Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | May 02, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | BAYK | |
Entity Registrant Name | BAY BANKS OF VIRGINIA INC | |
Entity Central Index Key | 0001034594 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 13,314,850 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | ||
ASSETS | ||||
Cash and due from banks | $ 7,404 | $ 7,685 | [1] | |
Interest-earning deposits | 23,091 | 18,981 | [1] | |
Certificates of deposit | 3,746 | 3,746 | [1] | |
Federal funds sold | 182 | 625 | [1] | |
Available-for-sale securities, at fair value | 82,030 | 82,232 | [1] | |
Restricted securities | 7,804 | 7,600 | [1] | |
Loans receivable, net of allowance for loan losses of $7,858 and $7,902, respectively | 910,762 | 894,191 | [1] | |
Loans held for sale | [1] | 368 | ||
Premises and equipment, net | 21,822 | 18,169 | [1] | |
Accrued interest receivable | 3,274 | 3,172 | [1] | |
Other real estate owned, net | 3,718 | 3,597 | [1] | |
Bank owned life insurance | 19,390 | 19,270 | [1] | |
Goodwill | 10,374 | 10,374 | [1] | |
Mortgage servicing rights | 923 | 977 | [1] | |
Deferred tax asset, net | 1,295 | 1,510 | [1] | |
Other assets | 6,012 | 5,927 | [1] | |
Total assets | 1,103,840 | 1,080,617 | [1] | |
LIABILITIES | ||||
Noninterest-bearing demand deposits | 112,315 | 114,122 | [1] | |
Savings and interest-bearing demand deposits | 371,587 | 359,400 | [1] | |
Time deposits | 372,751 | 368,670 | [1] | |
Total deposits | 856,653 | 842,192 | [1] | |
Securities sold under repurchase agreements | 7,220 | 6,089 | [1] | |
Federal Home Loan Bank advances | 100,000 | 100,000 | [1] | |
Subordinated notes, net of issuance costs | 6,897 | 6,893 | [1] | |
Other liabilities | 13,133 | 7,967 | [1] | |
Total liabilities | 983,903 | 963,141 | [1] | |
SHAREHOLDERS’ EQUITY | ||||
Common stock ($5 par value; authorized - 30,000,000 shares; outstanding - 13,238,716 and 13,201,682 shares, respectively) | [2] | 66,568 | 66,008 | [1] |
Additional paid-in capital | 36,493 | 36,972 | [1] | |
Unearned employee stock ownership plan shares | (1,697) | (1,734) | [1] | |
Retained earnings | 19,094 | 17,557 | [1] | |
Accumulated other comprehensive loss, net | (521) | (1,327) | [1] | |
Total shareholders’ equity | 119,937 | 117,476 | [1] | |
Total liabilities and shareholders’ equity | 1,103,840 | 1,080,617 | [1] | |
Core Deposits | ||||
ASSETS | ||||
Intangible | $ 2,013 | $ 2,193 | [1] | |
[1] | Derived from audited December 31, 2018 Consolidated Financial Statements. | |||
[2] | Preferred stock is authorized; however, none was outstanding as of March 31, 2019 and December 31, 2018. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | |
Statement Of Financial Position [Abstract] | |||
Loans, allowance for loan losses | $ 7,858 | $ 7,902 | [1] |
Common stock, par value | $ 5 | $ 5 | [1] |
Common stock, authorized shares | 30,000,000 | 30,000,000 | [1] |
Common stock, outstanding shares | 13,313,537 | 13,201,682 | [1] |
Preferred stock, outstanding shares | 0 | 0 | |
[1] | Derived from audited December 31, 2018 Consolidated Financial Statements. |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
INTEREST INCOME | ||
Loans, including fees | $ 11,461 | $ 9,984 |
Securities: | ||
Taxable | 595 | 397 |
Tax-exempt | 118 | 120 |
Federal funds sold | 56 | 74 |
Interest-bearing deposit accounts | 86 | 98 |
Certificates of deposit | 20 | 19 |
Total interest income | 12,336 | 10,692 |
INTEREST EXPENSE | ||
Deposits | 2,809 | 1,604 |
Securities sold under repurchase agreements | 3 | 3 |
Subordinated notes | 137 | 128 |
Federal Home Loan Bank advances | 704 | 313 |
Total interest expense | 3,653 | 2,048 |
Net interest income | 8,683 | 8,644 |
Provision for loan losses | 314 | 320 |
Net interest income after provision for loan losses | 8,369 | 8,324 |
NONINTEREST INCOME | ||
Secondary market sales and servicing | 71 | 133 |
Increase in cash surrender value of bank owned life insurance | 120 | 127 |
Net (loss) on disposition of other assets | (1) | (69) |
Gain on rabbi trust assets | 90 | 52 |
Gain on curtailment of post-retirement benefit plan | 352 | |
Other | 22 | 39 |
Total noninterest income | 1,090 | 1,170 |
NONINTEREST EXPENSE | ||
Salaries and employee benefits | 4,001 | 4,106 |
Occupancy | 868 | 785 |
Data processing | 588 | 472 |
Bank franchise tax | 216 | 176 |
Telecommunications and other technology | 207 | 195 |
FDIC assessments | 216 | 183 |
Foreclosed property | 43 | 12 |
Consulting | 115 | 382 |
Advertising and marketing | 67 | 68 |
Directors’ fees | 164 | 168 |
Audit and accounting | 204 | 363 |
Legal | 83 | 133 |
Merger-related | 363 | |
Core deposit intangible amortization | 180 | 211 |
Net other real estate owned (gains) | (6) | (141) |
Other | 684 | 644 |
Total noninterest expense | 7,630 | 8,120 |
Income before income taxes | 1,829 | 1,374 |
Income tax expense | 337 | 250 |
Net income | $ 1,492 | $ 1,124 |
Basic and diluted earnings per share | $ 0.11 | $ 0.09 |
Income from Fiduciary Activities | ||
NONINTEREST INCOME | ||
Non-Interest Income | $ 214 | $ 247 |
Service Charges and Fees on Deposit Accounts | ||
NONINTEREST INCOME | ||
Non-Interest Income | 238 | 135 |
Wealth Management | ||
NONINTEREST INCOME | ||
Non-Interest Income | 206 | 132 |
Interchange Fees, Net | ||
NONINTEREST INCOME | ||
Non-Interest Income | 101 | (8) |
Other Service Charges and Fees | ||
NONINTEREST INCOME | ||
Non-Interest Income | $ 29 | $ 30 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net income | $ 1,492 | $ 1,124 |
Other comprehensive income (loss): | ||
Unrealized holding gain (loss) on available-for-sale securities arising during the period | 1,020 | (1,192) |
Deferred tax (expense) benefit | (214) | 248 |
Total other comprehensive income (loss) | 806 | (944) |
Comprehensive income | $ 2,298 | $ 180 |
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 | $ 66,018 | $ 37,142 | $ (1,129) | $ 13,679 | $ (1,156) | |
Balance at beginning of period, Shares at Dec. 31, 2017 | 13,203,605 | ||||||
Net income | 1,124 | 1,124 | |||||
Other comprehensive income (loss) | (944) | (944) | |||||
Stock options exercised, net | 113 | $ 97 | 16 | ||||
Stock options exercised, net, Shares | 19,491 | ||||||
ESOP collateral release | 41 | 41 | |||||
Share-based compensation expense | 31 | 31 | |||||
Balance at end of period at Mar. 31, 2018 | 114,919 | $ 66,115 | 37,189 | (1,088) | 14,803 | (2,100) | |
Balance at end of period, Shares at Mar. 31, 2018 | 13,223,096 | ||||||
Balance at beginning of period at Dec. 31, 2018 | $ 117,476 | [1] | $ 66,008 | 36,972 | (1,734) | 17,557 | (1,327) |
Balance at beginning of period, Shares at Dec. 31, 2018 | 13,201,682 | [1] | 13,201,682 | ||||
Net income | $ 1,492 | 1,492 | |||||
Other comprehensive income (loss) | 806 | 806 | |||||
Stock options exercised, net | 9 | $ 26 | (17) | ||||
Stock options exercised, net, Shares | 5,173 | ||||||
Director stock grant | 6 | $ 4 | 2 | ||||
Director stock grant, Shares | 762 | ||||||
Restricted stock awards | $ 530 | (530) | |||||
Restricted stock awards,shares | 105,920 | ||||||
ESOP collateral release | 37 | 37 | |||||
Share-based compensation expense | 66 | 66 | |||||
Cumulative effect adjustment of adoption of accounting principle | 45 | 45 | |||||
Balance at end of period at Mar. 31, 2019 | $ 119,937 | $ 66,568 | $ 36,493 | $ (1,697) | $ 19,094 | $ (521) | |
Balance at end of period, Shares at Mar. 31, 2019 | 13,313,537 | 13,313,537 | |||||
[1] | Derived from audited December 31, 2018 Consolidated Financial Statements. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash Flows From Operating Activities | ||
Net income | $ 1,492 | $ 1,124 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 446 | 382 |
Net premium amortization on available-for-sale securities | 118 | 111 |
Amortization of subordinated notes issuance costs | 4 | 4 |
Amortization of core deposit intangible | 180 | 211 |
Accretion of fair value adjustment on acquired time deposits | (34) | (68) |
Accretion of fair value adjustments (discounts) on acquired loans | (439) | (503) |
Provision for loan losses | 314 | 320 |
Share-based compensation expense | 66 | 31 |
Increase in other real estate owned valuation allowance | 16 | 78 |
Gain on sale of other real estate owned | (22) | (219) |
Net loss on the disposition of fixed and other assets | 1 | 69 |
Decrease in value of mortgage servicing rights | 54 | 69 |
Originations of loans held for sale (HFS) | (2,344) | (7,189) |
Proceeds from HFS loan sales | 2,773 | 8,544 |
Gain on HFS sold loans | (61) | (118) |
Increase in cash surrender value of bank owned life insurance | (120) | (127) |
Gain on curtailment of post-retirement benefit plan | (352) | |
(Increase) decrease in other assets and accrued interest receivable | (4,099) | 787 |
Increase in other liabilities | 5,110 | 1,986 |
Net cash provided by operating activities | 3,455 | 5,140 |
Cash Flows From Investing Activities | ||
Proceeds from maturities and principal paydowns of available-for-sale securities | 1,098 | 816 |
Purchases of available-for-sale securities | (400) | |
(Purchases) sales of restricted securities, net | (204) | 277 |
Decrease in federal funds sold | 443 | 3,603 |
Net increase in loans | (16,583) | (24,103) |
Proceeds from sale of other real estate owned | 22 | 1,879 |
Net disposals (purchases) of premises and equipment | 27 | (580) |
Net cash used in investing activities | (15,197) | (18,508) |
Cash Flows From Financing Activities | ||
Increase in demand, savings, and other interest-bearing demand deposits | 10,380 | 20,931 |
Net increase in time deposits | 4,115 | 14,242 |
Stock options exercised, net | 9 | 113 |
Net increase (decrease) in securities sold under repurchase agreements and other borrowings | 1,061 | (2,947) |
Director stock grant | 6 | |
(Decrease) in Federal Home Loan Bank advances | (10,000) | |
Net cash provided by financing activities | 15,571 | 22,339 |
Net increase in cash and due from banks | 3,829 | 8,971 |
Cash and cash equivalents (including interest-earning deposits) at beginning of period | 26,666 | 51,367 |
Cash and cash equivalents (including interest-earning deposits) at end of period | 30,495 | 60,338 |
Cash paid for: | ||
Interest | 3,587 | 2,166 |
Non-cash investing and financing activities: | ||
Unrealized gain (loss) on available-for-sale securities | 1,020 | (1,192) |
Loans transferred to other real estate owned | 137 | 47 |
Changes in deferred taxes resulting from other comprehensive income transactions | (214) | 248 |
Cumulative effect adjustment of adoption of accounting principle | (45) | |
Employee stock ownership plan transactions | $ (37) | $ (41) |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2019 | |
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 (the “Bank”), for VCB Financial Group, Inc. (the “Financial Group” or “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, the Financial Group, and Steptoes Holdings. 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, 2018. 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 | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Changes And Error Corrections [Abstract] | |
Amendments to the Accounting Standards Codification | Note 2: Amendments to the Accounting Standards Codification In June 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Accounting Standards Codification (“ASC”) 326), In February 2016, the FASB issued ASU 2016-02, Leases (ASC 842) The adoption of ASU 2016-02 resulted in the recognition of operating Right-of-Use (ROU) assets and operating lease liabilities of $3.5 million and $3.8 million, respectively, primarily related to real estate leases for branches and office space and information technology related equipment. The Company does not have any finance leases as stipulated in ASC 842. A cumulative effect adjustment of $45 thousand was recorded upon adoption of ASU 2016-02, which is reflected in the Company’s statement of shareholders’ equity. Refer to Note 7 for additional information and disclosures regarding ASU 2016-02. |
Securities
Securities | 3 Months Ended |
Mar. 31, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Securities | Note 3: 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 March 31, 2019 Cost Gains (Losses) Value U.S. Government agencies and mortgage backed securities $ 49,965 $ 74 $ (735 ) $ 49,304 State and municipal obligations 20,437 192 (98 ) 20,531 Corporate bonds 12,187 46 (38 ) 12,195 Total available-for-sale securities $ 82,589 $ 312 $ (871 ) $ 82,030 Gross Gross Amortized Unrealized Unrealized Fair December 31, 2018 Cost Gains (Losses) Value U.S. Government agencies and mortgage backed securities $ 51,126 $ 35 $ (1,279 ) $ 49,882 State and municipal obligations 20,484 60 (327 ) 20,217 Corporate bonds 12,194 23 (84 ) 12,133 Total available-for-sale securities $ 83,804 $ 118 $ (1,690 ) $ 82,232 Securities with fair values of $18.8 million and $17.5 million were pledged as collateral for securities sold under repurchase agreements as of March 31, 2019 and December 31, 2018, respectively. As of March 31, 2019 and December 31, 2018, all of the securities pledged for repurchase agreements were state and municipal obligations. All of the repurchase agreements had remaining contractual maturities that were overnight and continuous. Securities sold under repurchase agreements were $7.2 million and $6.1 million as of March 31, 2019 and December 31, 2018, 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 as of March 31, 2019 and December 31, 2018, 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. The following tables provide information on securities in an unrealized loss position as of the dates stated. Less than 12 months 12 months or more Total March 31, 2019 Number of Securities Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. Government agencies and mortgage backed securities 50 $ 161 $ (2 ) $ 40,648 $ (733 ) $ 40,809 $ (735 ) State and municipal obligations 26 660 (3 ) 6,772 (95 ) 7,432 (98 ) Corporate bonds 4 4,536 (36 ) 498 (2 ) 5,034 (38 ) Total temporarily impaired securities 80 $ 5,357 $ (41 ) $ 47,918 $ (830 ) $ 53,275 $ (871 ) Less than 12 months 12 months or more Total December 31, 2018 Number of Securities Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. Government agencies and mortgage backed securities 54 $ 2,911 $ (22 ) $ 43,843 $ (1,257 ) $ 46,754 $ (1,279 ) State and municipal obligations 39 2,723 (27 ) 9,119 (300 ) 11,842 (327 ) Corporate bonds 5 5,742 (84 ) — — 5,742 (84 ) Total temporarily impaired securities 98 $ 11,376 $ (133 ) $ 52,962 $ (1,557 ) $ 64,338 $ (1,690 ) The following table presents the amortized cost and fair value by contractual maturity of available-for-sale securities as of the dates stated. Expected maturities may differ from contractual maturities, as issuers may have the right to call or prepay obligations with or without call or prepayment penalties. March 31, 2019 December 31, 2018 Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ 2,351 $ 2,355 $ 1,080 $ 1,079 Due after one year but less than five years 47,354 47,006 47,065 46,358 Due after five years but less than ten years 25,015 24,956 26,615 26,149 Due after ten years 7,869 7,713 9,044 8,646 Total available-for-sale securities $ 82,589 $ 82,030 $ 83,804 $ 82,232 Restricted Securities The Company’s investment in Federal Home Loan Bank of Atlanta (“FHLB”) stock totaled $5.2 million and $5.1 million as of March 31, 2019 and December 31, 2018, respectively. The Company also has an investment in the Federal Reserve Bank of Richmond (“FRB”) stock, which totaled $2.4 million as of March 31, 2019 and $2.3 million as of December 31, 2018 and a stock investment in the Bank’s primary correspondent bank totaling $220 thousand at March 31, 2019 and December 31, 2018. The investments in both FHLB and FRB stock are required investments related to the Bank’s membership with the FHLB and FRB. These securities do not have a readily determinable fair value as their ownership is restricted, and they lack an active market for trading. Additionally, per charter provisions related to the FHLB and FRB stock, all repurchase transactions of such stock must occur at par. Accordingly, these securities are carried at cost and are periodically evaluated for impairment. |
Loans
Loans | 3 Months Ended |
Mar. 31, 2019 | |
Receivables [Abstract] | |
Loans | Note 4: Loans Loans are reported at their recorded investment, which is the outstanding principal balance net of any unearned income and costs, such as deferred fees and costs, charge-offs, and discounts or premiums on acquired or purchased loans. Interest on loans is recognized in earnings over the contractual term of the loan and is calculated using the interest method on principal amounts outstanding. Loan 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 or principal curtailments, as applicable. All interest accrued but not collected for loans that are placed on nonaccrual or charged-off are reversed against interest income at the time the loans are placed in nonaccrual or charged off. Any subsequent interest received on these loans is recognized as interest income under the cash basis method of accounting until qualifying for return to accrual status. Generally, a loan is returned to accrual status when all principal and interest amounts contractually due are brought current and future payments are reasonably assured, or the loan becomes well-secured and in process of collection. The following table presents a summary of loans as of the dates stated. March 31, 2019 December 31, 2018 Mortgage loans on real estate: Construction, land and land development $ 117,502 $ 109,475 Commercial mortgages (non-owner occupied) 180,007 180,074 Commercial mortgages (owner occupied) 88,644 87,241 Residential first mortgages 303,090 298,894 Residential revolving and junior mortgages 36,251 38,313 Commercial and industrial 173,360 164,608 Consumer 20,095 23,740 Total loans 918,949 902,345 Net unamortized deferred loan (fees) (329 ) (252 ) Allowance for loan losses (7,858 ) (7,902 ) Loans receivable, net $ 910,762 $ 894,191 As of March 31, 2019 and December 31, 2018, the Company had $234.3 million and $229.1 million, respectively, of loans pledged to the FHLB as collateral for borrowings. The following tables present the recorded investment for past due, based upon contractual terms, and nonaccrual loans as of the dates stated. A loan past due 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 purchased credit-impaired (“PCI”) loans. March 31, 2019 30-89 Days Past Due 90 Days or More Past Due and Still Accruing Nonaccrual Total Past Due and Nonaccrual Current Total Loans Mortgage loans on real estate: Construction, land and land development $ 137 $ — $ 914 $ 1,051 $ 116,451 $ 117,502 Commercial mortgages (non-owner occupied) — — 435 435 179,572 180,007 Commercial mortgages (owner occupied) 1,573 23 1,060 2,656 85,988 88,644 Residential first mortgages 2,735 24 1,846 4,605 298,485 303,090 Residential revolving and junior mortgages 179 — 803 982 35,269 36,251 Commercial and industrial — — — — 173,360 173,360 Consumer 310 — 326 636 19,459 20,095 Total loans $ 4,934 $ 47 $ 5,384 $ 10,365 $ 908,584 $ 918,949 December 31, 2018 30-89 Days Past Due 90 Days or More Past Due and Still Accruing Nonaccrual Total Past Due and Nonaccrual Current Total Loans Mortgage loans on real estate: Construction, land and land development $ 552 $ — $ 740 $ 1,292 $ 108,183 $ 109,475 Commercial mortgages (non-owner occupied) 50 — 996 1,046 179,028 180,074 Commercial mortgages (owner occupied) — 56 1,064 1,120 86,121 87,241 Residential first mortgages 1,341 55 1,361 2,757 296,137 298,894 Residential revolving and junior mortgages 115 — 782 897 37,416 38,313 Commercial and industrial — — 48 48 164,560 164,608 Consumer 329 — 215 544 23,196 23,740 Total loans $ 2,387 $ 111 $ 5,206 $ 7,704 $ 894,641 $ 902,345 Approximately $2.2 million of the $4.9 million of loans 30-89 days past due as of March 31, 2019 was attributable to four loans (two relationships) that were brought current in the second quarter of 2019. 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. March 31, 2019 30-89 Days Past Due 90 Days or More Past Due and Still Accruing Nonaccrual Total Past Due and Nonaccrual Current Total PCI Loans Mortgage loans on real estate: Construction, land and land development $ 23 $ — $ — $ 23 $ 1,348 $ 1,371 Commercial mortgages (non-owner occupied) — — — — 135 135 Commercial mortgages (owner occupied) 26 23 — 49 232 281 Residential first mortgages 257 24 — 281 3,154 3,435 Residential revolving and junior mortgages — — — — — — Commercial and industrial — — — — — — Consumer — — — — 48 48 Total purchased credit-impaired loans $ 306 $ 47 $ — $ 353 $ 4,917 $ 5,270 December 31, 2018 30-89 Days Past Due 90 Days or More Past Due and Still Accruing Nonaccrual Total Past Due and Nonaccrual Current Total PCI Loans Mortgage loans on real estate: Construction, land and land development $ 23 $ — $ — $ 23 $ 1,355 $ 1,378 Commercial mortgages (non-owner occupied) — — — — 142 142 Commercial mortgages (owner occupied) — 56 — 56 237 293 Residential first mortgages 92 55 — 147 3,317 3,464 Residential revolving and junior mortgages — — — — — — Commercial and industrial — — — — — — Consumer — — — — 46 46 Total purchased credit-impaired loans $ 115 $ 111 $ — $ 226 $ 5,097 $ 5,323 The following table presents the changes in accretable yield for PCI loans for the period stated. For the Three Months Ended March 31, 2019 Balance as of December 31, 2018 $ 1,083 Accretion of acquisition accounting adjustment (86 ) Reclassifications from nonaccretable balance, net 45 Other changes, net 65 Balance as of March 31, 2019 $ 1,107 Internal Risk Rating Grades Loans in the Company’s loan portfolio are risk rated on a periodic basis by experienced credit personnel. Risk rating categories are as follows: Pass Watch Special Mention Substandard Doubtful Loss The following tables present the Company’s risk rating of loans by loan type as of the dates stated. March 31, 2019 Construction, Land and Land Development Commercial Mortgages (Non-Owner Occupied) Commercial Mortgages (Owner Occupied) Residential First Mortgages Residential Revolving and Junior Mortgages Commercial and Industrial Consumer Total Loans Grade: Pass $ 108,907 $ 176,780 $ 78,620 $ 285,717 $ 34,218 $ 167,408 $ 6,306 $ 857,956 Watch 6,236 2,657 8,644 14,049 905 4,587 13,447 50,525 Special mention 67 — 158 454 — — — 679 Substandard 2,292 570 1,222 2,870 1,128 1,365 342 9,789 Doubtful — — — — — — — — Total loans $ 117,502 $ 180,007 $ 88,644 $ 303,090 $ 36,251 $ 173,360 $ 20,095 $ 918,949 December 31, 2018 Construction, Land and Land Development Commercial Mortgages (Non-Owner Occupied) Commercial Mortgages (Owner Occupied) Residential First Mortgages Residential Revolving and Junior Mortgages Commercial and Industrial Consumer Total Loans Grade: Pass $ 101,007 $ 174,661 $ 79,375 $ 280,663 $ 35,900 $ 158,590 $ 8,144 $ 838,340 Watch 6,299 4,275 6,522 14,709 1,306 3,802 15,245 52,158 Special mention 68 — 107 1,071 — 893 121 2,260 Substandard 2,101 1,138 1,237 2,451 1,107 1,323 230 9,587 Doubtful — — — — — — — — Total loans $ 109,475 $ 180,074 $ 87,241 $ 298,894 $ 38,313 $ 164,608 $ 23,740 $ 902,345 |
Allowance for Loan Losses
Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2019 | |
Receivables [Abstract] | |
Allowance for Loan Losses | Note 5: Allowance for Loan Losses The allowance for loan losses (“ALL”) reflects management’s judgment of probable loan losses inherent in the loan portfolio as of the balance sheet date. Management uses a disciplined process and methodology to establish the ALL each quarter-end. To determine the total ALL, the Company estimates the reserves needed for each homogenous type of the loan portfolio, in addition to loans analyzed individually for impairment. Depending on the nature of each type, 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 individually for impairment generally include (1) any loan risk rated Special Mention or worse where the borrower has filed for bankruptcy; (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”). For the general component of the ALL, the Company collectively evaluates any loans not evaluated individually for a specific reserve, including impaired loans risk rated Substandard or worse with balances less than $400 thousand. All loans evaluated collectively are grouped into types, and historical loss experience is calculated and applied to each loan type and the resultant reserve is 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 types. An unallocated component is maintained, if needed, to cover uncertainties that could affect management’s estimate of probable losses. Loans Evaluated for Impairment The following table presents the ALL by loans evaluated for impairment individually and collectively by loan type as of the dates stated. March 31, 2019 Mortgage Loans on Real Estate Commercial and Industrial Consumer Total Allowance for loan losses applicable to: Loans individually evaluated for impairment $ 1,151 $ — $ 120 $ 1,271 Loans collectively evaluated for impairment 4,108 1,406 1,073 6,587 Purchased credit-impaired loans — — — — Total allowance for loan losses $ 5,259 $ 1,406 $ 1,193 $ 7,858 Loan balances applicable to: Loans individually evaluated for impairment $ 7,444 $ — $ 120 $ 7,564 Loans collectively evaluated for impairment 712,828 173,360 19,927 906,115 Purchased credit-impaired loans 5,222 — 48 5,270 Total loans $ 725,494 $ 173,360 $ 20,095 $ 918,949 December 31, 2018 Allowance for loan losses applicable to: Loans individually evaluated for impairment $ 1,036 $ — $ 121 $ 1,157 Loans collectively evaluated for impairment 3,931 1,374 1,440 6,745 Purchased credit-impaired loans — — — — Total allowance for loan losses $ 4,967 $ 1,374 $ 1,561 $ 7,902 Loan balances applicable to: Loans individually evaluated for impairment $ 7,485 $ — $ 121 $ 7,606 Loans collectively evaluated for impairment 701,235 164,608 23,573 889,416 Purchased credit-impaired loans 5,277 — 46 5,323 Total loans $ 713,997 $ 164,608 $ 23,740 $ 902,345 The following tables present an analysis of the change in the ALL by loan type for the periods presented. Mortgage Loans on Real Estate Commercial and Industrial Consumer Total For the Three Months Ended March 31, 2019 Beginning Balance $ 4,967 $ 1,374 $ 1,561 $ 7,902 Charge-offs (54 ) — (407 ) (461 ) Recoveries 24 1 78 103 Provision (recovery of) 322 31 (39 ) 314 Ending Balance $ 5,259 $ 1,406 $ 1,193 $ 7,858 Mortgage Loans on Real Estate Commercial and Industrial Consumer Total For the Three Months Ended March 31, 2018 Beginning Balance $ 3,864 $ 878 $ 3,028 $ 7,770 Charge-offs (31 ) (14 ) (343 ) (388 ) Recoveries 27 — 194 221 Provision (recovery of) 330 179 (189 ) 320 Ending Balance $ 4,190 $ 1,043 $ 2,690 $ 7,923 Net charge-offs of consumer loans relate primarily to a select portfolio of purchased loans. The recovery of provision in the quarter ended March 31, 2019 was primarily attributable to loan loss factor adjustments in the consumer loan portfolio. Impaired Loans The following tables present 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 March 31, 2019 As of December 31, 2018 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 $ 332 $ 403 $ — $ 335 $ 406 $ — Commercial mortgages (non-owner occupied) — — — 386 386 — Commercial mortgages (owner occupied) 382 382 — — — — Residential first mortgages 1,428 1,428 — — — — Residential revolving and junior mortgages — — — 1,028 1,028 — Commercial and industrial — — — — — — Consumer — — — — — — Total impaired loans with no related allowance 2,142 2,213 — 1,749 1,820 — With an allowance recorded: Construction, land and land development 274 274 135 275 275 132 Commercial mortgages (non-owner occupied) 435 435 35 443 443 18 Commercial mortgages (owner occupied) 1,063 1,063 56 1,069 1,069 57 Residential first mortgages 3,029 3,029 641 3,447 3,447 565 Residential revolving and junior mortgages 501 501 284 502 502 264 Commercial and industrial — — — — — — Consumer 120 120 120 121 121 121 Total impaired loans with allowance recorded 5,422 5,422 1,271 5,857 5,857 1,157 Total impaired loans: Construction, land and land development 606 677 135 610 681 132 Commercial mortgages (non-owner occupied) 435 435 35 829 829 18 Commercial mortgages (owner occupied) 1,445 1,445 56 1,069 1,069 57 Residential first mortgages 4,457 4,457 641 3,447 3,447 565 Residential revolving and junior mortgages 501 501 284 1,530 1,530 264 Commercial and industrial — — — — — — Consumer 120 120 120 121 121 121 Total impaired loans $ 7,564 $ 7,635 $ 1,271 $ 7,606 $ 7,677 $ 1,157 The following table presents the average recorded investment and interest income recognized for impaired loans, excluding PCI loans, for the periods presented. For the Three Months Ended March 31, 2019 March 31, 2018 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance: Construction, land and land development $ 334 $ 2 $ 851 $ 1 Commercial mortgages (non-owner occupied) — — — — Commercial mortgages (owner occupied) 384 6 1,777 7 Residential first mortgages 1,431 19 1,510 17 Residential revolving and junior mortgages — — 414 1 Commercial and industrial — — — — Consumer — — — 1 Total impaired loans with no allowance 2,149 27 4,552 27 With an allowance recorded: Construction, land and land development 274 4 500 5 Commercial mortgages (non-owner occupied) 439 23 — — Commercial mortgages (owner occupied) 1,066 14 544 6 Residential first mortgages 3,034 33 2,159 10 Residential revolving and junior mortgages 502 3 1,357 3 Commercial and industrial — — 97 — Consumer 121 2 — — Total impaired loans with allowance recorded 5,436 79 4,657 24 Total impaired loans: Construction, land and land development 608 6 1,351 6 Commercial mortgages (non-owner occupied) 439 23 — — Commercial mortgages (owner occupied) 1,450 20 2,321 13 Residential first mortgages 4,465 52 3,669 27 Residential revolving and junior mortgages 502 3 1,771 4 Commercial and industrial — — 97 — Consumer 121 2 — 1 Total impaired loans $ 7,585 $ 106 $ 9,209 $ 51 The following table presents a reconciliation of nonaccrual loans to impaired loans as of the dates stated. March 31, 2019 December 31, 2018 Nonaccrual loans $ 5,384 $ 5,206 Nonaccrual loans collectively evaluated for impairment (1,622 ) (2,040 ) Nonaccrual impaired loans 3,762 3,166 TDRs on accrual 3,478 4,115 Other impaired loans on accrual 324 325 Total impaired loans $ 7,564 $ 7,606 Troubled Debt Restructuring 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 may work with them to modify their loan(s) 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 to the Company. Loans modified as TDRs are considered impaired and are individually evaluated for impairment for the ALL. The following table presents by loan type information related to loans modified as TDRs for the periods presented. For the Three Months Ended For the Three Months Ended March 31, 2019 March 31, 2018 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) — $ — $ — 3 $ 560 $ 562 (1) Modifications were an extension of the loan term. No loans designated as TDRs subsequently defaulted in the first three months of 2019 or 2018. The following table presents a roll-forward of accruing and nonaccrual TDRs for the period presented. Accruing Nonaccrual Total Balance as of December 31, 2018 $ 4,115 $ 1,477 $ 5,592 Charge-offs — — — Payments and other adjustments (21 ) (6 ) (27 ) New TDR designation — — — Release TDR designation — — — Transfer (616 ) 616 — Balance as of March 31, 2019 $ 3,478 $ 2,087 $ 5,565 |
Other Real Estate Owned, Net
Other Real Estate Owned, Net | 3 Months Ended |
Mar. 31, 2019 | |
Banking And Thrift [Abstract] | |
Other Real Estate Owned, Net | Note 6: Other Real Estate Owned, net The following table presents the number and carrying values of properties included in other real estate owned (“OREO”) as of the dates stated. March 31, 2019 December 31, 2018 Number of Carrying Number of Carrying Properties Value Properties Value Residential 7 $ 1,477 6 $ 1,339 Land 16 1,724 17 1,741 Commercial properties 3 517 3 517 Total other real estate owned, net 26 3,718 26 3,597 There was one $13 thousand residential mortgage loan in the process of foreclosure as of March 31, 2019. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Leases | Note 7: Leases On January 1, 2019, the Company adopted the requirements of ASU 2016-02. As part of the adoption of this accounting standard, the Company evaluated its population of existing real estate and equipment leases as of January 1, 2019. The purpose of this exercise was to determine whether the Company’s existing contractual arrangements constitute a lease, or contains an embedded lease, which would be in scope under ASU 2016-02, and whether such leases would meet the requirements of an operating or financing lease under the new accounting standard. Based on this evaluation, the Company identified 16 operating leases for land, buildings, and equipment with remaining lease terms ranging from one to 10 years. Most of the Company’s leases include renewal options, with renewal terms extending the lease obligation up to as much as five years. Lease terms may include renewal or extension options to the extent they are reasonably certain to be exercised as assessed at lease commencement. As of and for the three months ended March 31, 2019, the Company does not have any leases that meet the standard definition of a finance lease nor does it engage in any sale-leaseback transactions, have any short-term leases, or have any sublease income. For operating leases, ROU assets and lease liabilities are recognized at the commencement date of the respective lease. ROU assets represent the Company’s right to use leased assets over the term of the lease. Lease liabilities represent the Company’s contractual obligation to make lease payments over the lease term and are measured as the present value of the lease payments over the lease term. ROU assets are measured as the amount of the lease liability adjusted for certain items such as prepaid lease payments, unamortized lease incentives, and unamortized direct costs. ROU assets are amortized on a straight-line basis less the periodic interest expense adjustment of the lease liability and the amortization is included in occupancy expense in the Company’s consolidated statements of operations. For the three months ended March 31, 2019, operating lease expense totaled $227 thousand. The discount rate used for the present value calculations for lease liabilities was the rate implicit in the lease if determinable, and when the rate was not determinable, the Company used its incremental, collateralized borrowing rate with the FHLB for the period that most closely coincided with the respective lease as of the commencement date of the lease. The Company recorded ROU assets and lease liabilities of $3.5 million and $3.8 million, respectively, and recorded a cumulative effect adjustment of $45 thousand to retained earnings, upon adoption of ASU 2016-02 effective January 1, 2019. During the first quarter of 2019, the Company commenced a new operating lease for the Richmond, Virginia office of the Financial Group, which resulted in the recognition of an operating ROU asset and lease liability of $826 thousand. The following table presents the ROU assets and lease liabilities as of the date stated. ROU assets and lease liabilities are included in other assets and other liabilities, respectively, in the Company’s consolidated balance sheets. March 31, 2019 Operating lease right-of-use assets $ 4,127 Current operating lease liabilities 766 Noncurrent lease liabilities 3,700 Total operating lease liabilities $ 4,466 The following table presents the weighted average remaining lease term and discount rate associated with the Company’s operating leases as of the date stated. March 31, 2019 Weighted average remaining lease term - operating leases 8 years Weighted average discount rate - operating leases 3.14 % The following table presents a maturity analysis of the Company’s operating lease liabilities for the subsequent periods after March 31, 2019 and in total thereafter. 2019 $ 663 2020 894 2021 925 2022 547 2023 296 Thereafter 1,746 Total 5,071 Less interest (605 ) Lease liability $ 4,466 The following table presents supplemental cash flow information related to the Company’s operating leases for the period stated. For the Three Months Ended March 31, 2019 Cash paid for amount included in the measurement of lease liabilities: Operating cash flows from operating leases $ 246 Right-of-use assets obtained in exchange for new operating lease liabilities $ 826 As of March 31, 2019, the Company had entered into an additional operating lease for branch office space that had not yet commenced with an estimated ROU asset and lease liability at lease commencement of $478 thousand and $473 thousand, respectively. The Company anticipates this operating lease will commence in 2019 with an expected lease term of 10 years, including the likely exercise of one 5-year renewal option. As part of the implementation of ASU 2016-02, the Company elected the following practical expedients. The Company elected to retain the operating lease classification for all of its existing leases as of January 1, 2019 under the former lease accounting standard. The Company elected not to reassess whether existing leases contained embedded lease arrangements or whether there were initial directs costs that should have been considered as part of the transition to ASU 2016-02. The Company also elected not to recognize an ROU asset and lease obligation for contracts with an initial term of twelve months or less. The expense associated with these short-term leases is included in occupancy expense in the consolidated statements of operations. To the extent that a lease arrangement includes both lease and non-lease components, the Company has elected not to account for these separately. Lastly, the Company has elected to utilize a fair value threshold, such that a contract with an ROU asset or lease obligation below a minimum threshold of $7.5 thousand is excluded from the provisions of ASU 2016-02. |
Earnings per share
Earnings per share | 3 Months Ended |
Mar. 31, 2019 | |
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 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 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 210,005 and 161,369 for the three months ended March 31, 2019 and 2018, respectively. For the three months ended March 31, 2019 and 2018, options on 88,784 and 87,548 shares, respectively, were not included in computing diluted earnings per share because their effects would have been anti-dilutive. For the Three Months Ended March 31, 2019 2018 Net income $ 1,492 $ 1,124 Weighted average shares outstanding, basic 12,972,850 13,038,593 Dilutive shares: Stock options 33,944 67,596 Restricted stock 2,023 25 Weighted average shares outstanding, dilutive 13,008,817 13,106,214 Basic and diluted earnings per share $ 0.11 $ 0.09 |
Borrowings
Borrowings | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Borrowings | Note 9: Borrowings FHLB Borrowings As of March 31, 2019 and December 31, 2018, the Bank had $100.0 million of outstanding FHLB borrowings, consisting of two and four advances, respectively. 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 March 31, 2019, was $151.0 million against a total line of credit of $269.0 million. As of March 31, 2019, the Bank had $18.0 million of letters of credit issued by FHLB for the benefit of the Virginia Department of the Treasury as collateral for public deposits held by the Bank to comply with the Security of Public Deposits Act. The $18.0 million is not an outstanding borrowing, as of March 31, 2019, but does reduce the available credit under the FHLB credit line. The following table presents information regarding the two advances outstanding as of March 31, 2019. Stated Maturity Balance Originated Interest Rate Date Adjustable rate hybrid $ 10,000 4/12/2013 5.18 % 4/13/2020 Fixed rate credit 90,000 3/4/2019 2.55 % 4/5/2019 Total FHLB borrowings $ 100,000 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 as of March 31, 2019 and December 31, 2018. For the three months ended March 31, 2019 and 2018, the effective interest rate on the notes was 6.84% and 6.86%, respectively. ESOP Debt The aggregate carrying value of debt secured by shares of Company stock, issued and outstanding, in the Company’s ESOP was $1.7 million as of March 31, 2019 and December 31, 2018 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, and one variable rate amortizing note with a maturity date of June 14, 2024. Shares that collateralize these loans are not allocated to ESOP participants’ accounts. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 10: Fair Value Measurements The Company uses fair value to record certain assets and liabilities and to determine fair value disclosures. Authoritative accounting guidance (ASC 820, Fair Value Measurements (“ASC 820”)) 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. ASC 820 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: Rabbi trust: Mortgage servicing rights (“MSRs”) A third-party 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 12 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 March 31, 2019 and as of December 31, 2018. 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 154% and 133% as of March 31, 2019 and December 31, 2018, respectively. A discount rate of 12.5% was then applied to each pool as of March 31, 2019 and as of December 31, 2018. 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 March 31, 2019 Using Balance as of March 31, 2019 Level 1 Level 2 Level 3 Available-for-sale securities: U. S. Government agencies and mortgage backed securities $ 49,304 $ — $ 49,304 $ — State and municipal obligations 20,531 — 20,531 — Corporate bonds 12,195 — 8,526 3,669 Total available-for-sale securities $ 82,030 $ — $ 78,361 $ 3,669 Mortgage servicing rights $ 923 $ — $ — $ 923 Rabbi trust assets $ 1,062 $ 1,062 $ — Fair Value Measurements as of December 31, 2018 Using Balance as of December 31, 2018 Level 1 Level 2 Level 3 Available-for-sale securities: U. S. Government agencies and mortgage backed securities $ 49,882 $ — $ 49,882 $ — State and municipal obligations 20,217 — 20,217 — Corporate bonds 12,133 — 8,462 3,671 Total available-for-sale securities $ 82,232 $ — $ 78,561 $ 3,671 Mortgage servicing rights $ 977 $ — $ — $ 977 Rabbi trust assets $ 972 $ 972 The following table presents the change in financial assets valued using Level 3 inputs for the periods stated. MSRs Corporate Bonds Balance as of January 1, 2019 $ 977 $ 3,671 Purchases — Impairments — — Fair value adjustments (54 ) (2 ) Sales — — Balance as of March 31, 2019 $ 923 $ 3,669 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, net: The following tables present the Company’s assets that were measured at fair value on a nonrecurring basis as of the dates stated. Fair Value Measurements as of March 31, 2019 Using Balance as of March 31, 2019 Level 1 Level 2 Level 3 Impaired loans, net $ 4,151 $ — $ — $ 4,151 Other real estate owned, net 3,718 — — 3,718 Fair Value Measurements as of December 31, 2018 Using Balance as of December 31, 2018 Level 1 Level 2 Level 3 Impaired loans, net $ 4,700 $ — $ — $ 4,700 Other real estate owned, net 3,597 — — 3,597 The following tables present quantitative information about Level 3 fair value measurements as of the dates stated. Balance as of March 31, 2019 Valuation Technique Unobservable Input Range (Weighted Average) Impaired loans, net $ 4,151 Discounted appraised value Selling Cost Lack of Marketability 20%-25% (20%) 100% Discounted cash flows Discount rate 5%-7% (6%) Other real estate owned, net 3,718 Discounted appraised value Selling Cost Lack of Marketability 6%-32% (13%) 9%-100% (27%) Balance as of December 31, 2018 Valuation Technique Unobservable Input Range (Weighted Average) Impaired loans, net $ 4,700 Discounted appraised value Selling Cost Lack of Marketability 15%-20% (16%) 100% (100%) Discounted cash flows Discount rate 5%-7% (6%) Other real estate owned, net 3,597 Discounted appraised value Selling Cost Lack of Marketability 5%-19% (8%) 9%-100% (28%) The carrying values of cash and due from banks, interest-earning deposits, federal funds sold or purchased, noninterest-bearing deposits, savings and interest-bearing deposits, and securities sold under repurchase agreements are payable on demand, or are of such short duration, that carrying value approximates market value (Level 1). The carrying values of certificates of deposit, loans held for sale, and accrued interest receivable are payable on demand, or are of such short duration, that carrying value approximates market value (Level 2). The carrying value of restricted securities approximates fair value based on the redemption provisions of the issuer (Level 3). 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 (Level 3). 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 (Level 3). The fair value of the Company’s subordinated notes is estimated by utilizing recent issuance rates for subordinated debt offerings of similar issuer size (Level 3). The fair value of the FHLB advances is estimated by discounting the future cash flows using current interest rates offered for similar advances (Level 2). Commitments to extend and standby letters of credit are generally not sold or traded. The estimated fair values of off-balance sheet credit commitments, including standby letters of credit and guarantees written, are not readily available due to the lack of cost-effective and reliable measurement methods for these instruments. 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 tables summarize the Company’s financial assets and liabilities at carrying values and estimated fair values on a nonrecurring basis as of the dates stated. Carrying Value as of Fair Value as of Fair Value Measurements as of March 31, 2019 Using March 31, 2019 March 31, 2019 Level 1 Level 2 Level 3 Financial Assets: Cash and due from banks $ 7,404 $ 7,404 $ 7,404 $ — $ — Interest-earning deposits 23,091 23,091 23,091 — — Certificates of deposit 3,746 3,746 — 3,746 — Federal funds sold 182 182 182 — — Restricted securities 7,804 7,804 — — 7,804 Loans receivable, net 910,762 896,740 — — 896,740 Loans held for sale — — — — — Accrued interest receivable 3,274 3,274 — 3,274 — Financial Liabilities: Noninterest-bearing demand deposits 112,315 112,315 112,315 — — Savings and interest-bearing demand deposits 371,587 330,690 330,690 — — Time deposits 372,751 372,921 — — 372,921 Securities sold under repurchase agreements 7,220 7,220 7,220 — — FHLB advances 100,000 99,773 — 99,773 — Subordinated notes, net 6,897 7,045 — — 7,045 Carrying Value as of Fair Value as of Fair Value Measurements as of December 31, 2018 Using December 31, 2018 December 31, 2018 Level 1 Level 2 Level 3 Financial Assets: Cash and due from banks $ 7,685 $ 7,685 $ 7,685 $ — $ — Interest-earning deposits 18,981 18,981 18,981 — — Certificates of deposit 3,746 3,746 — 3,746 — Federal funds sold 625 625 625 — — Restricted securities 7,600 7,600 — — 7,600 Loans receivable, net 894,191 877,114 — — 877,114 Loans held for sale 368 368 — 368 — Accrued interest receivable 3,172 3,172 — 3,172 — Financial Liabilities: Noninterest-bearing demand deposits 114,122 114,122 114,122 — — Savings and interest-bearing demand deposits 359,400 359,400 359,400 — — Time deposits 368,670 369,347 — — 369,347 Securities sold under repurchase agreements 6,089 6,089 6,089 — — FHLB advances 100,000 99,727 — 99,727 — Subordinated notes, net 6,893 7,046 — — 7,046 |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Income (Loss), net | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Income (Loss), net | Note 11: Changes in Accumulated Other Comprehensive Income (Loss), net The components of accumulated other comprehensive income (loss), net of deferred taxes, are presented in the following table for the period presented. For the Three Months Ended March 31, 2019 Net Unrealized Losses on Securities Pension and Post-retirement Benefit Plans Accumulated Other Comprehensive Loss, net Balance as of January 1, 2019 $ (1,252 ) $ (75 ) $ (1,327 ) Change in net unrealized holding gain (loss) on available-for-sale securities, net of deferred tax expense of $214 806 — 806 Balance as of March 31, 2019 $ (446 ) $ (75 ) $ (521 ) |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
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, 2018. 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 and costs, such as deferred fees and costs, charge-offs, and discounts or premiums on acquired or purchased loans. Interest on loans is recognized in earnings over the contractual term of the loan and is calculated using the interest method on principal amounts outstanding. Loan 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 or principal curtailments, as applicable. All interest accrued but not collected for loans that are placed on nonaccrual or charged-off are reversed against interest income at the time the loans are placed in nonaccrual or charged off. Any subsequent interest received on these loans is recognized as interest income under the cash basis method of accounting until qualifying for return to accrual status. Generally, a loan is returned to accrual status when all principal and interest amounts contractually due are brought current and future payments are reasonably assured, or the loan becomes well-secured and in process of collection. |
Internal Risk Rating Grades | Internal Risk Rating Grades Loans in the Company’s loan portfolio are risk rated on a periodic basis by experienced credit personnel. Risk rating categories are as follows: Pass Watch Special Mention Substandard Doubtful Loss |
Allowance for Loan Losses | The allowance for loan losses (“ALL”) reflects management’s judgment of probable loan losses inherent in the loan portfolio as of the balance sheet date. Management uses a disciplined process and methodology to establish the ALL each quarter-end. To determine the total ALL, the Company estimates the reserves needed for each homogenous type of the loan portfolio, in addition to loans analyzed individually for impairment. Depending on the nature of each type, 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 individually for impairment generally include (1) any loan risk rated Special Mention or worse where the borrower has filed for bankruptcy; (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”). For the general component of the ALL, the Company collectively evaluates any loans not evaluated individually for a specific reserve, including impaired loans risk rated Substandard or worse with balances less than $400 thousand. All loans evaluated collectively are grouped into types, and historical loss experience is calculated and applied to each loan type and the resultant reserve is 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 types. An unallocated component is maintained, if needed, to cover uncertainties that could affect management’s estimate of probable losses. |
Troubled Debt Restructuring | Troubled Debt Restructuring 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 may work with them to modify their loan(s) 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 to the Company. |
Leases | On January 1, 2019, the Company adopted the requirements of ASU 2016-02. As part of the adoption of this accounting standard, the Company evaluated its population of existing real estate and equipment leases as of January 1, 2019. The purpose of this exercise was to determine whether the Company’s existing contractual arrangements constitute a lease, or contains an embedded lease, which would be in scope under ASU 2016-02, and whether such leases would meet the requirements of an operating or financing lease under the new accounting standard. Based on this evaluation, the Company identified 16 operating leases for land, buildings, and equipment with remaining lease terms ranging from one to 10 years. Most of the Company’s leases include renewal options, with renewal terms extending the lease obligation up to as much as five years. Lease terms may include renewal or extension options to the extent they are reasonably certain to be exercised as assessed at lease commencement. As of and for the three months ended March 31, 2019, the Company does not have any leases that meet the standard definition of a finance lease nor does it engage in any sale-leaseback transactions, have any short-term leases, or have any sublease income. For operating leases, ROU assets and lease liabilities are recognized at the commencement date of the respective lease. ROU assets represent the Company’s right to use leased assets over the term of the lease. Lease liabilities represent the Company’s contractual obligation to make lease payments over the lease term and are measured as the present value of the lease payments over the lease term. ROU assets are measured as the amount of the lease liability adjusted for certain items such as prepaid lease payments, unamortized lease incentives, and unamortized direct costs. ROU assets are amortized on a straight-line basis less the periodic interest expense adjustment of the lease liability and the amortization is included in occupancy expense in the Company’s consolidated statements of operations. For the three months ended March 31, 2019, operating lease expense totaled $227 thousand. The discount rate used for the present value calculations for lease liabilities was the rate implicit in the lease if determinable, and when the rate was not determinable, the Company used its incremental, collateralized borrowing rate with the FHLB for the period that most closely coincided with the respective lease as of the commencement date of the lease. The Company recorded ROU assets and lease liabilities of $3.5 million and $3.8 million, respectively, and recorded a cumulative effect adjustment of $45 thousand to retained earnings, upon adoption of ASU 2016-02 effective January 1, 2019. During the first quarter of 2019, the Company commenced a new operating lease for the Richmond, Virginia office of the Financial Group, which resulted in the recognition of an operating ROU asset and lease liability of $826 thousand. |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019 Cost Gains (Losses) Value U.S. Government agencies and mortgage backed securities $ 49,965 $ 74 $ (735 ) $ 49,304 State and municipal obligations 20,437 192 (98 ) 20,531 Corporate bonds 12,187 46 (38 ) 12,195 Total available-for-sale securities $ 82,589 $ 312 $ (871 ) $ 82,030 Gross Gross Amortized Unrealized Unrealized Fair December 31, 2018 Cost Gains (Losses) Value U.S. Government agencies and mortgage backed securities $ 51,126 $ 35 $ (1,279 ) $ 49,882 State and municipal obligations 20,484 60 (327 ) 20,217 Corporate bonds 12,194 23 (84 ) 12,133 Total available-for-sale securities $ 83,804 $ 118 $ (1,690 ) $ 82,232 |
Unrealized Loss Positions | The following tables provide information on securities in an unrealized loss position as of the dates stated. Less than 12 months 12 months or more Total March 31, 2019 Number of Securities Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. Government agencies and mortgage backed securities 50 $ 161 $ (2 ) $ 40,648 $ (733 ) $ 40,809 $ (735 ) State and municipal obligations 26 660 (3 ) 6,772 (95 ) 7,432 (98 ) Corporate bonds 4 4,536 (36 ) 498 (2 ) 5,034 (38 ) Total temporarily impaired securities 80 $ 5,357 $ (41 ) $ 47,918 $ (830 ) $ 53,275 $ (871 ) Less than 12 months 12 months or more Total December 31, 2018 Number of Securities Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. Government agencies and mortgage backed securities 54 $ 2,911 $ (22 ) $ 43,843 $ (1,257 ) $ 46,754 $ (1,279 ) State and municipal obligations 39 2,723 (27 ) 9,119 (300 ) 11,842 (327 ) Corporate bonds 5 5,742 (84 ) — — 5,742 (84 ) Total temporarily impaired securities 98 $ 11,376 $ (133 ) $ 52,962 $ (1,557 ) $ 64,338 $ (1,690 ) |
Summary of Amortized Cost and Fair Value by Contractual Maturity of Securities Available for Sale Securities | The following table presents the amortized cost and fair value by contractual maturity of available-for-sale securities as of the dates stated. Expected maturities may differ from contractual maturities, as issuers may have the right to call or prepay obligations with or without call or prepayment penalties. March 31, 2019 December 31, 2018 Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ 2,351 $ 2,355 $ 1,080 $ 1,079 Due after one year but less than five years 47,354 47,006 47,065 46,358 Due after five years but less than ten years 25,015 24,956 26,615 26,149 Due after ten years 7,869 7,713 9,044 8,646 Total available-for-sale securities $ 82,589 $ 82,030 $ 83,804 $ 82,232 |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Summary of Loans | The following table presents a summary of loans as of the dates stated. March 31, 2019 December 31, 2018 Mortgage loans on real estate: Construction, land and land development $ 117,502 $ 109,475 Commercial mortgages (non-owner occupied) 180,007 180,074 Commercial mortgages (owner occupied) 88,644 87,241 Residential first mortgages 303,090 298,894 Residential revolving and junior mortgages 36,251 38,313 Commercial and industrial 173,360 164,608 Consumer 20,095 23,740 Total loans 918,949 902,345 Net unamortized deferred loan (fees) (329 ) (252 ) Allowance for loan losses (7,858 ) (7,902 ) Loans receivable, net $ 910,762 $ 894,191 |
Recorded Investment for Past Due and Non-accruing Loans | The following tables present the recorded investment for past due, based upon contractual terms, and nonaccrual loans as of the dates stated. A loan past due 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 purchased credit-impaired (“PCI”) loans. March 31, 2019 30-89 Days Past Due 90 Days or More Past Due and Still Accruing Nonaccrual Total Past Due and Nonaccrual Current Total Loans Mortgage loans on real estate: Construction, land and land development $ 137 $ — $ 914 $ 1,051 $ 116,451 $ 117,502 Commercial mortgages (non-owner occupied) — — 435 435 179,572 180,007 Commercial mortgages (owner occupied) 1,573 23 1,060 2,656 85,988 88,644 Residential first mortgages 2,735 24 1,846 4,605 298,485 303,090 Residential revolving and junior mortgages 179 — 803 982 35,269 36,251 Commercial and industrial — — — — 173,360 173,360 Consumer 310 — 326 636 19,459 20,095 Total loans $ 4,934 $ 47 $ 5,384 $ 10,365 $ 908,584 $ 918,949 December 31, 2018 30-89 Days Past Due 90 Days or More Past Due and Still Accruing Nonaccrual Total Past Due and Nonaccrual Current Total Loans Mortgage loans on real estate: Construction, land and land development $ 552 $ — $ 740 $ 1,292 $ 108,183 $ 109,475 Commercial mortgages (non-owner occupied) 50 — 996 1,046 179,028 180,074 Commercial mortgages (owner occupied) — 56 1,064 1,120 86,121 87,241 Residential first mortgages 1,341 55 1,361 2,757 296,137 298,894 Residential revolving and junior mortgages 115 — 782 897 37,416 38,313 Commercial and industrial — — 48 48 164,560 164,608 Consumer 329 — 215 544 23,196 23,740 Total loans $ 2,387 $ 111 $ 5,206 $ 7,704 $ 894,641 $ 902,345 |
Schedule of Changes in Accretable Yield for PCI Loans | The following table presents the changes in accretable yield for PCI loans for the period stated. For the Three Months Ended March 31, 2019 Balance as of December 31, 2018 $ 1,083 Accretion of acquisition accounting adjustment (86 ) Reclassifications from nonaccretable balance, net 45 Other changes, net 65 Balance as of March 31, 2019 $ 1,107 |
Internal Risk Rating Grades | The following tables present the Company’s risk rating of loans by loan type as of the dates stated. March 31, 2019 Construction, Land and Land Development Commercial Mortgages (Non-Owner Occupied) Commercial Mortgages (Owner Occupied) Residential First Mortgages Residential Revolving and Junior Mortgages Commercial and Industrial Consumer Total Loans Grade: Pass $ 108,907 $ 176,780 $ 78,620 $ 285,717 $ 34,218 $ 167,408 $ 6,306 $ 857,956 Watch 6,236 2,657 8,644 14,049 905 4,587 13,447 50,525 Special mention 67 — 158 454 — — — 679 Substandard 2,292 570 1,222 2,870 1,128 1,365 342 9,789 Doubtful — — — — — — — — Total loans $ 117,502 $ 180,007 $ 88,644 $ 303,090 $ 36,251 $ 173,360 $ 20,095 $ 918,949 December 31, 2018 Construction, Land and Land Development Commercial Mortgages (Non-Owner Occupied) Commercial Mortgages (Owner Occupied) Residential First Mortgages Residential Revolving and Junior Mortgages Commercial and Industrial Consumer Total Loans Grade: Pass $ 101,007 $ 174,661 $ 79,375 $ 280,663 $ 35,900 $ 158,590 $ 8,144 $ 838,340 Watch 6,299 4,275 6,522 14,709 1,306 3,802 15,245 52,158 Special mention 68 — 107 1,071 — 893 121 2,260 Substandard 2,101 1,138 1,237 2,451 1,107 1,323 230 9,587 Doubtful — — — — — — — — Total loans $ 109,475 $ 180,074 $ 87,241 $ 298,894 $ 38,313 $ 164,608 $ 23,740 $ 902,345 |
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. March 31, 2019 30-89 Days Past Due 90 Days or More Past Due and Still Accruing Nonaccrual Total Past Due and Nonaccrual Current Total PCI Loans Mortgage loans on real estate: Construction, land and land development $ 23 $ — $ — $ 23 $ 1,348 $ 1,371 Commercial mortgages (non-owner occupied) — — — — 135 135 Commercial mortgages (owner occupied) 26 23 — 49 232 281 Residential first mortgages 257 24 — 281 3,154 3,435 Residential revolving and junior mortgages — — — — — — Commercial and industrial — — — — — — Consumer — — — — 48 48 Total purchased credit-impaired loans $ 306 $ 47 $ — $ 353 $ 4,917 $ 5,270 December 31, 2018 30-89 Days Past Due 90 Days or More Past Due and Still Accruing Nonaccrual Total Past Due and Nonaccrual Current Total PCI Loans Mortgage loans on real estate: Construction, land and land development $ 23 $ — $ — $ 23 $ 1,355 $ 1,378 Commercial mortgages (non-owner occupied) — — — — 142 142 Commercial mortgages (owner occupied) — 56 — 56 237 293 Residential first mortgages 92 55 — 147 3,317 3,464 Residential revolving and junior mortgages — — — — — — Commercial and industrial — — — — — — Consumer — — — — 46 46 Total purchased credit-impaired loans $ 115 $ 111 $ — $ 226 $ 5,097 $ 5,323 |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Receivables [Abstract] | |
ALL by Loans Evaluated for Impairment Individually and Collectively by Type | The following table presents the ALL by loans evaluated for impairment individually and collectively by loan type as of the dates stated. March 31, 2019 Mortgage Loans on Real Estate Commercial and Industrial Consumer Total Allowance for loan losses applicable to: Loans individually evaluated for impairment $ 1,151 $ — $ 120 $ 1,271 Loans collectively evaluated for impairment 4,108 1,406 1,073 6,587 Purchased credit-impaired loans — — — — Total allowance for loan losses $ 5,259 $ 1,406 $ 1,193 $ 7,858 Loan balances applicable to: Loans individually evaluated for impairment $ 7,444 $ — $ 120 $ 7,564 Loans collectively evaluated for impairment 712,828 173,360 19,927 906,115 Purchased credit-impaired loans 5,222 — 48 5,270 Total loans $ 725,494 $ 173,360 $ 20,095 $ 918,949 December 31, 2018 Allowance for loan losses applicable to: Loans individually evaluated for impairment $ 1,036 $ — $ 121 $ 1,157 Loans collectively evaluated for impairment 3,931 1,374 1,440 6,745 Purchased credit-impaired loans — — — — Total allowance for loan losses $ 4,967 $ 1,374 $ 1,561 $ 7,902 Loan balances applicable to: Loans individually evaluated for impairment $ 7,485 $ — $ 121 $ 7,606 Loans collectively evaluated for impairment 701,235 164,608 23,573 889,416 Purchased credit-impaired loans 5,277 — 46 5,323 Total loans $ 713,997 $ 164,608 $ 23,740 $ 902,345 |
ALL by Loan Type | The following tables present an analysis of the change in the ALL by loan type for the periods presented. Mortgage Loans on Real Estate Commercial and Industrial Consumer Total For the Three Months Ended March 31, 2019 Beginning Balance $ 4,967 $ 1,374 $ 1,561 $ 7,902 Charge-offs (54 ) — (407 ) (461 ) Recoveries 24 1 78 103 Provision (recovery of) 322 31 (39 ) 314 Ending Balance $ 5,259 $ 1,406 $ 1,193 $ 7,858 Mortgage Loans on Real Estate Commercial and Industrial Consumer Total For the Three Months Ended March 31, 2018 Beginning Balance $ 3,864 $ 878 $ 3,028 $ 7,770 Charge-offs (31 ) (14 ) (343 ) (388 ) Recoveries 27 — 194 221 Provision (recovery of) 330 179 (189 ) 320 Ending Balance $ 4,190 $ 1,043 $ 2,690 $ 7,923 |
Company's Recorded Investment and Borrowers' Unpaid Principal Balances for Impaired Loans, Excluding PCI Loans, with Associated ALL Amount | The following tables present 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 March 31, 2019 As of December 31, 2018 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 $ 332 $ 403 $ — $ 335 $ 406 $ — Commercial mortgages (non-owner occupied) — — — 386 386 — Commercial mortgages (owner occupied) 382 382 — — — — Residential first mortgages 1,428 1,428 — — — — Residential revolving and junior mortgages — — — 1,028 1,028 — Commercial and industrial — — — — — — Consumer — — — — — — Total impaired loans with no related allowance 2,142 2,213 — 1,749 1,820 — With an allowance recorded: Construction, land and land development 274 274 135 275 275 132 Commercial mortgages (non-owner occupied) 435 435 35 443 443 18 Commercial mortgages (owner occupied) 1,063 1,063 56 1,069 1,069 57 Residential first mortgages 3,029 3,029 641 3,447 3,447 565 Residential revolving and junior mortgages 501 501 284 502 502 264 Commercial and industrial — — — — — — Consumer 120 120 120 121 121 121 Total impaired loans with allowance recorded 5,422 5,422 1,271 5,857 5,857 1,157 Total impaired loans: Construction, land and land development 606 677 135 610 681 132 Commercial mortgages (non-owner occupied) 435 435 35 829 829 18 Commercial mortgages (owner occupied) 1,445 1,445 56 1,069 1,069 57 Residential first mortgages 4,457 4,457 641 3,447 3,447 565 Residential revolving and junior mortgages 501 501 284 1,530 1,530 264 Commercial and industrial — — — — — — Consumer 120 120 120 121 121 121 Total impaired loans $ 7,564 $ 7,635 $ 1,271 $ 7,606 $ 7,677 $ 1,157 The following table presents the average recorded investment and interest income recognized for impaired loans, excluding PCI loans, for the periods presented. For the Three Months Ended March 31, 2019 March 31, 2018 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance: Construction, land and land development $ 334 $ 2 $ 851 $ 1 Commercial mortgages (non-owner occupied) — — — — Commercial mortgages (owner occupied) 384 6 1,777 7 Residential first mortgages 1,431 19 1,510 17 Residential revolving and junior mortgages — — 414 1 Commercial and industrial — — — — Consumer — — — 1 Total impaired loans with no allowance 2,149 27 4,552 27 With an allowance recorded: Construction, land and land development 274 4 500 5 Commercial mortgages (non-owner occupied) 439 23 — — Commercial mortgages (owner occupied) 1,066 14 544 6 Residential first mortgages 3,034 33 2,159 10 Residential revolving and junior mortgages 502 3 1,357 3 Commercial and industrial — — 97 — Consumer 121 2 — — Total impaired loans with allowance recorded 5,436 79 4,657 24 Total impaired loans: Construction, land and land development 608 6 1,351 6 Commercial mortgages (non-owner occupied) 439 23 — — Commercial mortgages (owner occupied) 1,450 20 2,321 13 Residential first mortgages 4,465 52 3,669 27 Residential revolving and junior mortgages 502 3 1,771 4 Commercial and industrial — — 97 — Consumer 121 2 — 1 Total impaired loans $ 7,585 $ 106 $ 9,209 $ 51 |
Reconciliation of Nonaccrual Loans to Impaired Loans | The following table presents a reconciliation of nonaccrual loans to impaired loans as of the dates stated. |
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 loan type information related to loans modified as TDRs for the periods presented. For the Three Months Ended For the Three Months Ended March 31, 2019 March 31, 2018 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) — $ — $ — 3 $ 560 $ 562 (1) Modifications were an extension of the loan term. |
Summary of Roll Forward of Accruing and Nonaccrual TDRs | The following table presents a roll-forward of accruing and nonaccrual TDRs for the period presented. Accruing Nonaccrual Total Balance as of December 31, 2018 $ 4,115 $ 1,477 $ 5,592 Charge-offs — — — Payments and other adjustments (21 ) (6 ) (27 ) New TDR designation — — — Release TDR designation — — — Transfer (616 ) 616 — Balance as of March 31, 2019 $ 3,478 $ 2,087 $ 5,565 |
Other Real Estate Owned, Net (T
Other Real Estate Owned, Net (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Banking And Thrift [Abstract] | |
Carrying Values of Properties Included in Other Real Estate Owned (OREO) | The following table presents the number and carrying values of properties included in other real estate owned (“OREO”) as of the dates stated. March 31, 2019 December 31, 2018 Number of Carrying Number of Carrying Properties Value Properties Value Residential 7 $ 1,477 6 $ 1,339 Land 16 1,724 17 1,741 Commercial properties 3 517 3 517 Total other real estate owned, net 26 3,718 26 3,597 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Schedule of ROU Asset and Lease Liabilities | The following table presents the ROU assets and lease liabilities as of the date stated. ROU assets and lease liabilities are included in other assets and other liabilities, respectively, in the Company’s consolidated balance sheets. March 31, 2019 Operating lease right-of-use assets $ 4,127 Current operating lease liabilities 766 Noncurrent lease liabilities 3,700 Total operating lease liabilities $ 4,466 |
Schedule Weighted Average Remaining Lease Term and Discount Rate Associated with Operating Leases | The following table presents the weighted average remaining lease term and discount rate associated with the Company’s operating leases as of the date stated. March 31, 2019 Weighted average remaining lease term - operating leases 8 years Weighted average discount rate - operating leases 3.14 % |
Maturity Analysis of Operating Lease Liabilities | The following table presents a maturity analysis of the Company’s operating lease liabilities for the subsequent periods after March 31, 2019 and in total thereafter. 2019 $ 663 2020 894 2021 925 2022 547 2023 296 Thereafter 1,746 Total 5,071 Less interest (605 ) Lease liability $ 4,466 |
Supplemental Cash Flow Information Related to Leases | The following table presents supplemental cash flow information related to the Company’s operating leases for the period stated. For the Three Months Ended March 31, 2019 Cash paid for amount included in the measurement of lease liabilities: Operating cash flows from operating leases $ 246 Right-of-use assets obtained in exchange for new operating lease liabilities $ 826 |
Earnings per share (Tables)
Earnings per share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019 2018 Net income $ 1,492 $ 1,124 Weighted average shares outstanding, basic 12,972,850 13,038,593 Dilutive shares: Stock options 33,944 67,596 Restricted stock 2,023 25 Weighted average shares outstanding, dilutive 13,008,817 13,106,214 Basic and diluted earnings per share $ 0.11 $ 0.09 |
Borrowings (Tables)
Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Advances of Borrowings | The following table presents information regarding the two advances outstanding as of March 31, 2019. Stated Maturity Balance Originated Interest Rate Date Adjustable rate hybrid $ 10,000 4/12/2013 5.18 % 4/13/2020 Fixed rate credit 90,000 3/4/2019 2.55 % 4/5/2019 Total FHLB borrowings $ 100,000 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019 Using Balance as of March 31, 2019 Level 1 Level 2 Level 3 Available-for-sale securities: U. S. Government agencies and mortgage backed securities $ 49,304 $ — $ 49,304 $ — State and municipal obligations 20,531 — 20,531 — Corporate bonds 12,195 — 8,526 3,669 Total available-for-sale securities $ 82,030 $ — $ 78,361 $ 3,669 Mortgage servicing rights $ 923 $ — $ — $ 923 Rabbi trust assets $ 1,062 $ 1,062 $ — Fair Value Measurements as of December 31, 2018 Using Balance as of December 31, 2018 Level 1 Level 2 Level 3 Available-for-sale securities: U. S. Government agencies and mortgage backed securities $ 49,882 $ — $ 49,882 $ — State and municipal obligations 20,217 — 20,217 — Corporate bonds 12,133 — 8,462 3,671 Total available-for-sale securities $ 82,232 $ — $ 78,561 $ 3,671 Mortgage servicing rights $ 977 $ — $ — $ 977 Rabbi trust assets $ 972 $ 972 |
Reconciliation of Items Using Level Three Inputs | The following table presents the change in financial assets valued using Level 3 inputs for the periods stated. MSRs Corporate Bonds Balance as of January 1, 2019 $ 977 $ 3,671 Purchases — Impairments — — Fair value adjustments (54 ) (2 ) Sales — — Balance as of March 31, 2019 $ 923 $ 3,669 |
Summary of Assets Measured at Fair Value on Nonrecurring Basis | The following tables present the Company’s assets that were measured at fair value on a nonrecurring basis as of the dates stated. Fair Value Measurements as of March 31, 2019 Using Balance as of March 31, 2019 Level 1 Level 2 Level 3 Impaired loans, net $ 4,151 $ — $ — $ 4,151 Other real estate owned, net 3,718 — — 3,718 Fair Value Measurements as of December 31, 2018 Using Balance as of December 31, 2018 Level 1 Level 2 Level 3 Impaired loans, net $ 4,700 $ — $ — $ 4,700 Other real estate owned, net 3,597 — — 3,597 |
Summary of Quantitative Fair Value Measurements for Level 3 | The following tables present quantitative information about Level 3 fair value measurements as of the dates stated. Balance as of March 31, 2019 Valuation Technique Unobservable Input Range (Weighted Average) Impaired loans, net $ 4,151 Discounted appraised value Selling Cost Lack of Marketability 20%-25% (20%) 100% Discounted cash flows Discount rate 5%-7% (6%) Other real estate owned, net 3,718 Discounted appraised value Selling Cost Lack of Marketability 6%-32% (13%) 9%-100% (27%) Balance as of December 31, 2018 Valuation Technique Unobservable Input Range (Weighted Average) Impaired loans, net $ 4,700 Discounted appraised value Selling Cost Lack of Marketability 15%-20% (16%) 100% (100%) Discounted cash flows Discount rate 5%-7% (6%) Other real estate owned, net 3,597 Discounted appraised value Selling Cost Lack of Marketability 5%-19% (8%) 9%-100% (28%) |
Summary of Assets and Liabilities at Carrying Value and Estimated Fair Value on a Nonrecurring Basis | The following tables summarize the Company’s financial assets and liabilities at carrying values and estimated fair values on a nonrecurring basis as of the dates stated. Carrying Value as of Fair Value as of Fair Value Measurements as of March 31, 2019 Using March 31, 2019 March 31, 2019 Level 1 Level 2 Level 3 Financial Assets: Cash and due from banks $ 7,404 $ 7,404 $ 7,404 $ — $ — Interest-earning deposits 23,091 23,091 23,091 — — Certificates of deposit 3,746 3,746 — 3,746 — Federal funds sold 182 182 182 — — Restricted securities 7,804 7,804 — — 7,804 Loans receivable, net 910,762 896,740 — — 896,740 Loans held for sale — — — — — Accrued interest receivable 3,274 3,274 — 3,274 — Financial Liabilities: Noninterest-bearing demand deposits 112,315 112,315 112,315 — — Savings and interest-bearing demand deposits 371,587 330,690 330,690 — — Time deposits 372,751 372,921 — — 372,921 Securities sold under repurchase agreements 7,220 7,220 7,220 — — FHLB advances 100,000 99,773 — 99,773 — Subordinated notes, net 6,897 7,045 — — 7,045 Carrying Value as of Fair Value as of Fair Value Measurements as of December 31, 2018 Using December 31, 2018 December 31, 2018 Level 1 Level 2 Level 3 Financial Assets: Cash and due from banks $ 7,685 $ 7,685 $ 7,685 $ — $ — Interest-earning deposits 18,981 18,981 18,981 — — Certificates of deposit 3,746 3,746 — 3,746 — Federal funds sold 625 625 625 — — Restricted securities 7,600 7,600 — — 7,600 Loans receivable, net 894,191 877,114 — — 877,114 Loans held for sale 368 368 — 368 — Accrued interest receivable 3,172 3,172 — 3,172 — Financial Liabilities: Noninterest-bearing demand deposits 114,122 114,122 114,122 — — Savings and interest-bearing demand deposits 359,400 359,400 359,400 — — Time deposits 368,670 369,347 — — 369,347 Securities sold under repurchase agreements 6,089 6,089 6,089 — — FHLB advances 100,000 99,727 — 99,727 — Subordinated notes, net 6,893 7,046 — — 7,046 |
Changes in Accumulated Other _2
Changes in Accumulated Other Comprehensive Income (Loss), net (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Income (Loss) Net of Deferred Taxes | The components of accumulated other comprehensive income (loss), net of deferred taxes, are presented in the following table for the period presented. For the Three Months Ended March 31, 2019 Net Unrealized Losses on Securities Pension and Post-retirement Benefit Plans Accumulated Other Comprehensive Loss, net Balance as of January 1, 2019 $ (1,252 ) $ (75 ) $ (1,327 ) Change in net unrealized holding gain (loss) on available-for-sale securities, net of deferred tax expense of $214 806 — 806 Balance as of March 31, 2019 $ (446 ) $ (75 ) $ (521 ) |
Amendments to the Accounting _2
Amendments to the Accounting Standards Codification - Additional Information (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |
Operating lease right of use asset | $ 4,127 |
Operating lease liability | 4,466 |
ASU 2016-02 | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |
Operating lease right of use asset | 3,500 |
Operating lease liability | 3,800 |
Cumulative effect adjustment | $ 45 |
Securities - Aggregate Amortize
Securities - Aggregate Amortized Costs and Fair Values of Available-for-Sale Securities (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | $ 82,589 | $ 83,804 | |
Gross Unrealized Gains | 312 | 118 | |
Gross Unrealized (Losses) | (871) | (1,690) | |
Fair Value | 82,030 | 82,232 | [1] |
US Government Agencies and Mortgage Backed Securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 49,965 | 51,126 | |
Gross Unrealized Gains | 74 | 35 | |
Gross Unrealized (Losses) | (735) | (1,279) | |
Fair Value | 49,304 | 49,882 | |
State and Municipal Obligations | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 20,437 | 20,484 | |
Gross Unrealized Gains | 192 | 60 | |
Gross Unrealized (Losses) | (98) | (327) | |
Fair Value | 20,531 | 20,217 | |
Corporate Bonds | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 12,187 | 12,194 | |
Gross Unrealized Gains | 46 | 23 | |
Gross Unrealized (Losses) | (38) | (84) | |
Fair Value | $ 12,195 | $ 12,133 | |
[1] | Derived from audited December 31, 2018 Consolidated Financial Statements. |
Securities - Additional Informa
Securities - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | |
Investments Debt And Equity Securities [Abstract] | |||
Fair value of securities | $ 18,800 | $ 17,500 | |
Debt Securities, Available-for-sale, Restriction Type [Extensible List] | us-gaap:CollateralPledgedMember | us-gaap:CollateralPledgedMember | |
Securities sold under repurchase agreements | $ 7,220 | $ 6,089 | [1] |
Company's investment in Federal Home Loan Bank stock | 5,200 | 5,100 | |
Company's investment in Federal Reserve Bank stock | 2,400 | 2,300 | |
Investment in primary correspondent bank stock | $ 220 | $ 220 | |
[1] | Derived from audited December 31, 2018 Consolidated Financial Statements. |
Securities - Unrealized Loss Po
Securities - Unrealized Loss Positions (Detail) $ in Thousands | Mar. 31, 2019USD ($)Security | Dec. 31, 2018USD ($)Security |
Schedule of Available-for-sale Securities [Line Items] | ||
Number of Securities | Security | 80 | 98 |
Less than 12 months, Fair Value | $ 5,357 | $ 11,376 |
Less than 12 months, Unrealized Loss | (41) | (133) |
12 months or more, Fair Value | 47,918 | 52,962 |
12 months or more, Unrealized Loss | (830) | (1,557) |
Fair Value, Total | 53,275 | 64,338 |
Total Unrealized Loss | $ (871) | $ (1,690) |
US Government Agencies and Mortgage Backed Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of Securities | Security | 50 | 54 |
Less than 12 months, Fair Value | $ 161 | $ 2,911 |
Less than 12 months, Unrealized Loss | (2) | (22) |
12 months or more, Fair Value | 40,648 | 43,843 |
12 months or more, Unrealized Loss | (733) | (1,257) |
Fair Value, Total | 40,809 | 46,754 |
Total Unrealized Loss | $ (735) | $ (1,279) |
State and Municipal Obligations | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of Securities | Security | 26 | 39 |
Less than 12 months, Fair Value | $ 660 | $ 2,723 |
Less than 12 months, Unrealized Loss | (3) | (27) |
12 months or more, Fair Value | 6,772 | 9,119 |
12 months or more, Unrealized Loss | (95) | (300) |
Fair Value, Total | 7,432 | 11,842 |
Total Unrealized Loss | $ (98) | $ (327) |
Corporate Bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of Securities | Security | 4 | 5 |
Less than 12 months, Fair Value | $ 4,536 | $ 5,742 |
Less than 12 months, Unrealized Loss | (36) | (84) |
12 months or more, Fair Value | 498 | |
12 months or more, Unrealized Loss | (2) | |
Fair Value, Total | 5,034 | 5,742 |
Total Unrealized Loss | $ (38) | $ (84) |
Securities - Summary of Amortiz
Securities - Summary of Amortized Cost and Fair Value by Contractual Maturity of Securities Available for Sale Securities (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | |
Investments Debt And Equity Securities [Abstract] | |||
Due in one year or less, Amortized Cost | $ 2,351 | $ 1,080 | |
Due after one year but less than five years, Amortized Cost | 47,354 | 47,065 | |
Due after five years but less than ten years, Amortized Cost | 25,015 | 26,615 | |
Due after ten years, Amortized Cost | 7,869 | 9,044 | |
Amortized Cost | 82,589 | 83,804 | |
Due in one year or less, Fair Value | 2,355 | 1,079 | |
Due after one year but less than five years, Fair Value | 47,006 | 46,358 | |
Due after five years but less than ten years, Fair Value | 24,956 | 26,149 | |
Due after ten years, Fair Value | 7,713 | 8,646 | |
Total available-for-sale securities, Fair Value | $ 82,030 | $ 82,232 | [1] |
[1] | Derived from audited December 31, 2018 Consolidated Financial Statements. |
Loans - Summary of Loans (Detai
Loans - Summary of Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | |
Summary of balances of loans | |||
Total loans | $ 918,949 | $ 902,345 | |
Net unamortized deferred loan (fees) | (329) | (252) | |
Allowance for loan losses | (7,858) | (7,902) | [1] |
Loans receivable, net | 910,762 | 894,191 | [1] |
Construction, land and land development | |||
Summary of balances of loans | |||
Total loans | 117,502 | 109,475 | |
Commercial mortgages (non-owner occupied) | |||
Summary of balances of loans | |||
Total loans | 180,007 | 180,074 | |
Commercial mortgages (owner occupied) | |||
Summary of balances of loans | |||
Total loans | 88,644 | 87,241 | |
Residential first mortgages | |||
Summary of balances of loans | |||
Total loans | 303,090 | 298,894 | |
Residential revolving and junior mortgages | |||
Summary of balances of loans | |||
Total loans | 36,251 | 38,313 | |
Commercial and industrial | |||
Summary of balances of loans | |||
Total loans | 173,360 | 164,608 | |
Consumer | |||
Summary of balances of loans | |||
Total loans | $ 20,095 | $ 23,740 | |
[1] | Derived from audited December 31, 2018 Consolidated Financial Statements. |
Loans - Additional Information
Loans - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans pledged as collateral | $ 234,300 | $ 229,100 |
30-89 Days Past Due | $ 4,934 | $ 2,387 |
Percentage of excess loan balance for watch category | 90.00% | |
Four Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | $ 2,200 | |
Minimum | ||
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 purchased credit-impaired loans | 90 days |
Loans - Recorded Investment for
Loans - Recorded Investment for Past Due and Non-accruing Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | $ 4,934 | $ 2,387 |
90 Days or More Past Due and Still Accruing | 47 | 111 |
Nonaccrual | 5,384 | 5,206 |
Total Past Due and Nonaccrual | 10,365 | 7,704 |
Current | 908,584 | 894,641 |
Total Loans | 918,949 | 902,345 |
Construction, land and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 137 | 552 |
Nonaccrual | 914 | 740 |
Total Past Due and Nonaccrual | 1,051 | 1,292 |
Current | 116,451 | 108,183 |
Total Loans | 117,502 | 109,475 |
Commercial mortgages (non-owner occupied) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 50 | |
Nonaccrual | 435 | 996 |
Total Past Due and Nonaccrual | 435 | 1,046 |
Current | 179,572 | 179,028 |
Total Loans | 180,007 | 180,074 |
Commercial mortgages (owner occupied) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 1,573 | |
90 Days or More Past Due and Still Accruing | 23 | 56 |
Nonaccrual | 1,060 | 1,064 |
Total Past Due and Nonaccrual | 2,656 | 1,120 |
Current | 85,988 | 86,121 |
Total Loans | 88,644 | 87,241 |
Residential first mortgages | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 2,735 | 1,341 |
90 Days or More Past Due and Still Accruing | 24 | 55 |
Nonaccrual | 1,846 | 1,361 |
Total Past Due and Nonaccrual | 4,605 | 2,757 |
Current | 298,485 | 296,137 |
Total Loans | 303,090 | 298,894 |
Residential revolving and junior mortgages | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 179 | 115 |
Nonaccrual | 803 | 782 |
Total Past Due and Nonaccrual | 982 | 897 |
Current | 35,269 | 37,416 |
Total Loans | 36,251 | 38,313 |
Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual | 48 | |
Total Past Due and Nonaccrual | 48 | |
Current | 173,360 | 164,560 |
Total Loans | 173,360 | 164,608 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 310 | 329 |
Nonaccrual | 326 | 215 |
Total Past Due and Nonaccrual | 636 | 544 |
Current | 19,459 | 23,196 |
Total Loans | $ 20,095 | $ 23,740 |
Loans - Summary of Recorded Inv
Loans - Summary of Recorded Investment of Purchased Impaired Loans (Detail) - PCI Loans - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Impaired [Line Items] | ||
30-89 Days Past Due | $ 306 | $ 115 |
90 Days or More Past Due and Still Accruing | 47 | 111 |
Nonaccrual | 0 | 0 |
Total Past Due and Nonaccrual | 353 | 226 |
Current | 4,917 | 5,097 |
Total PCI Loans | 5,270 | 5,323 |
Construction, land and land development | ||
Financing Receivable, Impaired [Line Items] | ||
30-89 Days Past Due | 23 | 23 |
Nonaccrual | 0 | 0 |
Total Past Due and Nonaccrual | 23 | 23 |
Current | 1,348 | 1,355 |
Total PCI Loans | 1,371 | 1,378 |
Commercial mortgages (non-owner occupied) | ||
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual | 0 | 0 |
Current | 135 | 142 |
Total PCI Loans | 135 | 142 |
Commercial mortgages (owner occupied) | ||
Financing Receivable, Impaired [Line Items] | ||
30-89 Days Past Due | 26 | |
90 Days or More Past Due and Still Accruing | 23 | 56 |
Nonaccrual | 0 | 0 |
Total Past Due and Nonaccrual | 49 | 56 |
Current | 232 | 237 |
Total PCI Loans | 281 | 293 |
Residential first mortgages | ||
Financing Receivable, Impaired [Line Items] | ||
30-89 Days Past Due | 257 | 92 |
90 Days or More Past Due and Still Accruing | 24 | 55 |
Nonaccrual | 0 | 0 |
Total Past Due and Nonaccrual | 281 | 147 |
Current | 3,154 | 3,317 |
Total PCI Loans | 3,435 | 3,464 |
Residential revolving and junior mortgages | ||
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual | 0 | 0 |
Commercial and industrial | ||
Financing Receivable, Impaired [Line Items] | ||
30-89 Days Past Due | 0 | 0 |
90 Days or More Past Due and Still Accruing | 0 | 0 |
Nonaccrual | 0 | 0 |
Total Past Due and Nonaccrual | 0 | 0 |
Current | 0 | 0 |
Total PCI Loans | 0 | 0 |
Consumer | ||
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual | 0 | 0 |
Current | 48 | 46 |
Total PCI Loans | $ 48 | $ 46 |
Loans - Summary of Changes in A
Loans - Summary of Changes in Accretable Yield for PCI Loans (Detail) - PCI Loans $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Balance Beginning | $ 1,083 |
Accretion of acquisition accounting adjustment | (86) |
Reclassifications from nonaccretable balance, net | 45 |
Other changes, net | 65 |
Balance Ending | $ 1,107 |
Loans - Internal Risk Rating Gr
Loans - Internal Risk Rating Grades (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
INTERNAL RISK RATING GRADES | ||
Loan Receivables | $ 918,949 | $ 902,345 |
Pass | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 857,956 | 838,340 |
Watch | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 50,525 | 52,158 |
Special Mention | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 679 | 2,260 |
Substandard | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 9,789 | 9,587 |
Construction, Land and Land Development | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 117,502 | 109,475 |
Construction, Land and Land Development | Pass | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 108,907 | 101,007 |
Construction, Land and Land Development | Watch | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 6,236 | 6,299 |
Construction, Land and Land Development | Special Mention | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 67 | 68 |
Construction, Land and Land Development | Substandard | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 2,292 | 2,101 |
Commercial Mortgages (Non-Owner Occupied) | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 180,007 | 180,074 |
Commercial Mortgages (Non-Owner Occupied) | Pass | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 176,780 | 174,661 |
Commercial Mortgages (Non-Owner Occupied) | Watch | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 2,657 | 4,275 |
Commercial Mortgages (Non-Owner Occupied) | Substandard | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 570 | 1,138 |
Commercial Mortgages (Owner Occupied) | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 88,644 | 87,241 |
Commercial Mortgages (Owner Occupied) | Pass | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 78,620 | 79,375 |
Commercial Mortgages (Owner Occupied) | Watch | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 8,644 | 6,522 |
Commercial Mortgages (Owner Occupied) | Special Mention | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 158 | 107 |
Commercial Mortgages (Owner Occupied) | Substandard | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 1,222 | 1,237 |
Residential First Mortgages | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 303,090 | 298,894 |
Residential First Mortgages | Pass | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 285,717 | 280,663 |
Residential First Mortgages | Watch | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 14,049 | 14,709 |
Residential First Mortgages | Special Mention | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 454 | 1,071 |
Residential First Mortgages | Substandard | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 2,870 | 2,451 |
Residential Revolving and Junior Mortgages | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 36,251 | 38,313 |
Residential Revolving and Junior Mortgages | Pass | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 34,218 | 35,900 |
Residential Revolving and Junior Mortgages | Watch | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 905 | 1,306 |
Residential Revolving and Junior Mortgages | Substandard | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 1,128 | 1,107 |
Commercial and Industrial | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 173,360 | 164,608 |
Commercial and Industrial | Pass | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 167,408 | 158,590 |
Commercial and Industrial | Watch | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 4,587 | 3,802 |
Commercial and Industrial | Special Mention | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 893 | |
Commercial and Industrial | Substandard | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 1,365 | 1,323 |
Consumer | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 20,095 | 23,740 |
Consumer | Pass | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 6,306 | 8,144 |
Consumer | Watch | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 13,447 | 15,245 |
Consumer | Special Mention | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | 121 | |
Consumer | Substandard | ||
INTERNAL RISK RATING GRADES | ||
Loan Receivables | $ 342 | $ 230 |
Allowance for Loan Losses - Add
Allowance for Loan Losses - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Impaired loans measurement | Impaired loans measured individually for impairment generally include (1) any loan risk rated Special Mention or worse where the borrower has filed for bankruptcy; (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 | $ 918,949,000 | $ 902,345,000 | |
Loans modified as TDRs | 0 | $ 0 | |
Substandard | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loan Receivables | 9,789,000 | $ 9,587,000 | |
Minimum | Substandard | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loan Receivables | 400,000 | ||
Maximum | 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 Type (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans individually evaluated for impairment | $ 1,271 | $ 1,157 | ||
Loans collectively evaluated for impairment | 6,587 | 6,745 | ||
Purchased credit-impaired loans | 0 | 0 | ||
Total allowance for loan losses | 7,858 | 7,902 | $ 7,923 | $ 7,770 |
Loans individually evaluated for impairment | 7,564 | 7,606 | ||
Loans collectively evaluated for impairment | 906,115 | 889,416 | ||
Purchased credit-impaired loans | 5,270 | 5,323 | ||
Total Loans | 918,949 | 902,345 | ||
Mortgage Loans on Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans individually evaluated for impairment | 1,151 | 1,036 | ||
Loans collectively evaluated for impairment | 4,108 | 3,931 | ||
Purchased credit-impaired loans | 0 | 0 | ||
Total allowance for loan losses | 5,259 | 4,967 | 4,190 | 3,864 |
Loans individually evaluated for impairment | 7,444 | 7,485 | ||
Loans collectively evaluated for impairment | 712,828 | 701,235 | ||
Purchased credit-impaired loans | 5,222 | 5,277 | ||
Total Loans | 725,494 | 713,997 | ||
Commercial and Industrial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans collectively evaluated for impairment | 1,406 | 1,374 | ||
Purchased credit-impaired loans | 0 | 0 | ||
Total allowance for loan losses | 1,406 | 1,374 | 1,043 | 878 |
Loans collectively evaluated for impairment | 173,360 | 164,608 | ||
Total Loans | 173,360 | 164,608 | ||
Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans individually evaluated for impairment | 120 | 121 | ||
Loans collectively evaluated for impairment | 1,073 | 1,440 | ||
Purchased credit-impaired loans | 0 | 0 | ||
Total allowance for loan losses | 1,193 | 1,561 | $ 2,690 | $ 3,028 |
Loans individually evaluated for impairment | 120 | 121 | ||
Loans collectively evaluated for impairment | 19,927 | 23,573 | ||
Purchased credit-impaired loans | 48 | 46 | ||
Total Loans | $ 20,095 | $ 23,740 |
Allowance for Loan Losses - ALL
Allowance for Loan Losses - ALL by Loan Type (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Beginning Balance | $ 7,902 | $ 7,770 |
Charge-offs | (461) | (388) |
Recoveries | 103 | 221 |
Provision (recovery of) | 314 | 320 |
Ending Balance | 7,858 | 7,923 |
Mortgage Loans on Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Beginning Balance | 4,967 | 3,864 |
Charge-offs | (54) | (31) |
Recoveries | 24 | 27 |
Provision (recovery of) | 322 | 330 |
Ending Balance | 5,259 | 4,190 |
Commercial and Industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Beginning Balance | 1,374 | 878 |
Charge-offs | (14) | |
Recoveries | 1 | |
Provision (recovery of) | 31 | 179 |
Ending Balance | 1,406 | 1,043 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Beginning Balance | 1,561 | 3,028 |
Charge-offs | (407) | (343) |
Recoveries | 78 | 194 |
Provision (recovery of) | (39) | (189) |
Ending Balance | $ 1,193 | $ 2,690 |
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 | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
With no related allowance, Recorded Investment | $ 2,142 | $ 1,749 | |
With no related allowance, Borrowers' Unpaid Principal Balance | 2,213 | 1,820 | |
With no related allowance, Related Allowance | 0 | 0 | |
With an allowance recorded, Recorded Investment | 5,422 | 5,857 | |
With an allowance recorded, Borrowers' Unpaid Principal Balance | 5,422 | 5,857 | |
With an allowance recorded, Related Allowance | 1,271 | 1,157 | |
Total Impaired Loans, Recorded Investment | 7,564 | 7,606 | |
Total Impaired Loans, Borrowers' Unpaid Principal Balance | 7,635 | 7,677 | |
With no related allowance, Average Recorded Investment | 2,149 | $ 4,552 | |
With no related allowance, Interest Income Recognized | 27 | 27 | |
With an allowance recorded, Average Recorded Investment | 5,436 | 4,657 | |
With an allowance recorded, Interest Income Recognized | 79 | 24 | |
Total, Average Recorded Investment | 7,585 | 9,209 | |
Total, Interest Income Recognized | 106 | 51 | |
Construction, land and land development | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
With no related allowance, Recorded Investment | 332 | 335 | |
With no related allowance, Borrowers' Unpaid Principal Balance | 403 | 406 | |
With no related allowance, Related Allowance | 0 | 0 | |
With an allowance recorded, Recorded Investment | 274 | 275 | |
With an allowance recorded, Borrowers' Unpaid Principal Balance | 274 | 275 | |
With an allowance recorded, Related Allowance | 135 | 132 | |
Total Impaired Loans, Recorded Investment | 606 | 610 | |
Total Impaired Loans, Borrowers' Unpaid Principal Balance | 677 | 681 | |
With no related allowance, Average Recorded Investment | 334 | 851 | |
With no related allowance, Interest Income Recognized | 2 | 1 | |
With an allowance recorded, Average Recorded Investment | 274 | 500 | |
With an allowance recorded, Interest Income Recognized | 4 | 5 | |
Total, Average Recorded Investment | 608 | 1,351 | |
Total, Interest Income Recognized | 6 | 6 | |
Commercial Mortgages (Non-Owner Occupied) | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
With no related allowance, Recorded Investment | 386 | ||
With no related allowance, Borrowers' Unpaid Principal Balance | 386 | ||
With no related allowance, Related Allowance | 0 | 0 | |
With an allowance recorded, Recorded Investment | 435 | 443 | |
With an allowance recorded, Borrowers' Unpaid Principal Balance | 435 | 443 | |
With an allowance recorded, Related Allowance | 35 | 18 | |
Total Impaired Loans, Recorded Investment | 435 | 829 | |
Total Impaired Loans, Borrowers' Unpaid Principal Balance | 435 | 829 | |
With an allowance recorded, Average Recorded Investment | 439 | ||
With an allowance recorded, Interest Income Recognized | 23 | ||
Total, Average Recorded Investment | 439 | ||
Total, Interest Income Recognized | 23 | ||
Commercial Mortgages (Owner Occupied) | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
With no related allowance, Recorded Investment | 382 | ||
With no related allowance, Borrowers' Unpaid Principal Balance | 382 | ||
With no related allowance, Related Allowance | 0 | 0 | |
With an allowance recorded, Recorded Investment | 1,063 | 1,069 | |
With an allowance recorded, Borrowers' Unpaid Principal Balance | 1,063 | 1,069 | |
With an allowance recorded, Related Allowance | 56 | 57 | |
Total Impaired Loans, Recorded Investment | 1,445 | 1,069 | |
Total Impaired Loans, Borrowers' Unpaid Principal Balance | 1,445 | 1,069 | |
With no related allowance, Average Recorded Investment | 384 | 1,777 | |
With no related allowance, Interest Income Recognized | 6 | 7 | |
With an allowance recorded, Average Recorded Investment | 1,066 | 544 | |
With an allowance recorded, Interest Income Recognized | 14 | 6 | |
Total, Average Recorded Investment | 1,450 | 2,321 | |
Total, Interest Income Recognized | 20 | 13 | |
Residential first mortgages | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
With no related allowance, Recorded Investment | 1,428 | ||
With no related allowance, Borrowers' Unpaid Principal Balance | 1,428 | ||
With no related allowance, Related Allowance | 0 | 0 | |
With an allowance recorded, Recorded Investment | 3,029 | 3,447 | |
With an allowance recorded, Borrowers' Unpaid Principal Balance | 3,029 | 3,447 | |
With an allowance recorded, Related Allowance | 641 | 565 | |
Total Impaired Loans, Recorded Investment | 4,457 | 3,447 | |
Total Impaired Loans, Borrowers' Unpaid Principal Balance | 4,457 | 3,447 | |
With no related allowance, Average Recorded Investment | 1,431 | 1,510 | |
With no related allowance, Interest Income Recognized | 19 | 17 | |
With an allowance recorded, Average Recorded Investment | 3,034 | 2,159 | |
With an allowance recorded, Interest Income Recognized | 33 | 10 | |
Total, Average Recorded Investment | 4,465 | 3,669 | |
Total, Interest Income Recognized | 52 | 27 | |
Residential revolving and junior mortgages | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
With no related allowance, Recorded Investment | 1,028 | ||
With no related allowance, Borrowers' Unpaid Principal Balance | 1,028 | ||
With no related allowance, Related Allowance | 0 | 0 | |
With an allowance recorded, Recorded Investment | 501 | 502 | |
With an allowance recorded, Borrowers' Unpaid Principal Balance | 501 | 502 | |
With an allowance recorded, Related Allowance | 284 | 264 | |
Total Impaired Loans, Recorded Investment | 501 | 1,530 | |
Total Impaired Loans, Borrowers' Unpaid Principal Balance | 501 | 1,530 | |
With no related allowance, Average Recorded Investment | 414 | ||
With no related allowance, Interest Income Recognized | 1 | ||
With an allowance recorded, Average Recorded Investment | 502 | 1,357 | |
With an allowance recorded, Interest Income Recognized | 3 | 3 | |
Total, Average Recorded Investment | 502 | 1,771 | |
Total, Interest Income Recognized | 3 | 4 | |
Commercial and industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
With no related allowance, Related Allowance | 0 | 0 | |
With an allowance recorded, Average Recorded Investment | 97 | ||
Total, Average Recorded Investment | 97 | ||
Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
With no related allowance, Related Allowance | 0 | 0 | |
With an allowance recorded, Recorded Investment | 120 | 121 | |
With an allowance recorded, Borrowers' Unpaid Principal Balance | 120 | 121 | |
With an allowance recorded, Related Allowance | 120 | 121 | |
Total Impaired Loans, Recorded Investment | 120 | 121 | |
Total Impaired Loans, Borrowers' Unpaid Principal Balance | 120 | $ 121 | |
With no related allowance, Interest Income Recognized | 1 | ||
With an allowance recorded, Average Recorded Investment | 121 | ||
With an allowance recorded, Interest Income Recognized | 2 | ||
Total, Average Recorded Investment | 121 | ||
Total, Interest Income Recognized | $ 2 | $ 1 |
Allowance for Loan Losses - Rec
Allowance for Loan Losses - Reconciliation of Nonaccrual Loans to Impaired Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Receivables [Abstract] | ||
Nonaccrual loans | $ 5,384 | $ 5,206 |
Nonaccrual loans collectively evaluated for impairment | (1,622) | (2,040) |
Nonaccrual impaired loans | 3,762 | 3,166 |
TDRs on accrual | 3,478 | 4,115 |
Other impaired loans on accrual | 324 | 325 |
Total impaired loans | $ 7,564 | $ 7,606 |
Allowance for Loan Losses - Sum
Allowance for Loan Losses - Summary of Troubled Debt Restructurings (Detail) - Residential First Mortgages $ in Thousands | 3 Months Ended | |
Mar. 31, 2018USD ($)Loan | [1] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | Loan | 3 | |
Pre-Modification Outstanding Recorded Investment | $ 560 | |
Post-Modification Outstanding Recorded Investment | $ 562 | |
[1] | Modifications were an extension of the loan term. |
Allowance for Loan Losses - S_2
Allowance for Loan Losses - Summary of Roll Forward of Accruing and Nonaccrual TDRs (Detail) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019USD ($) | ||
Financing Receivable, Impaired [Line Items] | ||
Beginning Balance | $ 7,902 | [1] |
Ending Balance | 7,858 | |
Accruing | ||
Financing Receivable, Impaired [Line Items] | ||
Beginning Balance | 4,115 | |
Charge-offs | 0 | |
Payments and other adjustments | (21) | |
Release TDR designation | 0 | |
Transfer | (616) | |
Ending Balance | 3,478 | |
Nonaccrual | ||
Financing Receivable, Impaired [Line Items] | ||
Beginning Balance | 1,477 | |
Charge-offs | 0 | |
Payments and other adjustments | (6) | |
Release TDR designation | 0 | |
Transfer | 616 | |
Ending Balance | 2,087 | |
Troubled Debt Restructuring | ||
Financing Receivable, Impaired [Line Items] | ||
Beginning Balance | 5,592 | |
Charge-offs | 0 | |
Payments and other adjustments | (27) | |
Release TDR designation | 0 | |
Transfer | 0 | |
Ending Balance | $ 5,565 | |
[1] | Derived from audited December 31, 2018 Consolidated Financial Statements. |
Other Real Estate Owned, Net -
Other Real Estate Owned, Net - Carrying Values of Properties Included in Other Real Estate Owned (OREO) (Detail) $ in Thousands | Mar. 31, 2019USD ($)Property | Dec. 31, 2018USD ($)Property | |
Real Estate Properties [Line Items] | |||
No. of Properties | Property | 26 | 26 | |
Carrying Value | $ | $ 3,718 | $ 3,597 | [1] |
Residential | |||
Real Estate Properties [Line Items] | |||
No. of Properties | Property | 7 | 6 | |
Carrying Value | $ | $ 1,477 | $ 1,339 | |
Land | |||
Real Estate Properties [Line Items] | |||
No. of Properties | Property | 16 | 17 | |
Carrying Value | $ | $ 1,724 | $ 1,741 | |
Commercial properties | |||
Real Estate Properties [Line Items] | |||
No. of Properties | Property | 3 | 3 | |
Carrying Value | $ | $ 517 | $ 517 | |
[1] | Derived from audited December 31, 2018 Consolidated Financial Statements. |
Other Real Estate Owned, Net _2
Other Real Estate Owned, Net - Additional Information (Detail) - Residential $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($)Property | |
Other Real Estate [Line Items] | |
Residential properties collateralized with loan | Property | 1 |
Mortgage loans in process of foreclosure | $ | $ 13 |
Leases - Additional Information
Leases - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2019USD ($)Lease | |
Lessee Lease Description [Line Items] | |
Operating lease expense | $ 227,000 |
Operating lease, ROU asset | 4,127,000 |
Operating lease liability | 4,466,000 |
Operating lease not yet commenced, right of use asset | 478,000 |
Operating lease not yet commenced, lease liability | $ 473,000 |
Operating lease not yet commenced, lease terms | 10 years |
Lessee operating lease not yet commenced, renewal term | 5 years |
Lessee operating lease not yet commenced, option to extend | true |
ASU 2016-02 | |
Lessee Lease Description [Line Items] | |
Number of operating leases identified | Lease | 16 |
Operating lease, option to extend | true |
Operating lease, ROU asset | $ 3,500,000 |
Operating lease liability | 3,800,000 |
Cumulative effect adjustment to retained earnings | 45,000 |
Minimum fair value threshold for lease contract | 7,500 |
ASU 2016-02 | Richmond, Virginia | |
Lessee Lease Description [Line Items] | |
Operating lease, ROU asset | 826,000 |
Operating lease liability | $ 826,000 |
ASU 2016-02 | Minimum | |
Lessee Lease Description [Line Items] | |
Operating lease term | 1 year |
ASU 2016-02 | Maximum [Member] | |
Lessee Lease Description [Line Items] | |
Operating lease term | 10 years |
Operating lease, renewal term | 5 years |
Leases - Schedule of ROU Asset
Leases - Schedule of ROU Asset and Lease Liabilities (Detail) $ in Thousands | Mar. 31, 2019USD ($) |
Leases [Abstract] | |
Operating lease right-of-use assets | $ 4,127 |
Current operating lease liabilities | 766 |
Noncurrent lease liabilities | 3,700 |
Total operating lease liabilities | $ 4,466 |
Leases - Schedule Weighted Aver
Leases - Schedule Weighted Average Remaining Lease Term and Discount Rate Associated with Operating Leases (Detail) | Mar. 31, 2019 |
Leases [Abstract] | |
Weighted average remaining lease term - operating leases | 8 years |
Weighted average discount rate - operating leases | 3.14% |
Leases - Maturity Analysis of O
Leases - Maturity Analysis of Operating Lease Liabilities (Detail) $ in Thousands | Mar. 31, 2019USD ($) |
Leases [Abstract] | |
2019 | $ 663 |
2020 | 894 |
2021 | 925 |
2022 | 547 |
2023 | 296 |
Thereafter | 1,746 |
Total | 5,071 |
Less interest | (605) |
Operating lease liability | $ 4,466 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information Related to Operating Leases (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Cash paid for amount included in the measurement of lease liabilities: | |
Operating cash flows from operating leases | $ 246 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 826 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
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 | 210,005 | 161,369 |
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 | 88,784 | 87,548 |
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 | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Net income | $ 1,492 | $ 1,124 |
Weighted average shares outstanding, basic | 12,972,850 | 13,038,593 |
Dilutive shares: | ||
Weighted average shares outstanding, dilutive | 13,008,817 | 13,106,214 |
Basic and diluted earnings per share | $ 0.11 | $ 0.09 |
Stock Option | ||
Dilutive shares: | ||
Effect of dilutive securities | 33,944 | 67,596 |
Restricted Stock | ||
Dilutive shares: | ||
Effect of dilutive securities | 2,023 | 25 |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) | May 28, 2015USD ($) | Mar. 31, 2019USD ($)Loan | Mar. 31, 2018 | Dec. 31, 2018USD ($)Loan | |
Debt Instrument [Line Items] | |||||
Federal Home Loan Bank advances | $ 100,000,000 | $ 100,000,000 | [1] | ||
Number of FHLB debt advances | Loan | 2 | 4 | |||
Immediate available credit | $ 151,000,000 | ||||
Total line of credit | 269,000,000 | ||||
Letters of credit issued | 18,000,000 | ||||
Remaining available borrowings under FHLB credit line | $ 18,000,000 | ||||
Virginia BanCorp | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, maturity date | Jun. 14, 2024 | ||||
Debt acquired in merger | $ 1,700,000 | $ 1,700,000 | |||
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% | ||||
Virginia BanCorp | One ESOP Notes | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 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 | |||
Effective interest rate | 6.84% | 6.86% | |||
[1] | Derived from audited December 31, 2018 Consolidated Financial Statements. |
Borrowings - Advances of Debt (
Borrowings - Advances of Debt (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Dec. 31, 2018 | [1] | |
Debt Instrument [Line Items] | |||
Total FHLB borrowings | $ 100,000 | $ 100,000 | |
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 | ||
Stated Interest Rate | 5.18% | ||
Maturity Date | Apr. 13, 2020 | ||
Fixed Rate Credit | Federal Home Loan Bank Advances Two | |||
Debt Instrument [Line Items] | |||
Federal Home Loan Bank advances, Current | $ 90,000 | ||
Originated | Mar. 4, 2019 | ||
Stated Interest Rate | 2.55% | ||
Maturity Date | Apr. 5, 2019 | ||
[1] | Derived from audited December 31, 2018 Consolidated Financial Statements. |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019Loan$ / Loan | Dec. 31, 2018$ / 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 | 12 | |
Service costs assumed, per loan | $ / Loan | 6.50 | 6.50 |
Average PSA assumed rate | 154.00% | 133.00% |
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 | 12.5 |
Mortgage Servicing Rights | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Number of residential loan 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 | Mar. 31, 2019 | Dec. 31, 2018 | |
Available-for-sale securities: | |||
Available-for-sale securities | $ 82,030 | $ 82,232 | [1] |
Mortgage servicing rights | 923 | 977 | [1] |
Fair Value, Measurements, Recurring | |||
Available-for-sale securities: | |||
Available-for-sale securities | 82,030 | 82,232 | |
Mortgage servicing rights | 923 | 977 | |
Rabbi trust assets | 1,062 | 972 | |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | |||
Available-for-sale securities: | |||
Rabbi trust assets | 1,062 | 972 | |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | |||
Available-for-sale securities: | |||
Available-for-sale securities | 78,361 | 78,561 | |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | |||
Available-for-sale securities: | |||
Available-for-sale securities | 3,669 | 3,671 | |
Mortgage servicing rights | 923 | 977 | |
US Government Agencies and Mortgage Backed Securities | |||
Available-for-sale securities: | |||
Available-for-sale securities | 49,304 | 49,882 | |
US Government Agencies and Mortgage Backed Securities | Fair Value, Measurements, Recurring | |||
Available-for-sale securities: | |||
Available-for-sale securities | 49,304 | 49,882 | |
US Government Agencies and Mortgage Backed Securities | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | |||
Available-for-sale securities: | |||
Available-for-sale securities | 49,304 | 49,882 | |
State and Municipal Obligations | |||
Available-for-sale securities: | |||
Available-for-sale securities | 20,531 | 20,217 | |
State and Municipal Obligations | Fair Value, Measurements, Recurring | |||
Available-for-sale securities: | |||
Available-for-sale securities | 20,531 | 20,217 | |
State and Municipal Obligations | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | |||
Available-for-sale securities: | |||
Available-for-sale securities | 20,531 | 20,217 | |
Corporate Bonds | |||
Available-for-sale securities: | |||
Available-for-sale securities | 12,195 | 12,133 | |
Corporate Bonds | Fair Value, Measurements, Recurring | |||
Available-for-sale securities: | |||
Available-for-sale securities | 12,195 | 12,133 | |
Corporate Bonds | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | |||
Available-for-sale securities: | |||
Available-for-sale securities | 8,526 | 8,462 | |
Corporate Bonds | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | |||
Available-for-sale securities: | |||
Available-for-sale securities | $ 3,669 | $ 3,671 | |
[1] | Derived from audited December 31, 2018 Consolidated Financial Statements. |
Fair Value Measurements - Recon
Fair Value Measurements - Reconciliation of Items Using Level Three Inputs (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Mortgage Servicing Rights | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Balance as of January 1, 2019 | $ 977 |
Fair value adjustments | (54) |
Balance as of March 31, 2019 | 923 |
Corporate Bonds | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Balance as of January 1, 2019 | 3,671 |
Fair value adjustments | (2) |
Balance as of March 31, 2019 | $ 3,669 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Assets Measured at Fair Value on Nonrecurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, net | $ 4,151 | $ 4,700 |
Other real estate owned, net | 3,718 | 3,597 |
Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, net | 4,151 | 4,700 |
Other real estate owned, net | 3,718 | 3,597 |
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, net | 4,151 | 4,700 |
Other real estate owned, net | $ 3,718 | $ 3,597 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Quantitative Fair Value Measurements for Level 3 (Detail) - Fair Value, Inputs, Level 3 $ in Thousands | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Impaired loans, net | $ 4,151 | $ 4,700 |
Other real estate owned, net | $ 3,718 | $ 3,597 |
Impaired Loans | 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 | |
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 | 20 | 15 |
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 | 25 | 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 | |
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 | 7 | 7 |
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 | 20 | 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 | 100 | |
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 | 6 | 5 |
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 | 9 | 9 |
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 | 32 | 19 |
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 | 13 | 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 | 27 | 28 |
Fair Value Measurements - Sum_3
Fair Value Measurements - Summary of Assets and Liabilities at Carrying Value and Estimated Fair Value on a Nonrecurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | ||
Financial Assets: | ||||
Cash and due from banks | $ 7,404 | $ 7,685 | [1] | |
Certificates of deposit | 3,746 | 3,746 | [1] | |
Federal funds sold | 182 | 625 | [1] | |
Restricted securities | 7,804 | 7,600 | [1] | |
Loans receivable, net | 910,762 | 894,191 | [1] | |
Loans held for sale | [1] | 368 | ||
Accrued interest receivable | 3,274 | 3,172 | [1] | |
Financial Liabilities: | ||||
Savings and interest-bearing demand deposits | 371,587 | 359,400 | [1] | |
Time deposits | 372,751 | 368,670 | [1] | |
Securities sold under repurchase agreements | 7,220 | 6,089 | [1] | |
FHLB advances | 100,000 | 100,000 | [1] | |
Subordinated notes, net | 6,897 | 6,893 | [1] | |
Fair Value, Inputs, Level 1 | ||||
Financial Assets: | ||||
Cash and due from banks | 7,404 | 7,685 | ||
Interest-earning deposits | 23,091 | 18,981 | ||
Federal funds sold | 182 | 625 | ||
Financial Liabilities: | ||||
Noninterest-bearing demand deposits | 112,315 | 114,122 | ||
Savings and interest-bearing demand deposits | 330,690 | 359,400 | ||
Securities sold under repurchase agreements | 7,220 | 6,089 | ||
Fair Value, Inputs, Level 2 | ||||
Financial Assets: | ||||
Certificates of deposit | 3,746 | 3,746 | ||
Loans held for sale | 368 | |||
Accrued interest receivable | 3,274 | 3,172 | ||
Financial Liabilities: | ||||
FHLB advances | 99,773 | 99,727 | ||
Fair Value, Inputs, Level 3 | ||||
Financial Assets: | ||||
Restricted securities | 7,804 | 7,600 | ||
Loans receivable, net | 896,740 | 877,114 | ||
Financial Liabilities: | ||||
Time deposits | 372,921 | 369,347 | ||
Subordinated notes, net | 7,045 | 7,046 | ||
Carrying Value | ||||
Financial Assets: | ||||
Cash and due from banks | 7,404 | 7,685 | ||
Interest-earning deposits | 23,091 | 18,981 | ||
Certificates of deposit | 3,746 | 3,746 | ||
Federal funds sold | 182 | 625 | ||
Restricted securities | 7,804 | 7,600 | ||
Loans receivable, net | 910,762 | 894,191 | ||
Loans held for sale | 368 | |||
Accrued interest receivable | 3,274 | 3,172 | ||
Financial Liabilities: | ||||
Noninterest-bearing demand deposits | 112,315 | 114,122 | ||
Savings and interest-bearing demand deposits | 371,587 | 359,400 | ||
Time deposits | 372,751 | 368,670 | ||
Securities sold under repurchase agreements | 7,220 | 6,089 | ||
FHLB advances | 100,000 | 100,000 | ||
Subordinated notes, net | 6,897 | 6,893 | ||
Fair Value | ||||
Financial Assets: | ||||
Cash and due from banks | 7,404 | 7,685 | ||
Interest-earning deposits | 23,091 | 18,981 | ||
Certificates of deposit | 3,746 | 3,746 | ||
Federal funds sold | 182 | 625 | ||
Restricted securities | 7,804 | 7,600 | ||
Loans receivable, net | 896,740 | 877,114 | ||
Loans held for sale | 368 | |||
Accrued interest receivable | 3,274 | 3,172 | ||
Financial Liabilities: | ||||
Noninterest-bearing demand deposits | 112,315 | 114,122 | ||
Savings and interest-bearing demand deposits | 330,690 | 359,400 | ||
Time deposits | 372,921 | 369,347 | ||
Securities sold under repurchase agreements | 7,220 | 6,089 | ||
FHLB advances | 99,773 | 99,727 | ||
Subordinated notes, net | $ 7,045 | $ 7,046 | ||
[1] | Derived from audited December 31, 2018 Consolidated Financial Statements. |
Changes in Accumulated Other _3
Changes in Accumulated Other Comprehensive Income (Loss), net - Components of Accumulated Other Comprehensive Income (Loss) Net of Deferred Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | $ 117,476 | [1] | $ 114,554 |
Change in net unrealized holding gain (loss) on available-for-sale securities | 806 | (944) | |
Balance at end of period | 119,937 | 114,919 | |
Net Unrealized Losses on Securities | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | (1,252) | ||
Change in net unrealized holding gain (loss) on available-for-sale securities | 806 | ||
Balance at end of period | (446) | ||
Pension and Post-retirement Benefit Plans | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | (75) | ||
Balance at end of period | (75) | ||
Accumulated Other Comprehensive Loss, net | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | (1,327) | (1,156) | |
Change in net unrealized holding gain (loss) on available-for-sale securities | 806 | (944) | |
Balance at end of period | $ (521) | $ (2,100) | |
[1] | Derived from audited December 31, 2018 Consolidated Financial Statements. |
Changes in Accumulated Other _4
Changes in Accumulated Other Comprehensive Income (Loss), net - Components of Accumulated Other Comprehensive Income (Loss) Net of Deferred Taxes (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Change in net unrealized holding gain (loss) on available-for-sale securities, deferred tax expense | $ 214 | $ (248) |
Net Unrealized Gain (Loss) on Securities | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Change in net unrealized holding gain (loss) on available-for-sale securities, deferred tax expense | $ 214 |