Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Jul. 29, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2016 | |
Entity Registrant Name | NORWOOD FINANCIAL CORP | |
Entity Central Index Key | 1,013,272 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 3,691,224 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and due from banks | $ 8,171 | $ 9,744 |
Interest bearing deposits with banks | 4,444 | 266 |
Cash and cash equivalents | 12,615 | 10,010 |
Securities available for sale, at fair value | 129,721 | 138,851 |
Loans receivable | 581,220 | 559,925 |
Less: Allowance for loan losses | 5,798 | 7,298 |
Net loans receivable | 575,422 | 552,627 |
Regulatory stock, at cost | 2,228 | 3,412 |
Bank premises and equipment, net | 6,328 | 6,472 |
Bank owned life insurance | 19,082 | 18,820 |
Accrued interest receivable | 2,289 | 2,363 |
Foreclosed real estate owned | 5,414 | 2,847 |
Goodwill | 9,715 | 9,715 |
Other intangibles | 237 | 285 |
Deferred tax asset | 2,222 | 3,669 |
Other assets | 2,556 | 1,434 |
Total Assets | 767,829 | 750,505 |
LIABILITIES | ||
Deposits: Non-interest bearing demand | 121,743 | 107,814 |
Deposits: Interest-bearing | 462,516 | 443,095 |
Total deposits | 584,259 | 550,909 |
Short-term borrowings | 38,100 | 53,235 |
Other borrowings | 36,579 | 41,126 |
Accrued interest payable | 891 | 957 |
Other liabilities | 3,409 | 3,280 |
Total Liabilities | 663,238 | 649,507 |
STOCKHOLDERS' EQUITY | ||
Common stock, $.10 par value per share, authorized 10,000,000 shares, issued 3,724,668 shares | 373 | 373 |
Surplus | 35,430 | 35,351 |
Retained earnings | 66,876 | 65,412 |
Treasury stock at cost: 2016: 33,444 shares, 2015: 23,311 shares | (926) | (626) |
Accumulated other comprehensive income | 2,838 | 488 |
Total Stockholders' Equity | 104,591 | 100,998 |
Total Liabilities and Stockholders' Equity | $ 767,829 | $ 750,505 |
Consolidated Balance Sheets (pa
Consolidated Balance Sheets (parenthetical) - $ / shares | Jun. 30, 2016 | Dec. 31, 2015 |
Consolidated Balance Sheets [Abstract] | ||
Common Stock, Par or Stated Value Per Share | $ 0.10 | $ 0.10 |
Common Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Common Stock, Shares, Issued | 3,724,668 | 3,724,668 |
Treasury Stock, Shares | 33,444 | 23,311 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
INTEREST INCOME | ||||
Loans receivable, including fees | $ 6,351 | $ 5,924 | $ 12,485 | $ 11,985 |
Securities | 878 | 950 | 1,768 | 1,974 |
Other | 5 | 8 | 7 | 12 |
Total interest income | 7,234 | 6,882 | 14,260 | 13,971 |
INTEREST EXPENSE | ||||
Deposits | 580 | 618 | 1,161 | 1,222 |
Short-term borrowings | 37 | 16 | 77 | 29 |
Other borrowings | 223 | 199 | 453 | 364 |
Total interest expense | 840 | 833 | 1,691 | 1,615 |
Net Interest Income | 6,394 | 6,049 | 12,569 | 12,356 |
Provision for loan losses | 700 | 420 | 1,150 | 1,040 |
Net interest income after provision for loan losses | 5,694 | 5,629 | 11,419 | 11,316 |
OTHER INCOME | ||||
Service charges and fees | 604 | 622 | 1,178 | 1,194 |
Income from fiduciary activities | 114 | 109 | 216 | 215 |
Net realized gains on sales of securities | 205 | 134 | 270 | 445 |
Gains on sale of loans and servicing rights, net | 18 | 12 | 47 | 30 |
Earnings and proceeds on bank owned life insurance | 166 | 166 | 333 | 330 |
Other | 116 | 90 | 246 | 198 |
Total other income | 1,223 | 1,133 | 2,290 | 2,412 |
OTHER EXPENSES | ||||
Salaries and employee benefits | 2,248 | 2,071 | 4,551 | 4,208 |
Occupancy, furniture & equipment, net | 487 | 542 | 982 | 1,098 |
Data processing | 255 | 201 | 526 | 435 |
Taxes, other than income | 124 | 175 | 329 | 350 |
Professional fees | 181 | 124 | 332 | 307 |
Federal Deposit Insurance Corporation insurance | 117 | 65 | 231 | 159 |
Foreclosed real estate owned | 432 | 232 | 462 | 390 |
Other | 684 | 758 | 1,463 | 1,408 |
Total other expenses | 4,528 | 4,168 | 8,876 | 8,355 |
Income before Income Taxes | 2,389 | 2,594 | 4,833 | 5,373 |
Income tax expense | 511 | 631 | 1,079 | 1,369 |
Net Income | $ 1,878 | $ 1,963 | $ 3,754 | $ 4,004 |
EARNINGS PER SHARE | ||||
BASIC EARNINGS PER SHARE | $ 0.51 | $ 0.53 | $ 1.02 | $ 1.09 |
DILUTED EARNINGS PER SHARE | $ 0.51 | $ 0.53 | $ 1.02 | $ 1.08 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Consolidated Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 1,878 | $ 1,963 | $ 3,754 | $ 4,004 |
Other comprehensive income: | ||||
Investment securities available for sale: Unrealized holding gains | 1,810 | (2,037) | 3,830 | (1,048) |
Investment securities available for sale: Tax effect | (615) | 693 | (1,302) | 358 |
Reclassification of gains recognized in net income | (205) | (134) | (270) | (445) |
Reclassification of gains recognized in net income: Tax effect | 69 | 45 | 92 | 151 |
Other comprehensive income: | 1,059 | (1,433) | 2,350 | (984) |
Comprehensive Income | $ 2,937 | $ 530 | $ 6,104 | $ 3,020 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - 6 months ended Jun. 30, 2016 - USD ($) $ in Thousands | Common Stock [Member] | Surplus [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income [Member] | Total |
Beginning balance at Dec. 31, 2015 | $ 373 | $ 35,351 | $ 65,412 | $ (626) | $ 488 | $ 100,998 |
Common Stock, Beginning Balance at Dec. 31, 2015 | 3,724,668 | 23,311 | ||||
Net Income | 3,754 | 3,754 | ||||
Other comprehensive income | 2,350 | 2,350 | ||||
Cash dividends declared ($.62 per share) | (2,290) | (2,290) | ||||
Compensation expense related to restricted stock | 45 | 45 | ||||
Acquisition of treasury stock | $ (447) | (447) | ||||
Acquisition of treasury stock, shares | 15,538 | |||||
Stock options exercised | (4) | $ 147 | $ 143 | |||
Stock options exercised, shares | (5,405) | (5,405) | ||||
Tax benefit of stock options | 2 | $ 2 | ||||
Compensation expense related to stock options | 36 | 36 | ||||
Common Stock, Ending Balance at Jun. 30, 2016 | 3,724,668 | 33,444 | ||||
Ending balance at Jun. 30, 2016 | $ 373 | $ 35,430 | $ 66,876 | $ (926) | $ 2,838 | $ 104,591 |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Stockholders' Equity (parenthetical) | 6 Months Ended |
Jun. 30, 2016$ / shares | |
Consolidated Statements of Changes in Stockholders' Equity [Abstract] | |
Cash dividends declared | $ 0.62 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Income | $ 3,754 | $ 4,004 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 1,150 | 1,040 |
Depreciation | 265 | 277 |
Amortization of intangible assets | 47 | 56 |
Deferred income taxes | 237 | (279) |
Net amortization of securities premiums and discounts | 488 | 475 |
Net realized gain on sales of securities | (270) | (445) |
Earnings and proceeds on bank owned life insurance | (333) | (330) |
(Gain) loss on sales of fixed assets and foreclosed real estate owned | (46) | 275 |
Gain on sale of mortgage loans | (54) | (40) |
Mortgage loans originated for sale | (1,685) | (1,803) |
Proceeds from sale of mortgage loans originated for sale | 1,739 | 1,843 |
Compensation expense related to stock options | 36 | 33 |
Compensation expense related to restricted stock | 45 | 27 |
Increase in accrued interest receivable and other assets | (930) | (145) |
Increase in accrued interest payable and other liabilities | 66 | 140 |
Net cash provided by operating activities | 4,509 | 5,128 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Securities available for sale: Proceeds from sales | 31,776 | 23,384 |
Securities available for sale: Proceeds from maturities and principal reductions on mortgage-backed securities | 7,544 | 12,377 |
Securities available for sale: Purchases | (26,848) | (32,193) |
Purchase of regulatory stock | (1,679) | (768) |
Redemption of regulatory stock | 2,863 | 242 |
Net increase in loans | (26,846) | (38,970) |
Purchase of premises and equipment | (121) | (99) |
Proceeds from sales of fixed assets and foreclosed real estate owned | 333 | 2,299 |
Net cash used in investing activities | (12,978) | (33,728) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net increase in deposits | 33,350 | 15,670 |
Net (decrease) increase in short-term borrowings | (15,135) | 8,147 |
Repayments of other borrowings | (4,547) | (989) |
Proceeds from other borrowings | 0 | 16,000 |
Stock options exercised | 143 | 200 |
Tax benefit of stock options exercised | 2 | 9 |
Purchase of treasury stock | (447) | (127) |
Cash dividends paid | (2,292) | (2,244) |
Net cash provided by financing activities | 11,074 | 36,666 |
Increase in cash and cash equivalents | 2,605 | 8,066 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 10,010 | 12,376 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 12,615 | 20,442 |
Supplemental Disclosure of Cash Flow Information | ||
Cash payments for: Interest on deposits and borrowings | 1,757 | 1,593 |
Cash payments for: Income taxes paid, net of refunds | 1,060 | 1,431 |
Supplemental Schedule of Noncash Investing Activities | ||
Transfers of loans to foreclosed real estate and repossession of other assets | 2,879 | 251 |
Cash dividends declared | $ 2,290 | $ 1,141 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2016 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | 1. Basis of Presentation The unaudited consolidated financial statements include the accounts of Norwood Financial Corp. (Company) and its wholly-owned subsidiary, Wayne Bank (Bank) and the Bank’s wholly-owned subsidiaries, WCB Realty Corp., Norwood Investment Corp., Norwood Settlement Services, LLC, and WTRO Properties, Inc. All significant intercompany transactions have been eliminated in consolidation. The accompanying unaudited consolidated financial statements have been prepared in conformity with generally accepted accounting principles for interim financial statements and with instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Actual results could differ from those estimates. The financial statements reflect, in the opinion of management, all normal, recurring adjustments necessary to present fairly the financial position and results of operations of the Company. The operating results for the three and six month period s ended June 30, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016 or any other future interim period. These statements should be read in conjunction with the consolidated financial statements and related notes which are incorporated by reference in the Company’s Annual Report on Form 10-K for the year-ended December 31, 2015. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 2. Earnings Per Share Basic earnings per share represents income available to common stockholders divided by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflect additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. Potential common shares that may be issued by the Company relate solely to outstanding stock options and are determined using the treasury stock method. The following table sets forth the weighted average shares outstanding used in the computations of basic and diluted earnings per share. (in thousands) Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Weighted average shares outstanding 3,691 3,680 3,696 3,680 Less: Unvested restricted shares 14 9 14 9 Basic EPS weighted average shares outstanding 3,677 3,671 3,682 3,671 Basic EPS weighted average shares outstanding 3,677 3,671 3,682 3,671 Add: Dilutive effect of stock options 6 11 6 11 Diluted EPS weighted average shares outstanding 3,683 3,682 3,688 3,682 Stock options with strike prices ranging from $28.41 to $29.08 which had no intrinsic value, because their effect would be anti-dilutive and therefore would not be included in the diluted EPS calculation, were 58,300 as of June 30, 2016 based upon the closing price of Norwood common stock of $28.00 per share on June 30, 2016. There was no anti-dilutive effect at June 30, 2015. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2016 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | 3. Stock-Based Compensation No awards were granted during the six - month period ending June 30, 2016. As of June 30, 2016, there was $35,000 of total unrecognized compensation cost related to non-vested options granted in 2015 under the 2014 Equity Incentive Plan, which will be fully amortized by December 31, 2016. Compensation costs related to stock options amounted to $3 6 ,000 and $33,000 during the six-month periods ended June 30, 2016 and 2015, respectively. A summary of stock options from all plans, adjusted for stock dividends declared, is shown below. Weighted Average Exercise Weighted Average Aggregate Price Remaining Intrinsic Value Options Per Share Contractual Term ($000) Outstanding at January 1, 2016 194,521 $ 26.91 5.2 Yrs. $ 363 Granted - - - - Exercised (5,405) 26.42 4.4 143 Forfeited (16,019) 27.71 0.5 444 Outstanding at June 30, 2016 173,097 $ 26.85 5.1 Yrs. $ 237 Exercisable at June 30, 2016 158,597 $ 26.69 4.7 Yrs. $ 237 Intrinsic value represents the amount by which the market price of the stock on the measurement date exceeded the exercise price of the option. The stock price was $28.00 as of June 30, 2016 and $28.75 as of December 31, 2015. A summary of the Company’s restricted stock activity and related information for the six - month period ended June 30, 2016 is as follows: Weighted-Average Number of Grant Date Restricted Stock Fair Value Outstanding, January 1, 13,810 $ 28.82 Granted - - Vested - - Forfeited - - Non-vested at June 30, 13,810 $ 28.82 The expected future compensation expense relating to the 13,810 shares of non-vested restricted stock outstanding as of June 30, 2016 is $353,000 . This cost will be recognized over the remaining vesting period of 4.5 years. Compensation costs related to restricted stock amounted to $45,000 and $27,000 during the six-month periods ended June 30, 2016 and 2015, respectively. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 6 Months Ended |
Jun. 30, 2016 | |
Accumulated Other Comprehensive Income [Abstract] | |
Accumulated Other Comprehensive Income | 4. Accumulated Other Comprehensive Income The following table presents the changes in accumulated other comprehensive income (in thousands) by component net of tax for the three months and six months ended June 30, 2016 and 2015: Unrealized gains (losses) on available for sale securities (a) Balance as of December 31, 2015 $ 488 Other comprehensive income before reclassification 2,528 Amount reclassified from accumulated other comprehensive income (178) Total other comprehensive income 2,350 Balance as of June 30, 2016 $ 2,838 Unrealized gains (losses) on available for sale securities (a) Balance as of December 31, 2014 $ 462 Other comprehensive loss before reclassification (690) Amount reclassified from accumulated other comprehensive income (loss) (294) Total other comprehensive loss (984) Balance as of June 30, 2015 $ (522) Unrealized gains (losses) on available for sale securities (a) Balance as of March 31, 2016 $ 1,779 Other comprehensive income before reclassification 1,195 Amount reclassified from accumulated other comprehensive income (136) Total other comprehensive income 1,059 Balance as of June 30, 2016 $ 2,838 Unrealized gains (losses) on available for sale securities (a) Balance as of March 31, 2015 $ 911 Other comprehensive loss before reclassification (1,344) Amount reclassified from accumulated other comprehensive income (loss) (89) Total other comprehensive loss (1,433) Balance as of June 30, 2015 $ (522) (a) All amounts are net of tax. Amounts in parentheses indicate debits. The following table presents significant amounts reclassified out of each component of accumulated other comprehensive income (in thousands) for the three months and six months ended June 30, 2016 and 2015: Amount Reclassified From Accumulated Affected Line Item in Other Consolidated Comprehensive Statements Details about other comprehensive income Income (a) of Income Three months ended June 30, 2016 2015 Unrealized gains on available for sale securities $ 205 $ 134 Net realized gains on sales of securities (69) (45) Income tax expense $ 136 $ 89 Six months ended June 30, 2016 2015 Unrealized gains on available for sale securities $ 270 $ 445 Net realized gains on sales of securities (92) (151) Income tax expense $ 178 $ 294 (a) Amounts in parentheses indicate debits to net income |
Off-Balance Sheet Financial Ins
Off-Balance Sheet Financial Instruments and Guarantees | 6 Months Ended |
Jun. 30, 2016 | |
Off-Balance Sheet Financial Instruments and Guarantees [Abstract] | |
Off-Balance Sheet Financial Instruments and Guarantees | 5. Off-Balance Sheet Financial Instruments and Guarantees The Bank is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and letters of credit. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the balance sheets. The Bank’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and letters of credit is represented by the contractual amount of those instruments. The Bank uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. A summary of the Bank’s financial instrument commitments is as follows: (in thousands) June 30, 2016 2015 Commitments to grant loans $ 22,098 $ 18,772 Unfunded commitments under lines of credit 49,358 45,026 Standby letters of credit 5,361 5,769 $ 76,817 $ 69,567 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since some of the commitments are expected to expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. The Bank evaluates each customer’s credit worthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Bank upon extension of credit, is based on management’s credit evaluation of the customer and generally consists of real estate. The Bank does not issue any guarantees that would require liability recognition or disclosure, other than its standby letters of credit. Standby letters of credit written are conditional commitments issued by the Bank to guarantee the performance of a customer to a third party. Generally, all letters of credit, when issued, have expiration dates within one year. The credit risk involved in issuing letters of credit is essentially the same as those that are involved in extending loan facilities to customers. The Bank, generally, holds collateral and/or personal guarantees supporting these commitments. Management believes that the proceeds obtained through a liquidation of collateral and the enforcement of guarantees would be sufficient to cover the potential amount of future payments required under the corresponding guarantees. The current amount of the liability as of June 30, 2016 for guarantees under standby letters of credit issued is not material. |
Securities
Securities | 6 Months Ended |
Jun. 30, 2016 | |
Securities [Abstract] | |
Securities | 6. Securities The amortized cost, gross unrealized gains and losses, and fair value of securities were as follows: June 30, 2016 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In Thousands) Available for Sale: States and political subdivisions $ 54,932 $ 3,421 $ (4) $ 58,349 Corporate obligations 3,211 117 - 3,328 Mortgage-backed securities- government sponsored entities 66,986 757 (52) 67,691 Total debt securities 125,129 4,295 (56) 129,368 Equity securities-financial services 292 61 - 353 $ 125,421 $ 4,356 $ (56) $ 129,721 December 31, 2015 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In Thousands) Available for Sale: U.S. Government agencies $ 9,275 $ 2 $ (108) $ 9,169 States and political subdivisions 59,120 1,747 (112) 60,755 Corporate obligations 4,933 45 (4) 4,974 Mortgage-backed securities-government sponsored entities 64,491 23 (945) 63,569 Total debt securities 137,819 1,817 (1,169) 138,467 Equity securities-financial services 292 92 - 384 $ 138,111 $ 1,909 $ (1,169) $ 138,851 The following tables show the Company’s investments’ gross unrealized losses and fair value aggregated by length of time that individual securities have been in a continuous unrealized loss position (in thousands): June 30, 2016 Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses States and political subdivisions $ - $ - $ 720 $ (4) $ 720 $ (4) Mortgage-backed securities-government sponsored entities 1,058 (3) 11,366 (49) 12,424 (52) $ 1,058 $ (3) $ 12,086 $ (53) $ 13,144 $ (56) December 31, 2015 Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Government agencies $ 6,058 $ (71) $ 2,109 $ (37) $ 8,167 $ (108) States and political subdivisions 9,086 (99) 1,417 (13) 10,503 (112) Corporate obligations 2,221 (4) - - 2,221 (4) Mortgage-backed securities-government sponsored entities 40,300 (432) 16,595 (513) 56,895 (945) $ 57,665 $ (606) $ 20,121 $ (563) $ 77,786 $ (1,169) At June 30, 2016, the Company has 1 debt security in an unrealized loss position in the less than twelve months category and 13 debt securities in the twelve months or more category. In Management’s opinion the unrealized losses reflect changes in interest rates subsequent to the acquisition of specific securities. No other-than-temporary-impairment charges were recorded in 2016. Management believes that all unrealized losses represent temporary impairment of the securities as the Company does not have the intent to sell the securities and it is more likely than not that it will not have to sell the securities before recovery of its cost basis. The amortized cost and fair value of debt securities as of June 30, 2016 by contractual maturity are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to prepay obligations with or without call or prepayment penalties. Available for Sale Amortized Cost Fair Value (In Thousands) Due in one year or less $ 385 $ 395 Due after one year through five years 4,595 4,749 Due after five years through ten years 5,815 6,038 Due after ten years 47,348 50,495 Mortgage-backed securities-government sponsored agencies 66,986 67,691 $ 125,129 $ 129,368 Gross realized gains and gross realized losses on sales of securities available for sale were as follows (in thousands): Three Months Six Months Ended June 30, Ended June 30, 2016 2015 2016 2015 Gross realized gains $ 205 $ 134 $ 270 $ 445 Gross realized losses - - - - Net realized gain $ 205 $ 134 $ 270 $ 445 Proceeds from sales of securities $ 16,492 $ 9,408 $ 31,776 $ 23,384 |
Loans Receivable and Allowance
Loans Receivable and Allowance for Loan Losses | 6 Months Ended |
Jun. 30, 2016 | |
Loans Receivable and Allowance for Loan Losses [Abstract] | |
Loans Receivable and Allowance for Loan Losses | 7. Loans Receivable and Allowance for Loan Losses Set forth below is selected data relating to the composition of the loan portfolio at the dates indicated: Types of loans (dollars in thousands) June 30, 2016 December 31, 2015 Real Estate Loans: Residential $ 159,872 27.5 % $ 161,820 28.9 % Commercial 289,510 49.8 279,123 49.8 Construction 17,764 3.1 18,987 3.4 Commercial, financial and agricultural 75,835 13.0 71,090 12.7 Consumer loans to individuals 38,504 6.6 29,231 5.2 Total loans 581,485 100.0 % 560,251 100.0 % Deferred fees, net (265) (326) Total loans receivable 581,220 559,925 Allowance for loan losses (5,798) (7,298) Net loans receivable $ 575,422 $ 552,627 The following table presents information regarding loans acquired and accounted for in accordance with ASC 310-30 (in thousands): June 30, 2016 December 31, 2015 Outstanding Balance $ 470 $ 498 Carrying Amount $ 470 $ 498 There were no material increases or decreases in the expected cash flows of these loans since the acquisition date. Since December 31, 2014, for loans that were acquired with or without specific evidence of deterioration in credit quality, adjustments to the allowance for loan losses have been accounted for through the allowance for loan loss adequacy calculation. The Company maintains a loan review system, which allows for a periodic review of our loan portfolio and the early identification of potential impaired loans. Such system takes into consideration, among other things, delinquency status, size of loans, type and market value of collateral and financial condition of the borrowers. Specific loan loss allowances are established for identified losses based on a review of such information. A loan evaluated for impairment is considered to be impaired when, based on current information and events, it is probabl e that we will be unable to collect all amounts due according to the contractual terms of the loan agreement. All loans identified as impaired are evaluated independently. We do not aggregate such loans for evaluation purposes. Impairment is measured on a loan-by-loan basis for commercial and construction loans by the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral if the loan is collateral-dependent. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual consumer and residential mortgage loans for impairment disclosures, unless such loans are part of a larger relationship that is impaired, or are classified as a troubled debt restructuring. Foreclosed assets acquired in settlement of loans are carried at fair value less estimated costs to sell and are included in foreclosed real estate owned on the Consolidated Balance Sheets. As of June 30, 2016 and December 31, 2015, foreclosed real estate owned totaled $5,414,000 and $2,847,000 , respectively. As of June 30, 2016, included within foreclosed real estate owned is $ 148,000 of consumer residential mortgages that were foreclosed on or received via a deed in lieu transaction prior to the period end. As of June 30, 2016, the Company has initiated formal foreclosure proceedings on $464,000 of consumer residential mortgages. The following table shows the amount of loans in each category that were individually and collectively evaluated for impairment at the dates indicated: Real Estate Loans Commercial Consumer Residential Commercial Construction Loans Loans Total June 30, 2016 (In thousands) Individually evaluated for impairment $ 25 $ 2,817 $ - $ - $ - $ 2,842 Loans acquired with deteriorated credit quality 130 340 - - - 470 Collectively evaluated for impairment 159,717 286,353 17,764 75,835 38,504 578,173 Total Loans $ 159,872 $ 289,510 $ 17,764 $ 75,835 $ 38,504 $ 581,485 Real Estate Loans Commercial Consumer Residential Commercial Construction Loans Loans Total (In thousands) December 31, 2015 Individually evaluated for impairment $ 28 $ 8,660 $ - $ 42 $ - $ 8,730 Loans acquired with deteriorated credit quality 140 358 - - - 498 Collectively evaluated for impairment 161,652 270,105 18,987 71,048 29,231 551,023 Total Loans $ 161,820 $ 279,123 $ 18,987 $ 71,090 $ 29,231 $ 560,251 The following table includes the recorded investment and unpaid principal balances for impaired loans with the associated allowance amount, if applicable. Also presented are the average recorded investments in the impaired loans and the related amount of interest recognized during the time within the period that the impaired loans were impaired. Unpaid Recorded Principal Associated Investment Balance Allowance June 30, 2016 (in thousands) With no related allowance recorded: Real Estate Loans Residential $ 155 $ 159 $ - Commercial 3,083 3,939 - Subtotal 3,238 4,098 - With an allowance recorded: Real Estate Loans Commercial 74 1,020 15 Subtotal 74 1,020 15 Total: Real Estate Loans Residential 155 159 - Commercial 3,157 4,959 15 Total Impaired Loans $ 3,312 $ 5,118 $ 15 Unpaid Recorded Principal Associated Investment Balance Allowance December 31, 2015 (in thousands) With no related allowance recorded: Real Estate Loans Residential $ 168 $ 173 $ - Commercial 2,644 4,610 - Commercial, financial and agriculture 43 43 - Subtotal 2,855 4,826 - With an allowance recorded: Real Estate Loans Commercial 6,373 6,446 1,613 Subtotal 6,373 6,446 1,613 Total: Real Estate Loans Residential 168 173 - Commercial 9,017 11,056 1,613 Commercial, financial and agriculture 43 43 - Total Impaired Loans $ 9,228 $ 11,272 $ 1,613 The following information for impaired loans is presented (in thousands) for the six months ended June 30, 2016 and 2015: Average Recorded Interest Income Investment Recognized 2016 2015 2016 2015 Real Estate Loans: Residential $ 161 $ 232 $ 2 $ 2 Commercial 3,218 11,333 57 465 Total $ 3,379 $ 11,565 $ 59 $ 467 The following information for impaired loans is presented (in thousands) for the three months ended June 30, 2016 and 2015: Average Recorded Interest Income Investment Recognized 2016 2015 2016 2015 Real Estate Loans: Residential $ 157 $ 236 $ 1 $ 1 Commercial 3,146 11,382 25 69 Total $ 3,303 $ 11,618 $ 26 $ 70 Troubled debt restructured loans are those loans whose terms have been renegotiated to provide a reduction or deferral of principal or interest as a result of financial difficulties experienced by the borrower, who could not obtain comparable terms from alternate financing sources. As of June 30, 2016, troubled debt restructured loans totaled $1.6 million and resulted in specific reserves of $15,000 . As of December 31, 2015, troubled debt restructured loans totaled $6.8 million and resulted in specific reserves of $ 1,613,000 . For the period ended June 30, 2016, there were no new loans identified as troubled debt restructurings, and one loan with a balance of $2.5 million was transferred to Foreclosed Real Estate Owned as a result of foreclosure. During 2016, the Company has recognized write-downs of $2,519,000 on loans that were previously identified as troubled debt restructurings. For the period ended June 30, 2015, there was one residential mortgage loan identified as troubled debt restructuring due to the deferral of unpaid principal and interest. The balance of this loan was $5,000 on June 30, 2015. During the 2015 period, the Company recognized write-downs in the amount of $373,000 on two loans previously identified as troubled debt restructures with a carrying value of $2.3 million as of June 30, 2015. Management uses an eight point internal risk rating system to monitor the credit quality of the overall loan portfolio. The first four categories are considered not criticized, and are aggregated as “Pass” rated. The criticized rating categories utilized by management generally follow bank regulatory definitions. The Special Mention category includes assets that are currently protected but are potentially weak, resulting in an undue and unwarranted credit risk, but not to the point of justifying a Substandard classification. Loans in the Substandard category have well-defined weaknesses that jeopardize the liquidation of the debt, and have a distinct possibility that some loss will be sustained if the weaknesses are not corrected. All loans greater than 90 days past due are considered Substandard. Any portion of a loan that has been charged off is placed in the Loss category. To help ensure that risk ratings are accurate and reflect the present and future capacity of borrowers to repay a loan as agreed, the Bank has a structured loan rating process with several layers of internal and external oversight. Generally, consumer and residential mortgage loans are included in the Pass categories unless a specific action, such as non performance, repossession, or death occurs to raise awareness of a possible credit event. The Company’s Loan Review Department is responsible for the timely and accurate risk rating of the loans on an ongoing basis. Every credit which must be approved by Loan Committee or the Board of Directors is assigned a risk rating at time of consideration. Loan Review also annually reviews relationships of $1,000,000 and over to assign or re-affirm risk ratings. Loans in the Substandard categories that are collectively evaluated for impairment are given separate consideration in the determination of the allowance. The following table presents the classes of the loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard, Doubtful and Loss within the internal risk rating system as of June 30, 2016 and December 31, 2015 (in thousands): Special Doubtful Pass Mention Substandard or Loss Total June 30, 2016 Commercial real estate loans $ 280,926 $ 3,327 $ 5,257 $ - $ 289,510 Commercial loans 75,835 - - - 75,835 Total $ 356,761 $ 3,327 $ 5,257 $ - $ 365,345 Special Doubtful Pass Mention Substandard or Loss Total December 31, 2015 Commercial real estate loans $ 267,892 $ 1,837 $ 9,394 $ - $ 279,123 Commercial loans 71,047 - 43 - 71,090 Total $ 338,939 $ 1,837 $ 9,437 $ - $ 350,213 For residential real estate loans, construction loans and consumer loans, the Company evaluates credit quality based on the performance of the individual credits. The following table presents the recorded investment in the loan classes based on payment activity as of June 30, 2016 and December 31, 2015 (in thousands): Performing Nonperforming Total June 30, 2016 Residential real estate loans $ 159,424 $ 448 $ 159,872 Construction 17,764 - 17,764 Consumer loans 38,504 - 38,504 Total $ 215,692 $ 448 $ 216,140 Performing Nonperforming Total December 31, 2015 Residential real estate loans $ 161,380 $ 440 $ 161,820 Construction 18,987 - 18,987 Consumer loans 29,231 - 29,231 Total $ 209,598 $ 440 $ 210,038 Management further monitors the performance and credit quality of the loan portfolio by analyzing the age of the portfolio as determined by the length of time a recorded payment is past due. The following table presents the classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans as of June 30, 2016 and December 31, 2015 (in thousands): Current 31-60 Days Past Due 61-90 Days Past Due Greater than 90 Days Past Due and still accruing Non-Accrual Total Past Due and Non-Accrual Total Loans June 30, 2016 Real Estate loans Residential $ 158,225 $ 1,166 $ 33 $ - $ 448 $ 1,647 $ 159,872 Commercial 288,438 327 - - 745 1,072 289,510 Construction 17,764 - - - - - 17,764 Commercial loans 75,780 - 55 - - 55 75,835 Consumer loans 38,412 76 16 - - 92 38,504 Total $ 578,619 $ 1,569 $ 104 $ - $ 1,193 $ 2,866 $ 581,485 Current 31-60 Days Past Due 61-90 Days Past Due Greater than 90 Days Past Due and still accruing Non-Accrual Total Past Due and Non-Accrual Total Loans December 31, 2015 Real Estate loans Residential $ 160,683 $ 646 $ 51 $ - $ 440 $ 1,137 $ 161,820 Commercial 272,125 310 39 - 6,649 6,998 279,123 Construction 18,959 28 - - - 28 18,987 Commercial loans 71,043 4 - - 43 47 71,090 Consumer loans 29,179 41 11 - - 52 29,231 Total $ 551,989 $ 1,029 $ 101 $ - $ 7,132 $ 8,262 $ 560,251 The following table presents the allowance for loan losses by the classes of the loan portfolio: (In thousands) Residential Real Estate Commercial Real Estate Construction Commercial Consumer Total Beginning balance, December 31, 2015 $ 1,069 $ 5,506 $ 90 $ 397 $ 236 $ 7,298 Charge Offs (17) (2,642) - - (30) (2,689) Recoveries 2 2 - - 35 39 Provision for loan losses (78) 1,325 (31) (104) 38 1,150 Ending balance, June 30, 2016 $ 976 $ 4,191 $ 59 $ 293 $ 279 $ 5,798 Ending balance individually evaluated for impairment $ - $ 15 $ - $ - $ - $ 15 Ending balance collectively evaluated for impairment $ 976 $ 4,176 $ 59 $ 293 $ 279 $ 5,783 (In thousands) Residential Real Estate Commercial Real Estate Construction Commercial Consumer Total Beginning balance, March 31, 2016 $ 1,077 $ 5,758 $ 109 $ 446 $ 252 $ 7,642 Charge Offs (17) (2,513) - - (23) (2,553) Recoveries 1 - - - 8 9 Provision for loan losses (85) 946 (50) (153) 42 700 Ending balance, June 30, 2016 $ 976 $ 4,191 $ 59 $ 293 $ 279 $ 5,798 (In thousands) Residential Real Estate Commercial Real Estate Construction Commercial Consumer Total Beginning balance, December 31, 2014 $ 1,323 $ 3,890 $ 222 $ 256 $ 184 $ 5,875 Charge Offs (113) (827) - - (43) (983) Recoveries 4 - - - 11 15 Provision for loan losses (129) 1,089 (125) 149 56 1,040 Ending balance, June 30, 2015 $ 1,085 $ 4,152 $ 97 $ 405 $ 208 $ 5,947 Ending balance individually evaluated for impairment $ - $ 802 $ - $ - $ - $ 802 Ending balance collectively evaluated for impairment $ 1,085 $ 3,350 $ 97 $ 405 $ 208 $ 5,145 (In thousands) Residential Real Estate Commercial Real Estate Construction Commercial Consumer Total Beginning balance, March 31, 2015 $ 1,353 $ 3,994 $ 115 $ 353 $ 192 $ 6,007 Charge Offs (26) (434) - - (28) (488) Recoveries 2 - - - 6 8 Provision for loan losses (244) 592 (18) 52 38 420 Ending balance, June 30, 2015 $ 1,085 $ 4,152 $ 97 $ 405 $ 208 $ 5,947 The Company’s primary business activity as of June 30, 2016 and December 31, 2015 is with customers located in northeastern Pennsylvania. Accordingly, the Company has extended credit primarily to commercial entities and individuals in this area whose ability to honor their contracts is influenced by the region’s economy. As of June 30, 2016, the Company considered its concentration of credit risk to be acceptable. The highest concentrations are in commercial rentals with $51.4 million of loans outstanding, or 8.8% of total loans outstanding, and the hospitality/lodging industry with loans outstanding of $50.4 million, or 8.7% of loans outstanding. During 2016, the Company recognized a write down of $3,000 in the named concentrations. Gross realized gains and gross realized losses on sales of residential mortgage loans were $54,000 and $0 , respectively, in the first six months of 201 6 compared to $40,000 and $0 , respectively, in the same period in 2015. The proceeds from the sales of residential mortgage loans totaled $1.7 million and $1.8 million for the six months ended June 30, 2016 and 2015, respectively. Gross realized gains and gross realized losses on sales of residential mortgage loans were $22,000 and $0 , respectively, for the three months ended June 30, 2016 compared to $16,000 and $0 , respectively, in the same period in 2015. The proceeds from the sales of residential mortgage loans totaled $726,000 and $1.0 million for the three months ended June 30, 2016 and 2015, respectively. |
Fair Values Measurements
Fair Values Measurements | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | 8. Fair Value Measurements Fair value estimates are based on quoted market prices, if available, quoted market prices of similar assets or liabilities, or the present value of expected future cash flows and other valuation techniques. These valuations are significantly affected by discount rates, cash flow assumptions and risk assumptions used. Therefore, fair value estimates may not be substantiated by comparison to independent markets and are not intended to reflect the proceeds that may be realizable in an immediate settlement of the instruments. Fair value is determined at one point in time and is not representative of future value. These amounts do not reflect the total value of a going concern organization. Management does not have the intention to dispose of a significant portion of its assets and liabilities and therefore, the unrealized gains or losses should not be interpreted as a forecast of future earnings and cash flows. The following is a discussion of assets and liabilities measured at fair value on a recurring basis and valuation techniques applied: Securities: The fair value of securities available for sale (carried at fair value) and held to maturity (carried at amortized cost) are determined by obtaining quoted market prices on nationally recognized securities exchanges (Level 1), or matrix pricing (Level 2), which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted market prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted prices. For certain securities which are not traded in active markets or are subject to transfer restrictions, valuations are adjusted to reflect illiquidity and/or non-transferability, and such adjustments are generally based on available market evidence (Level 3). In the absence of such evidence, management’s best estimate is used. Management’s best estimate consists of both internal and external support on certain Level 3 investments. Internal cash flow models using a present value formula that includes assumptions market participants would use along with indicative exit pricing obtained from broker/dealers (where available) are used to support fair values of certain Level 3 investments, if applicable. Impaired loans (generally carried at fair value): The Company measures impairment generally based on the fair value of the loan’s collateral. Fair value is generally determined based upon independent third-party appraisals of the properties, or discounted cash flows based upon the lowest level of input that is significant to the fair value measurements. Foreclosed real estate owned (carried at fair value): Real estate properties acquired through, or in lieu of loan foreclosure are to be sold and are carried at fair value less estimated cost to sell. Fair value is based upon independent market prices, appraised value of the collateral or management’s estimation of the value of the collateral. These assets are included in Level 3 fair value based upon the lowest level of input that is significant to the fair value measurement. For financial assets measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy used at June 30, 2016 and December 31, 2015 are as follows: Fair Value Measurement Using Reporting Date Description Total Level 1 Level 2 Level 3 (In thousands) June 30, 2016 Available for Sale: States and political subdivisions $ 58,349 $ - $ 58,349 $ - Corporate obligations 3,328 - 3,328 - Mortgage-backed securities-government sponsored agencies 67,691 - 67,691 - Equity securities-financial services 353 353 - - Total $ 129,721 $ 353 $ 129,368 $ - Description Total Level 1 Level 2 Level 3 (In thousands) December 31, 2015 Available for Sale: U.S. Government agencies $ 9,169 $ - $ 9,169 $ - States and political subdivisions 60,755 - 60,755 - Corporate obligations 4,974 - 4,974 - Mortgage-backed securities-government sponsored agencies 63,569 - 63,569 - Equity securities-financial services 384 384 - - Total $ 138,851 $ 384 $ 138,467 $ - For financial assets measured at fair value on a nonrecurring basis, the fair value measurements by level within the fair value hierarchy used at June 30, 2016 and December 31, 2015 are as follows: Fair Value Measurement Reporting Date using Reporting Date (In thousands) Description Total Level 1 Level 2 Level 3 June 30, 2016 Impaired Loans $ 3,297 $ - $ - $ 3,297 Foreclosed Real Estate Owned 5,414 - - 5,414 December 31, 2015 Impaired Loans $ 7,615 $ - $ - $ 7,615 Foreclosed Real Estate Owned 2,847 - - 2,847 The following tables present additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Company has utilized Level 3 inputs to determine fair value: Quantitative Information about Level 3 Fair Value Measurements (dollars in thousands) Fair Value Estimate Valuation Techniques Unobservable Input Range (Weighted Average) June 30, 2016 Impaired loans $ 1,709 Appraisal of collateral(1) Appraisal adjustments(2) 10% ( 10% ) Impaired loans $ 1,588 Present value of future cash flows Loan discount rate 4 - 6.75% ( 5.46% ) Foreclosed real estate owned $ 5,414 Appraisal of collateral(1) Liquidation Expenses(2) 0 - 20% ( 14.20% ) Quantitative Information about Level 3 Fair Value Measurements (dollars in thousands) Fair Value Estimate Valuation Techniques Unobservable Input Range (Weighted Average) December 31, 2015 Impaired loans $ 2,574 Appraisal of collateral(1) Appraisal adjustments(2) 10% ( 10% ) Impaired loans $ 5,041 Present value of future cash flows Loan discount rate 4 -7% ( 5.61% ) Foreclosed real estate owned $ 2,847 Appraisal of collateral(1) Liquidation Expenses(2) 10% ( 10% ) (1) Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable, less any associated allowance. (2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. The following information should not be interpreted as an estimate of the fair value of the entire Company since a fair value calculation is only provided for a limited portion of the Company’s assets and liabilities. Due to a wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Company’s disclosures and those of other companies may not be meaningful. The following methods and assumptions were used to estimate the fair values of the Company’s financial instruments at June 30, 2016 and December 31, 2015. Cash and cash equivalents (carried at cost): The carrying amounts reported in the consolidated balance sheet for cash and short-term instruments approximate those assets’ fair values. Securities: The fair value of securities available for sale (carried at fair value) and held to maturity (carried at amortized cost) are determined by obtaining quoted market prices on nationally recognized securities exchanges (Level 1), or matrix pricing (Level 2), which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted market prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted prices. For certain securities which are not traded in active markets or are subject to transfer restrictions, valuations are adjusted to reflect illiquidity and/or non-transferability, and such adjustments are generally based on available market evidence (Level 3). In the absence of such evidence, management’s best estimate is used. Management’s best estimate consists of both internal and external support on certain Level 3 investments. Internal cash flow models using a present value formula that includes assumptions market participants would use along with indicative exit pricing obtained from broker/dealers (where available) are used to support fair values of certain Level 3 investments, if applicable. Loans receivable (carried at cost): The fair values of loans are estimated using discounted cash flow analyses, using market rates at the balance sheet date that reflect the credit and interest rate-risk inherent in the loans. Projected future cash flows are calculated based upon contractual maturity or call dates, projected repayments and prepayments of principal. Generally, for variable rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values. Impaired loans (generally carried at fair value): The Company measures impairment generally based on the fair value of the loan’s collateral. Fair value is generally determined based upon independent third-party appraisals of the properties, or discounted cash flows based upon the lowest level of input that is significant to the fair value measurements. As of June 30, 2016, the fair value investment in impaired loans totaled $3,297,000 which included o ne loan for $74,000 for which a valuation allowance of $15,000 had been provided based on the estimated value of the collateral, and twelve loans for $3,238,000 which did not require a valuation allowance since the estimated realizable value of the collateral exceeded the recorded investment in the loan. As of June 30, 2016, the Company has recognized charge-offs against the allowance for loan losses on these impaired loans in the amount of $1,806,000 over the life of the loans. As of December 31, 2015, the fair value investment in impaired loans totaled $7,615,000 which included three loans for $6,373,000 for which a valuation allowance of $1,613,000 had been provided based on the estimated value of the collateral or the present value of estimated cash flows, and seventeen loans for $2,855,000 which did not require a valuation allowance since the estimated realizable value of the collateral exceeded the recorded investment in the loan. As of December 31, 2015, the Company had recognized charge-offs against the allowance for loan losses on these impaired loans in the amount of $2,044,000 over the life of the loans. Mortgage servicing rights (generally carried at cost) The Company utilizes a third party provider to estimate the fair value of certain loan servicing rights. Fair value for the purpose of this measurement is defined as the amount at which the asset could be exchanged in a current transaction between willing parties, other than in a forced liquidation. Foreclosed real estate owned (carried at fair value): Real estate properties acquired through, or in lieu of loan foreclosure are to be sold and are carried at fair value less estimated cost to sell. Fair value is based upon independent market prices, appraised value of the collateral or management’s estimation of the value of the collateral. These assets are included in Level 3 fair value based upon the lowest level of input that is significant to the fair value measurement. Regulatory stock (carried at cost): The Company, as a member of the Federal Home Loan Bank (FHLB) system is required to maintain an investment in capital stock of its district FHLB according to a predetermined formula. This regulatory stock has no quoted market value and is carried at cost. Bank owned life insurance (carried at cost): The fair value is equal to the cash surrender value of the Bank owned life insurance. Accrued interest receivable and payable (carried at cost): The carrying amount of accrued interest receivable and accrued interest payable approximates its fair value. Deposit liabilities (carried at cost except certificates of deposit which are at fair value): The fair values disclosed for demand deposits (e.g., interest and noninterest checking, passbook savings and money market accounts) are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts). Fair values for fixed-rate certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered in the market on certificates to a schedule of aggregated expected monthly maturities on time deposits. Short-term borrowings (carried at cost): The carrying amounts of short-term borrowings approximate their fair values. Other borrowings (carried at cost): Fair values of FHLB advances are estimated using discounted cash flow analysis, based on quoted prices for new FHLB advances with similar credit risk characteristics, terms and remaining maturity. These prices obtained from this active market represent a market value that is deemed to represent the transfer price if the liability were assumed by a third party. Off-balance sheet financial instruments (disclosed at cost): Fair values for the Company’s off-balance sheet financial instruments (lending commitments and letters of credit) are based on fees currently charged in the market to enter into similar agreements, taking into account, the remaining terms of the agreements and the counterparties’ credit standing. The estimated fair values of the Bank’s financial instruments were as follows at June 30, 2016 and December 31, 2015. (In thousands) Fair Value Measurements at June 30, 2016 Carrying Amount Fair Value Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 12,615 $ 12,615 $ 12,615 $ - $ - Securities 129,721 129,721 353 129,368 - Loans receivable, net 575,422 578,725 - - 578,725 Mortgage servicing rights 255 260 - - 260 Regulatory stock 2,228 2,228 2,228 - - Bank owned life insurance 19,082 19,082 19,082 - - Accrued interest receivable 2,289 2,289 2,289 - - Financial liabilities: Deposits 584,259 584,515 388,105 - 196,410 Short-term borrowings 38,100 38,100 38,100 - - Other borrowings 36,579 36,896 - - 36,896 Accrued interest payable 891 891 891 - - Off-balance sheet financial instruments: Commitments to extend credit and outstanding letters of credit - - - - - Fair Value Measurements at December 31, 2015 Carrying Amount Fair Value Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 10,010 $ 10,010 $ 10,010 $ - $ - Securities 138,851 138,851 384 138,467 - Loans receivable, net 552,627 559,416 - - 559,416 Mortgage servicing rights 261 291 - - 291 Regulatory stock 3,412 3,412 3,412 - - Bank owned life insurance 18,820 18,820 18,820 - - Accrued interest receivable 2,363 2,363 2,363 - - Financial liabilities: Deposits 550,909 551,175 354,162 - 197,013 Short-term borrowings 53,235 53,235 53,235 - - Other borrowings 41,126 41,260 - - 41,260 Accrued interest payable 957 957 957 - - Off-balance sheet financial instruments: Commitments to extend credit and outstanding letters of credit - - - - - |
New and Recently Adopted Accoun
New and Recently Adopted Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2016 | |
New and Recently Adopted Accounting Pronouncements [Abstract] | |
New and Recently Adopted Accounting Pronouncements | 9. New and Recently Adopted Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (a new revenue recognition standard). The Update’s core principle is that a company will recognize revenue to depict the transfer of 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 or services. In addition, this Update specifies the accounting for certain costs to obtain or fulfill a contract with a customer and expands disclosure requirements for revenue recognition. This Update is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. The Company is evaluating the effect of adopting this new accounting Update. In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements – Going Concern (Subtopic 205-40). The amendments in this Update provide guidance in accounting principles generally accepted in the United States of America about management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. The amendments in this Update are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. This Update is not expected to have a significant impact on the Company’s financial statements. In April 2015, the FASB issued ASU 2015-03, Interest – Imputation of Interest (Subtopic 835-30) , as part of its initiative to reduce complexity in accounting standards. To simplify presentation of debt issuance costs, the amendments in this Update require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this Update. For public business entities, the amendments in this Update are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. For all other entities, the amendments in this Update are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within fiscal years beginning after December 15, 2016. An entity should apply the new guidance on a retrospective basis, wherein the balance sheet of each individual period presented should be adjusted to reflect the period-specific effects of applying the new guidance. This Update is not expected to have a significant impact on the Company’s financial statements. In August 2015, the FASB issued ASU 2015-14, Revenue from Contract with Customers ( Topic 606 ). The amendments in this Update defer the effective date of ASU 2014-09 for all entities by one year. Public business entities, certain not-for-profit entities, and certain employee benefit plans should apply the guidance in ASU 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. All other entities should apply the guidance in ASU 2014-09 to annual reporting periods beginning after December 15, 2018, and interim reporting periods within annual reporting periods beginning after December 15, 2019. The Company is evaluating the effect of adopting this new accounting Update. In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes . The amendments in this Update require that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The amendments in this Update apply to all entities that present a classified statement of financial position. For public business entities, the amendments in this Update are effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. For all other entities, the amendments in this Update are effective for financial statements issued for annual periods beginning after December 15, 2017, and interim periods within annual periods beginning after December 15, 2018. Earlier application is permitted for all entities as of the beginning of an interim or annual reporting period. The amendments in this Update may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. This Update is not expected to have a significant impact on the Company’s financial statements. In January 2016, the FASB issued ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities . This Update applies to all entities that hold financial assets or owe financial liabilities and is intended to provide more useful information on the recognition, measurement, presentation, and disclosure of financial instruments. Among other things, this Update (a) requires equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income; (b) simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment; (c) eliminates the requirement to disclose the fair value of financial instruments measured at amortized cost for entities that are not public business entities; (d) eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; (e) requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; (f) requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments; (g) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements; and (h) clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. For all other entities, including not-for-profit entities and employee benefit plans within the scope of Topics 960 through 965 on plan accounting, the amendments in this Update are effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. All entities that are not public business entities may adopt the amendments in this Update earlier as of the fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company is currently evaluating the impact the adoption of the standard will have on the Company’s financial position or results of operations. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) . The standard requires lessees to recognize the assets and liabilities that arise from leases on the balance sheet. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. A short-term lease is defined as one in which (a) the lease term is 12 months or less and (b) there is not an option to purchase the underlying asset that the lessee is reasonably certain to exercise. For short-term leases, lessees may elect to recognize lease payments over the lease term on a straight-line basis. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2018, and interim periods within those years. For all other entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2019, and for interim periods within fiscal years beginning after December 15, 2020. The amendments should be applied at the beginning of the earliest period presented using a modified retrospective approach with earlier application permitted as of the beginning of an interim or annual reporting period. The Company is currently evaluating the impact the adoption of the standard will have on the Company’s financial position or results of operations. In March 2016, the FASB issued ASU 2016-05, Derivatives and Hedging (Topic 815) . The amendments in this Update apply to all reporting entities for which there is a change in the counterparty to a derivative instrument that has been designated as a heading instrument under Topic 815 . The standards in this Update clarify that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument under Topic 815 does not, in and of itself, require designation of that hedging relationship provided that all other hedge accounting criteria continue to be met. For public business entities, the amendments in this Update are effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. For all other entities, the amendments in this Update are effective for financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within fiscal years beginning after December 15, 2018. An entity has an option to apply the amendments in this Update on either a prospective basis or a modified retrospective basis. Early adoption is permitted, including adoption in an interim period. This Update is not expected to have a significant impact on the Company’s financial statements. In March 2016, the FASB issued ASU 2016-06, Derivatives and Hedging (Topic 815) . The amendments apply to all entities that are issuers of or investors in debt instruments (or hybrid financial instruments that are determined to have a debt host) with embedded call (put) options. The amendments in this Update clarify the requirements for assessing whether contingent call (put) options that can accelerate the payment of principal on debt instruments are clearly and closely related to their debt host. An entity performing the assessment under the amendments in this Update is required to assess the embedded call (put) options solely in accordance with the four-step decision sequence. For public business entities, the amendments in this Update are effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. For entities other than public business entities, the amendments in this Update are effective for financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within fiscal years beginning after December 15, 2018. Early adoption is permitted, including adoption in an interim period. This Update is not expected to have a significant impact on the Company’s financial statements. In March 2016, the FASB issued ASU 2016-07, Investments – Equity Method and Joint Ventures (Topic 323) . The Update affects all entities that have an investment that becomes qualified for the equity method of accounting as a result of an increase in the level of ownership interest or degree of influence. The amendments in this Update eliminate the requirement that when an investment qualifies for use of the equity method as a result of an increase in the level of ownership interest or degree of influence, an investor must adjust the investment, results of operations, and retained earnings retroactively on a step-by-step basis as if the equity method had been in effect during all previous periods that the investment had been held. The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor's previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. Therefore, upon qualifying for the equity method of accounting, no retroactive adjustment of the investment is required. The amendments in this Update require that an entity that has an available-for-sale equity security that becomes qualified for the equity method of accounting recognize through earnings the unrealized holding gain or loss in accumulated other comprehensive income at the date the investment becomes qualified for use of the equity method. The amendments in this Update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. The amendments should be applied prospectively upon their effective date to increases in the level of ownership interest or degree of influence that result in the adoption of the equity method. Earlier application is permitted. This Update is not expected to have a significant impact on the Company’s financial statements. In March 2016, the FASB issued ASU 2016-09, Compensation – Stock Compensation (Topic 718) . The amendments in this Update affect all entities that issue share-based payment awards to their employees. The standards in this Update provide simplification for several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as with equity or liabilities, and classification on the statement of cash flows. Some of the areas for simplification apply only to nonpublic entities. In addition to those simplifications, the amendments eliminate the guidance in Topic 718 that was indefinitely deferred shortly after the issuance of FASB Statement No. 123 (revised 2004), Share-Based Payment . This should not result in a change in practice because the guidance that is being superseded was never effective. For public business entities, the amendments in this Update are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. For all other entities, the amendments are effective for annual periods beginning after December 15, 2017, and interim periods within annual periods beginning after December 15, 2018. Early adoption is permitted for any entity in any interim or annual period. The Company is currently evaluating the impact the adoption of the standard will have on the Company’s financial position or results of operations. In May 2016, the FASB issued ASU 2016-11, Revenue Recognition (Topic 605) and Derivative and Hedging (Topic 815 ), which rescinds SEC paragraphs pursuant to two SEC Staff Announcements at the March 3, 2016, Emerging Issues Task Force meeting. This Update did not have a significant impact on the Company’s financial statements In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606) , which among other things clarifies the objective of the collectability criterion in Topic 606, as well as certain narrow aspects of Topic 606. The amendments in this Update affect the guidance in ASU 2014-09, Revenue from Contracts with Customers (Topic 606) , which is not yet effective. The effective date and transition requirements for the amendments in this Update are the same as the effective date and transition requirements for Topic 606 (and any other Topic amended by Update 2014-09). ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date , defers the effective date of Update 2014-09 by one year. This Update is not expected to have a significant impact on the Company’s financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which changes the impairment model for most financial assets. This ASU is intended to improve financial reporting by requiring timelier recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. The underlying premise of the ASU is that financial assets measured at amortized cost should be presented at the net amount expected to be collected, through an allowance for credit losses that is deducted from the amortized cost basis. The allowance for credit losses should reflect management’s current estimate of credit losses that are expected to occur over the remaining life of a financial asset. The income statement will be effected for the measurement of credit losses for newly recognized financial assets, as well as the expected increases or decreases of expected credit losses that have taken place during the period. ASU 2016-13 is effective for annual and interim periods beginning after December 15, 2019, and early adoption is permitted for annual and interim periods beginning after December 15, 2018. With certain exceptions, transition to the new requirements will be through a cumulative effect adjustment to opening retained earnings as of the beginning of the first reporting period in which the guidance is adopted. The Company is currently evaluating the impact the adoption of the standard will have on the Company’s financial position or results of operations. |
Acquisition of Delaware Bancsha
Acquisition of Delaware Bancshares, Inc. | 6 Months Ended |
Jun. 30, 2016 | |
Acquisition of Delaware Bancshares, Inc. [Abstract] | |
Acquisition of Delaware Bancshares, Inc. | 10. Acquisition of Delaware Bancshares, Inc. On July 31, 2016, Norwood Financial Corp. (the “Company”) completed its acquisition of Delaware Bancshares, Inc. (“Delaware”) pursuant to the terms of the Agreement and Plan of Merger, dated March 10, 2016, by and among the Company, Wayne Bank, Delaware and the National Bank of Delaware County (the “Merger Agreement”). As of June 30, 2016, Delaware had on a consolidated basis total assets of $378.3 million, total deposits of $327.5 million and total shareholders’ equity of $24.1 million. Pursuant to the terms of the Merger Agreement, Delaware was merged with and into the Company, with the Company as the surviving corporation of the merger (the “Merger”). At the effective time of the Merger, each outstanding share of the common stock of Delaware was converted into, at the election of the holder but subject to the limitations and allocation and proration provisions set forth in the Merger Agreement, either $16.68 in cash or 0.6221 of a share of the common stock, par value $0.10 per share (the “Common Stock”) of the Registrant. In the aggregate, the merger consideration paid to Delaware shareholders will consist of approximately $3,859,000 in cash and 431,605 shares of Norwood common stock. Immediately following the Merger, The National Bank of Delaware County was merged with and into Wayne Bank, a wholly-owned subsidiary of the Company, with Wayne Bank as the surviving entity. I n connection with the Merger, the Company assumed the obligations of Delaware under the Indenture, dated as of October 31, 2007, by and between Delaware, as issuer, and Wells Fargo Bank, National Association, as trustee (the “Indenture”) and Delaware’s Junior Subordinated Debt Securities, due January 1, 2038 (the “Debt Securities”) issued thereunder. The Debt Securities were issued by Delaware in connection with a private placement completed on October 31, 2007 of $8.0 million of trust preferred securities issued through the Delaware Bancshares Capital Trust I (the “Trust”). The trust preferred securities require quarterly distributions and bear interest at a variable rate equal to LIBOR plus 2.4% per annum. The trust preferred securities mature on January 1, 2038 and are redeemable, in whole or in part, without penalty, on or after January 1, 2013 and on any January 1, April 1, July 1 or October 1 thereafter. The proceeds from the initial sale of the trust preferred securities on October 31, 2007 were used by the Trust to purchase the Debt Securities. The Debt Securities bear interest at a variable rate which resets quarterly at LIBOR plus 2.4%, and are redeemable, in whole or in part, without penalty, at the option of the Company, beginning on January 1, 2013 and on any January 1, April 1, July 1 or October 1 thereafter. The interest payments on the Debt Securities made by the Company will be used to pay the quarterly distributions payable by the Trust to the holders of the trust preferred securities. |
Basis of Presentation (Policy)
Basis of Presentation (Policy) | 6 Months Ended |
Jun. 30, 2016 | |
Basis of Presentation [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | The accompanying unaudited consolidated financial statements have been prepared in conformity with generally accepted accounting principles for interim financial statements and with instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Actual results could differ from those estimates. The financial statements reflect, in the opinion of management, all normal, recurring adjustments necessary to present fairly the financial position and results of operations of the Company. The operating results for the three and six month period s ended June 30, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016 or any other future interim period. |
Earnings Per Share (Policy)
Earnings Per Share (Policy) | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share, Policy [Policy Text Block] | Basic earnings per share represents income available to common stockholders divided by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflect additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. Potential common shares that may be issued by the Company relate solely to outstanding stock options and are determined using the treasury stock method. |
Loans Receivable and Allowanc21
Loans Receivable and Allowance for Loan Losses (Policy) | 6 Months Ended |
Jun. 30, 2016 | |
Loans Receivable and Allowance for Loan Losses [Abstract] | |
Finance, Loans and Leases Receivable, Policy [Policy Text Block] | The Company maintains a loan review system, which allows for a periodic review of our loan portfolio and the early identification of potential impaired loans. Such system takes into consideration, among other things, delinquency status, size of loans, type and market value of collateral and financial condition of the borrowers. Specific loan loss allowances are established for identified losses based on a review of such information. A loan evaluated for impairment is considered to be impaired when, based on current information and events, it is probabl e that we will be unable to collect all amounts due according to the contractual terms of the loan agreement. All loans identified as impaired are evaluated independently. We do not aggregate such loans for evaluation purposes. Impairment is measured on a loan-by-loan basis for commercial and construction loans by the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral if the loan is collateral-dependent. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual consumer and residential mortgage loans for impairment disclosures, unless such loans are part of a larger relationship that is impaired, or are classified as a troubled debt restructuring. |
New and Recently Adopted Acco22
New and Recently Adopted Accounting Pronouncements (Policy) | 6 Months Ended |
Jun. 30, 2016 | |
New and Recently Adopted Accounting Pronouncements [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (a new revenue recognition standard). The Update’s core principle is that a company will recognize revenue to depict the transfer of 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 or services. In addition, this Update specifies the accounting for certain costs to obtain or fulfill a contract with a customer and expands disclosure requirements for revenue recognition. This Update is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. The Company is evaluating the effect of adopting this new accounting Update. In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements – Going Concern (Subtopic 205-40). The amendments in this Update provide guidance in accounting principles generally accepted in the United States of America about management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. The amendments in this Update are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. This Update is not expected to have a significant impact on the Company’s financial statements. In April 2015, the FASB issued ASU 2015-03, Interest – Imputation of Interest (Subtopic 835-30) , as part of its initiative to reduce complexity in accounting standards. To simplify presentation of debt issuance costs, the amendments in this Update require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this Update. For public business entities, the amendments in this Update are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. For all other entities, the amendments in this Update are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within fiscal years beginning after December 15, 2016. An entity should apply the new guidance on a retrospective basis, wherein the balance sheet of each individual period presented should be adjusted to reflect the period-specific effects of applying the new guidance. This Update is not expected to have a significant impact on the Company’s financial statements. In August 2015, the FASB issued ASU 2015-14, Revenue from Contract with Customers ( Topic 606 ). The amendments in this Update defer the effective date of ASU 2014-09 for all entities by one year. Public business entities, certain not-for-profit entities, and certain employee benefit plans should apply the guidance in ASU 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. All other entities should apply the guidance in ASU 2014-09 to annual reporting periods beginning after December 15, 2018, and interim reporting periods within annual reporting periods beginning after December 15, 2019. The Company is evaluating the effect of adopting this new accounting Update. In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes . The amendments in this Update require that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The amendments in this Update apply to all entities that present a classified statement of financial position. For public business entities, the amendments in this Update are effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. For all other entities, the amendments in this Update are effective for financial statements issued for annual periods beginning after December 15, 2017, and interim periods within annual periods beginning after December 15, 2018. Earlier application is permitted for all entities as of the beginning of an interim or annual reporting period. The amendments in this Update may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. This Update is not expected to have a significant impact on the Company’s financial statements. In January 2016, the FASB issued ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities . This Update applies to all entities that hold financial assets or owe financial liabilities and is intended to provide more useful information on the recognition, measurement, presentation, and disclosure of financial instruments. Among other things, this Update (a) requires equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income; (b) simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment; (c) eliminates the requirement to disclose the fair value of financial instruments measured at amortized cost for entities that are not public business entities; (d) eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; (e) requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; (f) requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments; (g) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements; and (h) clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. For all other entities, including not-for-profit entities and employee benefit plans within the scope of Topics 960 through 965 on plan accounting, the amendments in this Update are effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. All entities that are not public business entities may adopt the amendments in this Update earlier as of the fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company is currently evaluating the impact the adoption of the standard will have on the Company’s financial position or results of operations. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) . The standard requires lessees to recognize the assets and liabilities that arise from leases on the balance sheet. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. A short-term lease is defined as one in which (a) the lease term is 12 months or less and (b) there is not an option to purchase the underlying asset that the lessee is reasonably certain to exercise. For short-term leases, lessees may elect to recognize lease payments over the lease term on a straight-line basis. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2018, and interim periods within those years. For all other entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2019, and for interim periods within fiscal years beginning after December 15, 2020. The amendments should be applied at the beginning of the earliest period presented using a modified retrospective approach with earlier application permitted as of the beginning of an interim or annual reporting period. The Company is currently evaluating the impact the adoption of the standard will have on the Company’s financial position or results of operations. In March 2016, the FASB issued ASU 2016-05, Derivatives and Hedging (Topic 815) . The amendments in this Update apply to all reporting entities for which there is a change in the counterparty to a derivative instrument that has been designated as a heading instrument under Topic 815 . The standards in this Update clarify that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument under Topic 815 does not, in and of itself, require designation of that hedging relationship provided that all other hedge accounting criteria continue to be met. For public business entities, the amendments in this Update are effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. For all other entities, the amendments in this Update are effective for financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within fiscal years beginning after December 15, 2018. An entity has an option to apply the amendments in this Update on either a prospective basis or a modified retrospective basis. Early adoption is permitted, including adoption in an interim period. This Update is not expected to have a significant impact on the Company’s financial statements. In March 2016, the FASB issued ASU 2016-06, Derivatives and Hedging (Topic 815) . The amendments apply to all entities that are issuers of or investors in debt instruments (or hybrid financial instruments that are determined to have a debt host) with embedded call (put) options. The amendments in this Update clarify the requirements for assessing whether contingent call (put) options that can accelerate the payment of principal on debt instruments are clearly and closely related to their debt host. An entity performing the assessment under the amendments in this Update is required to assess the embedded call (put) options solely in accordance with the four-step decision sequence. For public business entities, the amendments in this Update are effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. For entities other than public business entities, the amendments in this Update are effective for financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within fiscal years beginning after December 15, 2018. Early adoption is permitted, including adoption in an interim period. This Update is not expected to have a significant impact on the Company’s financial statements. In March 2016, the FASB issued ASU 2016-07, Investments – Equity Method and Joint Ventures (Topic 323) . The Update affects all entities that have an investment that becomes qualified for the equity method of accounting as a result of an increase in the level of ownership interest or degree of influence. The amendments in this Update eliminate the requirement that when an investment qualifies for use of the equity method as a result of an increase in the level of ownership interest or degree of influence, an investor must adjust the investment, results of operations, and retained earnings retroactively on a step-by-step basis as if the equity method had been in effect during all previous periods that the investment had been held. The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor's previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. Therefore, upon qualifying for the equity method of accounting, no retroactive adjustment of the investment is required. The amendments in this Update require that an entity that has an available-for-sale equity security that becomes qualified for the equity method of accounting recognize through earnings the unrealized holding gain or loss in accumulated other comprehensive income at the date the investment becomes qualified for use of the equity method. The amendments in this Update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. The amendments should be applied prospectively upon their effective date to increases in the level of ownership interest or degree of influence that result in the adoption of the equity method. Earlier application is permitted. This Update is not expected to have a significant impact on the Company’s financial statements. In March 2016, the FASB issued ASU 2016-09, Compensation – Stock Compensation (Topic 718) . The amendments in this Update affect all entities that issue share-based payment awards to their employees. The standards in this Update provide simplification for several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as with equity or liabilities, and classification on the statement of cash flows. Some of the areas for simplification apply only to nonpublic entities. In addition to those simplifications, the amendments eliminate the guidance in Topic 718 that was indefinitely deferred shortly after the issuance of FASB Statement No. 123 (revised 2004), Share-Based Payment . This should not result in a change in practice because the guidance that is being superseded was never effective. For public business entities, the amendments in this Update are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. For all other entities, the amendments are effective for annual periods beginning after December 15, 2017, and interim periods within annual periods beginning after December 15, 2018. Early adoption is permitted for any entity in any interim or annual period. The Company is currently evaluating the impact the adoption of the standard will have on the Company’s financial position or results of operations. In May 2016, the FASB issued ASU 2016-11, Revenue Recognition (Topic 605) and Derivative and Hedging (Topic 815 ), which rescinds SEC paragraphs pursuant to two SEC Staff Announcements at the March 3, 2016, Emerging Issues Task Force meeting. This Update did not have a significant impact on the Company’s financial statements In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606) , which among other things clarifies the objective of the collectability criterion in Topic 606, as well as certain narrow aspects of Topic 606. The amendments in this Update affect the guidance in ASU 2014-09, Revenue from Contracts with Customers (Topic 606) , which is not yet effective. The effective date and transition requirements for the amendments in this Update are the same as the effective date and transition requirements for Topic 606 (and any other Topic amended by Update 2014-09). ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date , defers the effective date of Update 2014-09 by one year. This Update is not expected to have a significant impact on the Company’s financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which changes the impairment model for most financial assets. This ASU is intended to improve financial reporting by requiring timelier recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. The underlying premise of the ASU is that financial assets measured at amortized cost should be presented at the net amount expected to be collected, through an allowance for credit losses that is deducted from the amortized cost basis. The allowance for credit losses should reflect management’s current estimate of credit losses that are expected to occur over the remaining life of a financial asset. The income statement will be effected for the measurement of credit losses for newly recognized financial assets, as well as the expected increases or decreases of expected credit losses that have taken place during the period. ASU 2016-13 is effective for annual and interim periods beginning after December 15, 2019, and early adoption is permitted for annual and interim periods beginning after December 15, 2018. With certain exceptions, transition to the new requirements will be through a cumulative effect adjustment to opening retained earnings as of the beginning of the first reporting period in which the guidance is adopted. The Company is currently evaluating the impact the adoption of the standard will have on the Company’s financial position or results of operations. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Weighted average shares outstanding 3,691 3,680 3,696 3,680 Less: Unvested restricted shares 14 9 14 9 Basic EPS weighted average shares outstanding 3,677 3,671 3,682 3,671 Basic EPS weighted average shares outstanding 3,677 3,671 3,682 3,671 Add: Dilutive effect of stock options 6 11 6 11 Diluted EPS weighted average shares outstanding 3,683 3,682 3,688 3,682 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Stock-Based Compensation [Abstract] | |
Summary of Stock Option Activity [Table Text Block] | Weighted Average Exercise Weighted Average Aggregate Price Remaining Intrinsic Value Options Per Share Contractual Term ($000) Outstanding at January 1, 2016 194,521 $ 26.91 5.2 Yrs. $ 363 Granted - - - - Exercised (5,405) 26.42 4.4 143 Forfeited (16,019) 27.71 0.5 444 Outstanding at June 30, 2016 173,097 $ 26.85 5.1 Yrs. $ 237 Exercisable at June 30, 2016 158,597 $ 26.69 4.7 Yrs. $ 237 |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | Weighted-Average Number of Grant Date Restricted Stock Fair Value Outstanding, January 1, 13,810 $ 28.82 Granted - - Vested - - Forfeited - - Non-vested at June 30, 13,810 $ 28.82 |
Accumulated Other Comprehensi25
Accumulated Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Accumulated Other Comprehensive Income [Abstract] | |
Components of Accumulated Other Comprehensive Income [Table Text Block] | Unrealized gains (losses) on available for sale securities (a) Balance as of December 31, 2015 $ 488 Other comprehensive income before reclassification 2,528 Amount reclassified from accumulated other comprehensive income (178) Total other comprehensive income 2,350 Balance as of June 30, 2016 $ 2,838 Unrealized gains (losses) on available for sale securities (a) Balance as of December 31, 2014 $ 462 Other comprehensive loss before reclassification (690) Amount reclassified from accumulated other comprehensive income (loss) (294) Total other comprehensive loss (984) Balance as of June 30, 2015 $ (522) Unrealized gains (losses) on available for sale securities (a) Balance as of March 31, 2016 $ 1,779 Other comprehensive income before reclassification 1,195 Amount reclassified from accumulated other comprehensive income (136) Total other comprehensive income 1,059 Balance as of June 30, 2016 $ 2,838 Unrealized gains (losses) on available for sale securities (a) Balance as of March 31, 2015 $ 911 Other comprehensive loss before reclassification (1,344) Amount reclassified from accumulated other comprehensive income (loss) (89) Total other comprehensive loss (1,433) Balance as of June 30, 2015 $ (522) (a) All amounts are net of tax. Amounts in parentheses indicate debits. |
Items Reclassified Out of Each Component of OCI [Table Text Block] | Amount Reclassified From Accumulated Affected Line Item in Other Consolidated Comprehensive Statements Details about other comprehensive income Income (a) of Income Three months ended June 30, 2016 2015 Unrealized gains on available for sale securities $ 205 $ 134 Net realized gains on sales of securities (69) (45) Income tax expense $ 136 $ 89 Six months ended June 30, 2016 2015 Unrealized gains on available for sale securities $ 270 $ 445 Net realized gains on sales of securities (92) (151) Income tax expense $ 178 $ 294 (a) Amounts in parentheses indicate debits to net income |
Off-Balance Sheet Financial I26
Off-Balance Sheet Financial Instruments and Guarantees (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Off-Balance Sheet Financial Instruments and Guarantees [Abstract] | |
Schedule of Fair Value, Off-balance Sheet Risks [Table Text Block] | A summary of the Bank’s financial instrument commitments is as follows: (in thousands) June 30, 2016 2015 Commitments to grant loans $ 22,098 $ 18,772 Unfunded commitments under lines of credit 49,358 45,026 Standby letters of credit 5,361 5,769 $ 76,817 $ 69,567 |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Securities [Abstract] | |
Amortized Cost and Fair Values of Securities [Table Text Block] | June 30, 2016 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In Thousands) Available for Sale: States and political subdivisions $ 54,932 $ 3,421 $ (4) $ 58,349 Corporate obligations 3,211 117 - 3,328 Mortgage-backed securities- government sponsored entities 66,986 757 (52) 67,691 Total debt securities 125,129 4,295 (56) 129,368 Equity securities-financial services 292 61 - 353 $ 125,421 $ 4,356 $ (56) $ 129,721 December 31, 2015 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In Thousands) Available for Sale: U.S. Government agencies $ 9,275 $ 2 $ (108) $ 9,169 States and political subdivisions 59,120 1,747 (112) 60,755 Corporate obligations 4,933 45 (4) 4,974 Mortgage-backed securities-government sponsored entities 64,491 23 (945) 63,569 Total debt securities 137,819 1,817 (1,169) 138,467 Equity securities-financial services 292 92 - 384 $ 138,111 $ 1,909 $ (1,169) $ 138,851 |
Investments' Gross Unrealized Losses and Fair Value [Table Text Block] | June 30, 2016 Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses States and political subdivisions $ - $ - $ 720 $ (4) $ 720 $ (4) Mortgage-backed securities-government sponsored entities 1,058 (3) 11,366 (49) 12,424 (52) $ 1,058 $ (3) $ 12,086 $ (53) $ 13,144 $ (56) December 31, 2015 Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Government agencies $ 6,058 $ (71) $ 2,109 $ (37) $ 8,167 $ (108) States and political subdivisions 9,086 (99) 1,417 (13) 10,503 (112) Corporate obligations 2,221 (4) - - 2,221 (4) Mortgage-backed securities-government sponsored entities 40,300 (432) 16,595 (513) 56,895 (945) $ 57,665 $ (606) $ 20,121 $ (563) $ 77,786 $ (1,169) |
Securities by Contractual Maturity [Table Text Block] | Available for Sale Amortized Cost Fair Value (In Thousands) Due in one year or less $ 385 $ 395 Due after one year through five years 4,595 4,749 Due after five years through ten years 5,815 6,038 Due after ten years 47,348 50,495 Mortgage-backed securities-government sponsored agencies 66,986 67,691 $ 125,129 $ 129,368 |
Gross Realized Gains and Losses on Sales of Securities Available-for-Sale [Table Text Block] | Three Months Six Months Ended June 30, Ended June 30, 2016 2015 2016 2015 Gross realized gains $ 205 $ 134 $ 270 $ 445 Gross realized losses - - - - Net realized gain $ 205 $ 134 $ 270 $ 445 Proceeds from sales of securities $ 16,492 $ 9,408 $ 31,776 $ 23,384 |
Loans Receivable and Allowanc28
Loans Receivable and Allowance for Loan Losses (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Loans Receivable and Allowance for Loan Losses [Abstract] | |
Composition of Loans Receivable [Table Text Block] | Types of loans (dollars in thousands) June 30, 2016 December 31, 2015 Real Estate Loans: Residential $ 159,872 27.5 % $ 161,820 28.9 % Commercial 289,510 49.8 279,123 49.8 Construction 17,764 3.1 18,987 3.4 Commercial, financial and agricultural 75,835 13.0 71,090 12.7 Consumer loans to individuals 38,504 6.6 29,231 5.2 Total loans 581,485 100.0 % 560,251 100.0 % Deferred fees, net (265) (326) Total loans receivable 581,220 559,925 Allowance for loan losses (5,798) (7,298) Net loans receivable $ 575,422 $ 552,627 |
Additional Information Regarding Loans Acquired and Accounted for in Accordance with ASC 310-30 [Table Text Block] | June 30, 2016 December 31, 2015 Outstanding Balance $ 470 $ 498 Carrying Amount $ 470 $ 498 |
Impaired Loans and Related Interest Income by Loan Portfolio Class [Table Text Block] | The following table shows the amount of loans in each category that were individually and collectively evaluated for impairment at the dates indicated: Real Estate Loans Commercial Consumer Residential Commercial Construction Loans Loans Total June 30, 2016 (In thousands) Individually evaluated for impairment $ 25 $ 2,817 $ - $ - $ - $ 2,842 Loans acquired with deteriorated credit quality 130 340 - - - 470 Collectively evaluated for impairment 159,717 286,353 17,764 75,835 38,504 578,173 Total Loans $ 159,872 $ 289,510 $ 17,764 $ 75,835 $ 38,504 $ 581,485 Real Estate Loans Commercial Consumer Residential Commercial Construction Loans Loans Total (In thousands) December 31, 2015 Individually evaluated for impairment $ 28 $ 8,660 $ - $ 42 $ - $ 8,730 Loans acquired with deteriorated credit quality 140 358 - - - 498 Collectively evaluated for impairment 161,652 270,105 18,987 71,048 29,231 551,023 Total Loans $ 161,820 $ 279,123 $ 18,987 $ 71,090 $ 29,231 $ 560,251 The following table includes the recorded investment and unpaid principal balances for impaired loans with the associated allowance amount, if applicable. Also presented are the average recorded investments in the impaired loans and the related amount of interest recognized during the time within the period that the impaired loans were impaired. Unpaid Recorded Principal Associated Investment Balance Allowance June 30, 2016 (in thousands) With no related allowance recorded: Real Estate Loans Residential $ 155 $ 159 $ - Commercial 3,083 3,939 - Subtotal 3,238 4,098 - With an allowance recorded: Real Estate Loans Commercial 74 1,020 15 Subtotal 74 1,020 15 Total: Real Estate Loans Residential 155 159 - Commercial 3,157 4,959 15 Total Impaired Loans $ 3,312 $ 5,118 $ 15 Unpaid Recorded Principal Associated Investment Balance Allowance December 31, 2015 (in thousands) With no related allowance recorded: Real Estate Loans Residential $ 168 $ 173 $ - Commercial 2,644 4,610 - Commercial, financial and agriculture 43 43 - Subtotal 2,855 4,826 - With an allowance recorded: Real Estate Loans Commercial 6,373 6,446 1,613 Subtotal 6,373 6,446 1,613 Total: Real Estate Loans Residential 168 173 - Commercial 9,017 11,056 1,613 Commercial, financial and agriculture 43 43 - Total Impaired Loans $ 9,228 $ 11,272 $ 1,613 The following information for impaired loans is presented (in thousands) for the six months ended June 30, 2016 and 2015: Average Recorded Interest Income Investment Recognized 2016 2015 2016 2015 Real Estate Loans: Residential $ 161 $ 232 $ 2 $ 2 Commercial 3,218 11,333 57 465 Total $ 3,379 $ 11,565 $ 59 $ 467 The following information for impaired loans is presented (in thousands) for the three months ended June 30, 2016 and 2015: Average Recorded Interest Income Investment Recognized 2016 2015 2016 2015 Real Estate Loans: Residential $ 157 $ 236 $ 1 $ 1 Commercial 3,146 11,382 25 69 Total $ 3,303 $ 11,618 $ 26 $ 70 |
Classes of the Loan Portfolio Summarized by the Aggregate Risk Rating [Table Text Block] | Special Doubtful Pass Mention Substandard or Loss Total June 30, 2016 Commercial real estate loans $ 280,926 $ 3,327 $ 5,257 $ - $ 289,510 Commercial loans 75,835 - - - 75,835 Total $ 356,761 $ 3,327 $ 5,257 $ - $ 365,345 Special Doubtful Pass Mention Substandard or Loss Total December 31, 2015 Commercial real estate loans $ 267,892 $ 1,837 $ 9,394 $ - $ 279,123 Commercial loans 71,047 - 43 - 71,090 Total $ 338,939 $ 1,837 $ 9,437 $ - $ 350,213 For residential real estate loans, construction loans and consumer loans, the Company evaluates credit quality based on the performance of the individual credits. The following table presents the recorded investment in the loan classes based on payment activity as of June 30, 2016 and December 31, 2015 (in thousands): Performing Nonperforming Total June 30, 2016 Residential real estate loans $ 159,424 $ 448 $ 159,872 Construction 17,764 - 17,764 Consumer loans 38,504 - 38,504 Total $ 215,692 $ 448 $ 216,140 Performing Nonperforming Total December 31, 2015 Residential real estate loans $ 161,380 $ 440 $ 161,820 Construction 18,987 - 18,987 Consumer loans 29,231 - 29,231 Total $ 209,598 $ 440 $ 210,038 |
Loan Portfolio Summarized by the Past Due Status [Table Text Block] | Current 31-60 Days Past Due 61-90 Days Past Due Greater than 90 Days Past Due and still accruing Non-Accrual Total Past Due and Non-Accrual Total Loans June 30, 2016 Real Estate loans Residential $ 158,225 $ 1,166 $ 33 $ - $ 448 $ 1,647 $ 159,872 Commercial 288,438 327 - - 745 1,072 289,510 Construction 17,764 - - - - - 17,764 Commercial loans 75,780 - 55 - - 55 75,835 Consumer loans 38,412 76 16 - - 92 38,504 Total $ 578,619 $ 1,569 $ 104 $ - $ 1,193 $ 2,866 $ 581,485 Current 31-60 Days Past Due 61-90 Days Past Due Greater than 90 Days Past Due and still accruing Non-Accrual Total Past Due and Non-Accrual Total Loans December 31, 2015 Real Estate loans Residential $ 160,683 $ 646 $ 51 $ - $ 440 $ 1,137 $ 161,820 Commercial 272,125 310 39 - 6,649 6,998 279,123 Construction 18,959 28 - - - 28 18,987 Commercial loans 71,043 4 - - 43 47 71,090 Consumer loans 29,179 41 11 - - 52 29,231 Total $ 551,989 $ 1,029 $ 101 $ - $ 7,132 $ 8,262 $ 560,251 |
Allowance for Loan Losses and Recorded Investment in Financing Receivables [Table Text Block] | The following table presents the allowance for loan losses by the classes of the loan portfolio: (In thousands) Residential Real Estate Commercial Real Estate Construction Commercial Consumer Total Beginning balance, December 31, 2015 $ 1,069 $ 5,506 $ 90 $ 397 $ 236 $ 7,298 Charge Offs (17) (2,642) - - (30) (2,689) Recoveries 2 2 - - 35 39 Provision for loan losses (78) 1,325 (31) (104) 38 1,150 Ending balance, June 30, 2016 $ 976 $ 4,191 $ 59 $ 293 $ 279 $ 5,798 Ending balance individually evaluated for impairment $ - $ 15 $ - $ - $ - $ 15 Ending balance collectively evaluated for impairment $ 976 $ 4,176 $ 59 $ 293 $ 279 $ 5,783 (In thousands) Residential Real Estate Commercial Real Estate Construction Commercial Consumer Total Beginning balance, March 31, 2016 $ 1,077 $ 5,758 $ 109 $ 446 $ 252 $ 7,642 Charge Offs (17) (2,513) - - (23) (2,553) Recoveries 1 - - - 8 9 Provision for loan losses (85) 946 (50) (153) 42 700 Ending balance, June 30, 2016 $ 976 $ 4,191 $ 59 $ 293 $ 279 $ 5,798 (In thousands) Residential Real Estate Commercial Real Estate Construction Commercial Consumer Total Beginning balance, December 31, 2014 $ 1,323 $ 3,890 $ 222 $ 256 $ 184 $ 5,875 Charge Offs (113) (827) - - (43) (983) Recoveries 4 - - - 11 15 Provision for loan losses (129) 1,089 (125) 149 56 1,040 Ending balance, June 30, 2015 $ 1,085 $ 4,152 $ 97 $ 405 $ 208 $ 5,947 Ending balance individually evaluated for impairment $ - $ 802 $ - $ - $ - $ 802 Ending balance collectively evaluated for impairment $ 1,085 $ 3,350 $ 97 $ 405 $ 208 $ 5,145 (In thousands) Residential Real Estate Commercial Real Estate Construction Commercial Consumer Total Beginning balance, March 31, 2015 $ 1,353 $ 3,994 $ 115 $ 353 $ 192 $ 6,007 Charge Offs (26) (434) - - (28) (488) Recoveries 2 - - - 6 8 Provision for loan losses (244) 592 (18) 52 38 420 Ending balance, June 30, 2015 $ 1,085 $ 4,152 $ 97 $ 405 $ 208 $ 5,947 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Measurements [Abstract] | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Fair Value Measurement Using Reporting Date Description Total Level 1 Level 2 Level 3 (In thousands) June 30, 2016 Available for Sale: States and political subdivisions $ 58,349 $ - $ 58,349 $ - Corporate obligations 3,328 - 3,328 - Mortgage-backed securities-government sponsored agencies 67,691 - 67,691 - Equity securities-financial services 353 353 - - Total $ 129,721 $ 353 $ 129,368 $ - Description Total Level 1 Level 2 Level 3 (In thousands) December 31, 2015 Available for Sale: U.S. Government agencies $ 9,169 $ - $ 9,169 $ - States and political subdivisions 60,755 - 60,755 - Corporate obligations 4,974 - 4,974 - Mortgage-backed securities-government sponsored agencies 63,569 - 63,569 - Equity securities-financial services 384 384 - - Total $ 138,851 $ 384 $ 138,467 $ - |
Fair Value, Assets Measured on Nonrecurring Basis [Table Text Block] | Fair Value Measurement Reporting Date using Reporting Date (In thousands) Description Total Level 1 Level 2 Level 3 June 30, 2016 Impaired Loans $ 3,297 $ - $ - $ 3,297 Foreclosed Real Estate Owned 5,414 - - 5,414 December 31, 2015 Impaired Loans $ 7,615 $ - $ - $ 7,615 Foreclosed Real Estate Owned 2,847 - - 2,847 |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block] | Quantitative Information about Level 3 Fair Value Measurements (dollars in thousands) Fair Value Estimate Valuation Techniques Unobservable Input Range (Weighted Average) June 30, 2016 Impaired loans $ 1,709 Appraisal of collateral(1) Appraisal adjustments(2) 10% ( 10% ) Impaired loans $ 1,588 Present value of future cash flows Loan discount rate 4 - 6.75% ( 5.46% ) Foreclosed real estate owned $ 5,414 Appraisal of collateral(1) Liquidation Expenses(2) 0 - 20% ( 14.20% ) Quantitative Information about Level 3 Fair Value Measurements (dollars in thousands) Fair Value Estimate Valuation Techniques Unobservable Input Range (Weighted Average) December 31, 2015 Impaired loans $ 2,574 Appraisal of collateral(1) Appraisal adjustments(2) 10% ( 10% ) Impaired loans $ 5,041 Present value of future cash flows Loan discount rate 4 -7% ( 5.61% ) Foreclosed real estate owned $ 2,847 Appraisal of collateral(1) Liquidation Expenses(2) 10% ( 10% ) (1) Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable, less any associated allowance. (2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Measurements at June 30, 2016 Carrying Amount Fair Value Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 12,615 $ 12,615 $ 12,615 $ - $ - Securities 129,721 129,721 353 129,368 - Loans receivable, net 575,422 578,725 - - 578,725 Mortgage servicing rights 255 260 - - 260 Regulatory stock 2,228 2,228 2,228 - - Bank owned life insurance 19,082 19,082 19,082 - - Accrued interest receivable 2,289 2,289 2,289 - - Financial liabilities: Deposits 584,259 584,515 388,105 - 196,410 Short-term borrowings 38,100 38,100 38,100 - - Other borrowings 36,579 36,896 - - 36,896 Accrued interest payable 891 891 891 - - Off-balance sheet financial instruments: Commitments to extend credit and outstanding letters of credit - - - - - Fair Value Measurements at December 31, 2015 Carrying Amount Fair Value Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 10,010 $ 10,010 $ 10,010 $ - $ - Securities 138,851 138,851 384 138,467 - Loans receivable, net 552,627 559,416 - - 559,416 Mortgage servicing rights 261 291 - - 291 Regulatory stock 3,412 3,412 3,412 - - Bank owned life insurance 18,820 18,820 18,820 - - Accrued interest receivable 2,363 2,363 2,363 - - Financial liabilities: Deposits 550,909 551,175 354,162 - 197,013 Short-term borrowings 53,235 53,235 53,235 - - Other borrowings 41,126 41,260 - - 41,260 Accrued interest payable 957 957 957 - - Off-balance sheet financial instruments: Commitments to extend credit and outstanding letters of credit - - - - - |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - $ / shares | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |||
Stock options strike price, lower range limit | $ 28.41 | ||
Stock options strike price, upper range limit | $ 29.08 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 58,300 | 0 | |
Share price | $ 28 | $ 28.75 |
Earnings Per Share (Basic and D
Earnings Per Share (Basic and Diluted Earnings Per Share) (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Earnings Per Share [Abstract] | ||||
Weighted average shares outstanding | 3,691 | 3,680 | 3,696 | 3,680 |
Less: Unvested restricted shares | 14 | 9 | 14 | 9 |
Basic EPS weighted average shares outstanding | 3,677 | 3,671 | 3,682 | 3,671 |
Add: Dilutive effect of stock options | 6 | 11 | 6 | 11 |
Diluted EPS weighted average shares outstanding | 3,683 | 3,682 | 3,688 | 3,682 |
Stock Based Compensation (Narra
Stock Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options, Granted | 0 | ||
Compensation expense related to stock options | $ 36 | $ 33 | |
Share price | $ 28 | $ 28.75 | |
Future compensation expense of non-vested restricted stock outstanding | $ 353 | ||
Non-vested restricted stock recognition period | 4 years 6 months | ||
Compensation expense related to restricted stock | $ 45 | $ 27 | |
Norwood Financial Corp 2014 Equity Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation cost related to non-vested options granted | $ 35 |
Stock Based Compensation (Summa
Stock Based Compensation (Summary of Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Stock-Based Compensation [Abstract] | ||
Options, Outstanding, beginning of period | 194,521 | |
Options, Granted | 0 | |
Options, Exercised | (5,405) | |
Options, Forfeited | (16,019) | |
Options, Outstanding, end of period | 173,097 | 194,521 |
Options, Exercisable, end of period | 158,597 | |
Weighted Average Exercise Price Per Share, Outstanding, beginning of period | $ 26.91 | |
Weighted Average Exercise Price Per Share, Granted | ||
Weighted Average Exercise Price Per Share, Exercised | 26.42 | |
Weighted Average Exercise Price Per Share, Forfeited | 27.71 | |
Weighted Average Exercise Price Per Share, Outstanding, end of period | 26.85 | $ 26.91 |
Weighted Average Exercise Price Per Share, Exercisable, end of period | $ 26.69 | |
Weighted Average Remaining Contractual Term, Outstanding | 5 years 1 month 6 days | 5 years 2 months 12 days |
Weighted Average Remaining Contractual Term, Exercised During Period | 4 years 4 months 24 days | |
Weighted Average Remaining Contractual Term, Forfeited During Period | 6 months | |
Weighted Average Remaining Contractual Term, Exercisable at End of Period | 4 years 8 months 12 days | |
Aggregate Intrinsic Value, Outstanding, beginning of period | $ 363 | |
Aggregate Intrinsic Value, Granted in Period | 0 | |
Aggregate Intrinsic Value, Exercised in Period | 143 | |
Aggregate Intrinsic Value, Forfeited in Period | 444 | |
Aggregate Intrinsic Value, Outstanding, end of period | 237 | $ 363 |
Aggregate Intrinsic Value, Exercisable at end of period | $ 237 |
Stock Based Compensation (Restr
Stock Based Compensation (Restricted Stock Rollforward) (Details) | 6 Months Ended |
Jun. 30, 2016$ / sharesshares | |
Stock-Based Compensation [Abstract] | |
Restricted stock outstanding, beginning balance | shares | 13,810 |
Restricted stock, granted | shares | 0 |
Restricted stock, vested | shares | 0 |
Restricted stock, forfeited | shares | 0 |
Restricted stock outstanding, ending balance | shares | 13,810 |
Restricted stock outstanding, weighted-average grant date fair value, beginning balance | $ / shares | $ 28.82 |
Restricted stock, granted, weighted-average grant date fair value | $ / shares | |
Restricted stock, vested, weighted-average grant date fair value | $ / shares | |
Restricted stock, forfeited, weighted-average grant date fair value | $ / shares | |
Restricted stock outstanding, weighted-average grant date fair value, ending balance | $ / shares | $ 28.82 |
Accumulated Other Comprehensi35
Accumulated Other Comprehensive Income (Components of Accumulated Other Comprehensive Income and Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | ||
Beginning balance | $ 488 | ||||
Other comprehensive income: | $ 1,059 | $ (1,433) | 2,350 | $ (984) | |
Ending balance | 2,838 | 2,838 | |||
Unrealized gains on available for sale securities [Member] | |||||
Beginning balance | [1] | 1,779 | 911 | 488 | 462 |
Other comprehensive income before reclassification | [1] | 1,195 | (1,344) | 2,528 | (690) |
Amount reclassified from accumulated other comprehensive income | [1] | (136) | (89) | (178) | (294) |
Other comprehensive income: | [1] | 1,059 | (1,433) | 2,350 | (984) |
Ending balance | [1] | $ 2,838 | $ (522) | $ 2,838 | $ (522) |
[1] | All amounts are net of tax. Amounts in parentheses indicate debits. |
Accumulated Other Comprehensi36
Accumulated Other Comprehensive Income (Items Reclassified Out of Each Component of OCI) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Net realized gains on sales of securities | $ 205 | $ 134 | $ 270 | $ 445 | |
Income tax expense | (511) | (631) | (1,079) | (1,369) | |
Net Income | 1,878 | 1,963 | 3,754 | 4,004 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Income tax expense | [1] | (69) | (45) | (92) | (151) |
Net Income | [1] | 136 | 89 | 178 | 294 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Unrealized gains on available for sale securities [Member] | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Net realized gains on sales of securities | [1] | $ 205 | $ 134 | $ 270 | $ 445 |
[1] | Amounts in parentheses indicate debits to net income |
Off-Balance Sheet Financial I37
Off-Balance Sheet Financial Instruments and Guarantees (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Loss Contingencies [Line Items] | ||
Financial instrument commitments | $ 76,817 | $ 69,567 |
Commitments to grant loans [Member] | ||
Loss Contingencies [Line Items] | ||
Financial instrument commitments | 22,098 | 18,772 |
Unfunded commitments under lines of credit [Member] | ||
Loss Contingencies [Line Items] | ||
Financial instrument commitments | 49,358 | 45,026 |
Standby letters of credit [Member] | ||
Loss Contingencies [Line Items] | ||
Financial instrument commitments | $ 5,361 | $ 5,769 |
Securities (Amortized Cost and
Securities (Amortized Cost and Fair Values of Securities) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Schedule of Investments [Line Items] | ||
Available for Sale, Amortized Cost | $ 125,421 | $ 138,111 |
Available-for-sale Securities, Gross Unrealized Gains | 4,356 | 1,909 |
Available for Sale, Gross Unrealized Losses | (56) | (1,169) |
Available for Sale, Fair Value | 129,721 | 138,851 |
Total Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available for Sale, Amortized Cost | 125,129 | 137,819 |
Available-for-sale Securities, Gross Unrealized Gains | 4,295 | 1,817 |
Available for Sale, Gross Unrealized Losses | (56) | (1,169) |
Available for Sale, Fair Value | 129,368 | 138,467 |
U.S. Government Agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Available for Sale, Amortized Cost | 9,275 | |
Available-for-sale Securities, Gross Unrealized Gains | 2 | |
Available for Sale, Gross Unrealized Losses | (108) | |
Available for Sale, Fair Value | 9,169 | |
States and political subdivisions [Member] | ||
Schedule of Investments [Line Items] | ||
Available for Sale, Amortized Cost | 54,932 | 59,120 |
Available-for-sale Securities, Gross Unrealized Gains | 3,421 | 1,747 |
Available for Sale, Gross Unrealized Losses | (4) | (112) |
Available for Sale, Fair Value | 58,349 | 60,755 |
Corporate obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Available for Sale, Amortized Cost | 3,211 | 4,933 |
Available-for-sale Securities, Gross Unrealized Gains | 117 | 45 |
Available for Sale, Gross Unrealized Losses | 0 | (4) |
Available for Sale, Fair Value | 3,328 | 4,974 |
Mortgage-backed securities-government sponsored entities [Member] | ||
Schedule of Investments [Line Items] | ||
Available for Sale, Amortized Cost | 66,986 | 64,491 |
Available-for-sale Securities, Gross Unrealized Gains | 757 | 23 |
Available for Sale, Gross Unrealized Losses | (52) | (945) |
Available for Sale, Fair Value | 67,691 | 63,569 |
Equity securities-financial services [Member] | ||
Schedule of Investments [Line Items] | ||
Available for Sale, Amortized Cost | 292 | 292 |
Available-for-sale Securities, Gross Unrealized Gains | 61 | 92 |
Available for Sale, Gross Unrealized Losses | 0 | 0 |
Available for Sale, Fair Value | $ 353 | $ 384 |
Securities (Investments' Gross
Securities (Investments' Gross Unrealized Losses and Fair Value) (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016USD ($)security | Dec. 31, 2015USD ($) | |
Schedule of Investments [Line Items] | ||
Less than 12 Months, Fair Value | $ 1,058 | $ 57,665 |
Less than 12 Months, Unrealized Losses | (3) | (606) |
12 Months or More, Fair Value | 12,086 | 20,121 |
12 Months or More, Unrealized Losses | (53) | (563) |
Total, Fair Value | 13,144 | 77,786 |
Total, Unrealized Losses | $ (56) | (1,169) |
Debt securities in unrealized loss position in the less than twelve months category | security | 1 | |
Debt securities in unrealized loss position in the twelve months or more category | security | 13 | |
Impairment of investments | $ 0 | |
U.S. Government Agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 Months, Fair Value | 6,058 | |
Less than 12 Months, Unrealized Losses | (71) | |
12 Months or More, Fair Value | 2,109 | |
12 Months or More, Unrealized Losses | (37) | |
Total, Fair Value | 8,167 | |
Total, Unrealized Losses | (108) | |
States and political subdivisions [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 Months, Fair Value | 0 | 9,086 |
Less than 12 Months, Unrealized Losses | 0 | (99) |
12 Months or More, Fair Value | 720 | 1,417 |
12 Months or More, Unrealized Losses | (4) | (13) |
Total, Fair Value | 720 | 10,503 |
Total, Unrealized Losses | (4) | (112) |
Corporate obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 Months, Fair Value | 2,221 | |
Less than 12 Months, Unrealized Losses | (4) | |
12 Months or More, Fair Value | 0 | |
12 Months or More, Unrealized Losses | 0 | |
Total, Fair Value | 2,221 | |
Total, Unrealized Losses | (4) | |
Mortgage-backed securities-government sponsored entities [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 Months, Fair Value | 1,058 | 40,300 |
Less than 12 Months, Unrealized Losses | (3) | (432) |
12 Months or More, Fair Value | 11,366 | 16,595 |
12 Months or More, Unrealized Losses | (49) | (513) |
Total, Fair Value | 12,424 | 56,895 |
Total, Unrealized Losses | $ (52) | $ (945) |
Securities (Securities by Contr
Securities (Securities by Contractual Maturity) (Details) $ in Thousands | Jun. 30, 2016USD ($) |
Securities [Abstract] | |
Available for Sale, Amortized Cost, Due in one year or less | $ 385 |
Available for Sale, Amortized Cost, Due after one year through five years | 4,595 |
Available for Sale, Amortized Cost, Due after five years through ten years | 5,815 |
Available for Sale, Amortized Cost, Due after ten years | 47,348 |
Available for Sale, Amortized Cost, Mortgage-backed securities- government sponsored agencies | 66,986 |
Available for Sale, Amortized Cost, Total | 125,129 |
Available for Sale, Fair Value, Due in one year or less | 395 |
Available for Sale, Fair Value, Due after one year through five years | 4,749 |
Available for Sale, Fair Value, Due after five years through ten years | 6,038 |
Available for Sale, Fair Value, Due after ten years | 50,495 |
Available for Sale, Fair Value, Mortgage-backed securities- government sponsored agencies | 67,691 |
Available for Sale, Fair Value, Total | $ 129,368 |
Securities (Gross Realized Gain
Securities (Gross Realized Gains and Losses on Sales of Securities Available-for-Sale) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Securities [Abstract] | ||||
Gross realized gains | $ 205 | $ 134 | $ 270 | $ 445 |
Gross realized losses | 0 | 0 | 0 | 0 |
Net realized gain | 205 | 134 | 270 | 445 |
Proceeds from sale of securities | $ 16,492 | $ 9,408 | $ 31,776 | $ 23,384 |
Loans Receivable and Allowanc42
Loans Receivable and Allowance for Loan Losses (Composition of Loans Receivable) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and Leases Receivable, Gross | $ 581,485 | $ 560,251 | ||||
Deferred fees, net | (265) | (326) | ||||
Total loans receivable | 581,220 | 559,925 | ||||
Allowance for loan losses | (5,798) | $ (7,642) | (7,298) | $ (5,947) | $ (6,007) | $ (5,875) |
Net loans receivable | $ 575,422 | $ 552,627 | ||||
Percent of Loans | 100.00% | 100.00% | ||||
Residential Real Estate Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and Leases Receivable, Gross | $ 159,872 | $ 161,820 | ||||
Allowance for loan losses | $ (976) | (1,077) | $ (1,069) | (1,085) | (1,353) | (1,323) |
Percent of Loans | 27.50% | 28.90% | ||||
Commercial Real Estate Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and Leases Receivable, Gross | $ 289,510 | $ 279,123 | ||||
Allowance for loan losses | $ (4,191) | (5,758) | $ (5,506) | (4,152) | (3,994) | (3,890) |
Percent of Loans | 49.80% | 49.80% | ||||
Construction Real Estate Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and Leases Receivable, Gross | $ 17,764 | $ 18,987 | ||||
Allowance for loan losses | $ (59) | (109) | $ (90) | (97) | (115) | (222) |
Percent of Loans | 3.10% | 3.40% | ||||
Commercial, financial and agricultural loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and Leases Receivable, Gross | $ 75,835 | $ 71,090 | ||||
Allowance for loan losses | $ (293) | (446) | $ (397) | (405) | (353) | (256) |
Percent of Loans | 13.00% | 12.70% | ||||
Consumer loans to individuals [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and Leases Receivable, Gross | $ 38,504 | $ 29,231 | ||||
Allowance for loan losses | $ (279) | $ (252) | $ (236) | $ (208) | $ (192) | $ (184) |
Percent of Loans | 6.60% | 5.20% |
Loans Receivable and Allowanc43
Loans Receivable and Allowance for Loan Losses (Loans Acquired and Accounted for in Accordance with ASC 310-30) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Loans Receivable and Allowance for Loan Losses [Abstract] | ||
Acquired Loans with Specific Evidence of Deterioration in Credit Quality, Outstanding Balance | $ 470 | $ 498 |
Acquired Loans with Specific Evidence of Deterioration in Credit Quality, Carrying Amount | $ 470 | $ 498 |
Loans Receivable and Allowanc44
Loans Receivable and Allowance for Loan Losses (Loans Individually and Collectively Evaluated for Impairment) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | $ 2,842 | $ 8,730 |
Loans acquired with deteriorated credit quality | 470 | 498 |
Collectively evaluated for impairment | 578,173 | 551,023 |
Total Loans | 581,485 | 560,251 |
Residential Real Estate Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 25 | 28 |
Loans acquired with deteriorated credit quality | 130 | 140 |
Collectively evaluated for impairment | 159,717 | 161,652 |
Total Loans | 159,872 | 161,820 |
Commercial Real Estate Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 2,817 | 8,660 |
Loans acquired with deteriorated credit quality | 340 | 358 |
Collectively evaluated for impairment | 286,353 | 270,105 |
Total Loans | 289,510 | 279,123 |
Construction Real Estate Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 0 | 0 |
Loans acquired with deteriorated credit quality | 0 | 0 |
Collectively evaluated for impairment | 17,764 | 18,987 |
Total Loans | 17,764 | 18,987 |
Commercial, financial and agricultural loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 0 | 42 |
Loans acquired with deteriorated credit quality | 0 | 0 |
Collectively evaluated for impairment | 75,835 | 71,048 |
Total Loans | 75,835 | 71,090 |
Consumer loans to individuals [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 0 | 0 |
Loans acquired with deteriorated credit quality | 0 | 0 |
Collectively evaluated for impairment | 38,504 | 29,231 |
Total Loans | $ 38,504 | $ 29,231 |
Loans Receivable and Allowanc45
Loans Receivable and Allowance for Loan Losses (Impaired Loans and Related Interest Income by Loan Portfolio Class) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Financing Receivable, Impaired [Line Items] | |||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | $ 3,238 | $ 3,238 | $ 2,855 | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 74 | 74 | 6,373 | ||
Impaired Financing Receivable, Recorded Investment | 3,312 | 3,312 | 9,228 | ||
Unpaid Principal Balance, With no related allowance recorded | 4,098 | 4,098 | 4,826 | ||
Unpaid Principal Balance, With an allowance recorded | 1,020 | 1,020 | 6,446 | ||
Unpaid Principal Balance, Total | 5,118 | 5,118 | 11,272 | ||
Associated Allowance | 15 | 15 | 1,613 | ||
Average Recorded Investment, Total | 3,303 | $ 11,618 | 3,379 | $ 11,565 | |
Interest Income Recognized, Total | 26 | 70 | 59 | 467 | |
Residential Real Estate Loans [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 155 | 155 | 168 | ||
Impaired Financing Receivable, Recorded Investment | 155 | 155 | 168 | ||
Unpaid Principal Balance, With no related allowance recorded | 159 | 159 | 173 | ||
Unpaid Principal Balance, Total | 159 | 159 | 173 | ||
Associated Allowance | 0 | 0 | 0 | ||
Average Recorded Investment, Total | 157 | 236 | 161 | 232 | |
Interest Income Recognized, Total | 1 | 1 | 2 | 2 | |
Commercial Real Estate Loans [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 3,083 | 3,083 | 2,644 | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 74 | 74 | 6,373 | ||
Impaired Financing Receivable, Recorded Investment | 3,157 | 3,157 | 9,017 | ||
Unpaid Principal Balance, With no related allowance recorded | 3,939 | 3,939 | 4,610 | ||
Unpaid Principal Balance, With an allowance recorded | 1,020 | 1,020 | 6,446 | ||
Unpaid Principal Balance, Total | 4,959 | 4,959 | 11,056 | ||
Associated Allowance | 15 | 15 | 1,613 | ||
Average Recorded Investment, Total | 3,146 | 11,382 | 3,218 | 11,333 | |
Interest Income Recognized, Total | $ 25 | $ 69 | $ 57 | $ 465 | |
Commercial, financial and agricultural loans [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 43 | ||||
Impaired Financing Receivable, Recorded Investment | 43 | ||||
Unpaid Principal Balance, With no related allowance recorded | 43 | ||||
Unpaid Principal Balance, Total | 43 | ||||
Associated Allowance | $ 0 |
Loans Receivable and Allowanc46
Loans Receivable and Allowance for Loan Losses (Troubled Debt Restructurings) (Details) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2016USD ($)loan | Jun. 30, 2015USD ($)loan | Dec. 31, 2015USD ($) | |
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items] | |||
Impaired Financing Receivable, Related Allowance | $ 15 | $ 1,613 | |
Mortgage Loans on Real Estate, Foreclosures | $ 2,500 | ||
Mortgage Loans on Real Estate, Number of Foreclosures | loan | 1 | ||
Troubled Debt Restructured Loans [Member] | |||
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items] | |||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | loan | 2 | ||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ 2,300 | ||
New Loans Identified as Troubled Debt Restructurings | $ 5 | ||
New Loans Identified as Troubled Debt Restructurings, Number of Loans | loan | 0 | 1 | |
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $ 2,519 | $ 373 | |
Financing Receivable, Modifications, Recorded Investment | 1,600 | 6,800 | |
Impaired Financing Receivable, Related Allowance | $ 15 | $ 1,613 |
Loans Receivable and Allowanc47
Loans Receivable and Allowance for Loan Losses (Classes of the Loan Portfolio Summarized by the Aggregate Risk Rating) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Total Summarized by Aggregate Risk Rating [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying Amount | $ 365,345 | $ 350,213 |
Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying Amount | 356,761 | 338,939 |
Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying Amount | 3,327 | 1,837 |
Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying Amount | 5,257 | 9,437 |
Doubtful or Loss [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying Amount | 0 | 0 |
Total Summarized by Performance of Individual Credits [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying Amount | 216,140 | 210,038 |
Performing Financial Instruments [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying Amount | 215,692 | 209,598 |
Nonperforming Financial Instruments [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying Amount | 448 | 440 |
Commercial Real Estate Loans [Member] | Total Summarized by Aggregate Risk Rating [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying Amount | 289,510 | 279,123 |
Commercial Real Estate Loans [Member] | Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying Amount | 280,926 | 267,892 |
Commercial Real Estate Loans [Member] | Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying Amount | 3,327 | 1,837 |
Commercial Real Estate Loans [Member] | Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying Amount | 5,257 | 9,394 |
Commercial Real Estate Loans [Member] | Doubtful or Loss [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying Amount | 0 | 0 |
Commercial, financial and agricultural loans [Member] | Total Summarized by Aggregate Risk Rating [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying Amount | 75,835 | 71,090 |
Commercial, financial and agricultural loans [Member] | Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying Amount | 75,835 | 71,047 |
Commercial, financial and agricultural loans [Member] | Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying Amount | 0 | 0 |
Commercial, financial and agricultural loans [Member] | Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying Amount | 0 | 43 |
Commercial, financial and agricultural loans [Member] | Doubtful or Loss [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying Amount | 0 | 0 |
Residential Real Estate Loans [Member] | Total Summarized by Performance of Individual Credits [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying Amount | 159,872 | 161,820 |
Residential Real Estate Loans [Member] | Performing Financial Instruments [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying Amount | 159,424 | 161,380 |
Residential Real Estate Loans [Member] | Nonperforming Financial Instruments [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying Amount | 448 | 440 |
Construction Real Estate Loans [Member] | Total Summarized by Performance of Individual Credits [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying Amount | 17,764 | 18,987 |
Construction Real Estate Loans [Member] | Performing Financial Instruments [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying Amount | 17,764 | 18,987 |
Construction Real Estate Loans [Member] | Nonperforming Financial Instruments [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying Amount | 0 | 0 |
Consumer loans to individuals [Member] | Total Summarized by Performance of Individual Credits [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying Amount | 38,504 | 29,231 |
Consumer loans to individuals [Member] | Performing Financial Instruments [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying Amount | 38,504 | 29,231 |
Consumer loans to individuals [Member] | Nonperforming Financial Instruments [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying Amount | $ 0 | $ 0 |
Loans Receivable and Allowanc48
Loans Receivable and Allowance for Loan Losses (Loan Portfolio Summarized by the Past Due Status) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | $ 578,619 | $ 551,989 |
Non-Accrual | 1,193 | 7,132 |
Total Past Due and Non-Accrual | 2,866 | 8,262 |
Total Loans | 581,485 | 560,251 |
Financing Receivables, 31 to 60 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 1,569 | 1,029 |
Financing Receivables, 61 to 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 104 | 101 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 0 | 0 |
Residential Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 158,225 | 160,683 |
Non-Accrual | 448 | 440 |
Total Past Due and Non-Accrual | 1,647 | 1,137 |
Total Loans | 159,872 | 161,820 |
Residential Real Estate Loans [Member] | Financing Receivables, 31 to 60 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 1,166 | 646 |
Residential Real Estate Loans [Member] | Financing Receivables, 61 to 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 33 | 51 |
Residential Real Estate Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 0 | 0 |
Commercial Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 288,438 | 272,125 |
Non-Accrual | 745 | 6,649 |
Total Past Due and Non-Accrual | 1,072 | 6,998 |
Total Loans | 289,510 | 279,123 |
Commercial Real Estate Loans [Member] | Financing Receivables, 31 to 60 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 327 | 310 |
Commercial Real Estate Loans [Member] | Financing Receivables, 61 to 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 0 | 39 |
Commercial Real Estate Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 0 | 0 |
Construction Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 17,764 | 18,959 |
Non-Accrual | 0 | 0 |
Total Past Due and Non-Accrual | 0 | 28 |
Total Loans | 17,764 | 18,987 |
Construction Real Estate Loans [Member] | Financing Receivables, 31 to 60 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 0 | 28 |
Construction Real Estate Loans [Member] | Financing Receivables, 61 to 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 0 | 0 |
Construction Real Estate Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 0 | 0 |
Commercial, financial and agricultural loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 75,780 | 71,043 |
Non-Accrual | 0 | 43 |
Total Past Due and Non-Accrual | 55 | 47 |
Total Loans | 75,835 | 71,090 |
Commercial, financial and agricultural loans [Member] | Financing Receivables, 31 to 60 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 0 | 4 |
Commercial, financial and agricultural loans [Member] | Financing Receivables, 61 to 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 55 | 0 |
Commercial, financial and agricultural loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 0 | 0 |
Consumer loans to individuals [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 38,412 | 29,179 |
Non-Accrual | 0 | 0 |
Total Past Due and Non-Accrual | 92 | 52 |
Total Loans | 38,504 | 29,231 |
Consumer loans to individuals [Member] | Financing Receivables, 31 to 60 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 76 | 41 |
Consumer loans to individuals [Member] | Financing Receivables, 61 to 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 16 | 11 |
Consumer loans to individuals [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | $ 0 | $ 0 |
Loans Receivable and Allowanc49
Loans Receivable and Allowance for Loan Losses (Allowance for Loan Losses and Recorded Investment in Financing Receivables) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance at beginning of period | $ 7,642 | $ 6,007 | $ 7,298 | $ 5,875 |
Charge Offs | (2,553) | (488) | (2,689) | (983) |
Recoveries | 9 | 8 | 39 | 15 |
Provision for loan losses | 700 | 420 | 1,150 | 1,040 |
Allowance at end of period | 5,798 | 5,947 | 5,798 | 5,947 |
Ending balance individually evaluated for impairment | 15 | 802 | 15 | 802 |
Ending balance collectively evaluated for impairment | 5,783 | 5,145 | 5,783 | 5,145 |
Residential Real Estate Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance at beginning of period | 1,077 | 1,353 | 1,069 | 1,323 |
Charge Offs | (17) | (26) | (17) | (113) |
Recoveries | 1 | 2 | 2 | 4 |
Provision for loan losses | (85) | (244) | (78) | (129) |
Allowance at end of period | 976 | 1,085 | 976 | 1,085 |
Ending balance individually evaluated for impairment | 0 | 0 | 0 | 0 |
Ending balance collectively evaluated for impairment | 976 | 1,085 | 976 | 1,085 |
Commercial Real Estate Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance at beginning of period | 5,758 | 3,994 | 5,506 | 3,890 |
Charge Offs | (2,513) | (434) | (2,642) | (827) |
Recoveries | 0 | 0 | 2 | 0 |
Provision for loan losses | 946 | 592 | 1,325 | 1,089 |
Allowance at end of period | 4,191 | 4,152 | 4,191 | 4,152 |
Ending balance individually evaluated for impairment | 15 | 802 | 15 | 802 |
Ending balance collectively evaluated for impairment | 4,176 | 3,350 | 4,176 | 3,350 |
Construction Real Estate Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance at beginning of period | 109 | 115 | 90 | 222 |
Charge Offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Provision for loan losses | (50) | (18) | (31) | (125) |
Allowance at end of period | 59 | 97 | 59 | 97 |
Ending balance individually evaluated for impairment | 0 | 0 | 0 | 0 |
Ending balance collectively evaluated for impairment | 59 | 97 | 59 | 97 |
Commercial, financial and agricultural loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance at beginning of period | 446 | 353 | 397 | 256 |
Charge Offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Provision for loan losses | (153) | 52 | (104) | 149 |
Allowance at end of period | 293 | 405 | 293 | 405 |
Ending balance individually evaluated for impairment | 0 | 0 | 0 | 0 |
Ending balance collectively evaluated for impairment | 293 | 405 | 293 | 405 |
Consumer loans to individuals [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance at beginning of period | 252 | 192 | 236 | 184 |
Charge Offs | (23) | (28) | (30) | (43) |
Recoveries | 8 | 6 | 35 | 11 |
Provision for loan losses | 42 | 38 | 38 | 56 |
Allowance at end of period | 279 | 208 | 279 | 208 |
Ending balance individually evaluated for impairment | 0 | 0 | 0 | 0 |
Ending balance collectively evaluated for impairment | $ 279 | $ 208 | $ 279 | $ 208 |
Loans Receivable and Allowanc50
Loans Receivable and Allowance for Loan Losses (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Real Estate Acquired Through Foreclosure | $ 5,414 | $ 5,414 | $ 2,847 | ||
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Accretable Yield, Period Increase (Decrease) | 0 | ||||
Loans and Leases Receivable, Gross | 581,485 | 581,485 | 560,251 | ||
Impaired Financing Receivable, Related Allowance | 15 | 15 | 1,613 | ||
Write downs | 2,553 | $ 488 | 2,689 | $ 983 | |
Gross Realized Losses on Loans | 0 | ||||
Proceeds from Sale of Mortgage Loans Held-for-sale | 1,000 | 1,739 | 1,843 | ||
Customer Concentration Risk [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Write downs | 3 | ||||
Commercial Rentals [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and Leases Receivable, Gross | 51,400 | $ 51,400 | |||
Commercial Rentals [Member] | Loans Receivable [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Concentration Risk, Percentage | 8.80% | ||||
Hospitality Lodging Industry [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and Leases Receivable, Gross | 50,400 | $ 50,400 | |||
Hospitality Lodging Industry [Member] | Loans Receivable [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Concentration Risk, Percentage | 8.70% | ||||
Troubled Debt Restructured Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Impaired Financing Receivable, Related Allowance | 15 | $ 15 | 1,613 | ||
Residential Real Estate Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Real Estate Acquired Through Foreclosure | 148 | 148 | |||
Mortgage Loans in Process of Foreclosure, Amount | 464 | 464 | |||
Loans and Leases Receivable, Gross | 159,872 | 159,872 | 161,820 | ||
Impaired Financing Receivable, Related Allowance | 0 | 0 | 0 | ||
Write downs | 17 | 26 | 17 | 113 | |
Gross Realized Gains on Loans | 22 | 16 | 54 | 40 | |
Gross Realized Losses on Loans | 0 | 0 | 0 | 0 | |
Proceeds from Sale of Mortgage Loans Held-for-sale | 726 | 1,000 | 1,700 | 1,800 | |
Commercial Real Estate Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and Leases Receivable, Gross | 289,510 | 289,510 | 279,123 | ||
Impaired Financing Receivable, Related Allowance | 15 | 15 | $ 1,613 | ||
Write downs | $ 2,513 | $ 434 | $ 2,642 | $ 827 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value, Assets and Liabilities Measured on Recurring Basis) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | $ 129,721 | $ 138,851 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 353 | 384 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 129,368 | 138,467 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
U.S. Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 9,169 | |
U.S. Government Agencies [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 0 | |
U.S. Government Agencies [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 9,169 | |
U.S. Government Agencies [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 0 | |
States and political subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 58,349 | 60,755 |
States and political subdivisions [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
States and political subdivisions [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 58,349 | 60,755 |
States and political subdivisions [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Corporate obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 3,328 | 4,974 |
Corporate obligations [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Corporate obligations [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 3,328 | 4,974 |
Corporate obligations [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Mortgage-backed securities-government sponsored entities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 67,691 | 63,569 |
Mortgage-backed securities-government sponsored entities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Mortgage-backed securities-government sponsored entities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 67,691 | 63,569 |
Mortgage-backed securities-government sponsored entities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Equity securities-financial services [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 353 | 384 |
Equity securities-financial services [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 353 | 384 |
Equity securities-financial services [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Equity securities-financial services [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | $ 0 | $ 0 |
Fair Value Measurements (Fair52
Fair Value Measurements (Fair Value, Assets and Liabilities Measured on Nonrecurring Basis) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Impaired Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | $ 3,297 | $ 7,615 |
Impaired Loans [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 |
Impaired Loans [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 |
Impaired Loans [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 3,297 | 7,615 |
Foreclosed Real Estate Owned [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 5,414 | 2,847 |
Foreclosed Real Estate Owned [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 |
Foreclosed Real Estate Owned [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 |
Foreclosed Real Estate Owned [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | $ 5,414 | $ 2,847 |
Fair Value Measurements (Additi
Fair Value Measurements (Additional Qualitative Information about Level 3 Assets) (Details) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2016USD ($)loan | Dec. 31, 2015USD ($)loan | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Number of impaired loans requiring a valuation allowance | loan | 1 | 3 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | $ 74 | $ 6,373 | |
Impaired Financing Receivable, Related Allowance | $ 15 | $ 1,613 | |
Number of impaired loans not requiring a valuation allowance | loan | 12 | 17 | |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | $ 3,238 | $ 2,855 | |
Impaired Loans, Cumulative Charge-Offs | 1,806 | 2,044 | |
Impaired Loans [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Nonrecurring | 3,297 | 7,615 | |
Impaired Loans [Member] | Appraisal of collateral [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Nonrecurring | $ 1,709 | $ 2,574 | |
Fair Value Measurements, Valuation Techniques | [1] | Appraisal of collateral(1) | Appraisal of collateral(1) |
Fair Value Disclosure, Unobservable Input Range | [2] | Appraisal adjustments(2) | Appraisal adjustments(2) |
Fair Value Inputs, Discount Rate | 10.00% | 10.00% | |
Impaired Loans [Member] | Present value of future cash flows [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Nonrecurring | $ 1,588 | $ 5,041 | |
Fair Value Measurements, Valuation Techniques | [1] | Present value of future cash flows | Present value of future cash flows |
Fair Value Disclosure, Unobservable Input Range | [2] | Loan discount rate | Loan discount rate |
Impaired Loans [Member] | Minimum [Member] | Present value of future cash flows [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Inputs, Discount Rate | 4.00% | 4.00% | |
Impaired Loans [Member] | Maximum [Member] | Present value of future cash flows [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Inputs, Discount Rate | 6.75% | 7.00% | |
Impaired Loans [Member] | Weighted Average [Member] | Appraisal of collateral [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Inputs, Discount Rate | 10.00% | 10.00% | |
Impaired Loans [Member] | Weighted Average [Member] | Present value of future cash flows [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Inputs, Discount Rate | 5.46% | 5.61% | |
Foreclosed Real Estate Owned [Member] | Appraisal of collateral [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Nonrecurring | $ 5,414 | $ 2,847 | |
Fair Value Measurements, Valuation Techniques | [1] | Appraisal of collateral(1) | Appraisal of collateral(1) |
Fair Value Disclosure, Unobservable Input Range | [2] | Liquidation Expenses(2) | Liquidation Expenses(2) |
Fair Value Inputs, Discount Rate | 10.00% | ||
Foreclosed Real Estate Owned [Member] | Minimum [Member] | Appraisal of collateral [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Inputs, Discount Rate | 0.00% | ||
Foreclosed Real Estate Owned [Member] | Maximum [Member] | Appraisal of collateral [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Inputs, Discount Rate | 20.00% | ||
Foreclosed Real Estate Owned [Member] | Weighted Average [Member] | Appraisal of collateral [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Inputs, Discount Rate | 14.20% | 10.00% | |
[1] | Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable, less any associated allowance. | ||
[2] | Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. |
Fair Value Measurements (Fair54
Fair Value Measurements (Fair Value, by Balance Sheet Grouping) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financial assets: Cash and cash equivalents, Fair Value Disclosure | $ 12,615 | $ 10,010 | ||
Financial assets: Securities, Fair Value Disclosure | 129,721 | 138,851 | ||
Financial assets: Loans receivable, net, Fair Value Disclosure | 578,725 | 559,416 | ||
Financial assets: Mortgage servicing rights, Fair Value Disclosure | 260 | 291 | ||
Financial assets: Regulatory stock, Fair Value Disclosure | 2,228 | 3,412 | ||
Financial assets: Bank owned life insurance, Fair Value Disclosure | 19,082 | 18,820 | ||
Financial assets: Accrued interest receivable, Fair Value Disclosure | 2,289 | 2,363 | ||
Financial liabilities: Deposits, Fair Value Disclosure | 584,515 | 551,175 | ||
Financial liabilities: Short-term borrowings, Fair Value Disclosure | 38,100 | 53,235 | ||
Financial liabilities: Other borrowings, Fair Value Disclosure | 36,896 | 41,260 | ||
Financial liabilities: Accrued interest payable, Fair Value Disclosure | 891 | 957 | ||
Off-balance sheet financial instruments: Commitments to extend credit and outstanding letters of credit, Fair Value Disclosure | 0 | 0 | ||
Financial assets: Cash and cash equivalents | 12,615 | 10,010 | $ 20,442 | $ 12,376 |
Financial assets: Securities | 129,721 | 138,851 | ||
Financial assets: Loans receivable, net | 575,422 | 552,627 | ||
Financial assets: Mortgage servicing rights | 255 | 261 | ||
Financial assets: Regulatory stock | 2,228 | 3,412 | ||
Financial assets: Bank owned life insurance | 19,082 | 18,820 | ||
Financial assets: Accrued interest receivable | 2,289 | 2,363 | ||
Financial liabilities: Deposits | 584,259 | 550,909 | ||
Financial liabilities: Short-term borrowings | 38,100 | 53,235 | ||
Financial liabilities: Other borrowings | 36,579 | 41,126 | ||
Financial liabilities: Accrued interest payable | 891 | 957 | ||
Off-balance sheet financial instruments: Commitments to extend credit and outstanding letters of credit | 0 | 0 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financial assets: Cash and cash equivalents, Fair Value Disclosure | 12,615 | 10,010 | ||
Financial assets: Securities, Fair Value Disclosure | 353 | 384 | ||
Financial assets: Loans receivable, net, Fair Value Disclosure | 0 | 0 | ||
Financial assets: Mortgage servicing rights, Fair Value Disclosure | 0 | 0 | ||
Financial assets: Regulatory stock, Fair Value Disclosure | 2,228 | 3,412 | ||
Financial assets: Bank owned life insurance, Fair Value Disclosure | 19,082 | 18,820 | ||
Financial assets: Accrued interest receivable, Fair Value Disclosure | 2,289 | 2,363 | ||
Financial liabilities: Deposits, Fair Value Disclosure | 388,105 | 354,162 | ||
Financial liabilities: Short-term borrowings, Fair Value Disclosure | 38,100 | 53,235 | ||
Financial liabilities: Other borrowings, Fair Value Disclosure | 0 | 0 | ||
Financial liabilities: Accrued interest payable, Fair Value Disclosure | 891 | 957 | ||
Off-balance sheet financial instruments: Commitments to extend credit and outstanding letters of credit, Fair Value Disclosure | 0 | 0 | ||
Significant Other Observable Inputs (Level 2) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financial assets: Cash and cash equivalents, Fair Value Disclosure | 0 | 0 | ||
Financial assets: Securities, Fair Value Disclosure | 129,368 | 138,467 | ||
Financial assets: Loans receivable, net, Fair Value Disclosure | 0 | 0 | ||
Financial assets: Mortgage servicing rights, Fair Value Disclosure | 0 | 0 | ||
Financial assets: Regulatory stock, Fair Value Disclosure | 0 | 0 | ||
Financial assets: Bank owned life insurance, Fair Value Disclosure | 0 | 0 | ||
Financial assets: Accrued interest receivable, Fair Value Disclosure | 0 | 0 | ||
Financial liabilities: Deposits, Fair Value Disclosure | 0 | 0 | ||
Financial liabilities: Short-term borrowings, Fair Value Disclosure | 0 | 0 | ||
Financial liabilities: Other borrowings, Fair Value Disclosure | 0 | 0 | ||
Financial liabilities: Accrued interest payable, Fair Value Disclosure | 0 | 0 | ||
Off-balance sheet financial instruments: Commitments to extend credit and outstanding letters of credit, Fair Value Disclosure | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financial assets: Cash and cash equivalents, Fair Value Disclosure | 0 | 0 | ||
Financial assets: Securities, Fair Value Disclosure | 0 | 0 | ||
Financial assets: Loans receivable, net, Fair Value Disclosure | 578,725 | 559,416 | ||
Financial assets: Mortgage servicing rights, Fair Value Disclosure | 260 | 291 | ||
Financial assets: Regulatory stock, Fair Value Disclosure | 0 | 0 | ||
Financial assets: Bank owned life insurance, Fair Value Disclosure | 0 | 0 | ||
Financial assets: Accrued interest receivable, Fair Value Disclosure | 0 | 0 | ||
Financial liabilities: Deposits, Fair Value Disclosure | 196,410 | 197,013 | ||
Financial liabilities: Short-term borrowings, Fair Value Disclosure | 0 | 0 | ||
Financial liabilities: Other borrowings, Fair Value Disclosure | 36,896 | 41,260 | ||
Financial liabilities: Accrued interest payable, Fair Value Disclosure | 0 | 0 | ||
Off-balance sheet financial instruments: Commitments to extend credit and outstanding letters of credit, Fair Value Disclosure | $ 0 | $ 0 |
Acquisition of Delaware Bancs55
Acquisition of Delaware Bancshares, Inc. (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Jul. 31, 2016 | Oct. 31, 2010 | Jun. 30, 2016 | Dec. 31, 2015 |
Business Acquisition [Line Items] | ||||
Assets | $ 767,829 | $ 750,505 | ||
Deposits, total | 584,259 | 550,909 | ||
Stockholders' equity | 104,591 | $ 100,998 | ||
Delaware Bancshares, Inc. Acquisition [Member] | Delaware Bancshares, Inc. [Member] | ||||
Business Acquisition [Line Items] | ||||
Assets | 378,300 | |||
Deposits, total | 327,500 | |||
Stockholders' equity | $ 24,100 | |||
Proceeds from Issuance of Trust Preferred Securities | $ 8,000 | |||
Delaware Bancshares, Inc. Acquisition [Member] | Delaware Bancshares, Inc. [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Business Acquisition [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.40% | |||
Delaware Bancshares, Inc. Acquisition [Member] | Subsequent Event [Member] | ||||
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 3,859 | |||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 431,605 | |||
Business Acquisition, Share Price | $ 16.68 | |||
Business Acquisition, shares exchanged | 0.6221 |