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Recent Accounting Pronouncements (Policies) | 9 Months Ended
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Sep. 30, 2014
Accounting Changes and Error Corrections [Abstract] |
Recent Accounting Pronouncements | In January 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2014-04, Receivables – Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure (a consensus of the FASB Emerging Issues Task Force). ASU 2014-04 clarifies when an “in substance repossession or foreclosure” occurs, that is, when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, such that all or a portion of the loan should be derecognized and the real estate property recognized. ASU 2014-04 states that a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, (i) upon either the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure, or (ii) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. The amendments of ASU 2014-04 also require interim and annual disclosure of both the amount of foreclosed residential real estate property held by the creditor and the recorded investment in consumer mortgage loans collateralized by residential real estate properties that are in the process of foreclosure. The amendments of ASU 2014-04 are effective for interim and annual periods beginning after December 15, 2014 and may be applied using either a modified retrospective transition method or a prospective transition method as described in ASU 2014-04. The adoption of ASU 2014-04 is not expected to have a significant impact on the Company’s consolidated financial position, results of operations or cash flows. In January 2014, the FASB issued ASU 2014-01, Investments – Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects (a consensus of the FASB Emerging Issues Task Force). ASU 2014-01 permits reporting entities that invest in qualified affordable housing projects to elect to account for those investments using the “proportional amortization method” if certain conditions are met. Under this method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense (benefit), if this method is selected as a policy. The decision to apply the proportional amortization method of accounting is an accounting policy decision and should be applied consistently to all qualifying affordable housing project investments. ASU 2014-01 should be applied retrospectively to all periods presented and is effective for annual and interim reporting periods beginning after December 15, 2014. The Company does not have a significant amount of investments in qualified affordable housing projects that qualify for the low income housing tax credit. Such investments are currently either consolidated in the Company’s financial statements or accounted for as cost method investments. The adoption of ASU 2014-01 is not expected to have a significant impact on the Company’s consolidated financial position, results of operations or cash flows. In July 2013, the FASB issued ASU 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (a consensus of the FASB Emerging Issues Task Force). ASU 2013-11 provides that an entity’s unrecognized tax benefit, or a portion of its unrecognized tax benefit, should be presented in its financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss or a tax credit carryforward, with one exception. The exception states that, to the extent that a net operating loss carryforward, a similar tax loss or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position, or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. ASU 2013-11 applies prospectively for all entities that have unrecognized tax benefits when a net operating loss carryforward, a similar tax loss or a tax credit carryforward exists at the reporting date. ASU 2013-11 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The Company adopted ASU 2013-11 on January 1, 2014. The adoption of ASU 2013-11 did not have a significant impact on the Company’s consolidated financial position, results of operations or cash flows. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 provides guidance that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. ASU 2014-09 is effective for annual and interim periods beginning after December 15, 2016. Early adoption is not permitted. The Company is currently evaluating the impact, if any, that ASU 2014-09 will have on its consolidated financial statements.
Consolidation | The Company has determined that these structures require evaluation as a variable interest entity (“VIE”) under Accounting Standards Codification (“ASC”) Topic 810, Consolidation. The Company consolidates one of the funds in which it has a 99.9% limited partnership interest. Assets recorded by the Company as a result of the consolidation were less than $0.1 million as of both September 30, 2014 and December 31, 2013.
Accounting for Tax Benefits Resulting from Investments in Affordable Housing Projects | The remaining limited partnership investments are unconsolidated and are accounted for under the cost method as allowed under ASC Topic 325, Accounting for Tax Benefits Resulting from Investments in Affordable Housing Projects. The Company amortizes the excess of carrying value of the investment over its estimated residual value during the period in which tax credits are allocated to the investors.
Segment Reporting | Under ASC Topic 280, Segment Reporting, certain information is disclosed for the two reportable operating segments of the Company. The reportable segments were determined using the internal management reporting system. These segments are comprised of USBI’s and the Bank’s significant subsidiaries. The accounting policies for each segment are the same as those described in Note 2, “Summary of Significant Accounting Policies,” of the Notes to Consolidated Financial Statements in USBI’s Annual Report on Form 10-K for the period ended December 31, 2013. The segment results include certain overhead allocations and intercompany transactions that were recorded at current market prices. All intercompany transactions have been eliminated to determine the consolidated balances. The results for the two reportable segments of the Company are included in the following table:
|  | FUSB |  |  | ALC |  |  | All Other |  |  | Eliminations |  |  | Consolidated |
|  | (Dollars in Thousands) |
For the three months ended September 30, 2014: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net interest income |  | $ | 3,968 |  |  | $ | 3,286 |  |  | $ | 3 |  |  | $ | — |  |  | $ | 7,257 |
Provision (reduction in reserve) for loan losses |  |  | (550 | ) |  |  | 495 |  |  |  | — |  |  |  | — |  |  |  | (55 | )
Total non-interest income |  |  | 871 |  |  |  | 297 |  |  |  | 1,107 |  |  |  | (1,095 | ) |  |  | 1,180 |
Total non-interest expense |  |  | 4,726 |  |  |  | 2,490 |  |  |  | 205 |  |  |  | (179 | ) |  |  | 7,242 |
Income before income taxes |  |  | 663 |  |  |  | 598 |  |  |  | 905 |  |  |  | (916 | ) |  |  | 1,250 |
Provision for income taxes |  |  | 183 |  |  |  | 229 |  |  |  | 1 |  |  |  | — |  |  |  | 413 |
Net income |  | $ | 480 |  |  | $ | 369 |  |  | $ | 904 |  |  | $ | (916 | ) |  | $ | 837 |
Other significant items: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total assets |  | $ | 563,918 |  |  | $ | 72,889 |  |  | $ | 79,847 |  |  | $ | (153,913 | ) |  | $ | 562,741 |
Total investment securities |  |  | 215,790 |  |  |  | — |  |  |  | 80 |  |  |  | — |  |  |  | 215,870 |
Total loans, net |  |  | 255,240 |  |  |  | 70,025 |  |  |  | — |  |  |  | (60,095 | ) |  |  | 265,170 |
Investment in subsidiaries |  |  | 5 |  |  |  | — |  |  |  | 74,788 |  |  |  | (74,788 | ) |  |  | 5 |
Fixed asset addition |  |  | 73 |  |  |  | 54 |  |  |  | — |  |  |  | — |  |  |  | 127 |
Depreciation and amortization expense |  |  | 148 |  |  |  | 55 |  |  |  | — |  |  |  | — |  |  |  | 203 |
Total interest income from external customers |  |  | 3,794 |  |  |  | 4,105 |  |  |  | — |  |  |  | — |  |  |  | 7,899 |
Total interest income from affiliates |  |  | 818 |  |  |  | — |  |  |  | 3 |  |  |  | (821 | ) |  |  | — |
For the nine months ended September 30, 2014: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net interest income |  | $ | 12,156 |  |  | $ | 9,594 |  |  | $ | 8 |  |  | $ | — |  |  | $ | 21,758 |
Provision (reduction in reserve) for loan losses |  |  | (1,050 | ) |  |  | 1,145 |  |  |  | — |  |  |  | — |  |  |  | 95 |
Total non-interest income |  |  | 3,088 |  |  |  | 870 |  |  |  | 3,574 |  |  |  | (3,720 | ) |  |  | 3,812 |
Total non-interest expense |  |  | 13,823 |  |  |  | 7,489 |  |  |  | 606 |  |  |  | (569 | ) |  |  | 21,349 |
Income before income taxes |  |  | 2,471 |  |  |  | 1,830 |  |  |  | 2,976 |  |  |  | (3,151 | ) |  |  | 4,126 |
Provision for income taxes |  |  | 589 |  |  |  | 706 |  |  |  | 2 |  |  |  | — |  |  |  | 1,297 |
Net income |  | $ | 1,882 |  |  | $ | 1,124 |  |  | $ | 2,974 |  |  | $ | (3,151 | ) |  | $ | 2,829 |
Other significant items: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed asset addition |  | $ | 940 |  |  | $ | 68 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,008 |
Depreciation and amortization expense |  |  | 438 |  |  |  | 160 |  |  |  | — |  |  |  | — |  |  |  | 598 |
Total interest income from external customers |  |  | 11,699 |  |  |  | 11,976 |  |  |  | — |  |  |  | — |  |  |  | 23,675 |
Total interest income from affiliates |  |  | 2,382 |  |  |  | — |  |  |  | 7 |  |  |  | (2,389 | ) |  |  | — |
|  | FUSB |  |  | ALC |  |  | All Other |  |  | Eliminations |  |  | Consolidated |
|  | (Dollars in Thousands) |
For the three months ended September 30, 2013: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net interest income |  | $ | 4,190 |  |  | $ | 3,376 |  |  | $ | 2 |  |  | $ | — |  |  | $ | 7,568 |
Provision (reduction in reserve) for loan losses |  |  | (300 | ) |  |  | 540 |  |  |  | — |  |  |  | — |  |  |  | 240 |
Total non-interest income |  |  | 913 |  |  |  | 360 |  |  |  | 1,267 |  |  |  | (1,249 | ) |  |  | 1,291 |
Total non-interest expense |  |  | 4,962 |  |  |  | 2,322 |  |  |  | 308 |  |  |  | (227 | ) |  |  | 7,365 |
Income before income taxes |  |  | 441 |  |  |  | 874 |  |  |  | 961 |  |  |  | (1,022 | ) |  |  | 1,254 |
Provision for income taxes |  |  | 12 |  |  |  | 337 |  |  |  | 1 |  |  |  | — |  |  |  | 350 |
Net income |  | $ | 429 |  |  | $ | 537 |  |  | $ | 960 |  |  | $ | (1,022 | ) |  | $ | 904 |
Other significant items: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total assets |  | $ | 561,325 |  |  | $ | 70,809 |  |  | $ | 75,422 |  |  | $ | (147,554 | ) |  | $ | 560,002 |
Total investment securities |  |  | 156,772 |  |  |  | — |  |  |  | 80 |  |  |  | — |  |  |  | 156,852 |
Total loans, net |  |  | 292,180 |  |  |  | 67,207 |  |  |  | — |  |  |  | (54,609 | ) |  |  | 304,778 |
Investment in subsidiaries |  |  | 784 |  |  |  | — |  |  |  | 70,386 |  |  |  | (71,165 | ) |  |  | 5 |
Fixed asset addition |  |  | (6 | ) |  |  | 8 |  |  |  | — |  |  |  | — |  |  |  | 2 |
Depreciation and amortization expense |  |  | 131 |  |  |  | 49 |  |  |  | — |  |  |  | — |  |  |  | 180 |
Total interest income from external customers |  |  | 4,096 |  |  |  | 4,174 |  |  |  | — |  |  |  | — |  |  |  | 8,270 |
Total interest income from affiliates |  |  | 798 |  |  |  | — |  |  |  | 3 |  |  |  | (801 | ) |  |  | — |
For the nine months ended September 30, 2013: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net interest income |  | $ | 12,706 |  |  | $ | 10,355 |  |  | $ | 7 |  |  | $ | — |  |  | $ | 23,068 |
Provision (reduction in reserve) for loan losses |  |  | (462 | ) |  |  | 1,261 |  |  |  | — |  |  |  | — |  |  |  | 799 |
Total non-interest income |  |  | 3,239 |  |  |  | 1,045 |  |  |  | 3,778 |  |  |  | (3,920 | ) |  |  | 4,142 |
Total non-interest expense |  |  | 14,247 |  |  |  | 7,984 |  |  |  | 668 |  |  |  | (666 | ) |  |  | 22,233 |
Income before income taxes |  |  | 2,160 |  |  |  | 2,155 |  |  |  | 3,117 |  |  |  | (3,254 | ) |  |  | 4,178 |
Provision for income taxes |  |  | 371 |  |  |  | 833 |  |  |  | 2 |  |  |  | — |  |  |  | 1,206 |
Net income |  | $ | 1,789 |  |  | $ | 1,322 |  |  | $ | 3,115 |  |  | $ | (3,254 | ) |  | $ | 2,972 |
Other significant items: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed asset addition |  | $ | 56 |  |  | $ | 26 |  |  | $ | — |  |  | $ | — |  |  | $ | 82 |
Depreciation and amortization expense |  |  | 392 |  |  |  | 128 |  |  |  | — |  |  |  | — |  |  |  | 520 |
Total interest income from external customers |  |  | 12,494 |  |  |  | 12,802 |  |  |  | — |  |  |  | — |  |  |  | 25,296 |
Total interest income from affiliates |  |  | 2,447 |  |  |  | — |  |  |  | 7 |  |  |  | (2,454 | ) |  |  | — |

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