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Segment Reporting
 9 Months Ended
Sep. 30, 2015
Segment Reporting [Abstract]  
Segment Reporting

13.

SEGMENT REPORTING

Under ASC Topic 280, Segment Reporting, certain information is disclosed for the two reportable operating segments of the Company: FUSB and ALC.  The reportable segments were determined using the internal management reporting system.  These segments are comprised of the Company’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 the Company’s Annual Report on Form 10-K as of and for the year ended December 31, 2014.  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 tables below.

 

 

 

 

 

 

 

 

 

 

 

 

All

 

 

 

 

 

 

 

 

 

 

 

FUSB

 

 

ALC

 

 

Other

 

 

Eliminations

 

 

Consolidated

 

 

 

(Dollars in Thousands)

 

For the three months ended September 30, 2015:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

3,598

 

 

$

3,166

 

 

$

3

 

 

$

—

 

 

$

6,767

 

Provision (reduction in reserve) for loan losses

 

 

(400

)

 

 

322

 

 

 

—

 

 

 

—

 

 

 

(78

)

Total non-interest income

 

 

755

 

 

 

234

 

 

 

847

 

 

 

(840

)

 

 

996

 

Total non-interest expense

 

 

4,443

 

 

 

2,430

 

 

 

360

 

 

 

(143

)

 

 

7,090

 

Income before income taxes

 

 

310

 

 

 

648

 

 

 

490

 

 

 

(697

)

 

 

751

 

Provision for income taxes

 

 

43

 

 

 

236

 

 

 

(72

)

 

 

—

 

 

 

207

 

Net income

 

$

267

 

 

$

412

 

 

$

562

 

 

$

(697

)

 

$

544

 

Other significant items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

550,341

 

 

$

85,066

 

 

$

82,167

 

 

$

(169,037

)

 

$

548,537

 

Total investment securities

 

 

238,929

 

 

 

—

 

 

 

80

 

 

 

—

 

 

 

239,009

 

Total loans, net

 

 

229,721

 

 

 

80,779

 

 

 

—

 

 

 

(72,785

)

 

 

237,715

 

Investment in subsidiaries

 

 

5

 

 

 

—

 

 

 

76,883

 

 

 

(76,883

)

 

 

5

 

Fixed asset additions

 

 

1,250

 

 

 

2

 

 

 

—

 

 

 

—

 

 

 

1,252

 

Depreciation and amortization expense

 

 

151

 

 

 

61

 

 

 

—

 

 

 

—

 

 

 

212

 

Total interest income from external customers

 

 

3,162

 

 

 

4,166

 

 

 

—

 

 

 

—

 

 

 

7,328

 

Total interest income from affiliates

 

 

1,000

 

 

 

—

 

 

 

3

 

 

 

(1,003

)

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the nine months ended September 30, 2015:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

11,433

 

 

$

9,203

 

 

$

8

 

 

$

—

 

 

$

20,644

 

Provision (reduction in reserve) for loan losses

 

 

(1,370

)

 

 

1,171

 

 

 

—

 

 

 

—

 

 

 

(199

)

Total non-interest income

 

 

2,766

 

 

 

689

 

 

 

3,053

 

 

 

(3,153

)

 

 

3,355

 

Total non-interest expense

 

 

13,110

 

 

 

7,400

 

 

 

1,103

 

 

 

(439

)

 

 

21,174

 

Income before income taxes

 

 

2,459

 

 

 

1,321

 

 

 

1,958

 

 

 

(2,714

)

 

 

3,024

 

Provision for income taxes

 

 

678

 

 

 

475

 

 

 

(283

)

 

 

—

 

 

 

870

 

Net income

 

$

1,781

 

 

$

846

 

 

$

2,241

 

 

$

(2,714

)

 

$

2,154

 

Other significant items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed asset additions

 

$

2,860

 

 

$

251

 

 

$

—

 

 

$

—

 

 

$

3,111

 

Depreciation and amortization expense

 

 

459

 

 

 

181

 

 

 

—

 

 

 

—

 

 

 

640

 

Total interest income from external customers

 

 

10,379

 

 

 

12,004

 

 

 

1

 

 

 

—

 

 

 

22,384

 

Total interest income from affiliates

 

 

2,801

 

 

 

—

 

 

 

7

 

 

 

(2,808

)

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

All

 

 

 

 

 

 

 

 

 

 

 

FUSB

 

 

ALC

 

 

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 additions

 

 

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 additions

 

$

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

)

 

 

—