Pennsylvania | 23-2486815 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
50 South 16th Street, Philadelphia, Pennsylvania | 19102 |
(Address of principal executive offices) | (Zip code) |
Large accelerated filer [ ] | Accelerated filer [X] |
Non-Accelerated filer [ ] (Do not check if a smaller reporting company) | Smaller reporting company [ ] |
Common Stock, par value $0.01 per share | |
Title of Class | Number of Shares Outstanding as of |
REPUBLIC FIRST BANCORP, INC. AND SUBSIDIARIES | ||
TABLE OF CONTENTS | ||
Part I: Financial Information | Page | |
Item 1. | Financial Statements | |
Consolidated balance sheets as of | ||
Consolidated statements of income for the three and six months ended | 2 | |
Consolidated statements of comprehensive income (loss) for the three and six months ended | ||
Consolidated statements of cash flows for the | ||
Consolidated statements of changes in shareholders' equity for the | ||
Notes to consolidated financial statements (unaudited) | ||
Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations | |
Item 3. | Quantitative and Qualitative Disclosures about Market Risk | |
Item 4. | Controls and Procedures | |
Part II: Other Information | ||
Item 1. | Legal Proceedings | |
Item 1A. | Risk Factors | |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | |
Item 3. | Defaults Upon Senior Securities | |
Item 4. | Mine Safety Disclosures | |
Item 5. | Other Information | |
Item 6. | Exhibits | |
Signatures |
March 31, 2016 | December 31, 2015 | June 30, 2016 | December 31, 2015 | |||||||||||||
ASSETS | ||||||||||||||||
Cash and due from banks | $ | 18,000 | $ | 13,777 | $ | 18,561 | $ | 13,777 | ||||||||
Interest bearing deposits with banks | 47,198 | 13,362 | 93,211 | 13,362 | ||||||||||||
Cash and cash equivalents | 65,198 | 27,139 | 111,772 | 27,139 | ||||||||||||
Investment securities available for sale, at fair value | 260,269 | 284,795 | 253,289 | 284,795 | ||||||||||||
Investment securities held to maturity, at amortized cost (fair value of $181,306 and $171,845, respectively) | 178,628 | 172,277 | ||||||||||||||
Investment securities held to maturity, at amortized cost (fair value of $203,186 and $171,845, respectively) | 199,074 | 172,277 | ||||||||||||||
Restricted stock, at cost | 1,179 | 3,059 | 1,367 | 3,059 | ||||||||||||
Loans held for sale | 1,983 | 3,653 | 5,487 | 3,653 | ||||||||||||
Loans receivable (net of allowance for loan losses of $9,029 and $8,703, respectively) | 890,088 | 866,066 | ||||||||||||||
Loans receivable (net of allowance for loan losses of $8,761 and $8,703, respectively) | 920,993 | 866,066 | ||||||||||||||
Premises and equipment, net | 49,586 | 46,164 | 53,617 | 46,164 | ||||||||||||
Other real estate owned, net | 11,393 | 11,313 | 11,974 | 11,313 | ||||||||||||
Accrued interest receivable | 4,434 | 4,216 | 4,367 | 4,216 | ||||||||||||
Other assets | 19,915 | 20,761 | 20,307 | 20,761 | ||||||||||||
Total Assets | $ | 1,482,673 | $ | 1,439,443 | $ | 1,582,247 | $ | 1,439,443 | ||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||
Liabilities | ||||||||||||||||
Deposits | ||||||||||||||||
Demand – non-interest bearing | $ | 263,990 | $ | 243,695 | $ | 281,496 | $ | 243,695 | ||||||||
Demand – interest bearing | 426,346 | 381,499 | 472,575 | 381,499 | ||||||||||||
Money market and savings | 586,863 | 556,526 | 574,051 | 556,526 | ||||||||||||
Time deposits | 60,408 | 67,578 | 106,129 | 67,578 | ||||||||||||
Total Deposits | 1,337,607 | 1,249,298 | 1,434,251 | 1,249,298 | ||||||||||||
Short-term borrowings | - | 47,000 | - | 47,000 | ||||||||||||
Accrued interest payable | 219 | 245 | 313 | 245 | ||||||||||||
Other liabilities | 5,769 | 7,049 | 6,637 | 7,049 | ||||||||||||
Subordinated debt | 22,476 | 22,476 | 22,476 | 22,476 | ||||||||||||
Total Liabilities | 1,366,071 | 1,326,068 | 1,463,677 | 1,326,068 | ||||||||||||
Shareholders' Equity | ||||||||||||||||
Preferred stock, par value $0.01 per share: 10,000,000 shares authorized; no shares issued and outstanding | - | - | - | - | ||||||||||||
Common stock, par value $0.01 per share: 50,000,000 shares authorized; shares issued 38,366,098 as of March 31, 2016 and 38,365,848 as of December 31, 2015; shares outstanding 37,837,253 as of March 31, 2016 and 37,837,003 as of December 31, 2015 | 384 | 384 | ||||||||||||||
Common stock, par value $0.01 per share: 100,000,000 shares authorized; shares issued 38,442,473 as of June 30, 2016 and 38,365,848 as of December 31, 2015; shares outstanding 37,913,628 as of June 30, 2016 and 37,837,003 as of December 31, 2015 | 384 | 384 | ||||||||||||||
Additional paid in capital | 153,069 | 152,897 | 153,476 | 152,897 | ||||||||||||
Accumulated deficit | (31,748 | ) | (32,833 | ) | (30,725 | ) | (32,833 | ) | ||||||||
Treasury stock at cost (503,408 shares as of March 31, 2016 and December 31, 2015) | (3,725 | ) | (3,725 | ) | ||||||||||||
Stock held by deferred compensation plan (25,437 shares as of March 31, 2016 and December 31, 2015) | (183 | ) | (183 | ) | ||||||||||||
Treasury stock at cost (503,408 shares as of June 30, 2016 and December 31, 2015) | (3,725 | ) | (3,725 | ) | ||||||||||||
Stock held by deferred compensation plan (25,437 shares as of June 30, 2016 and December 31, 2015) | (183 | ) | (183 | ) | ||||||||||||
Accumulated other comprehensive loss | (1,195 | ) | (3,165 | ) | (657 | ) | (3,165 | ) | ||||||||
Total Shareholders' Equity | 116,602 | 113,375 | 118,570 | 113,375 | ||||||||||||
Total Liabilities and Shareholders' Equity | $ | 1,482,673 | $ | 1,439,443 | $ | 1,582,247 | $ | 1,439,443 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Interest income: | ||||||||||||||||
Interest and fees on taxable loans | $ | 10,096 | $ | 9,142 | $ | 19,813 | $ | 18,093 | ||||||||
Interest and fees on tax-exempt loans | 227 | 128 | 441 | 254 | ||||||||||||
Interest and dividends on taxable investment securities | 2,620 | 1,405 | 5,214 | 2,887 | ||||||||||||
Interest and dividends on tax-exempt investment securities | 179 | 138 | 353 | 263 | ||||||||||||
Interest on federal funds sold and other interest-earning assets | 87 | 86 | 150 | 163 | ||||||||||||
Total interest income | 13,209 | 10,899 | 25,971 | 21,660 | ||||||||||||
Interest expense: | ||||||||||||||||
Demand- interest bearing | 503 | 341 | 918 | 631 | ||||||||||||
Money market and savings | 637 | 501 | 1,246 | 1,054 | ||||||||||||
Time deposits | 183 | 170 | 324 | 345 | ||||||||||||
Other borrowings | 289 | 278 | 595 | 554 | ||||||||||||
Total interest expense | 1,612 | 1,290 | 3,083 | 2,584 | ||||||||||||
Net interest income | 11,597 | 9,609 | 22,888 | 19,076 | ||||||||||||
Provision for loan losses | 650 | - | 950 | - | ||||||||||||
Net interest income after provision for loan losses | 10,947 | 9,609 | 21,938 | 19,076 | ||||||||||||
Non-interest income: | ||||||||||||||||
Loan advisory and servicing fees | 197 | 325 | 800 | 924 | ||||||||||||
Gain on sales of SBA loans | 1,749 | 1,222 | 2,582 | 1,800 | ||||||||||||
Service fees on deposit accounts | 654 | 398 | 1,224 | 761 | ||||||||||||
Gain on sale of investment securities | 358 | 9 | 654 | 9 | ||||||||||||
Other-than-temporary impairment | (25 | ) | - | (27 | ) | (13 | ) | |||||||||
Portion recognized in other comprehensive income (before taxes) | 21 | - | 22 | 10 | ||||||||||||
Net impairment loss on investment securities | (4 | ) | - | (5 | ) | (3 | ) | |||||||||
Other non-interest income | 77 | 68 | 188 | 108 | ||||||||||||
Total non-interest income | 3,031 | 2,022 | 5,443 | 3,599 | ||||||||||||
Non-interest expenses: | ||||||||||||||||
Salaries and employee benefits | 6,551 | 5,715 | 12,603 | 10,937 | ||||||||||||
Occupancy | 1,447 | 1,219 | 2,852 | 2,384 | ||||||||||||
Depreciation and amortization | 796 | 732 | 1,765 | 1,455 | ||||||||||||
Legal | 66 | 340 | 154 | 579 | ||||||||||||
Other real estate owned | 323 | 371 | 908 | 748 | ||||||||||||
Advertising | 190 | 91 | 319 | 242 | ||||||||||||
Data processing | 575 | 373 | 1,042 | 725 | ||||||||||||
Insurance | 188 | 190 | 394 | 370 | ||||||||||||
Professional fees | 455 | 350 | 815 | 675 | ||||||||||||
Regulatory assessments and costs | 373 | 301 | 715 | 593 | ||||||||||||
Taxes, other | 228 | 204 | 252 | 425 | ||||||||||||
Other operating expenses | 1,775 | 1,217 | 3,491 | 2,488 | ||||||||||||
Total non-interest expense | 12,967 | 11,103 | 25,310 | 21,621 | ||||||||||||
Income before benefit for income taxes | 1,011 | 528 | 2,071 | 1,054 | ||||||||||||
Benefit for income taxes | (12 | ) | (5 | ) | (37 | ) | (7 | ) | ||||||||
Net income | $ | 1,023 | $ | 533 | $ | 2,108 | $ | 1,061 | ||||||||
Net income per share: | ||||||||||||||||
Basic | $ | 0.03 | $ | 0.01 | $ | 0.06 | $ | 0.03 | ||||||||
Diluted | $ | 0.03 | $ | 0.01 | $ | 0.05 | $ | 0.03 |
Three Months Ended March 31, | ||||||||
2016 | 2015 | |||||||
Interest income | ||||||||
Interest and fees on taxable loans | $ | 9,717 | $ | 8,951 | ||||
Interest and fees on tax-exempt loans | 214 | 126 | ||||||
Interest and dividends on taxable investment securities | 2,594 | 1,482 | ||||||
Interest and dividends on tax-exempt investment securities | 174 | 125 | ||||||
Interest on federal funds sold and other interest-earning assets | 63 | 77 | ||||||
Total interest income | 12,762 | 10,761 | ||||||
Interest expense | ||||||||
Demand-interest bearing | 415 | 290 | ||||||
Money market and savings | 609 | 553 | ||||||
Time deposits | 141 | 175 | ||||||
Other borrowings | 306 | 276 | ||||||
Total interest expense | 1,471 | 1,294 | ||||||
Net interest income | 11,291 | 9,467 | ||||||
Provision for loan losses | 300 | - | ||||||
Net interest income after provision for loan losses | 10,991 | 9,467 | ||||||
Non-interest income | ||||||||
Loan advisory and servicing fees | 603 | 599 | ||||||
Gain on sales of SBA loans | 833 | 578 | ||||||
Service fees on deposit accounts | 570 | 363 | ||||||
Gain on sale of investment securities | 296 | - | ||||||
Other than temporary impairment | (2 | ) | (13 | ) | ||||
Portion recognized in other comprehensive income (before taxes) | 1 | 10 | ||||||
Net impairment loss on investment securities | (1 | ) | (3 | ) | ||||
Other non-interest income | 111 | 40 | ||||||
Total non-interest income | 2,412 | 1,577 | ||||||
Non-interest expenses | ||||||||
Salaries and employee benefits | 6,052 | 5,222 | ||||||
Occupancy | 1,405 | 1,165 | ||||||
Depreciation and amortization | 969 | 723 | ||||||
Legal | 88 | 239 | ||||||
Other real estate owned | 585 | 377 | ||||||
Advertising | 129 | 151 | ||||||
Data processing | 467 | 352 | ||||||
Insurance | 206 | 180 | ||||||
Professional fees | 360 | 325 | ||||||
Regulatory assessments and costs | 342 | 292 | ||||||
Taxes, other | 24 | 221 | ||||||
Other operating expenses | 1,716 | 1,271 | ||||||
Total non-interest expense | 12,343 | 10,518 | ||||||
Income before benefit for income taxes | 1,060 | 526 | ||||||
Benefit for income taxes | (25 | ) | (2 | ) | ||||
Net income | $ | 1,085 | $ | 528 | ||||
Net income per share | ||||||||
Basic | $ | 0.03 | $ | 0.01 | ||||
Diluted | $ | 0.03 | $ | 0.01 |
Three Months Ended March 31, | ||||||||
2016 | 2015 | |||||||
Net income | $ | 1,085 | $ | 528 | ||||
Other comprehensive income, net of tax | ||||||||
Unrealized gain on securities (pre-tax $3,312, and $630 respectively) | 2,122 | 404 | ||||||
Reclassification adjustment for securities gains (pre-tax $296, and $-respectively) | (190 | ) | - | |||||
Reclassification adjustment for impairment charge (pre-tax $1, and $3 respectively) | 1 | 2 | ||||||
Net unrealized gains on securities | 1,933 | 406 | ||||||
Net unrealized holding losses on securities transferred from available- for-sale to held to maturity: | ||||||||
Amortization of net unrealized holding losses during the period (pre-tax $58, and $58 respectively) | 37 | 37 | ||||||
Total other comprehensive income | 1,970 | 443 | ||||||
Total comprehensive income | $ | 3,055 | $ | 971 | ||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Net income | $ | 1,023 | $ | 533 | $ | 2,108 | $ | 1,061 | ||||||||
Other comprehensive income (loss), net of tax | ||||||||||||||||
Unrealized gain (loss) on securities (pre-tax $1,156, $(1,838), $4,468, and $(1,208), respectively) | 741 | (1,178 | ) | 2,863 | (774 | ) | ||||||||||
Reclassification adjustment for securities gains (pre-tax $(358), $(9), $(654), and $(9), respectively) | (229 | ) | (6 | ) | (419 | ) | (6 | ) | ||||||||
Reclassification adjustment for impairment charge (pre-tax $4, $-, $5, and $3, respectively) | 2 | - | 3 | 2 | ||||||||||||
Net unrealized gains (losses) on securities | 514 | (1,184 | ) | 2,447 | (778 | ) | ||||||||||
Net unrealized holding losses on securities transferred from available-for-sale to held-to-maturity: | ||||||||||||||||
Amortization of net unrealized holding losses to income during the period (pre-tax $37, $45, $95, and $103 respectively) | 24 | 29 | 61 | 66 | ||||||||||||
Total other comprehensive income (loss) | 538 | (1,155 | ) | 2,508 | (712 | ) | ||||||||||
Total comprehensive income (loss) | $ | 1,561 | $ | (622 | ) | $ | 4,616 | $ | 349 |
Three Months Ended March 31, | Six Months Ended June 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Cash flows from operating activities | ||||||||||||||||
Net income | $ | 1,085 | $ | 528 | $ | 2,108 | $ | 1,061 | ||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||||||
Provision for loan losses | 300 | - | 950 | - | ||||||||||||
Write down of other real estate owned | 126 | 148 | 129 | 298 | ||||||||||||
Depreciation and amortization | 969 | 723 | 1,765 | 1,455 | ||||||||||||
Stock based compensation | 171 | 118 | 367 | 279 | ||||||||||||
Gain on sale and call of investment securities | (296 | ) | - | (654 | ) | (9 | ) | |||||||||
Impairment charges on investment securities | 1 | 3 | 5 | 3 | ||||||||||||
Amortization of premiums on investment securities | 229 | 112 | 637 | 312 | ||||||||||||
Accretion of discounts on retained SBA loans | (214 | ) | (201 | ) | (677 | ) | (496 | ) | ||||||||
Fair value adjustments on SBA servicing assets | 70 | (33 | ) | 570 | 225 | |||||||||||
Proceeds from sales of SBA loans originated for sale | 9,695 | 5,825 | 28,918 | 18,383 | ||||||||||||
SBA loans originated for sale | (7,192 | ) | (8,526 | ) | (28,170 | ) | (18,371 | ) | ||||||||
Gains on sales of SBA loans originated for sale | (833 | ) | (578 | ) | (2,582 | ) | (1,800 | ) | ||||||||
Increase in accrued interest receivable and other assets | (545 | ) | (2,990 | ) | (1,671 | ) | (1,805 | ) | ||||||||
Decrease in accrued interest payable and other liabilities | (1,556 | ) | (871 | ) | (593 | ) | (375 | ) | ||||||||
Net cash provided by (used in) operating activities | 2,010 | (5,742 | ) | 1,102 | (840 | ) | ||||||||||
Cash flows from investing activities | ||||||||||||||||
Purchase of investment securities available for sale | (32,856 | ) | (6,356 | ) | (55,937 | ) | (9,678 | ) | ||||||||
Purchase of investment securities held to maturity | (10,523 | ) | - | (38,073 | ) | (56,741 | ) | |||||||||
Proceeds from the sale of securities available for sale | 54,715 | - | 78,582 | 4,081 | ||||||||||||
Proceeds from the maturity or call of securities available for sale | 5,878 | 5,270 | ||||||||||||||
Proceeds from the maturity or call of securities held to maturity | 4,100 | 1,141 | ||||||||||||||
Proceeds from redemption of restricted stock | 1,880 | - | ||||||||||||||
Proceeds from the paydowns, maturity, or call of securities available for sale | 13,031 | 13,459 | ||||||||||||||
Proceeds from the paydowns, maturity, or call of securities held to maturity | 11,029 | 5,226 | ||||||||||||||
Redemption (purchase) of restricted stock | 1,692 | (22 | ) | |||||||||||||
Net increase in loans | (24,140 | ) | (7,831 | ) | (55,816 | ) | (53,790 | ) | ||||||||
Net proceeds from sale of other real estate owned | 76 | 319 | 76 | 468 | ||||||||||||
Premises and equipment expenditures | (4,391 | ) | (2,266 | ) | (9,218 | ) | (7,386 | ) | ||||||||
Net cash used in investing activities | (5,261 | ) | (9,723 | ) | (54,634 | ) | (104,383 | ) | ||||||||
Cash flows from financing activities | ||||||||||||||||
Net proceeds from exercise of stock options | 1 | - | 212 | - | ||||||||||||
Net increase in demand, money market and savings deposits | 95,479 | 49,903 | 146,402 | 60,904 | ||||||||||||
Net decrease in time deposits | (7,170 | ) | (736 | ) | ||||||||||||
Net increase (decrease) in time deposits | 38,551 | (3,337 | ) | |||||||||||||
Decrease in short-term borrowings | (47,000 | ) | - | (47,000 | ) | - | ||||||||||
Net cash provided by financing activities | 41,310 | 49,167 | 138,165 | 57,567 | ||||||||||||
Net increase in cash and cash equivalents | 38,059 | 33,702 | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | 84,633 | (47,656 | ) | |||||||||||||
Cash and cash equivalents, beginning of year | 27,139 | 128,826 | 27,139 | 128,826 | ||||||||||||
Cash and cash equivalents, end of period | $ | 65,198 | $ | 162,528 | $ | 111,772 | $ | 81,170 | ||||||||
Supplemental disclosures | ||||||||||||||||
Interest paid | $ | 1,445 | $ | 1,299 | $ | 3,015 | $ | 2,614 | ||||||||
Income taxes paid | $ | 60 | $ | - | ||||||||||||
Non-cash transfers from loans to other real estate owned | $ | 32 | $ | 579 | $ | 616 | $ | 10,213 |
Common Stock | Additional Paid in Capital | Accumulated Deficit | Treasury Stock | Stock Held by Deferred Compensation Plan | Accumulated Other Comprehensive Loss | Total Shareholders' Equity | Common Stock | Additional Paid in Capital | Accumulated Deficit | Treasury Stock | Stock Held by Deferred Compensation Plan | Accumulated Other Comprehensive Loss | Total Shareholders' Equity | |||||||||||||||||||||||||||||||||||||||||||
Balance January 1, 2016 | $ | 384 | $ | 152,897 | $ | (32,833 | ) | $ | (3,725 | ) | $ | (183 | ) | $ | (3,165 | ) | $ | 113,375 | $ | 384 | $ | 152,897 | $ | (32,833 | ) | $ | (3,725 | ) | $ | (183 | ) | $ | (3,165 | ) | $ | 113,375 | ||||||||||||||||||||
Net income | 1,085 | 1,085 | 2,108 | 2,108 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | 1,970 | 1,970 | 2,508 | 2,508 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock based compensation | 171 | 171 | 367 | 367 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Options exercised (250 shares) | 1 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Options exercised (76,625 shares) | 212 | 212 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance March 31, 2016 | $ | 384 | $ | 153,069 | $ | (31,748 | ) | $ | (3,725 | ) | $ | (183 | ) | $ | (1,195 | ) | $ | 116,602 | ||||||||||||||||||||||||||||||||||||||
Balance June 30, 2016 | $ | 384 | $ | 153,476 | $ | (30,725 | ) | $ | (3,725 | ) | $ | (183 | ) | $ | (657 | ) | $ | 118,570 | ||||||||||||||||||||||||||||||||||||||
Balance January 1, 2015 | $ | 383 | $ | 152,234 | $ | (35,266 | ) | $ | (3,725 | ) | $ | (183 | ) | $ | (632 | ) | $ | 112,811 | $ | 383 | $ | 152,234 | $ | (35,266 | ) | $ | (3,725 | ) | $ | (183 | ) | $ | (632 | ) | $ | 112,811 | ||||||||||||||||||||
Net income | 528 | 528 | 1,061 | 1,061 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | 443 | 443 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | (712 | ) | (712 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock based compensation | 118 | 118 | 279 | 279 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance March 31, 2015 | $ | 383 | $ | 152,352 | $ | (34,738 | ) | $ | (3,725 | ) | $ | (183 | ) | $ | (189 | ) | $ | 113,900 | ||||||||||||||||||||||||||||||||||||||
Balance June 30, 2015 | $ | 383 | $ | 152,513 | $ | (34,205 | ) | $ | (3,725 | ) | $ | (183 | ) | $ | (1,344 | ) | $ | 113,439 |
2016 | 2015 | 2016 | 2015 | |||||||
Dividend yield(1) | 0.0% | 0.0% | 0.0% | 0.0% | ||||||
Expected volatility(2) | 47.59% to 52.54% | 53.78% to 56.00% | 47.59% to 52.54% | 53.78% to 56.00% | ||||||
Risk-free interest rate(3) | 1.23% to 1.82% | 1.49% to 1.95% | 1.23% to 1.82% | 1.49% to 2.00% | ||||||
Expected life(4) | 5.5 to 7.0 years | 5.5 to 7.0 years | 5.5 to 7.0 years | 5.5 to 7.0 years | ||||||
Assumed forfeiture rate | 10.0% | 19.0% | 10.0% | 19.0% |
2016 | 2015 | 2016 | 2015 | ||||||||||
Stock based compensation expense recognized | $ 171,000 | $ 118,000 | $ | 367,000 | $ | 279,000 | |||||||
Number of unvested stock options | 1,254,226 | 1,220,026 | 1,218,476 | 1,218,651 | |||||||||
Fair value of unvested stock options | $ 2,418,303 | $ 1,911,407 | $ | 2,408,636 | $ | 1,927,048 | |||||||
Amount remaining to be recognized as expense | $ 1,690,057 | $ 1,335,438 | $ | 1,479,287 | $ | 1,194,289 |
Three Months Ended March 31, | ||||||||
2016 | 2015 | |||||||
Net income - basic and diluted | $ | 1,085 | $ | 528 | ||||
Weighted average shares outstanding | 37,837 | 37,816 | ||||||
Net income per share – basic | $ | 0.03 | $ | 0.01 | ||||
Weighted average shares outstanding (including dilutive CSEs) | 38,269 | 38,047 | ||||||
Net income per share – diluted | $ | 0.03 | $ | 0.01 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Net income (basic and diluted) | $ | 1,023 | $ | 533 | $ | 2,108 | $ | 1,061 | ||||||||
Weighted average shares outstanding | 37,882 | 37,816 | 37,860 | 37,816 | ||||||||||||
Net income per share – basic | $ | 0.03 | $ | 0.01 | $ | 0.06 | $ | 0.03 | ||||||||
Weighted average shares outstanding (including dilutive CSEs) | 38,422 | 38,049 | 38,344 | 38,048 | ||||||||||||
Net income per share – diluted | $ | 0.03 | $ | 0.01 | $ | 0.05 | $ | 0.03 |
(in thousands) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||
Three Months Ended March 31, | 2016 | 2015 | 2016 | 2015 | |||||||||||||||
(in thousands) | 2016 | 2015 | |||||||||||||||||
Anti-dilutive securities | |||||||||||||||||||
Share based compensation awards | 2,059 | 1,756 | 1,855 | 1,757 | 1,910 | 1,758 | |||||||||||||
Convertible securities | 1,662 | 1,662 | 1,662 | 1,662 | 1,662 | 1,662 | |||||||||||||
Total anti-dilutive securities | 3,721 | 3,418 | 3,517 | 3,419 | 3,572 | 3,420 |
At March 31, 2016 | At June 30, 2016 | |||||||||||||||||||||||||||||||
(dollars in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||||||
Collateralized mortgage obligations | $ | 153,524 | $ | 1,897 | $ | (324 | ) | $ | 155,097 | $ | 150,708 | $ | 2,292 | $ | (134 | ) | $ | 152,866 | ||||||||||||||
Agency mortgage-backed securities | 9,932 | 52 | (22 | ) | 9,962 | 9,357 | 67 | (5 | ) | 9,419 | ||||||||||||||||||||||
Municipal securities | 22,903 | 764 | (9 | ) | 23,658 | 24,141 | 1,131 | - | 25,272 | |||||||||||||||||||||||
Corporate bonds | 54,275 | 107 | (1,604 | ) | 52,778 | 49,256 | 52 | (1,509 | ) | 47,799 | ||||||||||||||||||||||
Asset-backed securities | 17,431 | - | (632 | ) | 16,799 | 16,825 | - | (762 | ) | 16,063 | ||||||||||||||||||||||
Trust preferred securities | 3,069 | - | (1,211 | ) | 1,858 | 3,065 | - | (1,310 | ) | 1,755 | ||||||||||||||||||||||
Other securities | 115 | 2 | - | 117 | 115 | - | - | 115 | ||||||||||||||||||||||||
Total securities available for sale | $ | 261,249 | $ | 2,822 | $ | (3,802 | ) | $ | 260,269 | $ | 253,467 | $ | 3,542 | $ | (3,720 | ) | $ | 253,289 | ||||||||||||||
U.S. Government agencies | $ | 16,805 | $ | 155 | $ | (11 | ) | $ | 16,949 | $ | 16,651 | $ | 244 | $ | (10 | ) | $ | 16,885 | ||||||||||||||
Collateralized mortgage obligations | 142,760 | 2,562 | (155 | ) | 145,167 | 164,150 | 3,602 | (114 | ) | 167,638 | ||||||||||||||||||||||
Agency mortgage-backed securities | 18,043 | 127 | - | 18,170 | 17,253 | 390 | - | 17,643 | ||||||||||||||||||||||||
Other securities | 1,020 | - | - | 1,020 | 1,020 | - | - | 1,020 | ||||||||||||||||||||||||
Total securities held to maturity | $ | 178,628 | $ | 2,844 | $ | (166 | ) | $ | 181,306 | $ | 199,074 | $ | 4,236 | $ | (124 | ) | $ | 203,186 |
At December 31, 2015 | ||||||||||||||||
(dollars in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||
Collateralized mortgage obligations | $ | 180,795 | $ | 523 | $ | (3,173 | ) | $ | 178,145 | |||||||
Agency mortgage-backed securities | 10,073 | 176 | (78 | ) | 10,171 | |||||||||||
Municipal securities | 22,814 | 562 | (32 | ) | 23,344 | |||||||||||
Corporate bonds | 54,294 | 135 | (300 | ) | 54,129 | |||||||||||
Asset-backed securities | 17,631 | - | (626 | ) | 17,005 | |||||||||||
Trust preferred securities | 3,070 | - | (1,187 | ) | 1,883 | |||||||||||
Other securities | 115 | 3 | - | 118 | ||||||||||||
Total securities available for sale | $ | 288,792 | $ | 1,399 | $ | (5,396 | ) | $ | 284,795 | |||||||
U.S. Government agencies | $ | 17,067 | $ | 39 | $ | (72 | ) | $ | 17,034 | |||||||
Collateralized mortgage obligations | 146,458 | 402 | (780 | ) | 146,080 | |||||||||||
Agency mortgage-backed securities | 7,732 | - | (21 | ) | 7,711 | |||||||||||
Other securities | 1,020 | - | - | 1,020 | ||||||||||||
Total securities held to maturity | $ | 172,277 | $ | 441 | $ | (873 | ) | $ | 171,845 |
At December 31, 2015 | ||||||||||||||||
(dollars in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||
Collateralized mortgage obligations | $ | 180,795 | $ | 523 | $ | (3,173 | ) | $ | 178,145 | |||||||
Agency mortgage-backed securities | 10,073 | 176 | (78 | ) | 10,171 | |||||||||||
Municipal securities | 22,814 | 562 | (32 | ) | 23,344 | |||||||||||
Corporate bonds | 54,294 | 135 | (300 | ) | 54,129 | |||||||||||
Asset-backed securities | 17,631 | - | (626 | ) | 17,005 | |||||||||||
Trust preferred securities | 3,070 | - | (1,187 | ) | 1,883 | |||||||||||
Other securities | 115 | 3 | - | 118 | ||||||||||||
Total securities available for sale | $ | 288,792 | $ | 1,399 | $ | (5,396 | ) | $ | 284,795 | |||||||
U.S. Government agencies | $ | 17,067 | $ | 39 | $ | (72 | ) | $ | 17,034 | |||||||
Collateralized mortgage obligations | 146,458 | 402 | (780 | ) | 146,080 | |||||||||||
Agency mortgage-backed securities | 7,732 | - | (21 | ) | 7,711 | |||||||||||
Other securities | 1,020 | - | - | 1,020 | ||||||||||||
Total securities held to maturity | $ | 172,277 | $ | 441 | $ | (873 | ) | $ | 171,845 |
Available for Sale | Held to Maturity | |||||||||||||||
(dollars in thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||
Due in 1 year or less | $ | 6,844 | $ | 6,883 | $ | - | $ | - | ||||||||
After 1 year to 5 years | 13,596 | 13,686 | 4,833 | 4,822 | ||||||||||||
After 5 years to 10 years | 51,741 | 50,051 | 12,992 | 13,147 | ||||||||||||
After 10 years | 25,612 | 24,590 | - | - | ||||||||||||
Collateralized mortgage obligations | 153,524 | 155,097 | 142,760 | 145,167 | ||||||||||||
Agency mortgage-backed securities | 9,932 | 9,962 | 18,043 | 18,170 | ||||||||||||
Total | $ | 261,249 | $ | 260,269 | $ | 178,628 | $ | 181,306 |
Available for Sale | Held to Maturity | |||||||||||||||
(dollars in thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||
Due in 1 year or less | $ | 6,844 | $ | 6,861 | $ | - | $ | - | ||||||||
After 1 year to 5 years | 16,065 | 15,694 | 4,828 | 4,817 | ||||||||||||
After 5 years to 10 years | 45,375 | 44,290 | 12,843 | 13,088 | ||||||||||||
After 10 years | 25,118 | 24,159 | - | - | ||||||||||||
Collateralized mortgage obligations | 150,708 | 152,866 | 164,150 | 167,638 | ||||||||||||
Agency mortgage-backed securities | 9,357 | 9,419 | 17,253 | 17,643 | ||||||||||||
Total | $ | 253,467 | $ | 253,289 | $ | 199,074 | $ | 203,186 |
(dollars in thousands) | 2016 | 2015 | ||||||
Beginning Balance, January 1st | $ | 930 | $ | 3,966 | ||||
Additional credit-related impairment loss on securities for which an | ||||||||
other-than-temporary impairment was previously recognized | 5 | 3 | ||||||
Reductions for securities paid off during the period | - | - | ||||||
Reductions for securities sold during the period | - | (2,569 | ) | |||||
Reductions for securities for which the amount previously recognized in other | ||||||||
comprehensive income was recognized in earnings because the Company | ||||||||
intends to sell the security | - | - | ||||||
Ending Balance, June 30th | $ | 935 | $ | 1,400 |
(dollars in thousands) | 2016 | 2015 | ||||||
Beginning Balance, January 1st | $ | 930 | $ | 3,966 | ||||
Additional credit-related impairment loss on securities for which an | ||||||||
other-than-temporary impairment was previously recognized | 1 | 3 | ||||||
Reductions for securities paid off during the period | - | - | ||||||
Reductions for securities sold during the period | - | - | ||||||
Reductions for securities for which the amount previously recognized in other | ||||||||
comprehensive income was recognized in earnings because the Company | ||||||||
intends to sell the security | - | - | ||||||
Ending Balance, March 31st | $ | 931 | $ | 3,969 |
At March 31, 2016 | ||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||
(dollars in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||
Collateralized mortgage obligations | $ | 14,311 | $ | 172 | $ | 10,562 | $ | 152 | $ | 24,873 | $ | 324 | ||||||||||||
Agency mortgage-backed securities | - | - | 5,338 | 22 | 5,338 | 22 | ||||||||||||||||||
Municipal securities | 246 | - | 1,298 | 9 | 1,544 | 9 | ||||||||||||||||||
Corporate bonds | 39,179 | 1,543 | 2,934 | 61 | 42,113 | 1,604 | ||||||||||||||||||
Asset backed securities | 16,799 | 632 | - | - | 16,799 | 632 | ||||||||||||||||||
Trust preferred securities | - | - | 1,858 | 1,211 | 1,858 | 1,211 | ||||||||||||||||||
Total Available for Sale | $ | 70,535 | $ | 2,347 | $ | 21,990 | $ | 1,455 | $ | 92,525 | $ | 3,802 |
At March 31, 2016 | ||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||
(dollars in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||
U.S. Government agencies | $ | 3,802 | $ | 11 | $ | - | $ | - | $ | 3,802 | $ | 11 | ||||||||||||
Collateralized mortgage obligations | 24,802 | 155 | - | - | 24,802 | 155 | ||||||||||||||||||
Total Held to Maturity | $ | 28,604 | $ | 166 | $ | - | $ | - | $ | 28,604 | $ | 166 |
At June 30, 2016 | ||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||
(dollars in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||
Collateralized mortgage obligations | $ | 11,320 | $ | 93 | $ | 9,728 | $ | 41 | $ | 21,048 | $ | 134 | ||||||||||||
Agency mortgage-backed securities | - | - | 3,604 | 5 | 3,604 | 5 | ||||||||||||||||||
Corporate bonds | 33,682 | 1,318 | 5,804 | 191 | 39,486 | 1,509 | ||||||||||||||||||
Asset backed securities | 6,463 | 491 | 9,600 | 271 | 16,063 | 762 | ||||||||||||||||||
Trust preferred securities | - | - | 1,755 | 1,310 | 1,755 | 1,310 | ||||||||||||||||||
Total Available for Sale | $ | 51,465 | $ | 1,902 | $ | 30,491 | $ | 1,818 | $ | 81,956 | $ | 3,720 |
At December 31, 2015 | ||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||
(dollars in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||
Collateralized mortgage obligations | $ | 116,161 | $ | 3,173 | $ | - | $ | - | $ | 116,161 | $ | 3,173 | ||||||||||||
Agency mortgage-backed securities | 2,389 | 14 | 5,502 | 64 | 7,891 | 78 | ||||||||||||||||||
Municipal securities | 886 | 15 | 1,814 | 17 | 2,700 | 32 | ||||||||||||||||||
Corporate bonds | 9,583 | 258 | 2,952 | 42 | 12,535 | 300 | ||||||||||||||||||
Asset backed securities | 17,005 | 626 | - | - | 17,005 | 626 | ||||||||||||||||||
Trust preferred securities | - | - | 1,883 | 1,187 | 1,883 | 1,187 | ||||||||||||||||||
Total Available for Sale | $ | 146,024 | $ | 4,086 | $ | 12,151 | $ | 1,310 | $ | 158,175 | $ | 5,396 |
At June 30, 2016 | ||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||
(dollars in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||
U.S. Government agencies | $ | - | $ | - | $ | 3,798 | $ | 10 | $ | 3,798 | $ | 10 | ||||||||||||
Collateralized mortgage obligations | 20,383 | 114 | - | - | 20,383 | 114 | ||||||||||||||||||
Total Held to Maturity | $ | 20,383 | $ | 114 | $ | 3,798 | $ | 10 | $ | 24,181 | $ | 124 |
At December 31, 2015 | ||||||||||||||||||||||||
Less than 12 months | 12 months or more | �� | Total | |||||||||||||||||||||
(dollars in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||
Collateralized mortgage obligations | $ | 116,161 | $ | 3,173 | $ | - | $ | - | $ | 116,161 | $ | 3,173 | ||||||||||||
Agency mortgage-backed securities | 2,389 | 14 | 5,502 | 64 | 7,891 | 78 | ||||||||||||||||||
Municipal securities | 886 | 15 | 1,814 | 17 | 2,700 | 32 | ||||||||||||||||||
Corporate bonds | 9,583 | 258 | 2,952 | 42 | 12,535 | 300 | ||||||||||||||||||
Asset backed securities | 17,005 | 626 | - | - | 17,005 | 626 | ||||||||||||||||||
Trust preferred securities | - | - | 1,883 | 1,187 | 1,883 | 1,187 | ||||||||||||||||||
Total Available for Sale | $ | 146,024 | $ | 4,086 | $ | 12,151 | $ | 1,310 | $ | 158,175 | $ | 5,396 |
At December 31, 2015 | ||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||
(dollars in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||
U.S. Government agencies | $ | 11,954 | $ | 72 | $ | - | $ | - | $ | 11,954 | $ | 72 | ||||||||||||
Collateralized mortgage obligations | 68,888 | 732 | 15,956 | 48 | 84,844 | 780 | ||||||||||||||||||
Agency mortgage-backed securities | 7,711 | 21 | - | - | 7,711 | 21 | ||||||||||||||||||
Total Held to Maturity | $ | 88,553 | $ | 825 | $ | 15,956 | $ | 48 | $ | 104,509 | $ | 873 |
(dollars in thousands) | Class / Tranche | Amortized Cost | Fair Value | Unrealized Losses | Lowest Credit Rating Assigned | Number of Banks Currently Performing | Deferrals / Defaults as % of Current Balance | Conditional Default Rates for 2015 and beyond | Cumulative OTTI Life to Date | Class / Tranche | Amortized Cost | Fair Value | Unrealized Losses | Lowest Credit Rating Assigned | Number of Banks Currently Performing | Deferrals / Defaults as % of Current Balance | Conditional Default Rates for 2015 and beyond | Cumulative OTTI Life to Date | |||||||||||||||||||||||||||||
TPREF Funding II | Class B Notes | $ | 731 | $ | 414 | $ | (317) | C | 19 | 37% | 0.42% | $ | 268 | Class B Notes | $ | 727 | $ | 389 | $ | (338 | ) | C | 19 | 37 | % | 0.40 | % | $ | 272 | ||||||||||||||||||
TPREF Funding III | Class B2 Notes | 1,518 | 888 | (630) | C | 15 | 32 | 0.41 | 483 | Class B2 Notes | 1,518 | 838 | (680 | ) | C | 15 | 32 | 0.40 | 483 | ||||||||||||||||||||||||||||
ALESCO Preferred Funding V | Class C1 Notes | 820 | 556 | (264) | C | 42 | 19 | 0.37 | 180 | Class C1 Notes | 820 | 528 | (292 | ) | C | 42 | 18 | 0.40 | 180 | ||||||||||||||||||||||||||||
Total | $ | 3,069 | $ | 1,858 | $ | (1,211) | 76 | 29% | $ | 931 | $ | 3,065 | $ | 1,755 | $ | (1,310 | ) | 76 | 29 | % | $ | 935 |
(dollars in thousands) | March 31, 2016 | December 31, 2015 | June 30, 2016 | December 31, 2015 | ||||||||||||
Commercial real estate | $ | 358,740 | $ | 349,726 | $ | 369,784 | $ | 349,726 | ||||||||
Construction and land development | 45,815 | 46,547 | 40,462 | 46,547 | ||||||||||||
Commercial and industrial | 181,828 | 181,850 | 199,149 | 181,850 | ||||||||||||
Owner occupied real estate | 261,215 | 246,398 | 265,245 | 246,398 | ||||||||||||
Consumer and other | 49,552 | 48,126 | 53,213 | 48,126 | ||||||||||||
Residential mortgage | 2,353 | 2,380 | 2,338 | 2,380 | ||||||||||||
Total loans receivable | 899,503 | 875,027 | 930,191 | 875,027 | ||||||||||||
Deferred costs (fees) | (386 | ) | (258 | ) | (437 | ) | (258 | ) | ||||||||
Allowance for loan losses | (9,029 | ) | (8,703 | ) | (8,761 | ) | (8,703 | ) | ||||||||
Net loans receivable | $ | 890,088 | $ | 866,066 | $ | 920,993 | $ | 866,066 |
March 31, 2016 | December 31, 2015 | June 30, 2016 | December 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Recorded Investment | Unpaid Principal Balance | Related Allowance | Recorded Investment | Unpaid Principal Balance | Related Allowance | Recorded Investment | Unpaid Principal Balance | Related Allowance | Recorded Investment | Unpaid Principal Balance | Related Allowance | ||||||||||||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 11,487 | $ | 11,525 | $ | - | $ | 11,692 | $ | 11,730 | $ | - | $ | 12,333 | $ | 12,334 | $ | - | $ | 11,692 | $ | 11,730 | $ | - | ||||||||||||||||||||||||
Construction and land development | 117 | 2,208 | - | 117 | 2,208 | - | 56 | 2,050 | - | 117 | 2,208 | - | ||||||||||||||||||||||||||||||||||||
Commercial and industrial | 1,616 | 2,740 | - | 2,381 | 3,683 | - | 1,675 | 2,804 | - | 2,381 | 3,683 | - | ||||||||||||||||||||||||||||||||||||
Owner occupied real estate | 458 | 458 | - | 507 | 507 | - | 950 | 963 | - | 507 | 507 | - | ||||||||||||||||||||||||||||||||||||
Consumer and other | 857 | 1,149 | - | 800 | 1,084 | - | 856 | 1,156 | - | 800 | 1,084 | - | ||||||||||||||||||||||||||||||||||||
Total | $ | 14,535 | $ | 18,080 | $ | - | $ | 15,497 | $ | 19,212 | $ | - | $ | 15,870 | $ | 19,307 | $ | - | $ | 15,497 | $ | 19,212 | $ | - |
With an allowance recorded: | With an allowance recorded: | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 505 | $ | 505 | $ | 77 | $ | 511 | $ | 511 | $ | 47 | $ | 7,193 | $ | 7,194 | $ | 1,317 | $ | 511 | $ | 511 | $ | 47 | ||||||||||||||||||||||||
Construction and land development | - | - | - | - | - | - | 4 | 101 | 4 | - | - | - | ||||||||||||||||||||||||||||||||||||
Commercial and industrial | 3,109 | 5,776 | 1,614 | 3,112 | 5,779 | 1,111 | 3,618 | 6,285 | 1,677 | 3,112 | 5,779 | 1,111 | ||||||||||||||||||||||||||||||||||||
Owner occupied real estate | 2,798 | 2,811 | 1,056 | 2,862 | 2,876 | 1,059 | 1,298 | 1,298 | 304 | 2,862 | 2,876 | 1,059 | ||||||||||||||||||||||||||||||||||||
Consumer and other | 278 | 278 | 81 | 147 | 147 | 21 | 292 | 292 | 79 | 147 | 147 | 21 | ||||||||||||||||||||||||||||||||||||
Total | $ | 6,690 | $ | 9,370 | $ | 2,828 | $ | 6,632 | $ | 9,313 | $ | 2,238 | $ | 12,405 | $ | 15,170 | $ | 3,381 | $ | 6,632 | $ | 9,313 | $ | 2,238 |
Total: | Total: | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 11,993 | $ | 12,030 | $ | 77 | $ | 12,203 | $ | 12,241 | $ | 47 | $ | 19,526 | $ | 19,528 | $ | 1,317 | $ | 12,203 | $ | 12,241 | $ | 47 | ||||||||||||||||||||||||
Construction and land development | 117 | 2,208 | - | 117 | 2,208 | - | 60 | 2,151 | 4 | 117 | 2,208 | - | ||||||||||||||||||||||||||||||||||||
Commercial and industrial | 4,724 | 8,516 | 1,614 | 5,493 | 9,462 | 1,111 | 5,293 | 9,089 | 1,677 | 5,493 | 9,462 | 1,111 | ||||||||||||||||||||||||||||||||||||
Owner occupied real estate | 3,256 | 3,269 | 1,056 | 3,369 | 3,383 | 1,059 | 2,248 | 2,261 | 304 | 3,369 | 3,383 | 1,059 | ||||||||||||||||||||||||||||||||||||
Consumer and other | 1,135 | 1,427 | 81 | 947 | 1,231 | 21 | 1,148 | 1,448 | 79 | 947 | 1,231 | 21 | ||||||||||||||||||||||||||||||||||||
Total | $ | 21,225 | $ | 27,450 | $ | 2,828 | $ | 22,129 | $ | 28,525 | $ | 2,238 | $ | 28,275 | $ | 34,477 | $ | 3,381 | $ | 22,129 | $ | 28,525 | $ | 2,238 |
Three Months Ended March 31, | Three Months Ended June 30, | ||||||||||||||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||||||||||||||||||||
(dollars in thousands) | Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | |||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial real estate | $ | 11,589 | $ | 65 | $ | 11,864 | $ | 162 | $ | 12,085 | $ | 67 | $ | 13,432 | $ | (21 | ) | ||||||||||||||||
Construction and land development | 117 | - | 108 | - | 77 | - | 248 | 1 | |||||||||||||||||||||||||
Commercial and industrial | 1,998 | 10 | 3,854 | 21 | 1,782 | 11 | 3,992 | 27 | |||||||||||||||||||||||||
Owner occupied real estate | 483 | 1 | 701 | 1 | 793 | 2 | 957 | 3 | |||||||||||||||||||||||||
Consumer and other | 829 | 3 | 501 | 1 | 847 | 3 | 713 | 3 | |||||||||||||||||||||||||
Total | $ | 15,016 | $ | 79 | $ | 17,028 | $ | 185 | $ | 15,584 | $ | 83 | $ | 19,342 | $ | 13 |
With an allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial real estate | $ | 508 | $ | 8 | $ | 13,066 | $ | - | $ | 4,966 | $ | 16 | $ | 4,864 | $ | 3 | |||||||||||||||||
Construction and land development | - | - | 158 | - | 2 | - | 116 | - | |||||||||||||||||||||||||
Commercial and industrial | 3,110 | 19 | 1,508 | - | 3,450 | 19 | 2,084 | - | |||||||||||||||||||||||||
Owner occupied real estate | 2,830 | 6 | 4,209 | 33 | 1,808 | 8 | 4,009 | 30 | |||||||||||||||||||||||||
Consumer and other | 213 | 2 | - | - | 265 | 3 | - | - | |||||||||||||||||||||||||
Total | $ | 6,661 | $ | 35 | $ | 18,941 | $ | 33 | $ | 10,491 | $ | 46 | $ | 11,073 | $ | 33 |
Total: | |||||||||||||||||||||||||||||||||
Commercial real estate | $ | 12,097 | $ | 73 | $ | 24,930 | $ | 162 | $ | 17,051 | $ | 83 | $ | 18,296 | $ | (18 | ) | ||||||||||||||||
Construction and land development | 117 | - | 266 | - | 79 | - | 364 | 1 | |||||||||||||||||||||||||
Commercial and industrial | 5,108 | 29 | 5,362 | 21 | 5,232 | 30 | 6,076 | 27 | |||||||||||||||||||||||||
Owner occupied real estate | 3,313 | 7 | 4,910 | 34 | 2,601 | 10 | 4,966 | 33 | |||||||||||||||||||||||||
Consumer and other | 1,042 | 5 | 501 | 1 | 1,112 | 6 | 713 | 3 | |||||||||||||||||||||||||
Total | $ | 21,677 | $ | 114 | $ | 35,969 | $ | 218 | $ | 26,075 | $ | 129 | $ | 30,415 | $ | 46 |
Six Months Ended June 30, | ||||||||||||||||
2016 | 2015 | |||||||||||||||
(dollars in thousands) | Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | ||||||||||||
With no related allowance recorded: | ||||||||||||||||
Commercial real estate | $ | 11,837 | $ | 132 | $ | 12,648 | $ | 141 | ||||||||
Construction and land development | 97 | - | 178 | 1 | ||||||||||||
Commercial and industrial | 1,890 | 21 | 3,923 | 48 | ||||||||||||
Owner occupied real estate | 638 | 3 | 829 | 4 | ||||||||||||
Consumer and other | 838 | 6 | 607 | 4 | ||||||||||||
Total | $ | 15,300 | $ | 162 | $ | 18,185 | $ | 198 |
With an allowance recorded: | ||||||||||||||||
Commercial real estate | $ | 2,737 | $ | 24 | $ | 8,965 | $ | 3 | ||||||||
Construction and land development | 1 | - | 137 | - | ||||||||||||
Commercial and industrial | 3,280 | 38 | 1,796 | - | ||||||||||||
Owner occupied real estate | 2,319 | 14 | 4,109 | 63 | ||||||||||||
Consumer and other | 239 | 5 | - | - | ||||||||||||
Total | $ | 8,576 | $ | 81 | $ | 15,007 | $ | 66 |
Total: | ||||||||||||||||
Commercial real estate | $ | 14,574 | $ | 156 | $ | 21,613 | $ | 144 | ||||||||
Construction and land development | 98 | - | 315 | 1 | ||||||||||||
Commercial and industrial | 5,170 | 59 | 5,719 | 48 | ||||||||||||
Owner occupied real estate | 2,957 | 17 | 4,938 | 67 | ||||||||||||
Consumer and other | 1,077 | 11 | 607 | 4 | ||||||||||||
Total | $ | 23,876 | $ | 243 | $ | 33,192 | $ | 264 |
(dollars in thousands) | Commercial Real Estate | Construction and Land Development | Commercial and Industrial | Owner Occupied Real Estate | Consumer and Other | Residential Mortgage | Unallocated | Total | Commercial Real Estate | Construction and Land Development | Commercial and Industrial | Owner Occupied Real Estate | Consumer and Other | Residential Mortgage | Unallocated | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended March 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2016 | Three months ended June 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | Allowance for loan losses: | Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance: | $ | 2,393 | $ | 338 | $ | 2,932 | $ | 2,030 | $ | 295 | $ | 14 | $ | 701 | $ | 8,703 | $ | 2,045 | $ | 414 | $ | 2,942 | $ | 2,091 | $ | 312 | $ | 11 | $ | 1,214 | $ | 9,029 | ||||||||||||||||||||||||||||||||
Charge-offs | - | - | (18 | ) | (28 | ) | - | - | - | (46 | ) | - | - | - | (926 | ) | - | - | - | (926 | ) | |||||||||||||||||||||||||||||||||||||||||||
Recoveries | - | - | 72 | - | - | - | - | 72 | 6 | - | 2 | - | - | - | - | 8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Provisions (credits) | (348 | ) | 76 | (44 | ) | 89 | 17 | (3 | ) | 513 | 300 | 1,242 | (49 | ) | 192 | 201 | 12 | - | (948 | ) | 650 | |||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 2,045 | $ | 414 | $ | 2,942 | $ | 2,091 | $ | 312 | $ | 11 | $ | 1,214 | $ | 9,029 | $ | 3,293 | $ | 365 | $ | 3,136 | $ | 1,366 | $ | 324 | $ | 11 | $ | 266 | $ | 8,761 | ||||||||||||||||||||||||||||||||
Three months ended March 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2015 | Three months ended June 30, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | Allowance for loan losses: | Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance: | $ | 6,828 | $ | 917 | $ | 1,579 | $ | 1,638 | $ | 234 | $ | 2 | $ | 338 | $ | 11,536 | $ | 6,263 | $ | 255 | $ | 1,924 | $ | 1,578 | $ | 230 | $ | 2 | $ | 692 | $ | 10,944 | ||||||||||||||||||||||||||||||||
Charge-offs | (231 | ) | (222 | ) | (169 | ) | (55 | ) | - | - | - | (677 | ) | (2,524 | ) | - | (24 | ) | - | - | - | - | (2,548 | ) | ||||||||||||||||||||||||||||||||||||||||
Recoveries | 4 | 5 | 45 | - | 31 | - | - | 85 | - | - | 1 | - | 1 | - | - | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Provisions (credits) | (338 | ) | (445 | ) | 469 | (5 | ) | (35 | ) | - | 354 | - | (1,032 | ) | 56 | 922 | 209 | 20 | - | (175 | ) | - | ||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 2,707 | $ | 311 | $ | 2,823 | $ | 1,787 | $ | 251 | $ | 2 | $ | 517 | $ | 8,398 | ||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 6,263 | $ | 255 | $ | 1,924 | $ | 1,578 | $ | 230 | $ | 2 | $ | 692 | $ | 10,944 |
(dollars in thousands) | Commercial Real Estate | Construction and Land Development | Commercial and Industrial | Owner Occupied Real Estate | Consumer and Other | Residential Mortgage | Unallocated | Total | ||||||||||||||||||||||||
Six months ended June 30, 2016 | ||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||
Beginning balance: | $ | 2,393 | $ | 338 | $ | 2,932 | $ | 2,030 | $ | 295 | $ | 14 | $ | 701 | $ | 8,703 | ||||||||||||||||
Charge-offs | - | - | (18 | ) | (954 | ) | - | - | - | (972 | ) | |||||||||||||||||||||
Recoveries | 6 | - | 74 | - | - | - | - | 80 | ||||||||||||||||||||||||
Provisions (credits) | 894 | 27 | 148 | 290 | 29 | (3 | ) | (435 | ) | 950 | ||||||||||||||||||||||
Ending balance | $ | 3,293 | $ | 365 | $ | 3,136 | $ | 1,366 | $ | 324 | $ | 11 | $ | 266 | $ | 8,761 | ||||||||||||||||
Six months ended June 30, 2015 | ||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||
Beginning balance: | $ | 6,828 | $ | 917 | $ | 1,579 | $ | 1,638 | $ | 234 | $ | 2 | $ | 338 | $ | 11,536 | ||||||||||||||||
Charge-offs | (2,623 | ) | (222 | ) | (325 | ) | (55 | ) | - | - | - | (3,225 | ) | |||||||||||||||||||
Recoveries | 4 | 5 | 46 | - | 32 | - | - | 87 | ||||||||||||||||||||||||
Provisions (credits) | (1,502 | ) | (389 | ) | 1,523 | 204 | (15 | ) | - | 179 | - | |||||||||||||||||||||
Ending balance | $ | 2,707 | $ | 311 | $ | 2,823 | $ | 1,787 | $ | 251 | $ | 2 | $ | 517 | $ | 8,398 |
(dollars in thousands) | Commercial Real Estate | Construction and Land Development | Commercial and Industrial | Owner Occupied Real Estate | Consumer and Other | Residential Mortgage | Unallocated | Total | Commercial Real Estate | Construction and Land Development | Commercial and Industrial | Owner Occupied Real Estate | Consumer and Other | Residential Mortgage | Unallocated | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 77 | $ | - | $ | 1,614 | $ | 1,056 | $ | 81 | $ | - | $ | - | $ | 2,828 | $ | 1,317 | $ | 4 | $ | 1,677 | $ | 304 | $ | 79 | $ | - | $ | - | $ | 3,381 | ||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | 1,968 | 414 | 1,328 | 1,035 | 231 | 11 | 1,214 | 6,201 | 1,976 | 361 | 1,459 | 1,062 | 245 | 11 | 266 | 5,380 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total allowance for loan losses | $ | 2,045 | $ | 414 | $ | 2,942 | $ | 2,091 | $ | 312 | $ | 11 | $ | 1,214 | $ | 9,029 | $ | 3,293 | $ | 365 | $ | 3,136 | $ | 1,366 | $ | 324 | $ | 11 | $ | 266 | $ | 8,761 | ||||||||||||||||||||||||||||||||
Loans receivable: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans evaluated individually | $ | 11,993 | $ | 117 | $ | 4,724 | $ | 3,256 | $ | 1,135 | $ | - | $ | - | $ | 21,225 | $ | 19,526 | $ | 60 | $ | 5,293 | $ | 2,248 | $ | 1,148 | $ | - | $ | - | $ | 28,275 | ||||||||||||||||||||||||||||||||
Loans evaluated collectively | 346,747 | 45,698 | 177,104 | 257,959 | 48,417 | 2,353 | - | 878,278 | 350,258 | 40,402 | 193,856 | 262,997 | 52,065 | 2,338 | - | 901,916 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total loans receivable | $ | 358,740 | $ | 45,815 | $ | 181,828 | $ | 261,215 | $ | 49,552 | $ | 2,353 | $ | - | $ | 899,503 | $ | 369,784 | $ | 40,462 | $ | 199,149 | $ | 265,245 | $ | 53,213 | $ | 2,338 | $ | - | $ | 930,191 |
(dollars in thousands) | Commercial Real Estate | Construction and Land Development | Commercial and Industrial | Owner Occupied Real Estate | Consumer and Other | Residential Mortgage | Unallocated | Total | Commercial Real Estate | Construction and Land Development | Commercial and Industrial | Owner Occupied Real Estate | Consumer and Other | Residential Mortgage | Unallocated | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 47 | $ | - | $ | 1,111 | $ | 1,059 | $ | 21 | $ | - | $ | - | $ | 2,238 | $ | 47 | $ | - | $ | 1,111 | $ | 1,059 | $ | 21 | $ | - | $ | - | $ | 2,238 | ||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | 2,346 | 338 | 1,821 | 971 | 274 | 14 | 701 | 6,465 | 2,346 | 338 | 1,821 | 971 | 274 | 14 | 701 | 6,465 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total allowance for loan losses | $ | 2,393 | $ | 338 | $ | 2,932 | $ | 2,030 | $ | 295 | $ | 14 | $ | 701 | $ | 8,703 | $ | 2,393 | $ | 338 | $ | 2,932 | $ | 2,030 | $ | 295 | $ | 14 | $ | 701 | $ | 8,703 | ||||||||||||||||||||||||||||||||
Loans receivable: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans evaluated individually | $ | 12,203 | $ | 117 | $ | 5,493 | $ | 3,369 | $ | 947 | $ | - | $ | - | $ | 22,129 | $ | 12,203 | $ | 117 | $ | 5,493 | $ | 3,369 | $ | 947 | $ | - | $ | - | $ | 22,129 | ||||||||||||||||||||||||||||||||
Loans evaluated collectively | 337,523 | 46,430 | 176,357 | 243,029 | 47,179 | 2,380 | - | 852,898 | 337,523 | 46,430 | 176,357 | 243,029 | 47,179 | 2,380 | - | 852,898 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total loans receivable | $ | 349,726 | $ | 46,547 | $ | 181,850 | $ | 246,398 | $ | 48,126 | $ | 2,380 | $ | - | $ | 875,027 | $ | 349,726 | $ | 46,547 | $ | 181,850 | $ | 246,398 | $ | 48,126 | $ | 2,380 | $ | - | $ | 875,027 |
(dollars in thousands) | 30-59 Days Past Due | 60-89 Days Past Due | Greater than 90 Days | Total Past Due | Current | Total Loans Receivable | Loans Receivable > 90 Days and Accruing | |||||||||||||||||||||
At March 31, 2016 | ||||||||||||||||||||||||||||
Commercial real estate | $ | 348 | $ | 17 | $ | 12,386 | $ | 12,751 | $ | 345,989 | $ | 358,740 | $ | 6,650 | ||||||||||||||
Construction and land development | - | - | 117 | 117 | 45,698 | 45,815 | - | |||||||||||||||||||||
Commercial and industrial | 2,624 | - | 2,690 | 5,314 | 176,514 | 181,828 | 242 | |||||||||||||||||||||
Owner occupied real estate | 986 | - | 3,620 | 4,606 | 256,609 | 261,215 | 834 | |||||||||||||||||||||
Consumer and other | 555 | - | 1,043 | 1,598 | 47,954 | 49,552 | 311 | |||||||||||||||||||||
Residential mortgage | - | - | - | - | 2,353 | 2,353 | - | |||||||||||||||||||||
Total | $ | 4,513 | $ | 17 | $ | 19,856 | $ | 24,386 | $ | 875,117 | $ | 899,503 | $ | 8,037 |
(dollars in thousands) | 30-59 Days Past Due | 60-89 Days Past Due | Greater than 90 Days | Total Past Due | Current | Total Loans Receivable | Loans Receivable > 90 Days and Accruing | |||||||||||||||||||||||||||||||||||||||||||||||||
At June 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | - | $ | 15 | $ | 13,303 | $ | 13,318 | $ | 356,466 | $ | 369,784 | $ | - | ||||||||||||||||||||||||||||||||||||||||||
Construction and land development | - | - | 60 | 60 | 40,402 | 40,462 | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | - | 663 | 3,154 | 3,817 | 195,332 | 199,149 | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Owner occupied real estate | - | 46 | 1,582 | 1,628 | 263,617 | 265,245 | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Consumer and other | - | 384 | 743 | 1,127 | 52,086 | 53,213 | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | - | - | - | - | 2,338 | 2,338 | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | - | $ | 1,108 | $ | 18,842 | $ | 19,950 | $ | 910,241 | $ | 930,191 | $ | - | ||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 30-59 Days Past Due | 60-89 Days Past Due | Greater than 90 Days | Total Past Due | Current | Total Loans Receivable | Loans Receivable > 90 Days and Accruing | 30-59 Days Past Due | 60-89 Days Past Due | Greater than 90 Days | Total Past Due | Current | Total Loans Receivable | Loans Receivable > 90 Days and Accruing | ||||||||||||||||||||||||||||||||||||||||||
At December 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | - | $ | 7,657 | $ | 5,913 | $ | 13,570 | $ | 336,156 | $ | 349,726 | $ | - | $ | - | $ | 7,657 | $ | 5,913 | $ | 13,570 | $ | 336,156 | $ | 349,726 | $ | - | ||||||||||||||||||||||||||||
Construction and land development | - | - | 117 | 117 | 46,430 | 46,547 | - | - | - | 117 | 117 | 46,430 | 46,547 | - | ||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | 1,661 | 997 | 3,156 | 5,814 | 176,036 | 181,850 | - | 1,661 | 997 | 3,156 | 5,814 | 176,036 | 181,850 | - | ||||||||||||||||||||||||||||||||||||||||||
Owner occupied real estate | 800 | 469 | 2,894 | 4,163 | 242,235 | 246,398 | - | 800 | 469 | 2,894 | 4,163 | 242,235 | 246,398 | - | ||||||||||||||||||||||||||||||||||||||||||
Consumer and other | 285 | 192 | 542 | 1,019 | 47,107 | 48,126 | - | 285 | 192 | 542 | 1,019 | 47,107 | 48,126 | - | ||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | 132 | - | - | 132 | 2,248 | 2,380 | - | 132 | - | - | 132 | 2,248 | 2,380 | - | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 2,878 | $ | 9,315 | $ | 12,622 | $ | 24,815 | $ | 850,212 | $ | 875,027 | $ | - | $ | 2,878 | $ | 9,315 | $ | 12,622 | $ | 24,815 | $ | 850,212 | $ | 875,027 | $ | - |
(dollars in thousands) | Pass | Special Mention | Substandard | Doubtful | Total | Pass | Special Mention | Substandard | Doubtful | Total | ||||||||||||||||||||||||||||||
At March 31, 2016: | ||||||||||||||||||||||||||||||||||||||||
At June 30, 2016: | ||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 338,845 | $ | 7,902 | $ | 11,993 | $ | - | $ | 358,740 | $ | 355,084 | $ | 898 | $ | 13,802 | $ | - | $ | 369,784 | ||||||||||||||||||||
Construction and land development | 45,698 | - | 117 | - | 45,815 | 40,402 | - | 60 | - | 40,462 | ||||||||||||||||||||||||||||||
Commercial and industrial | 176,889 | 215 | 3,295 | 1,429 | 181,828 | 193,796 | 60 | 3,864 | 1,429 | 199,149 | ||||||||||||||||||||||||||||||
Owner occupied real estate | 257,492 | 467 | 3,256 | - | 261,215 | 262,997 | - | 2,248 | - | 265,245 | ||||||||||||||||||||||||||||||
Consumer and other | 48,342 | 75 | 1,135 | - | 49,552 | 52,065 | - | 1,148 | - | 53,213 | ||||||||||||||||||||||||||||||
Residential mortgage | 2,353 | - | - | - | 2,353 | 2,338 | - | - | - | 2,338 | ||||||||||||||||||||||||||||||
Total | $ | 869,619 | $ | 8,659 | $ | 19,796 | $ | 1,429 | $ | 899,503 | $ | 906,682 | $ | 958 | $ | 21,122 | $ | 1,429 | $ | 930,191 |
(dollars in thousands) | Pass | Special Mention | Substandard | Doubtful | Total | |||||||||||||||
At December 31, 2015: | ||||||||||||||||||||
Commercial real estate | $ | 329,567 | $ | 7,956 | $ | 12,203 | $ | - | $ | 349,726 | ||||||||||
Construction and land development | 46,430 | - | 117 | - | 46,547 | |||||||||||||||
Commercial and industrial | 176,132 | 225 | 4,064 | 1,429 | 181,850 | |||||||||||||||
Owner occupied real estate | 242,560 | 469 | 3,369 | - | 246,398 | |||||||||||||||
Consumer and other | 47,104 | 75 | 947 | - | 48,126 | |||||||||||||||
Residential mortgage | 2,380 | - | - | - | 2,380 | |||||||||||||||
Total | $ | 844,173 | $ | 8,725 | $ | 20,700 | $ | 1,429 | $ | 875,027 |
(dollars in thousands) | Pass | Special Mention | Substandard | Doubtful | Total | |||||||||||||||
At December 31, 2015: | ||||||||||||||||||||
Commercial real estate | $ | 329,567 | $ | 7,956 | $ | 12,203 | $ | - | $ | 349,726 | ||||||||||
Construction and land development | 46,430 | - | 117 | - | 46,547 | |||||||||||||||
Commercial and industrial | 176,132 | 225 | 4,064 | 1,429 | 181,850 | |||||||||||||||
Owner occupied real estate | 242,560 | 469 | 3,369 | - | 246,398 | |||||||||||||||
Consumer and other | 47,104 | 75 | 947 | - | 48,126 | |||||||||||||||
Residential mortgage | 2,380 | - | - | - | 2,380 | |||||||||||||||
Total | $ | 844,173 | $ | 8,725 | $ | 20,700 | $ | 1,429 | $ | 875,027 |
(dollars in thousands) | March 31, 2016 | December 31, 2015 | June 30, 2016 | December 31, 2015 | ||||||||||||
Commercial real estate | $ | 5,736 | $ | 5,913 | $ | 13,303 | $ | 5,913 | ||||||||
Construction and land development | 117 | 117 | 60 | 117 | ||||||||||||
Commercial and industrial | 2,448 | 3,156 | 3,154 | 3,156 | ||||||||||||
Owner occupied real estate | 2,786 | 2,894 | 1,582 | 2,894 | ||||||||||||
Consumer and other | 732 | 542 | 743 | 542 | ||||||||||||
Residential mortgage | - | - | - | - | ||||||||||||
Total | $ | 11,819 | $ | 12,622 | $ | 18,842 | $ | 12,622 |
(dollars in thousands) | Number of Loans | Accrual Status | Non- Accrual Status | Total TDRs | ||||||||||||
March 31, 2016 | ||||||||||||||||
Commercial real estate | 1 | $ | 5,751 | $ | - | $ | 5,751 | |||||||||
Construction and land development | - | - | - | - | ||||||||||||
Commercial and industrial | 2 | 250 | 349 | 599 | ||||||||||||
Owner occupied real estate | 1 | - | 1,825 | 1,825 | ||||||||||||
Consumer and other | - | - | - | - | ||||||||||||
Residential mortgage | - | - | - | - | ||||||||||||
Total | 4 | $ | 6,001 | $ | 2,174 | $ | 8,175 | |||||||||
December 31, 2015 | ||||||||||||||||
Commercial real estate | 1 | $ | 5,778 | $ | - | $ | 5,778 | |||||||||
Construction and land development | - | - | - | - | ||||||||||||
Commercial and industrial | 2 | 252 | 935 | 1,187 | ||||||||||||
Owner occupied real estate | 1 | - | 1,825 | 1,825 | ||||||||||||
Consumer and other | - | - | - | - | ||||||||||||
Residential mortgage | - | - | - | - | ||||||||||||
Total | 4 | $ | 6,030 | $ | 2,760 | $ | 8,790 |
(dollars in thousands) | Number of Loans | Accrual Status | Non-Accrual Status | Total TDRs | ||||||||||||
June 30, 2016 | ||||||||||||||||
Commercial real estate | 1 | $ | 5,724 | $ | - | $ | 5,724 | |||||||||
Construction and land development | - | - | - | - | ||||||||||||
Commercial and industrial | 2 | 240 | 349 | 589 | ||||||||||||
Owner occupied real estate | - | - | - | - | ||||||||||||
Consumer and other | - | - | - | - | ||||||||||||
Residential mortgage | - | - | - | - | ||||||||||||
Total | 3 | $ | 5,964 | $ | 349 | $ | 6,313 | |||||||||
December 31, 2015 | ||||||||||||||||
Commercial real estate | 1 | $ | 5,778 | $ | - | $ | 5,778 | |||||||||
Construction and land development | - | - | - | - | ||||||||||||
Commercial and industrial | 2 | 252 | 935 | 1,187 | ||||||||||||
Owner occupied real estate | 1 | - | 1,825 | 1,825 | ||||||||||||
Consumer and other | - | - | - | - | ||||||||||||
Residential mortgage | - | - | - | - | ||||||||||||
Total | 4 | $ | 6,030 | $ | 2,760 | $ | 8,790 |
(dollars in thousands) | Total | (Level 1) Quoted Prices in Active Markets for Identical Assets | (Level 2) Significant Other Observable Inputs | (Level 3) Significant Unobservable Inputs | ||||||||||||
March 31, 2016 | ||||||||||||||||
Collateralized mortgage obligations | $ | 155,097 | $ | - | $ | 155,097 | $ | - | ||||||||
Agency mortgage-backed securities | 9,962 | - | 9,962 | - | ||||||||||||
Municipal securities | 23,658 | - | 23,658 | - | ||||||||||||
Corporate bonds | 52,778 | - | 49,934 | 2,844 | ||||||||||||
Asset-backed securities | 16,799 | - | 16,799 | - | ||||||||||||
Trust Preferred Securities | 1,858 | - | - | 1,858 | ||||||||||||
Other securities | 117 | - | 117 | - | ||||||||||||
Securities Available for Sale | $ | 260,269 | $ | - | $ | 255,567 | $ | 4,702 | ||||||||
SBA Servicing Assets | $ | 5,058 | $ | 5,058 | ||||||||||||
December 31, 2015 | ||||||||||||||||
Collateralized mortgage obligations | $ | 178,145 | $ | - | $ | 178,145 | $ | - | ||||||||
Agency mortgage-backed securities | 10,171 | - | 10,171 | - | ||||||||||||
Municipal securities | 23,344 | - | 23,344 | - | ||||||||||||
Corporate bonds | 54,129 | - | 51,295 | 2,834 | ||||||||||||
Asset-backed securities | 17,005 | - | 17,005 | - | ||||||||||||
Trust Preferred Securities | 1,883 | - | - | 1,883 | ||||||||||||
Other securities | 118 | - | 118 | - | ||||||||||||
Securities Available for Sale | $ | 284,795 | $ | - | $ | 280,078 | $ | 4,717 | ||||||||
SBA Servicing Assets | $ | 4,886 | $ | 4,886 |
(dollars in thousands) | Total | (Level 1) Quoted Prices in Active Markets for Identical Assets | (Level 2) Significant Other Observable Inputs | (Level 3) Significant Unobservable Inputs | ||||||||||||
June 30, 2016 | ||||||||||||||||
Collateralized mortgage obligations | $ | 152,866 | $ | - | $ | 152,866 | $ | - | ||||||||
Agency mortgage-backed securities | 9,419 | - | 9,419 | - | ||||||||||||
Municipal securities | 25,272 | - | 25,272 | - | ||||||||||||
Corporate bonds | 47,799 | - | 44,929 | 2,870 | ||||||||||||
Asset-backed securities | 16,063 | - | 16,063 | - | ||||||||||||
Trust Preferred Securities | 1,755 | - | - | 1,755 | ||||||||||||
Other securities | 115 | - | 115 | - | ||||||||||||
Securities Available for Sale | $ | 253,289 | $ | - | $ | 248,664 | $ | 4,625 | ||||||||
SBA Servicing Assets | $ | 5,118 | $ | 5,118 | ||||||||||||
December 31, 2015 | ||||||||||||||||
Collateralized mortgage obligations | $ | 178,145 | $ | - | $ | 178,145 | $ | - | ||||||||
Agency mortgage-backed securities | 10,171 | - | 10,171 | - | ||||||||||||
Municipal securities | 23,344 | - | 23,344 | - | ||||||||||||
Corporate bonds | 54,129 | - | 51,295 | 2,834 | ||||||||||||
Asset-backed securities | 17,005 | - | 17,005 | - | ||||||||||||
Trust Preferred Securities | 1,883 | - | - | 1,883 | ||||||||||||
Other securities | 118 | - | 118 | - | ||||||||||||
Securities Available for Sale | $ | 284,795 | $ | - | $ | 280,078 | $ | 4,717 | ||||||||
SBA Servicing Assets | $ | 4,886 | $ | 4,886 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(dollars in thousands) | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||||||||
Beginning balance | $ | 4,886 | $ | 4,099 | $ | 5,058 | $ | 4,267 | $ | 4,886 | $ | 4,099 | ||||||||||||
Additions | 242 | 135 | 560 | 310 | 802 | 445 | ||||||||||||||||||
Fair value adjustments | (70 | ) | 33 | (500 | ) | (258 | ) | (570 | ) | (225 | ) | |||||||||||||
Ending balance | $ | 5,058 | $ | 4,267 | $ | 5,118 | $ | 4,319 | $ | 5,118 | $ | 4,319 |
Three Months Ended March 31, 2016 | Three Months Ended March 31, 2015 | Three Months Ended June 30, 2016 | Three Months Ended June 30, 2015 | |||||||||||||||||||||||||||||
Level 3 Investments Only (dollars in thousands) | Trust Preferred Securities | Corporate Bonds | Trust Preferred Securities | Corporate Bonds | Trust Preferred Securities | Corporate Bonds | Trust Preferred Securities | Corporate Bonds | ||||||||||||||||||||||||
Balance, January 1st | $ | 1,883 | $ | 2,834 | $ | 3,193 | $ | 3,005 | ||||||||||||||||||||||||
Unrealized (losses) gains | (24 | ) | 10 | (129 | ) | 1 | ||||||||||||||||||||||||||
Balance, April 1st | $ | 1,858 | $ | 2,844 | $ | 3,042 | $ | 3,006 | ||||||||||||||||||||||||
Unrealized gains (losses) | (99 | ) | 26 | 578 | (322 | ) | ||||||||||||||||||||||||||
Paydowns | - | - | (19 | ) | - | - | - | - | - | |||||||||||||||||||||||
Proceeds from sales | - | - | - | - | - | - | (1,538 | ) | - | |||||||||||||||||||||||
Realized (losses) gains | - | - | - | - | ||||||||||||||||||||||||||||
Realized losses | - | - | (76 | ) | - | |||||||||||||||||||||||||||
Impairment charges on Level 3 | (1 | ) | - | (3 | ) | - | (4 | ) | - | - | - | |||||||||||||||||||||
Balance, March 31st | $ | 1,858 | $ | 2,844 | $ | 3,042 | $ | 3,006 | ||||||||||||||||||||||||
Balance, June 30th | $ | 1,755 | $ | 2,870 | $ | 2,006 | $ | 2,684 |
Six Months Ended June 30, 2016 | Six Months Ended June 30, 2015 | |||||||||||||||
Level 3 Investments Only (dollars in thousands) | Trust Preferred Securities | Corporate Bonds | Trust Preferred Securities | Corporate Bonds | ||||||||||||
Balance, January 1st | $ | 1,883 | $ | 2,834 | $ | 3,193 | $ | 3,005 | ||||||||
Unrealized gains (losses) | (123 | ) | 36 | 449 | (321 | ) | ||||||||||
Paydowns | - | - | (19 | ) | - | |||||||||||
Proceeds from sales | - | - | (1,538 | ) | - | |||||||||||
Realized losses | - | - | (76 | ) | - | |||||||||||
Impairment charges on Level 3 | (5 | ) | - | (3 | ) | - | ||||||||||
Balance, June 30th | $ | 1,755 | $ | 2,870 | $ | 2,006 | $ | 2,684 |
(dollars in thousands) | Total | (Level 1) Quoted Prices in Active Markets for Identical Assets | (Level 2) Significant Other Observable Inputs | (Level 3) Significant Unobservable Inputs | ||||||||||||
March 31, 2016 | ||||||||||||||||
Impaired loans | $ | 3,862 | $ | - | $ | - | $ | 3,862 | ||||||||
Other real estate owned | 8,185 | - | - | 8,185 | ||||||||||||
December 31, 2015 | ||||||||||||||||
Impaired loans | $ | 5,734 | $ | - | $ | - | $ | 5,734 | ||||||||
Other real estate owned | 10,034 | - | - | 10,034 |
(dollars in thousands) | Total | (Level 1) Quoted Prices in Active Markets for Identical Assets | (Level 2) Significant Other Observable Inputs | (Level 3) Significant Unobservable Inputs | ||||||||||||
June 30, 2016: | ||||||||||||||||
Impaired loans | $ | 9,024 | $ | - | $ | - | $ | 9,024 | ||||||||
Other real estate owned | 8,807 | - | - | 8,807 | ||||||||||||
December 31, 2015: | ||||||||||||||||
Impaired loans | $ | 5,734 | $ | - | $ | - | $ | 5,734 | ||||||||
Other real estate owned | 10,034 | - | - | 10,034 |
Quantitative Information about Level 3 Fair Value Measurements | Quantitative Information about Level 3 Fair Value Measurements | ||||||||||||||||||
Asset Description | Fair Value | Valuation Technique | Unobservable Input | Range Weighted Average | Fair Value | Valuation Technique | Unobservable Input | Range Weighted Average | |||||||||||
March 31, 2016 | |||||||||||||||||||
June 30, 2016 | |||||||||||||||||||
Corporate bonds | $ | 2,844 | Discounted Cash Flows | Discount Rate | (4.13%) | $ | 2,870 | Discounted Cash Flows | Discount Rate | (4.19%) | |||||||||
Trust preferred securities | $ | 1,858 | Discounted Cash Flows | Discount Rate | 7.38% - 7.88% (7.61%) | $ | 1,755 | Discounted Cash Flows | Discount Rate | 7.87% - 8.37% (8.10%) | |||||||||
SBA servicing assets | $ | 5,058 | Discounted Cash Flows | Conditional Prepayment Rate Discount Rate | (6.28%) (10.00%) | $ | 5,118 | Discounted Cash Flows | Conditional Prepayment Rate Discount Rate | (6.35%) (10.0%) | |||||||||
Impaired loans | $ | 3,862 | Appraised Value of Collateral (1) | Liquidation expenses (2) Appraisal adjustment (2) | 12% - 35% (21%) (3) (9%) (3) | $ | 9,024 | Appraised Value of Collateral (1) | Liquidation expenses (2) Appraisal adjustment (2) | 7% - 24% (12%)(3) (0%)(3) | |||||||||
Other real estate owned | $ | 8,185 | Appraised Value of Collateral (1) Sales Price | Liquidation expenses (2) Appraisal adjustment (2) Liquidation expenses (2) | 7% - 19% (7%) (3) (0%) (6%) (3) | $ | 8,807 | Appraised Value of Collateral (1) Sales Price | Liquidation expenses (2) Appraisal adjustment (2) Liquidation expenses (2) | 4% - 19% (6%) (3) (0%) (6%)(3) | |||||||||
December 31, 2015 | |||||||||||||||||||
Corporate bonds | $ | 2,834 | Discounted Cash Flows | Discount Rate | (4.11%) | $ | 2,834 | Discounted Cash Flows | Discount Rate | (4.11%) | |||||||||
Trust preferred securities | $ | 1,883 | Discounted Cash Flows | Discount Rate | 7.31% - 7.81% (7.77%) | $ | 1,883 | Discounted Cash Flows | Discount Rate | 7.31% - 7.81% (7.77%) | |||||||||
SBA servicing assets | $ | 4,886 | Discounted Cash Flows | Conditional Prepayment Rate Discount Rate | (6.27%) (10.00%) | $ | 4,886 | Discounted Cash Flows | Conditional Prepayment Rate Discount Rate | (6.27%) (10.0%) | |||||||||
Impaired loans | $ | 5,734 | Appraised Value of Collateral (1) | Liquidation expenses (2) | 12% - 78% (20%) (3) | $ | 5,734 | Appraised Value of Collateral (1) | Liquidation expenses (2) | 12% - 78% (20%)(3) | |||||||||
Other real estate owned | $ | 10,034 | Appraised Value of Collateral (1) Sales Price | Liquidation expenses (2) Appraisal adjustment (2) Liquidation expenses (2) | 6% - 30% (10%) (3) (50%) 7% - 9% (9%) (3) | $ | 10,034 | Appraised Value of Collateral (1) Sales Price | Liquidation expenses (2) Appraisal adjustment (2) Liquidation expenses (2) | 6% - 30% (10%) (3) (50%) 7%-9% (9%) (3) |
(1) | Fair value is generally determined through independent appraisals of the underlying collateral, which include Level 3 inputs that are not identifiable. |
(2) | Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. |
(3) | The range and weighted average of qualitative factors such as economic conditions and estimated liquidation expenses are presented as a percent of the appraised value. |
(dollars in thousands) | March 31, 2016 | December 31, 2015 | June 30, 2016 | December 31, 2015 | ||||||||||||
SBA Servicing Asset | ||||||||||||||||
Fair Value of SBA Servicing Asset | $ | 5,058 | $ | 4,886 | $ | 5,118 | $ | 4,886 | ||||||||
Composition of SBA Loans Serviced for Others | ||||||||||||||||
Fixed-rate SBA loans | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Adjustable-rate SBA loans | 100 | % | 100 | % | 100 | % | 100 | % | ||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | ||||||||
Weighted Average Remaining Term | 20.9 years | 20.9 years | 21.0 years | 20.9 years | ||||||||||||
Prepayment Speed | 6.28 | % | 6.27 | % | 6.35 | % | 6.27 | % | ||||||||
Effect on fair value of a 10% increase | $ | (155 | ) | $ | (151 | ) | $ | (159 | ) | $ | (151 | ) | ||||
Effect on fair value of a 20% increase | (303 | ) | (296 | ) | (311 | ) | (296 | ) | ||||||||
Weighted Average Discount Rate | 10.00 | % | 10.00 | % | 10.00 | % | 10.00 | % | ||||||||
Effect on fair value of a 10% increase | $ | (213 | ) | $ | (206 | ) | $ | (214 | ) | $ | (206 | ) | ||||
Effect on fair value of a 20% increase | (409 | ) | (397 | ) | (413 | ) | (397 | ) |
Fair Value Measurements at March 31, 2016 | ||||||||||||||||||||
(dollars in thousands) | Carrying Amount | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||
Balance Sheet Data | ||||||||||||||||||||
Financial assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 65,198 | $ | 65,198 | $ | 65,198 | $ | - | $ | - | ||||||||||
Investment securities available for sale | 260,269 | 260,269 | - | 255,567 | 4,702 | |||||||||||||||
Investment securities held to maturity | 178,628 | 181,306 | - | 181,306 | - | |||||||||||||||
Restricted stock | 1,179 | 1,179 | - | 1,179 | - | |||||||||||||||
Loans held for sale | 1,983 | 1,999 | - | - | 1,999 | |||||||||||||||
Loans receivable, net | 890,088 | 870,274 | - | - | 870,274 | |||||||||||||||
SBA servicing assets | 5,058 | 5,058 | - | - | 5,058 | |||||||||||||||
Accrued interest receivable | 4,434 | 4,434 | - | 4,434 | - | |||||||||||||||
Financial liabilities: | ||||||||||||||||||||
Deposits | ||||||||||||||||||||
Demand, savings and money market | $ | 1,277,199 | $ | 1,277,199 | $ | - | $ | 1,277,199 | $ | - | ||||||||||
Time | 60,408 | 60,340 | - | 60,340 | - | |||||||||||||||
Subordinated debt | 22,476 | 19,186 | - | - | 19,186 | |||||||||||||||
Accrued interest payable | 219 | 219 | - | 219 | - | |||||||||||||||
Off-Balance Sheet Data | ||||||||||||||||||||
Commitments to extend credit | - | - | ||||||||||||||||||
Standby letters-of-credit | - | - |
Fair Value Measurements at June 30, 2016 | ||||||||||||||||||||
(dollars in thousands) | Carrying Amount | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||
Balance Sheet Data | ||||||||||||||||||||
Financial assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 111,772 | $ | 111,772 | $ | 111,772 | $ | - | $ | - | ||||||||||
Investment securities available for sale | 253,289 | 253,289 | - | 248,664 | 4,625 | |||||||||||||||
Investment securities held to maturity | 199,074 | 203,186 | - | 203,186 | - | |||||||||||||||
Restricted stock | 1,367 | 1,367 | - | 1,367 | - | |||||||||||||||
Loans held for sale | 5,487 | 5,747 | - | - | 5,747 | |||||||||||||||
Loans receivable, net | 920,993 | 902,135 | - | - | 902,135 | |||||||||||||||
SBA servicing assets | 5,118 | 5,118 | - | - | 5,118 | |||||||||||||||
Accrued interest receivable | 4,367 | 4,367 | - | 4,367 | - | |||||||||||||||
Financial liabilities: | ||||||||||||||||||||
Deposits | ||||||||||||||||||||
Demand, savings and money market | $ | 1,328,122 | $ | 1,328,122 | $ | - | $ | 1,328,122 | $ | - | ||||||||||
Time | 106,129 | 106,384 | - | 106,384 | - | |||||||||||||||
Subordinated debt | 22,476 | 18,659 | - | - | 18,659 | |||||||||||||||
Accrued interest payable | 313 | 313 | - | 313 | - | |||||||||||||||
Off-Balance Sheet Data | ||||||||||||||||||||
Commitments to extend credit | - | - | ||||||||||||||||||
Standby letters-of-credit | - | - |
Fair Value Measurements at December 31, 2015 | ||||||||||||||||||||
(dollars in thousands) | Carrying Amount | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||
Balance Sheet Data | ||||||||||||||||||||
Financial assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 27,139 | $ | 27,139 | $ | 27,139 | $ | - | $ | - | ||||||||||
Investment securities available for sale | 284,795 | 284,795 | - | 280,078 | 4,717 | |||||||||||||||
Investment securities held to maturity | 172,277 | 171,845 | - | 171,845 | - | |||||||||||||||
Restricted stock | 3,059 | 3,059 | - | 3,059 | - | |||||||||||||||
Loans held for sale | 3,653 | 3,831 | - | - | 3,831 | |||||||||||||||
Loans receivable, net | 866,066 | 849,578 | - | - | 849,578 | |||||||||||||||
SBA servicing assets | 4,886 | 4,886 | - | - | 4,886 | |||||||||||||||
Accrued interest receivable | 4,216 | 4,216 | - | 4,216 | - | |||||||||||||||
Financial liabilities: | ||||||||||||||||||||
Deposits | ||||||||||||||||||||
Demand, savings and money market | $ | 1,181,720 | $ | 1,181,720 | $ | - | $ | 1,181,720 | $ | - | ||||||||||
Time | 67,578 | 67,422 | - | 67,422 | - | |||||||||||||||
Short-term borrowings | 47,000 | 47,000 | - | 47,000 | - | |||||||||||||||
Subordinated debt | 22,476 | 18,972 | - | - | 18,972 | |||||||||||||||
Accrued interest payable | 245 | 245 | - | 245 | - | |||||||||||||||
Off-Balance Sheet Data | ||||||||||||||||||||
Commitments to extend credit | - | - | ||||||||||||||||||
Standby letters-of-credit | - | - |
Fair Value Measurements at December 31, 2015 | ||||||||||||||||||||
(dollars in thousands) | Carrying Amount | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||
Balance Sheet Data | ||||||||||||||||||||
Financial assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 27,139 | $ | 27,139 | $ | 27,139 | $ | - | $ | - | ||||||||||
Investment securities available for sale | 284,795 | 284,795 | - | 280,078 | 4,717 | |||||||||||||||
Investment securities held to maturity | 172,277 | 171,845 | - | 171,845 | - | |||||||||||||||
Restricted stock | 3,059 | 3,059 | - | 3,059 | - | |||||||||||||||
Loans held for sale | 3,653 | 3,831 | - | - | 3,831 | |||||||||||||||
Loans receivable, net | 866,066 | 849,578 | - | - | 849,578 | |||||||||||||||
SBA servicing assets | 4,886 | 4,886 | - | - | 4,886 | |||||||||||||||
Accrued interest receivable | 4,216 | 4,216 | - | 4,216 | - | |||||||||||||||
Financial liabilities: | ||||||||||||||||||||
Deposits | ||||||||||||||||||||
Demand, savings and money market | $ | 1,181,720 | $ | 1,181,720 | $ | - | $ | 1,181,720 | $ | - | ||||||||||
Time | 67,578 | 67,422 | - | 67,422 | - | |||||||||||||||
Short-term borrowings | 47,000 | 47,000 | - | 47,000 | - | |||||||||||||||
Subordinated debt | 22,476 | 18,972 | - | - | 18,972 | |||||||||||||||
Accrued interest payable | 245 | 245 | - | 245 | - | |||||||||||||||
Off-Balance Sheet Data | ||||||||||||||||||||
Commitments to extend credit | - | - | ||||||||||||||||||
Standby letters-of-credit | - | - |
Unrealized Gains (Losses) on Available- For-Sale Securities | Unrealized Holding Losses on Securities Transferred From Available-For-Sale To Held-To-Maturity | Total | Unrealized Gains (Losses) on Available-For-Sale Securities | Unrealized Holding Losses on Securities Transferred From Available-For-Sale To Held-To-Maturity | Total | |||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||
Balance January 1, 2016 | $ | (2,562 | ) | $ | (603 | ) | $ | (3,165 | ) | $ | (2,562 | ) | $ | (603 | ) | $ | (3,165 | ) | ||||||
Unrealized gain on securities | 2,122 | - | 2,122 | 2,863 | - | 2,863 | ||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income to net income (2) | (189 | ) | 37 | (152 | ) | (416 | ) | 61 | (355 | ) | ||||||||||||||
Net current-period other comprehensive income | 1,933 | 37 | 1,970 | 2,447 | 61 | 2,508 | ||||||||||||||||||
Balance March 31, 2016 | $ | (629 | ) | $ | (566 | ) | $ | (1,195 | ) | |||||||||||||||
Balance June 30, 2016 | $ | (115 | ) | $ | (542 | ) | $ | (657 | ) | |||||||||||||||
Balance January 1, 2015 | $ | 82 | $ | (714 | ) | $ | (632 | ) | $ | 82 | $ | (714 | ) | $ | (632 | ) | ||||||||
Unrealized gain on securities | 404 | - | 404 | (774 | ) | - | (774 | ) | ||||||||||||||||
Amounts reclassified from accumulated other comprehensive income to net income (2) | 2 | 37 | 39 | (4 | ) | 66 | 62 | |||||||||||||||||
Net current-period other comprehensive income | 406 | 37 | 443 | (778 | ) | 66 | (712 | ) | ||||||||||||||||
Balance March 31, 2015 | $ | 488 | $ | (677 | ) | $ | (189 | ) | ||||||||||||||||
Balance June 30, 2015 | $ | (696 | ) | $ | (648 | ) | $ | (1,344 | ) | |||||||||||||||
Balance January 1, 2015 | $ | 82 | $ | (714 | ) | $ | (632 | ) | $ | 82 | $ | (714 | ) | $ | (632 | ) | ||||||||
Unrealized gain on securities | (2,577 | ) | - | (2,577 | ) | (2,577 | ) | - | (2,577 | ) | ||||||||||||||
Amounts reclassified from accumulated other comprehensive income to net income (2) | (67 | ) | 111 | 44 | (67 | ) | 111 | 44 | ||||||||||||||||
Net current-period other comprehensive income | (2,644 | ) | 111 | (2,533 | ) | (2,644 | ) | 111 | (2,533 | ) | ||||||||||||||
Balance December 31, 2015 | $ | (2,562 | ) | $ | (603 | ) | $ | (3,165 | ) | $ | (2,562 | ) | $ | (603 | ) | $ | (3,165 | ) |
(1) | All amounts are net of tax. Amounts in parentheses indicate reductions to other comprehensive income. |
(2) | Reclassification amounts are reported as gains on sales of investment securities, impairment losses, and amortization of net unrealized losses on the Consolidated Statement of Operations. |
For the three months ended March 31, 2016 | For the three months ended March 31, 2015 | For the three months ended June 30, 2016 | For the three months ended June 30, 2015 | |||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Average Balance | Interest | Yield/ Rate(1) | Average Balance | Interest | Yield/ Rate(1) | Average Balance | Interest | Yield/ Rate(1) | Average Balance | Interest | Yield/ Rate(1) | ||||||||||||||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||||||||||||||||||||||||||
Federal funds sold and other interest-earning assets | $ | 47,109 | $ | 63 | 0.54 | % | $ | 130,418 | $ | 77 | 0.24 | % | $ | 72,517 | $ | 87 | 0.48 | % | $ | 125,839 | $ | 86 | 0.27 | % | ||||||||||||||||||||||||
Investment securities and restricted stock | 437,514 | 2,862 | 2.62 | % | 254,741 | 1,674 | 2.63 | % | 460,161 | 2,895 | 2.52 | % | 265,268 | 1,617 | 2.44 | % | ||||||||||||||||||||||||||||||||
Loans receivable | 887,499 | 10,046 | 4.55 | % | 783,379 | 9,145 | 4.73 | % | 921,274 | 10,445 | 4.56 | % | 812,155 | 9,339 | 4.61 | % | ||||||||||||||||||||||||||||||||
Total interest-earning assets | 1,372,122 | 12,971 | 3.80 | % | 1,168,538 | 10,896 | 3.78 | % | 1,453,952 | 13,427 | 3.71 | % | 1,203,262 | 11,042 | 3.68 | % | ||||||||||||||||||||||||||||||||
Other assets | 87,685 | 61,974 | 93,555 | 67,724 | ||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 1,459,807 | $ | 1,230,512 | $ | 1,547,507 | $ | 1,270,986 | ||||||||||||||||||||||||||||||||||||||||
Interest-earning liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Demand – non-interest bearing | $ | 261,810 | $ | 226,708 | $ | 266,996 | $ | 229,468 | ||||||||||||||||||||||||||||||||||||||||
Demand – interest bearing | 412,558 | 415 | 0.40 | % | 295,630 | 290 | 0.40 | % | 481,994 | 503 | 0.42 | % | 333,075 | 341 | 0.41 | % | ||||||||||||||||||||||||||||||||
Money market & savings | 559,458 | 609 | 0.44 | % | 489,779 | 553 | 0.46 | % | 574,207 | 637 | 0.45 | % | 491,644 | 501 | 0.41 | % | ||||||||||||||||||||||||||||||||
Time deposits | 65,414 | 141 | 0.87 | % | 75,485 | 175 | 0.94 | % | 77,856 | 183 | 0.95 | % | 73,497 | 170 | 0.93 | % | ||||||||||||||||||||||||||||||||
Total deposits | 1,299,240 | 1,165 | 0.36 | % | 1,087,602 | 1,018 | 0.38 | % | 1,401,053 | 1,323 | 0.38 | % | 1,127,684 | 1,012 | 0.36 | % | ||||||||||||||||||||||||||||||||
Total interest-bearing deposits | 1,037,430 | 1,165 | 0.45 | % | 860,894 | 1,018 | 0.48 | % | 1,134,057 | 1,323 | 0.47 | % | 898,216 | 1,012 | 0.45 | % | ||||||||||||||||||||||||||||||||
Other borrowings | 37,428 | 306 | 3.29 | % | 22,516 | 276 | 4.97 | % | 22,476 | 289 | 5.17 | % | 22,476 | 278 | 4.96 | % | ||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 1,074,858 | 1,471 | 0.55 | % | 883,410 | 1,294 | 0.59 | % | 1,156,533 | 1,612 | 0.56 | % | 920,692 | 1,290 | 0.56 | % | ||||||||||||||||||||||||||||||||
Total deposits and other borrowings | 1,336,668 | 1,471 | 0.44 | % | 1,110,118 | 1,294 | 0.47 | % | 1,423,529 | 1,612 | 0.46 | % | 1,150,160 | 1,290 | 0.45 | % | ||||||||||||||||||||||||||||||||
Non interest-bearing other liabilities | 7,478 | 7,094 | 6,871 | 7,123 | ||||||||||||||||||||||||||||||||||||||||||||
Shareholders' equity | 115,661 | 113,300 | 117,107 | 113,703 | ||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 1,459,807 | $ | 1,230,512 | $ | 1,547,507 | $ | 1,270,986 | ||||||||||||||||||||||||||||||||||||||||
Net interest income (2) | $ | 11,500 | $ | 9,602 | $ | 11,815 | $ | 9,752 | ||||||||||||||||||||||||||||||||||||||||
Net interest spread | 3.25 | % | 3.19 | % | 3.15 | % | 3.12 | % | ||||||||||||||||||||||||||||||||||||||||
Net interest margin (2) | 3.37 | % | 3.33 | % | 3.27 | % | 3.25 | % | ||||||||||||||||||||||||||||||||||||||||
For the six months ended June 30, 2016 | For the six months ended June 30, 2015 | |||||||||||||||||||||||
(dollars in thousands) | Average Balance | Interest | Yield/ Rate(1) | Average Balance | Interest | Yield/ Rate(1) | ||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||
Federal funds sold and other interest-earning assets | $ | 59,813 | $ | 150 | 0.50 | % | $ | 128,116 | $ | 163 | 0.26 | % | ||||||||||||
Investment securities and restricted stock | 448,837 | 5,757 | 2.57 | % | 260,034 | 3,291 | 2.53 | % | ||||||||||||||||
Loans receivable | 904,387 | 20,491 | 4.56 | % | 797,846 | 18,484 | 4.67 | % | ||||||||||||||||
Total interest-earning assets | 1,413,037 | 26,398 | 3.76 | % | 1,185,996 | 21,938 | 3.73 | % | ||||||||||||||||
Other assets | 90,620 | 64,865 | ||||||||||||||||||||||
Total assets | $ | 1,503,657 | $ | 1,250,861 | ||||||||||||||||||||
Interest-earning liabilities: | ||||||||||||||||||||||||
Demand – non-interest bearing | $ | 264,403 | $ | 228,096 | ||||||||||||||||||||
Demand – interest bearing | 447,276 | 918 | 0.41 | % | 314,455 | 631 | 0.40 | % | ||||||||||||||||
Money market & savings | 566,833 | 1,246 | 0.44 | % | 490,717 | 1,054 | 0.43 | % | ||||||||||||||||
Time deposits | 71,635 | 324 | 0.91 | % | 74,486 | 345 | 0.93 | % | ||||||||||||||||
Total deposits | 1,350,147 | 2,488 | 0.37 | % | 1,107,754 | 2,030 | 0.37 | % | ||||||||||||||||
Total interest-bearing deposits | 1,085,744 | 2,488 | 0.46 | % | 879,658 | 2,030 | 0.47 | % | ||||||||||||||||
Other borrowings | 29,952 | 595 | 3.99 | % | 22,496 | 554 | 4.97 | % | ||||||||||||||||
Total interest-bearing liabilities | 1,115,696 | 3,083 | 0.56 | % | 902,154 | 2,584 | 0.58 | % | ||||||||||||||||
Total deposits and other borrowings | 1,380,099 | 3,083 | 0.45 | % | 1,130,250 | 2,584 | 0.46 | % | ||||||||||||||||
Non interest-bearing other liabilities | 7,211 | 7,184 | ||||||||||||||||||||||
Shareholders' equity | 116,347 | 113,427 | ||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 1,503,657 | $ | 1,250,861 | ||||||||||||||||||||
Net interest income (2) | $ | 23,315 | $ | 19,354 | ||||||||||||||||||||
Net interest spread | 3.20 | % | 3.15 | % | ||||||||||||||||||||
Net interest margin (2) | 3.32 | % | 3.29 | % |
For the three months ended March 31, 2016 vs. 2015 | ||||||||||||
Changes due to: | ||||||||||||
(dollars in thousands) | Average Volume | Average Rate | Total Change | |||||||||
Interest earned: | ||||||||||||
Federal funds sold and other interest-earning assets | $ | (111 | ) | $ | 97 | $ | (14 | ) | ||||
Securities | 1,196 | (8 | ) | 1,188 | ||||||||
Loans | 1,168 | (267 | ) | 901 | ||||||||
Total interest-earning assets | 2,253 | (178 | ) | 2,075 | ||||||||
Interest expense: | ||||||||||||
Deposits | ||||||||||||
Interest-bearing demand deposits | 117 | 8 | 125 | |||||||||
Money market and savings | 76 | (20 | ) | 56 | ||||||||
Time deposits | (21 | ) | (13 | ) | (34 | ) | ||||||
Total deposit interest expense | 172 | (25 | ) | 147 | ||||||||
Other borrowings | 22 | 8 | 30 | |||||||||
Total interest expense | 194 | (17 | ) | 177 | ||||||||
Net interest income | $ | 2,059 | $ | (161 | ) | $ | 1,898 |
For the three months ended June 30, 2016 vs. 2015 | For the six months ended June 30, 2016 vs. 2015 | |||||||||||||||||||||||
Changes due to: | Changes due to: | |||||||||||||||||||||||
(dollars in thousands) | Average Volume | Average Rate | Total Change | Average Volume | Average Rate | Total Change | ||||||||||||||||||
Interest earned: | ||||||||||||||||||||||||
Federal funds sold and other interest-earning assets | $ | (60 | ) | $ | 61 | $ | 1 | $ | (171 | ) | $ | 158 | $ | (13 | ) | |||||||||
Securities | 1,226 | 52 | 1,278 | 2,422 | 44 | 2,466 | ||||||||||||||||||
Loans | 1,228 | (122 | ) | 1,106 | 2,396 | (389 | ) | 2,007 | ||||||||||||||||
Total interest-earning assets | 2,394 | (9 | ) | 2,385 | 4,647 | (187 | ) | 4,460 | ||||||||||||||||
Interest expense: | ||||||||||||||||||||||||
Deposits | ||||||||||||||||||||||||
Interest-bearing demand deposits | 155 | 7 | 162 | 272 | 15 | 287 | ||||||||||||||||||
Money market and savings | 92 | 44 | 136 | 168 | 24 | 192 | ||||||||||||||||||
Time deposits | 8 | 5 | 13 | (13 | ) | (8 | ) | (21 | ) | |||||||||||||||
Total deposit interest expense | 255 | 56 | 311 | 427 | 31 | 458 | ||||||||||||||||||
Other borrowings | - | 11 | 11 | 22 | 19 | 41 | ||||||||||||||||||
Total interest expense | 255 | 67 | 322 | 449 | 50 | 499 | ||||||||||||||||||
Net interest income | $ | 2,139 | $ | (76 | ) | $ | 2,063 | $ | 4,198 | $ | (237 | ) | $ | 3,961 |
(dollars in thousands) | Actual | Minimum Capital Adequacy | Minimum Capital Adequacy with Capital Buffer | To Be Well Capitalized Under Prompt Corrective Action Provisions | Actual | Minimum Capital Adequacy | Minimum Capital Adequacy with Capital Buffer | To Be Well Capitalized Under Prompt Corrective Action Provisions | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||||||||||||||||||||||
At March 31, 2016: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At June 30, 2016: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total risk based capital | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Republic | $ | 139,181 | 12.48 | % | $ | 89,182 | 8.00 | % | $ | 96,150 | 8.625 | % | $ | 111,478 | 10.00 | % | $ | 140,201 | 12.11 | % | $ | 92,633 | 8.00 | % | $ | 99,870 | 8.625 | % | $ | 115,791 | 10.00 | % | |||||||||||||||||||||||||||||||||
Company | 145,591 | 13.00 | % | 89,555 | 8.00 | % | 96,551 | 8.625 | % | - | - | % | 146,717 | 12.62 | % | 93,019 | 8.00 | % | 100,286 | 8.625 | % | - | - | % | |||||||||||||||||||||||||||||||||||||||||
Tier one risk based capital | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Republic | 130,152 | 11.67 | % | 66,887 | 6.00 | % | 73,854 | 6.625 | % | 89,182 | 8.00 | % | 131,440 | 11.35 | % | 69,474 | 6.00 | % | 76,711 | 6.625 | % | 92,633 | 8.00 | % | |||||||||||||||||||||||||||||||||||||||||
Company | 136,562 | 12.20 | % | 67,166 | 6.00 | % | 74,162 | 6.625 | % | - | - | % | 137,956 | 11.86 | % | 69,764 | 6.00 | % | 77,032 | 6.625 | % | - | - | % | |||||||||||||||||||||||||||||||||||||||||
CET 1 risk based capital | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Republic | 130,152 | 11.67 | % | 50,165 | 4.50 | % | 57,132 | 5.125 | % | 72,461 | 6.50 | % | 131,440 | 11.35 | % | 52,106 | 4.50 | % | 59,343 | 5.125 | % | 75,264 | 6.50 | % | |||||||||||||||||||||||||||||||||||||||||
Company | 114,762 | 10.25 | % | 50,374 | 4.50 | % | 57,371 | 5.125 | % | - | - | % | 116,156 | 9.99 | % | 52,323 | 4.50 | % | 59,590 | 5.125 | % | - | - | % | |||||||||||||||||||||||||||||||||||||||||
Tier one leveraged capital | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Republic | 130,152 | 8.97 | % | 58,062 | 4.00 | % | 58,062 | 4.00 | % | 72,577 | 5.00 | % | 131,440 | 8.54 | % | 61,562 | 4.00 | % | 61,562 | 4.00 | % | 76,952 | 5.00 | % | |||||||||||||||||||||||||||||||||||||||||
Company | 136,562 | 9.37 | % | 58,271 | 4.00 | % | 58,271 | 4.00 | % | - | - | % | 137,956 | 8.93 | % | 61,777 | 4.00 | % | 61,777 | 4.00 | % | - | - | % | |||||||||||||||||||||||||||||||||||||||||
At December 31, 2015: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total risk based capital | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Republic | $ | 138,566 | 12.65 | % | $ | 87,617 | 8.00 | % | $ | - | - | % | $ | 109,521 | 10.00 | % | $ | 138,566 | 12.65 | % | $ | 87,617 | 8.00 | % | $ | - | - | % | $ | 109,521 | 10.00 | % | |||||||||||||||||||||||||||||||||
Company | 145,089 | 13.19 | % | 87,976 | 8.00 | % | - | - | % | - | - | % | 145,089 | 13.19 | % | 87,976 | 8.00 | % | - | - | % | - | - | % | |||||||||||||||||||||||||||||||||||||||||
Tier one risk based capital | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Republic | 129,863 | 11.86 | % | 65,712 | 6.00 | % | - | - | % | 87,617 | 8.00 | % | 129,863 | 11.86 | % | 65,712 | 6.00 | % | - | - | % | 87,617 | 8.00 | % | |||||||||||||||||||||||||||||||||||||||||
Company | 136,386 | 12.40 | % | 65,982 | 6.00 | % | - | - | % | - | - | % | 136,386 | 12.40 | % | 65,982 | 6.00 | % | - | - | % | - | - | % | |||||||||||||||||||||||||||||||||||||||||
CET 1 risk based capital | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Republic | 129,863 | 11.86 | % | 49,284 | 4.50 | % | - | - | % | 71,189 | 6.50 | % | 129,863 | 11.86 | % | 49,284 | 4.50 | % | - | - | % | 71,189 | 6.50 | % | |||||||||||||||||||||||||||||||||||||||||
Company | 114,586 | 10.42 | % | 49,487 | 4.50 | % | - | - | % | - | - | % | 114,586 | 10.42 | % | 49,487 | 4.50 | % | - | - | % | - | - | % | |||||||||||||||||||||||||||||||||||||||||
Tier one leveraged capital | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Republic | 129,863 | 9.22 | % | 56,328 | 4.00 | % | - | - | % | 70,410 | 5.00 | % | 129,863 | 9.22 | % | 56,328 | 4.00 | % | - | - | % | 70,410 | 5.00 | % | |||||||||||||||||||||||||||||||||||||||||
Company | 136,386 | 9.65 | % | 56,531 | 4.00 | % | - | - | % | - | - | % | 136,386 | 9.65 | % | 56,531 | 4.00 | % | - | - | % | - | - | % |
March 31, 2016 | December 31, 2015 | |||||||
Loans accruing, but past due 90 days or more | $ | 8,037 | $ | - | ||||
Non-accrual loans | 11,819 | 12,622 | ||||||
Total non-performing loans | 19,856 | 12,622 | ||||||
Other real estate owned | 11,393 | 11,313 | ||||||
Total non-performing assets | $ | 31,249 | $ | 23,935 | ||||
Non-performing loans as a percentage of total loans, net of unearned income | 2.21 | % | 1.44 | % | ||||
Non-performing assets as a percentage of total assets | 2.11 | % | 1.66 | % |
June 30, 2016 | December 31, 2015 | |||||||
Loans accruing, but past due 90 days or more | $ | - | $ | - | ||||
Non-accrual loans | 18,842 | 12,622 | ||||||
Total non-performing loans | 18,842 | 12,622 | ||||||
Other real estate owned | 11,974 | 11,313 | ||||||
Total non-performing assets | $ | 30,816 | $ | 23,935 | ||||
Non-performing loans as a percentage of total loans, net of unearned income(1) | 2.03 | % | 1.44 | % | ||||
Non-performing assets as a percentage of total assets | 1.95 | % | 1.66 | % |
(1) | Non-performing loans are comprised of (i) loans that are on non-accrual basis and (ii) accruing loans that are 90 days or more past due. Non-performing assets are composed of non-performing loans and other real estate owned. |
(dollars in thousands) | March 31, | December 31, | June 30, | December 31, | |||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||
30 to 59 days past due | $ | 4,513 | $ | 2,878 | $ | - | $ | 2,878 | |||||
60 to 89 days past due | 17 | 9,315 | 1,108 | 9,315 | |||||||||
Total loans 30 to 89 days past due | $ | 4,530 | $ | 12,193 | $ | 1,108 | $ | 12,193 |
(dollars in thousands) | March 31, 2016 | December 31, 2015 | June 30, 2016 | December 31, 2015 | ||||||||||||
Beginning Balance, January 1st | $ | 11,313 | $ | 3,715 | $ | 11,313 | $ | 3,715 | ||||||||
Additions | 282 | 11,459 | 866 | 11,459 | ||||||||||||
Valuation adjustments | (126 | ) | (3,069 | ) | (129 | ) | (3,069 | ) | ||||||||
Dispositions | (76 | ) | (792 | ) | (76 | ) | (792 | ) | ||||||||
Ending Balance | $ | 11,393 | $ | 11,313 | $ | 11,974 | $ | 11,313 |
(dollars in thousands) | For the six months ended June 30, 2016 | For the twelve months ended December 31, 2015 | For the six months ended June 30, 2015 | |||||||||
Balance at beginning of period | $ | 8,703 | $ | 11,536 | $ | 11,536 | ||||||
Charge‑offs: | ||||||||||||
Commercial real estate | - | 2,624 | 2,623 | |||||||||
Construction and land development | - | 260 | 222 | |||||||||
Commercial and industrial | 18 | 408 | 325 | |||||||||
Owner occupied real estate | 954 | 133 | 55 | |||||||||
Consumer and other | - | - | - | |||||||||
Residential Mortgage | - | - | - | |||||||||
Total charge‑offs | 972 | 3,425 | 3,225 | |||||||||
Recoveries: | ||||||||||||
Commercial real estate | 6 | 4 | 4 | |||||||||
Construction and land development | - | 5 | 5 | |||||||||
Commercial and industrial | 74 | 49 | 46 | |||||||||
Owner occupied real estate | - | - | - | |||||||||
Consumer and other | - | 34 | 32 | |||||||||
Residential Mortgage | - | - | - | |||||||||
Total recoveries | 80 | 92 | 87 | |||||||||
Net charge‑offs | 892 | 3,333 | 3,138 | |||||||||
Provision for loan losses | 950 | 500 | - | |||||||||
Balance at end of period | $ | 8,761 | 8,703 | $ | 8,398 | |||||||
Average loans outstanding(1) | $ | 904,387 | $ | 820,820 | $ | 797,846 | ||||||
As a percent of average loans:(1) | ||||||||||||
Net charge‑offs (annualized) | 0.20 | % | 0.41 | % | 0.79 | % | ||||||
Provision for loan losses (annualized) | 0.21 | % | 0.06 | % | - | % | ||||||
Allowance for loan losses | 0.97 | % | 1.06 | % | 1.05 | % | ||||||
Allowance for loan losses to: | ||||||||||||
Total loans, net of unearned income | 0.94 | % | 0.99 | % | 1.02 | % | ||||||
Total non‑performing loans | 46.50 | % | 68.95 | % | 51.73 | % |
(dollars in thousands) | For the three months ended March 31, 2016 | For the twelve months ended December 31, 2015 | For the three months ended March 31, 2015 | |||||||||
Balance at beginning of period | $ | 8,703 | $ | 11,536 | $ | 11,536 | ||||||
Charge‑offs: | ||||||||||||
Commercial real estate | - | 2,624 | 231 | |||||||||
Construction and land development | - | 260 | 222 | |||||||||
Commercial and industrial | 18 | 408 | 169 | |||||||||
Owner occupied real estate | 28 | 133 | 55 | |||||||||
Consumer and other | - | - | - | |||||||||
Residential mortgage | - | - | ||||||||||
Total charge‑offs | 46 | 3,425 | 677 | |||||||||
Recoveries: | ||||||||||||
Commercial real estate | - | 4 | 4 | |||||||||
Construction and land development | - | 5 | 5 | |||||||||
Commercial and industrial | 72 | 49 | 45 | |||||||||
Owner occupied real estate | - | - | - | |||||||||
Consumer and other | - | 34 | 31 | |||||||||
Residential mortgage | - | - | - | |||||||||
Total recoveries | 72 | 92 | 85 | |||||||||
Net charge‑offs/(recoveries) | (26 | ) | 3,333 | 592 | ||||||||
Provision for loan losses | 300 | 500 | - | |||||||||
Balance at end of period | $ | 9,029 | $ | 8,703 | $ | 10,944 | ||||||
Average loans outstanding(1) | $ | 887,499 | $ | 820,820 | $ | 783,379 | ||||||
As a percent of average loans:(1) | ||||||||||||
Net charge‑offs (annualized) | (0.01 | )% | 0.41 | % | 0.31 | % | ||||||
Provision for loan losses (annualized) | 0.14 | % | 0.06 | % | - | % | ||||||
Allowance for loan losses | 1.02 | % | 1.06 | % | 1.40 | % | ||||||
Allowance for loan losses to: | ||||||||||||
Total loans, net of unearned income | 1.00 | % | 0.99 | % | 1.39 | % | ||||||
Total non‑performing loans | 45.47 | % | 68.95 | % | 43.83 | % |
(1) |
(dollars in thousands) | March 31, 2016 | December 31, 2015 | June 30, 2016 | December 31, 2015 | ||||||||||||
Total nonperforming loans | $ | 19,856 | $ | 12,622 | $ | 18,842 | $ | 12,622 | ||||||||
Nonperforming and impaired loans with partial charge-offs | 2,542 | 3,431 | 2,317 | 3,431 | ||||||||||||
Ratio of nonperforming loans with partial charge-offs to total loans | 0.28 | % | 0.39 | % | 0.25 | % | 0.39 | % | ||||||||
Ratio of nonperforming loans with partial charge-offs to total nonperforming loans | 12.80 | % | 27.18 | % | 12.30 | % | 27.18 | % | ||||||||
Coverage ratio net of nonperforming loans with partial charge-offs | 355.19 | % | 253.66 | % | 378.12 | % | 253.66 | % |
Exhibit Number | Description | Location | ||
3.1 | Amended and Restated Articles of Incorporation of Republic First Bancorp, Inc. | Incorporated by reference to Form 8-K filed May 13, 2010 | ||
3.2 | Amended and Restated By-Laws of Republic First Bancorp, Inc. | Incorporated by reference to Form S-1 filed April 23, 2010 (333-166286) | ||
31.1 | ||||
31.2 | ||||
32.1 | ||||
32.2 | ||||
101 | The following materials from the Company's Quarterly Report on Form 10-Q for the quarter ended | |||
REPUBLIC FIRST BANCORP, INC. | ||
Date: | By: | /s/ Harry D. Madonna |
Harry D. Madonna | ||
Chairman, President and Chief Executive Officer (principal executive officer) | ||
Date: | By: | /s/ Frank A. Cavallaro |
Frank A. Cavallaro | ||
Executive Vice President and Chief Financial Officer (principal financial and accounting officer) | ||