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Loans by Type | 6 Months Ended
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Jun. 30, 2015
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) |  | 2015 |  | 2014
Commercial and industrial |  | $ | 208,566 |  |  | $ | 203,350 |
Real estate |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |
Mortgage |  |  | 115,338 |  |  |  | 117,754 |
Construction |  |  | — |  |  |  | — |
Church, church-related: |  |  |  |  |  |  |  |
Mortgage |  |  | 308,236 |  |  |  | 305,887 |
Construction |  |  | 21,267 |  |  |  | 18,612 |
Industrial Revenue Bonds |  |  | 21,723 |  |  |  | 23,348 |
Other |  |  | 37 |  |  |  | 395 |
Total loans |  | $ | 675,167 |  |  | $ | 669,346 |
The following table presents the aging of loans by loan categories at June 30, 2015 and December 31, 2014:
|  |  | Performing |  | Nonperforming |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 90 Days |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | 30-59 |  |  |  | 60-89 |  |  |  | and |  |  |  | Non- |  |  | Total
(In thousands) |  |  | Current |  | Days |  | Days |  | Over |  | accrual |  | Loans
June 30, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  |  | $ | 208,566 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 208,566
Real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage |  |  |  | 112,276 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,062 |  |  |  | 115,338
Construction |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | —
Church, church-related: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage |  |  |  | 308,122 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 114 |  |  |  | 308,236
Construction |  |  |  | 21,267 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 21,267
Industrial Revenue Bonds |  |  |  | 21,723 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 21,723
Other |  |  |  | 37 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 37
Total |  |  | $ | 671,991 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,176 |  |  | $ | 675,167
December 31, 2014 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  |  | $ | 203,350 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 203,350
Real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage |  |  |  | 117,393 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 361 |  |  |  | 117,754
Construction |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | —
Church, church-related: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage |  |  |  | 305,760 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 127 |  |  |  | 305,887
Construction |  |  |  | 18,612 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 18,612
Industrial Revenue Bonds |  |  |  | 23,348 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 23,348
Other |  |  |  | 395 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 395
Total |  |  | $ | 668,858 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 488 |  |  | $ | 669,346
The following table presents the credit exposure of the loan portfolio as of June 30, 2015 and December 31, 2014:
|  |  | Loans |  | Performing |  | Nonperforming |  |
|  |  | Subject to |  | Loans Subject to |  | Loans Subject |  |
|  |  | Normal |  | Special |  | to Special |  |
(In thousands) |  |  | Monitoring 1 |  | Monitoring2 |  | Monitoring2 |  | Total Loans
June 30, 2015 |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  |  | $ | 205,153 |  |  | $ | 3,413 |  |  | $ | - |  |  | $ | 208,566 |
Real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage |  |  |  | 101,487 |  |  |  | 10,789 |  |  |  | 3,062 |  |  |  | 115,338 |
Construction |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Church, church-related: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage |  |  |  | 303,498 |  |  |  | 4,624 |  |  |  | 114 |  |  |  | 308,236 |
Construction |  |  |  | 21,267 |  |  |  | — |  |  |  | — |  |  |  | 21,267 |
Industrial Revenue Bonds |  |  |  | 21,723 |  |  |  | — |  |  |  | — |  |  |  | 21,723 |
Other |  |  |  | 37 |  |  |  | — |  |  |  | — |  |  |  | 37 |
Total |  |  | $ | 653,165 |  |  | $ | 18,826 |  |  | $ | 3,176 |  |  | $ | 675,167 |
December 31, 2014 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  |  | $ | 199,837 |  |  | $ | 3,513 |  |  | $ | — |  |  | $ | 203,350 |
Real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage |  |  |  | 103,097 |  |  |  | 14,296 |  |  |  | 361 |  |  |  | 117,754 |
Construction |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Church, church-related: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage |  |  |  | 304,219 |  |  |  | 1,541 |  |  |  | 127 |  |  |  | 305,887 |
Construction |  |  |  | 18,612 |  |  |  | — |  |  |  | — |  |  |  | 18,612 |
Industrial Revenue Bonds |  |  |  | 23,348 |  |  |  | — |  |  |  | — |  |  |  | 23,348 |
Other |  |  |  | 395 |  |  |  | — |  |  |  | — |  |  |  | 395 |
Total |  |  | $ | 649,508 |  |  | $ | 19,350 |  |  | $ | 488 |  |  | $ | 669,346 |
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, 2015 and December 31, 2014, 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, 2015 and December 31, 2014. There were no loans classified as troubled debt restructuring at June 30, 2015 and December 31, 2014. There were no foreclosed loans recorded as other real estate owned (included in other assets) as of June 30, 2015, and December 31, 2014. The following table presents the recorded investment and unpaid principal balance for impaired loans at June 30, 2015 and December 31, 2014:
|  |  |  |  | Unpaid |  | Related
|  |  | Recorded |  | Principal |  | Allowance for
(In thousands) |  |  | Investment |  | Balance |  | Loan Losses
June 30, 2015 |  |  |  |  |  |  |  |  |
Commercial and industrial: |  |  |  |  |  |  |  |  |
Nonaccrual |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Real estate |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial – Mortgage: |  |  |  |  |  |  |  |  |  |  |  |  |
Nonaccrual |  |  |  | 3,062 |  |  |  | 3,062 |  |  |  | 1,127 |
Church – Mortgage: |  |  |  |  |  |  |  |  |  |  |  |  |
Nonaccrual |  |  |  | 114 |  |  |  | 114 |  |  |  | 114 |
Total impaired loans |  |  | $ | 3,176 |  |  | $ | 3,176 |  |  | $ | 1,241 |
December 31, 2014 |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial: |  |  |  |  |  |  |  |  |  |  |  |  |
Nonaccrual |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Real estate |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial – Mortgage: |  |  |  |  |  |  |  |  |  |  |  |  |
Nonaccrual |  |  |  | 361 |  |  |  | 361 |  |  |  | — |
Church – Mortgage: |  |  |  |  |  |  |  |  |  |  |  |  |
Nonaccrual |  |  |  | 127 |  |  |  | 127 |  |  |  | 127 |
Total impaired loans |  |  | $ | 488 |  |  | $ | 488 |  |  | $ | 127 |
A summary of the activity in the allowance for loan losses from December 31, 2014 to June 30, 2015 is as follows:
|  |  | December 31, |  | Charge- |  |  |  |  |  |  | June 30,
(In thousands) |  |  | 2014 |  | Offs |  | Recoveries |  | Provision |  |  | 2015
Commercial and industrial |  |  | $ | 3,515 |  |  | $ | — |  |  | $ | 7 |  |  | $ | 78 |  |  |  | $ | 3,600 |
Real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage |  |  |  | 3,060 |  |  |  | — |  |  |  | — |  |  |  | (57 | ) |  |  |  | 3,003 |
Construction |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  | — |
Church, church-related: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage |  |  |  | 4,016 |  |  |  | — |  |  |  | 1 |  |  |  | 52 |  |  |  |  | 4,069 |
Construction |  |  |  | 140 |  |  |  | — |  |  |  | — |  |  |  | 20 |  |  |  |  | 160 |
Industrial Revenue Bonds |  |  |  | 394 |  |  |  | — |  |  |  | — |  |  |  | (27 | ) |  |  |  | 367 |
Other |  |  |  | 769 |  |  |  | — |  |  |  | — |  |  |  | (66 | ) |  |  |  | 703 |
Total |  |  | $ | 11,894 |  |  | $ | — |  |  | $ | 8 |  |  | $ | — |  |  |  | $ | 11,902 |
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 Bonds |  | 68 |  |  | — |  |  | — |  |  | (11 | ) |  |  | 57
Other |  | — |  |  | — |  |  | — |  |  | 1 |  |  |  | 1
Total | $ | 11,679 |  | $ | 79 |  | $ | 253 |  | $ | — |  |  | $ | 11,853

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