Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | May 03, 2019 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | FAUQUIER BANKSHARES, INC. | |
Entity Central Index Key | 0001083643 | |
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 | 3,784,934 | |
Document Fiscal Year Focus | 2019 | |
Trading Symbol | FBSS | |
Document Fiscal Period Focus | Q1 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and due from banks | $ 5,851 | $ 6,834 |
Interest-bearing deposits in other banks | 32,143 | 60,259 |
Federal funds sold | 14 | 17 |
Securities available for sale, at fair value | 69,773 | 71,884 |
Restricted investments | 2,571 | 2,240 |
Mortgage loans held for sale | 260 | |
Loans | 544,953 | 549,364 |
Allowance for loan losses | (5,281) | (5,176) |
Loans, net | 539,672 | 544,188 |
Premises and equipment, net | 17,968 | 18,190 |
Accrued interest receivable | 2,054 | 1,942 |
Other real estate owned, net | 1,356 | 1,356 |
Bank-owned life insurance | 13,688 | 13,595 |
Other assets | 15,152 | 10,300 |
Total assets | 700,502 | 730,805 |
Deposits: | ||
Noninterest-bearing checking | 117,048 | 123,576 |
Interest-bearing: | ||
Checking | 229,639 | 269,007 |
Savings and money market accounts | 158,693 | 160,843 |
Time deposits | 86,978 | 82,212 |
Total interest-bearing | 475,310 | 512,062 |
Total deposits | 592,358 | 635,638 |
Federal Home Loan Bank advances | 29,759 | 23,780 |
Junior subordinated debt | 4,124 | 4,124 |
Other liabilities | 12,128 | 7,256 |
Total liabilities | 638,369 | 670,798 |
Shareholders’ Equity | ||
Common stock, par value, $3.13 and additional paid-in capital; authorized 8,000,000 shares; issued and outstanding: 3,785,454 and 3,773,836 shares including 23,634 and 22,569 unvested shares, respectively | 15,861 | 15,742 |
Retained earnings | 45,980 | 44,803 |
Accumulated other comprehensive income (loss), net | 292 | (538) |
Total shareholders’ equity | 62,133 | 60,007 |
Total liabilities and shareholders’ equity | $ 700,502 | $ 730,805 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2019 | Dec. 31, 2018 |
Shareholders’ Equity | ||
Common stock, par value (in dollars per share) | $ 3.13 | $ 3.13 |
Common stock, shares authorized (in shares) | 8,000,000 | 8,000,000 |
Common stock, shares issued (in shares) | 3,785,454 | 3,773,836 |
Common stock, shares outstanding (in shares) | 3,785,454 | 3,773,836 |
Common stock, unvested shares (in shares) | 23,634 | 22,569 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Interest Income | ||
Interest and fees on loans | $ 6,571 | $ 5,753 |
Interest and dividends on securities: | ||
Taxable interest income | 369 | 349 |
Tax-exempt interest | 89 | 94 |
Dividends | 38 | 20 |
Interest on deposits in other banks | 112 | 154 |
Total interest income | 7,179 | 6,370 |
Interest Expense | ||
Interest on deposits | 839 | 444 |
Interest on federal funds purchased | 14 | 19 |
Interest on Federal Home Loan Bank advances | 144 | 140 |
Interest on Junior subordinated debt | 49 | 49 |
Total interest expense | 1,046 | 652 |
Net interest income | 6,133 | 5,718 |
Provision for loan losses | 50 | 300 |
Net interest income after provision for loan losses | 6,083 | 5,418 |
Noninterest Income | ||
Brokerage fees | 90 | 41 |
Bank-owned life insurance | 93 | 89 |
Other service charges, commissions and other income | 148 | 91 |
Gain on sale/call of securities available for sale | 79 | 535 |
Gain on sale of mortgage loans held for sale, net | 6 | |
Total noninterest income | 1,480 | 1,863 |
Noninterest Expenses | ||
Salaries and benefits | 3,012 | 2,968 |
Occupancy | 615 | 605 |
Furniture and equipment | 283 | 272 |
Marketing and business development | 186 | 108 |
Legal, audit and consulting | 249 | 228 |
Data processing | 354 | 256 |
Federal Deposit Insurance Corporation assessment | 94 | 100 |
Other operating expenses | 925 | 944 |
Total noninterest expenses | 5,718 | 5,481 |
Income before income taxes | 1,845 | 1,800 |
Income tax expense | 213 | 214 |
Net Income | $ 1,632 | $ 1,586 |
Earnings per share, basic | $ 0.43 | $ 0.42 |
Earnings per share, diluted | 0.43 | 0.42 |
Dividends per share | $ 0.12 | $ 0.12 |
Trust and Estate Fees [Member] | ||
Noninterest Income | ||
Total noninterest income | $ 416 | $ 372 |
Service Charges on Deposit Accounts [Member] | ||
Noninterest Income | ||
Total noninterest income | 383 | 444 |
Intercharge Fee Income, Net [Member] | ||
Noninterest Income | ||
Total noninterest income | $ 271 | $ 285 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net income | $ 1,632 | $ 1,586 |
Other comprehensive income (loss), net of tax: | ||
Change in fair value of securities available for sale, net of tax, $(262) and $149, respectively | 984 | (437) |
Reclassification adjustment for gains on securities available for sale, net of tax, $17 and $112, respectively | (62) | (423) |
Change in fair value of interest rate swap, net of tax, $24 and $(38), respectively | (92) | 143 |
Total other comprehensive income (loss), net of tax, $(221) and $223, respectively | 830 | (717) |
Total comprehensive income | $ 2,462 | $ 869 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Other comprehensive income (loss), net of tax: | ||
Change in fair value of securities available for sale, tax | $ (262) | $ 149 |
Reclassification adjustment for gain on securities available for sale, tax | 17 | 112 |
Change in fair value of interest rate swap, tax | 24 | (38) |
Other comprehensive income (loss), tax | $ (221) | $ 223 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock and Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Balance at Dec. 31, 2017 | $ 56,142 | $ 15,526 | $ 40,491 | $ 125 |
Increase (Decrease) in Stockholders' Equity | ||||
Net income | 1,586 | 0 | 1,586 | 0 |
Other comprehensive income (loss), net of tax effect | (717) | 0 | 0 | (717) |
Cash dividends | (453) | 0 | (453) | 0 |
Reclassification of net unrealized gains on equity securities from Accumulated other comprehensive income (loss) | 0 | 0 | (10) | 10 |
Amortization of unearned compensation, restricted stock awards | 31 | 31 | 0 | 0 |
Issuance of common stock - unvested shares | 0 | 0 | 0 | 0 |
Issuance of common stock - vested shares | 85 | 85 | 0 | 0 |
Repurchase of common stock | (8) | (8) | 0 | 0 |
Balance at Mar. 31, 2018 | 56,666 | 15,634 | 41,614 | (582) |
Balance at Dec. 31, 2018 | 60,007 | 15,742 | 44,803 | (538) |
Increase (Decrease) in Stockholders' Equity | ||||
Net income | 1,632 | 0 | 1,632 | 0 |
Other comprehensive income (loss), net of tax effect | 830 | 0 | 0 | 830 |
Cash dividends | (455) | 0 | (455) | 0 |
Amortization of unearned compensation, restricted stock awards | 34 | 34 | 0 | 0 |
Issuance of common stock - unvested shares | 0 | 0 | 0 | 0 |
Issuance of common stock - vested shares | 95 | 95 | 0 | 0 |
Repurchase of common stock | (10) | (10) | 0 | 0 |
Balance at Mar. 31, 2019 | $ 62,133 | $ 15,861 | $ 45,980 | $ 292 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Increase (Decrease) in Stockholders' Equity | ||
Other comprehensive income (loss), tax | $ (221) | $ 223 |
Cash dividends (in dollars per share) | $ 0.12 | $ 0.12 |
Issuance of common stock - unvested shares (in shares) | 6,404 | 3,984 |
Issuance of common stock - vested shares (in shares) | 4,149 | 3,961 |
Repurchase of common stock (in shares) | 440 | 368 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Cash Flows from Operating Activities | |||
Net income | $ 1,632 | $ 1,586 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 324 | 313 | |
Provision for loan losses | 50 | 300 | $ 507 |
Gain on interest rate swaps | 2 | ||
Gain on sales/calls of securities available for sale | (79) | (535) | |
Amortization of security premiums, net | 88 | 94 | |
Amortization of unearned compensation, net of forfeiture | 59 | 50 | |
Issuance of vested restricted stock | 95 | 85 | |
Bank-owned life insurance income | (93) | (89) | |
Originations of mortgage loans held for sale | (260) | (628) | |
Proceeds from mortgage loans held for sale | 234 | ||
Gain on mortgage loans held for sale | (6) | ||
Changes in assets and liabilities: | |||
Increase in other assets | (5,346) | (76) | |
Increase (decrease) in other liabilities | 4,839 | (178) | |
Net cash provided by operating activities | 1,309 | 1,152 | |
Cash Flows from Investing Activities | |||
Proceeds from sales, maturities, calls and principal payments of securities available for sale | 16,344 | 3,766 | |
Purchase of securities available for sale | (13,075) | (1,962) | |
Purchase of premises and equipment | (102) | (93) | |
Purchase of restricted investments, net | (331) | (1,291) | |
Loan originations, net | 4,519 | (374) | |
Net cash provided by investing activities | 7,355 | 46 | |
Cash Flows from Financing Activities | |||
Increase (decrease) in noninterest-bearing checking, interest-bearing checking, savings and money market accounts | (48,046) | 7,907 | |
Increase (decrease) in time deposits | 4,766 | (688) | |
Increase in Federal Home Loan Bank advances | 5,979 | 29,980 | |
Cash dividends paid on common stock | (455) | (453) | |
Repurchase of common stock | (10) | (8) | |
Net cash provided by (used in) financing activities | (37,766) | 36,738 | |
Increase (decrease) in cash and cash equivalents | (29,102) | 37,936 | |
Cash and Cash Equivalents | |||
Beginning | 67,110 | 29,300 | 29,300 |
Ending | 38,008 | 67,236 | $ 67,110 |
Cash payments for: | |||
Interest | 947 | 628 | |
Supplemental Disclosures of Noncash Investing Activities | |||
Unrealized gain (loss) on securities available for sale, net of tax | 922 | (437) | |
Unrealized gain (loss) on interest rate swap, net of tax | $ (92) | $ 143 |
General
General | 3 Months Ended |
Mar. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
General | Note 1. General The consolidated financial statements include the accounts of Fauquier Bankshares, Inc. (the “Company”) and its wholly-owned subsidiary, The Fauquier Bank (the “Bank”), and the Bank’s wholly-owned subsidiaries, Fauquier Bank Services, Inc. and Specialty Properties Acquisitions - VA, LLC. Specialty Properties Acquisitions - VA, LLC was formed with the sole purpose of holding foreclosed property. The consolidated financial statements do not include the accounts of Fauquier Statutory Trust II, a wholly-owned subsidiary of the Company. In consolidation, significant intercompany financial balances and transactions have been eliminated. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly the financial position as of March 31, 2019 and the results of operations for the three months ended March 31, 2019 and 2018, in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The notes included herein should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s 2018 Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”). The results of operations for the three months ended March 31, 2019 and 2018 are not necessarily indicative of the results expected for the full year or any other interim period. Certain amounts in the 2018 consolidated financial statements have been reclassified to conform to the 2019 presentation. No reclassifications were significant and there was no effect on net income. Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” The amendments, among other things, require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. In addition, the ASU amends the accounting for credit losses on available for sale debt securities and purchased financial assets with credit deterioration. The amendments in this ASU are effective for SEC filers for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The Company is currently assessing the impact that ASU 2016-13 will have on its consolidated financial statements. The Company’s management is addressing compliance requirements, data gathering and archiving resources, and analyzing the potential impact of this standard. In August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement.” The amendments modify the disclosure requirements in Topic 820 to add disclosures regarding changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements and the narrative description of measurement uncertainty. Certain disclosure requirements in Topic 820 are also removed or modified. The amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Certain of the amendments are to be applied prospectively while others are to be applied retrospectively. Early adoption is permitted. The Company does not expect the adoption of ASU 2018-13 to have a material impact on its consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-14, “Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans.” These amendments modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. Certain disclosure requirements have been deleted while the following disclosure requirements have been added: the weighted-average interest crediting rates for cash balance plans and other plans with promised interest crediting rates and an explanation of the reasons for significant gains and losses related to changes in the benefit obligation for the period. The amendments also clarify the disclosure requirements in paragraph 715-20-50-3, which state that the following information for defined benefit pension plans should be disclosed: The projected benefit obligation (“PBO”) and fair value of plan assets for plans with PBOs in excess of plan assets and the accumulated benefit obligation (“ABO”) and fair value of plan assets for plans with ABOs in excess of plan assets. The amendments are effective for fiscal years ending after December 15, 2020. Early adoption is permitted. The Company does not expect the adoption of ASU 2018-14 to have a material impact on its consolidated financial statements. |
Securities
Securities | 3 Months Ended |
Mar. 31, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Securities | Note 2. Securities The amortized cost and fair value of securities available for sale, with unrealized gains and losses follows: March 31, 2019 (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value Obligations of U.S. Government corporations and agencies $ 57,242 $ 151 $ (401 ) $ 56,992 Obligations of states and political subdivisions 12,437 361 (17 ) 12,781 $ 69,679 $ 512 $ (418 ) $ 69,773 December 31, 2018 (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value Obligations of U.S. Government corporations and agencies $ 57,673 $ 26 $ (1,290 ) $ 56,409 Obligations of states and political subdivisions 14,605 93 (118 ) 14,580 Corporate bonds 680 215 - 895 $ 72,958 $ 334 $ (1,408 ) $ 71,884 The amortized cost and fair value of securities available for sale, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations without penalties. March 31, 2019 (In thousands) Amortized Cost Fair Value Due after one year through five years 9,300 9,227 Due after five years through ten years 15,665 15,596 Due after ten years 44,714 44,950 $ 69,679 $ 69,773 During the three months ended March 31, 2019, securities totaling The following table shows the Company’s securities with gross unrealized losses, by investment category and length of time that individual securities have been in a continuous unrealized loss position, at March 31, 2019 and December 31, 2018, respectively. (In thousands) Less than 12 Months 12 Months or More Total March 31, 2019 Fair Value Unrealized (Losses) Fair Value Unrealized (Losses) Fair Value Unrealized (Losses) Obligations of U.S. Government corporations and agencies $ - $ - $ 33,977 $ (401 ) $ 33,977 $ (401 ) Obligations of states and political subdivisions - - 293 (17 ) 293 (17 ) Total temporary impaired securities $ - $ - $ 34,270 $ (418 ) $ 34,270 $ (418 ) (In thousands) Less than 12 Months 12 Months or More Total December 31, 2018 Fair Value Unrealized (Losses) Fair Value Unrealized (Losses) Fair Value Unrealized (Losses) Obligations of U.S. Government corporations and agencies $ 14,901 $ (104 ) $ 37,186 $ (1,186 ) $ 52,087 $ (1,290 ) Obligations of states and political subdivisions 3,179 (31 ) 4,086 (87 ) 7,265 (118 ) Total temporary impaired securities $ 18,080 $ (135 ) $ 41,272 $ (1,273 ) $ 59,352 $ (1,408 ) At March 31, 2019, there were approximately 40 securities that were in a loss position due to market conditions, primarily interest rates, and not due to credit concerns. Because the Company intends to hold these investments to maturity and it is more likely than not that the Company will not be required to sell these investments before a recovery of unrealized losses, the Company does not consider these investments to be other-than-temporarily impaired at March 31, 2019 and no other-than-temporary impairment has been recognized. At March 31, 2019, the Company sold its one remaining corporate bond with a cost basis, net of other-than-temporary impairment, totaling $680,000 resulting in a gain of $250,000. The following roll forward reflects the amount related to credit losses recognized in earnings: (In thousands) Beginning balance as of December 31, 2018 $ 320 Changes in cash flows expected to be collected that are recognized over the remaining life of the security - Reduction for security sold during the period (320 ) Ending balance as of March 31, 2019 $ - The carrying value of securities pledged to secure deposits and for other purposes totaled $16.5 |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2019 | |
Accounts Notes Loans And Financing Receivable Gross Allowance And Net [Abstract] | |
Loans and Allowance for Loan Losses | Note 3. Loans and Allowance for Loan Losses The Company’s allowance for loan losses has three basic components: the specific allowance, the general allowance, and the unallocated component. The specific allowance is used to individually allocate an allowance for larger balance, non-homogeneous loans identified as impaired. The general allowance is used for estimating the loss on pools of smaller balance, homogeneous loans, including 1-4 family mortgage loans and other consumer loans. Also, the general allowance is used for the remaining pool of larger balance, non-homogeneous loans which were not identified as impaired. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. The following tables present the total allowance for loan losses by portfolio segment for the periods presented. March 31, 2019 (In thousands) Commercial and Industrial Commercial Real Estate Construction and Land Consumer Student Residential Real Estate Home Equity Lines of Credit Unallocated Total Allowance for Loan Losses Beginning balance, December 31, 2018 $ 483 $ 1,738 $ 635 $ 145 $ 68 $ 1,311 $ 446 $ 350 $ 5,176 Charge-offs - - - (17 ) (3 ) - - - (20 ) Recoveries - 75 - - - - - - 75 Provision (recovery) 38 (106 ) 87 28 - 22 (19 ) - 50 Ending balance, March 31, 2019 $ 521 $ 1,707 $ 722 $ 156 $ 65 $ 1,333 $ 427 $ 350 $ 5,281 Ending balances individually evaluated for impairment $ 168 $ 148 $ - $ - $ - $ - $ 90 $ - $ 406 Ending balances collectively evaluated for impairment $ 353 $ 1,559 $ 722 $ 156 $ 65 $ 1,333 $ 337 $ 350 $ 4,875 Loans Individually evaluated for impairment $ 506 $ 3,167 $ 740 $ - $ - $ 698 $ 556 $ 5,667 Collectively evaluated for impairment 26,033 177,352 72,162 5,849 8,897 208,341 40,652 539,286 Ending balance, March 31, 2019 $ 26,539 $ 180,519 $ 72,902 $ 5,849 $ 8,897 $ 209,039 $ 41,208 $ 544,953 March 31, 2018 (In thousands) Commercial and Industrial Commercial Real Estate Construction and Land Consumer Student Residential Real Estate Home Equity Lines of Credit Unallocated Total Allowance for Loan Losses Beginning balance, December 31, 2017 $ 518 $ 1,609 $ 879 $ 105 $ 72 $ 1,174 $ 387 $ 350 $ 5,094 Charge-offs (39 ) - - (3 ) (9 ) - - - (51 ) Recoveries 6 - - 3 - 47 1 - 57 Provision (recovery) 160 99 72 (2 ) 10 (36 ) 4 (7 ) 300 Ending balance, March 31, 2018 $ 645 $ 1,708 $ 951 $ 103 $ 73 $ 1,185 $ 392 $ 343 $ 5,400 December 31, 2018 (In thousands) Commercial and Industrial Commercial Real Estate Construction and Land Consumer Student Residential Real Estate Home Equity Lines of Credit Unallocated Total Allowance for Loan Losses Beginning balance, December 31, 2017 $ 518 $ 1,609 $ 879 $ 105 $ 72 $ 1,174 $ 387 $ 350 $ 5,094 Charge-offs (106 ) (47 ) (312 ) (14 ) (24 ) (200 ) (80 ) - (783 ) Recoveries 35 70 - 4 - 248 1 - 358 Provision 36 106 68 50 20 89 138 - 507 Ending balance, December 31, 2018 $ 483 $ 1,738 $ 635 $ 145 $ 68 $ 1,311 $ 446 $ 350 $ 5,176 Ending balances individually evaluated for impairment $ 176 $ 159 $ - $ - $ - $ - $ 68 $ - $ 403 Ending balances collectively evaluated for impairment $ 307 $ 1,579 $ 635 $ 145 $ 68 $ 1,311 $ 378 $ 350 $ 4,773 Loans Individually evaluated for impairment $ 522 $ 3,191 $ 2,679 $ - $ - $ 707 $ 567 $ 7,666 Collectively evaluated for impairment 26,199 184,606 68,730 5,562 9,158 205,238 42,205 541,698 Ending balance, December 31, 2018 $ 26,721 $ 187,797 $ 71,409 $ 5,562 $ 9,158 $ 205,945 $ 42,772 $ 549,364 Loans by credit quality indicators were as follows at the dates presented: March 31, 2019 (In thousands) Commercial and Industrial Commercial Real Estate Construction and Land Consumer Student Residential Real Estate Home Equity Lines of Credit Total Grade: Pass $ 24,295 $ 171,444 $ 69,321 $ 5,849 $ 8,897 $ 201,305 $ 38,199 $ 519,310 Special mention 1,387 4,595 2,655 - - 1,666 117 10,420 Substandard 857 4,480 926 - - 6,068 2,892 15,223 Doubtful - - - - - - - - Loss - - - - - - - - Total $ 26,539 $ 180,519 $ 72,902 $ 5,849 $ 8,897 $ 209,039 $ 41,208 $ 544,953 December 31, 2018 (In thousands) Commercial and Industrial Commercial Real Estate Construction and Land Consumer Student Residential Real Estate Home Equity Lines of Credit Total Grade: Pass $ 24,285 $ 178,525 $ 67,767 $ 5,559 $ 9,158 $ 198,566 $ 39,145 $ 523,005 Special mention 1,540 4,643 2,282 3 - 1,496 424 10,388 Substandard 896 4,629 1,360 - - 5,883 3,203 15,971 Doubtful - - - - - - - - Loss - - - - - - - - Total $ 26,721 $ 187,797 $ 71,409 $ 5,562 $ 9,158 $ 205,945 $ 42,772 $ 549,364 The past due status of loans at the dates presented were: March 31, 2019 (In thousands) 30-59 Days Past Due 60-89 Days Past Due 90+ Days Past Due Total Past Due Current Total Loans 90+ Days Past Due and Accruing Nonaccruals Commercial and industrial $ 56 $ 277 $ 74 $ 407 $ 26,132 $ 26,539 $ - $ 128 Commercial real estate 941 1,164 974 3,079 177,440 180,519 - 974 Construction and land 80 2,555 - 2,635 70,267 72,902 - - Consumer 6 - - 6 5,843 5,849 - - Student 190 143 1,091 1,424 7,473 8,897 1,091 - Residential real estate - 277 - 277 208,762 209,039 - 311 Home equity lines of credit 505 200 627 1,332 39,876 41,208 72 556 Total $ 1,778 $ 4,616 $ 2,766 $ 9,160 $ 535,793 $ 544,953 $ 1,163 $ 1,969 December 31, 2018 (In thousands) 30-59 Days Past Due 60-89 Days Past Due 90+ Days Past Due Total Past Due Current Total Loans 90+ Days Past Due and Accruing Nonaccruals Commercial and industrial $ 365 $ - $ 77 $ 442 $ 26,279 $ 26,721 $ - $ 135 Commercial real estate 372 - 974 1,346 186,451 187,797 - 974 Construction and land 1,419 - - 1,419 69,990 71,409 - - Consumer 7 18 - 25 5,537 5,562 - - Student 747 238 1,227 2,212 6,946 9,158 1,227 - Residential real estate 278 131 - 409 205,536 205,945 - 317 Home equity lines of credit 403 - 567 970 41,802 42,772 - 567 Total $ 3,591 $ 387 $ 2,845 $ 6,823 $ 542,541 $ 549,364 $ 1,227 $ 1,993 The following table presents information related to impaired loans, by portfolio segment, at the dates presented. March 31, 2019 (In thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no specific allowance recorded: Commercial and industrial $ 54 $ 60 $ - $ 59 $ - Commercial real estate 1,361 1,361 - 1,370 19 Construction and land 740 740 - 747 8 Residential real estate 698 722 - 702 4 With an allowance recorded: Commercial and industrial $ 452 $ 484 $ 168 $ 456 $ 4 Commercial real estate 1,806 1,820 148 1,809 9 Home equity lines of credit 556 600 90 561 - Total: Commercial and industrial $ 506 $ 544 $ 168 $ 515 $ 4 Commercial real estate 3,167 3,181 148 3,179 28 Construction and land 740 740 - 747 8 Residential real estate 698 722 - 702 4 Home equity lines of credit 556 600 90 561 - Total $ 5,667 $ 5,787 $ 406 $ 5,704 $ 44 December 31, 2018 (In thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no specific allowance recorded: Commercial and industrial $ 61 $ 66 $ - $ 84 $ 2 Commercial real estate 1,378 1,378 - 1,413 74 Construction and land 2,679 2,679 - 3,289 145 Residential real estate 707 727 - 720 18 With an allowance recorded: Commercial and industrial $ 461 $ 493 $ 176 $ 587 $ 21 Commercial real estate 1,813 1,827 159 1,998 39 Home equity lines of credit 567 600 68 578 - Total: Commercial and industrial $ 522 $ 559 $ 176 $ 671 $ 23 Commercial real estate 3,191 3,205 159 3,411 113 Construction and land 2,679 2,679 - 3,289 145 Residential real estate 707 727 - 720 18 Home equity lines of credit 567 600 68 578 - Total $ 7,666 $ 7,770 $ 403 $ 8,669 $ 299 There were no loans modified as trouble debt restructures (“TDRs”) for the three months ended March 31, 2019 and 2018. At March 31, 2019, there were six loans in the portfolio, totaling $3.4 million, that have been identified as TDRs, of which, five, totaling $3.4 million, were current and performing in accordance with the modified terms. At December 31, 2018, there were six loans in the portfolio, totaling $3.4 million, that have been identified as TDRs, of which five were current and performing in accordance with the modified terms. There were no loan modifications that were classified as TDRs during the three months ended March 31, 2019 and 2018. There were no defaults on TDRs occurring within 12 months of modification during the three months ended March 31, 2019 and 2018. At |
Junior Subordinated Debt
Junior Subordinated Debt | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Junior Subordinated Debt | Note 4. Junior Subordinated Debt On September 21, 2006, the Company’s wholly-owned Connecticut statutory business trust, Fauquier Statutory Trust II (“Trust II”), privately issued $4.0 million face amount of the trust’s Floating Rate Capital Securities in a pooled capital securities offering. Simultaneously, Trust II used the proceeds of that sale to purchase $4.0 million principal amount of the Company’s Floating Rate Junior Subordinated Deferrable Interest Debentures due 2036. The interest rate on the capital security resets every three months at 1.70% above the then current three-month LIBOR. Interest is paid quarterly. Total capital securities at March 31, 2019 and December 31, 2018 were $4.1 million. The Trust II issuance of capital securities and the respective subordinated debentures are callable at any time. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 3 Months Ended |
Mar. 31, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | Note 5. Derivative Instruments and Hedging Activities GAAP requires that all derivatives be recognized in the consolidated financial statements at their fair values. On the date that the derivative contract is entered into, the Company designates the derivative as a hedge of variable cash flows to be paid or received in conjunction with recognized assets or liabilities, as a cash flow or fair value hedge. For a derivative treated as a cash flow hedge, the ineffective portion of changes in fair value is reported in current period earnings. The effective portion of the cash flow hedge is recorded as an adjustment to the hedged item through other comprehensive income. For a derivative treated as a fair value hedge, the gain or loss on the derivative, as well as the offsetting gain or loss on the hedged item attributable to the hedged risk, are recognized in interest income. The Company uses interest rate swaps to reduce interest rate risk and to manage net interest income. The Company formally assesses, both at the hedges’ inception, and on an on-going basis, whether derivatives used in hedging transactions have been highly effective in offsetting changes in cash flows of hedged items and whether those derivatives are expected to remain highly effective in subsequent periods. The Company discontinues hedge accounting when (i) it determines that a derivative is no longer effective in offsetting changes in cash flows of a hedged item; (ii) the derivative expires or is sold, terminated or exercised; (iii) probability exists that the forecasted transaction will no longer occur; or (iv) management determines that designating the derivative as a hedging instrument is no longer appropriate. In all cases in which hedge accounting is discontinued and a derivative remains outstanding, the Company will carry the derivative at fair value, recognizing changes in fair value in current period income in the consolidated statements of operations. There was no cash flow hedge ineffectiveness identified for the three months ended March 31, 2019 and 2018. Interest differentials paid or received under the swap agreements are reflected as adjustments to interest income. These interest rate swap agreements include both cash flow and fair value hedge derivative instruments that qualify for hedge accounting. The notional amounts of the interest rate swaps are not exchanged and do not represent exposure to credit loss. In the event of default by a counter party, the risk in these transactions is the cost of replacing the agreements at current market rates. The Company entered into an interest rate swap agreement on July 1, 2010 to manage the interest rate exposure on its Junior Subordinated Debt due 2036. By entering into this agreement, the Company converts a floating rate liability into a fixed rate liability through 2020. Under the terms of the agreement, the Company receives interest quarterly at the rate equivalent to three-month LIBOR plus 1.70%, repricing every three months on the same date as the Company’s Junior Subordinated Debt and pays interest monthly at the fixed rate of 4.31%. Interest expense on the interest rate swap was $5,000 and $15,000 for the three months ended March 31, 2019 and 2018, respectively. The Company entered into two swap agreements to manage the interest rate risk related to two commercial loans. The agreements allow the Company to convert fixed rate assets to floating rate assets through 2022 and 2025. The Company receives interest monthly at the rate equivalent to one-month LIBOR plus a spread repricing on the same date as the loans and pays interest at fixed rates. Interest income on these swaps was $9,000 for the three months ended March 31, 2019 and interest expense was $4,000 for the three months ended March 31, 2018. These swaps are designated as fair value hedges and changes in fair value are recorded in current earnings. Cash collateral held at other banks for these swaps was $430,000 The effects of derivative instruments on the consolidated financial statements as of March 31, 2019 and December 31, 2018 are as follows: (In thousands) March 31, 2019 Derivatives designated as hedging instruments Notional/Contract Amount Fair Value Fair Value Balance Sheet Location Expiration Date Interest rate swap - cash flow $ 4,000 $ (45 ) Other Liabilities 9/15/2020 Interest rate forward swap - cash flow 4,000 146 Other Assets 6/15/2031 Interest rate swap - fair value 1,162 15 Other Assets 4/9/2025 Interest rate swap - fair value 4,264 44 Other Assets 2/12/2022 (In thousands) December 31, 2018 Derivatives designated as hedging instruments Notional/Contract Amount Fair Value Fair Value Balance Sheet Location Expiration Date Interest rate swap - cash flow $ 4,000 $ (38 ) Other Liabilities 9/15/2020 Interest rate forward swap - cash flow 4,000 255 Other Assets 6/15/2031 Interest rate swap - fair value 1,186 34 Other Assets 4/9/2025 Interest rate swap - fair value 4,347 78 Other Assets 2/12/2022 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 6. Earnings Per Share The following table shows the weighted average number of shares used in computing earnings per share and the effect on weighted average number of shares of dilutive potential common stock. Three Months Ended March 31, 2019 2018 Shares Per Share Amount Shares Per Share Amount Basic earnings per share 3,778,895 $ 0.43 3,768,197 $ 0.42 Effect of dilutive stock awards 10,015 8,917 Diluted earnings per share 3,788,910 $ 0.43 3,777,114 $ 0.42 Unvested restricted shares have voting rights and receive nonforfeitable dividends during the vesting period; therefore, they are included in calculating basic earnings per share. The portion of unvested performance based stock awards that are expected to vest, but have not yet been awarded, are included in the calculation of diluted earnings per share. |
Share-based Compensation
Share-based Compensation | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-based Compensation | Note 7. Share-based Compensation Stock Incentive Plan On May 19, 2009, the shareholders of the Company approved the Company’s Stock Incentive Plan (the “Plan”), which superseded and replaced the Omnibus Stock Ownership and Long-Term Incentive Plan. Under the Plan, stock options, stock appreciation rights, unvested and/or restricted shares, and long-term performance unit awards may be granted to directors and certain employees for purchase of the Company’s common stock. The effective date of the Plan is March 19, 2009 with a termination date of December 31, 2019. The Company’s Board of Directors may terminate, suspend or modify the Plan within certain restrictions. The Plan authorizes for issuance 350,000 shares of the Company’s common stock. Restricted Shares Restricted shares are accounted for using the fair market value of the Company’s common stock on the date on which these shares were awarded. Restricted shares are issued to certain executive officers are subject to a vesting period, whereby the restrictions on the shares lapse on the third anniversary of the date the shares were awarded. Compensation expense for these shares is recognized over the three-year period. The restricted shares issued to nonemployee directors are not subject to a vesting period and compensation expense is recognized on the date the shares are granted. Compensation expense for restricted shares amounted to $129,000 and $116,000, net of forfeitures, for the three months ended March 31, 2019 and 2018, respectively. A summary of the status of the Company’s unvested restricted shares granted under the Plan is presented below: March 31, 2019 March 31, 2018 Shares Weighted Average Fair Value Per Share Shares Weighted Average Fair Value Per Share Unvested shares, beginning 22,569 $ 17.98 18,062 $ 16.44 Granted 12,058 21.69 11,294 21.47 Vested (10,553 ) 21.46 (6,419 ) 21.47 Forfeited or surrendered (440 ) 22.05 (368 ) 21.47 Unvested shares, ending 23,634 $ 20.10 22,569 $ 17.98 Performance-based Restricted Stock Units The Company grants performance-based restricted stock units to certain executive officers. Performance-based restricted stock units are accounted for using the fair market value of the Company’s common stock on the date awarded, and adjusted as the market value of the stock changes. Performance-based restricted stock units issued to executive officers are subject to a vesting period, whereby the restrictions on the rights lapse on the third anniversary of the date the rights were awarded. Until vesting, the rights are not issued and are not included in shares outstanding. Vesting is contingent upon the Company reaching predetermined performance goals as compared with a predetermined peer group of banks. Compensation expense for performance-based restricted stock units totaled $25,000 and $19,000 for the three months ended March 31, 2019 and 2018, respectively. A summary of the status of the Company’s unvested performance-based restricted stock units is presented below: March 31, 2019 March 31, 2018 Performance-based Restricted Stock Units Weighted Average Fair Value Per Share Performance-based Restricted Stock Units Weighted Average Fair Value Per Share Unvested shares, beginning 22,103 $ 17.90 18,062 $ 16.44 Granted 7,909 21.69 6,867 21.47 Vested - - - - Forfeited - - (2,826 ) 21.47 Unvested shares, ending 30,012 $ 18.98 22,103 $ 17.90 |
Employee Benefit Plans
Employee Benefit Plans | 3 Months Ended |
Mar. 31, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefit Plans | Note 8. Employee Benefit Plans The Company has supplemental executive retirement plans (“SERP”) for certain executives in which the contributions are solely funded by the Company. Benefits are to be paid in monthly installments following retirement or death. The SERP liability was $2.8 million and $2.7 million at March 31, 2019 and December 31, 2018, respectively. For the three months ended March 31, 2019 and 2018, SERP expenses were $73,000. The Company has a defined contribution retirement plan under Internal Revenue Code of 1986 (“Code”) Section 401(k) covering all employees who are at least 18 years of age and worked more than 20 hours per week. Under the plan, a participant may contribute an amount up to 100% of their covered compensation for the year, not to exceed the dollar limit set by law (Code Section 402(g)). The Company will make an annual matching contribution equal to 100% on the first 6% of compensation deferred, for a maximum match of 6% of compensation. The Company makes an additional safe harbor contribution equal to 3% The Company maintains a Director Deferred Compensation Plan (“Deferred Compensation Plan”). This plan provides that any nonemployee director of the Company may elect to defer receipt of all or any portion of his or her compensation as a director. A participating director may elect to have amounts held in a deferred cash account, which is credited on a quarterly basis with interest equal to the highest rate offered by the Bank at the end of the preceding quarter. Alternatively, a participant may elect to have a deferred stock account in which deferred amounts are treated as if invested in the Company’s common stock at the fair market value on the date of deferral. The value of a stock account will change based upon the fair market value of an equivalent number of shares of common stock. In addition, the deferred amounts deemed invested in common stock will be credited with dividends on an equivalent number of shares. Amounts considered invested in the Company’s common stock are paid, at the election of the director, either in cash or in whole shares of the common stock and cash-in-lieu of fractional shares. Directors may elect to receive amounts contributed to their respective accounts in one or up to five installments. There were no directors participating in the Deferred Compensation Plan during the three months ended March 31, 2019 and 2018. The Company has a nonqualified deferred compensation program for a former key employee’s retirement, in which the contribution expense is solely funded by the Company. The retirement benefit to be provided is variable based upon the performance of underlying life insurance policy assets. |
Fair Value Measurement
Fair Value Measurement | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | Note 9. Fair Value Measurement Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. GAAP requires that valuation techniques maximize the use of observable inputs and minimize the use of unobservable inputs. GAAP also establishes a fair value hierarchy which prioritizes the valuation inputs into three broad levels. Based on the underlying inputs, each fair value measurement in its entirety is reported in one of the three levels. These levels are: • Level 1:Inputs are defined as quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2:Inputs are defined as inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. • Level 3:Inputs are defined as unobservable inputs for the asset or liability. 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 consolidated financial statements: Securities available for sale: Fair value measurement is based upon quoted market prices, when available (Level 1). If quoted market prices are not available, fair values are measured utilizing independent valuation techniques of identical or similar securities for which significant assumptions are derived primarily from or corroborated by observable market data (Level 2). If the inputs used to provide the evaluation for certain securities are unobservable and/or there is little, if any, market activity, then the security would fall to the lowest level of the hierarchy (Level 3). The Company’s investment portfolio is primarily valued using fair value measurements that are considered to be Level 2. The Company has contracted with a third-party portfolio accounting service vendor for valuation of its securities. The vendor’s primary source for security valuation is Interactive Data Corporation (“IDC”). IDC utilizes evaluated pricing models that vary by asset class and include available trade, bid, and other market information. Generally, the methodology includes broker quotes, proprietary models, vast descriptive terms and conditions databases, as well as extensive quality control programs. Interest rate swaps: The Company utilizes interest rate swap agreements as part of the management of interest rate risk to modify the repricing characteristics of certain portions of the Company’s interest-bearing assets and liabilities. The Company has contracted with a third-party to provide valuations for interest rate swaps using standard valuation techniques and therefore classifies such valuation as Level 2. The Company has considered counterparty credit risk in the valuation of its interest rate swap assets and has considered its own credit risk in the valuation of its interest rate swap liabilities. The following table presents the balances of financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2019 and December 31, 2018 by levels within the valuation hierarchy: Fair Value Measurements (In thousands) Balance Level 1 Level 2 Level 3 Assets at March 31, 2019: Available for sale securities: Obligations of U.S. Government corporations and agencies $ 56,992 $ - $ 56,992 $ - Obligations of states and political subdivisions 12,781 - 12,781 - Total available for sale securities 69,773 - 69,773 - Mutual funds 389 389 - - Interest rate swaps 205 - 205 - Total assets at fair value $ 70,367 $ 389 $ 69,978 $ - Liabilities at March 31, 2019: Interest rate swaps $ 45 $ - $ 45 $ - Total liabilities at fair value $ 45 $ - $ 45 $ - Assets at December 31, 2018: Available for sale securities: Obligations of U.S. Government corporations and agencies $ 56,409 $ - $ 56,409 $ - Obligations of states and political subdivisions 14,580 - 14,580 - Corporate bonds 895 - 895 - Total available for sale securities 71,884 - 71,884 - Mutual funds 382 382 - - Interest rate swaps 367 - 367 - Total assets at fair value $ 72,633 $ 382 $ 72,251 $ - Liabilities at December 31, 2018: Interest rate swaps $ 38 $ - $ 38 $ - Total liabilities at fair value $ 38 $ - $ 38 $ - Certain assets are measured at fair value on a nonrecurring basis in accordance with GAAP. The following describes the valuation techniques used by the Company to measure certain financial assets recorded at fair value on a nonrecurring basis in the consolidated financial statements: Mortgage Loans Held for Sale: Mortgage loans held for sale are carried at lower of cost or market value. These loans currently consist of 1-4 family residential loans originated for sale in the secondary market. Fair value is based on the price secondary markets are currently offering for similar loans using observable market data which is not materially different than cost due to the short duration between origination and sale (Level 2). No nonrecurring fair value adjustments were recorded on mortgage loans held for sale during the three months ended March 31, 2019. Net gains and losses on the sale of loans are recorded as a component of noninterest income on the consolidated statements of operations. Impaired Loans: A loan is designated as impaired when, in the judgment of management based on current information and events, it is probable that all amounts due according to the contractual terms of the loan agreement will not be collected. The measurement of loss associated with impaired loans can be based on either the observable market price of the loans or the fair value of the collateral securing the loans, or the present value of the cash flows. Collateral may be in the form of real estate or business assets including equipment, inventory, and accounts receivable. The vast majority of the Company’s collateral is real estate. The value of real estate collateral is determined utilizing an income or market valuation approach based on an appraisal of one year or less, conducted by an independent, licensed appraiser using observable market data (Level 2). However, if the collateral is in the process of construction or if an appraisal of the real estate property is more than one year old and not solely based on observable market comparables or management determines the fair value of the collateral is further impaired below the appraised value, then the fair value is considered Level 3. The value of business equipment is based upon an outside appraisal of one year or less, if deemed significant, or the net book value on the applicable business’ financial statements if not considered significant using observable market data. Likewise, values for inventory and accounts receivable collateral are based on financial statement balances or aging reports (Level 3). Any fair value adjustments are recorded in the period incurred as provision for loan losses on the consolidated statements of operations. Other Real Estate Owned (“OREO”) : The following table summarizes the Company’s financial assets that were measured at fair value on a nonrecurring basis at March 31, 2019 and December 31, 2018. March 31, 2019 (In thousands) Balance Level 1 Level 2 Level 3 Assets: Impaired loans, net $ 2,408 $ - $ - $ 2,408 Other real estate owned, net 1,356 - - 1,356 December 31, 2018 (In thousands) Balance Level 1 Level 2 Level 3 Assets: Impaired loans, net $ 2,438 $ - $ - $ 2,438 Other real estate owned, net 1,356 - - 1,356 The following table displays quantitative information about Level 3 fair value measurements at March 31, 2019 and December 31, 2018. March 31, 2019 (Dollars in thousands) Fair Value Valuation Technique Unobservable Input Weighted Average Discount Impaired loans, net $ 2,408 Appraised values Age of appraisal, current market conditions, experience within local market 86 % Other real estate owned, net 1,356 Appraised values Age of appraisal, current market conditions and selling costs 18 % Total $ 3,764 December 31, 2018 (Dollars in thousands) Fair Value Valuation Technique Unobservable Input Weighted Average Discount Impaired loans, net $ 2,438 Appraised values Age of appraisal, current market conditions, experience within local market 86 % Other real estate owned, net 1,356 Appraised values Age of appraisal, current market conditions and selling costs 18 % Total $ 3,794 Accounting Standards Codification (“ASC”) 825, “Financial Instruments”, requires disclosure about fair value of financial instruments, including those financial assets and financial liabilities that are not required to be measured and reported at fair value on a recurring or nonrecurring basis. ASC 825 excludes certain financial instruments and all nonfinancial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company. Additionally, the Company uses the exit price notion, rather than the entry price notion, in calculating the fair values of financial instruments not measured at fair value on a recurring basis. The estimated fair values and related carrying amounts of the Company’s financial instruments are as follows: March 31, 2019 (In thousands) Carrying Amount Level 1 Level 2 Level 3 Fair Value Assets Cash and short-term investments $ 38,008 $ 38,008 $ - $ - $ 38,008 Securities available for sale 69,773 - 69,773 - 69,773 Restricted investments 2,571 - 2,571 - 2,571 Mortgage loans held for sale 260 - 260 - 260 Loans, net 539,672 - - 530,988 530,988 Accrued interest receivable 2,054 - 2,054 - 2,054 Mutual funds 389 389 - - 389 Interest rate swaps 205 - 205 - 205 Bank-owned life insurance 13,688 - 13,688 - 13,688 Total financial assets $ 666,620 $ 38,397 $ 88,551 $ 530,988 $ 657,936 Liabilities Deposits $ 592,358 $ - $ 592,016 $ - $ 592,016 FHLB advances 29,759 - 29,763 - 29,763 Junior subordinated debt 4,124 - 4,596 - 4,596 Accrued interest payable 399 - 399 - 399 Interest rate swaps 45 - 45 - 45 Total financial liabilities $ 626,685 $ - $ 626,819 $ - $ 626,819 December 31, 2018 (In thousands) Carrying Amount Level 1 Level 2 Level 3 Fair Value Assets Cash and short-term investments $ 67,110 $ 67,110 $ - $ - $ 67,110 Securities available for sale 71,884 - 71,884 - 71,884 Restricted investments 2,240 - 2,240 - 2,240 Loans, net 544,188 - - 537,072 537,072 Accrued interest receivable 1,942 - 1,942 - 1,942 Mutual funds 382 382 - - 382 Interest rate swaps 367 - 367 - 367 Bank-owned life insurance 13,595 - 13,595 - 13,595 Total financial assets $ 701,708 $ 67,492 $ 90,028 $ 537,072 $ 694,592 Liabilities Deposits $ 635,638 $ - $ 634,917 $ - $ 634,917 FHLB advances 23,780 - 23,633 - 23,633 Junior subordinated debt 4,124 - 4,414 - 4,414 Accrued interest payable 300 - 300 - 300 Interest rate swaps 38 - 38 - 38 Total financial liabilities $ 663,880 $ - $ 663,302 $ - $ 663,302 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2019 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Note 10. Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (loss), net of tax, for the three months ended March 31, 2019 and 2018 were: (In thousands) Gains (Losses) on Cash Flow Hedges Unrealized Gains (Losses) on Available for Sale Securities Supplemental Executive Retirement Plans Total Balance, December 31, 2018 $ 172 $ (850 ) $ 140 $ (538 ) Other comprehensive income (loss) before reclassifications (92 ) 922 - 830 Balance, March 31, 2019 $ 80 $ 72 $ 140 $ 292 Balance, December 31, 2017 $ 37 $ (37 ) $ 125 $ 125 Reclassification of net unrealized gains on equity securities from accumulated other comprehensive income (loss) - 10 - $ 10 Other comprehensive income (loss) before reclassifications 143 (860 ) - (717 ) Balance, March 31, 2018 $ 180 $ (887 ) $ 125 $ (582 ) |
Investment in Affordable Housin
Investment in Affordable Housing Projects | 3 Months Ended |
Mar. 31, 2019 | |
Federal Home Loan Banks [Abstract] | |
Investment in Affordable Housing Projects | Note 11. Investment in Affordable Housing Projects The Company invests in certain qualified affordable housing projects located in the Commonwealth of Virginia. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | Note 12. Revenue Recognition A description of the Company’s noninterest income is as follows: Trust, estate and brokerage fee income: Income is primarily comprised of fees earned from the management and administration of trusts, estates and other customer assets and by providing investment brokerage services. Fees that are transaction-based (e.g., execution of trades) are recognized on a monthly basis. Other fees, or commissions, are earned over time as the contracted monthly or quarterly services are provided and are generally assessed based on either account activity or the market value of assets under management. Service charges on deposit accounts: The Company earns fees from its deposit customers for overdraft and account maintenance services. Overdraft fees are recognized when the overdraft occurs. Account maintenance fees, which relate primarily to monthly maintenance, are earned over the course of a month, representing the period over which the Company satisfies the performance obligation. The Company also earns fees from its customers for transaction-based services. Such services include safe deposit box, ATM, stop payment and wire transfer fees. In each case, these service charges and fees are recognized in income at the time or within the same period that the Company’s performance obligation is satisfied. Interchange fee income, net: The Company earns interchange fees from debit and credit cardholder transactions conducted through various payment networks. Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and are recognized daily, concurrently with the transaction processing services. Noninterest income by major source, for the three months ended March 31, 2019 and 2018, consisted of the following: Three Months Ended March 31, (In thousands) 2019 2018 Noninterest income Trust and estate fees (1) $ 416 $ 372 Brokerage fees (1) 90 41 Service charges on deposit accounts (1) 383 444 Interchange fee income, net (1) 271 285 Bank-owned life insurance 93 89 Other service charges, commissions and other income (2) 148 91 Gain on sale/call of securities available for sale 79 535 Gain on sale of mortgage loans held for sale, net - 6 Total noninterest income $ 1,480 $ 1,863 (1) Income within scope of ASC 606, “Revenue from Contracts with Customers”. (2) |
Leases
Leases | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Leases | Note 13. Leases On January 1, 2019, the Company adopted ASU No. 2016-02 “Leases (Topic 842)” and all subsequent ASUs that modified Topic 842. The Company elected the prospective application approach provided by ASU 2018-11 and did not adjust prior periods. There was no cumulative effect adjustment at adoption. The Company also elected certain practical expedients within the standard and did not reassess whether any expired or existing contracts are or contain leases, did not reassess the lease classification for any expired or existing leases and did not reassess any initial direct costs for existing leases. Prior to adoption, all of the Company’s leases were classified as operating leases and remain operating leases at adoption. The implementation of the new standard resulted in recognition of a right-of-use asset and offsetting lease liability of $5.6 million for leases existing at the date of adoption. Contracts that commence subsequent to adoption are evaluated to determine whether they are or contain a lease in accordance with this ASU. The Company has elected the practical expedient provided by this ASU not to allocate consideration in a contract between lease and non-lease components. The Company also elected, as provided by the standard, not to recognize right-of-use assets and lease liabilities for short-term leases, defined by the standard as leases with terms of 12 months or less. Lease liabilities represent the Company’s obligation to make lease payments and are presented at each reporting date as the net present value of the remaining contractual cash flows. Cash flows are discounted at the Company’s incremental borrowing rate in effect at the commencement date of the lease. Right-of-use assets represent the Company’s right to use the underlying asset for the lease term and are calculated as the sum of the lease liability and if applicable, prepaid rent, initial direct costs and any incentives received from the lessor. Lease payments for short-term leases are recognized as lease expense on a straight-line basis over the lease term. Payments for leases with terms longer than twelve months are included in the determination of the lease liability. Each of the Company’s three leases offer the option to extend the lease term and include a known escalator which is included in the cash flows used to determine the lease liability. None of the Company’s leases provide for residual value guarantees and none provide restrictions or covenants that would impact dividends or require incurring additional financial obligations. The contracts in which the Company is lessee are with parties external to the Company and not related parties. The following tables present information about the Company’s leases at the dates indicated: (Dollars in thousands) March 31, 2019 Lease liability $ 5,421 Right-of-use asset $ 5,447 Weighted average remaining lease term 9.44 years Weighted average discount rate 3.54 % Three Months Ended March 31, (In thousands) 2019 2018 Lease Expense Operating lease expense $ 211 NR * Short-term lease expense 4 NR * Total lease expense $ 215 $ 169 Cash paid for amounts included in lease liabilities $ 207 NR * * Not reportable The following table presents a maturity schedule of undiscounted cash flows that contribute to the lease liability: (In thousands) Undiscounted Cash Flow March 31, 2019 Nine months ending December 31, 2019 $ 437 Twelve months ending December 31, 2020 670 Twelve months ending December 31, 2021 682 Twelve months ending December 31, 2022 694 Twelve months ending December 31, 2023 707 Twelve months ending December 31, 2024 646 Thereafter 2,604 Total undiscounted cash flows $ 6,440 Less: Discount (1,019 ) Lease liability $ 5,421 |
General (Policies)
General (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis Of Presentation | The consolidated financial statements include the accounts of Fauquier Bankshares, Inc. (the “Company”) and its wholly-owned subsidiary, The Fauquier Bank (the “Bank”), and the Bank’s wholly-owned subsidiaries, Fauquier Bank Services, Inc. and Specialty Properties Acquisitions - VA, LLC. Specialty Properties Acquisitions - VA, LLC was formed with the sole purpose of holding foreclosed property. The consolidated financial statements do not include the accounts of Fauquier Statutory Trust II, a wholly-owned subsidiary of the Company. In consolidation, significant intercompany financial balances and transactions have been eliminated. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly the financial position as of March 31, 2019 and the results of operations for the three months ended March 31, 2019 and 2018, in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The notes included herein should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s 2018 Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”). The results of operations for the three months ended March 31, 2019 and 2018 are not necessarily indicative of the results expected for the full year or any other interim period. Certain amounts in the 2018 consolidated financial statements have been reclassified to conform to the 2019 presentation. No reclassifications were significant and there was no effect on net income. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” The amendments, among other things, require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. In addition, the ASU amends the accounting for credit losses on available for sale debt securities and purchased financial assets with credit deterioration. The amendments in this ASU are effective for SEC filers for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The Company is currently assessing the impact that ASU 2016-13 will have on its consolidated financial statements. The Company’s management is addressing compliance requirements, data gathering and archiving resources, and analyzing the potential impact of this standard. In August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement.” The amendments modify the disclosure requirements in Topic 820 to add disclosures regarding changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements and the narrative description of measurement uncertainty. Certain disclosure requirements in Topic 820 are also removed or modified. The amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Certain of the amendments are to be applied prospectively while others are to be applied retrospectively. Early adoption is permitted. The Company does not expect the adoption of ASU 2018-13 to have a material impact on its consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-14, “Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans.” These amendments modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. Certain disclosure requirements have been deleted while the following disclosure requirements have been added: the weighted-average interest crediting rates for cash balance plans and other plans with promised interest crediting rates and an explanation of the reasons for significant gains and losses related to changes in the benefit obligation for the period. The amendments also clarify the disclosure requirements in paragraph 715-20-50-3, which state that the following information for defined benefit pension plans should be disclosed: The projected benefit obligation (“PBO”) and fair value of plan assets for plans with PBOs in excess of plan assets and the accumulated benefit obligation (“ABO”) and fair value of plan assets for plans with ABOs in excess of plan assets. The amendments are effective for fiscal years ending after December 15, 2020. Early adoption is permitted. The Company does not expect the adoption of ASU 2018-14 to have a material impact on its consolidated financial statements. |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of Amortized Cost and Fair Value of Securities Available for Sale, with Unrealized Gains and Losses | The amortized cost and fair value of securities available for sale, with unrealized gains and losses follows: March 31, 2019 (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value Obligations of U.S. Government corporations and agencies $ 57,242 $ 151 $ (401 ) $ 56,992 Obligations of states and political subdivisions 12,437 361 (17 ) 12,781 $ 69,679 $ 512 $ (418 ) $ 69,773 December 31, 2018 (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value Obligations of U.S. Government corporations and agencies $ 57,673 $ 26 $ (1,290 ) $ 56,409 Obligations of states and political subdivisions 14,605 93 (118 ) 14,580 Corporate bonds 680 215 - 895 $ 72,958 $ 334 $ (1,408 ) $ 71,884 |
Summary of Amortized Cost and Fair Value of Securities Available for Sale, by Contractual Maturity | The amortized cost and fair value of securities available for sale, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations without penalties. March 31, 2019 (In thousands) Amortized Cost Fair Value Due after one year through five years 9,300 9,227 Due after five years through ten years 15,665 15,596 Due after ten years 44,714 44,950 $ 69,679 $ 69,773 |
Schedule of Securities with Gross Unrealized Losses, Investment Category and Length of Time in Continuous Unrealized Loss Position | The following table shows the Company’s securities with gross unrealized losses, by investment category and length of time that individual securities have been in a continuous unrealized loss position, at March 31, 2019 and December 31, 2018, respectively. (In thousands) Less than 12 Months 12 Months or More Total March 31, 2019 Fair Value Unrealized (Losses) Fair Value Unrealized (Losses) Fair Value Unrealized (Losses) Obligations of U.S. Government corporations and agencies $ - $ - $ 33,977 $ (401 ) $ 33,977 $ (401 ) Obligations of states and political subdivisions - - 293 (17 ) 293 (17 ) Total temporary impaired securities $ - $ - $ 34,270 $ (418 ) $ 34,270 $ (418 ) (In thousands) Less than 12 Months 12 Months or More Total December 31, 2018 Fair Value Unrealized (Losses) Fair Value Unrealized (Losses) Fair Value Unrealized (Losses) Obligations of U.S. Government corporations and agencies $ 14,901 $ (104 ) $ 37,186 $ (1,186 ) $ 52,087 $ (1,290 ) Obligations of states and political subdivisions 3,179 (31 ) 4,086 (87 ) 7,265 (118 ) Total temporary impaired securities $ 18,080 $ (135 ) $ 41,272 $ (1,273 ) $ 59,352 $ (1,408 ) |
Schedule of Credit Losses Recognized in Earnings | The following roll forward reflects the amount related to credit losses recognized in earnings: (In thousands) Beginning balance as of December 31, 2018 $ 320 Changes in cash flows expected to be collected that are recognized over the remaining life of the security - Reduction for security sold during the period (320 ) Ending balance as of March 31, 2019 $ - |
Loans and Allowance for Loan _2
Loans and Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Accounts Notes Loans And Financing Receivable Gross Allowance And Net [Abstract] | |
Schedule of Allowance for Loan Losses by Portfolio Segment | The following tables present the total allowance for loan losses by portfolio segment for the periods presented. March 31, 2019 (In thousands) Commercial and Industrial Commercial Real Estate Construction and Land Consumer Student Residential Real Estate Home Equity Lines of Credit Unallocated Total Allowance for Loan Losses Beginning balance, December 31, 2018 $ 483 $ 1,738 $ 635 $ 145 $ 68 $ 1,311 $ 446 $ 350 $ 5,176 Charge-offs - - - (17 ) (3 ) - - - (20 ) Recoveries - 75 - - - - - - 75 Provision (recovery) 38 (106 ) 87 28 - 22 (19 ) - 50 Ending balance, March 31, 2019 $ 521 $ 1,707 $ 722 $ 156 $ 65 $ 1,333 $ 427 $ 350 $ 5,281 Ending balances individually evaluated for impairment $ 168 $ 148 $ - $ - $ - $ - $ 90 $ - $ 406 Ending balances collectively evaluated for impairment $ 353 $ 1,559 $ 722 $ 156 $ 65 $ 1,333 $ 337 $ 350 $ 4,875 Loans Individually evaluated for impairment $ 506 $ 3,167 $ 740 $ - $ - $ 698 $ 556 $ 5,667 Collectively evaluated for impairment 26,033 177,352 72,162 5,849 8,897 208,341 40,652 539,286 Ending balance, March 31, 2019 $ 26,539 $ 180,519 $ 72,902 $ 5,849 $ 8,897 $ 209,039 $ 41,208 $ 544,953 March 31, 2018 (In thousands) Commercial and Industrial Commercial Real Estate Construction and Land Consumer Student Residential Real Estate Home Equity Lines of Credit Unallocated Total Allowance for Loan Losses Beginning balance, December 31, 2017 $ 518 $ 1,609 $ 879 $ 105 $ 72 $ 1,174 $ 387 $ 350 $ 5,094 Charge-offs (39 ) - - (3 ) (9 ) - - - (51 ) Recoveries 6 - - 3 - 47 1 - 57 Provision (recovery) 160 99 72 (2 ) 10 (36 ) 4 (7 ) 300 Ending balance, March 31, 2018 $ 645 $ 1,708 $ 951 $ 103 $ 73 $ 1,185 $ 392 $ 343 $ 5,400 December 31, 2018 (In thousands) Commercial and Industrial Commercial Real Estate Construction and Land Consumer Student Residential Real Estate Home Equity Lines of Credit Unallocated Total Allowance for Loan Losses Beginning balance, December 31, 2017 $ 518 $ 1,609 $ 879 $ 105 $ 72 $ 1,174 $ 387 $ 350 $ 5,094 Charge-offs (106 ) (47 ) (312 ) (14 ) (24 ) (200 ) (80 ) - (783 ) Recoveries 35 70 - 4 - 248 1 - 358 Provision 36 106 68 50 20 89 138 - 507 Ending balance, December 31, 2018 $ 483 $ 1,738 $ 635 $ 145 $ 68 $ 1,311 $ 446 $ 350 $ 5,176 Ending balances individually evaluated for impairment $ 176 $ 159 $ - $ - $ - $ - $ 68 $ - $ 403 Ending balances collectively evaluated for impairment $ 307 $ 1,579 $ 635 $ 145 $ 68 $ 1,311 $ 378 $ 350 $ 4,773 Loans Individually evaluated for impairment $ 522 $ 3,191 $ 2,679 $ - $ - $ 707 $ 567 $ 7,666 Collectively evaluated for impairment 26,199 184,606 68,730 5,562 9,158 205,238 42,205 541,698 Ending balance, December 31, 2018 $ 26,721 $ 187,797 $ 71,409 $ 5,562 $ 9,158 $ 205,945 $ 42,772 $ 549,364 |
Schedule of Loans by Credit Quality Indicators | Loans by credit quality indicators were as follows at the dates presented: March 31, 2019 (In thousands) Commercial and Industrial Commercial Real Estate Construction and Land Consumer Student Residential Real Estate Home Equity Lines of Credit Total Grade: Pass $ 24,295 $ 171,444 $ 69,321 $ 5,849 $ 8,897 $ 201,305 $ 38,199 $ 519,310 Special mention 1,387 4,595 2,655 - - 1,666 117 10,420 Substandard 857 4,480 926 - - 6,068 2,892 15,223 Doubtful - - - - - - - - Loss - - - - - - - - Total $ 26,539 $ 180,519 $ 72,902 $ 5,849 $ 8,897 $ 209,039 $ 41,208 $ 544,953 December 31, 2018 (In thousands) Commercial and Industrial Commercial Real Estate Construction and Land Consumer Student Residential Real Estate Home Equity Lines of Credit Total Grade: Pass $ 24,285 $ 178,525 $ 67,767 $ 5,559 $ 9,158 $ 198,566 $ 39,145 $ 523,005 Special mention 1,540 4,643 2,282 3 - 1,496 424 10,388 Substandard 896 4,629 1,360 - - 5,883 3,203 15,971 Doubtful - - - - - - - - Loss - - - - - - - - Total $ 26,721 $ 187,797 $ 71,409 $ 5,562 $ 9,158 $ 205,945 $ 42,772 $ 549,364 |
Schedule of Past Due Status of Loans | The past due status of loans at the dates presented were: March 31, 2019 (In thousands) 30-59 Days Past Due 60-89 Days Past Due 90+ Days Past Due Total Past Due Current Total Loans 90+ Days Past Due and Accruing Nonaccruals Commercial and industrial $ 56 $ 277 $ 74 $ 407 $ 26,132 $ 26,539 $ - $ 128 Commercial real estate 941 1,164 974 3,079 177,440 180,519 - 974 Construction and land 80 2,555 - 2,635 70,267 72,902 - - Consumer 6 - - 6 5,843 5,849 - - Student 190 143 1,091 1,424 7,473 8,897 1,091 - Residential real estate - 277 - 277 208,762 209,039 - 311 Home equity lines of credit 505 200 627 1,332 39,876 41,208 72 556 Total $ 1,778 $ 4,616 $ 2,766 $ 9,160 $ 535,793 $ 544,953 $ 1,163 $ 1,969 December 31, 2018 (In thousands) 30-59 Days Past Due 60-89 Days Past Due 90+ Days Past Due Total Past Due Current Total Loans 90+ Days Past Due and Accruing Nonaccruals Commercial and industrial $ 365 $ - $ 77 $ 442 $ 26,279 $ 26,721 $ - $ 135 Commercial real estate 372 - 974 1,346 186,451 187,797 - 974 Construction and land 1,419 - - 1,419 69,990 71,409 - - Consumer 7 18 - 25 5,537 5,562 - - Student 747 238 1,227 2,212 6,946 9,158 1,227 - Residential real estate 278 131 - 409 205,536 205,945 - 317 Home equity lines of credit 403 - 567 970 41,802 42,772 - 567 Total $ 3,591 $ 387 $ 2,845 $ 6,823 $ 542,541 $ 549,364 $ 1,227 $ 1,993 |
Schedule of Impaired Loans by Portfolio Segment | The following table presents information related to impaired loans, by portfolio segment, at the dates presented. March 31, 2019 (In thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no specific allowance recorded: Commercial and industrial $ 54 $ 60 $ - $ 59 $ - Commercial real estate 1,361 1,361 - 1,370 19 Construction and land 740 740 - 747 8 Residential real estate 698 722 - 702 4 With an allowance recorded: Commercial and industrial $ 452 $ 484 $ 168 $ 456 $ 4 Commercial real estate 1,806 1,820 148 1,809 9 Home equity lines of credit 556 600 90 561 - Total: Commercial and industrial $ 506 $ 544 $ 168 $ 515 $ 4 Commercial real estate 3,167 3,181 148 3,179 28 Construction and land 740 740 - 747 8 Residential real estate 698 722 - 702 4 Home equity lines of credit 556 600 90 561 - Total $ 5,667 $ 5,787 $ 406 $ 5,704 $ 44 December 31, 2018 (In thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no specific allowance recorded: Commercial and industrial $ 61 $ 66 $ - $ 84 $ 2 Commercial real estate 1,378 1,378 - 1,413 74 Construction and land 2,679 2,679 - 3,289 145 Residential real estate 707 727 - 720 18 With an allowance recorded: Commercial and industrial $ 461 $ 493 $ 176 $ 587 $ 21 Commercial real estate 1,813 1,827 159 1,998 39 Home equity lines of credit 567 600 68 578 - Total: Commercial and industrial $ 522 $ 559 $ 176 $ 671 $ 23 Commercial real estate 3,191 3,205 159 3,411 113 Construction and land 2,679 2,679 - 3,289 145 Residential real estate 707 727 - 720 18 Home equity lines of credit 567 600 68 578 - Total $ 7,666 $ 7,770 $ 403 $ 8,669 $ 299 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Schedule of Effects of Derivative Instruments on Consolidated Balance Sheets | The effects of derivative instruments on the consolidated financial statements as of March 31, 2019 and December 31, 2018 are as follows: (In thousands) March 31, 2019 Derivatives designated as hedging instruments Notional/Contract Amount Fair Value Fair Value Balance Sheet Location Expiration Date Interest rate swap - cash flow $ 4,000 $ (45 ) Other Liabilities 9/15/2020 Interest rate forward swap - cash flow 4,000 146 Other Assets 6/15/2031 Interest rate swap - fair value 1,162 15 Other Assets 4/9/2025 Interest rate swap - fair value 4,264 44 Other Assets 2/12/2022 (In thousands) December 31, 2018 Derivatives designated as hedging instruments Notional/Contract Amount Fair Value Fair Value Balance Sheet Location Expiration Date Interest rate swap - cash flow $ 4,000 $ (38 ) Other Liabilities 9/15/2020 Interest rate forward swap - cash flow 4,000 255 Other Assets 6/15/2031 Interest rate swap - fair value 1,186 34 Other Assets 4/9/2025 Interest rate swap - fair value 4,347 78 Other Assets 2/12/2022 |
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 weighted average number of shares of dilutive potential common stock. Three Months Ended March 31, 2019 2018 Shares Per Share Amount Shares Per Share Amount Basic earnings per share 3,778,895 $ 0.43 3,768,197 $ 0.42 Effect of dilutive stock awards 10,015 8,917 Diluted earnings per share 3,788,910 $ 0.43 3,777,114 $ 0.42 |
Share-based Compensation (Table
Share-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Unvested Restricted Shares | A summary of the status of the Company’s unvested restricted shares granted under the Plan is presented below: March 31, 2019 March 31, 2018 Shares Weighted Average Fair Value Per Share Shares Weighted Average Fair Value Per Share Unvested shares, beginning 22,569 $ 17.98 18,062 $ 16.44 Granted 12,058 21.69 11,294 21.47 Vested (10,553 ) 21.46 (6,419 ) 21.47 Forfeited or surrendered (440 ) 22.05 (368 ) 21.47 Unvested shares, ending 23,634 $ 20.10 22,569 $ 17.98 |
Unvested Performance-Based Restricted Stock Units | A summary of the status of the Company’s unvested performance-based restricted stock units is presented below: March 31, 2019 March 31, 2018 Performance-based Restricted Stock Units Weighted Average Fair Value Per Share Performance-based Restricted Stock Units Weighted Average Fair Value Per Share Unvested shares, beginning 22,103 $ 17.90 18,062 $ 16.44 Granted 7,909 21.69 6,867 21.47 Vested - - - - Forfeited - - (2,826 ) 21.47 Unvested shares, ending 30,012 $ 18.98 22,103 $ 17.90 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following table presents the balances of financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2019 and December 31, 2018 by levels within the valuation hierarchy: Fair Value Measurements (In thousands) Balance Level 1 Level 2 Level 3 Assets at March 31, 2019: Available for sale securities: Obligations of U.S. Government corporations and agencies $ 56,992 $ - $ 56,992 $ - Obligations of states and political subdivisions 12,781 - 12,781 - Total available for sale securities 69,773 - 69,773 - Mutual funds 389 389 - - Interest rate swaps 205 - 205 - Total assets at fair value $ 70,367 $ 389 $ 69,978 $ - Liabilities at March 31, 2019: Interest rate swaps $ 45 $ - $ 45 $ - Total liabilities at fair value $ 45 $ - $ 45 $ - Assets at December 31, 2018: Available for sale securities: Obligations of U.S. Government corporations and agencies $ 56,409 $ - $ 56,409 $ - Obligations of states and political subdivisions 14,580 - 14,580 - Corporate bonds 895 - 895 - Total available for sale securities 71,884 - 71,884 - Mutual funds 382 382 - - Interest rate swaps 367 - 367 - Total assets at fair value $ 72,633 $ 382 $ 72,251 $ - Liabilities at December 31, 2018: Interest rate swaps $ 38 $ - $ 38 $ - Total liabilities at fair value $ 38 $ - $ 38 $ - |
Summary of Financial Assets Measured at Fair Value on a Nonrecurring Basis | The following table summarizes the Company’s financial assets that were measured at fair value on a nonrecurring basis at March 31, 2019 and December 31, 2018. March 31, 2019 (In thousands) Balance Level 1 Level 2 Level 3 Assets: Impaired loans, net $ 2,408 $ - $ - $ 2,408 Other real estate owned, net 1,356 - - 1,356 December 31, 2018 (In thousands) Balance Level 1 Level 2 Level 3 Assets: Impaired loans, net $ 2,438 $ - $ - $ 2,438 Other real estate owned, net 1,356 - - 1,356 |
Summary of Quantitative Information About Level 3 Fair Value Measurements | The following table displays quantitative information about Level 3 fair value measurements at March 31, 2019 and December 31, 2018. March 31, 2019 (Dollars in thousands) Fair Value Valuation Technique Unobservable Input Weighted Average Discount Impaired loans, net $ 2,408 Appraised values Age of appraisal, current market conditions, experience within local market 86 % Other real estate owned, net 1,356 Appraised values Age of appraisal, current market conditions and selling costs 18 % Total $ 3,764 December 31, 2018 (Dollars in thousands) Fair Value Valuation Technique Unobservable Input Weighted Average Discount Impaired loans, net $ 2,438 Appraised values Age of appraisal, current market conditions, experience within local market 86 % Other real estate owned, net 1,356 Appraised values Age of appraisal, current market conditions and selling costs 18 % Total $ 3,794 |
Schedule of Estimated Fair Values of Financial Instruments | The estimated fair values and related carrying amounts of the Company’s financial instruments are as follows: March 31, 2019 (In thousands) Carrying Amount Level 1 Level 2 Level 3 Fair Value Assets Cash and short-term investments $ 38,008 $ 38,008 $ - $ - $ 38,008 Securities available for sale 69,773 - 69,773 - 69,773 Restricted investments 2,571 - 2,571 - 2,571 Mortgage loans held for sale 260 - 260 - 260 Loans, net 539,672 - - 530,988 530,988 Accrued interest receivable 2,054 - 2,054 - 2,054 Mutual funds 389 389 - - 389 Interest rate swaps 205 - 205 - 205 Bank-owned life insurance 13,688 - 13,688 - 13,688 Total financial assets $ 666,620 $ 38,397 $ 88,551 $ 530,988 $ 657,936 Liabilities Deposits $ 592,358 $ - $ 592,016 $ - $ 592,016 FHLB advances 29,759 - 29,763 - 29,763 Junior subordinated debt 4,124 - 4,596 - 4,596 Accrued interest payable 399 - 399 - 399 Interest rate swaps 45 - 45 - 45 Total financial liabilities $ 626,685 $ - $ 626,819 $ - $ 626,819 December 31, 2018 (In thousands) Carrying Amount Level 1 Level 2 Level 3 Fair Value Assets Cash and short-term investments $ 67,110 $ 67,110 $ - $ - $ 67,110 Securities available for sale 71,884 - 71,884 - 71,884 Restricted investments 2,240 - 2,240 - 2,240 Loans, net 544,188 - - 537,072 537,072 Accrued interest receivable 1,942 - 1,942 - 1,942 Mutual funds 382 382 - - 382 Interest rate swaps 367 - 367 - 367 Bank-owned life insurance 13,595 - 13,595 - 13,595 Total financial assets $ 701,708 $ 67,492 $ 90,028 $ 537,072 $ 694,592 Liabilities Deposits $ 635,638 $ - $ 634,917 $ - $ 634,917 FHLB advances 23,780 - 23,633 - 23,633 Junior subordinated debt 4,124 - 4,414 - 4,414 Accrued interest payable 300 - 300 - 300 Interest rate swaps 38 - 38 - 38 Total financial liabilities $ 663,880 $ - $ 663,302 $ - $ 663,302 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |
Summary of Changes in Accumulated Other Comprehensive Income (Loss) | Changes in accumulated other comprehensive income (loss), net of tax, for the three months ended March 31, 2019 and 2018 were: (In thousands) Gains (Losses) on Cash Flow Hedges Unrealized Gains (Losses) on Available for Sale Securities Supplemental Executive Retirement Plans Total Balance, December 31, 2018 $ 172 $ (850 ) $ 140 $ (538 ) Other comprehensive income (loss) before reclassifications (92 ) 922 - 830 Balance, March 31, 2019 $ 80 $ 72 $ 140 $ 292 Balance, December 31, 2017 $ 37 $ (37 ) $ 125 $ 125 Reclassification of net unrealized gains on equity securities from accumulated other comprehensive income (loss) - 10 - $ 10 Other comprehensive income (loss) before reclassifications 143 (860 ) - (717 ) Balance, March 31, 2018 $ 180 $ (887 ) $ 125 $ (582 ) |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Noninterest Income by Major Source | Noninterest income by major source, for the three months ended March 31, 2019 and 2018, consisted of the following: Three Months Ended March 31, (In thousands) 2019 2018 Noninterest income Trust and estate fees (1) $ 416 $ 372 Brokerage fees (1) 90 41 Service charges on deposit accounts (1) 383 444 Interchange fee income, net (1) 271 285 Bank-owned life insurance 93 89 Other service charges, commissions and other income (2) 148 91 Gain on sale/call of securities available for sale 79 535 Gain on sale of mortgage loans held for sale, net - 6 Total noninterest income $ 1,480 $ 1,863 (1) Income within scope of ASC 606, “Revenue from Contracts with Customers”. (2) |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Schedule of Information about Leases | The following tables present information about the Company’s leases at the dates indicated: (Dollars in thousands) March 31, 2019 Lease liability $ 5,421 Right-of-use asset $ 5,447 Weighted average remaining lease term 9.44 years Weighted average discount rate 3.54 % Three Months Ended March 31, (In thousands) 2019 2018 Lease Expense Operating lease expense $ 211 NR * Short-term lease expense 4 NR * Total lease expense $ 215 $ 169 Cash paid for amounts included in lease liabilities $ 207 NR * * Not reportable |
Maturity Schedule of Undiscounted Cash Flows Contribute to Lease Liability | The following table presents a maturity schedule of undiscounted cash flows that contribute to the lease liability: (In thousands) Undiscounted Cash Flow March 31, 2019 Nine months ending December 31, 2019 $ 437 Twelve months ending December 31, 2020 670 Twelve months ending December 31, 2021 682 Twelve months ending December 31, 2022 694 Twelve months ending December 31, 2023 707 Twelve months ending December 31, 2024 646 Thereafter 2,604 Total undiscounted cash flows $ 6,440 Less: Discount (1,019 ) Lease liability $ 5,421 |
Securities - Summary of Amortiz
Securities - Summary of Amortized Cost and Fair Value of Securities Available for Sale, with Unrealized Gains and Losses (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Securities Available for Sale [Abstract] | ||
Amortized cost | $ 69,679 | $ 72,958 |
Gross unrealized gains | 512 | 334 |
Gross unrealized (losses) | (418) | (1,408) |
Fair value | 69,773 | 71,884 |
Obligations of U.S. Government Corporations and Agencies [Member] | ||
Securities Available for Sale [Abstract] | ||
Amortized cost | 57,242 | 57,673 |
Gross unrealized gains | 151 | 26 |
Gross unrealized (losses) | (401) | (1,290) |
Fair value | 56,992 | 56,409 |
Obligations of States and Political Subdivisions [Member] | ||
Securities Available for Sale [Abstract] | ||
Amortized cost | 12,437 | 14,605 |
Gross unrealized gains | 361 | 93 |
Gross unrealized (losses) | (17) | (118) |
Fair value | 12,781 | 14,580 |
Corporate Bonds [Member] | ||
Securities Available for Sale [Abstract] | ||
Amortized cost | $ 680 | 680 |
Gross unrealized gains | 215 | |
Gross unrealized (losses) | 0 | |
Fair value | $ 895 |
Securities - Summary of Amort_2
Securities - Summary of Amortized Cost and Fair Value of Securities Available for Sale, by Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Amortized Cost [Abstract] | ||
Due after one year through five years | $ 9,300 | |
Due after five years through ten years | 15,665 | |
Due after ten years | 44,714 | |
Amortized cost | 69,679 | $ 72,958 |
Fair Value [Abstract] | ||
Due after one year through five years | 9,227 | |
Due after five years through ten years | 15,596 | |
Due after ten years | 44,950 | |
Total fair value | $ 69,773 | $ 71,884 |
Securities - Additional Informa
Securities - Additional Information (Details) | 3 Months Ended | ||
Mar. 31, 2019USD ($)Security | Mar. 31, 2018USD ($) | Dec. 31, 2018USD ($) | |
Schedule Of Available For Sale Securities [Line Items] | |||
Fair value of securities sold | $ 13,900,000 | $ 0 | |
Proceeds from calls and principal repayments | 2,400,000 | 3,800,000 | |
Fair value of securities purchased | 13,100,000 | 2,000,000 | |
Impairment losses on securities | $ 0 | $ 0 | |
Number of securities in a loss position | Security | 40 | ||
Other than temporary impairment recognized | $ 0 | ||
Corporate bonds with cost basis net of other-than-temporary impairment | 69,679,000 | $ 72,958,000 | |
Carrying value of pledged securities | $ 16,500,000 | 16,500,000 | |
Corporate Bonds [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Number of securities in a loss position | Security | 1 | ||
Corporate bonds with cost basis net of other-than-temporary impairment | $ 680,000 | $ 680,000 | |
Gain realized on sale of securities | $ 250,000 |
Securities - Schedule of Securi
Securities - Schedule of Securities with Gross Unrealized Losses, Investment Category and Length of Time in Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Securities in Continuous Unrealized Loss Position [Abstract] | ||
Less than 12 months, fair value | $ 0 | $ 18,080 |
Less than 12 months, unrealized (losses) | 0 | (135) |
12 months or more, fair value | 34,270 | 41,272 |
12 months or more, unrealized (losses) | (418) | (1,273) |
Total, fair value | 34,270 | 59,352 |
Total, unrealized (losses) | (418) | (1,408) |
Obligations of U.S. Government Corporations and Agencies [Member] | ||
Securities in Continuous Unrealized Loss Position [Abstract] | ||
Less than 12 months, fair value | 0 | 14,901 |
Less than 12 months, unrealized (losses) | 0 | (104) |
12 months or more, fair value | 33,977 | 37,186 |
12 months or more, unrealized (losses) | (401) | (1,186) |
Total, fair value | 33,977 | 52,087 |
Total, unrealized (losses) | (401) | (1,290) |
Obligations of States and Political Subdivisions [Member] | ||
Securities in Continuous Unrealized Loss Position [Abstract] | ||
Less than 12 months, fair value | 0 | 3,179 |
Less than 12 months, unrealized (losses) | 0 | (31) |
12 months or more, fair value | 293 | 4,086 |
12 months or more, unrealized (losses) | (17) | (87) |
Total, fair value | 293 | 7,265 |
Total, unrealized (losses) | $ (17) | $ (118) |
Securities - Schedule of Credit
Securities - Schedule of Credit Losses Recognized in Earnings (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Credit Losses Recognized in Earnings [Roll Forward] | |
Beginning balance | $ 320 |
Reduction for security sold during the period | $ (320) |
Loans and Allowance for Loan _3
Loans and Allowance for Loan Losses - Schedule of Allowance for Loan Losses by Portfolio Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Allowance for Loan Losses [Roll Forward] | |||
Beginning balance | $ 5,176 | $ 5,094 | $ 5,094 |
Charge-offs | (20) | (51) | (783) |
Recoveries | 75 | 57 | 358 |
Provision (recovery) | 50 | 300 | 507 |
Ending balance | 5,281 | 5,400 | 5,176 |
Additional Information on Allowance for Loan Losses and Recorded Investment in Loans Receivable [Abstract] | |||
Ending balances individually evaluated for impairment | 406 | 403 | |
Ending balances collectively evaluated for impairment | 4,875 | 4,773 | |
Loans receivable, individually evaluated for impairment | 5,667 | 7,666 | |
Loans receivable, collectively evaluated for impairment | 539,286 | 541,698 | |
Total financing receivables | 544,953 | 549,364 | |
Commercial and Industrial [Member] | |||
Allowance for Loan Losses [Roll Forward] | |||
Beginning balance | 483 | 518 | 518 |
Charge-offs | 0 | (39) | (106) |
Recoveries | 0 | 6 | 35 |
Provision (recovery) | 38 | 160 | 36 |
Ending balance | 521 | 645 | 483 |
Additional Information on Allowance for Loan Losses and Recorded Investment in Loans Receivable [Abstract] | |||
Ending balances individually evaluated for impairment | 168 | 176 | |
Ending balances collectively evaluated for impairment | 353 | 307 | |
Loans receivable, individually evaluated for impairment | 506 | 522 | |
Loans receivable, collectively evaluated for impairment | 26,033 | 26,199 | |
Total financing receivables | 26,539 | 26,721 | |
Commercial Real Estate [Member] | |||
Allowance for Loan Losses [Roll Forward] | |||
Beginning balance | 1,738 | 1,609 | 1,609 |
Charge-offs | 0 | 0 | (47) |
Recoveries | 75 | 0 | 70 |
Provision (recovery) | (106) | 99 | 106 |
Ending balance | 1,707 | 1,708 | 1,738 |
Additional Information on Allowance for Loan Losses and Recorded Investment in Loans Receivable [Abstract] | |||
Ending balances individually evaluated for impairment | 148 | 159 | |
Ending balances collectively evaluated for impairment | 1,559 | 1,579 | |
Loans receivable, individually evaluated for impairment | 3,167 | 3,191 | |
Loans receivable, collectively evaluated for impairment | 177,352 | 184,606 | |
Total financing receivables | 180,519 | 187,797 | |
Construction and Land [Member] | |||
Allowance for Loan Losses [Roll Forward] | |||
Beginning balance | 635 | 879 | 879 |
Charge-offs | 0 | 0 | (312) |
Recoveries | 0 | 0 | 0 |
Provision (recovery) | 87 | 72 | 68 |
Ending balance | 722 | 951 | 635 |
Additional Information on Allowance for Loan Losses and Recorded Investment in Loans Receivable [Abstract] | |||
Ending balances individually evaluated for impairment | 0 | 0 | |
Ending balances collectively evaluated for impairment | 722 | 635 | |
Loans receivable, individually evaluated for impairment | 740 | 2,679 | |
Loans receivable, collectively evaluated for impairment | 72,162 | 68,730 | |
Total financing receivables | 72,902 | 71,409 | |
Consumer [Member] | |||
Allowance for Loan Losses [Roll Forward] | |||
Beginning balance | 145 | 105 | 105 |
Charge-offs | (17) | (3) | (14) |
Recoveries | 0 | 3 | 4 |
Provision (recovery) | 28 | (2) | 50 |
Ending balance | 156 | 103 | 145 |
Additional Information on Allowance for Loan Losses and Recorded Investment in Loans Receivable [Abstract] | |||
Ending balances individually evaluated for impairment | 0 | 0 | |
Ending balances collectively evaluated for impairment | 156 | 145 | |
Loans receivable, individually evaluated for impairment | 0 | 0 | |
Loans receivable, collectively evaluated for impairment | 5,849 | 5,562 | |
Total financing receivables | 5,849 | 5,562 | |
Student [Member] | |||
Allowance for Loan Losses [Roll Forward] | |||
Beginning balance | 68 | 72 | 72 |
Charge-offs | (3) | (9) | (24) |
Recoveries | 0 | 0 | 0 |
Provision (recovery) | 0 | 10 | 20 |
Ending balance | 65 | 73 | 68 |
Additional Information on Allowance for Loan Losses and Recorded Investment in Loans Receivable [Abstract] | |||
Ending balances individually evaluated for impairment | 0 | 0 | |
Ending balances collectively evaluated for impairment | 65 | 68 | |
Loans receivable, individually evaluated for impairment | 0 | 0 | |
Loans receivable, collectively evaluated for impairment | 8,897 | 9,158 | |
Total financing receivables | 8,897 | 9,158 | |
Residential Real Estate [Member] | |||
Allowance for Loan Losses [Roll Forward] | |||
Beginning balance | 1,311 | 1,174 | 1,174 |
Charge-offs | 0 | 0 | (200) |
Recoveries | 0 | 47 | 248 |
Provision (recovery) | 22 | (36) | 89 |
Ending balance | 1,333 | 1,185 | 1,311 |
Additional Information on Allowance for Loan Losses and Recorded Investment in Loans Receivable [Abstract] | |||
Ending balances individually evaluated for impairment | 0 | 0 | |
Ending balances collectively evaluated for impairment | 1,333 | 1,311 | |
Loans receivable, individually evaluated for impairment | 698 | 707 | |
Loans receivable, collectively evaluated for impairment | 208,341 | 205,238 | |
Total financing receivables | 209,039 | 205,945 | |
Home Equity Lines of Credit [Member] | |||
Allowance for Loan Losses [Roll Forward] | |||
Beginning balance | 446 | 387 | 387 |
Charge-offs | 0 | 0 | (80) |
Recoveries | 0 | 1 | 1 |
Provision (recovery) | (19) | 4 | 138 |
Ending balance | 427 | 392 | 446 |
Additional Information on Allowance for Loan Losses and Recorded Investment in Loans Receivable [Abstract] | |||
Ending balances individually evaluated for impairment | 90 | 68 | |
Ending balances collectively evaluated for impairment | 337 | 378 | |
Loans receivable, individually evaluated for impairment | 556 | 567 | |
Loans receivable, collectively evaluated for impairment | 40,652 | 42,205 | |
Total financing receivables | 41,208 | 42,772 | |
Unallocated [Member] | |||
Allowance for Loan Losses [Roll Forward] | |||
Beginning balance | 350 | 350 | 350 |
Charge-offs | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 |
Provision (recovery) | 0 | (7) | 0 |
Ending balance | 350 | $ 343 | 350 |
Additional Information on Allowance for Loan Losses and Recorded Investment in Loans Receivable [Abstract] | |||
Ending balances individually evaluated for impairment | 0 | 0 | |
Ending balances collectively evaluated for impairment | $ 350 | $ 350 |
Loans and Allowance for Loan _4
Loans and Allowance for Loan Losses - Schedule of Loans by Credit Quality Indicators (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Credit Quality Indicators [Abstract] | ||
Loans | $ 544,953 | $ 549,364 |
Commercial and Industrial [Member] | ||
Credit Quality Indicators [Abstract] | ||
Loans | 26,539 | 26,721 |
Commercial Real Estate [Member] | ||
Credit Quality Indicators [Abstract] | ||
Loans | 180,519 | 187,797 |
Construction and Land [Member] | ||
Credit Quality Indicators [Abstract] | ||
Loans | 72,902 | 71,409 |
Consumer [Member] | ||
Credit Quality Indicators [Abstract] | ||
Loans | 5,849 | 5,562 |
Student [Member] | ||
Credit Quality Indicators [Abstract] | ||
Loans | 8,897 | 9,158 |
Residential Real Estate [Member] | ||
Credit Quality Indicators [Abstract] | ||
Loans | 209,039 | 205,945 |
Home Equity Lines of Credit [Member] | ||
Credit Quality Indicators [Abstract] | ||
Loans | 41,208 | 42,772 |
Pass [Member] | ||
Credit Quality Indicators [Abstract] | ||
Loans | 519,310 | 523,005 |
Pass [Member] | Commercial and Industrial [Member] | ||
Credit Quality Indicators [Abstract] | ||
Loans | 24,295 | 24,285 |
Pass [Member] | Commercial Real Estate [Member] | ||
Credit Quality Indicators [Abstract] | ||
Loans | 171,444 | 178,525 |
Pass [Member] | Construction and Land [Member] | ||
Credit Quality Indicators [Abstract] | ||
Loans | 69,321 | 67,767 |
Pass [Member] | Consumer [Member] | ||
Credit Quality Indicators [Abstract] | ||
Loans | 5,849 | 5,559 |
Pass [Member] | Student [Member] | ||
Credit Quality Indicators [Abstract] | ||
Loans | 8,897 | 9,158 |
Pass [Member] | Residential Real Estate [Member] | ||
Credit Quality Indicators [Abstract] | ||
Loans | 201,305 | 198,566 |
Pass [Member] | Home Equity Lines of Credit [Member] | ||
Credit Quality Indicators [Abstract] | ||
Loans | 38,199 | 39,145 |
Special Mention [Member] | ||
Credit Quality Indicators [Abstract] | ||
Loans | 10,420 | 10,388 |
Special Mention [Member] | Commercial and Industrial [Member] | ||
Credit Quality Indicators [Abstract] | ||
Loans | 1,387 | 1,540 |
Special Mention [Member] | Commercial Real Estate [Member] | ||
Credit Quality Indicators [Abstract] | ||
Loans | 4,595 | 4,643 |
Special Mention [Member] | Construction and Land [Member] | ||
Credit Quality Indicators [Abstract] | ||
Loans | 2,655 | 2,282 |
Special Mention [Member] | Consumer [Member] | ||
Credit Quality Indicators [Abstract] | ||
Loans | 0 | 3 |
Special Mention [Member] | Student [Member] | ||
Credit Quality Indicators [Abstract] | ||
Loans | 0 | 0 |
Special Mention [Member] | Residential Real Estate [Member] | ||
Credit Quality Indicators [Abstract] | ||
Loans | 1,666 | 1,496 |
Special Mention [Member] | Home Equity Lines of Credit [Member] | ||
Credit Quality Indicators [Abstract] | ||
Loans | 117 | 424 |
Substandard [Member] | ||
Credit Quality Indicators [Abstract] | ||
Loans | 15,223 | 15,971 |
Substandard [Member] | Commercial and Industrial [Member] | ||
Credit Quality Indicators [Abstract] | ||
Loans | 857 | 896 |
Substandard [Member] | Commercial Real Estate [Member] | ||
Credit Quality Indicators [Abstract] | ||
Loans | 4,480 | 4,629 |
Substandard [Member] | Construction and Land [Member] | ||
Credit Quality Indicators [Abstract] | ||
Loans | 926 | 1,360 |
Substandard [Member] | Consumer [Member] | ||
Credit Quality Indicators [Abstract] | ||
Loans | 0 | 0 |
Substandard [Member] | Student [Member] | ||
Credit Quality Indicators [Abstract] | ||
Loans | 0 | 0 |
Substandard [Member] | Residential Real Estate [Member] | ||
Credit Quality Indicators [Abstract] | ||
Loans | 6,068 | 5,883 |
Substandard [Member] | Home Equity Lines of Credit [Member] | ||
Credit Quality Indicators [Abstract] | ||
Loans | 2,892 | 3,203 |
Doubtful [Member] | ||
Credit Quality Indicators [Abstract] | ||
Loans | 0 | 0 |
Doubtful [Member] | Commercial and Industrial [Member] | ||
Credit Quality Indicators [Abstract] | ||
Loans | 0 | 0 |
Doubtful [Member] | Commercial Real Estate [Member] | ||
Credit Quality Indicators [Abstract] | ||
Loans | 0 | 0 |
Doubtful [Member] | Construction and Land [Member] | ||
Credit Quality Indicators [Abstract] | ||
Loans | 0 | 0 |
Doubtful [Member] | Consumer [Member] | ||
Credit Quality Indicators [Abstract] | ||
Loans | 0 | 0 |
Doubtful [Member] | Student [Member] | ||
Credit Quality Indicators [Abstract] | ||
Loans | 0 | 0 |
Doubtful [Member] | Residential Real Estate [Member] | ||
Credit Quality Indicators [Abstract] | ||
Loans | 0 | 0 |
Doubtful [Member] | Home Equity Lines of Credit [Member] | ||
Credit Quality Indicators [Abstract] | ||
Loans | 0 | 0 |
Loss [Member] | ||
Credit Quality Indicators [Abstract] | ||
Loans | 0 | 0 |
Loss [Member] | Commercial and Industrial [Member] | ||
Credit Quality Indicators [Abstract] | ||
Loans | 0 | 0 |
Loss [Member] | Commercial Real Estate [Member] | ||
Credit Quality Indicators [Abstract] | ||
Loans | 0 | 0 |
Loss [Member] | Construction and Land [Member] | ||
Credit Quality Indicators [Abstract] | ||
Loans | 0 | 0 |
Loss [Member] | Consumer [Member] | ||
Credit Quality Indicators [Abstract] | ||
Loans | 0 | 0 |
Loss [Member] | Student [Member] | ||
Credit Quality Indicators [Abstract] | ||
Loans | 0 | 0 |
Loss [Member] | Residential Real Estate [Member] | ||
Credit Quality Indicators [Abstract] | ||
Loans | 0 | 0 |
Loss [Member] | Home Equity Lines of Credit [Member] | ||
Credit Quality Indicators [Abstract] | ||
Loans | $ 0 | $ 0 |
Loans and Allowance for Loan _5
Loans and Allowance for Loan Losses - Schedule of Past Due Status of Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due | $ 9,160 | $ 6,823 |
Current | 535,793 | 542,541 |
Total Loans | 544,953 | 549,364 |
90+ days past due and accruing | 1,163 | 1,227 |
Nonaccruals | 1,969 | 1,993 |
30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due | 1,778 | 3,591 |
60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due | 4,616 | 387 |
90+ Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due | 2,766 | 2,845 |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due | 407 | 442 |
Current | 26,132 | 26,279 |
Total Loans | 26,539 | 26,721 |
90+ days past due and accruing | 0 | 0 |
Nonaccruals | 128 | 135 |
Commercial and Industrial [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due | 56 | 365 |
Commercial and Industrial [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due | 277 | 0 |
Commercial and Industrial [Member] | 90+ Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due | 74 | 77 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due | 3,079 | 1,346 |
Current | 177,440 | 186,451 |
Total Loans | 180,519 | 187,797 |
90+ days past due and accruing | 0 | 0 |
Nonaccruals | 974 | 974 |
Commercial Real Estate [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due | 941 | 372 |
Commercial Real Estate [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due | 1,164 | 0 |
Commercial Real Estate [Member] | 90+ Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due | 974 | 974 |
Construction and Land [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due | 2,635 | 1,419 |
Current | 70,267 | 69,990 |
Total Loans | 72,902 | 71,409 |
90+ days past due and accruing | 0 | 0 |
Nonaccruals | 0 | 0 |
Construction and Land [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due | 80 | 1,419 |
Construction and Land [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due | 2,555 | 0 |
Construction and Land [Member] | 90+ Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due | 0 | 0 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due | 6 | 25 |
Current | 5,843 | 5,537 |
Total Loans | 5,849 | 5,562 |
90+ days past due and accruing | 0 | 0 |
Nonaccruals | 0 | 0 |
Consumer [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due | 6 | 7 |
Consumer [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due | 0 | 18 |
Consumer [Member] | 90+ Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due | 0 | 0 |
Student [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due | 1,424 | 2,212 |
Current | 7,473 | 6,946 |
Total Loans | 8,897 | 9,158 |
90+ days past due and accruing | 1,091 | 1,227 |
Nonaccruals | 0 | 0 |
Student [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due | 190 | 747 |
Student [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due | 143 | 238 |
Student [Member] | 90+ Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due | 1,091 | 1,227 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due | 277 | 409 |
Current | 208,762 | 205,536 |
Total Loans | 209,039 | 205,945 |
90+ days past due and accruing | 0 | 0 |
Nonaccruals | 311 | 317 |
Residential Real Estate [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due | 0 | 278 |
Residential Real Estate [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due | 277 | 131 |
Residential Real Estate [Member] | 90+ Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due | 0 | 0 |
Home Equity Lines of Credit [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due | 1,332 | 970 |
Current | 39,876 | 41,802 |
Total Loans | 41,208 | 42,772 |
90+ days past due and accruing | 72 | 0 |
Nonaccruals | 556 | 567 |
Home Equity Lines of Credit [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due | 505 | 403 |
Home Equity Lines of Credit [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due | 200 | 0 |
Home Equity Lines of Credit [Member] | 90+ Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due | $ 627 | $ 567 |
Loans and Allowance for Loan _6
Loans and Allowance for Loan Losses - Schedule of Impaired Loans by Portfolio Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Recorded Investment [Abstract] | ||
Recorded investment, total | $ 5,667 | $ 7,666 |
Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance, total | 5,787 | 7,770 |
Related Allowance [Abstract] | ||
Related allowance | 406 | 403 |
Average Recorded Investment [Abstract] | ||
Average recorded investment, total | 5,704 | 8,669 |
Interest Income Recognized [Abstract] | ||
Interest income recognized, total | 44 | 299 |
Commercial and Industrial [Member] | ||
Recorded Investment [Abstract] | ||
Recorded investment, with no specific allowance recorded | 54 | 61 |
Recorded investment, with an allowance recorded | 452 | 461 |
Recorded investment, total | 506 | 522 |
Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance, with no specific allowance recorded | 60 | 66 |
Unpaid principal balance, with an allowance recorded | 484 | 493 |
Unpaid principal balance, total | 544 | 559 |
Related Allowance [Abstract] | ||
Related allowance | 168 | 176 |
Average Recorded Investment [Abstract] | ||
Average recorded investment, with no specific allowance recorded | 59 | 84 |
Average recorded investment, with an allowance recorded | 456 | 587 |
Average recorded investment, total | 515 | 671 |
Interest Income Recognized [Abstract] | ||
Interest income recognized, with no specific allowance recorded | 0 | 2 |
Interest income recognized, with an allowance recorded | 4 | 21 |
Interest income recognized, total | 4 | 23 |
Commercial Real Estate [Member] | ||
Recorded Investment [Abstract] | ||
Recorded investment, with no specific allowance recorded | 1,361 | 1,378 |
Recorded investment, with an allowance recorded | 1,806 | 1,813 |
Recorded investment, total | 3,167 | 3,191 |
Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance, with no specific allowance recorded | 1,361 | 1,378 |
Unpaid principal balance, with an allowance recorded | 1,820 | 1,827 |
Unpaid principal balance, total | 3,181 | 3,205 |
Related Allowance [Abstract] | ||
Related allowance | 148 | 159 |
Average Recorded Investment [Abstract] | ||
Average recorded investment, with no specific allowance recorded | 1,370 | 1,413 |
Average recorded investment, with an allowance recorded | 1,809 | 1,998 |
Average recorded investment, total | 3,179 | 3,411 |
Interest Income Recognized [Abstract] | ||
Interest income recognized, with no specific allowance recorded | 19 | 74 |
Interest income recognized, with an allowance recorded | 9 | 39 |
Interest income recognized, total | 28 | 113 |
Construction and Land [Member] | ||
Recorded Investment [Abstract] | ||
Recorded investment, with no specific allowance recorded | 740 | 2,679 |
Recorded investment, total | 740 | 2,679 |
Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance, with no specific allowance recorded | 740 | 2,679 |
Unpaid principal balance, total | 740 | 2,679 |
Related Allowance [Abstract] | ||
Related allowance | 0 | 0 |
Average Recorded Investment [Abstract] | ||
Average recorded investment, with no specific allowance recorded | 747 | 3,289 |
Average recorded investment, total | 747 | 3,289 |
Interest Income Recognized [Abstract] | ||
Interest income recognized, with no specific allowance recorded | 8 | 145 |
Interest income recognized, total | 8 | 145 |
Residential Real Estate [Member] | ||
Recorded Investment [Abstract] | ||
Recorded investment, with no specific allowance recorded | 698 | 707 |
Recorded investment, total | 698 | 707 |
Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance, with no specific allowance recorded | 722 | 727 |
Unpaid principal balance, total | 722 | 727 |
Related Allowance [Abstract] | ||
Related allowance | 0 | 0 |
Average Recorded Investment [Abstract] | ||
Average recorded investment, with no specific allowance recorded | 702 | 720 |
Average recorded investment, total | 702 | 720 |
Interest Income Recognized [Abstract] | ||
Interest income recognized, with no specific allowance recorded | 4 | 18 |
Interest income recognized, total | 4 | 18 |
Home Equity Lines of Credit [Member] | ||
Recorded Investment [Abstract] | ||
Recorded investment, with an allowance recorded | 556 | 567 |
Recorded investment, total | 556 | 567 |
Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance, with an allowance recorded | 600 | 600 |
Unpaid principal balance, total | 600 | 600 |
Related Allowance [Abstract] | ||
Related allowance | 90 | 68 |
Average Recorded Investment [Abstract] | ||
Average recorded investment, with an allowance recorded | 561 | 578 |
Average recorded investment, total | 561 | 578 |
Interest Income Recognized [Abstract] | ||
Interest income recognized, with an allowance recorded | 0 | 0 |
Interest income recognized, total | $ 0 | $ 0 |
Loans and Allowance for Loan _7
Loans and Allowance for Loan Losses - Additional Information (Details) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019USD ($)LoanProperty | Mar. 31, 2018LoanProperty | Dec. 31, 2018USD ($)Loan | |
Troubled Debt Restructurings [Abstract] | |||
Number of TDR loans in the portfolio | 6 | 6 | |
TDR loans in the portfolio | $ | $ 3.4 | $ 3.4 | |
Number of TDR loans current and performing | 5 | 5 | |
Number of Contracts | 0 | 0 | |
Number of TDRs with defaults occurring within 12 months of modification | 0 | 0 | |
Residential Real Estate [Member] | |||
Troubled Debt Restructurings [Abstract] | |||
Number of foreclosed properties in possession or in process of foreclosure | Property | 0 | 0 |
Junior Subordinated Debt - Addi
Junior Subordinated Debt - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Dec. 31, 2018 | Sep. 21, 2006 | |
Junior Subordinated Notes [Abstract] | |||
Frequency of repricing | 3 months | ||
Junior subordinated debt | $ 4,124 | $ 4,124 | |
Floating Rate Capital Securities [Member] | LIBOR [Member] | |||
Junior Subordinated Notes [Abstract] | |||
Basis spread on variable rate | 1.70% | ||
Term of variable rate | 3 months | ||
Floating Rate Junior Subordinated Deferrable Interest Debentures due 2036 [Member] | |||
Junior Subordinated Notes [Abstract] | |||
Face amount | $ 4,000 | ||
Maturity date | Dec. 31, 2036 | ||
Wholly-Owned Connecticut Statutory Business Trust [Member] | Floating Rate Capital Securities [Member] | |||
Junior Subordinated Notes [Abstract] | |||
Face amount | $ 4,000 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Additional Information (Details) | Jun. 24, 2016 | Jul. 01, 2010 | Mar. 31, 2019USD ($)LoanDerivative | Mar. 31, 2018USD ($) | Dec. 31, 2018USD ($) |
Derivative Instruments and Hedging Activities [Abstract] | |||||
Frequency of repricing | 3 months | ||||
Interest expense | $ 49,000 | $ 49,000 | |||
Interest Rate Swap [Member] | |||||
Derivative Instruments and Hedging Activities [Abstract] | |||||
Cash collateral | 430,000 | $ 430,000 | |||
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | |||||
Derivative [Line Items] | |||||
Ineffectiveness on hedges | $ 0 | $ 0 | |||
Interest Rate Swaps - Junior Subordinated Debt Due 2036 [Member] | |||||
Derivative Instruments and Hedging Activities [Abstract] | |||||
Period to convert floating rate liability to fixed rate liability under agreement | 2031 | ||||
Fixed interest rate | 4.31% | 4.31% | |||
Interest Rate Swaps - Junior Subordinated Debt Due 2036 [Member] | LIBOR [Member] | |||||
Derivative Instruments and Hedging Activities [Abstract] | |||||
Term of variable rate | 3 months | ||||
Basis spread on variable rate | 1.70% | ||||
Interest Rate Swaps - Junior Subordinated Debt Due 2036 [Member] | Maximum [Member] | |||||
Derivative Instruments and Hedging Activities [Abstract] | |||||
Period to convert floating rate liability to fixed rate liability under agreement | 2020 | ||||
Interest Rate Swap through 6-15-2031 [Member] | |||||
Derivative Instruments and Hedging Activities [Abstract] | |||||
Interest expense | $ 0 | $ 0 | |||
Interest Rate Swap through 9-15-2020 [Member] | |||||
Derivative Instruments and Hedging Activities [Abstract] | |||||
Interest expense | $ 5,000 | 15,000 | |||
Interest Rate Swaps - Commercial Loans [Member] | |||||
Derivative Instruments and Hedging Activities [Abstract] | |||||
Number of swap agreements | Derivative | 2 | ||||
Number of commercial loans managed with swap agreements | Loan | 2 | ||||
Interest income | $ 9,000 | ||||
Interest expense | $ 4,000 | ||||
Interest Rate Swaps - Commercial Loans [Member] | LIBOR [Member] | |||||
Derivative Instruments and Hedging Activities [Abstract] | |||||
Term of variable rate | 1 month | ||||
Interest Rate Swaps - Commercial Loans [Member] | Maximum [Member] | |||||
Derivative Instruments and Hedging Activities [Abstract] | |||||
Period to convert fixed rate assets to floating rate assets under agreement | 2025 | ||||
Interest Rate Swaps - Commercial Loans [Member] | Minimum [Member] | |||||
Derivative Instruments and Hedging Activities [Abstract] | |||||
Period to convert fixed rate assets to floating rate assets under agreement | 2022 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Schedule of Effects of Derivative Instruments on Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Interest Rate Swap through 9-15-2020 [Member] | Cash Flow Hedging [Member] | ||
Derivative Instruments and Hedging Activities [Abstract] | ||
Notional/contract amount | $ 4,000 | $ 4,000 |
Expiration date | Sep. 15, 2020 | Sep. 15, 2020 |
Interest Rate Swap through 9-15-2020 [Member] | Cash Flow Hedging [Member] | Other Liabilities [Member] | ||
Derivative Instruments and Hedging Activities [Abstract] | ||
Fair Value | $ (45) | $ (38) |
Interest Rate Swap through 6-15-2031 [Member] | Cash Flow Hedging [Member] | ||
Derivative Instruments and Hedging Activities [Abstract] | ||
Notional/contract amount | $ 4,000 | $ 4,000 |
Expiration date | Jun. 15, 2031 | Jun. 15, 2031 |
Interest Rate Swap through 6-15-2031 [Member] | Cash Flow Hedging [Member] | Other Assets [Member] | ||
Derivative Instruments and Hedging Activities [Abstract] | ||
Fair Value | $ 146 | $ 255 |
Interest Rate Swap through 4-9-2025 [Member] | Fair Value Hedging [Member] | ||
Derivative Instruments and Hedging Activities [Abstract] | ||
Notional/contract amount | $ 1,162 | $ 1,186 |
Expiration date | Apr. 9, 2025 | Apr. 9, 2025 |
Interest Rate Swap through 4-9-2025 [Member] | Fair Value Hedging [Member] | Other Assets [Member] | ||
Derivative Instruments and Hedging Activities [Abstract] | ||
Fair Value | $ 15 | $ 34 |
Interest Rate Swap through 2-12-2022 [Member] | Fair Value Hedging [Member] | ||
Derivative Instruments and Hedging Activities [Abstract] | ||
Notional/contract amount | $ 4,264 | $ 4,347 |
Expiration date | Feb. 12, 2022 | Feb. 12, 2022 |
Interest Rate Swap through 2-12-2022 [Member] | Fair Value Hedging [Member] | Other Assets [Member] | ||
Derivative Instruments and Hedging Activities [Abstract] | ||
Fair Value | $ 44 | $ 78 |
Earnings Per Share (Details)
Earnings Per Share (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Shares [Abstract] | ||
Basic earnings per share (in shares) | 3,778,895 | 3,768,197 |
Effect of dilutive stock awards (in shares) | 10,015 | 8,917 |
Diluted earnings per share (in shares) | 3,788,910 | 3,777,114 |
Per Share Amount [Abstract] | ||
Earnings per share, basic | $ 0.43 | $ 0.42 |
Earnings per share, diluted | $ 0.43 | $ 0.42 |
Share-based Compensation - Addi
Share-based Compensation - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Restricted Shares [Member] | ||
Stock Based Compensation [Abstract] | ||
Unrecognized compensation cost | $ 284,000 | $ 249,000 |
Stock Incentive Plan [Member] | ||
Stock Based Compensation [Abstract] | ||
Number of shares authorized (in shares) | 350,000 | |
Stock Incentive Plan [Member] | Restricted Shares [Member] | ||
Stock Based Compensation [Abstract] | ||
Recognition period for total unrecognized compensation costs | 3 years | |
Stock Incentive Plan [Member] | Restricted Shares [Member] | Nonemployee Director [Member] | ||
Stock Based Compensation [Abstract] | ||
Compensation expense | $ 129,000 | 116,000 |
Stock Incentive Plan [Member] | Performance-Based Restricted Stock Units [Member] | ||
Stock Based Compensation [Abstract] | ||
Unrecognized compensation cost | 200,000 | 171,000 |
Stock Incentive Plan [Member] | Performance-Based Restricted Stock Units [Member] | Certain Executive Officers [Member] | ||
Stock Based Compensation [Abstract] | ||
Compensation expense | $ 25,000 | $ 19,000 |
Share-based Compensation - Unve
Share-based Compensation - Unvested Restricted Shares (Details) - Stock Incentive Plan [Member] - Restricted Shares [Member] - $ / shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Unvested Restricted Shares [Roll Forward] | ||
Unvested at beginning of period (in shares) | 22,569 | 18,062 |
Granted (in shares) | 12,058 | 11,294 |
Vested (in shares) | (10,553) | (6,419) |
Forfeited or surrendered (in shares) | (440) | (368) |
Unvested at end of period (in shares) | 23,634 | 22,569 |
Unvested Restricted Shares, Weighted Average Grant Date Fair Value Per Share [Roll Forward] | ||
Unvested at beginning of period (in dollars per share) | $ 17.98 | $ 16.44 |
Granted (in dollars per share) | 21.69 | 21.47 |
Vested (in dollars per share) | 21.46 | 21.47 |
Forfeited or surrendered (in dollars per share) | 22.05 | 21.47 |
Unvested at end of period (in dollars per share) | $ 20.10 | $ 17.98 |
Share-based Compensation - Un_2
Share-based Compensation - Unvested Performance-Based Restricted Stock Units (Details) - Stock Incentive Plan [Member] - Performance-Based Restricted Stock Units [Member] - $ / shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Unvested Performance-Based Restricted Stock Units [Roll Forward] | ||
Unvested at beginning of period (in shares) | 22,103 | 18,062 |
Granted (in shares) | 7,909 | 6,867 |
Vested (in shares) | 0 | 0 |
Forfeited (in shares) | 0 | (2,826) |
Unvested at end of period (in shares) | 30,012 | 22,103 |
Unvested Performance-Based Stock Rights, Weighted Average Fair Value Per Share [Roll Forward] | ||
Unvested at beginning of period (in dollars per share) | $ 17.90 | $ 16.44 |
Granted (in dollars per share) | 21.69 | 21.47 |
Vested (in dollars per share) | 0 | 0 |
Forfeited (in dollars per share) | 0 | 21.47 |
Unvested at end of period (in dollars per share) | $ 18.98 | $ 17.90 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Details) | 3 Months Ended | ||
Mar. 31, 2019USD ($)HourInstallmentDirector | Mar. 31, 2018USD ($)Director | Dec. 31, 2018USD ($) | |
401(k) Plan [Abstract] | |||
Minimum age to participate | 18 years | ||
Minimum working hours to participate | Hour | 20 | ||
Annual contribution per employee | 100.00% | ||
Employer matching contribution percentage on first 6% of deferred compensation | 100.00% | ||
Percent of employee's compensation deferred that receives company match | 6.00% | ||
Additional safe harbor contribution by employer, percent | 3.00% | ||
401(k) expenses | $ 231,000,000 | $ 172,000,000 | |
Deferred Compensation Plan [Abstract] | |||
Number of directors participating in Deferred Compensation Plan | Director | 0 | 0 | |
Bank-owned life insurance | $ 93,000 | $ 89,000 | |
Accrued liability for deferred compensation program | 111,000,000 | $ 103,000,000 | |
Former Key Employee [Member] | |||
Deferred Compensation Plan [Abstract] | |||
Deferred compensation expense | 16,000,000 | 13,000,000 | |
Bank-owned life insurance | 7,100,000 | 7,100,000 | |
Cash surrender value of life insurance policies | $ 1,400,000 | $ 1,400,000 | |
Maximum [Member] | |||
401(k) Plan [Abstract] | |||
Employer matching contribution | 6.00% | ||
Deferred Compensation Plan [Abstract] | |||
Number of installments for contributions | Installment | 5 | ||
Minimum [Member] | |||
Deferred Compensation Plan [Abstract] | |||
Number of installments for contributions | Installment | 1 | ||
Supplemental Executive Retirement Plan [Member] | |||
Supplemental Executive Retirement Plan [Abstract] | |||
Pension liability | $ 2,800,000 | 2,700,000 | |
Pension expense | $ 73,000 | $ 73,000 |
Fair Value Measurement - Summar
Fair Value Measurement - Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Assets [Abstract] | ||
Available for sale securities | $ 69,773 | $ 71,884 |
Obligations of U.S. Government Corporations and Agencies [Member] | ||
Assets [Abstract] | ||
Available for sale securities | 56,992 | 56,409 |
Obligations of States and Political Subdivisions [Member] | ||
Assets [Abstract] | ||
Available for sale securities | 12,781 | 14,580 |
Corporate Bonds [Member] | ||
Assets [Abstract] | ||
Available for sale securities | 895 | |
Fair Value on a Recurring Basis [Member] | ||
Liabilities [Abstract] | ||
Interest rate swaps | 45 | 38 |
Total liabilities at fair value | 45 | 38 |
Assets [Abstract] | ||
Available for sale securities | 69,773 | 71,884 |
Mutual funds | 389 | 382 |
Interest rate swaps | 205 | 367 |
Total assets at fair value | 70,367 | 72,633 |
Fair Value on a Recurring Basis [Member] | Obligations of U.S. Government Corporations and Agencies [Member] | ||
Assets [Abstract] | ||
Available for sale securities | 56,992 | 56,409 |
Fair Value on a Recurring Basis [Member] | Obligations of States and Political Subdivisions [Member] | ||
Assets [Abstract] | ||
Available for sale securities | 12,781 | 14,580 |
Fair Value on a Recurring Basis [Member] | Corporate Bonds [Member] | ||
Assets [Abstract] | ||
Available for sale securities | 895 | |
Level 1 [Member] | ||
Liabilities [Abstract] | ||
Interest rate swaps | 0 | 0 |
Total liabilities at fair value | 0 | 0 |
Assets [Abstract] | ||
Available for sale securities | 0 | 0 |
Mutual funds | 389 | 382 |
Interest rate swaps | 0 | 0 |
Total assets at fair value | 38,397 | 67,492 |
Level 1 [Member] | Fair Value on a Recurring Basis [Member] | ||
Liabilities [Abstract] | ||
Interest rate swaps | 0 | 0 |
Total liabilities at fair value | 0 | 0 |
Assets [Abstract] | ||
Available for sale securities | 0 | 0 |
Mutual funds | 389 | 382 |
Interest rate swaps | 0 | 0 |
Total assets at fair value | 389 | 382 |
Level 1 [Member] | Fair Value on a Recurring Basis [Member] | Obligations of U.S. Government Corporations and Agencies [Member] | ||
Assets [Abstract] | ||
Available for sale securities | 0 | 0 |
Level 1 [Member] | Fair Value on a Recurring Basis [Member] | Obligations of States and Political Subdivisions [Member] | ||
Assets [Abstract] | ||
Available for sale securities | 0 | 0 |
Level 1 [Member] | Fair Value on a Recurring Basis [Member] | Corporate Bonds [Member] | ||
Assets [Abstract] | ||
Available for sale securities | 0 | |
Level 2 [Member] | ||
Liabilities [Abstract] | ||
Interest rate swaps | 45 | 38 |
Total liabilities at fair value | 626,819 | 663,302 |
Assets [Abstract] | ||
Available for sale securities | 69,773 | 71,884 |
Mutual funds | 0 | 0 |
Interest rate swaps | 205 | 367 |
Total assets at fair value | 88,551 | 90,028 |
Level 2 [Member] | Fair Value on a Recurring Basis [Member] | ||
Liabilities [Abstract] | ||
Interest rate swaps | 45 | 38 |
Total liabilities at fair value | 45 | 38 |
Assets [Abstract] | ||
Available for sale securities | 69,773 | 71,884 |
Mutual funds | 0 | 0 |
Interest rate swaps | 205 | 367 |
Total assets at fair value | 69,978 | 72,251 |
Level 2 [Member] | Fair Value on a Recurring Basis [Member] | Obligations of U.S. Government Corporations and Agencies [Member] | ||
Assets [Abstract] | ||
Available for sale securities | 56,992 | 56,409 |
Level 2 [Member] | Fair Value on a Recurring Basis [Member] | Obligations of States and Political Subdivisions [Member] | ||
Assets [Abstract] | ||
Available for sale securities | 12,781 | 14,580 |
Level 2 [Member] | Fair Value on a Recurring Basis [Member] | Corporate Bonds [Member] | ||
Assets [Abstract] | ||
Available for sale securities | 895 | |
Level 3 [Member] | ||
Liabilities [Abstract] | ||
Interest rate swaps | 0 | 0 |
Total liabilities at fair value | 0 | 0 |
Assets [Abstract] | ||
Available for sale securities | 0 | 0 |
Mutual funds | 0 | 0 |
Interest rate swaps | 0 | 0 |
Total assets at fair value | 530,988 | 537,072 |
Level 3 [Member] | Fair Value on a Recurring Basis [Member] | ||
Liabilities [Abstract] | ||
Interest rate swaps | 0 | 0 |
Total liabilities at fair value | 0 | 0 |
Assets [Abstract] | ||
Available for sale securities | 0 | 0 |
Mutual funds | 0 | 0 |
Interest rate swaps | 0 | 0 |
Total assets at fair value | 0 | 0 |
Level 3 [Member] | Fair Value on a Recurring Basis [Member] | Obligations of U.S. Government Corporations and Agencies [Member] | ||
Assets [Abstract] | ||
Available for sale securities | 0 | 0 |
Level 3 [Member] | Fair Value on a Recurring Basis [Member] | Obligations of States and Political Subdivisions [Member] | ||
Assets [Abstract] | ||
Available for sale securities | $ 0 | 0 |
Level 3 [Member] | Fair Value on a Recurring Basis [Member] | Corporate Bonds [Member] | ||
Assets [Abstract] | ||
Available for sale securities | $ 0 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Details) - Fair Value on a Nonrecurring Basis [Member] | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Level 3 [Member] | |
Financial Assets Recorded on a Nonrecurring Basis [Abstract] | |
Minimum age of appraisal of real estate property for fair value to be considered Level 3 | 1 year |
Mortgage Loans Held for Sale [Member] | |
Financial Assets Recorded on a Nonrecurring Basis [Abstract] | |
Nonrecurring fair value adjustments | $ 0 |
Fair Value Measurement - Summ_2
Fair Value Measurement - Summary of Financial Assets Measured at Fair Value on a Nonrecurring Basis (Details) - Fair Value on a Nonrecurring Basis [Member] - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Assets [Abstract] | ||
Impaired loans, net | $ 2,408 | $ 2,438 |
Other real estate owned, net | 1,356 | 1,356 |
Level 1 [Member] | ||
Assets [Abstract] | ||
Impaired loans, net | 0 | 0 |
Other real estate owned, net | 0 | 0 |
Level 2 [Member] | ||
Assets [Abstract] | ||
Impaired loans, net | 0 | 0 |
Other real estate owned, net | 0 | 0 |
Level 3 [Member] | ||
Assets [Abstract] | ||
Impaired loans, net | 2,408 | 2,438 |
Other real estate owned, net | $ 1,356 | $ 1,356 |
Fair Value Measurement - Summ_3
Fair Value Measurement - Summary of Quantitative Information About Level 3 Fair Value Measurements (Details) - Level 3 [Member] $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Quantitative Information About Level 3 Fair Value Measurements [Abstract] | ||
Fair Value | $ 530,988 | $ 537,072 |
Fair Value on a Nonrecurring Basis [Member] | ||
Quantitative Information About Level 3 Fair Value Measurements [Abstract] | ||
Fair Value | 3,764 | 3,794 |
Fair Value on a Nonrecurring Basis [Member] | Impaired Loans [Member] | Appraised Values [Member] | ||
Quantitative Information About Level 3 Fair Value Measurements [Abstract] | ||
Fair Value | $ 2,408 | $ 2,438 |
Unobservable Input | Age of appraisal, current market conditions, experience within local market | Age of appraisal, current market conditions, experience within local market |
Fair Value on a Nonrecurring Basis [Member] | Impaired Loans [Member] | Appraised Values [Member] | Weighted Average [Member] | ||
Quantitative Information About Level 3 Fair Value Measurements [Abstract] | ||
Weighted Average Discount | 0.86 | 0.86 |
Fair Value on a Nonrecurring Basis [Member] | Other Real Estate Owned [Member] | Appraised Values [Member] | ||
Quantitative Information About Level 3 Fair Value Measurements [Abstract] | ||
Fair Value | $ 1,356 | $ 1,356 |
Unobservable Input | Age of appraisal, current market conditions and selling costs | Age of appraisal, current market conditions and selling costs |
Fair Value on a Nonrecurring Basis [Member] | Other Real Estate Owned [Member] | Appraised Values [Member] | Weighted Average [Member] | ||
Quantitative Information About Level 3 Fair Value Measurements [Abstract] | ||
Weighted Average Discount | 0.18 | 0.18 |
Fair Value Measurement - Schedu
Fair Value Measurement - Schedule of Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Assets [Abstract] | ||
Securities available for sale | $ 69,773 | $ 71,884 |
Level 1 [Member] | ||
Assets [Abstract] | ||
Cash and short-term investments | 38,008 | 67,110 |
Securities available for sale | 0 | 0 |
Restricted investments | 0 | 0 |
Mortgage loans held for sale | 0 | |
Loans, net | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Mutual funds | 389 | 382 |
Interest rate swaps | 0 | 0 |
Bank-owned life insurance | 0 | 0 |
Total assets at fair value | 38,397 | 67,492 |
Liabilities [Abstract] | ||
Deposits | 0 | 0 |
FHLB advances | 0 | 0 |
Junior subordinated debt | 0 | 0 |
Accrued interest payable | 0 | 0 |
Interest rate swaps | 0 | 0 |
Total liabilities at fair value | 0 | 0 |
Level 2 [Member] | ||
Assets [Abstract] | ||
Cash and short-term investments | 0 | 0 |
Securities available for sale | 69,773 | 71,884 |
Restricted investments | 2,571 | 2,240 |
Mortgage loans held for sale | 260 | |
Loans, net | 0 | 0 |
Accrued interest receivable | 2,054 | 1,942 |
Mutual funds | 0 | 0 |
Interest rate swaps | 205 | 367 |
Bank-owned life insurance | 13,688 | 13,595 |
Total assets at fair value | 88,551 | 90,028 |
Liabilities [Abstract] | ||
Deposits | 592,016 | 634,917 |
FHLB advances | 29,763 | 23,633 |
Junior subordinated debt | 4,596 | 4,414 |
Accrued interest payable | 399 | 300 |
Interest rate swaps | 45 | 38 |
Total liabilities at fair value | 626,819 | 663,302 |
Level 3 [Member] | ||
Assets [Abstract] | ||
Cash and short-term investments | 0 | 0 |
Securities available for sale | 0 | 0 |
Restricted investments | 0 | 0 |
Mortgage loans held for sale | 0 | |
Loans, net | 530,988 | 537,072 |
Accrued interest receivable | 0 | 0 |
Mutual funds | 0 | 0 |
Interest rate swaps | 0 | 0 |
Bank-owned life insurance | 0 | 0 |
Total assets at fair value | 530,988 | 537,072 |
Liabilities [Abstract] | ||
Deposits | 0 | 0 |
FHLB advances | 0 | 0 |
Junior subordinated debt | 0 | 0 |
Accrued interest payable | 0 | 0 |
Interest rate swaps | 0 | 0 |
Total liabilities at fair value | 0 | 0 |
Carrying Amount [Member] | ||
Assets [Abstract] | ||
Cash and short-term investments | 38,008 | 67,110 |
Securities available for sale | 69,773 | 71,884 |
Restricted investments | 2,571 | 2,240 |
Mortgage loans held for sale | 260 | |
Loans, net | 539,672 | 544,188 |
Accrued interest receivable | 2,054 | 1,942 |
Mutual funds | 389 | 382 |
Interest rate swaps | 205 | 367 |
Bank-owned life insurance | 13,688 | 13,595 |
Total assets at fair value | 666,620 | 701,708 |
Liabilities [Abstract] | ||
Deposits | 592,358 | 635,638 |
FHLB advances | 29,759 | 23,780 |
Junior subordinated debt | 4,124 | 4,124 |
Accrued interest payable | 399 | 300 |
Interest rate swaps | 45 | 38 |
Total liabilities at fair value | 626,685 | 663,880 |
Fair Value [Member] | ||
Assets [Abstract] | ||
Cash and short-term investments | 38,008 | 67,110 |
Securities available for sale | 69,773 | 71,884 |
Restricted investments | 2,571 | 2,240 |
Mortgage loans held for sale | 260 | |
Loans, net | 530,988 | 537,072 |
Accrued interest receivable | 2,054 | 1,942 |
Mutual funds | 389 | 382 |
Interest rate swaps | 205 | 367 |
Bank-owned life insurance | 13,688 | 13,595 |
Total assets at fair value | 657,936 | 694,592 |
Liabilities [Abstract] | ||
Deposits | 592,016 | 634,917 |
FHLB advances | 29,763 | 23,633 |
Junior subordinated debt | 4,596 | 4,414 |
Accrued interest payable | 399 | 300 |
Interest rate swaps | 45 | 38 |
Total liabilities at fair value | $ 626,819 | $ 663,302 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Changes in Accumulated Other Comprehensive Income [Roll Forward] | ||
Balance | $ 60,007 | $ 56,142 |
Reclassification of net unrealized gains on equity securities from accumulated other comprehensive income (loss) | 62 | 423 |
Other comprehensive income (loss) before reclassifications | 830 | (717) |
Balance | 62,133 | 56,666 |
Gains (Losses) on Cash Flow Hedges [Member] | ||
Changes in Accumulated Other Comprehensive Income [Roll Forward] | ||
Balance | 172 | 37 |
Other comprehensive income (loss) before reclassifications | (92) | 143 |
Balance | 80 | 180 |
Unrealized Gains (Losses) on Available for Sale Securities [Member] | ||
Changes in Accumulated Other Comprehensive Income [Roll Forward] | ||
Balance | (850) | (37) |
Reclassification of net unrealized gains on equity securities from accumulated other comprehensive income (loss) | 10 | |
Other comprehensive income (loss) before reclassifications | 922 | (860) |
Balance | 72 | (887) |
Supplemental Executive Retirement Plans [Member] | ||
Changes in Accumulated Other Comprehensive Income [Roll Forward] | ||
Balance | 140 | 125 |
Balance | 140 | 125 |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Changes in Accumulated Other Comprehensive Income [Roll Forward] | ||
Balance | (538) | 125 |
Reclassification of net unrealized gains on equity securities from accumulated other comprehensive income (loss) | 10 | |
Balance | $ 292 | $ (582) |
Investment in Affordable Hous_2
Investment in Affordable Housing Projects - Additional Information (Details) | 3 Months Ended | ||
Mar. 31, 2019USD ($)Investment | Mar. 31, 2018USD ($) | Dec. 31, 2018USD ($) | |
Schedule Of Equity Method Investments [Line Items] | |||
Number of limited liability partnerships with investments | Investment | 7 | ||
Year in which investments are expected to be paid | 2021 | ||
Tax credits and other benefits recognized | $ 140,000 | $ 126,000 | |
Losses from investments in affordable housing projects | 83,000 | $ 80,000 | |
Other Assets [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Investments in affordable housing projects | 4,400,000 | $ 4,500,000 | |
Other Liabilities [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Capital call for investments in affordable housing projects | $ 1,100,000 | $ 1,200,000 |
Revenue Recognition - Nonintere
Revenue Recognition - Noninterest Income by Major Source (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Noninterest income | ||
Brokerage fees | $ 90 | $ 41 |
Bank-owned life insurance | 93 | 89 |
Other service charges, commissions and other income | 148 | 91 |
Gain on sale/call of securities available for sale | 79 | 535 |
Gain on sale of mortgage loans held for sale, net | 6 | |
Total noninterest income | 1,480 | 1,863 |
Trust and Estate Fees [Member] | ||
Noninterest income | ||
Total noninterest income | 416 | 372 |
Service Charges on Deposit Accounts [Member] | ||
Noninterest income | ||
Total noninterest income | 383 | 444 |
Intercharge Fee Income, Net [Member] | ||
Noninterest income | ||
Total noninterest income | $ 271 | $ 285 |
Revenue Recognition - Noninte_2
Revenue Recognition - Noninterest Income by Major Source (Parenthetical) (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation Of Revenue [Line Items] | ||||
Balance | $ 62,133,000 | $ 56,666,000 | $ 60,007,000 | $ 56,142,000 |
Other service charges, commissions and other income | 148,000 | 91,000 | ||
Income within the scope of ASC 606 | ||||
Disaggregation Of Revenue [Line Items] | ||||
Other service charges, commissions and other income | $ 62,000 | $ 68,000 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Millions | Jan. 01, 2019 | Mar. 31, 2019 |
Lessee Lease Description [Line Items] | ||
Lessee, operating lease, option to extend lease term [true false] | true | |
ASU 2016-02 [Member] | ||
Lessee Lease Description [Line Items] | ||
Effect of adoption of new accounting standard | $ 5.6 |
Leases - Schedule of Informatio
Leases - Schedule of Information about Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Leases [Abstract] | ||
Lease liability | $ 5,421 | |
Right-of-use asset | $ 5,447 | |
Weighted average remaining lease term | 9 years 5 months 8 days | |
Weighted average discount rate | 3.54% | |
Lease Expense | ||
Operating lease expense | $ 211 | |
Short-term lease expense | 4 | |
Total lease expense | 215 | $ 169 |
Cash paid for amounts included in lease liabilities | $ 207 |
Leases - Maturity Schedule of U
Leases - Maturity Schedule of Undiscounted Cash Flows Contribute to Lease Liability (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Leases [Abstract] | |
Nine months ending December 31, 2019 | $ 437 |
Twelve months ending December 31, 2020 | 670 |
Twelve months ending December 31, 2021 | 682 |
Twelve months ending December 31, 2022 | 694 |
Twelve months ending December 31, 2023 | 707 |
Twelve months ending December 31, 2024 | 646 |
Thereafter | 2,604 |
Total undiscounted cash flows | 6,440 |
Less: Discount | (1,019) |
Lease liability | $ 5,421 |