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Loans by Type | 6 Months Ended
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Jun. 30, 2014
Loans by Type [Abstract] |
Loans by Type | Note 6 - Loans by Type A summary of loan categories is as follows:
|  | June 30, |  | December 31,
(In thousands) |  | 2014 |  | 2013
Commercial and industrial |  | $ | 202,255 |  | $ | 171,304
Real estate |  |  |  |  |  |
Commercial: |  |  |  |  |  |
Mortgage |  |  | 120,536 |  |  | 128,358
Construction |  |  | 6,712 |  |  | 6,632
Church, church-related: |  |  |  |  |  |
Mortgage |  |  | 313,793 |  |  | 326,832
Construction |  |  | 14,061 |  |  | 9,817
Industrial Revenue Bond |  |  | 8,266 |  |  | 9,167
Other |  |  | 80 |  |  | 67
Total loans |  | $ | 665,703 |  | $ | 652,177
The following table presents the aging of loans by loan categories at June 30, 2014 and December 31, 2013:
|  | Performing |  | Nonperforming |  |  |
|  |  |  |  |  |  |  |  |  |  | 90 Days |  |  |  |  |  |
|  |  |  |  | 30-59 |  | 60-89 |  | and |  | Non- |  | Total
(In thousands) |  | Current |  | Days |  | Days |  | Over |  | accrual |  | Loans
June 30, 2014 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | 202,255 |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | 202,255
Real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage |  |  | 120,168 |  |  | - |  |  | - |  |  | - |  |  | 368 |  |  | 120,536
Construction |  |  | 6,712 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 6,712
Church, church-related: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage |  |  | 312,642 |  |  | - |  |  | - |  |  | - |  |  | 1,151 |  |  | 313,793
Construction |  |  | 14,061 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 14,061
Industrial Revenue Bond |  |  | 8,266 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 8,266
Other |  |  | 80 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 80
Total |  | $ | 664,184 |  | $ | - |  | $ | - |  | $ | - |  | $ | 1,519 |  | $ | 665,703
December 31, 2013 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | 171,293 |  | $ | - |  | $ | - |  | $ | - |  | $ | 11 |  | $ | 171,304
Real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage |  |  | 127,879 |  |  | - |  |  | - |  |  | - |  |  | 479 |  |  | 128,358
Construction |  |  | 6,632 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 6,632
Church, church-related: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage |  |  | 325,091 |  |  | 434 |  |  | - |  |  | - |  |  | 1,307 |  |  | 326,832
Construction |  |  | 9,817 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 9,817
Industrial Revenue Bond |  |  | 9,167 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 9,167
Other |  |  | 67 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 67
Total |  | $ | 649,946 |  | $ | 434 |  | $ | - |  | $ | - |  | $ | 1,797 |  | $ | 652,177
The following table presents the credit exposure of the loan portfolio by internally assigned credit grade as of June 30, 2014 and December 31, 2013:
|  | Loans |  | Performing |  | Nonperforming |  |  |
|  | Subject to |  | Loans Subject to |  | Loans Subject |  |  |
|  | Normal |  | Special |  | to Special |  |  |
(In thousands) |  | Monitoring 1 |  | Monitoring 2 |  | Monitoring 2 |  | Total Loans
June 30, 2014 |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | 198,643 |  | $ | 3,612 |  | $ | - |  | $ | 202,255
Real estate |  |  |  |  |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |  |  |  |
Mortgage |  |  | 103,658 |  |  | 16,510 |  |  | 368 |  |  | 120,536
Construction |  |  | 6,712 |  |  | - |  |  | - |  |  | 6,712
Church, church-related: |  |  |  |  |  |  |  |  |  |  |  |
Mortgage |  |  | 312,126 |  |  | 516 |  |  | 1,151 |  |  | 313,793
Construction |  |  | 14,061 |  |  | - |  |  | - |  |  | 14,061
Industrial Revenue Bond |  |  | 8,266 |  |  | - |  |  | - |  |  | 8,266
Other |  |  | 80 |  |  | - |  |  | - |  |  | 80
Total |  | $ | 643,546 |  | $ | 20,638 |  | $ | 1,519 |  | $ | 665,703
December 31, 2013 |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | 167,878 |  | $ | 3,415 |  | $ | 11 |  | $ | 171,304
Real estate |  |  |  |  |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |  |  |  |
Mortgage |  |  | 119,521 |  |  | 8,358 |  |  | 479 |  |  | 128,358
Construction |  |  | 6,632 |  |  | - |  |  | - |  |  | 6,632
Church, church-related: |  |  |  |  |  |  |  |  |  |  |  |
Mortgage |  |  | 323,291 |  |  | 2,234 |  |  | 1,307 |  |  | 326,832
Construction |  |  | 9,817 |  |  | - |  |  | - |  |  | 9,817
Industrial Revenue Bond |  |  | 9,167 |  |  | - |  |  | - |  |  | 9,167
Other |  |  | 67 |  |  | - |  |  | - |  |  | 67
Total |  | $ | 636,373 |  | $ | 14,007 |  | $ | 1,797 |  | $ | 652,177
1 |  | Loans subject to normal monitoring involve borrowers of acceptable-to-strong credit quality and risk, who have the apparent ability to satisfy their loan obligations.
2 |  | Loans subject to special monitoring possess some credit deficiency or potential weakness which requires a high level of management attention.
Impaired loans consist primarily of nonaccrual loans, loans greater than 90 days past due and still accruing interest and troubled debt restructurings, both performing and nonperforming. Troubled debt restructuring involves the granting of a concession to a borrower experiencing financial difficulty resulting in the modification of terms of the loan, such as changes in payment schedule or interest rate. Management measures impairment in accordance with FASB ASC 310, "Allowance for Credit Losses." At June 30, 2014 and December 31, 2013, all impaired loans were evaluated based on the fair value of the collateral. The fair value of the collateral is based upon an observable market price or current appraised value and therefore, the Company classifies these assets as nonrecurring Level 3. There were no loans delinquent 90 days or more and still accruing interest at June 30, 2014 and December 31, 2013. There were no loans classified as troubled debt restructuring at June 30, 2014 and December 31, 2013. There were no foreclosed loans recorded as other real estate owned (included in other assets) as of June 30, 2014, and December 31, 2013. The following table presents the recorded investment and unpaid principal balance for impaired loans at June 30, 2014 and December 31, 2013:
|  |  |  |  | Unpaid |  | Related
|  | Recorded |  | Principal |  | Allowance for
(In thousands) |  | Investment |  | Balance |  | Loan Losses
June 30, 2014 |  |  |  |  |  |  |  |  |
Commercial and industrial: |  |  |  |  |  |  |  |  |
Nonaccrual |  | $ | - |  | $ | - |  | $ | -
Real estate |  |  |  |  |  |  |  |  |
Commercial - Mortgage: |  |  |  |  |  |  |  |  |
Nonaccrual |  |  | 368 |  |  | 368 |  |  | -
Church - Mortgage: |  |  |  |  |  |  |  |  |
Nonaccrual |  |  | 1,151 |  |  | 1,151 |  |  | 171
Total impaired loans |  | $ | 1,519 |  | $ | 1,519 |  | $ | 171
December 31, 2013 |  |  |  |  |  |  |  |  |
Commercial and industrial: |  |  |  |  |  |  |  |  |
Nonaccrual |  | $ | 11 |  | $ | 11 |  | $ | 6
Real estate |  |  |  |  |  |  |  |  |
Commercial - Mortgage: |  |  |  |  |  |  |  |  |
Nonaccrual |  |  | 479 |  |  | 479 |  |  | 89
Church - Mortgage: |  |  |  |  |  |  |  |  |
Nonaccrual |  |  | 1,307 |  |  | 1,307 |  |  | 223
Total impaired loans |  | $ | 1,797 |  | $ | 1,797 |  | $ | 318
A summary of the activity in the allowance for loan losses from December 31, 2013 to June 30, 2014 is as follows:
|  | December 31, |  | Charge- |  |  |  |  |  |  |  |  | June 30,
(In thousands) |  | 2013 |  | Offs |  | Recoveries |  | Provision |  | 2014
Commercial and industrial |  | $ | 3,036 |  | $ | 3 |  | $ | 30 |  | $ | 18 |  |  | $ | 3,081
Real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage |  |  | 3,946 |  |  | - |  |  | 221 |  |  | 335 |  |  |  | 4,502
Construction |  |  | 151 |  |  | - |  |  | - |  |  | (8 | ) |  |  | 143
Church, church-related: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage |  |  | 4,354 |  |  | 76 |  |  | 2 |  |  | (384 | ) |  |  | 3,896
Construction |  |  | 124 |  |  | - |  |  | - |  |  | 49 |  |  |  | 173
Industrial Revenue Bond |  |  | 68 |  |  | - |  |  | - |  |  | (11 | ) |  |  | 57
Other |  |  | - |  |  | - |  |  | - |  |  | 1 |  |  |  | 1
Total |  | $ | 11,679 |  | $ | 79 |  | $ | 253 |  | $ | 0 |  |  | $ | 11,853

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- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 3, 4 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=35738203&loc=d3e5074-111524 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=35738203&loc=d3e5066-111524 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 7 -Article 9 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(k)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph k -Article 4 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=35738203&loc=d3e5162-111524 + Details
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