Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Mar. 10, 2017 | Jun. 30, 2016 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | LANDMARK BANCORP INC | ||
Entity Central Index Key | 1,141,688 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $ 72.4 | ||
Trading Symbol | LARK | ||
Entity Common Stock, Shares Outstanding | 3,869,922 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and cash equivalents | $ 19,996 | $ 13,569 |
Investment securities available-for-sale, at fair value | 385,563 | 353,438 |
Bank stocks, at cost | 5,299 | 4,497 |
Loans, net of allowance for loans losses of $5,344 and $5,922 | 420,461 | 419,923 |
Loans held for sale | 5,517 | 14,465 |
Premises and equipment, net | 20,407 | 20,958 |
Bank owned life insurance | 18,314 | 18,164 |
Goodwill | 17,532 | 17,532 |
Other intangible assets, net | 3,986 | 4,304 |
Real estate owned, net | 1,279 | 1,000 |
Accrued interest and other assets | 13,028 | 10,526 |
Total assets | 911,382 | 878,376 |
Deposits: | ||
Non-interest bearing demand | 152,012 | 143,616 |
Money market and checking | 361,398 | 346,106 |
Savings | 88,273 | 81,062 |
Time | 139,838 | 143,943 |
Total deposits | 741,521 | 714,727 |
Federal Home Loan Bank borrowings | 39,100 | 37,600 |
Subordinated debentures | 21,284 | 21,084 |
Other borrowings | 12,483 | 11,974 |
Accrued interest and other liabilities | 12,043 | 12,421 |
Total liabilities | 826,431 | 797,806 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock, $0.01 par, 200,000 shares authorized; none issued | 0 | 0 |
Common stock, $0.01 par, 7,500,000 shares authorized; 3,868,077 and 3,707,588 shares issued and outstanding at December 31, 2016 and 2015, respectively | 38 | 35 |
Additional paid-in capital | 51,968 | 45,372 |
Retained earnings | 34,293 | 32,988 |
Accumulated other comprehensive (loss) income | (1,348) | 2,175 |
Total stockholders’ equity | 84,951 | 80,570 |
Total liabilities and stockholders’ equity | $ 911,382 | $ 878,376 |
Consolidated Balance Sheets _Pa
Consolidated Balance Sheets [Parenthetical] - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Net of allowance for loans losses (in dollars) | $ 5,344 | $ 5,922 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 200,000 | 200,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 7,500,000 | 7,500,000 |
Common stock, shares issued | 3,868,077 | 3,707,588 |
Common stock, shares, outstanding | 3,868,077 | 3,707,588 |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Loans: | ||||
Taxable | $ 21,010 | $ 21,077 | $ 20,802 | |
Tax-exempt | 244 | 268 | 328 | |
Investment securities: | ||||
Taxable | 4,551 | 4,584 | 4,119 | |
Tax-exempt | 3,425 | 3,068 | 2,601 | |
Total interest income | 29,230 | 28,997 | 27,850 | |
Interest expense: | ||||
Deposits | 1,134 | 1,071 | 1,235 | |
Subordinated debentures | 787 | 699 | 686 | |
Borrowings | 1,270 | 1,311 | 1,265 | |
Total interest expense | 3,191 | 3,081 | 3,186 | |
Net interest income | 26,039 | 25,916 | 24,664 | |
Provision for loan losses | 500 | (700) | 600 | |
Net interest income after provision for loan losses | 25,539 | 26,616 | 24,064 | |
Non-interest income: | ||||
Fees and service charges | 7,268 | 7,331 | 7,424 | |
Gains on sales of loans, net | 5,476 | 7,993 | 5,880 | |
Increase in cash surrender value of bank owned life insurance | 508 | 514 | 523 | |
Gains (losses) on sales of investment securities, net | 558 | (119) | 99 | |
Other | 1,040 | 1,291 | 1,145 | |
Total non-interest income | 14,850 | 17,010 | 15,071 | |
Non-interest expense: | ||||
Compensation and benefits | 15,313 | 15,230 | 14,347 | |
Occupancy and equipment | 4,334 | 4,252 | 4,397 | |
Data processing | 1,419 | 1,391 | 1,416 | |
Amortization of intangibles | 1,397 | 1,355 | 1,296 | |
Professional fees | 1,081 | 1,048 | 1,096 | |
Advertising | 573 | 618 | 534 | |
Federal deposit insurance premiums | 369 | 433 | 518 | |
Foreclosure and real estate owned expense | 258 | 65 | 102 | |
Other | 4,370 | 4,814 | 4,354 | |
Total non-interest expense | 29,114 | 29,206 | 28,060 | |
Earnings before income taxes | 11,275 | 14,420 | 11,075 | |
Income tax expense | 2,314 | 3,914 | 3,026 | |
Net earnings | $ 8,961 | $ 10,506 | $ 8,049 | |
Earnings per share: | ||||
Basic (in dollars per share) | [1] | $ 2.35 | $ 2.85 | $ 2.19 |
Diluted (in dollars per share) | [1] | $ 2.31 | $ 2.77 | $ 2.16 |
[1] | All per share amounts have been adjusted to give effect to the 5% stock dividends paid during December 2016, 2015 and 2014. |
Consolidated Statements of Ear5
Consolidated Statements of Earnings [Parenthetical] | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Percentage Of Stocks Dividend | 5.00% | 5.00% | 5.00% |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net earnings | $ 8,961 | $ 10,506 | $ 8,049 |
Net unrealized holding (losses) gains on available-for-sale securities | (5,021) | 437 | 4,445 |
Less reclassification adjustment on (gains) losses included in earnings | (558) | 119 | (99) |
Net unrealized (losses) gains | (5,579) | 556 | 4,346 |
Income tax effect on net (losses) gains included in earnings | 206 | (44) | 37 |
Income tax effect on net unrealized holding gains (losses) | 1,850 | (155) | (1,639) |
Other comprehensive (loss) income | (3,523) | 357 | 2,744 |
Total comprehensive income | $ 5,438 | $ 10,863 | $ 10,793 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common stock [Member] | Additional paid-in capital [Member] | Retained earnings [Member] | Accumulated other comprehensive income (loss) [Member] | |
Balance at Dec. 31, 2013 | $ 62,692 | $ 31 | $ 36,400 | $ 27,187 | $ (926) | |
Net earnings | 8,049 | 0 | 0 | 8,049 | 0 | |
Other comprehensive income (loss) | 2,744 | 0 | 0 | 0 | 2,744 | |
Dividends paid | [1] | (2,415) | 0 | 0 | (2,415) | 0 |
Stock-based compensation | 55 | 0 | 55 | 0 | 0 | |
Exercise of stock options | 520 | 0 | 520 | 0 | 0 | |
Stock dividend | 0 | 2 | 3,498 | (3,500) | 0 | |
Balance at Dec. 31, 2014 | 71,645 | 33 | 40,473 | 29,321 | 1,818 | |
Net earnings | 10,506 | 0 | 0 | 10,506 | 0 | |
Other comprehensive income (loss) | 357 | 0 | 0 | 0 | 357 | |
Dividends paid | [1] | (2,547) | 0 | 0 | (2,547) | 0 |
Stock-based compensation | 16 | 0 | 16 | 0 | 0 | |
Exercise of stock options | 593 | 0 | 593 | 0 | 0 | |
Stock dividend | 0 | 2 | 4,290 | (4,292) | 0 | |
Balance at Dec. 31, 2015 | 80,570 | 35 | 45,372 | 32,988 | 2,175 | |
Net earnings | 8,961 | 0 | 0 | 8,961 | 0 | |
Other comprehensive income (loss) | (3,523) | 0 | 0 | 0 | (3,523) | |
Dividends paid | [1] | (2,912) | 0 | 0 | (2,912) | 0 |
Stock-based compensation | 59 | 0 | 59 | 0 | 0 | |
Exercise of stock options | 1,796 | 1 | 1,795 | 0 | 0 | |
Stock dividend | 0 | 2 | 4,742 | (4,744) | 0 | |
Balance at Dec. 31, 2016 | $ 84,951 | $ 38 | $ 51,968 | $ 34,293 | $ (1,348) | |
[1] | Dividends per share have been adjusted to give effect to the 5% stock dividends paid during December 2016, 2015 and 2014. |
Consolidated Statements of Sto8
Consolidated Statements of Stockholders' Equity [Parenthetical] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Dividends per share (in dollars per share) | $ 0.76 | $ 0.69 | $ 0.66 |
Exercise of stock options (in shares) | 141,103 | 30,543 | 34,394 |
Excess tax benefit related to stock option plans (in dollars) | $ 83 | $ 26 | |
Stock Dividend Percentage | 5.00% | 5.00% | 5.00% |
Stock Dividends (in shares) | 183,538 | 167,250 | 158,444 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | |||
Net earnings | $ 8,961 | $ 10,506 | $ 8,049 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Provision for loan losses | 500 | (700) | 600 |
Valuation allowance on real estate owned | 34 | 9 | 34 |
Amortization of investment security premiums, net | 1,677 | 1,536 | 1,712 |
Amortization of purchase accounting adjustment on loans | (143) | (542) | (495) |
Amortization of purchase accounting adjustment on subordinated debentures | 200 | 200 | 200 |
Amortization of intangibles | 1,397 | 1,355 | 1,296 |
Depreciation | 1,144 | 1,162 | 1,126 |
Increase in cash surrender value of bank owned life insurance | (508) | (514) | (523) |
Stock-based compensation | 59 | 16 | 55 |
Deferred income taxes | 919 | 625 | (103) |
Net (gain) loss on investment securities | (558) | 119 | (99) |
Impairment of affordable housing investment | 0 | 163 | 0 |
Net loss (gain) on sales of premises and equipment and foreclosed assets | 89 | (244) | (32) |
Net gains on sales of loans | (5,476) | (7,993) | (5,880) |
Proceeds from sale of loans | 222,857 | 290,731 | 214,100 |
Origination of loans held for sale | (208,433) | (286,532) | (211,027) |
Changes in assets and liabilities: | |||
Accrued interest and other assets | (2,398) | (2,530) | (1,201) |
Accrued interest expenses and other liabilities | (1,304) | (329) | 861 |
Net cash provided by operating activities | 19,017 | 7,038 | 8,673 |
Cash flows from investing activities: | |||
Net increase in loans | (2,159) | (3,636) | (2,640) |
Maturities and prepayments of investment securities | 41,837 | 55,426 | 43,746 |
Purchases of investment securities | (94,060) | (89,627) | (97,963) |
Proceeds from sale of investment securities | 14,326 | 30,610 | 8,265 |
Redemption of bank stocks | 4,686 | 13,412 | 6,053 |
Purchase of bank stocks | (5,488) | (13,902) | (4,789) |
Proceeds from sales of premises and equipment and foreclosed assets | 813 | 570 | 340 |
Proceeds from bank owned life insurance | 358 | 0 | 0 |
Purchases of premises and equipment, net | (596) | (1,223) | (1,461) |
Net cash used in investing activities | (40,283) | (8,370) | (48,449) |
Cash flows from financing activities: | |||
Net increase in deposits | 26,800 | 10,184 | 17,093 |
Federal Home Loan Bank advance borrowings | 417,739 | 327,948 | 106,445 |
Federal Home Loan Bank advance repayments | (416,239) | (333,601) | (98,881) |
Proceeds from other borrowings | 509 | 3,309 | 4,515 |
Repayments on other borrowings | 0 | (3,745) | (4,476) |
Proceeds from exercise of stock options | 1,796 | 593 | 520 |
Payment of dividends | (2,912) | (2,547) | (2,415) |
Net cash provided by financing activities | 27,693 | 2,141 | 22,801 |
Net increase (decrease) in cash and cash equivalents | 6,427 | 809 | (16,975) |
Cash and cash equivalents at beginning of year | 13,569 | 12,760 | 29,735 |
Cash and cash equivalents at end of year | 19,996 | 13,569 | 12,760 |
Supplemental disclosure of cash flow information: | |||
Cash paid during the year for income taxes | 945 | 3,390 | 1,980 |
Cash paid during the year for interest | 3,016 | 3,092 | 3,223 |
Supplemental schedule of noncash investing and financing activities: | |||
Transfer of loans to real estate owned | 1,212 | 1,024 | 209 |
Investment securities purchases not yet settled | $ 926 | $ 2,015 | $ 899 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | (1) Summary of Significant Accounting Policies The accompanying consolidated financial statements include the accounts of Landmark Bancorp, Inc. and its wholly owned subsidiary, Landmark National Bank. All intercompany balances and transactions have been eliminated in consolidation. The Bank, considered a single operating segment, is principally engaged in the business of attracting deposits from the general public and using such deposits, together with borrowings and other funds, to originate one-to-four family residential real estate, construction and land, commercial real estate, commercial, agriculture, municipal and consumer loans. The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles requires the Company to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. At the date of acquisition, the Company records the net assets acquired and liabilities assumed on the consolidated balance sheet at their estimated fair values, and goodwill is recognized for the excess purchase price over the estimated fair value of acquired net assets. The results of operations for acquired companies are included in the Company’s consolidated statement of earnings beginning at the acquisition date. Expenses arising from the acquisition activities are recorded in the consolidated statement of earnings during the period incurred. Regulations of the Federal Reserve require reserves to be maintained by all banking institutions according to the types and amounts of certain deposit liabilities. These requirements restrict a portion of the amounts shown as consolidated cash and due from banks from everyday usage in operation of banks. As of December 31, 2016 and 2015, the Bank did not have a minimum reserve requirement. Cash and cash equivalents include cash on hand and amounts due from banks with original maturities of fewer than 90 days, and are carried at cost. Net cash flows are reported for customer loan and deposit transactions. The Company has classified its investment securities portfolio as available-for-sale. Available-for-sale securities are recorded at fair value with unrealized gains and losses excluded from earnings and reported as a separate component of stockholders’ equity, net of taxes. Purchase premiums and discounts on investment securities are amortized/accreted into interest income over the estimated lives of the securities using the interest method. Realized gains and losses on sales of available-for-sale securities are recorded on a trade date basis and are calculated using the specific identification method. The Company performs quarterly reviews of the investment portfolio to evaluate investment for other-than-temporary impairment. The initial review begins with all securities in an unrealized loss position. The Company’s assessment of other-than-temporary impairment is based on its judgment of the specific facts and circumstances impacting each individual security at the time such assessments are made. The Company reviews and considers all factual information, including expected cash flows, the structure of the security, the credit quality of the underlying assets and the current and anticipated market conditions. Any credit-related impairment on debt securities is recorded through a charge to earnings. Impairment related to other factors is recognized in other comprehensive income. However, if the Company intends to sell or it is more likely than not that it will be required to sell a security in an unrealized loss position before recovery of its amortized costs basis, the entire impairment is recorded through a charge to earnings. If an equity security is determined to be other-than-temporarily impaired, the entire impairment is recorded through a charge to earnings. Bank stocks are investments acquired for regulatory purposes and borrowing availability and are accounted for at cost. The cost of such investments represents their redemption value as such investments do not have a readily determinable fair value. The Company evaluates bank stocks for other-than-temporary impairment by analyzing the ultimate recoverability based on a credit analysis of the issuer. Acquired loans are recorded at estimated fair value at the time of acquisition and accounted for under ASC 310-20. The Company’s acquired loans were not acquired with deteriorated credit quality. Estimated fair values of acquired loans are based on a discounted cash flow methodology that considers various factors including the type of loan and related collateral, the expected timing of cash flows, classification status, fixed or variable interest rate, term of loan and whether or not the loan is amortizing, and a discount rate reflecting the Company’s assessment of risk inherent in the cash flow estimates. Discounts or premiums created when acquired loans are recorded at their estimated fair values are accreted or amortized over the remaining term of the loan as an adjustment to the related loan’s yield. Similar to originated loans described below, the accrual of interest income on acquired loans is discontinued when the collection of principal or interest, in whole or in part, is doubtful. Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are reported at their outstanding principal balances, net of undisbursed loan proceeds, the allowance for loan losses, and any deferred fees or costs on originated loans. Origination fees received on loans held in portfolio and the estimated direct costs of origination are deferred and amortized to interest income using the interest method. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining if a loan is impaired include payment status, probability of collecting scheduled principal and interest payments when due and value of collateral for collateral dependent loans. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. In addition, the Company classifies troubled debt restructurings (“TDR”) as impaired loans. A loan is classified as a TDR if the Company modifies a loan with any concessions, as defined by accounting guidance, to a borrower experiencing financial difficulty. The allowance recorded on impaired loans is measured on a loan-by-loan basis for commercial, commercial real estate, agriculture and construction loans by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral if the loan is collateral dependent. Large groups of homogeneous loans with smaller individual balances are collectively evaluated for impairment. Accordingly, the Company generally does not separately identify individual consumer and residential loans for impairment disclosures. The accrual of interest on non-performing loans is discontinued at the time the loan is ninety days delinquent, unless the credit is well-secured and in process of collection. Loans are placed on non-accrual or are charged off at an earlier date if collection of the principal or interest is considered doubtful. All interest accrued but not collected for loans that are placed on non-accrual or charged off is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are evaluated individually and are returned to accrual status when all principal and interest amounts contractually due are brought current and future payments are reasonably assured. The Company maintains an allowance for loan losses to absorb probable incurred loan losses in the loan portfolio. The allowance for loan losses is increased by charges to earnings and decreased by charge-offs (net of recoveries). The evaluation of the allowance for loan losses groups loans by loan class and includes one-to-four family residential real estate, construction and land, commercial real estate, commercial, agriculture, municipal and consumer loans. Management’s periodic evaluation of the appropriateness of the allowance is based on the Company’s loan loss experience known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay, the estimated value of any underlying collateral, the current level of non-performing assets, and current economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance is also subject to regulatory examinations and a determination by the regulatory agencies as to the appropriate level of the allowance. In addition to the general component the allowance consists of a specific component. The specific component relates to loans that are individually classified as impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Loans for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, are considered TDRs and classified as impaired. Loans Held for Sale Mortgage loans held for sale are generally sold with servicing rights retained. The carrying value of mortgage loans sold is reduced by the amount allocated to the servicing right. Gains and losses on sales of mortgage loans are based on the difference between the selling price and the carrying value of the related loan sold. When mortgage loans are sold with servicing retained, servicing rights are initially recorded at fair value with the income statement effect recorded in gains on sales of loans. Fair value is based on market prices for comparable mortgage servicing contracts, when available or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. All classes of servicing assets are subsequently measured using the amortization method which requires servicing rights to be recorded in amortization of intangibles in proportion to, and over the period of, the estimated future net servicing income of the underlying loans. Servicing rights are evaluated for impairment based upon the fair value of the rights as compared to carrying amount. Impairment is determined by stratifying rights into groupings based on predominant risk characteristics, such as interest rate, loan type and investor type. Impairment is recognized through a valuation allowance for an individual grouping, to the extent that fair value is less than the carrying amount. If the Company later determines that all or a portion of the impairment no longer exists for a particular grouping, a reduction of the allowance may be recorded as an increase to income. Changes in valuation allowances are included in amortization expense on the income statement. The fair values of servicing rights are subject to significant fluctuations as a result of changes in estimated and actual prepayment speeds and default rates and losses. Transfers of financial assets are accounted for as sales when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. The Company routinely sells one-to-four family residential mortgage loans to secondary mortgage market investors. Under standard representations and warranties clauses in the Company’s mortgage sale agreements, the Company may be required to repurchase mortgage loans sold or reimburse the investors for credit losses incurred on those loans if a breach of the contractual representations and warranties occurred. The Company establishes a mortgage repurchase liability in an amount equal to management’s estimate of losses on loans for which the Company could have a repurchase obligation or loss reimbursement. The estimated liability incorporates the volume of loans sold in previous periods, default expectations, historical investor repurchase demand and actual loss severity. Provisions to the mortgage repurchase reserve reduce gains on sales of loans. Premises and Equipment. Land is carried at cost. Premises and equipment are stated at cost less accumulated depreciation. Major replacements and betterments are capitalized while maintenance and repairs are charged to expense when incurred. Gains or losses on dispositions are reflected in earnings as incurred. . The Company has purchased life insurance policies on certain key executives. Bank owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. Goodwill is not amortized; however, it is tested for impairment at each calendar year end or more frequently when events or circumstances dictate. The impairment test compares the carrying value of goodwill to an implied fair value of the goodwill, which is based on a review of the Company’s market capitalization adjusted for appropriate control premiums as well as an analysis of valuation multiples of recent, comparable acquisitions. The Company considers the result from each of these valuation methods in determining the implied fair value of its goodwill. A goodwill impairment would be recorded for the amount that the carrying value exceeds the implied fair value. Intangible assets include core deposit intangibles, lease intangibles and mortgage servicing rights. Core deposit intangible assets are amortized over their estimated useful life of ten years on an accelerated basis. Lease intangible assets are amortized over the life of the lease. When facts and circumstances indicate potential impairment, the Company will evaluate the recoverability of the intangible asset’s carrying value, using estimates of undiscounted future cash flows over the remaining asset life. Any impairment loss is measured by the excess of carrying value over fair value. The objective of accounting for income taxes is to recognize the amount of taxes payable or refundable for the current year and deferred tax liabilities and assets for the future tax consequences of events that have been recognized in an entity’s financial statements or tax returns. Judgment is required in assessing the future tax consequences of events that have been recognized in financial statements or tax returns. Uncertain income tax positions will be recognized only if it is more likely than not that they will be sustained upon examination by taxing authorities, based upon their technical merits. Once that standard is met, the amount recorded will be the largest amount of benefit that has a greater than 50 percent likelihood Financial instruments include off-balance sheet credit instruments, such as commitments to make loans and commercial letters of credit, issued to meet customer financing needs. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe there now are such matters that will have a material effect on the financial statements. Comprehensive income consists of net income and other comprehensive income. Other comprehensive income includes unrealized gains and losses on securities available for sale, net of tax which are also recognized as separate components of equity. Assets acquired through, or in lieu of, foreclosure are initially recorded at fair value less costs to sell when acquired, establishing a new cost basis. Physical possession of residential real estate property collateralizing a consumer mortgage loan occurs when legal title is obtained upon completion of foreclosure or when the borrower conveys all interest in the property to satisfy the loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. These assets are subsequently accounted for at lower of cost or fair value less estimated costs to sell. If fair value declines subsequent to foreclosure, a valuation allowance is recorded through expense. Operating costs after acquisition are expensed. The Company uses the Black-Scholes option pricing model to estimate the grant date fair value of its stock options, which is recognized as compensation expense over the option vesting period, on a straight-line basis, which is typically four or five years. The fair value of restricted common stock is equal to the Company’s stock price on the grant date, which is recognized as compensation expense on a straight-line basis over the vesting period. In the fourth quarter of 2016, the Company elected to early adopt ASU 2016-09 Compensation- Stock Compensation (Topic 718). As a result of this election, the Company recognized $ 308,000 Basic earnings per share represent net earnings divided by the weighted average number of common shares outstanding during the year. Diluted earnings per share reflect additional common shares that would have been outstanding if dilutive potential common shares had been issued. The diluted earnings per share computations for 2016, 2015 and 2014 include all unexercised stock options. 5 (Dollars in thousands, except per share amounts) Years ended December 31, 2016 2015 2014 Net earnings available to common shareholders $ 8,961 $ 10,506 $ 8,049 Weighted average common shares outstanding - basic 3,806,756 3,682,694 3,667,902 Assumed exercise of stock options 65,303 109,952 62,150 Weighted average common shares outstanding - diluted 3,872,059 3,792,646 3,730,052 Earnings per share: Basic $ 2.35 $ 2.85 $ 2.19 Diluted $ 2.31 $ 2.77 $ 2.16 Commitments to fund mortgage loans (interest rate locks) to be sold into the secondary market and forward commitments for the future delivery of these mortgage loans are accounted for as free standing derivatives. The fair value of the interest rate lock is recorded at the time the commitment to fund the mortgage loan is executed and is adjusted for the expected exercise of the commitment before the loan is funded. In order to hedge the change in interest rates resulting from its commitments to fund the loans, the Company enters into forward commitments for the future delivery of mortgage loans when interest rate locks are entered into. Fair values of these mortgage derivatives are estimated based on changes in mortgage interest rates from the date the interest on the loan is locked. Changes in the fair values of these derivatives are included in net gains on sales of loans. Banking regulations require maintaining certain capital levels and may limit the dividends paid by the bank to the holding company or by the holding company to shareholders. Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in a separate note. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect these estimates. |
Impact of Recent Accounting Pro
Impact of Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | (2) Impact of Recent Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). The main provisions of the update require the identification of performance obligations within a contract and require the recognition of revenue based on a stand-alone allocation of contract revenue to each performance obligation. Performance obligations may be satisfied and revenue recognized over a period of time if: 1) the customer simultaneously receives and consumes the benefits provided by the entity’s performance as the entity performs, or 2) the entity’s performance creates or enhances an asset that the customer controls as the asset is created or enhanced, or 3) the entity’s performance does not create an asset with an alternative use to the entity, and the entity has an enforceable right to payment for performance completed to date. For public entities the amendments of the update are effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Management has concluded the adoption of ASU 2014-09 will not have a material impact on the Company’s consolidated financial statements and related disclosures. In January 2016, the FASB issued ASU 2016-01, Financial Instruments (Topic 825): Recognition and Measurement of Financial Assets and Liabilities. The main provisions of the update are to eliminate the available for sale classification of accounting for equity securities and to adjust the fair value disclosures for financial instruments carried at amortized costs such that the disclosed fair values represent an exit price as opposed to an entry price. The provisions of this update will require that equity securities be carried at fair market value on the balance sheet and any periodic changes in value will be adjustments to the income statement. A practical expedient is provided for equity securities without a readily determinable fair value, such that these securities can be carried at cost less any impairment. The provisions of this update become effective for interim and annual periods beginning after December 15, 2017. Upon the effective date of the update, changes in the value of the Company's common stock investments will be adjustments to the income statement. Management has concluded that the remaining requirements of this update will not have a material impact on the Company’s financial position, results of operations or cash flows. In February 2016, the FASB issued an update ASU 2016-02, Leases creating FASB Topic 842, Leases. The guidance is intended to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and requiring more disclosures related to leasing transactions. The amendments in this update are effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. Early adoption is permitted. Management has concluded that based on the Company’s current operating leases, the adoption of ASU 2016-02 will not have a material impact on the Company’s consolidated financial statements and related disclosures. In March 2016, the FASB issued an update ASU 2016-09, Stock Compensation: Improvements to Employee Share-Based Payment Accounting. The guidance in this update affects any entity that issues share-based payment awards including income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flow. The amendments in this update are effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. Early adoption is permitted. The Company elected to adopt ASU 2016-09 in 2016. As a result of this election, income tax expense decreased by $ 308,000 In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326), commonly referred to as “CECL.” The provisions of the update eliminate the probable initial recognition threshold under current GAAP which requires reserves to be based on an incurred loss methodology. Under CECL reserves required for financial assets measured at amortized cost will reflect an organization’s estimate of all expected credit losses over the expected term of the financial asset and thereby require the use of reasonable and supportable forecasts to estimate future credit losses. Because CECL encompasses all financial assets carried at amortized cost, the requirement that reserves be established based on an organization’s reasonable and supportable estimate of expected credit losses extends to held to maturity debt securities. Under the provisions of the update, credit losses recognized on available for sale debt securities will be presented as an allowance as opposed to a write-down. In addition, CECL will modify the accounting for purchased loans, with credit deterioration since origination, so that reserves are established at the date of acquisition for purchased loans. Under current GAAP a purchased loan’s contractual balance is adjusted to fair value through a credit discount and no reserve is recorded on the purchased loan upon acquisition. Since under CECL reserves will be established for purchased loans at the time of acquisition the accounting for purchased loans is made more comparable to the accounting for originated loans. Finally, increased disclosure requirements under CECL oblige organizations to present the currently required credit quality disclosures disaggregated by the year of origination or vintage. FASB expects that the evaluation of underwriting standards and credit quality trends by financial statement users will be enhanced with the additional vintage disclosures. For public entities the amendments of the update are effective beginning January 1, 2020. Management has initiated an implementation committee to assist in assessing data and system needs for the new standard. Management anticipates the effect will be an increase to the allowance for loan losses upon adoption. However, the overall increase is uncertain at this time. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Payments (a consensus of Emerging Issues Task Force). This ASU attempts to clarify how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The purpose of this update is to reduce existing diversity in practice in eight areas addressed by the update. The amendments in this update are effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. Early adoption is permitted. Management has concluded that the adoption of ASU 2016-15 will not have a material impact on the Company’s consolidated financial statements and related disclosures. |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities [Text Block] | (3) Investment Securities (Dollars in thousands) As of December 31, 2016 Gross Gross Amortized unrealized unrealized Estimated cost gains losses fair value U. S. treasury securities $ 6,005 $ 10 $ - $ 6,015 U. S. federal agency obligations 27,140 48 (49) 27,139 Municipal obligations, tax exempt 163,632 696 (2,666) 161,662 Municipal obligations, taxable 71,371 463 (271) 71,563 Agency mortgage-backed securities 109,427 171 (1,222) 108,376 Certificates of deposit 9,700 - - 9,700 Common stocks 458 650 - 1,108 Total $ 387,733 $ 2,038 $ (4,208) $ 385,563 As of December 31, 2015 Gross Gross Amortized unrealized unrealized Estimated cost gains losses fair value U. S. treasury securities $ 6,517 $ 1 $ (1) $ 6,517 U. S. federal agency obligations 30,064 43 (187) 29,920 Municipal obligations, tax exempt 135,341 2,671 (71) 137,941 Municipal obligations, taxable 81,999 472 (581) 81,890 Agency mortgage-backed securities 85,829 391 (235) 85,985 Certificates of deposit 9,699 - - 9,699 Common stocks 580 906 - 1,486 Total $ 350,029 $ 4,484 $ (1,075) $ 353,438 The tables above show that some of the securities in the available-for-sale investment portfolio had unrealized losses, or were temporarily impaired, as of December 31, 2016 and 2015. This temporary impairment represents the estimated amount of loss that would be realized if the securities were sold on the valuation date. (Dollars in thousands) As of December 31, 2016 Less than 12 months 12 months or longer Total No. of Fair Unrealized Fair Unrealized Fair Unrealized securities value losses value losses value losses U.S. federal agency obligations 9 15,056 (49) - - 15,056 (49) Municipal obligations, tax exempt 275 97,842 (2,666) - - 97,842 (2,666) Municipal obligations, taxable 66 26,184 (271) - - 26,184 (271) Agency mortgage-backed securities 58 83,011 (1,222) - - 83,011 (1,222) Total 408 $ 222,093 $ (4,208) $ - $ - $ 222,093 $ (4,208) As of December 31, 2015 Less than 12 months 12 months or longer Total No. of Fair Unrealized Fair Unrealized Fair Unrealized securities value losses value losses value losses U.S. treasury securities 2 $ 3,542 $ (1) $ - $ - $ 3,542 $ (1) U.S. federal agency obligations 18 23,015 (163) 1,976 (24) 24,991 (187) Municipal obligations, tax exempt 47 11,328 (53) 2,132 (18) 13,460 (71) Municipal obligations, taxable 105 38,605 (494) 5,068 (87) 43,673 (581) Agency mortgage-backed securities 40 29,814 (166) 2,925 (69) 32,739 (235) Total 212 $ 106,304 $ (877) $ 12,101 $ (198) $ 118,405 $ (1,075) The Company’s U.S. federal agency portfolio consists of securities issued by the government-sponsored agencies of Federal Home Loan Mortgage Corporation (“FHLMC”), Federal National Mortgage Association (“FNMA”) and the FHLB. The receipt of principal and interest on U.S. federal agency obligations is guaranteed by the respective government-sponsored agency guarantor, such that the Company believes that its U.S. federal agency obligations do not expose the Company to credit-related losses. Based on these factors, along with the Company’s intent to not sell the securities and its belief that it was more likely than not that the Company will not be required to sell the securities before recovery of their cost basis, the Company believed that the U.S. federal agency obligations identified in the tables above were temporarily impaired. The Company’s portfolio of municipal obligations consists of both tax-exempt and taxable general obligations securities issued by various municipalities. As of December 31, 2016, the Company did not intend to sell and it is more likely than not that the Company will not be required to sell its municipal obligations in an unrealized loss position until the recovery of its cost. Due to the issuers’ continued satisfaction of the securities’ obligations in accordance with their contractual terms and the expectation that they will continue to do so, the evaluation of the fundamentals of the issuers’ financial condition and other objective evidence, the Company believed that the municipal obligations identified in the tables above were temporarily impaired. The Company’s agency mortgage-backed securities portfolio consists of securities underwritten to the standards of and guaranteed by the government-sponsored agencies of FHLMC, FNMA and the Government National Mortgage Association. The receipt of principal, at par, and interest on agency mortgage-backed securities is guaranteed by the respective government-sponsored agency guarantor, such that the Company believed that its agency mortgage-backed securities did not expose the Company to credit-related losses. Based on these factors, along with the Company’s intent to not sell the securities and the Company’s belief that it was more likely than not that the Company will not be required to sell the securities before recovery of their cost basis, the Company believed that the agency mortgage-backed securities identified in the tables above were temporarily impaired. The table below includes scheduled principal payments and estimated prepayments, based on observable market inputs, for agency mortgage-backed securities. Actual maturities will differ from contractual maturities because borrowers have the right to prepay obligations with or without prepayment penalties. (Dollars in thousands) Amortized Estimated cost fair value Due in less than one year $ 34,648 $ 34,707 Due after one year but within five years 189,282 188,375 Due after five years but within ten years 85,521 84,960 Due after ten years 77,824 76,413 Common stocks 458 1,108 Total $ 387,733 $ 385,563 (Dollars in thousands) Years ended December 31, 2016 2015 2014 Sales proceeds $ 14,326 $ 30,610 $ 8,265 Realized gains $ 573 $ 230 $ 125 Realized losses (15) (349) (26) Net realized gains (losses) $ 558 $ (119) $ 99 Securities with carrying values of $ 224.3 171.6 10 |
Bank Stocks
Bank Stocks | 12 Months Ended |
Dec. 31, 2016 | |
Bank Stocks Abstract [Abstract] | |
Bank Stocks Disclosure [Text Block] | (4) Bank Stocks Bank stocks primarily consist of restricted investments in FHLB and Federal Reserve Bank (“FRB”) stock. The carrying value of the FHLB stock at December 31, 2016 was $ 3.3 2.5 1.9 111,000 |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | (5) Loans and Allowance for Loan Losses As of December 31, (Dollars in thousands) 2016 2015 One-to-four family residential real estate loans $ 136,846 $ 131,930 Construction and land loans 13,738 15,043 Commercial real estate loans 118,200 118,983 Commercial loans 54,506 61,300 Agriculture loans 78,324 71,030 Municipal loans 3,884 7,635 Consumer loans 20,271 19,895 Total gross loans 425,769 425,816 Net deferred loan costs and loans in process 36 29 Allowance for loan losses (5,344) (5,922) Loans, net $ 420,461 $ 419,923 In the first quarter of 2015, the Company adjusted the historical loss analysis within the evaluation of the allowance for loan losses. The Company previously used a twelve quarter historical loss rate calculated by loan class. The updated historical loss analysis uses a migration analysis to track historical losses by loan class and risk categories over a longer period of time. In the opinion of management, the adjusted historical loss analysis more accurately allocates estimated losses. The adjustments resulted in reclassifications of the allocated allowance among various loan classes compared to December 31, 2014. The adjustments to the historical loss analysis did not have a significant impact on the total allowance for loan losses balance as of December 31, 2014. (Dollars in thousands) Year ended December 31, 2016 One-to-four family residential Commercial real estate Construction real estate Commercial Agriculture Municipal Consumer loans and land loans loans loans loans loans loans Total Allowance for loan losses: Balance at January 1, 2016 $ 925 $ 77 $ 1,740 $ 1,530 $ 1,428 $ 23 $ 199 $ 5,922 Charge-offs (14) - - (306) (375) - (471) (1,166) Recoveries 9 - - 34 - 6 39 88 Provision for loan losses (416) (24) 37 (139) 631 (17) 428 500 Balance at December 31, 2016 504 53 1,777 1,119 1,684 12 195 5,344 Allowance for loan losses: Individually evaluated for loss - - 81 87 89 - 17 274 Collectively evaluated for loss 504 53 1,696 1,032 1,595 12 178 5,070 Total 504 53 1,777 1,119 1,684 12 195 5,344 Loan balances: Individually evaluated for loss 780 1,937 2,445 355 881 258 72 6,728 Collectively evaluated for loss 136,066 11,801 115,755 54,151 77,443 3,626 20,199 419,041 Total $ 136,846 $ 13,738 $ 118,200 $ 54,506 $ 78,324 $ 3,884 $ 20,271 $ 425,769 (Dollars in thousands) Year ended December 31, 2015 One-to-four family residential Construction Commercial Commercial Agriculture Municipal Consumer real estate and land real estate loans loans loans loans Total Allowance for loan losses: Balance at January 1, 2015 $ 755 $ 762 $ 1,832 $ 836 $ 915 $ 51 $ 169 $ 5,320 Charge-offs (57) - (13) (78) - (88) (318) (554) Recoveries 10 1,722 2 15 73 - 34 1,856 Provision for loan losses 217 (2,407) (81) 757 440 60 314 (700) Balance at December 31, 2015 925 77 1,740 1,530 1,428 23 199 5,922 Allowance for loan losses: Individually evaluated for loss 78 - - - - - 10 88 Collectively evaluated for loss 847 77 1,740 1,530 1,428 23 189 5,834 Total 925 77 1,740 1,530 1,428 23 199 5,922 Loan balances: Individually evaluated for loss 752 2,220 2,429 620 189 591 36 6,837 Collectively evaluated for loss 131,178 12,823 116,554 60,680 70,841 7,044 19,859 418,979 Total $ 131,930 $ 15,043 $ 118,983 $ 61,300 $ 71,030 $ 7,635 $ 19,895 $ 425,816 Year ended December 31, 2014 One-to-four family residential Construction Commercial real estate and land real estate Commercial Agriculture Municipal Consumer loans loans loans loans loans loans loans Total Allowance for loan losses: Balance at January 1, 2014 $ 732 $ 1,343 $ 1,970 $ 769 $ 545 $ 47 $ 134 $ 5,540 Charge-offs (29) - - (783) - - (237) (1,049) Recoveries 12 166 4 2 - - 45 229 Provision for loan losses 40 (747) (142) 848 370 4 227 600 Balance at December 31, 2014 755 762 1,832 836 915 51 169 5,320 Allowance for loan losses: Individually evaluated for loss 287 - 17 28 5 - 12 349 Collectively evaluated for loss 468 762 1,815 808 910 51 157 4,971 Total 755 762 1,832 836 915 51 169 5,320 Loan balances: Individually evaluated for loss 1,589 4,805 2,880 371 285 706 67 10,703 Collectively evaluated for loss 125,966 17,145 115,531 59,600 64,031 8,276 19,977 410,526 Total $ 127,555 $ 21,950 $ 118,411 $ 59,971 $ 64,316 $ 8,982 $ 20,044 $ 421,229 The Company’s impaired loans decreased $ 109,000 6.8 6.7 (Dollars in thousands) As of December 31, 2016 Impaired Impaired Year-to- Unpaid loans loans with Related Year-to- date interest contractual Impaired without an an allowance date average income principal loan balance allowance allowance recorded loan balance recognized One-to-four family residential real estate loans $ 780 $ 780 $ 780 $ - $ - $ 798 $ 7 Construction and land loans 3,672 1,937 1,937 - - 2,068 72 Commercial real estate loans 2,445 2,445 2,145 300 81 2,587 505 Commercial loans 355 355 46 309 87 425 2 Agriculture loans 1,173 881 147 734 89 1,000 2 Municipal loans 258 258 258 - - 418 - Consumer loans 72 72 55 17 17 78 13 Total impaired loans $ 8,755 $ 6,728 $ 5,368 $ 1,360 $ 274 $ 7,374 $ 601 As of December 31, 2015 Impaired Impaired Year-to- Unpaid loans loans with Related Year-to- date interest contractual Impaired without an an allowance date average income principal loan balance allowance allowance recorded loan balance recognized One-to-four family residential real estate loans $ 752 $ 752 $ 408 $ 344 $ 78 $ 1,041 $ - Construction and land loans 3,955 2,220 2,220 - - 2,389 88 Commercial real estate loans 2,429 2,429 2,429 - - 2,484 175 Commercial loans 637 620 620 - - 634 3 Agriculture loans 189 189 189 - - 188 3 Municipal loans 591 591 591 - - 631 19 Consumer loans 36 36 10 26 10 41 - Total impaired loans $ 8,589 $ 6,837 $ 6,467 $ 370 $ 88 $ 7,408 $ 288 As of December 31, 2014 Impaired Impaired Year-to- Unpaid loans loans with Related Year-to- date interest contractual Impaired without an an allowance date average income principal loan balance allowance allowance recorded loan balance recognized One-to-four family residential real estate loans $ 1,589 $ 1,589 $ 167 $ 1,422 $ 287 $ 1,611 $ - Construction and land loans 6,540 4,805 4,805 - - 6,366 235 Commercial real estate loans 2,880 2,880 2,833 47 17 3,009 24 Commercial loans 371 371 137 234 28 393 10 Agriculture loans 285 285 146 139 5 294 - Municipal loans 772 706 706 - - 772 19 Consumer loans 67 67 25 42 12 75 - Total impaired loans $ 12,504 $ 10,703 $ 8,819 $ 1,884 $ 349 $ 12,520 $ 288 The Company’s key credit quality indicator is a loan’s performance status, defined as accruing or non-accruing. Performing loans are considered to have a lower risk of loss. Non-accrual loans are those which the Company believes have a higher risk of loss. The accrual of interest on non-performing loans is discontinued at the time the loan is ninety days delinquent, unless the credit is well secured and in process of collection. Loans are placed on non-accrual or are charged off at an earlier date if collection of principal or interest is considered doubtful. There were no loans ninety days delinquent and accruing interest at December 31, 2016 or December 31, 2015. (Dollars in thousands) As of December 31, 2016 30-59 days 60-89 days 90 days or Total past delinquent delinquent more Total past due and non- and and delinquent due loans Non-accrual accrual Total loans accruing accruing and accruing accruing loans loans not past due One-to-four family residential real estate loans $ 215 $ 388 $ - $ 603 $ 595 $ 1,198 $ 135,648 Construction and land loans - - - - 599 599 13,139 Commercial real estate loans - - - - 300 300 117,900 Commercial loans 13 5 - 18 342 360 54,146 Agriculture loans 55 - - 55 838 893 77,431 Municipal loans - - - - - - 3,884 Consumer loans 79 3 - 82 72 154 20,117 Total $ 362 $ 396 $ - $ 758 $ 2,746 $ 3,504 $ 422,265 Percent of gross loans 0.09 % 0.09 % 0.00 % 0.18 % 0.64 % 0.82 % 99.18 % As of December 31, 2015 30-59 days 60-89 days 90 days or Total past delinquent delinquent more Total past due and non- and and delinquent due loans Non-accrual accrual Total loans accruing accruing and accruing accruing loans loans not past due One-to-four family residential real estate loans $ 70 $ 712 $ - $ 782 $ 749 $ 1,531 $ 130,399 Construction and land loans 4 - - 4 614 618 14,425 Commercial real estate loans 240 - - 240 47 287 118,696 Commercial loans 90 40 - 130 583 713 60,587 Agriculture loans 174 5 - 179 139 318 70,712 Municipal loans - - - - - - 7,635 Consumer loans 65 2 - 67 36 103 19,792 Total $ 643 $ 759 $ - $ 1,402 $ 2,168 $ 3,570 $ 422,246 Percent of gross loans 0.15 % 0.18 % 0.00 % 0.33 % 0.51 % 0.84 % 99.16 % Under the original terms of the Company’s non-accrual loans, interest earned on such loans for the years 2016, 2015 and 2014, would have increased interest income by $ 75,000 99,000 525,000 The Company also categorizes loans into risk categories based on relevant information about the ability of the borrowers to service their debt such as current financial information, historical payment experience, credit documentation, public information and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans as to credit risk. This analysis is performed on a quarterly basis. Non-classified loans generally include those loans that are expected to be repaid in accordance with contractual loan terms. Classified loans are those that are assigned a special mention, substandard or doubtful risk rating using the following definitions: Special Mention: Loans are currently protected by the current net worth and paying capacity of the obligor or of the collateral pledged but potentially weak. These loans constitute an undue and unwarranted credit risk, but not to the point of justifying a classification of substandard. The credit risk may be relatively minor, yet constitutes an unwarranted risk in light of the circumstances surrounding a specific asset. Substandard: Loans are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged. Loans have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. Loans are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Doubtful: Loans classified doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. As of December 31, 2016 As of December 31, 2015 (Dollars in thousands) Nonclassified Classified Nonclassified Classified One-to-four family residential real estate loans $ 135,640 $ 1,206 $ 130,575 $ 1,355 Construction and land loans 13,138 600 14,429 614 Commercial real estate loans 111,641 6,559 111,016 7,967 Commercial loans 51,080 3,426 58,862 2,438 Agriculture loans 73,564 4,760 68,186 2,844 Municipal loans 3,884 - 7,635 - Consumer loans 20,181 90 19,839 56 Total $ 409,128 $ 16,641 $ 410,542 $ 15,274 At December 31, 2016, the Company had eleven loan relationships consisting of seventeen outstanding loans totaling $ 4.9 5.3 During 2016, the Company classified a $ 268,000 215,000 8,000 188,000 During 2015, the Company classified a $ 2.0 4.4 50,000 1.6 78,000 During 2014, the Company classified a $ 128,000 146,000 59,000 78,000 The Company evaluates each TDR individually and returns the loan to accrual status when a payment history is established after the restructuring and future payments are reasonably assured. There were no loans modified as TDRs for which there was a payment default within 12 months of modification as of December 31, 2016, 2015 and 2014. At December 31, 2016, there was a commitment of $ 84,000 215,000 16,000 80 (Dollars in thousands) As of December 31, 2016 As of December 31, 2015 Number of Accruing Number of Non-accrual Accruing loans Non-accrual balance balance loans balance balance One-to-four family residential real estate loans 2 $ - $ 185 2 $ 55 $ 3 Construction and land loans 4 588 1,338 4 600 1,606 Commercial real estate loans 3 64 2,145 3 - 2,382 Commerical loans 2 - 13 1 - 37 Agriculture 4 268 44 2 - 50 Municipal loans 2 - 258 2 - 591 Total troubled debt restructurings 17 $ 920 $ 3,983 14 $ 655 $ 4,669 (Dollars in thousands) Balance at December 31, 2015 $ 11,500 New loans 7,925 Repayments (3,667) Balance at December 31, 2016 $ 15,758 |
Loan Commitments
Loan Commitments | 12 Months Ended |
Dec. 31, 2016 | |
Loan Commitments [Abstract] | |
Loan Commitments Disclosure [Text Block] | (6) Loan Commitments The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet customers’ financing needs. These financial instruments consist principally of commitments to extend credit. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. The Company’s exposure to credit loss in the event of nonperformance by the other party is represented by the contractual amount of those instruments. In the normal course of business, there are various commitments and contingent liabilities, such as commitments to extend credit, letters of credit, and lines of credit, the balance of which are not recorded in the accompanying consolidated financial statements. The Company generally requires collateral or other security on unfunded loan commitments and irrevocable letters of credit. Unfunded commitments to extend credit, excluding standby letters of credit, aggregated to $ 75.8 70.0 1.9 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | (7) Goodwill and Intangible Assets The Company performed its annual step one impairment test as of December 31, 2016. The fair value of the Company’s single reporting unit was compared to the carrying value of the single reporting unit at the measurement date to determine if any impairment existed. Based on the results of the December 31, 2016 step one impairment test, the Company concluded its goodwill was not impaired. (Dollars in thousands) As of December 31, 2016 Gross carrying Accumulated Net carrying amount amortization amount Core deposit intangible assets $ 2,067 $ (1,137) $ 930 Lease intangible asset 350 (143) 207 Mortgage servicing rights 5,788 (2,939) 2,849 Total other intangible assets $ 8,205 $ (4,219) $ 3,986 As of December 31, 2015 Gross carrying Accumulated Net carrying amount amortization amount Core deposit intangible assets $ 2,067 $ (855) $ 1,212 Lease intangible asset 350 (98) 252 Mortgage servicing rights 5,322 (2,482) 2,840 Total other intangible assets $ 7,739 $ (3,435) $ 4,304 (Dollars in thousands) Amortization expense 2017 $ 289 2018 252 2019 214 2020 177 2021 121 Thereafter 84 Total $ 1,137 Mortgage loans serviced for others are not reported as assets. (Dollars in thousands) As of December 31, 2016 2015 FHLMC $ 483,356 $ 444,714 FHLB 11,393 14,039 Custodial escrow balances maintained in connection with serviced loans were $ 4.1 3.5 1.2 1.1 939,000 (Dollars in thousands) As of December 31, 2016 2015 Mortgage servicing rights: Balance at beginning of year $ 2,840 $ 2,477 Additions 1,079 1,289 Amortization (1,070) (926) Balance at end of year $ 2,849 $ 2,840 At December 31, 2016 and 2015, there was no valuation allowance related to mortgage servicing rights. The fair value of mortgage servicing rights was $ 5.1 4.6 9.50 9.51 4.86 32.79 2.26 9.50 10.00 33.78 2.23 The Company had a mortgage repurchase reserve of $ 301,000 351,000 60,000 |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | (8) Premises and Equipment (Dollars in thousands) Estimated As of December 31, useful lives 2016 2015 Land Indefinite $ 6,251 $ 6,251 Office buildings and improvements 10 - 50 years 18,519 18,352 Furniture and equipment 3 - 15 years 9,055 9,027 Automobiles 2 - 5 years 557 613 Total premises and equipment 34,382 34,243 Accumulated depreciation (13,975) (13,285) Total premises and equipment, net $ 20,407 $ 20,958 Depreciation expense for the years ended December 31, 2016, 2015 and 2014 was $ 1.1 1.2 1.1 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2016 | |
Banking and Thrift [Abstract] | |
Deposit Liabilities Disclosures [Text Block] | (9) Deposits The following table presents the maturities of time deposits at December 31, 2016: (Dollars in thousands) Year Amount 2017 $ 100,117 2018 25,641 2019 5,670 2020 4,456 2021 3,880 Thereafter 74 Total $ 139,838 The aggregate amount of time deposits in denominations of $250,000 or more at December 31, 2016 and 2015 was $ 19.9 10.6 (Dollars in thousands) Years ended December 31, 2016 2015 2014 Time deposits $ 650 $ 736 $ 930 Money market and checking 458 311 282 Savings 26 24 23 Total $ 1,134 $ 1,071 $ 1,235 |
Federal Home Loan Bank Borrowin
Federal Home Loan Bank Borrowings | 12 Months Ended |
Dec. 31, 2016 | |
Banking and Thrift [Abstract] | |
Federal Home Loan Bank Advances, Disclosure [Text Block] | (10) Federal Home Loan Bank Borrowings Term advances from the FHLB totaled $ 35.0 (Dollars in thousands) As of December 31, 2016 2015 Weighted Weighted Year Amount average rates Amount average rates 2017 $ 10,000 3.64 % $ 10,000 3.64 % 2018 25,000 3.31 % 25,000 3.31 % Total $ 35,000 $ 35,000 All of the Bank’s term advances with the FHLB have fixed rates and prepayment penalties. Additionally, the Bank also has a line of credit, renewable annually each September, with the FHLB under which there were $ 4.1 2.6 Although no loans are specifically pledged, the FHLB requires the Bank to maintain eligible collateral (qualifying loans and investment securities) that has a lending value at least equal to its required collateral. At December 31, 2016 and 2015, there was a blanket pledge of loans and securities totaling $ 124.0 111.9 93.1 83.8 38.7 29.2 |
Subordinated Debentures
Subordinated Debentures | 12 Months Ended |
Dec. 31, 2016 | |
Subordinated Debt [Abstract] | |
Subordinated Borrowings Disclosure [Text Block] | (11) Subordinated Debentures In 2003, the Company issued $ 8.2 2034 Interest accrues at LIBOR plus 2.85% 3.74 3.17 In 2005, the Company issued an additional $ 8.2 2036 Interest accrues at LIBOR plus 1.34% 2.30 1.85 In 2013, the Company assumed an additional $ 5.2 2036 Interest accrues at LIBOR plus 1.62% 2.62 2.21 6.50 6.09 While these trusts are accounted for as unconsolidated equity investments, a portion of the trust preferred securities issued by the trusts qualifies as Tier 1 Capital for regulatory purposes. |
Other Borrowings
Other Borrowings | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | (12) Other Borrowings The Company has a $ 7.5 prime rate less 0.25%. At December 31, 2016 and 2015, the Bank had no borrowings through the Federal Reserve discount window, while the borrowing capacity was $ 16.0 14.8 30.0 50.0 |
Repurchase Agreements
Repurchase Agreements | 12 Months Ended |
Dec. 31, 2016 | |
Banking and Thrift [Abstract] | |
Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block] | (13) Repurchase Agreements The Company has overnight repurchase agreements with certain deposit customers whereby the Company uses investment securities as collateral for non-insured funds. These balances are accounted for as collateralized financing and included in other borrowings on the balance sheet. The following is a summary of the balances and collateral of the Company’s repurchase agreements: 12.5 12.0 15.7 15.7 (Dollars in thousands) Years ended December 31, 2016 2015 Average daily balance during the year $ 12,686 $ 11,952 Average interest rate during the year 0.15 % 0.14 % Maximum month-end balance during the year $ 14,002 $ 14,744 Weighted average interest rate at year-end 0.15 % 0.13 % As of December 31, 2016 Overnight and Greater Continuous Up to 30 days 30-90 days than 90 days Total Repurchase agreements: U.S. federal agency obligations $ 5,007 $ - $ - $ - $ 5,007 Agency mortgage-backed securities 7,476 - - - 7,476 Total $ 12,483 $ - $ - $ - $ 12,483 As of December 31, 2015 Overnight and Up to Greater Continuous 30 days 30-90 days than 90 days Total Repurchase agreements: U.S. federal agency obligations $ 5,810 $ - $ - $ - $ 5,810 Agency mortgage-backed securities 6,164 - - - 6,164 Total $ 11,974 $ - $ - $ - $ 11,974 The investment securities are held by a third party financial institution in the customer’s custodial account. The Company is required to maintain adequate collateral for each repurchase agreement. Changes in the fair value of the investment securities impact the amount of collateral required. If the Company were to default, the investment securities would be used to settle the repurchase agreement with the deposit customer. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | (14) Income Taxes (Dollars in thousands) Years ended December 31, 2016 2015 2014 Current: Federal $ 1,298 $ 2,858 $ 2,465 State 97 431 664 Total current 1,395 3,289 3,129 Deferred: Federal 797 641 (19) State 248 (56) (122) Total deferred 1,045 585 (141) Deferred tax valuation allowance (126) 40 38 Income tax expense $ 2,314 $ 3,914 $ 3,026 34 (Dollars in thousands) Years ended December 31, 2016 2015 2014 Computed “expected” tax expense $ 3,833 $ 4,903 $ 3,766 (Reduction) increase in income taxes resulting from: Tax-exempt interest income, net (1,220) (1,104) (970) Excess tax benefit from stock option exercise (283) - - Bank owned life insurance (177) (178) (182) Reversal of unrecognized tax benefits, net (125) (138) 63 State income taxes, net of federal benefit 269 412 320 Investment tax credits (11) (11) (12) Other, net 28 30 41 $ 2,314 $ 3,914 $ 3,026 (Dollars in thousands) As of December 31, 2016 2015 Deferred tax assets: Federal alternative minimum tax credit and low income housing credit carry forwards $ 192 $ 123 Loans, including allowance for loan losses 2,303 2,614 Net operating loss carry forwards 485 611 State taxes 737 813 Acquisition costs 394 428 Intangible assets 100 205 Deferred compensation arrangements 158 174 Unrealized loss on investment securities available-for-sale 822 - Investments 57 - Investment impairments 39 48 Other, net - 34 Total deferred tax assets 5,287 5,050 Less valuation allowance (485) (611) Total deferred tax assets, net of valuation allowance 4,802 4,439 Deferred tax liabilities: Unrealized gain on investment securities available-for-sale - 1,234 Premises and equipment, net of depreciation 803 900 Mortgage servicing rights 620 - FHLB stock dividends 76 78 Other borrowings 125 193 Investments - 2 Other, net 9 - Total deferred tax liabilities 1,633 2,407 Net deferred tax asset $ 3,169 $ 2,032 The federal alternative minimum tax credit carry forward does not expire and totaled $ 192,000 123,000 10.0 12.6 Retained earnings at December 31, 2016 and 2015 include approximately $ 6.3 (Dollars in thousands) Years ended December 31, 2016 2015 Unrecognized tax benefits at beginning of year $ 1,800 $ 1,449 Gross increases to current year tax positions 362 645 Gross decreases to prior year’s tax positions (37) (2) Lapse of statute of limitations (316) (292) Unrecognized tax benefits at end of year $ 1,809 $ 1,800 Tax years that remain open and subject to audit include the years 2013 through 2016 for both federal and state tax purposes. The Company recognized $ 316,000 292,000 1.8 1.2 84,000 55,000 89,000 420,000 336,000 344,000 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | (15) Employee Benefit Plans Employee Retirement Plan. Substantially all employees are covered under a 401(k) defined contribution savings plan. Eligible employees receive 100 6 543,000 554,000 502,000 Split Dollar Life Insurance Agreement. The Company has recognized a liability for future benefits payable under an agreement that splits the benefits of a bank owned life insurance policy between the Company and a former employee. The liability totaled $ 37,000 Deferred Compensation Agreements. The Company has entered into deferred compensation and other retirement agreements with certain key employees that provide for cash payments to be made after their retirement. The obligations under these arrangements have been recorded at the present value of the accrued benefits. The Company has also entered into agreements with certain directors to defer portions of their compensation. The balance of accrued benefits under these arrangements was $ 615,000 639,000 4,000 11,000 33,000 |
Stock Compensation Plan
Stock Compensation Plan | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | The Company has a stock-based employee compensation plan which allows for the issuance of stock options and restricted common stock, the purpose of which is to provide additional incentive to certain officers, directors, and key employees by facilitating their purchase of a stock interest in the Company. Compensation expense related to prior awards is recognized on a straight line basis over the vesting period, which is typically four or five years. The stock-based compensation cost related to these awards was $ 59,000 16,000 55,000 308,000 84,000 15,000 At the annual meeting of stockholders on May 20, 2015, our stockholders approved the 2015 Stock Incentive Plan which authorized the issuance of equity awards covering 275,625 13,020 24.52 (Dollars in thousands, except per share amounts) Weighted Weighted average average exercise remaining Aggregate price contractual intrinsic Shares per share term value Outstanding at January 1, 2016 330,219 $ 15.43 2.2 years $ 3,578 Effect of 5% stock dividend 7,849 Forfeited/expired - $ - Exercised (186,797) $ 12.68 Outstanding at December 31, 2016 151,271 $ 14.02 2.2 years $ 2,119 Exercisable at December 31, 2016 151,271 $ 14.02 2.2 years $ 2,119 Fully vested options at December 31, 2016 151,271 $ 14.02 2.2 years $ 2,119 (Dollars in thousands) Years ended December 31, 2016 2015 2014 Intrinsic value of options exercised (on exercise date) $ 1,820 $ 273 $ 186 Cash received from options exercised 1,796 510 493 Excess tax benefit realized from options exercised $ 308 $ 83 $ 26 As of December 31, 2016, there was no unrecognized compensation cost related to outstanding nonvested options. Shares Nonvested restricted common stock at January 1, 2016 - Granted 12,400 Effect of 5% stock dividend 620 Nonvested restricted common stock at December 31, 2016 13,020 260,000 13,020 (Dollars in thousands) Year Amount 2017 $ 107 2018 59 2019 59 2020 35 Total $ 260 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments and Fair Value Measurements | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | (17) Fair Value of Financial Instruments and Fair Value Measurements Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values: Level 1 Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2 Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. As of December 31, 2016 Carrying amount Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 19,996 $ 19,996 $ - $ - $ 19,996 Investment securities available for sale 385,563 7,123 378,440 - 385,563 Bank stocks, at cost 5,299 n/a n/a n/a n/a Loans, net 420,461 - - 417,957 417,957 Loans held for sale 5,517 - 5,517 - 5,517 Derivative financial instruments 662 - 662 - 662 Accrued interest receivable 4,240 21 2,104 2,115 4,240 Financial liabilities: Non-maturity deposits $ (601,683) $ (601,683) $ - $ - (601,683) Time deposits (139,838) - (138,623) - (138,623) FHLB borrowings (39,100) - (35,695) - (35,695) Subordinated debentures (21,284) - (18,608) - (18,608) Other borrowings (12,483) - (12,483) - (12,483) Accrued interest payable (268) - (268) - (268) (Dollars in thousands) As of December 31, 2015 Carrying amount Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 13,569 $ 13,569 $ - $ - $ 13,569 Investment securities available-for-sale 353,438 8,003 345,435 - 353,438 Bank stocks, at cost 4,497 n/a n/a n/a n/a Loans, net 419,923 - - 420,061 420,061 Loans held for sale 14,465 - 14,465 - 14,465 Derivative financial instruments 797 - 797 - 797 Accrued interest receivable 4,002 22 2,117 1,863 4,002 Financial liabilities: Non-maturity deposits $ (570,784) $ (570,784) $ - $ - (570,784) Time deposits (143,943) - (142,924) - (142,924) FHLB borrowings (37,600) - (38,215) - (38,215) Subordinated debentures (21,084) - (19,051) - (19,051) Other borrowings (11,974) - (11,974) - (11,974) Accrued interest payable (287) - (287) - (287) Methods and Assumptions Utilized The carrying amount of cash and cash equivalents is considered to approximate fair value. The Company’s investment securities classified as available-for-sale include U.S. treasury securities, U.S. federal agency securities, municipal obligations, agency mortgage-backed securities, certificates of deposits and common stocks. Quoted exchange prices are available for the Company’s U.S treasury securities and common stock investments, which are classified as Level 1. U.S. federal agency securities and agency mortgage-backed obligations are priced utilizing industry-standard models that consider various assumptions, including time value, yield curves, volatility factors, prepayment speeds, default rates, loss severity, current market and contractual prices for the underlying financial instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace, can be derived from observable data, or are supported by observable levels at which transactions are executed in the marketplace. These measurements are classified as Level 2. Municipal securities are valued using a type of matrix, or grid, pricing in which securities are benchmarked against U.S. treasury rates based on credit rating. These model and matrix measurements are classified as Level 2 in the fair value hierarchy. It is not practical to determine the fair value of bank stocks due to restrictions placed on the transferability of FHLB and FRB stock. The estimated fair value of the Company’s loan portfolio is based on the segregation of loans by collateral type, interest terms, and maturities. The fair value is estimated based on discounting scheduled and estimated cash flows through maturity using an appropriate risk-adjusted yield curve to approximate current interest rates for each category. No adjustment was made to the interest rates for changes in credit risk of performing loans where there are no known credit concerns. Management segregates loans in appropriate risk categories. Management believes that the risk factor embedded in the interest rates along with the allowance for loan losses applicable to the performing loan portfolio results in a fair valuation of such loans. The fair values of impaired loans are generally based on market prices for similar assets determined through independent appraisals or discounted values of independent appraisals and brokers’ opinions of value. This method of estimating fair value does not incorporate the exit-price concept of fair value prescribed by ASC Topic 820 and is classified as Level 3. Mortgage loans originated and intended for sale in the secondary market are carried at estimated fair value. The mortgage loan valuations are based on quoted secondary market prices for similar loans and are classified as Level 2. The carrying amount of accrued interest receivable and payable are considered to approximate fair value. The estimated fair value of deposits with no stated maturity, such as non-interest-bearing demand deposits, savings, money market accounts, and checking accounts, is equal to the amount payable on demand. The fair value of interest-bearing time deposits is based on the discounted value of contractual cash flows of such deposits. The discount rate is tied to the FHLB yield curve plus an appropriate servicing spread. Fair value measurements based on discounted cash flows are classified as Level 2. These fair values do not incorporate the value of core deposit intangibles which may be associated with the deposit base. The fair value of advances from the FHLB, subordinated debentures, and other borrowings is estimated using current yield curves for similar borrowings adjusted for the Company’s current credit spread and classified as Level 2. The Company’s derivative financial instruments consist of interest rate lock commitments and forward commitments for the future delivery of these mortgage loans. The fair values of these derivatives are based on quoted prices for similar loans in the secondary market. The market prices are adjusted by a factor, based on the Company’s historical data and its judgment about future economic trends, which considers the likelihood that a commitment will ultimately result in a closed loan. These instruments are classified as Level 2. The amounts are included in other assets or other liabilities on the consolidated balance sheets and gains on sale of loans, net in the consolidated statements of earnings. Off-Balance-Sheet Financial Instruments The fair value of letters of credit and commitments to extend credit is based on the fees currently charged to enter into similar agreements. The aggregate of these fees is not material. Transfers The Company did not transfer any assets or liabilities among levels during the year ended December 31, 2016 or 2015. Valuation Methods for Instruments Measured at Fair Value on a Recurring Basis (Dollars in thousands) As of December 31, 2016 Fair value hierarchy Total Level 1 Level 2 Level 3 Assets: Available-for-sale securities U. S. treasury securities $ 6,015 $ 6,015 $ - $ - U. S. federal agency obligations 27,139 - 27,139 - Municipal obligations, tax exempt 161,662 - 161,662 - Municipal obligations, taxable 71,563 - 71,563 - Agency mortgage-backed securities 108,376 - 108,376 - Common stocks 1,108 1,108 - - Certificates of deposit 9,700 - 9,700 - Loans held for sale 5,517 - 5,517 - Derivative financial instruments 662 - 662 - (Dollars in thousands) As of December 31, 2015 Fair value hierarchy Total Level 1 Level 2 Level 3 Assets: Available-for-sale securities U. S. treasury securities $ 6,517 $ 6,517 $ - $ - U. S. federal agency obligations 29,920 - 29,920 - Municipal obligations, tax exempt 137,941 - 137,941 - Municipal obligations, taxable 81,890 - 81,890 - Agency mortgage-backed securities 85,985 - 85,985 - Common stocks 1,486 1,486 - - Certificates of deposit 9,699 - 9,699 - Derivative financial instruments 797 - 797 - Changes in the fair value of available-for-sale securities are included in other comprehensive income to the extent the changes are not considered other-than-temporary impairments. Other-than-temporary impairment tests are performed on a quarterly basis and any decline in the fair value of an individual security below its cost that is deemed to be other-than-temporary results in a write-down of that security’s cost basis. Effective in 2016, mortgage loans originated and intended for sale in the secondary market are carried at fair value. Prior to 2016, mortgage loans originated and intended for sale in the secondary market were carried at the lower of aggregate cost or fair value. As of December 31, (Dollars in thousands) 2016 Aggregate fair value $ 5,517 Contractual balance 5,480 Gain $ 37 Year ended December 31, (Dollars in thousands) 2016 Interest income $ 361 Change in fair value (243) Total change in fair value $ 118 Valuation Methods for Instruments Measured at Fair Value on a Nonrecurring Basis The Company does not value its loan portfolio at fair value. Collateral-dependent impaired loans are generally carried at the lower of cost or fair value of the collateral, less estimated selling costs. Collateral values are determined based on appraisals performed by qualified licensed appraisers hired by the Company and then further adjusted if warranted based on relevant facts and circumstances. The appraisals may utilize a single valuation approach or a combination of approaches including the comparable sales and income approach. Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are typically significant and result in a Level 3 classification of the inputs for determining fair value. Impaired loans are reviewed and evaluated at least quarterly for additional impairment and adjusted accordingly, based on the same factors identified above. The loan balance of the Company’s impaired loans was $ 6.7 6.8 274,000 88,000 Real estate owned includes assets acquired through, or in lieu of, foreclosure and land previously acquired for expansion. Real estate owned is initially recorded at the fair value of the collateral less estimated selling costs. Subsequent valuations are updated periodically and are based upon independent appraisals, third party price opinions or internal pricing models. The appraisals may utilize a single valuation approach or a combination of approaches including the comparable sales and income approach. Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are typically significant and result in a Level 3 classification of the inputs for determining fair value. Real estate owned is reviewed and evaluated at least annually for additional impairment and adjusted accordingly, based on the same factors identified above. (Dollars in thousands) As of December 31, 2016 Total Fair value hierarchy (losses)/ Total Level 1 Level 2 Level 3 gains Assets: Impaired loans: Commercial real estate loans $ 219 $ - $ - $ 219 $ (81) Commercial loans 222 - - 222 (87) Agriculture loans 645 - - 645 (89) Real estate owned: One-to-four family residential real estate 142 - - 142 (34) As of December 31, 2015 Total Fair value hierarchy (losses)/ Total Level 1 Level 2 Level 3 gains Assets: Impaired loans: One-to-four family residential real estate $ 266 $ - $ - $ 266 $ (137) Consumer loans 16 - - 16 6 Loans held for sale 14,465 - 14,465 - (10) (Dollars in thousands) Fair value Valuation technique Unboservable inputs Range As of December 31, 2016 Impaired loans: Commercial real estate $ 219 Sales comparison Adjustment to appraised value 2%-15% Commercial loans 222 Sales comparison Adjustment to comparable sales 7%-80% Agriculture loans 645 Sales comparison Adjustment to appraised value 8%-80% Real estate owned: One-to-four family residential real estate 142 Sales comparison Adjustment to appraised value 10% As of December 31, 2015 Impaired loans: One-to-four family residential real estate $ 266 Sales comparison Adjustment to appraised value 0%-40% Consumer loans 16 Sales comparison Adjustment to comparable sales 0% |
Regulatory Capital Requirements
Regulatory Capital Requirements | 12 Months Ended |
Dec. 31, 2016 | |
Banking and Thrift [Abstract] | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | (18) Regulatory Capital Requirements Banks and bank holding companies are subject to regulatory capital requirements administered by federal banking agencies. Capital adequacy guidelines and, additionally for banks, prompt corrective action regulations, involve quantitative measures of assets, liabilities, and certain off-balance-sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators. Failure to meet capital requirements can initiate regulatory action. Management believed as of December 31, 2016, the Company and Bank met all capital adequacy requirements to which they were subject at that time. Prompt corrective action regulations provide five classifications: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized, although these terms are not used to represent overall financial condition. If adequately capitalized, regulatory approval is required to accept brokered deposits. If undercapitalized, capital distributions are limited, as is asset growth and expansion, and capital restoration plans are required. On January 1, 2015, the Company and the Bank became subject to new capital rules (the “Basel III Rule”) that implemented the Basel III regulatory capital reforms from the Basel Committee on Banking Supervision and certain changes required by the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Basel III Rule is applicable to all U.S. banks that are subject to minimum capital requirements, as well as to bank and savings and loan holding companies other than “small bank holding companies” (generally, non-public bank holding companies with consolidated assets of less than $ 1.0 The Basel III Rule maintained the general structure of the prompt corrective action framework, while incorporating increased requirements. The Basel III Rule includes a common equity Tier 1 capital to risk-weighted assets minimum ratio of 4.5 4.0 6.0 8.0 4.0 0.625 0.625 2.5 As of December 31, 2016 and December 31, 2015, the most recent regulatory notifications categorized the Bank as well capitalized under the regulatory framework for prompt corrective action then in effect. There are no conditions or events since that notification that management believes have changed the institution’s category. (Dollars in thousands) For capital Actual adequacy purposes Amount Ratio Amount Ratio As of December 31, 2016 Leverage $ 88,819 10.04 % $ 35,370 4.0 % Common Equity Tier 1 Capital (1) 68,263 13.32 % 26,265 5.1 % Tier 1 Capital (1) 88,819 17.33 % 33,952 6.6 % Total Risk Based Capital (1) 94,596 18.46 % 44,201 8.6 % As of December 31, 2015 Leverage $ 80,401 9.43 % $ 34,092 4.0 % Common Equity Tier 1 Capital 60,375 11.05 % 24,584 4.5 % Tier 1 Capital 80,401 14.72 % 32,779 6.0 % Total Risk Based Capital 87,214 15.96 % 43,706 8.0 % (1) The required percent for capital adequacy purposes for December 31, 2016 includes a capital conservation buffer of 0.625%. To be well-capitalized under prompt (Dollars in thousands) For capital corrective Actual adequacy purposes action provisions Amount Ratio Amount Ratio Amount Ratio As of December 31, 2016 Leverage $ 88,076 9.98 % $ 35,284 4.0 % $ 44,105 5.0 % Common Equity Tier 1 Capital (1) 88,076 17.23 % 26,194 5.1 % 33,222 6.5 % Tier 1 Capital (1) 88,076 17.23 % 33,861 6.6 % 40,888 8.0 % Total Risk Based Capital (1) 93,560 18.31 % 44,083 8.6 % 51,110 10.0 % As of December 31, 2015 Leverage $ 79,857 9.40 % $ 33,993 4.0 % $ 42,491 5.0 % Common Equity Tier 1 Capital 79,857 14.66 % 24,519 4.5 % 35,416 6.5 % Tier 1 Capital 79,857 14.66 % 32,692 6.0 % 43,589 8.0 % Total Risk Based Capital 85,929 15.77 % 43,589 8.0 % 54,486 10.0 % (1) The required percent for capital adequacy purposes for December 31, 2016 includes a capital conservation buffer of 0.625%. |
Parent Company Condensed Financ
Parent Company Condensed Financial Statements | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | (19) Parent Company Condensed Financial Statements Condensed Balance Sheets (Dollars in thousands) As of December 31, 2016 2015 Assets: Cash and cash equivalents $ 22 $ 139 Investment securities 1,360 1,737 Investment in Bank 104,412 99,529 Other 626 474 Total assets $ 106,420 $ 101,879 Liabilities and stockholders' equity: Subordinated debentures $ 21,284 $ 21,084 Other 185 225 Stockholders' equity 84,951 80,570 Total liabilities and stockholders' equity $ 106,420 $ 101,879 Condensed Statements of Earnings (Dollars in thousands) Years ended December 31, 2016 2015 2014 Dividends from Bank $ 1,250 $ 3,723 $ 588 Interest income 59 50 31 Gain on sale of investment 324 - - Other non-interest income 7 7 7 Interest expense (787) (770) (698) Other expense, net (314) (297) (307) Earnings before equity in undistributed earnings of Bank 539 2,713 (379) Increase in undistributed equity of Bank 8,171 7,442 8,096 Earnings before income taxes 8,710 10,155 7,717 Income tax benefit (251) (351) (332) Net earnings 8,961 10,506 8,049 Other comprehensive income (loss) (3,523) 357 2,744 Total comprehensive income $ 5,438 $ 10,863 $ 10,793 Condensed Statements of Cash Flows (Dollars in thousands) Years ended December 31, 2016 2015 2014 Cash flows from operating activities: Net earnings $ 8,961 $ 10,506 $ 8,049 Increase in undistributed equity of Bank (8,171) (7,442) (8,096) Amortization of purchase accounting adjustment on subordinated debentures 200 200 200 Gain on sale of investment (324) - - Other (112) 19 (22) Net cash provided by operating activities 554 3,283 131 Cash flows from investing activities: Proceeds from sales and maturities of investment securities 445 14 20 Net cash provided by investing activities 445 14 20 Cash flows from financing activities: Proceeds from exercise of stock options 1,796 510 494 Proceeds from other borrowings - 2,605 4,515 Repayments on other borrowings - (3,745) (3,375) Payment of dividends (2,912) (2,547) (2,415) Net cash used in financing activities (1,116) (3,177) (781) Net (decrease) increase in cash (117) 120 (630) Cash at beginning of year 139 19 649 Cash at end of year $ 22 $ 139 $ 19 Dividends paid by the Company are provided through dividends from the Bank. At December 31, 2016, the Bank could distribute dividends of up to $ 23.7 |
Commitments, Contingencies and
Commitments, Contingencies and Guarantees | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments Contingencies and Guarantees [Text Block] | (20) Commitments, Contingencies and Guarantees Commitments to extend credit are legally binding agreements to lend to a borrower providing there are no violations of any conditions established in the contract. The Company, as a provider of financial services, routinely issues financial guarantees in the form of financial and performance commercial and standby letters of credit. As many of the commitments are expected to expire without being drawn upon, the total commitment does not necessarily represent future cash requirements (see Note 6). There are no pending legal proceedings to which the Company or the Bank is a party other than ordinary routine litigation incidental to the Bank’s business. While the ultimate outcome of current legal proceedings cannot be predicted with certainty, it is the opinion of management that the resolution of these legal actions should not have a material effect on the Company’s consolidated financial position or results of operations. |
Summary of Significant Accoun30
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation. The accompanying consolidated financial statements include the accounts of Landmark Bancorp, Inc. and its wholly owned subsidiary, Landmark National Bank. All intercompany balances and transactions have been eliminated in consolidation. The Bank, considered a single operating segment, is principally engaged in the business of attracting deposits from the general public and using such deposits, together with borrowings and other funds, to originate one-to-four family residential real estate, construction and land, commercial real estate, commercial, agriculture, municipal and consumer loans. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates. The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles requires the Company to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Business Combinations Policy [Policy Text Block] | Business Combinations. At the date of acquisition, the Company records the net assets acquired and liabilities assumed on the consolidated balance sheet at their estimated fair values, and goodwill is recognized for the excess purchase price over the estimated fair value of acquired net assets. The results of operations for acquired companies are included in the Company’s consolidated statement of earnings beginning at the acquisition date. Expenses arising from the acquisition activities are recorded in the consolidated statement of earnings during the period incurred. |
Reserve Requirements [Policy Text Block] | Reserve Requirements. Regulations of the Federal Reserve require reserves to be maintained by all banking institutions according to the types and amounts of certain deposit liabilities. These requirements restrict a portion of the amounts shown as consolidated cash and due from banks from everyday usage in operation of banks. As of December 31, 2016 and 2015, the Bank did not have a minimum reserve requirement. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Flows. Cash and cash equivalents include cash on hand and amounts due from banks with original maturities of fewer than 90 days, and are carried at cost. Net cash flows are reported for customer loan and deposit transactions. |
Investment, Policy [Policy Text Block] | Investment Securities. The Company has classified its investment securities portfolio as available-for-sale. Available-for-sale securities are recorded at fair value with unrealized gains and losses excluded from earnings and reported as a separate component of stockholders’ equity, net of taxes. Purchase premiums and discounts on investment securities are amortized/accreted into interest income over the estimated lives of the securities using the interest method. Realized gains and losses on sales of available-for-sale securities are recorded on a trade date basis and are calculated using the specific identification method. The Company performs quarterly reviews of the investment portfolio to evaluate investment for other-than-temporary impairment. The initial review begins with all securities in an unrealized loss position. The Company’s assessment of other-than-temporary impairment is based on its judgment of the specific facts and circumstances impacting each individual security at the time such assessments are made. The Company reviews and considers all factual information, including expected cash flows, the structure of the security, the credit quality of the underlying assets and the current and anticipated market conditions. Any credit-related impairment on debt securities is recorded through a charge to earnings. Impairment related to other factors is recognized in other comprehensive income. However, if the Company intends to sell or it is more likely than not that it will be required to sell a security in an unrealized loss position before recovery of its amortized costs basis, the entire impairment is recorded through a charge to earnings. If an equity security is determined to be other-than-temporarily impaired, the entire impairment is recorded through a charge to earnings. |
Bank Stocks [Policy Text Block] | Bank Stocks. Bank stocks are investments acquired for regulatory purposes and borrowing availability and are accounted for at cost. The cost of such investments represents their redemption value as such investments do not have a readily determinable fair value. The Company evaluates bank stocks for other-than-temporary impairment by analyzing the ultimate recoverability based on a credit analysis of the issuer. |
Acquired Loans Policy [Policy Text Block] | Acquired Loans. Acquired loans are recorded at estimated fair value at the time of acquisition and accounted for under ASC 310-20. The Company’s acquired loans were not acquired with deteriorated credit quality. Estimated fair values of acquired loans are based on a discounted cash flow methodology that considers various factors including the type of loan and related collateral, the expected timing of cash flows, classification status, fixed or variable interest rate, term of loan and whether or not the loan is amortizing, and a discount rate reflecting the Company’s assessment of risk inherent in the cash flow estimates. Discounts or premiums created when acquired loans are recorded at their estimated fair values are accreted or amortized over the remaining term of the loan as an adjustment to the related loan’s yield. Similar to originated loans described below, the accrual of interest income on acquired loans is discontinued when the collection of principal or interest, in whole or in part, is doubtful. |
Finance, Loans and Leases Receivable, Policy [Policy Text Block] | Loans. Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are reported at their outstanding principal balances, net of undisbursed loan proceeds, the allowance for loan losses, and any deferred fees or costs on originated loans. Origination fees received on loans held in portfolio and the estimated direct costs of origination are deferred and amortized to interest income using the interest method. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining if a loan is impaired include payment status, probability of collecting scheduled principal and interest payments when due and value of collateral for collateral dependent loans. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. In addition, the Company classifies troubled debt restructurings (“TDR”) as impaired loans. A loan is classified as a TDR if the Company modifies a loan with any concessions, as defined by accounting guidance, to a borrower experiencing financial difficulty. The allowance recorded on impaired loans is measured on a loan-by-loan basis for commercial, commercial real estate, agriculture and construction loans by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral if the loan is collateral dependent. Large groups of homogeneous loans with smaller individual balances are collectively evaluated for impairment. Accordingly, the Company generally does not separately identify individual consumer and residential loans for impairment disclosures. The accrual of interest on non-performing loans is discontinued at the time the loan is ninety days delinquent, unless the credit is well-secured and in process of collection. Loans are placed on non-accrual or are charged off at an earlier date if collection of the principal or interest is considered doubtful. All interest accrued but not collected for loans that are placed on non-accrual or charged off is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are evaluated individually and are returned to accrual status when all principal and interest amounts contractually due are brought current and future payments are reasonably assured. |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Loan Losses. The Company maintains an allowance for loan losses to absorb probable incurred loan losses in the loan portfolio. The allowance for loan losses is increased by charges to earnings and decreased by charge-offs (net of recoveries). The evaluation of the allowance for loan losses groups loans by loan class and includes one-to-four family residential real estate, construction and land, commercial real estate, commercial, agriculture, municipal and consumer loans. Management’s periodic evaluation of the appropriateness of the allowance is based on the Company’s loan loss experience known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay, the estimated value of any underlying collateral, the current level of non-performing assets, and current economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance is also subject to regulatory examinations and a determination by the regulatory agencies as to the appropriate level of the allowance. In addition to the general component the allowance consists of a specific component. The specific component relates to loans that are individually classified as impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Loans for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, are considered TDRs and classified as impaired. |
Finance, Loan and Lease Receivables, Held-for-sale, Policy [Policy Text Block] | Loans Held for Sale Mortgage loans held for sale are generally sold with servicing rights retained. The carrying value of mortgage loans sold is reduced by the amount allocated to the servicing right. Gains and losses on sales of mortgage loans are based on the difference between the selling price and the carrying value of the related loan sold. |
Loans and Leases Receivable, Mortgage Banking Activities, Policy [Policy Text Block] | Mortgage Servicing Rights. When mortgage loans are sold with servicing retained, servicing rights are initially recorded at fair value with the income statement effect recorded in gains on sales of loans. Fair value is based on market prices for comparable mortgage servicing contracts, when available or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. All classes of servicing assets are subsequently measured using the amortization method which requires servicing rights to be recorded in amortization of intangibles in proportion to, and over the period of, the estimated future net servicing income of the underlying loans. Servicing rights are evaluated for impairment based upon the fair value of the rights as compared to carrying amount. Impairment is determined by stratifying rights into groupings based on predominant risk characteristics, such as interest rate, loan type and investor type. Impairment is recognized through a valuation allowance for an individual grouping, to the extent that fair value is less than the carrying amount. If the Company later determines that all or a portion of the impairment no longer exists for a particular grouping, a reduction of the allowance may be recorded as an increase to income. Changes in valuation allowances are included in amortization expense on the income statement. The fair values of servicing rights are subject to significant fluctuations as a result of changes in estimated and actual prepayment speeds and default rates and losses. |
Transfers and Servicing of Financial Assets, Transfers of Financial Assets, Policy [Policy Text Block] | Transfers of Financial Assets. Transfers of financial assets are accounted for as sales when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. |
Mortgage Loan Repurchase Reserve [Policy Text Block] | Mortgage Loan Repurchase Reserve. The Company routinely sells one-to-four family residential mortgage loans to secondary mortgage market investors. Under standard representations and warranties clauses in the Company’s mortgage sale agreements, the Company may be required to repurchase mortgage loans sold or reimburse the investors for credit losses incurred on those loans if a breach of the contractual representations and warranties occurred. The Company establishes a mortgage repurchase liability in an amount equal to management’s estimate of losses on loans for which the Company could have a repurchase obligation or loss reimbursement. The estimated liability incorporates the volume of loans sold in previous periods, default expectations, historical investor repurchase demand and actual loss severity. Provisions to the mortgage repurchase reserve reduce gains on sales of loans. |
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and Equipment. Land is carried at cost. Premises and equipment are stated at cost less accumulated depreciation. Major replacements and betterments are capitalized while maintenance and repairs are charged to expense when incurred. Gains or losses on dispositions are reflected in earnings as incurred. |
Bank owned life insurance [Policy Text Block] | Bank owned life insurance . The Company has purchased life insurance policies on certain key executives. Bank owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Intangible Assets. Goodwill is not amortized; however, it is tested for impairment at each calendar year end or more frequently when events or circumstances dictate. The impairment test compares the carrying value of goodwill to an implied fair value of the goodwill, which is based on a review of the Company’s market capitalization adjusted for appropriate control premiums as well as an analysis of valuation multiples of recent, comparable acquisitions. The Company considers the result from each of these valuation methods in determining the implied fair value of its goodwill. A goodwill impairment would be recorded for the amount that the carrying value exceeds the implied fair value. Intangible assets include core deposit intangibles, lease intangibles and mortgage servicing rights. Core deposit intangible assets are amortized over their estimated useful life of ten years on an accelerated basis. Lease intangible assets are amortized over the life of the lease. When facts and circumstances indicate potential impairment, the Company will evaluate the recoverability of the intangible asset’s carrying value, using estimates of undiscounted future cash flows over the remaining asset life. Any impairment loss is measured by the excess of carrying value over fair value. |
Income Tax, Policy [Policy Text Block] | Income Taxes. The objective of accounting for income taxes is to recognize the amount of taxes payable or refundable for the current year and deferred tax liabilities and assets for the future tax consequences of events that have been recognized in an entity’s financial statements or tax returns. Judgment is required in assessing the future tax consequences of events that have been recognized in financial statements or tax returns. Uncertain income tax positions will be recognized only if it is more likely than not that they will be sustained upon examination by taxing authorities, based upon their technical merits. Once that standard is met, the amount recorded will be the largest amount of benefit that has a greater than 50 percent likelihood |
Loan Commitments, Policy [Policy Text Block] | Loan Commitments and Related Financial Instruments. Financial instruments include off-balance sheet credit instruments, such as commitments to make loans and commercial letters of credit, issued to meet customer financing needs. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. |
Malpractice Loss Contingency, Policy [Policy Text Block] | Loss Contingencies. Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe there now are such matters that will have a material effect on the financial statements. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income. Comprehensive income consists of net income and other comprehensive income. Other comprehensive income includes unrealized gains and losses on securities available for sale, net of tax which are also recognized as separate components of equity. |
Real Estate, Policy [Policy Text Block] | Real Estate Owned. Assets acquired through, or in lieu of, foreclosure are initially recorded at fair value less costs to sell when acquired, establishing a new cost basis. Physical possession of residential real estate property collateralizing a consumer mortgage loan occurs when legal title is obtained upon completion of foreclosure or when the borrower conveys all interest in the property to satisfy the loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. These assets are subsequently accounted for at lower of cost or fair value less estimated costs to sell. If fair value declines subsequent to foreclosure, a valuation allowance is recorded through expense. Operating costs after acquisition are expensed. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation. The Company uses the Black-Scholes option pricing model to estimate the grant date fair value of its stock options, which is recognized as compensation expense over the option vesting period, on a straight-line basis, which is typically four or five years. The fair value of restricted common stock is equal to the Company’s stock price on the grant date, which is recognized as compensation expense on a straight-line basis over the vesting period. In the fourth quarter of 2016, the Company elected to early adopt ASU 2016-09 Compensation- Stock Compensation (Topic 718). As a result of this election, the Company recognized $ 308,000 |
Earnings Per Share, Policy [Policy Text Block] | Earnings per Share. Basic earnings per share represent net earnings divided by the weighted average number of common shares outstanding during the year. Diluted earnings per share reflect additional common shares that would have been outstanding if dilutive potential common shares had been issued. The diluted earnings per share computations for 2016, 2015 and 2014 include all unexercised stock options. 5 (Dollars in thousands, except per share amounts) Years ended December 31, 2016 2015 2014 Net earnings available to common shareholders $ 8,961 $ 10,506 $ 8,049 Weighted average common shares outstanding - basic 3,806,756 3,682,694 3,667,902 Assumed exercise of stock options 65,303 109,952 62,150 Weighted average common shares outstanding - diluted 3,872,059 3,792,646 3,730,052 Earnings per share: Basic $ 2.35 $ 2.85 $ 2.19 Diluted $ 2.31 $ 2.77 $ 2.16 |
Derivatives, Reporting of Derivative Activity [Policy Text Block] | Derivative Financial Instruments. Commitments to fund mortgage loans (interest rate locks) to be sold into the secondary market and forward commitments for the future delivery of these mortgage loans are accounted for as free standing derivatives. The fair value of the interest rate lock is recorded at the time the commitment to fund the mortgage loan is executed and is adjusted for the expected exercise of the commitment before the loan is funded. In order to hedge the change in interest rates resulting from its commitments to fund the loans, the Company enters into forward commitments for the future delivery of mortgage loans when interest rate locks are entered into. Fair values of these mortgage derivatives are estimated based on changes in mortgage interest rates from the date the interest on the loan is locked. Changes in the fair values of these derivatives are included in net gains on sales of loans. |
Dividend Restriction [Policy Text Block] | Dividend Restriction. Banking regulations require maintaining certain capital levels and may limit the dividends paid by the bank to the holding company or by the holding company to shareholders. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments. Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in a separate note. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect these estimates. |
Summary of Significant Accoun31
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The shares used in the calculation of basic and diluted earnings per share, which have been adjusted to give effect to the 5 (Dollars in thousands, except per share amounts) Years ended December 31, 2016 2015 2014 Net earnings available to common shareholders $ 8,961 $ 10,506 $ 8,049 Weighted average common shares outstanding - basic 3,806,756 3,682,694 3,667,902 Assumed exercise of stock options 65,303 109,952 62,150 Weighted average common shares outstanding - diluted 3,872,059 3,792,646 3,730,052 Earnings per share: Basic $ 2.35 $ 2.85 $ 2.19 Diluted $ 2.31 $ 2.77 $ 2.16 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Available-for-sale Securities [Table Text Block] | A summary of investment securities available-for-sale is as follows: (Dollars in thousands) As of December 31, 2016 Gross Gross Amortized unrealized unrealized Estimated cost gains losses fair value U. S. treasury securities $ 6,005 $ 10 $ - $ 6,015 U. S. federal agency obligations 27,140 48 (49) 27,139 Municipal obligations, tax exempt 163,632 696 (2,666) 161,662 Municipal obligations, taxable 71,371 463 (271) 71,563 Agency mortgage-backed securities 109,427 171 (1,222) 108,376 Certificates of deposit 9,700 - - 9,700 Common stocks 458 650 - 1,108 Total $ 387,733 $ 2,038 $ (4,208) $ 385,563 As of December 31, 2015 Gross Gross Amortized unrealized unrealized Estimated cost gains losses fair value U. S. treasury securities $ 6,517 $ 1 $ (1) $ 6,517 U. S. federal agency obligations 30,064 43 (187) 29,920 Municipal obligations, tax exempt 135,341 2,671 (71) 137,941 Municipal obligations, taxable 81,999 472 (581) 81,890 Agency mortgage-backed securities 85,829 391 (235) 85,985 Certificates of deposit 9,699 - - 9,699 Common stocks 580 906 - 1,486 Total $ 350,029 $ 4,484 $ (1,075) $ 353,438 |
Available For Sale Securities Continuous Unrealized Loss Position Fair Value [Table Text Block] | (Dollars in thousands) As of December 31, 2016 Less than 12 months 12 months or longer Total No. of Fair Unrealized Fair Unrealized Fair Unrealized securities value losses value losses value losses U.S. federal agency obligations 9 15,056 (49) - - 15,056 (49) Municipal obligations, tax exempt 275 97,842 (2,666) - - 97,842 (2,666) Municipal obligations, taxable 66 26,184 (271) - - 26,184 (271) Agency mortgage-backed securities 58 83,011 (1,222) - - 83,011 (1,222) Total 408 $ 222,093 $ (4,208) $ - $ - $ 222,093 $ (4,208) As of December 31, 2015 Less than 12 months 12 months or longer Total No. of Fair Unrealized Fair Unrealized Fair Unrealized securities value losses value losses value losses U.S. treasury securities 2 $ 3,542 $ (1) $ - $ - $ 3,542 $ (1) U.S. federal agency obligations 18 23,015 (163) 1,976 (24) 24,991 (187) Municipal obligations, tax exempt 47 11,328 (53) 2,132 (18) 13,460 (71) Municipal obligations, taxable 105 38,605 (494) 5,068 (87) 43,673 (581) Agency mortgage-backed securities 40 29,814 (166) 2,925 (69) 32,739 (235) Total 212 $ 106,304 $ (877) $ 12,101 $ (198) $ 118,405 $ (1,075) |
Investments Classified by Contractual Maturity Date [Table Text Block] | The amortized cost and fair value of investment securities at December 31, 2016 are as follows: (Dollars in thousands) Amortized Estimated cost fair value Due in less than one year $ 34,648 $ 34,707 Due after one year but within five years 189,282 188,375 Due after five years but within ten years 85,521 84,960 Due after ten years 77,824 76,413 Common stocks 458 1,108 Total $ 387,733 $ 385,563 |
Schedule of Realized Gain (Loss) [Table Text Block] | Sales proceeds and gross realized gains and losses on sales of available-for-sale securities are as follows: (Dollars in thousands) Years ended December 31, 2016 2015 2014 Sales proceeds $ 14,326 $ 30,610 $ 8,265 Realized gains $ 573 $ 230 $ 125 Realized losses (15) (349) (26) Net realized gains (losses) $ 558 $ (119) $ 99 |
Loans and Allowance for Loan 33
Loans and Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Loans consist of the following: As of December 31, (Dollars in thousands) 2016 2015 One-to-four family residential real estate loans $ 136,846 $ 131,930 Construction and land loans 13,738 15,043 Commercial real estate loans 118,200 118,983 Commercial loans 54,506 61,300 Agriculture loans 78,324 71,030 Municipal loans 3,884 7,635 Consumer loans 20,271 19,895 Total gross loans 425,769 425,816 Net deferred loan costs and loans in process 36 29 Allowance for loan losses (5,344) (5,922) Loans, net $ 420,461 $ 419,923 |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | The following tables provide information on the Company’s allowance for loan losses by loan class and allowance methodology: (Dollars in thousands) Year ended December 31, 2016 One-to-four family residential Commercial real estate Construction real estate Commercial Agriculture Municipal Consumer loans and land loans loans loans loans loans loans Total Allowance for loan losses: Balance at January 1, 2016 $ 925 $ 77 $ 1,740 $ 1,530 $ 1,428 $ 23 $ 199 $ 5,922 Charge-offs (14) - - (306) (375) - (471) (1,166) Recoveries 9 - - 34 - 6 39 88 Provision for loan losses (416) (24) 37 (139) 631 (17) 428 500 Balance at December 31, 2016 504 53 1,777 1,119 1,684 12 195 5,344 Allowance for loan losses: Individually evaluated for loss - - 81 87 89 - 17 274 Collectively evaluated for loss 504 53 1,696 1,032 1,595 12 178 5,070 Total 504 53 1,777 1,119 1,684 12 195 5,344 Loan balances: Individually evaluated for loss 780 1,937 2,445 355 881 258 72 6,728 Collectively evaluated for loss 136,066 11,801 115,755 54,151 77,443 3,626 20,199 419,041 Total $ 136,846 $ 13,738 $ 118,200 $ 54,506 $ 78,324 $ 3,884 $ 20,271 $ 425,769 (Dollars in thousands) Year ended December 31, 2015 One-to-four family residential Construction Commercial Commercial Agriculture Municipal Consumer real estate and land real estate loans loans loans loans Total Allowance for loan losses: Balance at January 1, 2015 $ 755 $ 762 $ 1,832 $ 836 $ 915 $ 51 $ 169 $ 5,320 Charge-offs (57) - (13) (78) - (88) (318) (554) Recoveries 10 1,722 2 15 73 - 34 1,856 Provision for loan losses 217 (2,407) (81) 757 440 60 314 (700) Balance at December 31, 2015 925 77 1,740 1,530 1,428 23 199 5,922 Allowance for loan losses: Individually evaluated for loss 78 - - - - - 10 88 Collectively evaluated for loss 847 77 1,740 1,530 1,428 23 189 5,834 Total 925 77 1,740 1,530 1,428 23 199 5,922 Loan balances: Individually evaluated for loss 752 2,220 2,429 620 189 591 36 6,837 Collectively evaluated for loss 131,178 12,823 116,554 60,680 70,841 7,044 19,859 418,979 Total $ 131,930 $ 15,043 $ 118,983 $ 61,300 $ 71,030 $ 7,635 $ 19,895 $ 425,816 Year ended December 31, 2014 One-to-four family residential Construction Commercial real estate and land real estate Commercial Agriculture Municipal Consumer loans loans loans loans loans loans loans Total Allowance for loan losses: Balance at January 1, 2014 $ 732 $ 1,343 $ 1,970 $ 769 $ 545 $ 47 $ 134 $ 5,540 Charge-offs (29) - - (783) - - (237) (1,049) Recoveries 12 166 4 2 - - 45 229 Provision for loan losses 40 (747) (142) 848 370 4 227 600 Balance at December 31, 2014 755 762 1,832 836 915 51 169 5,320 Allowance for loan losses: Individually evaluated for loss 287 - 17 28 5 - 12 349 Collectively evaluated for loss 468 762 1,815 808 910 51 157 4,971 Total 755 762 1,832 836 915 51 169 5,320 Loan balances: Individually evaluated for loss 1,589 4,805 2,880 371 285 706 67 10,703 Collectively evaluated for loss 125,966 17,145 115,531 59,600 64,031 8,276 19,977 410,526 Total $ 127,555 $ 21,950 $ 118,411 $ 59,971 $ 64,316 $ 8,982 $ 20,044 $ 421,229 |
Impaired Financing Receivables [Table Text Block] | The following tables present information on impaired loans: (Dollars in thousands) As of December 31, 2016 Impaired Impaired Year-to- Unpaid loans loans with Related Year-to- date interest contractual Impaired without an an allowance date average income principal loan balance allowance allowance recorded loan balance recognized One-to-four family residential real estate loans $ 780 $ 780 $ 780 $ - $ - $ 798 $ 7 Construction and land loans 3,672 1,937 1,937 - - 2,068 72 Commercial real estate loans 2,445 2,445 2,145 300 81 2,587 505 Commercial loans 355 355 46 309 87 425 2 Agriculture loans 1,173 881 147 734 89 1,000 2 Municipal loans 258 258 258 - - 418 - Consumer loans 72 72 55 17 17 78 13 Total impaired loans $ 8,755 $ 6,728 $ 5,368 $ 1,360 $ 274 $ 7,374 $ 601 As of December 31, 2015 Impaired Impaired Year-to- Unpaid loans loans with Related Year-to- date interest contractual Impaired without an an allowance date average income principal loan balance allowance allowance recorded loan balance recognized One-to-four family residential real estate loans $ 752 $ 752 $ 408 $ 344 $ 78 $ 1,041 $ - Construction and land loans 3,955 2,220 2,220 - - 2,389 88 Commercial real estate loans 2,429 2,429 2,429 - - 2,484 175 Commercial loans 637 620 620 - - 634 3 Agriculture loans 189 189 189 - - 188 3 Municipal loans 591 591 591 - - 631 19 Consumer loans 36 36 10 26 10 41 - Total impaired loans $ 8,589 $ 6,837 $ 6,467 $ 370 $ 88 $ 7,408 $ 288 As of December 31, 2014 Impaired Impaired Year-to- Unpaid loans loans with Related Year-to- date interest contractual Impaired without an an allowance date average income principal loan balance allowance allowance recorded loan balance recognized One-to-four family residential real estate loans $ 1,589 $ 1,589 $ 167 $ 1,422 $ 287 $ 1,611 $ - Construction and land loans 6,540 4,805 4,805 - - 6,366 235 Commercial real estate loans 2,880 2,880 2,833 47 17 3,009 24 Commercial loans 371 371 137 234 28 393 10 Agriculture loans 285 285 146 139 5 294 - Municipal loans 772 706 706 - - 772 19 Consumer loans 67 67 25 42 12 75 - Total impaired loans $ 12,504 $ 10,703 $ 8,819 $ 1,884 $ 349 $ 12,520 $ 288 |
Past Due Financing Receivables [Table Text Block] | The following tables present information on the Company’s past due and non-accrual loans by loan class: (Dollars in thousands) As of December 31, 2016 30-59 days 60-89 days 90 days or Total past delinquent delinquent more Total past due and non- and and delinquent due loans Non-accrual accrual Total loans accruing accruing and accruing accruing loans loans not past due One-to-four family residential real estate loans $ 215 $ 388 $ - $ 603 $ 595 $ 1,198 $ 135,648 Construction and land loans - - - - 599 599 13,139 Commercial real estate loans - - - - 300 300 117,900 Commercial loans 13 5 - 18 342 360 54,146 Agriculture loans 55 - - 55 838 893 77,431 Municipal loans - - - - - - 3,884 Consumer loans 79 3 - 82 72 154 20,117 Total $ 362 $ 396 $ - $ 758 $ 2,746 $ 3,504 $ 422,265 Percent of gross loans 0.09 % 0.09 % 0.00 % 0.18 % 0.64 % 0.82 % 99.18 % As of December 31, 2015 30-59 days 60-89 days 90 days or Total past delinquent delinquent more Total past due and non- and and delinquent due loans Non-accrual accrual Total loans accruing accruing and accruing accruing loans loans not past due One-to-four family residential real estate loans $ 70 $ 712 $ - $ 782 $ 749 $ 1,531 $ 130,399 Construction and land loans 4 - - 4 614 618 14,425 Commercial real estate loans 240 - - 240 47 287 118,696 Commercial loans 90 40 - 130 583 713 60,587 Agriculture loans 174 5 - 179 139 318 70,712 Municipal loans - - - - - - 7,635 Consumer loans 65 2 - 67 36 103 19,792 Total $ 643 $ 759 $ - $ 1,402 $ 2,168 $ 3,570 $ 422,246 Percent of gross loans 0.15 % 0.18 % 0.00 % 0.33 % 0.51 % 0.84 % 99.16 % |
Risk Categories By Loan Class [Table Text Block] | The following table provides information on the Company’s risk categories by loan class: As of December 31, 2016 As of December 31, 2015 (Dollars in thousands) Nonclassified Classified Nonclassified Classified One-to-four family residential real estate loans $ 135,640 $ 1,206 $ 130,575 $ 1,355 Construction and land loans 13,138 600 14,429 614 Commercial real estate loans 111,641 6,559 111,016 7,967 Commercial loans 51,080 3,426 58,862 2,438 Agriculture loans 73,564 4,760 68,186 2,844 Municipal loans 3,884 - 7,635 - Consumer loans 20,181 90 19,839 56 Total $ 409,128 $ 16,641 $ 410,542 $ 15,274 |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | The following table presents information on loans that were classified as TDRs: (Dollars in thousands) As of December 31, 2016 As of December 31, 2015 Number of Accruing Number of Non-accrual Accruing loans Non-accrual balance balance loans balance balance One-to-four family residential real estate loans 2 $ - $ 185 2 $ 55 $ 3 Construction and land loans 4 588 1,338 4 600 1,606 Commercial real estate loans 3 64 2,145 3 - 2,382 Commerical loans 2 - 13 1 - 37 Agriculture 4 268 44 2 - 50 Municipal loans 2 - 258 2 - 591 Total troubled debt restructurings 17 $ 920 $ 3,983 14 $ 655 $ 4,669 |
Schedule Of Loan To Directors Officers And Affiliated Parties [Table Text Block] | The Company had loans and unfunded commitments to directors and officers, and to affiliated parties, at December 31, 2016 and 2015. A summary of such loans and unfunded commitments is as follows: (Dollars in thousands) Balance at December 31, 2015 $ 11,500 New loans 7,925 Repayments (3,667) Balance at December 31, 2016 $ 15,758 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | A summary of the other intangible assets that continue to be subject to amortization is as follows: (Dollars in thousands) As of December 31, 2016 Gross carrying Accumulated Net carrying amount amortization amount Core deposit intangible assets $ 2,067 $ (1,137) $ 930 Lease intangible asset 350 (143) 207 Mortgage servicing rights 5,788 (2,939) 2,849 Total other intangible assets $ 8,205 $ (4,219) $ 3,986 As of December 31, 2015 Gross carrying Accumulated Net carrying amount amortization amount Core deposit intangible assets $ 2,067 $ (855) $ 1,212 Lease intangible asset 350 (98) 252 Mortgage servicing rights 5,322 (2,482) 2,840 Total other intangible assets $ 7,739 $ (3,435) $ 4,304 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The following sets forth estimated amortization expense for core deposit and lease intangible assets for the years ending December 31: (Dollars in thousands) Amortization expense 2017 $ 289 2018 252 2019 214 2020 177 2021 121 Thereafter 84 Total $ 1,137 |
Schedule of Participating Mortgage Loans [Table Text Block] | The following table provides information on the principal balances of mortgage loans serviced for others: (Dollars in thousands) As of December 31, 2016 2015 FHLMC $ 483,356 $ 444,714 FHLB 11,393 14,039 |
Servicing Asset at Amortized Cost [Table Text Block] | Activity for mortgage servicing rights and the related valuation allowance follows: (Dollars in thousands) As of December 31, 2016 2015 Mortgage servicing rights: Balance at beginning of year $ 2,840 $ 2,477 Additions 1,079 1,289 Amortization (1,070) (926) Balance at end of year $ 2,849 $ 2,840 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Premises and equipment consisted of the following: (Dollars in thousands) Estimated As of December 31, useful lives 2016 2015 Land Indefinite $ 6,251 $ 6,251 Office buildings and improvements 10 - 50 years 18,519 18,352 Furniture and equipment 3 - 15 years 9,055 9,027 Automobiles 2 - 5 years 557 613 Total premises and equipment 34,382 34,243 Accumulated depreciation (13,975) (13,285) Total premises and equipment, net $ 20,407 $ 20,958 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Banking and Thrift [Abstract] | |
Schedule Of Maturities Of Time Deposit [Table Text Block] | The following table presents the maturities of time deposits at December 31, 2016: (Dollars in thousands) Year Amount 2017 $ 100,117 2018 25,641 2019 5,670 2020 4,456 2021 3,880 Thereafter 74 Total $ 139,838 |
Schedule Of Interest Expense [Table Text Block] | The components of interest expense associated with deposits are as follows: (Dollars in thousands) Years ended December 31, 2016 2015 2014 Time deposits $ 650 $ 736 $ 930 Money market and checking 458 311 282 Savings 26 24 23 Total $ 1,134 $ 1,071 $ 1,235 |
Federal Home Loan Bank Borrow37
Federal Home Loan Bank Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Banking and Thrift [Abstract] | |
Schedule of Federal Home Loan Bank, Advances, by Branch of FHLB Bank [Table Text Block] | Maturities of such borrowings at December 31, 2016 and 2015 are summarized as follows: (Dollars in thousands) As of December 31, 2016 2015 Weighted Weighted Year Amount average rates Amount average rates 2017 $ 10,000 3.64 % $ 10,000 3.64 % 2018 25,000 3.31 % 25,000 3.31 % Total $ 35,000 $ 35,000 |
Repurchase Agreements (Tables)
Repurchase Agreements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Banking and Thrift [Abstract] | |
Schedule of Repurchase Agreements [Table Text Block] | Repurchase agreements are comprised of non-insured customer funds, totaling $ 12.5 12.0 15.7 15.7 (Dollars in thousands) Years ended December 31, 2016 2015 Average daily balance during the year $ 12,686 $ 11,952 Average interest rate during the year 0.15 % 0.14 % Maximum month-end balance during the year $ 14,002 $ 14,744 Weighted average interest rate at year-end 0.15 % 0.13 % As of December 31, 2016 Overnight and Greater Continuous Up to 30 days 30-90 days than 90 days Total Repurchase agreements: U.S. federal agency obligations $ 5,007 $ - $ - $ - $ 5,007 Agency mortgage-backed securities 7,476 - - - 7,476 Total $ 12,483 $ - $ - $ - $ 12,483 As of December 31, 2015 Overnight and Up to Greater Continuous 30 days 30-90 days than 90 days Total Repurchase agreements: U.S. federal agency obligations $ 5,810 $ - $ - $ - $ 5,810 Agency mortgage-backed securities 6,164 - - - 6,164 Total $ 11,974 $ - $ - $ - $ 11,974 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Income tax expense attributable to income from operations consisted of the following: (Dollars in thousands) Years ended December 31, 2016 2015 2014 Current: Federal $ 1,298 $ 2,858 $ 2,465 State 97 431 664 Total current 1,395 3,289 3,129 Deferred: Federal 797 641 (19) State 248 (56) (122) Total deferred 1,045 585 (141) Deferred tax valuation allowance (126) 40 38 Income tax expense $ 2,314 $ 3,914 $ 3,026 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The reasons for the difference between actual income tax expense (benefit) and expected income tax expense attributable to income from operations at the 34 (Dollars in thousands) Years ended December 31, 2016 2015 2014 Computed “expected” tax expense $ 3,833 $ 4,903 $ 3,766 (Reduction) increase in income taxes resulting from: Tax-exempt interest income, net (1,220) (1,104) (970) Excess tax benefit from stock option exercise (283) - - Bank owned life insurance (177) (178) (182) Reversal of unrecognized tax benefits, net (125) (138) 63 State income taxes, net of federal benefit 269 412 320 Investment tax credits (11) (11) (12) Other, net 28 30 41 $ 2,314 $ 3,914 $ 3,026 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The tax effects of temporary differences that give rise to the significant portions of the deferred tax assets and liabilities at the following dates were as follows: (Dollars in thousands) As of December 31, 2016 2015 Deferred tax assets: Federal alternative minimum tax credit and low income housing credit carry forwards $ 192 $ 123 Loans, including allowance for loan losses 2,303 2,614 Net operating loss carry forwards 485 611 State taxes 737 813 Acquisition costs 394 428 Intangible assets 100 205 Deferred compensation arrangements 158 174 Unrealized loss on investment securities available-for-sale 822 - Investments 57 - Investment impairments 39 48 Other, net - 34 Total deferred tax assets 5,287 5,050 Less valuation allowance (485) (611) Total deferred tax assets, net of valuation allowance 4,802 4,439 Deferred tax liabilities: Unrealized gain on investment securities available-for-sale - 1,234 Premises and equipment, net of depreciation 803 900 Mortgage servicing rights 620 - FHLB stock dividends 76 78 Other borrowings 125 193 Investments - 2 Other, net 9 - Total deferred tax liabilities 1,633 2,407 Net deferred tax asset $ 3,169 $ 2,032 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | A reconciliation of the beginning and ending amount of the liability relating to unrecognized tax benefits is as follows: (Dollars in thousands) Years ended December 31, 2016 2015 Unrecognized tax benefits at beginning of year $ 1,800 $ 1,449 Gross increases to current year tax positions 362 645 Gross decreases to prior year’s tax positions (37) (2) Lapse of statute of limitations (316) (292) Unrecognized tax benefits at end of year $ 1,809 $ 1,800 |
Stock Compensation Plan (Tables
Stock Compensation Plan (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | A summary of option activity during 2016 is presented below: (Dollars in thousands, except per share amounts) Weighted Weighted average average exercise remaining Aggregate price contractual intrinsic Shares per share term value Outstanding at January 1, 2016 330,219 $ 15.43 2.2 years $ 3,578 Effect of 5% stock dividend 7,849 Forfeited/expired - $ - Exercised (186,797) $ 12.68 Outstanding at December 31, 2016 151,271 $ 14.02 2.2 years $ 2,119 Exercisable at December 31, 2016 151,271 $ 14.02 2.2 years $ 2,119 Fully vested options at December 31, 2016 151,271 $ 14.02 2.2 years $ 2,119 |
Schedule Of Stock Option Exercised Additional Information [Table Text Block] | Additional information about stock options exercised is presented below: (Dollars in thousands) Years ended December 31, 2016 2015 2014 Intrinsic value of options exercised (on exercise date) $ 1,820 $ 273 $ 186 Cash received from options exercised 1,796 510 493 Excess tax benefit realized from options exercised $ 308 $ 83 $ 26 |
Schedule of Nonvested Share Activity [Table Text Block] | A summary of nonvested restricted common stock activity during 2016 is presented below: Shares Nonvested restricted common stock at January 1, 2016 - Granted 12,400 Effect of 5% stock dividend 620 Nonvested restricted common stock at December 31, 2016 13,020 |
Restricted Stock [Member] | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | As of December 31, 2016, there was $ 260,000 13,020 (Dollars in thousands) Year Amount 2017 $ 107 2018 59 2019 59 2020 35 Total $ 260 |
Fair Value of Financial Instr41
Fair Value of Financial Instruments and Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair value estimates of the Company’s financial instruments as of December 31, 2016 and 2015, including methods and assumptions utilized, are set forth below: As of December 31, 2016 Carrying amount Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 19,996 $ 19,996 $ - $ - $ 19,996 Investment securities available for sale 385,563 7,123 378,440 - 385,563 Bank stocks, at cost 5,299 n/a n/a n/a n/a Loans, net 420,461 - - 417,957 417,957 Loans held for sale 5,517 - 5,517 - 5,517 Derivative financial instruments 662 - 662 - 662 Accrued interest receivable 4,240 21 2,104 2,115 4,240 Financial liabilities: Non-maturity deposits $ (601,683) $ (601,683) $ - $ - (601,683) Time deposits (139,838) - (138,623) - (138,623) FHLB borrowings (39,100) - (35,695) - (35,695) Subordinated debentures (21,284) - (18,608) - (18,608) Other borrowings (12,483) - (12,483) - (12,483) Accrued interest payable (268) - (268) - (268) (Dollars in thousands) As of December 31, 2015 Carrying amount Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 13,569 $ 13,569 $ - $ - $ 13,569 Investment securities available-for-sale 353,438 8,003 345,435 - 353,438 Bank stocks, at cost 4,497 n/a n/a n/a n/a Loans, net 419,923 - - 420,061 420,061 Loans held for sale 14,465 - 14,465 - 14,465 Derivative financial instruments 797 - 797 - 797 Accrued interest receivable 4,002 22 2,117 1,863 4,002 Financial liabilities: Non-maturity deposits $ (570,784) $ (570,784) $ - $ - (570,784) Time deposits (143,943) - (142,924) - (142,924) FHLB borrowings (37,600) - (38,215) - (38,215) Subordinated debentures (21,084) - (19,051) - (19,051) Other borrowings (11,974) - (11,974) - (11,974) Accrued interest payable (287) - (287) - (287) |
Fair Value, Assets Measured On Recurring Basis [Table Text Block] | (Dollars in thousands) As of December 31, 2016 Fair value hierarchy Total Level 1 Level 2 Level 3 Assets: Available-for-sale securities U. S. treasury securities $ 6,015 $ 6,015 $ - $ - U. S. federal agency obligations 27,139 - 27,139 - Municipal obligations, tax exempt 161,662 - 161,662 - Municipal obligations, taxable 71,563 - 71,563 - Agency mortgage-backed securities 108,376 - 108,376 - Common stocks 1,108 1,108 - - Certificates of deposit 9,700 - 9,700 - Loans held for sale 5,517 - 5,517 - Derivative financial instruments 662 - 662 - (Dollars in thousands) As of December 31, 2015 Fair value hierarchy Total Level 1 Level 2 Level 3 Assets: Available-for-sale securities U. S. treasury securities $ 6,517 $ 6,517 $ - $ - U. S. federal agency obligations 29,920 - 29,920 - Municipal obligations, tax exempt 137,941 - 137,941 - Municipal obligations, taxable 81,890 - 81,890 - Agency mortgage-backed securities 85,985 - 85,985 - Common stocks 1,486 1,486 - - Certificates of deposit 9,699 - 9,699 - Derivative financial instruments 797 - 797 - |
Schedule Of Fair Value Contractual Balance And Gain Loss On Loans Held For Sale [Table Text Block] | The aggregate fair value, contractual balance (including accrued interest), and gain or loss on loans held for sale was a follows: As of December 31, (Dollars in thousands) 2016 Aggregate fair value $ 5,517 Contractual balance 5,480 Gain $ 37 |
Schedule of Gains and Losses from Changes in Fair Value of Loans Held for Sale [Table Text Block] | The total amount of gains and losses from changes in fair value of loans held for sale included in earnings were: Year ended December 31, (Dollars in thousands) 2016 Interest income $ 361 Change in fair value (243) Total change in fair value $ 118 |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block] | The following table represents the Company’s financial instruments that are measured at fair value on a non-recurring basis as of December 31, 2016 and 2015 allocated to the appropriate fair value hierarchy: (Dollars in thousands) As of December 31, 2016 Total Fair value hierarchy (losses)/ Total Level 1 Level 2 Level 3 gains Assets: Impaired loans: Commercial real estate loans $ 219 $ - $ - $ 219 $ (81) Commercial loans 222 - - 222 (87) Agriculture loans 645 - - 645 (89) Real estate owned: One-to-four family residential real estate 142 - - 142 (34) As of December 31, 2015 Total Fair value hierarchy (losses)/ Total Level 1 Level 2 Level 3 gains Assets: Impaired loans: One-to-four family residential real estate $ 266 $ - $ - $ 266 $ (137) Consumer loans 16 - - 16 6 Loans held for sale 14,465 - 14,465 - (10) |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] | The following table presents quantitative information about Level 3 fair value measurements for impaired loans measured at fair value on a non-recurring basis as of December 31, 2016 and 2015. (Dollars in thousands) Fair value Valuation technique Unboservable inputs Range As of December 31, 2016 Impaired loans: Commercial real estate $ 219 Sales comparison Adjustment to appraised value 2%-15% Commercial loans 222 Sales comparison Adjustment to comparable sales 7%-80% Agriculture loans 645 Sales comparison Adjustment to appraised value 8%-80% Real estate owned: One-to-four family residential real estate 142 Sales comparison Adjustment to appraised value 10% As of December 31, 2015 Impaired loans: One-to-four family residential real estate $ 266 Sales comparison Adjustment to appraised value 0%-40% Consumer loans 16 Sales comparison Adjustment to comparable sales 0% |
Regulatory Capital Requiremen42
Regulatory Capital Requirements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Banking and Thrift [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements for Mortgage Companies [Table Text Block] | The following is a comparison of the Company’s regulatory capital to minimum capital requirements in effect at December 31, 2016 and 2015: (Dollars in thousands) For capital Actual adequacy purposes Amount Ratio Amount Ratio As of December 31, 2016 Leverage $ 88,819 10.04 % $ 35,370 4.0 % Common Equity Tier 1 Capital (1) 68,263 13.32 % 26,265 5.1 % Tier 1 Capital (1) 88,819 17.33 % 33,952 6.6 % Total Risk Based Capital (1) 94,596 18.46 % 44,201 8.6 % As of December 31, 2015 Leverage $ 80,401 9.43 % $ 34,092 4.0 % Common Equity Tier 1 Capital 60,375 11.05 % 24,584 4.5 % Tier 1 Capital 80,401 14.72 % 32,779 6.0 % Total Risk Based Capital 87,214 15.96 % 43,706 8.0 % (1) The required percent for capital adequacy purposes for December 31, 2016 includes a capital conservation buffer of 0.625%. |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | The following is a comparison of the Bank’s regulatory capital to minimum capital requirements in effect at December 31, 2016 and 2015: To be well-capitalized under prompt (Dollars in thousands) For capital corrective Actual adequacy purposes action provisions Amount Ratio Amount Ratio Amount Ratio As of December 31, 2016 Leverage $ 88,076 9.98 % $ 35,284 4.0 % $ 44,105 5.0 % Common Equity Tier 1 Capital (1) 88,076 17.23 % 26,194 5.1 % 33,222 6.5 % Tier 1 Capital (1) 88,076 17.23 % 33,861 6.6 % 40,888 8.0 % Total Risk Based Capital (1) 93,560 18.31 % 44,083 8.6 % 51,110 10.0 % As of December 31, 2015 Leverage $ 79,857 9.40 % $ 33,993 4.0 % $ 42,491 5.0 % Common Equity Tier 1 Capital 79,857 14.66 % 24,519 4.5 % 35,416 6.5 % Tier 1 Capital 79,857 14.66 % 32,692 6.0 % 43,589 8.0 % Total Risk Based Capital 85,929 15.77 % 43,589 8.0 % 54,486 10.0 % (1) The required percent for capital adequacy purposes for December 31, 2016 includes a capital conservation buffer of 0.625%. |
Parent Company Condensed Fina43
Parent Company Condensed Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Financial Statements [Table Text Block] | The following is condensed financial information of the parent company as of December 31, 2016 and 2015 and for the years ended December 31, 2016, 2015 and 2014: Condensed Balance Sheets (Dollars in thousands) As of December 31, 2016 2015 Assets: Cash and cash equivalents $ 22 $ 139 Investment securities 1,360 1,737 Investment in Bank 104,412 99,529 Other 626 474 Total assets $ 106,420 $ 101,879 Liabilities and stockholders' equity: Subordinated debentures $ 21,284 $ 21,084 Other 185 225 Stockholders' equity 84,951 80,570 Total liabilities and stockholders' equity $ 106,420 $ 101,879 Condensed Statements of Earnings (Dollars in thousands) Years ended December 31, 2016 2015 2014 Dividends from Bank $ 1,250 $ 3,723 $ 588 Interest income 59 50 31 Gain on sale of investment 324 - - Other non-interest income 7 7 7 Interest expense (787) (770) (698) Other expense, net (314) (297) (307) Earnings before equity in undistributed earnings of Bank 539 2,713 (379) Increase in undistributed equity of Bank 8,171 7,442 8,096 Earnings before income taxes 8,710 10,155 7,717 Income tax benefit (251) (351) (332) Net earnings 8,961 10,506 8,049 Other comprehensive income (loss) (3,523) 357 2,744 Total comprehensive income $ 5,438 $ 10,863 $ 10,793 Condensed Statements of Cash Flows (Dollars in thousands) Years ended December 31, 2016 2015 2014 Cash flows from operating activities: Net earnings $ 8,961 $ 10,506 $ 8,049 Increase in undistributed equity of Bank (8,171) (7,442) (8,096) Amortization of purchase accounting adjustment on subordinated debentures 200 200 200 Gain on sale of investment (324) - - Other (112) 19 (22) Net cash provided by operating activities 554 3,283 131 Cash flows from investing activities: Proceeds from sales and maturities of investment securities 445 14 20 Net cash provided by investing activities 445 14 20 Cash flows from financing activities: Proceeds from exercise of stock options 1,796 510 494 Proceeds from other borrowings - 2,605 4,515 Repayments on other borrowings - (3,745) (3,375) Payment of dividends (2,912) (2,547) (2,415) Net cash used in financing activities (1,116) (3,177) (781) Net (decrease) increase in cash (117) 120 (630) Cash at beginning of year 139 19 649 Cash at end of year $ 22 $ 139 $ 19 |
Summary of Significant Accoun44
Summary of Significant Accounting Policies (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Earning Per Share Basic And Diluted [Line Items] | ||||
Net earnings available to common shareholders | $ 8,961 | $ 10,506 | $ 8,049 | |
Weighted average common shares outstanding - basic (in shares) | 3,806,756 | 3,682,694 | 3,667,902 | |
Assumed exercise of stock options | 65,303 | 109,952 | 62,150 | |
Weighted average common shares outstanding - diluted (in shares) | 3,872,059 | 3,792,646 | 3,730,052 | |
Earnings per share: | ||||
Basic (in dollars per share) | [1] | $ 2.35 | $ 2.85 | $ 2.19 |
Diluted (in dollars per share) | [1] | $ 2.31 | $ 2.77 | $ 2.16 |
[1] | All per share amounts have been adjusted to give effect to the 5% stock dividends paid during December 2016, 2015 and 2014. |
Summary of Significant Accoun45
Summary of Significant Accounting Policies (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounting Policies [Line Items] | |||
Income Tax Examination, Likelihood of Unfavorable Settlement | greater than 50 percent likelihood | ||
Stock Dividend Percentage | 5.00% | 5.00% | 5.00% |
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | $ 308,000 | $ 83,000 | $ 26,000 |
Accounting Standards Update 2016-09 [Member] | |||
Accounting Policies [Line Items] | |||
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | $ 308,000 |
Impact of Recent Accounting P46
Impact of Recent Accounting Pronouncements (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | $ 308,000 | $ 83,000 | $ 26,000 |
Accounting Standards Update 2016-09 [Member] | |||
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | $ 308,000 |
Investment Securities (Details)
Investment Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | $ 387,733 | $ 350,029 |
Gross unrealized gains | 2,038 | 4,484 |
Gross unrealized losses | (4,208) | (1,075) |
Estimated fair value | 385,563 | 353,438 |
U. S. treasury securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 6,005 | 6,517 |
Gross unrealized gains | 10 | 1 |
Gross unrealized losses | 0 | (1) |
Estimated fair value | 6,015 | 6,517 |
Common stocks [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 458 | 580 |
Gross unrealized gains | 650 | 906 |
Gross unrealized losses | 0 | 0 |
Estimated fair value | 1,108 | 1,486 |
U. S. federal agency obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 27,140 | 30,064 |
Gross unrealized gains | 48 | 43 |
Gross unrealized losses | (49) | (187) |
Estimated fair value | 27,139 | 29,920 |
Municipal obligations, tax exempt [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 163,632 | 135,341 |
Gross unrealized gains | 696 | 2,671 |
Gross unrealized losses | (2,666) | (71) |
Estimated fair value | 161,662 | 137,941 |
Municipal obligations, taxable [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 71,371 | 81,999 |
Gross unrealized gains | 463 | 472 |
Gross unrealized losses | (271) | (581) |
Estimated fair value | 71,563 | 81,890 |
Agency mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 109,427 | 85,829 |
Gross unrealized gains | 171 | 391 |
Gross unrealized losses | (1,222) | (235) |
Estimated fair value | 108,376 | 85,985 |
Certificates of deposit [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 9,700 | 9,699 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | 0 | 0 |
Estimated fair value | $ 9,700 | $ 9,699 |
Investment Securities (Details
Investment Securities (Details 1) $ in Thousands | Dec. 31, 2016USD ($)Number | Dec. 31, 2015USD ($)Number |
Schedule of Available-for-sale Securities [Line Items] | ||
No. of securities | Number | 408 | 212 |
Fair value, Less than 12 months | $ 222,093 | $ 106,304 |
Unrealized losses, Less than 12 months | (4,208) | (877) |
Fair value, 12 months or longer | 0 | 12,101 |
Unrealized losses, 12 months or longer | 0 | (198) |
Total, Fair value | 222,093 | 118,405 |
Total, Unrealized losses | $ (4,208) | $ (1,075) |
U. S. treasury securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
No. of securities | Number | 2 | |
Fair value, Less than 12 months | $ 3,542 | |
Unrealized losses, Less than 12 months | (1) | |
Fair value, 12 months or longer | 0 | |
Unrealized losses, 12 months or longer | 0 | |
Total, Fair value | 3,542 | |
Total, Unrealized losses | $ (1) | |
U.S. federal agency obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
No. of securities | Number | 9 | 18 |
Fair value, Less than 12 months | $ 15,056 | $ 23,015 |
Unrealized losses, Less than 12 months | (49) | (163) |
Fair value, 12 months or longer | 0 | 1,976 |
Unrealized losses, 12 months or longer | 0 | (24) |
Total, Fair value | 15,056 | 24,991 |
Total, Unrealized losses | $ (49) | $ (187) |
Municipal obligations, tax exempt [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
No. of securities | Number | 275 | 47 |
Fair value, Less than 12 months | $ 97,842 | $ 11,328 |
Unrealized losses, Less than 12 months | (2,666) | (53) |
Fair value, 12 months or longer | 0 | 2,132 |
Unrealized losses, 12 months or longer | 0 | (18) |
Total, Fair value | 97,842 | 13,460 |
Total, Unrealized losses | $ (2,666) | $ (71) |
Municipal obligations, taxable [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
No. of securities | Number | 66 | 105 |
Fair value, Less than 12 months | $ 26,184 | $ 38,605 |
Unrealized losses, Less than 12 months | (271) | (494) |
Fair value, 12 months or longer | 0 | 5,068 |
Unrealized losses, 12 months or longer | 0 | (87) |
Total, Fair value | 26,184 | 43,673 |
Total, Unrealized losses | $ (271) | $ (581) |
Agency mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
No. of securities | Number | 58 | 40 |
Fair value, Less than 12 months | $ 83,011 | $ 29,814 |
Unrealized losses, Less than 12 months | (1,222) | (166) |
Fair value, 12 months or longer | 0 | 2,925 |
Unrealized losses, 12 months or longer | 0 | (69) |
Total, Fair value | 83,011 | 32,739 |
Total, Unrealized losses | $ (1,222) | $ (235) |
Investment Securities (Detail49
Investment Securities (Details 2) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost, Due in less than one year | $ 34,648 | |
Amortized cost, Due after one year but within five years | 189,282 | |
Amortized cost, Due after five years but within ten years | 85,521 | |
Amortized cost, Due after ten years | 77,824 | |
Amortized cost, Common stocks | 458 | |
Amortized cost, Total | 387,733 | $ 350,029 |
Estimated fair value, Due in less than one year | 34,707 | |
Estimated fair value, Due after one year but within five years | 188,375 | |
Estimated fair value, Due after five years but within ten years | 84,960 | |
Estimated fair value, Due after ten years | 76,413 | |
Estimated fair value, Common stocks | 1,108 | |
Estimated fair value, Total | $ 385,563 | $ 353,438 |
Investment Securities (Detail50
Investment Securities (Details 3) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Sales proceeds | $ 14,326 | $ 30,610 | $ 8,265 |
Realized gains | 573 | 230 | 125 |
Realized losses | (15) | (349) | (26) |
Net realized gains (losses) | $ 558 | $ (119) | $ 99 |
Investment Securities (Detail51
Investment Securities (Details Textual) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Security Owned and Pledged as Collateral, Fair Value, Total | $ 224.3 | $ 171.6 |
Equity Method Investment, Ownership Percentage | 10.00% |
Bank Stocks (Details Textual)
Bank Stocks (Details Textual) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Federal Home Loan Bank Stock | $ 3,300,000 | $ 2,500,000 |
Federal Reserve Bank Stock | 1,900,000 | 1,900,000 |
Other Assets, Miscellaneous | $ 111,000 | $ 111,000 |
Loans and Allowance for Loan 53
Loans and Allowance for Loan Losses (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total gross loans | $ 425,769 | $ 425,816 | ||
Net deferred loan costs and loans in process | 36 | 29 | ||
Allowance for loan losses | (5,344) | (5,922) | $ (5,320) | $ (5,540) |
Loans, net | 420,461 | 419,923 | 421,229 | |
Residential Real Estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total gross loans | 136,846 | 131,930 | ||
Allowance for loan losses | (504) | (925) | (755) | (732) |
Loans, net | 136,846 | 131,930 | 127,555 | |
Construction Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total gross loans | 13,738 | 15,043 | ||
Allowance for loan losses | (53) | (77) | (762) | (1,343) |
Loans, net | 13,738 | 15,043 | 21,950 | |
Commercial Real Estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total gross loans | 118,200 | 118,983 | ||
Allowance for loan losses | (1,777) | (1,740) | (1,832) | (1,970) |
Loans, net | 118,200 | 118,983 | 118,411 | |
Commercial Loan [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total gross loans | 54,506 | 61,300 | ||
Allowance for loan losses | (1,119) | (1,530) | (836) | (769) |
Loans, net | 54,506 | 61,300 | 59,971 | |
Agriculture Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total gross loans | 78,324 | 71,030 | ||
Allowance for loan losses | (1,684) | (1,428) | (915) | (545) |
Loans, net | 78,324 | 71,030 | 64,316 | |
Municipal Bonds [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total gross loans | 3,884 | 7,635 | ||
Allowance for loan losses | (12) | (23) | (51) | (47) |
Loans, net | 3,884 | 7,635 | 8,982 | |
Consumer Loan [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total gross loans | 20,271 | 19,895 | ||
Allowance for loan losses | (195) | (199) | (169) | $ (134) |
Loans, net | $ 20,271 | $ 19,895 | $ 20,044 |
Loans and Allowance for Loan 54
Loans and Allowance for Loan Losses (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Allowance for loan losses: | ||||||
Balance | $ 5,922 | $ 5,320 | $ 5,540 | |||
Charge-offs | (1,166) | (554) | (1,049) | |||
Recoveries | 88 | 1,856 | 229 | |||
Provision for loan losses | 500 | (700) | 600 | |||
Balance | 5,344 | 5,922 | 5,320 | |||
Allowance for loan losses: | ||||||
Individually evaluated for loss | $ 274 | $ 88 | $ 349 | |||
Collectively evaluated for loss | 5,070 | 5,834 | 4,971 | |||
Total | 5,922 | 5,922 | 5,320 | 5,344 | 5,922 | 5,320 |
Loan balances: | ||||||
Individually evaluated for loss | 6,728 | 6,837 | 10,703 | |||
Collectively evaluated for loss | 419,041 | 418,979 | 410,526 | |||
Total | 420,461 | 419,923 | 421,229 | |||
Residential Real Estate [Member] | ||||||
Allowance for loan losses: | ||||||
Balance | 925 | 755 | 732 | |||
Charge-offs | (14) | (57) | (29) | |||
Recoveries | 9 | 10 | 12 | |||
Provision for loan losses | (416) | 217 | 40 | |||
Balance | 504 | 925 | 755 | |||
Allowance for loan losses: | ||||||
Individually evaluated for loss | 0 | 78 | 287 | |||
Collectively evaluated for loss | 504 | 847 | 468 | |||
Total | 925 | 925 | 755 | 504 | 925 | 755 |
Loan balances: | ||||||
Individually evaluated for loss | 780 | 752 | 1,589 | |||
Collectively evaluated for loss | 136,066 | 131,178 | 125,966 | |||
Total | 136,846 | 131,930 | 127,555 | |||
Construction Loans [Member] | ||||||
Allowance for loan losses: | ||||||
Balance | 77 | 762 | 1,343 | |||
Charge-offs | 0 | 0 | 0 | |||
Recoveries | 0 | 1,722 | 166 | |||
Provision for loan losses | (24) | (2,407) | (747) | |||
Balance | 53 | 77 | 762 | |||
Allowance for loan losses: | ||||||
Individually evaluated for loss | 0 | 0 | 0 | |||
Collectively evaluated for loss | 53 | 77 | 762 | |||
Total | 77 | 77 | 762 | 53 | 77 | 762 |
Loan balances: | ||||||
Individually evaluated for loss | 1,937 | 2,220 | 4,805 | |||
Collectively evaluated for loss | 11,801 | 12,823 | 17,145 | |||
Total | 13,738 | 15,043 | 21,950 | |||
Commercial Real Estate [Member] | ||||||
Allowance for loan losses: | ||||||
Balance | 1,740 | 1,832 | 1,970 | |||
Charge-offs | 0 | (13) | 0 | |||
Recoveries | 0 | 2 | 4 | |||
Provision for loan losses | 37 | (81) | (142) | |||
Balance | 1,777 | 1,740 | 1,832 | |||
Allowance for loan losses: | ||||||
Individually evaluated for loss | 81 | 0 | 17 | |||
Collectively evaluated for loss | 1,696 | 1,740 | 1,815 | |||
Total | 1,740 | 1,740 | 1,832 | 1,777 | 1,740 | 1,832 |
Loan balances: | ||||||
Individually evaluated for loss | 2,445 | 2,429 | 2,880 | |||
Collectively evaluated for loss | 115,755 | 116,554 | 115,531 | |||
Total | 118,200 | 118,983 | 118,411 | |||
Commercial Loan [Member] | ||||||
Allowance for loan losses: | ||||||
Balance | 1,530 | 836 | 769 | |||
Charge-offs | (306) | (78) | (783) | |||
Recoveries | 34 | 15 | 2 | |||
Provision for loan losses | (139) | 757 | 848 | |||
Balance | 1,119 | 1,530 | 836 | |||
Allowance for loan losses: | ||||||
Individually evaluated for loss | 87 | 0 | 28 | |||
Collectively evaluated for loss | 1,032 | 1,530 | 808 | |||
Total | 1,530 | 1,530 | 836 | 1,119 | 1,530 | 836 |
Loan balances: | ||||||
Individually evaluated for loss | 355 | 620 | 371 | |||
Collectively evaluated for loss | 54,151 | 60,680 | 59,600 | |||
Total | 54,506 | 61,300 | 59,971 | |||
Agriculture Loans [Member] | ||||||
Allowance for loan losses: | ||||||
Balance | 1,428 | 915 | 545 | |||
Charge-offs | (375) | 0 | 0 | |||
Recoveries | 0 | 73 | 0 | |||
Provision for loan losses | 631 | 440 | 370 | |||
Balance | 1,684 | 1,428 | 915 | |||
Allowance for loan losses: | ||||||
Individually evaluated for loss | 89 | 0 | 5 | |||
Collectively evaluated for loss | 1,595 | 1,428 | 910 | |||
Total | 1,428 | 1,428 | 915 | 1,684 | 1,428 | 915 |
Loan balances: | ||||||
Individually evaluated for loss | 881 | 189 | 285 | |||
Collectively evaluated for loss | 77,443 | 70,841 | 64,031 | |||
Total | 78,324 | 71,030 | 64,316 | |||
Municipal Bonds [Member] | ||||||
Allowance for loan losses: | ||||||
Balance | 23 | 51 | 47 | |||
Charge-offs | 0 | (88) | 0 | |||
Recoveries | 6 | 0 | 0 | |||
Provision for loan losses | (17) | 60 | 4 | |||
Balance | 12 | 23 | 51 | |||
Allowance for loan losses: | ||||||
Individually evaluated for loss | 0 | 0 | 0 | |||
Collectively evaluated for loss | 12 | 23 | 51 | |||
Total | 23 | 23 | 51 | 12 | 23 | 51 |
Loan balances: | ||||||
Individually evaluated for loss | 258 | 591 | 706 | |||
Collectively evaluated for loss | 3,626 | 7,044 | 8,276 | |||
Total | 3,884 | 7,635 | 8,982 | |||
Consumer Loan [Member] | ||||||
Allowance for loan losses: | ||||||
Balance | 199 | 169 | 134 | |||
Charge-offs | (471) | (318) | (237) | |||
Recoveries | 39 | 34 | 45 | |||
Provision for loan losses | 428 | 314 | 227 | |||
Balance | 195 | 199 | 169 | |||
Allowance for loan losses: | ||||||
Individually evaluated for loss | 17 | 10 | 12 | |||
Collectively evaluated for loss | 178 | 189 | 157 | |||
Total | $ 199 | $ 199 | $ 169 | 195 | 199 | 169 |
Loan balances: | ||||||
Individually evaluated for loss | 72 | 36 | 67 | |||
Collectively evaluated for loss | 20,199 | 19,859 | 19,977 | |||
Total | $ 20,271 | $ 19,895 | $ 20,044 |
Loans and Allowance for Loan 55
Loans and Allowance for Loan Losses (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Impaired [Line Items] | |||
Unpaid contractual principal | $ 8,755 | $ 8,589 | $ 12,504 |
Impaired loan balance | 6,728 | 6,837 | 10,703 |
Impaired loans without an allowance | 5,368 | 6,467 | 8,819 |
Impaired loans with an allowance | 1,360 | 370 | 1,884 |
Related allowance recorded | 274 | 88 | 349 |
Year-to-date average loan balance | 7,374 | 7,408 | 12,520 |
Year-to-date interest income recognized | 601 | 288 | 288 |
Residential Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid contractual principal | 780 | 752 | 1,589 |
Impaired loan balance | 780 | 752 | 1,589 |
Impaired loans without an allowance | 780 | 408 | 167 |
Impaired loans with an allowance | 0 | 344 | 1,422 |
Related allowance recorded | 0 | 78 | 287 |
Year-to-date average loan balance | 798 | 1,041 | 1,611 |
Year-to-date interest income recognized | 7 | 0 | 0 |
Construction Loans [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid contractual principal | 3,672 | 3,955 | 6,540 |
Impaired loan balance | 1,937 | 2,220 | 4,805 |
Impaired loans without an allowance | 1,937 | 2,220 | 4,805 |
Impaired loans with an allowance | 0 | 0 | 0 |
Related allowance recorded | 0 | 0 | 0 |
Year-to-date average loan balance | 2,068 | 2,389 | 6,366 |
Year-to-date interest income recognized | 72 | 88 | 235 |
Commercial Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid contractual principal | 2,445 | 2,429 | 2,880 |
Impaired loan balance | 2,445 | 2,429 | 2,880 |
Impaired loans without an allowance | 2,145 | 2,429 | 2,833 |
Impaired loans with an allowance | 300 | 0 | 47 |
Related allowance recorded | 81 | 0 | 17 |
Year-to-date average loan balance | 2,587 | 2,484 | 3,009 |
Year-to-date interest income recognized | 505 | 175 | 24 |
Commercial Loan [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid contractual principal | 355 | 637 | 371 |
Impaired loan balance | 355 | 620 | 371 |
Impaired loans without an allowance | 46 | 620 | 137 |
Impaired loans with an allowance | 309 | 0 | 234 |
Related allowance recorded | 87 | 0 | 28 |
Year-to-date average loan balance | 425 | 634 | 393 |
Year-to-date interest income recognized | 2 | 3 | 10 |
Agriculture Loans [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid contractual principal | 1,173 | 189 | 285 |
Impaired loan balance | 881 | 189 | 285 |
Impaired loans without an allowance | 147 | 189 | 146 |
Impaired loans with an allowance | 734 | 0 | 139 |
Related allowance recorded | 89 | 0 | 5 |
Year-to-date average loan balance | 1,000 | 188 | 294 |
Year-to-date interest income recognized | 2 | 3 | 0 |
Municipal Bonds [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid contractual principal | 258 | 591 | 772 |
Impaired loan balance | 258 | 591 | 706 |
Impaired loans without an allowance | 258 | 591 | 706 |
Impaired loans with an allowance | 0 | 0 | 0 |
Related allowance recorded | 0 | 0 | 0 |
Year-to-date average loan balance | 418 | 631 | 772 |
Year-to-date interest income recognized | 0 | 19 | 19 |
Consumer Loan [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid contractual principal | 72 | 36 | 67 |
Impaired loan balance | 72 | 36 | 67 |
Impaired loans without an allowance | 55 | 10 | 25 |
Impaired loans with an allowance | 17 | 26 | 42 |
Related allowance recorded | 17 | 10 | 12 |
Year-to-date average loan balance | 78 | 41 | 75 |
Year-to-date interest income recognized | $ 13 | $ 0 | $ 0 |
Loans and Allowance for Loan 56
Loans and Allowance for Loan Losses (Details 3) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, 90 days or more delinquent and accruing | $ 0 | $ 0 |
Loans, Total past due loans accruing | 758 | 1,402 |
Loans, Non-accrual loans | 2,746 | 2,168 |
Loan, Total past due and non-accrual loans | 3,504 | 3,570 |
Loan, Total loans not past due | $ 422,265 | $ 422,246 |
Percent of gross loans, 30-59 days delinquent and accruing | 0.09% | 0.15% |
Percent of gross loans, 60-89 days delinquent and accruing | 0.09% | 0.18% |
Percent of gross loans, 90 days or more delinquent and accruing | 0.00% | 0.00% |
Percentage of gross loans, Total past due loans accruing | 0.18% | 0.33% |
Percent of gross loans, Non-accrual loans | 0.64% | 0.51% |
Percentage of Total past due and non-accrual loans | 0.82% | 0.84% |
Percentage of Total loans not past due | 99.18% | 99.16% |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | $ 362 | $ 643 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 396 | 759 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, 90 days or more delinquent and accruing | 0 | 0 |
Loans, Total past due loans accruing | 603 | 782 |
Loans, Non-accrual loans | 595 | 749 |
Loan, Total past due and non-accrual loans | 1,198 | 1,531 |
Loan, Total loans not past due | 135,648 | 130,399 |
Residential Real Estate [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 215 | 70 |
Residential Real Estate [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 388 | 712 |
Construction Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, 90 days or more delinquent and accruing | 0 | 0 |
Loans, Total past due loans accruing | 0 | 4 |
Loans, Non-accrual loans | 599 | 614 |
Loan, Total past due and non-accrual loans | 599 | 618 |
Loan, Total loans not past due | 13,139 | 14,425 |
Construction Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 4 |
Construction Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, 90 days or more delinquent and accruing | 0 | 0 |
Loans, Total past due loans accruing | 0 | 240 |
Loans, Non-accrual loans | 300 | 47 |
Loan, Total past due and non-accrual loans | 300 | 287 |
Loan, Total loans not past due | 117,900 | 118,696 |
Commercial Real Estate [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 240 |
Commercial Real Estate [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Commercial Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, 90 days or more delinquent and accruing | 0 | 0 |
Loans, Total past due loans accruing | 18 | 130 |
Loans, Non-accrual loans | 342 | 583 |
Loan, Total past due and non-accrual loans | 360 | 713 |
Loan, Total loans not past due | 54,146 | 60,587 |
Commercial Loan [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 13 | 90 |
Commercial Loan [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 5 | 40 |
Agriculture Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, 90 days or more delinquent and accruing | 0 | 0 |
Loans, Total past due loans accruing | 55 | 179 |
Loans, Non-accrual loans | 838 | 139 |
Loan, Total past due and non-accrual loans | 893 | 318 |
Loan, Total loans not past due | 77,431 | 70,712 |
Agriculture Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 55 | 174 |
Agriculture Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 5 |
Municipal Bonds [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, 90 days or more delinquent and accruing | 0 | 0 |
Loans, Total past due loans accruing | 0 | 0 |
Loans, Non-accrual loans | 0 | 0 |
Loan, Total past due and non-accrual loans | 0 | 0 |
Loan, Total loans not past due | 3,884 | 7,635 |
Municipal Bonds [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Municipal Bonds [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, 90 days or more delinquent and accruing | 0 | 0 |
Loans, Total past due loans accruing | 82 | 67 |
Loans, Non-accrual loans | 72 | 36 |
Loan, Total past due and non-accrual loans | 154 | 103 |
Loan, Total loans not past due | 20,117 | 19,792 |
Consumer Loan [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 79 | 65 |
Consumer Loan [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | $ 3 | $ 2 |
Loans and Allowance for Loan 57
Loans and Allowance for Loan Losses (Details 4) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Modifications [Line Items] | ||
Loans and Leases Receivable, Gross, Total | $ 425,769 | $ 425,816 |
Loans Receivables Non Classified [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans and Leases Receivable, Gross, Total | 409,128 | 410,542 |
Loans Receivables Classified [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans and Leases Receivable, Gross, Total | 16,641 | 15,274 |
Residential Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans and Leases Receivable, Gross, Total | 136,846 | 131,930 |
Residential Real Estate [Member] | Loans Receivables Non Classified [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans and Leases Receivable, Gross, Total | 135,640 | 130,575 |
Residential Real Estate [Member] | Loans Receivables Classified [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans and Leases Receivable, Gross, Total | 1,206 | 1,355 |
Construction Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans and Leases Receivable, Gross, Total | 13,738 | 15,043 |
Construction Loans [Member] | Loans Receivables Non Classified [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans and Leases Receivable, Gross, Total | 13,138 | 14,429 |
Construction Loans [Member] | Loans Receivables Classified [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans and Leases Receivable, Gross, Total | 600 | 614 |
Commercial Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans and Leases Receivable, Gross, Total | 118,200 | 118,983 |
Commercial Real Estate [Member] | Loans Receivables Non Classified [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans and Leases Receivable, Gross, Total | 111,641 | 111,016 |
Commercial Real Estate [Member] | Loans Receivables Classified [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans and Leases Receivable, Gross, Total | 6,559 | 7,967 |
Commercial Loan [Member] | Loans Receivables Non Classified [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans and Leases Receivable, Gross, Total | 51,080 | 58,862 |
Commercial Loan [Member] | Loans Receivables Classified [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans and Leases Receivable, Gross, Total | 3,426 | 2,438 |
Municipal Bonds [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans and Leases Receivable, Gross, Total | 3,884 | 7,635 |
Municipal Bonds [Member] | Loans Receivables Non Classified [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans and Leases Receivable, Gross, Total | 3,884 | 7,635 |
Municipal Bonds [Member] | Loans Receivables Classified [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans and Leases Receivable, Gross, Total | 0 | 0 |
Agriculture Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans and Leases Receivable, Gross, Total | 78,324 | 71,030 |
Agriculture Loans [Member] | Loans Receivables Non Classified [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans and Leases Receivable, Gross, Total | 73,564 | 68,186 |
Agriculture Loans [Member] | Loans Receivables Classified [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans and Leases Receivable, Gross, Total | 4,760 | 2,844 |
Consumer Loan [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans and Leases Receivable, Gross, Total | 20,271 | 19,895 |
Consumer Loan [Member] | Loans Receivables Non Classified [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans and Leases Receivable, Gross, Total | 20,181 | 19,839 |
Consumer Loan [Member] | Loans Receivables Classified [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans and Leases Receivable, Gross, Total | $ 90 | $ 56 |
Loans and Allowance for Loan 58
Loans and Allowance for Loan Losses (Details 5) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($)Number | Dec. 31, 2015USD ($)Number | |
Financing Receivable, Modifications, Recorded Investment, Non Accrual Balance | $ 2,746 | $ 2,168 |
Troubled Debt Restructurings [Member] | ||
Troubled debt restructurings, Number of loans | Number | 17 | 14 |
Financing Receivable, Modifications, Recorded Investment, Non Accrual Balance | $ 920 | $ 655 |
Financing Receivable, Modifications, Recorded Investment, Accruing Balance | $ 3,983 | $ 4,669 |
Municipal Bonds [Member] | Troubled Debt Restructurings [Member] | ||
Troubled debt restructurings, Number of loans | Number | 2 | 2 |
Financing Receivable, Modifications, Recorded Investment, Non Accrual Balance | $ 0 | $ 0 |
Financing Receivable, Modifications, Recorded Investment, Accruing Balance | 258 | 591 |
Commercial Loan [Member] | ||
Financing Receivable, Modifications, Recorded Investment, Non Accrual Balance | $ 342 | $ 583 |
Commercial Loan [Member] | Troubled Debt Restructurings [Member] | ||
Troubled debt restructurings, Number of loans | Number | 2 | 1 |
Financing Receivable, Modifications, Recorded Investment, Non Accrual Balance | $ 0 | $ 0 |
Financing Receivable, Modifications, Recorded Investment, Accruing Balance | $ 13 | $ 37 |
Construction Loans [Member] | Troubled Debt Restructurings [Member] | ||
Troubled debt restructurings, Number of loans | Number | 4 | 4 |
Financing Receivable, Modifications, Recorded Investment, Non Accrual Balance | $ 588 | $ 600 |
Financing Receivable, Modifications, Recorded Investment, Accruing Balance | $ 1,338 | $ 1,606 |
Agriculture loan [Member] | Troubled Debt Restructurings [Member] | ||
Troubled debt restructurings, Number of loans | Number | 4 | 2 |
Financing Receivable, Modifications, Recorded Investment, Non Accrual Balance | $ 268 | $ 0 |
Financing Receivable, Modifications, Recorded Investment, Accruing Balance | 44 | 50 |
Residential Real Estate [Member] | ||
Financing Receivable, Modifications, Recorded Investment, Non Accrual Balance | $ 595 | $ 749 |
Residential Real Estate [Member] | Troubled Debt Restructurings [Member] | ||
Troubled debt restructurings, Number of loans | Number | 2 | 2 |
Financing Receivable, Modifications, Recorded Investment, Non Accrual Balance | $ 0 | $ 55 |
Financing Receivable, Modifications, Recorded Investment, Accruing Balance | 185 | 3 |
Commercial Real Estate [Member] | ||
Financing Receivable, Modifications, Recorded Investment, Non Accrual Balance | $ 300 | $ 47 |
Commercial Real Estate [Member] | Troubled Debt Restructurings [Member] | ||
Troubled debt restructurings, Number of loans | Number | 3 | 3 |
Financing Receivable, Modifications, Recorded Investment, Non Accrual Balance | $ 64 | $ 0 |
Financing Receivable, Modifications, Recorded Investment, Accruing Balance | $ 2,145 | $ 2,382 |
Loans and Allowance for Loan 59
Loans and Allowance for Loan Losses (Details 6) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Balance | $ 11,500 |
New loans | 7,925 |
Repayments | (3,667) |
Balance | $ 15,758 |
Loans and Allowance for Loan 60
Loans and Allowance for Loan Losses (Details Textual) - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Provision for Loan and Lease Losses | $ 500,000 | $ (700,000) | $ 600,000 | |
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | 75,000 | 99,000 | 525,000 | |
Impaired Financing Receivable, Recorded Investment, Total | 6,728,000 | 6,837,000 | 10,703,000 | |
Loans Receivable, Gross, Commercial, Agricultural | 50,000 | |||
Allowance for Loan and Lease Losses, Write-offs | 1,166,000 | 554,000 | 1,049,000 | |
Loans and Leases Receivable, Gross, Total | 425,769,000 | 425,816,000 | ||
Increase (Decrease) in Other Loans | 109,000 | |||
Loans and Leases Receivable, Allowance | 5,344,000 | 5,922,000 | 5,320,000 | $ 5,540,000 |
Commercial Loan [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Provision for Loan and Lease Losses | (139,000) | 757,000 | 848,000 | |
Impaired Financing Receivable, Recorded Investment, Total | 355,000 | 620,000 | 371,000 | |
Allowance for Loan and Lease Losses, Write-offs | 306,000 | 78,000 | 783,000 | |
Loans and Leases Receivable, Gross, Total | 54,506,000 | 61,300,000 | ||
Loans and Leases Receivable, Allowance | 1,119,000 | 1,530,000 | 836,000 | 769,000 |
Agriculture Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Provision for Loan and Lease Losses | 631,000 | 440,000 | 370,000 | |
Impaired Financing Receivable, Recorded Investment, Total | 881,000 | 189,000 | 285,000 | |
Allowance for Loan and Lease Losses, Write-offs | 375,000 | 0 | 0 | |
Loans and Leases Receivable, Gross, Total | 78,324,000 | 71,030,000 | ||
Loans and Leases Receivable, Allowance | 1,684,000 | 1,428,000 | 915,000 | 545,000 |
Commercial Real Estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Provision for Loan and Lease Losses | 37,000 | (81,000) | (142,000) | |
Impaired Financing Receivable, Recorded Investment, Total | 2,445,000 | 2,429,000 | 2,880,000 | |
Loans Receivable, Gross, Commercial, Agricultural | 146,000 | |||
Allowance for Loan and Lease Losses, Write-offs | 0 | 13,000 | 0 | |
Loans and Leases Receivable, Gross, Total | 118,200,000 | 118,983,000 | ||
Loans and Leases Receivable, Allowance | 1,777,000 | 1,740,000 | 1,832,000 | $ 1,970,000 |
Commercial Real Estate [Member] | Commercial Portfolio Segment [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and Leases Receivable before Fees, Gross | 4,400,000 | |||
Trouble Debt Restructurings [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans Receivable, Gross, Commercial, Real Estate, Total | 1,600,000 | |||
Allowance for Loan and Lease Losses, Write-offs | 215,000 | |||
Loans and Leases Receivable, Gross, Total | 4,900,000 | 5,300,000 | ||
Trouble Debt Restructurings [Member] | Commercial Loan [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans Receivable, Gross, Commercial, Real Estate, Total | 8,000 | |||
Trouble Debt Restructurings [Member] | Agriculture Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans Receivable, Gross, Commercial, Real Estate, Total | 268,000 | |||
Trouble Debt Restructurings [Member] | One-to-four Family Residential Real Estate Loan [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans Receivable, Gross, Commercial, Real Estate, Total | 188,000 | |||
Trouble Debt Restructurings [Member] | Commercial Portfolio Segment [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and Leases Receivable before Fees, Gross | 78,000 | |||
Construction Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and Leases Receivable, Impaired, Commitment to Lend | 84,000 | |||
Minimum [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Impaired Financing Receivable, Recorded Investment, Total | 6,800,000 | |||
Minimum [Member] | Commercial Real Estate [Member] | Commercial Portfolio Segment [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and Leases Receivable before Fees, Gross | 59,000 | |||
Maximum [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Impaired Financing Receivable, Recorded Investment, Total | $ 6,700,000 | |||
Maximum [Member] | Commercial Real Estate [Member] | Commercial Portfolio Segment [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and Leases Receivable before Fees, Gross | 78,000 | |||
Real Estate Loan [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans Receivable, Gross, Commercial, Real Estate, Total | $ 128,000 | |||
Real Estate Loan [Member] | Commercial Portfolio Segment [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and Leases Receivable before Fees, Gross | $ 2,000,000 |
Loan Commitments (Details Textu
Loan Commitments (Details Textual) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Letters of Credit Outstanding, Amount | $ 75.8 | $ 70 |
Stand By Letters Of Credit | $ 1.9 | $ 1.9 |
Goodwill and Intangible Asset62
Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross carrying amount | $ 8,205 | $ 7,739 |
Intangible assets, Accumulated amortization | (4,219) | (3,435) |
Intangible assets, Net carrying amount | 3,986 | 4,304 |
Core deposit intangible assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross carrying amount | 2,067 | 2,067 |
Intangible assets, Accumulated amortization | (1,137) | (855) |
Intangible assets, Net carrying amount | 930 | 1,212 |
Lease intangible asset [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross carrying amount | 350 | 350 |
Intangible assets, Accumulated amortization | (143) | (98) |
Intangible assets, Net carrying amount | 207 | 252 |
Mortgage servicing rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross carrying amount | 5,788 | 5,322 |
Intangible assets, Accumulated amortization | (2,939) | (2,482) |
Intangible assets, Net carrying amount | $ 2,849 | $ 2,840 |
Goodwill and Intangible Asset63
Goodwill and Intangible Assets (Details 1) $ in Thousands | Dec. 31, 2016USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
2,017 | $ 289 |
2,018 | 252 |
2,019 | 214 |
2,020 | 177 |
2,021 | 121 |
Thereafter | 84 |
Total | $ 1,137 |
Goodwill and Intangible Asset64
Goodwill and Intangible Assets (Details 2) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
FHLMC [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | $ 483,356 | $ 444,714 |
FHLB [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | $ 11,393 | $ 14,039 |
Goodwill and Intangible Asset65
Goodwill and Intangible Assets (Details 3) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Mortgage servicing rights: | ||
Balance at beginning of year | $ 2,840 | $ 2,477 |
Additions | 1,079 | 1,289 |
Amortization | (1,070) | (926) |
Balance at end of year | $ 2,849 | $ 2,840 |
Goodwill and Intangible Asset66
Goodwill and Intangible Assets (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Weighted Average [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Assumption For Fair Value Of Interests Continued To Be Held By Transferor Servicing Assets Or Liabilities Weighted Average Default Rate | 2.26% | 2.23% | |
Mortgage Loans Serviced [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Escrow Deposit | $ 4,100,000 | $ 3,500,000 | |
Interest and Fee Income, Other Loans | 1,200,000 | 1,100,000 | $ 939,000 |
Servicing Asset at Fair Value, Amount | $ 5,100,000 | $ 4,600,000 | |
Mortgage Loans Serviced [Member] | Minimum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Assumption for Fair Value of Assets or Liabilities that relate to Transferor's Continuing Involvement, Discount Rate | 9.50% | 9.50% | |
Assumption for Fair Value of Assets or Liabilities that relate to Transferor's Continuing Involvement, Prepayment Speed | 4.86% | 5.15% | |
Mortgage Loans Serviced [Member] | Maximum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Assumption for Fair Value of Assets or Liabilities that relate to Transferor's Continuing Involvement, Discount Rate | 9.51% | 10.00% | |
Assumption for Fair Value of Assets or Liabilities that relate to Transferor's Continuing Involvement, Prepayment Speed | 32.79% | 33.78% | |
Mortgage Repurchase Reserve [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Mortgage Loans on Real Estate, Write-down or Reserve, Amount | $ 301,000 | $ 351,000 | |
Mortgage Loans on Real Estate, Other Deductions | $ (76,000) | ||
Financing Receivable, Allowance for Credit Losses | 60,000 | ||
Financing Receivable, Allowance for Credit Losses, Recovery | $ (10,000) |
Premises and Equipment (Details
Premises and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | ||
Land | $ 6,251 | $ 6,251 |
Office buildings and improvements | 18,519 | 18,352 |
Furniture and equipment | 9,055 | 9,027 |
Automobiles | 557 | 613 |
Total premises and equipment | 34,382 | 34,243 |
Accumulated depreciation | (13,975) | (13,285) |
Total premises and equipment, net | $ 20,407 | $ 20,958 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | Indefinite | |
Building and Building Improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | 50 years | |
Building and Building Improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | 10 years | |
Furniture and equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | 15 years | |
Furniture and equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | 3 years | |
Vehicles [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | 5 years | |
Vehicles [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | 2 years |
Premises and Equipment (Detai68
Premises and Equipment (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation, Nonproduction | $ 1,144 | $ 1,162 | $ 1,126 |
Deposits (Details)
Deposits (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Banking And Thrift [Line Items] | |
2,017 | $ 100,117 |
2,018 | 25,641 |
2,019 | 5,670 |
2,020 | 4,456 |
2,021 | 3,880 |
Thereafter | 74 |
Total | $ 139,838 |
Deposits (Details 1)
Deposits (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Banking And Thrift [Line Items] | |||
Time deposits | $ 650 | $ 736 | $ 930 |
Money market and checking | 458 | 311 | 282 |
Savings | 26 | 24 | 23 |
Total | $ 1,134 | $ 1,071 | $ 1,235 |
Deposits (Details Textual)
Deposits (Details Textual) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Banking And Thrift [Line Items] | ||
Time Deposits 250000 Or More | $ 19.9 | $ 10.6 |
Federal Home Loan Bank Borrow72
Federal Home Loan Bank Borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
2,017 | $ 10,000 | $ 10,000 |
2,018 | 25,000 | 25,000 |
Total | $ 35,000 | $ 35,000 |
2017 - Weighted average rates | 3.64% | 3.64% |
2018 - Weighted average rates | 3.31% | 3.31% |
Federal Home Loan Bank Borrow73
Federal Home Loan Bank Borrowings (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Advances from Federal Home Loan Banks | $ 35,000 | $ 35,000 |
Long-term Line of Credit | 2,600 | |
Federal Home Loan Bank Advances [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Advances from Federal Home Loan Banks | 35,000 | |
Long-term Line of Credit | $ 4,100 | |
Line of Credit Facility, Description | federal funds rate plus 0.15% (0.72% at December 31, 2016). | |
Debt Instrument, Unused Borrowing Capacity, Amount | $ 38,700 | 29,200 |
Debt Instrument Maximum Borrowing Capacity Amount | 124,000 | 111,900 |
Debt Instrument, Collateral Amount | $ 93,100 | $ 83,800 |
Subordinated Debentures (Detail
Subordinated Debentures (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2013 | Dec. 31, 2005 | Dec. 31, 2003 | |
Subordinated Debentures 2003 [Member] | |||||
Subordinated Borrowing [Line Items] | |||||
Proceeds from Issuance of Debt | $ 8.2 | ||||
Debt Instrument, Description of Variable Rate Basis | Interest accrues at LIBOR plus 2.85% | ||||
Subordinated Borrowing, Interest Rate | 3.74% | 3.17% | |||
Debt Conversion, Original Debt, Due Date, Year | 2,034 | ||||
Subordinated Debentures 2005 [Member] | |||||
Subordinated Borrowing [Line Items] | |||||
Proceeds from Issuance of Debt | $ 8.2 | ||||
Debt Instrument, Description of Variable Rate Basis | Interest accrues at LIBOR plus 1.34% | ||||
Subordinated Borrowing, Interest Rate | 2.30% | 1.85% | |||
Debt Conversion, Original Debt, Due Date, Year | 2,036 | ||||
Subordinated Debentures 2013 [Member] | |||||
Subordinated Borrowing [Line Items] | |||||
Proceeds from Issuance of Debt | $ 5.2 | ||||
Debt Instrument, Description of Variable Rate Basis | Interest accrues at LIBOR plus 1.62% | ||||
Subordinated Borrowing, Interest Rate | 2.62% | 2.21% | |||
Debt Instrument, Interest Rate, Effective Percentage | 6.50% | 6.09% | |||
Debt Conversion, Original Debt, Due Date, Year | 2,036 |
Other Borrowings (Details Textu
Other Borrowings (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Other Borrowings Disclosure [Line Items] | ||
Line of Credit Facility, Interest Rate Description | prime rate less 0.25%. | |
Federal Funds Purchased | $ 30 | $ 50 |
Federal Reserve Maximum Borrowing Capacity Amount | 16 | $ 14.8 |
Borrowings [Member] | ||
Other Borrowings Disclosure [Line Items] | ||
Line of Credit Facility, Current Borrowing Capacity | $ 7.5 |
Repurchase Agreements (Details)
Repurchase Agreements (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Other Borrowings Disclosure [Line Items] | ||
Average daily balance during the year | $ 12,686 | $ 11,952 |
Average interest rate during the year | 0.15% | 0.14% |
Maximum month-end balance during the year | $ 14,002 | $ 14,744 |
Weighted average interest rate at year-end | 0.15% | 0.13% |
Repurchase Agreements (Details
Repurchase Agreements (Details 1) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets Sold under Agreements to Repurchase, Carrying Amount | $ 12,483 | $ 11,974 |
US Government Corporations and Agencies Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets Sold under Agreements to Repurchase, Carrying Amount | 5,007 | 5,810 |
US Government Agencies Debt Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets Sold under Agreements to Repurchase, Carrying Amount | 7,476 | 6,164 |
Maturity Overnight [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets Sold under Agreements to Repurchase, Carrying Amount | 12,483 | 11,974 |
Maturity Overnight [Member] | US Government Corporations and Agencies Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets Sold under Agreements to Repurchase, Carrying Amount | 5,007 | 5,810 |
Maturity Overnight [Member] | US Government Agencies Debt Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets Sold under Agreements to Repurchase, Carrying Amount | 7,476 | 6,164 |
Maturity Less than 30 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets Sold under Agreements to Repurchase, Carrying Amount | 0 | 0 |
Maturity Less than 30 Days [Member] | US Government Corporations and Agencies Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets Sold under Agreements to Repurchase, Carrying Amount | 0 | 0 |
Maturity Less than 30 Days [Member] | US Government Agencies Debt Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets Sold under Agreements to Repurchase, Carrying Amount | 0 | 0 |
Maturity 30 to 90 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets Sold under Agreements to Repurchase, Carrying Amount | 0 | 0 |
Maturity 30 to 90 Days [Member] | US Government Corporations and Agencies Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets Sold under Agreements to Repurchase, Carrying Amount | 0 | 0 |
Maturity 30 to 90 Days [Member] | US Government Agencies Debt Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets Sold under Agreements to Repurchase, Carrying Amount | 0 | 0 |
Maturity Greater than 90 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets Sold under Agreements to Repurchase, Carrying Amount | 0 | 0 |
Maturity Greater than 90 Days [Member] | US Government Corporations and Agencies Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets Sold under Agreements to Repurchase, Carrying Amount | 0 | 0 |
Maturity Greater than 90 Days [Member] | US Government Agencies Debt Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets Sold under Agreements to Repurchase, Carrying Amount | $ 0 | $ 0 |
Repurchase Agreements (Detail78
Repurchase Agreements (Details Textual) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Customer Funds | $ 12.5 | $ 12 |
Repurchase Agreements [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Debt Instrument, Collateral Amount | $ 15.7 | $ 15.7 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current: | |||
Federal | $ 1,298 | $ 2,858 | $ 2,465 |
State | 97 | 431 | 664 |
Total current | 1,395 | 3,289 | 3,129 |
Deferred: | |||
Federal | 797 | 641 | (19) |
State | 248 | (56) | (122) |
Total deferred | 1,045 | 585 | (141) |
Deferred tax valuation allowance | (126) | 40 | 38 |
Income tax expense | $ 2,314 | $ 3,914 | $ 3,026 |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Expenses Benefit Disclosure [Line Items] | |||
Computed "expected" tax expense | $ 3,833 | $ 4,903 | $ 3,766 |
(Reduction) increase in income taxes resulting from: | |||
Tax-exempt interest income, net | (1,220) | (1,104) | (970) |
Excess tax benefit from stock option exercise | (283) | 0 | 0 |
Bank owned life insurance | (177) | (178) | (182) |
Reversal of unrecognized tax benefits, net | (125) | (138) | 63 |
State income taxes, net of federal benefit | 269 | 412 | 320 |
Investment tax credits | (11) | (11) | (12) |
Other, net | 28 | 30 | 41 |
Income tax expense | $ 2,314 | $ 3,914 | $ 3,026 |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax assets: | ||
Federal alternative minimum tax credit and low income housing credit carry forwards | $ 192 | $ 123 |
Loans, including allowance for loan losses | 2,303 | 2,614 |
Net operating loss carry forwards | 485 | 611 |
State taxes | 737 | 813 |
Acquisition costs | 394 | 428 |
Intangible assets | 100 | 205 |
Deferred compensation arrangements | 158 | 174 |
Unrealized loss on investment securities available-for-sale | 822 | 0 |
Investments | 57 | 0 |
Investment impairments | 39 | 48 |
Other, net | 0 | 34 |
Total deferred tax assets | 5,287 | 5,050 |
Less valuation allowance | (485) | (611) |
Total deferred tax assets, net of valuation allowance | 4,802 | 4,439 |
Deferred tax liabilities: | ||
Unrealized gain on investment securities available-for-sale | 0 | 1,234 |
Premises and equipment, net of depreciation | 803 | 900 |
Mortgage servicing rights | 620 | 0 |
FHLB stock dividends | 76 | 78 |
Other borrowings | 125 | 193 |
Investments | 0 | 2 |
Other, net | 9 | 0 |
Total deferred tax liabilities | 1,633 | 2,407 |
Net deferred tax asset | $ 3,169 | $ 2,032 |
Income Taxes (Details 3)
Income Taxes (Details 3) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes [Line Items] | ||
Unrecognized tax benefits at beginning of year | $ 1,800 | $ 1,449 |
Gross increases to current year tax positions | 362 | 645 |
Gross decreases to prior year’s tax positions | (37) | (2) |
Lapse of statute of limitations | (316) | (292) |
Unrecognized tax benefits at end of year | $ 1,809 | $ 1,800 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Expenses Benefit Disclosure [Line Items] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | ||
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax | $ 192,000 | $ 123,000 | |
Tax Credit Carryforward Expiration Period | expire between 2017 and 2026 | ||
Cumulative Effect on Retained Earnings, Tax | $ 6,300,000 | 6,300,000 | |
Unrecognized Tax Benefits, Income Tax Penalties Expense | 316,000 | 292,000 | |
Unrecognized Tax Benefits, Beginning Balance | 1,809,000 | 1,800,000 | $ 1,449,000 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 1,200,000 | 1,200,000 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 420,000 | 336,000 | |
Income Tax Examination, Penalties and Interest Expense, Total | 84,000 | 55,000 | $ 89,000 |
Reduction In Unrecognized Tax Benefits | 344,000 | ||
Unrecognized Tax Benefits Resulting Of Net Operating Loss Carryforward | $ 10,000,000 | $ 12,600,000 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Employee Benefit Plans [Line Items] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees Gross Pay | 100.00% | 6.00% | |
Defined Benefit Plan, Contributions by Employer | $ 543,000 | $ 554,000 | $ 502,000 |
Spilt Dollar Life Insurance Agreement [Member] | |||
Employee Benefit Plans [Line Items] | |||
Deferred Compensation Liability, Current, Total | 37,000 | 37,000 | |
Deferred Compensation Agreements [Member] | |||
Employee Benefit Plans [Line Items] | |||
Deferred Compensation Liability, Current, Total | 4,000 | 11,000 | $ 33,000 |
Deferred Compensation Arrangements Accrued Benefits | $ 615,000 | $ 639,000 |
Stock Compensation Plan (Detail
Stock Compensation Plan (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Share Based Compensation Stock Options Activity [Line Items] | ||
Outstanding - Shares | 330,219 | |
Effect of 5% stock dividend - Shares | 7,849 | |
Forfeited/expired - Shares | 0 | |
Exercised - Shares | (186,797) | |
Outstanding - Shares | 151,271 | 330,219 |
Exercisable - Shares | 151,271 | |
Fully vested options - Shares | 151,271 | |
Outstanding - Weighted average exercise price per share | $ 15.43 | |
Forfeited/expired - Weighted average exercise price per share | 0 | |
Exercised - Weighted average exercise price per share | 12.68 | |
Outstanding - Weighted average exercise price per share | 14.02 | $ 15.43 |
Exercisable - Weighted average exercise price per share | 14.02 | |
Fully vested options - Weighted average exercise price per share | $ 14.02 | |
Outstanding - Weighted average remaining contractual term | 2 years 2 months 12 days | 2 years 2 months 12 days |
Exercisable - Weighted average remaining contractual term | 2 years 2 months 12 days | |
Fully vested options - Weighted average remaining contractual term | 2 years 2 months 12 days | |
Outstanding - Aggregate intrinsic value | $ 2,119 | $ 3,578 |
Exercisable - Aggregate intrinsic value | 2,119 | |
Fully vested options - Aggregate intrinsic value | $ 2,119 |
Stock Compensation Plan (Deta86
Stock Compensation Plan (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Stock Option Exercised Additional Information [Line Items] | |||
Intrinsic value of options exercised (on exercise date) | $ 1,820 | $ 273 | $ 186 |
Cash received from options exercised | 1,796 | 510 | 493 |
Excess tax benefit realized from options exercised | $ 308 | $ 83 | $ 26 |
Stock Compensation Plan (Deta87
Stock Compensation Plan (Details 2) - Restricted Stock [Member] | 12 Months Ended |
Dec. 31, 2016shares | |
Nonvested Share Activity [Line Items] | |
Nonvested restricted common stock - Shares | 0 |
Granted - Shares | 12,400 |
Effect of 5% stock dividend - Shares | 620 |
Nonvested restricted common stock - Shares | 13,020 |
Stock Compensation Plan (Deta88
Stock Compensation Plan (Details 3) - Restricted Stock [Member] $ in Thousands | Dec. 31, 2016USD ($) |
Unrecognized Compensation Cost Nonvested Awards [Line Items] | |
2,017 | $ 107 |
2,018 | 59 |
2,019 | 59 |
2,020 | 35 |
Total | $ 260 |
Stock Compensation Plan (Deta89
Stock Compensation Plan (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Aug. 01, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | May 20, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation, Total | $ 59,000 | $ 16,000 | $ 55,000 | ||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 308,000 | $ 84,000 | $ 15,000 | ||
Common Stock, Capital Shares Reserved for Future Issuance | 275,625 | ||||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures, Total | 13,020 | ||||
Share Price | $ 24.52 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 260,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Beginning Balance | 13,020 | 0 |
Fair Value of Financial Instr90
Fair Value of Financial Instruments and Fair Value Measurements (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Financial assets: | ||||
Cash and cash equivalents, carrying amount | $ 19,996 | $ 13,569 | $ 12,760 | $ 29,735 |
Cash and cash equivalents | 19,996 | 13,569 | ||
Investment securities available for sale | 385,563 | 353,438 | ||
Bank stocks, at cost, carrying amount | 5,299 | 4,497 | ||
Loans, net | 417,957 | 420,061 | ||
Loans held for sale | 5,517 | 14,465 | ||
Loans, net, carrying amount | 420,461 | 419,923 | $ 421,229 | |
Loans held for sale, net, carrying amount | 5,517 | 14,465 | ||
Derivative financial instruments | 662 | 797 | ||
Accrued interest receivable | 4,240 | 4,002 | ||
Financial liabilities: | ||||
Time deposits, carrying amount | (139,838) | (143,943) | ||
FHLB borrowings, carrying amount | (39,100) | (37,600) | ||
Subordinated debentures, carrying amount | (21,284) | (21,084) | ||
Other borrowings, carrying amount | (12,483) | (11,974) | ||
Non-maturity deposits | (601,683) | (570,784) | ||
Time deposits | (138,623) | (142,924) | ||
FHLB borrowings | (35,695) | (38,215) | ||
Subordinated debentures | (18,608) | (19,051) | ||
Other borrowings | (12,483) | (11,974) | ||
Accrued interest payable | (268) | (287) | ||
Fair Value, Inputs, Level 1 [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | 19,996 | 13,569 | ||
Investment securities available for sale | 7,123 | 8,003 | ||
Loans, net | 0 | 0 | ||
Loans held for sale | 0 | 0 | ||
Derivative financial instruments | 0 | 0 | ||
Accrued interest receivable | 21 | 22 | ||
Financial liabilities: | ||||
Non-maturity deposits | (601,683) | (570,784) | ||
Time deposits | 0 | 0 | ||
FHLB borrowings | 0 | 0 | ||
Subordinated debentures | 0 | 0 | ||
Other borrowings | 0 | 0 | ||
Accrued interest payable | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | 0 | 0 | ||
Investment securities available for sale | 378,440 | 345,435 | ||
Loans, net | 0 | 0 | ||
Loans held for sale | 5,517 | 14,465 | ||
Derivative financial instruments | 662 | 797 | ||
Accrued interest receivable | 2,104 | 2,117 | ||
Financial liabilities: | ||||
Non-maturity deposits | 0 | 0 | ||
Time deposits | (138,623) | (142,924) | ||
FHLB borrowings | (35,695) | (38,215) | ||
Subordinated debentures | (18,608) | (19,051) | ||
Other borrowings | (12,483) | (11,974) | ||
Accrued interest payable | (268) | (287) | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | 0 | 0 | ||
Investment securities available for sale | 0 | 0 | ||
Loans, net | 417,957 | 420,061 | ||
Loans held for sale | 0 | 0 | ||
Derivative financial instruments | 0 | 0 | ||
Accrued interest receivable | 2,115 | 1,863 | ||
Financial liabilities: | ||||
Non-maturity deposits | 0 | 0 | ||
Time deposits | 0 | 0 | ||
FHLB borrowings | 0 | 0 | ||
Subordinated debentures | 0 | 0 | ||
Other borrowings | 0 | 0 | ||
Accrued interest payable | 0 | 0 | ||
Carrying Amount, Fair Value Disclosure [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents, carrying amount | 19,996 | 13,569 | ||
Investment securities available for sale | 385,563 | 353,438 | ||
Bank stocks, at cost, carrying amount | 5,299 | 4,497 | ||
Loans held for sale | 14,465 | |||
Loans, net, carrying amount | 420,461 | 419,923 | ||
Loans held for sale, net, carrying amount | 5,517 | |||
Derivative financial instruments | 662 | 797 | ||
Accrued interest receivable, carrying amount | 4,240 | 4,002 | ||
Financial liabilities: | ||||
Non-maturity deposits, carrying amount | (601,683) | (570,784) | ||
Time deposits, carrying amount | (139,838) | (143,943) | ||
FHLB borrowings, carrying amount | (39,100) | (37,600) | ||
Subordinated debentures, carrying amount | (21,284) | (21,084) | ||
Other borrowings, carrying amount | (12,483) | (11,974) | ||
Accrued interest payable, carrying amount | $ (268) | $ (287) |
Fair Value of Financial Instr91
Fair Value of Financial Instruments and Fair Value Measurements (Details 1) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Assets: | ||
Investment securities available-for-sale, at fair value | $ 385,563 | $ 353,438 |
Loans held for Sale | 5,517 | 14,465 |
Derivative financial instruments | 662 | 797 |
Common stocks [Member] | ||
Assets: | ||
Investment securities available-for-sale, at fair value | 1,108 | 1,486 |
Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Loans held for Sale | 5,517 | |
Derivative financial instruments | 662 | 797 |
Fair Value, Measurements, Recurring [Member] | Common stocks [Member] | ||
Assets: | ||
Investment securities available-for-sale, at fair value | 1,108 | 1,486 |
Fair Value, Measurements, Recurring [Member] | Agency mortgage-backed securities [Member] | ||
Assets: | ||
Investment securities available-for-sale, at fair value | 108,376 | 85,985 |
U. S. federal agency obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Investment securities available-for-sale, at fair value | 27,139 | 29,920 |
Municipal obligations, tax exempt [Member] | ||
Assets: | ||
Investment securities available-for-sale, at fair value | 161,662 | 137,941 |
Municipal obligations, tax exempt [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Investment securities available-for-sale, at fair value | 161,662 | 137,941 |
Municipal obligations, taxable [Member] | ||
Assets: | ||
Investment securities available-for-sale, at fair value | 71,563 | 81,890 |
Municipal obligations, taxable [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Investment securities available-for-sale, at fair value | 71,563 | 81,890 |
U. S. treasury securities [Member] | ||
Assets: | ||
Investment securities available-for-sale, at fair value | 6,015 | 6,517 |
U. S. treasury securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Investment securities available-for-sale, at fair value | 6,015 | 6,517 |
Certificates of deposit [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Investment securities available-for-sale, at fair value | 9,700 | 9,699 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Investment securities available-for-sale, at fair value | 7,123 | 8,003 |
Loans held for Sale | 0 | 0 |
Derivative financial instruments | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Loans held for Sale | 0 | |
Derivative financial instruments | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Common stocks [Member] | ||
Assets: | ||
Investment securities available-for-sale, at fair value | 1,108 | 1,486 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Agency mortgage-backed securities [Member] | ||
Assets: | ||
Investment securities available-for-sale, at fair value | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | U. S. federal agency obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Investment securities available-for-sale, at fair value | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Municipal obligations, tax exempt [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Investment securities available-for-sale, at fair value | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Municipal obligations, taxable [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Investment securities available-for-sale, at fair value | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | U. S. treasury securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Investment securities available-for-sale, at fair value | 6,015 | 6,517 |
Fair Value, Inputs, Level 1 [Member] | Certificates of deposit [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Investment securities available-for-sale, at fair value | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets: | ||
Investment securities available-for-sale, at fair value | 378,440 | 345,435 |
Loans held for Sale | 5,517 | 14,465 |
Derivative financial instruments | 662 | 797 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Loans held for Sale | 5,517 | |
Derivative financial instruments | 662 | 797 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Common stocks [Member] | ||
Assets: | ||
Investment securities available-for-sale, at fair value | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Agency mortgage-backed securities [Member] | ||
Assets: | ||
Investment securities available-for-sale, at fair value | 108,376 | 85,985 |
Fair Value, Inputs, Level 2 [Member] | U. S. federal agency obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Investment securities available-for-sale, at fair value | 27,139 | 29,920 |
Fair Value, Inputs, Level 2 [Member] | Municipal obligations, tax exempt [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Investment securities available-for-sale, at fair value | 161,662 | 137,941 |
Fair Value, Inputs, Level 2 [Member] | Municipal obligations, taxable [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Investment securities available-for-sale, at fair value | 71,563 | 81,890 |
Fair Value, Inputs, Level 2 [Member] | U. S. treasury securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Investment securities available-for-sale, at fair value | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Certificates of deposit [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Investment securities available-for-sale, at fair value | 9,700 | 9,699 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets: | ||
Investment securities available-for-sale, at fair value | 0 | 0 |
Loans held for Sale | 0 | 0 |
Derivative financial instruments | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Loans held for Sale | 0 | |
Derivative financial instruments | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Common stocks [Member] | ||
Assets: | ||
Investment securities available-for-sale, at fair value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Agency mortgage-backed securities [Member] | ||
Assets: | ||
Investment securities available-for-sale, at fair value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | U. S. federal agency obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Investment securities available-for-sale, at fair value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Municipal obligations, tax exempt [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Investment securities available-for-sale, at fair value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Municipal obligations, taxable [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Investment securities available-for-sale, at fair value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | U. S. treasury securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Investment securities available-for-sale, at fair value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Certificates of deposit [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Investment securities available-for-sale, at fair value | $ 0 | $ 0 |
Fair Value of Financial Instr92
Fair Value of Financial Instruments and Fair Value Measurements (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Aggregate fair value | $ 5,517 | $ 14,465 |
Contractual balance | 5,480 | |
Gain | $ 37 |
Fair Value of Financial Instr93
Fair Value of Financial Instruments and Fair Value Measurements (Details 3) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Interest income | $ 361 |
Change in fair value | (243) |
Total change in fair value | $ 118 |
Fair Value of Financial Instr94
Fair Value of Financial Instruments and Fair Value Measurements (Details 4) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Assets: | |||
Loans held for sale, net | $ 5,517 | $ 14,465 | |
Gain (Loss) on loans held for sale, net | 5,476 | 7,993 | $ 5,880 |
Fair Value, Measurements, Nonrecurring [Member] | |||
Assets: | |||
Loans held for sale, net | 14,465 | ||
Gain (Loss) on loans held for sale, net | (10) | ||
Fair Value, Measurements, Nonrecurring [Member] | Commercial loans [Member] | |||
Assets: | |||
Impaired loans | 222 | ||
Total (losses)/gains On Impaired Loans Fair Value Disclosure | (87) | ||
Fair Value, Measurements, Nonrecurring [Member] | Agriculture loans [Member] | |||
Assets: | |||
Impaired loans | 645 | ||
Total (losses)/gains On Impaired Loans Fair Value Disclosure | (89) | ||
Fair Value, Measurements, Nonrecurring [Member] | Consumer loans [Member] | |||
Assets: | |||
Impaired loans | 16 | ||
Total (losses)/gains On Impaired Loans Fair Value Disclosure | 6 | ||
Fair Value, Measurements, Nonrecurring [Member] | One-to-four family residential real estate [Member] | |||
Assets: | |||
Impaired loans | 142 | 266 | |
Total (losses)/gains On Impaired Loans Fair Value Disclosure | (34) | (137) | |
Fair Value, Measurements, Nonrecurring [Member] | Commercial real estate [Member] | |||
Assets: | |||
Impaired loans | 219 | ||
Total (losses)/gains On Impaired Loans Fair Value Disclosure | (81) | ||
Fair Value, Inputs, Level 1 [Member] | |||
Assets: | |||
Loans held for sale, net | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||
Assets: | |||
Loans held for sale, net | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Commercial loans [Member] | |||
Assets: | |||
Impaired loans | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Agriculture loans [Member] | |||
Assets: | |||
Impaired loans | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Consumer loans [Member] | |||
Assets: | |||
Impaired loans | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Nonrecurring [Member] | One-to-four family residential real estate [Member] | |||
Assets: | |||
Impaired loans | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Commercial real estate [Member] | |||
Assets: | |||
Impaired loans | 0 | ||
Fair Value, Inputs, Level 2 [Member] | |||
Assets: | |||
Loans held for sale, net | 5,517 | 14,465 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||
Assets: | |||
Loans held for sale, net | 14,465 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Commercial loans [Member] | |||
Assets: | |||
Impaired loans | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Agriculture loans [Member] | |||
Assets: | |||
Impaired loans | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Consumer loans [Member] | |||
Assets: | |||
Impaired loans | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Nonrecurring [Member] | One-to-four family residential real estate [Member] | |||
Assets: | |||
Impaired loans | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Commercial real estate [Member] | |||
Assets: | |||
Impaired loans | 0 | ||
Fair Value, Inputs, Level 3 [Member] | |||
Assets: | |||
Loans held for sale, net | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||
Assets: | |||
Loans held for sale, net | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Commercial loans [Member] | |||
Assets: | |||
Impaired loans | 222 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Agriculture loans [Member] | |||
Assets: | |||
Impaired loans | 645 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Consumer loans [Member] | |||
Assets: | |||
Impaired loans | 16 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | One-to-four family residential real estate [Member] | |||
Assets: | |||
Impaired loans | 142 | $ 266 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Commercial real estate [Member] | |||
Assets: | |||
Impaired loans | $ 219 |
Fair Value of Financial Instr95
Fair Value of Financial Instruments and Fair Value Measurements (Details 5) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
One-to-four family residential real estate [Member] | ||
Impaired Loans Fair Value Disclosure | $ 266 | |
Fair Value Measurements, Valuation Techniques | Sales comparison | |
Fair Value Measurements, Changes in Valuation Techniques | Adjustment to appraised value | |
Fair Value Measurements Sales Comparison Range | 10.00% | |
One-to-four family residential real estate [Member] | Minimum [Member] | ||
Fair Value Measurements Sales Comparison Range | 0.00% | |
Commercial loans [Member] | ||
Impaired Loans Fair Value Disclosure | $ 222 | |
Fair Value Measurements, Valuation Techniques | Sales comparison | |
Fair Value Measurements, Changes in Valuation Techniques | Adjustment to comparable sales | |
Commercial loans [Member] | Minimum [Member] | ||
Fair Value Measurements Sales Comparison Range | 7.00% | |
Commercial loans [Member] | Maximum [Member] | ||
Fair Value Measurements Sales Comparison Range | 80.00% | |
Agriculture loans [Member] | ||
Impaired Loans Fair Value Disclosure | $ 645 | |
Fair Value Measurements, Valuation Techniques | Sales comparison | |
Fair Value Measurements, Changes in Valuation Techniques | Adjustment to appraised value | |
Agriculture loans [Member] | Minimum [Member] | ||
Fair Value Measurements Sales Comparison Range | 8.00% | |
Agriculture loans [Member] | Maximum [Member] | ||
Fair Value Measurements Sales Comparison Range | 80.00% | |
Consumer loans [Member] | ||
Impaired Loans Fair Value Disclosure | $ 16 | |
Fair Value Measurements, Valuation Techniques | Sales comparison | |
Fair Value Measurements, Changes in Valuation Techniques | Adjustment to comparable sales | |
Fair Value Measurements Sales Comparison Range | 0.00% | |
One-to-four family residential real estate [Member] | ||
Real Estate Owned Fair Value Disclosure | $ 142 | |
Fair Value Measurements, Valuation Techniques | Sales comparison | |
Fair Value Measurements, Changes in Valuation Techniques | Adjustment to appraised value | |
One-to-four family residential real estate [Member] | Maximum [Member] | ||
Fair Value Measurements Sales Comparison Range | 40.00% | |
Commercial real estate [Member] | ||
Impaired Loans Fair Value Disclosure | $ 219 | |
Fair Value Measurements, Valuation Techniques | Sales comparison | |
Fair Value Measurements, Changes in Valuation Techniques | Adjustment to appraised value | |
Commercial real estate [Member] | Minimum [Member] | ||
Fair Value Measurements Sales Comparison Range | 2.00% | |
Commercial real estate [Member] | Maximum [Member] | ||
Fair Value Measurements Sales Comparison Range | 15.00% |
Fair Value of Financial Instr96
Fair Value of Financial Instruments and Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value of Financial Instruments And Fair Value Measurements [Line Items] | |||
Impaired Financing Receivable, Related Allowance | $ 274 | $ 88 | $ 349 |
Impaired Financing Receivable, Recorded Investment, Total | $ 6,728 | $ 6,837 | $ 10,703 |
Regulatory Capital Requiremen97
Regulatory Capital Requirements (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Regulatory Capital Requirements [Line Items] | |||
Leverage - For capital adequacy purposes Ratio | 4.00% | ||
Common Equity Tier 1 Capital - For capital adequacy purposes Ratio | 4.50% | ||
Total Risk Based Capital - For capital adequacy purposes Ratio | 8.00% | ||
Companys Regulatory Capital Requirements [Member] | |||
Regulatory Capital Requirements [Line Items] | |||
Leverage - Actual Amount | $ 88,819 | $ 80,401 | |
Common Equity Tier 1 Capital - Actual Amount | 68,263 | [1] | 60,375 |
Tier 1 Capital - Actual Amount | 88,819 | [1] | 80,401 |
Total Risk Based Capital - Actual Amount | $ 94,596 | [1] | $ 87,214 |
Leverage - Actual Ratio | 10.04% | 9.43% | |
Common Equity Tier 1 Capital - Actual Ratio | 13.32% | [1] | 11.05% |
Tier 1 Capital - Actual Ratio | 17.33% | [1] | 14.72% |
Total Risk Based Capital - Actual Ratio | 18.46% | [1] | 15.96% |
Leverage - For capital adequacy purposes Amount | $ 35,370 | $ 34,092 | |
Common Equity Tier 1 Capital - For capital adequacy purposes Amount | 26,265 | [1] | 24,584 |
Tier 1 Capital - For capital adequacy purposes Amount | 33,952 | [1] | 32,779 |
Total Risk Based Capital - For capital adequacy purposes Amount | $ 44,201 | [1] | $ 43,706 |
Leverage - For capital adequacy purposes Ratio | 4.00% | 4.00% | |
Common Equity Tier 1 Capital - For capital adequacy purposes Ratio | 5.10% | [1] | 4.50% |
Tier 1 Capital - For capital adequacy purposes Ratio | 6.60% | [1] | 6.00% |
Total Risk Based Capital - For capital adequacy purposes Ratio | 8.60% | [1] | 8.00% |
[1] | The required percent for capital adequacy purposes for December 31, 2016 includes a capital conservation buffer of 0.625%. |
Regulatory Capital Requiremen98
Regulatory Capital Requirements (Details 1) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Regulatory Capital Requirements [Line Items] | |||
Leverage - For capital adequacy purposes Ratio | 4.00% | ||
Common Equity Tier 1 Capital - For capital adequacy purposes Ratio | 4.50% | ||
Total Risk Based Capital - For capital adequacy purposes Ratio | 8.00% | ||
Banks Regulatory Capital Requirements [Member] | |||
Regulatory Capital Requirements [Line Items] | |||
Leverage - Actual Amount | $ 88,076 | $ 79,857 | |
Common Equity Tier 1 Capital - Actual Amount | 88,076 | [1] | 79,857 |
Tier 1 Capital - Actual Amount | 88,076 | [1] | 79,857 |
Total Risk Based Capital - Actual Amount | $ 93,560 | [1] | $ 85,929 |
Leverage - Actual Ratio | 9.98% | 9.40% | |
Common Equity Tier 1 Capital - Actual Ratio | 17.23% | [1] | 14.66% |
Tier 1 Capital - Actual Ratio | 17.23% | [1] | 14.66% |
Total Risk Based Capital - Actual Ratio | 18.31% | [1] | 15.77% |
Leverage - For capital adequacy purposes Amount | $ 35,284 | $ 33,993 | |
Common Equity Tier 1 Capital - For capital adequacy purposes Amount | 26,194 | [1] | 24,519 |
Tier 1 Capital - For capital adequacy purposes Amount | 33,861 | [1] | 32,692 |
Total Risk Based Capital - For capital adequacy purposes Amount | $ 44,083 | [1] | $ 43,589 |
Leverage - For capital adequacy purposes Ratio | 4.00% | 4.00% | |
Common Equity Tier 1 Capital - For capital adequacy purposes Ratio | 5.10% | [1] | 4.50% |
Tier 1 Capital - For capital adequacy purposes Ratio | 6.60% | [1] | 6.00% |
Total Risk Based Capital - For capital adequacy purposes Ratio | 8.60% | [1] | 8.00% |
Leverage - To be well-capitalized under prompt corrective action provisions Amount | $ 44,105 | $ 42,491 | |
Common Equity Tier 1 Capital - To be well-capitalized under prompt corrective action provisions Amount | 33,222 | [1] | 35,416 |
Tier 1 Capital - To be well-capitalized under prompt corrective action provisions Amount | 40,888 | [1] | 43,589 |
Total Risk Based Capital - To be well-capitalized under prompt corrective action provisions Amount | $ 51,110 | [1] | $ 54,486 |
Leverage - To be well-capitalized under prompt corrective action provisions Ratio | 5.00% | 5.00% | |
Common Equity Tier 1 Capital - To be well-capitalized under prompt corrective action provisions Ratio | 6.50% | [1] | 6.50% |
Tier 1 Capital - To be well-capitalized under prompt corrective action provisions Ratio | 8.00% | [1] | 8.00% |
Total Risk Based Capital - To be well-capitalized under prompt corrective action provisions Ratio | 10.00% | [1] | 10.00% |
[1] | The required percent for capital adequacy purposes for December 31, 2016 includes a capital conservation buffer of 0.625%. |
Regulatory Capital Requiremen99
Regulatory Capital Requirements (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | 36 Months Ended | |
Dec. 31, 2016 | Jan. 01, 2019 | Dec. 31, 2015 | |
Regulatory Capital Requirements [Line Items] | |||
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | ||
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | ||
Common Equity Tier One Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets | 4.50% | ||
Assets, Total | $ 911,382 | $ 878,376 | |
Scenario, Forecast [Member] | |||
Regulatory Capital Requirements [Line Items] | |||
Tier One Capital Conversation Buffer | 2.50% | ||
Maximum [Member] | |||
Regulatory Capital Requirements [Line Items] | |||
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | ||
Minimum [Member] | |||
Regulatory Capital Requirements [Line Items] | |||
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 4.00% | ||
Small Bank Holding Companies [Member] | |||
Regulatory Capital Requirements [Line Items] | |||
Assets, Total | $ 1,000,000 | ||
Capital Conservation Buffer [Member] | |||
Regulatory Capital Requirements [Line Items] | |||
Tier One Capital Conversation Buffer | 0.625% | ||
Tier One Capital Conversation Buffer Increase | 0.625% |
Parent Company Condensed Fin100
Parent Company Condensed Financial Statements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Assets: | |||||||
Cash and cash equivalents | $ 13,569 | $ 13,569 | $ 12,760 | $ 19,996 | $ 13,569 | $ 12,760 | $ 29,735 |
Total assets | 911,382 | 878,376 | |||||
Liabilities and stockholders' equity: | |||||||
Subordinated debentures | 21,284 | 21,084 | |||||
Stockholders' equity | 84,951 | 80,570 | 71,645 | 62,692 | |||
Total liabilities and stockholders' equity | 911,382 | 878,376 | |||||
Condensed Statements of Earnings | |||||||
Gain on sale of investment | 558 | (119) | 99 | ||||
Other non-interest income | 1,040 | 1,291 | 1,145 | ||||
Interest expense | (3,191) | (3,081) | (3,186) | ||||
Earnings before income taxes | 11,275 | 14,420 | 11,075 | ||||
Income tax benefit | 2,314 | 3,914 | 3,026 | ||||
Net earnings | 8,961 | 10,506 | 8,049 | ||||
Other comprehensive income (loss) | (3,523) | 357 | 2,744 | ||||
Total comprehensive income | 5,438 | 10,863 | 10,793 | ||||
Cash flows from operating activities: | |||||||
Net earnings | 8,961 | 10,506 | 8,049 | ||||
Amortization of purchase accounting adjustment on subordinated debentures | 200 | 200 | 200 | ||||
Gain on sale of investment | (558) | 119 | (99) | ||||
Net cash provided by operating activities | 19,017 | 7,038 | 8,673 | ||||
Cash flows from investing activities: | |||||||
Net cash provided by investing activities | (40,283) | (8,370) | (48,449) | ||||
Cash flows from financing activities: | |||||||
Proceeds from exercise of stock options | 1,796 | 593 | 520 | ||||
Proceeds from other borrowings | 509 | 3,309 | 4,515 | ||||
Repayments on other borrowings | 0 | (3,745) | (4,476) | ||||
Payment of dividends | (2,912) | (2,547) | (2,415) | ||||
Net cash used in financing activities | 27,693 | 2,141 | 22,801 | ||||
Net (decrease) increase in cash | 6,427 | 809 | (16,975) | ||||
Cash and cash equivalents at beginning of year | 13,569 | 12,760 | 29,735 | ||||
Cash and cash equivalents at end of year | 19,996 | 13,569 | 12,760 | ||||
Parent Company [Member] | |||||||
Assets: | |||||||
Cash and cash equivalents | 139 | 139 | 19 | 22 | 139 | $ 19 | $ 649 |
Investment securities | 1,360 | 1,737 | |||||
Investment in Bank | 104,412 | 99,529 | |||||
Other | 626 | 474 | |||||
Total assets | 106,420 | 101,879 | |||||
Liabilities and stockholders' equity: | |||||||
Subordinated debentures | 21,284 | 21,084 | |||||
Other | 185 | 225 | |||||
Stockholders' equity | 84,951 | 80,570 | |||||
Total liabilities and stockholders' equity | $ 106,420 | $ 101,879 | |||||
Condensed Statements of Earnings | |||||||
Dividends from Bank | 1,250 | 3,723 | 588 | ||||
Interest income | 59 | 50 | 31 | ||||
Gain on sale of investment | 324 | 0 | 0 | ||||
Other non-interest income | 7 | 7 | 7 | ||||
Interest expense | (787) | (770) | (698) | ||||
Other expense, net | (314) | (297) | (307) | ||||
Earnings before equity in undistributed earnings of Bank | 539 | 2,713 | (379) | ||||
Increase in undistributed equity of Bank | 8,171 | 7,442 | 8,096 | ||||
Earnings before income taxes | 8,710 | 10,155 | 7,717 | ||||
Income tax benefit | (251) | (351) | (332) | ||||
Net earnings | 8,961 | 10,506 | 8,049 | ||||
Other comprehensive income (loss) | (3,523) | 357 | 2,744 | ||||
Total comprehensive income | 5,438 | 10,863 | 10,793 | ||||
Cash flows from operating activities: | |||||||
Net earnings | 8,961 | 10,506 | 8,049 | ||||
Increase in undistributed equity of Bank | (8,171) | (7,442) | (8,096) | ||||
Amortization of purchase accounting adjustment on subordinated debentures | 200 | 200 | 200 | ||||
Gain on sale of investment | (324) | 0 | 0 | ||||
Other | (112) | 19 | (22) | ||||
Net cash provided by operating activities | 554 | 3,283 | 131 | ||||
Cash flows from investing activities: | |||||||
Proceeds from sales and maturities of investment securities | 445 | 14 | 20 | ||||
Net cash provided by investing activities | 445 | 14 | 20 | ||||
Cash flows from financing activities: | |||||||
Proceeds from exercise of stock options | 1,796 | 510 | 494 | ||||
Proceeds from other borrowings | 0 | 2,605 | 4,515 | ||||
Repayments on other borrowings | 0 | (3,745) | (3,375) | ||||
Payment of dividends | (2,912) | (2,547) | (2,415) | ||||
Net cash used in financing activities | (1,116) | (3,177) | (781) | ||||
Net (decrease) increase in cash | (117) | 120 | (630) | ||||
Cash and cash equivalents at beginning of year | 139 | 19 | 649 | ||||
Cash and cash equivalents at end of year | $ 22 | $ 139 | $ 19 |
Parent Company Condensed Fin101
Parent Company Condensed Financial Statements (Details Textual) $ in Millions | Dec. 31, 2016USD ($) |
Condensed Financial Statements, Captions [Line Items] | |
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments without Regulatory Approval | $ 23.7 |