Stockholders' Equity

12 Months Ended

Dec. 31, 2016

Equity [Abstract]

Stockholders' Equity

15.     Stockholders’ Equity

DIVIDENDS

Holders of the Class A common stock may not vote in the election of directors but may vote as a class to approve certain extraordinary corporate transactions. Holders of Class B common stock may vote in the election of directors. Class A common stockholders are entitled to receive dividends per share equal to at least 200% per share of that paid, if any, on each share of Class B common stock. Class A common stock is publicly traded. Class B common stock is not publicly traded; however, it can be converted on a per share basis to Class A common stock at any time at the option of the holder. Dividend payments by the Company are dependent in part on the dividends it receives from the Bank, which are subject to certain regulatory restrictions.

STOCK OPTION PLAN

During 2000 and 2004, common stockholders of the Company approved stock option plans (the “Option Plans”) that provide for granting of options for not more than 150,000 shares of Class A common stock per plan. Under the Option Plans, all officers and key employees of the Company are eligible to receive nonqualified and incentive stock options to purchase shares of Class A common stock. The Option Plans are administered by the Compensation Committee of the Board of Directors, whose members are ineligible to participate in the Option Plans. Based on management’s recommendations, the Committee submits its recommendations to the Board of Directors as to persons to whom options are to be granted, the number of shares granted to each, the option price (which may not be less than 85% of the fair market value for nonqualified stock options, or the fair market value for incentive stock options, of the shares on the date of grant) and the time period over which the options are exercisable (not more than ten years from the date of grant). There were no options outstanding at December 31, 2016 and December 31, 2015.

Stock option activity under the plan is as follows:

	December 31, 2016				December 31, 2015				December 31, 2014
	Amount		Weighted Average Exercise Price		Amount		Weighted Average Exercise Price		Amount			Weighted Average Exercise Price
Shares under option:
Outstanding at beginning of year		—	$	—		—	$	—		20,375		$	31.82
Forfeited		—		—		—		—		(9,050	)		31.83
Exercised		—		—		—		—		(11,325	)		31.81
Outstanding at end of year		—	$	—		—	$	—		—		$	—
Exercisable at end of year		—	$	—		—	$	—		—		$	—
Available to be granted at end of year		233,934				233,934				233,934

The weighted average intrinsic value of options exercised for the period ended December 31, 2014, was $8.76 per share with an aggregate value of $99,217.

CAPITAL RATIOS

The Bank and the Company are subject to various regulatory requirements administered by federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Bank and Company’s financial statements. Under capital adequacy guidelines and regulatory framework for prompt corrective action, the Bank and Company must meet specific capital guidelines that involve quantitative measures of the Bank and Company’s assets and liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The Bank and Company’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors.

Quantitative measures established by regulation to ensure capital adequacy require the Bank and the Company to maintain minimum amounts and ratios (set forth in the table below) of total and Tier 1 capital (as defined in the regulation) to risk-weighted assets (as defined) and Tier 1 capital (as defined) to average assets (as defined). Management believes, as of December 31, 2016, that the Bank and the Company meet all capital adequacy requirements to which they are subject.

The Basel Committee has issued capital standards entitled “Base III: A global framework for more resilient banks and banking systems” (Basel III). The Federal Reserve has finalized its rule implementing the Basel III regulatory capital framework. The rule was effective in January 2015 and sets the Basel III minimum Regulatory capital requirements. To be categorized as well capitalized, the Bank must maintain minimum total risk-based, Common Equity tier 1, tier 1 risk-based, and Tier 1 leverage ratios as set forth in the table. There are no conditions or events since that notification that management believes would cause a change in the Bank’s categorization.

The Bank’s actual capital amounts and ratios are presented in the following table:

	Actual					For  Capital Adequacy Purposes					To Be Well Capitalized Under Prompt Corrective Action Provisions
	Amount		Ratio			Amount		Ratio			Amount		Ratio
As of December 31, 2016
Total Capital (to Risk-Weighted Assets)	$	293,143		12.27	%	$	191,081		8.00	%	$	238,851		10.00	%
Tier 1 Capital (to Risk-Weighted Assets)		268,737		11.25	%		143,311		6.00	%		191,081		8.00	%
Common Equity Tier 1 Capital (to Risk-Weighted Assets)		268,737		11.25	%		107,483		4.50	%		155,253		6.50	%
Tier 1 Capital (to 4th Qtr. Average Assets)		268,737		6.02	%		178,469		4.00	%		223,086		5.00	%
As of December 31, 2015
Total Capital (to Risk-Weighted Assets)	$	278,769		12.03	%	$	185,320		8.00	%	$	231,650		10.00	%
Tier 1 Capital (to Risk-Weighted Assets)		255,694		11.04	%		138,990		6.00	%		185,320		8.00	%
Common Equity Tier 1 Capital (to Risk-Weighted Assets)		255,694		11.04	%		104,242		4.50	%		150,572		6.50	%
Tier 1 Capital (to 4th Qtr. Average Assets)		255,964		6.48	%		157,734		4.00	%		197,167		5.00	%

The Company’s actual capital amounts and ratios are presented in the following table:

	Actual					For Capital Adequacy Purposes					To Be Well Capitalized Under Prompt Corrective Action Provisions
	Amount		Ratio			Amount		Ratio			Amount		Ratio
As of December 31, 2016
Total Capital (to Risk-Weighted Assets)	$	305,065		12.72	%	$	191,904		8.00	%	$	239,880		10.00	%
Tier 1 Capital (to Risk-Weighted Assets)		280,659		11.70	%		143,928		6.00	%		191,904		8.00	%
Common Equity Tier 1 Capital (to Risk-Weighted Assets)		249,753		10.41	%		107,946		4.50	%		155,922		6.50	%
Tier 1 Capital (to 4th Qtr. Average Assets)		280,659		6.28	%		178,903		4.00	%		223,628		5.00	%
As of December 31, 2015
Total Capital (to Risk-Weighted Assets)	$	291,635		12.54	%	$	186,021		8.00	%	$	232,526		10.00	%
Tier 1 Capital (to Risk-Weighted Assets)		268,560		11.55	%		139,515		6.00	%		186,021		8.00	%
Common Equity Tier 1 Capital (to Risk-Weighted Assets)		233,560		10.04	%		104,637		4.50	%		151,142		6.50	%
Tier 1 Capital (to 4th Qtr. Average Assets)		268,560		6.79	%		158,114		4.00	%		197,642		5.00	%