Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | Apr. 30, 2017 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | BAYK | |
Entity Registrant Name | BAY BANKS OF VIRGINIA INC | |
Entity Central Index Key | 1,034,594 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 9,373,577 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
ASSETS | ||
Cash and due from banks | $ 5,087 | $ 4,851 |
Interest-bearing deposits | 6,826 | 7,501 |
Certificates of deposit | 3,472 | 4,216 |
Federal funds sold | 336 | 2,350 |
Securities available-for-sale, at fair value | 49,826 | 51,173 |
Restricted securities | 3,756 | 2,649 |
Loans receivable, net of allowance for loan losses of $3,993 and $3,863 | 401,268 | 381,537 |
Loans held for sale | 276 | |
Premises and equipment, net | 10,859 | 10,844 |
Accrued interest receivable | 1,321 | 1,372 |
Other real estate owned, net | 2,436 | 2,494 |
Bank owned life insurance | 9,944 | 9,869 |
Goodwill | 2,808 | 2,808 |
Mortgage servicing rights | 692 | 671 |
Other assets | 5,576 | 4,099 |
Total assets | 504,207 | 486,710 |
LIABILITIES | ||
Noninterest-bearing deposits | 77,369 | 74,799 |
Savings and interest-bearing demand deposits | 169,027 | 178,869 |
Time deposits | 136,104 | 128,050 |
Total deposits | 382,500 | 381,718 |
Securities sold under repurchase agreements | 8,489 | 18,310 |
Federal Home Loan Bank advances | 60,000 | 35,000 |
Subordinated debt, net of issuance costs | 6,864 | 6,860 |
Other liabilities | 4,737 | 3,117 |
Total liabilities | 462,590 | 445,005 |
SHAREHOLDERS' EQUITY | ||
Common stock ($5 par value; authorized - 30,000,000 shares; outstanding - 4,787,356 and 4,774,856 shares, respectively) | 23,937 | 23,874 |
Additional paid-in capital | 2,868 | 2,872 |
Retained earnings | 16,017 | 16,194 |
Accumulated other comprehensive loss, net | (1,205) | (1,235) |
Total shareholders' equity | 41,617 | 41,705 |
Total liabilities and shareholders' equity | $ 504,207 | $ 486,710 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Loans, allowance for loan losses | $ 3,993 | $ 3,863 |
Common stock, par value | $ 5 | $ 5 |
Common stock, authorized shares | 30,000,000 | 30,000,000 |
Common stock, outstanding shares | 4,787,356 | 4,774,856 |
Consolidated Statements of (Los
Consolidated Statements of (Loss) Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
INTEREST INCOME | ||
Loans, including fees | $ 4,388 | $ 3,974 |
Securities: | ||
Taxable | 269 | 207 |
Tax-exempt | 114 | 136 |
Federal funds sold | 1 | |
Interest-bearing deposit accounts | 7 | 15 |
Certificates of deposit | 19 | 22 |
Total interest income | 4,798 | 4,354 |
INTEREST EXPENSE | ||
Deposits | 630 | 645 |
Federal funds purchased | 10 | |
Securities sold under repurchase agreements | 3 | 2 |
Subordinated debt | 117 | 118 |
FHLB advances | 154 | 125 |
Total interest expense | 914 | 890 |
Net interest income | 3,884 | 3,464 |
Provision for (recovery of) loan losses | 190 | (35) |
Net interest income after provision for loan losses | 3,694 | 3,499 |
NON-INTEREST INCOME | ||
Income from fiduciary activities | 245 | 207 |
Service charges and fees on deposit accounts | 212 | 227 |
VISA-related fees | (1) | 46 |
Non-deposit product income | 80 | 106 |
Other service charges and fees | 171 | 148 |
Secondary market lending income | 115 | 77 |
Increase in cash surrender value of life insurance | 75 | 63 |
Net (losses) gains on sale of securities available for sale | (5) | 6 |
Other real estate losses | (96) | (35) |
Other income | 61 | 13 |
Total non-interest income | 857 | 858 |
NON-INTEREST EXPENSES | ||
Salaries and employee benefits | 2,824 | 2,055 |
Occupancy expense | 439 | 448 |
Software maintenance | 204 | 161 |
Bank franchise tax | 76 | 60 |
VISA expense | 20 | 39 |
Telephone expense | 28 | 31 |
FDIC assessments | 85 | 81 |
Foreclosure property expense | 10 | 12 |
Consulting expense | 54 | 55 |
Merger expense | 300 | |
Other expense | 809 | 738 |
Total non-interest expenses | 4,849 | 3,680 |
Net (loss) income before income taxes | (298) | 677 |
Income tax (benefit) expense | (121) | 153 |
Net (loss) income | $ (177) | $ 524 |
Basic (Loss) Earnings Per Share | ||
Average basic shares outstanding | 4,776,800 | 4,774,856 |
(Loss) earnings per share, basic | $ (0.04) | $ 0.11 |
Diluted (Loss) Earnings Per Share | ||
Average diluted shares outstanding | 4,776,800 | 4,791,139 |
(Loss) earnings per share, diluted | $ (0.04) | $ 0.11 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Net (loss) income | $ (177) | $ 524 |
Unrealized gains (losses) on securities: | ||
Unrealized holding gains arising during the period | 40 | 508 |
Deferred tax expense | (13) | (173) |
Reclassification of net securities losses (gains) recognized in net (loss) income | 5 | (6) |
Deferred tax (benefit) expense | (2) | 2 |
Unrealized gains adjustment, net of tax | 30 | 331 |
Total other comprehensive income | 30 | 331 |
Comprehensive (loss) income | $ (147) | $ 855 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
Balance at beginning of period at Dec. 31, 2015 | $ (776) | ||||
Net loss | $ 524 | ||||
Other comprehensive income | 331 | ||||
Balance at end of period at Mar. 31, 2016 | (445) | ||||
Balance at beginning of period at Dec. 31, 2016 | $ 41,705 | $ 23,874 | $ 2,872 | $ 16,194 | (1,235) |
Balance at beginning of period, Shares at Dec. 31, 2016 | 4,774,856 | 4,774,856 | |||
Net loss | $ (177) | (177) | |||
Other comprehensive income | 30 | 30 | |||
Stock-based compensation expense | 59 | $ 63 | (4) | ||
Stock-based compensation expense, Shares | 12,500 | ||||
Balance at end of period at Mar. 31, 2017 | $ 41,617 | $ 23,937 | $ 2,868 | $ 16,017 | $ (1,205) |
Balance at end of period, Shares at Mar. 31, 2017 | 4,787,356 | 4,787,356 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash Flows From Operating Activities | ||
Net income | $ (177) | $ 524 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 274 | 265 |
Net premium amortization and discount accretion of securities | 92 | 107 |
Amortization of subordinated debt issuance costs | 4 | 4 |
Provision for (recovery of) loan losses | 190 | (35) |
Stock compensation expense | 59 | 16 |
Deferred tax benefit | (5) | (6) |
Loss (gains) on securities available-for-sale | 5 | (6) |
Increase in OREO valuation allowance | 97 | |
(Gain) loss on sale of other real estate | (1) | 35 |
(Increase) decrease in mortgage servicing rights | (21) | 10 |
Loan originations for sale | (3,471) | (2,727) |
Loan sales | 3,766 | 2,086 |
Gain on sold loans | (19) | (34) |
Increase in cash surrender value of life insurance | (75) | (63) |
Decrease in accrued income and other assets | 38 | 112 |
Increase in other liabilities | 146 | 60 |
Net cash provided by operating activities | 902 | 348 |
Cash Flows From Investing Activities | ||
Proceeds from maturities and principal paydowns of available-for-sale securities | 993 | 842 |
Proceeds from sales and calls of available-for-sale securities | 995 | 2,702 |
Maturities of certificates of deposit | 744 | 248 |
Purchases of available-for-sale securities and certificates of deposit | (693) | (1,175) |
(Purchases) sales of restricted securities | (1,107) | 157 |
Decrease (increase) in federal funds sold | 2,014 | (59) |
Loan (originations) and principal collections, net | (19,971) | (3,429) |
Proceeds from sale of other real estate | 12 | 228 |
Proceeds from sale of equipment | 6 | |
Purchases of premises and equipment | (295) | (99) |
Net cash used in investing activities | (17,302) | (585) |
Cash Flows From Financing Activities | ||
Net decrease in demand, savings, and other interest-bearing deposits | (7,272) | (4,463) |
Net increase in time deposits | 8,054 | 1,218 |
Net decrease in securities sold under repurchase agreements | (9,821) | (1,149) |
Increase (decrease) in Federal Home Loan Bank advances | 25,000 | (5,000) |
Net cash provided by (used in) financing activities | 15,961 | (9,394) |
Net decrease in cash and due from banks | (439) | (9,631) |
Cash and cash equivalents (including interest-earning deposits) at beginning of period | 12,352 | 20,299 |
Cash and cash equivalents (including interest-earning deposits) at end of period | 11,913 | 10,668 |
Cash paid for: | ||
Interest | 1,019 | 987 |
Income taxes | 0 | 0 |
Non-cash investing and financing: | ||
Unrealized gain on investment securities | 45 | 502 |
Change in fair value of pension and post-retirement obligation | 0 | 0 |
Loans transferred to other real estate owned | 50 | 1,352 |
Loans originated to facilitate sale of OREO | 117 | |
Changes in deferred taxes resulting from OCI transactions | $ 15 | $ 171 |
General
General | 3 Months Ended |
Mar. 31, 2017 | |
General | Note 1: General Bay Banks of Virginia, Inc. (the “Company”) owns 100% of Virginia Commonwealth Bank, formerly named Bank of Lancaster (refer to Note 2) (the “Bank”), 100% of Bay Trust Company, Inc. (the “Trust Company”) and 100% of Steptoes Holdings, LLC (“Steptoes Holdings”). The consolidated financial statements include the accounts of the Bank, the Trust Company, Steptoes Holdings and Bay Banks of Virginia, Inc. Since the business combination was effective on April 1, 2017 these March 31, 2017 consolidated financial statements do not yet reflect combined operations. The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America (“GAAP”) and to the general practices within the banking industry. In management’s opinion, all adjustments, consisting only of normal recurring adjustments necessary for a fair presentation of the consolidated financial statements, have been included. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year or for any other interim periods. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes to the consolidated financial statements included in the Company’s Annual Report on Form 10-K Certain amounts presented in the consolidated financial statements of prior periods have been reclassified to conform to current year presentations. The reclassifications had no effect on net income, net income per share or shareholders’ equity as previously reported. |
Business Combination
Business Combination | 3 Months Ended |
Mar. 31, 2017 | |
Business Combination | Note 2: Business Combination On April 1, 2017, the Company and Virginia BanCorp, Inc. (“Virginia BanCorp”), a bank holding company conducting substantially all of its operations through its subsidiary Virginia Commonwealth Bank, completed a merger pursuant to the Agreement and Plan of Merger, dated as of November 2, 2016, by and between the Company and Virginia BanCorp. The Company is the surviving corporation in the merger and the former shareholders of Virginia BanCorp received 1.178 shares of the Company’s common stock for each share of Virginia BanCorp common stock they owned immediately prior to the merger, for a total issuance of 4,586,221 shares of the Company’s common stock valued at approximately $40.5 million. As of the completion of the merger, the Company’s legacy shareholders owned approximately 51% of the outstanding common stock of the Company and Virginia BanCorp’s former shareholders owned approximately 49% of the outstanding common stock of the Company. After the merger of Virginia BanCorp with and into the Company, Virginia BanCorp’s subsidiary bank was merged with and into Bank of Lancaster, and immediately thereafter Bank of Lancaster changed its name to Virginia Commonwealth Bank. Bank operating systems are being consolidated and are expected to be completed during the fourth quarter of 2017. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2017 | |
Significant Accounting Policies | Note 3: Significant Accounting Policies Loans The Company grants mortgage loans on real estate, commercial and industrial loans, and consumer and other loans to customers. A substantial portion of the loan portfolio is represented by mortgage loans on real estate. The ability of the Company’s debtors to honor their contracts is dependent upon the real estate and general economic conditions in the Company’s market areas. Loans are reported at their recorded investment, which is the outstanding principal balance net of any unearned income, such as deferred fees and costs, and charge-offs. Interest on loans is recognized over the term of the loan and is calculated using the interest method on principal amounts outstanding. Loan origination fees and certain direct origination costs are deferred and recognized as an adjustment of the related loan yield over the contractual term of the loan, adjusted for early pay-offs, The accrual of interest is generally discontinued at the time a loan is 90 days or more past due, or earlier, if collection is uncertain based on an evaluation of the net realizable value of the collateral and the financial strength of the borrower. Payments received for loans no longer accruing interest are applied to the unpaid principal balance. Loans greater than 90 days past due may remain on accrual status if the credit is well-secured and in process of collection. Personal loans are typically charged off no later than 180 days past due. Past due status is based on the contractual terms of the loan. In all cases, loans are charged off at an earlier date if collection of principal or interest is considered doubtful. Nonaccrual and past due policies are materially the same for all types of loans. All interest accrued but not collected for loans that are placed on non-accrual Allowance for loan losses (“ALL”) The ALL reflects management’s judgment of probable loan losses inherent in the portfolio at the balance sheet date. Management uses a disciplined process and methodology to establish the ALL each quarter. To determine the total ALL, the Company estimates the reserves needed for each homogenous segment and class of the portfolio, plus any loans analyzed individually for impairment. Depending on the nature of each segment and class, considerations include historical loss experience, adverse situations that may affect a borrower’s ability to repay, credit scores, past due history, estimated value of any underlying collateral, prevailing local and national economic conditions, and internal policies and procedures including credit risk management and underwriting. This evaluation is inherently subjective, as it requires estimates that are susceptible to significant revision as conditions change. Management employs a risk rating system to evaluate and consistently categorize loan portfolio credit risk. Loans assigned risk rating grades include all commercial loans not secured by real estate, commercial mortgages, residential mortgages greater than $1 million, smaller residential mortgages which are impaired, loans to real estate developers and contractors, consumer loans greater than $250 thousand with chronic delinquency, and troubled debt restructures (“TDRs”). The grading analysis estimates the capability of the borrower to repay the contractual obligations of the loan agreements as scheduled. Risk grades are evaluated as new information becomes available for each borrowing relationship or at least quarterly. All other loans not specifically assigned a risk rating grade are monitored as a discrete pool of loans generally based on delinquency status. Risk rating categories are as follows: Pass Watch Special Mention Substandard Doubtful Loss The ALL consists of specific, general, and unallocated components. The specific component is determined by identifying impaired loans (as described below) then evaluating each one to calculate the amount of impairment. Impaired loans measured for impairment generally include: (1) non-accruing The specific component of the ALL calculation accounts for the loan loss reserve necessary on impaired loans. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not considered impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case The general component of the ALL calculation collectively evaluates groups of loans in segments and classes, as noted above. The segments are: (1) Mortgage loans on real estate; (2) Commercial and industrial loans; and (3) Consumer and other loans. The segment for Mortgage loans on real estate is disaggregated into the following classes: (1) Construction, land and land development; (2) Farmland; (3) Residential first mortgages; (4) Residential revolving and junior mortgages; (5) Commercial mortgages (non-owner-occupied); Construction and development loans carry risks that the project will not be finished according to schedule or according to budget and the value of the collateral, at any point in time, may be less than the principal amount of the loan. These loans also bear the risk that the general contractor may face financial pressure unrelated to the project. Loans secured by land, farmland and residential mortgages carry the risk of continued credit-worthiness of the borrower and changes in value of the underlying real estate collateral. Commercial mortgages and commercial and industrial loans carry risks associated with the profitable operation of a business and its related cash flows. Additionally, commercial and industrial loans carry risks associated with the value of collateral other than real estate which may depreciate over time. Consumer loans carry risks associated with the continuing credit-worthiness of the borrower and are more likely than real estate loans to be adversely affected by divorce, unemployment, personal illness or bankruptcy of an individual. Consumer loans secured by automobiles carry risks associated with rapidly depreciating collateral. Consumer loans have historically included credit cards, which are unsecured. The credit card portfolio was sold to an unaffiliated third party in the third quarter of 2016. The summation of the specific, general and unallocated components results in the total estimated ALL. Management may also include an unallocated component to cover uncertainties in the level of probable losses. This estimate is inherently subjective and actual losses could be greater or less than the estimates. Additions to the ALL are made by charges to earnings through the provision for loan losses. Charge-offs result from credit exposures deemed to be uncollectible and the ALL is reduced by these. Recoveries of previously charged off amounts are credited back to the ALL. Charge-off |
Amendments to the Accounting St
Amendments to the Accounting Standards Codification | 3 Months Ended |
Mar. 31, 2017 | |
Amendments to the Accounting Standards Codification | Note 4: Amendments to the Accounting Standards Codification In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Update Standard (“ASU”) 2017-03, Accounting Changes and Error Corrections (Topic 250) and Investments - Equity Method and Joint Ventures (Topic 323): Amendments to SEC Paragraphs Pursuant to Staff Announcements at the September 22, 2016 and November 17, 2016 EITF Meetings 2017-03 In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326), off-balance held-to-maturity 2016-13 available-for-sale available-for-sale available-for-sale 2016-13 non-accrual In March 2016, the FASB issued ASU 2016-09, “Compensation – Stock Compensation (Topic 718): Improvements to Employee Shares-Based Payment Accounting.” 2016-09 In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) 2016-02 2016-02 In January 2016, the FASB issued ASU 2016-01, Financial Instruments – Overall 825-10) available-for-sale available-for 2016-01. 2016-01 In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers 2014-09 2014-09 2014-09. 2014-09. 2014-09 |
Securities
Securities | 3 Months Ended |
Mar. 31, 2017 | |
Securities | Note 5: Securities The aggregate amortized costs and fair values of the available-for-sale (Dollars in thousands) Available-for-sale March 31, 2017 Amortized Gross Gross Fair Corporate bonds $ 6,695 $ 20 $ — $ 6,715 U.S. Government agencies 24,615 49 (429 ) 24,235 State and municipal obligations 19,229 77 (430 ) 18,876 $ 50,539 $ 146 $ (859 ) $ 49,826 Available-for-sale December 31, 2016 Amortized Gross Gross Fair Corporate bonds $ 7,695 $ 14 $ (5 ) $ 7,704 U.S. Government agencies 25,668 53 (408 ) 25,313 State and municipal obligations 18,566 49 (459 ) 18,156 $ 51,929 $ 116 $ (872 ) $ 51,173 Gross realized gains and gross realized losses on sales and calls of securities were as follows: For the three months ended March 31, (Dollars in thousands) 2017 2016 Gross realized gains $ — $ 15 Gross realized losses (5 ) (9 ) Net realized (losses) gains $ (5 ) $ 6 Aggregate proceeds $ 995 $ 2,702 Average yields (taxable equivalent) on securities were 3.22% and 3.03% for the three months ended March 31, 2017 and 2016, respectively. Securities with a market value of $10.7 million and $19.1 million were pledged as collateral for repurchase agreements and for other purposes as required by law as of March 31, 2017 and December 31, 2016, respectively. As of March 31, 2017 and December 31, 2016, all the securities pledged to repurchase agreements were state and municipal obligations. All the repurchase agreements had remaining contractual maturities that were overnight and continuous. Securities sold under repurchase agreements were $8.5 million and $18.3 million as of March 31, 2017 and December 31, 2016, respectively, and included in liabilities on the consolidated balance sheets. The securities pledged to each agreement are reviewed daily and can be changed at the option of the Bank with minimal risk of loss due to fair value. Securities in an unrealized loss position at March 31, 2017 and December 31, 2016, by duration of the unrealized loss, are shown below. The unrealized loss positions were directly related to interest rate movements as there is minimal credit risk exposure in these investments. All agency securities, and states and municipal securities, are investment grade or better and their losses are considered temporary. Management does not intend to sell the securities and does not expect to be required to sell the securities. Furthermore, all amortized cost bases are expected to be recovered. Bonds with unrealized loss positions at March 31, 2017 included 39 federal agencies and 35 municipals. Bonds with unrealized loss positions at December 31, 2016 included 37 federal agencies, one corporate bond and 39 municipals. The tables are shown below. (Dollars in thousands) Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized March 31, 2017 Value Loss Value Loss Value Loss U.S. Government agencies $ 21,463 $ (418 ) $ 1,248 $ (11 ) $ 22,711 $ (429 ) States and municipal obligations 12,409 (430 ) — — 12,409 (430 ) Total temporarily impaired securities $ 33,872 $ (848 ) $ 1,248 $ (11 ) $ 35,120 $ (859 ) Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2016 Value Loss Value Loss Value Loss Corporate bonds $ 995 $ (5 ) $ — $ — $ 995 $ (5 ) U.S. Government agencies 20,933 (396 ) 1,308 (12 ) 22,241 (408 ) States and municipal obligations 12,888 (459 ) — — 12,888 (459 ) Total temporarily impaired securities $ 34,816 $ (860 ) $ 1,308 $ (12 ) $ 36,124 $ (872 ) The Company’s investment in Federal Home Loan Bank of Atlanta (“FHLB”) stock totaled $3.0 million and $1.9 million at March 31, 2017 and December 31, 2016, respectively. The Company also had an investment in Federal Reserve Bank of Richmond (“FRB”) stock which totaled $595 thousand and $580 thousand at March 31, 2017 and December 31, 2016, respectively. The investments in both FHLB and FRB stock are required investments related to the Bank’s membership with the FHLB and FRB. These securities do not have a readily determinable fair value as their ownership is restricted, and they lack an active market for trading. Additionally, per charter provisions related to the FHLB and FRB stock, all repurchase transactions of such stock must occur at par. Accordingly, these securities are carried at cost, and are periodically evaluated for impairment. The Company’s determination as to whether its investment in FHLB and FRB stock is impaired is based on management’s assessment of the ultimate recoverability of its par value rather than recognizing temporary declines in its value. The determination of whether the decline affects the ultimate recoverability of the investments is influenced by available information regarding various factors. These factors include, among others, the significance of the decline in net assets of the issuing banks as compared to the capital stock amount reported by these banks, and the length of time a decline has persisted; commitments by such banks to make payments required by law or regulation and the level of such payments in relation to the operating performance of the issuing bank; and the overall liquidity position of the issuing bank. Based on its most recent analysis of publicly available information regarding the financial condition of the issuing banks, management concluded that no impairment existed in the carrying value of FHLB and FRB stock. |
Low Income Housing Tax Credits
Low Income Housing Tax Credits | 3 Months Ended |
Mar. 31, 2017 | |
Low Income Housing Tax Credits | Note 6: Low Income Housing Tax Credits The Company had investments in three separate housing equity funds at March 31, 2017. The general purpose of these funds is to encourage and assist participants in investing in low-income low-income |
Loans
Loans | 3 Months Ended |
Mar. 31, 2017 | |
Loans | Note 7: Loans The following is a summary of the balances of loans: (Dollars in thousands) March 31, 2017 December 31, 2016 Mortgage loans on real estate: Construction, Land and Land Development $ 44,119 $ 39,818 Farmland 994 1,023 Commercial Mortgages (Non-Owner 35,464 35,343 Commercial Mortgages (Owner Occupied) 42,550 41,825 Residential First Mortgages 205,106 194,007 Residential Revolving and Junior Mortgages 27,090 26,425 Commercial and Industrial loans 46,205 43,024 Consumer Loans 3,324 3,544 Total loans 404,852 385,009 Net unamortized deferred loan costs 409 391 Allowance for loan losses (3,993 ) (3,863 ) Loans, net $ 401,268 $ 381,537 The recorded investment in past due and non-accruing 90 Days or 30-89 More Past Total Past (Dollars in thousands) Days Due and Due and Total March 31, 2017 Past Due Still Accruing Nonaccruals Nonaccruals Current Loans Mortgage Loans on Real Estate: Construction, Land and Land Development $ — $ — $ 547 $ 547 $ 43,572 $ 44,119 Farmland — — — — 994 994 Commercial Mortgages (Non-Owner — — — — 35,464 35,464 Commercial Mortgages (Owner Occupied) — — 2,148 2,148 40,402 42,550 Residential First Mortgages 402 — 1,975 2,377 202,729 205,106 Residential Revolving and Junior Mortgages — — 1,039 1,039 26,051 27,090 Commercial and Industrial 603 — 111 714 45,491 46,205 Consumer Loans — — — — 3,324 3,324 Total $ 1,005 $ — $ 5,820 $ 6,825 $ 398,027 $ 404,852 90 Days or 30-89 More Past Total Past Days Due and Due and Total December 31, 2016 Past Due Still Accruing Nonaccruals Nonaccruals Current Loans Mortgage Loans on Real Estate: Construction, Land and Land Development $ — $ — $ 623 $ 623 $ 39,195 $ 39,818 Farmland 57 — — 57 966 1,023 Commercial Mortgages (Non-Owner — — — — 35,343 35,343 Commercial Mortgages (Owner Occupied) 188 — 2,270 2,458 39,367 41,825 Residential First Mortgages 1,546 — 2,155 3,701 190,306 194,007 Residential Revolving and Junior Mortgages 480 — 160 640 25,785 26,425 Commercial and Industrial 408 — 92 500 42,524 43,024 Consumer Loans — — — — 3,544 3,544 Total $ 2,679 $ — $ 5,300 $ 7,979 $ 377,030 $ 385,009 |
Allowance for Loan Losses
Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2017 | |
Allowance for Loan Losses | Note 8: Allowance for Loan Losses Loans Evaluated for Impairment Loan receivables evaluated for impairment individually and collectively by segment as of March 31, 2017 and December 31, 2016 are as follows: (Dollars in thousands) Mortgage Commercial Consumer As of March 31, 2017 on Real Estate Industrial Loans Total Individually evaluated for impairment $ 9,940 $ 92 $ — $ 10,032 Collectively evaluated for impairment 345,383 46,113 3,324 394,820 Total Gross Loans $ 355,323 $ 46,205 $ 3,324 $ 404,852 As of December 31, 2016 Individually evaluated for impairment $ 10,323 $ 92 $ — $ 10,415 Collectively evaluated for impairment 328,118 42,932 3,544 374,594 Total Gross Loans $ 338,441 $ 43,024 $ 3,544 $ 385,009 Allowance for Loan Losses The allowance for loan losses disaggregated based on loan receivables evaluated for impairment individually and collectively by segment as of March 31, 2017 and December 31, 2016 are as follows: (Dollars in thousands) Mortgage Loans Commercial and Consumer As of March 31, 2017 on Real Estate Industrial Loans Total Individually evaluated for impairment $ 694 $ 92 $ — $ 786 Collectively evaluated for impairment 2,727 436 44 3,207 Total allowance for loan losses $ 3,421 $ 528 $ 44 $ 3,993 As of December 31, 2016 Mortgage Commercial Consumer Total Individually evaluated for impairment $ 803 $ 92 $ — $ 895 Collectively evaluated for impairment 2,515 401 52 2,968 Total allowance for loan losses $ 3,318 $ 493 $ 52 $ 3,863 A disaggregation and an analysis of the change in the allowance for loan losses by segment is shown below. (Dollars in thousands) For the Three Months Ended March 31, 2017 Mortgage Commercial Consumer Total ALLOWANCE FOR LOAN LOSSES: Beginning Balance $ 3,318 $ 493 $ 52 $ 3,863 (Charge-offs) (132 ) — (8 ) (140 ) Recoveries 78 — 2 80 Provision 157 35 (2 ) 190 Ending Balance $ 3,421 $ 528 $ 44 $ 3,993 For the Three Months Ended March 31, 2016 Mortgage Commercial Consumer Total ALLOWANCE FOR LOAN LOSSES: Beginning Balance $ 3,502 $ 599 $ 122 $ 4,223 (Charge-offs) (83 ) — (11 ) (94 ) Recoveries 6 5 2 13 (Recovery) provision (15 ) (25 ) 5 (35 ) Ending Balance $ 3,410 $ 579 $ 118 $ 4,107 Internal Risk Rating Grades Internal risk rating grades are generally assigned to commercial loans not secured by real estate, commercial mortgages, residential mortgages greater than $1 million, smaller residential mortgages which are impaired, loans to real estate developers and contractors, consumer loans greater than $250,000 with chronic delinquency, and TDRs, as shown in the following table. The grading analysis estimates the capability of the borrower to repay the contractual obligations of the loan agreements as scheduled. Risk grades (refer to Note 3) are evaluated as new information becomes available for each borrowing relationship or at least quarterly. Construction, Commercial Commercial Land and Mortgages Mortgages Commercial (Dollars in thousands) Land (Non-Owner (Owner and As of March 31, 2017 Development Farmland Occupied) Occupied) Industrial Total Grade: Pass $ 36,423 $ 994 $ 30,571 $ 32,412 $ 44,441 $ 144,841 Watch 5,762 — 4,375 7,732 1,538 19,407 Special mention 179 — 270 — 40 489 Substandard 1,755 — 248 2,406 186 4,595 Doubtful — — — — — — Total $ 44,119 $ 994 $ 35,464 $ 42,550 $ 46,205 $ 169,332 Construction, Commercial Commercial Land and Mortgages Mortgages Commercial Land (Non-Owner (Owner and As of December 31, 2016 Development Farmland Occupied) Occupied) Industrial Total Grade: Pass $ 32,009 $ 1,023 $ 30,639 $ 31,191 $ 40,841 $ 135,703 Watch 5,795 — 4,184 6,652 1,891 18,522 Special mention 180 — 272 1,453 125 2,030 Substandard 1,834 — 248 2,529 167 4,778 Doubtful — — — — — — Total $ 39,818 $ 1,023 $ 35,343 $ 41,825 $ 43,024 $ 161,033 Loans not assigned internal risk rating grades are comprised of smaller residential mortgages and smaller consumer loans. Payment activity of these loans is reviewed monthly by management. However, some of these loans are graded when the borrower’s total exposure to the Bank exceeds the limits noted above. Loans are considered to be nonperforming when they are delinquent by 90 days or more or non-accruing Residential (Dollars in thousands) Residential Revolving As of March 31, 2017 First and Junior Consumer PAYMENT ACTIVITY STATUS Mortgages (1) Mortgages (2) Loans (3) Total Performing $ 203,131 $ 26,051 $ 3,324 $ 232,506 Nonperforming 1,975 1,039 — 3,014 Total $ 205,106 $ 27,090 $ 3,324 $ 235,520 Residential Residential Revolving As of December 31, 2016 First and Junior Consumer PAYMENT ACTIVITY STATUS Mortgages (4) Mortgages (5) Loans (6) Total Performing $ 191,852 $ 26,265 $ 3,544 $ 221,661 Nonperforming 2,155 160 — 2,315 Total $ 194,007 $ 26,425 $ 3,544 $ 223,976 (1) Residential First Mortgages which have been assigned a risk rating grade of Substandard totaled $3.1million as of March 31, 2017. (2) Residential Revolving and Junior Mortgages which have been assigned a risk rating grade of Substandard totaled $1.9 million as of March 31, 2017. (3) No Consumer Loans had been assigned a risk rating grade of Substandard as of March 31, 2017. (4) Residential First Mortgages which have been assigned a risk rating grade of Substandard totaled $3.3 million as of December 31, 2016. (5) Residential Revolving and Junior Mortgages which have been assigned a risk rating grade of Substandard totaled $1.1 million as of December 31, 2016. (6) No Consumer Loans had been assigned a risk rating grade of Substandard as of December 31, 2016. Impaired Loans The following tables show the Company’s recorded investment and the customers’ unpaid principal balances for impaired As of March 31, 2017 As of December 31, 2016 (Dollars in thousands) IMPAIRED LOANS Recorded Customers’ Unpaid Related Recorded Customers’ Unpaid Related With no related allowance: Construction, Land and Land Development $ 1,455 $ 1,535 $ — $ 1,531 $ 1,539 $ — Residential First Mortgages 2,104 2,171 — 2,112 2,176 — Residential Revolving and Junior Mortgages (1) 995 999 — 995 999 — Commercial Mortgages (Non-owner 248 248 — 248 248 — Commercial Mortgages (Owner occupied) 2,030 2,351 — 1,860 2,178 — Commercial and Industrial — — — — — — 6,832 7,304 — 6,746 7,140 — With an allowance recorded: Construction, Land and Land Development 239 285 140 243 286 145 Residential First Mortgages 1,942 1,942 338 1,951 1,951 367 Residential Revolving and Junior Mortgages (1) 526 528 175 544 546 199 Commercial Mortgages (Non-owner — — — — — — Commercial Mortgages (Owner occupied) 401 421 41 839 854 92 Commercial and Industrial 92 101 92 92 101 92 3,200 3,277 786 3,669 3,738 895 Total Impaired Loans: Construction, Land and Land Development 1,694 1,820 140 1,774 1,825 145 Residential First Mortgages 4,046 4,113 338 4,063 4,127 367 Residential Revolving and Junior Mortgages (1) 1,521 1,527 175 1,539 1,545 199 Commercial Mortgages (Non-owner 248 248 — 248 248 — Commercial Mortgages (Owner occupied) 2,431 2,772 41 2,699 3,032 92 Commercial and Industrial 92 101 92 92 101 92 $ 10,032 $ 10,581 $ 786 $ 10,415 $ 10,878 $ 895 Notes: (1) Junior mortgages include equity lines. For the three months ended March 31, 2017 March 31, 2016 (Dollars in thousands) Average Interest Average Interest With no related allowance: Construction, land and land development $ 1,493 $ 13 $ 991 $ 14 Residential First Mortgages 2,108 5 2,783 26 Residential Revolving and Junior Mortgages (1) 995 10 468 9 Commercial Mortgages (Non-owner 248 4 256 4 Commercial Mortgages (Owner occupied) 2,159 5 1,090 17 Commercial and Industrial — — — — 7,003 37 5,588 70 With an allowance recorded: Construction, land and land development 241 1 260 1 Residential First Mortgages 1,946 24 2,905 21 Residential Revolving and Junior Mortgages (1) 527 5 309 4 Commercial Mortgages (Non-owner — — — — Commercial Mortgages (Owner occupied) 406 — 2,208 14 Commercial and Industrial 92 — 280 1 3,212 30 5,962 41 Total Construction, land and land development 1,734 14 1,251 15 Residential First Mortgages 4,054 29 5,688 47 Residential Revolving and Junior Mortgages (1) 1,522 15 777 13 Commercial Mortgages (Non-owner 248 4 256 4 Commercial Mortgages (Owner occupied) 2,565 5 3,298 31 Commercial and Industrial 92 — 280 1 $ 10,215 $ 67 $ 11,550 $ 111 (1) Junior mortgages include equity lines. Smaller non-accruing non-accruing non-accruing non-accruing Loan Modifications Loans modified as TDRs are considered impaired and are individually evaluated for the amount of impairment in the ALL. There were no new loans modified as TDRs in the first quarter of 2017 or the first quarter of 2016. In addition, no TDRs subsequently defaulted in the first quarter of 2017 or the first quarter of 2016. Other Real Estate Owned The table below details the properties included in other real estate owned (“OREO”) as of March 31, 2017 and December 31, 2016. There were no collateralized consumer residential mortgage loans in the process of foreclosure as of March 31, 2017. As of March 31, 2017 As of December 31, 2016 No. of Carrying No. of Carrying (Dollars in thousands) Properties Value Properties Value Residential 2 $ 831 2 $ 891 Land lots 7 586 7 547 Convenience store 1 60 1 59 Restaurant 1 55 1 55 Commerical properties 3 904 3 942 Total 14 $ 2,436 14 $ 2,494 Included in other assets as of March 31, 2017 and December 31, 2016, is one residential property purchased in 2013 from a related party with a value of $708 thousand and a former branch, which was closed April 30, 2015, with a value of $403 thousand. |
Earnings per share
Earnings per share | 3 Months Ended |
Mar. 31, 2017 | |
Earnings per share | Note 9: Earnings per share The following table shows the weighted average number of shares used in computing earnings per share and the effect on the weighted average number of shares of dilutive potential common stock. For the three months ended March 31, 2017 March 31, 2016 Average Per share Average Per share Shares Amount Shares Amount Basic earnings per share 4,776,800 $ (0.04 ) 4,774,856 $ 0.11 Effect of dilutive securities: Stock options — 16,283 Diluted earnings per share 4,776,800 $ (0.04 ) 4,791,139 $ 0.11 For the three months ended March 31, 2017 and 2016, options on 91,368 and 68,473 shares, respectively, were not included in computing diluted earnings per share because their effects were anti-dilutive. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2017 | |
Stock-Based Compensation | Note 10: Stock-Based Compensation On June 28, 2013, the Company registered with the SEC a stock-based compensation plan, which superseded all other plans. There are 317,209 shares available for grant under this plan at March 31, 2017. Stock-based compensation expense related to stock awards for the three month periods ended March 31, 2017 and 2016 was $59 thousand and $16 thousand, respectively. Compensation expense for stock options is the estimated fair value of options on the date granted using the Black-Scholes Model amortized on a straight-line basis over the vesting period of the award. There was no unrecognized compensation expense related to stock options as of March 31, 2017. Options for a total of 8,500 shares were granted and vested during the three months ended March 31, 2017. The aggregate fair value of options granted during the three months ended March 31, 2017 was $16 thousand. Options for a total of 7,500 shares were granted and vested during the three months ended March 31, 2016. The aggregate fair value of options granted during the three months ended March 31, 2016 was $16 thousand. The variables used in these calculations of the fair value of the options are as follows: For the three months ended March 31, 2017 2016 Risk free interest rate (5 year Treasury) 1.93 % 1.49 % Expected dividend yield 0 % 0 % Expected term (years) 5 5 Expected volatility 21.7 % 40.1 % Stock option activity for the three months ended March 31, 2017 is summarized below: Weighted Average Weighted Average Remaining Aggregate Exercise Contractual Intrinsic Shares Price Life (in years) Value (1) Options outstanding, January 1, 2017 218,300 $ 6.35 5.9 Granted 8,500 8.30 Forfeited (1,195 ) 8.43 Exercised — — Expired — — Options outstanding and exercisable, March 31, 2017 225,605 $ 6.41 5.9 $ 737,512 (1) The aggregate intrinsic value of a stock option in the table above represents the total pre-tax In the first quarter of 2017, 12,500 shares of restricted stock were granted to two executives. Of these shares, 5,000 shares vested immediately and $43 thousand of compensation expense was recorded. Another 2,500 shares of restricted stock will vest over two years and $20 thousand of compensation expense is expected to be recorded over that period. The final 5,000 shares of restricted stock will vest over three years and $40 thousand of compensation expense is expected to be recorded over that period. |
Employee Benefit Plans
Employee Benefit Plans | 3 Months Ended |
Mar. 31, 2017 | |
Employee Benefit Plans | Note 11: Employee Benefit Plans The Company has a non-contributory, The Company sponsors a post-retirement benefit plan covering current and future retirees who acquire age 55 and 10 years of service or age 65 and 5 years of service. The post-retirement benefit plan provides coverage toward a retiree’s eligible medical and life insurance benefits expenses. The plan is unfunded and funded as benefits are due. Components of Net Periodic (Benefit) Cost (Dollars in thousands) Pension Benefits Post-Retirement Benefits Three months ended March 31, 2017 2016 2017 2016 Service cost $ — $ — $ 5 $ 6 Interest cost 31 35 5 7 Expected return on plan assets (45 ) (48 ) — — Settlement loss 13 — — — Amortization of net gain — — (2 ) — Recognized net actuarial loss 19 19 — — Net periodic cost $ 18 $ 6 $ 8 $ 13 The Company expects to make no contribution to its pension plan and $5 thousand to its post-retirement benefit plan during the remainder of 2017. The Company has contributed $1 thousand towards the post-retirement plan during the first three months of 2017. |
Long Term Debt
Long Term Debt | 3 Months Ended |
Mar. 31, 2017 | |
Long Term Debt | Note 12: Long Term Debt FHLB Debt As of March 31, 2017, the Bank had $60.0 million of outstanding FHLB debt, consisting of nine advances. As of December 31, 2016, five advances totaling $35.0 million were outstanding. The Company drew four new advances totaling $25.0 million during the first quarter of 2017. The nine advances are shown in the following table. Description Balance Originated Current Maturity Adjustable Rate Hybrid $ 10,000,000 4/12/2013 3.40178 % 4/13/2020 Fixed Rate Credit 5,000,000 12/21/2015 0.99000 % 6/15/2017 Fixed Rate Credit 5,000,000 12/22/2015 1.08000 % 9/15/2017 Fixed Rate Credit 5,000,000 1/17/2017 0.91000 % 10/1/2017 Fixed Rate Credit 5,000,000 1/20/2017 0.99500 % 12/20/2017 Fixed Rate Credit 10,000,000 3/1/2017 0.79000 % 5/29/2017 Fixed Rate Credit 5,000,000 3/6/2017 0.71000 % 4/5/2017 Fixed Rate Credit 10,000,000 3/30/2017 0.90000 % 4/28/2017 Fixed Rate Credit 5,000,000 3/31/2017 0.89000 % 5/1/2017 $ 60,000,000 Advances on the FHLB lines are secured by a blanket lien on qualified 1 to 4 family residential real estate loans. Immediate available credit, as of March 31, 2017, was $54.8 million against a total line of credit of $120.8 million. As of March 31, 2017 and December 31, 2016, the Company had $60.0 million and $35.0 million, respectively, in FHLB debt outstanding with a weighted average interest rate of 1.31% and 1.49%, respectively. Subordinated Debt On May 28, 2015, the Company issued an aggregate of $7,000,000 of subordinated notes (the “Notes”). The Notes have a maturity date of May 28, 2025. The Notes bear interest, payable on the 1st of March and September of each year, commencing September 1, 2015, at a fixed interest rate of 6.50% per year. The Notes are not convertible into common stock or preferred stock, and are not callable by the holders. The Company has the right to redeem the Notes, in whole or in part, without premium or penalty, at any interest payment date on or after May 28, 2020 and prior to the maturity date, but in all cases in a principal amount with integral multiples of $1,000, plus interest accrued and unpaid through the date of redemption. If an event of default occurs, such as the bankruptcy of the Company, the holder of a Note may declare the principal amount of the Note to be due and immediately payable. The Notes are unsecured, subordinated obligations of the Company and will rank junior in right of payment to the Company’s existing and future senior indebtedness. The Notes qualify as Tier 2 capital for regulatory reporting. (Dollars in thousands) Balance as of March 31, 2017 6.5% Subordinated Debt $ 7,000 Less: Issuance costs (136 ) $ 6,864 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Measurements | Note 13: Fair Value Measurements The Company uses fair value to record certain assets and liabilities and to determine fair value disclosures. Authoritative accounting guidance clarifies that fair value of certain assets and liabilities is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Authoritative accounting guidance specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. The three levels of the fair value hierarchy based on these two types of inputs are as follows: Level 1 – Valuation is based on quoted prices in active markets for identical assets and liabilities. Level 2 – Valuation is based on observable inputs including quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets and liabilities in less active markets, and model-based valuation techniques for which significant assumptions can be derived primarily from or corroborated by observable data in the market. Level 3 – Valuation is based on model-based techniques that use one or more significant inputs or assumptions that are unobservable in the market. The following describes the valuation techniques used by the Company to measure certain financial assets and liabilities recorded at fair value on a recurring basis in the financial statements: Securities available-for-sale available-for-sale Defined benefit plan assets Mortgage servicing rights The following table presents the balances of financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2017 and December 31, 2016: (Dollars in thousands) Fair Value Measurements at March 31, 2017 Using Description Balance Level 1 Level 2 Level 3 Securities available-for-sale: Corporate bonds $ 6,715 $ — $ — $ 6,715 U. S. Government agencies 24,235 — 24,235 — State and municipal obligations 18,876 — 18,876 — Total securities available-for-sale: $ 49,826 $ — $ 43,111 $ 6,715 Mortgage servicing rights $ 692 $ — $ — $ 692 Defined benefit plan assets: Cash and cash equivalents $ 3 $ 3 $ — $ — Mutual funds - fixed income 1,043 1,043 $ — $ — Mutual funds - equity 1,577 1,577 — — Total defined benefit plan assets $ 2,623 $ 2,623 $ — $ — Fair Value Measurements at December 31, 2016 Using Description Balance Level 1 Level 2 Level 3 Securities available-for-sale: Corporate bonds $ 7,704 $ — $ — $ 7,704 U. S. Government agencies 25,313 — 25,313 — State and municipal obligations 18,156 — 18,156 — Total securities available-for-sale: $ 51,173 $ — $ 43,469 $ 7,704 Mortgage servicing rights $ 671 $ — $ — $ 671 Defined benefit plan assets: Mutual funds - fixed income $ 1,041 $ 1,041 $ — $ — Mutual funds - equity 1,649 1,649 — — Total defined benefit plan assets $ 2,690 $ 2,690 $ — $ — The reconciliation of items using Level 3 inputs is as follows: Corporate (Dollars in thousands) MSRs Bonds Balance, January 1, 2017 $ 671 $ 7,704 Purchases — — Impairments — — Fair value adjustments 21 11 Sales — (1,000 ) Balance, March 31, 2017 $ 692 $ 6,715 Certain assets are measured at fair value on a nonrecurring basis in accordance with GAAP. Adjustments to the fair value of these assets usually result from the application of lower-of-cost-or-market The following describes the valuation techniques used by the Company to measure certain assets recorded at fair value on a nonrecurring basis in the financial statements: Impaired Loans: Other Real Estate Owned: The following table summarizes the Company’s assets that were measured at fair value on a nonrecurring basis at the end of the respective period. Fair Value Measurements at March 31, 2017 Using (Dollars in thousands) Description Balance as of Level 1 Level 2 Level 3 Impaired Loans, net $ 2,414 $ — $ — $ 2,414 Other real estate owned, net 2,436 — — 2,436 Fair Value Measurements at December 31, 2016 Using Description Balance as of Level 1 Level 2 Level 3 Impaired loans, net 2,774 — — 2,774 Other real estate owned, net $ 2,494 $ — $ — $ 2,494 The following table displays quantitative information about Level 3 Fair Value Measurements as of March 31, 2017: Range Balance as of Valuation Unobservable (Weighted (Dollars in thousands) March 31, 2017 Technique Input Average) Impaired Loans, net $ 2,414 Discounted appraised value Selling Cost 0% - 20% (15% ) Lack of Marketability 50% - 100% (96% ) Other real estate owned, net 2,436 Discounted appraised value Selling Cost 3% - 13% (5% ) Lack of Marketability 10% -20% (11% ) The following table displays quantitative information about Level 3 Fair Value Measurements as of December 31, 2016: Range Balance as of Valuation Unobservable (Weighted (Dollars in thousands) December 31, 2016 Technique Input Average) Impaired Loans, net $ 2,774 Discounted appraised value Selling Cost 10% - 20% (16% ) Lack of Marketability 50% (50% ) Other real estate owned, net $ 2,494 Discounted appraised value Selling Cost 3% - 13% (5% ) Lack of Marketability 10% - 20% (11% ) The estimated fair values of financial instruments are shown in the following table. The carrying amounts in the table are included in the balance sheet under the applicable captions. Fair Value Measurements at March 31, 2017 Using (Dollars in thousands) Description Balance as of Fair Value as of Level 1 Level 2 Level 3 Financial Assets: Cash and due from banks $ 5,087 $ 5,087 $ 5,087 $ — $ — Interest-bearing deposits 6,826 6,826 6,826 — — Certificates of deposit 3,472 3,472 — 3,472 — Federal funds sold 336 336 336 — — Securities available-for-sale 49,826 49,826 — 43,111 6,715 Restricted securities 3,756 3,756 — — 3,756 Loans, net 401,268 400,988 — — 400,988 Accrued interest receivable 1,321 1,321 — 1,321 — Bank owned life insurance 9,944 9,944 9,944 — — Mortgage servicing rights 692 692 — — 692 Financial Liabilities: Non-interest-bearing $ 77,369 $ 77,369 $ 77,369 $ — $ — Savings and other interest-bearing deposits 169,027 167,027 — 167,027 — Time deposits 136,104 135,662 — — 135,662 Securities sold under repurchase agreements 8,489 8,489 — 8,489 — FHLB advances 60,000 59,352 — 59,352 — Subordinated debt 6,864 7,000 — — 7,000 Accrued interest payable 225 225 — 225 — Fair Value Measurements at December 31, 2016 Using (Dollars in thousands) Description Balance as of Fair Value as of Level 1 Level 2 Level 3 Financial Assets: Cash and due from banks $ 4,851 $ 4,851 $ 4,851 $ — $ — Interest-bearing deposits 7,501 7,501 7,501 — — Certificates of deposit 4,216 4,216 — 4,216 — Federal funds sold 2,350 2,350 2,350 — — Securities available-for-sale 51,173 51,173 — 43,469 7,704 Restricted securities 2,649 2,649 — — 2,649 Loans, net 381,537 384,468 — — 384,468 Loans held for sale 276 276 — — 276 Accrued interest receivable 1,372 1,372 — 1,372 — Bank owned life insurance 9,869 9,869 9,869 — — Mortgage servicing rights 671 671 — — 671 Financial Liabilities: Non-interest-bearing $ 74,799 $ 74,799 $ 74,799 $ — $ — Savings and other interest-bearing deposits 178,869 178,869 — 178,869 — Time deposits 128,050 127,497 — — 127,497 Securities sold under repurchase agreements 18,310 18,310 — 18,310 — FHLB advances 35,000 35,668 — 35,668 — Subordinated debt 6,860 7,000 — — 7,000 Accrued interest payable 331 331 — 331 — The carrying amounts of cash and due from banks, interest-bearing deposits, federal funds sold or purchased, accrued interest receivable, loans held for sale and non-interest-bearing Securities available-for-sale The carrying value of restricted securities approximates fair value based on the redemption provisions of the issuer. Bank owned life insurance is carried at its cash surrender value. MSRs are carried at fair value. As described above, a valuation model is used to determine fair value. This model utilizes a discounted cash flow analysis with servicing costs and prepayment assumptions based on comparable instruments and a discount rate. The fair value of performing loans is estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar remaining maturities. This calculation ignores loan fees and certain factors affecting the interest rates charged on various loans such as the borrower’s creditworthiness and compensating balances and dissimilar types of real estate held as collateral. The fair value of impaired loans is measured as described within the Impaired Loans section of this note. The fair value of loans does not consider the lack of liquidity and uncertainty in the market that would affect the valuation. Time deposits are presented at estimated fair value by discounting the future cash flows using interest rates offered for deposits of similar remaining maturities. The fair value of the Company’s subordinated debt is estimated by utilizing observable market prices for comparable securities. Qualitative factors like asset quality, market factors and liquidity are also considered. The fair value of the FHLB advances is estimated by discounting the future cash flows using the current interest rates offered for similar advances. The fair value of commitments to extend credit is estimated using the fees currently charged to enter similar agreements, taking into account the remaining terms of the agreements and the present credit worthiness of the counter parties. For fixed-rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. The fair value of standby letters of credit is based on fees currently charged for similar agreements or on the estimated cost to terminate them or otherwise settle the obligations with the counter parties at the reporting date. At March 31, 2017 and December 31, 2016, the fair value of loan commitments and standby letters of credit was immaterial and therefore, they are not included in the table above. The Company assumes interest rate risk (the risk that general interest rate levels will change) as a result of its normal operations. As a result, the fair value of the Company’s financial instruments will change when interest rate levels change and that change may be either favorable or unfavorable to the Company. Management attempts to match maturities of assets and liabilities to the extent believed necessary to minimize interest rate risk. However, borrowers with fixed rate obligations are less likely to prepay in a rising rate environment. Conversely, depositors who are receiving fixed rates are more likely to withdraw funds before maturity in a rising rate environment and less likely to do so in a falling rate environment. Management monitors rates and maturities of assets and liabilities and attempts to minimize interest rate risk by adjusting terms of new loans and deposits and by investing in securities with terms that mitigate the Company’s overall interest rate risk. |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2017 | |
Changes in Accumulated Other Comprehensive Income (Loss) | Note 14: Changes in Accumulated Other Comprehensive Income (Loss) The balances in accumulated other comprehensive income (loss) are shown in the following tables: For the Three Months Ended March 31, 2017 Net Unrealized Pension and Accumulated Other Gains (Losses) Post-retirement Comprehensive (Dollars in thousands) on Securities Benefit Plans Income (Loss) Balance January 1, 2017 $ (520 ) $ (715 ) $ (1,235 ) Change in net unrealized holding gains on securities, before reclassification, net of tax expense of $13 27 — 27 Reclassification for previously unrealized net losses recognized in income, net of tax benefit of $2 3 — 3 Balance March 31, 2017 $ (490 ) $ (715 ) $ (1,205 ) For the Three Months Ended March 31, 2016 Net Unrealized Pension and Accumulated Other Gains (Losses) Post-retirement Comprehensive (Dollars in thousands) on Securities Benefit Plans Income (Loss) Balance January 1, 2016 $ 107 $ (883 ) $ (776 ) Change in net unrealized holding gains on securities, before reclassification, net of tax expense of $173 335 — 335 Reclassification for previously unrealized net gains recognized in income, net of tax expense of $2 (4 ) — (4 ) Balance March 31, 2016 $ 438 $ (883 ) $ (445 ) Reclassification for previously unrealized gains (losses) and impairments on securities are reported in the Consolidated Statements of (Loss) Income as follows. No unrealized gains (losses) on pension and post-employment related costs were reclassified to the Consolidated Statements of (Loss) Income in the three months ended March 31, 2017 and 2016. Accumulated Other Comprehensive Income (Loss) Reclassification for the Three Months Ended Holding (Losses) Gains on Securities (Dollars in thousands) March 31, 2017 March 31, 2016 Net (losses) gains on sale of securities available-for-securities $ (5 ) $ 6 Tax benefit (expense) 2 (2 ) Impact on net (loss) income $ (3 ) $ 4 |
Significant Accounting Polici22
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Loans | Loans The Company grants mortgage loans on real estate, commercial and industrial loans, and consumer and other loans to customers. A substantial portion of the loan portfolio is represented by mortgage loans on real estate. The ability of the Company’s debtors to honor their contracts is dependent upon the real estate and general economic conditions in the Company’s market areas. Loans are reported at their recorded investment, which is the outstanding principal balance net of any unearned income, such as deferred fees and costs, and charge-offs. Interest on loans is recognized over the term of the loan and is calculated using the interest method on principal amounts outstanding. Loan origination fees and certain direct origination costs are deferred and recognized as an adjustment of the related loan yield over the contractual term of the loan, adjusted for early pay-offs, The accrual of interest is generally discontinued at the time a loan is 90 days or more past due, or earlier, if collection is uncertain based on an evaluation of the net realizable value of the collateral and the financial strength of the borrower. Payments received for loans no longer accruing interest are applied to the unpaid principal balance. Loans greater than 90 days past due may remain on accrual status if the credit is well-secured and in process of collection. Personal loans are typically charged off no later than 180 days past due. Past due status is based on the contractual terms of the loan. In all cases, loans are charged off at an earlier date if collection of principal or interest is considered doubtful. Nonaccrual and past due policies are materially the same for all types of loans. All interest accrued but not collected for loans that are placed on non-accrual |
Allowance for loan losses ("ALL") | Allowance for loan losses (“ALL”) The ALL reflects management’s judgment of probable loan losses inherent in the portfolio at the balance sheet date. Management uses a disciplined process and methodology to establish the ALL each quarter. To determine the total ALL, the Company estimates the reserves needed for each homogenous segment and class of the portfolio, plus any loans analyzed individually for impairment. Depending on the nature of each segment and class, considerations include historical loss experience, adverse situations that may affect a borrower’s ability to repay, credit scores, past due history, estimated value of any underlying collateral, prevailing local and national economic conditions, and internal policies and procedures including credit risk management and underwriting. This evaluation is inherently subjective, as it requires estimates that are susceptible to significant revision as conditions change. Management employs a risk rating system to evaluate and consistently categorize loan portfolio credit risk. Loans assigned risk rating grades include all commercial loans not secured by real estate, commercial mortgages, residential mortgages greater than $1 million, smaller residential mortgages which are impaired, loans to real estate developers and contractors, consumer loans greater than $250 thousand with chronic delinquency, and troubled debt restructures (“TDRs”). The grading analysis estimates the capability of the borrower to repay the contractual obligations of the loan agreements as scheduled. Risk grades are evaluated as new information becomes available for each borrowing relationship or at least quarterly. All other loans not specifically assigned a risk rating grade are monitored as a discrete pool of loans generally based on delinquency status. Risk rating categories are as follows: Pass Watch Special Mention Substandard Doubtful Loss The ALL consists of specific, general, and unallocated components. The specific component is determined by identifying impaired loans (as described below) then evaluating each one to calculate the amount of impairment. Impaired loans measured for impairment generally include: (1) non-accruing The specific component of the ALL calculation accounts for the loan loss reserve necessary on impaired loans. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not considered impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case The general component of the ALL calculation collectively evaluates groups of loans in segments and classes, as noted above. The segments are: (1) Mortgage loans on real estate; (2) Commercial and industrial loans; and (3) Consumer and other loans. The segment for Mortgage loans on real estate is disaggregated into the following classes: (1) Construction, land and land development; (2) Farmland; (3) Residential first mortgages; (4) Residential revolving and junior mortgages; (5) Commercial mortgages (non-owner-occupied); Construction and development loans carry risks that the project will not be finished according to schedule or according to budget and the value of the collateral, at any point in time, may be less than the principal amount of the loan. These loans also bear the risk that the general contractor may face financial pressure unrelated to the project. Loans secured by land, farmland and residential mortgages carry the risk of continued credit-worthiness of the borrower and changes in value of the underlying real estate collateral. Commercial mortgages and commercial and industrial loans carry risks associated with the profitable operation of a business and its related cash flows. Additionally, commercial and industrial loans carry risks associated with the value of collateral other than real estate which may depreciate over time. Consumer loans carry risks associated with the continuing credit-worthiness of the borrower and are more likely than real estate loans to be adversely affected by divorce, unemployment, personal illness or bankruptcy of an individual. Consumer loans secured by automobiles carry risks associated with rapidly depreciating collateral. Consumer loans have historically included credit cards, which are unsecured. The credit card portfolio was sold to an unaffiliated third party in the third quarter of 2016. The summation of the specific, general and unallocated components results in the total estimated ALL. Management may also include an unallocated component to cover uncertainties in the level of probable losses. This estimate is inherently subjective and actual losses could be greater or less than the estimates. Additions to the ALL are made by charges to earnings through the provision for loan losses. Charge-offs result from credit exposures deemed to be uncollectible and the ALL is reduced by these. Recoveries of previously charged off amounts are credited back to the ALL. Charge-off |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Aggregate Amortized Cost and Fair Values of Available-for-Sale Securities Portfolio | The aggregate amortized costs and fair values of the available-for-sale (Dollars in thousands) Available-for-sale March 31, 2017 Amortized Gross Gross Fair Corporate bonds $ 6,695 $ 20 $ — $ 6,715 U.S. Government agencies 24,615 49 (429 ) 24,235 State and municipal obligations 19,229 77 (430 ) 18,876 $ 50,539 $ 146 $ (859 ) $ 49,826 Available-for-sale December 31, 2016 Amortized Gross Gross Fair Corporate bonds $ 7,695 $ 14 $ (5 ) $ 7,704 U.S. Government agencies 25,668 53 (408 ) 25,313 State and municipal obligations 18,566 49 (459 ) 18,156 $ 51,929 $ 116 $ (872 ) $ 51,173 |
Gross Realized Gains and Gross Realized Losses on Sales of Securities | Gross realized gains and gross realized losses on sales and calls of securities were as follows: For the three months ended March 31, (Dollars in thousands) 2017 2016 Gross realized gains $ — $ 15 Gross realized losses (5 ) (9 ) Net realized (losses) gains $ (5 ) $ 6 Aggregate proceeds $ 995 $ 2,702 |
Unrealized Loss Positions | Bonds with unrealized loss positions at December 31, 2016 included 37 federal agencies, one corporate bond and 39 municipals. The tables are shown below. (Dollars in thousands) Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized March 31, 2017 Value Loss Value Loss Value Loss U.S. Government agencies $ 21,463 $ (418 ) $ 1,248 $ (11 ) $ 22,711 $ (429 ) States and municipal obligations 12,409 (430 ) — — 12,409 (430 ) Total temporarily impaired securities $ 33,872 $ (848 ) $ 1,248 $ (11 ) $ 35,120 $ (859 ) Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2016 Value Loss Value Loss Value Loss Corporate bonds $ 995 $ (5 ) $ — $ — $ 995 $ (5 ) U.S. Government agencies 20,933 (396 ) 1,308 (12 ) 22,241 (408 ) States and municipal obligations 12,888 (459 ) — — 12,888 (459 ) Total temporarily impaired securities $ 34,816 $ (860 ) $ 1,308 $ (12 ) $ 36,124 $ (872 ) |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Summary of Balances of Loans | The following is a summary of the balances of loans: (Dollars in thousands) March 31, 2017 December 31, 2016 Mortgage loans on real estate: Construction, Land and Land Development $ 44,119 $ 39,818 Farmland 994 1,023 Commercial Mortgages (Non-Owner 35,464 35,343 Commercial Mortgages (Owner Occupied) 42,550 41,825 Residential First Mortgages 205,106 194,007 Residential Revolving and Junior Mortgages 27,090 26,425 Commercial and Industrial loans 46,205 43,024 Consumer Loans 3,324 3,544 Total loans 404,852 385,009 Net unamortized deferred loan costs 409 391 Allowance for loan losses (3,993 ) (3,863 ) Loans, net $ 401,268 $ 381,537 |
Recorded Investment in Past Due and Non-accruing Loans | The recorded investment in past due and non-accruing 90 Days or 30-89 More Past Total Past (Dollars in thousands) Days Due and Due and Total March 31, 2017 Past Due Still Accruing Nonaccruals Nonaccruals Current Loans Mortgage Loans on Real Estate: Construction, Land and Land Development $ — $ — $ 547 $ 547 $ 43,572 $ 44,119 Farmland — — — — 994 994 Commercial Mortgages (Non-Owner — — — — 35,464 35,464 Commercial Mortgages (Owner Occupied) — — 2,148 2,148 40,402 42,550 Residential First Mortgages 402 — 1,975 2,377 202,729 205,106 Residential Revolving and Junior Mortgages — — 1,039 1,039 26,051 27,090 Commercial and Industrial 603 — 111 714 45,491 46,205 Consumer Loans — — — — 3,324 3,324 Total $ 1,005 $ — $ 5,820 $ 6,825 $ 398,027 $ 404,852 90 Days or 30-89 More Past Total Past Days Due and Due and Total December 31, 2016 Past Due Still Accruing Nonaccruals Nonaccruals Current Loans Mortgage Loans on Real Estate: Construction, Land and Land Development $ — $ — $ 623 $ 623 $ 39,195 $ 39,818 Farmland 57 — — 57 966 1,023 Commercial Mortgages (Non-Owner — — — — 35,343 35,343 Commercial Mortgages (Owner Occupied) 188 — 2,270 2,458 39,367 41,825 Residential First Mortgages 1,546 — 2,155 3,701 190,306 194,007 Residential Revolving and Junior Mortgages 480 — 160 640 25,785 26,425 Commercial and Industrial 408 — 92 500 42,524 43,024 Consumer Loans — — — — 3,544 3,544 Total $ 2,679 $ — $ 5,300 $ 7,979 $ 377,030 $ 385,009 |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Loan Receivables Evaluated for Impairment Individually and Collectively by Segment | Loan receivables evaluated for impairment individually and collectively by segment as of March 31, 2017 and December 31, 2016 are as follows: (Dollars in thousands) Mortgage Commercial Consumer As of March 31, 2017 on Real Estate Industrial Loans Total Individually evaluated for impairment $ 9,940 $ 92 $ — $ 10,032 Collectively evaluated for impairment 345,383 46,113 3,324 394,820 Total Gross Loans $ 355,323 $ 46,205 $ 3,324 $ 404,852 As of December 31, 2016 Individually evaluated for impairment $ 10,323 $ 92 $ — $ 10,415 Collectively evaluated for impairment 328,118 42,932 3,544 374,594 Total Gross Loans $ 338,441 $ 43,024 $ 3,544 $ 385,009 |
Allowance for Loan Losses by Portfolio Segment | Allowance for Loan Losses The allowance for loan losses disaggregated based on loan receivables evaluated for impairment individually and collectively by segment as of March 31, 2017 and December 31, 2016 are as follows: (Dollars in thousands) Mortgage Loans Commercial and Consumer As of March 31, 2017 on Real Estate Industrial Loans Total Individually evaluated for impairment $ 694 $ 92 $ — $ 786 Collectively evaluated for impairment 2,727 436 44 3,207 Total allowance for loan losses $ 3,421 $ 528 $ 44 $ 3,993 As of December 31, 2016 Mortgage Commercial Consumer Total Individually evaluated for impairment $ 803 $ 92 $ — $ 895 Collectively evaluated for impairment 2,515 401 52 2,968 Total allowance for loan losses $ 3,318 $ 493 $ 52 $ 3,863 A disaggregation and an analysis of the change in the allowance for loan losses by segment is shown below. (Dollars in thousands) For the Three Months Ended March 31, 2017 Mortgage Commercial Consumer Total ALLOWANCE FOR LOAN LOSSES: Beginning Balance $ 3,318 $ 493 $ 52 $ 3,863 (Charge-offs) (132 ) — (8 ) (140 ) Recoveries 78 — 2 80 Provision 157 35 (2 ) 190 Ending Balance $ 3,421 $ 528 $ 44 $ 3,993 For the Three Months Ended March 31, 2016 Mortgage Commercial Consumer Total ALLOWANCE FOR LOAN LOSSES: Beginning Balance $ 3,502 $ 599 $ 122 $ 4,223 (Charge-offs) (83 ) — (11 ) (94 ) Recoveries 6 5 2 13 (Recovery) provision (15 ) (25 ) 5 (35 ) Ending Balance $ 3,410 $ 579 $ 118 $ 4,107 |
Internal Risk Rating Grades | Internal Risk Rating Grades Internal risk rating grades are generally assigned to commercial loans not secured by real estate, commercial mortgages, residential mortgages greater than $1 million, smaller residential mortgages which are impaired, loans to real estate developers and contractors, consumer loans greater than $250,000 with chronic delinquency, and TDRs, as shown in the following table. The grading analysis estimates the capability of the borrower to repay the contractual obligations of the loan agreements as scheduled. Risk grades (refer to Note 3) are evaluated as new information becomes available for each borrowing relationship or at least quarterly. Construction, Commercial Commercial Land and Mortgages Mortgages Commercial (Dollars in thousands) Land (Non-Owner (Owner and As of March 31, 2017 Development Farmland Occupied) Occupied) Industrial Total Grade: Pass $ 36,423 $ 994 $ 30,571 $ 32,412 $ 44,441 $ 144,841 Watch 5,762 — 4,375 7,732 1,538 19,407 Special mention 179 — 270 — 40 489 Substandard 1,755 — 248 2,406 186 4,595 Doubtful — — — — — — Total $ 44,119 $ 994 $ 35,464 $ 42,550 $ 46,205 $ 169,332 Construction, Commercial Commercial Land and Mortgages Mortgages Commercial Land (Non-Owner (Owner and As of December 31, 2016 Development Farmland Occupied) Occupied) Industrial Total Grade: Pass $ 32,009 $ 1,023 $ 30,639 $ 31,191 $ 40,841 $ 135,703 Watch 5,795 — 4,184 6,652 1,891 18,522 Special mention 180 — 272 1,453 125 2,030 Substandard 1,834 — 248 2,529 167 4,778 Doubtful — — — — — — Total $ 39,818 $ 1,023 $ 35,343 $ 41,825 $ 43,024 $ 161,033 |
Performing and Non Performing Loans | Loans are considered to be nonperforming when they are delinquent by 90 days or more or non-accruing Residential (Dollars in thousands) Residential Revolving As of March 31, 2017 First and Junior Consumer PAYMENT ACTIVITY STATUS Mortgages (1) Mortgages (2) Loans (3) Total Performing $ 203,131 $ 26,051 $ 3,324 $ 232,506 Nonperforming 1,975 1,039 — 3,014 Total $ 205,106 $ 27,090 $ 3,324 $ 235,520 Residential Residential Revolving As of December 31, 2016 First and Junior Consumer PAYMENT ACTIVITY STATUS Mortgages (4) Mortgages (5) Loans (6) Total Performing $ 191,852 $ 26,265 $ 3,544 $ 221,661 Nonperforming 2,155 160 — 2,315 Total $ 194,007 $ 26,425 $ 3,544 $ 223,976 (1) Residential First Mortgages which have been assigned a risk rating grade of Substandard totaled $3.1million as of March 31, 2017. (2) Residential Revolving and Junior Mortgages which have been assigned a risk rating grade of Substandard totaled $1.9 million as of March 31, 2017. (3) No Consumer Loans had been assigned a risk rating grade of Substandard as of March 31, 2017. (4) Residential First Mortgages which have been assigned a risk rating grade of Substandard totaled $3.3 million as of December 31, 2016. (5) Residential Revolving and Junior Mortgages which have been assigned a risk rating grade of Substandard totaled $1.1 million as of December 31, 2016. (6) No Consumer Loans had been assigned a risk rating grade of Substandard as of December 31, 2016. |
Company's Recorded Investment and Customers Unpaid Principal Balances for Impaired Loans, with Associated Allowance Amount | The following tables show the Company’s recorded investment and the customers’ unpaid principal balances for impaired loans, with the associated allowance amount, if applicable, as of March 31, 2017 and December 31, 2016, along with the average recorded investment and interest income recognized for the three months ended March 31, 2017 and 2016, respectively. As of March 31, 2017 As of December 31, 2016 (Dollars in thousands) IMPAIRED LOANS Recorded Customers’ Unpaid Related Recorded Customers’ Unpaid Related With no related allowance: Construction, Land and Land Development $ 1,455 $ 1,535 $ — $ 1,531 $ 1,539 $ — Residential First Mortgages 2,104 2,171 — 2,112 2,176 — Residential Revolving and Junior Mortgages (1) 995 999 — 995 999 — Commercial Mortgages (Non-owner 248 248 — 248 248 — Commercial Mortgages (Owner occupied) 2,030 2,351 — 1,860 2,178 — Commercial and Industrial — — — — — — 6,832 7,304 — 6,746 7,140 — With an allowance recorded: Construction, Land and Land Development 239 285 140 243 286 145 Residential First Mortgages 1,942 1,942 338 1,951 1,951 367 Residential Revolving and Junior Mortgages (1) 526 528 175 544 546 199 Commercial Mortgages (Non-owner — — — — — — Commercial Mortgages (Owner occupied) 401 421 41 839 854 92 Commercial and Industrial 92 101 92 92 101 92 3,200 3,277 786 3,669 3,738 895 Total Impaired Loans: Construction, Land and Land Development 1,694 1,820 140 1,774 1,825 145 Residential First Mortgages 4,046 4,113 338 4,063 4,127 367 Residential Revolving and Junior Mortgages (1) 1,521 1,527 175 1,539 1,545 199 Commercial Mortgages (Non-owner 248 248 — 248 248 — Commercial Mortgages (Owner occupied) 2,431 2,772 41 2,699 3,032 92 Commercial and Industrial 92 101 92 92 101 92 $ 10,032 $ 10,581 $ 786 $ 10,415 $ 10,878 $ 895 Notes: (1) Junior mortgages include equity lines. For the three months ended March 31, 2017 March 31, 2016 (Dollars in thousands) Average Interest Average Interest With no related allowance: Construction, land and land development $ 1,493 $ 13 $ 991 $ 14 Residential First Mortgages 2,108 5 2,783 26 Residential Revolving and Junior Mortgages (1) 995 10 468 9 Commercial Mortgages (Non-owner 248 4 256 4 Commercial Mortgages (Owner occupied) 2,159 5 1,090 17 Commercial and Industrial — — — — 7,003 37 5,588 70 With an allowance recorded: Construction, land and land development 241 1 260 1 Residential First Mortgages 1,946 24 2,905 21 Residential Revolving and Junior Mortgages (1) 527 5 309 4 Commercial Mortgages (Non-owner — — — — Commercial Mortgages (Owner occupied) 406 — 2,208 14 Commercial and Industrial 92 — 280 1 3,212 30 5,962 41 Total Construction, land and land development 1,734 14 1,251 15 Residential First Mortgages 4,054 29 5,688 47 Residential Revolving and Junior Mortgages (1) 1,522 15 777 13 Commercial Mortgages (Non-owner 248 4 256 4 Commercial Mortgages (Owner occupied) 2,565 5 3,298 31 Commercial and Industrial 92 — 280 1 $ 10,215 $ 67 $ 11,550 $ 111 (1) Junior mortgages include equity lines. |
Summary of Properties Included in Other Real Estate Owned (OREO) | The table below details the properties included in other real estate owned (“OREO”) as of March 31, 2017 and December 31, 2016. There were no collateralized consumer residential mortgage loans in the process of foreclosure as of March 31, 2017. As of March 31, 2017 As of December 31, 2016 No. of Carrying No. of Carrying (Dollars in thousands) Properties Value Properties Value Residential 2 $ 831 2 $ 891 Land lots 7 586 7 547 Convenience store 1 60 1 59 Restaurant 1 55 1 55 Commerical properties 3 904 3 942 Total 14 $ 2,436 14 $ 2,494 |
Earnings per share (Tables)
Earnings per share (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Weighted Average Number of Shares Used in Computing Earnings per Share | The following table shows the weighted average number of shares used in computing earnings per share and the effect on the weighted average number of shares of dilutive potential common stock. For the three months ended March 31, 2017 March 31, 2016 Average Per share Average Per share Shares Amount Shares Amount Basic earnings per share 4,776,800 $ (0.04 ) 4,774,856 $ 0.11 Effect of dilutive securities: Stock options — 16,283 Diluted earnings per share 4,776,800 $ (0.04 ) 4,791,139 $ 0.11 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value of Options | The variables used in these calculations of the fair value of the options are as follows: For the three months ended March 31, 2017 2016 Risk free interest rate (5 year Treasury) 1.93 % 1.49 % Expected dividend yield 0 % 0 % Expected term (years) 5 5 Expected volatility 21.7 % 40.1 % |
Summary of Stock Option Activity | Stock option activity for the three months ended March 31, 2017 is summarized below: Weighted Average Weighted Average Remaining Aggregate Exercise Contractual Intrinsic Shares Price Life (in years) Value (1) Options outstanding, January 1, 2017 218,300 $ 6.35 5.9 Granted 8,500 8.30 Forfeited (1,195 ) 8.43 Exercised — — Expired — — Options outstanding and exercisable, March 31, 2017 225,605 $ 6.41 5.9 $ 737,512 (1) The aggregate intrinsic value of a stock option in the table above represents the total pre-tax |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Components of Net Periodic (Benefit) Cost | Components of Net Periodic (Benefit) Cost (Dollars in thousands) Pension Benefits Post-Retirement Benefits Three months ended March 31, 2017 2016 2017 2016 Service cost $ — $ — $ 5 $ 6 Interest cost 31 35 5 7 Expected return on plan assets (45 ) (48 ) — — Settlement loss 13 — — — Amortization of net gain — — (2 ) — Recognized net actuarial loss 19 19 — — Net periodic cost $ 18 $ 6 $ 8 $ 13 |
Long Term Debt (Tables)
Long Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Advances of Long Term Debt | The nine advances are shown in the following table. Description Balance Originated Current Maturity Adjustable Rate Hybrid $ 10,000,000 4/12/2013 3.40178 % 4/13/2020 Fixed Rate Credit 5,000,000 12/21/2015 0.99000 % 6/15/2017 Fixed Rate Credit 5,000,000 12/22/2015 1.08000 % 9/15/2017 Fixed Rate Credit 5,000,000 1/17/2017 0.91000 % 10/1/2017 Fixed Rate Credit 5,000,000 1/20/2017 0.99500 % 12/20/2017 Fixed Rate Credit 10,000,000 3/1/2017 0.79000 % 5/29/2017 Fixed Rate Credit 5,000,000 3/6/2017 0.71000 % 4/5/2017 Fixed Rate Credit 10,000,000 3/30/2017 0.90000 % 4/28/2017 Fixed Rate Credit 5,000,000 3/31/2017 0.89000 % 5/1/2017 $ 60,000,000 |
Subordinated Debt | (Dollars in thousands) Balance as of March 31, 2017 6.5% Subordinated Debt $ 7,000 Less: Issuance costs (136 ) $ 6,864 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Schedule of Balances of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents the balances of financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2017 and December 31, 2016: (Dollars in thousands) Fair Value Measurements at March 31, 2017 Using Description Balance Level 1 Level 2 Level 3 Securities available-for-sale: Corporate bonds $ 6,715 $ — $ — $ 6,715 U. S. Government agencies 24,235 — 24,235 — State and municipal obligations 18,876 — 18,876 — Total securities available-for-sale: $ 49,826 $ — $ 43,111 $ 6,715 Mortgage servicing rights $ 692 $ — $ — $ 692 Defined benefit plan assets: Cash and cash equivalents $ 3 $ 3 $ — $ — Mutual funds - fixed income 1,043 1,043 $ — $ — Mutual funds - equity 1,577 1,577 — — Total defined benefit plan assets $ 2,623 $ 2,623 $ — $ — Fair Value Measurements at December 31, 2016 Using Description Balance Level 1 Level 2 Level 3 Securities available-for-sale: Corporate bonds $ 7,704 $ — $ — $ 7,704 U. S. Government agencies 25,313 — 25,313 — State and municipal obligations 18,156 — 18,156 — Total securities available-for-sale: $ 51,173 $ — $ 43,469 $ 7,704 Mortgage servicing rights $ 671 $ — $ — $ 671 Defined benefit plan assets: Mutual funds - fixed income $ 1,041 $ 1,041 $ — $ — Mutual funds - equity 1,649 1,649 — — Total defined benefit plan assets $ 2,690 $ 2,690 $ — $ — |
Reconciliation of Items Using Level Three Inputs | The reconciliation of items using Level 3 inputs is as follows: Corporate (Dollars in thousands) MSRs Bonds Balance, January 1, 2017 $ 671 $ 7,704 Purchases — — Impairments — — Fair value adjustments 21 11 Sales — (1,000 ) Balance, March 31, 2017 $ 692 $ 6,715 |
Summary of Assets Measured at Fair Value on Nonrecurring Basis | The following table summarizes the Company’s assets that were measured at fair value on a nonrecurring basis at the end of the respective period. Fair Value Measurements at March 31, 2017 Using (Dollars in thousands) Description Balance as of Level 1 Level 2 Level 3 Impaired Loans, net $ 2,414 $ — $ — $ 2,414 Other real estate owned, net 2,436 — — 2,436 Fair Value Measurements at December 31, 2016 Using Description Balance as of Level 1 Level 2 Level 3 Impaired loans, net 2,774 — — 2,774 Other real estate owned, net $ 2,494 $ — $ — $ 2,494 |
Summary of Quantitative Fair Value Measurements for Level 3 | The following table displays quantitative information about Level 3 Fair Value Measurements as of March 31, 2017: Range Balance as of Valuation Unobservable (Weighted (Dollars in thousands) March 31, 2017 Technique Input Average) Impaired Loans, net $ 2,414 Discounted appraised value Selling Cost 0% - 20% (15% ) Lack of Marketability 50% - 100% (96% ) Other real estate owned, net 2,436 Discounted appraised value Selling Cost 3% - 13% (5% ) Lack of Marketability 10% -20% (11% ) The following table displays quantitative information about Level 3 Fair Value Measurements as of December 31, 2016: Range Balance as of Valuation Unobservable (Weighted (Dollars in thousands) December 31, 2016 Technique Input Average) Impaired Loans, net $ 2,774 Discounted appraised value Selling Cost 10% - 20% (16% ) Lack of Marketability 50% (50% ) Other real estate owned, net $ 2,494 Discounted appraised value Selling Cost 3% - 13% (5% ) Lack of Marketability 10% - 20% (11% ) |
Estimated Fair Values of Financial Instruments | The estimated fair values of financial instruments are shown in the following table. The carrying amounts in the table are included in the balance sheet under the applicable captions. Fair Value Measurements at March 31, 2017 Using (Dollars in thousands) Description Balance as of Fair Value as of Level 1 Level 2 Level 3 Financial Assets: Cash and due from banks $ 5,087 $ 5,087 $ 5,087 $ — $ — Interest-bearing deposits 6,826 6,826 6,826 — — Certificates of deposit 3,472 3,472 — 3,472 — Federal funds sold 336 336 336 — — Securities available-for-sale 49,826 49,826 — 43,111 6,715 Restricted securities 3,756 3,756 — — 3,756 Loans, net 401,268 400,988 — — 400,988 Accrued interest receivable 1,321 1,321 — 1,321 — Bank owned life insurance 9,944 9,944 9,944 — — Mortgage servicing rights 692 692 — — 692 Financial Liabilities: Non-interest-bearing $ 77,369 $ 77,369 $ 77,369 $ — $ — Savings and other interest-bearing deposits 169,027 167,027 — 167,027 — Time deposits 136,104 135,662 — — 135,662 Securities sold under repurchase agreements 8,489 8,489 — 8,489 — FHLB advances 60,000 59,352 — 59,352 — Subordinated debt 6,864 7,000 — — 7,000 Accrued interest payable 225 225 — 225 — Fair Value Measurements at December 31, 2016 Using (Dollars in thousands) Description Balance as of Fair Value as of Level 1 Level 2 Level 3 Financial Assets: Cash and due from banks $ 4,851 $ 4,851 $ 4,851 $ — $ — Interest-bearing deposits 7,501 7,501 7,501 — — Certificates of deposit 4,216 4,216 — 4,216 — Federal funds sold 2,350 2,350 2,350 — — Securities available-for-sale 51,173 51,173 — 43,469 7,704 Restricted securities 2,649 2,649 — — 2,649 Loans, net 381,537 384,468 — — 384,468 Loans held for sale 276 276 — — 276 Accrued interest receivable 1,372 1,372 — 1,372 — Bank owned life insurance 9,869 9,869 9,869 — — Mortgage servicing rights 671 671 — — 671 Financial Liabilities: Non-interest-bearing $ 74,799 $ 74,799 $ 74,799 $ — $ — Savings and other interest-bearing deposits 178,869 178,869 — 178,869 — Time deposits 128,050 127,497 — — 127,497 Securities sold under repurchase agreements 18,310 18,310 — 18,310 — FHLB advances 35,000 35,668 — 35,668 — Subordinated debt 6,860 7,000 — — 7,000 Accrued interest payable 331 331 — 331 — |
Changes in Accumulated Other 31
Changes in Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Balances in Accumulated Other Comprehensive Income (Loss) | The balances in accumulated other comprehensive income (loss) are shown in the following tables: For the Three Months Ended March 31, 2017 Net Unrealized Pension and Accumulated Other Gains (Losses) Post-retirement Comprehensive (Dollars in thousands) on Securities Benefit Plans Income (Loss) Balance January 1, 2017 $ (520 ) $ (715 ) $ (1,235 ) Change in net unrealized holding gains on securities, before reclassification, net of tax expense of $13 27 — 27 Reclassification for previously unrealized net losses recognized in income, net of tax benefit of $2 3 — 3 Balance March 31, 2017 $ (490 ) $ (715 ) $ (1,205 ) For the Three Months Ended March 31, 2016 Net Unrealized Pension and Accumulated Other Gains (Losses) Post-retirement Comprehensive (Dollars in thousands) on Securities Benefit Plans Income (Loss) Balance January 1, 2016 $ 107 $ (883 ) $ (776 ) Change in net unrealized holding gains on securities, before reclassification, net of tax expense of $173 335 — 335 Reclassification for previously unrealized net gains recognized in income, net of tax expense of $2 (4 ) — (4 ) Balance March 31, 2016 $ 438 $ (883 ) $ (445 ) |
Reclassification of Unrealized Gains (Losses) and Impairments on Securities | Reclassification for previously unrealized gains (losses) and impairments on securities are reported in the Consolidated Statements of (Loss) Income as follows. No unrealized gains (losses) on pension and post-employment related costs were reclassified to the Consolidated Statements of (Loss) Income in the three months ended March 31, 2017 and 2016. Accumulated Other Comprehensive Income (Loss) Reclassification for the Three Months Ended Holding (Losses) Gains on Securities (Dollars in thousands) March 31, 2017 March 31, 2016 Net (losses) gains on sale of securities available-for-securities $ (5 ) $ 6 Tax benefit (expense) 2 (2 ) Impact on net (loss) income $ (3 ) $ 4 |
General - Additional Informatio
General - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2017 | |
Organization Presentation And General [Line Items] | |
Business combination effective date | Apr. 1, 2017 |
Virginia Commonwealth Bank | |
Organization Presentation And General [Line Items] | |
Percent of ownership | 100.00% |
Bay Trust Company | |
Organization Presentation And General [Line Items] | |
Percent of ownership | 100.00% |
Steptoes Holdings | |
Organization Presentation And General [Line Items] | |
Percent of ownership | 100.00% |
Business Combination - Addition
Business Combination - Additional Information (Detail) - Subsequent Event - Virginia BanCorp $ in Millions | Apr. 01, 2017USD ($)shares |
Business Acquisition [Line Items] | |
Ownership percentage by shareholders of acquiring entity | 51.00% |
Ownership percentage by shareholders of acquired entity | 49.00% |
Common stock exchange ratio | 1.178 |
Business combination, number of shares exchanged | shares | 4,586,221 |
Business combination, value of shares exchanged | $ | $ 40.5 |
Significant Accounting Polici34
Significant Accounting Policies - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Significant Accounting Policies [Line Items] | ||
Personal loans charged off period no later than period | 180 days | |
Percentage of excess loan balance for watch category | 90.00% | |
Impaired loans measurement | Impaired loans measured for impairment generally include (1) non-accruing Special mention, Substandard and Doubtful loans in excess of $250,000; (2) Substandard and Doubtful loans in excess of $500,000; (3) Special Mention loans in excess of $500,000 if any of the loans in the relationship are more than 30 days past due or if the borrower has filed for bankruptcy; and (4) all TDRs. | |
Loan Receivables | $ 169,332,000 | $ 161,033,000 |
Special Mention | ||
Significant Accounting Policies [Line Items] | ||
Loan Receivables | $ 489,000 | $ 2,030,000 |
Loan due days | 30 days | |
Residential First Mortgages | ||
Significant Accounting Policies [Line Items] | ||
Minimum balance in order to assign a risk rating grade | $ 1,000,000 | |
Consumer and Other Loans | ||
Significant Accounting Policies [Line Items] | ||
Minimum balance in order to assign a risk rating grade | $ 250,000 | |
Minimum | ||
Significant Accounting Policies [Line Items] | ||
Number of days past due for a loan to remain on accrual status | 90 days | |
Minimum | Non-accruing Special mention, Substandard and Doubtful loans | ||
Significant Accounting Policies [Line Items] | ||
Loan Receivables | $ 250,000 | |
Minimum | Substandard and Doubtful loans | ||
Significant Accounting Policies [Line Items] | ||
Loan Receivables | 500,000 | |
Minimum | Special Mention | ||
Significant Accounting Policies [Line Items] | ||
Loan Receivables | $ 500,000 |
Securities - Aggregate Amortize
Securities - Aggregate Amortized Costs and Fair Values of Available-for-Sale Securities Portfolio (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 50,539 | $ 51,929 |
Gross Unrealized Gains | 146 | 116 |
Gross Unrealized (Losses) | (859) | (872) |
Fair Value | 49,826 | 51,173 |
Corporate Bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 6,695 | 7,695 |
Gross Unrealized Gains | 20 | 14 |
Gross Unrealized (Losses) | (5) | |
Fair Value | 6,715 | 7,704 |
US Government Agencies | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 24,615 | 25,668 |
Gross Unrealized Gains | 49 | 53 |
Gross Unrealized (Losses) | (429) | (408) |
Fair Value | 24,235 | 25,313 |
State and Municipal Obligations | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 19,229 | 18,566 |
Gross Unrealized Gains | 77 | 49 |
Gross Unrealized (Losses) | (430) | (459) |
Fair Value | $ 18,876 | $ 18,156 |
Securities - Gross Realized Gai
Securities - Gross Realized Gains and Gross Realized Losses on Sales of Securities (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Gross realized gains | $ 15 | |
Gross realized losses | $ (5) | (9) |
Net realized (losses) gains | (5) | 6 |
Aggregate proceeds | $ 995 | $ 2,702 |
Securities - Additional Informa
Securities - Additional Information (Detail) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017USD ($)Bond | Mar. 31, 2016 | Dec. 31, 2016USD ($)Bond | |
Schedule of Available-for-sale Securities [Line Items] | |||
Average yields (taxable equivalent) on securities | 3.22% | 3.03% | |
Market value of securities | $ 10,700 | $ 19,100 | |
Securities sold under repurchase agreements | 8,489 | 18,310 | |
Company's investment in Federal Home Loan Bank stock | 3,000 | 1,900 | |
Company's investment in Federal Reserve Bank stock | $ 595 | $ 580 | |
Municipal Securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Bonds with unrealized loss positions | Bond | 35 | 39 | |
US Government Agencies | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Bonds with unrealized loss positions | Bond | 39 | 37 | |
Corporate Bonds | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Bonds with unrealized loss positions | Bond | 1 |
Securities - Unrealized Loss Po
Securities - Unrealized Loss Positions (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | $ 33,872 | $ 34,816 |
Less than 12 months, Unrealized Loss | (848) | (860) |
12 months or more, Fair Value | 1,248 | 1,308 |
12 months or more, Unrealized Loss | (11) | (12) |
Fair Value, Total | 35,120 | 36,124 |
Total Unrealized Loss | (859) | (872) |
Corporate Bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 995 | |
Less than 12 months, Unrealized Loss | (5) | |
Fair Value, Total | 995 | |
Total Unrealized Loss | (5) | |
US Government Agencies | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 21,463 | 20,933 |
Less than 12 months, Unrealized Loss | (418) | (396) |
12 months or more, Fair Value | 1,248 | 1,308 |
12 months or more, Unrealized Loss | (11) | (12) |
Fair Value, Total | 22,711 | 22,241 |
Total Unrealized Loss | (429) | (408) |
State and Municipal Obligations | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 12,409 | 12,888 |
Less than 12 months, Unrealized Loss | (430) | (459) |
Fair Value, Total | 12,409 | 12,888 |
Total Unrealized Loss | $ (430) | $ (459) |
Low Income Housing Tax Credits
Low Income Housing Tax Credits - Additional Information (Detail) - Housing Equity Funds $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($)Investment | |
Schedule of Equity Method Investments [Line Items] | |
Number of investments in housing equity funds | Investment | 3 |
Affordable housing investments and related tax benefits term | 2,029 |
Tax credits and other tax benefits recognized related to investments | $ 17 |
Total projected tax credits to be received from investments | 68 |
Other assets | |
Schedule of Equity Method Investments [Line Items] | |
Investments in housing equity funds | 1,500 |
Other Liabilities | |
Schedule of Equity Method Investments [Line Items] | |
Additional capital calls expected for the fund | $ 1,500 |
Loans - Summary of Balances of
Loans - Summary of Balances of Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Summary of balances of loans | ||
Total loans | $ 404,852 | $ 385,009 |
Net unamortized deferred loan costs | 409 | 391 |
Allowance for loan losses | (3,993) | (3,863) |
Loans, net | 401,268 | 381,537 |
Construction, Land and Land Development | ||
Summary of balances of loans | ||
Total loans | 44,119 | 39,818 |
Farmland | ||
Summary of balances of loans | ||
Total loans | 994 | 1,023 |
Commercial Mortgages (Non-Owner Occupied) | ||
Summary of balances of loans | ||
Total loans | 35,464 | 35,343 |
Commercial Mortgages (Owner Occupied) | ||
Summary of balances of loans | ||
Total loans | 42,550 | 41,825 |
Residential First Mortgages | ||
Summary of balances of loans | ||
Total loans | 205,106 | 194,007 |
Residential Revolving and Junior Mortgages | ||
Summary of balances of loans | ||
Total loans | 27,090 | 26,425 |
Commercial and Industrial | ||
Summary of balances of loans | ||
Total loans | 46,205 | 43,024 |
Allowance for loan losses | (528) | (493) |
Consumer and Other Loans | ||
Summary of balances of loans | ||
Total loans | 3,324 | 3,544 |
Allowance for loan losses | $ (44) | $ (52) |
Loans - Additional Information
Loans - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2017 | |
Minimum | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of days past due for a loan to remain on accrual status | 90 days |
Loans - Recorded Investment in
Loans - Recorded Investment in Past Due and Non-accruing Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | $ 1,005 | $ 2,679 |
90 Days or More Past Due and Still Accruing | 0 | 0 |
Nonaccruals | 5,820 | 5,300 |
Total Past Due and Nonaccruals | 6,825 | 7,979 |
Current | 398,027 | 377,030 |
Total Gross Loans | 404,852 | 385,009 |
Construction, Land and Land Development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
90 Days or More Past Due and Still Accruing | 0 | 0 |
Nonaccruals | 547 | 623 |
Total Past Due and Nonaccruals | 547 | 623 |
Current | 43,572 | 39,195 |
Total Gross Loans | 44,119 | 39,818 |
Farmland | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 57 | |
90 Days or More Past Due and Still Accruing | 0 | 0 |
Total Past Due and Nonaccruals | 57 | |
Current | 994 | 966 |
Total Gross Loans | 994 | 1,023 |
Commercial Mortgages (Non-Owner Occupied) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
90 Days or More Past Due and Still Accruing | 0 | 0 |
Current | 35,464 | 35,343 |
Total Gross Loans | 35,464 | 35,343 |
Commercial Mortgages (Owner Occupied) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 188 | |
90 Days or More Past Due and Still Accruing | 0 | 0 |
Nonaccruals | 2,148 | 2,270 |
Total Past Due and Nonaccruals | 2,148 | 2,458 |
Current | 40,402 | 39,367 |
Total Gross Loans | 42,550 | 41,825 |
Residential First Mortgages | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 402 | 1,546 |
90 Days or More Past Due and Still Accruing | 0 | 0 |
Nonaccruals | 1,975 | 2,155 |
Total Past Due and Nonaccruals | 2,377 | 3,701 |
Current | 202,729 | 190,306 |
Total Gross Loans | 205,106 | 194,007 |
Residential Revolving and Junior Mortgages | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 480 | |
90 Days or More Past Due and Still Accruing | 0 | 0 |
Nonaccruals | 1,039 | 160 |
Total Past Due and Nonaccruals | 1,039 | 640 |
Current | 26,051 | 25,785 |
Total Gross Loans | 27,090 | 26,425 |
Commercial and Industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 603 | 408 |
90 Days or More Past Due and Still Accruing | 0 | 0 |
Nonaccruals | 111 | 92 |
Total Past Due and Nonaccruals | 714 | 500 |
Current | 45,491 | 42,524 |
Total Gross Loans | 46,205 | 43,024 |
Consumer and Other Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
90 Days or More Past Due and Still Accruing | 0 | 0 |
Current | 3,324 | 3,544 |
Total Gross Loans | $ 3,324 | $ 3,544 |
Allowance for Loan Losses - Loa
Allowance for Loan Losses - Loan Receivables Evaluated for Impairment Individually and Collectively by Segment (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | $ 10,032 | $ 10,415 |
Collectively evaluated for impairment | 394,820 | 374,594 |
Total Gross Loans | 404,852 | 385,009 |
Mortgage Loans on Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 9,940 | 10,323 |
Collectively evaluated for impairment | 345,383 | 328,118 |
Total Gross Loans | 355,323 | 338,441 |
Commercial and Industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 92 | 92 |
Collectively evaluated for impairment | 46,113 | 42,932 |
Total Gross Loans | 46,205 | 43,024 |
Consumer and Other Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Collectively evaluated for impairment | 3,324 | 3,544 |
Total Gross Loans | $ 3,324 | $ 3,544 |
Allowance for Loan Losses - All
Allowance for Loan Losses - Allowance for Loan Losses Disaggregated Based on Loan Receivables Evaluated for Impairment Individually and Collectively by Segment (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | $ 786 | $ 895 |
Collectively evaluated for impairment | 3,207 | 2,968 |
Total allowance for loan losses | 3,993 | 3,863 |
Mortgage Loans on Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 694 | 803 |
Collectively evaluated for impairment | 2,727 | 2,515 |
Total allowance for loan losses | 3,421 | 3,318 |
Commercial and Industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 92 | 92 |
Collectively evaluated for impairment | 436 | 401 |
Total allowance for loan losses | 528 | 493 |
Consumer and Other Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Collectively evaluated for impairment | 44 | 52 |
Total allowance for loan losses | $ 44 | $ 52 |
Allowance for Loan Losses - A45
Allowance for Loan Losses - Allowance for Loan Losses by Portfolio Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
ALLOWANCE FOR LOAN LOSSES: | ||
Beginning Balance | $ 3,863 | $ 4,223 |
(Charge-offs) | (140) | (94) |
Recoveries | 80 | 13 |
(Recovery) provision | 190 | (35) |
Ending Balance | 3,993 | 4,107 |
Mortgage Loans on Real Estate | ||
ALLOWANCE FOR LOAN LOSSES: | ||
Beginning Balance | 3,318 | 3,502 |
(Charge-offs) | (132) | (83) |
Recoveries | 78 | 6 |
(Recovery) provision | 157 | (15) |
Ending Balance | 3,421 | 3,410 |
Commercial and Industrial | ||
ALLOWANCE FOR LOAN LOSSES: | ||
Beginning Balance | 493 | 599 |
Recoveries | 5 | |
(Recovery) provision | 35 | (25) |
Ending Balance | 528 | 579 |
Consumer and Other Loans | ||
ALLOWANCE FOR LOAN LOSSES: | ||
Beginning Balance | 52 | 122 |
(Charge-offs) | (8) | (11) |
Recoveries | 2 | 2 |
(Recovery) provision | (2) | 5 |
Ending Balance | $ 44 | $ 118 |
Allowance for Loan Losses - Add
Allowance for Loan Losses - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017USD ($)Property | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($)Property | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Period of nonperforming loans | 90 days | ||
Non-accruing loans excluded from impaired loan | $ 671,000 | $ 465,000 | |
Non-accruing loans accrued interest | 6,000 | $ 2,000 | |
Loans modified as TDRs | 0 | $ 0 | |
Troubled debt restructuring subsequently defaulted | $ 0 | $ 0 | |
No. of Properties | Property | 14 | 14 | |
Residential | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Residential properties collateralized with loan | Property | 0 | ||
No. of Properties | Property | 2 | 2 | |
Residential | Other assets | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Properties marketed for sale, value | $ 708,000 | ||
No. of Properties | Property | 1 | ||
Branch Office | Other assets | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Properties marketed for sale, value | $ 403,000 | ||
No. of Properties | Property | 1 | ||
Residential First Mortgages | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Minimum balance in order to assign a risk rating grade | $ 1,000,000 | ||
Consumer and Other Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Minimum balance in order to assign a risk rating grade | $ 250,000 |
Allowance for Loan Losses - Int
Allowance for Loan Losses - Internal Risk Rating Grades (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
INTERNAL RISK RATING GRADES | ||
Loan Receivables | $ 169,332 | $ 161,033 |
Pass | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 144,841 | 135,703 |
Watch | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 19,407 | 18,522 |
Special Mention | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 489 | 2,030 |
Substandard | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 4,595 | 4,778 |
Construction, Land and Land Development | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 44,119 | 39,818 |
Construction, Land and Land Development | Pass | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 36,423 | 32,009 |
Construction, Land and Land Development | Watch | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 5,762 | 5,795 |
Construction, Land and Land Development | Special Mention | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 179 | 180 |
Construction, Land and Land Development | Substandard | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 1,755 | 1,834 |
Farmland | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 994 | 1,023 |
Farmland | Pass | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 994 | 1,023 |
Commercial Mortgages (Non-Owner Occupied) | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 35,464 | 35,343 |
Commercial Mortgages (Non-Owner Occupied) | Pass | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 30,571 | 30,639 |
Commercial Mortgages (Non-Owner Occupied) | Watch | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 4,375 | 4,184 |
Commercial Mortgages (Non-Owner Occupied) | Special Mention | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 270 | 272 |
Commercial Mortgages (Non-Owner Occupied) | Substandard | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 248 | 248 |
Commercial Mortgages (Owner Occupied) | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 42,550 | 41,825 |
Commercial Mortgages (Owner Occupied) | Pass | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 32,412 | 31,191 |
Commercial Mortgages (Owner Occupied) | Watch | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 7,732 | 6,652 |
Commercial Mortgages (Owner Occupied) | Special Mention | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 1,453 | |
Commercial Mortgages (Owner Occupied) | Substandard | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 2,406 | 2,529 |
Commercial and Industrial | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 46,205 | 43,024 |
Commercial and Industrial | Pass | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 44,441 | 40,841 |
Commercial and Industrial | Watch | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 1,538 | 1,891 |
Commercial and Industrial | Special Mention | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 40 | 125 |
Commercial and Industrial | Substandard | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | $ 186 | $ 167 |
Allowance for Loan Losses - Per
Allowance for Loan Losses - Performing and Non Performing Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | ||
Performing and non performing loans | ||||
Loan receivables | $ 235,520 | $ 223,976 | ||
Performing | ||||
Performing and non performing loans | ||||
Loan receivables | 232,506 | 221,661 | ||
Nonperforming | ||||
Performing and non performing loans | ||||
Loan receivables | 3,014 | 2,315 | ||
Residential First Mortgages | ||||
Performing and non performing loans | ||||
Loan receivables | 205,106 | [1] | 194,007 | [2] |
Residential First Mortgages | Performing | ||||
Performing and non performing loans | ||||
Loan receivables | 203,131 | [1] | 191,852 | [2] |
Residential First Mortgages | Nonperforming | ||||
Performing and non performing loans | ||||
Loan receivables | 1,975 | [1] | 2,155 | [2] |
Residential Revolving and Junior Mortgages | ||||
Performing and non performing loans | ||||
Loan receivables | 27,090 | [3] | 26,425 | [4] |
Residential Revolving and Junior Mortgages | Performing | ||||
Performing and non performing loans | ||||
Loan receivables | 26,051 | [3] | 26,265 | [4] |
Residential Revolving and Junior Mortgages | Nonperforming | ||||
Performing and non performing loans | ||||
Loan receivables | 1,039 | [3] | 160 | [4] |
Consumer and Other Loans | ||||
Performing and non performing loans | ||||
Loan receivables | 3,324 | [5] | 3,544 | [6] |
Consumer and Other Loans | Performing | ||||
Performing and non performing loans | ||||
Loan receivables | $ 3,324 | [5] | $ 3,544 | [6] |
[1] | Residential First Mortgages which have been assigned a risk rating grade of Substandard totaled $3.1million as of March 31, 2017. | |||
[2] | Residential First Mortgages which have been assigned a risk rating grade of Substandard totaled $3.3 million as of December 31, 2016. | |||
[3] | Residential Revolving and Junior Mortgages which have been assigned a risk rating grade of Substandard totaled $1.9 million as of March 31, 2017. | |||
[4] | Residential Revolving and Junior Mortgages which have been assigned a risk rating grade of Substandard totaled $1.1 million as of December 31, 2016. | |||
[5] | No Consumer Loans had been assigned a risk rating grade of Substandard as of March 31, 2017. | |||
[6] | No Consumer Loans had been assigned a risk rating grade of Substandard as of December 31, 2016. |
Allowance for Loan Losses - P49
Allowance for Loan Losses - Performing and Non Performing Loans (Parenthetical) (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Risk rating grade totaled | $ 235,520 | $ 223,976 | ||
Residential First Mortgages | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Risk rating grade totaled | 205,106 | [1] | 194,007 | [2] |
Residential First Mortgages | Substandard | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Risk rating grade totaled | 3,100 | 3,300 | ||
Residential Revolving and Junior Mortgages | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Risk rating grade totaled | 27,090 | [3] | 26,425 | [4] |
Residential Revolving and Junior Mortgages | Substandard | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Risk rating grade totaled | 1,900 | 1,100 | ||
Consumer and Other Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Risk rating grade totaled | 3,324 | [5] | 3,544 | [6] |
Consumer and Other Loans | Substandard | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Risk rating grade totaled | $ 0 | $ 0 | ||
[1] | Residential First Mortgages which have been assigned a risk rating grade of Substandard totaled $3.1million as of March 31, 2017. | |||
[2] | Residential First Mortgages which have been assigned a risk rating grade of Substandard totaled $3.3 million as of December 31, 2016. | |||
[3] | Residential Revolving and Junior Mortgages which have been assigned a risk rating grade of Substandard totaled $1.9 million as of March 31, 2017. | |||
[4] | Residential Revolving and Junior Mortgages which have been assigned a risk rating grade of Substandard totaled $1.1 million as of December 31, 2016. | |||
[5] | No Consumer Loans had been assigned a risk rating grade of Substandard as of March 31, 2017. | |||
[6] | No Consumer Loans had been assigned a risk rating grade of Substandard as of December 31, 2016. |
Allowance for Loan Losses - Com
Allowance for Loan Losses - Company's Recorded Investment and Customers' Unpaid Principal Balances for Impaired Loans, with Associated Allowance Amount (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
With no related allowance, Recorded Investment | $ 6,832 | $ 6,746 | ||
With no related allowance, Customers' Unpaid Principal Balance | 7,304 | 7,140 | ||
With an allowance recorded, Recorded Investment | 3,200 | 3,669 | ||
With an allowance recorded, Customers' Unpaid Principal Balance | 3,277 | 3,738 | ||
With an allowance recorded, Related Allowance | 786 | 895 | ||
Total Impaired Loans, Recorded Investment | 10,032 | 10,415 | ||
Total Impaired Loans, Customers' Unpaid Principal Balance | 10,581 | 10,878 | ||
Total Impaired Loans, Related Allowance | 786 | 895 | ||
With no related allowance, Average Recorded Investment | 7,003 | $ 5,588 | ||
With no related allowance, Interest Income Recognized | 37 | 70 | ||
With an allowance recorded, Average Recorded Investment | 3,212 | 5,962 | ||
With an allowance recorded, Interest Income Recognized | 30 | 41 | ||
Total, Average Recorded Investment | 10,215 | 11,550 | ||
Total, Interest Income Recognized | 67 | 111 | ||
Construction, Land and Land Development | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
With no related allowance, Recorded Investment | 1,455 | 1,531 | ||
With no related allowance, Customers' Unpaid Principal Balance | 1,535 | 1,539 | ||
With an allowance recorded, Recorded Investment | 239 | 243 | ||
With an allowance recorded, Customers' Unpaid Principal Balance | 285 | 286 | ||
With an allowance recorded, Related Allowance | 140 | 145 | ||
Total Impaired Loans, Recorded Investment | 1,694 | 1,774 | ||
Total Impaired Loans, Customers' Unpaid Principal Balance | 1,820 | 1,825 | ||
Total Impaired Loans, Related Allowance | 140 | 145 | ||
With no related allowance, Average Recorded Investment | 1,493 | 991 | ||
With no related allowance, Interest Income Recognized | 13 | 14 | ||
With an allowance recorded, Average Recorded Investment | 241 | 260 | ||
With an allowance recorded, Interest Income Recognized | 1 | 1 | ||
Total, Average Recorded Investment | 1,734 | 1,251 | ||
Total, Interest Income Recognized | 14 | 15 | ||
Residential First Mortgages | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
With no related allowance, Recorded Investment | 2,104 | 2,112 | ||
With no related allowance, Customers' Unpaid Principal Balance | 2,171 | 2,176 | ||
With an allowance recorded, Recorded Investment | 1,942 | 1,951 | ||
With an allowance recorded, Customers' Unpaid Principal Balance | 1,942 | 1,951 | ||
With an allowance recorded, Related Allowance | 338 | 367 | ||
Total Impaired Loans, Recorded Investment | 4,046 | 4,063 | ||
Total Impaired Loans, Customers' Unpaid Principal Balance | 4,113 | 4,127 | ||
Total Impaired Loans, Related Allowance | 338 | 367 | ||
With no related allowance, Average Recorded Investment | 2,108 | 2,783 | ||
With no related allowance, Interest Income Recognized | 5 | 26 | ||
With an allowance recorded, Average Recorded Investment | 1,946 | 2,905 | ||
With an allowance recorded, Interest Income Recognized | 24 | 21 | ||
Total, Average Recorded Investment | 4,054 | 5,688 | ||
Total, Interest Income Recognized | 29 | 47 | ||
Residential Revolving and Junior Mortgages | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
With no related allowance, Recorded Investment | [1] | 995 | 995 | |
With no related allowance, Customers' Unpaid Principal Balance | [1] | 999 | 999 | |
With an allowance recorded, Recorded Investment | [1] | 526 | 544 | |
With an allowance recorded, Customers' Unpaid Principal Balance | [1] | 528 | 546 | |
With an allowance recorded, Related Allowance | [1] | 175 | 199 | |
Total Impaired Loans, Recorded Investment | [1] | 1,521 | 1,539 | |
Total Impaired Loans, Customers' Unpaid Principal Balance | [1] | 1,527 | 1,545 | |
Total Impaired Loans, Related Allowance | [1] | 175 | 199 | |
With no related allowance, Average Recorded Investment | [1] | 995 | 468 | |
With no related allowance, Interest Income Recognized | [1] | 10 | 9 | |
With an allowance recorded, Average Recorded Investment | [1] | 527 | 309 | |
With an allowance recorded, Interest Income Recognized | [1] | 5 | 4 | |
Total, Average Recorded Investment | [1] | 1,522 | 777 | |
Total, Interest Income Recognized | [1] | 15 | 13 | |
Commercial Mortgages (Non-Owner Occupied) | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
With no related allowance, Recorded Investment | 248 | 248 | ||
With no related allowance, Customers' Unpaid Principal Balance | 248 | 248 | ||
Total Impaired Loans, Recorded Investment | 248 | 248 | ||
Total Impaired Loans, Customers' Unpaid Principal Balance | 248 | 248 | ||
With no related allowance, Average Recorded Investment | 248 | 256 | ||
With no related allowance, Interest Income Recognized | 4 | 4 | ||
Total, Average Recorded Investment | 248 | 256 | ||
Total, Interest Income Recognized | 4 | 4 | ||
Commercial Mortgages (Owner Occupied) | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
With no related allowance, Recorded Investment | 2,030 | 1,860 | ||
With no related allowance, Customers' Unpaid Principal Balance | 2,351 | 2,178 | ||
With an allowance recorded, Recorded Investment | 401 | 839 | ||
With an allowance recorded, Customers' Unpaid Principal Balance | 421 | 854 | ||
With an allowance recorded, Related Allowance | 41 | 92 | ||
Total Impaired Loans, Recorded Investment | 2,431 | 2,699 | ||
Total Impaired Loans, Customers' Unpaid Principal Balance | 2,772 | 3,032 | ||
Total Impaired Loans, Related Allowance | 41 | 92 | ||
With no related allowance, Average Recorded Investment | 2,159 | 1,090 | ||
With no related allowance, Interest Income Recognized | 5 | 17 | ||
With an allowance recorded, Average Recorded Investment | 406 | 2,208 | ||
With an allowance recorded, Interest Income Recognized | 14 | |||
Total, Average Recorded Investment | 2,565 | 3,298 | ||
Total, Interest Income Recognized | 5 | 31 | ||
Commercial and Industrial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
With an allowance recorded, Recorded Investment | 92 | 92 | ||
With an allowance recorded, Customers' Unpaid Principal Balance | 101 | 101 | ||
With an allowance recorded, Related Allowance | 92 | 92 | ||
Total Impaired Loans, Recorded Investment | 92 | 92 | ||
Total Impaired Loans, Customers' Unpaid Principal Balance | 101 | 101 | ||
Total Impaired Loans, Related Allowance | 92 | $ 92 | ||
With an allowance recorded, Average Recorded Investment | 92 | 280 | ||
With an allowance recorded, Interest Income Recognized | 1 | |||
Total, Average Recorded Investment | $ 92 | 280 | ||
Total, Interest Income Recognized | $ 1 | |||
[1] | Junior mortgages include equity lines. |
Other Real Estate Owned Net - S
Other Real Estate Owned Net - Summary of Properties Included in Other Real Estate Owned (OREO) (Detail) $ in Thousands | Mar. 31, 2017USD ($)Property | Dec. 31, 2016USD ($)Property |
Real Estate Properties [Line Items] | ||
No. of Properties | Property | 14 | 14 |
Carrying Value | $ | $ 2,436 | $ 2,494 |
Land lots | ||
Real Estate Properties [Line Items] | ||
No. of Properties | Property | 7 | 7 |
Carrying Value | $ | $ 586 | $ 547 |
Convenience Stores | ||
Real Estate Properties [Line Items] | ||
No. of Properties | Property | 1 | 1 |
Carrying Value | $ | $ 60 | $ 59 |
Restaurant | ||
Real Estate Properties [Line Items] | ||
No. of Properties | Property | 1 | 1 |
Carrying Value | $ | $ 55 | $ 55 |
Commercial properties | ||
Real Estate Properties [Line Items] | ||
No. of Properties | Property | 3 | 3 |
Carrying Value | $ | $ 904 | $ 942 |
Residential | ||
Real Estate Properties [Line Items] | ||
No. of Properties | Property | 2 | 2 |
Carrying Value | $ | $ 831 | $ 891 |
Earnings per share - Weighted A
Earnings per share - Weighted Average Number of Shares Used in Computing Earnings Per Share (Detail) - $ / shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Basic earnings per share | 4,776,800 | 4,774,856 |
Effect of dilutive securities: | ||
Stock options | 16,283 | |
Diluted earnings per share | 4,776,800 | 4,791,139 |
Basic earnings per share | $ (0.04) | $ 0.11 |
Diluted earnings per share | $ (0.04) | $ 0.11 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Computation Of Earnings Per Share Line Items | ||
Shares not included in computing diluted earnings per share because effects were anti-dilutive | 91,368 | 68,473 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares available for grant | 317,209 | |
Stock-based compensation expense | $ 59,000 | $ 16,000 |
Unrecognized compensation expenses related to stock award | $ 0 | |
Options granted | 8,500 | 7,500 |
Options vested | 8,500 | 7,500 |
Aggregate fair value of options granted | $ 16,000 | $ 16,000 |
Executive | Restricted Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share based compensation, restricted stock granted | 12,500 | |
Executive | Restricted Stock | Share-based Compensation Award, Tranche One | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share based compensation, restricted stock granted | 5,000 | |
Compensation expense | $ 43,000 | |
Executive | Restricted Stock | Share-based Compensation Award, Tranche Two | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share based compensation, restricted stock granted | 2,500 | |
Option Vesting period | 2 years | |
Compensation expense that will be recorded in the future | $ 20,000 | |
Executive | Restricted Stock | Share-based Compensation Award, Tranche Three | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share based compensation, restricted stock granted | 5,000 | |
Option Vesting period | 3 years | |
Compensation expense that will be recorded in the future | $ 40,000 |
Stock-Based Compensation - Fair
Stock-Based Compensation - Fair Value of Options (Detail) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk free interest rate (5 year Treasury) | 1.93% | 1.49% |
Expected dividend yield | 0.00% | 0.00% |
Expected term (years) | 5 years | 5 years |
Expected volatility | 21.70% | 40.10% |
Stock-Based Compensation - Fa56
Stock-Based Compensation - Fair Value of Options (Parenthetical) (Detail) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock price volatility, risk free interest period | 5 years | 5 years |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Option Activity (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options outstanding, beginning | 218,300 | |||
Granted, shares | 8,500 | 7,500 | ||
Forfeited, shares | (1,195) | |||
Exercised, shares | 0 | |||
Expired, shares | 0 | |||
Options outstanding and exercisable, ending | 225,605 | 218,300 | ||
Options outstanding, beginning, Weighted Average Exercise Price | $ 6.35 | |||
Granted, Weighted Average Exercise Price | 8.30 | |||
Forfeited, Weighted Average Exercise Price | 8.43 | |||
Exercised, Weighted Average Exercise Price | 0 | |||
Expired, Weighted Average Exercise Price | 0 | |||
Options outstanding and exercisable, ending, Weighted Average Exercise Price | $ 6.41 | $ 6.35 | ||
Options outstanding and exercisable, ending, Weighted Average Remaining Contractual Life | 5 years 10 months 24 days | 5 years 10 months 24 days | ||
Options outstanding, ending, Aggregate Intrinsic Value | [1] | $ 737,512 | ||
[1] | The aggregate intrinsic value of a stock option in the table above represents the total pre-tax intrinsic value (the amount by which the current market value of the underlying stock exceeds the exercise price of the option) that would have been received by the option holders had all option holders exercised their options on March 31, 2017. This amount changes based on changes in the market value of the Company's common stock. |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Defined Contribution Plan Disclosure [Line Items] | |
Minimum age of full-time employees | 21 years |
Conditional age-1 for availing plan | 55 years |
Conditional age-2 for availing plan | 65 years |
Conditional years of service -1 for availing plan | 10 years |
Conditional years of service-2 for availing plan | 5 years |
Pension Plan, Defined Benefit | |
Defined Contribution Plan Disclosure [Line Items] | |
Expected employer contribution | $ 0 |
Other Postretirement Benefit Plan, Defined Benefit | |
Defined Contribution Plan Disclosure [Line Items] | |
Expected employer contribution | 5,000 |
Employer contribution | $ 1,000 |
Employee Benefit Plans - Compon
Employee Benefit Plans - Components of Net Periodic Benefit Cost (Gain) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Pension Plan, Defined Benefit | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Interest cost | $ 31 | $ 35 |
Expected return on plan assets | (45) | (48) |
Settlement loss | 13 | |
Recognized net actuarial loss | 19 | 19 |
Net periodic cost | 18 | 6 |
Other Postretirement Benefit Plan, Defined Benefit | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service cost | 5 | 6 |
Interest cost | 5 | 7 |
Amortization of net gain | (2) | |
Net periodic cost | $ 8 | $ 13 |
Long Term Debt - Additional Inf
Long Term Debt - Additional Information (Detail) | May 28, 2015USD ($) | Mar. 31, 2017USD ($)Loan | Dec. 31, 2016USD ($)Loan |
Debt Instrument [Line Items] | |||
Federal Home Loan Bank advances | $ 60,000,000 | $ 35,000,000 | |
Number of FHLB debt advances | Loan | 9 | 5 | |
Immediate available credit | $ 54,800,000 | ||
Total line of credit | $ 120,800,000 | ||
Weighted average interest rate | 1.31% | 1.49% | |
Fixed Rate Credit | Federal Home Loan Bank Advances Drew in 2017 | |||
Debt Instrument [Line Items] | |||
Federal Home Loan Bank advances | $ 25,000,000 | ||
Number of FHLB debt advances | Loan | 4 | ||
Subordinated Debt Due May 2025 | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | $ 7,000,000 | $ 7,000,000 | |
Debt instrument, coupon percentage | 6.50% | 6.50% | |
Debt instrument, maturity date | May 28, 2025 | ||
Debt instrument, frequency of payment | 1st of March and September of each year, commencing September 1, 2015 |
Long Term Debt - Advances of De
Long Term Debt - Advances of Debt (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||
Federal Home Loan Bank advances | $ 60,000 | $ 35,000 |
Adjustable Rate Hybrid | Federal Home Loan Bank Advances One | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank advances | $ 10,000 | |
Originated | Apr. 12, 2013 | |
Current Interest Rate | 3.40178% | |
Maturity Date | Apr. 13, 2020 | |
Fixed Rate Credit | Federal Home Loan Bank Advances Two | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank advances | $ 5,000 | |
Originated | Dec. 21, 2015 | |
Current Interest Rate | 0.99% | |
Maturity Date | Jun. 15, 2017 | |
Fixed Rate Credit | Federal Home Loan Bank Advances Three | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank advances | $ 5,000 | |
Originated | Dec. 22, 2015 | |
Current Interest Rate | 1.08% | |
Maturity Date | Sep. 15, 2017 | |
Fixed Rate Credit | Federal Home Loan Bank Advances Four | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank advances | $ 5,000 | |
Originated | Jan. 17, 2017 | |
Current Interest Rate | 0.91% | |
Maturity Date | Oct. 1, 2017 | |
Fixed Rate Credit | Federal Home Loan Bank Advances Five | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank advances | $ 5,000 | |
Originated | Jan. 20, 2017 | |
Current Interest Rate | 0.995% | |
Maturity Date | Dec. 20, 2017 | |
Fixed Rate Credit | Federal Home Loan Bank Advances Six | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank advances | $ 10,000 | |
Originated | Mar. 1, 2017 | |
Current Interest Rate | 0.79% | |
Maturity Date | May 29, 2017 | |
Fixed Rate Credit | Federal Home Loan Bank Advances Seven | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank advances | $ 5,000 | |
Originated | Mar. 6, 2017 | |
Current Interest Rate | 0.71% | |
Maturity Date | Apr. 5, 2017 | |
Fixed Rate Credit | Federal Home Loan Bank Advances Eight | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank advances | $ 10,000 | |
Originated | Mar. 30, 2017 | |
Current Interest Rate | 0.90% | |
Maturity Date | Apr. 28, 2017 | |
Fixed Rate Credit | Federal Home Loan Bank Advances Nine | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank advances | $ 5,000 | |
Originated | Mar. 31, 2017 | |
Current Interest Rate | 0.89% | |
Maturity Date | May 1, 2017 |
Subordinated Debt (Detail)
Subordinated Debt (Detail) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 | May 28, 2015 |
Debt and Financial Instruments [Line Items] | |||
Subordinated debt | $ 6,864,000 | $ 6,860,000 | |
Subordinated Debt Due May 2025 | |||
Debt and Financial Instruments [Line Items] | |||
Debt instrument, face amount | 7,000,000 | $ 7,000,000 | |
Less: Issuance costs | (136,000) | ||
Subordinated debt | $ 6,864,000 |
Subordinated Debt (Parenthetica
Subordinated Debt (Parenthetical) (Detail) | Mar. 31, 2017 | May 28, 2015 |
Subordinated Debt Due May 2025 | ||
Debt and Financial Instruments [Line Items] | ||
Debt instrument, coupon percentage | 6.50% | 6.50% |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - Fair Value, Measurements, Recurring - Fair Value, Inputs, Level 3 - Mortgage Servicing Rights | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017$ / Loan | Dec. 31, 2016Loan$ / Loan | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loan segregated, number of pools | Loan | 14 | |
Service costs assumed, per loan | $ / Loan | 6 | 6 |
Average PSA assumed rate | 139.00% | 150.00% |
Discount rate | 14.00% | 14.00% |
100% PSA | First Month | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Prepayment rate | 0.00% | |
100% PSA | Between First Month and Month 30 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Prepayment rate increase, each month | 0.20% | |
100% PSA | Month 30 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Prepayment rate | 6.00% | |
100% PSA | Thereafter | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Prepayment rate | 6.00% |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Balances of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Securities available for sale: | ||
Securities available-for-sale | $ 49,826 | $ 51,173 |
Mortgage servicing rights | 692 | 671 |
Defined benefit plan assets: | ||
Defined Benefit Plan Fair Value Of Plan Assets | 2,623 | 2,690 |
Corporate Bonds | ||
Securities available for sale: | ||
Securities available-for-sale | 6,715 | 7,704 |
US Government Agencies | ||
Securities available for sale: | ||
Securities available-for-sale | 24,235 | 25,313 |
State and Municipal Obligations | ||
Securities available for sale: | ||
Securities available-for-sale | 18,876 | 18,156 |
Cash and Cash Equivalents | ||
Defined benefit plan assets: | ||
Defined Benefit Plan Fair Value Of Plan Assets | 3 | |
Fixed Income Funds | ||
Defined benefit plan assets: | ||
Defined Benefit Plan Fair Value Of Plan Assets | 1,043 | 1,041 |
Equity Funds | ||
Defined benefit plan assets: | ||
Defined Benefit Plan Fair Value Of Plan Assets | 1,577 | 1,649 |
Fair Value, Inputs, Level 1 | ||
Defined benefit plan assets: | ||
Defined Benefit Plan Fair Value Of Plan Assets | 2,623 | 2,690 |
Fair Value, Inputs, Level 1 | Cash and Cash Equivalents | ||
Defined benefit plan assets: | ||
Defined Benefit Plan Fair Value Of Plan Assets | 3 | |
Fair Value, Inputs, Level 1 | Fixed Income Funds | ||
Defined benefit plan assets: | ||
Defined Benefit Plan Fair Value Of Plan Assets | 1,043 | 1,041 |
Fair Value, Inputs, Level 1 | Equity Funds | ||
Defined benefit plan assets: | ||
Defined Benefit Plan Fair Value Of Plan Assets | 1,577 | 1,649 |
Fair Value, Inputs, Level 2 | ||
Securities available for sale: | ||
Securities available-for-sale | 43,111 | 43,469 |
Fair Value, Inputs, Level 2 | US Government Agencies | ||
Securities available for sale: | ||
Securities available-for-sale | 24,235 | 25,313 |
Fair Value, Inputs, Level 2 | State and Municipal Obligations | ||
Securities available for sale: | ||
Securities available-for-sale | 18,876 | 18,156 |
Fair Value, Inputs, Level 3 | ||
Securities available for sale: | ||
Securities available-for-sale | 6,715 | 7,704 |
Mortgage servicing rights | 692 | 671 |
Fair Value, Inputs, Level 3 | Corporate Bonds | ||
Securities available for sale: | ||
Securities available-for-sale | $ 6,715 | $ 7,704 |
Fair Value Measurements - Recon
Fair Value Measurements - Reconciliation of Items Using Level Three Inputs (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Mortgage Servicing Rights | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Beginning balance | $ 671 |
Purchases | 0 |
Impairments | 0 |
Fair value adjustments | 21 |
Ending balance | 692 |
Corporate Bonds | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Beginning balance | 7,704 |
Purchases | 0 |
Impairments | 0 |
Fair value adjustments | 11 |
Sales | (1,000) |
Ending balance | $ 6,715 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Assets Measured at Fair Value on Nonrecurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans, net | $ 2,414 | $ 2,774 |
Other real estate owned, net | 2,436 | 2,494 |
Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans, net | 2,414 | 2,774 |
Other real estate owned, net | $ 2,436 | $ 2,494 |
Fair Value Measurements - Sum68
Fair Value Measurements - Summary of Quantitative Fair Value Measurements for Level 3 (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Impaired Loans, net | $ 2,414 | $ 2,774 |
Other real estate owned, net | $ 2,436 | $ 2,494 |
Impaired Loans | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Unobservable Input, Lack of Marketability | 50.00% | |
Minimum | Impaired Loans | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Unobservable Input, Selling Cost | 0.00% | 10.00% |
Unobservable Input, Lack of Marketability | 50.00% | |
Minimum | Other Real Estate Owned | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Unobservable Input, Selling Cost | 3.00% | 3.00% |
Unobservable Input, Lack of Marketability | 10.00% | 10.00% |
Maximum | Impaired Loans | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Unobservable Input, Selling Cost | 20.00% | 20.00% |
Unobservable Input, Lack of Marketability | 100.00% | |
Maximum | Other Real Estate Owned | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Unobservable Input, Selling Cost | 13.00% | 13.00% |
Unobservable Input, Lack of Marketability | 20.00% | 20.00% |
Weighted Average | Impaired Loans | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Unobservable Input, Selling Cost | 15.00% | 16.00% |
Unobservable Input, Lack of Marketability | 96.00% | 50.00% |
Weighted Average | Other Real Estate Owned | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Unobservable Input, Selling Cost | 5.00% | 5.00% |
Unobservable Input, Lack of Marketability | 11.00% | 11.00% |
Fair Value Measurements - Estim
Fair Value Measurements - Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Financial Assets: | ||
Cash and due from banks | $ 5,087 | $ 4,851 |
Interest-bearing deposits | 6,826 | 7,501 |
Certificates of deposit | 3,472 | 4,216 |
Federal funds sold | 336 | 2,350 |
Securities available-for-sale | 49,826 | 51,173 |
Restricted securities | 3,756 | 2,649 |
Loans, net | 401,268 | 381,537 |
Loans held for sale | 276 | |
Accrued interest receivable | 1,321 | 1,372 |
Bank owned life insurance | 9,944 | 9,869 |
Mortgage servicing rights | 692 | 671 |
Financial Liabilities: | ||
Non-interest-bearing liabilities | 77,369 | 74,799 |
Savings and other interest-bearing deposits | 169,027 | 178,869 |
Time deposits | 136,104 | 128,050 |
Securities sold under repurchase agreements | 8,489 | 18,310 |
FHLB advances | 60,000 | 35,000 |
Subordinated debt | 6,864 | 6,860 |
Accrued interest payable | 225 | 331 |
Financial Assets: | ||
Cash and due from banks | 5,087 | 4,851 |
Interest-bearing deposits | 6,826 | 7,501 |
Certificates of deposit | 3,472 | 4,216 |
Federal funds sold | 336 | 2,350 |
Securities available-for-sale | 49,826 | 51,173 |
Restricted securities | 3,756 | 2,649 |
Loans, net | 400,988 | 384,468 |
Loans held for sale | 276 | |
Accrued interest receivable | 1,321 | 1,372 |
Bank owned life insurance | 9,944 | 9,869 |
Mortgage servicing rights | 692 | 671 |
Financial Liabilities: | ||
Non-interest-bearing liabilities | 77,369 | 74,799 |
Savings and other interest-bearing deposits | 167,027 | 178,869 |
Time deposits | 135,662 | 127,497 |
Securities sold under repurchase agreements | 8,489 | 18,310 |
FHLB advances | 59,352 | 35,668 |
Subordinated debt | 7,000 | 7,000 |
Accrued interest payable | 225 | 331 |
Fair Value, Inputs, Level 1 | ||
Financial Assets: | ||
Cash and due from banks | 5,087 | 4,851 |
Interest-bearing deposits | 6,826 | 7,501 |
Federal funds sold | 336 | 2,350 |
Bank owned life insurance | 9,944 | 9,869 |
Financial Liabilities: | ||
Non-interest-bearing liabilities | 77,369 | 74,799 |
Fair Value, Inputs, Level 2 | ||
Financial Assets: | ||
Securities available-for-sale | 43,111 | 43,469 |
Financial Assets: | ||
Certificates of deposit | 3,472 | 4,216 |
Securities available-for-sale | 43,111 | 43,469 |
Accrued interest receivable | 1,321 | 1,372 |
Financial Liabilities: | ||
Savings and other interest-bearing deposits | 167,027 | 178,869 |
Securities sold under repurchase agreements | 8,489 | 18,310 |
FHLB advances | 59,352 | 35,668 |
Accrued interest payable | 225 | 331 |
Fair Value, Inputs, Level 3 | ||
Financial Assets: | ||
Securities available-for-sale | 6,715 | 7,704 |
Financial Assets: | ||
Securities available-for-sale | 6,715 | 7,704 |
Restricted securities | 3,756 | 2,649 |
Loans, net | 400,988 | 384,468 |
Loans held for sale | 276 | |
Mortgage servicing rights | 692 | 671 |
Financial Liabilities: | ||
Time deposits | 135,662 | 127,497 |
Subordinated debt | $ 7,000 | $ 7,000 |
Changes in Accumulated Other 70
Changes in Accumulated Other Comprehensive Income (Loss) - Balances in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning of period | $ 41,705 | |
Change in net unrealized holding gains on securities, before reclassification, net of tax expense | 27 | $ 335 |
Reclassification for previously unrealized net (gains) losses recognized in income, net of tax expense (benefit) | 3 | (4) |
Balance at end of period | 41,617 | |
Net Unrealized Gains (Losses) on Securities | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning of period | (520) | 107 |
Change in net unrealized holding gains on securities, before reclassification, net of tax expense | 27 | 335 |
Reclassification for previously unrealized net (gains) losses recognized in income, net of tax expense (benefit) | 3 | (4) |
Balance at end of period | (490) | 438 |
Pension and Post employment costs | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning of period | (715) | (883) |
Balance at end of period | (715) | (883) |
Accumulated Other Comprehensive Income (Loss) | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning of period | (1,235) | (776) |
Balance at end of period | $ (1,205) | $ (445) |
Changes in Accumulated Other 71
Changes in Accumulated Other Comprehensive Income (Loss) - Balances in Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Change in net unrealized holding gains on securities, before reclassification, tax expense | $ 13 | $ 173 |
Reclassification for previously unrealized net (gains) losses recognized in income, tax expense (benefit) | $ (2) | $ 2 |
Changes in Accumulated Other 72
Changes in Accumulated Other Comprehensive Income (Loss) - Reclassification of Unrealized Gains (Losses) and Impairments on Securities (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Tax benefit (expense) | $ 121 | $ (153) |
Net Unrealized Gains (Losses) on Securities | Reclassification out of Accumulated Other Comprehensive Income | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net (losses) gains on sale of securities available-for-securities | (5) | 6 |
Tax benefit (expense) | 2 | (2) |
Impact on net (loss) income | $ (3) | $ 4 |