Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 31, 2017 | Jun. 30, 2015 | |
Details | |||
Registrant Name | UNITED BANCSHARES INC /PA | ||
Registrant CIK | 944,792 | ||
SEC Form | 10-K | ||
Period End date | Dec. 31, 2015 | ||
Fiscal Year End | --12-31 | ||
Trading Symbol | usbi | ||
Tax Identification Number (TIN) | 232,802,415 | ||
Number of common stock shares outstanding | 826,921 | ||
Public Float | $ 0 | ||
Filer Category | Smaller Reporting Company | ||
Current with reporting | Yes | ||
Voluntary filer | No | ||
Well-known Seasoned Issuer | No | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Contained File Information, File Number | 0-25976 | ||
Entity Incorporation, State Country Name | Pennsylvania | ||
Entity Address, Address Line One | The Graham Building, 30 South 15th Street, Suite 1200 | ||
Entity Address, City or Town | Philadelphia | ||
Entity Address, State or Province | Pennsylvania | ||
Entity Address, Postal Zip Code | 19,102 | ||
City Area Code | 215 | ||
Local Phone Number | 351-4600 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Assets: | ||
Cash and due from banks | $ 2,107,359 | $ 1,919,494 |
Interest-bearing deposits with banks | 310,739 | 310,088 |
Federal funds sold | 8,364,000 | 1,007,000 |
Cash and cash equivalents | 10,782,098 | 3,236,582 |
Investment securities: | ||
Available-for-sale, at fair value | 7,572,029 | 8,539,892 |
Loans held for sale, at fair value | 3,260,761 | 6,160,183 |
Loans held at fair value | 2,458,930 | 628,750 |
Loans and Leases Receivable, Net of Deferred Income | 33,519,042 | 40,861,890 |
Less allowance for loan losses | (418,013) | (734,567) |
Net loans | 33,101,029 | 40,127,323 |
Bank premises and equipment, net | 492,730 | 549,466 |
Accrued interest receivable | 175,416 | 249,571 |
Other real estate owned | 479,627 | 563,543 |
Prepaid expenses and other assets | 661,618 | 408,956 |
Total assets | 58,984,238 | 60,464,266 |
Liabilities: | ||
Demand deposits, noninterest-bearing | 16,417,150 | 14,984,387 |
Demand deposits, interest-bearing | 13,605,888 | 13,738,476 |
Savings deposits | 11,680,878 | 12,091,282 |
Time deposits, under $250,000 | 7,505,729 | 8,642,512 |
Time deposits, $250,000 and over | 6,752,759 | 7,505,656 |
Total deposits | 55,962,404 | 56,962,313 |
Accrued interest payable | 9,157 | 16,253 |
Accrued expenses and other liabilities | 332,915 | 305,060 |
Total liabilities | 56,304,476 | 57,283,626 |
Shareholders' equity: | ||
Series A preferred stock, noncumulative, 6%, $0.01 par value, 500,000 shares authorized; 99,342 and 136,842 issued and outstanding at December 31, 2015 and 2014, respectively | 993 | 1,368 |
Common stock, $0.01 par value; 2,000,000 shares authorized;826,921 and 1,068,588 issued and outstanding at December 31, 2015 and 2014, respectively | 8,269 | 8,769 |
Class B Non-voting common stock; 250,000 shares authorized; $0.01 par value;0 and 191,667 issued and outstanding at December 31, 2015 and 2014, respectively | 0 | 1,917 |
Additional paid-in-capital | 14,752,644 | 14,749,852 |
Accumulated deficit | (12,062,818) | (11,568,043) |
Accumulated other comprehensive loss | (19,326) | (13,223) |
Total shareholders' equity | 2,679,762 | 3,180,640 |
Total liabilities and shareholders' equity | $ 58,984,238 | $ 60,464,266 |
CONSOLIDATED BALANCE SHEETS - P
CONSOLIDATED BALANCE SHEETS - Parenthetical - $ / shares | Dec. 31, 2014 | Dec. 31, 2015 |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 2,000,000 | 2,000,000 |
Common Stock, Shares, Issued | 1,068,588 | 826,921 |
Common Stock, Shares, Outstanding | 1,068,588 | 826,921 |
Series A Preferred Stock | ||
Preferred Stock, Dividend Rate, Percentage | 6.00% | 6.00% |
Preferred Stock, Shares Authorized | 500,000 | 500,000 |
Preferred Stock, Shares Issued | 136,842 | 99,342 |
Preferred Stock, Shares Outstanding | 136,842 | 99,342 |
Class B NonVoting Common Stock | ||
Common Stock, Shares Authorized | 250,000 | 250,000 |
Common Stock, Shares, Issued | 191,667 | 0 |
Common Stock, Shares, Outstanding | 191,667 | 0 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Interest income: | ||
Interest and fees on loans | $ 2,392,183 | $ 2,685,241 |
Interest on investment securities | 179,065 | 233,486 |
Interest on federal funds sold | 15,418 | 8,345 |
Interest on time deposits with other banks | 659 | 3,319 |
Total interest income | 2,587,325 | 2,930,391 |
Interest expense: | ||
Interest on time deposits | 38,070 | 39,847 |
Interest on demand deposits | 25,125 | 26,893 |
Interest on savings deposits | 5,882 | 6,176 |
Total interest expense | 69,077 | 72,916 |
Net interest income | 2,518,248 | 2,857,475 |
(Credit) provision for loan losses | (68,000) | 162,000 |
Net interest income after provision for loan losses | 2,586,248 | 2,695,475 |
Noninterest income: | ||
Customer service fees | 416,480 | 385,633 |
ATM fee income | 118,550 | 154,788 |
Loan syndication fee income | 150,000 | 152,550 |
Net (loss) gain on sale of other real estate | (16,848) | 11,321 |
Gain on sale of investment securities | 0 | 6,216 |
Net change in fair value of financial instruments | 232,797 | 353,035 |
Gain on sale of loans | 410,040 | 228,239 |
Other income | 85,894 | 85,196 |
Total noninterest income | 1,396,913 | 1,376,978 |
Noninterest expense: | ||
Salaries, wages and employee benefits | 1,572,595 | 1,623,194 |
Occupancy and equipment | 972,561 | 1,000,007 |
Office operations and supplies | 308,070 | 282,372 |
Marketing and public relations | 73,590 | 89,765 |
Professional services | 318,774 | 312,954 |
Data processing | 389,008 | 418,040 |
Loan and collection costs | 255,809 | 147,553 |
Other real estate owned, net | 11,303 | 20,600 |
Deposit insurance assessments | 134,800 | 140,400 |
Other operating | 441,426 | 380,635 |
Total noninterest expense | 4,477,936 | 4,415,520 |
Net loss before income taxes | (494,775) | (343,067) |
Provision for income taxes | 0 | 0 |
Net loss | $ (494,775) | $ (343,067) |
Net loss per common share-basic and diluted | $ (0.57) | $ (0.32) |
Weighted average number of common shares | 863,999 | 1,068,588 |
Comprehensive Loss | ||
Net loss | $ (494,775) | $ (343,067) |
Unrealized (losses) gains on available for sale securities | (6,103) | 313,823 |
Total comprehensive loss | $ (500,878) | $ (29,244) |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) | Series A Preferred Stock | Common Stock | Additional Paid-in Capital | Retained Earnings | AOCI Attributable to Parent | Total |
Balance at December 31, 2013 at Dec. 31, 2013 | $ 1,368 | $ 10,686 | $ 14,749,852 | $ (11,224,976) | $ (327,046) | $ 3,209,884 |
Shares, Outstanding, Beginning Balance at Dec. 31, 2013 | 136,842 | 1,068,588 | ||||
Net loss | $ 0 | $ 0 | 0 | (343,067) | 0 | (343,067) |
Other comprehensive income (loss), net of tax | 0 | 0 | 0 | 0 | 313,823 | 313,823 |
Balance at year end at Dec. 31, 2014 | $ 1,368 | $ 10,686 | 14,749,852 | (11,568,043) | (13,223) | 3,180,640 |
Shares, Outstanding, Ending Balance at Dec. 31, 2014 | 136,842 | 1,068,588 | ||||
Cancellation of common stock | $ 0 | $ (2,417) | 2,417 | 0 | 0 | 0 |
Cancellation Of Common Stock Shares | (241,667) | |||||
Cancellation of Preferred Series A stock | $ (375) | $ 0 | 375 | 0 | 0 | 0 |
Cancellation Of Preferred Series A Stock Shares | (37,500) | |||||
Net loss | $ 0 | 0 | 0 | (494,775) | 0 | (494,775) |
Other comprehensive income (loss), net of tax | 0 | 0 | 0 | 0 | (6,103) | (6,103) |
Balance at year end at Dec. 31, 2015 | $ 993 | $ 8,269 | $ 14,752,644 | $ (12,062,818) | $ (19,326) | $ 2,679,762 |
Shares, Outstanding, Ending Balance at Dec. 31, 2015 | 99,342 | 826,921 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | ||
Net loss | $ (494,775) | $ (343,067) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
(Credit) provision for loan losses | (68,000) | 162,000 |
Net (loss) gain on sale of other real estate | 16,848 | (11,321) |
Gain on sale of loans | (410,040) | (228,239) |
Gain on sale of investment securities | 0 | (6,216) |
Amortization of premiums on investments | 16,996 | 23,107 |
Depreciation on fixed assets | 177,987 | 175,465 |
(Write-up) write-down of other real estate owned | (39,294) | 13,250 |
Loans originated for sale | (4,721,164) | (6,257,496) |
Proceeds from sale of loans held-for-sale | 6,433,243 | 2,124,192 |
Net change in fair value of financial instruments | (232,797) | (353,035) |
(Increase) decrease in accrued interest receivable and other assets | (178,507) | 123,201 |
Increase (decrease) in accrued interest payable and other liabilities | 20,759 | (110,013) |
Net cash provided by (used in) operating activities | 521,256 | (4,688,172) |
Cash flows from investing activities: | ||
Purchase of available-for-sale investment securities | (1,200,118) | (48) |
Proceeds from maturity and principal reductions of available-for-sale investment securities | 2,144,881 | 421,149 |
Proceeds from sale of available-for sale investment securities | 0 | 915,918 |
Proceeds from sale of other real estate owned | 254,603 | 107,115 |
Net decrease in loans | 6,946,054 | 914,146 |
Purchase of bank premises and equipment | (121,251) | (75,772) |
Net cash provided by investing activities | 8,024,169 | 2,282,508 |
Cash flows from financing activities: | ||
Net decrease in deposits | (999,909) | (147,532) |
Net cash used in financing activities | (999,909) | (147,532) |
Net increase (decrease) in cash and cash equivalents | 7,545,516 | (2,553,196) |
Cash and cash equivalents at beginning of year | 3,236,582 | 5,789,778 |
Cash and cash equivalents at end of year | 10,782,098 | 3,236,582 |
Supplemental disclosure of cash flow information: | ||
Cash paid during the year for interest | 71,176 | 69,385 |
Noncash transfer of loans to other real estate owned | $ 148,241 | $ 239,500 |
1. Summary of Significant Accou
1. Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
1. Summary of Significant Accounting Policies | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES United Bancshares, Inc. (“the Company”) is the holding company for United Bank of Philadelphia (the “Bank”). The Company was incorporated under the laws of the Commonwealth of Pennsylvania on April 8, 1993 and provides financial services through the Bank. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, the Bank. All significant intercompany transactions and balances have been eliminated. Management’s Use of Estimates The preparation of the financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Material estimates which are particularly susceptible to significant change in the near term relate to the fair value of investment securities, the determination of the allowance for loan losses, the fair value of loans held at fair value, valuation allowance for deferred tax assets, the carrying value of other real estate owned, the determination of other than temporary impairment for securities. Marketing and Advertising Marketing and advertising costs are expensed as incurred. Statement of Cash Flows For purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks, interest bearing deposits with banks that mature within 90 days and federal funds sold on an overnight basis. Changes in loans made to and deposits received from customers are reported on a net basis. Securities Bonds, notes, and debentures for which the Company has both the positive intent and ability to hold to maturity are classified as held-to-maturity and carried at cost, adjusted for premiums and discounts that are recognized in interest income using the interest method over the period to maturity. If transfers between the available-for-sale and held-to-maturity portfolios occur, they are accounted for at fair value and unrealized holding gains and losses are accounted for at the date of transfer. For securities transferred to available-for-sale from held-to-maturity, unrealized gains and losses as of the date of the transfer are recognized in accumulated other comprehensive loss as a separate component of shareholders’ equity. For securities transferred into the held-to-maturity portfolio from available-for-sale, unrealized gains and losses as of the date of the transfer continue to be reported in accumulated other comprehensive loss, and are amortized over the remaining life of the security as an adjustment to its yield, consistent with amortization of the premium or accretion of the discount. United Bancshares, Inc. and Subsidiary NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED December 31, 2015 and 2014 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued Management evaluates securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concern warrants such evaluation. Declines in the fair value of individual debt securities below their cost that are deemed to be other than temporary result in write-downs of the individual securities to their fair value. Debt securities that are deemed to be other-than-temporarily impaired are reflected in earnings as realized losses to the extent impairment is related to credit losses. The amount of the impairment for debt securities related to other factors is recognized in other comprehensive loss. In evaluating whether impairment is temporary or other-than-temporary, management first considers whether the Bank intends to sell the security or it is more-likely-than-not that the Bank will be required to sell the security prior to recovery. In these circumstances, the loss is determined to be other-than-temporary and the difference between the security’s fair value and its amortized cost is reflected as a loss in the statement of operations. If management does not intend to sell the security and likely will not be required to sell the security prior to forecasted recovery, management evaluates whether it expects to recover the entire amortized cost of the debt security or if there is a credit loss. In evaluating whether there is a credit loss, management considers various qualitative factors which include (1) the length of time and the extent to which the fair value has been less than cost, (2) the reasons for the decline in the fair value, and (3) the financial position and access to capital of the issuer, including the current and future impact of any specific events. If, based on an analysis of these factors, management concludes that there is a credit loss, then management calculates the expected cash flows and records a loss in earnings equal to the difference between the amortized cost of the debt security and the expected present value of cash flows. The portion of the decline in fair value that is due to factors other than credit loss is recognized in other comprehensive loss. No investment securities held by the Bank as of December 31, 2015 and 2014 were subjected to a write-down due to credit related other-than-temporary impairment. Interest income from securities adjusted for the amortization of premiums and accretion of discounts is recognized in interest income using the interest method over the contractual lives of the related securities. Realized gains and losses, determined using the amortized cost value of the specific securities sold, are included in noninterest income in the statement of operations. Transfers of Financial Assets Transfers of financial assets are accounted for as sales when all the components meet the definition of a participating interest and when control over the assets has been surrendered. A participating interest generally represents (1) a proportionate (pro rata) ownership interest in an entire financial assets, (2) a relationship where from the date of transfer all cash flows received from the entire financial asset are divided proportionately among the participating interest holders in an amount equal to their share of ownership, (3) the priority of cash flows has certain characteristics, including no reduction in priority, subordination of interest, or recourse to the transferor other than standard representation or warranties, and (4) no party has the right to pledge or exchange the entire financial asset unless all participating interest holders agree to pledge or exchange the entire financial asset. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Bank, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Bank does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. Loans Held for Sale From time to time, the Bank originates SBA loans for which the guaranteed portion is intended to be sold within a short period of time in the secondary market. These loans are classified as held-for-sale and carried at estimated fair value based on a loan-by-loan valuation using actual market bids in accordance with the irrevocable option permitted under Accounting Standards Codification (“ASC”) 825-10-25 United Bancshares, Inc. and Subsidiary NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED December 31, 2015 and 2014 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued Loans Held at Fair Value From time to time, the Bank originates SBA loans for which the un-guaranteed portion is retained after the guaranteed portion is sold in the secondary market. Management has elected to carry these loans at fair value. Fair value of these loans is estimated based on the present value of future cashflows for each asset based on their unique characteristics, market-based assumptions for prepayment speeds, discount rates, default and voluntary prepayments as well as assumptions for losses and recoveries. Loans The Bank has both the positive intent and ability to hold the majority of its loans to maturity. These loans are stated at the amount of unpaid principal, reduced by net unearned discount and an allowance for loan losses. Interest income on loans is recognized as earned based on contractual interest rates applied to daily principal amounts outstanding and accretion of discount. It is the Bank’s policy to discontinue the accrual of interest income when a default of principal or interest exists for a period of 90 days except when, in management’s judgment, the loan is well collateralized and in the process of collection. Interest received on nonaccrual loans is either applied against principal or reported as interest income according to management’s judgment as to collectability of principal. When interest accruals are discontinued, unpaid accrued interest previously credited to income is reversed and the loan is classified as impaired. Non-accrual and Past Due Loans Loans are considered past due if the required principal and interest payments have not been received 30 days as of the date such payments were due. The Bank generally places a loan on non-accrual status when interest or principal is past due 90 days or more. If it otherwise appears doubtful that the loan will be repaid, management may place the loan on nonaccrual status before the lapse of 90 days. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Unearned discounts are amortized over the weighted average maturity of the related mortgage loan portfolio. Loan origination and commitment fees and certain direct loan origination costs are deferred, and the net amount is amortized as an adjustment of the related loan’s yield. The Bank is amortizing these amounts over the contractual life of the loan. For purchased loans, the discount remaining after the loan loss allocation is being amortized over the remaining life of the purchased loans using the interest method. Allowance for Loan Losses The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses. Loans that are determined to be uncollectible are charged against the allowance account, and subsequent recoveries, if any, are credited to the allowance. When evaluating the adequacy of the allowance, an assessment of the loan portfolio will typically include changes in the composition and volume of the loan portfolio, overall portfolio quality and past loss experience, review of specific problem loans, current economic conditions which may affect borrowers’ ability to repay, and other factors which may warrant current recognition. Such periodic assessments may, in management’s judgment, require the Bank to recognize additions or reductions to the allowance. United Bancshares, Inc. and Subsidiary NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED December 31, 2015 and 2014 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued Various regulatory agencies periodically review the adequacy of the Bank’s allowance for loan losses as an integral part of their examination process. Such agencies may require the Bank to recognize additions or reductions to the allowance based on their evaluation of information available to them at the time of their examination. It is reasonably possible that the above factors may change significantly and, therefore, affects management’s determination of the allowance for loan losses in the near term. The allowance consists of specific and general components. The specific component relates to loans that are classified as impaired. For those loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers non-impaired loans and is based on historical charge-off experience, other qualitative factors, and adjustments made to the allowance for pools of loans after an assessment of internal or external influences on credit quality that are not fully reflected in the historical loss or risk rating data. The Bank does not allocate reserves for unfunded commitments to fund lines of credit. A loan is considered impaired when, based on current information and events, it is probable that the Bank will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. The Bank will identify and assess loans that may be impaired through any of the following processes: · · · · Impairment is measured on a loan by loan basis for commercial loans by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral if the loan is collateral dependent. Large groups of smaller, homogeneous loans, including consumer installment and home equity loans, 1-4 family residential mortgages, and student loans are evaluated collectively for impairment. Accordingly, the Bank does not separately identify individual consumer and residential loans for impairment disclosures. Bank Premises and Equipment Bank premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed on the straight-line method over the estimated useful lives of the assets. Amortization of leasehold improvements is computed over the shorter of the related lease term or the useful life of the assets. United Bancshares, Inc. and Subsidiary NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED December 31, 2015 and 2014 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued Income Taxes The liability method is used in accounting for income taxes. Deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. Realization of deferred tax assets is dependent on generating sufficient taxable income in the future. When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that ultimately would be sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more-likely-than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. The evaluation of a tax position taken is considered by itself and not offset or aggregated with other positions. Tax positions that meet the more-likely-than not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying balance sheet along with any associated interest and penalties that would be payable to the taxing authorities upon examination. It is the Bank’s policy to recognize interest and penalties related to unrecognized tax liabilities within income tax expense in the statement of operations. The Bank does not have an accrual for uncertain tax positions as of December 31, 2015 or 2014, as deductions taken and benefits accrued are based on widely understood administrative practices and procedures and are based on clear and unambiguous tax law. Loss Per Share (“EPS”) Basic EPS excludes dilution and is computed by dividing income (loss) available to common shareholders by the weighted average common shares outstanding during the period. Diluted EPS takes into account the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted into common stock. Off-Balance-Sheet Financial Instruments In the ordinary course of business, the Bank has entered into off-balance-sheet financial instruments consisting of commitments to extend credit and letters of credit. Such financial instruments are recorded in the financial statements when they become payable. United Bancshares, Inc. and Subsidiary NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED December 31, 2015 and 2014 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued Other Real Estate Owned Real estate properties acquired through, or in lieu of, loan foreclosure are to be sold and are initially recorded at fair value, net of estimated cost to sell, at the date of foreclosure, establishing a new cost basis. After foreclosure, valuations are periodically performed by management, and the real estate is carried at the lower of carrying amount or fair value less the cost to sell. Revenue and expenses from operations and changes in valuation allowance are charged to operations. Segments The Company has one reportable segment, “Community Banking.” All of the Company’s activities are interrelated, and each activity is dependent and assessed based on how each of the activities of the Company supports the other. For example, commercial lending is dependent upon the ability of the Bank to fund it with retail deposits and other borrowings and to manage interest rate and credit risk. This situation is also similar for consumer and residential mortgage lending. Accordingly, all significant operating decisions are based upon analysis of the Company as one operating segment or unit. Reclassifications Certain reclassifications have been made to the prior years’ financial statements to conform to the 2015 presentation, with no impact on earnings or shareholders’ equity. United Bancshares, Inc. and Subsidiary NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED December 31, 2015 and 2014 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued Comprehensive (Loss) Income Comprehensive (loss) income includes net loss as well as certain other items that result in a change to equity during the period. The components of other comprehensive (loss) income are as follows: December 31, 2015 (in 000’s) Before tax Tax Net of tax a mount Benefit Amount Unrealized loss on securities $ (9) $ 3 $ (6) Unrealized holding loss arising during period - - - Less: reclassification adjustment for gains realized in net loss - - - Other comprehensive loss, net $ (9) $ 3 $ (6) December 31, 2014 Before tax Tax Net of tax a mount (Expense) Amount Unrealized income on securities: Unrealized holding income arising during period $ 475 $ (157) $ 318 Less: reclassification adjustment for gains realized in net loss (7) 3 (4) Other comprehensive income, net $ 468 $ (154) $ 314 Recent Accounting Pronouncements ASU 2014-04 Receivables — Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans Upon Foreclosure. In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers United Bancshares, Inc. and Subsidiary NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED December 31, 2015 and 2014 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued ASU No. 2014-09 (Topic 606) “Revenue from Contracts with Customers” ASU 2017-04 (Topic 350) “Intangibles – Goodwill and Others” ASU 2017-01 (Topic 805), “Business Combinations” ASU 2016-13 (Topic 326), “Measurement of Credit Losses on Financial Instruments” ASU 2016-02 (Topic 842), “Leases” United Bancshares, Inc. and Subsidiary NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED December 31, 2015 and 2014 ASU 2016-01 (Subtopic 825-10), “Financial Instruments – Overall, Recognition and Measurement of Financial Assets and Financial Liabilities” ASU 2016-15 (Topic 320), “Classification of Certain Cash Receipts and Cash Payments” ASU 2014-15, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” |
2. Cash and Due From Bank Balan
2. Cash and Due From Bank Balances | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
2. Cash and Due From Bank Balances | 2. CASH AND DUE FROM BANK BALANCES The Bank maintains various deposit accounts with other banks to meet normal fund transaction requirements and to compensate other banks for certain correspondent services. The withdrawal or usage restrictions of these balances did not have a significant impact on the operations of the Bank as of December 31, 2015. Required reserve balances were $100,000 as of December 31, 2015 and 2014. |
3. Investments
3. Investments | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
3. Investments | 3. INVESTMENTS The amortized cost, gross unrealized holding gains and losses, and estimated fair value of the available-for-sale and held-to-maturity investment securities by major security type at December 31, 2015 and 2014 are as follows: (In 000Â’s) 2015 Gross Gross Amortized Unrealized unrealized Fair Cost Gains losses Value Available-for-sale: U.S. Government agency securities $ 3,697 $ 3 $ (38) $ 3,662 Government Sponsored Enterprises residential mortgage-backed securities 3,774 36 (30) 3,780 Investments in money market funds 130 - - 130 $ 7,601 $ 39 $ (68) $ 7,572 United Bancshares, Inc. and Subsidiary NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED December 31, 2015 and 2014 3. INVESTMENTS-Continued 2014 Gross Gross Amortized Unrealized unrealized Fair Cost Gains losses Value Available-for-sale: U.S. Government agency securities $ 4,097 $ - $ (61) $ 4,036 Government Sponsored Enterprises residential mortgage-backed securities 4,333 60 (20) 4,374 Investments in money market funds 130 - - 130 $ 8,560 $ 60 $ (81) $ 8,540 In 2015, $1,600,000 in U.S. Government agencies securities were called. There were no gross gains or losses from these transactions during 2015. No securities were called in 2014. There were no sales of securities in 2015. In 2014, the Bank sold securities with a book value totaling approximately $910,000, for which a gain of approximately $6,000 was recognized. The table below indicates the length of time individual securities held-to-maturity have been in a continuous unrealized loss position at December 31, 2015 (in thousands): Number Less than 12 months 12 months or longer Total Description of Of Fair Unrealized Fair Unrealized Fair Unrealized Securities Securities value Losses Value Losses value Losses U.S. Government agency securities 9 $ 2,416 $ (32) $ 243 $ (6) $ 2,659 $ (38) Mortgage backed securities 8 1,486 (19) 227 (11) 1,713 (30) Total temporarily impaired investment securities 17 $ 3,902 $ (51) $ 470 $ (17) $ 4,372 $ (68) The table below indicates the length of time individual securities held-to-maturity have been in a continuous unrealized loss position at December 31, 2014 (in thousands): Number Less than 12 months 12 months or longer Total Description of Of Fair Unrealized Fair Unrealized Fair Unrealized Securities Securities value Losses Value Losses value losses U.S. Government agency securities 13 $ 246 $ (4) $ 3,290 $ (57) $ 3,536 $ (61) Mortgage backed securities 6 - - 1,440 (20) 1,440 (20) Total temporarily impaired investment securities 19 $ 246 $ (4) $ 4,730 $ (77) $ 4,976 $ (81) U.S. Government and Agency Securities United Bancshares, Inc. and Subsidiary NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED December 31, 2015 and 2014 Residential Government Sponsored Enterprise Mortgage-Backed Securities The Company has a process in place to identify debt securities that could potentially have a credit impairment that is other than temporary. This process involves monitoring late payments, pricing levels, downgrades by rating agencies, key financial ratios, financial statements, revenue forecasts and cash flow projections as indicators of credit issues. On a quarterly basis, we review all securities to determine whether an other-than-temporary decline in value exists and whether losses should be recognized. The Company considers relevant facts and circumstances in evaluating whether a credit or interest rate-related impairment of a security is other than temporary. Relevant facts and circumstances considered include: (1) the extent and length of time the fair value has been below cost; (2) the reasons for the decline in value; (3) the financial position and access to capital of the issuer, including the current and future impact of any specific events and (4) for fixed maturity securities, our intent to sell a security or whether it is more likely than not we will be required to sell the security before the recovery of its amortized cost which, in some cases, may extend to maturity and for equity securities, our ability and intent to hold the security for a period of time that allows for the recovery in value. Maturities of investment securities classified as available-for-sale at December 31, 2015 were as follows. Expected maturities may differ from contractual maturities because the underlying mortgages supporting mortgage backed securities may be prepaid without any penalties. Consequently, mortgage-backed securities are not presented by maturity category. (In 000Â’s) Amortized Fair Cost Value Available-for-sale: Due in one year $ - $ - Due after one year through five years - - Due after five years through ten years 3,697 3,662 Government-sponsored enterprises residential mortgage-backed securities 3,774 3,780 Total debt securities 7,471 7,442 Investments in money market funds 130 130 $ 7,601 $ 7,572 As of December 31, 2015 and 2014, investment securities with a carrying value of $7,075,883 and $6,898,559, respectively, were pledged as collateral to secure public deposits and contingent borrowing at the Discount Window. |
4. Loans and Allowance For Loan
4. Loans and Allowance For Loan Losses | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
4. Loans and Allowance For Loan Losses | 4. LOANS AND ALLOWANCE FOR LOAN LOSSES The composition of the net loans is as follows: December 31, December 31, (In 000's) 2015 2014 Commercial and industrial: Commercial $ 1,535 $ 2,563 SBA loans 40 168 Asset-based 1,487 1,904 Total commercial and industrial 3,062 4,635 Commercial real estate: Commercial mortgages 13,774 15,470 SBA loans 353 525 Construction 2,175 3,423 Religious organizations 10,112 12,138 Total commercial real estate 26,414 31,556 Consumer real estate: Home equity loans 897 1,047 Home equity lines of credit 20 22 1-4 family residential mortgages 1,924 2,228 Total consumer real estate 2,841 3,297 Total real estate 29,255 34,853 Consumer and other: Consumer installment - 7 Student loans 1,081 1,221 Other 121 145 Total consumer and other 1,202 1,373 Loans, net $ 33,519 $ 40,861 At December 31, 2015 and 2014, unamortized net deferred fees totaled $253,139 and $52,909 respectively, and are included in the related loan accounts. At December 31, 2015 and 2014, the unearned discount totaled $22,272 and $26,177, respectively, and is included in the related loan accounts. United Bancshares, Inc. and Subsidiary NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED December 31, 2015 and 2014 Loan Origination/Risk Management Commercial and industrial loans are underwritten after evaluating and understanding the borrower’s ability to operate prudently to service the projected debt. Once it is determined that the borrower’s management possesses sound ethics and solid business acumen, the Bank’s management examines current and projected cash flows to determine the ability of the borrower to repay their obligations as agreed. Commercial and industrial loans are primarily based on the identified cash flows of the borrower and secondarily on the underlying collateral provided by the borrower. The cash flows of borrowers, however, may not be as expected and collateral securing these loans may fluctuate in value. Most commercial and industrial loans are secured by the assets being financed or other business assets such as accounts receivable. The Bank may also seek credit enhancements for commercial and industrial loans from the Small Business Administration, Department of Transportation or other available programs. Generally, the Bank utilizes an advance formula for loans secured by eligible accounts receivable and other available programs to mitigate risk. Commercial real estate loans are subject to underwriting standards and processes similar to commercial and industrial loans. These loans are viewed as cash flow loans first and secondarily as loans secured by real estate. Commercial real estate loans typically have higher principal amounts and the repayment of these loans is dependent on the successful operation of property securing the loan or business conducted on the property securing the loan. Commercial real estate loans may be more adversely affected by conditions in the real estate markets or in the general economy. The Bank tracks the level of owner occupied versus non-owner occupied loans. Typically, owner-occupied real estate loans represent less risk for the Bank. The Bank’s commercial real estate loans are largely concentrated in loans to religious organizations. These loans are generally made to these organizations are primarily for expansion and repair of church facilities (construction loans). The source of repayment is viewed as cash flow from tithes and offerings and secondarily as loans secured by real estate. The Bank’s construction lending has primarily involved lending for construction of commercial properties although the Bank does lend funds for construction of single-family residences. Construction loans are underwritten utilizing feasibility studies, independent appraisals, analysis of lease rates, and the financial analysis of the developers and property owners. Construction loans are generally based upon estimates of costs and value associated with the complete project. These estimates can be inaccurate. Construction loans often involve the disbursement of substantial funds with repayment substantially dependent on the success of the ultimate project. Loan proceeds are disbursed during the construction phase according to a draw schedule based on the stage of completion. Construction projects are inspected by contracted inspectors or bank personnel. These loans are considered to have higher risks than other real estate loans due to their ultimate repayment being sensitive to interest rate changes, regulations of real property, general economic conditions and the availability of long-term financing. Consumer loans are underwritten after an analysis of the borrower’s past and present financial information including credit score, personal financial statements, tax returns and other information deemed necessary to calculate debt service ratios that determine the ability of a borrower to repay the loan. Minimum debt service ratios have been established by policy. Underwriting standards for home equity loans are also heavily influenced by statutory requirements, which include, but are not limited to, a maximum loan-to-value percentage of 80% and documentation requirements. United Bancshares, Inc. and Subsidiary NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED December 31, 2015 and 2014 The Bank performs an annual loan review by an independent third party firm that reviews and validates the credit risk program. The results of these reviews are presented to the board and management. The loan review process reinforces the risk identification and assessment decisions made by lenders and credit administration personnel, as well as the Bank’s policies and procedures. Concentrations of Credit Related Party Loans Activity in related party loans is presented in the following table. 2015 2014 Balance outstanding at December 31, $ 845,477 $ 858,861 Principal additions - 52,000 Disaffiliations - - Principal reductions (70,399) (65,384) Balance outstanding at December 31, $ 775,078 $ 845,477 Non-accrual and Past Due Loans. United Bancshares, Inc. and Subsidiary NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED December 31, 2015 and 2014 An age analysis of past due loans, segregated by class of loans, as of December 31, 2015 is as follows: (In 000's) Accruing Loans Loans 90 or 30-89 Days More Days Total Past Current Past Due Past Due Nonaccrual Due Loans Loans Total Loans Commercial and industrial: Commercial $ - $ - $ 110 $ 110 $ 1,425 $ 1,535 SBA loans - - 40 40 - 40 Asset-based 11 - 289 300 1,187 1,487 Total commercial and industrial 11 - 439 450 2,612 3,062 Commercial real estate: Commercial mortgages 169 39 1,335 1,543 12,231 13,774 SBA loans - - 271 271 82 353 Construction - - - - 2,175 2,175 Religious organizations - - 471 471 9,641 10,112 Total commercial real estate 169 39 2,077 2,285 24,129 26,414 Consumer real estate: Home equity loans 56 125 358 539 358 897 Home equity lines of credit - - - - 20 20 1-4 family residential mortgages 35 - 129 164 1,760 1,924 Total consumer real estate 91 125 487 703 2,138 2,841 Total real estate 260 164 2,564 2,988 26,267 29,255 Consumer and other: Consumer installment - - - - - - Student loans 66 129 - 195 886 1,081 Other 2 - - 2 119 121 Total consumer and other 68 129 - 197 1,005 1,202 Total loans $ 339 $ 293 $ 3,003 $ 3,635 $ 29,884 $ 33,519 United Bancshares, Inc. and Subsidiary NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED December 31, 2015 and 2014 An age analysis of past due loans, segregated by class of loans, as of December 31, 2014 is as follows: (In 000's) Accruing Loans Loans 90 or 30-89 Days More Days Total Past Current Past Due Past Due Nonaccrual Due Loans Loans Total Loans Commercial and industrial: Commercial $ - $ - $ 248 248 $ 2,315 $ 2,563 SBA loans - - 48 48 120 168 Asset-based - - - - 1,904 1,904 Total Commercial and industrial - - 296 296 4,339 4,635 Commercial real estate: Commercial mortgages 17 83 985 1,085 14,385 15,470 SBA loans - - 118 118 407 525 Construction - - - - 3,423 3,423 Religious organizations - - 520 520 11,618 12,138 Total Commercial real estate 17 83 1,623 1,723 29,833 31,556 Consumer real estate: Home equity loans 246 - 368 614 433 1,047 Home equity lines of credit - - - - 22 22 1-4 family residential mortgages - - 194 194 2,034 2,228 Total consumer real estate 246 - 562 808 2,489 3,297 Total real estate 263 83 2,185 2,531 32,322 34,853 Consumer and other: Consumer installment - - - - 7 7 Student loans 136 88 - 224 997 1,221 Other 12 - - 12 133 145 Total consumer and other 148 88 - 236 1,137 1,373 Total loans $ 411 $ 171 $ 2,481 $ 3,063 $ 37,798 $ 40,861 United Bancshares, Inc. and Subsidiary NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED December 31, 2015 and 2014 Impaired Loans In accordance with guidance provided by ASC 310-10, Accounting by Creditors for Impairment of a Loan, management employs one of three methods to determine and measure impairment: the Present Value of Future Cash Flow Method; the Fair Value of Collateral Method; or the Observable Market Price of a Loan Method. To perform an impairment analysis, the Company reviews a loan’s internally assigned grade, its outstanding balance, guarantors, collateral, strategy, and a current report of the action being implemented. Based on the nature of the specific loans, one of the impairment methods is chosen for the respective loan and any impairment is determined, based on criteria established in ASC 310-10. The Company records partial charge-offs of impaired loans when the impairment is deemed permanent and is considered a loss. To date, these charge-offs have only included the unguaranteed portion of Small Business Administration (“SBA”) loans. Specific reserves are allocated to cover “other-than-permanent” Year-end 2015 impaired loans are set forth in the following table. (In 000’s) Unpaid Contractual Recorded Investment Recorded Investment Total Average Interest recognized Principal With No With Recorded Related Recorded on impaired Balance Allowance Allowance Investment Allowance Investment loans Commercial and industrial: Commercial $ 818 $ 353 $ - $ 353 $ - $ 446 $ - SBA loans 46 - 46 46 - 38 2 Asset-based 40 40 - 40 - 54 2 Total Commercial and industrial 904 393 46 439 - 538 4 Commercial real estate: Commercial mortgages 1,334 810 524 1,334 91 579 9 SBA Loans 271 271 - 271 - 161 2 Religious Organizations 471 471 - 471 - 630 2 Total Commercial real estate 2,076 1,552 524 2,076 91 1,370 13 Total Loans $ 2,980 $ 1,945 $ 570 $ 2,515 $ 91 $ 1,908 $ 17 United Bancshares, Inc. and Subsidiary NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED December 31, 2015 and 2014 Year-end 2014 impaired loans are set forth in the following table. (In 000’s) Unpaid Contractual Recorded Investment Recorded Investment Total Average Interest recognized Principal With No With Recorded Related Recorded on impaired Balance Allowance Allowance Investment Allowance Investment loans Commercial and industrial: Commercial $ 501 $ 38 $ 210 $ 248 $ 199 $ 248 $ 3 SBA loans 94 46 48 94 48 52 - Asset-based 40 40 - 40 - 4 1 Total Commercial and industrial 635 124 258 382 247 304 4 Commercial real estate: Commercial mortgages 985 616 369 985 27 933 3 SBA Loans 118 118 - 118 - 124 - Religious Organizations 520 520 - 520 - 607 - Total Commercial real estate 1,623 1,254 369 1,623 27 1,664 3 Total Loans $2,258 $1,378 $ 627 $ 2,005 $ 274 $ 1,968 $ 7 Credit Quality Indicators · · · United Bancshares, Inc. and Subsidiary NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED December 31, 2015 and 2014 · · · For consumer and residential mortgage loans, management uses performing versus nonperforming as the best indicator of credit quality. Nonperforming loans consist of loans that are not accruing interest (nonaccrual loans) as a result of principal or interest being in default for a period of 90 days or more or when the ability to collect principal and interest according to contractual terms is in doubt. These credit quality indicators are updated on an ongoing basis. A loan is placed on nonaccrual status as soon as management believes there is doubt as to the ultimate ability to collect interest on a loan. United Bancshares, Inc. and Subsidiary NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED December 31, 2015 and 2014 The tables below detail the Bank’s loans by class according to their credit quality indictors discussed above. (In 000's) Commercial Loans, December 31, 2015 Good/ Excellent Satisfactory Pass Special Mention Substandard Doubtful Total Commercial and industrial: Commercial $ 285 $ 922 $ 16 $ 58 $ 254 $ - $ 1,535 SBA loans - - - - 40 - 40 Asset-based - 900 222 - 289 76 1,487 285 1,822 238 58 583 76 3,062 Commercial real estate: Commercial mortgages - 10,689 1,098 613 1,151 223 13,774 SBA Loans - 82 - - 271 - 353 Construction - 2,175 - - - - 2,175 Religious organizations - 7,624 1,131 886 471 - 10,112 - 20,570 2,229 1,499 1,893 223 26,414 Total commercial loans $ 285 $ 22,393 $ 2,467 $ 1,557 $ 2,476 $ 299 $29,476 Residential Mortgage and Consumer Loans December 31, 2015 Performing Nonperforming Total Consumer Real Estate: Home equity $ 539 $ 358 $ 897 Home equity line of credit 20 - 20 1-4 family residential mortgages 1,795 129 1,924 2,354 487 2,841 Consumer Other: Consumer Installment - - - Student loans 1,081 - 1,081 Other 121 - 121 1,202 - 1,202 Total consumer loans $ 3,556 $ 487 $ 4,043 Total loans $33,519 United Bancshares, Inc. and Subsidiary NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED December 31, 2015 and 2014 (In 000's) Commercial Loans, December 31, 2014 Good/ Excellent Satisfactory Pass Special Mention Substandard Doubtful Total Commercial and industrial: Commercial $ 300 $ 1,321 $ 474 $ 220 $ 113 $ 135 $ 2,563 SBA loans - 80 - - 88 - 168 Asset-based - 1,734 124 - 46 - 1,904 300 3,135 598 220 247 135 4,635 Commercial real estate: Commercial mortgages - 13,024 724 57 1,348 317 15,470 SBA Loans - 237 170 - 118 - 525 Construction - 3,423 - - - - 3,423 Religious organizations - 9,730 1,185 703 520 - 12,138 - 26,414 2,079 760 1,986 317 31,556 Total commercial loans $ 300 $ 29,549 $ 2,677 $ 980 $ 2,233 $ 452 $ 36,191 Residential Mortgage and Consumer Loans December 31, 2014 - Performing/Nonperforming Performing Nonperforming Total Consumer Real Estate: Home equity $ 679 $ 368 $ 1,047 Home equity line of credit 22 - 22 1-4 family residential mortgages 2,034 194 2,228 2,735 562 3,297 Consumer Other: Consumer Installment 7 - 7 Student loans 1,221 - 1,221 Other 145 - 145 1,373 - 1,373 Total consumer loans $ 4,108 $ 562 $ 4,670 Total loans $40,861 UNITED BANCSHARES, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED December 31, 2015 and 2014 Allowance for loan losses. • Specific Loan Evaluation Component – Includes the specific evaluation of impaired loans. • Historical Charge-Off Component – Applies a rolling, eight-quarter historical charge-off rate to all pools of non-classified loans. • Qualitative Factors Component – The loan portfolio is broken down into multiple homogenous sub classifications, upon which multiple factors (such as delinquency trends, economic conditions, concentrations, growth/volume trends, and management/staff ability) are evaluated, resulting in an allowance amount for each of the sub classifications. The sum of these amounts comprises the Qualitative Factors Component. All of these factors may be susceptible to significant change. During 2015, the Bank reduced several of its qualitative factors in the commercial real estate segment of the loan portfolio for which it has not experienced losses or charge-offs. In addition, the average historical loss factors increased for the commercial and industrial segment of the portfolio as a result of a $212,000 charge-off during the year. To the extent actual outcomes differ from management’s estimates, additional provisions for loan losses may be required that would adversely impact earnings in future periods. According to the Bank’s policy, a loss (“charge-off”) is to be recognized and charged to the allowance for loan losses as soon as a loan is recognized as uncollectible. All credits that are 90 days or more past due must be analyzed for the Bank’s ability to collect the outstanding principal and/or interest. Once a loss is known to exist, the charge-off approval process must be followed for all loan types. An analysis of the activity in the allowance for loan losses for the years 2015 and 2014 is as follows: (in 000's) For the Year Ended December 31, 2015 Commercial and industrial Commercial real estate Consumer real estate Consumer and other loans Total Beginning balance $ 403 $ 300 $ 20 $ 12 $ 735 Provision for loan losses 3 (47) (18) (6) (68) Charge-offs (259) (3) - (17) (279) Recoveries 4 - 6 20 30 Net charge-offs (255) (3) 6 3 (249) Ending balance $ 151 $ 250 $ 8 $ 9 $ 418 (in 000's) For the Year Ended December 31, 2014 Commercial and industrial Commercial real estate Consumer real estate Consumer and other loans Total Beginning balance $ 483 $ 280 $ 59 $ 17 $ 839 Provision for loan losses 169 20 (28) 1 162 Charge-offs (253) - (19) (30) (302) Recoveries 4 - 8 24 36 Net charge-offs (249) - (11) (6) (266) Ending balance $ 403 $ 300 $ 20 $ 12 $ 735 (in 000's) As of December 31, 2015 Commercial and industrial Commercial real estate Consumer real estate Consumer and other loans Total Period-end amount allocated to: Loans individually evaluated for impairment $ - $ 91 $ - $ - $ 91 Loans collectively evaluated for impairment 151 159 8 9 327 $ 151 $ 250 $ 8 $ 9 $ 418 Loans, ending balance: Loans individually evaluated for impairment $ 439 $ 2,076 $ - $ - $ 2,515 Loans collectively evaluated for impairment 2,623 24,338 2,841 1,202 31,314 Total $ 3,062 $ 26,414 $ 2,841 $ 1,202 $ 33,519 As of December 31, 2014 Commercial and industrial Commercial real estate Consumer real estate Consumer and other loans Total Period-end amount allocated to: Loans individually evaluated for impairment $ 247 $ 27 $ - $ - $ 274 Loans collectively evaluated for impairment 156 273 20 12 461 $ 403 $ 300 $ 20 $ 12 $ 735 Loans, ending balance: Loans individually evaluated for impairment $ 382 $ 1,623 $ - $ - $ 2,005 Loans collectively evaluated for impairment 4,253 29,933 3,297 1,373 $ 38,856 Total $ 4,635 $ 31,566 $ 3,297 $ 1,373 $ 40,861 Troubled debt restructurings |
5. Bank Premises and Equipment
5. Bank Premises and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
5. Bank Premises and Equipment | 5. BANK PREMISES AND EQUIPMENT The major classes of bank premises and equipment and the total accumulated depreciation are as follows at December 31: (In 000Â’s) Estimated useful life 2015 2014 Leasehold improvements 10-15 years $ 788 $ 785 Furniture and equipment 3- 7 years 1,297 1,179 2,085 1,964 Less accumulated depreciation (1,592) (1,415) $ 493 $ 549 Depreciation expense on fixed assets totaled $177,987 and $175,465 for the years ended December 31, 2015 and 2014, respectively. The Bank leases its facilities and certain equipment under non-cancelable operating lease agreements. The amount of expense for operating leases for the years ended December 31, 2015 and 2014 was $481,721 and $496,981, respectively. Future minimum lease payments under operating leases are as follows: (In 000Â’s) Year ending December 31, Operating leases 2016 $ 423 2017 408 2018 416 2019 411 2020 332 Thereafter 888 Total minimum lease payments $2,878 |
6. Other Real Estate Owned
6. Other Real Estate Owned | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
6. Other Real Estate Owned | 6. Other Real Estate Owned Other real estate owned (“OREO”) consists of properties acquired as a result of deed in-lieu-of foreclosure and foreclosures. Properties or other assets are classified as OREO and are reported at the lower of carrying value or fair value, less estimated costs to sell. Costs relating to the development or improvement of assets are capitalized, and costs relating to holding the property are charged to expense. United Bancshares, Inc. and Subsidiary NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED December 31, 2015 and 2014 The following schedule reflects the components of other real estate owned at December 31, 2015 and 2014: (in 000’s) 2015 2014 2013 Commercial real estate $ 297 $ 191 $ 191 Residential real estate 183 373 242 Total $ 480 $ 564 $ 433 A summary of the change in other real estate owned follows: (in 000’s) Year Ended December 31, 2015 Year Ended December 31, 2014 Beginning Balance $ 564 $ 433 Additions, transfers from loans 148 240 Sales (272) (96) 441 577 Write-ups (write-downs) 39 (13) Ending Balance $ 480 $ 564 The following table details the components of net expense of other real estate owned. (in 000’s) Year ended December 31, 2015 Year ended December 31, 2014 Insurance $ 15 $ 21 Legal fees - 2 Maintenance - - Professional fees - - Real estate taxes 14 20 Utilities 3 4 Transfer-in write-up (88) (47) Impairment charges 49 13 Other 18 8 Total $11 $ 21 |
7. Deposits
7. Deposits | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
7. Deposits | 7. DEPOSITS At December 31, 2015, the scheduled maturities of time deposits (certificates of deposit) are as follows: (In 000Â’s) 2016 $13,074 2017 644 2018 438 2019 43 2020 15 Thereafter 45 $14,259 The Company has a significant deposit relationship with the City of Philadelphia for which deposits totaled approximately $5 million. Total deposits in excess of $250,000 totaled $6,753,000 and $7,507,000 at December 31, 2015 and 2014, respectively. |
8. Borrowings
8. Borrowings | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
8. Borrowings | 8. BORROWINGS At December 31, 2015, the Bank has the ability to borrow up to $700,000 on a fully secured basis at the Discount Window of the Federal Reserve Bank for which the Bank currently has $750,000 in securities pledged. As of December 31, 2015 and 2014, the Bank had no borrowings outstanding. |
9. Income Taxes
9. Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
9. Income Taxes | 9. INCOME TAXES At December 31, 2015, the Bank has net operating loss carry forwards of approximately $10,430,000 for income tax purposes that expire in 2022 through 2036. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amount used for income tax purposes. For financial reporting purposes, a valuation allowance of $3,934,024 and $3,774,484 as of December 31, 2015 and 2014, respectively, has been recognized to offset the net deferred tax assets related to the cumulative temporary differences and the tax loss carry forwards. Significant components of the BankÂ’s net deferred tax assets are as follows: December 31, (in 000Â’s) 2015 2014 Deferred tax assets(liabilities): Provision for loan losses $ 46 $ 161 Unrealized gain on investment securities 10 7 Depreciation (36) 7 Net operating carryforwards 3,538 3,233 Other, net 386 373 Valuation allowance for deferred tax assets (3,934) (3,774) Net deferred tax assets $ 10 $ 7 2015 2014 Effective rate reconciliation: Tax at statutory rate (34%) $ (168) $ (117) Nondeductible expenses 8 9 Increase in valuation allowance 160 95 Other - 13 Total tax expense $ - $ - At December 31, 2015 and 2014, no valuation allowance was recorded for the deferred tax asset related to the unrealized holding losses on securities available-for-sale because the Company had the intent and the ability to hold these securities until recovery of the unrealized losses, which may be at maturity. The Company will continue to monitor its deferred tax position and may make changes to the valuation allowance recorded as circumstances change. Management has evaluated the BankÂ’s tax positions and concluded that the Bank has taken no uncertain tax positions that require adjustment to the financial statements. With few exceptions, the Bank is no longer subject to income tax examinations by the U.S. federal, state or local tax authorities for the years before 2010. |
10. Financial Instrument Commit
10. Financial Instrument Commitments | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
10. Financial Instrument Commitments | 10. FINANCIAL INSTRUMENT COMMITMENTS The Bank is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and letters of credit, which are conditional commitments issued by the Bank to guarantee the performance of an obligation of a customer to a third party. Both arrangements have credit risk essentially the same as that involved in extending loans and are subject to the BankÂ’s normal credit policies. Collateral may be obtained based on managementÂ’s assessment of the customer. The BankÂ’s exposure to credit loss in the event of nonperformance by the other party to the financial instruments is represented by the contractual amount of those instruments. A summary of the BankÂ’s financial instrument commitments is as follows: 2015 2014 Commitments to extend credit $5,903,000 $ 8,262,000 Outstanding letters of credit 333,000 1,036,000 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract and unused credit card lines. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. |
11. Fair Value Measurements
11. Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
11. Fair Value Measurements | 11. FAIR VALUE MEASUREMENTS The Company uses fair value measurements to record fair value adjustments to certain assets and to determine fair value disclosures. In accordance with the Fair Value Measurements and Disclosures topic of FASB ASC 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Bank's various assets and liabilities. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. The fair value guidance provides a consistent definition of fair value, which focuses on exit price in an orderly transaction (that is, not a forced liquidation or distressed sale) between market participants at the measurement date under current market conditions. If there has been a significant decrease in the volume and level of activity for the asset or liability, a change in valuation technique or the use of multiple valuation techniques may be appropriate. In such instances, determining the price at which willing market participants would transact at the measurement date under current market conditions depends on the facts and circumstances and requires the use of significant judgment. The fair value is a reasonable point within the range that is most representative of fair value under current market conditions. In accordance with this guidance, the Company groups its assets and liabilities carried or disclosed at fair value in three levels as follows: United Bancshares, Inc. and Subsidiary NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED December 31, 2015 and 2014 Level 1 Inputs · Level 2 Inputs · · · Level 3 Inputs · · An assetÂ’s or liabilityÂ’s financial categorization within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement. Fair Value on a Recurring Basis Securities Available for Sale Loans Held for Sale Loans Held at Fair Value. Fair values are estimated based on the present value of future cashflows for each asset based on their unique characteristics, market-based assumptions for prepayment speeds, discount rates, default and voluntary prepayments as well as assumptions for losses and recoveries. Assets on the consolidated balance sheets measured at fair value on a recurring basis are summarized below. (in 000Â’s) Fair Value Measurements at Reporting Date Using: Assets/Liabilities Measured at Fair Value at Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs Significant Unobservable Inputs 31-Dec-15 (Level 2) (Level 3) Investment securities available-for-sale: U.S. Government agency securities $3,662 $ - $3,662 $ - Government Sponsored Enterprises residential mortgage-backed securities 3,780 - 3,780 - Money Market Funds 130 130 - - Total $7,572 $130 $7,572 - Loans held for sale $3,261 $ - $3,261 - Loans held at fair value $2,459 $ - $ - $2,459 United Bancshares, Inc. and Subsidiary NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED December 31, 2015 and 2014 (in 000Â’s) Fair Value Measurements at Reporting Date Using: Assets/Liabilities Measured at Fair Value at Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs Significant Unobservable Inputs 31-Dec-14 (Level 2) (Level 3) Investment securities available-for-sale: U.S. Government agency securities $4,036 $ - $4,036 $ - Government Sponsored Enterprises residential mortgage-backed securities 4,374 - $4,374 - Money Market Funds 130 130 - - Total $8,540 $130 $8,410 - Loans held for sale $6,160 $ - $6,160 - Loans held at fair value $629 $ - $ - $629 As of December 31, 2015 and 2014, the fair value of the BankÂ’s available-for-sale securities portfolio was approximately $7,572,000 and $8,540,000, respectively. All the residential mortgage-backed securities were issued or guaranteed by the Government National Mortgage Association (“GNMA”), the Federal National Mortgage Association (“FNMA”) or the Federal Home Loan Mortgage Corporation (“FHLMC”). The underlying loans for these securities are residential mortgages that are geographically dispersed throughout the United States. The valuation of AFS securities using Level 2 inputs was primarily determined using the market approach, which uses quoted prices for similar instruments and model-based valuation techniques for which the significant assumptions can be corroborated by market data. There were no transfers between Level 1 and Level 2 assets during the years ended December 31, 2015 or 2014. When estimating the fair value of our Level 3 financial instruments, management uses various observable and unobservable inputs. These inputs include estimated cashflows, prepayment speeds, average projected default rate and discount rates as follows: (in 000Â’s) Assets measured at fair value December 31, 2015 Fair value December 31, 2014 Fair value Principal valuation techniques Significant observable inputs December 31, 2015 Range of inputs December 31, 2014 Range of inputs Loans held at fair value: $2,459 $629 Discounted cash flow Constant prepayment rate 7.10% to 9.88% 7.58% to 8.52% Weighted average life 3.40 yrs to 8.78 yrs 3.75 yrs to 4.25 yrs Discount rate 7.76% to 9.94% 9.02% to 9.24% Due to the inherent uncertainty of determining the fair value of assets that do not have a readily available market value, fair value as determined by management may fluctuate from period to period. United Bancshares, Inc. and Subsidiary NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED December 31, 2015 and 2014 The following table summarizes additional information about assets measured at fair value on a recurring basis for which level 3 inputs were utilized to determine fair value: (in 000Â’s) 2015 2014 Balance at December 31, $ 629 $ 447 Origination of loans 2,017 209 Principal repayments (185) (20) Change in fair value of financial instruments (2) (7) Balance at December 31, $ 2,459 $ 629 Fair Value on a Nonrecurring Basis Certain assets are not measured at fair value on a recurring basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). Impaired Loans Other real estate owned : Other real estate owned (“OREO”) consists of properties acquired as a result of foreclosures and deeds in-lieu-of foreclosure. Properties are classified as OREO and are reported at the lower of cost or fair value less cost to sell. The measured impairment for collateral dependent of impaired loans is determined by the fair value of the collateral less estimated liquidation costs. Collateral values for OREO are determined by annual or more frequent appraisals if warranted by volatile market conditions, which may be discounted up to 10% based upon managementÂ’s review and the estimated cost of liquidation. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made on the appraisal process by the appraisers for differences between the comparable sales and income data available. The valuation allowance for OREO at December 31, 2015 and 2014 was approximately $39,000 and $13,000 , respectively. The following table presents the assets carried on the consolidated balance sheets by level within the fair value hierarchy as of December 31, 2015, for which a nonrecurring change in fair value has been recorded during the year ended December 31, 2015. Carrying Value at December 31, 2015: (in 000Â’s) Total Quoted Prices in Active markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total fair value loss during the year ended December 31, 2015 Impaired Loans $2,424 - - $2,424 $ - Other real estate owned $ 480 - - $ 480 $ 39 United Bancshares, Inc. and Subsidiary NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED December 31, 2015 and 2014 The following table presents the assets and liabilities carried on the consolidated balance sheets by level within the fair value hierarchy as of December 31, 2014, for which a nonrecurring change in fair value has been recorded during the year ended December 31, 2014. Carrying Value at December 31, 2014: (in 000Â’s) Total Quoted Prices in Active markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total fair value loss during the year ended December 31, 2014 Impaired Loans $1,731 - - $1,731 $(142) Other real estate owned 564 - - 564 (13) Fair Value of Financial Instruments FASB ASC Topic 825 “Disclosure About Fair Value of Financial Instruments”, requires the disclosure of the fair value of financial instruments. The methodology for estimating the fair value of financial assets that are measured on a recurring or non recurring basis are discussed above. The following methods and assumptions were used by the Bank in estimating its fair value disclosures for other financial instruments: Cash and cash equivalents, accrued interest receivable, and accrued interest payable: The carrying amounts reported in the balance sheet approximates fair value. Investment securities: Fair values for investment securities available for sale are as described above. Loans Held for Sale. Fair values for loans held for sale are estimated by using actual quoted market bids on a loan by loan basis. Loans Held at Fair Value . air value of loans was estimated based on the present value of future cashflows for each asset based on their unique characteristics, market-based assumptions for prepayment speeds, default and voluntary prepayments as well as loan specific assumptions for losses and recoveries. Loans (other than impaired loans): The fair value of loans was estimated using a discounted cash flow analysis, which considered estimated preÂpayments, amortizations, and non performance risk. Prepayments and discount rates were based on current marketplace estimates and rates. Deposit liabilities: The fair values disclosed for demand deposits (e.g., interest and noninterest checking, passbook savings, and certain types of money market accounts) are equal to the amounts payable on demand at the reporting date (e.g., their carrying amounts). The carrying amounts for variable-rate, fixed-term money market accounts and certificates of deposit approximate the fair values at the reporting date. Fair values for fixed-rate certificates of deposit are estimated using a discounted cash flow calculation. The Treasury Yield Curve was utilized for discounting cash flows as it approximates the average marketplace certificate of deposit rates across the relevant maturity spectrum. Commitments to extend credit: The carrying amounts for commitments to extend credit approximate fair value as such commitments are not substantially different from the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparts. Such amounts were not significant. United Bancshares, Inc. and Subsidiary NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED December 31, 2015 and 2014 The fair value of financial instruments at year-end are presented below: (in 000Â’s) Level in 2015 2014 Value Carrying Fair Carrying Fair Assets: Hierarchy Amount Value Amount Value Cash and cash equivalents Level 1 $10,782 $10,782 $3,237 $3,237 Available for sale securities (1) 7,572 7,572 8,540 8,540 Loans held for sale Level 2 3,261 3,261 6,160 6,160 Loans held at fair value Level 3 2,459 2,459 629 629 Loans, net of allowance for loan losses (2) 33,101 33,082 40,127 40,069 Interest receivable Level 2 175 175 250 250 Liabilities: Demand deposits Level 2 30,022 30,022 28,723 28,723 Savings deposits Level 2 11,681 11,681 12,091 12,091 Time deposits Level 2 14,259 14,242 16,148 16,157 Interest Payable Level 2 9 9 16 16 (1) Level 1 for money market funds; Level 2 for all other securities. (2) Level 2 for non-impaired loans; Level 3 for impaired loans. |
12. Consolidated Financial Info
12. Consolidated Financial Information-parent Company Only | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
12. Consolidated Financial Information-parent Company Only | 12. CONSOLIDATED FINANCIAL INFORMATION—PARENT COMPANY ONLY Condensed Balance Sheets (Dollars in thousands) 2015 2014 Assets: Cash and cash equivalents $ - $ - Investment in United Bank of Philadelphia 2,680 3,181 Total assets $2,680 $3,181 Shareholders’ equity: Series A preferred stock 1 1 Common stock 8 11 Additional paid-in capital 14,753 14,750 Accumulated deficit (12,063) (11,568) Net unrealized holding losses on securities available-for-sale (19) (13) Total shareholders’ equity $2,680 $3,181 Condensed Statements of Operations Years ended December 31, (Dollars in thousands) 2015 2014 Other Expenses $ - $ - Equity in net loss of subsidiary (495) (343) Net loss $ (495) $ (343) United Bancshares, Inc. and Subsidiary NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED December 31, 2015 and 2014 12. CONSOLIDATED FINANCIAL INFORMATION—PARENT COMPANY ONLY (continued) Condensed Statements of Cash Flows Years ended December 31, (Dollars in thousands) 2015 2014 Cash flows from operating activities: Net loss $ (495) $ (343) Adjustments: Equity in net loss of subsidiary 495 343 Net cash used in operating activities - - Cash and cash equivalents at beginning of year - - Cash and cash equivalents at end of year $ - $ - |
13. Regulatory Matters
13. Regulatory Matters | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
13. Regulatory Matters | 13. REGULATORY MATTERS The Bank engages in the commercial banking business, with a particular focus on serving African Americans, Hispanics and women, and is subject to substantial competition from financial institutions in the BankÂ’s service area. As a bank holding company and a banking subsidiary, the Company and the Bank, respectively, are subject to regulation by the FDIC and the Pennsylvania Department of Banking (“PADOB”) and are required to maintain capital requirements established by those regulators. Effective January 1, 2010, the FDIC became the BankÂ’s primary regulator after it voluntarily surrendered its Federal Reserve Membership. Prompt corrective actions may be taken by those regulators against banks that do not meet minimum capital requirements. Prompt corrective actions range from restriction or prohibition of certain activities to the appointment of a receiver or conservator of an institutionÂ’s net assets. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary, actions by regulators that if undertaken, could have a direct material effect on the BankÂ’s financial statements. Under capital adequacy guidelines that involve quantitative measures of the BankÂ’s assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices, the BankÂ’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios (set forth in the table below) of total Tier I capital (as defined in the regulations) for capital adequacy purposes to risk-weighted assets (as defined). The most recent notification as of December 31, 2015, from the FDIC and PADOB categorized the Bank as “adequately capitalized” under the regulatory framework for prompt and corrective action due to the Consent Orders described below. The BankÂ’s growth and other operating factors such as the need for additional proÂvisions to the allowance for loans losses may have an adverse effect on its capital ratios. United Bancshares, Inc. and Subsidiary NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED December 31, 2015 and 2014 The Company and the BankÂ’s actual capital amounts and ratios are as follows: December 31, 2015 December 31, 2014 (In 000Â’s Actual Minimum to be Well Capitalized Actual Minimum to be Well Capitalized Amount Ratio Amount Ratio Amount Ratio Amount Ratio Total (Tier II) capital to risk weighted assets: Company $3,081 8.50% N/A $3,684 8.60% N/A Bank 3,081 8.50 $3,623 10.00% 3,684 8.60 $4,283 10.00% Tier I capital to risk weighted assets Company 2,663 7.35 N/A 3,146 7.35 N/A Bank 2,663 7.35 $2,899 8.00% 3,146 7.35 $2,570 6.00% Common equity Tier I capital to risk weighted assets Company 2,663 7.35 N/A 3,146 7.35 N/A N/A Bank 2,663 7.35 $2,355 6.50% 3,146 7.35 N/A N/A Tier I Leverage ratio (Tier I capital to total quarterly average assets) Company 2,663 4.57 N/A 3,146 5.18 N/A Bank 2,663 4.57 $2,915 5.00% 3,146 5.18 $3,038 5.00% Tangible common equity to tangible assets Company 2,663 4.52 N/A N/A 3,146 5.20 N/A N/A Bank 2,663 4.52 N/A N/A 3,146 5.20 N/A N/A On January 31, 2012, the Bank entered into stipulations consenting to the issuance of Consent Orders with the Federal Deposit Insurance Corporation (“FDIC”) and the Pennsylvania Department of Banking (“Department”). The material terms of the Consent Orders are identical. The Consent Orders require the Bank to: · · United Bancshares, Inc. and Subsidiary NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED December 31, 2015 and 2014 · · · · · · · · · · · · · · The Consent Orders will remain in effect until modified or terminated by the FDIC and the Department and do not restrict the Bank from transacting its normal banking business. The Bank will continue to serve its customers in all areas including making loans, establishing lines of credit, accepting deposits and processing banking transactions. Customer deposits remain fully insured to the highest limits set by the FDIC. The FDIC and the Department did not impose or recommend any monetary penalties in connection with the Consent Orders. As of December 31, 2015, the BankÂ’s tier one leverage capital ratio was 4.57% and its total risk based capital ratio was 8.50%. These ratios are below the levels required by the Consent Orders. Management is in the process of addressing all matters outlined in the Consent Orders. The Bank has increased the participation of the BankÂ’s Board of Directors in United Bancshares, Inc. and Subsidiary NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED December 31, 2015 and 2014 the BankÂ’s affairs and has established an oversight committee of the Board of Directors of the Bank with the responsibility to insure the BankÂ’s compliance with the Consent Orders. Management has developed the written plans and policies required by the Consent Orders and will continue to endeavor to comply with the terms and conditions of the Orders. |
14. Commitments and Contingenci
14. Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
14. Commitments and Contingencies | 14. COMMITMENTS AND CONTINGENCIES The Bank is a defendant in certain claims and legal actions arising in the ordinary course of business. In the opinion of management, after consultation with legal counsel, the ultimate disposition of these matters is not expected to have a material adverse effect on the consolidated financial condition of the Company. |
15. SUBSEQUENT EVENTS
15. SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
15. SUBSEQUENT EVENTS | 15. SUBSEQUENT EVENTS In 2016, correspondence was sent to financial institutions in the region to encourage them to consider an investment for CRA credit. In March 2017, the Bank received a preferred stock investment from Fulton Financial totaling $675,000. As a result of this preferred stock investment, the Bank’s Tier 1 capital improved to 5.53% at March 31, 2017. Under PCA standards, the Bank is considered “well capitalized”. |
16. EARNINGS PER SHARE COMPUTAT
16. EARNINGS PER SHARE COMPUTATION | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
16. EARNINGS PER SHARE COMPUTATION | 16. EARNINGS PER SHARE COMPUTATION Net loss per common share is calculated as follows: Year ended December 31, 2015 Loss Shares Per share (numerator) (denominator) amount Net loss $ (494,775) Basic EPS Loss attributable to common stockholders $ (494,775) 863,999 $ (0.57) Diluted EPS Loss attributable to common stockholders $ (494,775) 863,999 $ (0.57) Year ended December 31, 2014 Loss Shares Per share (numerator) (denominator) amount Net loss $(343,067) Basic EPS Loss attributable to common stockholders $(343,067) 1,068,588 $ (0.32) Diluted EPS Loss attributable to common stockholders $(343,067) 1,068,588 $ (0.32) There were no common stock equivalents for the years December 31, 2015 and 2014. The preferred stock is non cumulative and the Company is restricted from paying dividends. Therefore, no effect of the preferred stock is included in the earnings per share calculations. |
17. Summary of Quarterly Result
17. Summary of Quarterly Results (unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
17. Summary of Quarterly Results (unaudited) | 17. SUMMARY OF QUARTERLY RESULTS (UNAUDITED) The following summarizes the companyÂ’s consolidated results of operations during 2015 and 2014, on a quarterly basis: (Dollars in thousands) 2015 Fourth Third Second First Quarter Quarter Quarter Quarter Interest income $ 609 $ 636 $ 630 $712 Interest expense 17 17 17 18 Net interest income 592 619 613 694 Provision for loan losses (51) 83 (40) (60) Net interest after provision for loan losses 643 536 653 754 Noninterest income 420 334 307 336 Noninterest expense 1,245 1,080 1,078 1,075 Net income (loss) $ (182) $ (210) $ (118) $ 15 Basic income (loss) per common share $ (0.21) $ (0.24) $(0.13) $ 0.01 Diluted income (loss) per common share $ (0.21) $ (0.24) $(0.13) $ 0.01 (Dollars in thousands) 2014 Fourth Third Second First Quarter Quarter Quarter Quarter Interest income $ 779 $ 738 $ 700 $ 713 Interest expense 18 19 18 18 Net interest income 761 719 682 695 Provision for loan losses 30 62 30 40 Net interest after provision for loan losses 731 657 652 655 Noninterest income 723 231 252 171 Noninterest expense 1,190 1,071 1,107 1,047 Net income (loss) $ 264 $ (183) $ (203) $ (221) Basic income (loss) per common share $ 0.25 $(0.17) $ (0.19) $ (0.21) Diluted income (loss) per common share $ 0.25 $(0.17) $ (0.19) $ (0.21) |
1. Summary of Significant Acc24
1. Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, the Bank. All significant intercompany transactions and balances have been eliminated. |
Management's Use of Estimates | ManagementÂ’s Use of Estimates The preparation of the financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Material estimates which are particularly susceptible to significant change in the near term relate to the fair value of investment securities, the determination of the allowance for loan losses, the fair value of loans held at fair value, valuation allowance for deferred tax assets, the carrying value of other real estate owned, the determination of other than temporary impairment for securities. |
Marketing and Advertising | Marketing and Advertising Marketing and advertising costs are expensed as incurred. |
Statement of Cash Flows | Statement of Cash Flows For purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks, interest bearing deposits with banks that mature within 90 days and federal funds sold on an overnight basis. Changes in loans made to and deposits received from customers are reported on a net basis. |
Securities | Securities Bonds, notes, and debentures for which the Company has both the positive intent and ability to hold to maturity are classified as held-to-maturity and carried at cost, adjusted for premiums and discounts that are recognized in interest income using the interest method over the period to maturity. If transfers between the available-for-sale and held-to-maturity portfolios occur, they are accounted for at fair value and unrealized holding gains and losses are accounted for at the date of transfer. For securities transferred to available-for-sale from held-to-maturity, unrealized gains and losses as of the date of the transfer are recognized in accumulated other comprehensive loss as a separate component of shareholdersÂ’ equity. For securities transferred into the held-to-maturity portfolio from available-for-sale, unrealized gains and losses as of the date of the transfer continue to be reported in accumulated other comprehensive loss, and are amortized over the remaining life of the security as an adjustment to its yield, consistent with amortization of the premium or accretion of the discount. United Bancshares, Inc. and Subsidiary NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED December 31, 2015 and 2014 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued Management evaluates securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concern warrants such evaluation. Declines in the fair value of individual debt securities below their cost that are deemed to be other than temporary result in write-downs of the individual securities to their fair value. Debt securities that are deemed to be other-than-temporarily impaired are reflected in earnings as realized losses to the extent impairment is related to credit losses. The amount of the impairment for debt securities related to other factors is recognized in other comprehensive loss. In evaluating whether impairment is temporary or other-than-temporary, management first considers whether the Bank intends to sell the security or it is more-likely-than-not that the Bank will be required to sell the security prior to recovery. In these circumstances, the loss is determined to be other-than-temporary and the difference between the securityÂ’s fair value and its amortized cost is reflected as a loss in the statement of operations. If management does not intend to sell the security and likely will not be required to sell the security prior to forecasted recovery, management evaluates whether it expects to recover the entire amortized cost of the debt security or if there is a credit loss. In evaluating whether there is a credit loss, management considers various qualitative factors which include (1) the length of time and the extent to which the fair value has been less than cost, (2) the reasons for the decline in the fair value, and (3) the financial position and access to capital of the issuer, including the current and future impact of any specific events. If, based on an analysis of these factors, management concludes that there is a credit loss, then management calculates the expected cash flows and records a loss in earnings equal to the difference between the amortized cost of the debt security and the expected present value of cash flows. The portion of the decline in fair value that is due to factors other than credit loss is recognized in other comprehensive loss. No investment securities held by the Bank as of December 31, 2015 and 2014 were subjected to a write-down due to credit related other-than-temporary impairment. Interest income from securities adjusted for the amortization of premiums and accretion of discounts is recognized in interest income using the interest method over the contractual lives of the related securities. Realized gains and losses, determined using the amortized cost value of the specific securities sold, are included in noninterest income in the statement of operations. |
Transfers of Financial Assets | Transfers of Financial Assets Transfers of financial assets are accounted for as sales when all the components meet the definition of a participating interest and when control over the assets has been surrendered. A participating interest generally represents (1) a proportionate (pro rata) ownership interest in an entire financial assets, (2) a relationship where from the date of transfer all cash flows received from the entire financial asset are divided proportionately among the participating interest holders in an amount equal to their share of ownership, (3) the priority of cash flows has certain characteristics, including no reduction in priority, subordination of interest, or recourse to the transferor other than standard representation or warranties, and (4) no party has the right to pledge or exchange the entire financial asset unless all participating interest holders agree to pledge or exchange the entire financial asset. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Bank, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Bank does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. |
Loans Held For Sale | Loans Held for Sale From time to time, the Bank originates SBA loans for which the guaranteed portion is intended to be sold within a short period of time in the secondary market. These loans are classified as held-for-sale and carried at estimated fair value based on a loan-by-loan valuation using actual market bids in accordance with the irrevocable option permitted under Accounting Standards Codification (“ASC”) 825-10-25 |
Loans Held At Fair Value | Loans Held at Fair Value From time to time, the Bank originates SBA loans for which the un-guaranteed portion is retained after the guaranteed portion is sold in the secondary market. Management has elected to carry these loans at fair value. Fair value of these loans is estimated based on the present value of future cashflows for each asset based on their unique characteristics, market-based assumptions for prepayment speeds, discount rates, default and voluntary prepayments as well as assumptions for losses and recoveries. |
Loans | Loans The Bank has both the positive intent and ability to hold the majority of its loans to maturity. These loans are stated at the amount of unpaid principal, reduced by net unearned discount and an allowance for loan losses. Interest income on loans is recognized as earned based on contractual interest rates applied to daily principal amounts outstanding and accretion of discount. It is the BankÂ’s policy to discontinue the accrual of interest income when a default of principal or interest exists for a period of 90 days except when, in managementÂ’s judgment, the loan is well collateralized and in the process of collection. Interest received on nonaccrual loans is either applied against principal or reported as interest income according to managementÂ’s judgment as to collectability of principal. When interest accruals are discontinued, unpaid accrued interest previously credited to income is reversed and the loan is classified as impaired. |
Non-accrual and Past Due Loans. | Non-accrual and Past Due Loans Loans are considered past due if the required principal and interest payments have not been received 30 days as of the date such payments were due. The Bank generally places a loan on non-accrual status when interest or principal is past due 90 days or more. If it otherwise appears doubtful that the loan will be repaid, management may place the loan on nonaccrual status before the lapse of 90 days. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Unearned discounts are amortized over the weighted average maturity of the related mortgage loan portfolio. Loan origination and commitment fees and certain direct loan origination costs are deferred, and the net amount is amortized as an adjustment of the related loanÂ’s yield. The Bank is amortizing these amounts over the contractual life of the loan. For purchased loans, the discount remaining after the loan loss allocation is being amortized over the remaining life of the purchased loans using the interest method. |
Allowance For Loan Losses | Allowance for Loan Losses The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses. Loans that are determined to be uncollectible are charged against the allowance account, and subsequent recoveries, if any, are credited to the allowance. When evaluating the adequacy of the allowance, an assessment of the loan portfolio will typically include changes in the composition and volume of the loan portfolio, overall portfolio quality and past loss experience, review of specific problem loans, current economic conditions which may affect borrowers’ ability to repay, and other factors which may warrant current recognition. Such periodic assessments may, in management’s judgment, require the Bank to recognize additions or reductions to the allowance. United Bancshares, Inc. and Subsidiary NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED December 31, 2015 and 2014 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued Various regulatory agencies periodically review the adequacy of the Bank’s allowance for loan losses as an integral part of their examination process. Such agencies may require the Bank to recognize additions or reductions to the allowance based on their evaluation of information available to them at the time of their examination. It is reasonably possible that the above factors may change significantly and, therefore, affects management’s determination of the allowance for loan losses in the near term. The allowance consists of specific and general components. The specific component relates to loans that are classified as impaired. For those loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers non-impaired loans and is based on historical charge-off experience, other qualitative factors, and adjustments made to the allowance for pools of loans after an assessment of internal or external influences on credit quality that are not fully reflected in the historical loss or risk rating data. The Bank does not allocate reserves for unfunded commitments to fund lines of credit. A loan is considered impaired when, based on current information and events, it is probable that the Bank will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. The Bank will identify and assess loans that may be impaired through any of the following processes: · · · · Impairment is measured on a loan by loan basis for commercial loans by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral if the loan is collateral dependent. Large groups of smaller, homogeneous loans, including consumer installment and home equity loans, 1-4 family residential mortgages, and student loans are evaluated collectively for impairment. Accordingly, the Bank does not separately identify individual consumer and residential loans for impairment disclosures. |
Bank Premises and Equipment | Bank Premises and Equipment Bank premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed on the straight-line method over the estimated useful lives of the assets. Amortization of leasehold improvements is computed over the shorter of the related lease term or the useful life of the assets. |
Income Taxes | Income Taxes The liability method is used in accounting for income taxes. Deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. Realization of deferred tax assets is dependent on generating sufficient taxable income in the future. When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that ultimately would be sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more-likely-than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. The evaluation of a tax position taken is considered by itself and not offset or aggregated with other positions. Tax positions that meet the more-likely-than not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying balance sheet along with any associated interest and penalties that would be payable to the taxing authorities upon examination. It is the BankÂ’s policy to recognize interest and penalties related to unrecognized tax liabilities within income tax expense in the statement of operations. The Bank does not have an accrual for uncertain tax positions as of December 31, 2015 or 2014, as deductions taken and benefits accrued are based on widely understood administrative practices and procedures and are based on clear and unambiguous tax law. |
Loss Per Share ("eps") | Loss Per Share (“EPS”) Basic EPS excludes dilution and is computed by dividing income (loss) available to common shareholders by the weighted average common shares outstanding during the period. Diluted EPS takes into account the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted into common stock. |
Off-Balance-Sheet Financial Instruments | Off-Balance-Sheet Financial Instruments In the ordinary course of business, the Bank has entered into off-balance-sheet financial instruments consisting of commitments to extend credit and letters of credit. Such financial instruments are recorded in the financial statements when they become payable. |
Other Real Estate Owned | Other Real Estate Owned Real estate properties acquired through, or in lieu of, loan foreclosure are to be sold and are initially recorded at fair value, net of estimated cost to sell, at the date of foreclosure, establishing a new cost basis. After foreclosure, valuations are periodically performed by management, and the real estate is carried at the lower of carrying amount or fair value less the cost to sell. Revenue and expenses from operations and changes in valuation allowance are charged to operations. |
Segments | Segments The Company has one reportable segment, “Community Banking.” All of the Company’s activities are interrelated, and each activity is dependent and assessed based on how each of the activities of the Company supports the other. For example, commercial lending is dependent upon the ability of the Bank to fund it with retail deposits and other borrowings and to manage interest rate and credit risk. This situation is also similar for consumer and residential mortgage lending. Accordingly, all significant operating decisions are based upon analysis of the Company as one operating segment or unit. |
Reclassifications | Reclassifications Certain reclassifications have been made to the prior yearsÂ’ financial statements to conform to the 2015 presentation, with no impact on earnings or shareholdersÂ’ equity. |
Comprehensive Loss | Comprehensive (Loss) Income Comprehensive (loss) income includes net loss as well as certain other items that result in a change to equity during the period. The components of other comprehensive (loss) income are as follows: December 31, 2015 (in 000Â’s) Before tax Tax Net of tax a mount Benefit Amount Unrealized loss on securities $ (9) $ 3 $ (6) Unrealized holding loss arising during period - - - Less: reclassification adjustment for gains realized in net loss - - - Other comprehensive loss, net $ (9) $ 3 $ (6) December 31, 2014 Before tax Tax Net of tax a mount (Expense) Amount Unrealized income on securities: Unrealized holding income arising during period $ 475 $ (157) $ 318 Less: reclassification adjustment for gains realized in net loss (7) 3 (4) Other comprehensive income, net $ 468 $ (154) $ 314 |
Recent Accounting Pronouncements | Recent Accounting Pronouncements ASU 2014-04 Receivables — Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans Upon Foreclosure. In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers United Bancshares, Inc. and Subsidiary NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED December 31, 2015 and 2014 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued ASU No. 2014-09 (Topic 606) “Revenue from Contracts with Customers” ASU 2017-04 (Topic 350) “Intangibles – Goodwill and Others” ASU 2017-01 (Topic 805), “Business Combinations” ASU 2016-13 (Topic 326), “Measurement of Credit Losses on Financial Instruments” ASU 2016-02 (Topic 842), “Leases” United Bancshares, Inc. and Subsidiary NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED December 31, 2015 and 2014 ASU 2016-01 (Subtopic 825-10), “Financial Instruments – Overall, Recognition and Measurement of Financial Assets and Financial Liabilities” ASU 2016-15 (Topic 320), “Classification of Certain Cash Receipts and Cash Payments” ASU 2014-15, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” |
1. Summary of Significant Acc25
1. Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Schedule of Components of Other Comprehensive Loss | The components of other comprehensive (loss) income are as follows: December 31, 2015 (in 000Â’s) Before tax Tax Net of tax a mount Benefit Amount Unrealized loss on securities $ (9) $ 3 $ (6) Unrealized holding loss arising during period - - - Less: reclassification adjustment for gains realized in net loss - - - Other comprehensive loss, net $ (9) $ 3 $ (6) December 31, 2014 Before tax Tax Net of tax a mount (Expense) Amount Unrealized income on securities: Unrealized holding income arising during period $ 475 $ (157) $ 318 Less: reclassification adjustment for gains realized in net loss (7) 3 (4) Other comprehensive income, net $ 468 $ (154) $ 314 |
3. Investments (Tables)
3. Investments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Schedule of Available-for-sale Securities Reconciliation | The amortized cost, gross unrealized holding gains and losses, and estimated fair value of the available-for-sale and held-to-maturity investment securities by major security type at December 31, 2015 and 2014 are as follows: (In 000Â’s) 2015 Gross Gross Amortized Unrealized unrealized Fair Cost Gains losses Value Available-for-sale: U.S. Government agency securities $ 3,697 $ 3 $ (38) $ 3,662 Government Sponsored Enterprises residential mortgage-backed securities 3,774 36 (30) 3,780 Investments in money market funds 130 - - 130 $ 7,601 $ 39 $ (68) $ 7,572 United Bancshares, Inc. and Subsidiary NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED December 31, 2015 and 2014 3. INVESTMENTS-Continued 2014 Gross Gross Amortized Unrealized unrealized Fair Cost Gains losses Value Available-for-sale: U.S. Government agency securities $ 4,097 $ - $ (61) $ 4,036 Government Sponsored Enterprises residential mortgage-backed securities 4,333 60 (20) 4,374 Investments in money market funds 130 - - 130 $ 8,560 $ 60 $ (81) $ 8,540 |
Schedule of Continuous Unrealized Loss Positions on Held-To-Maturity Investments | The table below indicates the length of time individual securities held-to-maturity have been in a continuous unrealized loss position at December 31, 2015 (in thousands): Number Less than 12 months 12 months or longer Total Description of Of Fair Unrealized Fair Unrealized Fair Unrealized Securities Securities value Losses Value Losses value Losses U.S. Government agency securities 9 $ 2,416 $ (32) $ 243 $ (6) $ 2,659 $ (38) Mortgage backed securities 8 1,486 (19) 227 (11) 1,713 (30) Total temporarily impaired investment securities 17 $ 3,902 $ (51) $ 470 $ (17) $ 4,372 $ (68) The table below indicates the length of time individual securities held-to-maturity have been in a continuous unrealized loss position at December 31, 2014 (in thousands): Number Less than 12 months 12 months or longer Total Description of Of Fair Unrealized Fair Unrealized Fair Unrealized Securities Securities value Losses Value Losses value losses U.S. Government agency securities 13 $ 246 $ (4) $ 3,290 $ (57) $ 3,536 $ (61) Mortgage backed securities 6 - - 1,440 (20) 1,440 (20) Total temporarily impaired investment securities 19 $ 246 $ (4) $ 4,730 $ (77) $ 4,976 $ (81) |
Schedule of Investments Classified by Contractual Maturity Date | Maturities of investment securities classified as available-for-sale at December 31, 2015 were as follows. Expected maturities may differ from contractual maturities because the underlying mortgages supporting mortgage backed securities may be prepaid without any penalties. Consequently, mortgage-backed securities are not presented by maturity category. (In 000Â’s) Amortized Fair Cost Value Available-for-sale: Due in one year $ - $ - Due after one year through five years - - Due after five years through ten years 3,697 3,662 Government-sponsored enterprises residential mortgage-backed securities 3,774 3,780 Total debt securities 7,471 7,442 Investments in money market funds 130 130 $ 7,601 $ 7,572 |
4. Loans and Allowance For Lo27
4. Loans and Allowance For Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Schedule of the Composition of Net Loans | The composition of the net loans is as follows: December 31, December 31, (In 000's) 2015 2014 Commercial and industrial: Commercial $ 1,535 $ 2,563 SBA loans 40 168 Asset-based 1,487 1,904 Total commercial and industrial 3,062 4,635 Commercial real estate: Commercial mortgages 13,774 15,470 SBA loans 353 525 Construction 2,175 3,423 Religious organizations 10,112 12,138 Total commercial real estate 26,414 31,556 Consumer real estate: Home equity loans 897 1,047 Home equity lines of credit 20 22 1-4 family residential mortgages 1,924 2,228 Total consumer real estate 2,841 3,297 Total real estate 29,255 34,853 Consumer and other: Consumer installment - 7 Student loans 1,081 1,221 Other 121 145 Total consumer and other 1,202 1,373 Loans, net $ 33,519 $ 40,861 |
Schedule of Activity in Related Party Loans | Activity in related party loans is presented in the following table. 2015 2014 Balance outstanding at December 31, $ 845,477 $ 858,861 Principal additions - 52,000 Disaffiliations - - Principal reductions (70,399) (65,384) Balance outstanding at December 31, $ 775,078 $ 845,477 |
Schedule of Age Analysis of Past Due Loans | An age analysis of past due loans, segregated by class of loans, as of December 31, 2015 is as follows: (In 000's) Accruing Loans Loans 90 or 30-89 Days More Days Total Past Current Past Due Past Due Nonaccrual Due Loans Loans Total Loans Commercial and industrial: Commercial $ - $ - $ 110 $ 110 $ 1,425 $ 1,535 SBA loans - - 40 40 - 40 Asset-based 11 - 289 300 1,187 1,487 Total commercial and industrial 11 - 439 450 2,612 3,062 Commercial real estate: Commercial mortgages 169 39 1,335 1,543 12,231 13,774 SBA loans - - 271 271 82 353 Construction - - - - 2,175 2,175 Religious organizations - - 471 471 9,641 10,112 Total commercial real estate 169 39 2,077 2,285 24,129 26,414 Consumer real estate: Home equity loans 56 125 358 539 358 897 Home equity lines of credit - - - - 20 20 1-4 family residential mortgages 35 - 129 164 1,760 1,924 Total consumer real estate 91 125 487 703 2,138 2,841 Total real estate 260 164 2,564 2,988 26,267 29,255 Consumer and other: Consumer installment - - - - - - Student loans 66 129 - 195 886 1,081 Other 2 - - 2 119 121 Total consumer and other 68 129 - 197 1,005 1,202 Total loans $ 339 $ 293 $ 3,003 $ 3,635 $ 29,884 $ 33,519 United Bancshares, Inc. and Subsidiary NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED December 31, 2015 and 2014 An age analysis of past due loans, segregated by class of loans, as of December 31, 2014 is as follows: (In 000's) Accruing Loans Loans 90 or 30-89 Days More Days Total Past Current Past Due Past Due Nonaccrual Due Loans Loans Total Loans Commercial and industrial: Commercial $ - $ - $ 248 248 $ 2,315 $ 2,563 SBA loans - - 48 48 120 168 Asset-based - - - - 1,904 1,904 Total Commercial and industrial - - 296 296 4,339 4,635 Commercial real estate: Commercial mortgages 17 83 985 1,085 14,385 15,470 SBA loans - - 118 118 407 525 Construction - - - - 3,423 3,423 Religious organizations - - 520 520 11,618 12,138 Total Commercial real estate 17 83 1,623 1,723 29,833 31,556 Consumer real estate: Home equity loans 246 - 368 614 433 1,047 Home equity lines of credit - - - - 22 22 1-4 family residential mortgages - - 194 194 2,034 2,228 Total consumer real estate 246 - 562 808 2,489 3,297 Total real estate 263 83 2,185 2,531 32,322 34,853 Consumer and other: Consumer installment - - - - 7 7 Student loans 136 88 - 224 997 1,221 Other 12 - - 12 133 145 Total consumer and other 148 88 - 236 1,137 1,373 Total loans $ 411 $ 171 $ 2,481 $ 3,063 $ 37,798 $ 40,861 |
Schedule of Impaired Loans | Year-end 2015 impaired loans are set forth in the following table. (In 000Â’s) Unpaid Contractual Recorded Investment Recorded Investment Total Average Interest recognized Principal With No With Recorded Related Recorded on impaired Balance Allowance Allowance Investment Allowance Investment loans Commercial and industrial: Commercial $ 818 $ 353 $ - $ 353 $ - $ 446 $ - SBA loans 46 - 46 46 - 38 2 Asset-based 40 40 - 40 - 54 2 Total Commercial and industrial 904 393 46 439 - 538 4 Commercial real estate: Commercial mortgages 1,334 810 524 1,334 91 579 9 SBA Loans 271 271 - 271 - 161 2 Religious Organizations 471 471 - 471 - 630 2 Total Commercial real estate 2,076 1,552 524 2,076 91 1,370 13 Total Loans $ 2,980 $ 1,945 $ 570 $ 2,515 $ 91 $ 1,908 $ 17 United Bancshares, Inc. and Subsidiary NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED December 31, 2015 and 2014 Year-end 2014 impaired loans are set forth in the following table. (In 000Â’s) Unpaid Contractual Recorded Investment Recorded Investment Total Average Interest recognized Principal With No With Recorded Related Recorded on impaired Balance Allowance Allowance Investment Allowance Investment loans Commercial and industrial: Commercial $ 501 $ 38 $ 210 $ 248 $ 199 $ 248 $ 3 SBA loans 94 46 48 94 48 52 - Asset-based 40 40 - 40 - 4 1 Total Commercial and industrial 635 124 258 382 247 304 4 Commercial real estate: Commercial mortgages 985 616 369 985 27 933 3 SBA Loans 118 118 - 118 - 124 - Religious Organizations 520 520 - 520 - 607 - Total Commercial real estate 1,623 1,254 369 1,623 27 1,664 3 Total Loans $2,258 $1,378 $ 627 $ 2,005 $ 274 $ 1,968 $ 7 |
Schedule of Bank Loans by Class According to Credit Quality | The tables below detail the BankÂ’s loans by class according to their credit quality indictors discussed above. (In 000's) Commercial Loans, December 31, 2015 Good/ Excellent Satisfactory Pass Special Mention Substandard Doubtful Total Commercial and industrial: Commercial $ 285 $ 922 $ 16 $ 58 $ 254 $ - $ 1,535 SBA loans - - - - 40 - 40 Asset-based - 900 222 - 289 76 1,487 285 1,822 238 58 583 76 3,062 Commercial real estate: Commercial mortgages - 10,689 1,098 613 1,151 223 13,774 SBA Loans - 82 - - 271 - 353 Construction - 2,175 - - - - 2,175 Religious organizations - 7,624 1,131 886 471 - 10,112 - 20,570 2,229 1,499 1,893 223 26,414 Total commercial loans $ 285 $ 22,393 $ 2,467 $ 1,557 $ 2,476 $ 299 $29,476 Residential Mortgage and Consumer Loans December 31, 2015 Performing Nonperforming Total Consumer Real Estate: Home equity $ 539 $ 358 $ 897 Home equity line of credit 20 - 20 1-4 family residential mortgages 1,795 129 1,924 2,354 487 2,841 Consumer Other: Consumer Installment - - - Student loans 1,081 - 1,081 Other 121 - 121 1,202 - 1,202 Total consumer loans $ 3,556 $ 487 $ 4,043 Total loans $33,519 United Bancshares, Inc. and Subsidiary NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED December 31, 2015 and 2014 (In 000's) Commercial Loans, December 31, 2014 Good/ Excellent Satisfactory Pass Special Mention Substandard Doubtful Total Commercial and industrial: Commercial $ 300 $ 1,321 $ 474 $ 220 $ 113 $ 135 $ 2,563 SBA loans - 80 - - 88 - 168 Asset-based - 1,734 124 - 46 - 1,904 300 3,135 598 220 247 135 4,635 Commercial real estate: Commercial mortgages - 13,024 724 57 1,348 317 15,470 SBA Loans - 237 170 - 118 - 525 Construction - 3,423 - - - - 3,423 Religious organizations - 9,730 1,185 703 520 - 12,138 - 26,414 2,079 760 1,986 317 31,556 Total commercial loans $ 300 $ 29,549 $ 2,677 $ 980 $ 2,233 $ 452 $ 36,191 Residential Mortgage and Consumer Loans December 31, 2014 - Performing/Nonperforming Performing Nonperforming Total Consumer Real Estate: Home equity $ 679 $ 368 $ 1,047 Home equity line of credit 22 - 22 1-4 family residential mortgages 2,034 194 2,228 2,735 562 3,297 Consumer Other: Consumer Installment 7 - 7 Student loans 1,221 - 1,221 Other 145 - 145 1,373 - 1,373 Total consumer loans $ 4,108 $ 562 $ 4,670 Total loans $40,861 |
Schedule of Age Analysis of Allowance for Loan Losses | An analysis of the activity in the allowance for loan losses for the years 2015 and 2014 is as follows: (in 000's) For the Year Ended December 31, 2015 Commercial and industrial Commercial real estate Consumer real estate Consumer and other loans Total Beginning balance $ 403 $ 300 $ 20 $ 12 $ 735 Provision for loan losses 3 (47) (18) (6) (68) Charge-offs (259) (3) - (17) (279) Recoveries 4 - 6 20 30 Net charge-offs (255) (3) 6 3 (249) Ending balance $ 151 $ 250 $ 8 $ 9 $ 418 (in 000's) For the Year Ended December 31, 2014 Commercial and industrial Commercial real estate Consumer real estate Consumer and other loans Total Beginning balance $ 483 $ 280 $ 59 $ 17 $ 839 Provision for loan losses 169 20 (28) 1 162 Charge-offs (253) - (19) (30) (302) Recoveries 4 - 8 24 36 Net charge-offs (249) - (11) (6) (266) Ending balance $ 403 $ 300 $ 20 $ 12 $ 735 (in 000's) As of December 31, 2015 Commercial and industrial Commercial real estate Consumer real estate Consumer and other loans Total Period-end amount allocated to: Loans individually evaluated for impairment $ - $ 91 $ - $ - $ 91 Loans collectively evaluated for impairment 151 159 8 9 327 $ 151 $ 250 $ 8 $ 9 $ 418 Loans, ending balance: Loans individually evaluated for impairment $ 439 $ 2,076 $ - $ - $ 2,515 Loans collectively evaluated for impairment 2,623 24,338 2,841 1,202 31,314 Total $ 3,062 $ 26,414 $ 2,841 $ 1,202 $ 33,519 As of December 31, 2014 Commercial and industrial Commercial real estate Consumer real estate Consumer and other loans Total Period-end amount allocated to: Loans individually evaluated for impairment $ 247 $ 27 $ - $ - $ 274 Loans collectively evaluated for impairment 156 273 20 12 461 $ 403 $ 300 $ 20 $ 12 $ 735 Loans, ending balance: Loans individually evaluated for impairment $ 382 $ 1,623 $ - $ - $ 2,005 Loans collectively evaluated for impairment 4,253 29,933 3,297 1,373 $ 38,856 Total $ 4,635 $ 31,566 $ 3,297 $ 1,373 $ 40,861 |
5. Bank Premises and Equipment
5. Bank Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Schedule of Major Classes of Bank Premises and Equipment | The major classes of bank premises and equipment and the total accumulated depreciation are as follows at December 31: (In 000Â’s) Estimated useful life 2015 2014 Leasehold improvements 10-15 years $ 788 $ 785 Furniture and equipment 3- 7 years 1,297 1,179 2,085 1,964 Less accumulated depreciation (1,592) (1,415) $ 493 $ 549 |
Schedule of Future Minimum Lease Payments Under Operating Leases | Future minimum lease payments under operating leases are as follows: (In 000Â’s) Year ending December 31, Operating leases 2016 $ 423 2017 408 2018 416 2019 411 2020 332 Thereafter 888 Total minimum lease payments $2,878 |
6. Other Real Estate Owned (Tab
6. Other Real Estate Owned (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Schedule of Components Of Other Real Estate Owned | The following schedule reflects the components of other real estate owned at December 31, 2015 and 2014: (in 000Â’s) 2015 2014 2013 Commercial real estate $ 297 $ 191 $ 191 Residential real estate 183 373 242 Total $ 480 $ 564 $ 433 |
Schedule of Change in Other Real Estate Owned | A summary of the change in other real estate owned follows: (in 000Â’s) Year Ended December 31, 2015 Year Ended December 31, 2014 Beginning Balance $ 564 $ 433 Additions, transfers from loans 148 240 Sales (272) (96) 441 577 Write-ups (write-downs) 39 (13) Ending Balance $ 480 $ 564 |
Schedule of Components of Net Expense of Other Real Estate Owned | The following table details the components of net expense of other real estate owned. (in 000Â’s) Year ended December 31, 2015 Year ended December 31, 2014 Insurance $ 15 $ 21 Legal fees - 2 Maintenance - - Professional fees - - Real estate taxes 14 20 Utilities 3 4 Transfer-in write-up (88) (47) Impairment charges 49 13 Other 18 8 Total $11 $ 21 |
7. Deposits (Tables)
7. Deposits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Schedule of Maturity of Time Deposits | At December 31, 2015, the scheduled maturities of time deposits (certificates of deposit) are as follows: (In 000Â’s) 2016 $13,074 2017 644 2018 438 2019 43 2020 15 Thereafter 45 $14,259 |
9. Income Taxes (Tables)
9. Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Schedule of Deferred Tax Assets and Liabilities | Significant components of the BankÂ’s net deferred tax assets are as follows: December 31, (in 000Â’s) 2015 2014 Deferred tax assets(liabilities): Provision for loan losses $ 46 $ 161 Unrealized gain on investment securities 10 7 Depreciation (36) 7 Net operating carryforwards 3,538 3,233 Other, net 386 373 Valuation allowance for deferred tax assets (3,934) (3,774) Net deferred tax assets $ 10 $ 7 |
Schedule of Effective Income Tax Rate Reconciliation | 2015 2014 Effective rate reconciliation: Tax at statutory rate (34%) $ (168) $ (117) Nondeductible expenses 8 9 Increase in valuation allowance 160 95 Other - 13 Total tax expense $ - $ - |
10. Financial Instrument Comm32
10. Financial Instrument Commitments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Schedule of Financial Instruments Commitments | A summary of the BankÂ’s financial instrument commitments is as follows: 2015 2014 Commitments to extend credit $5,903,000 $ 8,262,000 Outstanding letters of credit 333,000 1,036,000 |
11. Fair Value Measurements (Ta
11. Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Schedule of Fair Value of Assets on a Recurring Basis | Assets on the consolidated balance sheets measured at fair value on a recurring basis are summarized below. (in 000Â’s) Fair Value Measurements at Reporting Date Using: Assets/Liabilities Measured at Fair Value at Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs Significant Unobservable Inputs 31-Dec-15 (Level 2) (Level 3) Investment securities available-for-sale: U.S. Government agency securities $3,662 $ - $3,662 $ - Government Sponsored Enterprises residential mortgage-backed securities 3,780 - 3,780 - Money Market Funds 130 130 - - Total $7,572 $130 $7,572 - Loans held for sale $3,261 $ - $3,261 - Loans held at fair value $2,459 $ - $ - $2,459 United Bancshares, Inc. and Subsidiary NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED December 31, 2015 and 2014 (in 000Â’s) Fair Value Measurements at Reporting Date Using: Assets/Liabilities Measured at Fair Value at Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs Significant Unobservable Inputs 31-Dec-14 (Level 2) (Level 3) Investment securities available-for-sale: U.S. Government agency securities $4,036 $ - $4,036 $ - Government Sponsored Enterprises residential mortgage-backed securities 4,374 - $4,374 - Money Market Funds 130 130 - - Total $8,540 $130 $8,410 - Loans held for sale $6,160 $ - $6,160 - Loans held at fair value $629 $ - $ - $629 |
Schedule of Inputs in Estimation of Fair Value of Level 3 Financial Instruments | These inputs include estimated cashflows, prepayment speeds, average projected default rate and discount rates as follows: (in 000Â’s) Assets measured at fair value December 31, 2015 Fair value December 31, 2014 Fair value Principal valuation techniques Significant observable inputs December 31, 2015 Range of inputs December 31, 2014 Range of inputs Loans held at fair value: $2,459 $629 Discounted cash flow Constant prepayment rate 7.10% to 9.88% 7.58% to 8.52% Weighted average life 3.40 yrs to 8.78 yrs 3.75 yrs to 4.25 yrs Discount rate 7.76% to 9.94% 9.02% to 9.24% Due to the inherent uncertainty of determining the fair value of assets that do not have a readily available market value, fair value as determined by management may fluctuate from period to period. United Bancshares, Inc. and Subsidiary NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED December 31, 2015 and 2014 The following table summarizes additional information about assets measured at fair value on a recurring basis for which level 3 inputs were utilized to determine fair value: (in 000Â’s) 2015 2014 Balance at December 31, $ 629 $ 447 Origination of loans 2,017 209 Principal repayments (185) (20) Change in fair value of financial instruments (2) (7) Balance at December 31, $ 2,459 $ 629 |
Schedule of Fair Value of Assets Measured on a Nonrecurring Basis | The following table presents the assets carried on the consolidated balance sheets by level within the fair value hierarchy as of December 31, 2015, for which a nonrecurring change in fair value has been recorded during the year ended December 31, 2015. Carrying Value at December 31, 2015: (in 000Â’s) Total Quoted Prices in Active markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total fair value loss during the year ended December 31, 2015 Impaired Loans $2,424 - - $2,424 $ - Other real estate owned $ 480 - - $ 480 $ 39 United Bancshares, Inc. and Subsidiary NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED December 31, 2015 and 2014 The following table presents the assets and liabilities carried on the consolidated balance sheets by level within the fair value hierarchy as of December 31, 2014, for which a nonrecurring change in fair value has been recorded during the year ended December 31, 2014. Carrying Value at December 31, 2014: (in 000Â’s) Total Quoted Prices in Active markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total fair value loss during the year ended December 31, 2014 Impaired Loans $1,731 - - $1,731 $(142) Other real estate owned 564 - - 564 (13) |
Schedule of Fair Value of Financial Instruments at Year-End | The fair value of financial instruments at year-end are presented below: (in 000Â’s) Level in 2015 2014 Value Carrying Fair Carrying Fair Assets: Hierarchy Amount Value Amount Value Cash and cash equivalents Level 1 $10,782 $10,782 $3,237 $3,237 Available for sale securities (1) 7,572 7,572 8,540 8,540 Loans held for sale Level 2 3,261 3,261 6,160 6,160 Loans held at fair value Level 3 2,459 2,459 629 629 Loans, net of allowance for loan losses (2) 33,101 33,082 40,127 40,069 Interest receivable Level 2 175 175 250 250 Liabilities: Demand deposits Level 2 30,022 30,022 28,723 28,723 Savings deposits Level 2 11,681 11,681 12,091 12,091 Time deposits Level 2 14,259 14,242 16,148 16,157 Interest Payable Level 2 9 9 16 16 |
12. Consolidated Financial In34
12. Consolidated Financial Information-parent Company Only (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Schedule of Condensed Balance Sheet | Condensed Balance Sheets (Dollars in thousands) 2015 2014 Assets: Cash and cash equivalents $ - $ - Investment in United Bank of Philadelphia 2,680 3,181 Total assets $2,680 $3,181 ShareholdersÂ’ equity: Series A preferred stock 1 1 Common stock 8 11 Additional paid-in capital 14,753 14,750 Accumulated deficit (12,063) (11,568) Net unrealized holding losses on securities available-for-sale (19) (13) Total shareholdersÂ’ equity $2,680 $3,181 |
Schedule of Condensed Income Statement | Condensed Statements of Operations Years ended December 31, (Dollars in thousands) 2015 2014 Other Expenses $ - $ - Equity in net loss of subsidiary (495) (343) Net loss $ (495) $ (343) |
Schedule of Condensed Cash Flow Statement | Condensed Statements of Cash Flows Years ended December 31, (Dollars in thousands) 2015 2014 Cash flows from operating activities: Net loss $ (495) $ (343) Adjustments: Equity in net loss of subsidiary 495 343 Net cash used in operating activities - - Cash and cash equivalents at beginning of year - - Cash and cash equivalents at end of year $ - $ - |
13. Regulatory Matters (Tables)
13. Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Schedule of the Company and the Bank's Actual Capital | The Company and the BankÂ’s actual capital amounts and ratios are as follows: December 31, 2015 December 31, 2014 (In 000Â’s Actual Minimum to be Well Capitalized Actual Minimum to be Well Capitalized Amount Ratio Amount Ratio Amount Ratio Amount Ratio Total (Tier II) capital to risk weighted assets: Company $3,081 8.50% N/A $3,684 8.60% N/A Bank 3,081 8.50 $3,623 10.00% 3,684 8.60 $4,283 10.00% Tier I capital to risk weighted assets Company 2,663 7.35 N/A 3,146 7.35 N/A Bank 2,663 7.35 $2,899 8.00% 3,146 7.35 $2,570 6.00% Common equity Tier I capital to risk weighted assets Company 2,663 7.35 N/A 3,146 7.35 N/A N/A Bank 2,663 7.35 $2,355 6.50% 3,146 7.35 N/A N/A Tier I Leverage ratio (Tier I capital to total quarterly average assets) Company 2,663 4.57 N/A 3,146 5.18 N/A Bank 2,663 4.57 $2,915 5.00% 3,146 5.18 $3,038 5.00% Tangible common equity to tangible assets Company 2,663 4.52 N/A N/A 3,146 5.20 N/A N/A Bank 2,663 4.52 N/A N/A 3,146 5.20 N/A N/A |
16. EARNINGS PER SHARE COMPUT36
16. EARNINGS PER SHARE COMPUTATION (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Schedule of Net Loss per Common Share | Net loss per common share is calculated as follows: Year ended December 31, 2015 Loss Shares Per share (numerator) (denominator) amount Net loss $ (494,775) Basic EPS Loss attributable to common stockholders $ (494,775) 863,999 $ (0.57) Diluted EPS Loss attributable to common stockholders $ (494,775) 863,999 $ (0.57) Year ended December 31, 2014 Loss Shares Per share (numerator) (denominator) amount Net loss $(343,067) Basic EPS Loss attributable to common stockholders $(343,067) 1,068,588 $ (0.32) Diluted EPS Loss attributable to common stockholders $(343,067) 1,068,588 $ (0.32) |
17. Summary of Quarterly Resu37
17. Summary of Quarterly Results (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Schedule of Condensed Income Statement | The following summarizes the companyÂ’s consolidated results of operations during 2015 and 2014, on a quarterly basis: (Dollars in thousands) 2015 Fourth Third Second First Quarter Quarter Quarter Quarter Interest income $ 609 $ 636 $ 630 $712 Interest expense 17 17 17 18 Net interest income 592 619 613 694 Provision for loan losses (51) 83 (40) (60) Net interest after provision for loan losses 643 536 653 754 Noninterest income 420 334 307 336 Noninterest expense 1,245 1,080 1,078 1,075 Net income (loss) $ (182) $ (210) $ (118) $ 15 Basic income (loss) per common share $ (0.21) $ (0.24) $(0.13) $ 0.01 Diluted income (loss) per common share $ (0.21) $ (0.24) $(0.13) $ 0.01 (Dollars in thousands) 2014 Fourth Third Second First Quarter Quarter Quarter Quarter Interest income $ 779 $ 738 $ 700 $ 713 Interest expense 18 19 18 18 Net interest income 761 719 682 695 Provision for loan losses 30 62 30 40 Net interest after provision for loan losses 731 657 652 655 Noninterest income 723 231 252 171 Noninterest expense 1,190 1,071 1,107 1,047 Net income (loss) $ 264 $ (183) $ (203) $ (221) Basic income (loss) per common share $ 0.25 $(0.17) $ (0.19) $ (0.21) Diluted income (loss) per common share $ 0.25 $(0.17) $ (0.19) $ (0.21) |
1. Summary of Significant Acc38
1. Summary of Significant Accounting Policies (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Details | |
Entity Incorporation, Date of Incorporation | Apr. 8, 1993 |
1. Summary of Significant Acc39
1. Summary of Significant Accounting Policies: Comprehensive Loss: Schedule of Components of Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Details | ||
Unrealized holding income loss arising during period, before tax amount | $ (9) | $ 475 |
Unrealized holding income loss arising during period, tax benefit (expense) | 3 | (157) |
Unrealized holding income loss arising during period, net of tax amount | (6) | 318 |
Less: reclassification adjustment for gains realized in net income loss, before tax amount | 0 | (7) |
Less: reclassification adjustment for gains realized in net income loss, tax benefit | 0 | 3 |
Less: reclassification adjustment for gains realized in net income loss, net of tax amount | 0 | (4) |
Other comprehensive income loss, net, before tax amount | (9) | 468 |
Other comprehensive income loss, net, tax (expense) benefit | 3 | (154) |
Other comprehensive income loss, net, net after tax amount | $ (6) | $ 314 |
2. Cash and Due From Bank Bal40
2. Cash and Due From Bank Balances (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Details | ||
Reserve balances, due from banks | $ 100,000 | $ 100,000 |
3. Investments_ Schedule of Ava
3. Investments: Schedule of Available-for-sale Securities Reconciliation (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Available-for-sale Securities, Amortized Cost Basis | $ 7,601,000 | $ 8,560,000 |
Available-for-sale Securities, Gross Unrealized Gain | 39,000 | 60,000 |
Available-for-sale Securities, Gross Unrealized Loss | (68,000) | (81,000) |
Available-for-sale, at fair value | 7,572,029 | 8,539,892 |
Thousand | ||
Available-for-sale, at fair value | 7,572,000 | 8,540,000 |
US Government Agencies Debt Securities | ||
Available-for-sale Securities, Amortized Cost Basis | 3,697,000 | 4,097,000 |
Available-for-sale Securities, Gross Unrealized Gain | 3,000 | 0 |
Available-for-sale Securities, Gross Unrealized Loss | (38,000) | (61,000) |
Available-for-sale, at fair value | 3,662,000 | 4,036,000 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises | ||
Available-for-sale Securities, Amortized Cost Basis | 3,774,000 | 4,333,000 |
Available-for-sale Securities, Gross Unrealized Gain | 36,000 | 60,000 |
Available-for-sale Securities, Gross Unrealized Loss | (30,000) | (20,000) |
Available-for-sale, at fair value | 3,780,000 | 4,374,000 |
Money Market Funds | ||
Available-for-sale Securities, Amortized Cost Basis | 130,000 | 130,000 |
Available-for-sale Securities, Gross Unrealized Gain | 0 | 0 |
Available-for-sale Securities, Gross Unrealized Loss | 0 | 0 |
Available-for-sale, at fair value | $ 130,000 | $ 130,000 |
3. Investments (Details)
3. Investments (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Held-to-maturity Securities, Gross Gains (Losses), Derivatives | $ 0 | |
Proceeds from sale of available-for sale investment securities | 0 | $ 915,918 |
Available for Sale Securities, Gain (Loss) Recognized | 6,000 | |
Held-to-maturity Securities Pledged as Collateral | 7,075,883 | 6,898,559 |
Thousand | ||
Proceeds from sale of available-for sale investment securities | 910,000 | |
US Government Agencies Debt Securities | ||
Held-to-maturity Securities | $ 1,600,000 | $ 0 |
3. Investments_ Schedule of Con
3. Investments: Schedule of Continuous Unrealized Loss Positions on Held-To-Maturity Investments (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Total | ||
Number of Securities | 17 | 19 |
Less than Twelve Months, Fair Value | $ 3,902 | $ 246 |
Less than 12 Months, Unrealized Losses | (51) | (4) |
Twelve Months or Longer, Fair Value | 470 | 4,730 |
12 Months or Longer, Unrealized Losses | (17) | (77) |
Total Fair Value | 4,372 | 4,976 |
Total Unrealized Losses | $ (68) | $ (81) |
US Government Agencies Debt Securities | ||
Number of Securities | 9 | 13 |
Less than Twelve Months, Fair Value | $ 2,416 | $ 246 |
Less than 12 Months, Unrealized Losses | (32) | (4) |
Twelve Months or Longer, Fair Value | 243 | 3,290 |
12 Months or Longer, Unrealized Losses | (6) | (57) |
Total Fair Value | 2,659 | 3,536 |
Total Unrealized Losses | $ (38) | $ (61) |
Collateralized Mortgage Backed Securities | ||
Number of Securities | 8 | 6 |
Less than Twelve Months, Fair Value | $ 1,486 | $ 0 |
Less than 12 Months, Unrealized Losses | (19) | 0 |
Twelve Months or Longer, Fair Value | 227 | 1,440 |
12 Months or Longer, Unrealized Losses | (11) | (20) |
Total Fair Value | 1,713 | 1,440 |
Total Unrealized Losses | $ (30) | $ (20) |
3. Investments_ Schedule of Inv
3. Investments: Schedule of Investments Classified by Contractual Maturity Date (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Amortized Cost, due in one year | $ 0 | |
Fair Value, due in one year | 0 | |
Amortized Cost, due after one year through five years | 0 | |
Fair Value, due after one year through five years | 0 | |
Amortized Cost, due after five years through ten years | 3,697,000 | |
Fair Value, due after five years through ten years | 3,662,000 | |
Available-for-sale Securities, Amortized Cost Basis | 7,601,000 | $ 8,560,000 |
Available-for-sale, at fair value | 7,572,029 | 8,539,892 |
Total debt securities, Amortized Cost Basis | 7,471,000 | |
Total debt securities, Fair Value | 7,442,000 | |
Total | ||
Available-for-sale Securities, Amortized Cost Basis | 7,601,000 | |
Available-for-sale, at fair value | 7,572,000 | |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises | ||
Available-for-sale Securities, Amortized Cost Basis | 3,774,000 | 4,333,000 |
Available-for-sale, at fair value | 3,780,000 | 4,374,000 |
Money Market Funds | ||
Available-for-sale Securities, Amortized Cost Basis | 130,000 | 130,000 |
Available-for-sale, at fair value | $ 130,000 | $ 130,000 |
4. Loans and Allowance For Lo45
4. Loans and Allowance For Loan Losses: Schedule of the Composition of Net Loans (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Commercial and industrial | $ 3,062 | $ 4,635 |
Commercial real estate | 26,414 | 31,556 |
Consumer real estate | 2,841 | 3,297 |
Total Real estate | 29,255 | 34,853 |
Consumer loans other | 1,202 | 1,373 |
Thousand | ||
Loans, net | 33,519 | 40,861 |
Commercial And Industrial | Commercial | ||
Commercial and industrial | 1,535 | 2,563 |
Commercial And Industrial | :S B A Loans | ||
Commercial and industrial | 40 | 168 |
Commercial And Industrial | Asset Based Loans | ||
Commercial and industrial | 1,487 | 1,904 |
Commercial Real Estate Portfolio Segment | :S B A Loans | ||
Commercial real estate | 353 | 525 |
Commercial Real Estate Portfolio Segment | Commercial Mortgages | ||
Commercial real estate | 13,774 | 15,470 |
Commercial Real Estate Portfolio Segment | Construction | ||
Commercial real estate | 2,175 | 3,423 |
Commercial Real Estate Portfolio Segment | Religious Organizations | ||
Commercial real estate | 10,112 | 12,138 |
Consumer Real Estate | Home Equity Line of Credit | ||
Consumer real estate | 20 | 22 |
Consumer Real Estate | Home Equity Loans | ||
Consumer real estate | 897 | 1,047 |
Consumer Real Estate | Family Residential Mortgage | ||
Consumer real estate | 1,924 | 2,228 |
Consumer And Other Loans | Consumer Installment | ||
Consumer loans other | 0 | 7 |
Consumer And Other Loans | Student Loans | ||
Consumer loans other | 1,081 | 1,221 |
Consumer And Other Loans | Other 1 | ||
Consumer loans other | $ 121 | $ 145 |
4. Loans and Allowance For Lo46
4. Loans and Allowance For Loan Losses (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Loans and Leases Receivable, Deferred Income | $ 253,139 | $ 52,909 |
Unearned discount | 22,272 | 26,177 |
Commercial real estate | 26,414 | 31,556 |
Owner Occupied | ||
Commercial real estate | $ 17,000,000 | |
Religious Organizations | ||
Loans Receivable Portfolio Percentage (by segment) | 34.00% | |
Religious Organizations | Thousand | ||
Commercial real estate | $ 10,000,000 | |
Commercial And Industrial | ||
Net Credit Loss on Loans Managed or Securitized or Asset-backed Financing Arrangement | $ 212,000 | $ 253,000 |
4. Loans and Allowance For Lo47
4. Loans and Allowance For Loan Losses: Schedule of Activity in Related Party Loans (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Details | ||
Balance outstanding, starting | $ 845,477 | $ 858,861 |
Principal additions | 0 | 52,000 |
Disafilliations | 0 | 0 |
Principal Reductions | (70,399) | (65,384) |
Balance outstanding, ending | $ 775,078 | $ 845,477 |
4. Loans and Allowance For Lo48
4. Loans and Allowance For Loan Losses: Schedule of Age Analysis of Past Due Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Loans and Leases Receivable, Gross | $ 29,476 | $ 36,191 |
Thousand | ||
Past Due Loans | 3,635 | 3,063 |
Nonaccrual | 3,003 | 2,481 |
Current Loans | 29,884 | 37,798 |
Loans and Leases Receivable, Gross | 33,519 | 40,861 |
Commercial And Industrial | ||
Past Due Loans | 450 | 296 |
Nonaccrual | 439 | 296 |
Current Loans | 2,612 | 4,339 |
Loans and Leases Receivable, Gross | 3,062 | 4,635 |
Commercial And Industrial | Commercial | ||
Past Due Loans | 110 | 248 |
Nonaccrual | 110 | 248 |
Current Loans | 1,425 | 2,315 |
Loans and Leases Receivable, Gross | 1,535 | 2,563 |
Commercial And Industrial | :S B A Loans | ||
Past Due Loans | 40 | 48 |
Nonaccrual | 40 | 48 |
Current Loans | 0 | 120 |
Loans and Leases Receivable, Gross | 40 | 168 |
Commercial And Industrial | Asset Based Loans | ||
Past Due Loans | 300 | 0 |
Nonaccrual | 289 | 0 |
Current Loans | 1,187 | 1,904 |
Loans and Leases Receivable, Gross | 1,487 | 1,904 |
Commercial Real Estate Portfolio Segment | ||
Past Due Loans | 2,285 | 1,723 |
Nonaccrual | 2,077 | 1,623 |
Current Loans | 24,129 | 29,833 |
Loans and Leases Receivable, Gross | 26,414 | 31,556 |
Commercial Real Estate Portfolio Segment | :S B A Loans | ||
Past Due Loans | 271 | 118 |
Nonaccrual | 271 | 118 |
Current Loans | 82 | 407 |
Loans and Leases Receivable, Gross | 353 | 525 |
Commercial Real Estate Portfolio Segment | Commercial Mortgages | ||
Past Due Loans | 1,543 | 1,085 |
Nonaccrual | 1,335 | 985 |
Current Loans | 12,231 | 14,385 |
Loans and Leases Receivable, Gross | 13,774 | 15,470 |
Commercial Real Estate Portfolio Segment | Construction | ||
Past Due Loans | 0 | 0 |
Nonaccrual | 0 | 0 |
Current Loans | 2,175 | 3,423 |
Loans and Leases Receivable, Gross | 2,175 | 3,423 |
Commercial Real Estate Portfolio Segment | Religious Organizations | ||
Past Due Loans | 471 | 520 |
Nonaccrual | 471 | 520 |
Current Loans | 9,641 | 11,618 |
Loans and Leases Receivable, Gross | 10,112 | 12,138 |
Consumer Real Estate | ||
Past Due Loans | 703 | 808 |
Nonaccrual | 487 | 562 |
Current Loans | 2,138 | 2,489 |
Loans and Leases Receivable, Gross | 2,841 | 3,297 |
Consumer Real Estate | Home Equity Line of Credit | ||
Past Due Loans | 0 | 0 |
Nonaccrual | 0 | 0 |
Current Loans | 20 | 22 |
Loans and Leases Receivable, Gross | 20 | 22 |
Consumer Real Estate | Home Equity Loans | ||
Past Due Loans | 539 | 614 |
Nonaccrual | 358 | 368 |
Current Loans | 358 | 433 |
Loans and Leases Receivable, Gross | 897 | 1,047 |
Consumer Real Estate | Family Residential Mortgage | ||
Past Due Loans | 164 | 194 |
Nonaccrual | 129 | 194 |
Current Loans | 1,760 | 2,034 |
Loans and Leases Receivable, Gross | 1,924 | 2,228 |
Total Real Estate | ||
Past Due Loans | 2,988 | 2,531 |
Nonaccrual | 2,564 | 2,185 |
Current Loans | 26,267 | 32,322 |
Loans and Leases Receivable, Gross | 29,255 | 34,853 |
Consumer And Other Loans | ||
Past Due Loans | 197 | 236 |
Nonaccrual | 0 | 0 |
Current Loans | 1,005 | 1,137 |
Loans and Leases Receivable, Gross | 1,202 | 1,373 |
Consumer And Other Loans | Consumer Installment | ||
Past Due Loans | 0 | 0 |
Nonaccrual | 0 | 0 |
Current Loans | 0 | 7 |
Loans and Leases Receivable, Gross | 0 | 7 |
Consumer And Other Loans | Student Loans | ||
Past Due Loans | 195 | 224 |
Nonaccrual | 0 | 0 |
Current Loans | 886 | 997 |
Loans and Leases Receivable, Gross | 1,081 | 1,221 |
Consumer And Other Loans | Other 1 | ||
Past Due Loans | 2 | 12 |
Nonaccrual | 0 | 0 |
Current Loans | 119 | 133 |
Loans and Leases Receivable, Gross | 121 | 145 |
Financing Receivables 30 To 89 Days Past Due | Thousand | ||
Past Due Loans | 339 | 411 |
Financing Receivables 30 To 89 Days Past Due | Commercial And Industrial | ||
Past Due Loans | 11 | 0 |
Financing Receivables 30 To 89 Days Past Due | Commercial And Industrial | Commercial | ||
Past Due Loans | 0 | 0 |
Financing Receivables 30 To 89 Days Past Due | Commercial And Industrial | :S B A Loans | ||
Past Due Loans | 0 | 0 |
Financing Receivables 30 To 89 Days Past Due | Commercial And Industrial | Asset Based Loans | ||
Past Due Loans | 11 | 0 |
Financing Receivables 30 To 89 Days Past Due | Commercial Real Estate Portfolio Segment | ||
Past Due Loans | 169 | 17 |
Financing Receivables 30 To 89 Days Past Due | Commercial Real Estate Portfolio Segment | :S B A Loans | ||
Past Due Loans | 0 | 0 |
Financing Receivables 30 To 89 Days Past Due | Commercial Real Estate Portfolio Segment | Commercial Mortgages | ||
Past Due Loans | 169 | 17 |
Financing Receivables 30 To 89 Days Past Due | Commercial Real Estate Portfolio Segment | Construction | ||
Past Due Loans | 0 | 0 |
Financing Receivables 30 To 89 Days Past Due | Commercial Real Estate Portfolio Segment | Religious Organizations | ||
Past Due Loans | 0 | 0 |
Financing Receivables 30 To 89 Days Past Due | Consumer Real Estate | ||
Past Due Loans | 91 | 246 |
Financing Receivables 30 To 89 Days Past Due | Consumer Real Estate | Home Equity Line of Credit | ||
Past Due Loans | 0 | 0 |
Financing Receivables 30 To 89 Days Past Due | Consumer Real Estate | Home Equity Loans | ||
Past Due Loans | 56 | 246 |
Financing Receivables 30 To 89 Days Past Due | Consumer Real Estate | Family Residential Mortgage | ||
Past Due Loans | 35 | 0 |
Financing Receivables 30 To 89 Days Past Due | Total Real Estate | ||
Past Due Loans | 260 | 263 |
Financing Receivables 30 To 89 Days Past Due | Consumer And Other Loans | ||
Past Due Loans | 68 | 148 |
Financing Receivables 30 To 89 Days Past Due | Consumer And Other Loans | Consumer Installment | ||
Past Due Loans | 0 | 0 |
Financing Receivables 30 To 89 Days Past Due | Consumer And Other Loans | Student Loans | ||
Past Due Loans | 66 | 136 |
Financing Receivables 30 To 89 Days Past Due | Consumer And Other Loans | Other 1 | ||
Past Due Loans | 2 | 12 |
Financing Receivables, Equal to Greater than 90 Days Past Due | Thousand | ||
Past Due Loans | 293 | 171 |
Financing Receivables, Equal to Greater than 90 Days Past Due | Commercial And Industrial | ||
Past Due Loans | 0 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due | Commercial And Industrial | Commercial | ||
Past Due Loans | 0 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due | Commercial And Industrial | :S B A Loans | ||
Past Due Loans | 0 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due | Commercial And Industrial | Asset Based Loans | ||
Past Due Loans | 0 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due | Commercial Real Estate Portfolio Segment | ||
Past Due Loans | 39 | 83 |
Financing Receivables, Equal to Greater than 90 Days Past Due | Commercial Real Estate Portfolio Segment | :S B A Loans | ||
Past Due Loans | 0 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due | Commercial Real Estate Portfolio Segment | Commercial Mortgages | ||
Past Due Loans | 39 | 83 |
Financing Receivables, Equal to Greater than 90 Days Past Due | Commercial Real Estate Portfolio Segment | Construction | ||
Past Due Loans | 0 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due | Commercial Real Estate Portfolio Segment | Religious Organizations | ||
Past Due Loans | 0 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due | Consumer Real Estate | ||
Past Due Loans | 125 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due | Consumer Real Estate | Home Equity Line of Credit | ||
Past Due Loans | 0 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due | Consumer Real Estate | Home Equity Loans | ||
Past Due Loans | 125 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due | Consumer Real Estate | Family Residential Mortgage | ||
Past Due Loans | 0 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due | Total Real Estate | ||
Past Due Loans | 164 | 83 |
Financing Receivables, Equal to Greater than 90 Days Past Due | Consumer And Other Loans | ||
Past Due Loans | 129 | 88 |
Financing Receivables, Equal to Greater than 90 Days Past Due | Consumer And Other Loans | Consumer Installment | ||
Past Due Loans | 0 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due | Consumer And Other Loans | Student Loans | ||
Past Due Loans | 129 | 88 |
Financing Receivables, Equal to Greater than 90 Days Past Due | Consumer And Other Loans | Other 1 | ||
Past Due Loans | $ 0 | $ 0 |
4. Loans and Allowance For Lo49
4. Loans and Allowance For Loan Losses: Schedule of Impaired Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Total | ||
Unpaid Contractual Principal Balance | $ 2,980 | $ 2,258 |
Recorded Investment With No Allowance | 1,945 | 1,378 |
Recorded Investment With Allowance | 570 | 627 |
Total Recorded Investment | 2,515 | 2,005 |
Related Allowance | 91 | 274 |
Average Recorded Investment | 1,908 | 1,968 |
Interest recognized on impaired loans | 17 | 7 |
Commercial And Industrial | ||
Unpaid Contractual Principal Balance | 904 | 635 |
Recorded Investment With No Allowance | 393 | 124 |
Recorded Investment With Allowance | 46 | 258 |
Total Recorded Investment | 439 | 382 |
Related Allowance | 0 | 247 |
Average Recorded Investment | 538 | 304 |
Interest recognized on impaired loans | 4 | 4 |
Commercial And Industrial | Commercial | ||
Unpaid Contractual Principal Balance | 818 | 501 |
Recorded Investment With No Allowance | 353 | 38 |
Recorded Investment With Allowance | 0 | 210 |
Total Recorded Investment | 353 | 248 |
Related Allowance | 0 | 199 |
Average Recorded Investment | 446 | 248 |
Interest recognized on impaired loans | 0 | 3 |
Commercial And Industrial | :S B A Loans | ||
Unpaid Contractual Principal Balance | 46 | 94 |
Recorded Investment With No Allowance | 0 | 46 |
Recorded Investment With Allowance | 46 | 48 |
Total Recorded Investment | 46 | 94 |
Related Allowance | 0 | 48 |
Average Recorded Investment | 38 | 52 |
Interest recognized on impaired loans | 2 | 0 |
Commercial And Industrial | Asset Based Loans | ||
Unpaid Contractual Principal Balance | 40 | 40 |
Recorded Investment With No Allowance | 40 | 40 |
Recorded Investment With Allowance | 0 | 0 |
Total Recorded Investment | 40 | 40 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 54 | 4 |
Interest recognized on impaired loans | 2 | 1 |
Commercial Real Estate Portfolio Segment | ||
Unpaid Contractual Principal Balance | 2,076 | 1,623 |
Recorded Investment With No Allowance | 1,552 | 1,254 |
Recorded Investment With Allowance | 524 | 369 |
Total Recorded Investment | 2,076 | 1,623 |
Related Allowance | 91 | 27 |
Average Recorded Investment | 1,370 | 1,664 |
Interest recognized on impaired loans | 13 | 3 |
Commercial Real Estate Portfolio Segment | :S B A Loans | ||
Unpaid Contractual Principal Balance | 271 | 118 |
Recorded Investment With No Allowance | 271 | 118 |
Recorded Investment With Allowance | 0 | 0 |
Total Recorded Investment | 271 | 118 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 161 | 124 |
Interest recognized on impaired loans | 2 | 0 |
Commercial Real Estate Portfolio Segment | Commercial Mortgages | ||
Unpaid Contractual Principal Balance | 1,334 | 985 |
Recorded Investment With No Allowance | 810 | 616 |
Recorded Investment With Allowance | 524 | 369 |
Total Recorded Investment | 1,334 | 985 |
Related Allowance | 91 | 27 |
Average Recorded Investment | 579 | 933 |
Interest recognized on impaired loans | 9 | 3 |
Commercial Real Estate Portfolio Segment | Religious Organizations | ||
Unpaid Contractual Principal Balance | 471 | 520 |
Recorded Investment With No Allowance | 471 | 520 |
Recorded Investment With Allowance | 0 | 0 |
Total Recorded Investment | 471 | 520 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 630 | 607 |
Interest recognized on impaired loans | $ 2 | $ 0 |
4. Loans and Allowance For Lo50
4. Loans and Allowance For Loan Losses: Schedule of Bank Loans by Class According to Credit Quality (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Loans and Leases Receivable, Gross | $ 29,476,000 | $ 36,191,000 |
Commercial real estate | 26,414 | 31,556 |
Consumer real estate | 2,841 | 3,297 |
Consumer loans other | 1,202 | 1,373 |
Commercial And Industrial | ||
Loans and Leases Receivable, Gross | 3,062,000 | 4,635,000 |
Commercial And Industrial | Commercial | ||
Loans and Leases Receivable, Gross | 1,535,000 | 2,563,000 |
Commercial And Industrial | :S B A Loans | ||
Loans and Leases Receivable, Gross | 40,000 | 168,000 |
Commercial And Industrial | Asset Based | ||
Loans and Leases Receivable, Gross | 1,487,000 | 1,904,000 |
Commercial Real Estate Portfolio Segment | ||
Loans and Leases Receivable, Gross | 26,414,000 | 31,556,000 |
Commercial Real Estate Portfolio Segment | :S B A Loans | ||
Loans and Leases Receivable, Gross | 353,000 | 525,000 |
Commercial real estate | 353 | 525 |
Commercial Real Estate Portfolio Segment | Commercial Mortgages | ||
Loans and Leases Receivable, Gross | 13,774,000 | 15,470,000 |
Commercial real estate | 13,774 | 15,470 |
Commercial Real Estate Portfolio Segment | Construction | ||
Loans and Leases Receivable, Gross | 2,175,000 | 3,423,000 |
Commercial real estate | 2,175 | 3,423 |
Commercial Real Estate Portfolio Segment | Religious Organizations | ||
Loans and Leases Receivable, Gross | 10,112,000 | 12,138,000 |
Commercial real estate | 10,112 | 12,138 |
Consumer Real Estate | ||
Loans and Leases Receivable, Gross | 2,841,000 | 3,297,000 |
Consumer And Other Loans | ||
Loans and Leases Receivable, Gross | 1,202,000 | 1,373,000 |
Good Excellent | ||
Loans Receivable, Gross, Commercial, Mortgage | 285,000 | 300,000 |
Good Excellent | Commercial And Industrial | ||
Loans Receivable, Gross, Commercial, Mortgage | 285,000 | 300,000 |
Good Excellent | Commercial And Industrial | Commercial | ||
Loans Receivable, Gross, Commercial, Mortgage | 285,000 | 300,000 |
Good Excellent | Commercial And Industrial | :S B A Loans | ||
Loans Receivable, Gross, Commercial, Mortgage | 0 | 0 |
Good Excellent | Commercial And Industrial | Asset Based | ||
Loans Receivable, Gross, Commercial, Mortgage | 0 | 0 |
Good Excellent | Commercial Real Estate Portfolio Segment | ||
Commercial real estate | 0 | 0 |
Good Excellent | Commercial Real Estate Portfolio Segment | :S B A Loans | ||
Commercial real estate | 0 | 0 |
Good Excellent | Commercial Real Estate Portfolio Segment | Commercial Mortgages | ||
Commercial real estate | 0 | 0 |
Good Excellent | Commercial Real Estate Portfolio Segment | Construction | ||
Commercial real estate | 0 | 0 |
Good Excellent | Commercial Real Estate Portfolio Segment | Religious Organizations | ||
Commercial real estate | 0 | 0 |
Satisfactory | ||
Loans Receivable, Gross, Commercial, Mortgage | 22,393,000 | 29,549,000 |
Satisfactory | Commercial And Industrial | ||
Loans Receivable, Gross, Commercial, Mortgage | 1,822,000 | 3,135,000 |
Satisfactory | Commercial And Industrial | Commercial | ||
Loans Receivable, Gross, Commercial, Mortgage | 922,000 | 1,321,000 |
Satisfactory | Commercial And Industrial | :S B A Loans | ||
Loans Receivable, Gross, Commercial, Mortgage | 0 | 80,000 |
Satisfactory | Commercial And Industrial | Asset Based | ||
Loans Receivable, Gross, Commercial, Mortgage | 900,000 | 1,734,000 |
Satisfactory | Commercial Real Estate Portfolio Segment | ||
Commercial real estate | 20,570,000 | 26,414,000 |
Satisfactory | Commercial Real Estate Portfolio Segment | :S B A Loans | ||
Commercial real estate | 82,000 | 237,000 |
Satisfactory | Commercial Real Estate Portfolio Segment | Commercial Mortgages | ||
Commercial real estate | 10,689,000 | 13,024,000 |
Satisfactory | Commercial Real Estate Portfolio Segment | Construction | ||
Commercial real estate | 2,175,000 | 3,423,000 |
Satisfactory | Commercial Real Estate Portfolio Segment | Religious Organizations | ||
Commercial real estate | 7,624,000 | 9,730,000 |
Pass 1 | ||
Loans Receivable, Gross, Commercial, Mortgage | 2,467,000 | 2,677,000 |
Pass 1 | Commercial And Industrial | ||
Loans Receivable, Gross, Commercial, Mortgage | 238,000 | 598,000 |
Pass 1 | Commercial And Industrial | Commercial | ||
Loans Receivable, Gross, Commercial, Mortgage | 16,000 | 474,000 |
Pass 1 | Commercial And Industrial | :S B A Loans | ||
Loans Receivable, Gross, Commercial, Mortgage | 0 | 0 |
Pass 1 | Commercial And Industrial | Asset Based | ||
Loans Receivable, Gross, Commercial, Mortgage | 222,000 | 124,000 |
Pass 1 | Commercial Real Estate Portfolio Segment | ||
Commercial real estate | 2,229,000 | 2,079,000 |
Pass 1 | Commercial Real Estate Portfolio Segment | :S B A Loans | ||
Commercial real estate | 0 | 170,000 |
Pass 1 | Commercial Real Estate Portfolio Segment | Commercial Mortgages | ||
Commercial real estate | 1,098,000 | 724,000 |
Pass 1 | Commercial Real Estate Portfolio Segment | Construction | ||
Commercial real estate | 0 | 0 |
Pass 1 | Commercial Real Estate Portfolio Segment | Religious Organizations | ||
Commercial real estate | 1,131,000 | 1,185,000 |
Special Mention | ||
Loans Receivable, Gross, Commercial, Mortgage | 1,557,000 | 980,000 |
Special Mention | Commercial And Industrial | ||
Loans Receivable, Gross, Commercial, Mortgage | 58,000 | 220,000 |
Special Mention | Commercial And Industrial | Commercial | ||
Loans Receivable, Gross, Commercial, Mortgage | 58,000 | 220,000 |
Special Mention | Commercial And Industrial | :S B A Loans | ||
Loans Receivable, Gross, Commercial, Mortgage | 0 | 0 |
Special Mention | Commercial And Industrial | Asset Based | ||
Loans Receivable, Gross, Commercial, Mortgage | 0 | 0 |
Special Mention | Commercial Real Estate Portfolio Segment | ||
Commercial real estate | 1,499,000 | 760,000 |
Special Mention | Commercial Real Estate Portfolio Segment | :S B A Loans | ||
Commercial real estate | 0 | 0 |
Special Mention | Commercial Real Estate Portfolio Segment | Commercial Mortgages | ||
Commercial real estate | 613,000 | 57,000 |
Special Mention | Commercial Real Estate Portfolio Segment | Construction | ||
Commercial real estate | 0 | 0 |
Special Mention | Commercial Real Estate Portfolio Segment | Religious Organizations | ||
Commercial real estate | 886,000 | 703,000 |
Substandard | ||
Loans Receivable, Gross, Commercial, Mortgage | 2,476,000 | 2,233,000 |
Substandard | Commercial And Industrial | ||
Loans Receivable, Gross, Commercial, Mortgage | 583,000 | 247,000 |
Substandard | Commercial And Industrial | Commercial | ||
Loans Receivable, Gross, Commercial, Mortgage | 254,000 | 113,000 |
Substandard | Commercial And Industrial | :S B A Loans | ||
Loans Receivable, Gross, Commercial, Mortgage | 40,000 | 88,000 |
Substandard | Commercial And Industrial | Asset Based | ||
Loans Receivable, Gross, Commercial, Mortgage | 289,000 | 46,000 |
Substandard | Commercial Real Estate Portfolio Segment | ||
Commercial real estate | 1,893,000 | 1,986,000 |
Substandard | Commercial Real Estate Portfolio Segment | :S B A Loans | ||
Commercial real estate | 271,000 | 118,000 |
Substandard | Commercial Real Estate Portfolio Segment | Commercial Mortgages | ||
Commercial real estate | 1,151,000 | 1,348,000 |
Substandard | Commercial Real Estate Portfolio Segment | Construction | ||
Commercial real estate | 0 | 0 |
Substandard | Commercial Real Estate Portfolio Segment | Religious Organizations | ||
Commercial real estate | 471,000 | 520,000 |
Doubtful | ||
Loans Receivable, Gross, Commercial, Mortgage | 299,000 | 452,000 |
Doubtful | Commercial And Industrial | ||
Loans Receivable, Gross, Commercial, Mortgage | 76,000 | 135,000 |
Doubtful | Commercial And Industrial | Commercial | ||
Loans Receivable, Gross, Commercial, Mortgage | 0 | 135,000 |
Doubtful | Commercial And Industrial | :S B A Loans | ||
Loans Receivable, Gross, Commercial, Mortgage | 0 | 0 |
Doubtful | Commercial And Industrial | Asset Based | ||
Loans Receivable, Gross, Commercial, Mortgage | 76,000 | 0 |
Doubtful | Commercial Real Estate Portfolio Segment | ||
Commercial real estate | 223,000 | 317,000 |
Doubtful | Commercial Real Estate Portfolio Segment | :S B A Loans | ||
Commercial real estate | 0 | 0 |
Doubtful | Commercial Real Estate Portfolio Segment | Commercial Mortgages | ||
Commercial real estate | 223,000 | 317,000 |
Doubtful | Commercial Real Estate Portfolio Segment | Construction | ||
Commercial real estate | 0 | 0 |
Doubtful | Commercial Real Estate Portfolio Segment | Religious Organizations | ||
Commercial real estate | 0 | 0 |
Performing | ||
Consumer real estate | 2,354,000 | 2,735,000 |
Consumer loans other | 1,202,000 | 1,373,000 |
Total consumer loans | 3,556,000 | 4,108,000 |
Performing | Consumer Real Estate | Home Equity 1 | ||
Consumer real estate | 539,000 | 679,000 |
Performing | Consumer Real Estate | Home Equity Line Of Credit | ||
Consumer real estate | 20,000 | 22,000 |
Performing | Consumer Real Estate | N14 Family Residential Mortgages | ||
Consumer real estate | 1,795,000 | 2,034,000 |
Performing | Consumer And Other Loans | Consumer Installment | ||
Consumer loans other | 0 | 7,000 |
Performing | Consumer And Other Loans | Student Loans | ||
Consumer loans other | 1,081,000 | 1,221,000 |
Performing | Consumer And Other Loans | Other 1 | ||
Consumer loans other | 121,000 | 145,000 |
Nonperforming | ||
Consumer real estate | 487,000 | 562,000 |
Consumer loans other | 0 | 0 |
Total consumer loans | 487,000 | 562,000 |
Nonperforming | Consumer Real Estate | Home Equity 1 | ||
Consumer real estate | 358,000 | 368,000 |
Nonperforming | Consumer Real Estate | Home Equity Line Of Credit | ||
Consumer real estate | 0 | 0 |
Nonperforming | Consumer Real Estate | N14 Family Residential Mortgages | ||
Consumer real estate | 129,000 | 194,000 |
Nonperforming | Consumer And Other Loans | Consumer Installment | ||
Consumer loans other | 0 | 0 |
Nonperforming | Consumer And Other Loans | Student Loans | ||
Consumer loans other | 0 | 0 |
Nonperforming | Consumer And Other Loans | Other 1 | ||
Consumer loans other | 0 | 0 |
Subtotal | ||
Consumer real estate | 2,841,000 | |
Consumer loans other | 1,202,000 | |
Total consumer loans | 4,043,000 | |
Subtotal | Consumer Real Estate | Home Equity 1 | ||
Consumer real estate | 897,000 | |
Subtotal | Consumer Real Estate | Home Equity Line Of Credit | ||
Consumer real estate | 20,000 | |
Subtotal | Consumer Real Estate | N14 Family Residential Mortgages | ||
Consumer real estate | 1,924,000 | |
Subtotal | Consumer And Other Loans | Consumer Installment | ||
Consumer loans other | 0 | |
Subtotal | Consumer And Other Loans | Student Loans | ||
Consumer loans other | 1,081,000 | |
Subtotal | Consumer And Other Loans | Other 1 | ||
Consumer loans other | $ 121,000 | |
Total | ||
Consumer real estate | 3,297,000 | |
Consumer loans other | 1,373,000 | |
Total consumer loans | 4,670,000 | |
Total | Consumer Real Estate | Home Equity 1 | ||
Consumer real estate | 1,047,000 | |
Total | Consumer Real Estate | Home Equity Line Of Credit | ||
Consumer real estate | 22,000 | |
Total | Consumer Real Estate | N14 Family Residential Mortgages | ||
Consumer real estate | 2,228,000 | |
Total | Consumer And Other Loans | Consumer Installment | ||
Consumer loans other | 7,000 | |
Total | Consumer And Other Loans | Student Loans | ||
Consumer loans other | 1,221,000 | |
Total | Consumer And Other Loans | Other 1 | ||
Consumer loans other | $ 145,000 |
4. Loans and Allowance For Lo51
4. Loans and Allowance For Loan Losses: Schedule of Age Analysis of Allowance for Loan Losses (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Period-end amount allocated to: Total | $ 418,013 | $ 734,567 |
Loans and Leases Receivable, Net of Deferred Income | 33,519,042 | 40,861,890 |
Less allowance for loan losses | 418,013 | 734,567 |
Total | ||
Beginning balance | 735,000 | 839,000 |
Provision for loan losses | (68,000) | 162,000 |
Charge-offs | (279,000) | (302,000) |
Recoveries | 30,000 | 36,000 |
Net charge-offs | (249,000) | (266,000) |
Ending balance | 418,000 | 735,000 |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 91,000 | 274,000 |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 327,000 | 461,000 |
Period-end amount allocated to: Total | 418,000 | 735,000 |
Loans, ending balance: Loans individually evaluated for impairment | 2,515,000 | 2,005,000 |
Loans, ending balance: Loans collectively evaluated for impairment | 31,314,000 | 38,856,000 |
Loans and Leases Receivable, Net of Deferred Income | 33,519,000 | 40,861,000 |
Less allowance for loan losses | 418,000 | 735,000 |
Commercial And Industrial | ||
Beginning balance | 403,000 | 483,000 |
Provision for loan losses | 3,000 | 169,000 |
Charge-offs | (259,000) | (253,000) |
Recoveries | 4,000 | 4,000 |
Net charge-offs | (255,000) | (249,000) |
Ending balance | 151,000 | 403,000 |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 247,000 |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 151 | 156,000 |
Period-end amount allocated to: Total | 403,000 | |
Loans, ending balance: Loans individually evaluated for impairment | 439 | 382,000 |
Loans, ending balance: Loans collectively evaluated for impairment | 2,623 | 4,253,000 |
Less allowance for loan losses | 403,000 | |
Commercial And Industrial | Thousand | ||
Period-end amount allocated to: Total | 151 | |
Loans and Leases Receivable, Net of Deferred Income | 3,062 | 4,635,000 |
Less allowance for loan losses | 151 | |
Commercial Real Estate Portfolio Segment | ||
Beginning balance | 300,000 | 280,000 |
Provision for loan losses | (47,000) | 20,000 |
Charge-offs | (3,000) | 0 |
Recoveries | 0 | 0 |
Net charge-offs | (3,000) | 0 |
Ending balance | 250,000 | 300,000 |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 91 | 27,000 |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 159 | 273,000 |
Period-end amount allocated to: Total | 300,000 | |
Loans, ending balance: Loans individually evaluated for impairment | 2,076 | 1,623,000 |
Loans, ending balance: Loans collectively evaluated for impairment | 24,338 | 29,933,000 |
Less allowance for loan losses | 300,000 | |
Commercial Real Estate Portfolio Segment | Thousand | ||
Period-end amount allocated to: Total | 250 | |
Loans and Leases Receivable, Net of Deferred Income | 26,414 | 31,566,000 |
Less allowance for loan losses | 250 | |
Consumer Real Estate | ||
Beginning balance | 20,000 | 59,000 |
Provision for loan losses | (18,000) | (28,000) |
Charge-offs | 0 | (19,000) |
Recoveries | 6,000 | 8,000 |
Net charge-offs | 6,000 | (11,000) |
Ending balance | 8,000 | 20,000 |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 8 | 20,000 |
Period-end amount allocated to: Total | 20,000 | |
Loans, ending balance: Loans individually evaluated for impairment | 0 | 0 |
Loans, ending balance: Loans collectively evaluated for impairment | 2,841 | 3,297,000 |
Less allowance for loan losses | 20,000 | |
Consumer Real Estate | Thousand | ||
Period-end amount allocated to: Total | 8 | |
Loans and Leases Receivable, Net of Deferred Income | 2,841 | 3,297,000 |
Less allowance for loan losses | 8 | |
Consumer And Other Loans | ||
Beginning balance | 12,000 | 17,000 |
Provision for loan losses | (6,000) | 1,000 |
Charge-offs | (17,000) | (30,000) |
Recoveries | 20,000 | 24,000 |
Net charge-offs | 3,000 | (6,000) |
Ending balance | 9,000 | 12,000 |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 9 | 12,000 |
Period-end amount allocated to: Total | 12,000 | |
Loans, ending balance: Loans individually evaluated for impairment | 0 | 0 |
Loans, ending balance: Loans collectively evaluated for impairment | 1,202 | 1,373,000 |
Less allowance for loan losses | 12,000 | |
Consumer And Other Loans | Thousand | ||
Period-end amount allocated to: Total | 9 | |
Loans and Leases Receivable, Net of Deferred Income | 1,202 | $ 1,373,000 |
Less allowance for loan losses | $ 9 |
5. Bank Premises and Equipment_
5. Bank Premises and Equipment: Schedule of Major Classes of Bank Premises and Equipment (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment, Gross | $ 2,085,000 | $ 1,964,000 |
Less accumulated depreciation | (1,592,000) | (1,415,000) |
Bank premises and equipment, net | 492,730 | 549,466 |
Thousand | ||
Bank premises and equipment, net | 493,000 | 549,000 |
Leaseholds and Leasehold Improvements | ||
Property, Plant and Equipment, Gross | $ 788,000 | 785,000 |
Leaseholds and Leasehold Improvements | Minimum | ||
Estimated Useful Life | 10 years | |
Leaseholds and Leasehold Improvements | Maximum | ||
Estimated Useful Life | 15 years | |
Furniture and Fixtures | ||
Property, Plant and Equipment, Gross | $ 1,297,000 | $ 1,179,000 |
Furniture and Fixtures | Minimum | ||
Estimated Useful Life | 3 years | |
Furniture and Fixtures | Maximum | ||
Estimated Useful Life | 7 years |
5. Bank Premises and Equipmen53
5. Bank Premises and Equipment (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Details | ||
Depreciation on fixed assets | $ 177,987 | $ 175,465 |
Operating Leases, Rent Expense | $ 481,721 | $ 496,981 |
5. Bank Premises and Equipmen54
5. Bank Premises and Equipment: Schedule of Future Minimum Lease Payments Under Operating Leases (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Details | |
2,015 | $ 423 |
2,016 | 408 |
2,017 | 416 |
2,018 | 411 |
2,019 | 332 |
Total minimum lease payments | $ 2,878 |
6. Other Real Estate Owned_ Sch
6. Other Real Estate Owned: Schedule of Components Of Other Real Estate Owned (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Commercial Real Estate | |||
Other real estate owned | $ 297 | $ 191 | $ 191 |
Residential Real Estate | |||
Other real estate owned | $ 183 | $ 373 | $ 242 |
6. Other Real Estate Owned_ S56
6. Other Real Estate Owned: Schedule of Change in Other Real Estate Owned (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Other Real Estate, Beginning Balance | $ 563,543 | |
Additions, transfers from loans | 148,000 | $ 240,000 |
Sales | (272,000) | (96,000) |
Other Real Estate, Period Increase (Decrease) | 441,000 | 577,000 |
Less: write-downs | 39,000 | (13,000) |
Other Real Estate, Ending Balance | 479,627 | 563,543 |
Thousand | ||
Other Real Estate, Beginning Balance | 564,000 | 433,000 |
Other Real Estate, Ending Balance | $ 480,000 | $ 564,000 |
6. Other Real Estate Owned_ S57
6. Other Real Estate Owned: Schedule of Components of Net Expense of Other Real Estate Owned (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Professional fees | $ 318,774 | $ 312,954 |
Impairment charges (net) | 39,294 | (13,250) |
Totals | 11,000 | 21,000 |
Other Real Estate 1 | ||
Insurance | 15,000 | 21,000 |
Legal fees | 0 | 2,000 |
Maintenance | 0 | 0 |
Professional fees | 0 | 0 |
Real estate taxes | 14,000 | 20,000 |
Utilities | 3,000 | 4,000 |
Transfer-in write up | (88,000) | (47,000) |
Impairment charges (net) | 49,000 | 13,000 |
Other | $ 18,000 | $ 8,000 |
7. Deposits_ Schedule of Maturi
7. Deposits: Schedule of Maturity of Time Deposits (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Details | |
2,015 | $ 13,074 |
2,016 | 644 |
2,017 | 438 |
2,018 | 43 |
2,019 | 15 |
Thereafter | 45 |
Time Deposits, Total | $ 14,259 |
7. Deposits (Details)
7. Deposits (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Total deposits | $ 55,962,404 | $ 56,962,313 |
Time deposits, $250,000 and over | 6,753,000 | $ 7,507,000 |
City Of Philadelphia | ||
Total deposits | $ 5,000,000 |
8. Borrowings (Details)
8. Borrowings (Details) - Secured Borrowing Federal Reserve - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 700,000 | |
Securities Held as Collateral, at Fair Value | 750,000 | |
Long-term Line of Credit | $ 0 | $ 0 |
9. Income Taxes (Details)
9. Income Taxes (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Operating Loss Carryforwards | $ 10,430,000 | |
Valuation allowance for deferred tax assets | 3,934,000 | $ 3,774,000 |
Exact | ||
Valuation allowance for deferred tax assets | $ 3,934,024 | $ 3,774,484 |
9. Income Taxes_ Schedule of De
9. Income Taxes: Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets (liabilities): | ||
Provision for loan losses | $ 46 | $ 161 |
Unrealized (loss) gain on investment securities | 10 | 7 |
Depreciation | (36) | 7 |
Net operating carryforwards | 3,538 | 3,233 |
Other, net | 386 | 373 |
Valuation allowance for deferred tax assets | (3,934) | (3,774) |
Net deferred tax assets | $ 10 | $ 7 |
9. Income Taxes_ Schedule of Ef
9. Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Effective rate reconciliation | ||
Tax at statutory rate (34%) | $ (168,000) | $ (117,000) |
Nondeductible expenses | 8,000 | 9,000 |
Increase in valuation allowance | 160,000 | 95,000 |
Other | 0 | 13,000 |
Provision for income taxes | 0 | 0 |
Total | ||
Effective rate reconciliation | ||
Provision for income taxes | $ 0 | $ 0 |
10. Financial Instrument Comm64
10. Financial Instrument Commitments: Schedule of Financial Instruments Commitments (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Outstanding letters of credit | $ 333,000 | $ 1,036,000 |
Commitments to Extend Credit | ||
Commitments to extend credit | $ 5,903,000 | $ 8,262,000 |
11. Fair Value Measurements_ Sc
11. Fair Value Measurements: Schedule of Fair Value of Assets on a Recurring Basis (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Assets, Fair Value Disclosure, Recurring | $ 7,572,000 | $ 8,540,000 |
Loans held for sale, at fair value | 3,260,761 | 6,160,183 |
Loans held at fair value | 2,458,930 | 628,750 |
Thousand | ||
Loans held for sale, at fair value | 3,261,000 | 6,160,000 |
Loans held at fair value | 2,459,000 | 629,000 |
Fair Value, Inputs, Level 1 | ||
Assets, Fair Value Disclosure, Recurring | 130,000 | 130,000 |
Fair Value, Inputs, Level 1 | Thousand | ||
Loans held for sale, at fair value | 0 | 0 |
Loans held at fair value | 0 | 0 |
Fair Value, Inputs, Level 2 | ||
Assets, Fair Value Disclosure, Recurring | 7,572,000 | 8,410,000 |
Fair Value, Inputs, Level 2 | Thousand | ||
Loans held for sale, at fair value | 3,261,000 | 6,160,000 |
Loans held at fair value | 0 | 0 |
Fair Value, Inputs, Level 3 | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Fair Value, Inputs, Level 3 | Thousand | ||
Loans held for sale, at fair value | 0 | 0 |
Loans held at fair value | 2,459,000 | 629,000 |
US Government Agencies Debt Securities | ||
Assets, Fair Value Disclosure, Recurring | 3,662,000 | 4,036,000 |
US Government Agencies Debt Securities | Fair Value, Inputs, Level 1 | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
US Government Agencies Debt Securities | Fair Value, Inputs, Level 2 | ||
Assets, Fair Value Disclosure, Recurring | 3,662,000 | 4,036,000 |
US Government Agencies Debt Securities | Fair Value, Inputs, Level 3 | ||
Assets, Fair Value Disclosure, Recurring | 0 | |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises | ||
Assets, Fair Value Disclosure, Recurring | 3,780,000 | 4,374,000 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises | Fair Value, Inputs, Level 1 | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises | Fair Value, Inputs, Level 2 | ||
Assets, Fair Value Disclosure, Recurring | 3,780,000 | 4,374,000 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises | Fair Value, Inputs, Level 3 | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Money Market Funds | ||
Assets, Fair Value Disclosure, Recurring | 130,000 | 130,000 |
Money Market Funds | Fair Value, Inputs, Level 1 | ||
Assets, Fair Value Disclosure, Recurring | 130,000 | 130,000 |
Money Market Funds | Fair Value, Inputs, Level 2 | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Money Market Funds | Fair Value, Inputs, Level 3 | ||
Assets, Fair Value Disclosure, Recurring | $ 0 | $ 0 |
11. Fair Value Measurements (De
11. Fair Value Measurements (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Available-for-sale, at fair value | $ 7,572,029 | $ 8,539,892 |
Valuation Allowance for Other Real Estate Owned | (39,294) | 13,250 |
Rounded | ||
Available-for-sale, at fair value | 7,572,000 | 8,540,000 |
Thousand | ||
Available-for-sale, at fair value | 7,572,000 | 8,540,000 |
Valuation Allowance for Other Real Estate Owned | $ 39,000 | $ 13,000 |
11. Fair Value Measurements_ 67
11. Fair Value Measurements: Schedule of Inputs in Estimation of Fair Value of Level 3 Financial Instruments (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Loans held at fair value | $ 2,458,930 | $ 628,750 | $ 2,458,930 | $ 628,750 | |
Change in fair value of financial instruments | (2,000) | (7,000) | |||
Loans Held At Fair Value | |||||
Balance | 2,459,000 | 629,000 | $ 2,459,000 | $ 629,000 | |
Origination of loans | 2,017,000 | 209,000 | |||
Principal repayments | (185,000) | (20,000) | |||
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | |||||
Fair Value Measurements, Valuation Techniques | Discounted cash flow | ||||
Average projected default rate | 7.76% | 9.02% | |||
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Minimum | |||||
Constant prepayment rate | 7.10% | 7.58% | |||
Weighted average life | 3 years 4 months 24 days | 3 years 9 months | |||
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Maximum | |||||
Constant prepayment rate | 9.88% | 8.52% | |||
Weighted average life | 8 years 9 months 11 days | 4 years 3 months | |||
Thousand | |||||
Loans held at fair value | 2,459,000 | 629,000 | $ 2,459,000 | $ 629,000 | |
Thousand | Loans Held At Fair Value | |||||
Balance | 629,000 | 629,000 | $ 447,000 | ||
Thousand | Fair Value, Inputs, Level 3 | |||||
Loans held at fair value | $ 2,459,000 | $ 629,000 | $ 2,459,000 | $ 629,000 |
11. Fair Value Measurements_ 68
11. Fair Value Measurements: Schedule of Fair Value of Assets Measured on a Nonrecurring Basis (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Impaired Loans | ||
Assets, Fair Value Disclosure, Nonrecurring | $ 2,424 | $ 1,731 |
Total fair value loss during the year | 0 | (142) |
Other Real Estate Owned | ||
Assets, Fair Value Disclosure, Nonrecurring | 480 | 564 |
Total fair value loss during the year | 39 | (13) |
Fair Value, Inputs, Level 1 | Impaired Loans | ||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 1 | Other Real Estate Owned | ||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 2 | Impaired Loans | ||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 2 | Other Real Estate Owned | ||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 3 | Impaired Loans | ||
Assets, Fair Value Disclosure, Nonrecurring | 2,424 | 1,731 |
Fair Value, Inputs, Level 3 | Other Real Estate Owned | ||
Assets, Fair Value Disclosure, Nonrecurring | $ 480 | $ 564 |
11. Fair Value Measurements_ 69
11. Fair Value Measurements: Schedule of Fair Value of Financial Instruments at Year-End (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Cash and cash equivalents | $ 10,782,098 | $ 3,236,582 | $ 5,789,778 |
Available for sale securities | 7,572,029 | 8,539,892 | |
Loans held for sale, at fair value | 3,260,761 | 6,160,183 | |
Loans held at fair value | 2,458,930 | 628,750 | |
Loans, net of allowance for loan losses | 33,101,029 | 40,127,323 | |
Savings deposits | 11,680,878 | 12,091,282 | |
Time deposits | 14,259,000 | ||
Accrued interest payable | 9,157 | 16,253 | |
Carrying Amount | |||
Available for sale securities | 7,572,000 | 8,540,000 | |
Loans, net of allowance for loan losses | 33,101,000 | 40,127,000 | |
Carrying Amount | Fair Value, Inputs, Level 1 | |||
Cash and cash equivalents | 10,782,000 | 3,237,000 | |
Carrying Amount | Fair Value, Inputs, Level 2 | |||
Loans held for sale, at fair value | 3,261,000 | 6,160,000 | |
Interest Receivable | 175,000 | 250,000 | |
Demand Deposits | 30,022,000 | 28,723,000 | |
Savings deposits | 11,681,000 | 12,091,000 | |
Time deposits | 14,259,000 | 16,148,000 | |
Accrued interest payable | 9,000 | 16,000 | |
Carrying Amount | Fair Value, Inputs, Level 3 | |||
Loans held at fair value | 2,459,000 | 629,000 | |
Fair Value | |||
Available for sale securities | 7,572,000 | 8,540,000 | |
Loans, net of allowance for loan losses | 33,082,000 | 40,069,000 | |
Fair Value | Fair Value, Inputs, Level 1 | |||
Cash and cash equivalents | 10,782,000 | 3,237,000 | |
Fair Value | Fair Value, Inputs, Level 2 | |||
Loans held for sale, at fair value | 3,261,000 | 6,160,000 | |
Interest Receivable | 175,000 | 250,000 | |
Demand Deposits | 30,022,000 | 28,723,000 | |
Savings deposits | 11,681,000 | 12,091,000 | |
Time deposits | 14,242,000 | 16,157,000 | |
Accrued interest payable | 9,000 | 16,000 | |
Fair Value | Fair Value, Inputs, Level 3 | |||
Loans held at fair value | $ 2,459,000 | $ 629,000 |
12. Consolidated Financial In70
12. Consolidated Financial Information-parent Company Only: Schedule of Condensed Balance Sheet (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Assets: | |||
Cash and cash equivalents at beginning of year | $ 10,782,098 | $ 3,236,582 | $ 5,789,778 |
Total assets | 58,984,238 | 60,464,266 | |
Shareholders' equity: | |||
Series A preferred stock, noncumulative, 6%, $0.01 par value, 500,000 shares authorized; 99,342 and 136,842 issued and outstanding at December 31, 2015 and 2014, respectively | 993 | 1,368 | |
Common stock, $0.01 par value; 2,000,000 shares authorized;826,921 and 1,068,588 issued and outstanding at December 31, 2015 and 2014, respectively | 8,269 | 8,769 | |
Additional paid-in-capital | 14,752,644 | 14,749,852 | |
Accumulated deficit | (12,062,818) | (11,568,043) | |
Accumulated other comprehensive loss | (19,326) | (13,223) | |
Total shareholders' equity | 2,679,762 | 3,180,640 | 3,209,884 |
Parent Company | |||
Assets: | |||
Cash and cash equivalents at beginning of year | 0 | 0 | $ 0 |
Investment in United Bank of Philadelphia | 2,680,000 | 3,181,000 | |
Total assets | 2,680,000 | 3,181,000 | |
Shareholders' equity: | |||
Series A preferred stock, noncumulative, 6%, $0.01 par value, 500,000 shares authorized; 99,342 and 136,842 issued and outstanding at December 31, 2015 and 2014, respectively | 1,000 | 1,000 | |
Common stock, $0.01 par value; 2,000,000 shares authorized;826,921 and 1,068,588 issued and outstanding at December 31, 2015 and 2014, respectively | 8,000 | 11,000 | |
Additional paid-in-capital | 14,753,000 | 14,750,000 | |
Accumulated deficit | (12,063,000) | (11,568,000) | |
Accumulated other comprehensive loss | (19,000) | (13,000) | |
Total shareholders' equity | $ 2,680,000 | $ 3,181,000 |
12. Consolidated Financial In71
12. Consolidated Financial Information-parent Company Only: Schedule of Condensed Income Statement (Details) - Parent Company - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Other | $ 0 | $ 0 |
Equity in net loss of subsidiary | (495) | (343) |
Net loss | $ (495) | $ (343) |
12. Consolidated Financial In72
12. Consolidated Financial Information-parent Company Only: Schedule of Condensed Cash Flow Statement (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Net cash provided by (used in) operating activities | $ 521,256 | $ (4,688,172) |
Cash and cash equivalents at beginning of year | 3,236,582 | 5,789,778 |
Cash and cash equivalents at end of year | 10,782,098 | 3,236,582 |
Parent Company | ||
Cash flows from operating activities: | ||
Net loss | (495,000) | (343,000) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Equity in net loss of subsidiary | 495,000 | 343,000 |
Net cash provided by (used in) operating activities | 0 | 0 |
Cash and cash equivalents at beginning of year | 0 | 0 |
Cash and cash equivalents at end of year | $ 0 | $ 0 |
13. Regulatory Matters_ Schedul
13. Regulatory Matters: Schedule of the Company and the Bank's Actual Capital (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Actual Amount | Company | ||
Total capital to risk-weighted assets: | ||
Capital | $ 3,081,000 | $ 3,684,000 |
Tier I capital to risk-weighted assets: | ||
Tier One Risk Based Capital | 2,663,000 | 3,146,000 |
Common Equity Tier One Capital | ||
Common Equity Tier One Capital | 2,663,000 | 3,146,000 |
Tier One Leverage Capital | ||
Tier One Leverage Capital | 2,663,000 | 3,146,000 |
Tangible Capital | ||
Tangible Capital | 2,663,000 | 3,146,000 |
Actual Amount | Bank | ||
Total capital to risk-weighted assets: | ||
Capital | 3,081,000 | 3,684,000 |
Tier I capital to risk-weighted assets: | ||
Tier One Risk Based Capital | 2,663,000 | 3,146,000 |
Common Equity Tier One Capital | ||
Common Equity Tier One Capital | 2,663,000 | 3,146,000 |
Tier One Leverage Capital | ||
Tier One Leverage Capital | 2,663,000 | 3,146,000 |
Tangible Capital | ||
Tangible Capital | 2,663,000 | 3,146,000 |
Actual Ratio | Company | ||
Total capital to risk-weighted assets: | ||
Capital | 0.0850 | 0.0860 |
Tier I capital to risk-weighted assets: | ||
Tier One Risk Based Capital | 7.35 | 7.35 |
Common Equity Tier One Capital | ||
Common Equity Tier One Capital | 7.35 | 7.35 |
Tier One Leverage Capital | ||
Tier One Leverage Capital | 4.57 | 5.18 |
Tangible Capital | ||
Tangible Capital | 4.52 | 5.20 |
Actual Ratio | Bank | ||
Total capital to risk-weighted assets: | ||
Capital | 8.50 | 8.60 |
Tier I capital to risk-weighted assets: | ||
Tier One Risk Based Capital | 7.35 | 7.35 |
Common Equity Tier One Capital | ||
Common Equity Tier One Capital | 7.35 | 7.35 |
Tier One Leverage Capital | ||
Tier One Leverage Capital | 4.57 | 5.18 |
Tangible Capital | ||
Tangible Capital | 4.52 | 5.20 |
Capitalized Amount | Bank | ||
Total capital to risk-weighted assets: | ||
Capital | 3,623,000 | 4,283,000 |
Tier I capital to risk-weighted assets: | ||
Tier One Risk Based Capital | 2,899,000 | 2,570,000 |
Common Equity Tier One Capital | ||
Common Equity Tier One Capital | 2,355,000 | |
Tier One Leverage Capital | ||
Tier One Leverage Capital | 2,915,000 | 3,038,000 |
Capitalized Ratio | Bank | ||
Total capital to risk-weighted assets: | ||
Capital | 0.1000 | 0.1000 |
Tier I capital to risk-weighted assets: | ||
Tier One Risk Based Capital | 0.0800 | 0.0600 |
Common Equity Tier One Capital | ||
Common Equity Tier One Capital | 0.0650 | |
Tier One Leverage Capital | ||
Tier One Leverage Capital | $ 0.0500 | $ 0.0500 |
13. Regulatory Matters (Details
13. Regulatory Matters (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Details | |
Description of Regulatory Requirements, Prompt Corrective Action | develop a written capital plan detailing the manner in which the Bank will meet and maintain a ratio of Tier 1 capital to total assets (“leverage ratio”) of at least 8.5% and a ratio of qualifying total capital to risk-weighted assets (total risk-based capital ratio) of at least 12.5%, within a reasonable but unspecified time period; |
15. SUBSEQUENT EVENTS (Details)
15. SUBSEQUENT EVENTS (Details) - Subsequent Event | 1 Months Ended |
Mar. 31, 2017USD ($) | |
Tier 1 capital ratio | 5.53% |
Fulton Financial | |
Proceeds from preferred stock issuance | $ 675,000 |
16. EARNINGS PER SHARE COMPUT76
16. EARNINGS PER SHARE COMPUTATION: Schedule of Net Loss per Common Share (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Details | ||||||||||
Net loss | $ (182,000) | $ (210,000) | $ (118,000) | $ 15,000 | $ 264,000 | $ (183,000) | $ (203,000) | $ (221,000) | $ (494,775) | $ (343,067) |
Loss attributable to common stockholders, basic (numerator) | $ (494,775) | $ (343,067) | ||||||||
Weighted Average Number of Shares Outstanding, Basic (denominator) | 863,999 | 1,068,588 | ||||||||
Earnings Per Share, Basic | $ (0.21) | $ (0.24) | $ (0.13) | $ 0.01 | $ 0.25 | $ (0.17) | $ (0.19) | $ (0.21) | $ (0.57) | $ (0.32) |
Loss attributable to common stockholders, diluted (numerator) | $ (494,775) | $ (343,067) | ||||||||
Weighted Average Number of Shares Outstanding, Diluted (denominator) | 863,999 | 1,068,588 | ||||||||
Earnings Per Share, Diluted | $ (0.21) | $ (0.24) | $ (0.13) | $ 0.01 | $ 0.25 | $ (0.17) | $ (0.19) | $ (0.21) | $ (0.57) | $ (0.32) |
16. EARNINGS PER SHARE COMPUT77
16. EARNINGS PER SHARE COMPUTATION (Details) - shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Details | ||
Common stock equivalents | 0 | 0 |
17. Summary of Quarterly Resu78
17. Summary of Quarterly Results (unaudited): Schedule of Condensed Income Statement (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Details | ||||||||||
Interest income | $ 609,000 | $ 636,000 | $ 630,000 | $ 712,000 | $ 779,000 | $ 738,000 | $ 700,000 | $ 713,000 | $ 2,587,325 | $ 2,930,391 |
Interest expense | 17,000 | 17,000 | 17,000 | 18,000 | 18,000 | 19,000 | 18,000 | 18,000 | 69,077 | 72,916 |
Net interest income | 592,000 | 619,000 | 613,000 | 694,000 | 761,000 | 719,000 | 682,000 | 695,000 | 2,518,248 | 2,857,475 |
(Credit) provision for loan losses | (51,000) | 83,000 | (40,000) | (60,000) | 30,000 | 62,000 | 30,000 | 40,000 | (68,000) | 162,000 |
Net interest after provision for loan losses | 643,000 | 536,000 | 653,000 | 754,000 | 731,000 | 657,000 | 652,000 | 655,000 | 2,586,248 | 2,695,475 |
Total noninterest income | 420,000 | 334,000 | 307,000 | 336,000 | 723,000 | 231,000 | 252,000 | 171,000 | 1,396,913 | 1,376,978 |
Noninterest expense | 1,245,000 | 1,080,000 | 1,078,000 | 1,075,000 | 1,190,000 | 1,071,000 | 1,107,000 | 1,047,000 | 4,477,936 | 4,415,520 |
Net income (loss) | $ (182,000) | $ (210,000) | $ (118,000) | $ 15,000 | $ 264,000 | $ (183,000) | $ (203,000) | $ (221,000) | $ (494,775) | $ (343,067) |
Basic income (loss) per common share | $ (0.21) | $ (0.24) | $ (0.13) | $ 0.01 | $ 0.25 | $ (0.17) | $ (0.19) | $ (0.21) | $ (0.57) | $ (0.32) |
Diluted income (loss) per common share | $ (0.21) | $ (0.24) | $ (0.13) | $ 0.01 | $ 0.25 | $ (0.17) | $ (0.19) | $ (0.21) | $ (0.57) | $ (0.32) |
Uncategorized Items - usbi-2015
Label | Element | Value |
Total | ||
Other real estate owned | us-gaap_OtherRealEstate | $ 480,000 |
Other real estate owned | us-gaap_OtherRealEstate | 564,000 |
Other real estate owned | us-gaap_OtherRealEstate | $ 433,000 |