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Legal Proceedings and Contingencies | 6 Months Ended
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Jun. 30, 2015
Legal Proceedings and Contingencies [Abstract] |
Legal Proceedings and Contingencies | Note 15 – Legal Proceedings and Contingencies The Company is not involved in any legal proceedings which, in management's opinion, could have a material effect on the consolidated financial position of the Company. As previously disclosed, in November 2014, the Company received a Wells Notice from the SEC related to the Company's alleged failure to disclose certain related party transactions from 2009-2011. After receiving the notice, the Company cooperated with the SEC and pursued negotiation discussions with them in an attempt to resolve the matters. On June 1, 2015, the matters were resolved, with the SEC issuing a cease and desist order against the Company and two former executive officers of the Company. In the order, the SEC concluded the following: 1) the Company violated related party transaction disclosure requirements, 2) the Company did not maintain effective disclosure controls and procedures, and 3) the Company did not maintain a system of internal accounting controls sufficient to provide reasonable assurances that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles. The order included a requirement that the Company not commit any future similar violations and imposed a $275,000 civil money penalty on the Company. Also, see “Part II, Item 1 - Legal Proceedings” for more information. As discussed above in Note 9 and as previously disclosed, at March 31, 2015 the FDIC had denied $1.2 million related to two loss share claims because the FDIC disagreed with the collection strategy that the Company undertook. In the second quarter of 2015, this matter was resolved with the FDIC agreeing to pay the Company $0.8 million of those claims, while removing one of the related loans from the loss share agreement. This will result in the Company retaining 100% of any future recoveries on that loan, instead of reimbursing 80% of such recoveries to the FDIC as called for by the loss share agreement. As a result of this negotiated settlement, during the three months ended June 30, 2015, the Company wrote off the $0.4 million portion of the claim that the FDIC will not pay.

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