Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Aug. 07, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
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 | 13,236,360 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | [1] | |
ASSETS | ||||
Cash and due from banks | $ 8,319 | $ 9,396 | ||
Interest-bearing deposits | 28,263 | 41,971 | ||
Certificates of deposit | 3,224 | 3,224 | ||
Federal funds sold | 1,944 | 6,961 | ||
Available-for-sale securities, at fair value | 74,322 | 77,153 | ||
Restricted securities | 6,190 | 5,787 | ||
Loans receivable, net of allowance for loan losses of $7,113 and $7,770, respectively | 794,443 | 758,726 | ||
Loans held for sale | 669 | 1,651 | ||
Premises and equipment, net | 18,079 | 17,463 | ||
Accrued interest receivable | 2,954 | 3,194 | ||
Other real estate owned, net | 3,501 | 4,284 | ||
Bank owned life insurance | 19,024 | 18,773 | ||
Goodwill | 10,374 | 10,374 | ||
Mortgage servicing rights | 977 | 999 | ||
Core deposit intangible | 2,576 | 2,991 | ||
Other assets | 8,357 | 7,609 | ||
Total assets | 983,216 | 970,556 | ||
LIABILITIES | ||||
Noninterest-bearing deposits | 108,943 | 103,037 | ||
Savings and interest-bearing demand deposits | 296,206 | 299,820 | ||
Time deposits | 369,917 | 358,989 | ||
Total deposits | 775,066 | 761,846 | ||
Securities sold under repurchase agreements | 7,008 | 9,498 | ||
Federal Home Loan Bank advances | 70,000 | 70,000 | ||
Subordinated notes, net of issuance costs | 6,885 | 6,877 | ||
Other liabilities | 8,533 | 7,781 | ||
Total liabilities | 867,492 | 856,002 | ||
SHAREHOLDERS’ EQUITY | ||||
Common stock ($5 par value; authorized - 30,000,000 shares; outstanding - 13,223,096 and 13,203,605 shares, respectively) | [2] | 66,130 | 66,018 | |
Additional paid-in capital | 37,207 | 37,142 | ||
Unearned employee stock ownership plan shares | (1,047) | (1,129) | ||
Retained earnings | 15,749 | 13,679 | ||
Accumulated other comprehensive loss, net | (2,315) | (1,156) | ||
Total shareholders’ equity | 115,724 | 114,554 | ||
Total liabilities and shareholders’ equity | $ 983,216 | $ 970,556 | ||
[1] | Derived from audited December 31, 2017 Consolidated Financial Statements. | |||
[2] | Preferred stock is authorized; however, none was outstanding as of June 30, 2018 and December 31, 2017. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | |
Statement Of Financial Position [Abstract] | |||
Loans, allowance for loan losses | $ 7,113 | $ 7,770 | [1] |
Common stock, par value | $ 5 | $ 5 | [1] |
Common stock, authorized shares | 30,000,000 | 30,000,000 | [1] |
Common stock, outstanding shares | 13,226,096 | 13,203,605 | [1] |
Preferred stock, outstanding shares | 0 | 0 | |
[1] | Derived from audited December 31, 2017 Consolidated Financial Statements. |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
INTEREST INCOME | ||||
Loans, including fees | $ 9,745 | $ 8,326 | $ 19,729 | $ 12,714 |
Securities: | ||||
Taxable | 497 | 348 | 894 | 617 |
Tax-exempt | 117 | 114 | 237 | 228 |
Federal funds sold | 52 | 33 | 126 | 34 |
Interest-bearing deposit accounts | 80 | 53 | 178 | 60 |
Certificates of deposit | 17 | 18 | 36 | 37 |
Total interest income | 10,508 | 8,892 | 21,200 | 13,690 |
INTEREST EXPENSE | ||||
Deposits | 1,796 | 1,077 | 3,400 | 1,707 |
Federal funds purchased | 10 | |||
Securities sold under repurchase agreements | 4 | 4 | 7 | 7 |
Subordinated notes | 128 | 119 | 256 | 236 |
Federal Home Loan Bank advances | 386 | 248 | 699 | 402 |
Total interest expense | 2,314 | 1,448 | 4,362 | 2,362 |
Net interest income | 8,194 | 7,444 | 16,838 | 11,328 |
Provision for (recovery of) loan losses | (348) | 568 | (28) | 758 |
Net interest income after provision for loan losses | 8,542 | 6,876 | 16,866 | 10,570 |
NON-INTEREST INCOME | ||||
Non-deposit product income | 282 | 115 | 414 | 195 |
Secondary market lending income | 243 | 86 | 376 | 201 |
Increase in cash surrender value of bank owned life insurance | 124 | 133 | 251 | 208 |
Net gains on sale of available-for-sale securities | 7 | 2 | ||
Net losses on disposition of other assets | (69) | |||
Gain on curtailment of post-retirement benefit plan | 352 | |||
Other income | 10 | 91 | 101 | 152 |
Total non-interest income | 1,163 | 1,081 | 2,334 | 1,971 |
NON-INTEREST EXPENSE | ||||
Salaries and employee benefits | 4,273 | 3,321 | 8,379 | 6,145 |
Occupancy | 882 | 693 | 1,677 | 1,132 |
Data processing | 837 | 394 | 1,385 | 598 |
Bank franchise tax | 177 | 142 | 353 | 218 |
Telecommunications | 131 | 76 | 237 | 104 |
FDIC assessments | 187 | 111 | 370 | 196 |
Foreclosed property | 53 | 59 | 65 | 69 |
Consulting | 346 | 97 | 729 | 151 |
Advertising and marketing | 153 | 54 | 221 | 127 |
Directors’ fees | 68 | 209 | 236 | 331 |
Audit and accounting fees | 240 | 217 | 603 | 245 |
Legal | 119 | 13 | 249 | 95 |
Merger related | 685 | 363 | 985 | |
Intangible amortization | 203 | 234 | 414 | 234 |
Net other real estate owned (gains) losses | 84 | (3) | (57) | 93 |
Other | 809 | 844 | 1,459 | 1,305 |
Total non-interest expense | 8,562 | 7,146 | 16,683 | 12,028 |
Income before income taxes | 1,143 | 811 | 2,517 | 513 |
Income tax expense | 197 | 254 | 447 | 133 |
Net income | $ 946 | $ 557 | $ 2,070 | $ 380 |
Basic and diluted earnings per share | $ 0.07 | $ 0.06 | $ 0.16 | $ 0.05 |
Income from Fiduciary Activities | ||||
NON-INTEREST INCOME | ||||
Non-Interest Income | $ 198 | $ 229 | $ 445 | $ 474 |
Service Charges and Fees on Deposit Accounts | ||||
NON-INTEREST INCOME | ||||
Non-Interest Income | 152 | 246 | 287 | 458 |
Interchange Fees | ||||
NON-INTEREST INCOME | ||||
Non-Interest Income | 124 | 129 | 116 | 204 |
Other Service Charges and Fees | ||||
NON-INTEREST INCOME | ||||
Non-Interest Income | $ 30 | $ 45 | $ 61 | $ 77 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 946 | $ 557 | $ 2,070 | $ 380 |
Other comprehensive (loss) income: | ||||
Unrealized holding (loss) gain on available-for-sale securities arising during the period | (272) | 445 | (1,467) | 485 |
Deferred tax benefit (expense) | 57 | (150) | 308 | (164) |
Reclassification of net available-for-sale securities gains recognized in net income | (7) | (2) | ||
Deferred tax benefit | 2 | 1 | ||
Total other comprehensive (loss) income | (215) | 290 | (1,159) | 320 |
Comprehensive income | $ 731 | $ 847 | $ 911 | $ 700 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Unearned Employee Stock Ownership Plan Shares | Retained Earnings | Accumulated Other Comprehensive Loss, net | |
Balance at beginning of period at Dec. 31, 2017 | $ 114,554 | [1] | $ 66,018 | $ 37,142 | $ (1,129) | $ 13,679 | $ (1,156) |
Balance at beginning of period, Shares at Dec. 31, 2017 | 13,203,605 | [1] | 13,203,605 | ||||
Net income | $ 2,070 | 2,070 | |||||
Other comprehensive loss | (1,159) | (1,159) | |||||
Stock options exercised | 131 | $ 112 | 19 | ||||
Stock options exercised, Shares | 22,491 | ||||||
ESOP collateral release | 82 | 82 | |||||
Share-based compensation expense | 46 | 46 | |||||
Balance at end of period at Jun. 30, 2018 | $ 115,724 | $ 66,130 | 37,207 | (1,047) | 15,749 | (2,315) | |
Balance at end of period, Shares at Jun. 30, 2018 | 13,226,096 | 13,226,096 | |||||
Balance at beginning of period at Mar. 31, 2018 | (2,100) | ||||||
Net income | $ 946 | ||||||
Other comprehensive loss | (215) | (215) | |||||
Balance at end of period at Jun. 30, 2018 | $ 115,724 | $ 66,130 | $ 37,207 | $ (1,047) | $ 15,749 | $ (2,315) | |
Balance at end of period, Shares at Jun. 30, 2018 | 13,226,096 | 13,226,096 | |||||
[1] | Derived from audited December 31, 2017 Consolidated Financial Statements. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Cash Flows From Operating Activities | ||
Net income | $ 2,070 | $ 380 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 805 | 639 |
Net premium accretion and discount amortization of securities | 207 | 183 |
Amortization of subordinated debt issuance costs | 8 | 8 |
Amortization of core deposit intangible | 414 | 234 |
Accretion of fair value adjustment of time deposits | (110) | (117) |
Accretion of fair value adjustments (discounts) of loans | 1,051 | (451) |
Provision for (recovery of) loan losses | (28) | 758 |
Share-based compensation | 46 | 67 |
Gain on sale of available-for-sale securities | (2) | |
Increase in other real estate owned valuation allowance | 91 | 109 |
Gain on sale of other real estate owned | (148) | (16) |
Loss on disposal of fixed and other assets | 69 | |
Decrease in value of mortgage servicing rights | 22 | 6 |
Loan originations for sale | (13,926) | (5,719) |
Loan sales | 15,135 | 5,788 |
Gain on sold loans | (227) | (51) |
Increase in cash surrender value of bank owned life insurance | (251) | (208) |
Gain on curtailment of post-retirement benefit plan | (352) | |
(Increase) decrease in accrued interest receivable and other assets | (269) | 304 |
Increase in other liabilities | 1,186 | 297 |
Net cash provided by operating activities | 5,793 | 2,209 |
Cash Flows From Investing Activities | ||
Proceeds from maturities and principal pay downs of available-for-sale securities | 1,808 | 2,198 |
Proceeds from sales and calls of available-for-sale securities | 17,662 | |
Maturities of certificates of deposit | 992 | |
Purchases of available-for-sale securities and certificates of deposit | (650) | (743) |
Purchases of restricted securities, net | (403) | (470) |
Increase in federal funds sold | 5,017 | |
Net increase in loans | (38,901) | (52,157) |
Principal payments on loans held for sale | 279 | |
Cash acquired in the merger with Virginia BanCorp | 14,698 | |
Proceeds from sale of other real estate owned | 3,001 | 412 |
Proceeds from sale of equipment | 6 | |
Purchases of premises and equipment | (1,421) | (836) |
Net cash used in investing activities | (31,549) | (17,959) |
Cash Flows From Financing Activities | ||
Net increase (decrease) in demand, savings, and other interest-bearing deposits | 2,292 | (20,071) |
Net increase in time deposits | 11,038 | 59,516 |
Stock options exercised | 131 | 138 |
Net decrease in securities sold under repurchase agreements | (2,490) | (7,524) |
Increase in Federal Home Loan Bank advances | 10,000 | |
Net cash provided by financing activities | 10,971 | 42,059 |
Net (decrease) increase in cash and due from banks | (14,785) | 26,309 |
Cash and cash equivalents (including interest-earning deposits) at beginning of period | 51,367 | 14,702 |
Cash and cash equivalents (including interest-earning deposits) at end of period | 36,582 | 41,011 |
Cash paid for: | ||
Interest | 4,334 | 2,181 |
Income taxes | 620 | 550 |
Non-cash investing and financing activities: | ||
Unrealized (loss) gain on available-for-sale securities | (1,467) | 485 |
Loans transferred to other real estate owned | 2,161 | 259 |
Loans originated to facilitate sale of other real estate owned | 190 | |
Changes in deferred taxes resulting from other comprehensive income transactions | $ (308) | 164 |
Dividends declared | $ 377 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Note 1: Basis of Presentation Bay Banks of Virginia, Inc. (the “Company”) is the holding company for Virginia Commonwealth Bank, formerly known as Bank of Lancaster (the “Bank” or “VCB”), for VCB Financial Group, Inc., formerly known as Bay Trust Company (“VCBFG”), and for Steptoes Holdings, LLC (“Steptoes Holdings”). The consolidated financial statements of the Company include the accounts of Bay Banks of Virginia, Inc., the Bank, VCBFG, and Steptoes Holdings. On April 1, 2017, the Company completed the merger with Virginia BanCorp Inc., which is further discussed in Note 3, and as such, the consolidated financial statements presented herein reflect the combined operations of the business combination since the effective time of the merger. In August 2017, the Company completed a private placement of 3,783,784 shares of common stock at an offering price of $9.25 per share to certain existing shareholders, institutional investors, and other accredited investors. Proceeds from the offering, net of offering expenses, were $32.9 million. 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 for the year ended December 31, 2017. 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. All dollar amounts included in the tables in these notes are in thousands, except per share data, unless otherwise stated. |
Amendments to the Accounting St
Amendments to the Accounting Standards Codification | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Changes And Error Corrections [Abstract] | |
Amendments to the Accounting Standards Codification | Note 2: Amendments to the Accounting Standards Codification In March 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-09, Compensation – Stock Compensation (Topic 718). In March 2017, the FASB issued ASU 2017-08, Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities. In March 2017, the FASB issued ASU 2017-07, Compensation – Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. In January 2017, the FASB issued ASU 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326), In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) In January 2016, the FASB issued ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10) In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). Principal versus Agent Considerations (Reporting Revenue Gross versus Net), Identifying Performance Obligations and Licensing, Narrow-Scope Improvements and Practical Expedients, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers. |
Business Combination
Business Combination | 6 Months Ended |
Jun. 30, 2018 | |
Business Combinations [Abstract] | |
Business Combination | Note 3: 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 “Merger”). 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 $42.2 million at the time of closing. 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, a wholly owned subsidiary of the Company, and immediately thereafter Bank of Lancaster changed its name to Virginia Commonwealth Bank. The Merger was accounted for using the acquisition method of accounting in accordance with Accounting Standards Codification (“ASC”) 805, Business Combinations The following table details the total consideration paid by the Company on April 1, 2017, in connection with the acquisition of Virginia BanCorp, the fair value of the assets acquired and liabilities assumed, and the resulting goodwill. Fair Value As Recorded Adjustments As Recorded by Virginia BanCorp and Reclassifications by the Company Consideration paid: Bay Banks of Virginia, Inc. common stock $ 42,247 Identifiable assets acquired: Cash and due from banks $ 2,356 $ — $ 2,356 Interest-bearing deposits 12,342 — 12,342 Securities available-for-sale 22,088 — 22,088 Restricted securities 1,543 — 1,543 Loans receivable 272,479 (62,068 ) 210,411 Loans held for sale — 55,648 55,648 Deferred income taxes 1,325 255 1,580 Premises and equipment 3,333 2,703 6,036 Accrued interest receivable 1,253 (24 ) 1,229 Other real estate owned 3,113 — 3,113 Core deposit intangible — 3,670 3,670 Bank owned life insurance 8,430 — 8,430 Mortgage servicing rights 324 — 324 Other assets 365 — 365 Total identified assets acquired 328,951 184 329,135 Identifiable liabilities assumed: Noninterest-bearing deposits 21,119 — 21,119 Savings and interest-bearing demand deposits 124,640 — 124,640 Time deposits 121,437 733 122,170 Federal Home Loan Bank advances 25,000 — 25,000 Other liabilities 1,525 — 1,525 Total identifiable liabilities assumed 293,721 733 294,454 Total identifiable assets assumed $ 35,230 $ (549 ) $ 34,681 Goodwill resulting from acquisition $ 7,566 Pro Forma Financial Information The table below illustrates the unaudited pro forma revenue and net income of the combined entities had the acquisition taken place on January 1, 2017. The unaudited combined pro forma revenue and net income combines the historical results of Virginia BanCorp with the Company’s consolidated statements of operations for the period noted, and while certain adjustments were made for the estimated effect of certain fair value adjustments and other acquisition-related activity, they are not indicative of what would have occurred had the acquisition actually taken place on January 1, 2017. Merger-related expenses of $985 thousand were included in the Company’s actual consolidated statements of operations for the six months ended June 30, 2017, but were excluded from the unaudited pro forma information below. Operational cost savings and other efficiencies expected to be achieved by the Company due to the Merger are also not reflected in the unaudited pro forma amounts. For the Six Months Ended June 30, 2017 Net interest income $ 11,845 Net income 1,464 Impact of Certain Acquisition Accounting Adjustments The net effect of the amortization and accretion of premiums and discounts associated with the Company’s acquisition accounting adjustments to assets acquired and liabilities assumed from Virginia BanCorp had the following impact on the consolidated statements of operations for the periods presented below. Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 Loans (1) $ 547 $ 1,051 Core deposit intangible (2) (203 ) (414 ) Time deposits (3) 42 110 Depreciation (4) (10 ) (20 ) Net impact to income before income taxes $ 376 $ 727 (1) Loan discount accretion is included in loan interest income, including fees, in the consolidated statements of operations. (2) CDI amortization is included in other expense in noninterest expense in the consolidated statements of operations. (3) Time deposit premium amortization is included in deposits in interest expense in the consolidated statements of operations. (4) Depreciation on the fair value adjustment of fixed assets is included in occupancy expense in noninterest expense in the consolidated statements of operations. |
Securities
Securities | 6 Months Ended |
Jun. 30, 2018 | |
Investments Debt And Equity Securities [Abstract] | |
Securities | Note 4: Securities The aggregate amortized costs and fair values of available-for-sale securities as of the dates stated were as follows. Gross Gross Amortized Unrealized Unrealized Fair June 30, 2018 Cost Gains (Losses) Value U.S. Government agencies and mortgage backed securities $ 48,032 $ 2 $ (1,707 ) $ 46,327 State and municipal obligations 21,281 32 (422 ) 20,891 Corporate bonds 7,096 10 (2 ) 7,104 Total available-for-sale securities $ 76,409 $ 44 $ (2,131 ) $ 74,322 Gross Gross Amortized Unrealized Unrealized Fair December 31, 2017 Cost Gains (Losses) Value U.S. Government agencies and mortgage backed securities $ 49,964 $ 6 $ (687 ) $ 49,283 State and municipal obligations 21,113 195 (155 ) 21,153 Corporate bonds 6,696 23 (2 ) 6,717 Total available-for-sale securities $ 77,773 $ 224 $ (844 ) $ 77,153 Securities with fair values of $18.5 million and $19.4 million were pledged as collateral for repurchase agreements as of June 30, 2018 and December 31, 2017, respectively. As of June 30, 2018 and December 31, 2017, all the securities pledged for 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 $7.0 million and $9.5 million as of June 30, 2018 and December 31, 2017, respectively, and are 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 changes. Securities in an unrealized loss position at June 30, 2018 and December 31, 2017, by period of the unrealized loss, are shown below. The unrealized loss positions were primarily related to interest rate movements and not the credit quality of the issuers. All agency securities and state and municipal securities are investment grade or better, and their losses are considered temporary. Management does not intend to sell nor expect to be required to sell these securities, and all amortized cost bases are expected to be recovered. Securities with unrealized loss positions at June 30, 2018 included 52 U.S. government agencies, 44 state and municipal obligations, and one corporate bond. Securities with unrealized loss positions at December 31, 2017 included 36 U.S. government agencies, 34 state and municipal obligations, and one corporate bond. The following tables provide additional information on these securities as of the dates stated. Less than 12 months 12 months or more Total June 30, 2018 Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. Government agencies and mortgage backed securities $ 31,602 $ (1,046 ) $ 14,323 $ (661 ) $ 45,925 $ (1,707 ) States and municipal obligations 10,363 (99 ) 5,403 (323 ) 15,766 (422 ) Corporate bonds 498 (2 ) — — 498 (2 ) Total temporarily impaired securities $ 42,463 $ (1,147 ) $ 19,726 $ (984 ) $ 62,189 $ (2,131 ) Less than 12 months 12 months or more Total December 31, 2017 Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. Government agencies and mortgage backed securities $ 25,053 $ (353 ) $ 16,184 $ (334 ) $ 41,237 $ (687 ) States and municipal obligations 2,753 (15 ) 5,787 (140 ) 8,540 (155 ) Corporate bonds 498 (2 ) — — 498 (2 ) Total temporarily impaired securities $ 28,304 $ (370 ) $ 21,971 $ (474 ) $ 50,275 $ (844 ) The following table presents the amortized cost and fair value by contractual maturity of securities available for sale as of the dates stated. Expected maturities may differ from contractual maturities, as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities that are not due at a single maturity date that do not have contractual maturities are shown separately. June 30, 2018 December 31, 2017 Amortized Cost Fair Value Amortized Cost Fair Value State and municipal obligations Due in one year or less $ 1,632 $ 1,631 $ 1,241 $ 1,237 Due after one year but less than five years 8,201 8,130 7,173 7,219 Due after five years but less than ten years 10,977 10,676 11,736 11,740 Due after ten years 471 454 963 957 U.S. Government agencies and mortgage backed securities 48,032 46,327 49,964 49,283 Corporate bonds 7,096 7,104 6,696 6,717 Total available-for-sale securities $ 76,409 $ 74,322 $ 77,773 $ 77,153 Restricted Securities The Company’s investment in FHLB stock totaled $3.4 million and $3.7 million at June 30, 2018 and December 31, 2017, respectively. The Company also had an investment in Federal Reserve Bank of Richmond (“FRB”) stock, which totaled $2.1 million at June 30, 2018 and $1.9 million at December 31, 2017. The investments in both FHLB and FRB stock are required investments related to the Bank’s membership in 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. |
Loans
Loans | 6 Months Ended |
Jun. 30, 2018 | |
Receivables [Abstract] | |
Loans | Note 5: Loans Loans are reported at their recorded investment, which is the outstanding principal balance net of any unearned income, such as deferred fees and costs, charge-offs, and acquisition accounting adjustments (discounts) on acquired loans. 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, where applicable. All interest accrued but not collected for loans that are placed on non-accrual or charged off are reversed against interest income. Any subsequent interest received on these loans is accounted for on the cash basis or cost recovery method until qualifying for return to accrual. Generally, a loan is returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured, or it becomes well secured and in the process of collection. The following is a summary of the balances of loans as of the dates stated. June 30, 2018 December 31, 2017 Mortgage loans on real estate: Construction, Land and Land Development $ 81,059 $ 66,042 Farmland 770 923 Commercial Mortgages (Non-Owner Occupied) 156,891 146,757 Commercial Mortgages (Owner Occupied) 80,258 80,052 Residential First Mortgages 285,477 269,365 Residential Revolving and Junior Mortgages 39,747 46,498 Commercial and Industrial 124,563 114,093 Consumer 32,767 42,566 Total loans 801,532 766,296 Net unamortized deferred loan costs 24 200 Allowance for loan losses (7,113 ) (7,770 ) Loans, net $ 794,443 $ 758,726 The recorded investment for past due and nonaccruing loans is shown in the following tables as of the dates stated. A loan past due by 90 days or more is generally placed on nonaccrual unless it is both well secured and in the process of collection. Loans presented below as 90 days or more past due and still accruing include PCI loans. June 30, 2018 30-89 Days Past Due 90 Days or More Past Due and Still Accruing Nonaccruals Total Past Due and Nonaccruals Current Total Loans Mortgage Loans on Real Estate: Construction, Land and Land Development $ 250 $ — $ 538 $ 788 $ 80,271 $ 81,059 Farmland — — — — 770 770 Commercial Mortgages (Non-Owner Occupied) 560 — 448 1,008 155,883 156,891 Commercial Mortgages (Owner Occupied) 121 — 939 1,060 79,198 80,258 Residential First Mortgages 2,323 65 1,055 3,443 282,034 285,477 Residential Revolving and Junior Mortgages 72 19 370 461 39,286 39,747 Commercial and Industrial 202 — — 202 124,361 124,563 Consumer 351 3 124 478 32,289 32,767 Total loans $ 3,879 $ 87 $ 3,474 $ 7,440 $ 794,092 $ 801,532 December 31, 2017 30-89 Days Past Due 90 Days or More Past Due and Still Accruing Nonaccruals Total Past Due and Nonaccruals Current Total Loans Mortgage Loans on Real Estate: Construction, Land and Land Development $ 261 $ — $ 1,237 $ 1,498 $ 64,544 $ 66,042 Farmland — 48 — 48 875 923 Commercial Mortgages (Non-Owner Occupied) 449 — — 449 146,308 146,757 Commercial Mortgages (Owner Occupied) 573 — 1,752 2,325 77,727 80,052 Residential First Mortgages 2,670 141 1,942 4,753 264,612 269,365 Residential Revolving and Junior Mortgages 449 20 1,338 1,807 44,691 46,498 Commercial and Industrial 331 — 92 423 113,670 114,093 Consumer 288 4 135 427 42,139 42,566 Total loans $ 5,021 $ 213 $ 6,496 $ 11,730 $ 754,566 $ 766,296 The following tables include an aging analysis, based upon contractual terms, of the recorded investment of PCI loans as of the dates stated, included in the tables above. June 30, 2018 30-89 Days Past Due 90 Days or More Past Due and Still Accruing Nonaccruals Total Past Due and Nonaccruals Current Total PCI Loans Mortgage Loans on Real Estate: Construction, Land and Land Development $ — $ — $ — $ — $ 1,390 $ 1,390 Commercial Mortgages (Non-Owner Occupied) — — — — 156 156 Commercial Mortgages (Owner Occupied) 121 — — 121 182 303 Residential First Mortgages 23 65 — 88 3,599 3,687 Residential Revolving and Junior Mortgages — 19 — 19 23 42 Consumer — 3 — 3 57 60 Total purchased credit-impaired loans $ 144 $ 87 $ — $ 231 $ 5,407 $ 5,638 December 31, 2017 30-89 Days Past Due 90 Days or More Past Due and Still Accruing Nonaccruals Total Past Due and Nonaccruals Current Total PCI Loans Mortgage Loans on Real Estate: Construction, Land and Land Development $ — $ — $ — $ — $ 1,405 $ 1,405 Commercial Mortgages (Non-Owner Occupied) — — — — 171 171 Commercial Mortgages (Owner Occupied) 161 — — 161 160 321 Residential First Mortgages 349 141 — 490 3,320 3,810 Residential Revolving and Junior Mortgages — 20 — 20 29 49 Consumer — 4 — 4 65 69 Total purchased credit-impaired loans $ 510 $ 165 $ — $ 675 $ 5,150 $ 5,825 |
Allowance for Loan Losses
Allowance for Loan Losses | 6 Months Ended |
Jun. 30, 2018 | |
Receivables [Abstract] | |
Allowance for Loan Losses | Note 6: Allowance for Loan Losses The allowance for loan losses (“ALL”) reflects management’s judgment of probable loan losses inherent in the loan 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, and 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. 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) any loan risk rated Special Mention or worse where the borrower has filed for bankruptcy; and (2) all loans risk rated Substandard or worse with balances of $400 thousand or more; and (3) all loans classified as a troubled debt restructuring (“TDR”). A specific allowance arises when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component of the ALL collectively evaluates any loans not identified as impaired or evaluated as impaired and are grouped into segments and classes. Historical loss experience is calculated and applied to each segment or class, then adjusted for qualitative factors. Qualitative factors include changes in local and national economic indicators, such as unemployment rates, interest rates, gross domestic product growth, and real estate market trends; the level of past due and nonaccrual loans; risk ratings on individual loans; strength of credit policies and procedures; loan officer experience; borrower credit scores; and other intrinsic risks related to the types and geographic locations of loans. These qualitative adjustments reflect management’s judgment of risks inherent in the segments. An unallocated component is maintained if needed to cover uncertainties that could affect management’s estimate of probable losses. Changes in the allowance for loan losses and the related provision expense can materially affect net income. Loans Evaluated for Impairment The following tables show loans evaluated for impairment individually and collectively by segment as of the dates stated. June 30, 2018 Mortgage Loans on Real Estate Commercial and Industrial Consumer and Other Total Allowance for loan losses applicable to: Loans individually evaluated for impairment $ 1,125 $ — $ 131 $ 1,256 Loans collectively evaluated for impairment 3,119 944 1,794 5,857 Purchased credit impaired loans — — — — Total allowance on loan losses $ 4,244 $ 944 $ 1,925 $ 7,113 Loan balances applicable to: Loans individually evaluated for impairment $ 8,037 $ — $ 131 $ 8,168 Loans collectively evaluated for impairment 630,587 124,563 32,576 787,726 Purchased credit impaired loans 5,578 — 60 5,638 Total loans $ 644,202 $ 124,563 $ 32,767 $ 801,532 December 31, 2017 Allowance for loan losses applicable to: Loans individually evaluated for impairment $ 861 $ 92 $ 141 $ 1,094 Loans collectively evaluated for impairment 3,003 786 2,887 6,676 Purchased credit impaired loans — — — — Total allowance on loan losses $ 3,864 $ 878 $ 3,028 $ 7,770 Loan balances applicable to: Loans individually evaluated for impairment $ 8,874 $ 92 $ 141 $ 9,107 Loans collectively evaluated for impairment 595,007 114,001 42,356 751,364 Purchased credit impaired loans 5,756 — 69 5,825 Total loans $ 609,637 $ 114,093 $ 42,566 $ 766,296 The following tables show an analysis of the change in the ALL by segment for the periods presented. Mortgage Loans on Real Estate Commercial and Industrial Consumer Total For the Three Months Ended June 30, 2018 Beginning Balance $ 4,190 $ 1,043 $ 2,690 $ 7,923 (Charge-offs) (83 ) (101 ) (335 ) (519 ) Recoveries 16 — 41 57 Provision (recovery) 121 2 (471 ) (348 ) Ending Balance $ 4,244 $ 944 $ 1,925 $ 7,113 Mortgage Loans on Real Estate Commercial and Industrial Consumer Total For the Three Months Ended June 30, 2017 Beginning Balance $ 3,421 $ 528 $ 44 $ 3,993 (Charge-offs) (141 ) — (193 ) (334 ) Recoveries 10 1 3 14 Provision (recovery) 396 (73 ) 245 568 Ending Balance $ 3,686 $ 456 $ 99 $ 4,241 Mortgage Loans on Real Estate Commercial and Industrial Consumer Total For the Six Months Ended June 30, 2018 Beginning Balance $ 3,864 $ 878 $ 3,028 $ 7,770 (Charge-offs) (114 ) (116 ) (677 ) (907 ) Recoveries 43 — 235 278 Provision (recovery) 451 182 (661 ) (28 ) Ending Balance $ 4,244 $ 944 $ 1,925 $ 7,113 Mortgage Loans on Real Estate Commercial and Industrial Consumer Total For the Six Months Ended June 30, 2017 Beginning Balance $ 3,318 $ 493 $ 52 $ 3,863 (Charge-offs) (273 ) — (201 ) (474 ) Recoveries 88 1 5 94 Provision (recovery) 553 (38 ) 243 758 Ending Balance $ 3,686 $ 456 $ 99 $ 4,241 Purchased Credit Impaired Loans The following table presents the changes in the accretable yield for PCI loans for the period presented. For the Six Months Ended June 30, 2018 Balance as of December 31, 2017 $ 1,087 Accretion of acquisition accounting adjustment (171 ) Reclassifications from nonaccretable balance, net 69 Other changes, net 175 Balance as of June 30, 2018 $ 1,160 Internal Risk Rating Grades All loans in the Company’s loan portfolio, with the exception of purchased consumer loans, are risk graded using loan risk grading software that employs a variety of algorithms based on detailed account characteristics to include borrower’s payment history on a total relationship basis as well as loan to value exposure. For non-homogenous loans, management reviews these resulting grade assignments and makes adjustments to the final grade where appropriate based on an assessment of additional external information that may affect a particular loan. For purchased consumer loans, a loan is graded “substandard” when it is 90 days or more past due; otherwise, the loan is graded “pass”. Risk rating categories are as follows: Pass Watch Special Mention Substandard Doubtful Loss The tables below show the risk ranking of loans as of the dates stated. June 30, 2018 Construction, Land and Land Development Farmland Residential First Mortgages Residential Revolving and Junior Mortgages Commercial Mortgages (Non-Owner Occupied) Commercial Mortgages (Owner Occupied) Commercial and Industrial Consumer Total Loans Grade: Pass $ 72,229 $ 770 $ 273,382 $ 37,869 $ 151,342 $ 73,781 $ 121,571 $ 11,225 $ 742,169 Watch 6,673 — 7,779 1,165 4,946 4,798 1,691 21,264 48,316 Special mention — — 2,503 — — 557 — 131 3,191 Substandard 2,157 — 1,813 713 603 1,122 1,301 142 7,851 Doubtful — — — — — — — 5 5 Total loans $ 81,059 $ 770 $ 285,477 $ 39,747 $ 156,891 $ 80,258 $ 124,563 $ 32,767 $ 801,532 December 31, 2017 Construction, Land and Land Development Farmland Residential First Mortgages Residential Revolving and Junior Mortgages Commercial Mortgages (Non-Owner Occupied) Commercial Mortgages (Owner Occupied) Commercial and Industrial Consumer Total Loans Grade: Pass $ 55,949 $ 923 $ 256,614 $ 43,659 $ 140,625 $ 67,732 $ 110,281 $ 12,431 $ 688,214 Watch 6,690 — 8,624 1,376 5,931 10,076 2,373 29,917 64,987 Special mention 172 — 205 — — — 1,347 — 1,724 Substandard 3,231 — 3,922 1,463 201 2,244 92 218 11,371 Doubtful — — — — — — — — — Total loans $ 66,042 $ 923 $ 269,365 $ 46,498 $ 146,757 $ 80,052 $ 114,093 $ 42,566 $ 766,296 Impaired Loans The following tables show the Company’s recorded investment and the borrowers’ unpaid principal balances for impaired loans, excluding PCI loans, with the associated ALL amount, if applicable, as of the dates stated. As of June 30, 2018 As of December 31, 2017 Recorded Investment Borrowers’ Unpaid Principal Balance Related Allowance Recorded Investment Borrowers’ Unpaid Principal Balance Related Allowance With no related allowance: Construction, Land and Land Development $ 93 $ 164 $ — $ 900 $ 1,378 $ — Residential First Mortgages 1,598 1,852 — 1,488 1,488 — Residential Revolving and Junior Mortgages 416 416 — 414 414 — Commercial Mortgages (Non-owner occupied) — — — — — — Commercial Mortgages (Owner occupied) 1,404 1,404 — 1,721 1,971 — Commercial and Industrial — — — — — — Consumer-Other — — — — — — Total impaired loans with no related allowance 3,511 3,836 — 4,523 5,251 — With an allowance recorded: Construction, Land and Land Development 571 571 257 550 621 137 Residential First Mortgages 2,842 2,842 594 1,914 1,914 367 Residential Revolving and Junior Mortgages 130 527 67 1,340 1,340 162 Commercial Mortgages (Non-owner occupied) 448 448 46 — — — Commercial Mortgages (Owner occupied) 535 535 161 547 586 195 Commercial and Industrial — — — 92 92 92 Consumer-Other 131 131 131 141 141 141 Total impaired loans with allowance recorded 4,657 5,054 1,256 4,584 4,694 1,094 Total Impaired Loans: Construction, Land and Land Development 664 735 257 1,450 1,999 137 Residential First Mortgages 4,440 4,694 594 3,402 3,402 367 Residential Revolving and Junior Mortgages 546 943 67 1,754 1,754 162 Commercial Mortgages (Non-owner occupied) 448 448 46 — — — Commercial Mortgages (Owner occupied) 1,939 1,939 161 2,268 2,557 195 Commercial and Industrial — — — 92 92 92 Consumer-Other 131 131 131 141 141 141 Total Impaired Loans $ 8,168 $ 8,890 $ 1,256 $ 9,107 $ 9,945 $ 1,094 The following table shows the average recorded investment and interest income recognized for impaired loans, excluding PCI loans, for the periods presented. For the Three Months Ended For the Six Months Ended June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance: Construction, land and land development $ 84 $ — $ 1,453 $ 14 $ 165 $ 1 $ 1,479 $ 27 Residential First Mortgages 1,513 24 1,769 2 1,471 41 1,774 7 Residential Revolving and Junior Mortgages 415 1 162 — 415 3 162 1 Commercial Mortgages (Non-owner occupied) — — 247 5 — — 248 8 Commercial Mortgages (Owner occupied) 1,385 20 1,689 4 1,380 32 1,777 11 Commercial and Industrial — — — — — — — — Consumer - Other — 3 — — — — — — Total impaired loans with no allowance 3,397 48 5,320 25 3,431 77 5,440 54 With an allowance recorded: Construction, land and land development 571 8 236 1 553 17 238 2 Residential First Mortgages 2,623 36 1,938 23 2,386 67 1,942 47 Residential Revolving and Junior Mortgages 131 2 1,300 5 123 4 1,301 18 Commercial Mortgages (Non-owner occupied) 224 — — — 149 — — — Commercial Mortgages (Owner occupied) 538 8 737 — 541 15 739 — Commercial and Industrial — — 92 — — — 92 — Consumer - Other — — — — — 5 — — Total impaired loans with allowance recorded 4,087 54 4,303 29 3,752 108 4,312 67 Total Impaired Loans: Construction, land and land development 655 8 1,689 15 718 18 1,717 29 Residential First Mortgages 4,136 60 3,707 25 3,857 108 3,716 54 Residential Revolving and Junior Mortgages 546 3 1,462 5 538 7 1,463 19 Commercial Mortgages (Non-owner occupied) 224 — 247 5 149 — 248 8 Commercial Mortgages (Owner occupied) 1,923 28 2,426 4 1,921 47 2,516 11 Commercial and Industrial — — 92 — — — 92 — Consumer - Other — 3 — — — 5 — — Total impaired loans $ 7,484 $ 102 $ 9,623 $ 54 $ 7,183 $ 185 $ 9,752 $ 121 The following table presents a reconciliation of nonaccrual loans to impaired loans as of the dates stated. June 30, 2018 December 31, 2017 Nonaccrual loans $ 3,474 $ 6,496 Nonaccrual loans not individually evaluated for impairment (1,279 ) (854 ) Nonaccrual impaired loans 2,195 5,642 TDRs on accrual 3,803 2,214 Other impaired loans on accrual 2,170 1,251 Total impaired loans $ 8,168 $ 9,107 Troubled Debt Restructuring In some situations, for economic or legal reasons related to a borrower’s financial condition, management may grant a concession to a borrower that it would not otherwise consider. In cases where borrowers are granted new terms that provide for a reduction of either interest or principal or an extension of the maturity date at a stated interest rate lower than the current market rate for new debt with similar risks, the related loan is classified as a troubled debt restructuring. Management strives to identify borrowers in financial difficulty early and work with them to modify their loan to more affordable terms before their loan reaches nonaccrual status. These modified terms may include rate reductions, principal forgiveness, payment forbearance and other actions intended to minimize the economic loss and to avoid foreclosure or repossession of the collateral. Management measures all TDRs for impairment as noted below for impaired loans. Loans modified as TDRs are considered impaired and are individually evaluated for impairment for the ALL. The following table presents, by segment, information related to loans modified as TDRs for the periods presented. For the Three Months Ended For the Three Months Ended June 30, 2018 June 30, 2017 Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Residential first mortgages (1) 1 $ 30 $ 30 — $ — $ — (1) Modifications were an extension of the loan terms. For the Six Months Ended For the Six Months Ended June 30, 2018 June 30, 2017 Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Residential first mortgages (1) 4 $ 590 $ 594 — $ — $ — (1) Modification were an extension of the loan terms. No loans designated as TDRs subsequently defaulted in the first six months 2018 or 2017. The following table presents a roll forward of accruing and nonaccruing TDRs for the period presented. Accruing Nonaccruing Total Balance as of December 31, 2017 $ 1,452 $ 2,612 $ 4,064 Charge-offs — (92 ) (92 ) Payments and other adjustments (41 ) 7 (34 ) New TDR designation 557 30 587 Release TDR designation — — — Transfer 1,835 (1,729 ) 106 Balance as of June 30, 2018 $ 3,803 $ 828 $ 4,631 |
Other Real Estate Owned, Net
Other Real Estate Owned, Net | 6 Months Ended |
Jun. 30, 2018 | |
Banking And Thrift [Abstract] | |
Other Real Estate Owned, Net | Note 7: Other Real Estate Owned, net The table below details the properties included in other real estate owned (“OREO”) as of the dates stated. June 30, 2018 December 31, 2017 Number of Carrying Number of Carrying Properties Value Properties Value Residential 3 $ 945 5 $ 443 Land 20 2,020 20 3,223 Commercial properties 3 536 4 618 Total other real estate owned 26 3,501 29 4,284 There was one $46 thousand collateralized consumer land loan and three collateralized residential mortgage loans totaling $230 thousand in the process of foreclosure as of June 30, 2018. |
Earnings per share
Earnings per share | 6 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings per share | Note 8: 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. Basic earnings per share amounts are computed by dividing the net income (the numerator) by the weighted average number of common shares outstanding (the denominator). Diluted earnings per share amounts assume the conversion, exercise, or issuance of all potential common stock instruments, unless the effect is to reduce the loss or increase the earnings per common share. For both computations, the weighted average number of employee stock ownership plan (“ESOP”) shares not committed to be released to participant accounts purchased by the ESOP are not assumed to be outstanding. The weighted average ESOP shares excluded from the computation were 154,410 and 157,885 for the three and six months ended June 30, 2018, respectively. The weighted average ESOP shares excluded from the computation were 140,542 and 70,267 for the three and six months ended June 30, 2017, respectively. For the three months ended June 30, 2018 and 2017, options on 96,415 and 91,368 shares, respectively, were not included in computing diluted earnings per share because their effects would have been anti-dilutive. For the six months ended June 30, 2018 and 2017, options on 96,415 and 91,368 shares, respectively, were not included in computing diluted earnings per share because their effects would have been anti-dilutive. For the Three Months Ended For the Six Months Ended June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 Net income $ 946 $ 557 $ 2,070 $ 380 Weighted average shares outstanding, basic 13,059,604 9,233,615 13,049,142 7,017,907 Dilutive shares: Stock options 62,081 7,181 67,484 66,523 Restricted shares 4,734 — 5,021 — Weighted average shares outstanding, dilutive 13,126,419 9,240,796 13,121,647 7,084,430 Basic and diluted earnings per share $ 0.07 $ 0.06 $ 0.16 $ 0.05 |
Employee Benefit Plans
Employee Benefit Plans | 6 Months Ended |
Jun. 30, 2018 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefit Plans | Note 9: Employee Benefit Plans The Company has a non-contributory, cash balance pension plan for employees who were vested in the plan as of December 31, 2012, when it was frozen (i.e., curtailed). Each participant’s account balance grows based on monthly interest credits. The Company funds pension costs in accordance with the funding provisions of the Employee Retirement Income Security Act (ERISA). The Company also sponsored a post-retirement benefit plan covering retirees who were age 55 with 10 years of service or age 65 with five years of service prior to March 1, 2018, when the plan was curtailed. The Company recognized a gain on the curtailment of the post-retirement plan of $352 thousand at March 1, 2018, which is included in the consolidated statements of operations for the six months ended June 30, 2018. 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 paid. |
Borrowings
Borrowings | 6 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Borrowings | Note 10: Borrowings FHLB Borrowings As of June 30, 2018 and December 31, 2017, the Bank had $70.0 million of outstanding FHLB borrowings, consisting of two advances. Advances on the FHLB lines are secured by a blanket lien on qualified one-to-four family real estate, commercial real estate, and multifamily residential loans. Immediate available credit, as of June 30, 2018, was $172.2 million against a total line of credit of $248.2 million. Further information regarding the two advances outstanding as of June 30, 2018 are shown in the following table. Maturity Balance Originated Interest Rate Date Adjustable rate hybrid $ 10,000 4/12/2013 4.72 % 4/13/2020 Fixed rate credit 60,000 6/4/2018 1.97 % 7/3/2018 Total FHLB borrowings $ 70,000 3.35 % Subordinated Notes On May 28, 2015, the Company entered into a purchase agreement with 29 accredited investors under which the Company issued an aggregate of $7.0 million of subordinated notes (the “notes”) to the accredited investors. The notes have a maturity date of May 28, 2025 and bear interest, payable on the first of March and September of each year, 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, 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 notes to be due and immediately payable. The notes are unsecured, subordinated obligations of the Company and 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. The aggregate carrying value of the notes, including capitalized debt issuance costs, was $6.9 million at both June 30, 2018 and December 31, 2017. For the three months ended June 30, 2018 and 2017, the effective interest rate on the notes was 6.85% and 6.93%, respectively. For the six months ended June 30, 2018 and 2017, the effective interest rate on the notes was 6.85% and 6.87%, respectively. ESOP Debt The aggregate carrying value of debt secured by shares of Company stock, issued and outstanding, in the Company’s ESOP was $1.0 million at June 30, 2018 and $1.1 million at December 31, 2017 and is included in other liabilities on the consolidated balance sheets. The debt is comprised of five fixed rate-amortizing notes, four of which carry an interest rate of 3.25% and one that carries an interest rate of 4.50% with maturity dates ranging from March 1, 2019 to December 31, 2027. Shares that collateralize these loans are not allocated to ESOP participants’ accounts. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 11: 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 at the measurement date. Fair value also assumes that the reporting entity would sell the asset or transfer the liability in the principal or most advantageous market. 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: Available-for-sale securities Mortgage servicing rights (“MSR”) A model is used to determine fair value, which establishes pools of performing loans, calculates cash flows for each pool, and applies a discount rate to each pool. Loans are segregated into 14 pools based on each loan’s term and seasoning (age). All loans have fixed interest rates. Cash flows are then estimated by utilizing assumed service costs and prepayment speeds. Monthly service costs were assumed to be $6.50 per loan as of June 30, 2018 and as of December 31, 2017. Prepayment speeds are determined primarily based on the average interest rate of the loans in each pool. The prepayment scale used is the Public Securities Association (“PSA”) model, where “100% PSA” means prepayments are zero in the first month, then increase by 0.2% of the loan balance each month until reaching 6.0% in month 30. Thereafter, the 100% PSA model assumes an annual prepayment of 6.0% of the remaining loan balance. The average PSA speed assumption in the fair value model is 129% and 150% as of June 30, 2018 and December 31, 2017, respectively. A discount rate of 12.5% and 13.0% was then applied to each pool as of June 30, 2018 and as of December 31, 2017, respectively. The discount rate is intended to represent the estimated market yield for the highest quality grade of comparable servicing. MSRs are classified as Level 3. The following table presents the balances of financial assets and liabilities measured at fair value on a recurring basis as of Fair Value Measurements as of June 30, 2018 Using Balance as of June 30, 2018 Level 1 Level 2 Level 3 Available-for-sale securities: U. S. Government agencies and mortgage backed securities $ 46,327 $ — $ 46,327 $ — State and municipal obligations 20,891 — 20,891 — Corporate bonds 7,104 — — 7,104 Total available for sale securities $ 74,322 $ — $ 67,218 $ 7,104 Mortgage servicing rights $ 977 $ — $ — $ 977 Fair Value Measurements as of December 31, 2017 Using Balance as of December 31, 2017 Level 1 Level 2 Level 3 Available-for-sale securities: U. S. Government agencies and mortgage backed securities $ 49,283 $ — $ 49,283 $ — State and municipal obligations 21,153 — 21,153 — Corporate bonds 6,717 — — 6,717 Total available for sale securities $ 77,153 $ — $ 70,436 $ 6,717 Mortgage servicing rights $ 999 $ — $ — $ 999 The reconciliation of items using Level 3 inputs is as follows. MSR Corporate Bonds Balance December 31, 2017 $ 999 $ 6,717 Purchases — 400 Fair value adjustments (22 ) (13 ) Sales — — Balance June 30, 2018 $ 977 $ 7,104 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 accounting or write-downs of individual assets. 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 non-recurring basis as of the dates stated. Fair Value Measurements as of June 30, 2018 Using Balance as of June 30, 2018 Level 1 Level 2 Level 3 Impaired loans $ 4,657 $ — $ — $ 4,657 Other real estate owned 3,501 — — 3,501 Fair Value Measurements as of December 31, 2017 Using Balance as of December 31, 2017 Level 1 Level 2 Level 3 Impaired loans $ 3,491 $ — $ — $ 3,491 Other real estate owned 4,284 — — 4,284 The following table displays quantitative information about Level 3 Fair Value Measurements as of June 30, 2018. Balance as of June 30, 2018 Valuation Technique Unobservable Input Range (Weighted Average) Impaired loans $ 4,657 Discounted appraised value Selling Cost Lack of Marketability 0%-30% (18%) 50%-100% (70%) Discounted cash flows Discount rate 5%-6% (6%) Other real estate owned 3,501 Discounted appraised value Selling Cost Lack of Marketability 3%-13% (4%) 4%-100% (12%) The following table displays quantitative information about Level 3 Fair Value Measurements as of December 31, 2017. Balance as of December 31, 2017 Valuation Technique Unobservable Input Range (Weighted Average) Impaired loans $ 3,491 Discounted appraised value Selling Cost Lack of Marketability 6%-20% (16%) 50%-90% (65%) Discounted cash flows Discount rate 5%-6% (6%) Other real estate owned 4,284 Discounted appraised value Selling Cost Lack of Marketability 3%-13% (8%) 10%-100% (16%) In 2018, the Company adopted ASU 2016-01, Financial Instruments – Overall The carrying values of cash and due from banks, interest-bearing deposits, certificates of deposit, federal funds sold or purchased, accrued interest receivable, loans held for sale, and noninterest-bearing deposits are payable on demand or are of such short duration that carrying value approximates market value. The carrying value of restricted securities approximates fair value based on the redemption provisions of the issuer. The fair value of performing loans is estimated by discounting the future cash flows using two sets of data sources. First, recent originations, occurring over the prior twelve months, were evaluated, and second, market data showing originations over the prior three months was evaluated. The selected rate was the greater of the two sources. For all loans other than a selective consumer loan portfolio, credit loss severity rates were calculated using the probability of default and the loss given default percentages derived from market data. For the consumer loan portfolio, historical delinquency data was obtained by the servicer of the portfolio. The fair value of impaired loans is measured as described within the Impaired Loans section of this note. The fair value of loans does consider the lack of liquidity and uncertainty in the market that might affect the valuation. Time deposits are presented at estimated fair value by discounting the future cash flows using recent issuance rates over the prior three months and a market rate analysis of recent offering rates. The fair value of the Company’s subordinated notes is estimated by utilizing recent issuance rates for subordinated debt offerings of similar issuer size. The fair value of the FHLB advances is estimated by discounting the future cash flows using 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 June 30, 2018 and December 31, 2017, the fair value of loan commitments and standby letters of credit was immaterial, and therefore 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. The following table summarizes the Company’s assets and liabilities at carrying values and estimated fair values on a nonrecurring basis as of the dates stated. Fair Value Measurements as of June 30, 2018 Using Carrying value as of Fair Value as of June 30, 2018 June 30, 2018 Level 1 Level 2 Level 3 Financial Assets: Cash and due from banks $ 8,319 $ 8,319 $ 8,319 $ — $ — Interest-bearing deposits 28,263 28,263 28,263 — — Certificates of deposit 3,224 3,224 — 3,224 — Federal funds sold 1,944 1,944 1,944 — — Restricted securities 6,190 6,190 — 6,190 — Loans receivable, net 794,443 781,194 — — 781,194 Loans held for sale 669 669 — 669 — Accrued interest receivable 2,954 2,954 — — 2,954 Financial Liabilities: Noninterest-bearing liabilities 108,943 108,943 108,943 — — Savings and interest-bearing demand deposits 296,206 296,206 — 296,206 — Time deposits 369,917 370,430 — 370,430 — Securities sold under repurchase agreements 7,008 7,008 — 7,008 — FHLB advances 70,000 69,634 — 69,634 — Subordinated notes 6,885 7,049 — 7,049 — Fair Value Measurements as of December 31, 2017 Using Carrying value as of Fair Value as of December 31, 2017 December 31, 2017 Level 1 Level 2 Level 3 Financial Assets: Cash and due from banks $ 9,396 $ 9,396 $ 9,396 $ — $ — Interest-bearing deposits 41,971 41,971 41,971 — — Certificates of deposit 3,224 3,224 — 3,224 — Federal funds sold 6,961 6,961 6,961 — — Restricted securities 5,787 5,787 — 5,787 — Loans receivable, net 758,726 774,099 — — 774,099 Loans held for sale 1,651 1,651 — 1,651 — Accrued interest receivable 3,194 3,194 — — 3,194 Financial Liabilities: Noninterest-bearing liabilities 103,037 103,037 103,037 — — Savings and interest-bearing demand deposits 299,820 299,820 — 299,820 — Time deposits 358,989 356,450 — - 356,450 Securities sold under repurchase agreements 9,498 9,498 — 9,498 — FHLB advances 70,000 70,486 — 70,486 — Subordinated notes 6,877 7,000 — — 7,000 |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Income (Loss) | Note 12: Changes in Accumulated Other Comprehensive Income (Loss) The components of accumulated other comprehensive income (loss) net of taxes are shown in the following tables for the periods presented. For the Three Months Ended June 30, 2018 Net Unrealized Gains (Losses) on Securities Pension and Post-retirement Benefit Plans Accumulated Other Comprehensive Income (Loss) Balance as of April 1, 2018 $ (1,433 ) $ (667 ) $ (2,100 ) Change in net unrealized holding loss on available for sale securities, net of tax benefit of $57 (215 ) — (215 ) Balance as of June 30, 2018 $ (1,648 ) $ (667 ) $ (2,315 ) For the Six Months Ended June 30, 2018 Net Unrealized Gains (Losses) on Securities Pension and Post-retirement Benefit Plans Accumulated Other Comprehensive Income (Loss) Balance as of January 1, 2018 $ (489 ) $ (667 ) $ (1,156 ) Change in net unrealized holding loss on available for sale securities, net of tax benefit of $308 (1,159 ) — (1,159 ) Balance as of June 30, 2018 $ (1,648 ) $ (667 ) $ (2,315 ) |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 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 for the year ended December 31, 2017. 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. All dollar amounts included in the tables in these notes are in thousands, except per share data, unless otherwise stated. |
Loans | Loans are reported at their recorded investment, which is the outstanding principal balance net of any unearned income, such as deferred fees and costs, charge-offs, and acquisition accounting adjustments (discounts) on acquired loans. 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, where applicable. All interest accrued but not collected for loans that are placed on non-accrual or charged off are reversed against interest income. Any subsequent interest received on these loans is accounted for on the cash basis or cost recovery method until qualifying for return to accrual. Generally, a loan is returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured, or it becomes well secured and in the process of collection. |
Allowance for Loan Losses | The allowance for loan losses (“ALL”) reflects management’s judgment of probable loan losses inherent in the loan 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, and 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. 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) any loan risk rated Special Mention or worse where the borrower has filed for bankruptcy; and (2) all loans risk rated Substandard or worse with balances of $400 thousand or more; and (3) all loans classified as a troubled debt restructuring (“TDR”). A specific allowance arises when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component of the ALL collectively evaluates any loans not identified as impaired or evaluated as impaired and are grouped into segments and classes. Historical loss experience is calculated and applied to each segment or class, then adjusted for qualitative factors. Qualitative factors include changes in local and national economic indicators, such as unemployment rates, interest rates, gross domestic product growth, and real estate market trends; the level of past due and nonaccrual loans; risk ratings on individual loans; strength of credit policies and procedures; loan officer experience; borrower credit scores; and other intrinsic risks related to the types and geographic locations of loans. These qualitative adjustments reflect management’s judgment of risks inherent in the segments. An unallocated component is maintained if needed to cover uncertainties that could affect management’s estimate of probable losses. Changes in the allowance for loan losses and the related provision expense can materially affect net income. |
Internal Risk Rating Grades | Internal Risk Rating Grades All loans in the Company’s loan portfolio, with the exception of purchased consumer loans, are risk graded using loan risk grading software that employs a variety of algorithms based on detailed account characteristics to include borrower’s payment history on a total relationship basis as well as loan to value exposure. For non-homogenous loans, management reviews these resulting grade assignments and makes adjustments to the final grade where appropriate based on an assessment of additional external information that may affect a particular loan. For purchased consumer loans, a loan is graded “substandard” when it is 90 days or more past due; otherwise, the loan is graded “pass”. Risk rating categories are as follows: Pass Watch Special Mention Substandard Doubtful Loss |
Troubled Debt Restructuring | Troubled Debt Restructuring In some situations, for economic or legal reasons related to a borrower’s financial condition, management may grant a concession to a borrower that it would not otherwise consider. In cases where borrowers are granted new terms that provide for a reduction of either interest or principal or an extension of the maturity date at a stated interest rate lower than the current market rate for new debt with similar risks, the related loan is classified as a troubled debt restructuring. Management strives to identify borrowers in financial difficulty early and work with them to modify their loan to more affordable terms before their loan reaches nonaccrual status. These modified terms may include rate reductions, principal forgiveness, payment forbearance and other actions intended to minimize the economic loss and to avoid foreclosure or repossession of the collateral. Management measures all TDRs for impairment as noted below for impaired loans. |
Business Combination (Tables)
Business Combination (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Business Combinations [Abstract] | |
Schedule of Fair Value of Assets Acquired and Liabilities Assumed | The following table details the total consideration paid by the Company on April 1, 2017, in connection with the acquisition of Virginia BanCorp, the fair value of the assets acquired and liabilities assumed, and the resulting goodwill. Fair Value As Recorded Adjustments As Recorded by Virginia BanCorp and Reclassifications by the Company Consideration paid: Bay Banks of Virginia, Inc. common stock $ 42,247 Identifiable assets acquired: Cash and due from banks $ 2,356 $ — $ 2,356 Interest-bearing deposits 12,342 — 12,342 Securities available-for-sale 22,088 — 22,088 Restricted securities 1,543 — 1,543 Loans receivable 272,479 (62,068 ) 210,411 Loans held for sale — 55,648 55,648 Deferred income taxes 1,325 255 1,580 Premises and equipment 3,333 2,703 6,036 Accrued interest receivable 1,253 (24 ) 1,229 Other real estate owned 3,113 — 3,113 Core deposit intangible — 3,670 3,670 Bank owned life insurance 8,430 — 8,430 Mortgage servicing rights 324 — 324 Other assets 365 — 365 Total identified assets acquired 328,951 184 329,135 Identifiable liabilities assumed: Noninterest-bearing deposits 21,119 — 21,119 Savings and interest-bearing demand deposits 124,640 — 124,640 Time deposits 121,437 733 122,170 Federal Home Loan Bank advances 25,000 — 25,000 Other liabilities 1,525 — 1,525 Total identifiable liabilities assumed 293,721 733 294,454 Total identifiable assets assumed $ 35,230 $ (549 ) $ 34,681 Goodwill resulting from acquisition $ 7,566 |
Schedule of Unaudited Pro Forma Financial Information | Operational cost savings and other efficiencies expected to be achieved by the Company due to the Merger are also not reflected in the unaudited pro forma amounts. For the Six Months Ended June 30, 2017 Net interest income $ 11,845 Net income 1,464 |
Schedule of Impact of Certain Acquisition Accounting Adjustments | The net effect of the amortization and accretion of premiums and discounts associated with the Company’s acquisition accounting adjustments to assets acquired and liabilities assumed from Virginia BanCorp had the following impact on the consolidated statements of operations for the periods presented below. Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 Loans (1) $ 547 $ 1,051 Core deposit intangible (2) (203 ) (414 ) Time deposits (3) 42 110 Depreciation (4) (10 ) (20 ) Net impact to income before income taxes $ 376 $ 727 (1) Loan discount accretion is included in loan interest income, including fees, in the consolidated statements of operations. (2) CDI amortization is included in other expense in noninterest expense in the consolidated statements of operations. (3) Time deposit premium amortization is included in deposits in interest expense in the consolidated statements of operations. (4) Depreciation on the fair value adjustment of fixed assets is included in occupancy expense in noninterest expense in the consolidated statements of operations. |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Investments Debt And Equity Securities [Abstract] | |
Aggregate Amortized Costs and Fair Values of Available-for-Sale Securities | The aggregate amortized costs and fair values of available-for-sale securities as of the dates stated were as follows. Gross Gross Amortized Unrealized Unrealized Fair June 30, 2018 Cost Gains (Losses) Value U.S. Government agencies and mortgage backed securities $ 48,032 $ 2 $ (1,707 ) $ 46,327 State and municipal obligations 21,281 32 (422 ) 20,891 Corporate bonds 7,096 10 (2 ) 7,104 Total available-for-sale securities $ 76,409 $ 44 $ (2,131 ) $ 74,322 Gross Gross Amortized Unrealized Unrealized Fair December 31, 2017 Cost Gains (Losses) Value U.S. Government agencies and mortgage backed securities $ 49,964 $ 6 $ (687 ) $ 49,283 State and municipal obligations 21,113 195 (155 ) 21,153 Corporate bonds 6,696 23 (2 ) 6,717 Total available-for-sale securities $ 77,773 $ 224 $ (844 ) $ 77,153 |
Unrealized Loss Positions | The following tables provide additional information on these securities as of the dates stated. Less than 12 months 12 months or more Total June 30, 2018 Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. Government agencies and mortgage backed securities $ 31,602 $ (1,046 ) $ 14,323 $ (661 ) $ 45,925 $ (1,707 ) States and municipal obligations 10,363 (99 ) 5,403 (323 ) 15,766 (422 ) Corporate bonds 498 (2 ) — — 498 (2 ) Total temporarily impaired securities $ 42,463 $ (1,147 ) $ 19,726 $ (984 ) $ 62,189 $ (2,131 ) Less than 12 months 12 months or more Total December 31, 2017 Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. Government agencies and mortgage backed securities $ 25,053 $ (353 ) $ 16,184 $ (334 ) $ 41,237 $ (687 ) States and municipal obligations 2,753 (15 ) 5,787 (140 ) 8,540 (155 ) Corporate bonds 498 (2 ) — — 498 (2 ) Total temporarily impaired securities $ 28,304 $ (370 ) $ 21,971 $ (474 ) $ 50,275 $ (844 ) |
Summary of Amortized Cost and Fair Value by Contractual Maturity of Securities Available for Sale | The following table presents the amortized cost and fair value by contractual maturity of securities available for sale as of the dates stated. Expected maturities may differ from contractual maturities, as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities that are not due at a single maturity date that do not have contractual maturities are shown separately. June 30, 2018 December 31, 2017 Amortized Cost Fair Value Amortized Cost Fair Value State and municipal obligations Due in one year or less $ 1,632 $ 1,631 $ 1,241 $ 1,237 Due after one year but less than five years 8,201 8,130 7,173 7,219 Due after five years but less than ten years 10,977 10,676 11,736 11,740 Due after ten years 471 454 963 957 U.S. Government agencies and mortgage backed securities 48,032 46,327 49,964 49,283 Corporate bonds 7,096 7,104 6,696 6,717 Total available-for-sale securities $ 76,409 $ 74,322 $ 77,773 $ 77,153 |
Loans (Tables)
Loans (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Summary of Balances of Loans | The following is a summary of the balances of loans as of the dates stated. June 30, 2018 December 31, 2017 Mortgage loans on real estate: Construction, Land and Land Development $ 81,059 $ 66,042 Farmland 770 923 Commercial Mortgages (Non-Owner Occupied) 156,891 146,757 Commercial Mortgages (Owner Occupied) 80,258 80,052 Residential First Mortgages 285,477 269,365 Residential Revolving and Junior Mortgages 39,747 46,498 Commercial and Industrial 124,563 114,093 Consumer 32,767 42,566 Total loans 801,532 766,296 Net unamortized deferred loan costs 24 200 Allowance for loan losses (7,113 ) (7,770 ) Loans, net $ 794,443 $ 758,726 |
Recorded Investment for Past Due and Non-accruing Loans | The recorded investment for past due and nonaccruing loans is shown in the following tables as of the dates stated. A loan past due by 90 days or more is generally placed on nonaccrual unless it is both well secured and in the process of collection. Loans presented below as 90 days or more past due and still accruing include PCI loans. June 30, 2018 30-89 Days Past Due 90 Days or More Past Due and Still Accruing Nonaccruals Total Past Due and Nonaccruals Current Total Loans Mortgage Loans on Real Estate: Construction, Land and Land Development $ 250 $ — $ 538 $ 788 $ 80,271 $ 81,059 Farmland — — — — 770 770 Commercial Mortgages (Non-Owner Occupied) 560 — 448 1,008 155,883 156,891 Commercial Mortgages (Owner Occupied) 121 — 939 1,060 79,198 80,258 Residential First Mortgages 2,323 65 1,055 3,443 282,034 285,477 Residential Revolving and Junior Mortgages 72 19 370 461 39,286 39,747 Commercial and Industrial 202 — — 202 124,361 124,563 Consumer 351 3 124 478 32,289 32,767 Total loans $ 3,879 $ 87 $ 3,474 $ 7,440 $ 794,092 $ 801,532 December 31, 2017 30-89 Days Past Due 90 Days or More Past Due and Still Accruing Nonaccruals Total Past Due and Nonaccruals Current Total Loans Mortgage Loans on Real Estate: Construction, Land and Land Development $ 261 $ — $ 1,237 $ 1,498 $ 64,544 $ 66,042 Farmland — 48 — 48 875 923 Commercial Mortgages (Non-Owner Occupied) 449 — — 449 146,308 146,757 Commercial Mortgages (Owner Occupied) 573 — 1,752 2,325 77,727 80,052 Residential First Mortgages 2,670 141 1,942 4,753 264,612 269,365 Residential Revolving and Junior Mortgages 449 20 1,338 1,807 44,691 46,498 Commercial and Industrial 331 — 92 423 113,670 114,093 Consumer 288 4 135 427 42,139 42,566 Total loans $ 5,021 $ 213 $ 6,496 $ 11,730 $ 754,566 $ 766,296 |
PCI Loans | |
Recorded Investment for Past Due and Non-accruing Loans | The following tables include an aging analysis, based upon contractual terms, of the recorded investment of PCI loans as of the dates stated, included in the tables above. June 30, 2018 30-89 Days Past Due 90 Days or More Past Due and Still Accruing Nonaccruals Total Past Due and Nonaccruals Current Total PCI Loans Mortgage Loans on Real Estate: Construction, Land and Land Development $ — $ — $ — $ — $ 1,390 $ 1,390 Commercial Mortgages (Non-Owner Occupied) — — — — 156 156 Commercial Mortgages (Owner Occupied) 121 — — 121 182 303 Residential First Mortgages 23 65 — 88 3,599 3,687 Residential Revolving and Junior Mortgages — 19 — 19 23 42 Consumer — 3 — 3 57 60 Total purchased credit-impaired loans $ 144 $ 87 $ — $ 231 $ 5,407 $ 5,638 December 31, 2017 30-89 Days Past Due 90 Days or More Past Due and Still Accruing Nonaccruals Total Past Due and Nonaccruals Current Total PCI Loans Mortgage Loans on Real Estate: Construction, Land and Land Development $ — $ — $ — $ — $ 1,405 $ 1,405 Commercial Mortgages (Non-Owner Occupied) — — — — 171 171 Commercial Mortgages (Owner Occupied) 161 — — 161 160 321 Residential First Mortgages 349 141 — 490 3,320 3,810 Residential Revolving and Junior Mortgages — 20 — 20 29 49 Consumer — 4 — 4 65 69 Total purchased credit-impaired loans $ 510 $ 165 $ — $ 675 $ 5,150 $ 5,825 |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Receivables [Abstract] | |
Loans Evaluated for Impairment Individually and Collectively by Segment | The following tables show loans evaluated for impairment individually and collectively by segment as of the dates stated. June 30, 2018 Mortgage Loans on Real Estate Commercial and Industrial Consumer and Other Total Allowance for loan losses applicable to: Loans individually evaluated for impairment $ 1,125 $ — $ 131 $ 1,256 Loans collectively evaluated for impairment 3,119 944 1,794 5,857 Purchased credit impaired loans — — — — Total allowance on loan losses $ 4,244 $ 944 $ 1,925 $ 7,113 Loan balances applicable to: Loans individually evaluated for impairment $ 8,037 $ — $ 131 $ 8,168 Loans collectively evaluated for impairment 630,587 124,563 32,576 787,726 Purchased credit impaired loans 5,578 — 60 5,638 Total loans $ 644,202 $ 124,563 $ 32,767 $ 801,532 December 31, 2017 Allowance for loan losses applicable to: Loans individually evaluated for impairment $ 861 $ 92 $ 141 $ 1,094 Loans collectively evaluated for impairment 3,003 786 2,887 6,676 Purchased credit impaired loans — — — — Total allowance on loan losses $ 3,864 $ 878 $ 3,028 $ 7,770 Loan balances applicable to: Loans individually evaluated for impairment $ 8,874 $ 92 $ 141 $ 9,107 Loans collectively evaluated for impairment 595,007 114,001 42,356 751,364 Purchased credit impaired loans 5,756 — 69 5,825 Total loans $ 609,637 $ 114,093 $ 42,566 $ 766,296 |
ALL by Portfolio Segment | The following tables show an analysis of the change in the ALL by segment for the periods presented. Mortgage Loans on Real Estate Commercial and Industrial Consumer Total For the Three Months Ended June 30, 2018 Beginning Balance $ 4,190 $ 1,043 $ 2,690 $ 7,923 (Charge-offs) (83 ) (101 ) (335 ) (519 ) Recoveries 16 — 41 57 Provision (recovery) 121 2 (471 ) (348 ) Ending Balance $ 4,244 $ 944 $ 1,925 $ 7,113 Mortgage Loans on Real Estate Commercial and Industrial Consumer Total For the Three Months Ended June 30, 2017 Beginning Balance $ 3,421 $ 528 $ 44 $ 3,993 (Charge-offs) (141 ) — (193 ) (334 ) Recoveries 10 1 3 14 Provision (recovery) 396 (73 ) 245 568 Ending Balance $ 3,686 $ 456 $ 99 $ 4,241 Mortgage Loans on Real Estate Commercial and Industrial Consumer Total For the Six Months Ended June 30, 2018 Beginning Balance $ 3,864 $ 878 $ 3,028 $ 7,770 (Charge-offs) (114 ) (116 ) (677 ) (907 ) Recoveries 43 — 235 278 Provision (recovery) 451 182 (661 ) (28 ) Ending Balance $ 4,244 $ 944 $ 1,925 $ 7,113 Mortgage Loans on Real Estate Commercial and Industrial Consumer Total For the Six Months Ended June 30, 2017 Beginning Balance $ 3,318 $ 493 $ 52 $ 3,863 (Charge-offs) (273 ) — (201 ) (474 ) Recoveries 88 1 5 94 Provision (recovery) 553 (38 ) 243 758 Ending Balance $ 3,686 $ 456 $ 99 $ 4,241 |
Schedule of Changes in Accretable Yield for PCI Loans | The following table presents the changes in the accretable yield for PCI loans for the period presented. For the Six Months Ended June 30, 2018 Balance as of December 31, 2017 $ 1,087 Accretion of acquisition accounting adjustment (171 ) Reclassifications from nonaccretable balance, net 69 Other changes, net 175 Balance as of June 30, 2018 $ 1,160 |
Internal Risk Rating Grades | The tables below show the risk ranking of loans as of the dates stated. June 30, 2018 Construction, Land and Land Development Farmland Residential First Mortgages Residential Revolving and Junior Mortgages Commercial Mortgages (Non-Owner Occupied) Commercial Mortgages (Owner Occupied) Commercial and Industrial Consumer Total Loans Grade: Pass $ 72,229 $ 770 $ 273,382 $ 37,869 $ 151,342 $ 73,781 $ 121,571 $ 11,225 $ 742,169 Watch 6,673 — 7,779 1,165 4,946 4,798 1,691 21,264 48,316 Special mention — — 2,503 — — 557 — 131 3,191 Substandard 2,157 — 1,813 713 603 1,122 1,301 142 7,851 Doubtful — — — — — — — 5 5 Total loans $ 81,059 $ 770 $ 285,477 $ 39,747 $ 156,891 $ 80,258 $ 124,563 $ 32,767 $ 801,532 December 31, 2017 Construction, Land and Land Development Farmland Residential First Mortgages Residential Revolving and Junior Mortgages Commercial Mortgages (Non-Owner Occupied) Commercial Mortgages (Owner Occupied) Commercial and Industrial Consumer Total Loans Grade: Pass $ 55,949 $ 923 $ 256,614 $ 43,659 $ 140,625 $ 67,732 $ 110,281 $ 12,431 $ 688,214 Watch 6,690 — 8,624 1,376 5,931 10,076 2,373 29,917 64,987 Special mention 172 — 205 — — — 1,347 — 1,724 Substandard 3,231 — 3,922 1,463 201 2,244 92 218 11,371 Doubtful — — — — — — — — — Total loans $ 66,042 $ 923 $ 269,365 $ 46,498 $ 146,757 $ 80,052 $ 114,093 $ 42,566 $ 766,296 |
Company's Recorded Investment and Borrowers' Unpaid Principal Balances for Impaired Loans, Excluding PCI Loans, with Associated ALL Amount | The following tables show the Company’s recorded investment and the borrowers’ unpaid principal balances for impaired loans, excluding PCI loans, with the associated ALL amount, if applicable, as of the dates stated. As of June 30, 2018 As of December 31, 2017 Recorded Investment Borrowers’ Unpaid Principal Balance Related Allowance Recorded Investment Borrowers’ Unpaid Principal Balance Related Allowance With no related allowance: Construction, Land and Land Development $ 93 $ 164 $ — $ 900 $ 1,378 $ — Residential First Mortgages 1,598 1,852 — 1,488 1,488 — Residential Revolving and Junior Mortgages 416 416 — 414 414 — Commercial Mortgages (Non-owner occupied) — — — — — — Commercial Mortgages (Owner occupied) 1,404 1,404 — 1,721 1,971 — Commercial and Industrial — — — — — — Consumer-Other — — — — — — Total impaired loans with no related allowance 3,511 3,836 — 4,523 5,251 — With an allowance recorded: Construction, Land and Land Development 571 571 257 550 621 137 Residential First Mortgages 2,842 2,842 594 1,914 1,914 367 Residential Revolving and Junior Mortgages 130 527 67 1,340 1,340 162 Commercial Mortgages (Non-owner occupied) 448 448 46 — — — Commercial Mortgages (Owner occupied) 535 535 161 547 586 195 Commercial and Industrial — — — 92 92 92 Consumer-Other 131 131 131 141 141 141 Total impaired loans with allowance recorded 4,657 5,054 1,256 4,584 4,694 1,094 Total Impaired Loans: Construction, Land and Land Development 664 735 257 1,450 1,999 137 Residential First Mortgages 4,440 4,694 594 3,402 3,402 367 Residential Revolving and Junior Mortgages 546 943 67 1,754 1,754 162 Commercial Mortgages (Non-owner occupied) 448 448 46 — — — Commercial Mortgages (Owner occupied) 1,939 1,939 161 2,268 2,557 195 Commercial and Industrial — — — 92 92 92 Consumer-Other 131 131 131 141 141 141 Total Impaired Loans $ 8,168 $ 8,890 $ 1,256 $ 9,107 $ 9,945 $ 1,094 The following table shows the average recorded investment and interest income recognized for impaired loans, excluding PCI loans, for the periods presented. For the Three Months Ended For the Six Months Ended June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance: Construction, land and land development $ 84 $ — $ 1,453 $ 14 $ 165 $ 1 $ 1,479 $ 27 Residential First Mortgages 1,513 24 1,769 2 1,471 41 1,774 7 Residential Revolving and Junior Mortgages 415 1 162 — 415 3 162 1 Commercial Mortgages (Non-owner occupied) — — 247 5 — — 248 8 Commercial Mortgages (Owner occupied) 1,385 20 1,689 4 1,380 32 1,777 11 Commercial and Industrial — — — — — — — — Consumer - Other — 3 — — — — — — Total impaired loans with no allowance 3,397 48 5,320 25 3,431 77 5,440 54 With an allowance recorded: Construction, land and land development 571 8 236 1 553 17 238 2 Residential First Mortgages 2,623 36 1,938 23 2,386 67 1,942 47 Residential Revolving and Junior Mortgages 131 2 1,300 5 123 4 1,301 18 Commercial Mortgages (Non-owner occupied) 224 — — — 149 — — — Commercial Mortgages (Owner occupied) 538 8 737 — 541 15 739 — Commercial and Industrial — — 92 — — — 92 — Consumer - Other — — — — — 5 — — Total impaired loans with allowance recorded 4,087 54 4,303 29 3,752 108 4,312 67 Total Impaired Loans: Construction, land and land development 655 8 1,689 15 718 18 1,717 29 Residential First Mortgages 4,136 60 3,707 25 3,857 108 3,716 54 Residential Revolving and Junior Mortgages 546 3 1,462 5 538 7 1,463 19 Commercial Mortgages (Non-owner occupied) 224 — 247 5 149 — 248 8 Commercial Mortgages (Owner occupied) 1,923 28 2,426 4 1,921 47 2,516 11 Commercial and Industrial — — 92 — — — 92 — Consumer - Other — 3 — — — 5 — — Total impaired loans $ 7,484 $ 102 $ 9,623 $ 54 $ 7,183 $ 185 $ 9,752 $ 121 |
Reconciliation of Nonaccrual Loans to Impaired Loans | The following table presents a reconciliation of nonaccrual loans to impaired loans as of the dates stated. June 30, 2018 December 31, 2017 Nonaccrual loans $ 3,474 $ 6,496 Nonaccrual loans not individually evaluated for impairment (1,279 ) (854 ) Nonaccrual impaired loans 2,195 5,642 TDRs on accrual 3,803 2,214 Other impaired loans on accrual 2,170 1,251 Total impaired loans $ 8,168 $ 9,107 |
Summary of Troubled Debt Restructurings | Loans modified as TDRs are considered impaired and are individually evaluated for impairment for the ALL. The following table presents, by segment, information related to loans modified as TDRs for the periods presented. For the Three Months Ended For the Three Months Ended June 30, 2018 June 30, 2017 Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Residential first mortgages (1) 1 $ 30 $ 30 — $ — $ — (1) Modifications were an extension of the loan terms. For the Six Months Ended For the Six Months Ended June 30, 2018 June 30, 2017 Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Residential first mortgages (1) 4 $ 590 $ 594 — $ — $ — (1) Modification were an extension of the loan terms. |
Summary of Roll Forward of Accruing and Nonaccruing TDRs | The following table presents a roll forward of accruing and nonaccruing TDRs for the period presented. Accruing Nonaccruing Total Balance as of December 31, 2017 $ 1,452 $ 2,612 $ 4,064 Charge-offs — (92 ) (92 ) Payments and other adjustments (41 ) 7 (34 ) New TDR designation 557 30 587 Release TDR designation — — — Transfer 1,835 (1,729 ) 106 Balance as of June 30, 2018 $ 3,803 $ 828 $ 4,631 |
Other Real Estate Owned, Net (T
Other Real Estate Owned, Net (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Banking And Thrift [Abstract] | |
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 the dates stated. June 30, 2018 December 31, 2017 Number of Carrying Number of Carrying Properties Value Properties Value Residential 3 $ 945 5 $ 443 Land 20 2,020 20 3,223 Commercial properties 3 536 4 618 Total other real estate owned 26 3,501 29 4,284 |
Earnings per share (Tables)
Earnings per share (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
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 For the Six Months Ended June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 Net income $ 946 $ 557 $ 2,070 $ 380 Weighted average shares outstanding, basic 13,059,604 9,233,615 13,049,142 7,017,907 Dilutive shares: Stock options 62,081 7,181 67,484 66,523 Restricted shares 4,734 — 5,021 — Weighted average shares outstanding, dilutive 13,126,419 9,240,796 13,121,647 7,084,430 Basic and diluted earnings per share $ 0.07 $ 0.06 $ 0.16 $ 0.05 |
Borrowings (Tables)
Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Advances of Borrowings | Further information regarding the two advances outstanding as of June 30, 2018 are shown in the following table. Maturity Balance Originated Interest Rate Date Adjustable rate hybrid $ 10,000 4/12/2013 4.72 % 4/13/2020 Fixed rate credit 60,000 6/4/2018 1.97 % 7/3/2018 Total FHLB borrowings $ 70,000 3.35 % |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
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 Fair Value Measurements as of June 30, 2018 Using Balance as of June 30, 2018 Level 1 Level 2 Level 3 Available-for-sale securities: U. S. Government agencies and mortgage backed securities $ 46,327 $ — $ 46,327 $ — State and municipal obligations 20,891 — 20,891 — Corporate bonds 7,104 — — 7,104 Total available for sale securities $ 74,322 $ — $ 67,218 $ 7,104 Mortgage servicing rights $ 977 $ — $ — $ 977 Fair Value Measurements as of December 31, 2017 Using Balance as of December 31, 2017 Level 1 Level 2 Level 3 Available-for-sale securities: U. S. Government agencies and mortgage backed securities $ 49,283 $ — $ 49,283 $ — State and municipal obligations 21,153 — 21,153 — Corporate bonds 6,717 — — 6,717 Total available for sale securities $ 77,153 $ — $ 70,436 $ 6,717 Mortgage servicing rights $ 999 $ — $ — $ 999 |
Reconciliation of Items Using Level Three Inputs | The reconciliation of items using Level 3 inputs is as follows. MSR Corporate Bonds Balance December 31, 2017 $ 999 $ 6,717 Purchases — 400 Fair value adjustments (22 ) (13 ) Sales — — Balance June 30, 2018 $ 977 $ 7,104 |
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 non-recurring basis as of the dates stated. Fair Value Measurements as of June 30, 2018 Using Balance as of June 30, 2018 Level 1 Level 2 Level 3 Impaired loans $ 4,657 $ — $ — $ 4,657 Other real estate owned 3,501 — — 3,501 Fair Value Measurements as of December 31, 2017 Using Balance as of December 31, 2017 Level 1 Level 2 Level 3 Impaired loans $ 3,491 $ — $ — $ 3,491 Other real estate owned 4,284 — — 4,284 |
Summary of Quantitative Fair Value Measurements for Level 3 | The following table displays quantitative information about Level 3 Fair Value Measurements as of June 30, 2018. Balance as of June 30, 2018 Valuation Technique Unobservable Input Range (Weighted Average) Impaired loans $ 4,657 Discounted appraised value Selling Cost Lack of Marketability 0%-30% (18%) 50%-100% (70%) Discounted cash flows Discount rate 5%-6% (6%) Other real estate owned 3,501 Discounted appraised value Selling Cost Lack of Marketability 3%-13% (4%) 4%-100% (12%) The following table displays quantitative information about Level 3 Fair Value Measurements as of December 31, 2017. Balance as of December 31, 2017 Valuation Technique Unobservable Input Range (Weighted Average) Impaired loans $ 3,491 Discounted appraised value Selling Cost Lack of Marketability 6%-20% (16%) 50%-90% (65%) Discounted cash flows Discount rate 5%-6% (6%) Other real estate owned 4,284 Discounted appraised value Selling Cost Lack of Marketability 3%-13% (8%) 10%-100% (16%) |
Summary of Assets and Liabilities at Carrying Value and Estimated Fair Value on a Nonrecurring Basis | The following table summarizes the Company’s assets and liabilities at carrying values and estimated fair values on a nonrecurring basis as of the dates stated. Fair Value Measurements as of June 30, 2018 Using Carrying value as of Fair Value as of June 30, 2018 June 30, 2018 Level 1 Level 2 Level 3 Financial Assets: Cash and due from banks $ 8,319 $ 8,319 $ 8,319 $ — $ — Interest-bearing deposits 28,263 28,263 28,263 — — Certificates of deposit 3,224 3,224 — 3,224 — Federal funds sold 1,944 1,944 1,944 — — Restricted securities 6,190 6,190 — 6,190 — Loans receivable, net 794,443 781,194 — — 781,194 Loans held for sale 669 669 — 669 — Accrued interest receivable 2,954 2,954 — — 2,954 Financial Liabilities: Noninterest-bearing liabilities 108,943 108,943 108,943 — — Savings and interest-bearing demand deposits 296,206 296,206 — 296,206 — Time deposits 369,917 370,430 — 370,430 — Securities sold under repurchase agreements 7,008 7,008 — 7,008 — FHLB advances 70,000 69,634 — 69,634 — Subordinated notes 6,885 7,049 — 7,049 — Fair Value Measurements as of December 31, 2017 Using Carrying value as of Fair Value as of December 31, 2017 December 31, 2017 Level 1 Level 2 Level 3 Financial Assets: Cash and due from banks $ 9,396 $ 9,396 $ 9,396 $ — $ — Interest-bearing deposits 41,971 41,971 41,971 — — Certificates of deposit 3,224 3,224 — 3,224 — Federal funds sold 6,961 6,961 6,961 — — Restricted securities 5,787 5,787 — 5,787 — Loans receivable, net 758,726 774,099 — — 774,099 Loans held for sale 1,651 1,651 — 1,651 — Accrued interest receivable 3,194 3,194 — — 3,194 Financial Liabilities: Noninterest-bearing liabilities 103,037 103,037 103,037 — — Savings and interest-bearing demand deposits 299,820 299,820 — 299,820 — Time deposits 358,989 356,450 — - 356,450 Securities sold under repurchase agreements 9,498 9,498 — 9,498 — FHLB advances 70,000 70,486 — 70,486 — Subordinated notes 6,877 7,000 — — 7,000 |
Changes in Accumulated Other 29
Changes in Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Income (Loss) Net of Taxes | The components of accumulated other comprehensive income (loss) net of taxes are shown in the following tables for the periods presented. For the Three Months Ended June 30, 2018 Net Unrealized Gains (Losses) on Securities Pension and Post-retirement Benefit Plans Accumulated Other Comprehensive Income (Loss) Balance as of April 1, 2018 $ (1,433 ) $ (667 ) $ (2,100 ) Change in net unrealized holding loss on available for sale securities, net of tax benefit of $57 (215 ) — (215 ) Balance as of June 30, 2018 $ (1,648 ) $ (667 ) $ (2,315 ) For the Six Months Ended June 30, 2018 Net Unrealized Gains (Losses) on Securities Pension and Post-retirement Benefit Plans Accumulated Other Comprehensive Income (Loss) Balance as of January 1, 2018 $ (489 ) $ (667 ) $ (1,156 ) Change in net unrealized holding loss on available for sale securities, net of tax benefit of $308 (1,159 ) — (1,159 ) Balance as of June 30, 2018 $ (1,648 ) $ (667 ) $ (2,315 ) |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) $ / shares in Units, $ in Millions | 1 Months Ended |
Aug. 31, 2017USD ($)$ / sharesshares | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Stock issued during period, shares, new issue through private placement | shares | 3,783,784 |
Common stock offering price | $ / shares | $ 9.25 |
Proceeds from net of offering expenses | $ | $ 32.9 |
Business Combination - Addition
Business Combination - Additional Information (Detail) $ in Thousands | Apr. 01, 2017USD ($)shares | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Dec. 31, 2017USD ($) | [1] |
Business Acquisition [Line Items] | ||||||
Goodwill during acquisition | $ 10,374 | $ 10,374 | ||||
Acquisition related expenses | $ 685 | $ 363 | $ 985 | |||
Virginia BanCorp | ||||||
Business Acquisition [Line Items] | ||||||
Common stock exchange ratio | 1.178 | |||||
Business combination, number of shares exchanged | shares | 4,586,221 | |||||
Business combination, value of shares exchanged | $ 42,200 | |||||
Ownership percentage by shareholders of acquiring entity | 51.00% | |||||
Ownership percentage by shareholders of acquired entity | 49.00% | |||||
Goodwill during acquisition | $ 7,600 | |||||
Acquisition related expenses | $ 985 | |||||
[1] | Derived from audited December 31, 2017 Consolidated Financial Statements. |
Business Combination - Schedule
Business Combination - Schedule of Fair Value of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Apr. 01, 2017 | Jun. 30, 2018 | Dec. 31, 2017 | [1] |
Identifiable liabilities assumed: | ||||
Goodwill resulting from acquisition | $ 10,374 | $ 10,374 | ||
As Recorded by the Company | ||||
Consideration paid: | ||||
Bay Banks of Virginia, Inc. common stock | $ 42,247 | |||
Identifiable assets acquired: | ||||
Cash and due from banks | 2,356 | |||
Interest-bearing deposits | 12,342 | |||
Securities available-for-sale | 22,088 | |||
Restricted securities | 1,543 | |||
Loans receivable | 210,411 | |||
Loans held for sale | 55,648 | |||
Deferred income taxes | 1,580 | |||
Premises and equipment | 6,036 | |||
Accrued interest receivable | 1,229 | |||
Other real estate owned | 3,113 | |||
Core deposit intangible | 3,670 | |||
Bank owned life insurance | 8,430 | |||
Mortgage servicing rights | 324 | |||
Other assets | 365 | |||
Total identified assets acquired | 329,135 | |||
Identifiable liabilities assumed: | ||||
Noninterest-bearing deposits | 21,119 | |||
Savings and interest-bearing demand deposits | 124,640 | |||
Time deposits | 122,170 | |||
Federal Home Loan Bank advances | 25,000 | |||
Other liabilities | 1,525 | |||
Total identifiable liabilities assumed | 294,454 | |||
Total identifiable assets assumed | 34,681 | |||
Goodwill resulting from acquisition | 7,566 | |||
Fair Value Adjustments and Reclassifications | ||||
Identifiable assets acquired: | ||||
Loans receivable | (62,068) | |||
Loans held for sale | 55,648 | |||
Deferred income taxes | 255 | |||
Premises and equipment | 2,703 | |||
Accrued interest receivable | (24) | |||
Core deposit intangible | 3,670 | |||
Total identified assets acquired | 184 | |||
Identifiable liabilities assumed: | ||||
Time deposits | 733 | |||
Total identifiable liabilities assumed | 733 | |||
Total identifiable assets assumed | (549) | |||
Virginia BanCorp | ||||
Identifiable assets acquired: | ||||
Cash and due from banks | 2,356 | |||
Interest-bearing deposits | 12,342 | |||
Securities available-for-sale | 22,088 | |||
Restricted securities | 1,543 | |||
Loans receivable | 272,479 | |||
Deferred income taxes | 1,325 | |||
Premises and equipment | 3,333 | |||
Accrued interest receivable | 1,253 | |||
Other real estate owned | 3,113 | |||
Bank owned life insurance | 8,430 | |||
Mortgage servicing rights | 324 | |||
Other assets | 365 | |||
Total identified assets acquired | 328,951 | |||
Identifiable liabilities assumed: | ||||
Noninterest-bearing deposits | 21,119 | |||
Savings and interest-bearing demand deposits | 124,640 | |||
Time deposits | 121,437 | |||
Federal Home Loan Bank advances | 25,000 | |||
Other liabilities | 1,525 | |||
Total identifiable liabilities assumed | 293,721 | |||
Total identifiable assets assumed | 35,230 | |||
Goodwill resulting from acquisition | $ 7,600 | |||
[1] | Derived from audited December 31, 2017 Consolidated Financial Statements. |
Business Combination - Schedu33
Business Combination - Schedule of Pro Forma Financial Information (Detail) - Virginia Commonwealth Bank $ in Thousands | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |
Net interest income | $ 11,845 |
Net income | $ 1,464 |
Business Combination - Summary
Business Combination - Summary of impact of Certain Acquisition Accounting Adjustments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | ||
Business Acquisition, Pro Forma Information [Line Items] | |||||
Net impact to income before income taxes | $ 1,143 | $ 811 | $ 2,517 | $ 513 | |
Virginia Commonwealth Bank | |||||
Business Acquisition, Pro Forma Information [Line Items] | |||||
Loans | [1] | 547 | 1,051 | ||
Core deposit intangible | [2] | (203) | (414) | ||
Time deposits | [3] | 42 | 110 | ||
Depreciation | [4] | (10) | (20) | ||
Net impact to income before income taxes | $ 376 | $ 727 | |||
[1] | Loan discount accretion is included in loan interest income, including fees, in the consolidated statements of operations. | ||||
[2] | CDI amortization is included in other expense in noninterest expense in the consolidated statements of operations. | ||||
[3] | Time deposit premium amortization is included in deposits in interest expense in the consolidated statements of operations. | ||||
[4] | Depreciation on the fair value adjustment of fixed assets is included in occupancy expense in noninterest expense in the consolidated statements of operations. |
Securities - Aggregate Amortize
Securities - Aggregate Amortized Costs and Fair Values of Available-for-Sale Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 76,409 | $ 77,773 |
Gross Unrealized Gains | 44 | 224 |
Gross Unrealized (Losses) | (2,131) | (844) |
Fair Value | 74,322 | 77,153 |
US Government Agencies Agencies and Mortgage Backed Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 48,032 | 49,964 |
Gross Unrealized Gains | 2 | 6 |
Gross Unrealized (Losses) | (1,707) | (687) |
Fair Value | 46,327 | 49,283 |
State and Municipal Obligations | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 21,281 | 21,113 |
Gross Unrealized Gains | 32 | 195 |
Gross Unrealized (Losses) | (422) | (155) |
Fair Value | 20,891 | 21,153 |
Corporate Bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 7,096 | 6,696 |
Gross Unrealized Gains | 10 | 23 |
Gross Unrealized (Losses) | (2) | (2) |
Fair Value | $ 7,104 | $ 6,717 |
Securities - Additional Informa
Securities - Additional Information (Detail) $ in Thousands | Jun. 30, 2018USD ($)Security | Dec. 31, 2017USD ($)Security | |
Schedule of Available-for-sale Securities [Line Items] | |||
Fair value of securities | $ 18,500 | $ 19,400 | |
Debt Securities, Available-for-sale, Restriction Type [Extensible List] | us-gaap:CollateralPledgedMember | us-gaap:CollateralPledgedMember | |
Securities sold under repurchase agreements | $ 7,008 | $ 9,498 | [1] |
Company's investment in Federal Home Loan Bank stock | 3,400 | 3,700 | |
Company's investment in Federal Reserve Bank stock | $ 2,100 | $ 1,900 | |
U.S. Government Agencies | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Securities with unrealized loss positions | Security | 52 | 36 | |
State and Municipal Obligations | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Securities with unrealized loss positions | Security | 44 | 34 | |
Corporate Bonds | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Securities with unrealized loss positions | Security | 1 | 1 | |
[1] | Derived from audited December 31, 2017 Consolidated Financial Statements. |
Securities - Unrealized Loss Po
Securities - Unrealized Loss Positions (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | $ 42,463 | $ 28,304 |
Less than 12 months, Unrealized Loss | (1,147) | (370) |
12 months or more, Fair Value | 19,726 | 21,971 |
12 months or more, Unrealized Loss | (984) | (474) |
Fair Value, Total | 62,189 | 50,275 |
Total Unrealized Loss | (2,131) | (844) |
US Government Agencies Agencies and Mortgage Backed Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 31,602 | 25,053 |
Less than 12 months, Unrealized Loss | (1,046) | (353) |
12 months or more, Fair Value | 14,323 | 16,184 |
12 months or more, Unrealized Loss | (661) | (334) |
Fair Value, Total | 45,925 | 41,237 |
Total Unrealized Loss | (1,707) | (687) |
State and Municipal Obligations | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 10,363 | 2,753 |
Less than 12 months, Unrealized Loss | (99) | (15) |
12 months or more, Fair Value | 5,403 | 5,787 |
12 months or more, Unrealized Loss | (323) | (140) |
Fair Value, Total | 15,766 | 8,540 |
Total Unrealized Loss | (422) | (155) |
Corporate Bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 498 | 498 |
Less than 12 months, Unrealized Loss | (2) | (2) |
Fair Value, Total | 498 | 498 |
Total Unrealized Loss | $ (2) | $ (2) |
Securities - Summary of amortiz
Securities - Summary of amortized cost and fair value by contractual maturity of securities available for sale (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Schedule of Available-for-sale Securities [Line Items] | ||
Total available-for-sale securities, Amortized Cost | $ 76,409 | $ 77,773 |
Total available-for-sale securities, Fair Value | 74,322 | 77,153 |
State and Municipal Obligations | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Due in one year or less, Amortized Cost | 1,632 | 1,241 |
Due after one year but less than five years, Amortized Cost | 8,201 | 7,173 |
Due after five years but less than ten years, Amortized Cost | 10,977 | 11,736 |
Due after ten years, Amortized Cost | 471 | 963 |
Total available-for-sale securities, Amortized Cost | 21,281 | 21,113 |
Due in one year or less, Fair Value | 1,631 | 1,237 |
Due after one year but less than five years, Fair Value | 8,130 | 7,219 |
Due after five years but less than ten years, Fair Value | 10,676 | 11,740 |
Due after ten years, Fair Value | 454 | 957 |
Total available-for-sale securities, Fair Value | 20,891 | 21,153 |
US Government Agencies Agencies and Mortgage Backed Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available-for-sale securities, Amortized Cost | 48,032 | 49,964 |
Total available-for-sale securities, Fair Value | 46,327 | 49,283 |
Corporate Bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available-for-sale securities, Amortized Cost | 7,096 | 6,696 |
Total available-for-sale securities, Fair Value | $ 7,104 | $ 6,717 |
Loans - Summary of Balances of
Loans - Summary of Balances of Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | |
Summary of balances of loans | |||
Total loans | $ 801,532 | $ 766,296 | |
Net unamortized deferred loan costs | 24 | 200 | |
Allowance for loan losses | (7,113) | (7,770) | [1] |
Loans, net | 794,443 | 758,726 | [1] |
Construction, Land and Land Development | |||
Summary of balances of loans | |||
Total loans | 81,059 | 66,042 | |
Farmland | |||
Summary of balances of loans | |||
Total loans | 770 | 923 | |
Commercial Mortgages (Non-Owner Occupied) | |||
Summary of balances of loans | |||
Total loans | 156,891 | 146,757 | |
Commercial Mortgages (Owner Occupied) | |||
Summary of balances of loans | |||
Total loans | 80,258 | 80,052 | |
Residential First Mortgages | |||
Summary of balances of loans | |||
Total loans | 285,477 | 269,365 | |
Residential Revolving and Junior Mortgages | |||
Summary of balances of loans | |||
Total loans | 39,747 | 46,498 | |
Commercial and Industrial | |||
Summary of balances of loans | |||
Total loans | 124,563 | 114,093 | |
Consumer | |||
Summary of balances of loans | |||
Total loans | $ 32,767 | $ 42,566 | |
[1] | Derived from audited December 31, 2017 Consolidated Financial Statements. |
Loans - Additional Information
Loans - Additional Information (Detail) - Minimum | 6 Months Ended |
Jun. 30, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of days past due for a loan to remain on accrual status | 90 days |
Number of days loans past due still accruing include PCI loans | 90 days |
Loans - Recorded Investment for
Loans - Recorded Investment for Past Due and Non-accruing Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | $ 3,879 | $ 5,021 |
90 Days or More Past Due and Still Accruing | 87 | 213 |
Nonaccruals | 3,474 | 6,496 |
Total Past Due and Nonaccruals | 7,440 | 11,730 |
Current | 794,092 | 754,566 |
Total Loans | 801,532 | 766,296 |
Construction, Land and Land Development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 250 | 261 |
Nonaccruals | 538 | 1,237 |
Total Past Due and Nonaccruals | 788 | 1,498 |
Current | 80,271 | 64,544 |
Total Loans | 81,059 | 66,042 |
Farmland | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
90 Days or More Past Due and Still Accruing | 48 | |
Total Past Due and Nonaccruals | 48 | |
Current | 770 | 875 |
Total Loans | 770 | 923 |
Commercial Mortgages (Non-Owner Occupied) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 560 | 449 |
Nonaccruals | 448 | |
Total Past Due and Nonaccruals | 1,008 | 449 |
Current | 155,883 | 146,308 |
Total Loans | 156,891 | 146,757 |
Commercial Mortgages (Owner Occupied) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 121 | 573 |
Nonaccruals | 939 | 1,752 |
Total Past Due and Nonaccruals | 1,060 | 2,325 |
Current | 79,198 | 77,727 |
Total Loans | 80,258 | 80,052 |
Residential First Mortgages | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 2,323 | 2,670 |
90 Days or More Past Due and Still Accruing | 65 | 141 |
Nonaccruals | 1,055 | 1,942 |
Total Past Due and Nonaccruals | 3,443 | 4,753 |
Current | 282,034 | 264,612 |
Total Loans | 285,477 | 269,365 |
Residential Revolving and Junior Mortgages | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 72 | 449 |
90 Days or More Past Due and Still Accruing | 19 | 20 |
Nonaccruals | 370 | 1,338 |
Total Past Due and Nonaccruals | 461 | 1,807 |
Current | 39,286 | 44,691 |
Total Loans | 39,747 | 46,498 |
Commercial and Industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 202 | 331 |
Nonaccruals | 92 | |
Total Past Due and Nonaccruals | 202 | 423 |
Current | 124,361 | 113,670 |
Total Loans | 124,563 | 114,093 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 351 | 288 |
90 Days or More Past Due and Still Accruing | 3 | 4 |
Nonaccruals | 124 | 135 |
Total Past Due and Nonaccruals | 478 | 427 |
Current | 32,289 | 42,139 |
Total Loans | $ 32,767 | $ 42,566 |
Loans - Summary of Recorded Inv
Loans - Summary of Recorded Investment of Purchased Impaired Loans (Detail) - PCI Loans - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Impaired [Line Items] | ||
30-89 Days Past Due | $ 144 | $ 510 |
90 Days or More Past Due and Still Accruing | 87 | 165 |
Nonaccruals | 0 | 0 |
Total Past Due and Nonaccruals | 231 | 675 |
Current | 5,407 | 5,150 |
Total PCI Loans | 5,638 | 5,825 |
Construction, Land and Land Development | ||
Financing Receivable, Impaired [Line Items] | ||
Nonaccruals | 0 | 0 |
Current | 1,390 | 1,405 |
Total PCI Loans | 1,390 | 1,405 |
Commercial Mortgages (Non-Owner Occupied) | ||
Financing Receivable, Impaired [Line Items] | ||
Nonaccruals | 0 | 0 |
Current | 156 | 171 |
Total PCI Loans | 156 | 171 |
Commercial Mortgages (Owner Occupied) | ||
Financing Receivable, Impaired [Line Items] | ||
30-89 Days Past Due | 121 | 161 |
Nonaccruals | 0 | 0 |
Total Past Due and Nonaccruals | 121 | 161 |
Current | 182 | 160 |
Total PCI Loans | 303 | 321 |
Residential First Mortgages | ||
Financing Receivable, Impaired [Line Items] | ||
30-89 Days Past Due | 23 | 349 |
90 Days or More Past Due and Still Accruing | 65 | 141 |
Nonaccruals | 0 | 0 |
Total Past Due and Nonaccruals | 88 | 490 |
Current | 3,599 | 3,320 |
Total PCI Loans | 3,687 | 3,810 |
Residential Revolving and Junior Mortgages | ||
Financing Receivable, Impaired [Line Items] | ||
90 Days or More Past Due and Still Accruing | 19 | 20 |
Nonaccruals | 0 | 0 |
Total Past Due and Nonaccruals | 19 | 20 |
Current | 23 | 29 |
Total PCI Loans | 42 | 49 |
Consumer | ||
Financing Receivable, Impaired [Line Items] | ||
90 Days or More Past Due and Still Accruing | 3 | 4 |
Nonaccruals | 0 | 0 |
Total Past Due and Nonaccruals | 3 | 4 |
Current | 57 | 65 |
Total PCI Loans | $ 60 | $ 69 |
Allowance for Loan Losses - Add
Allowance for Loan Losses - Additional Information (Detail) - USD ($) | 6 Months Ended | ||
Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Impaired loans measurement | Impaired loans measured for impairment generally include (1) any loan risk rated Special Mention or worse where the borrower has filed for bankruptcy; and (2) all loans risk rated Substandard or worse with balances of $400 thousand or more; and (3) all loans classified as a troubled debt restructuring (“TDR”). | ||
Loan Receivables | $ 801,532,000 | $ 766,296,000 | |
Percentage of excess loan balance for watch category | 90.00% | ||
Loans modified as TDRs | $ 0 | $ 0 | |
Substandard | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loan Receivables | $ 7,851,000 | $ 11,371,000 | |
Minimum | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of days loans are past due | 90 days | ||
Minimum | Substandard | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loan Receivables | $ 400,000 |
Allowance for Loan Losses - Loa
Allowance for Loan Losses - Loans Evaluated for Impairment Individually and Collectively by Segment (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans individually evaluated for impairment | $ 1,256 | $ 1,094 | ||||
Loans collectively evaluated for impairment | 5,857 | 6,676 | ||||
Purchased credit impaired loans | 0 | 0 | ||||
Total allowance on loan losses | 7,113 | $ 7,923 | 7,770 | $ 4,241 | $ 3,993 | $ 3,863 |
Loans individually evaluated for impairment | 8,168 | 9,107 | ||||
Loans collectively evaluated for impairment | 787,726 | 751,364 | ||||
Purchased credit impaired loans | 5,638 | 5,825 | ||||
Total Loans | 801,532 | 766,296 | ||||
Mortgage Loans on Real Estate | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans individually evaluated for impairment | 1,125 | 861 | ||||
Loans collectively evaluated for impairment | 3,119 | 3,003 | ||||
Purchased credit impaired loans | 0 | 0 | ||||
Total allowance on loan losses | 4,244 | 4,190 | 3,864 | 3,686 | 3,421 | 3,318 |
Loans individually evaluated for impairment | 8,037 | 8,874 | ||||
Loans collectively evaluated for impairment | 630,587 | 595,007 | ||||
Purchased credit impaired loans | 5,578 | 5,756 | ||||
Total Loans | 644,202 | 609,637 | ||||
Commercial and Industrial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans individually evaluated for impairment | 92 | |||||
Loans collectively evaluated for impairment | 944 | 786 | ||||
Purchased credit impaired loans | 0 | 0 | ||||
Total allowance on loan losses | 944 | 1,043 | 878 | 456 | 528 | 493 |
Loans individually evaluated for impairment | 92 | |||||
Loans collectively evaluated for impairment | 124,563 | 114,001 | ||||
Total Loans | 124,563 | 114,093 | ||||
Consumer and Other | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans individually evaluated for impairment | 131 | 141 | ||||
Loans collectively evaluated for impairment | 1,794 | 2,887 | ||||
Purchased credit impaired loans | 0 | 0 | ||||
Total allowance on loan losses | 1,925 | $ 2,690 | 3,028 | $ 99 | $ 44 | $ 52 |
Loans individually evaluated for impairment | 131 | 141 | ||||
Loans collectively evaluated for impairment | 32,576 | 42,356 | ||||
Purchased credit impaired loans | 60 | 69 | ||||
Total Loans | $ 32,767 | $ 42,566 |
Allowance for Loan Losses - ALL
Allowance for Loan Losses - ALL by Portfolio Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning Balance | $ 7,923 | $ 3,993 | $ 7,770 | $ 3,863 |
(Charge-offs) | (519) | (334) | (907) | (474) |
Recoveries | 57 | 14 | 278 | 94 |
Provision (recovery) | (348) | 568 | (28) | 758 |
Ending Balance | 7,113 | 4,241 | 7,113 | 4,241 |
Mortgage Loans on Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning Balance | 4,190 | 3,421 | 3,864 | 3,318 |
(Charge-offs) | (83) | (141) | (114) | (273) |
Recoveries | 16 | 10 | 43 | 88 |
Provision (recovery) | 121 | 396 | 451 | 553 |
Ending Balance | 4,244 | 3,686 | 4,244 | 3,686 |
Commercial and Industrial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning Balance | 1,043 | 528 | 878 | 493 |
(Charge-offs) | (101) | (116) | ||
Recoveries | 1 | 1 | ||
Provision (recovery) | 2 | (73) | 182 | (38) |
Ending Balance | 944 | 456 | 944 | 456 |
Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning Balance | 2,690 | 44 | 3,028 | 52 |
(Charge-offs) | (335) | (193) | (677) | (201) |
Recoveries | 41 | 3 | 235 | 5 |
Provision (recovery) | (471) | 245 | (661) | 243 |
Ending Balance | $ 1,925 | $ 99 | $ 1,925 | $ 99 |
Allowance for Loan Losses - Sch
Allowance for Loan Losses - Schedule of Changes in Accretable Yield for PCI Loans (Detail) - PCI Loans $ in Thousands | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Balance Beginning | $ 1,087 |
Accretion of acquisition accounting adjustment | (171) |
Reclassifications from nonaccretable balance, net | 69 |
Other changes, net | 175 |
Balance Ending | $ 1,160 |
Allowance for Loan Losses - Int
Allowance for Loan Losses - Internal Risk Rating Grades (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
INTERNAL RISK RATING GRADES | ||
Loan Receivables | $ 801,532 | $ 766,296 |
Pass | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 742,169 | 688,214 |
Watch | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 48,316 | 64,987 |
Special Mention | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 3,191 | 1,724 |
Substandard | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 7,851 | 11,371 |
Doubtful | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 5 | |
Construction, Land and Land Development | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 81,059 | 66,042 |
Construction, Land and Land Development | Pass | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 72,229 | 55,949 |
Construction, Land and Land Development | Watch | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 6,673 | 6,690 |
Construction, Land and Land Development | Special Mention | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 172 | |
Construction, Land and Land Development | Substandard | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 2,157 | 3,231 |
Farmland | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 770 | 923 |
Farmland | Pass | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 770 | 923 |
Residential First Mortgages | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 285,477 | 269,365 |
Residential First Mortgages | Pass | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 273,382 | 256,614 |
Residential First Mortgages | Watch | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 7,779 | 8,624 |
Residential First Mortgages | Special Mention | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 2,503 | 205 |
Residential First Mortgages | Substandard | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 1,813 | 3,922 |
Residential Revolving and Junior Mortgages | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 39,747 | 46,498 |
Residential Revolving and Junior Mortgages | Pass | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 37,869 | 43,659 |
Residential Revolving and Junior Mortgages | Watch | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 1,165 | 1,376 |
Residential Revolving and Junior Mortgages | Substandard | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 713 | 1,463 |
Commercial Mortgages (Non-Owner Occupied) | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 156,891 | 146,757 |
Commercial Mortgages (Non-Owner Occupied) | Pass | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 151,342 | 140,625 |
Commercial Mortgages (Non-Owner Occupied) | Watch | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 4,946 | 5,931 |
Commercial Mortgages (Non-Owner Occupied) | Substandard | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 603 | 201 |
Commercial Mortgages (Owner Occupied) | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 80,258 | 80,052 |
Commercial Mortgages (Owner Occupied) | Pass | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 73,781 | 67,732 |
Commercial Mortgages (Owner Occupied) | Watch | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 4,798 | 10,076 |
Commercial Mortgages (Owner Occupied) | Special Mention | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 557 | |
Commercial Mortgages (Owner Occupied) | Substandard | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 1,122 | 2,244 |
Commercial and Industrial | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 124,563 | 114,093 |
Commercial and Industrial | Pass | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 121,571 | 110,281 |
Commercial and Industrial | Watch | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 1,691 | 2,373 |
Commercial and Industrial | Special Mention | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 1,347 | |
Commercial and Industrial | Substandard | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 1,301 | 92 |
Consumer | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 32,767 | 42,566 |
Consumer | Pass | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 11,225 | 12,431 |
Consumer | Watch | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 21,264 | 29,917 |
Consumer | Special Mention | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 131 | |
Consumer | Substandard | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 142 | $ 218 |
Consumer | Doubtful | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | $ 5 |
Allowance for Loan Losses - Com
Allowance for Loan Losses - Company's Recorded Investment and Borrowers' Unpaid Principal Balances for Impaired Loans, Excluding PCI Loans, with Associated ALL Amount (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
With no related allowance, Recorded Investment | $ 3,511 | $ 3,511 | $ 4,523 | ||
With no related allowance, Borrowers' Unpaid Principal Balance | 3,836 | 3,836 | 5,251 | ||
With no related allowance, Related Allowance | 0 | 0 | 0 | ||
With an allowance recorded, Recorded Investment | 4,657 | 4,657 | 4,584 | ||
With an allowance recorded, Borrowers' Unpaid Principal Balance | 5,054 | 5,054 | 4,694 | ||
With an allowance recorded, Related Allowance | 1,256 | 1,256 | 1,094 | ||
Total Impaired Loans, Recorded Investment | 8,168 | 8,168 | 9,107 | ||
Total Impaired Loans, Borrowers' Unpaid Principal Balance | 8,890 | 8,890 | 9,945 | ||
Total Impaired Loans, Related Allowance | 1,256 | 1,256 | 1,094 | ||
With no related allowance, Average Recorded Investment | 3,397 | $ 5,320 | 3,431 | $ 5,440 | |
With no related allowance, Interest Income Recognized | 48 | 25 | 77 | 54 | |
With an allowance recorded, Average Recorded Investment | 4,087 | 4,303 | 3,752 | 4,312 | |
With an allowance recorded, Interest Income Recognized | 54 | 29 | 108 | 67 | |
Total, Average Recorded Investment | 7,484 | 9,623 | 7,183 | 9,752 | |
Total, Interest Income Recognized | 102 | 54 | 185 | 121 | |
Construction, Land and Land Development | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
With no related allowance, Recorded Investment | 93 | 93 | 900 | ||
With no related allowance, Borrowers' Unpaid Principal Balance | 164 | 164 | 1,378 | ||
With no related allowance, Related Allowance | 0 | 0 | 0 | ||
With an allowance recorded, Recorded Investment | 571 | 571 | 550 | ||
With an allowance recorded, Borrowers' Unpaid Principal Balance | 571 | 571 | 621 | ||
With an allowance recorded, Related Allowance | 257 | 257 | 137 | ||
Total Impaired Loans, Recorded Investment | 664 | 664 | 1,450 | ||
Total Impaired Loans, Borrowers' Unpaid Principal Balance | 735 | 735 | 1,999 | ||
Total Impaired Loans, Related Allowance | 257 | 257 | 137 | ||
With no related allowance, Average Recorded Investment | 84 | 1,453 | 165 | 1,479 | |
With no related allowance, Interest Income Recognized | 14 | 1 | 27 | ||
With an allowance recorded, Average Recorded Investment | 571 | 236 | 553 | 238 | |
With an allowance recorded, Interest Income Recognized | 8 | 1 | 17 | 2 | |
Total, Average Recorded Investment | 655 | 1,689 | 718 | 1,717 | |
Total, Interest Income Recognized | 8 | 15 | 18 | 29 | |
Residential First Mortgages | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
With no related allowance, Recorded Investment | 1,598 | 1,598 | 1,488 | ||
With no related allowance, Borrowers' Unpaid Principal Balance | 1,852 | 1,852 | 1,488 | ||
With no related allowance, Related Allowance | 0 | 0 | 0 | ||
With an allowance recorded, Recorded Investment | 2,842 | 2,842 | 1,914 | ||
With an allowance recorded, Borrowers' Unpaid Principal Balance | 2,842 | 2,842 | 1,914 | ||
With an allowance recorded, Related Allowance | 594 | 594 | 367 | ||
Total Impaired Loans, Recorded Investment | 4,440 | 4,440 | 3,402 | ||
Total Impaired Loans, Borrowers' Unpaid Principal Balance | 4,694 | 4,694 | 3,402 | ||
Total Impaired Loans, Related Allowance | 594 | 594 | 367 | ||
With no related allowance, Average Recorded Investment | 1,513 | 1,769 | 1,471 | 1,774 | |
With no related allowance, Interest Income Recognized | 24 | 2 | 41 | 7 | |
With an allowance recorded, Average Recorded Investment | 2,623 | 1,938 | 2,386 | 1,942 | |
With an allowance recorded, Interest Income Recognized | 36 | 23 | 67 | 47 | |
Total, Average Recorded Investment | 4,136 | 3,707 | 3,857 | 3,716 | |
Total, Interest Income Recognized | 60 | 25 | 108 | 54 | |
Residential Revolving and Junior Mortgages | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
With no related allowance, Recorded Investment | 416 | 416 | 414 | ||
With no related allowance, Borrowers' Unpaid Principal Balance | 416 | 416 | 414 | ||
With no related allowance, Related Allowance | 0 | 0 | 0 | ||
With an allowance recorded, Recorded Investment | 130 | 130 | 1,340 | ||
With an allowance recorded, Borrowers' Unpaid Principal Balance | 527 | 527 | 1,340 | ||
With an allowance recorded, Related Allowance | 67 | 67 | 162 | ||
Total Impaired Loans, Recorded Investment | 546 | 546 | 1,754 | ||
Total Impaired Loans, Borrowers' Unpaid Principal Balance | 943 | 943 | 1,754 | ||
Total Impaired Loans, Related Allowance | 67 | 67 | 162 | ||
With no related allowance, Average Recorded Investment | 415 | 162 | 415 | 162 | |
With no related allowance, Interest Income Recognized | 1 | 3 | 1 | ||
With an allowance recorded, Average Recorded Investment | 131 | 1,300 | 123 | 1,301 | |
With an allowance recorded, Interest Income Recognized | 2 | 5 | 4 | 18 | |
Total, Average Recorded Investment | 546 | 1,462 | 538 | 1,463 | |
Total, Interest Income Recognized | 3 | 5 | 7 | 19 | |
Commercial Mortgages (Non-Owner Occupied) | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
With no related allowance, Related Allowance | 0 | 0 | 0 | ||
With an allowance recorded, Recorded Investment | 448 | 448 | |||
With an allowance recorded, Borrowers' Unpaid Principal Balance | 448 | 448 | |||
With an allowance recorded, Related Allowance | 46 | 46 | |||
Total Impaired Loans, Recorded Investment | 448 | 448 | |||
Total Impaired Loans, Borrowers' Unpaid Principal Balance | 448 | 448 | |||
Total Impaired Loans, Related Allowance | 46 | 46 | |||
With no related allowance, Average Recorded Investment | 247 | 248 | |||
With no related allowance, Interest Income Recognized | 5 | 8 | |||
With an allowance recorded, Average Recorded Investment | 224 | 149 | |||
Total, Average Recorded Investment | 224 | 247 | 149 | 248 | |
Total, Interest Income Recognized | 5 | 8 | |||
Commercial Mortgages (Owner Occupied) | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
With no related allowance, Recorded Investment | 1,404 | 1,404 | 1,721 | ||
With no related allowance, Borrowers' Unpaid Principal Balance | 1,404 | 1,404 | 1,971 | ||
With no related allowance, Related Allowance | 0 | 0 | 0 | ||
With an allowance recorded, Recorded Investment | 535 | 535 | 547 | ||
With an allowance recorded, Borrowers' Unpaid Principal Balance | 535 | 535 | 586 | ||
With an allowance recorded, Related Allowance | 161 | 161 | 195 | ||
Total Impaired Loans, Recorded Investment | 1,939 | 1,939 | 2,268 | ||
Total Impaired Loans, Borrowers' Unpaid Principal Balance | 1,939 | 1,939 | 2,557 | ||
Total Impaired Loans, Related Allowance | 161 | 161 | 195 | ||
With no related allowance, Average Recorded Investment | 1,385 | 1,689 | 1,380 | 1,777 | |
With no related allowance, Interest Income Recognized | 20 | 4 | 32 | 11 | |
With an allowance recorded, Average Recorded Investment | 538 | 737 | 541 | 739 | |
With an allowance recorded, Interest Income Recognized | 8 | 15 | |||
Total, Average Recorded Investment | 1,923 | 2,426 | 1,921 | 2,516 | |
Total, Interest Income Recognized | 28 | 4 | 47 | 11 | |
Commercial and Industrial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
With no related allowance, Related Allowance | 0 | 0 | 0 | ||
With an allowance recorded, Recorded Investment | 92 | ||||
With an allowance recorded, Borrowers' Unpaid Principal Balance | 92 | ||||
With an allowance recorded, Related Allowance | 92 | ||||
Total Impaired Loans, Recorded Investment | 92 | ||||
Total Impaired Loans, Borrowers' Unpaid Principal Balance | 92 | ||||
Total Impaired Loans, Related Allowance | 92 | ||||
With an allowance recorded, Average Recorded Investment | 92 | 92 | |||
Total, Average Recorded Investment | $ 92 | $ 92 | |||
Consumer and Other | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
With no related allowance, Related Allowance | 0 | 0 | 0 | ||
With an allowance recorded, Recorded Investment | 131 | 131 | 141 | ||
With an allowance recorded, Borrowers' Unpaid Principal Balance | 131 | 131 | 141 | ||
With an allowance recorded, Related Allowance | 131 | 131 | 141 | ||
Total Impaired Loans, Recorded Investment | 131 | 131 | 141 | ||
Total Impaired Loans, Borrowers' Unpaid Principal Balance | 131 | 131 | 141 | ||
Total Impaired Loans, Related Allowance | 131 | 131 | $ 141 | ||
With no related allowance, Interest Income Recognized | 3 | ||||
With an allowance recorded, Interest Income Recognized | 5 | ||||
Total, Interest Income Recognized | $ 3 | $ 5 |
Allowance for Loan Losses - Rec
Allowance for Loan Losses - Reconciliation of Nonaccrual Loans to Impaired Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Receivables [Abstract] | ||
Nonaccrual loans | $ 3,474 | $ 6,496 |
Nonaccrual loans not individually evaluated for impairment | (1,279) | (854) |
Nonaccrual impaired loans | 2,195 | 5,642 |
TDRs on accrual | 3,803 | 2,214 |
Other impaired loans on accrual | 2,170 | 1,251 |
Total impaired loans | $ 8,168 | $ 9,107 |
Allowance for Loan Losses - Sum
Allowance for Loan Losses - Summary of Troubled Debt Restructurings (Detail) - Residential First Mortgages $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018USD ($)Loan | [1] | Jun. 30, 2018USD ($)Loan | [2] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of Loans | Loan | 1 | 4 | ||
Pre-Modification Outstanding Recorded Investment | $ 30 | $ 590 | ||
Post-Modification Outstanding Recorded Investment | $ 30 | $ 594 | ||
[1] | Modifications were an extension of the loan terms. | |||
[2] | Modification were an extension of the loan terms. |
Allowance for Loan Losses - S51
Allowance for Loan Losses - Summary of Roll Forward of Accruing and Nonaccruing TDRs (Detail) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018USD ($) | ||
Financing Receivable, Impaired [Line Items] | ||
Beginning Balance | $ 7,770 | [1] |
Ending Balance | 7,113 | |
Accruing | ||
Financing Receivable, Impaired [Line Items] | ||
Beginning Balance | 1,452 | |
Charge-offs | 0 | |
Payments and other adjustments | (41) | |
New TDR designation | 557 | |
Release TDR designation | 0 | |
Transfer | 1,835 | |
Ending Balance | 3,803 | |
Nonaccruing | ||
Financing Receivable, Impaired [Line Items] | ||
Beginning Balance | 2,612 | |
Charge-offs | (92) | |
Payments and other adjustments | 7 | |
New TDR designation | 30 | |
Release TDR designation | 0 | |
Transfer | (1,729) | |
Ending Balance | 828 | |
Troubled Debt Restructuring | ||
Financing Receivable, Impaired [Line Items] | ||
Beginning Balance | 4,064 | |
Charge-offs | (92) | |
Payments and other adjustments | (34) | |
New TDR designation | 587 | |
Release TDR designation | 0 | |
Transfer | 106 | |
Ending Balance | $ 4,631 | |
[1] | Derived from audited December 31, 2017 Consolidated Financial Statements. |
Other Real Estate Owned, Net -
Other Real Estate Owned, Net - Summary of Properties Included in Other Real Estate Owned (OREO) (Detail) $ in Thousands | Jun. 30, 2018USD ($)Property | Dec. 31, 2017USD ($)Property | |
Real Estate Properties [Line Items] | |||
No. of Properties | Property | 26 | 29 | |
Carrying Value | $ | $ 3,501 | $ 4,284 | [1] |
Residential | |||
Real Estate Properties [Line Items] | |||
No. of Properties | Property | 3 | 5 | |
Carrying Value | $ | $ 945 | $ 443 | |
Land | |||
Real Estate Properties [Line Items] | |||
No. of Properties | Property | 20 | 20 | |
Carrying Value | $ | $ 2,020 | $ 3,223 | |
Commercial properties | |||
Real Estate Properties [Line Items] | |||
No. of Properties | Property | 3 | 4 | |
Carrying Value | $ | $ 536 | $ 618 | |
[1] | Derived from audited December 31, 2017 Consolidated Financial Statements. |
Other Real Estate Owned, Net 53
Other Real Estate Owned, Net - Additional Information (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2018USD ($)Property | |
Consumer Land Loan | |
Other Real Estate [Line Items] | |
Land properties collateralized with loan | Property | 1 |
Mortgage loan amount | $ | $ 46 |
Residential | |
Other Real Estate [Line Items] | |
Land properties collateralized with loan | Property | 3 |
Mortgage loan amount | $ | $ 230 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Employee Stock Ownership Plan (ESOP), Plan | ||||
Computation Of Earnings Per Share Line Items | ||||
Shares not included in computing diluted earnings per share because effects were anti-dilutive | 154,410 | 140,542 | 157,885 | 70,267 |
Unearned Employee Stock Ownership Plan Shares | ||||
Computation Of Earnings Per Share Line Items | ||||
Shares not included in computing diluted earnings per share because effects were anti-dilutive | 96,415 | 96,415 | 91,368 | 91,368 |
Earnings Per Share - Weighted A
Earnings Per Share - Weighted Average Number of Shares Used in Computing Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Net income | $ 946 | $ 557 | $ 2,070 | $ 380 |
Weighted average shares outstanding, basic | 13,059,604 | 9,233,615 | 13,049,142 | 7,017,907 |
Dilutive shares: | ||||
Weighted average shares outstanding, dilutive | 13,126,419 | 9,240,796 | 13,121,647 | 7,084,430 |
Basic and diluted earnings per share | $ 0.07 | $ 0.06 | $ 0.16 | $ 0.05 |
Stock Option | ||||
Dilutive shares: | ||||
Effect of dilutive securities | 62,081 | 7,181 | 67,484 | 66,523 |
Restricted Shares | ||||
Dilutive shares: | ||||
Effect of dilutive securities | 4,734 | 5,021 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Defined Contribution Plan Disclosure [Line Items] | |
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 |
Gain on curtailment of post-retirement benefit plan | $ 352 |
Other Postretirement Benefit Plan, Defined Benefit | |
Defined Contribution Plan Disclosure [Line Items] | |
Gain on curtailment of post-retirement benefit plan | $ 352 |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) | May 28, 2015USD ($) | Jun. 30, 2018USD ($)Loan | Jun. 30, 2017 | Jun. 30, 2018USD ($)Loan | Jun. 30, 2017 | Dec. 31, 2017USD ($)Loan | |
Debt Instrument [Line Items] | |||||||
Federal Home Loan Bank advances | $ 70,000,000 | $ 70,000,000 | $ 70,000,000 | [1] | |||
Number of FHLB debt advances | Loan | 2 | 2 | 2 | ||||
Immediate available credit | $ 172,200,000 | $ 172,200,000 | |||||
Total line of credit | $ 248,200,000 | $ 248,200,000 | |||||
Interest Rate | 3.35% | 3.35% | |||||
Virginia BanCorp | |||||||
Debt Instrument [Line Items] | |||||||
Debt acquired in merger | $ 1,000,000 | $ 1,000,000 | $ 1,100,000 | ||||
Debt instrument, maturity date range, start | Mar. 1, 2019 | ||||||
Debt instrument, maturity date range, end | Dec. 31, 2027 | ||||||
Virginia BanCorp | Four ESOP Notes | |||||||
Debt Instrument [Line Items] | |||||||
Interest Rate | 3.25% | 3.25% | |||||
Virginia BanCorp | One ESOP Notes | |||||||
Debt Instrument [Line Items] | |||||||
Interest Rate | 4.50% | 4.50% | |||||
Subordinated Debt Due May 2025 | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | $ 7,000,000 | ||||||
Interest Rate | 6.50% | ||||||
Debt instrument, maturity date | May 28, 2025 | ||||||
Debt instrument, frequency of payment | First of March and September of each year | ||||||
Debt instrument integral multiple principal amount | $ 1,000 | ||||||
Debt instrument redemption period start date | May 28, 2020 | ||||||
Aggregate carrying value of notes, including capitalized debt issuance cost | $ 6,900,000 | $ 6,900,000 | $ 6,900,000 | ||||
Effective interest rate | 6.85% | 6.93% | 6.85% | 6.87% | |||
[1] | Derived from audited December 31, 2017 Consolidated Financial Statements. |
Borrowings - Advances of Debt (
Borrowings - Advances of Debt (Detail) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2018 | Dec. 31, 2017 | [1] | |
Debt Instrument [Line Items] | |||
Federal Home Loan Bank advances | $ 70,000 | $ 70,000 | |
Interest Rate | 3.35% | ||
Adjustable Rate Hybrid | Federal Home Loan Bank Advances One | |||
Debt Instrument [Line Items] | |||
Federal Home Loan Bank advances, Non current | $ 10,000 | ||
Originated | Apr. 12, 2013 | ||
Interest Rate | 4.72% | ||
Maturity Date | Apr. 13, 2020 | ||
Fixed Rate Credit | Federal Home Loan Bank Advances Two | |||
Debt Instrument [Line Items] | |||
Federal Home Loan Bank advances, Current | $ 60,000 | ||
Originated | Jun. 4, 2018 | ||
Interest Rate | 1.97% | ||
Maturity Date | Jul. 3, 2018 | ||
[1] | Derived from audited December 31, 2017 Consolidated Financial Statements. |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018Loan$ / Loan | Dec. 31, 2017$ / Loan | |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | ||
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 | 6.50 | 6.50 |
Average PSA assumed rate | 129.00% | 150.00% |
Fair Value, Measurements, Recurring | 100% PSA | Fair Value, Inputs, Level 3 | 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% | |
Fair Value, Measurements, Recurring | Prepayment Rate | 100% PSA | Fair Value, Inputs, Level 3 | First Month | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Prepayment rate | 0 | |
Fair Value, Measurements, Recurring | Prepayment Rate | 100% PSA | Fair Value, Inputs, Level 3 | Month 30 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Prepayment rate | 6 | |
Fair Value, Measurements, Recurring | Prepayment Rate | 100% PSA | Fair Value, Inputs, Level 3 | Thereafter | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Prepayment rate | 6 | |
Fair Value, Measurements, Recurring | Discount Rate | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rate | 12.5 | 13 |
Mortgage Servicing Rights | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Number of portfolio | 2 |
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 | Jun. 30, 2018 | Dec. 31, 2017 | |
Available-for-sale securities: | |||
Available-for-sale securities | $ 74,322 | $ 77,153 | [1] |
Mortgage servicing rights | 977 | 999 | [1] |
Fair Value, Measurements, Recurring | |||
Available-for-sale securities: | |||
Available-for-sale securities | 74,322 | 77,153 | |
Mortgage servicing rights | 977 | 999 | |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | |||
Available-for-sale securities: | |||
Available-for-sale securities | 67,218 | 70,436 | |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | |||
Available-for-sale securities: | |||
Available-for-sale securities | 7,104 | 6,717 | |
Mortgage servicing rights | 977 | 999 | |
US Government Agencies Agencies and Mortgage Backed Securities | Fair Value, Measurements, Recurring | |||
Available-for-sale securities: | |||
Available-for-sale securities | 46,327 | 49,283 | |
US Government Agencies Agencies and Mortgage Backed Securities | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | |||
Available-for-sale securities: | |||
Available-for-sale securities | 46,327 | 49,283 | |
State and Municipal Obligations | Fair Value, Measurements, Recurring | |||
Available-for-sale securities: | |||
Available-for-sale securities | 20,891 | 21,153 | |
State and Municipal Obligations | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | |||
Available-for-sale securities: | |||
Available-for-sale securities | 20,891 | 21,153 | |
Corporate Bonds | Fair Value, Measurements, Recurring | |||
Available-for-sale securities: | |||
Available-for-sale securities | 7,104 | 6,717 | |
Corporate Bonds | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | |||
Available-for-sale securities: | |||
Available-for-sale securities | $ 7,104 | $ 6,717 | |
[1] | Derived from audited December 31, 2017 Consolidated Financial Statements. |
Fair Value Measurements - Recon
Fair Value Measurements - Reconciliation of Items Using Level Three Inputs (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Mortgage Servicing Rights | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Balance December 31, 2017 | $ 999 |
Fair value adjustments | (22) |
Balance June 30, 2018 | 977 |
Corporate Bonds | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Balance December 31, 2017 | 6,717 |
Purchases | 400 |
Fair value adjustments | (13) |
Balance June 30, 2018 | $ 7,104 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Assets Measured at Fair Value on Nonrecurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 4,657 | $ 3,491 |
Other real estate owned | 3,501 | 4,284 |
Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 4,657 | 3,491 |
Other real estate owned | 3,501 | 4,284 |
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 4,657 | 3,491 |
Other real estate owned | $ 3,501 | $ 4,284 |
Fair Value Measurements - Sum63
Fair Value Measurements - Summary of Quantitative Fair Value Measurements for Level 3 (Detail) - Fair Value, Inputs, Level 3 $ in Thousands | Jun. 30, 2018USD ($) | Dec. 31, 2017USD ($) |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Impaired loans | $ 4,657 | $ 3,491 |
Other real estate owned | $ 3,501 | $ 4,284 |
Impaired Loans | Minimum | Discounted Appraised Value | Selling Cost | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Unobservable Input, Impaired loans | 0 | 6 |
Impaired Loans | Minimum | Discounted Appraised Value | Lack of Marketability | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Unobservable Input, Impaired loans | 50 | 50 |
Impaired Loans | Minimum | Discounted Cash Flows | Discount Rate | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Unobservable Input, Impaired loans | 5 | 5 |
Impaired Loans | Maximum | Discounted Appraised Value | Selling Cost | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Unobservable Input, Impaired loans | 30 | 20 |
Impaired Loans | Maximum | Discounted Appraised Value | Lack of Marketability | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Unobservable Input, Impaired loans | 100 | 90 |
Impaired Loans | Maximum | Discounted Cash Flows | Discount Rate | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Unobservable Input, Impaired loans | 6 | 6 |
Impaired Loans | Weighted Average | Discounted Appraised Value | Selling Cost | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Unobservable Input, Impaired loans | 18 | 16 |
Impaired Loans | Weighted Average | Discounted Appraised Value | Lack of Marketability | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Unobservable Input, Impaired loans | 70 | 65 |
Impaired Loans | Weighted Average | Discounted Cash Flows | Discount Rate | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Unobservable Input, Impaired loans | 6 | 6 |
Other Real Estate Owned | Minimum | Discounted Appraised Value | Selling Cost | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Unobservable Input, Other real estate owned | 3 | 3 |
Other Real Estate Owned | Minimum | Discounted Appraised Value | Lack of Marketability | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Unobservable Input, Other real estate owned | 4 | 10 |
Other Real Estate Owned | Maximum | Discounted Appraised Value | Selling Cost | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Unobservable Input, Other real estate owned | 13 | 13 |
Other Real Estate Owned | Maximum | Discounted Appraised Value | Lack of Marketability | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Unobservable Input, Other real estate owned | 100 | 100 |
Other Real Estate Owned | Weighted Average | Discounted Appraised Value | Selling Cost | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Unobservable Input, Other real estate owned | 4 | 8 |
Other Real Estate Owned | Weighted Average | Discounted Appraised Value | Lack of Marketability | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Unobservable Input, Other real estate owned | 12 | 16 |
Fair Value Measurements - Sum64
Fair Value Measurements - Summary of Assets and Liabilities at Carrying Value and Estimated Fair Value on a Nonrecurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | |
Financial Assets: | |||
Cash and due from banks | $ 8,319 | $ 9,396 | [1] |
Interest-bearing deposits | 28,263 | 41,971 | [1] |
Certificates of deposit | 3,224 | 3,224 | [1] |
Federal funds sold | 1,944 | 6,961 | [1] |
Restricted securities | 6,190 | 5,787 | [1] |
Loans receivable, net | 794,443 | 758,726 | [1] |
Loans held for sale | 669 | 1,651 | [1] |
Accrued interest receivable | 2,954 | 3,194 | [1] |
Financial Liabilities: | |||
Noninterest-bearing liabilities | 108,943 | 103,037 | [1] |
Savings and interest-bearing demand deposits | 296,206 | 299,820 | [1] |
Time deposits | 369,917 | 358,989 | [1] |
Securities sold under repurchase agreements | 7,008 | 9,498 | [1] |
FHLB advances | 70,000 | 70,000 | [1] |
Subordinated notes | 6,885 | 6,877 | [1] |
Fair Value, Inputs, Level 1 | |||
Financial Assets: | |||
Cash and due from banks | 8,319 | 9,396 | |
Interest-bearing deposits | 28,263 | 41,971 | |
Federal funds sold | 1,944 | 6,961 | |
Financial Liabilities: | |||
Noninterest-bearing liabilities | 108,943 | 103,037 | |
Fair Value, Inputs, Level 2 | |||
Financial Assets: | |||
Certificates of deposit | 3,224 | 3,224 | |
Restricted securities | 6,190 | 5,787 | |
Loans held for sale | 669 | 1,651 | |
Financial Liabilities: | |||
Savings and interest-bearing demand deposits | 296,206 | 299,820 | |
Time deposits | 370,430 | ||
Securities sold under repurchase agreements | 7,008 | 9,498 | |
FHLB advances | 69,634 | 70,486 | |
Subordinated notes | 7,049 | ||
Fair Value, Inputs, Level 3 | |||
Financial Assets: | |||
Loans receivable, net | 781,194 | 774,099 | |
Accrued interest receivable | 2,954 | 3,194 | |
Financial Liabilities: | |||
Time deposits | 356,450 | ||
Subordinated notes | 7,000 | ||
Carrying Value | |||
Financial Assets: | |||
Cash and due from banks | 8,319 | 9,396 | |
Interest-bearing deposits | 28,263 | 41,971 | |
Certificates of deposit | 3,224 | 3,224 | |
Federal funds sold | 1,944 | 6,961 | |
Restricted securities | 6,190 | 5,787 | |
Loans receivable, net | 794,443 | 758,726 | |
Loans held for sale | 669 | 1,651 | |
Accrued interest receivable | 2,954 | 3,194 | |
Financial Liabilities: | |||
Noninterest-bearing liabilities | 108,943 | 103,037 | |
Savings and interest-bearing demand deposits | 296,206 | 299,820 | |
Time deposits | 369,917 | 358,989 | |
Securities sold under repurchase agreements | 7,008 | 9,498 | |
FHLB advances | 70,000 | 70,000 | |
Subordinated notes | 6,885 | 6,877 | |
Fair Value | |||
Financial Assets: | |||
Cash and due from banks | 8,319 | 9,396 | |
Interest-bearing deposits | 28,263 | 41,971 | |
Certificates of deposit | 3,224 | 3,224 | |
Federal funds sold | 1,944 | 6,961 | |
Restricted securities | 6,190 | 5,787 | |
Loans receivable, net | 781,194 | 774,099 | |
Loans held for sale | 669 | 1,651 | |
Accrued interest receivable | 2,954 | 3,194 | |
Financial Liabilities: | |||
Noninterest-bearing liabilities | 108,943 | 103,037 | |
Savings and interest-bearing demand deposits | 296,206 | 299,820 | |
Time deposits | 370,430 | 356,450 | |
Securities sold under repurchase agreements | 7,008 | 9,498 | |
FHLB advances | 69,634 | 70,486 | |
Subordinated notes | $ 7,049 | $ 7,000 | |
[1] | Derived from audited December 31, 2017 Consolidated Financial Statements. |
Changes in Accumulated Other 65
Changes in Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) Net of Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance at beginning of period | [1] | $ 114,554 | |||
Change in net unrealized holding loss on available for sale securities | $ (215) | $ 290 | (1,159) | $ 320 | |
Balance at end of period | 115,724 | 115,724 | |||
Net Unrealized Gains (Losses) on Securities | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance at beginning of period | (1,433) | (489) | |||
Change in net unrealized holding loss on available for sale securities | (215) | (1,159) | |||
Balance at end of period | (1,648) | (1,648) | |||
Pension and Post-retirement Benefit Plans | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance at beginning of period | (667) | (667) | |||
Balance at end of period | (667) | (667) | |||
Accumulated Other Comprehensive Income (Loss) | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance at beginning of period | (2,100) | (1,156) | |||
Change in net unrealized holding loss on available for sale securities | (215) | (1,159) | |||
Balance at end of period | $ (2,315) | $ (2,315) | |||
[1] | Derived from audited December 31, 2017 Consolidated Financial Statements. |
Changes in Accumulated Other 66
Changes in Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) Net of Taxes (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Change in net unrealized holding loss on available for sale securities, tax benefit | $ (57) | $ 150 | $ (308) | $ 164 |
Net Unrealized Gains (Losses) on Securities | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Change in net unrealized holding loss on available for sale securities, tax benefit | $ (57) | $ (308) |