XML 35 R26.htm IDEA: XBRL DOCUMENT v3.3.1.900
Subsequent Events
12 Months Ended
Dec. 31, 2015
Subsequent Events [Abstract]  
Subsequent Events

(19) Subsequent Event Amendment to Articles of Incorporation

The Company amended its articles of incorporation effective January 11, 2016 to reduce authorized shares of Common Stock to 5,000,000 and to affect a 1 for 10 reverse common stock split. (Loss) Earnings per share have been adjusted in the accompanying Consolidated Financial Statements and Footnotes to reflect the 1 for 10 reverse common stock split.

 

(20) Subsequent Event Loan Loss Recovery.

On January 6, 2016, the Bank completed a sale of a judgment on a credit that resulted in a $1.8 million recovery of previously charged-off amounts to the Allowance for Loan and Lease Losses (ALLL). This increased the balance of the ALLL to approximately $4.1 million. On February 12, 2016, pursuant to the terms and requirements of the Consent Order, Management submitted a written request to the FDIC for a partial reversal of the ALLL. As of this date, no response from the FDIC has been received.