Virginia
|
|
54-1280811 |
(State or Other Jurisdiction of
Incorporation or Organization) |
|
(I.R.S. Employer
Identification No.) |
Large accelerated filer [ ]
Non-accelerated filer [ ] (Do not check if a smaller reporting company) |
|
Accelerated filer [ ]
Smaller reporting Company [X] |
Class
|
|
Outstanding at August 12, 2016 |
Common Stock, par value - $5
|
|
3,287,665 shares |
Part I |
Financial Information |
3
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Item 1. |
Financial Statements |
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Consolidated Statements of Income – Three Months |
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Ended June 30, 2016 and 2015 |
3
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Consolidated Statements of Income – Six Months |
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Ended June 30, 2016 and 2015 |
4
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Consolidated Statements of Comprehensive Income – Six Months |
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Ended June 30, 2016 and 2015 |
5
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Consolidated Balance Sheets – June 30, 2016 |
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and December 31, 2015 |
6
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Consolidated Statements of Cash Flows – Six Months |
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Ended June 30, 2016 and 2015 |
7
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Consolidated Statements of Changes in Stockholders’ |
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Equity – Six Months Ended June 30, 2016 and 2015 |
8
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Notes to Consolidated Financial Statements |
9
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Item 2. |
Management’s Discussion and Analysis of |
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Financial Condition and Results of Operations |
26 |
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Item 3. |
Quantitative and Qualitative Disclosures About Market Risk |
38 |
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Item 4. |
Controls and Procedures |
38 |
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Part II |
Other Information |
39
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Item 1. |
Legal Proceedings |
39 |
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Item 1a. |
Risk Factors |
39
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Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds |
39
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Item 3. |
Defaults Upon Senior Securities |
39
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Item 4. |
Mine Safety Disclosures |
39
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Item 5. |
Other Information |
39
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Item 6. |
Exhibits |
39
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Signatures |
|
40 |
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Certifications |
|
42 |
|
Three Months Ended | |
|
June 30, | |
Interest income |
2016 |
2015 |
Interest and fees on loans held for investment |
$7,337 |
$6,955 |
Interest and fees on loans held for sale |
518 |
322 |
Interest on federal funds sold and bank deposits |
6 |
3 |
Interest on debt securities |
70 |
93 |
Total interest income |
7,931 |
7,373 |
|
|
|
Interest expense |
|
|
Interest on demand deposits |
126 |
157 |
Interest on savings accounts |
108 |
37 |
Interest on time deposits over $100,000 |
127 |
122 |
Interest on other time deposits |
230 |
231 |
Total interest on deposits |
591 |
547 |
Interest on borrowed funds |
271 |
151 |
Total interest expense |
862 |
698 |
|
|
|
Net interest income |
7,069 |
6,675 |
|
|
|
Provision for loan losses |
- |
- |
Net interest income after provision for loan losses |
7,069 |
6,675 |
|
|
|
Noninterest income |
|
|
Service charges on deposit accounts |
272 |
236 |
Insurance and other commissions |
405 |
275 |
Other operating income |
373 |
519 |
Income on bank owned life insurance |
118 |
117 |
Low income housing partnership losses |
(182) |
(157) |
Total noninterest income |
986 |
990 |
|
|
|
Noninterest expense |
|
|
Salaries |
2,080 |
1,875 |
Employee benefits |
602 |
539 |
Occupancy expense |
180 |
162 |
Equipment expense |
170 |
151 |
FDIC insurance assessment |
112 |
198 |
Other |
1,628 |
1,571 |
Total noninterest expense |
4,772 |
4,496 |
|
|
|
Income before income taxes |
3,283 |
3,169 |
Income tax expense |
839 |
943 |
Consolidated net income – F & M Bank Corp. |
2,444 |
2,226 |
Net income - Noncontrolling interest income |
86 |
50 |
Net Income – F & M Bank Corp |
$2,358 |
$2,176 |
Dividends paid on preferred stock |
127 |
127 |
Net income available to common stockholders |
$2,231 |
$2,049 |
|
|
|
Per share data |
|
|
Net income – basic |
$.68 |
$.62 |
Net income – diluted |
.63 |
.58 |
Cash dividends |
$.20 |
$.18 |
Weighted average common shares outstanding – basic |
3,286,459 |
3,294,365 |
Weighted average common shares outstanding – diluted |
3,730,859 |
3,738,765 |
|
Six Months Ended | |
|
June 30, | |
Interest income |
2016 |
2015 |
Interest and fees on loans held for investment |
$14,522 |
$13,727 |
Interest and fees on loans held for sale |
890 |
513 |
Interest on federal funds sold and bank deposits |
14 |
8 |
Interest on debt securities |
139 |
136 |
Total interest income |
15,565 |
14,384 |
|
|
|
Interest expense |
|
|
Interest on demand deposits |
245 |
314 |
Interest on savings accounts |
208 |
70 |
Interest on time deposits over $100,000 |
246 |
245 |
Interest on other time deposits |
450 |
472 |
Total interest on deposits |
1,149 |
1,101 |
Interest on borrowed funds |
527 |
252 |
Total interest expense |
1,676 |
1,383 |
|
|
|
Net interest income |
13,889 |
13,001 |
Provision for loan losses |
- |
300 |
Net interest income after provision for loan losses |
13,889 |
12,701 |
|
|
|
Noninterest income |
|
|
Service charges on deposit accounts |
506 |
462 |
Insurance and other commissions |
505 |
510 |
Other operating income |
802 |
999 |
Income on bank owned life insurance |
237 |
235 |
Low income housing partnership losses |
(365) |
(314) |
Total noninterest income |
1,685 |
1,892 |
|
|
|
Noninterest expense |
|
|
Salaries |
4,163 |
3,693 |
Employee benefits |
1,299 |
1,163 |
Occupancy expense |
368 |
340 |
Equipment expense |
354 |
314 |
FDIC insurance assessment |
225 |
390 |
Other |
3,095 |
2,978 |
Total noninterest expense |
9,504 |
8,878 |
|
|
|
Income before income taxes |
6,070 |
5,715 |
Income tax expense |
1,532 |
1,592 |
Consolidated net income – F & M Bank Corp. |
4,538 |
4,123 |
Net income - Noncontrolling interest income |
90 |
76 |
Net Income – F & M Bank Corp |
$4,448 |
$4,047 |
Dividends paid/accumulated on preferred stock |
255 |
255 |
Net income available to common stockholders |
$4,193 |
$3,792 |
|
|
|
Per share data |
|
|
Net income – basic |
$1.28 |
$1.15 |
Net income – diluted |
1.19 |
1.08 |
Cash dividends |
$.39 |
$.36 |
Weighted average shares outstanding – basic |
3,285,867 |
3,293,510 |
Weighted average shares outstanding – diluted |
3,730,267 |
3,737,910 |
|
Six Months Ended |
Three Months Ended | ||
|
June 30, |
June 30, | ||
|
2016 |
2015 |
2016 |
2015 |
Net Income: |
|
|
|
|
Net Income – F & M Bank Corp |
$4,448 |
$4,047 |
$2,358 |
$2,176 |
Net Income attributable to noncontrolling interest |
90 |
76 |
86 |
50 |
Consolidated net income |
4
538 |
4
123 |
2,444 |
2,226 |
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|
|
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Other comprehensive income (loss): |
|
|
|
|
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Change in unrealized holding gains (losses) on available-for-sale securities |
37 |
23 |
8 |
(1) |
Tax effect |
(12) |
(8) |
(3) |
- |
Change in unrealized holding gain (loss), net of tax |
25 |
15 |
5 |
(1) |
Total other comprehensive income (loss) |
25 |
15 |
5 |
(1) |
|
|
|
|
|
Comprehensive income |
$4,563 |
$4,138 |
$2,449 |
$2,225 |
|
June 30, |
December 31, |
|
2016 |
2015 |
|
(Unaudited) |
(Audited) |
Assets |
|
|
Cash and due from banks |
$7,316 |
$6,923 |
Money market funds |
1,275 |
1,596 |
Cash and cash equivalents |
8,591 |
8,519 |
Securities: |
|
|
Held to maturity – fair value of $125 in 2016 and 2015 |
125 |
125 |
Available for sale |
10,938 |
13,047 |
Other investments |
13,888 |
12,157 |
Loans held for sale |
97,211 |
57,806 |
Loans held for investment |
565,999 |
544,053 |
Less: allowance for loan losses |
(8,068) |
(8,781) |
Net loans held for investment |
557,931 |
535,272 |
|
|
|
Other real estate owned |
2,499 |
2,128 |
Bank premises and equipment, net |
9,214 |
7,542 |
Interest receivable |
1,851 |
1,709 |
Goodwill |
2,670 |
2,670 |
Bank owned life insurance |
13,278 |
13,046 |
Deferred tax asset |
1,377 |
1,640 |
Other assets |
10,465 |
9,696 |
Total assets |
$730,038 |
$665,357 |
|
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|
Liabilities |
|
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Deposits: |
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|
Noninterest bearing |
$133,494 |
$134,787 |
Interest bearing: |
|
|
Demand |
83,324 |
81,492 |
Money market accounts |
28,242 |
26,968 |
Savings |
99,737 |
90,383 |
Time deposits over $100,000 |
50,019 |
53,625 |
All other time deposits |
109,895 |
107,415 |
Total deposits |
504,711 |
494,670 |
|
|
|
Short-term borrowings |
59,418 |
24,954 |
Accrued liabilities |
13,731 |
14,622 |
Long-term borrowings |
66,196 |
48,161 |
Total liabilities |
644,056 |
582,407 |
|
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|
Stockholders’ Equity |
|
|
Preferred Stock $5 par value, 400,000 shares authorized, issued and outstanding |
|
|
For June 30, 2016 and December 31, 2015, respectively |
9,425 |
9,425 |
Common stock, $5 par value, 6,000,000 shares authorized, |
|
|
3,287,521 and 3,293,909 shares issued and outstanding |
|
|
For June 30, 2016 and December 31, 2015, respectively |
16,438 |
16,427 |
Additional paid in capital – common stock |
11,188 |
11,149 |
Retained earnings |
50,997 |
48,056 |
Noncontrolling interest |
589 |
573 |
Accumulated other comprehensive loss |
(2,655) |
(2,680) |
Total stockholders’ equity |
85,982 |
82,950 |
Total liabilities and stockholders’ equity |
$730,038 |
$665,357 |
|
Six Months Ended June 30, | |
|
2016 |
2015 |
Cash flows from operating activities |
|
|
Net income |
$4,448 |
$4,047 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |
|
|
Depreciation |
401 |
348 |
Amortization of security premiums, net |
78 |
70 |
Origination of loans held for sale originated |
(42,630) |
(36,299) |
Sale of loans held for sale |
37,276 |
33,356 |
Provision for loan losses |
- |
300 |
Decrease (increase) in interest receivable |
(142) |
11 |
Increase in other assets |
(423) |
(763) |
Increase (decrease) in accrued expenses |
(965) |
735 |
Amortization of limited partnership investments |
365 |
314 |
Income from life insurance investment |
(237) |
(235) |
Loss on Other Real Estate Owned |
13 |
506 |
Net adjustments |
(6,264) |
(1,657) |
Net cash provided by (used in) operating activities |
(1,816) |
2,390 |
|
|
|
Cash flows from investing activities |
|
|
Purchase of investments available for sale |
(4,109) |
(10,346) |
Proceeds from maturity of investments available for sale |
4,081 |
8,111 |
Net increase in loans held for investment |
(23,250) |
(14,487) |
Net increase in loans held for sale participations |
(34,051) |
(39,437) |
Proceeds from the sale of other real estate owned |
207 |
328 |
Purchase of property and equipment |
(2,073) |
(982) |
Net cash used in investing activities |
(59,195) |
(56,813) |
|
|
|
Cash flows from financing activities |
|
|
Net change in demand and savings deposits |
11,167 |
12,165 |
Net change in time deposits |
(1,126) |
(20,898) |
Net change in short-term debt |
34,463 |
33,729 |
Cash dividends paid |
(1,506) |
(1,440) |
Proceeds from issuance of common stock |
81 |
70 |
Proceeds from issuance of long-term debt |
20,000 |
15,000 |
Repurchase of common stock |
(32) |
(31) |
Repayment of long-term debt |
(1,964) |
(554) |
Net cash provided by financing activities |
61,083 |
38,039 |
|
|
|
Net increase (decrease) in Cash and Cash Equivalents |
72 |
(16,384) |
Cash and cash equivalents, beginning of period |
8,519 |
23,203 |
Cash and cash equivalents, end of period |
$8,591 |
$6,819 |
Supplemental disclosure |
|
|
Cash paid for: |
|
|
Interest expense |
$1,675 |
$710 |
Income taxes |
1,300 |
1,000 |
Transfer from loans to other real estate owned |
592 |
- |
Noncash exchange of other real estate owned |
- |
(227) |
|
Six Months Ended | |
|
June 30, | |
|
2016 |
2015 |
|
|
|
Balance, beginning of period |
$82,950 |
$77,798 |
|
|
|
Comprehensive income |
|
|
Net income – F & M Bank Corp |
4,448 |
4,047 |
Net income attributable to noncontrolling interest |
90 |
76 |
Other comprehensive income |
25 |
15 |
Total comprehensive income |
4,563 |
4,138 |
|
|
|
Minority interest capital distributions |
(74) |
(18) |
Issuance of common stock |
81 |
70 |
Repurchase of common stock |
(32) |
(31) |
Dividends paid |
(1,506) |
(1,440) |
Balance, end of period |
$85,982 |
$80,517 |
|
For the Six months ended |
For the Quarter ended |
For the Six months ended |
For the Quarter ended |
In thousands of dollars |
June 30, 2016 |
June 30, 2016 |
June 30, 2015 |
June 30, 2015 |
Earnings available to common stockholders: |
|
|
|
|
Net income |
$4,538 |
$2,444 |
$4,123 |
$2,226 |
Minority interest |
90 |
86 |
76 |
50 |
Preferred stock dividends |
255 |
127 |
255 |
127 |
Net income available to common stockholders |
$4,193 |
$2,231 |
$3,792 |
$2,049 |
|
Six months ended 6/30/2016 |
Six months ended 6/30/2015 | ||||
|
Income |
Shares |
Per Share Amounts |
Income |
Shares |
Per Share Amounts |
Basic EPS |
$4,192,677 |
3,285,867 |
$1.28 |
$3,792,184 |
3,293,510 |
$1.15 |
Effect of Dilutive Securities: |
|
|
|
|
|
|
Convertible Preferred Stock |
255,000 |
444,400 |
(0.09) |
255,500 |
444,400 |
(0.07) |
Diluted EPS |
$4,447,677 |
3,730,267 |
$1.19 |
$4,047,184 |
3,737,910 |
$1.08 |
|
June 30, 2016 |
December 31, 2015 | ||
|
|
Market |
|
Market |
(in thousands) |
Cost |
Value |
Cost |
Value |
|
|
|
|
|
Securities held to maturity |
|
|
|
|
U. S. Treasury and agency obligations |
$125 |
$125 |
$125 |
$125 |
Total |
$125 |
$125 |
$125 |
$125 |
|
June 30, 2016 | |||
|
|
Unrealized |
Market | |
|
Cost |
Gains |
Losses |
Value |
Securities available for sale |
|
|
|
|
U. S. Treasuries |
$4,011 |
$23 |
$- |
$4,034 |
Government sponsored enterprises |
6,023 |
10 |
8 |
6,025 |
Mortgage-backed securities |
727 |
17 |
- |
744 |
Marketable equities |
135 |
- |
- |
135 |
Total |
$10,896 |
$50 |
$8 |
$10,938 |
|
December 31, 2015 | |||
|
|
Unrealized |
Market | |
|
Cost |
Gains |
Losses |
Value |
Securities available for sale |
|
|
|
|
U. S. Treasuries |
$4,015 |
$6 |
$- |
$4,021 |
Government sponsored enterprises |
8,081 |
4 |
11 |
8,074 |
Mortgage-backed securities |
811 |
6 |
- |
817 |
Marketable equities |
135 |
- |
- |
135 |
Total |
$13,042 |
$16 |
$11 |
$13,047 |
|
Securities Held to Maturity |
Securities Available for Sale | ||
|
Amortized |
Fair |
Amortized |
Fair |
(in thousands) |
Cost |
Value |
Cost |
Value |
Due in one year or less |
$125 |
$125 |
$4,011 |
$4,019 |
Due after one year through five years |
- |
- |
6,023 |
6,040 |
Due after five years |
- |
- |
862 |
879 |
Total |
$125 |
$125 |
$10,896 |
$10.938 |
|
Less than 12 Months |
More than 12 Months |
Total | |||
|
Fair
Value |
Unrealized Losses |
Fair
Value |
Unrealized Losses |
Fair
Value |
Unrealized Losses |
|
|
|
|
|
|
|
June 30, 2016 |
|
|
|
|
|
|
Government sponsored Enterprises |
$6,000 |
$(8) |
$- |
$- |
$6,000 |
$(8) |
Total |
$6,000 |
$(8) |
$- |
$- |
$6,000 |
$(8) |
|
|
|
|
|
|
|
December 31, 2015 |
|
|
|
|
|
|
Government sponsored Enterprises |
$6,056 |
$(11) |
$- |
$- |
$6,056 |
$(11) |
Total |
$6,056 |
$(11) |
$- |
$- |
$6,056 |
$(11) |
|
2016 |
2015 |
Construction/Land Development |
$76,017 |
$69,759 |
Farmland |
12,867 |
13,378 |
Real Estate |
169,140 |
166,587 |
Multi-Family |
6,607 |
7,559 |
Commercial Real Estate |
134,172 |
128,032 |
Home Equity – closed end |
11,093 |
9,135 |
Home Equity – open end |
56,359 |
56,599 |
Commercial & Industrial – Non-Real Estate |
29,186 |
27,954 |
Consumer |
7,945 |
8,219 |
Dealer Finance |
59,947 |
54,086 |
Credit Cards |
2,666 |
2,745 |
Total |
$565,999 |
$544,053 |
|
June 30, 2016 |
December 31, 2015 | ||||
|
|
Unpaid |
|
|
Unpaid |
|
|
Recorded |
Principal |
Related |
Recorded |
Principal |
Related |
|
Investment |
Balance |
Allowance |
Investment |
Balance |
Allowance |
Impaired loans without a valuation allowance: |
|
|
|
|
|
|
Construction/Land Development |
$1,091 |
$1,091 |
$- |
$1,361 |
$1,499 |
$- |
Farmland |
- |
- |
- |
- |
- |
- |
Real Estate |
782 |
782 |
- |
1,097 |
1,097 |
- |
Multi-Family |
- |
- |
- |
- |
- |
- |
Commercial Real Estate |
- |
- |
- |
307 |
307 |
- |
Home Equity – closed end |
- |
- |
- |
- |
- |
- |
Home Equity – open end |
1,582 |
1,582 |
- |
1,159 |
1,159 |
- |
Commercial & Industrial – Non-Real Estate |
175 |
175 |
- |
181 |
181 |
- |
Consumer |
- |
- |
- |
18 |
18 |
- |
Credit cards |
- |
- |
- |
- |
- |
- |
Dealer Finance |
25 |
25 |
- |
4 |
4 |
- |
|
3,655 |
3,655 |
|
4,127 |
4,265 |
|
|
|
|
|
|
|
|
Impaired loans with a valuation allowance |
|
|
|
|
|
|
Construction/Land Development |
10,022 |
10,022 |
1,775 |
11,534 |
11,534 |
2,373 |
Farmland |
- |
- |
- |
- |
- |
- |
Real Estate |
1,218 |
1,218 |
227 |
324 |
324 |
238 |
Multi-Family |
- |
- |
- |
- |
- |
- |
Commercial Real Estate |
961 |
961 |
63 |
890 |
890 |
18 |
Home Equity – closed end |
- |
- |
- |
- |
- |
- |
Home Equity – open end |
1,408 |
1,408 |
587 |
1,414 |
1,414 |
269 |
Commercial & Industrial – Non-Real Estate |
27 |
27 |
27 |
- |
- |
- |
Consumer |
- |
- |
- |
- |
- |
- |
Credit cards |
- |
- |
- |
- |
- |
- |
Dealer Finance |
86 |
86 |
23 |
68 |
68 |
17 |
|
13,722 |
13,722 |
2,702 |
14,230 |
14,230 |
2,915 |
|
|
|
|
|
|
|
Total impaired loans |
$17,377 |
$17,377 |
$2,702 |
$18,357 |
$18,495 |
$2,915 |
|
Three Months Ended June 30, |
Six Months Ended June 30, | ||||||
|
2016 |
2015 |
2016 |
2015 | ||||
|
Average Recorded |
Interest Income |
Average Recorded |
Interest Income |
Average Recorded |
Interest Income |
Average Recorded |
Interest Income |
|
Investment |
Recognized |
Investment |
Recognized |
Investment |
Recognized |
Investment |
Recognized |
Impaired loans without a valuation allowance: |
|
|
|
|
|
|
|
|
Construction/Land Development |
$1,164 |
$(7) |
$3,883 |
$43 |
$2,135 |
$17 |
$4,678 |
$92 |
Farmland |
- |
- |
- |
- |
- |
- |
- |
- |
Real Estate |
784 |
9 |
690 |
32 |
991 |
20 |
342 |
36 |
Multi-Family |
- |
- |
- |
- |
- |
- |
- |
- |
Commercial Real Estate |
203 |
- |
1,142 |
17 |
434 |
2 |
1,445 |
30 |
Home Equity – closed end |
- |
- |
- |
- |
- |
- |
- |
- |
Home Equity – open end |
1,582 |
- |
1,598 |
30 |
1,486 |
35 |
969 |
72 |
Commercial & Industrial – Non-Real Estate |
177 |
3 |
188 |
4 |
181 |
6 |
207 |
6 |
Consumer and credit cards |
9 |
- |
- |
- |
11 |
- |
- |
- |
Dealer Finance |
16 |
1 |
- |
- |
6 |
2 |
- |
- |
|
3,935 |
6 |
7,501 |
126 |
5,244 |
82 |
7,641 |
236 |
Impaired loans with a valuation allowance: |
|
|
|
|
|
|
|
|
Construction/Land Development |
10,337 |
47 |
12,940 |
174 |
$11,478 |
$100 |
13,142 |
$191 |
Farmland |
- |
- |
- |
- |
- |
- |
- |
- |
Real Estate |
1,221 |
10 |
746 |
17 |
818 |
26 |
850 |
18 |
Multi-Family |
- |
- |
- |
- |
- |
- |
- |
- |
Commercial Real Estate |
965 |
14 |
888 |
2 |
919 |
28 |
952 |
2 |
Home Equity – closed end |
- |
- |
- |
- |
- |
- |
- |
- |
Home Equity – open end |
1,407 |
9 |
- |
- |
1,175 |
19 |
- |
- |
Commercial & Industrial – Non-Real Estate |
27 |
1 |
- |
- |
11 |
1 |
- |
- |
Consumer and credit card |
- |
- |
- |
- |
- |
- |
- |
- |
Dealer Finance |
82 |
1 |
62 |
1 |
59 |
3 |
25 |
3 |
|
14,039 |
82 |
14,636 |
116 |
14,460 |
177 |
14,969 |
214 |
Total Impaired Loans |
$17,974 |
$88 |
$22,137 |
$242 |
$19,704 |
$259 |
$22,610 |
$450 |
June 30, 2016
(in thousands) |
12/31/15
Balance |
Charge-offs |
Recoveries |
Provision |
6/30/16 Balance |
Individually Evaluated for Impairment |
Collectively Evaluated for Impairment |
Allowance for loan losses: |
|
|
|
|
|
|
|
Construction/Land Development |
$4,442 |
$294 |
$1 |
$(767) |
$3,382 |
$1,775 |
$1,607 |
Farmland |
95 |
- |
- |
(57) |
38 |
- |
38 |
Real Estate |
806 |
23 |
4 |
244 |
1,031 |
227 |
804 |
Multi-Family |
71 |
- |
- |
(47) |
24 |
- |
24 |
Commercial Real Estate |
445 |
18 |
87 |
190 |
704 |
63 |
641 |
Home Equity – closed end |
174 |
1 |
- |
(6) |
167 |
- |
167 |
Home Equity – open end |
634 |
2 |
106 |
225 |
963 |
587 |
376 |
Commercial & Industrial – Non-Real Estate |
1,055 |
246 |
3 |
(19) |
793 |
27 |
766 |
Consumer |
108 |
6 |
12 |
16 |
130 |
- |
130 |
Dealer Finance |
836 |
385 |
57 |
256 |
764 |
23 |
741 |
Credit Cards |
115 |
32 |
24 |
(35) |
72 |
- |
72 |
Total |
$8,781 |
$1,007 |
$294 |
$- |
$8,068 |
$2,702 |
$5,366 |
December 31, 2015
(in thousands) |
12/31/14
Balance |
Charge-offs |
Recoveries |
Provision |
12/31/15
Balance |
Individually Evaluated for Impairment |
Collectively Evaluated for Impairment |
Allowance for loan losses: |
|
|
|
|
|
|
|
Construction/Land Development |
$4,738 |
$156 |
$85 |
$(225) |
$4,442 |
$2,373 |
$2,069 |
Farmland |
- |
- |
- |
95 |
95 |
- |
95 |
Real Estate |
623 |
25 |
37 |
171 |
806 |
238 |
568 |
Multi-Family |
- |
- |
- |
71 |
71 |
- |
71 |
Commercial Real Estate |
126 |
- |
65 |
254 |
445 |
18 |
427 |
Home Equity – closed end |
188 |
26 |
6 |
6 |
174 |
- |
174 |
Home Equity – open end |
154 |
51 |
- |
531 |
634 |
269 |
365 |
Commercial & Industrial – Non-Real Estate |
1,211 |
- |
62 |
(218) |
1,055 |
- |
1,055 |
Consumer |
214 |
32 |
32 |
(106) |
108 |
- |
108 |
Dealer Finance |
1,336 |
251 |
24 |
(273) |
836 |
17 |
819 |
Credit Cards |
135 |
60 |
46 |
(6) |
115 |
- |
115 |
Total |
$8,725 |
$601 |
$357 |
$300 |
$8,781 |
$2,915 |
$5,866 |
June 30, 2016 |
Loan Receivable |
Individually Evaluated for Impairment |
Collectively Evaluated for Impairment |
Construction/Land Development |
$76,017 |
$11,113 |
$64,904 |
Farmland |
12,867 |
- |
12,867 |
Real Estate |
169,140 |
2,000 |
167,140 |
Multi-Family |
6,607 |
- |
6,607 |
Commercial Real Estate |
134,172 |
961 |
133,211 |
Home Equity – closed end |
11,093 |
- |
11,093 |
Home Equity –open end |
56,359 |
2,990 |
53,369 |
Commercial & Industrial – Non-Real Estate |
29,186 |
202 |
28,984 |
Consumer |
7,945 |
- |
7,945 |
Dealer Finance |
59,947 |
111 |
59,836 |
Credit Cards |
2,666 |
- |
2,666 |
Total |
$565,999 |
$17,377 |
$548,622 |
December 31, 2015 |
Loan Receivable |
Individually Evaluated for Impairment |
Collectively Evaluated for Impairment |
Construction/Land Development |
$69,759 |
$12,895 |
$56,864 |
Farmland |
13,378 |
- |
13,378 |
Real Estate |
166,587 |
1,421 |
165,167 |
Multi-Family |
7,559 |
- |
7,559 |
Commercial Real Estate |
128,032 |
1,197 |
126,835 |
Home Equity – closed end |
9,135 |
- |
9,135 |
Home Equity –open end |
56,599 |
2,573 |
54,026 |
Commercial & Industrial – Non-Real Estate |
27,954 |
181 |
27,773 |
Consumer |
8,219 |
18 |
8,201 |
Dealer Finance |
54,086 |
72 |
54,013 |
Credit Cards |
2,745 |
- |
2,745 |
Total |
$544,053 |
$18,357 |
$525,696 |
|
30-59 Days Past due |
60-89 Days Past Due |
Greater than 90 Days (excluding non-accrual) |
Non-Accrual Loans |
Total Past Due |
Current |
Total Loan Receivable |
June 30, 2016 |
|
|
|
|
|
|
|
Construction/Land Development |
$50 |
$- |
$- |
$4,356 |
$4,406 |
$71,611 |
$76,017 |
Farmland |
- |
- |
- |
- |
- |
12,867 |
12,867 |
Real Estate |
1,815 |
722 |
- |
636 |
3,173 |
165,967 |
169,140 |
Multi-Family |
- |
- |
- |
- |
- |
6,607 |
6,607 |
Commercial Real Estate |
168 |
- |
- |
- |
168 |
134,004 |
134,172 |
Home Equity – closed end |
10 |
- |
- |
3 |
13 |
11,080 |
11,093 |
Home Equity – open end |
635 |
1,508 |
- |
237 |
2,380 |
53,979 |
56,359 |
Commercial & Industrial – Non- Real Estate |
131 |
6 |
- |
81 |
218 |
28,968 |
29,186 |
Consumer |
73 |
12 |
1 |
- |
86 |
7,859 |
7,945 |
Dealer Finance |
687 |
205 |
131 |
100 |
1,123 |
58,824 |
59,947 |
Credit Card |
12 |
7 |
- |
- |
19 |
2,647 |
2,666 |
Total |
$3,581 |
$2,460 |
$132 |
$5,413 |
$11,586 |
$554,413 |
$565,999 |
|
30-59 Days Past due |
60-89 Days Past Due |
Greater than 90 Days (excluding non-accrual) |
Non-Accrual Loans |
Total Past Due |
Current |
Total Loan Receivable |
December 31, 2015 |
|
|
|
|
|
|
|
Construction/Land Development |
$104 |
$- |
$- |
$4,688 |
$4,792 |
$64,967 |
$69,759 |
Farmland |
- |
- |
- |
- |
- |
13,378 |
13,378 |
Real Estate |
2,684 |
1,332 |
272 |
1,010 |
5,298 |
161,289 |
166,587 |
Multi-Family |
- |
- |
- |
- |
- |
7,559 |
7,559 |
Commercial Real Estate |
340 |
241 |
- |
- |
581 |
127,451 |
128,032 |
Home Equity – closed end |
41 |
7 |
- |
- |
48 |
9,087 |
9,135 |
Home Equity – open end |
918 |
46 |
107 |
40 |
1,111 |
55,488 |
56,599 |
Commercial & Industrial – Non- Real Estate |
114 |
3 |
25 |
109 |
251 |
27,703 |
27,954 |
Consumer |
120 |
10 |
- |
- |
130 |
8,089 |
8,219 |
Dealer Finance |
905 |
183 |
152 |
108 |
1,348 |
52,738 |
54,086 |
Credit Cards |
10 |
13 |
15 |
- |
38 |
2,707 |
2,745 |
Total |
$5,236 |
$1,835 |
$571 |
$5,955 |
$13,597 |
$530,456 |
$544,053 |
CREDIT QUALITY INDICATORS (in thousands) | ||||||||||||||||||
AS OF JUNE 30, 2016 | ||||||||||||||||||
Corporate Credit Exposure | ||||||||||||||||||
Credit Risk Profile by Creditworthiness Category |
|
Grade 1 Minimal Risk |
Grade 2 Modest Risk |
Grade 3 Average Risk |
Grade 4 Acceptable Risk |
Grade 5 Marginally Acceptable |
Grade 6 Watch |
Grade 7 Substandard |
Grade 8 Doubtful |
Total |
Construction/Land Development |
$- |
$654 |
$11,682 |
$39,344 |
$11,622 |
$1,913 |
$10,802 |
$- |
$76,017 |
Farmland |
65 |
- |
3,011 |
3,355 |
3,992 |
2,444 |
- |
- |
12,867 |
Real Estate |
- |
1,095 |
52,194 |
81,585 |
25,855 |
6,426 |
1,985 |
- |
169,140 |
Multi-Family |
- |
352 |
3,082 |
2,982 |
191 |
- |
- |
- |
6,607 |
Commercial Real Estate |
- |
1,911 |
26,049 |
76,480 |
23,451 |
3,490 |
2,791 |
- |
134,172 |
Home Equity – closed end |
- |
- |
3,502 |
4,119 |
2,026 |
1,443 |
3 |
- |
11,093 |
Home Equity – open end |
80 |
1,069 |
15,399 |
33,048 |
4,404 |
458 |
1,901 |
- |
56,359 |
Commercial & Industrial (Non-Real Estate) |
1,228 |
395 |
7,141 |
17,738 |
2,518 |
63 |
103 |
- |
29,186 |
Total |
$1,373 |
$5,476 |
$122,060 |
$258,651 |
$74,059 |
$16,237 |
$17,585 |
$- |
$495,441 |
|
|
|
|
|
|
|
|
|
|
Consumer Credit Exposure | ||||||||||||||||||
Credit Risk Profile Based on Payment Activity |
|
Credit Cards |
Consumer |
Performing |
$2,666 |
$67,660 |
Non performing |
- |
232 |
Total |
$2,666 |
$67,892 |
CREDIT QUALITY INDICATORS (in thousands) | ||||||||||||||||||
AS OF DECEMBER 31, 2015 | ||||||||||||||||||
Corporate Credit Exposure | ||||||||||||||||||
Credit Risk Profile by Creditworthiness Category |
|
Grade 1 Minimal Risk |
Grade 2 Modest Risk |
Grade 3 Average Risk |
Grade 4 Acceptable Risk |
Grade 5 Marginally Acceptable |
Grade 6 Watch |
Grade 7 Substandard |
Grade 8 Doubtful |
Total |
Construction/Land Development |
$- |
$485 |
$8,410 |
$31,783 |
$14,260 |
$3,216 |
$11,605 |
$- |
$69,759 |
Farmland |
66 |
- |
2,615 |
3,768 |
4,952 |
1,977 |
- |
- |
13,378 |
Real Estate |
- |
955 |
54,400 |
76,545 |
23,695 |
8,334 |
2,658 |
- |
166,587 |
Multi-Family |
- |
391 |
3,925 |
3,046 |
197 |
- |
- |
- |
7,559 |
Commercial Real Estate |
- |
2,087 |
25,889 |
74,337 |
20,271 |
4,149 |
1,299 |
- |
128,032 |
Home Equity – closed end |
- |
- |
3,549 |
3,792 |
1,661 |
114 |
19 |
- |
9,135 |
Home Equity – open end |
- |
1,657 |
15,043 |
31,455 |
4,827 |
398 |
3,219 |
- |
56,599 |
Commercial & Industrial (Non-Real Estate) |
896 |
646 |
6,423 |
17,053 |
2,281 |
517 |
138 |
- |
27,954 |
Total |
$962 |
$6,221 |
$120,254 |
$241,779 |
$72,144 |
$18,705 |
$18,938 |
$- |
$479,003 |
Consumer Credit Exposure | ||||||||||||||||||
Credit Risk Profile Based on Payment Activity |
|
Credit Cards |
Consumer |
Performing |
$2,730 |
$62,046 |
Non performing |
15 |
259 |
Total |
$2,745 |
$62,305 |
|
Six Months Ended |
Three Months Ended | ||
|
June 30, 2016 |
June 30, 2015 |
June 30, 2016 |
June 30, 2015 |
|
|
|
|
|
Service cost |
$315,936 |
$324,167 |
$157,968 |
$162,084 |
Interest cost |
226,448 |
205,472 |
113,224 |
102,736 |
Expected return on plan assets |
(427,208) |
(419,409) |
(213,604) |
(209,705) |
Amortization of net obligation at transition |
- |
|
|
|
Amortization of prior service cost |
(7,618) |
(7,618) |
(3,809) |
(3,809) |
Amortization of net (gain) or loss |
111,572 |
90,321 |
55,786 |
45,161 |
Net periodic pension cost |
$219,130 |
$192,933 |
$109,565 |
$96,467 |
|
Fair Value at June 30, 2016 |
Valuation Technique |
Significant Unobservable Inputs |
Range |
Impaired Loans |
$ 11,020 |
Discounted appraised value |
Discount for selling costs and age of appraisals |
15%-55% |
Other Real Estate Owned |
$ 2,499 |
Discounted appraised value |
Discount for selling costs and age of appraisals |
15%-55% |
|
Fair Value at December 31, 2015 |
Valuation Technique |
Significant Unobservable Inputs |
Range |
Impaired Loans |
$ 11,315 |
Discounted appraised value |
Discount for selling costs and age of appraisals |
15%-55% |
Other Real Estate Owned |
$ 2,128 |
Discounted appraised value |
Discount for selling costs and age of appraisals |
15%-55% |
June 30, 2016 |
Total |
Level 1 |
Level 2 |
Level 3 |
U. S. Treasuries |
$4,034 |
$- |
$4,034 |
$- |
Government sponsored enterprises |
6,025 |
- |
6,025 |
- |
Mortgage-backed obligations of federal agencies |
744 |
- |
744 |
- |
Marketable Equities |
135 |
- |
135 |
- |
Investment securities available for sale |
$10,938 |
- |
$10,938 |
- |
|
|
|
|
|
Total assets at fair value |
$10,938 |
$- |
$10,938 |
$- |
|
|
|
|
|
Total liabilities at fair value |
$- |
$- |
$- |
$- |
|
|
|
|
|
Derivative financial instruments at fair value |
$15 |
$- |
$15 |
$- |
December 31, 2015 |
Total |
Level 1 |
Level 2 |
Level 3 |
U. S. Treasuries |
$4,021 |
$- |
$4,021 |
$- |
Government sponsored enterprises |
8,074 |
- |
8,074 |
- |
Mortgage-backed obligations of federal agencies |
817 |
- |
817 |
- |
Marketable Equities |
135 |
- |
135 |
- |
Investment securities available for sale |
13,047 |
- |
13,047 |
- |
|
|
|
|
|
Total assets at fair value |
$13,047 |
$- |
$13,047 |
$- |
|
|
|
|
|
Total liabilities at fair value |
$- |
$- |
$- |
$- |
|
|
|
|
|
Derivative financial instruments at fair value |
$15 |
$- |
$15 |
$- |
June 30, 2016 |
Total |
Level 1 |
Level 2 |
Level 3 |
Other Real Estate Owned |
$2,499 |
- |
- |
$2,499 |
|
|
- |
- |
|
Construction/Land Development |
8,247 |
- |
- |
8,247 |
Farmland |
- |
- |
- |
- |
Real Estate |
991 |
- |
- |
991 |
Multi-Family |
- |
- |
- |
- |
Commercial Real Estate |
898 |
- |
- |
898 |
Home Equity – closed end |
- |
- |
- |
- |
Home Equity – open end |
821 |
- |
- |
821 |
Commercial & Industrial – Non-Real Estate |
- |
- |
- |
- |
Consumer |
- |
- |
- |
- |
Credit cards |
- |
- |
- |
- |
Dealer Finance |
63 |
- |
- |
63 |
Impaired loans |
11,020 |
- |
- |
11,020 |
|
|
|
|
|
Loans held for sale |
97,211 |
- |
97,211 |
- |
|
|
|
|
|
Total assets at fair value |
$110,730 |
$- |
$97,211 |
$13,519 |
|
|
|
|
|
Total liabilities at fair value |
$- |
$- |
$- |
$- |
December 31, 2015 |
Total |
Level 1 |
Level 2 |
Level 3 |
Other Real Estate Owned |
$2,128 |
- |
- |
$2,128 |
|
|
- |
- |
|
Construction/Land Development |
9,161 |
- |
- |
9,161 |
Farmland |
- |
- |
- |
- |
Real Estate |
85 |
- |
- |
85 |
Multi-Family |
- |
- |
- |
- |
Commercial Real Estate |
872 |
- |
- |
872 |
Home Equity – closed end |
- |
- |
- |
- |
Home Equity – open end |
1,145 |
- |
- |
1,145 |
Commercial & Industrial – Non-Real Estate |
- |
- |
- |
- |
Consumer |
- |
- |
- |
- |
Credit cards |
- |
- |
- |
- |
Dealer Finance |
52 |
- |
- |
52 |
Impaired loans |
11,315 |
- |
- |
11,315 |
|
|
|
|
|
Loans held for sale |
57,806 |
- |
57,806 |
- |
|
|
|
|
|
Total assets at fair value |
$71,249 |
- |
$57,806 |
$13,443 |
|
|
|
|
|
Total liabilities at fair value |
$- |
$- |
$- |
$- |
|
June 30, 2016 |
December 31, 2015 | ||
|
Estimated |
Carrying |
Estimated |
Carrying |
|
Fair Value |
Value |
Fair Value |
Value |
Financial Assets |
|
|
|
|
Cash and cash equivalants |
$8,591 |
$8,591 |
$8,591 |
$8,591 |
Loans |
576,242 |
565,999 |
555,762 |
544,053 |
Loans held for sale |
97,211 |
97,211 |
57,806 |
57,806 |
Interst receivable |
|
|
|
|
Investments |
24,951 |
24,909 |
25,329 |
25,324 |
Financial Liabilities |
1,851 |
1,851 |
1,851 |
1,851 |
Time deposits |
161,270 |
159,914 |
162,524 |
161,040 |
Short-term debt |
59,418 |
59,418 |
24,954 |
24,954 |
Long-term debt |
66,891 |
66,196 |
48,565 |
48,161 |
|
Six Months ended June 30, 2016 | ||
|
|
Pre-Modification |
Post-Modification |
(in thousands) |
|
Outstanding |
Outstanding |
|
Number of Contracts |
Recorded Investment |
Recorded Investment |
Troubled Debt Restructurings |
|
|
|
Commercial |
1 |
$27 |
$27 |
Real Estate |
2 |
143 |
143 |
Consumer |
3 |
36 |
36 |
Total |
6 |
$206 |
$206 |
|
Three Months ended June 30, 2016 | ||
|
|
Pre-Modification |
Post-Modification |
|
|
Outstanding |
Outstanding |
|
Number of Contracts |
Recorded Investment |
Recorded Investment |
Troubled Debt Restructurings |
|
|
|
Commercial |
1 |
$27 |
$27 |
Real Estate |
2 |
143 |
143 |
Consumer |
2 |
19 |
19 |
Total |
5 |
$189 |
$189 |
|
June 30, 2016 | ||
|
|
Pre-Modification |
Post-Modification |
|
|
Outstanding |
Outstanding |
|
Number of Contracts |
Recorded Investment |
Recorded Investment |
Troubled Debt Restructurings |
|
|
|
Real Estate |
5 |
$1,528 |
$1,528 |
Consumer |
1 |
16 |
16 |
Total |
6 |
$1,544 |
$1,544 |
|
Six Months ended June 30, 2015 | ||
|
|
Pre-Modification |
Post-Modification |
|
|
Outstanding |
Outstanding |
|
Number of Contracts |
Recorded Investment |
Recorded Investment |
Troubled Debt Restructurings |
|
|
|
Real Estate |
4 |
$2,724 |
$2,724 |
Consumer |
4 |
43 |
43 |
Total |
8 |
$2,767 |
$2,767 |
|
Three Months ended June 30, 2015 | ||
|
|
Pre-Modification |
Post-Modification |
|
|
Outstanding |
Outstanding |
|
Number of Contracts |
Recorded Investment |
Recorded Investment |
Troubled Debt Restructurings |
|
|
|
Real Estate |
4 |
$2,724 |
$2,724 |
Consumer |
1 |
6 |
6 |
Total |
5 |
$2,730 |
$2,730 |
In thousands |
2016 |
2015 |
|
|
|
Net Income from Bank Operations |
$4,366 |
$3,912 |
Income from Parent Company Activities |
82 |
135 |
Net Income for the six months ended June 30 |
$4,448 |
$4,047 |
|
June 30, 2016 |
December 31, 2015 |
|
|
|
Nonaccrual Loans |
|
|
Real Estate |
$4,992 |
$5,698 |
Commercial |
81 |
109 |
Home Equity |
240 |
40 |
Other |
100 |
108 |
|
5,413 |
5,955 |
|
|
|
Loans past due 90 days or more (excluding nonaccrual) |
|
|
Real Estate |
- |
272 |
Commercial |
- |
25 |
Home Equity |
- |
107 |
Other |
132 |
167 |
|
132 |
571 |
|
|
|
Total Nonperforming loans |
$5
545 |
$6,526 |
|
|
|
Restructured Loans current and performing: |
|
|
Real Estate |
8,369 |
8,713 |
Commercial |
1,164 |
1,463 |
Home Equity |
- |
1,414 |
Other |
95 |
91 |
|
|
|
Nonperforming loans as a percentage of loans held for investment |
.98% |
1.20% |
|
|
|
Net Charge Offs to total loans held for investment |
.13% |
.04% |
|
|
|
Allowance for loan and lease losses to nonperforming loans |
145.50% |
134.55% |
|
June 30, 2016 | |
|
Available |
Outstanding |
|
Balance |
Balance |
|
(in thousands) | |
Federal Funds Line - Community Bankers Bank |
$15,000 |
$7,310 |
Federal Funds Line - Zions Bank |
11,000 |
- |
|
$26,000 |
$7,310 |
|
June 30, 2016 |
|
(in thousands) |
Borrowing capacity |
$141,066 |
Outstanding borrowings |
116,196 |
Total credit available |
$24,870 |
|
Six Months Ended |
Six Months Ended |
Three Months Ended |
Three Months Ended | ||||||||
|
June 30, 2016 |
June 30, 2015 |
June 30, 2016 |
June 30, 2015 | ||||||||
Average |
|
Income/ |
Average |
|
Income/ |
Average |
|
Income/ |
Average |
|
Income/ |
Average |
|
Balance2,4 |
Expense |
Rates |
Balance2,4 |
Expense |
Rates5 |
Balance2,4 |
Expense |
Rates |
Balance2,4 |
Expense |
Rates5 |
Interest income |
|
|
|
|
|
|
|
|
|
|
|
|
Loans held for investment1,2 |
$555,532 |
$14,587 |
5.28% |
$525,392 |
$13,792 |
5.29% |
$560,509 |
$7,370 |
5.27% |
$530,361 |
$6,989 |
5.29% |
Loans held for sale |
59,210 |
890 |
3.02% |
38,530 |
513 |
2.68% |
68,511 |
518 |
3.03% |
47,579 |
321 |
2.71% |
Federal funds sold |
5,159 |
12 |
.47% |
7,267 |
8 |
.22% |
4,070 |
5 |
.49% |
5,806 |
3 |
.21% |
Interest bearing deposits |
872 |
2 |
.46% |
1,329 |
- |
- |
851 |
1 |
.47% |
689 |
- |
- |
Investments |
|
|
|
|
|
|
|
|
|
|
|
|
Taxable 3 |
17,798 |
139 |
1.57% |
17,555 |
136 |
1.56% |
17,434 |
70 |
1.61% |
18,090 |
93 |
2.06% |
Partially taxable |
125 |
- |
- |
125 |
- |
- |
125 |
- |
- |
125 |
- |
- |
Total earning assets |
$638,696 |
$15,630 |
4.92% |
$590,198 |
$14,449 |
4.94% |
$651,500 |
$7,964 |
4.90% |
$602,650 |
$7,406 |
4.93% |
Interest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
109,842 |
245 |
.45% |
119,914 |
314 |
.53% |
112,131 |
126 |
.45% |
117,483 |
157 |
.54% |
Savings |
95,299 |
208 |
.44% |
68,053 |
70 |
.21% |
97,741 |
108 |
.44% |
69,756 |
37 |
.21% |
Time deposits |
162,265 |
695 |
.86% |
176,659 |
717 |
.81% |
162,894 |
356 |
.87% |
170,122 |
353 |
.83% |
Short-term debt |
36,133 |
26 |
.14% |
32,569 |
30 |
.19% |
42,941 |
8 |
.07% |
45,012 |
19 |
.17% |
Long-term debt |
47,497 |
501 |
2.12% |
23,335 |
252 |
2.18% |
47,546 |
263 |
2.22% |
24,387 |
132 |
2.17% |
Total interest bearing liabilities |
$451,036 |
$1,676 |
.75% |
$420,530 |
$1,383 |
.66% |
$463,253 |
$862 |
.75% |
$426,760 |
$698 |
.66% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax equivalent net interest income 1 |
|
$13,954 |
|
|
$13,066 |
|
|
$7,102 |
|
|
$6,708 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin |
|
|
4.39% |
|
|
4.46% |
|
|
4.37% |
|
|
4.46% |
|
0 – 3 |
4 – 12 |
1 – 5 |
Over 5 |
Not |
|
|
Months |
Months |
Years |
Years |
Classified |
Total |
|
|
|
|
|
|
|
Uses of funds |
|
|
|
|
|
|
Loans |
|
|
|
|
|
|
Commercial |
$21,823 |
$27,382 |
$115,420 |
$18,207 |
$- |
$182,832 |
Installment |
3,820 |
1,290 |
49,756 |
13,026 |
- |
67,892 |
Real estate loans for investments |
93,407 |
50,886 |
156,057 |
12,259 |
- |
312,609 |
Loans held for sale |
97,211 |
- |
- |
- |
- |
97,211 |
Credit cards |
2,666 |
- |
- |
- |
- |
2,666 |
Interest bearing bank deposits |
1,275 |
- |
- |
- |
- |
1,275 |
Investment securities |
4,019 |
- |
6,165 |
744 |
135 |
11,063 |
Total |
$224,221 |
$79,558 |
$327,398 |
$44,236 |
$135 |
$675,548 |
|
|
|
|
|
|
|
Sources of funds |
|
|
|
|
|
|
Interest bearing demand deposits |
$- |
$30,786 |
$64,115 |
$16,665 |
$- |
$111,566 |
Savings deposits |
- |
19,948 |
59,842 |
19,947 |
- |
99,737 |
Certificates of deposit $100,000 and over |
3,378 |
11,440 |
35,201 |
- |
- |
50,019 |
Other certificates of deposit |
18,685 |
27,916 |
63,294 |
- |
- |
109,895 |
Short-term borrowings |
59,418 |
- |
- |
- |
- |
59,418 |
Long-term borrowings |
1,107 |
3,322 |
39,714 |
22,053 |
- |
66,196 |
Total |
$82,588 |
$93,412 |
$262,166 |
$58,665 |
$- |
$496,831 |
|
|
|
|
|
|
|
Discrete Gap |
$141,633 |
$(13,854) |
$65,232 |
$(14,429) |
$135 |
$178,717 |
|
|
|
|
|
|
|
Cumulative Gap |
$141,633 |
$127,779 |
$193,011 |
$178,582 |
$178,717 |
|
|
|
|
|
|
|
|
Ratio of Cumulative Gap to Total Earning Assets |
20.97% |
18.91% |
28.57% |
26.44% |
26.46% |
|
|
F & M BANK CORP. |
| |
|
|
|
|
|
By: |
/s/ Dean W. Withers |
|
|
|
Dean W. Withers |
|
|
|
President and Chief Executive Officer |
|
|
|
|
|
|
By: |
/s/ Carrie A. Comer |
|
|
|
Carrie A. Comer |
|
|
|
Senior Vice President and Chief Financial Officer |
|
|
|
|
|
Dated: August 15, 2016 |
By: |
/s/ Dean W. Withers |
|
|
|
Dean W. Withers |
|
|
|
President & Chief Executive Officer |
|
|
|
|
|
Dated: August 15, 2016
|
By: |
/s/ Carrie A. Comer |
|
|
|
Carrie A. Comer |
|
|
|
Senior Vice President & Chief Financial Officer |
|
|
|
|
|
|
By: |
/s/ Dean W. Withers |
|
|
|
Dean W. Withers |
|
|
|
President and Chief Executive Officer |
|
|
|
|
|
|
By: |
/s/ Carrie A. Comer |
|
|
|
Carrie A. Comer |
|
|
|
Senior Vice President and Chief Financial Officer |
|
Document and Entity Information - shares |
6 Months Ended | |
---|---|---|
Jun. 30, 2016 |
Aug. 12, 2016 |
|
Document And Entity Information | ||
Entity Registrant Name | F&M BANK CORP | |
Entity Central Index Key | 0000740806 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Is Entity a Well-known Seasoned Issuer | No | |
Is Entity a Voluntary Filer | No | |
Is Entity's Reporting Status Current | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 3,287,665 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2016 |
Consolidated Statements of Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Income Statement [Abstract] | ||||
Interest on time deposits | $ 100,000 | $ 100,000 | $ 100,000 | $ 100,000 |
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Net Income: | ||||
Net Income - F & M Bank Corp | $ 2,358 | $ 2,176 | $ 4,448 | $ 4,047 |
Net Income attributable to noncontrolling interest | 86 | 50 | 90 | 76 |
Consolidated net income | 2,444 | 2,226 | 4,538 | 4,123 |
Other comprehensive income (loss): | ||||
Change in unrealized holding gains (losses) on available-for-sale securities | 8 | (1) | 37 | 23 |
Tax effect | (3) | (12) | (8) | |
Change in unrealized holding gain (loss), net of tax | 5 | (1) | 25 | 15 |
Total other comprehensive income (loss) | 5 | (1) | 25 | 15 |
Comprehensive income | $ 2,449 | $ 2,225 | $ 4,563 | $ 4,138 |
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Assets | ||
Held to maturity - fair value | $ 125 | $ 125 |
Time deposits | $ 100,000 | $ 100,000 |
STOCKHOLDERS EQUITY: | ||
Preferred Stock, par value | $ 5 | $ 5 |
Preferred Stock shares authorized | 400,000 | 400,000 |
Preferred Stock shares issued | 400,000 | 400,000 |
Preferred Stock shares outstanding | 400,000 | 400,000 |
Common stock, par value | $ 5 | $ 5 |
Common stock shares authorized | 6,000,000 | 6,000,000 |
Common stock shares issued | 3,287,521 | 3,293,909 |
Common stock shares outstanding | 3,287,521 | 3,293,909 |
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) $ in Thousands |
USD ($) |
---|---|
Balance, beginning of period at Dec. 31, 2014 | $ 77,798 |
Comprehensive income | |
Net Income - F & M Bank Corp | 4,047 |
Net income attributable to noncontrolling interest | 76 |
Other comprehensive income | 15 |
Total comprehensive income | 4,138 |
Minority interest capital distributions | (18) |
Issuance of common stock | 70 |
Repurchase of common stock | (31) |
Dividends paid | (1,440) |
Balance, end of period at Jun. 30, 2015 | 80,517 |
Balance, beginning of period at Dec. 31, 2015 | 82,950 |
Comprehensive income | |
Net Income - F & M Bank Corp | 4,448 |
Net income attributable to noncontrolling interest | 90 |
Other comprehensive income | 25 |
Total comprehensive income | 4,563 |
Minority interest capital distributions | (74) |
Issuance of common stock | 81 |
Repurchase of common stock | (32) |
Dividends paid | (1,506) |
Balance, end of period at Jun. 30, 2016 | $ 85,982 |
1. Summary of Significant Accounting Policies |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Significant Accounting Policies | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1. Summary of Significant Accounting Policies | The consolidated financial statements include the accounts of F & M Bank Corp. and its subsidiaries (the Company). Significant intercompany accounts and transactions have been eliminated in consolidation.
The consolidated financial statements conform to accounting principles generally accepted in the United States of America and to general industry practices. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly the financial position as of June 30, 2016 and the results of operations for the three and six months ended June 30, 2016 and 2015. The notes included herein should be read in conjunction with the notes to financial statements included in the 2015 annual report to shareholders of F & M Bank Corp.
Note 1 to the 2015 Annual Report on Form 10-K filed with the SEC contains a description of the accounting policies followed by the Company and discussion of recent accounting pronouncements. The following paragraphs update that information as necessary.
In January 2015, the FASB issued guidance to eliminate from U.S. GAAP the concept of an extraordinary item, which is an event or transaction that is both (1) unusual in nature and (2) infrequently occurring. Under the new guidance, an entity will no longer (1) segregate an extraordinary item from the results of ordinary operations; (2) separately present an extraordinary item on its income statement, net of tax, after income from continuing operations; or (3) disclose income taxes and earnings-per-share data applicable to an extraordinary item. The amendments were effective for the Company on January 1, 2016, and did not have a material effect on its financial statements.
In February 2015, the FASB issued guidance which amends the consolidation requirements and significantly changes the consolidation analysis required under U.S. GAAP. The amendments were expected to result in the deconsolidation of many entities. The amendments were effective for the Company on January 1, 2016. The adoption of these amendments did not have a material effect on the Companys financial statements.
In April 2015, the FASB issued guidance which provides a practical expedient that permits the Company to measure defined benefit plan assets and obligations using the month-end that is closest to the Companys fiscal year-end. The amendments were effective for the Company on January 1, 2016. The Companys adoption of these amendments did not have a material effect on its financial statements.
In August 2015, the FASB deferred the effective date of ASU 2014-09, Revenue from Contracts with Customers. As a result of the deferral, the guidance in ASU 2014-09 will be effective for the Company for reporting periods beginning after December 15, 2017. The Company does not expect these amendments to have a material effect on its financial statements.
In August 2015, the FASB issued amendments to the Interest topic of the Accounting Standards Codification to clarify the SEC staffs position on presenting and measuring debt issuance costs incurred in connection with line-of-credit arrangements. The amendments were effective upon issuance. The Company does not expect these amendments to have a material effect on its financial statements
In November 2015, the FASB amended the Income Taxes topic of the Accounting Standards Codification to simplify the presentation of deferred income taxes by requiring that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The amendments will be effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods with early adoption permitted as of the beginning of an interim or annual reporting period. The Company will apply the guidance prospectively. The Company does not expect these amendments to have a material effect on its financial statements.
In January 2016, the FASB amended the Financial Instruments topic of the Accounting Standards Codification to address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. The amendments will be effective for [fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company will apply the guidance by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The amendments related to equity securities without readily determinable fair values will be applied prospectively to equity investments that exist as of the date of adoption of the amendments. The Company does not expect these amendments to have a material effect on its financial statements.
In February 2016, the FASB issued new guidance on accounting for leases, which generally requires all leases to be recognized in the statement of financial position. The provisions of this guidance are effective for reporting periods beginning after December 15, 2018; early adoption is permitted. These provisions are to be applied using a modified retrospective approach. The Company is evaluating the effect that this new guidance will have on our consolidated financial statements, but does not expect it will have a material effect on its financial statements.
In March 2016, the FASB amended the Liabilities topic of the Accounting Standards Codification to address the current and potential future diversity in practice related to the derecognition of a prepaid stored-value product liability. The amendments will be effective for financial statements issued for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company will apply the guidance using a modified retrospective transition method by means of a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year in which the guidance is effective to each period presented. The Company does not expect these amendments to have a material effect on its financial statements.
In March 2016, the FASB amended the Revenue from Contracts with Customers topic of the Accounting Standards Codification to clarify the implementation guidance on principal versus agent considerations and address how an entity should assess whether it is the principal or the agent in contracts that include three or more parties. The amendments will be effective for the Company for reporting periods beginning after December 15, 2017. The Company does not expect these amendments to have a material effect on its financial statements.
In March 2016, the FASB issued guidance to simplify several aspects of the accounting for share-based payment award transactions including the income tax consequences, the classification of awards as either equity or liabilities, and the classification on the statement of cash flows. Additionally, the guidance simplifies two areas specific to entities other than public business entities allowing them apply a practical expedient to estimate the expected term for all awards with performance or service conditions that have certain characteristics and also allowing them to make a one-time election to switch from measuring all liability-classified awards at fair value to measuring them at intrinsic value. The amendments will be effective for the Company for annual periods beginning after December 15, 2016 and interim periods within those annual periods. The Company does not expect these amendments to have a material effect on its financial statements.
In April 2016, the FASB amended the Revenue from Contracts with Customers topic of the Accounting Standards Codification to clarify the guidance related to identifying performance obligations and accounting for licenses of intellectual property. The amendments will be effective for the Company for reporting periods beginning after December 15, 2017. The Company does not expect these amendments to have a material effect on its financial statements.
In May 2016, the FASB amended the Revenue from Contracts with Customers topic of the Accounting Standards Codification to clarify guidance related to collectability, noncash consideration, presentation of sales tax, and transition. The amendments will be effective for the Company for reporting periods beginning after December 15, 2017. The Company does not expect these amendments to have a material effect on its financial statements.
In June 2016, the FASB issued guidance to change the accounting for credit losses and modify the impairment model for certain debt securities. The amendments will be effective for the Company for reporting periods beginning after December 15, 2019. The Company is currently evaluating the effect that implementation of the new standard will have on its financial position, results of operations, and cash flows.
Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies are not expected to have a material impact on the Companys financial position, results of operations or cash flows.
Earnings per Share
Accounting guidance specifies the computation, presentation and disclosure requirements for earnings per share (EPS) for entities with publicly held common stock or potential common stock such as options, warrants, convertible securities or contingent stock agreements if those securities trade in a public market. Basic EPS is computed by dividing net income by the weighted average number of common shares outstanding. Diluted EPS is similar to the computation of basic EPS except that the denominator is increased to include the number of additional common shares that would have been outstanding if the dilutive common shares had been issued. The dilutive effect of conversion of preferred stock is reflected in the diluted earnings per share calculation.
Net income available to common stockholders represents consolidated net income adjusted for preferred dividends declared.
The following table provides a reconciliation of net income to net income available to common stockholders for the periods presented:
The following table shows the effect of dilutive preferred stock conversion on the Company's earnings per share for the periods indicated:
|
2. Investment Securities |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Securities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2. Investment Securities | Investment securities available for sale are carried in the consolidated balance sheets at their approximate market value, amortized cost and unrealized gains and losses at June 30, 2016 and December 31, 2015 are reflected in the table below. The amortized costs of investment securities held to maturity are carried in the consolidated balance sheets and their approximate market values at June 30, 2016 and December 31, 2015 are as follows:
The amortized cost and fair value of securities at June 30, 2016, by contractual maturity are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
There were no gains and losses on sales of securities in the second quarter of 2016 or 2015. There were also no securities with an other than temporary impairment.
The fair value and gross unrealized losses for securities, segregated by the length of time that individual securities have been in a continuous gross unrealized loss position, at June 30, 2016 and December 31, 2015 were as follows (dollars in thousands):
Other investments, which consist of stock of correspondent banks and investments in low income housing projects, increased since December 31, 2015. This increase is due to FHLB stock purchases during the six months of 2016. |
3. Loans Held for Investment |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Held For Investment | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3. Loans Held for Investment | Loans outstanding at June 30, 2016 and December 31, 2015 are summarized as follows (in thousands):
The following is a summary of information pertaining to impaired loans (in thousands):
The Recorded Investment is defined as the principal balance less principal payments and charge-offs.
The following is a summary of the average investment and interest income recognized for impaired loans (in thousands):
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4. Allowance for Loan Losses |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance For Loan Losses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4. Allowance for Loan Losses | A summary of the allowance for loan losses follows:
Recorded Investment in Loan Receivables (in thousands)
Aging of Past Due Loans Receivable (in thousands) as of June 30, 2016
Aging of Past Due Loans Receivable (in thousands) as of December 31, 2015
The following tables represent the corporate credit exposure by presenting the loan portfolio by the following credit quality indicators (loan grades):
Grade 1 Minimal Risk: Excellent credit, superior asset quality, excellent debt capacity and coverage, and recognized management capabilities.
Grade 2 Modest Risk: Borrower consistently generates sufficient cash flow to fund debt service, excellent credit, above average asset quality and liquidity.
Grade 3 Average Risk: Borrower generates sufficient cash flow to fund debt service. Employment (or business) is stable with good future trends. Credit is very good.
Grade 4 Acceptable Risk: Borrowers cash flow is adequate to cover debt service; however, unusual expenses or capital expenses must by covered through additional long term debt. Employment (or business) stability is reasonable, but future trends may exhibit slight weakness. Credit history is good. No unpaid judgments or collection items appearing on credit report.
Grade 5 Marginally acceptable: Credit to borrowers who may exhibit declining earnings, may have leverage that is materially above industry averages, liquidity may be marginally acceptable. Employment or business stability may be weak or deteriorating. May be currently performing as agreed, but would be adversely affected by developing factors such as layoffs, illness, reduced hours or declining business prospects. Credit history shows weaknesses, past dues, paid or disputed collections and judgments, but does not include borrowers that are currently past due on obligations or with unpaid, undisputed judgments.
Grade 6 Watch: Loans are currently protected, but are weak due to negative balance sheet or income statement trends. There may be a lack of effective control over collateral or the existence of documentation deficiencies. These loans have potential weaknesses that deserve managements close attention. Other reasons supporting this classification include adverse economic or market conditions, pending litigation or any other material weakness. Existing loans that become 60 or more days past due are placed in this category pending a return to current status.
Grade 7 Substandard: Loans having well-defined weaknesses where a payment default and or loss is possible, but not yet probable. Cash flow is inadequate to service the debt under the current payment, or terms, with prospects that the condition is permanent. Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the borrower and there is the likelihood that collateral will have to be liquidated and/or guarantor(s) called upon to repay the debt. Generally, the loan is considered collectible as to both principal and interest, primarily because of collateral coverage, however, if the deficiencies are not corrected quickly; there is a probability of loss.
Grade 8 Doubtful: The loan has all the characteristics of a substandard credit, but available information indicates it is unlikely the loan will be repaid in its entirety. Cash flow is insufficient to service the debt. It may be difficult to project the exact amount of loss, but the probability of some loss is great. Loans are to be placed on non-accrual status when any portion is classified doubtful.
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5. Employee Benefit Plan |
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5. Employee Benefit Plan | The Bank has a qualified noncontributory defined benefit pension plan that covers substantially all of its employees. The benefits are primarily based on years of service and earnings. The Bank will not make any contributions for the 2016 plan year. The following is a summary of net periodic pension costs for the three and six-month periods ended June 30, 2016 and 2015.
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6. Fair Value |
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Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6. Fair Value | Accounting Standards Codification (ASC) 820, defines fair value, establishes a framework for measuring fair value, establishes a three-level valuation hierarchy for disclosure of fair value measurement and enhances disclosure requirements for fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows:
Level 1 Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.
Level 2 Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
Level 3 Inputs to the valuation methodology are unobservable and significant to the fair value measurement
The following sections provide a description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy:
Securities: Where quoted prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. Level 1 securities would include highly liquid government bonds, mortgage products and exchange traded equities. If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics, or discounted cash flow. Level 2 securities would include U.S. agency securities, mortgage-backed agency securities, obligations of states and political subdivisions and certain corporate, asset backed and other securities. In certain cases where there is limited activity or less transparency around inputs to the valuation, securities are classified within Level 3 of the valuation hierarchy.
Loans Held for Sale: Loans held for sale are short-term loans purchased at par for resale to investors at the par value of the loan. These loans are generally repurchased within 15 days. Because of the short-term nature and fixed repurchased price, the book value of these loans approximates fair value.
Impaired Loans: ASC 820 applies to loans measured for impairment using the practical expedients permitted by ASC 310 including impaired loans measured at an observable market price (if available), or at the fair value of the loans collateral (if the loan is collateral dependent). Fair value of the loans collateral, when the loan is dependent on collateral, is determined by appraisals or independent valuation which is then adjusted for the cost related to liquidation of the collateral.
Other Real Estate Owned: Certain assets such as other real estate owned (OREO) are measured at the lower of carrying amount or fair value less cost to sell. We believe that the fair value component in its valuation follows the provisions of ASC 820.
Derivative Financial Instruments: The equity derivative contracts are purchased as part of our Indexed Certificate of Deposit (ICD) program and are an offset of an asset and liability. ICD values are measured on the S&P 500 Index.
For level 3 assets and liabilities measured at fair value on a recurring basis or non-recurring basis as of June 30, 2016 and December 31, 2015 and significant unobservable inputs used in the fair value measurements were as follows (in thousands):
Assets and Liabilities Recorded at Fair Value on a Recurring Basis
The tables below present the recorded amount of assets and liabilities measured at fair value on a recurring basis (in thousands).
Assets and Liabilities Recorded at Fair Value on a Non-recurring Basis
The table below presents the recorded amount of assets and liabilities measured at fair value (in thousands) on a non-recurring basis. The Company has determined that Other Real Estate Owned and Impaired Loans are Level 3.
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7. Disclosures About Fair Value of Financial Instruments |
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Disclosures About Fair Value Of Financial Instruments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7. Disclosures About Fair Value of Financial Instruments | ASC 825 Financial Instruments defines the fair value of a financial instrument as the amount at which a financial instrument could be exchanged in a current transaction between willing parties, other than in a forced liquidation or sale. As the majority of the Banks financial instruments lack an available trading market, significant estimates, assumptions and present value calculations are required to determine estimated fair value. The following presents the carrying amount, fair value and placement in the fair value hierarchy of the Companys financial instruments as of June 30, 2016 and December 31, 2015.
The carrying value of cash and cash equivalents, deposits with no stated maturities, and accrued interest approximate fair value. The fair value of securities was calculated using the most recent transaction price or a pricing model, which takes into consideration maturity, yields and quality. The remaining financial instruments were valued based on the present value of estimated future cash flows, discounted at various rates in effect for similar instruments entered into as of the end of each respective period shown above.
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8. Troubled Debt Restructuring |
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8. Troubled Debt Restructuring | In the determination of the allowance for loan losses, management considers troubled debt restructurings and subsequent defaults in these restructurings by adjusting the loan grades of such loans, which figure into the environmental factors associated with the allowance. Defaults resulting in charge-offs affect the historical loss experience ratios which are a component of the allowance calculation. Additionally, specific reserves may be established on restructured loans evaluated individually.
During the six months ended June 30, 2016, there were six loan modification that were considered to be troubled debt restructurings. Modifications may have included rate adjustments, revisions to amortization schedules, suspension of principal payments for a temporary period, re-advancing funds to be applied as payments to bring the loan(s) current, or any combination thereof.
During the quarter ended June 30, 2016, there were five loans modifications that were considered to be troubled debt restructurings.
At June 30, 2016, six loans that had been restructured in the previous 12 months, were in default or were on nonaccrual status. A restructured loan is considered in default when it becomes 90 days past due.
During the six months ended June 30, 2015, there were eight loan modifications that were considered to be troubled debt restructurings. Modifications may have included rate adjustments, revisions to amortization schedules, suspension of principal payments for a temporary period, re-advancing funds to be applied as payments to bring the loan(s) current, or any combination thereof.
During the quarter ended June 30, 2015, there were five loan modifications that were considered to be troubled debt restructurings.
At June 30, 2015, one real estate loan (outstanding recorded investment of $95,000) that had been restructured in the previous 12 months, was in default or was on nonaccrual status. A restructured loan is considered in default when it becomes 90 days past due. |
1. Summary of Significant Accounting Policies (Policies) |
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Summary Of Significant Accounting Policies Policies | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per Share | Accounting guidance specifies the computation, presentation and disclosure requirements for earnings per share (EPS) for entities with publicly held common stock or potential common stock such as options, warrants, convertible securities or contingent stock agreements if those securities trade in a public market. Basic EPS is computed by dividing net income by the weighted average number of common shares outstanding. Diluted EPS is similar to the computation of basic EPS except that the denominator is increased to include the number of additional common shares that would have been outstanding if the dilutive common shares had been issued. The dilutive effect of conversion of preferred stock is reflected in the diluted earnings per share calculation.
Net income available to common stockholders represents consolidated net income adjusted for preferred dividends declared.
The following table provides a reconciliation of net income to net income available to common stockholders for the periods presented:
The following table shows the effect of dilutive preferred stock conversion on the Company's earnings per share for the periods indicated:
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1. Summary of Significant Accounting Policies (Tables) |
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Jun. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Significant Accounting Policies Tables | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per share | The following table provides a reconciliation of net income to net income available to common stockholders for the periods presented:
The following table shows the effect of dilutive preferred stock conversion on the Company's earnings per share for the periods indicated:
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2. Investment Securities (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Securities Tables | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities Impairment | The amortized costs of investment securities held to maturity are carried in the consolidated balance sheets and their approximate market values at June 30, 2016 and December 31, 2015 are as follows:
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Schedule Amortized Cost and Fair Value for Securities | Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
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Schedule of Securities with Unrealized Losses | The fair value and gross unrealized losses for securities, segregated by the length of time that individual securities have been in a continuous gross unrealized loss position, at June 30, 2016 and December 31, 2015 were as follows (dollars in thousands):
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3. Loans Held for Investment (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Held For Investment Tables | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Loans Outstanding | Loans outstanding at June 30, 2016 and December 31, 2015 are summarized as follows (in thousands):
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Schedule Impaired Loans | The following is a summary of information pertaining to impaired loans (in thousands):
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Recorded Investment | The following is a summary of the average investment and interest income recognized for impaired loans (in thousands):
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4. Allowance for Loan Losses (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance For Loan Losses Tables | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Loan Loss Allowance Transactions | A summary of the allowance for loan losses follows:
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Recorded Investment in Loan Receivables | Recorded Investment in Loan Receivables (in thousands)
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Schedule of Aging of Past Due Receivables | Aging of Past Due Loans Receivable (in thousands) as of June 30, 2016
Aging of Past Due Loans Receivable (in thousands) as of December 31, 2015
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Corporate Credit Exposure |
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Consumer Credit Exposure |
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5. Employee Benefit Plan (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EmployeeBenefitPlanTablesAbstract | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Employee Benefit Plan | The following is a summary of net periodic pension costs for the three and six-month periods ended June 30, 2016 and 2015.
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6. Fair Value (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Tables | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value measurements | For level 3 assets and liabilities measured at fair value on a recurring basis or non-recurring basis as of June 30, 2016 and December 31, 2015 and significant unobservable inputs used in the fair value measurements were as follows (in thousands):
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Schedule Assets and Liabilities at Fair Value on Recurring Basis | The tables below present the recorded amount of assets and liabilities measured at fair value on a recurring basis (in thousands).
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Schedule of Assets and Liabilities at Fair Value on Non-recurring Basis | The Company has determined that Other Real Estate Owned and Impaired Loans are Level 3.
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7. Disclosures About Fair Value of Financial Instruments (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosures About Fair Value Of Financial Instruments Tables | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Value and Estimated Fair Value for Financial Instruments | The following presents the carrying amount, fair value and placement in the fair value hierarchy of the Companys financial instruments as of June 30, 2016 and December 31, 2015.
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8. Troubled Debt Restructuring (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Asset Types | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Troubled debt restructuring | Modifications may have included rate adjustments, revisions to amortization schedules, suspension of principal payments for a temporary period, re-advancing funds to be applied as payments to bring the loan(s) current, or any combination thereof.
During the quarter ended June 30, 2016, there were five loans modifications that were considered to be troubled debt restructurings.
A restructured loan is considered in default when it becomes 90 days past due.
Modifications may have included rate adjustments, revisions to amortization schedules, suspension of principal payments for a temporary period, re-advancing funds to be applied as payments to bring the loan(s) current, or any combination thereof.
During the quarter ended June 30, 2015, there were five loan modifications that were considered to be troubled debt restructurings.
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1. Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Earnings available to common stockholders: | ||||
Net income | $ 2,444 | $ 2,226 | $ 4,538 | $ 4,123 |
Minority interest | 86 | 50 | 90 | 76 |
Preferred stock dividends | 127 | 127 | 255 | 255 |
Net income available to common stockholders | $ 2,231 | $ 2,049 | $ 4,193 | $ 3,792 |
1. Summary of Significant Accounting Policies (Details 1) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Summary Of Significant Accounting Policies | ||||
Basic EPS, Income | $ 2,231 | $ 2,049 | $ 4,193 | $ 3,792 |
Effect of Dilutive Securities Convertible Preferred Stock, Income | 127 | 127 | 255 | 255 |
Diluted EPS, Income | $ 2,358 | $ 2,176 | $ 4,448 | $ 4,047 |
Diluted EPS, Shares | 3,286,459 | 3,294,365 | 3,285,867 | 3,293,510 |
Effect of Dilutive Securities Convertible Preferred Stock, Shares | 444,400 | 444,400 | ||
Diluted EPS, Shares | 3,730,859 | 3,738,765 | 3,730,267 | 3,737,910 |
Basic EPS, Per Shares | $ 0.68 | $ 0.62 | $ 1.28 | $ 1.15 |
Effect of Dilutive Securities Convertible Preferred Stock, Per Shares | (0.09) | (0.07) | ||
Diluted EPS, Per Shares | $ 0.63 | $ 0.58 | $ 1.19 | $ 1.08 |
2. Investment Securities (Details) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2016 |
Dec. 31, 2015 |
|
Securities available for sale | ||
Cost | $ 10,896 | $ 13,042 |
Unrealized Gains | 50 | 16 |
Unrealized Losses | 8 | 11 |
Market Value | 10,938 | 13,047 |
Securities held to maturity | ||
Cost | 125 | 125 |
Market Value | 125 | 125 |
U. S. Treasuries [Member] | ||
Securities available for sale | ||
Cost | 4,011 | 4,015 |
Unrealized Gains | 23 | 6 |
Unrealized Losses | ||
Market Value | 4,034 | 4,021 |
Government sponsored Enterprises [Member] | ||
Securities available for sale | ||
Cost | 6,023 | 8,081 |
Unrealized Gains | 10 | 4 |
Unrealized Losses | 8 | 11 |
Market Value | 6,025 | 8,074 |
Mortgage-backed securities [Member] | ||
Securities available for sale | ||
Cost | 727 | 811 |
Unrealized Gains | 17 | 6 |
Unrealized Losses | ||
Market Value | 744 | 817 |
Marketable Equities [Member] | ||
Securities available for sale | ||
Cost | 135 | 135 |
Unrealized Gains | ||
Unrealized Losses | ||
Market Value | 135 | 135 |
U. S. Treasury and agency obligations [Member] | ||
Securities held to maturity | ||
Cost | 125 | 125 |
Market Value | $ 125 | $ 125 |
2. Investment Securities (Details 1) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Total, Amortized Cost | $ 125 | $ 125 |
Total, Fair Value | 125 | $ 125 |
Securities Held to Maturity [Member] | ||
Due in one year or less, Amortized Cost | 125 | |
Due after one year through five years, Amortized Cost | ||
Due after five years, Amortized Cost | ||
Total, Amortized Cost | 125 | |
Due in one year or less, Fair Value | 125 | |
Due after one year through five years, Fair Value | ||
Due after five years, Fair Value | ||
Total, Fair Value | 125 | |
Securities Available for Sale [Member] | ||
Due in one year or less, Amortized Cost | 4,011 | |
Due after one year through five years, Amortized Cost | 6,023 | |
Due after five years, Amortized Cost | 862 | |
Total, Amortized Cost | 10,896 | |
Due in one year or less, Fair Value | 4,019 | |
Due after one year through five years, Fair Value | 6,040 | |
Due after five years, Fair Value | 879 | |
Total, Fair Value | $ 10,938 |
2. Investment securities (Details 2) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Fair Value Less than 12 Months | $ 6,000 | $ 6,056 |
Unrealized Losses Less than 12 Months | (8) | (11) |
Fair Value More than 12 Months | ||
Unrealized Losses More than 12 Months | ||
Fair Value Total | 6,000 | 6,056 |
Unrealized Losses Total | (8) | (11) |
Government sponsored Enterprises [Member] | ||
Fair Value Less than 12 Months | 6,000 | 6,056 |
Unrealized Losses Less than 12 Months | (8) | (11) |
Fair Value More than 12 Months | ||
Unrealized Losses More than 12 Months | ||
Fair Value Total | 6,000 | 6,056 |
Unrealized Losses Total | $ (8) | $ (11) |
3. Loans Held for Investment (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Loans outstanding | $ 565,999 | $ 544,053 |
Construction/Land Development [Member] | ||
Loans outstanding | 76,017 | 69,759 |
Farmland [Member] | ||
Loans outstanding | 12,867 | 13,378 |
Real Estate [Member] | ||
Loans outstanding | 169,140 | 166,587 |
Multi-Family [Member] | ||
Loans outstanding | 6,607 | 7,559 |
Commercial [Member] | ||
Loans outstanding | 134,172 | 128,032 |
Home Equity - Closed End [Member] | ||
Loans outstanding | 11,093 | 9,135 |
Home Equity [Member] | ||
Loans outstanding | 56,359 | 56,599 |
Commercial & Industrial - Non-Real Estate [Member] | ||
Loans outstanding | 29,186 | 27,954 |
Consumer [Member] | ||
Loans outstanding | 7,945 | 8,219 |
Dealer Finance [Member] | ||
Loans outstanding | 59,947 | 54,086 |
Credit Cards [Member] | ||
Loans outstanding | $ 2,666 | $ 2,745 |
4. Allowance for Loan Losses (Details 4) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Credit cards | $ 2,666 | $ 2,745 |
Consumer | 67,892 | 62,305 |
Performing [Member] | ||
Credit cards | 2,666 | 2,730 |
Consumer | 67,660 | 62,046 |
Non performing [Member] | ||
Credit cards | 15 | |
Consumer | $ 232 | $ 259 |
5. Employee Benefit Plan (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Employee Benefit Plan Details | ||||
Service cost | $ 157,968 | $ 162,084 | $ 315,936 | $ 324,167 |
Interest cost | 113,224 | 102,736 | 226,448 | 205,472 |
Expected return on plan assets | (213,604) | (209,705) | (427,208) | (419,409) |
Amortization of net obligation at transition | ||||
Amortization of prior service cost | (3,809) | (3,809) | (7,618) | (7,618) |
Amortization of net (gain) or loss | 55,786 | 45,161 | 111,572 | 90,321 |
Net periodic pension cost | $ 109,565 | $ 96,467 | $ 219,130 | $ 192,933 |
6. Fair Value (Details) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2016 |
Dec. 31, 2015 |
|
Impaired Loans | $ 11,020 | $ 11,315 |
Other Real Estate Owned | 2,499 | 2,128 |
Fair Value Inputs Level 3 [Member] | ||
Impaired Loans | 11,020 | 11,315 |
Other Real Estate Owned | $ 2,499 | $ 2,128 |
Valuation Technique Impaired Loans | Discounted appraised value | Discounted appraised value |
Valuation Technique Other Real Estate Owned | Discounted appraised value | Discounted appraised value |
Significant Unobservable Inputs Impaired Loans | Discount for selling costs and age of appraisals | Discount for selling costs and age of appraisals |
Significant Unobservable Inputs Other Real Estate Owned | Discount for selling costs and age of appraisals | Discount for selling costs and age of appraisals |
Fair Value Inputs Level 3 [Member] | Minimum [Member] | ||
Range Impaired Loans | 15.00% | 15.00% |
Range Other Real Estate Owned | 15.00% | 15.00% |
Fair Value Inputs Level 3 [Member] | Maximum [Member] | ||
Range Impaired Loans | 55.00% | 55.00% |
Range Other Real Estate Owned | 55.00% | 55.00% |
7. Disclosures About Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Financial Assets | ||
Cash and cash equivalents, Estimated Fair Value | $ 8,591 | $ 8,519 |
Cash and cash equivalents, Carrying Value | 8,591 | 8,519 |
Loans, Estimated Fair Value | 576,242 | 555,762 |
Loans, Carrying value | 565,999 | 544,053 |
Loans held for sale, Estimated Fair Value | 97,211 | 57,806 |
Loans held for sale, Carrying value | 97,211 | 57,806 |
Interest receivable, Estimated Fair Value | 1,851 | 1,709 |
Interest receivable, Carrying value | 1,851 | 1,709 |
Investments, Estimated Fair Value | 24,951 | 25,329 |
Investments, Carrying value | 24,909 | 25,324 |
Financial Liabilities | ||
Time deposits, Estimated Fair Value | 161,270 | 162,524 |
Time deposits, Carrying Value | 159,914 | 161,040 |
Short-term debt, Estimated Fair Value | 59,418 | 24,954 |
Short-term debt, Carrying value | 59,418 | 24,954 |
Long-term debt, Estimated Fair Value | 66,891 | 48,565 |
Long-term debt, Carrying Value | $ 66,196 | $ 48,161 |
8. Troubled Debt Restructuring (Details Narrative) $ in Thousands |
Jun. 30, 2016
USD ($)
|
---|---|
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Asset Types | |
Real estate loan | $ 95 |
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