | ||
Available for Sale, Amortized Cost [Abstract] | ||
Amortized cost | 41,341 | |
Available for Sale, Fair Value [Abstract] | ||
Fair value | 41,119 | |
Residential Mortgage-Backed Security [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 59
Loans and Allowance for Loan Losses (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Components of loans receivables [Abstract] | ||
Total loans | $ 841,271 | $ 912,198 |
Unearned income | (1,483) | (1,651) |
Gross loans | 839,788 | 910,547 |
Allowance for loan losses | (17,392) | (24,783) |
Net loans | $ 822,396 | $ 885,764 |
Percentage of outstanding principal balance of commercial real estate loans secured by owner occupied properties | 28.40% | 33.10% |
Commercial [Member] | ||
Components of loans receivables [Abstract] | ||
Total loans | $ 92,995 | $ 108,309 |
Commercial Real Estate [Member] | ||
Components of loans receivables [Abstract] | ||
Total loans | 371,599 | 366,199 |
Residential Real Estate [Member] | ||
Components of loans receivables [Abstract] | ||
Total loans | 258,606 | 305,744 |
Construction Real Estate [Member] | ||
Components of loans receivables [Abstract] | ||
Total loans | 89,341 | 100,178 |
Installment and Other [Member] | ||
Components of loans receivables [Abstract] | ||
Total loans | 28,730 | 31,768 |
Unallocated [Member] | ||
Components of loans receivables [Abstract] | ||
Total loans | $ 0 | $ 0 |
Loans and Allowance for Loan 60
Loans and Allowance for Loan Losses, Loan Classification (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Contractual aging of the recorded investment in current and past due loans by class of loans [Abstract] | ||
Current | $ 816,065 | $ 881,776 |
Nonaccrual loan classification, Current | 6,202 | 24,124 |
Total Past Due | 25,206 | 30,422 |
Nonaccrual loan classification, Total Past Due | 24,123 | 23,732 |
Total loans | 841,271 | 912,198 |
Nonaccrual | 30,325 | 47,856 |
Loans past due 90 days or more still accruing interest | 0 | 361 |
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 | 3,309 | 7,520 |
Nonaccrual loan classification, Total Past Due | 2,702 | 1,195 |
60-89 Days Past Due [Member] | ||
Contractual aging of the recorded investment in current and past due loans by class of loans [Abstract] | ||
Total Past Due | 1,538 | 591 |
Nonaccrual loan classification, Total Past Due | 1,418 | 587 |
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 | 20,359 | 22,311 |
Nonaccrual loan classification, Total Past Due | 20,003 | 21,950 |
Commercial [Member] | ||
Contractual aging of the recorded investment in current and past due loans by class of loans [Abstract] | ||
Current | 90,839 | 106,847 |
Total Past Due | 2,156 | 1,462 |
Total loans | 92,995 | 108,309 |
Nonaccrual | 2,268 | 3,697 |
Loans past due 90 days or more still accruing interest | 0 | 0 |
Commercial [Member] | 30-59 Days Past Due [Member] | ||
Contractual aging of the recorded investment in current and past due loans by class of loans [Abstract] | ||
Total Past Due | 167 | 380 |
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 | 131 | 352 |
Commercial [Member] | 90 Days or More Past Due [Member] | ||
Contractual aging of the recorded investment in current and past due loans by class of loans [Abstract] | ||
Total Past Due | 1,858 | 730 |
Commercial Real Estate [Member] | ||
Contractual aging of the recorded investment in current and past due loans by class of loans [Abstract] | ||
Current | 363,495 | 356,062 |
Total Past Due | 8,104 | 10,137 |
Total loans | 371,599 | 366,199 |
Nonaccrual | 10,737 | 22,296 |
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 | 1,526 | 389 |
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 | 704 | 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 | 5,874 | 9,748 |
Residential Real Estate [Member] | ||
Contractual aging of the recorded investment in current and past due loans by class of loans [Abstract] | ||
Current | 252,568 | 299,250 |
Total Past Due | 6,038 | 6,494 |
Total loans | 258,606 | 305,744 |
Nonaccrual | 7,821 | 11,046 |
Loans past due 90 days or more still accruing interest | 0 | 361 |
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 | 1,215 | 737 |
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 | 606 | 235 |
Residential Real Estate [Member] | 90 Days or More Past Due [Member] | ||
Contractual aging of the recorded investment in current and past due loans by class of loans [Abstract] | ||
Total Past Due | 4,217 | 5,522 |
Construction Real Estate [Member] | ||
Contractual aging of the recorded investment in current and past due loans by class of loans [Abstract] | ||
Current | 80,629 | 87,989 |
Total Past Due | 8,712 | 12,189 |
Total loans | 89,341 | 100,178 |
Nonaccrual | 9,353 | 10,565 |
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 | 291 | 5,882 |
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 | 85 | 0 |
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 | 8,336 | 6,307 |
Installment and Other [Member] | ||
Contractual aging of the recorded investment in current and past due loans by class of loans [Abstract] | ||
Current | 28,534 | 31,628 |
Total Past Due | 196 | 140 |
Total loans | 28,730 | 31,768 |
Nonaccrual | 146 | 252 |
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 | 110 | 132 |
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 | 12 | 4 |
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 | 74 | 4 |
Unallocated [Member] | ||
Contractual aging of the recorded investment in current and past due loans by class of loans [Abstract] | ||
Total loans | $ 0 | $ 0 |
Loans and Allowance for Loan 61
Loans and Allowance for Loan Losses, Risk Category of Loans by Class (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Risk category of loans by class of loans [Abstract] | ||
Total loans | $ 841,271 | $ 912,198 |
Current | 816,065 | 881,776 |
Past due | 25,206 | 30,422 |
Nonaccrual | 30,325 | 47,856 |
30-59 Days Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 3,309 | 7,520 |
60-89 Days Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 1,538 | 591 |
90 Days or More Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 20,359 | 22,311 |
Pass [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Total loans | 723,060 | 738,385 |
Current | 719,752 | 731,941 |
Pass [Member] | 30-59 Days Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 349 | 6,079 |
Pass [Member] | 60-89 Days Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 109 | 4 |
Pass [Member] | 90 Days or More Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 2,850 | 361 |
Special Mention [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Total loans | 30,932 | 52,313 |
Current | 30,674 | 52,313 |
Special Mention [Member] | 30-59 Days Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 258 | 0 |
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 | 87,279 | 121,258 |
Current | 65,639 | 97,425 |
Nonaccrual | 27,500 | 47,600 |
Substandard [Member] | 30-59 Days Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 2,702 | 1,441 |
Substandard [Member] | 60-89 Days Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 1,429 | 587 |
Substandard [Member] | 90 Days or More Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 17,509 | 21,805 |
Doubtful [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Total loans | 0 | 242 |
Current | 0 | 97 |
Nonaccrual | 242 | |
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 | 145 |
Commercial [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Total loans | 92,995 | 108,309 |
Current | 90,839 | 106,847 |
Past due | 2,156 | 1,462 |
Nonaccrual | 2,268 | 3,697 |
Commercial [Member] | 30-59 Days Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 167 | 380 |
Commercial [Member] | 60-89 Days Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 131 | 352 |
Commercial [Member] | 90 Days or More Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 1,858 | 730 |
Commercial [Member] | Pass [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Total loans | 69,221 | 66,050 |
Commercial [Member] | Special Mention [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Total loans | 3,129 | 14,889 |
Commercial [Member] | Substandard [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Total loans | 20,645 | 27,128 |
Commercial [Member] | Doubtful [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Total loans | 0 | 242 |
Commercial Real Estate [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Total loans | 371,599 | 366,199 |
Current | 363,495 | 356,062 |
Past due | 8,104 | 10,137 |
Nonaccrual | 10,737 | 22,296 |
Commercial Real Estate [Member] | 30-59 Days Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 1,526 | 389 |
Commercial Real Estate [Member] | 60-89 Days Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 704 | 0 |
Commercial Real Estate [Member] | 90 Days or More Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 5,874 | 9,748 |
Commercial Real Estate [Member] | Pass [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Total loans | 307,700 | 282,279 |
Commercial Real Estate [Member] | Special Mention [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Total loans | 19,512 | 22,222 |
Commercial Real Estate [Member] | Substandard [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Total loans | 44,387 | 61,698 |
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 | 258,606 | 305,744 |
Current | 252,568 | 299,250 |
Past due | 6,038 | 6,494 |
Nonaccrual | 7,821 | 11,046 |
Residential Real Estate [Member] | 30-59 Days Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 1,215 | 737 |
Residential Real Estate [Member] | 60-89 Days Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 606 | 235 |
Residential Real Estate [Member] | 90 Days or More Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 4,217 | 5,522 |
Residential Real Estate [Member] | Pass [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Total loans | 245,897 | 287,616 |
Residential Real Estate [Member] | Special Mention [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Total loans | 1,622 | 2,403 |
Residential Real Estate [Member] | Substandard [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Total loans | 11,087 | 15,725 |
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 | 89,341 | 100,178 |
Current | 80,629 | 87,989 |
Past due | 8,712 | 12,189 |
Nonaccrual | 9,353 | 10,565 |
Construction Real Estate [Member] | 30-59 Days Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 291 | 5,882 |
Construction Real Estate [Member] | 60-89 Days Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 85 | 0 |
Construction Real Estate [Member] | 90 Days or More Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 8,336 | 6,307 |
Construction Real Estate [Member] | Pass [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Total loans | 71,864 | 71,678 |
Construction Real Estate [Member] | Special Mention [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Total loans | 6,667 | 12,683 |
Construction Real Estate [Member] | Substandard [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Total loans | 10,810 | 15,817 |
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 | 28,730 | 31,768 |
Current | 28,534 | 31,628 |
Past due | 196 | 140 |
Nonaccrual | 146 | 252 |
Installment and Other [Member] | 30-59 Days Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 110 | 132 |
Installment and Other [Member] | 60-89 Days Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 12 | 4 |
Installment and Other [Member] | 90 Days or More Past Due [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Past due | 74 | 4 |
Installment and Other [Member] | Pass [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Total loans | 28,378 | 30,762 |
Installment and Other [Member] | Special Mention [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Total loans | 2 | 116 |
Installment and Other [Member] | Substandard [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Total loans | 350 | 890 |
Installment and Other [Member] | Doubtful [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Total loans | 0 | 0 |
Unallocated [Member] | ||
Risk category of loans by class of loans [Abstract] | ||
Total loans | $ 0 | $ 0 |
Loans and Allowance for Loan 62
Loans and Allowance for Loan Losses, Impairment by Class of Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Unpaid Principal Balance [Abstract] | |||
Total | $ 90,296 | $ 121,769 | |
Recorded Investment [Abstract] | |||
Total | 81,423 | 108,829 | |
Allowance for Loan Losses Allocated [Abstract] | |||
With an allowance recorded | 4,216 | 7,961 | |
Average Recorded Investment [Abstract] | |||
Total | 95,129 | 120,911 | $ 135,765 |
Interest Income Recognized [Abstract] | |||
Total | 3,283 | 3,432 | 3,892 |
Loan interest income | 1,700 | 3,000 | 2,600 |
Commercial [Member] | |||
Unpaid Principal Balance [Abstract] | |||
With no related allowance recorded | 13,611 | 16,401 | |
With an allowance recorded | 14,958 | 15,924 | |
Recorded Investment [Abstract] | |||
With no related allowance recorded | 10,137 | 11,936 | |
With an allowance recorded | 14,956 | 15,918 | |
Allowance for Loan Losses Allocated [Abstract] | |||
With an allowance recorded | 399 | 877 | |
Average Recorded Investment [Abstract] | |||
With no related allowance recorded | 11,037 | 12,571 | 12,978 |
With allowance recorded | 15,437 | 15,921 | 18,293 |
Interest Income Recognized [Abstract] | |||
With no related allowance recorded | 553 | 533 | 548 |
With an allowance recorded | 804 | 832 | 854 |
Commercial Real Estate [Member] | |||
Unpaid Principal Balance [Abstract] | |||
With no related allowance recorded | 15,872 | 25,737 | |
With an allowance recorded | 11,050 | 18,298 | |
Recorded Investment [Abstract] | |||
With no related allowance recorded | 14,198 | 22,554 | |
With an allowance recorded | 11,050 | 17,081 | |
Allowance for Loan Losses Allocated [Abstract] | |||
With an allowance recorded | 1,295 | 2,111 | |
Average Recorded Investment [Abstract] | |||
With no related allowance recorded | 18,376 | 29,459 | 32,835 |
With allowance recorded | 14,066 | 19,791 | 24,031 |
Interest Income Recognized [Abstract] | |||
With no related allowance recorded | 592 | 369 | 626 |
With an allowance recorded | 468 | 591 | 881 |
Residential Real Estate [Member] | |||
Unpaid Principal Balance [Abstract] | |||
With no related allowance recorded | 9,473 | 10,132 | |
With an allowance recorded | 10,759 | 14,571 | |
Recorded Investment [Abstract] | |||
With no related allowance recorded | 7,450 | 8,707 | |
With an allowance recorded | 10,755 | 14,500 | |
Allowance for Loan Losses Allocated [Abstract] | |||
With an allowance recorded | 2,132 | 3,450 | |
Average Recorded Investment [Abstract] | |||
With no related allowance recorded | 8,079 | 10,585 | 13,305 |
With allowance recorded | 12,628 | 13,821 | 11,918 |
Interest Income Recognized [Abstract] | |||
With no related allowance recorded | 79 | 248 | 99 |
With an allowance recorded | 349 | 379 | 430 |
Construction Real Estate [Member] | |||
Unpaid Principal Balance [Abstract] | |||
With no related allowance recorded | 9,816 | 12,219 | |
With an allowance recorded | 3,688 | 6,953 | |
Recorded Investment [Abstract] | |||
With no related allowance recorded | 8,137 | 9,685 | |
With an allowance recorded | 3,688 | 6,953 | |
Allowance for Loan Losses Allocated [Abstract] | |||
With an allowance recorded | 252 | 1,416 | |
Average Recorded Investment [Abstract] | |||
With no related allowance recorded | 8,911 | 10,685 | 14,610 |
With allowance recorded | 5,321 | 6,296 | 5,692 |
Interest Income Recognized [Abstract] | |||
With no related allowance recorded | 196 | 162 | 126 |
With an allowance recorded | 157 | 210 | 261 |
Installment and Other [Member] | |||
Unpaid Principal Balance [Abstract] | |||
With no related allowance recorded | 433 | 791 | |
With an allowance recorded | 636 | 743 | |
Recorded Investment [Abstract] | |||
With no related allowance recorded | 416 | 752 | |
With an allowance recorded | 636 | 743 | |
Allowance for Loan Losses Allocated [Abstract] | |||
With an allowance recorded | 138 | 107 | |
Average Recorded Investment [Abstract] | |||
With no related allowance recorded | 584 | 947 | 1,150 |
With allowance recorded | 690 | 835 | 953 |
Interest Income Recognized [Abstract] | |||
With no related allowance recorded | 65 | 81 | 32 |
With an allowance recorded | $ 20 | $ 27 | $ 35 |
Loans and Allowance for Loan 63
Loans and Allowance for Loan Losses, Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Activity in the allowance for loan losses [Roll Forward] | |||
Beginning balance | $ 24,783 | $ 28,358 | $ 35,633 |
Provision (benefit) for loan losses | 500 | 2,000 | 0 |
Charge-offs | (11,159) | (8,412) | (9,171) |
Recoveries | 3,268 | 2,837 | 1,896 |
Net charge-offs | (7,891) | (5,575) | (7,275) |
Ending balance | 17,392 | 24,783 | 28,358 |
Allocation of the allowance for loan losses [Abstract] | |||
Loans individually evaluated for impairment | 4,216 | 7,961 | |
Loans collectively evaluated for impairment | 13,176 | 16,822 | |
Ending balance | 17,392 | 24,783 | 28,358 |
Loans [Abstract] | |||
Individually evaluated for impairment | 81,423 | 108,829 | |
Collectively evaluated for impairment | 759,848 | 803,369 | |
Total ending loans balance | 841,271 | 912,198 | |
Commercial [Member] | |||
Activity in the allowance for loan losses [Roll Forward] | |||
Beginning balance | 4,031 | 3,958 | 7,085 |
Provision (benefit) for loan losses | (1,146) | 1,516 | (1,861) |
Charge-offs | (1,919) | (2,261) | (2,028) |
Recoveries | 1,476 | 818 | 762 |
Net charge-offs | (443) | (1,443) | (1,266) |
Ending balance | 2,442 | 4,031 | 3,958 |
Allocation of the allowance for loan losses [Abstract] | |||
Loans individually evaluated for impairment | 399 | 877 | |
Loans collectively evaluated for impairment | 2,043 | 3,154 | |
Ending balance | 2,442 | 4,031 | 3,958 |
Loans [Abstract] | |||
Individually evaluated for impairment | 25,093 | 27,854 | |
Collectively evaluated for impairment | 67,902 | 80,455 | |
Total ending loans balance | 92,995 | 108,309 | |
Commercial Real Estate [Member] | |||
Activity in the allowance for loan losses [Roll Forward] | |||
Beginning balance | 8,339 | 10,699 | 12,587 |
Provision (benefit) for loan losses | 2,635 | (334) | 1,118 |
Charge-offs | (4,731) | (2,772) | (3,296) |
Recoveries | 508 | 746 | 290 |
Net charge-offs | (4,223) | (2,026) | (3,006) |
Ending balance | 6,751 | 8,339 | 10,699 |
Allocation of the allowance for loan losses [Abstract] | |||
Loans individually evaluated for impairment | 1,295 | 2,111 | |
Loans collectively evaluated for impairment | 5,456 | 6,228 | |
Ending balance | 6,751 | 8,339 | 10,699 |
Loans [Abstract] | |||
Individually evaluated for impairment | 25,248 | 39,635 | |
Collectively evaluated for impairment | 346,351 | 326,564 | |
Total ending loans balance | 371,599 | 366,199 | |
Residential Real Estate [Member] | |||
Activity in the allowance for loan losses [Roll Forward] | |||
Beginning balance | 7,939 | 8,162 | 9,037 |
Provision (benefit) for loan losses | (80) | 1,571 | 1,136 |
Charge-offs | (2,297) | (2,463) | (2,447) |
Recoveries | 520 | 669 | 436 |
Net charge-offs | (1,777) | (1,794) | (2,011) |
Ending balance | 6,082 | 7,939 | 8,162 |
Allocation of the allowance for loan losses [Abstract] | |||
Loans individually evaluated for impairment | 2,132 | 3,450 | |
Loans collectively evaluated for impairment | 3,950 | 4,489 | |
Ending balance | 6,082 | 7,939 | 8,162 |
Loans [Abstract] | |||
Individually evaluated for impairment | 18,205 | 23,207 | |
Collectively evaluated for impairment | 240,401 | 282,537 | |
Total ending loans balance | 258,606 | 305,744 | |
Construction Real Estate [Member] | |||
Activity in the allowance for loan losses [Roll Forward] | |||
Beginning balance | 3,323 | 4,658 | 5,575 |
Provision (benefit) for loan losses | (1,081) | (1,504) | (741) |
Charge-offs | (1,570) | (285) | (471) |
Recoveries | 471 | 454 | 295 |
Net charge-offs | (1,099) | 169 | (176) |
Ending balance | 1,143 | 3,323 | 4,658 |
Allocation of the allowance for loan losses [Abstract] | |||
Loans individually evaluated for impairment | 252 | 1,416 | |
Loans collectively evaluated for impairment | 891 | 1,907 | |
Ending balance | 1,143 | 3,323 | 4,658 |
Loans [Abstract] | |||
Individually evaluated for impairment | 11,825 | 16,638 | |
Collectively evaluated for impairment | 77,516 | 83,540 | |
Total ending loans balance | 89,341 | 100,178 | |
Installment and Other [Member] | |||
Activity in the allowance for loan losses [Roll Forward] | |||
Beginning balance | 788 | 1,199 | 1,643 |
Provision (benefit) for loan losses | 501 | 70 | 372 |
Charge-offs | (642) | (631) | (929) |
Recoveries | 293 | 150 | 113 |
Net charge-offs | (349) | (481) | (816) |
Ending balance | 940 | 788 | 1,199 |
Allocation of the allowance for loan losses [Abstract] | |||
Loans individually evaluated for impairment | 138 | 107 | |
Loans collectively evaluated for impairment | 802 | 681 | |
Ending balance | 940 | 788 | 1,199 |
Loans [Abstract] | |||
Individually evaluated for impairment | 1,052 | 1,495 | |
Collectively evaluated for impairment | 27,678 | 30,273 | |
Total ending loans balance | 28,730 | 31,768 | |
Unallocated [Member] | |||
Activity in the allowance for loan losses [Roll Forward] | |||
Beginning balance | 363 | (318) | (294) |
Provision (benefit) for loan losses | (329) | 681 | (24) |
Charge-offs | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 |
Net charge-offs | 0 | 0 | 0 |
Ending balance | 34 | 363 | (318) |
Allocation of the allowance for loan losses [Abstract] | |||
Loans individually evaluated for impairment | 0 | 0 | |
Loans collectively evaluated for impairment | 34 | 363 | |
Ending balance | 34 | 363 | $ (318) |
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 64
Loans and Allowance for Loan Losses, Troubled Debt Restructurings (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)Contract | Dec. 31, 2014USD ($)Contract | Dec. 31, 2013USD ($)Contract | |
TDRs on financing receivables [Abstract] | |||
Number of Contracts | Contract | 7 | 17 | 54 |
Pre-Modification Outstanding Recorded Investment | $ 995 | $ 2,613 | $ 20,987 |
Post-Modification Outstanding Recorded Investment | 995 | 2,450 | 20,202 |
Specific reserves allocated | $ 14 | $ 88 | $ 669 |
TDRs, subsequent default [Abstract] | |||
Number of Contracts | Contract | 2 | 1 | 20 |
Recorded Investment | $ 831 | $ 168 | $ 12,225 |
Specific reserves allocated | $ 11 | $ 0 | $ 36 |
Number of Contracts [Abstract] | |||
Accrual | Contract | 165 | 188 | 214 |
Nonaccrual | Contract | 32 | 61 | 78 |
Total TDRs | Contract | 197 | 249 | 292 |
Amount [Abstract] | |||
Accrual | $ 53,862 | $ 60,973 | $ 80,873 |
Nonaccrual | 10,641 | 27,394 | 30,957 |
Total TDRs | 64,503 | 88,367 | 111,830 |
Commitments to lend additional funds | 194 | ||
Allowance for credit losses, Change in method of calculating impairment | 14 | 88 | 669 |
Financing receivables, impaired, troubled debt restructuring, write-down | 2,800 | 2,750 | 626 |
Troubled debt restructuring, subsequently defaulted, Provision to the allowance for loan losses | $ 11 | $ 0 | $ 36 |
Commercial [Member] | |||
TDRs on financing receivables [Abstract] | |||
Number of Contracts | Contract | 3 | 12 | |
Pre-Modification Outstanding Recorded Investment | $ 221 | $ 1,654 | |
Post-Modification Outstanding Recorded Investment | 90 | 1,587 | |
Specific reserves allocated | $ 1 | $ 11 | |
TDRs, subsequent default [Abstract] | |||
Number of Contracts | Contract | 4 | ||
Recorded Investment | $ 236 | ||
Specific reserves allocated | $ 4 | ||
Commercial Real Estate [Member] | |||
TDRs on financing receivables [Abstract] | |||
Number of Contracts | Contract | 2 | 10 | |
Pre-Modification Outstanding Recorded Investment | $ 1,408 | $ 15,531 | |
Post-Modification Outstanding Recorded Investment | 1,408 | 15,006 | |
Specific reserves allocated | $ 56 | $ 265 | |
TDRs, subsequent default [Abstract] | |||
Number of Contracts | Contract | 7 | ||
Recorded Investment | $ 10,319 | ||
Specific reserves allocated | $ 0 | ||
Residential Real Estate [Member] | |||
TDRs on financing receivables [Abstract] | |||
Number of Contracts | Contract | 1 | 6 | 17 |
Pre-Modification Outstanding Recorded Investment | $ 82 | $ 498 | $ 3,062 |
Post-Modification Outstanding Recorded Investment | 82 | 493 | 2,879 |
Specific reserves allocated | $ 0 | $ 21 | $ 373 |
TDRs, subsequent default [Abstract] | |||
Number of Contracts | Contract | 1 | 7 | |
Recorded Investment | $ 168 | $ 1,421 | |
Specific reserves allocated | $ 0 | $ 28 | |
Construction Real Estate [Member] | |||
TDRs on financing receivables [Abstract] | |||
Number of Contracts | Contract | 2 | 2 | 3 |
Pre-Modification Outstanding Recorded Investment | $ 831 | $ 410 | $ 524 |
Post-Modification Outstanding Recorded Investment | 831 | 410 | 514 |
Specific reserves allocated | $ 11 | $ 1 | $ 10 |
TDRs, subsequent default [Abstract] | |||
Number of Contracts | Contract | 2 | 1 | |
Recorded Investment | $ 831 | $ 227 | |
Specific reserves allocated | $ 11 | $ 0 | |
Installment and Other [Member] | |||
TDRs on financing receivables [Abstract] | |||
Number of Contracts | Contract | 4 | 4 | 12 |
Pre-Modification Outstanding Recorded Investment | $ 82 | $ 76 | $ 216 |
Post-Modification Outstanding Recorded Investment | 82 | 49 | 216 |
Specific reserves allocated | $ 3 | $ 9 | $ 10 |
TDRs, subsequent default [Abstract] | |||
Number of Contracts | Contract | 1 | ||
Recorded Investment | $ 22 | ||
Specific reserves allocated | $ 4 |
Loans and Allowance for Loan 65
Loans and Allowance for Loan Losses, Activity Related to Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Analysis of the activity related to loans : | ||
Balance, beginning | $ 1,322 | $ 271 |
Additions | 438 | 470 |
Changes in Board composition | 800 | 643 |
Principal payments and other reductions | (627) | (62) |
Balance, ending | 1,933 | 1,322 |
Loans outstanding to executive officers and directors | $ 2,300 | $ 2,200 |
Loan Servicing and Mortgage S66
Loan Servicing and Mortgage Servicing Rights (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Unpaid balance of Mortgage loans serviced [Abstract] | |||
Federal National Mortgage Association ("Fannie Mae") | $ 865,568 | $ 918,658 | |
Other investors | 16 | 66 | |
Totals | $ 865,584 | $ 918,724 | |
Contractual servicing fee | 0.25% | 0.25% | 0.25% |
Late fees on loans serviced | $ 182 | $ 191 | $ 225 |
Custodial balances on deposit at the Bank in connection with the foregoing loan servicing | 6,100 | 5,400 | |
Custodial balances on deposit with other financial institutions with the foregoing loan servicing | 0 | 0 | |
Mortgage servicing right, fair value | 6,900 | 7,500 | 8,300 |
Analysis of changes in mortgage servicing rights assets [Roll Forward] | |||
Balance at beginning of period | 9,470 | 10,336 | 10,313 |
Servicing rights originated and capitalized | 822 | 810 | 1,563 |
Amortization | (1,515) | (1,676) | (1,540) |
Balance at end of period | 8,777 | 9,470 | 10,336 |
Analysis of changes in the mortgage servicing right assets valuation allowance [Roll Forward] | |||
Balance at beginning of period | (2,017) | (2,021) | (3,342) |
Aggregate reduction credited to operations | 2,644 | 1,373 | 2,890 |
Aggregate additions charged to operations | (2,522) | (1,369) | (1,569) |
Balance at end of period | $ (1,895) | $ (2,017) | $ (2,021) |
Assumptions used to calculate the market value [Abstract] | |||
Weighted Average Public Securities Association (PSA) speed | 213.25% | 201.67% | 166.67% |
Weighted Average Discount rate | 10.50% | 10.50% | 10.75% |
Weighted Average Earnings rate | 1.73% | 1.77% | 1.79% |
Other Real Estate Owned (Detail
Other Real Estate Owned (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Real Estate [Line Items] | |||
Other real estate owned | $ 8,346 | $ 13,980 | $ 14,002 |
Other Real Estate [Roll Forward] | |||
Balance at beginning of period | 13,980 | 14,002 | |
Transfers in at fair value | 3,958 | 11,523 | |
Write-down of value | (506) | (2,730) | |
Gain (loss) on disposal | 749 | 651 | |
Cash received upon disposition | (7,989) | (8,849) | (1,538) |
Sales financed by loans | (1,846) | (617) | |
Balance at end of period | 8,346 | 13,980 | $ 14,002 |
Commercial Real Estate [Member] | |||
Real Estate [Line Items] | |||
Other real estate owned | 2,985 | 2,985 | |
Other Real Estate [Roll Forward] | |||
Balance at beginning of period | 2,985 | ||
Balance at end of period | 781 | 2,985 | |
Residential Real Estate [Member] | |||
Real Estate [Line Items] | |||
Other real estate owned | 5,284 | 5,284 | |
Other Real Estate [Roll Forward] | |||
Balance at beginning of period | 5,284 | ||
Balance at end of period | 3,024 | 5,284 | |
Construction Real Estate [Member] | |||
Real Estate [Line Items] | |||
Other real estate owned | 4,541 | 5,711 | |
Other Real Estate [Roll Forward] | |||
Balance at beginning of period | 5,711 | ||
Balance at end of period | $ 4,541 | $ 5,711 |
Premises and Equipment (Details
Premises and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Premises and equipment, gross | $ 58,832 | $ 59,111 | |
Accumulated depreciation | (35,459) | (34,377) | |
Total less depreciation | 23,373 | 24,734 | |
Depreciation | 1,653 | 2,409 | $ 2,658 |
Land and Land Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Premises and equipment, gross | 3,820 | 3,820 | |
Buildings [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Premises and equipment, gross | 23,166 | 23,146 | |
Furniture and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Premises and equipment, gross | $ 31,846 | $ 32,145 |
Deposits (Details)
Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deposits [Abstract] | ||
Demand deposits, noninterest bearing | $ 75,867 | $ 76,706 |
NOW and money market accounts | 511,423 | 430,708 |
Savings deposits | 380,045 | 432,017 |
Time certificates, $250,000 or more | 39,148 | 53,693 |
Other time certificates | 247,475 | 289,468 |
Total deposits | 1,253,958 | 1,282,592 |
Scheduled maturities of time certificates [Abstract] | ||
2,016 | 227,583 | |
2,017 | 29,119 | |
2,018 | 13,108 | |
2,019 | 6,910 | |
2,020 | 4,002 | |
Thereafter | 5,901 | |
Total | 286,623 | |
Deposits from executive officers, directors and their affiliates | $ 1,100 | $ 874 |
Borrowings (Details)
Borrowings (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Borrowings [Abstract] | ||
Investment securities pledged as collateral | $ 2,300 | |
Advances available based on remaining unpledged investment securities | 112,600 | |
Fixed rate advances on borrowings [Abstract] | ||
Long-term borrowings | $ 2,300 | $ 22,300 |
Federal Home Loan Bank Advances, 3.050 % [Member] | ||
Fixed rate advances on borrowings [Abstract] | ||
Maturity Date | Mar. 23, 2015 | |
Rate | 3.05% | |
Type | Fixed | |
Principal due | At maturity | |
Long-term borrowings | $ 0 | 20,000 |
Federal Home Loan Bank Advances 6.343 % [Member] | ||
Fixed rate advances on borrowings [Abstract] | ||
Maturity Date | Apr. 27, 2021 | |
Rate | 6.343% | |
Type | Fixed | |
Principal due | At maturity | |
Long-term borrowings | $ 2,300 | $ 2,300 |
Junior Subordinated Debt (Detai
Junior Subordinated Debt (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2013USD ($) | Dec. 31, 2015USD ($)Payment | Sep. 30, 2016USD ($) | Dec. 31, 2014USD ($) | |
Variable Interest Entity [Line Items] | ||||
Common equity securities issued | $ 6,836 | $ 6,836 | ||
Junior subordinated deferrable interest debentures owed | $ 37,116 | 37,116 | ||
Junior subordinated debt owed to unconsolidated trusts issuance costs | $ 37,100 | |||
Number of semi annual payments entity has right to defer | Payment | 10 | |||
Number of quarterly payments entity has right to defer | Payment | 20 | |||
Subsequent Event [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Accrued interest and unpaid | $ 9,100 | |||
Trust Preferred Securities [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Accrued interest and unpaid | $ 6,900 | $ 4,300 | ||
Trust I [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Date of Issue | Mar. 23, 2000 | |||
Amount of trust preferred securities issued | $ 10,000 | |||
Rate on trust preferred securities | 10.875% | |||
Maturity | Mar. 8, 2030 | |||
Date of first redemption | Mar. 8, 2010 | |||
Common equity securities issued | $ 310 | |||
Junior subordinated deferrable interest debentures owed | $ 10,310 | |||
Rate on junior subordinated deferrable interest debentures, fixed | 10.875% | |||
Trust III [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Date of Issue | May 11, 2004 | |||
Amount of trust preferred securities issued | $ 6,000 | |||
Variable rate on trust preferred securities | 3.3351% | |||
Maturity | Sep. 8, 2034 | |||
Date of first redemption | Sep. 8, 2009 | |||
Common equity securities issued | $ 186 | |||
Junior subordinated deferrable interest debentures owed | $ 6,186 | |||
Rate on junior subordinated deferrable interest debentures, variable | 3.3351% | |||
Trust IV [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Date of Issue | Jun. 29, 2005 | |||
Amount of trust preferred securities issued | $ 10,000 | |||
Rate on trust preferred securities | 6.88% | |||
Maturity | Nov. 23, 2035 | |||
Date of first redemption | Aug. 23, 2010 | |||
Common equity securities issued | $ 310 | |||
Junior subordinated deferrable interest debentures owed | $ 10,310 | |||
Rate on junior subordinated deferrable interest debentures, fixed | 6.88% | |||
Trust V [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Date of Issue | Sep. 21, 2006 | |||
Amount of trust preferred securities issued | $ 10,000 | |||
Variable rate on trust preferred securities | 2.162% | |||
Maturity | Dec. 15, 2036 | |||
Date of first redemption | Sep. 15, 2011 | |||
Common equity securities issued | $ 310 | |||
Junior subordinated deferrable interest debentures owed | $ 10,310 | |||
Rate on junior subordinated deferrable interest debentures, variable | 2.162% |
Description of Leasing Arrang72
Description of Leasing Arrangements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Description of Leasing Arrangements [Abstract] | |||
Extended lease term | 5 years | ||
Operating lease payments | $ 272 | $ 356 | $ 507 |
Capital lease obligations, current | 161 | ||
Lease Payments under Operating Leases [Abstract] | |||
2,016 | 129 | ||
2,017 | 114 | ||
2,018 | 5 | ||
2,019 | 7 | ||
Thereafter | 0 | ||
Total | $ 255 |
Retirement Plans (Details)
Retirement Plans (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)hshares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013USD ($) | |
Retirement Plans [Abstract] | |||
Minimum age of employees to benefit under the plan | 18 years | ||
Number of service hours during the plan year to benefit | h | 1,000 | ||
Vesting period | 6 years | ||
Company's discretionary contributions to the ESOP | $ | $ 0 | $ 0 | $ 0 |
Employee Stock Ownership Plan (ESOP), Shares in ESOP [Abstract] | |||
Shares acquired before December 31, 1992 (in shares) | shares | 215,369 | 215,503 | |
Shares acquired after December 31, 1992 (in shares) | shares | 457,254 | 457,455 | |
Total shares (in shares) | shares | 672,623 | 672,958 | |
Compensation expense recognized for ESOP shares acquired | $ | $ 0 | $ 0 | $ 0 |
Purchase price period | 5 years | ||
Fair value of shares repurchase | $ | $ 2,700 | $ 2,000 |
Stock Incentives (Details)
Stock Incentives (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Stock Options [Member] | |||
Additional General Disclosures [Abstract] | |||
Stock options, exercised (in shares) | 0 | 0 | 0 |
1998 Plan [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) | 400,000 | ||
2005 Plan [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 | ||
2015 Plan [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 | ||
Shares awarded (in shares) | 0 | ||
1998 Plan and the 2005 Plan [Member] | |||
Additional General Disclosures [Abstract] | |||
Unrecognized compensation cost | $ 50 | ||
Vesting period of recognition | 2 years | ||
1998 Plan and the 2005 Plan [Member] | Stock Options [Member] | |||
Stock Options [Roll Forward] | |||
Outstanding, Beginning Balance (in shares) | 14,000 | ||
Forfeited or expired (in shares) | (14,000) | ||
Outstanding, Ending Balance (in shares) | 0 | 14,000 | |
Vested, Ending Balance (in shares) | 0 | ||
Weighted-Average Exercise Price [Abstract] | |||
Outstanding, Beginning Balance (in dollars per share) | $ 30.50 | ||
Forfeited or expired (in dollars per share) | 30.50 | ||
Outstanding, Ending Balance (in dollars per share) | 0 | $ 30.50 | |
Vested, Ending Balance (in dollars per share) | $ 0 | ||
Weighted-Average Remaining Contractual Term [Abstract] | |||
Outstanding | 8 months 12 days | ||
Aggregate Intrinsic Value [Abstract] | |||
Outstanding | $ 0 | $ 0 | |
Vested | $ 0 | ||
1998 Plan and the 2005 Plan [Member] | Restricted Stock Units (RSUs) [Member] | |||
Restricted Stock Units [Roll Forward] | |||
Outstanding, Beginning Balance (in shares) | 11,765 | ||
Granted (in shares) | 0 | ||
Exercised (in shares) | 0 | ||
Forfeited or expired (in shares) | 0 | ||
Outstanding, Ending Balance (in shares) | 11,765 | 11,765 | |
Vested, Ending Balance (in shares) | 0 | ||
Weighted-Average Exercise Price [Roll Forward] | |||
Outstanding, Beginning Balance (in dollars per share) | $ 4.25 | ||
Outstanding, Ending Balance (in dollars per share) | 4.25 | $ 4.25 | |
Vested, Ending Balance (in dollars per share) | $ 0 | ||
Weighted-Average Remaining Contractual Term [Abstract] | |||
Outstanding | 6 months | 1 year 6 months | |
Vested | 0 years | ||
Aggregate Intrinsic Value [Abstract] | |||
Outstanding | $ 50 | $ 50 | |
Vested | $ 0 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2011 | |
Current provision (benefit) for income taxes [Abstract] | ||||
Federal | $ 0 | $ 0 | $ 0 | |
State | 0 | 0 | 0 | |
Deferred provision (benefit) for income taxes [Abstract] | ||||
Federal | (188) | (1,621) | 3,996 | |
State | 242 | (206) | 324 | |
Change in valuation allowance | (54) | 2,997 | (4,320) | |
Total provision (benefit) for income taxes | 0 | 1,170 | 0 | |
Deferred Tax Assets [Abstract] | ||||
Unrealized loss on securities available for sale | 1,109 | 368 | ||
Venture capital investments | 835 | 460 | ||
Allowance for loan losses | 7,106 | 10,916 | ||
Other intangible assets | 377 | 418 | ||
OREO | 1,349 | 1,144 | ||
Accrued compensation | 566 | 728 | ||
Capital losses | 372 | 0 | ||
Net operating loss carryforwards | 4,687 | 3,002 | ||
Business tax credits | 2,827 | 1,970 | ||
Stock options and SARs expensed | 237 | 160 | ||
Contributions & Other | 206 | 41 | ||
AMT credit | 173 | 377 | ||
Total deferred taxes | 19,844 | 19,584 | $ 14,600 | |
Allowance for deferred taxes | (19,844) | (19,584) | ||
Net deferred taxes | 0 | 0 | ||
Deferred Tax Liabilities [Abstract] | ||||
Investment securities | 0 | 0 | ||
Stock dividends on FHLB stock | 3 | 4 | ||
Premises and equipment | 1,273 | 1,429 | ||
MSRs | 2,722 | 2,972 | ||
Prepaid expenses | 636 | 656 | ||
Contributions & Other | 0 | 0 | ||
Total deferred taxes | 4,634 | 5,061 | ||
Allowance for deferred taxes | (4,634) | (5,061) | ||
Net deferred taxes | 0 | 0 | ||
Operating Loss Carryforwards [Line Items] | ||||
(Increase) decrease in taxes receivable from subsidiaries | 1,170 | |||
Business tax credits | $ 2,400 | 2,300 | ||
Tax credit, expiration date | Dec. 31, 2031 | |||
Effective Income Tax Rate Reconciliation, Amount [Abstract] | ||||
Federal statutory tax rate | $ 651 | (1,688) | 4,502 | |
Net tax exempt interest income | (64) | (158) | (197) | |
Interest disallowance | 1 | 3 | 2 | |
Nondeductible expenses | 13 | 32 | 37 | |
Nondeductible book amortization | 107 | 156 | 217 | |
Other, net | 0 | (90) | (241) | |
Tax credits | (424) | (424) | 0 | |
Provision to return adjustments | (445) | 0 | 0 | |
Fed rate differential | 20 | 0 | 0 | |
Change in state tax rate | 114 | 0 | 0 | |
Fines & penalties | 0 | 525 | 0 | |
State income tax, net of federal benefit | 81 | (183) | 0 | |
Tax provision (benefit) before change in valuation allowance | 54 | (1,827) | 4,320 | |
Change in valuation allowance | (54) | 2,997 | (4,320) | |
Total provision (benefit) for income taxes | $ 0 | $ 1,170 | $ 0 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | ||||
Federal statutory tax rate | 34.00% | (35.00%) | 35.00% | |
Net tax exempt interest income | (3.34%) | (3.28%) | (1.53%) | |
Interest disallowance | 0.05% | 0.06% | 0.02% | |
Nondeductible expenses | 0.68% | 0.66% | 0.29% | |
Nondeductible book amortization | 5.59% | 3.24% | 1.69% | |
Other, net | 0.00% | (1.87%) | (1.87%) | |
Tax credits | (22.15%) | (8.79%) | 0.00% | |
Provision to return adjustments | (23.25%) | (8.79%) | 0.00% | |
Fed rate differential | 1.04% | (8.79%) | 0.00% | |
Change in state tax rate | 5.96% | (8.79%) | 0.00% | |
Fines & penalties | 0.00% | 10.89% | 0.00% | |
State income tax, net of federal benefit | 4.23% | (3.80%) | 0.00% | |
Tax provision (benefit) before change in valuation allowance | 2.82% | (64.26%) | 33.60% | |
Change in valuation allowance | (2.82%) | 62.15% | (33.60%) | |
Provision (benefit) for income taxes | 0.00% | (2.11%) | 0.00% | |
Income Tax Penalties and Interest Expense [Abstract] | ||||
SEC penalty recognized | $ 1,500 | |||
Increase in income tax expense | 525 | |||
Income Tax Penalties and Interest Accrued [Abstract] | ||||
Labilities associated with uncertain tax positions | $ 0 | 0 | ||
Accrual for interest and penalties | 0 | $ 0 | ||
Federal [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforwards | 11,000 | |||
State [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforwards | $ 18,800 | |||
Earliest Tax Year [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforwards, expire date | Dec. 31, 2031 | |||
Latest Tax Year [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforwards, expire date | Dec. 31, 2035 |
Commitments and Off-Balance S76
Commitments and Off-Balance Sheet Activities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Loss Contingencies [Line Items] | ||
Total value of letters of credit | $ 22,000 | |
FHLB, collateral amount | $ 114,900 | |
Unfunded Commitments under Lines of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Credit-related commitments | 108,966 | 141,674 |
Commercial and Standby Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Credit-related commitments | 7,608 | 10,411 |
Potential obligations under credit-related commitments | 575 | 575 |
Fees collected on grants of letters of credit | 20 | 28 |
Commitments to Make Loans [Member] | ||
Loss Contingencies [Line Items] | ||
Credit-related commitments | $ 5,105 | $ 5,489 |
Preferred Equity Issues (Detail
Preferred Equity Issues (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of preferred equity issues under capital purchase program [Abstract] | ||
Amortized period of the liquidation value of the preferred shares | 10 years | |
Net amount accreted to capital preferred equity | $ 178 | $ 178 |
Amount of dividends and net accretion on the preferred shares reduces net income | 3,800 | 3,200 |
Dividends accrued and unpaid | $ 8,700 | $ 4,800 |
Series A Cumulative Perpetual Preferred Shares [Member] | ||
Schedule of preferred equity issues under capital purchase program [Abstract] | ||
Number of shares issued (in shares) | 35,539 | 35,539 |
Dividend rate, description | 5% for first 5 years; thereafter 9% | |
Dividend rate | 9.00% | 9.00% |
Liquidation value per share (in dollars per share) | $ 1,000 | $ 1,000 |
Original cost | $ 33,437 | |
Dividend rate of first five years | 5.00% | |
Dividend rate after five years | 9.00% | |
Series B Cumulative Perpetual Preferred Shares [Member] | ||
Schedule of preferred equity issues under capital purchase program [Abstract] | ||
Number of shares issued (in shares) | 1,777 | 1,777 |
Dividend rate | 9.00% | 9.00% |
Liquidation value per share (in dollars per share) | $ 1,000 | $ 1,000 |
Original cost | $ 2,102 |
Litigation (Details)
Litigation (Details) | Apr. 29, 2016USD ($) | Sep. 28, 2015USD ($) | Sep. 01, 2015Suit |
Loss Contingencies [Line Items] | |||
Number of suits seeking coverage and reimbursement from the insurance carriers | Suit | 3 | ||
Securities and Exchange Commission [Member] | |||
Loss Contingencies [Line Items] | |||
Litigation settlement amount | $ 1,500,000 | ||
First American Title [Member] | Subsequent Event [Member] | |||
Loss Contingencies [Line Items] | |||
Litigation settlement amount | $ 150,000 |
Derivative Financial Instrume79
Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative Financial Instruments [Abstract] | ||
Period under interest rate lock commitment contract | 60 days | |
Fixed And Adjustable Rate Loans [Abstract] | ||
Fixed rate (ranging from 2.1% to 13.9%) | $ 11,913 | $ 9,913 |
Adjustable rate | 104,661 | 126,215 |
Total | $ 116,574 | 136,128 |
Maximum [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fixed interest rate | 13.90% | |
Minimum [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fixed interest rate | 2.10% | |
Customer Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative financial instruments, notional amount | $ 5,100 | 5,500 |
FNMA Interest Rate Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative financial instruments, notional amount | 8,100 | 11,200 |
Fair value commitment assets | $ 225 | $ 139 |
Regulatory Matters (Details)
Regulatory Matters (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
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 | $ 128,272 | $ 130,452 |
For Capital Adequacy Purposes | $ 72,774 | $ 73,108 |
Total capital (to risk-weighted assets), Ratio [Abstract] | ||
Actual | 14.10% | 14.27% |
For Capital Adequacy Purposes | 8.00% | 8.00% |
Tier 1 capital (risk-weighted assets), Amount [Abstract] | ||
Amount | $ 101,263 | $ 110,532 |
For Capital Adequacy Purposes | $ 54,580 | $ 36,554 |
Tier 1 capital (to risk-weighted assets), Ratio [Abstract] | ||
Actual | 11.13% | 12.10% |
For Capital Adequacy Purposes | 6.00% | 4.00% |
Common Equity Tier 1 Capital (to risk weighted assets), Amount [Abstract] | ||
Amount | $ 44,080 | |
For Capital Adequacy Purposes | $ 40,935 | |
Common Equity Tier 1 Capital (to risk weighted assets), Ratio [Abstract] | ||
Actual | 4.85% | |
For Capital Adequacy Purposes | 4.50% | |
Tier 1 leverage capital (to average assets), Amount [Abstract] | ||
Actual | $ 101,263 | $ 110,532 |
For Capital Adequacy Purposes | $ 56,943 | $ 58,650 |
Tier 1 capital (to average assets), Ratio [Abstract] | ||
Actual | 7.11% | 7.54% |
For Capital Adequacy Purposes | 4.00% | 4.00% |
Bank Only [Member] | ||
Total capital (to risk-weighted assets), Amount [Abstract] | ||
Actual | $ 141,486 | $ 135,872 |
For Capital Adequacy Purposes | 72,452 | 72,562 |
To be well capitalized under prompt corrective action provisions | 90,565 | 90,703 |
Minimum Levels Under Order Provisions | $ 99,621 | $ 99,773 |
Total capital (to risk-weighted assets), Ratio [Abstract] | ||
Actual | 15.62% | 14.98% |
For Capital Adequacy Purposes | 8.00% | 8.00% |
To be well capitalized under prompt corrective action provisions | 10.00% | 10.00% |
Minimum Levels Under Order Provisions | 11.00% | 11.00% |
Tier 1 capital (risk-weighted assets), Amount [Abstract] | ||
Amount | $ 130,084 | $ 124,361 |
For Capital Adequacy Purposes | 54,339 | 36,281 |
To be well capitalized under prompt corrective action provisions | $ 72,452 | $ 54,422 |
Tier 1 capital (to risk-weighted assets), Ratio [Abstract] | ||
Actual | 14.36% | 13.71% |
For Capital Adequacy Purposes | 6.00% | 4.00% |
To be well capitalized under prompt corrective action provisions | 8.00% | 6.00% |
Common Equity Tier 1 Capital (to risk weighted assets), Amount [Abstract] | ||
Amount | $ 130,084 | |
For Capital Adequacy Purposes | 40,754 | |
To be well capitalized under prompt corrective action provisions | $ 58,867 | |
Common Equity Tier 1 Capital (to risk weighted assets), Ratio [Abstract] | ||
Actual | 14.36% | |
For Capital Adequacy Purposes | 4.50% | |
To be well capitalized under prompt corrective action provisions | 6.50% | |
Tier 1 leverage capital (to average assets), Amount [Abstract] | ||
Actual | $ 130,084 | $ 124,361 |
For Capital Adequacy Purposes | 56,685 | 58,420 |
To be well capitalized under prompt corrective action provisions | 70,856 | 73,025 |
Minimum Levels Under Order Provisions | $ 113,370 | $ 116,840 |
Tier 1 capital (to average assets), Ratio [Abstract] | ||
Actual | 9.18% | 8.51% |
For Capital Adequacy Purposes | 4.00% | 4.00% |
To be well capitalized under prompt corrective action provisions | 5.00% | 5.00% |
Minimum Levels Under Order Provisions | 8.00% | 8.00% |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Investment securities available for sale [Abstract] | |||
Financial liabilities | $ 0 | $ 0 | |
Impaired loans contract value - valuation allowance | 4,200 | 8,000 | |
Write-down of value | 361 | 2,730 | |
Financial Assets [Abstract] | |||
Impaired loans | 81,423 | 108,829 | |
MSRs | 6,900 | 7,500 | $ 8,300 |
Recurring [Member] | |||
Investment securities available for sale [Abstract] | |||
U.S. Government sponsored agencies | 69,584 | 42,282 | |
State and political subdivisions | 3,576 | 5,087 | |
Residential mortgage-backed security | 121,597 | 101,775 | |
Residential collateralized mortgage obligation | 39,921 | 41,051 | |
Commercial mortgage backed security | 41,119 | 24,882 | |
SBA pool | 750 | 945 | |
Asset-backed security | 39,493 | ||
Interest rate lock commitments, mandatory forward delivery commitments and pair offs | 225 | 186 | |
Total | 316,265 | 216,208 | |
Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Investment securities available for sale [Abstract] | |||
U.S. Government sponsored agencies | 0 | 0 | |
State and political subdivisions | 0 | 0 | |
Residential mortgage-backed security | 0 | 0 | |
Residential collateralized mortgage obligation | 0 | 0 | |
Commercial mortgage backed security | 0 | 0 | |
SBA pool | 0 | 0 | |
Asset-backed security | 0 | ||
Interest rate lock commitments, mandatory forward delivery commitments and pair offs | 0 | 0 | |
Total | 0 | 0 | |
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Investment securities available for sale [Abstract] | |||
U.S. Government sponsored agencies | 69,584 | 42,282 | |
State and political subdivisions | 3,576 | 5,087 | |
Residential mortgage-backed security | 121,597 | 101,775 | |
Residential collateralized mortgage obligation | 39,921 | 41,051 | |
Commercial mortgage backed security | 41,119 | 24,882 | |
SBA pool | 750 | 945 | |
Asset-backed security | 39,493 | ||
Interest rate lock commitments, mandatory forward delivery commitments and pair offs | 225 | 186 | |
Total | 316,265 | 216,208 | |
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Investment securities available for sale [Abstract] | |||
U.S. Government sponsored agencies | 0 | 0 | |
State and political subdivisions | 0 | 0 | |
Residential mortgage-backed security | 0 | 0 | |
Residential collateralized mortgage obligation | 0 | 0 | |
Commercial mortgage backed security | 0 | 0 | |
SBA pool | 0 | 0 | |
Asset-backed security | 0 | ||
Interest rate lock commitments, mandatory forward delivery commitments and pair offs | 0 | 0 | |
Total | 0 | 0 | |
Nonrecurring [Member] | |||
Financial Assets [Abstract] | |||
Impaired loans | 36,870 | 47,234 | |
MSRs | 6,905 | 7,438 | |
Non-Financial Assets [Abstract] | |||
OREO | 2,231 | 6,111 | |
Nonrecurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Financial Assets [Abstract] | |||
Impaired loans | 0 | 0 | |
MSRs | 0 | 0 | |
Non-Financial Assets [Abstract] | |||
OREO | 0 | 0 | |
Nonrecurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Financial Assets [Abstract] | |||
Impaired loans | 0 | 0 | |
MSRs | 0 | 0 | |
Non-Financial Assets [Abstract] | |||
OREO | 0 | 0 | |
Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Financial Assets [Abstract] | |||
Impaired loans | 36,870 | 47,234 | |
MSRs | 6,905 | 7,438 | |
Non-Financial Assets [Abstract] | |||
OREO | $ 2,231 | $ 6,111 |
Fair Value Measurements, Assets
Fair Value Measurements, Assets, Quantitative Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Impaired Loans Commercial [Member] | Sales Comparison [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value | $ 14,557 | $ 15,041 |
Impaired Loans Commercial [Member] | Sales Comparison [Member] | Minimum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparison between sales and income approaches | 0.00% | (5.70%) |
Impaired Loans Commercial [Member] | Sales Comparison [Member] | Maximum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparison between sales and income approaches | (13.92%) | (13.92%) |
Impaired Loans Commercial [Member] | Sales Comparison [Member] | Weighted Average [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparison between sales and income approaches | (5.70%) | (5.78%) |
Impaired Loans Commercial Real Estate [Member] | Sales Comparison [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value | $ 9,755 | $ 14,970 |
Impaired Loans Commercial Real Estate [Member] | Sales Comparison [Member] | Minimum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparison between sales and income approaches | (4.25%) | (5.50%) |
Impaired Loans Commercial Real Estate [Member] | Sales Comparison [Member] | Maximum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparison between sales and income approaches | (7.62%) | (7.62%) |
Impaired Loans Commercial Real Estate [Member] | Sales Comparison [Member] | Weighted Average [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparison between sales and income approaches | (5.65%) | (6.04%) |
Impaired Loans Residential Real Estate [Member] | Sales Comparison [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value | $ 8,624 | $ 11,050 |
Impaired Loans Residential Real Estate [Member] | Sales Comparison [Member] | Minimum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparison between sales and income approaches | 0.00% | (3.13%) |
Impaired Loans Residential Real Estate [Member] | Sales Comparison [Member] | Maximum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparison between sales and income approaches | (8.70%) | (8.70%) |
Impaired Loans Residential Real Estate [Member] | Sales Comparison [Member] | Weighted Average [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparison between sales and income approaches | (5.29%) | (5.62%) |
Impaired Loans Construction Real Estate [Member] | Sales Comparison [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value | $ 3,436 | $ 5,537 |
Impaired Loans Construction Real Estate [Member] | Sales Comparison [Member] | Minimum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparison between sales and income approaches | (4.00%) | (5.00%) |
Impaired Loans Construction Real Estate [Member] | Sales Comparison [Member] | Maximum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparison between sales and income approaches | (7.50%) | (7.25%) |
Impaired Loans Construction Real Estate [Member] | Sales Comparison [Member] | Weighted Average [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparison between sales and income approaches | (6.14%) | (6.07%) |
Impaired Loans Installment and Other [Member] | Sales Comparison [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value | $ 498 | $ 636 |
Impaired Loans Installment and Other [Member] | Sales Comparison [Member] | Minimum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparison between sales and income approaches | (4.13%) | (4.13%) |
Impaired Loans Installment and Other [Member] | Sales Comparison [Member] | Maximum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparison between sales and income approaches | (9.50%) | (10.00%) |
Impaired Loans Installment and Other [Member] | Sales Comparison [Member] | Weighted Average [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparison between sales and income approaches | (6.52%) | (6.82%) |
Impaired Loans [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value | $ 36,870 | $ 47,234 |
Other Real Estate Owned Commercial Real Estate [Member] | Sales Comparison [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value | $ 217 | $ 2,179 |
Other Real Estate Owned Commercial Real Estate [Member] | Sales Comparison [Member] | Minimum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparison between sales and income approaches | (14.55%) | (5.45%) |
Other Real Estate Owned Commercial Real Estate [Member] | Sales Comparison [Member] | Maximum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparison between sales and income approaches | (14.55%) | (42.92%) |
Other Real Estate Owned Commercial Real Estate [Member] | Sales Comparison [Member] | Weighted Average [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparison between sales and income approaches | (14.55%) | (35.96%) |
Other Real Estate Owned Residential Real Estate [Member] | Sales Comparison [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value | $ 1,493 | $ 1,966 |
Other Real Estate Owned Residential Real Estate [Member] | Sales Comparison [Member] | Minimum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparison between sales and income approaches | (8.47%) | (2.98%) |
Other Real Estate Owned Residential Real Estate [Member] | Sales Comparison [Member] | Maximum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparison between sales and income approaches | (91.19%) | (82.38%) |
Other Real Estate Owned Residential Real Estate [Member] | Sales Comparison [Member] | Weighted Average [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparison between sales and income approaches | (21.76%) | (23.43%) |
Other Real Estate Owned Construction Real Estate [Member] | Sales Comparison [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value | $ 521 | $ 1,966 |
Other Real Estate Owned Construction Real Estate [Member] | Sales Comparison [Member] | Minimum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparison between sales and income approaches | (10.70%) | (22.41%) |
Other Real Estate Owned Construction Real Estate [Member] | Sales Comparison [Member] | Maximum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparison between sales and income approaches | (67.45%) | (100.00%) |
Other Real Estate Owned Construction Real Estate [Member] | Sales Comparison [Member] | Weighted Average [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparison between sales and income approaches | (57.32%) | (65.25%) |
Other Real Estate Owned [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value | $ 2,231 | $ 6,111 |
Fair Value Measurements, Estima
Fair Value Measurements, Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financial assets [Abstract] | ||
Cash and due from banks | $ 13,506 | $ 17,202 |
Interest-bearing deposits with banks | 151,049 | 207,965 |
Investments [Abstract] | ||
Available for sale | 316,040 | 216,022 |
Held to maturity | 8,986 | 11,775 |
Non-marketable equity securities | 3,854 | 6,984 |
Loans held for sale | 3,041 | 5,632 |
Loans, net | 822,396 | 885,764 |
Financial liabilities [Abstract] | ||
Non-interest bearing deposits | 152,888 | 144,503 |
Interest bearing deposits | 1,101,070 | 1,138,089 |
Long-term borrowings | 2,300 | 22,300 |
Junior subordinated debt | 37,116 | 37,116 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Financial assets [Abstract] | ||
Cash and due from banks | 13,506 | 17,202 |
Interest-bearing deposits with banks | 151,049 | 207,965 |
Securities purchased under resell agreements | 24,320 | 22,231 |
Investments [Abstract] | ||
Available for sale | 0 | 0 |
Held to maturity | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans, net | 0 | 0 |
Accrued interest receivable on securities | 0 | |
Accrued interest receivable on loans | 0 | |
Accrued interest receivable other | 0 | |
Accrued interest receivable | 0 | |
Interest rate lock commitments, mandatory forward delivery commitments and pair offs | 0 | 0 |
Off-balance-sheet instruments [Abstract] | ||
Loan commitments and standby letters of credit | 0 | 0 |
Financial liabilities [Abstract] | ||
Non-interest bearing deposits | 152,888 | 144,503 |
Interest bearing deposits | 0 | 0 |
Long-term borrowings | 0 | 0 |
Junior subordinated debt | 0 | 0 |
Accrued interest payable | 0 | 0 |
Significant Other Observable Inputs (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 | 0 |
Investments [Abstract] | ||
Available for sale | 316,040 | 216,022 |
Held to maturity | 8,988 | 11,947 |
Loans held for sale | 0 | 0 |
Loans, net | 0 | 0 |
Accrued interest receivable on securities | 1,028 | |
Accrued interest receivable on loans | 0 | |
Accrued interest receivable other | 0 | |
Accrued interest receivable | 5,100 | |
Interest rate lock commitments, mandatory forward delivery commitments and pair offs | 225 | 186 |
Off-balance-sheet instruments [Abstract] | ||
Loan commitments and standby letters of credit | 20 | 28 |
Financial liabilities [Abstract] | ||
Non-interest bearing deposits | 0 | 0 |
Interest bearing deposits | 1,099,937 | 1,142,657 |
Long-term borrowings | 2,642 | 23,001 |
Junior subordinated debt | 0 | 0 |
Accrued interest payable | 7,370 | 4,911 |
Significant Unobservable Inputs (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 | 0 |
Investments [Abstract] | ||
Available for sale | 0 | 0 |
Held to maturity | 0 | 0 |
Loans held for sale | 3,041 | 5,831 |
Loans, net | 830,555 | 889,031 |
Accrued interest receivable on securities | 0 | |
Accrued interest receivable on loans | 3,795 | |
Accrued interest receivable other | 208 | |
Accrued interest receivable | 0 | |
Interest rate lock commitments, mandatory forward delivery commitments and pair offs | 0 | 0 |
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 | 20,461 | 20,758 |
Accrued interest payable | 0 | 0 |
Carrying Amount [Member] | ||
Financial assets [Abstract] | ||
Cash and due from banks | 13,506 | 17,202 |
Interest-bearing deposits with banks | 151,049 | 207,965 |
Securities purchased under resell agreements | 24,320 | 22,231 |
Investments [Abstract] | ||
Available for sale | 316,040 | 216,022 |
Held to maturity | 8,986 | 11,775 |
Non-marketable equity securities | 3,854 | 6,984 |
Loans held for sale | 3,041 | 5,632 |
Loans, net | 822,396 | 885,764 |
Accrued interest receivable on securities | 1,028 | |
Accrued interest receivable on loans | 3,795 | |
Accrued interest receivable other | 208 | |
Accrued interest receivable | 5,100 | |
Interest rate lock commitments, mandatory forward delivery commitments and pair offs | 225 | 186 |
Off-balance-sheet instruments [Abstract] | ||
Loan commitments and standby letters of credit | 20 | 28 |
Financial liabilities [Abstract] | ||
Non-interest bearing deposits | 152,888 | 144,503 |
Interest bearing deposits | 1,101,070 | 1,138,089 |
Long-term borrowings | 2,300 | 22,300 |
Junior subordinated debt | 37,116 | 37,116 |
Accrued interest payable | 7,370 | 4,911 |
Fair Value [Member] | ||
Financial assets [Abstract] | ||
Cash and due from banks | 13,506 | 17,202 |
Interest-bearing deposits with banks | 151,049 | 207,965 |
Securities purchased under resell agreements | 24,320 | 22,231 |
Investments [Abstract] | ||
Available for sale | 316,040 | 216,022 |
Held to maturity | 8,988 | 11,947 |
Loans held for sale | 3,041 | 5,831 |
Loans, net | 830,555 | 889,031 |
Accrued interest receivable on securities | 1,028 | |
Accrued interest receivable on loans | 3,795 | |
Accrued interest receivable other | 208 | |
Accrued interest receivable | 5,100 | |
Interest rate lock commitments, mandatory forward delivery commitments and pair offs | 225 | 186 |
Off-balance-sheet instruments [Abstract] | ||
Loan commitments and standby letters of credit | 20 | 28 |
Financial liabilities [Abstract] | ||
Non-interest bearing deposits | 152,888 | 144,503 |
Interest bearing deposits | 1,099,937 | 1,142,657 |
Long-term borrowings | 2,642 | 23,001 |
Junior subordinated debt | 20,461 | 20,758 |
Accrued interest payable | $ 7,370 | $ 4,911 |
Other Noninterest Expense (Deta
Other Noninterest Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Noninterest Expense [Abstract] | |||
Threshold percentage for components to be shown separately | 1.00% | ||
Other noninterest expenses [Abstract] | |||
Data processing | $ 2,979 | $ 3,155 | $ 3,202 |
Marketing | 1,335 | 1,119 | 1,181 |
Amortization and valuation of MSRs | 1,393 | 1,672 | 219 |
Supplies | 486 | 444 | 652 |
Postage | 648 | 748 | 795 |
Bankcard and ATM network fees | 1,872 | 2,169 | 1,458 |
Legal, professional and accounting fees | 7,304 | 10,868 | 7,169 |
FDIC insurance premiums | 3,087 | 3,211 | 2,944 |
Collection expenses | 834 | 1,217 | 4,369 |
Other | 3,443 | 4,714 | 2,987 |
Total noninterest expenses | $ 23,381 | $ 29,317 | $ 24,976 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event [Member] - USD ($) $ / shares in Units, $ in Millions | Sep. 08, 2016 | Mar. 31, 2016 |
Subsequent Event [Line Items] | ||
Gross proceeds from private placement | $ 52 | |
Minimum [Member] | ||
Subsequent Event [Line Items] | ||
Percentage of stock ownership require for investor to be appointed as representative of board of directors | 5.00% | |
Series C Preferred Stock [Member] | ||
Subsequent Event [Line Items] | ||
Purchase price (in dollars per share) | $ 475 | |
Common Stock [Member] | ||
Subsequent Event [Line Items] | ||
Purchase price (in dollars per share) | $ 4.75 | |
Triscensions ABQ, LLC [Member] | ||
Subsequent Event [Line Items] | ||
Initial capital into new subsidiary | $ (5) |
Condensed Parent Company Fina86
Condensed Parent Company Financial Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Assets [Abstract] | |||||
Other assets | $ 17,192 | $ 26,464 | |||
Total assets | 1,398,985 | 1,446,206 | |||
Liabilities and Stockholders' Equity [Abstract] | |||||
Dividends payable | 8,700 | 4,800 | |||
Junior subordinated debt owed to unconsolidated trusts | 37,116 | 37,116 | |||
Other liabilities | 26,621 | 21,176 | |||
Stock owned by Employee Stock Ownership Plan (ESOP) participants | 2,690 | 2,019 | |||
Stockholders' equity | 76,300 | 81,003 | $ 88,710 | $ 75,858 | |
Total liabilities and stockholders' equity | 1,398,985 | 1,446,206 | |||
Statements of Operations [Abstract] | |||||
Income (loss) before provision for income taxes | 1,914 | (4,822) | 12,863 | ||
Income tax benefit | 0 | (1,170) | 0 | ||
Net income (loss) | 1,914 | (5,992) | 12,863 | ||
Dividends and discount accretion on preferred shares | 3,803 | 3,230 | 2,144 | ||
Net income (loss) available to common shareholders | (1,889) | (9,222) | 10,719 | ||
Cash Flows From Operating Activities [Abstract] | |||||
Net income (loss) | 1,914 | (5,992) | 12,863 | ||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||
Amortization of junior subordinated debt owed to unconsolidated trusts issuance costs | $ 37,100 | ||||
Decrease in taxes receivable from subsidiaries | 1,170 | ||||
Decrease (increase) in other assets | 13,560 | 3,493 | 2,375 | ||
Decrease in other liabilities | 1,527 | 2,661 | 3,555 | ||
Net cash provided by operating activities | 22,092 | 5,050 | 31,953 | ||
Cash Flows From Investing Activities [Abstract] | |||||
Net cash (used in) provided by investing activities | (32,178) | 51,522 | 108,843 | ||
Cash Flows from Financing Activities [Abstract] | |||||
Net cash (used in) financing activities | (48,437) | (100,372) | (10,558) | ||
Net (decrease) increase in cash and cash equivalents | (58,523) | (43,800) | 130,238 | ||
Cash [Abstract] | |||||
Beginning of period | 247,398 | 291,198 | 160,960 | ||
End of period | 188,875 | 247,398 | 291,198 | ||
Parent Company [Member] | |||||
Assets [Abstract] | |||||
Cash | 707 | 1,382 | |||
Investments in subsidiaries | 128,627 | 125,770 | |||
Other assets | 7,944 | 16,993 | |||
Total assets | 137,278 | 144,145 | |||
Liabilities and Stockholders' Equity [Abstract] | |||||
Dividends payable | 8,693 | 4,776 | |||
Junior subordinated debt owed to unconsolidated trusts | 37,116 | 37,116 | |||
Other liabilities | 12,479 | 19,231 | |||
Stock owned by Employee Stock Ownership Plan (ESOP) participants | 2,690 | 2,019 | |||
Stockholders' equity | 76,300 | 81,003 | |||
Total liabilities and stockholders' equity | 137,278 | 144,145 | |||
Statements of Operations [Abstract] | |||||
Dividends from subsidiaries | 0 | 0 | 25 | ||
Interest and other income | 161 | 475 | 463 | ||
Interest and other expense | (3,152) | (3,320) | (2,312) | ||
Income (loss) before provision for income taxes | (2,991) | (2,845) | (1,824) | ||
Income tax benefit | 0 | 0 | 1,137 | ||
Loss before equity in undistributed net income of subsidiaries | (2,991) | (2,845) | (687) | ||
Equity in undistributed net income (loss) of subsidiaries | 4,905 | (3,147) | 13,550 | ||
Net income (loss) | 1,914 | (5,992) | 12,863 | ||
Dividends and discount accretion on preferred shares | 3,803 | 3,230 | 2,144 | ||
Net income (loss) available to common shareholders | (1,889) | (9,222) | 10,719 | ||
Cash Flows From Operating Activities [Abstract] | |||||
Net income (loss) | 1,914 | (5,992) | 12,863 | ||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||
Amortization of junior subordinated debt owed to unconsolidated trusts issuance costs | 14 | 14 | 14 | ||
Equity in undistributed net income (loss) of subsidiaries | (4,905) | 3,147 | (13,550) | ||
Decrease in taxes receivable from subsidiaries | 9,051 | 1,139 | 1,137 | ||
Gain on sale of subsidiary | 0 | (56) | 0 | ||
Decrease (increase) in other assets | 9,036 | 828 | (296) | ||
Decrease in other liabilities | (18,442) | (1,632) | (1,994) | ||
Increase in TPS accrued dividend payable | 2,559 | 2,340 | 0 | ||
Sale of subsidiary | 0 | (111) | 0 | ||
Tax benefit recognized for exercise of stock options | 0 | 0 | 1,376 | ||
Net cash provided by operating activities | (773) | (323) | (450) | ||
Cash Flows From Investing Activities [Abstract] | |||||
Investments in and advances to subsidiaries | (100) | 290 | 42 | ||
Net cash (used in) provided by investing activities | (100) | 290 | 42 | ||
Cash Flows from Financing Activities [Abstract] | |||||
Issuance of treasury stock | 198 | 100 | 0 | ||
Preferred shares dividend payments | 0 | 0 | (484) | ||
Net cash (used in) financing activities | 198 | 100 | (484) | ||
Net (decrease) increase in cash and cash equivalents | (675) | 67 | (892) | ||
Cash [Abstract] | |||||
Beginning of period | 1,382 | 1,315 | 2,207 | ||
End of period | $ 707 | $ 1,382 | $ 1,315 |