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REGULATORY MATTERS | 12 Months Ended
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Dec. 31, 2015
REGULATORY MATTERS [Abstract] |
REGULATORY MATTERS | 14. REGULATORY MATTERS Dividend Restrictions: The approval of the Federal Reserve Board is required for a bank to pay dividends up to the Company if the total of all dividends declared in any calendar year exceeds the Bank’s net income (as defined) for that year combined with its retained net income for the preceding two calendar years. Under this formula, the Bank can declare dividends in 2016 without approval of the FRB or PDB of approximately $6,340,000, plus the Bank’s 2016 year-to-date net income at the time of the dividend declaration. Loans: The Bank is subject to regulatory restrictions which limit its ability to loan funds to the Company. At December 31, 2015, the Bank’s regulatory lending limit amounted to approximately $16,235,000. Regulatory Capital Requirements: Federal regulations require the Company and the Bank to maintain minimum amounts of capital. Specifically, each is required to maintain certain minimum dollar amounts and ratios of Total, Tier I and Common Equity Tier I capital to risk-weighted assets and of Tier I capital to average total assets. In addition to the capital requirements, the Federal Deposit Insurance Corporation Improvement Act (FDICIA) established five capital categories ranging from “well capitalized” to “critically under-capitalized.” Should any institution fail to meet the requirements to be considered “adequately capitalized”, it would become subject to a series of increasingly restrictive regulatory actions. As of December 31, 2015 and 2014, the FRB categorized the Company and the Bank as well capitalized, under the regulatory framework for prompt corrective action. To be categorized as a well capitalized financial institution, Total risk-based, Tier I risk-based, Common Equity Tier I risk based and Tier I leverage capital ratios must be at least 10%, 8%, 6.5% and 5%, respectively. The Company and Bank’s computed risk-based capital ratios are as follows as of December 31, 2015 and 2014 (dollars in thousands):
| Actual | For Capital Adequacy Purposes | To Be Well Capitalized Under Prompt Corrective Action Provisions
2015 | Amount | Ratio | Amount | Ratio | Amount | Ratio
Total Capital (to Risk Weighted Assets):
Company | $ 114,886 | 16.23% | $ 56,630 | 8.00% | $ 70,787 | 10.00%
Bank | $ 108,232 | 15.34% | $ 56,443 | 8.00% | $ 70,554 | 10.00%
Tier 1 Capital (to Risk Weighted Assets):
Company | $ 107,612 | 15.20% | $ 42,472 | 6.00% | $ 56,630 | 8.00%
Bank | $ 100,958 | 14.31% | $ 42,332 | 6.00% | $ 56,443 | 8.00%
Common Equity Tier 1 Capital (to Risk Weighted Assets):
Company | $ 100,112 | 14.14% | $ 31,854 | 4.50% | $ 46,012 | 6.50%
Bank | $ 100,958 | 14.31% | $ 31,749 | 4.50% | $ 45,860 | 6.50%
Tier 1 Capital (to Average Assets):
Company | $ 107,612 | 11.01% | $ 39,083 | 4.00% | $ 48,854 | 5.00%
Bank | $ 100,958 | 10.35% | $ 39,006 | 4.00% | $ 48,757 | 5.00%
| Actual | For Capital Adequacy Purposes | To Be Well Capitalized Under Prompt Corrective Action Provisions
2014 | Amount | Ratio | Amount | Ratio | Amount | Ratio
Total Capital (to Risk Weighted Assets):
Company | $ 106,891 | 18.55% | $ 46,105 | 8.00% | $ 57,631 | 10.00%
Bank | $ 97,498 | 16.97% | $ 45,969 | 8.00% | $ 57,462 | 10.00%
Tier 1 Capital (to Risk Weighted Assets):
Company | $ 99,692 | 17.30% | $ 23,053 | 4.00% | $ 34,579 | 6.00%
Bank | $ 90,500 | 15.75% | $ 22,985 | 4.00% | $ 34,477 | 6.00%
Common Equity Tier 1 Capital (to Risk Weighted Assets):
Company | N/A | N/A | N/A | N/A | N/A | N/A
Bank | N/A | N/A | N/A | N/A | N/A | N/A
Tier 1 Capital (to Average Assets):
Company | $ 99,692 | 10.99% | $ 36,272 | 4.00% | $ 45,341 | 5.00%
Bank | $ 90,500 | 10.00% | $ 36,218 | 4.00% | $ 45,273 | 5.00%
This annual report has not been reviewed, or confirmed for accuracy or relevance, by the Federal Deposit Insurance Corporation.

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- Definition The entire disclosure for banks, savings institutions, and credit unions, for regulatory capital requirements imposed by the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the Office of Thrift Supervision (OTS) or for any state imposed capital requirements, as applicable. The disclosure may include (1) a description of regulatory capital requirements (a) for capital adequacy purposes and (b) established by the prompt corrective action provisions of Section 38 of the Federal Depository Insurance Act; (2) the actual or possible material effects of noncompliance with such requirements; (3) whether the entity is in compliance with the regulatory capital requirements including (a) required and actual ratios and amounts of Tier 1 leverage, Tier 1 risk-based, and total risk-based capital, tangible capital (for savings institutions), and Tier 3 capital for market risk (for certain banks and bank holding companies), (b) factors that may significantly affect capital adequacy; (4) the prompt corrective action category in which the entity was classified as of its most recent notification; (5) whether management believes any conditions or events since notification have changed the entity's category. Also may include additional information that might be disclosed in situations where substantial doubt about the entity's ability to continue as a going concern for a reasonable period of time. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 505 -Section 50 -Paragraph 1G -URI http://asc.fasb.org/extlink&oid=35709795&loc=SL5958577-112826 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 505 -Section 50 -Paragraph 1C -URI http://asc.fasb.org/extlink&oid=35709795&loc=SL5958572-112826 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 505 -Section 50 -Paragraph 1E -URI http://asc.fasb.org/extlink&oid=35709795&loc=SL5958574-112826 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 505 -Section 50 -Paragraph 1H -URI http://asc.fasb.org/extlink&oid=35709795&loc=d3e65071-112826 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 505 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=35709795&loc=SL5958569-112826 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 505 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=35709795&loc=SL5958570-112826 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 505 -Section 50 -Paragraph 1F -URI http://asc.fasb.org/extlink&oid=35709795&loc=SL5958575-112826 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 505 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=35709795&loc=SL5958568-112826 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 505 -Section 50 -Paragraph 1D -URI http://asc.fasb.org/extlink&oid=35709795&loc=SL5958573-112826 + Details
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