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Fair Value Disclosures (Tables) | 9 Months Ended
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Sep. 30, 2014
Fair Value Disclosures [Abstract] |
Assets Measured at Fair Value on a Recurring Basis | Assets measured at fair value on a recurring basis are summarized in the table below. There were no liabilities measured at fair value on a recurring basis at September 30, 2014 and December 31, 2013.
|  | Fair Value Measurements Using |  |  | Total |
September 30, 2014: |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Fair Value |
Securities available for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agency obligations |  | $ | — |  |  | $ | 90,737 |  |  | $ | — |  |  | $ | 90,737 |
Mortgage-backed securities-residential |  |  | — |  |  |  | 30,713 |  |  |  | — |  |  |  | 30,713 |
Asset backed securities |  |  | — |  |  |  | 18,795 |  |  |  | — |  |  |  | 18,795 |
State and municipal |  |  | — |  |  |  | 4,603 |  |  |  | 3,495 |  |  |  | 8,098 |
Corporate bonds |  |  | — |  |  |  | 16,931 |  |  |  | — |  |  |  | 16,931 |
SBA pooled securities |  |  | — |  |  |  | 215 |  |  |  | — |  |  |  | 215 |
|  | $ | — |  |  | $ | 161,994 |  |  | $ | 3,495 |  |  | $ | 165,489 |
Loans held for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgages |  |  | — |  |  |  | 7,295 |  |  |  | — |  |  |  | 7,295 |
|  | $ | — |  |  | $ | 7,295 |  |  | $ | — |  |  | $ | 7,295 |
|  | Fair Value Measurements Using |  |  | Total |
December 31, 2013: |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Fair Value |
Securities available for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agency obligations |  | $ | — |  |  | $ | 95,834 |  |  | $ | — |  |  | $ | 95,834 |
Mortgage-backed securities-residential |  |  | — |  |  |  | 36,285 |  |  |  | — |  |  |  | 36,285 |
Asset backed securities |  |  | — |  |  |  | 18,839 |  |  |  | — |  |  |  | 18,839 |
State and municipal |  |  | — |  |  |  | 5,423 |  |  |  | 3,582 |  |  |  | 9,005 |
Corporate bonds |  |  | — |  |  |  | 20,843 |  |  |  | — |  |  |  | 20,843 |
SBA pooled securities |  |  | — |  |  |  | 248 |  |  |  | — |  |  |  | 248 |
Trust preferred |  |  | — |  |  |  | 3,600 |  |  |  | — |  |  |  | 3,600 |
|  | $ | — |  |  | $ | 181,072 |  |  | $ | 3,582 |  |  | $ | 184,654 |
Loans held for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgages |  |  | — |  |  |  | 5,393 |  |  |  | — |  |  |  | 5,393 |
|  | $ | — |  |  | $ | 5,393 |  |  | $ | — |  |  | $ | 5,393 |
Fair Value of Assets Measured on Non-recurring Basis | Assets measured at fair value on a non-recurring basis are summarized in the table below. There were no liabilities measured at fair value on a non-recurring basis at September 30, 2014 and December 31, 2013.
|  | Fair Value Measurements Using |  |  | Total |
September 30, 2014: |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Fair Value |
Impaired loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1-4 family residential properties |  | $ | — |  |  | $ | — |  |  | $ | 321 |  |  | $ | 321 |
Commercial |  |  | — |  |  |  | — |  |  |  | 732 |  |  |  | 732 |
Factored receivables |  |  | — |  |  |  | — |  |  |  | 141 |  |  |  | 141 |
Other real estate owned (1): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1-4 family residential properties |  |  | — |  |  |  | — |  |  |  | 97 |  |  |  | 97 |
Commercial |  |  | — |  |  |  | — |  |  |  | 391 |  |  |  | 391 |
Construction, land development, land |  |  | — |  |  |  | — |  |  |  | 870 |  |  |  | 870 |
|  | $ | — |  |  | $ | — |  |  | $ | 2,552 |  |  | $ | 2,552 |
|  | Fair Value Measurements Using |  |  | Total |
December 31, 2013: |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Fair Value |
Impaired loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1-4 family residential properties |  | $ | — |  |  | $ | — |  |  | $ | 106 |  |  | $ | 106 |
Commercial |  |  | — |  |  |  | — |  |  |  | 200 |  |  |  | 200 |
Factored receivables |  |  | — |  |  |  | — |  |  |  | 345 |  |  |  | 345 |
Other real estate owned (1): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1-4 family residential properties |  |  | — |  |  |  | — |  |  |  | 367 |  |  |  | 367 |
Commercial |  |  | — |  |  |  | — |  |  |  | 653 |  |  |  | 653 |
Construction, land development, land |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
|  | $ | — |  |  | $ | — |  |  | $ | 1,671 |  |  | $ | 1,671 |
|  | September 30, 2014 |  |  |  |  |  |  | December 31, 2013 |  |  |  |  |
Provision recorded for loans classified as impaired |  | $ | 699 |  |  |  |  |  |  | $ | 14 |  |  |  |  |
Valuation adjustments recorded on other real estate owned |  | $ | 363 |  |  |  |  |  |  | $ | 144 |  |  |  |  |
(1) Represents the fair value of OREO that was adjusted subsequent to its initial classification as OREO
Estimated Fair Value of Company's Financial Assets and Financial Liabilities | The estimated fair values of the Company’s financial instruments at September 30, 2014 and December 31, 2013 were as follows:
|  | September 30, 2014 |
|  | Carrying |  |  | Fair Value Measurements Using |  |  | Total |
|  | Amount |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Fair Value |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 75,625 |  |  | $ | 75,625 |  |  | $ | — |  |  | $ | — |  |  | $ | 75,625 |
Securities - Held to maturity |  |  | 745 |  |  |  | — |  |  |  | 750 |  |  |  | — |  |  |  | 750 |
Loans, net |  |  | 969,819 |  |  |  | — |  |  |  | — |  |  |  | 977,509 |  |  |  | 977,509 |
FHLB and Federal Reserve Bank stock |  |  | 5,826 |  |  | N/A |  |  | N/A |  |  | N/A |  |  | N/A |
Accrued interest receivable |  |  | 4,127 |  |  |  | — |  |  |  | 4,127 |  |  |  | — |  |  |  | 4,127 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  |  | 1,105,624 |  |  |  | — |  |  |  | 1,109,111 |  |  |  | — |  |  |  | 1,109,111 |
Customer repurchase agreements |  |  | 15,644 |  |  |  | — |  |  |  | 15,644 |  |  |  | — |  |  |  | 15,644 |
Federal Home Loan Bank advances |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Senior secured note |  |  | 11,630 |  |  |  | — |  |  |  | 11,434 |  |  |  | — |  |  |  | 11,434 |
Junior subordinated debentures |  |  | 24,359 |  |  |  | — |  |  |  | 24,359 |  |  |  | — |  |  |  | 24,359 |
Accrued interest payable |  |  | 901 |  |  |  | — |  |  |  | 901 |  |  |  | — |  |  |  | 901 |
|  | December 31, 2013 |
|  | Carrying |  |  | Fair Value Measurements Using |  |  | Total |
|  | Amount |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Fair Value |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 85,797 |  |  | $ | 85,797 |  |  | $ | — |  |  | $ | — |  |  | $ | 85,797 |
Securities - Held to maturity |  |  | 743 |  |  |  | — |  |  |  | 745 |  |  |  | — |  |  |  | 745 |
Loans, net |  |  | 877,454 |  |  |  | — |  |  |  | — |  |  |  | 884,307 |  |  |  | 884,307 |
FHLB and Federal Reserve Bank stock |  |  | 5,802 |  |  | N/A |  |  | N/A |  |  | N/A |  |  | N/A |
Accrued interest receivable |  |  | 3,748 |  |  |  | — |  |  |  | 3,748 |  |  |  | — |  |  |  | 3,748 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  |  | 1,044,854 |  |  |  | — |  |  |  | 1,046,226 |  |  |  | — |  |  |  | 1,046,226 |
Customer repurchase agreements |  |  | 11,330 |  |  |  | — |  |  |  | 11,329 |  |  |  | — |  |  |  | 11,329 |
Federal Home Loan Bank advances |  |  | 21,000 |  |  |  | — |  |  |  | 21,000 |  |  |  | — |  |  |  | 21,000 |
Senior secured note |  |  | 12,573 |  |  |  | — |  |  |  | 12,379 |  |  |  | — |  |  |  | 12,379 |
Junior subordinated debentures |  |  | 24,171 |  |  |  | — |  |  |  | 24,171 |  |  |  | — |  |  |  | 24,171 |
Accrued interest payable |  |  | 2,426 |  |  |  | — |  |  |  | 2,426 |  |  |  | — |  |  |  | 2,426 |

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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19296-110258 + Details
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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=35750535&loc=d3e13433-108611 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=35750535&loc=d3e13467-108611 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=35750535&loc=d3e13476-108611 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258 + Details
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