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Segment Reporting
 12 Months Ended
Dec. 31, 2015
Segment Reporting [Abstract]  
Segment Reporting

16.

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 comprise the Company’s and FUSB’s significant subsidiaries. The accounting policies for each segment are the same as those described in Note 2, “Summary of Significant Accounting Policies.” 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.

 

 

 

2015

 

 

 

FUSB

 

 

ALC

 

 

All

Other

 

 

Eliminations

 

 

Consolidated

 

 

 

(Dollars in Thousands)

 

Total interest income

 

$

17,398

 

 

$

16,312

 

 

$

11

 

 

$

(3,824

)

 

$

29,897

 

Total interest expense

 

 

2,299

 

 

 

3,814

 

 

 

—

 

 

 

(3,824

)

 

 

2,289

 

Net interest income

 

 

15,099

 

 

 

12,498

 

 

 

11

 

 

 

—

 

 

 

27,608

 

Provision (reduction in reserve) for loan losses

 

 

(1,559

)

 

 

1,775

 

 

 

—

 

 

 

—

 

 

 

216

 

Net interest income after provision (reduction in reserve)

 

 

16,658

 

 

 

10,723

 

 

 

11

 

 

$

—

 

 

 

27,392

 

Total non-interest income

 

 

3,675

 

 

 

934

 

 

 

501

 

 

 

(579

)

 

 

4,531

 

Total non-interest expense

 

 

17,571

 

 

 

9,909

 

 

 

1,476

 

 

 

(579

)

 

 

28,377

 

Income (loss) before income taxes

 

 

2,762

 

 

 

1,748

 

 

 

(964

)

 

 

—

 

 

 

3,546

 

Provision for income taxes

 

 

697

 

 

 

617

 

 

 

(363

)

 

 

—

 

 

 

951

 

Net income (loss)

 

$

2,065

 

 

$

1,131

 

 

$

(601

)

 

$

—

 

 

$

2,595

 

Other significant items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

577,292

 

 

$

85,887

 

 

$

82,292

 

 

$

(169,689

)

 

$

575,782

 

Total investment securities

 

 

231,122

 

 

 

—

 

 

 

80

 

 

 

—

 

 

 

231,202

 

Total loans, net

 

 

248,601

 

 

 

81,697

 

 

 

—

 

 

 

(74,866

)

 

 

255,432

 

Investment in subsidiaries

 

 

5

 

 

 

—

 

 

 

76,891

 

 

 

(76,891

)

 

 

5

 

Fixed asset additions

 

 

3,375

 

 

 

289

 

 

 

—

 

 

 

—

 

 

 

3,664

 

Depreciation and amortization expense

 

 

627

 

 

 

244

 

 

 

—

 

 

 

—

 

 

 

871

 

Total interest income from external customers

 

 

13,584

 

 

 

16,312

 

 

 

1

 

 

 

—

 

 

 

29,897

 

Total interest income from affiliates

 

 

3,814

 

 

 

—

 

 

 

10

 

 

 

(3,824

)

 

 

—

 

 

 

 

2014

 

 

 

FUSB

 

 

ALC

 

 

All

Other

 

 

Eliminations

 

 

Consolidated

 

 

 

(Dollars in Thousands)

 

Total interest income

 

$

18,595

 

 

$

15,992

 

 

$

11

 

 

$

(3,237

)

 

$

31,361

 

Total interest expense

 

 

2,564

 

 

 

3,226

 

 

 

—

 

 

 

(3,237

)

 

 

2,553

 

Net interest income

 

 

16,031

 

 

 

12,766

 

 

 

11

 

 

 

—

 

 

 

28,808

 

Provision (reduction in reserve) for loan losses

 

 

(1,920

)

 

 

1,846

 

 

 

—

 

 

 

—

 

 

 

(74

)

Net interest income after provision (reduction in reserve)

 

 

17,951

 

 

 

10,920

 

 

 

11

 

 

 

—

 

 

 

28,882

 

Total non-interest income

 

 

3,987

 

 

 

1,163

 

 

 

694

 

 

 

(753

)

 

 

5,091

 

Total non-interest expense

 

 

18,508

 

 

 

9,953

 

 

 

887

 

 

 

(753

)

 

 

28,595

 

Income (loss) before income taxes

 

 

3,430

 

 

 

2,130

 

 

 

(182

)

 

 

—

 

 

 

5,378

 

Provision for income taxes

 

 

998

 

 

 

827

 

 

 

4

 

 

 

—

 

 

 

1,829

 

Net income (loss)

 

$

2,432

 

 

$

1,303

 

 

$

(186

)

 

$

—

 

 

$

3,549

 

Other significant items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

566,779

 

 

$

75,046

 

 

$

81,253

 

 

$

(150,469

)

 

$

572,609

 

Total investment securities

 

 

234,006

 

 

 

—

 

 

 

80

 

 

 

—

 

 

 

234,086

 

Total loans, net

 

 

252,139

 

 

 

72,016

 

 

 

—

 

 

 

(64,639

)

 

 

259,516

 

Investment in subsidiaries

 

 

5

 

 

 

—

 

 

 

76,129

 

 

 

(76,129

)

 

 

5

 

Fixed asset additions

 

 

1,607

 

 

 

101

 

 

 

—

 

 

 

—

 

 

 

1,708

 

Depreciation and amortization expense

 

 

584

 

 

 

219

 

 

 

—

 

 

 

—

 

 

 

803

 

Total interest income from external customers

 

 

15,369

 

 

 

15,991

 

 

 

1

 

 

 

—

 

 

 

31,361

 

Total interest income from affiliates

 

 

3,226

 

 

 

—

 

 

 

11

 

 

 

(3,237

)

 

 

—