Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Aug. 01, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2018 | |
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 | 6,263,159 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | |
ASSETS | |||
Cash and due from banks | $ 15,193 | $ 16,212 | |
Interest-bearing deposits with banks | 914 | 485 | |
Cash and cash equivalents | 16,107 | 16,697 | |
Securities available for sale, at fair value | 259,442 | 281,121 | |
Loans receivable | 803,773 | 764,092 | |
Less: Allowance for loan losses | 8,326 | 7,634 | |
Net loans receivable | 795,447 | 756,458 | |
Regulatory stock, at cost | 2,313 | 3,505 | |
Bank premises and equipment, net | 13,894 | 13,864 | |
Bank owned life insurance | 37,485 | 37,060 | |
Accrued interest receivable | 3,672 | 3,716 | |
Foreclosed real estate owned | 1,386 | 1,661 | |
Goodwill | 11,331 | 11,331 | |
Other intangibles | 394 | 462 | |
Deferred tax asset | 5,885 | 4,781 | |
Other assets | 3,237 | 2,260 | |
Total Assets | 1,150,593 | 1,132,916 | |
LIABILITIES | |||
Deposits: Non-interest bearing demand | 216,472 | 205,138 | |
Deposits: Interest-bearing | 734,417 | 724,246 | |
Total Deposits | 950,889 | 929,384 | |
Short-term borrowings | 43,325 | 42,530 | |
Other borrowings | 30,283 | 35,945 | |
Accrued interest payable | 1,461 | 1,434 | |
Other liabilities | 9,102 | 7,884 | |
Total Liabilities | 1,035,060 | 1,017,177 | |
STOCKHOLDERS' EQUITY | |||
Common stock, $.10 par value per share, authorized 10,000,000 shares; issued 2018: 6,266,388 shares, 2017: 6,256,063 shares | 627 | 626 | |
Surplus | 47,815 | 47,431 | |
Retained earnings | 74,315 | 70,426 | |
Treasury stock at cost: 2018: 5,729 shares, 2017: 2,608 shares | (188) | (77) | |
Accumulated other comprehensive loss | [1] | (7,036) | (2,667) |
Total Stockholders' Equity | 115,533 | 115,739 | |
Total Liabilities and Stockholders' Equity | $ 1,150,593 | $ 1,132,916 | |
[1] | All amounts are net of tax. Amounts in parentheses indicate debits. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2018 | Dec. 31, 2017 |
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 | 6,266,388 | 6,256,063 |
Treasury Stock, Shares | 5,729 | 2,608 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | ||
INTEREST INCOME | |||||
Loans receivable, including fees | $ 8,857 | $ 7,925 | $ 17,344 | $ 15,731 | |
Securities | 1,536 | 1,633 | 3,060 | 3,251 | |
Other | 43 | 24 | 61 | 35 | |
Total Interest Income | 10,436 | 9,582 | 20,465 | 19,017 | |
INTEREST EXPENSE | |||||
Deposits | 1,052 | 797 | 2,082 | 1,563 | |
Short-term borrowings | 38 | 28 | 90 | 56 | |
Other borrowings | 131 | 101 | 271 | 244 | |
Total interest expense | 1,221 | 926 | 2,443 | 1,863 | |
NET INTEREST INCOME | 9,215 | 8,656 | 18,022 | 17,154 | |
PROVISION FOR LOAN LOSSES | 425 | 600 | 975 | 1,200 | |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 8,790 | 8,056 | 17,047 | 15,954 | |
OTHER INCOME | |||||
Service charges and fees | 1,101 | 1,016 | 2,082 | 1,951 | |
Income from fiduciary activities | 175 | 128 | 311 | 235 | |
Net realized gains on sales of securities | 58 | 31 | 200 | 37 | |
Gain on sale of loans, net | 67 | 67 | |||
Gain on sale of deposits | 209 | ||||
Earnings and proceeds on bank owned life insurance | 279 | 275 | 552 | 530 | |
Other | 161 | 139 | 323 | 270 | |
Total Other Income | 1,774 | 1,656 | 3,468 | 3,299 | |
OTHER EXPENSES | |||||
Salaries and employee benefits | 3,406 | 3,212 | 6,868 | 6,430 | |
Occupancy, furniture & equipment, net | 857 | 809 | 1,749 | 1,720 | |
Data processing and related operations | 340 | 324 | 658 | 668 | |
Taxes, other than income | 153 | 227 | 327 | 460 | |
Professional fees | 229 | 240 | 459 | 489 | |
Federal Deposit Insurance Corporation insurance | 86 | 91 | 178 | 186 | |
Foreclosed real estate | 114 | 152 | 95 | 724 | |
Amortization of intangibles | 33 | 39 | 68 | 80 | |
Other | 1,135 | 1,036 | 2,198 | 1,987 | |
Total Other Expenses | 6,353 | 6,130 | 12,600 | 12,744 | |
INCOME BEFORE INCOME TAXES | 4,211 | 3,582 | 7,915 | 6,509 | |
INCOME TAX EXPENSE | 698 | 858 | 1,273 | 1,409 | |
NET INCOME | $ 3,513 | $ 2,724 | $ 6,642 | $ 5,100 | |
BASIC EARNINGS PER SHARE | [1] | $ 0.57 | $ 0.44 | $ 1.07 | $ 0.82 |
DILUTED EARNINGS PER SHARE | [1] | $ 0.56 | $ 0.43 | $ 1.06 | $ 0.81 |
[1] | Per share data for 2017 has been restated to give retroactive effect to the 50% stock dividend declared on August 8, 2017. |
Consolidated Statements of Inc5
Consolidated Statements of Income (Parenthetical) | 12 Months Ended |
Dec. 31, 2017 | |
Consolidated Statements of Income [Abstract] | |
Common Stock, Dividend Rate, Percentage | 50.00% |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | ||
Consolidated Statements of Comprehensive (Loss) Income [Abstract] | |||||
Net income | $ 3,513 | $ 2,724 | $ 6,642 | $ 5,100 | |
Other comprehensive (loss) income: | |||||
Unrealized holding (loss) gain | (840) | 2,735 | (5,330) | 3,957 | |
Unrealized holding (loss) gain : Tax effect | 177 | (930) | 1,119 | (1,346) | |
Reclassification of investment securities gains recognized in net income | (58) | (31) | (200) | (37) | |
Reclassification of investment securities gains recognized in net income: Tax effect | 12 | 11 | 42 | 13 | |
Other comprehensive (loss) income | [1] | (709) | 1,785 | (4,369) | 2,587 |
Comprehensive Income | $ 2,804 | $ 4,509 | $ 2,273 | $ 7,687 | |
[1] | All amounts are net of tax. Amounts in parentheses indicate debits. |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - 6 months ended Jun. 30, 2018 - USD ($) $ in Thousands | Common Stock [Member] | Surplus [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Loss [Member] | Total | |
Beginning balance at Dec. 31, 2017 | $ 626 | $ 47,431 | $ 70,426 | $ (77) | $ (2,667) | $ 115,739 | |
Beginning balance, shares at Dec. 31, 2017 | 6,256,063 | 2,608 | |||||
Net income | 6,642 | 6,642 | |||||
Other comprehensive loss | (4,369) | (4,369) | [1] | ||||
Cash dividends declared | (2,753) | (2,753) | |||||
Compensation expense related to restricted stock | 102 | 102 | |||||
Acquisition of treasury stock | $ (179) | (179) | |||||
Acquisition of treasury stock, shares | 5,446 | ||||||
Stock options exercised | $ 1 | 164 | $ 68 | $ 233 | |||
Stock options exercised, shares | 10,325 | (2,325) | (12,650) | ||||
Compensation expense related to stock options | 118 | $ 118 | |||||
Ending balance, shares at Jun. 30, 2018 | 6,266,388 | 5,729 | |||||
Ending balance at Jun. 30, 2018 | $ 627 | $ 47,815 | $ 74,315 | $ (188) | $ (7,036) | $ 115,533 | |
[1] | All amounts are net of tax. Amounts in parentheses indicate debits. |
Consolidated Statements of Cha8
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) | 6 Months Ended |
Jun. 30, 2018$ / shares | |
Consolidated Statements of Changes in Stockholders' Equity [Abstract] | |
Cash dividends declared | $ 0.44 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 6,642 | $ 5,100 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 975 | 1,200 |
Depreciation | 437 | 468 |
Amortization of intangible assets | 68 | 80 |
Deferred income taxes | (202) | (525) |
Net amortization of securities premiums and discounts | 885 | 1,120 |
Net realized gain on sales of securities | (200) | (37) |
Gain on sale of deposits | 0 | (209) |
Earnings and proceeds on bank owned life insurance | (552) | (530) |
Loss on sales and writedowns of fixed assets and foreclosed real estate owned | 9 | 529 |
Gain on sale of loans | 0 | (67) |
Loans originated for sale | 0 | (1,693) |
Proceeds from sale of loans originated for sale | 0 | 1,760 |
Compensation expense related to stock options | 118 | 46 |
Compensation expense related to restricted stock | 102 | 71 |
Decrease in accrued interest receivable | 44 | 226 |
Increase (decrease) in accrued interest payable | 27 | (127) |
Other, net | 853 | 1,338 |
Net cash provided by operating activities | 9,206 | 8,750 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Proceeds from sales | 14,583 | 1,835 |
Proceeds from maturities and principal reductions on mortgage-backed securities | 15,151 | 14,792 |
Purchases | (14,269) | (11,893) |
Purchase of regulatory stock | (1,158) | (1,378) |
Redemption of regulatory stock | 2,350 | 1,062 |
Net increase in loans | (40,393) | (21,481) |
Purchase of premises and equipment | (467) | (155) |
Proceeds from sales of fixed assets and foreclosed real estate owned | 467 | 515 |
Net cash used in investing activities | (23,736) | (16,703) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net increase in deposits | 21,505 | 20,954 |
Deposits sold | 0 | (13,659) |
Net decrease in short-term borrowings | 795 | 9,381 |
Repayments of other borrowings | (5,662) | (16,671) |
Proceeds from other borrowings | 0 | 10,000 |
Stock options exercised | 233 | 694 |
Purchase of treasury stock | (179) | (854) |
Cash dividends paid | (2,752) | (2,663) |
Net cash provided by financing activities | 13,940 | 7,182 |
Decrease in cash and cash equivalents | (590) | (771) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 16,697 | 17,174 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 16,107 | 16,403 |
Supplemental Disclosures of Cash Flow Information | ||
Interest on deposits and borrowings | 2,416 | 1,990 |
Income taxes paid, net of refunds | 1,097 | 505 |
Supplemental Schedule of Noncash Investing Activities: | ||
Transfers of loans to foreclosed real estate owned and repossession of other assets | 333 | 71 |
Cash dividends declared | $ 2,753 | $ 2,665 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2018 | |
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. On June 13, 2017, the Company approved and adopted a Plan of Dissolution for Norwood Settlement Services, LLC. Effective May 29, 2018, the existence of Norwood Settlement Services, LLC was terminated. All activity prior to the dissolution is included in the consolidated financial statements. 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 month and six month period s ended June 30 , 201 8 are not necessarily indicative of the results that may be expected for the year ending December 31, 201 8 or any other future interim period. Stock Dividend On August 8, 2017 , the Company declared a 50% stock dividend to stockholders of record on August 22, 2017 which was payable September 15, 2017 . Share and per share information has been adjusted for this dividend. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2018 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | 2 . Revenue Recognition Effective January 1, 2018, the Company adopted ASU 2014-09 Revenue from Contracts with Customers – Topic 606 and all subsequent ASCs that modified ASC 606. The Company has elected to apply the standard utilizing the modified retrospective approach with a cumulative effect of adoption for the impact from uncompleted contracts as the date of adoption. The implementation of the new standard had no material impact to the measurement or recognition of revenue of prior periods. Management determined that the primary sources of revenue emanating from interest income on loans and investments along with noninterest revenue resulting from investment security gains, loan servicing, gains on the sale of loans, commitment fees, and fees from financial guarantees are not within the scope of ASC 606. As a result, no changes were made during the period related to these sources of revenue, which cumulatively comprise 94.2% percent of the total revenue of the Company. The main types of noninterest income within the scope of the standard are as follows: Service charges on deposit accounts – The Company has contracts with its deposit customers where fees are charged if the account balance falls below predetermined levels defined as compensating balances. The agreements can be cancelled at any time by either the Company or the deposit customer. Revenue from the transactions is recognized on a monthly basis as the Company has an unconditional right to the fee consideration. The Company also has transaction fees related to specific transactions or activities resulting from a customer request or activity that include overdraft fees, online banking fees, and other transaction fees. All of these fees are attributable to specific performance obligations of the Company where the revenue is recognized at a defined point in time or at the completion of the requested service/transaction. Fiduciary/trust fees – Typical contracts for trust services are based on a fixed percentage of assets earned ratably over a defined period and billed on a monthly or quarterly basis. Fees charged to customers’ accounts are recognized as revenue over the period during which the Company fulfills its performance obligation under the contract (i.e. holding client assets in a managed fiduciary trust account). For these accounts, the performance obligation of the Company is typically satisfied by holding and managing the customer’s assets over time. Other fees related to specific customer requests are attributable to specific performance obligations of the Company where the revenue is recognized at a defined point in time or at the completion of the requested service/transaction. The Company has evaluated the nature of its contracts with customers and determined that further disaggregation of revenue from contracts with customers into more granular categories beyond what is presented in the Consolidated Statements of Income was not necessary. The Company generally fully satisfies its performance obligations on its contracts with customers as services are rendered and the transaction prices are typically fixed; charged either on a periodic basis or based on activity . |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 3 . 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. All 2017 share and per share information has been restated to reflect the retroactive effect of the 50% stock dividend declared on August 8, 2017. (in thousands) Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Weighted average shares outstanding 6,256 6,240 6,256 6,242 Less: Unvested restricted shares 31 29 31 29 Basic EPS weighted average shares outstanding 6,225 6,211 6,225 6,213 Basic EPS weighted average shares outstanding 6,225 6,211 6,225 6,213 Add: Dilutive effect of stock options 50 50 51 51 Diluted EPS weighted average shares outstanding 6,275 6,261 6,276 6,264 For the three and six month periods ending June 30 , 201 8 , there wer e no stock options that would be anti-dilutive to the earnings per share calculations based upon the closing price of Norwood common stock of $36.02 per share on June 30 , 201 8 . For the three and six month periods ending June 30 , 201 7 , there wer e no anti-dilutive options based on Norwood's closing price of $28.17 per share , after adjus ting for the 50% stock dividend declared on August 8, 2017. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2018 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | 4 . Stock-Based Compensation No awards were granted during the six -month period ending June 30 , 201 8 . As of June 30 , 201 8 , there was $119,000 of total unrecognized compensation cost related to non-vested options granted in 201 7 under the 2014 Equity Incentive Plan, which will be fully amortized by December 31, 201 8 . Compensation costs related to stock options amounted to $118,000 and $46,000 during the six -month periods ended June 30 , 201 8 and 201 7 , respectively. A summary of the Company’s stock option activity for the six-month period ended June 30, 2018 is as follows, after adjusting for the 50% stock dividend declared on August 8, 2017: Weighted Average Exercise Weighted Average Aggregate Price Remaining Intrinsic Value Options Per Share Contractual Term ($000) Outstanding at January 1, 2018 212,725 $ 20.76 6.1 Yrs. $ 2,604 Granted - - - - Exercised (12,650) 18.41 4.8 Yrs. 160 Forfeited (750) 32.81 9.5 Yrs. 25 Outstanding at June 30, 2018 199,325 $ 20.86 5.6 Yrs. $ 1,932 Exercisable at June 30, 2018 165,325 $ 18.41 4.8 Yrs. $ 1,932 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 $36.02 as of June 30 , 201 8 and $33.00 as of December 31, 201 7. A summary of the Company’s restricted stock activity for the six -month period s ended June 30 , 201 8 and 2017 is as follows, after adjusting for the 50% stock dividend declared on August 8, 2017: 2018 2017 Weighted-Average Weighted-Average Number of Grant Date Number of Grant Date Restricted Stock Fair Value Restricted Stock Fair Value Non-vested, January 1, 30,415 $ 24.46 28,035 $ 20.64 Granted - - - - Vested - - - - Forfeited - - - - Non-vested, June 30, 30,415 $ 24.46 28,035 $ 20.64 The expected future compensation expense relating to the 3 0,415 shares of non-vested restricted stock outstanding as of June 30 , 201 8 is $642,000 . This cost will be recognized over the remaining vesting period of 4. 5 y ears. Compensation costs related to restricted stock amounted to $102,000 and $71,000 during the six -month periods ended June 30 , 201 8 and 201 7 , respectively. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | 5 . Accumulated Other Comprehensive Income (Loss) The following table presents the changes in accumulated other comprehensive loss (in thousands) by component net of tax for the three months and six months ended June 30 , 201 8 and 201 7 : Unrealized gains (losses) on available for sale securities (a) Balance as of March 31, 2018 $ (6,327) Other comprehensive loss before reclassification (663) Amount reclassified from accumulated other comprehensive loss (46) Total other comprehensive loss (709) Balance as of June 30, 2018 $ (7,036) Unrealized gains (losses) on available for sale securities (a) Balance as of March 31, 2017 $ (3,317) Other comprehensive income before reclassification 1,805 Amount reclassified from accumulated other comprehensive income (20) Total other comprehensive income 1,785 Balance as of June 30, 2017 $ (1,532) Unrealized gains (losses) on available for sale securities (a) Balance as of December 31, 2017 $ (2,667) Other comprehensive loss before reclassification (4,211) Amount reclassified from accumulated other comprehensive loss (158) Total other comprehensive loss (4,369) Balance as of June 30, 2018 $ (7,036) Unrealized gains (losses) on available for sale securities (a) Balance as of December 31, 2016 $ (4,119) Other comprehensive income before reclassification 2,611 Amount reclassified from accumulated other comprehensive loss (24) Total other comprehensive income 2,587 Balance as of June 30, 2017 $ (1,532) (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 loss (in thousands) for the three months and six months ended June 30 , 201 8 and 201 7 : Amount Reclassified From Accumulated Affected Line Item in Other Consolidated Comprehensive Statements Details about other comprehensive income Income (Loss) (a) of Income Three months ended June 30, 2018 2017 Unrealized gains on available for sale securities $ 58 $ 31 Net realized gains on sales of securities (12) (11) Income tax expense $ 46 $ 20 Six months ended June 30, 2018 2017 Unrealized gains on available for sale securities $ 200 $ 37 Net realized gains on sales of securities (42) (13) Income tax expense $ 158 $ 24 (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, 2018 | |
Off-Balance Sheet Financial Instruments And Guarantees [Abstract] | |
Off-Balance Sheet Financial Instruments And Guarantees | 6 . 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, 2018 2017 Commitments to grant loans $ 43,280 $ 51,583 Unfunded commitments under lines of credit 72,359 69,171 Standby letters of credit 5,733 7,802 $ 121,372 $ 128,556 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 , 201 8 for guarantees under standby letters of credit issued is not material. |
Securities
Securities | 6 Months Ended |
Jun. 30, 2018 | |
Securities [Abstract] | |
Securities | 7 . Securities The amortized cost, gross unrealized gains and losses, and fair value of securities available for sale were as follows: June 30, 2018 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In Thousands) Available for Sale: States and political subdivisions $ 104,115 $ 477 $ (2,620) $ 101,972 Corporate obligations 8,980 - (270) 8,710 Mortgage-backed securities- government sponsored entities 155,725 3 (6,968) 148,760 Total debt securities $ 268,820 $ 480 $ (9,858) $ 259,442 December 31, 2017 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In Thousands) Available for Sale: U.S. Treasury securities $ 2,001 $ - $ (3) $ 1,998 States and political subdivisions 120,000 1,535 (1,057) 120,478 Corporate obligations 10,068 16 (95) 9,989 Mortgage-backed securities-government sponsored entities 152,901 17 (4,262) 148,656 Total debt securities $ 284,970 $ 1,568 $ (5,417) $ 281,121 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, 2018 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 $ 36,534 $ (860) $ 42,947 $ (1,760) $ 79,481 $ (2,620) Corporate obligations 2,065 (22) 6,645 (248) 8,710 (270) Mortgage-backed securities-government sponsored entities 29,724 (766) 114,524 (6,202) 144,248 (6,968) $ 68,323 $ (1,648) $ 164,116 $ (8,210) $ 232,439 $ (9,858) December 31, 2017 Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Treasury securities $ - $ - $ 1,998 $ (3) $ 1,998 $ (3) States and political subdivisions 17,310 (228) 44,948 (829) 62,258 (1,057) Corporate obligations - - 6,859 (95) 6,859 (95) Mortgage-backed securities-government sponsored entities 22,250 (320) 125,846 (3,942) 148,096 (4,262) $ 39,560 $ (548) $ 179,651 $ (4,869) $ 219,211 $ (5,417) At June 30 , 201 8 , the Company h ad 79 debt securities in an unrealized loss position in the less than twelve months category and 160 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 201 8 . 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 , 201 8 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 $ 2,304 $ 2,320 Due after one year through five years 21,279 20,903 Due after five years through ten years 44,371 42,719 Due after ten years 45,141 44,740 Mortgage-backed securities-government sponsored entities 155,725 148,760 $ 268,820 $ 259,442 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, 2018 2017 2018 2017 Gross realized gains $ 58 $ 31 $ 200 $ 43 Gross realized losses - - - (6) Net realized gain $ 58 $ 31 $ 200 $ 37 Proceeds from sales of securities $ 3,822 $ 1,831 $ 14,583 $ 1,835 Securities with a carrying value of $219,244,000 and $226,759,000 at June 30 , 201 8 and 201 7 , respectively, were pledged to secure public deposits, securities sold under agreements to repurchase and for other purposes as required or permitted by law. |
Loans Receivable and Allowance
Loans Receivable and Allowance for Loan Losses | 6 Months Ended |
Jun. 30, 2018 | |
Loans Receivable and Allowance for Loan Losses [Abstract] | |
Loans Receivable and Allowance for Loan Losses | 8 . 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 (dollars in thousands) : June 30, 2018 December 31, 2017 Real Estate Loans: Residential $ 230,840 28.7 % $ 235,759 30.8 % Commercial 364,686 45.4 342,934 44.9 Construction 18,115 2.2 17,228 2.3 Commercial, financial and agricultural 101,779 12.7 97,461 12.7 Consumer loans to individuals 88,523 11.0 70,953 9.3 Total loans 803,943 100.0 % 764,335 100.0 % Deferred fees, net (170) (243) Total loans receivable 803,773 764,092 Allowance for loan losses (8,326) (7,634) Net loans receivable $ 795,447 $ 756,458 The following table presents information regarding loans acquired and accounted for in accordance with ASC 310-30 (in thousands): June 30, 2018 December 31, 2017 Outstanding Balance $ 1,111 $ 1,444 Carrying Amount $ 919 $ 1,174 As a result of the acquisition of Delaware Bancshares, Inc. (“Delaware”), the Company added $1,397,000 of loans that were accounted for in accordance with ASC 310-30. Based on a review of the loans acquired by senior lending management, which included an analysis of credit deterioration of the loans since origination, the Company recorded a specific credit fair value adjustment of $499,000 . For loans that were acquired with specific evidence of deterioration in credit quality, loan losses will be accounted for through a reduction of the specific reserve and will not impact the allowance for loan losses until actual losses exceed the allotted reserves. For loans acquired without a deterioration of credit quality, losses incurred will result in adjustments to the allowance for loan losses 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 probable 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 , 201 8 and December 31, 201 7 , foreclosed real estate owned totaled $1,386,000 and $1,661,000 , respectively. During the six months ended June 30 , 201 8 , the Company acquired a property via a deed-in-lieu transaction with a carrying value of $62,000 , and disposed of a property with a carrying value of $34,000 through a sale of the property. Additional properties with a carrying value of $249,000 were sold, while a write down of $53,000 was processed on a parcel of vacant land due to a lack of interest. As of June 30 , 201 8 , the Company has initiated formal foreclosure proceedings on five properties classified as c onsumer residential mortgages with a carrying value of $182,000 . 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, 2018 (In thousands) Individually evaluated for impairment $ 23 $ 1,234 $ - $ - $ - $ 1,257 Loans acquired with deteriorated credit quality 644 275 - - - 919 Collectively evaluated for impairment 230,173 363,177 18,115 101,779 88,523 801,767 Total Loans $ 230,840 $ 364,686 $ 18,115 $ 101,779 $ 88,523 $ 803,943 Real Estate Loans Commercial Consumer Residential Commercial Construction Loans Loans Total (In thousands) December 31, 2017 Individually evaluated for impairment $ 23 $ 1,224 $ - $ - $ - $ 1,247 Loans acquired with deteriorated credit quality 833 341 - - - 1,174 Collectively evaluated for impairment 234,903 341,369 17,228 97,461 70,953 761,914 Total Loans $ 235,759 $ 342,934 $ 17,228 $ 97,461 $ 70,953 $ 764,335 The following table includes the recorded investment and unpaid principal balances for impaired loans with the associated allowance amount, if applicable. Unpaid Recorded Principal Associated Investment Balance Allowance June 30, 2018 (in thousands) With no related allowance recorded: Real Estate Loans Residential $ 23 $ 28 $ - Commercial 1,234 1,546 - Subtotal 1,257 1,574 - Total: Real Estate Loans Residential 23 28 - Commercial 1,234 1,546 - Total Impaired Loans $ 1,257 $ 1,574 $ - Unpaid Recorded Principal Associated Investment Balance Allowance December 31, 2017 (in thousands) With no related allowance recorded: Real Estate Loans Residential $ 23 $ 28 $ - Commercial 1,224 1,496 - Subtotal 1,247 1,524 - Total: Real Estate Loans Residential 23 28 - Commercial 1,224 1,496 - Total Impaired Loans $ 1,247 $ 1,524 $ - The following table presents the average recorded investment in impaired loans and the related amount of interest income recognized during the three-month periods ended June 30, 2018 and 2017, respectively (in thousands): Average Recorded Interest Income Investment Recognized 2018 2017 2018 2017 Real Estate Loans: Residential $ 23 $ 23 $ - $ - Commercial 1,202 2,821 16 29 Total $ 1,225 $ 2,844 $ 16 $ 29 The following table presents the average recorded investment in impaired loans and the related amount of interest income recognized during the six-month periods ended June 30, 2018 and 2017, respectively (in thousands): Average Recorded Interest Income Investment Recognized 2018 2017 2018 2017 Real Estate Loans: Residential $ 23 $ 23 $ - $ - Commercial 1,194 2,730 30 51 Total $ 1,217 $ 2,753 $ 30 $ 51 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 , 201 8 and December 31, 2017, troubled debt restructured loans totaled $1.1 million with no specific reser ve. For the six-month period ended June 30 , 201 8 , there were no new loans identified as troubled debt restructurings. During 201 8 , the Company did no t recognize a ny losses on loan s that w ere previously identified as a troubled debt restructuring . For the six-month period ended June 30 , 201 7 , there were no new loans identified as troubled debt restructurings. During the 201 7 period, the Company recognized a w rite-down of $55,000 on one loan that was previously identified as a troubled debt restructur ing with a carrying value of $247,000 as of June 30, 2017. 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 nonperformance, 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 $1,500,000 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 , 201 8 and December 31, 201 7 (in thousands): Special Doubtful Pass Mention Substandard or Loss Total June 30, 2018 Commercial real estate loans $ 351,691 $ 8,610 $ 4,385 $ - $ 364,686 Commercial loans 101,571 116 92 - 101,779 Total $ 453,262 $ 8,726 $ 4,477 $ - $ 466,465 Special Doubtful Pass Mention Substandard or Loss Total December 31, 2017 Commercial real estate loans $ 329,617 $ 9,680 $ 3,637 $ - $ 342,934 Commercial loans 97,389 16 56 - 97,461 Total $ 427,006 $ 9,696 $ 3,693 $ - $ 440,395 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, 2018 and December 31, 2017 (in thousands): Performing Nonperforming Total June 30, 2018 Residential real estate loans $ 229,816 $ 1,024 $ 230,840 Construction 18,115 - 18,115 Consumer loans 88,523 - 88,523 Total $ 336,454 $ 1,024 $ 337,478 Performing Nonperforming Total December 31, 2017 Residential real estate loans $ 233,966 $ 1,793 $ 235,759 Construction 17,228 - 17,228 Consumer loans 70,953 - 70,953 Total $ 322,147 $ 1,793 $ 323,940 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 , 201 8 and December 31, 201 7 (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, 2018 Real Estate loans Residential $ 229,283 $ 533 $ - $ - $ 1,024 $ 1,557 $ 230,840 Commercial 364,271 168 - - 247 415 364,686 Construction 18,115 - - - - - 18,115 Commercial loans 101,705 74 - - - 74 101,779 Consumer loans 88,474 42 7 - - 49 88,523 Total $ 801,848 $ 817 $ 7 $ - $ 1,271 $ 2,095 $ 803,943 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, 2017 Real Estate loans Residential $ 233,291 $ 594 $ 81 $ 87 $ 1,706 $ 2,468 $ 235,759 Commercial 341,602 646 - 409 277 1,332 342,934 Construction 17,228 - - - - - 17,228 Commercial loans 97,424 10 27 - - 37 97,461 Consumer loans 70,869 60 24 - - 84 70,953 Total $ 760,414 $ 1,310 $ 132 $ 496 $ 1,983 $ 3,921 $ 764,335 Management reviews the loan portfolio on a quarterly basis using a defined, consistently applied process in order to make appropriate and timely adjustments to the allowance for loan losses. When information confirms all or part of specific loans to be uncollectible, these amounts are promptly charged off against the allowance. 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, 2017 $ 1,272 $ 5,265 $ 90 $ 463 $ 544 $ 7,634 Charge Offs (75) (134) - (5) (117) (331) Recoveries 2 31 - - 15 48 Provision for loan losses 256 85 38 232 364 975 Ending balance, June 30, 2018 $ 1,455 $ 5,247 $ 128 $ 690 $ 806 $ 8,326 Ending balance individually evaluated for impairment $ - $ - $ - $ - $ - $ - Ending balance collectively evaluated for impairment $ 1,455 $ 5,247 $ 128 $ 690 $ 806 $ 8,326 (In thousands) Residential Real Estate Commercial Real Estate Construction Commercial Consumer Total Beginning balance, March 31, 2018 $ 1,525 $ 5,129 $ 120 $ 638 $ 687 $ 8,099 Charge Offs (24) (134) - (5) (69) (232) Recoveries 1 25 - - 8 34 Provision for loan losses (47) 227 8 57 180 425 Ending balance, June 30, 2018 $ 1,455 $ 5,247 $ 128 $ 690 $ 806 $ 8,326 (In thousands) Residential Real Estate Commercial Real Estate Construction Commercial Consumer Total Beginning balance, December 31, 2016 $ 1,092 $ 4,623 $ 78 $ 307 $ 363 $ 6,463 Charge Offs (83) (96) (13) - (82) (274) Recoveries 3 4 12 - 11 30 Provision for loan losses 242 697 16 53 192 1,200 Ending balance, June 30, 2017 $ 1,254 $ 5,228 $ 93 $ 360 $ 484 $ 7,419 Ending balance individually evaluated for impairment $ - $ - $ - $ - $ - $ - Ending balance collectively evaluated for impairment $ 1,254 $ 5,228 $ 93 $ 360 $ 484 $ 7,419 (In thousands) Residential Real Estate Commercial Real Estate Construction Commercial Consumer Total Beginning balance, March 31, 2017 $ 1,179 $ 4,831 $ 95 $ 369 $ 427 $ 6,901 Charge Offs (44) (11) (5) - (30) (90) Recoveries 2 2 - - 4 8 Provision for loan losses 117 406 3 (9) 83 600 Ending balance, June 30, 2017 $ 1,254 $ 5,228 $ 93 $ 360 $ 484 $ 7,419 The Company’s primary business activity as of June 30 , 201 8 was with customers located in northeastern Pennsylvania and the New York counties of Delaware and Sullivan. 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 , 201 8 , the Company considered its concentration of credit risk to be acceptable. The highest concentrations are in commercial rentals with $79.2 mi llion of loans outstanding, or 9.8% of total loans outstanding, and the hospitality/lodging industry with loans outstanding of $61.2 million, or 7.6% of loans outstanding. During 201 8 , the Company did not recognize any losses in the named concentrations. |
Fair Value Of Assets And Liabil
Fair Value Of Assets And Liabilities | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Of Assets And Liabilities [Abstract] | |
Fair Value Of Assets And Liabilities | 9 . Fair Value of Assets and Liabilities Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. In accordance with fair value accounting guidance, the Company measures, records, and reports various types of assets and liabilities at fair value on either a recurring or non-recurring basis in the Consolidated Financial Statements. Those assets and liabilities are presented in the sections entitled “Assets and Liabilities Required to be Measured and Reported at Fair Value on a Recurring Basis” and “Assets and Liabilities Required to be Measured and Reported at Fair Value on a Non-Recurring Basis”. There are three levels of inputs that may be used to measure fair values: Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2 – Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 – Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. The methods of determining the fair value of assets and liabilities presented in this note are consistent with our methodologies disclosed in Note 14 of the Company’s 2017 Form 10-K, except for the valuation of loans which was impacted by the adoption of ASU 2016-01. In accordance with ASU 2016-01, the fair value of loans, excluding previously presented impaired loans measured at fair value on a non-recurring basis, is estimated using discounted cash flow analyses. The discount rates used to determine fair value use interest rate spreads that reflect factors such as liquidity, credit and nonperformance risk. Loans are considered a Level 3 classification. Assets and Liabilities Required to be Measured and Reported at Fair Value on a Recurring Basis 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 , 201 8 and December 31, 201 7 are as follows: Fair Value Measurement Using Reporting Date Description Total Level 1 Level 2 Level 3 (In thousands) June 30, 2018 Available for Sale: States and political subdivisions $ 101,972 $ - $ 101,972 $ - Corporate obligations 8,710 - 8,710 - Mortgage-backed securities-government sponsored entities 148,760 - 148,760 - Total $ 259,442 $ - $ 259,442 $ - Description Total Level 1 Level 2 Level 3 (In thousands) December 31, 2017 Available for Sale: U.S. Treasury securities $ 1,998 $ - $ 1,998 $ - States and political subdivisions 120,478 - 120,478 - Corporate obligations 9,989 - 9,989 - Mortgage-backed securities-government sponsored entities 148,656 - 148,656 - Total $ 281,121 $ - $ 281,121 $ - 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. Assets and Liabilities Required to be Measured and Reported at Fair Value on a Non- Recurring Basis 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 , 201 8 and December 31, 201 7 are as follows: Fair Value Measurement Reporting Date using Reporting Date (In thousands) Description Total Level 1 Level 2 Level 3 June 30, 2018 Impaired Loans $ 1,257 $ - $ - $ 1,257 Foreclosed Real Estate Owned 1,386 - - 1,386 December 31, 2017 Impaired Loans $ 1,247 $ - $ - $ 1,247 Foreclosed Real Estate Owned 1,661 - - 1,661 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 , 201 8 , the fair value investment in impaired loans totaled $1,257,000 which included five l oan relationships that did not require a valuation allowance since either the estimated realizable value of the collateral or the discounted cash flows exceeded the recorded investment in the loan. As of June 30 , 201 8 , the Company has recognized charge-offs against the allowance for loan losses on these impaired loans in the amount of $316,000 over the life of the loans. As of December 31, 201 7 , the fair value investment in impaired loans totaled $1,247,000 which include d five loans 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, 201 7 , the Company had recognized charge-offs against the allowance for loan losses on these impaired loans in the amount of $277,000 over the life of the loans. 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. The following table present s additional quantitative information about assets measured at fair value on a non - recurring 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, 2018 Impaired loans $ 155 Appraisal of collateral(1) Appraisal adjustments(2) 10% ( 10% ) Impaired loans $ 1,102 Present value of future cash flows Loan discount rate 4.00 - 5.25% ( 5.12% ) Foreclosed real estate owned $ 1,386 Appraisal of collateral(1) Liquidation Expenses(2) 0 -71.43% ( 11.72% ) Quantitative Information about Level 3 Fair Value Measurements (dollars in thousands) Fair Value Estimate Valuation Techniques Unobservable Input Range (Weighted Average) December 31, 2017 Impaired loans $ 131 Appraisal of collateral(1) Appraisal adjustments(2) 10% ( 10% ) Impaired loans $ 1,116 Present value of future cash flows Loan discount rate 4.00 - 5.25% ( 5.11% ) Foreclosed real estate owned $ 1,661 Appraisal of collateral(1) Liquidation Expenses(2) 0 -42.60% ( 14.68% ) (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. Assets and Liabilities Not Required to be Measured or Reported at Fair Value 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 , 201 8 and December 31, 201 7 . 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. 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. 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. R estricted investment in Federal Home Loan Bank stock (carried at cost): The Bank , 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): 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 not required to be measured or reported at fair value were as follows at June 30 , 201 8 and December 31, 201 7 . (In thousands) Fair Value Measurements at June 30, 2018 Carrying Amount Fair Value Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 16,107 $ 16,107 $ 16,107 $ - $ - Loans receivable, net 795,447 791,456 - - 791,456 Mortgage servicing rights 185 223 - - 223 Regulatory stock 2,313 2,313 2,313 - - Bank owned life insurance 37,485 37,485 37,485 - - Accrued interest receivable 3,672 3,672 3,672 - - Financial liabilities: Deposits 950,889 950,692 642,431 - 308,342 Short-term borrowings 43,325 43,325 43,325 - - Other borrowings 30,283 29,757 - - 29,757 Accrued interest payable 1,461 1,461 1,461 - - Off-balance sheet financial instruments: Commitments to extend credit and outstanding letters of credit - - - - - Fair Value Measurements at December 31, 2017 Carrying Amount Fair Value Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 16,697 $ 16,697 $ 16,697 $ - $ - Loans receivable, net 756,458 756,092 - - 756,092 Mortgage servicing rights 200 223 - - 223 Regulatory stock 3,505 3,505 3,505 - - Bank owned life insurance 37,060 37,060 37,060 - - Accrued interest receivable 3,716 3,716 3,716 - - Financial liabilities: Deposits 929,384 929,709 609,090 - 320,619 Short-term borrowings 42,530 42,530 42,530 - - Other borrowings 35,945 35,514 - - 35,514 Accrued interest payable 1,434 1,434 1,434 - - 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, 2018 | |
New and Recently Adopted Accounting Pronouncements [Abstract] | |
New and Recently Adopted Accounting Pronouncements | 10 . New and Recently Adopted Accounting Pronouncements 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. Upon adoption on January 1, 2018, we have included the related new disclosure requirements in Note 2 . 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 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 (g) 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. Upon adoption on January 1, 2018, we have included the related new disclosure requirements in Note 9. New Accounting Pronouncements Not Yet Adopted 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 assessing the practical expedients it may elect at adoption, but does not anticipate the amendments will have a significant impact on the financial statements. Based on the Company’s preliminary analysis of its current portfolio, the impact to the Company’s balance sheet is estimated to result in less than a 1 percent increase in assets and liabilities. The Company also anticipates additional disclosures to be provided at adoption. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments , which changes the impairment model for most financial assets. This Update 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 Update 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. We expect to recognize a one-time cumulative effect adjustment to the allowance for loan losses as of the beginning of the first reporting period in which the new standard is effective, but cannot yet determine the magnitude of any such one-time adjustment or the overall impact of the new guidance on the consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment . To simplify the subsequent measurement of goodwill, the FASB eliminated Step 2 from the goodwill impairment test. In computing the implied fair value of goodwill under Step 2, an entity had to perform procedures to determine the fair value at the impairment testing date of its assets and liabilities (including unrecognized assets and liabilities) following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. Instead, under the amendments in this Update, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting units fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. A public business entity that is a U.S. Securities and Exchange Commission (SEC) filer should adopt the amendments in this Update for its annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. A public business entity that is not an SEC filer should adopt the amendments in this Update for its annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2020. All other entities, including not-for-profit entities, that are adopting the amendments in this Update should do so for their annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2021. This Update is not expected to have a significant impact on the Company’s financial statements. In March 2017, the FASB issued ASU 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20). The amendments in this Update shorten the amortization period for certain callable debt securities held at a premium. Specifically, the amendments require the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. For public business entities, the amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity should apply the amendments in this Update on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. Additionally, in the period of adoption, an entity should provide disclosures about a change in accounting principle. 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 January 2018, the FASB issued ASU 2018-01, Leases (Topic 842) , which provides an optional transition practical expedient to not evaluate under Topic 842 existing or expired land easements that were not previously accounted for as leases under the current lease guidance in Topic 840. An entity that elects this practical expedient should evaluate new or modified land easements under Topic 842 beginning at the date the entity adopts Topic 842; otherwise, an entity should evaluate all existing or expired land easements in connection with the adoption of the new lease requirements in Topic 842 to assess whether they meet the definition of a lease. The effective date and transition requirements for the amendments are the same as the effective date and transition requirements in ASU 2016-02. 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 2018, the FASB issued ASU 2018-03, Technical Corrections and Improvements to Financial Instruments—Overall (Subtopic 825-10) , to clarify certain aspects of the guidance issued in ASU 2016-01. (1) An entity measuring an equity security using the measurement alternative may change its measurement approach to a fair value method in accordance with Topic 820, Fair Value Measurement , through an irrevocable election that would apply to that security and all identical or similar investments of the same issuer. Once an entity makes this election, the entity should measure all future purchases of identical or similar investments of the same issuer using a fair value method in accordance with Topic 820. (2) Adjustments made under the measurement alternative are intended to reflect the fair value of the security as of the date that the observable transaction for a similar security took place. (3) Remeasuring the entire value of forward contracts and purchased options is required when observable transactions occur on the underlying equity securities. (4) When the fair value option is elected for a financial liability, the guidance in paragraph 825-10- 45-5 should be applied, regardless of whether the fair value option was elected under either Subtopic 815-15, Derivatives and Hedging—Embedded Derivatives , or 825-10, Financial Instruments—Overall . (5) Financial liabilities for which the fair value option is elected, the amount of change in fair value that relates to the instrument specific credit risk should first be measured in the currency of denomination when presented separately from the total change in fair value of the financial liability. Then, both components of the change in the fair value of the liability should be remeasured into the functional currency of the reporting entity using end-of-period spot rates. (6) The prospective transition approach for equity securities without a readily determinable fair value in the amendments in Update 2016-01 is meant only for instances in which the measurement alternative is applied. An insurance entity subject to the guidance in Topic 944, Financial Services— Insurance , should apply a prospective transition method when applying the amendments related to equity securities without readily determinable fair values. An insurance entity should apply the selected prospective transition method consistently to the entity’s entire population of equity securities for which the measurement alternative is elected. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years beginning after June 15, 2018. Public business entities with fiscal years beginning between December 15, 2017, and June 15, 2018, are not required to adopt these amendments until the interim period beginning after June 15, 2018, and public business entities with fiscal years beginning between June 15, 2018, and December 15, 2018, are not required to adopt these amendments before adopting the amendments in Update 2016-01. For all other entities, the effective date is the same as the effective date in Update 2016-01. All entities may early adopt these amendments for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, as long as they have adopted Update 2016-01. This Update is not expected to have a significant impact on the Company’s financial statements. ASU 2018-04, Investments – Debt Securities (Topic 320) and Regulated Operations (Topic 980) - Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 117 and SEC Release No. 33-9273, ASU 2018-04 supersedes various SEC paragraphs and adds an SEC paragraph pursuant to the issuance of Staff Accounting Bulletin No. 117. This Update is not expected to have a significant impact on the Company’s financial statements. ASU 2018-06, Codification Improvements to Topic 942, Financial Services-Depository and Lending , amends the guidance in Subtopic 942-740, Financial Services-Depository and Lending-Income Taxes , that is related to Circular 202 because that guidance has been rescinded by the Office of the Comptroller of the Currency (OCC) and no longer is relevant. This Update is not expected to have a significant impact on the Company’s financial statements. In June 2018, the FASB issued ASU 2018-07, Compensation – Stock Compensation (Topic 718) , which simplified the accounting for nonemployee share-based payment transactions. The amendments in this update expand the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. The amendments in this Update improve the following areas of nonemployee share-based payment accounting; (a) the overall measurement objective, (b) the measurement date, (c) awards with performance conditions, (d) classification reassessment of certain equity-classified awards, (e) calculated value (nonpublic entities only), and (f) intrinsic value (nonpublic entities only). The amendments in this Update are effective for public business entities for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. This Update is not expected to have a significant impact on the Company’s financial statements. ASU 2018-09, Codification Improvements , represents changes to clarify, correct errors in, or make minor improvements to the Codification. The amendments make the Codification easier to understand and easier to apply by eliminating inconsistencies and providing clarifications. The transition and effective date guidance is based on the facts and circumstances of each amendment. Some of the amendments do not require transition guidance and will be effective upon issuance of this ASU. However, many of the amendments in this ASU do have transition guidance with effective dates for annual periods beginning after December 15, 2018, for public business entities. This Update is not expected to have a significant impact on the Company’s financial statements. ASU 2018-10, Codification Improvements to Topic 842, Leases , represents changes to clarify, correct errors in, or make minor improvements to the Codification. The amendments in this ASU affect the amendments in ASU 2016-02, which are not yet effective, but for which early adoption upon issuance is permitted. For entities that early adopted Topic 842, the amendments are effective upon issuance of this ASU, and the transition requirements are the same as those in Topic 842. For entities that have not adopted Topic 842, the effective date and transition requirements will be the same as the effective date and transition requirements in Topic 842. T he Company is currently evaluating the impact the adoption of the standard will have on the Company’s financial position or results of operations. |
Basis of Presentation (Policy)
Basis of Presentation (Policy) | 6 Months Ended |
Jun. 30, 2018 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | 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. On June 13, 2017, the Company approved and adopted a Plan of Dissolution for Norwood Settlement Services, LLC. Effective May 29, 2018, the existence of Norwood Settlement Services, LLC was terminated. All activity prior to the dissolution is included in the consolidated financial statements. 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 month and six month period s ended June 30 , 201 8 are not necessarily indicative of the results that may be expected for the year ending December 31, 201 8 or any other future interim period. |
Stock Dividend | Stock Dividend On August 8, 2017 , the Company declared a 50% stock dividend to stockholders of record on August 22, 2017 which was payable September 15, 2017 . Share and per share information has been adjusted for this dividend. |
Revenue Recognition (Policy)
Revenue Recognition (Policy) | 6 Months Ended |
Jun. 30, 2018 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | Effective January 1, 2018, the Company adopted ASU 2014-09 Revenue from Contracts with Customers – Topic 606 and all subsequent ASCs that modified ASC 606. The Company has elected to apply the standard utilizing the modified retrospective approach with a cumulative effect of adoption for the impact from uncompleted contracts as the date of adoption. The implementation of the new standard had no material impact to the measurement or recognition of revenue of prior periods. Management determined that the primary sources of revenue emanating from interest income on loans and investments along with noninterest revenue resulting from investment security gains, loan servicing, gains on the sale of loans, commitment fees, and fees from financial guarantees are not within the scope of ASC 606. As a result, no changes were made during the period related to these sources of revenue, which cumulatively comprise 94.2% percent of the total revenue of the Company. The main types of noninterest income within the scope of the standard are as follows: Service charges on deposit accounts – The Company has contracts with its deposit customers where fees are charged if the account balance falls below predetermined levels defined as compensating balances. The agreements can be cancelled at any time by either the Company or the deposit customer. Revenue from the transactions is recognized on a monthly basis as the Company has an unconditional right to the fee consideration. The Company also has transaction fees related to specific transactions or activities resulting from a customer request or activity that include overdraft fees, online banking fees, and other transaction fees. All of these fees are attributable to specific performance obligations of the Company where the revenue is recognized at a defined point in time or at the completion of the requested service/transaction. Fiduciary/trust fees – Typical contracts for trust services are based on a fixed percentage of assets earned ratably over a defined period and billed on a monthly or quarterly basis. Fees charged to customers’ accounts are recognized as revenue over the period during which the Company fulfills its performance obligation under the contract (i.e. holding client assets in a managed fiduciary trust account). For these accounts, the performance obligation of the Company is typically satisfied by holding and managing the customer’s assets over time. Other fees related to specific customer requests are attributable to specific performance obligations of the Company where the revenue is recognized at a defined point in time or at the completion of the requested service/transaction. The Company has evaluated the nature of its contracts with customers and determined that further disaggregation of revenue from contracts with customers into more granular categories beyond what is presented in the Consolidated Statements of Income was not necessary. The Company generally fully satisfies its performance obligations on its contracts with customers as services are rendered and the transaction prices are typically fixed; charged either on a periodic basis or based on activity |
Earnings Per Share (Policy)
Earnings Per Share (Policy) | 6 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
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. |
Loans Receivable and Allowanc23
Loans Receivable and Allowance for Loan Losses (Policy) | 6 Months Ended |
Jun. 30, 2018 | |
Loans Receivable and Allowance for Loan Losses [Abstract] | |
Loans Receivable | 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 probable 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 Acco24
New and Recently Adopted Accounting Pronouncements (Policy) | 6 Months Ended |
Jun. 30, 2018 | |
New and Recently Adopted Accounting Pronouncements [Abstract] | |
New Accounting Standards | New Accounting Pronouncements Not Yet Adopted 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 assessing the practical expedients it may elect at adoption, but does not anticipate the amendments will have a significant impact on the financial statements. Based on the Company’s preliminary analysis of its current portfolio, the impact to the Company’s balance sheet is estimated to result in less than a 1 percent increase in assets and liabilities. The Company also anticipates additional disclosures to be provided at adoption. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments , which changes the impairment model for most financial assets. This Update 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 Update 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. We expect to recognize a one-time cumulative effect adjustment to the allowance for loan losses as of the beginning of the first reporting period in which the new standard is effective, but cannot yet determine the magnitude of any such one-time adjustment or the overall impact of the new guidance on the consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment . To simplify the subsequent measurement of goodwill, the FASB eliminated Step 2 from the goodwill impairment test. In computing the implied fair value of goodwill under Step 2, an entity had to perform procedures to determine the fair value at the impairment testing date of its assets and liabilities (including unrecognized assets and liabilities) following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. Instead, under the amendments in this Update, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting units fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. A public business entity that is a U.S. Securities and Exchange Commission (SEC) filer should adopt the amendments in this Update for its annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. A public business entity that is not an SEC filer should adopt the amendments in this Update for its annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2020. All other entities, including not-for-profit entities, that are adopting the amendments in this Update should do so for their annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2021. This Update is not expected to have a significant impact on the Company’s financial statements. In March 2017, the FASB issued ASU 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20). The amendments in this Update shorten the amortization period for certain callable debt securities held at a premium. Specifically, the amendments require the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. For public business entities, the amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity should apply the amendments in this Update on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. Additionally, in the period of adoption, an entity should provide disclosures about a change in accounting principle. 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 January 2018, the FASB issued ASU 2018-01, Leases (Topic 842) , which provides an optional transition practical expedient to not evaluate under Topic 842 existing or expired land easements that were not previously accounted for as leases under the current lease guidance in Topic 840. An entity that elects this practical expedient should evaluate new or modified land easements under Topic 842 beginning at the date the entity adopts Topic 842; otherwise, an entity should evaluate all existing or expired land easements in connection with the adoption of the new lease requirements in Topic 842 to assess whether they meet the definition of a lease. The effective date and transition requirements for the amendments are the same as the effective date and transition requirements in ASU 2016-02. 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 2018, the FASB issued ASU 2018-03, Technical Corrections and Improvements to Financial Instruments—Overall (Subtopic 825-10) , to clarify certain aspects of the guidance issued in ASU 2016-01. (1) An entity measuring an equity security using the measurement alternative may change its measurement approach to a fair value method in accordance with Topic 820, Fair Value Measurement , through an irrevocable election that would apply to that security and all identical or similar investments of the same issuer. Once an entity makes this election, the entity should measure all future purchases of identical or similar investments of the same issuer using a fair value method in accordance with Topic 820. (2) Adjustments made under the measurement alternative are intended to reflect the fair value of the security as of the date that the observable transaction for a similar security took place. (3) Remeasuring the entire value of forward contracts and purchased options is required when observable transactions occur on the underlying equity securities. (4) When the fair value option is elected for a financial liability, the guidance in paragraph 825-10- 45-5 should be applied, regardless of whether the fair value option was elected under either Subtopic 815-15, Derivatives and Hedging—Embedded Derivatives , or 825-10, Financial Instruments—Overall . (5) Financial liabilities for which the fair value option is elected, the amount of change in fair value that relates to the instrument specific credit risk should first be measured in the currency of denomination when presented separately from the total change in fair value of the financial liability. Then, both components of the change in the fair value of the liability should be remeasured into the functional currency of the reporting entity using end-of-period spot rates. (6) The prospective transition approach for equity securities without a readily determinable fair value in the amendments in Update 2016-01 is meant only for instances in which the measurement alternative is applied. An insurance entity subject to the guidance in Topic 944, Financial Services— Insurance , should apply a prospective transition method when applying the amendments related to equity securities without readily determinable fair values. An insurance entity should apply the selected prospective transition method consistently to the entity’s entire population of equity securities for which the measurement alternative is elected. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years beginning after June 15, 2018. Public business entities with fiscal years beginning between December 15, 2017, and June 15, 2018, are not required to adopt these amendments until the interim period beginning after June 15, 2018, and public business entities with fiscal years beginning between June 15, 2018, and December 15, 2018, are not required to adopt these amendments before adopting the amendments in Update 2016-01. For all other entities, the effective date is the same as the effective date in Update 2016-01. All entities may early adopt these amendments for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, as long as they have adopted Update 2016-01. This Update is not expected to have a significant impact on the Company’s financial statements. ASU 2018-04, Investments – Debt Securities (Topic 320) and Regulated Operations (Topic 980) - Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 117 and SEC Release No. 33-9273, ASU 2018-04 supersedes various SEC paragraphs and adds an SEC paragraph pursuant to the issuance of Staff Accounting Bulletin No. 117. This Update is not expected to have a significant impact on the Company’s financial statements. ASU 2018-06, Codification Improvements to Topic 942, Financial Services-Depository and Lending , amends the guidance in Subtopic 942-740, Financial Services-Depository and Lending-Income Taxes , that is related to Circular 202 because that guidance has been rescinded by the Office of the Comptroller of the Currency (OCC) and no longer is relevant. This Update is not expected to have a significant impact on the Company’s financial statements. In June 2018, the FASB issued ASU 2018-07, Compensation – Stock Compensation (Topic 718) , which simplified the accounting for nonemployee share-based payment transactions. The amendments in this update expand the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. The amendments in this Update improve the following areas of nonemployee share-based payment accounting; (a) the overall measurement objective, (b) the measurement date, (c) awards with performance conditions, (d) classification reassessment of certain equity-classified awards, (e) calculated value (nonpublic entities only), and (f) intrinsic value (nonpublic entities only). The amendments in this Update are effective for public business entities for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. This Update is not expected to have a significant impact on the Company’s financial statements. ASU 2018-09, Codification Improvements , represents changes to clarify, correct errors in, or make minor improvements to the Codification. The amendments make the Codification easier to understand and easier to apply by eliminating inconsistencies and providing clarifications. The transition and effective date guidance is based on the facts and circumstances of each amendment. Some of the amendments do not require transition guidance and will be effective upon issuance of this ASU. However, many of the amendments in this ASU do have transition guidance with effective dates for annual periods beginning after December 15, 2018, for public business entities. This Update is not expected to have a significant impact on the Company’s financial statements. ASU 2018-10, Codification Improvements to Topic 842, Leases , represents changes to clarify, correct errors in, or make minor improvements to the Codification. The amendments in this ASU affect the amendments in ASU 2016-02, which are not yet effective, but for which early adoption upon issuance is permitted. For entities that early adopted Topic 842, the amendments are effective upon issuance of this ASU, and the transition requirements are the same as those in Topic 842. For entities that have not adopted Topic 842, the effective date and transition requirements will be the same as the effective date and transition requirements in Topic 842. T he 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, 2018 | |
Earnings Per Share [Abstract] | |
Schedule Of 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, 2018 2017 2018 2017 Weighted average shares outstanding 6,256 6,240 6,256 6,242 Less: Unvested restricted shares 31 29 31 29 Basic EPS weighted average shares outstanding 6,225 6,211 6,225 6,213 Basic EPS weighted average shares outstanding 6,225 6,211 6,225 6,213 Add: Dilutive effect of stock options 50 50 51 51 Diluted EPS weighted average shares outstanding 6,275 6,261 6,276 6,264 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Stock-Based Compensation [Abstract] | |
Summary of Stock Option Activity | Weighted Average Exercise Weighted Average Aggregate Price Remaining Intrinsic Value Options Per Share Contractual Term ($000) Outstanding at January 1, 2018 212,725 $ 20.76 6.1 Yrs. $ 2,604 Granted - - - - Exercised (12,650) 18.41 4.8 Yrs. 160 Forfeited (750) 32.81 9.5 Yrs. 25 Outstanding at June 30, 2018 199,325 $ 20.86 5.6 Yrs. $ 1,932 Exercisable at June 30, 2018 165,325 $ 18.41 4.8 Yrs. $ 1,932 |
Summary of Restricted Stock Activity | 2018 2017 Weighted-Average Weighted-Average Number of Grant Date Number of Grant Date Restricted Stock Fair Value Restricted Stock Fair Value Non-vested, January 1, 30,415 $ 24.46 28,035 $ 20.64 Granted - - - - Vested - - - - Forfeited - - - - Non-vested, June 30, 30,415 $ 24.46 28,035 $ 20.64 |
Accumulated Other Comprehensi27
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Summary Of Changes In Accumulated Other Comprehensive Income (Loss) | Unrealized gains (losses) on available for sale securities (a) Balance as of March 31, 2018 $ (6,327) Other comprehensive loss before reclassification (663) Amount reclassified from accumulated other comprehensive loss (46) Total other comprehensive loss (709) Balance as of June 30, 2018 $ (7,036) Unrealized gains (losses) on available for sale securities (a) Balance as of March 31, 2017 $ (3,317) Other comprehensive income before reclassification 1,805 Amount reclassified from accumulated other comprehensive income (20) Total other comprehensive income 1,785 Balance as of June 30, 2017 $ (1,532) Unrealized gains (losses) on available for sale securities (a) Balance as of December 31, 2017 $ (2,667) Other comprehensive loss before reclassification (4,211) Amount reclassified from accumulated other comprehensive loss (158) Total other comprehensive loss (4,369) Balance as of June 30, 2018 $ (7,036) Unrealized gains (losses) on available for sale securities (a) Balance as of December 31, 2016 $ (4,119) Other comprehensive income before reclassification 2,611 Amount reclassified from accumulated other comprehensive loss (24) Total other comprehensive income 2,587 Balance as of June 30, 2017 $ (1,532) (a) All amounts are net of tax. Amounts in parentheses indicate debits. |
Significant Amounts Reclassified Out Of Each Component Of Accumulated Other Comprehensive Income (Loss) | Amount Reclassified From Accumulated Affected Line Item in Other Consolidated Comprehensive Statements Details about other comprehensive income Income (Loss) (a) of Income Three months ended June 30, 2018 2017 Unrealized gains on available for sale securities $ 58 $ 31 Net realized gains on sales of securities (12) (11) Income tax expense $ 46 $ 20 Six months ended June 30, 2018 2017 Unrealized gains on available for sale securities $ 200 $ 37 Net realized gains on sales of securities (42) (13) Income tax expense $ 158 $ 24 (a) Amounts in parentheses indicate debits to net income |
Off-Balance Sheet Financial I28
Off-Balance Sheet Financial Instruments And Guarantees (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Off-Balance Sheet Financial Instruments And Guarantees [Abstract] | |
Schedule of Fair Value, Off-balance Sheet Risks | A summary of the Bank’s financial instrument commitments is as follows: (in thousands) June 30, 2018 2017 Commitments to grant loans $ 43,280 $ 51,583 Unfunded commitments under lines of credit 72,359 69,171 Standby letters of credit 5,733 7,802 $ 121,372 $ 128,556 |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Securities [Abstract] | |
Schedule Of Amortized CostGross Unrealized Gains and Losses, and Fair Values of Securities | June 30, 2018 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In Thousands) Available for Sale: States and political subdivisions $ 104,115 $ 477 $ (2,620) $ 101,972 Corporate obligations 8,980 - (270) 8,710 Mortgage-backed securities- government sponsored entities 155,725 3 (6,968) 148,760 Total debt securities $ 268,820 $ 480 $ (9,858) $ 259,442 December 31, 2017 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In Thousands) Available for Sale: U.S. Treasury securities $ 2,001 $ - $ (3) $ 1,998 States and political subdivisions 120,000 1,535 (1,057) 120,478 Corporate obligations 10,068 16 (95) 9,989 Mortgage-backed securities-government sponsored entities 152,901 17 (4,262) 148,656 Total debt securities $ 284,970 $ 1,568 $ (5,417) $ 281,121 |
Schedule Of Investments' Gross Unrealized Losses and Fair Value Aggregated by Security Type and Lengthof Time That Individual Securities Have Been in a Continuous Unrealized Loss Position | June 30, 2018 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 $ 36,534 $ (860) $ 42,947 $ (1,760) $ 79,481 $ (2,620) Corporate obligations 2,065 (22) 6,645 (248) 8,710 (270) Mortgage-backed securities-government sponsored entities 29,724 (766) 114,524 (6,202) 144,248 (6,968) $ 68,323 $ (1,648) $ 164,116 $ (8,210) $ 232,439 $ (9,858) December 31, 2017 Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Treasury securities $ - $ - $ 1,998 $ (3) $ 1,998 $ (3) States and political subdivisions 17,310 (228) 44,948 (829) 62,258 (1,057) Corporate obligations - - 6,859 (95) 6,859 (95) Mortgage-backed securities-government sponsored entities 22,250 (320) 125,846 (3,942) 148,096 (4,262) $ 39,560 $ (548) $ 179,651 $ (4,869) $ 219,211 $ (5,417) |
Schedule Of Amortized Cost and Fair Value Of Debt Securities by Contractual Maturity | Available for Sale Amortized Cost Fair Value (In Thousands) Due in one year or less $ 2,304 $ 2,320 Due after one year through five years 21,279 20,903 Due after five years through ten years 44,371 42,719 Due after ten years 45,141 44,740 Mortgage-backed securities-government sponsored entities 155,725 148,760 $ 268,820 $ 259,442 |
Gross Realized Gains and Losses on Sales of Securities Available-for-Sale | Three Months Six Months Ended June 30, Ended June 30, 2018 2017 2018 2017 Gross realized gains $ 58 $ 31 $ 200 $ 43 Gross realized losses - - - (6) Net realized gain $ 58 $ 31 $ 200 $ 37 Proceeds from sales of securities $ 3,822 $ 1,831 $ 14,583 $ 1,835 |
Loans Receivable and Allowanc30
Loans Receivable and Allowance for Loan Losses (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Loans Receivable and Allowance for Loan Losses [Abstract] | |
Composition Of The Loan Portfolio | June 30, 2018 December 31, 2017 Real Estate Loans: Residential $ 230,840 28.7 % $ 235,759 30.8 % Commercial 364,686 45.4 342,934 44.9 Construction 18,115 2.2 17,228 2.3 Commercial, financial and agricultural 101,779 12.7 97,461 12.7 Consumer loans to individuals 88,523 11.0 70,953 9.3 Total loans 803,943 100.0 % 764,335 100.0 % Deferred fees, net (170) (243) Total loans receivable 803,773 764,092 Allowance for loan losses (8,326) (7,634) Net loans receivable $ 795,447 $ 756,458 |
Information Regarding Loans Acquired and Accounted for in Accordance With ASC 310-30 | June 30, 2018 December 31, 2017 Outstanding Balance $ 1,111 $ 1,444 Carrying Amount $ 919 $ 1,174 |
Summary Of Amount Of Loans In Each Category That Were Individually And Collectively Evaluated For Impairment | Real Estate Loans Commercial Consumer Residential Commercial Construction Loans Loans Total June 30, 2018 (In thousands) Individually evaluated for impairment $ 23 $ 1,234 $ - $ - $ - $ 1,257 Loans acquired with deteriorated credit quality 644 275 - - - 919 Collectively evaluated for impairment 230,173 363,177 18,115 101,779 88,523 801,767 Total Loans $ 230,840 $ 364,686 $ 18,115 $ 101,779 $ 88,523 $ 803,943 Real Estate Loans Commercial Consumer Residential Commercial Construction Loans Loans Total (In thousands) December 31, 2017 Individually evaluated for impairment $ 23 $ 1,224 $ - $ - $ - $ 1,247 Loans acquired with deteriorated credit quality 833 341 - - - 1,174 Collectively evaluated for impairment 234,903 341,369 17,228 97,461 70,953 761,914 Total Loans $ 235,759 $ 342,934 $ 17,228 $ 97,461 $ 70,953 $ 764,335 |
Impaired Loans and Related Interest Income by Loan Portfolio Class | The following table includes the recorded investment and unpaid principal balances for impaired loans with the associated allowance amount, if applicable. Unpaid Recorded Principal Associated Investment Balance Allowance June 30, 2018 (in thousands) With no related allowance recorded: Real Estate Loans Residential $ 23 $ 28 $ - Commercial 1,234 1,546 - Subtotal 1,257 1,574 - Total: Real Estate Loans Residential 23 28 - Commercial 1,234 1,546 - Total Impaired Loans $ 1,257 $ 1,574 $ - Unpaid Recorded Principal Associated Investment Balance Allowance December 31, 2017 (in thousands) With no related allowance recorded: Real Estate Loans Residential $ 23 $ 28 $ - Commercial 1,224 1,496 - Subtotal 1,247 1,524 - Total: Real Estate Loans Residential 23 28 - Commercial 1,224 1,496 - Total Impaired Loans $ 1,247 $ 1,524 $ - The following table presents the average recorded investment in impaired loans and the related amount of interest income recognized during the three-month periods ended June 30, 2018 and 2017, respectively (in thousands): Average Recorded Interest Income Investment Recognized 2018 2017 2018 2017 Real Estate Loans: Residential $ 23 $ 23 $ - $ - Commercial 1,202 2,821 16 29 Total $ 1,225 $ 2,844 $ 16 $ 29 The following table presents the average recorded investment in impaired loans and the related amount of interest income recognized during the six-month periods ended June 30, 2018 and 2017, respectively (in thousands): Average Recorded Interest Income Investment Recognized 2018 2017 2018 2017 Real Estate Loans: Residential $ 23 $ 23 $ - $ - Commercial 1,194 2,730 30 51 Total $ 1,217 $ 2,753 $ 30 $ 51 |
Classes of the Loan Portfolio Summarized by the Aggregate Risk Rating | Special Doubtful Pass Mention Substandard or Loss Total June 30, 2018 Commercial real estate loans $ 351,691 $ 8,610 $ 4,385 $ - $ 364,686 Commercial loans 101,571 116 92 - 101,779 Total $ 453,262 $ 8,726 $ 4,477 $ - $ 466,465 Special Doubtful Pass Mention Substandard or Loss Total December 31, 2017 Commercial real estate loans $ 329,617 $ 9,680 $ 3,637 $ - $ 342,934 Commercial loans 97,389 16 56 - 97,461 Total $ 427,006 $ 9,696 $ 3,693 $ - $ 440,395 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, 2018 and December 31, 2017 (in thousands): Performing Nonperforming Total June 30, 2018 Residential real estate loans $ 229,816 $ 1,024 $ 230,840 Construction 18,115 - 18,115 Consumer loans 88,523 - 88,523 Total $ 336,454 $ 1,024 $ 337,478 Performing Nonperforming Total December 31, 2017 Residential real estate loans $ 233,966 $ 1,793 $ 235,759 Construction 17,228 - 17,228 Consumer loans 70,953 - 70,953 Total $ 322,147 $ 1,793 $ 323,940 |
Loan Portfolio Summarized by the Past Due Status | 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, 2018 Real Estate loans Residential $ 229,283 $ 533 $ - $ - $ 1,024 $ 1,557 $ 230,840 Commercial 364,271 168 - - 247 415 364,686 Construction 18,115 - - - - - 18,115 Commercial loans 101,705 74 - - - 74 101,779 Consumer loans 88,474 42 7 - - 49 88,523 Total $ 801,848 $ 817 $ 7 $ - $ 1,271 $ 2,095 $ 803,943 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, 2017 Real Estate loans Residential $ 233,291 $ 594 $ 81 $ 87 $ 1,706 $ 2,468 $ 235,759 Commercial 341,602 646 - 409 277 1,332 342,934 Construction 17,228 - - - - - 17,228 Commercial loans 97,424 10 27 - - 37 97,461 Consumer loans 70,869 60 24 - - 84 70,953 Total $ 760,414 $ 1,310 $ 132 $ 496 $ 1,983 $ 3,921 $ 764,335 |
Allowance for Loan Losses and Recorded Investment in Financing Receivables | Management reviews the loan portfolio on a quarterly basis using a defined, consistently applied process in order to make appropriate and timely adjustments to the allowance for loan losses. When information confirms all or part of specific loans to be uncollectible, these amounts are promptly charged off against the allowance. 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, 2017 $ 1,272 $ 5,265 $ 90 $ 463 $ 544 $ 7,634 Charge Offs (75) (134) - (5) (117) (331) Recoveries 2 31 - - 15 48 Provision for loan losses 256 85 38 232 364 975 Ending balance, June 30, 2018 $ 1,455 $ 5,247 $ 128 $ 690 $ 806 $ 8,326 Ending balance individually evaluated for impairment $ - $ - $ - $ - $ - $ - Ending balance collectively evaluated for impairment $ 1,455 $ 5,247 $ 128 $ 690 $ 806 $ 8,326 (In thousands) Residential Real Estate Commercial Real Estate Construction Commercial Consumer Total Beginning balance, March 31, 2018 $ 1,525 $ 5,129 $ 120 $ 638 $ 687 $ 8,099 Charge Offs (24) (134) - (5) (69) (232) Recoveries 1 25 - - 8 34 Provision for loan losses (47) 227 8 57 180 425 Ending balance, June 30, 2018 $ 1,455 $ 5,247 $ 128 $ 690 $ 806 $ 8,326 (In thousands) Residential Real Estate Commercial Real Estate Construction Commercial Consumer Total Beginning balance, December 31, 2016 $ 1,092 $ 4,623 $ 78 $ 307 $ 363 $ 6,463 Charge Offs (83) (96) (13) - (82) (274) Recoveries 3 4 12 - 11 30 Provision for loan losses 242 697 16 53 192 1,200 Ending balance, June 30, 2017 $ 1,254 $ 5,228 $ 93 $ 360 $ 484 $ 7,419 Ending balance individually evaluated for impairment $ - $ - $ - $ - $ - $ - Ending balance collectively evaluated for impairment $ 1,254 $ 5,228 $ 93 $ 360 $ 484 $ 7,419 (In thousands) Residential Real Estate Commercial Real Estate Construction Commercial Consumer Total Beginning balance, March 31, 2017 $ 1,179 $ 4,831 $ 95 $ 369 $ 427 $ 6,901 Charge Offs (44) (11) (5) - (30) (90) Recoveries 2 2 - - 4 8 Provision for loan losses 117 406 3 (9) 83 600 Ending balance, June 30, 2017 $ 1,254 $ 5,228 $ 93 $ 360 $ 484 $ 7,419 |
Fair Value Of Assets And Liab31
Fair Value Of Assets And Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Of Assets And Liabilities [Abstract] | |
Fair Value, Assets Measured on Recurring Basis | Fair Value Measurement Using Reporting Date Description Total Level 1 Level 2 Level 3 (In thousands) June 30, 2018 Available for Sale: States and political subdivisions $ 101,972 $ - $ 101,972 $ - Corporate obligations 8,710 - 8,710 - Mortgage-backed securities-government sponsored entities 148,760 - 148,760 - Total $ 259,442 $ - $ 259,442 $ - Description Total Level 1 Level 2 Level 3 (In thousands) December 31, 2017 Available for Sale: U.S. Treasury securities $ 1,998 $ - $ 1,998 $ - States and political subdivisions 120,478 - 120,478 - Corporate obligations 9,989 - 9,989 - Mortgage-backed securities-government sponsored entities 148,656 - 148,656 - Total $ 281,121 $ - $ 281,121 $ - |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis | Fair Value Measurement Reporting Date using Reporting Date (In thousands) Description Total Level 1 Level 2 Level 3 June 30, 2018 Impaired Loans $ 1,257 $ - $ - $ 1,257 Foreclosed Real Estate Owned 1,386 - - 1,386 December 31, 2017 Impaired Loans $ 1,247 $ - $ - $ 1,247 Foreclosed Real Estate Owned 1,661 - - 1,661 |
Additional Qualitative Information about Level 3 Assets | Quantitative Information about Level 3 Fair Value Measurements (dollars in thousands) Fair Value Estimate Valuation Techniques Unobservable Input Range (Weighted Average) June 30, 2018 Impaired loans $ 155 Appraisal of collateral(1) Appraisal adjustments(2) 10% ( 10% ) Impaired loans $ 1,102 Present value of future cash flows Loan discount rate 4.00 - 5.25% ( 5.12% ) Foreclosed real estate owned $ 1,386 Appraisal of collateral(1) Liquidation Expenses(2) 0 -71.43% ( 11.72% ) Quantitative Information about Level 3 Fair Value Measurements (dollars in thousands) Fair Value Estimate Valuation Techniques Unobservable Input Range (Weighted Average) December 31, 2017 Impaired loans $ 131 Appraisal of collateral(1) Appraisal adjustments(2) 10% ( 10% ) Impaired loans $ 1,116 Present value of future cash flows Loan discount rate 4.00 - 5.25% ( 5.11% ) Foreclosed real estate owned $ 1,661 Appraisal of collateral(1) Liquidation Expenses(2) 0 -42.60% ( 14.68% ) (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 | Fair Value Measurements at June 30, 2018 Carrying Amount Fair Value Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 16,107 $ 16,107 $ 16,107 $ - $ - Loans receivable, net 795,447 791,456 - - 791,456 Mortgage servicing rights 185 223 - - 223 Regulatory stock 2,313 2,313 2,313 - - Bank owned life insurance 37,485 37,485 37,485 - - Accrued interest receivable 3,672 3,672 3,672 - - Financial liabilities: Deposits 950,889 950,692 642,431 - 308,342 Short-term borrowings 43,325 43,325 43,325 - - Other borrowings 30,283 29,757 - - 29,757 Accrued interest payable 1,461 1,461 1,461 - - Off-balance sheet financial instruments: Commitments to extend credit and outstanding letters of credit - - - - - Fair Value Measurements at December 31, 2017 Carrying Amount Fair Value Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 16,697 $ 16,697 $ 16,697 $ - $ - Loans receivable, net 756,458 756,092 - - 756,092 Mortgage servicing rights 200 223 - - 223 Regulatory stock 3,505 3,505 3,505 - - Bank owned life insurance 37,060 37,060 37,060 - - Accrued interest receivable 3,716 3,716 3,716 - - Financial liabilities: Deposits 929,384 929,709 609,090 - 320,619 Short-term borrowings 42,530 42,530 42,530 - - Other borrowings 35,945 35,514 - - 35,514 Accrued interest payable 1,434 1,434 1,434 - - Off-balance sheet financial instruments: Commitments to extend credit and outstanding letters of credit - - - - - |
Basis of Presentation (Details)
Basis of Presentation (Details) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Basis of Presentation [Abstract] | ||
Dividends Payable, Date Declared | Aug. 8, 2017 | |
Dividends Payable, Date of Record | Aug. 22, 2017 | |
Dividends Payable, Date to be Paid | Sep. 15, 2017 | |
Common Stock, Dividend Rate, Percentage | 50.00% |
Revenue Recognition (Narrative)
Revenue Recognition (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2018 | |
Interest Income on Loans and Investment, Noninterest Revenue from Investment Security Gains, Loan Servicing, Gains on the Sale of Loans, Commitment Fees, and Fees from Financial Guarantees [Member] | |
Percentage of total revenue | 94.20% |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - $ / shares | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | 0 | 0 | |
Share price | $ 36.02 | $ 28.17 | $ 36.02 | $ 28.17 | $ 33 |
Common Stock, Dividend Rate, Percentage | 50.00% |
Earnings Per Share (Schedule Of
Earnings Per Share (Schedule Of Weighted Average Shares Outstanding Used In The Computations Of Basic And Diluted Earnings Per Share) (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Earnings Per Share [Abstract] | ||||
Weighted average shares outstanding | 6,256 | 6,240 | 6,256 | 6,242 |
Less: Unvested restricted shares | 31 | 29 | 31 | 29 |
Basic EPS weighted average shares outstanding | 6,225 | 6,211 | 6,225 | 6,213 |
Weighted average shares outstanding | 6,225 | 6,211 | 6,225 | 6,213 |
Add: Dilutive effect of stock options | 50 | 50 | 51 | 51 |
Diluted EPS weighted average shares outstanding | 6,275 | 6,261 | 6,276 | 6,264 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options, Granted | 0 | |||
Compensation expense related to stock options | $ 118 | $ 46 | ||
Share price | $ 36.02 | $ 28.17 | $ 33 | |
Non-vested stock outstanding | 30,415 | 28,035 | 30,415 | 28,035 |
Future compensation expense of non-vested restricted stock outstanding | $ 642 | |||
Non-vested restricted stock recognition period | 4 years 6 months | |||
Compensation expense related to restricted stock | $ 102 | $ 71 | ||
Common Stock, Dividend Rate, Percentage | 50.00% | |||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation cost | 102 | $ 71 | ||
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 | $ 119 |
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, 2018 | Dec. 31, 2017 | |
Stock-Based Compensation [Abstract] | ||
Options, Outstanding, beginning of period | 212,725 | |
Options, Granted | 0 | |
Options, Exercised | (12,650) | |
Options, Forfeited | (750) | |
Options, Outstanding, end of period | 199,325 | 212,725 |
Options, Exercisable, end of period | 165,325 | |
Weighted Average Exercise Price Per Share, Outstanding, beginning of period | $ 20.76 | |
Weighted Average Exercise Price Per Share, Granted | ||
Weighted Average Exercise Price Per Share, Exercised | 18.41 | |
Weighted Average Exercise Price Per Share, Forfeited | 32.81 | |
Weighted Average Exercise Price Per Share, Outstanding, end of period | 20.86 | $ 20.76 |
Weighted Average Exercise Price Per Share, Exercisable, end of period | $ 18.41 | |
Weighted Average Remaining Contractual Term, Outstanding | 5 years 7 months 6 days | 6 years 1 month 6 days |
Weighted Average Remaining Contractual Term, Exercised During Period | 4 years 9 months 18 days | |
Weighted Average Remaining Contractual Term, Forfeited During Period | 9 years 6 months | |
Weighted Average Remaining Contractual Term, Exercisable at End of Period | 4 years 9 months 18 days | |
Aggregate Intrinsic Value, Outstanding, beginning of period | $ 2,604 | |
Aggregate Intrinsic Value, Granted in Period | 0 | |
Aggregate Intrinsic Value, Exercised in Period | 160 | |
Aggregate Intrinsic Value, Forfeited in Period | 25 | |
Aggregate Intrinsic Value, Outstanding, end of period | 1,932 | $ 2,604 |
Aggregate Intrinsic Value, Exercisable at end of period | $ 1,932 |
Stock-Based Compensation (Sum38
Stock-Based Compensation (Summary of Restricted Stock Activity) (Details) - $ / shares | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Stock-Based Compensation [Abstract] | ||
Restricted stock Non-vested, beginning balance | 30,415 | 28,035 |
Restricted stock, granted | 0 | |
Restricted stock, vested | 0 | |
Restricted stock, forfeited | 0 | |
Restricted stock Non-vested, ending balance | 30,415 | 28,035 |
Restricted stock Non-vested, weighted-average grant date fair value, beginning balance | $ 24.46 | $ 20.64 |
Restricted stock, granted, weighted-average grant date fair value | ||
Restricted stock, vested, weighted-average grant date fair value | ||
Restricted stock, forfeited, weighted-average grant date fair value | ||
Restricted stock Non-vested, weighted-average grant date fair value, ending balance | $ 24.46 | $ 20.64 |
Accumulated Other Comprehensi39
Accumulated Other Comprehensive Income (Loss) (Summary Of Changes In Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance | [1] | $ (6,327) | $ (3,317) | $ (2,667) | $ (4,119) |
Other comprehensive (loss) income before reclassification | [1] | (663) | 1,805 | (4,211) | 2,611 |
Amount reclassified from accumulated other comprehensive loss | [1] | (46) | (20) | (158) | (24) |
Other comprehensive (loss) income | [1] | (709) | 1,785 | (4,369) | 2,587 |
Ending balance | [1] | $ (7,036) | $ (1,532) | (7,036) | $ (1,532) |
Accumulated Other Comprehensive Loss [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other comprehensive (loss) income | $ (4,369) | ||||
[1] | All amounts are net of tax. Amounts in parentheses indicate debits. |
Accumulated Other Comprehensi40
Accumulated Other Comprehensive Income (Loss) (Significant Amounts Reclassified Out Of Each Component Of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Net realized gains on sales of securities | $ 58 | $ 31 | $ 200 | $ 37 | |
Income tax expense | (698) | (858) | (1,273) | (1,409) | |
NET INCOME | 3,513 | 2,724 | 6,642 | 5,100 | |
Amount Reclassified From Accumulated Other Comprehensive Income (Loss) [Member] | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Income tax expense | [1] | (12) | (11) | (42) | (13) |
NET INCOME | [1] | 46 | 20 | 158 | 24 |
Amount Reclassified From Accumulated Other Comprehensive Income (Loss) [Member] | Unrealized gains (losses) on available for sale securities [Member] | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Net realized gains on sales of securities | [1] | $ 58 | $ 31 | $ 200 | $ 37 |
[1] | Amounts in parentheses indicate debits to net income |
Off-Balance Sheet Financial I41
Off-Balance Sheet Financial Instruments And Guarantees (Schedule of Fair Value, Off-balance Sheet Risks) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Loss Contingencies [Line Items] | ||
Financial instrument commitments | $ 121,372 | $ 128,556 |
Commitments to grant loans [Member] | ||
Loss Contingencies [Line Items] | ||
Financial instrument commitments | 43,280 | 51,583 |
Unfunded commitments under lines of credit [Member] | ||
Loss Contingencies [Line Items] | ||
Financial instrument commitments | 72,359 | 69,171 |
Standby letters of credit [Member] | ||
Loss Contingencies [Line Items] | ||
Financial instrument commitments | $ 5,733 | $ 7,802 |
Securities (Narrative) (Details
Securities (Narrative) (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2018USD ($)security | |
Securities [Abstract] | |
Debt securities in unrealized loss position in the less than twelve months category | 79 |
Debt securities in unrealized loss position in the twelve months or more category | 160 |
Impairment of investments | $ | $ 0 |
Securities (Schedule Of Amortiz
Securities (Schedule Of Amortized Cost Gross Unrealized Gains and Losses, and Fair Values of Securities) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
Schedule of Investments [Line Items] | |||
Available for Sale, Gross Unrealized Gains | $ 0 | ||
Available for Sale, Gross Unrealized Losses | 0 | $ 0 | |
Available for Sale, Fair Value | 259,442 | 281,121 | |
Pledged Financial Instruments, Not Separately Reported, Securities | 219,244 | $ 226,759 | |
Total Debt Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Available for Sale, Amortized Cost | 268,820 | 284,970 | |
Available for Sale, Gross Unrealized Gains | 480 | 1,568 | |
Available for Sale, Gross Unrealized Losses | (9,858) | (5,417) | |
Available for Sale, Fair Value | 259,442 | 281,121 | |
US Treasury Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Available for Sale, Amortized Cost | 2,001 | ||
Available for Sale, Gross Unrealized Losses | (3) | ||
Available for Sale, Fair Value | 1,998 | ||
States and Political Subdivisions [Member] | |||
Schedule of Investments [Line Items] | |||
Available for Sale, Amortized Cost | 104,115 | 120,000 | |
Available for Sale, Gross Unrealized Gains | 477 | 1,535 | |
Available for Sale, Gross Unrealized Losses | (2,620) | (1,057) | |
Available for Sale, Fair Value | 101,972 | 120,478 | |
Corporate Obligations [Member] | |||
Schedule of Investments [Line Items] | |||
Available for Sale, Amortized Cost | 8,980 | 10,068 | |
Available for Sale, Gross Unrealized Gains | 0 | 16 | |
Available for Sale, Gross Unrealized Losses | (270) | (95) | |
Available for Sale, Fair Value | 8,710 | 9,989 | |
Mortgage-backed Securities-Government Sponsored Entities [Member] | |||
Schedule of Investments [Line Items] | |||
Available for Sale, Amortized Cost | 155,725 | 152,901 | |
Available for Sale, Gross Unrealized Gains | 3 | 17 | |
Available for Sale, Gross Unrealized Losses | (6,968) | (4,262) | |
Available for Sale, Fair Value | $ 148,760 | $ 148,656 |
Securities (Schedule Of Investm
Securities (Schedule Of Investments' Gross Unrealized Losses and Fair Value Aggregated by Security Type and Lengthof Time That Individual Securities Have Been in a Continuous Unrealized Loss Position) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Schedule of Investments [Line Items] | ||
Less than 12 Months, Fair Value | $ 68,323 | $ 39,560 |
Less than 12 Months, Unrealized Losses | (1,648) | (548) |
12 Months or More, Fair Value | 164,116 | 179,651 |
12 Months or More, Unrealized Losses | (8,210) | (4,869) |
Total, Fair Value | 232,439 | 219,211 |
Total, Unrealized Losses | (9,858) | (5,417) |
US Treasury Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 Months, Fair Value | 0 | |
Less than 12 Months, Unrealized Losses | 0 | |
12 Months or More, Fair Value | 1,998 | |
12 Months or More, Unrealized Losses | (3) | |
Total, Fair Value | 1,998 | |
Total, Unrealized Losses | (3) | |
States and Political Subdivisions [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 Months, Fair Value | 36,534 | 17,310 |
Less than 12 Months, Unrealized Losses | (860) | (228) |
12 Months or More, Fair Value | 42,947 | 44,948 |
12 Months or More, Unrealized Losses | (1,760) | (829) |
Total, Fair Value | 79,481 | 62,258 |
Total, Unrealized Losses | (2,620) | (1,057) |
Corporate Obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 Months, Fair Value | 2,065 | 0 |
Less than 12 Months, Unrealized Losses | (22) | 0 |
12 Months or More, Fair Value | 6,645 | 6,859 |
12 Months or More, Unrealized Losses | (248) | (95) |
Total, Fair Value | 8,710 | 6,859 |
Total, Unrealized Losses | (270) | (95) |
Mortgage-backed Securities-Government Sponsored Entities [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 Months, Fair Value | 29,724 | 22,250 |
Less than 12 Months, Unrealized Losses | (766) | (320) |
12 Months or More, Fair Value | 114,524 | 125,846 |
12 Months or More, Unrealized Losses | (6,202) | (3,942) |
Total, Fair Value | 144,248 | 148,096 |
Total, Unrealized Losses | $ (6,968) | $ (4,262) |
Securities (Schedule Of Amort45
Securities (Schedule Of Amortized Cost and Fair Value Of Debt Securities by Contractual Maturity) (Details) $ in Thousands | Jun. 30, 2018USD ($) |
Securities [Abstract] | |
Available for Sale, Amortized Cost, Due in one year or less | $ 2,304 |
Available for Sale, Amortized Cost, Due after one year through five years | 21,279 |
Available for Sale, Amortized Cost, Due after five years through ten years | 44,371 |
Available for Sale, Amortized Cost, Due after ten years | 45,141 |
Available for Sale, Amortized Cost, Mortgage-backed securities- government sponsored agencies | 155,725 |
Available for Sale, Amortized Cost, Total | 268,820 |
Available for Sale, Fair Value, Due in one year or less | 2,320 |
Available for Sale, Fair Value, Due after one year through five years | 20,903 |
Available for Sale, Fair Value, Due after five years through ten years | 42,719 |
Available for Sale, Fair Value, Due after ten years | 44,740 |
Available for Sale, Fair Value, Mortgage-backed securities- government sponsored agencies | 148,760 |
Available for Sale, Fair Value, Total | $ 259,442 |
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, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Securities [Abstract] | ||||
Gross realized gains | $ 58 | $ 31 | $ 200 | $ 43 |
Gross realized losses | (6) | |||
Net realized gain | 58 | 31 | 200 | 37 |
Proceeds from sale of securities | $ 3,822 | $ 1,831 | $ 14,583 | $ 1,835 |
Loans Receivable and Allowanc47
Loans Receivable and Allowance for Loan Losses (Narrative) (Details) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($)loanproperty | Jun. 30, 2017USD ($)loan | Dec. 31, 2017USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Impaired Financing Receivable, Related Allowance | $ 0 | $ 0 | $ 0 | ||
Impaired Financing Receivable, Average Recorded Investment | 1,225,000 | $ 2,844,000 | 1,217,000 | $ 2,753,000 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 16,000 | 29,000 | 30,000 | 51,000 | |
Foreclosed Real Estate Expense | 114,000 | 152,000 | 95,000 | 724,000 | |
Acquired Loans with Specific Evidence of Deterioration in Credit Quality, Outstanding Balance | 1,111,000 | 1,111,000 | 1,444,000 | ||
Real Estate Acquired Through Foreclosure | 1,386,000 | 1,386,000 | 1,661,000 | ||
Real Estate Acquired Through Deed-in-lieu, During Period | 62,000 | ||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 1,257,000 | 1,257,000 | 1,247,000 | ||
Loans and Leases Receivable, Gross | 803,943,000 | 803,943,000 | 764,335,000 | ||
Charge Offs | 232,000 | 90,000 | 331,000 | 274,000 | |
Land [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Charge Offs | 53,000 | ||||
Single Property [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Real Estate Acquired Through Foreclosure | 34,000 | 34,000 | |||
Multiple Properties [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Real Estate Acquired Through Foreclosure | 249,000 | 249,000 | |||
Commercial Rentals [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and Leases Receivable, Gross | 79,200,000 | $ 79,200,000 | |||
Commercial Rentals [Member] | Loans Receivable [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Concentration Risk, Percentage | 9.80% | ||||
Hospitality Lodging Industry [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and Leases Receivable, Gross | 61,200,000 | $ 61,200,000 | |||
Hospitality Lodging Industry [Member] | Loans Receivable [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Concentration Risk, Percentage | 7.60% | ||||
Troubled Debt Restructured Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Impaired Financing Receivable, Related Allowance | 0 | $ 0 | 0 | ||
New Loans Identified as Troubled Debt Restructurings, Number of Loans | loan | 0 | ||||
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $ 0 | $ 55,000 | |||
Financing Receivable, Modifications, Recorded Investment | 1,100,000 | 1,100,000 | 1,100,000 | ||
Financing Receivable, Modifications, Number of Contracts | loan | 1 | ||||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 247,000 | ||||
Residential Real Estate Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Impaired Financing Receivable, Related Allowance | 0 | 0 | 0 | ||
Impaired Financing Receivable, Average Recorded Investment | 23,000 | 23,000 | $ 23,000 | 23,000 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 0 | 0 | |||
Number Of Properties Under Foreclosure Proceedings | property | 5 | ||||
Mortgage Loans in Process of Foreclosure, Amount | 182,000 | $ 182,000 | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 23,000 | 23,000 | 23,000 | ||
Loans and Leases Receivable, Gross | 230,840,000 | 230,840,000 | 235,759,000 | ||
Charge Offs | 24,000 | 44,000 | 75,000 | 83,000 | |
Commercial Real Estate Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Impaired Financing Receivable, Related Allowance | 0 | 0 | 0 | ||
Impaired Financing Receivable, Average Recorded Investment | 1,202,000 | 2,821,000 | 1,194,000 | 2,730,000 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 16,000 | 29,000 | 30,000 | 51,000 | |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 1,234,000 | 1,234,000 | 1,224,000 | ||
Loans and Leases Receivable, Gross | 364,686,000 | 364,686,000 | $ 342,934,000 | ||
Charge Offs | 134,000 | $ 11,000 | 134,000 | $ 96,000 | |
Delaware Bancshares, Inc. Acquisition [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Acquired Loans with Specific Evidence of Deterioration in Credit Quality, Outstanding Balance | $ 1,397,000 | 1,397,000 | |||
Assets, Fair Value Adjustment | 499,000 | ||||
Minimum [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Annual Loan Review threshold, amount | $ 1,500,000 |
Loans Receivable and Allowanc48
Loans Receivable and Allowance for Loan Losses (Composition Of The Loan Portfolio) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and Leases Receivable, Gross | $ 803,943 | $ 764,335 | ||||
Deferred fees, net | (170) | (243) | ||||
Total loans receivable | 803,773 | 764,092 | ||||
Allowance for loan losses | (8,326) | $ (8,099) | (7,634) | $ (7,419) | $ (6,901) | $ (6,463) |
Net loans receivable | $ 795,447 | $ 756,458 | ||||
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 | $ 230,840 | $ 235,759 | ||||
Allowance for loan losses | $ (1,455) | (1,525) | $ (1,272) | (1,254) | (1,179) | (1,092) |
Percent of Loans | 28.70% | 30.80% | ||||
Commercial Real Estate Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and Leases Receivable, Gross | $ 364,686 | $ 342,934 | ||||
Allowance for loan losses | $ (5,247) | (5,129) | $ (5,265) | (5,228) | (4,831) | (4,623) |
Percent of Loans | 45.40% | 44.90% | ||||
Construction Real Estate Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and Leases Receivable, Gross | $ 18,115 | $ 17,228 | ||||
Allowance for loan losses | $ (128) | (120) | $ (90) | (93) | (95) | (78) |
Percent of Loans | 2.20% | 2.30% | ||||
Commercial, Financial And Agricultural [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and Leases Receivable, Gross | $ 101,779 | $ 97,461 | ||||
Allowance for loan losses | $ (690) | (638) | $ (463) | (360) | (369) | (307) |
Percent of Loans | 12.70% | 12.70% | ||||
Consumer Loans To Individuals [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and Leases Receivable, Gross | $ 88,523 | $ 70,953 | ||||
Allowance for loan losses | $ (806) | $ (687) | $ (544) | $ (484) | $ (427) | $ (363) |
Percent of Loans | 11.00% | 9.30% |
Loans Receivable and Allowanc49
Loans Receivable and Allowance for Loan Losses (Information Regarding Loans Acquired and Accounted for in Accordance With ASC 310-30) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Loans Receivable and Allowance for Loan Losses [Abstract] | ||
Acquired Loans with Specific Evidence of Deterioration in Credit Quality, Outstanding Balance | $ 1,111 | $ 1,444 |
Acquired Loans with Specific Evidence of Deterioration in Credit Quality, Carrying Amount | $ 919 | $ 1,174 |
Loans Receivable and Allowanc50
Loans Receivable and Allowance for Loan Losses (Summary Of Amount Of Loans In Each Category That Were Individually And Collectively Evaluated For Impairment) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | $ 1,257 | $ 1,247 |
Loans acquired with deteriorated credit quality | 919 | 1,174 |
Collectively evaluated for impairment | 801,767 | 761,914 |
Total Loans | 803,943 | 764,335 |
Residential Real Estate Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 23 | 23 |
Loans acquired with deteriorated credit quality | 644 | 833 |
Collectively evaluated for impairment | 230,173 | 234,903 |
Total Loans | 230,840 | 235,759 |
Commercial Real Estate Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 1,234 | 1,224 |
Loans acquired with deteriorated credit quality | 275 | 341 |
Collectively evaluated for impairment | 363,177 | 341,369 |
Total Loans | 364,686 | 342,934 |
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 | 18,115 | 17,228 |
Total Loans | 18,115 | 17,228 |
Commercial, Financial And Agricultural [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 | 101,779 | 97,461 |
Total Loans | 101,779 | 97,461 |
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 | 88,523 | 70,953 |
Total Loans | $ 88,523 | $ 70,953 |
Loans Receivable and Allowanc51
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, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Financing Receivable, Impaired [Line Items] | |||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | $ 1,257 | $ 1,257 | $ 1,247 | ||
Impaired Financing Receivable, Recorded Investment | 1,257 | 1,257 | 1,247 | ||
Unpaid Principal Balance, With no related allowance recorded | 1,574 | 1,574 | 1,524 | ||
Unpaid Principal Balance, Total | 1,574 | 1,574 | 1,524 | ||
Associated Allowance | 0 | 0 | 0 | ||
Average Recorded Investment, Total | 1,225 | $ 2,844 | 1,217 | $ 2,753 | |
Interest Income Recognized, Total | 16 | 29 | 30 | 51 | |
Residential Real Estate Loans [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 23 | 23 | 23 | ||
Impaired Financing Receivable, Recorded Investment | 23 | 23 | 23 | ||
Unpaid Principal Balance, With no related allowance recorded | 28 | 28 | 28 | ||
Unpaid Principal Balance, Total | 28 | 28 | 28 | ||
Associated Allowance | 0 | 0 | 0 | ||
Average Recorded Investment, Total | 23 | 23 | 23 | 23 | |
Interest Income Recognized, Total | 0 | 0 | |||
Commercial Real Estate Loans [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 1,234 | 1,234 | 1,224 | ||
Impaired Financing Receivable, Recorded Investment | 1,234 | 1,234 | 1,224 | ||
Unpaid Principal Balance, With no related allowance recorded | 1,546 | 1,546 | 1,496 | ||
Unpaid Principal Balance, Total | 1,546 | 1,546 | 1,496 | ||
Associated Allowance | 0 | 0 | $ 0 | ||
Average Recorded Investment, Total | 1,202 | 2,821 | 1,194 | 2,730 | |
Interest Income Recognized, Total | $ 16 | $ 29 | $ 30 | $ 51 |
Loans Receivable and Allowanc52
Loans Receivable and Allowance for Loan Losses (Classes of the Loan Portfolio Summarized by the Aggregate Risk Rating) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Total Summarized by Aggregate Risk Rating [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying Amount | $ 466,465 | $ 440,395 |
Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying Amount | 453,262 | 427,006 |
Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying Amount | 8,726 | 9,696 |
Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying Amount | 4,477 | 3,693 |
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 | 337,478 | 323,940 |
Performing [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying Amount | 336,454 | 322,147 |
Nonperforming [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying Amount | 1,024 | 1,793 |
Commercial Real Estate Loans [Member] | Total Summarized by Aggregate Risk Rating [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying Amount | 364,686 | 342,934 |
Commercial Real Estate Loans [Member] | Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying Amount | 351,691 | 329,617 |
Commercial Real Estate Loans [Member] | Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying Amount | 8,610 | 9,680 |
Commercial Real Estate Loans [Member] | Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying Amount | 4,385 | 3,637 |
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 [Member] | Total Summarized by Aggregate Risk Rating [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying Amount | 101,779 | 97,461 |
Commercial, Financial And Agricultural [Member] | Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying Amount | 101,571 | 97,389 |
Commercial, Financial And Agricultural [Member] | Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying Amount | 116 | 16 |
Commercial, Financial And Agricultural [Member] | Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying Amount | 92 | 56 |
Commercial, Financial And Agricultural [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 | 230,840 | 235,759 |
Residential Real Estate Loans [Member] | Performing [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying Amount | 229,816 | 233,966 |
Residential Real Estate Loans [Member] | Nonperforming [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying Amount | 1,024 | 1,793 |
Construction Real Estate Loans [Member] | Total Summarized by Performance of Individual Credits [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying Amount | 18,115 | 17,228 |
Construction Real Estate Loans [Member] | Performing [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying Amount | 18,115 | 17,228 |
Construction Real Estate Loans [Member] | Nonperforming [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 | 88,523 | 70,953 |
Consumer Loans To Individuals [Member] | Performing [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying Amount | 88,523 | 70,953 |
Consumer Loans To Individuals [Member] | Nonperforming [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying Amount | $ 0 | $ 0 |
Loans Receivable and Allowanc53
Loans Receivable and Allowance for Loan Losses (Loan Portfolio Summarized by the Past Due Status) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | $ 801,848 | $ 760,414 |
Non-Accrual | 1,271 | 1,983 |
Total Past Due and Non-Accrual | 2,095 | 3,921 |
Total Loans | 803,943 | 764,335 |
Financing Receivables, 31 to 60 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 817 | 1,310 |
Financing Receivables, 61 to 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 7 | 132 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 0 | 496 |
Residential Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 229,283 | 233,291 |
Non-Accrual | 1,024 | 1,706 |
Total Past Due and Non-Accrual | 1,557 | 2,468 |
Total Loans | 230,840 | 235,759 |
Residential Real Estate Loans [Member] | Financing Receivables, 31 to 60 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 533 | 594 |
Residential Real Estate Loans [Member] | Financing Receivables, 61 to 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 0 | 81 |
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 | 87 |
Commercial Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 364,271 | 341,602 |
Non-Accrual | 247 | 277 |
Total Past Due and Non-Accrual | 415 | 1,332 |
Total Loans | 364,686 | 342,934 |
Commercial Real Estate Loans [Member] | Financing Receivables, 31 to 60 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 168 | 646 |
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 | 0 |
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 | 409 |
Construction Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 18,115 | 17,228 |
Non-Accrual | 0 | 0 |
Total Past Due and Non-Accrual | 0 | 0 |
Total Loans | 18,115 | 17,228 |
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 | 0 |
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 [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 101,705 | 97,424 |
Non-Accrual | 0 | 0 |
Total Past Due and Non-Accrual | 74 | 37 |
Total Loans | 101,779 | 97,461 |
Commercial, Financial And Agricultural [Member] | Financing Receivables, 31 to 60 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 74 | 10 |
Commercial, Financial And Agricultural [Member] | Financing Receivables, 61 to 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 0 | 27 |
Commercial, Financial And Agricultural [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 | 88,474 | 70,869 |
Non-Accrual | 0 | 0 |
Total Past Due and Non-Accrual | 49 | 84 |
Total Loans | 88,523 | 70,953 |
Consumer Loans To Individuals [Member] | Financing Receivables, 31 to 60 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 42 | 60 |
Consumer Loans To Individuals [Member] | Financing Receivables, 61 to 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 7 | 24 |
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 Allowanc54
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, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance, | $ 8,099 | $ 6,901 | $ 7,634 | $ 6,463 |
Charge Offs | (232) | (90) | (331) | (274) |
Recoveries | 34 | 8 | 48 | 30 |
Provision for loan losses | 425 | 600 | 975 | 1,200 |
Ending balance, | 8,326 | 7,419 | 8,326 | 7,419 |
Ending balance collectively evaluated for impairment | 8,326 | 7,419 | 8,326 | 7,419 |
Residential Real Estate Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance, | 1,525 | 1,179 | 1,272 | 1,092 |
Charge Offs | (24) | (44) | (75) | (83) |
Recoveries | 1 | 2 | 2 | 3 |
Provision for loan losses | (47) | 117 | 256 | 242 |
Ending balance, | 1,455 | 1,254 | 1,455 | 1,254 |
Ending balance collectively evaluated for impairment | 1,455 | 1,254 | 1,455 | 1,254 |
Commercial Real Estate Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance, | 5,129 | 4,831 | 5,265 | 4,623 |
Charge Offs | (134) | (11) | (134) | (96) |
Recoveries | 25 | 2 | 31 | 4 |
Provision for loan losses | 227 | 406 | 85 | 697 |
Ending balance, | 5,247 | 5,228 | 5,247 | 5,228 |
Ending balance collectively evaluated for impairment | 5,247 | 5,228 | 5,247 | 5,228 |
Construction Real Estate Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance, | 120 | 95 | 90 | 78 |
Charge Offs | (5) | (13) | ||
Recoveries | 12 | |||
Provision for loan losses | 8 | 3 | 38 | 16 |
Ending balance, | 128 | 93 | 128 | 93 |
Ending balance collectively evaluated for impairment | 128 | 93 | 128 | 93 |
Commercial, Financial And Agricultural [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance, | 638 | 369 | 463 | 307 |
Charge Offs | (5) | (5) | ||
Provision for loan losses | 57 | (9) | 232 | 53 |
Ending balance, | 690 | 360 | 690 | 360 |
Ending balance collectively evaluated for impairment | 690 | 360 | 690 | 360 |
Consumer Loans To Individuals [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance, | 687 | 427 | 544 | 363 |
Charge Offs | (69) | (30) | (117) | (82) |
Recoveries | 8 | 4 | 15 | 11 |
Provision for loan losses | 180 | 83 | 364 | 192 |
Ending balance, | 806 | 484 | 806 | 484 |
Ending balance collectively evaluated for impairment | $ 806 | $ 484 | $ 806 | $ 484 |
Fair Value Of Assets And Liab55
Fair Value Of Assets And Liabilities (Fair Value, Assets Measured on Recurring Basis) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | $ 259,442 | $ 281,121 |
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 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 259,442 | 281,121 |
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 |
US Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 1,998 | |
US Treasury Securities [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 | |
US Treasury Securities [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 | 1,998 | |
US Treasury Securities [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 | 101,972 | 120,478 |
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 | 101,972 | 120,478 |
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 | 8,710 | 9,989 |
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 | 8,710 | 9,989 |
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 | 148,760 | 148,656 |
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 | 148,760 | 148,656 |
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 |
Fair Value Of Assets And Liab56
Fair Value Of Assets And Liabilities (Fair Value, Assets and Liabilities Measured on Nonrecurring Basis) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Impaired Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | $ 1,257 | $ 1,247 |
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 | 1,257 | 1,247 |
Foreclosed Real Estate Owned [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 1,386 | 1,661 |
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 | $ 1,386 | $ 1,661 |
Fair Value Of Assets And Liab57
Fair Value Of Assets And Liabilities (Additional Qualitative Information about Level 3 Assets) (Details) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2018USD ($)loan | Dec. 31, 2017USD ($)loan | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Number of impaired loans requiring a valuation allowance | loan | 5 | ||
Impaired Financing Receivable, Recorded Investment | $ 1,257 | $ 1,247 | |
Impaired Financing Receivable, Related Allowance | 0 | $ 0 | |
Number of impaired loans not requiring a valuation allowance | loan | 5 | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 1,257 | $ 1,247 | |
Impaired Loans, Cumulative Charge-Offs | 316 | 277 | |
Impaired Loans [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Nonrecurring | 1,257 | 1,247 | |
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 | $ 155 | $ 131 | |
Fair Value Measurements, Valuation Techniques | [1] | Appraisal of collateral | |
Fair Value Disclosure, Unobservable Input Range | [2] | Appraisal adjustments | |
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 | $ 1,102 | $ 1,116 | |
Fair Value Measurements, Valuation Techniques | Present value of future cash flows | ||
Fair Value Disclosure, Unobservable Input Range | 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 | 5.25% | 5.25% | |
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 | 5.12% | 5.11% | |
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 | $ 1,386 | $ 1,661 | |
Fair Value Measurements, Valuation Techniques | [1] | Appraisal of collateral | |
Fair Value Disclosure, Unobservable Input Range | [2] | Liquidation Expenses | |
Foreclosed Real Estate Owned [Member] | Minimum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Inputs, Discount Rate | 0.00% | 0.00% | |
Foreclosed Real Estate Owned [Member] | Maximum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Inputs, Discount Rate | 71.43% | 42.60% | |
Foreclosed Real Estate Owned [Member] | Weighted Average [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Inputs, Discount Rate | 11.72% | 14.68% | |
[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 Of Assets And Liab58
Fair Value Of Assets And Liabilities (Fair Value, by Balance Sheet Grouping) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financial assets: Cash and cash equivalents, Fair Value Disclosure | $ 16,107 | $ 16,697 | ||
Financial assets: Loans receivable, net, Fair Value Disclosure | 791,456 | 756,092 | ||
Financial assets: Mortgage servicing rights, Fair Value Disclosure | 223 | 223 | ||
Financial assets: Regulatory stock, Fair Value Disclosure | 2,313 | 3,505 | ||
Financial assets: Bank owned life insurance, Fair Value Disclosure | 37,485 | 37,060 | ||
Financial assets: Accrued interest receivable, Fair Value Disclosure | 3,672 | 3,716 | ||
Financial liabilities: Deposits, Fair Value Disclosure | 950,692 | 929,709 | ||
Financial liabilities: Short-term borrowings, Fair Value Disclosure | 43,325 | 42,530 | ||
Financial liabilities: Other borrowings, Fair Value Disclosure | 29,757 | 35,514 | ||
Financial liabilities: Accrued interest payable, Fair Value Disclosure | 1,461 | 1,434 | ||
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 | 16,107 | 16,697 | $ 16,403 | $ 17,174 |
Financial assets: Loans receivable, net | 795,447 | 756,458 | ||
Financial assets: Mortgage servicing rights | 185 | 200 | ||
Financial assets: Regulatory stock | 2,313 | 3,505 | ||
Financial assets: Bank owned life insurance | 37,485 | 37,060 | ||
Financial assets: Accrued interest receivable | 3,672 | 3,716 | ||
Financial liabilities: Deposits | 950,889 | 929,384 | ||
Financial liabilities: Short-term borrowings | 43,325 | 42,530 | ||
Financial liabilities: Other borrowings | 30,283 | 35,945 | ||
Financial liabilities: Accrued interest payable | 1,461 | 1,434 | ||
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 | 16,107 | 16,697 | ||
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 | 2,313 | 3,505 | ||
Financial assets: Bank owned life insurance, Fair Value Disclosure | 37,485 | 37,060 | ||
Financial assets: Accrued interest receivable, Fair Value Disclosure | 3,672 | 3,716 | ||
Financial liabilities: Deposits, Fair Value Disclosure | 642,431 | 609,090 | ||
Financial liabilities: Short-term borrowings, Fair Value Disclosure | 43,325 | 42,530 | ||
Financial liabilities: Other borrowings, Fair Value Disclosure | 0 | 0 | ||
Financial liabilities: Accrued interest payable, Fair Value Disclosure | 1,461 | 1,434 | ||
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: 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: Loans receivable, net, Fair Value Disclosure | 791,456 | 756,092 | ||
Financial assets: Mortgage servicing rights, Fair Value Disclosure | 223 | 223 | ||
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 | 308,342 | 320,619 | ||
Financial liabilities: Short-term borrowings, Fair Value Disclosure | 0 | 0 | ||
Financial liabilities: Other borrowings, Fair Value Disclosure | 29,757 | 35,514 | ||
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 |