Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Aug. 11, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | COMMUNITY FIRST INC | |
Entity Central Index Key | 1,179,500 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 5,025,884 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
ASSETS | ||
Cash and due from financial institutions | $ 39,161 | $ 24,934 |
Time deposits in other financial institutions | 23,558 | 24,797 |
Securities available for sale, at fair value | 72,726 | 69,207 |
Loans held for sale, at fair value | 84 | 561 |
Loans | 308,195 | 315,483 |
Allowance for loan losses | (3,708) | (3,757) |
Net loans | 304,487 | 311,726 |
Restricted equity securities, at cost | 1,727 | 1,727 |
Premises and equipment, net | 10,630 | 11,378 |
Accrued interest receivable | 974 | 1,122 |
Core deposit and customer relationship intangibles, net | 733 | 804 |
Other real estate owned, net | 2,788 | 4,697 |
Bank owned life insurance | 10,523 | 10,389 |
Other assets | 12,246 | 13,169 |
Total Assets | 479,637 | 474,511 |
Deposits | ||
Noninterest-bearing | 80,746 | 78,813 |
Interest-bearing | 345,532 | 344,594 |
Total Deposits | 426,278 | 423,407 |
Subordinated debentures | 13,000 | 13,000 |
Other borrowed money | 3,841 | 4,000 |
Accrued interest payable | 395 | 451 |
Other liabilities | 3,516 | 3,409 |
Total Liabilities | 447,030 | 444,267 |
Shareholders’ Equity | ||
Common stock, no par value; 10,000,000 shares authorized; 5,025,199 shares issued and outstanding at June 30, 2017 and 4,998,788 shares issued and outstanding at December 31, 2016. | 43,186 | 42,997 |
Accumulated deficit | (8,678) | (9,906) |
Accumulated other comprehensive loss, net | (1,901) | (2,847) |
Total Shareholders' Equity | 32,607 | 30,244 |
Total Liabilities and Shareholders’ Equity | $ 479,637 | $ 474,511 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2017 | Dec. 31, 2016 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | ||
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 5,025,199 | 4,998,788 |
Common stock, shares outstanding | 5,025,199 | 4,998,788 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Interest income | ||||
Loans, including fees | $ 3,779 | $ 3,758 | $ 7,630 | $ 7,257 |
Taxable securities | 445 | 496 | 874 | 1,120 |
Tax-exempt securities | 2 | 6 | 4 | 15 |
Federal funds sold and other | 185 | 104 | 328 | 204 |
Total interest income | 4,411 | 4,364 | 8,836 | 8,596 |
Interest expense | ||||
Deposits | 522 | 494 | 1,027 | 993 |
Subordinated debentures and other | 163 | 187 | 315 | 373 |
Total interest expense | 685 | 681 | 1,342 | 1,366 |
Net interest income | 3,726 | 3,683 | 7,494 | 7,230 |
Provision for (reversal of) loan losses | 35 | 55 | (578) | |
Net interest income after provision for loan losses | 3,691 | 3,683 | 7,439 | 7,808 |
Noninterest income | ||||
Service charges on deposit accounts | 435 | 473 | 872 | 926 |
Gain on sale of loans | 50 | 57 | 100 | 92 |
Gain on sale of securities available for sale | 169 | 206 | ||
Other noninterest income | 132 | 145 | 242 | 284 |
Total noninterest income | 617 | 844 | 1,214 | 1,508 |
Noninterest expense | ||||
Salaries and employee benefits | 1,716 | 1,838 | 3,532 | 3,744 |
Regulatory and compliance | 79 | 101 | 137 | 197 |
Occupancy | 258 | 250 | 512 | 505 |
Furniture and equipment | 87 | 84 | 183 | 174 |
Data processing fees | 275 | 309 | 558 | 622 |
Advertising and public relations | 33 | 39 | 86 | 87 |
Operational expense | 121 | 107 | 248 | 226 |
Other real estate owned expense | 6 | 34 | 265 | 36 |
Other noninterest expense | 604 | 745 | 1,239 | 1,474 |
Total noninterest expenses | 3,179 | 3,507 | 6,760 | 7,065 |
Income before income tax expense | 1,129 | 1,020 | 1,893 | 2,251 |
Income tax expense | 402 | 342 | 665 | 823 |
Net income | 727 | 678 | 1,228 | 1,428 |
Preferred stock dividends reversed, net | 4,265 | |||
Net income available to common shareholders | $ 727 | $ 678 | $ 1,228 | $ 5,693 |
Income per share available to common shareholders | ||||
Basic | $ 0.15 | $ 0.21 | $ 0.25 | $ 1.75 |
Diluted | $ 0.15 | $ 0.21 | $ 0.25 | $ 1.75 |
Weighted average common shares outstanding | ||||
Basic | 4,998,480 | 3,257,979 | 4,995,755 | 3,255,151 |
Diluted | 4,998,480 | 3,257,979 | 4,995,755 | 3,255,151 |
Comprehensive Income | ||||
Net income | $ 727 | $ 678 | $ 1,228 | $ 1,428 |
Reclassification adjustment for realized gains included in net income, net of income taxes of $0 for the six months and three months ended June 30, 2017, respectively and $79 and $65 for the six months and three months ended June 30, 2016 | (104) | (127) | ||
Unrealized gains on securities, net of income taxes of $587 and $371 for the six months and three months ended June 30, 2017, respectively, and $327 and $127 for the six months and three months ended June 30, 2016, respectively | 596 | 330 | 946 | 856 |
Comprehensive income | $ 1,323 | $ 904 | $ 2,174 | $ 2,157 |
Consolidated Statements of Ope5
Consolidated Statements of Operations and Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income Statement [Abstract] | ||||
Reclassification adjustment for realized gains (loss) included in net income, income tax | $ 0 | $ 65 | $ 0 | $ 79 |
Unrealized gains on securities, income taxes | $ 371 | $ 127 | $ 587 | $ 327 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareholders' Equity - 6 months ended Jun. 30, 2017 - USD ($) $ in Thousands | Total | Common Stock [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Loss, Net [Member] |
Beginning balance at Dec. 31, 2016 | $ 30,244 | $ 42,997 | $ (9,906) | $ (2,847) |
Beginning balance, shares at Dec. 31, 2016 | 4,998,788 | |||
Sale of shares of common stock through employee stock purchase plan | 6 | $ 6 | ||
Sale of shares of common stock through employee stock purchase plan, shares | 1,304 | |||
Shares of common stock issued in connection with employee stock grant | 119 | $ 119 | ||
Shares of common stock issued in connection with employee stock grant, shares | 25,107 | |||
Vesting of common stock issued in connection with restricted employee stock grant | 64 | $ 64 | ||
Net income | 1,228 | 1,228 | ||
Change in unrealized loss on securities available for sale, net of income taxes of $587 | 946 | 946 | ||
Ending balance at Jun. 30, 2017 | $ 32,607 | $ 43,186 | $ (8,678) | $ (1,901) |
Ending balance, shares at Jun. 30, 2017 | 5,025,199 |
Consolidated Statement of Chan7
Consolidated Statement of Changes in Shareholders' Equity (Parenthetical) $ in Thousands | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Reclassification adjustment for realized gains included in net income, income taxes | $ 0 |
Change in unrealized loss on securities available for sale, income taxes | 587 |
Accumulated Other Comprehensive Loss, Net [Member] | |
Reclassification adjustment for realized gains included in net income, income taxes | 0 |
Change in unrealized loss on securities available for sale, income taxes | $ 587 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash flows from operating activities | ||
Net income | $ 1,228 | $ 1,428 |
Adjustments to reconcile net income to net cash from operating activities | ||
Depreciation | 317 | 308 |
Amortization on securities, net | 289 | 445 |
Core deposit intangible amortization | 71 | 70 |
Provision for/(reversal of provision for) loan losses | 55 | (578) |
Funding of mortgage loans held for sale | (4,353) | (2,939) |
Proceeds from sales of loans held for sale | 4,917 | 2,713 |
Gains on sales of loans held for sale | (100) | (92) |
Decrease in accrued interest receivable | 148 | 118 |
(Decrease)/increase in accrued interest payable | (56) | 47 |
Net collected loan recoveries | 27 | |
Increase in surrender value of bank owned life insurance | (134) | (126) |
Gain on sale of securities | (206) | |
Gain on sale of fixed assets | (13) | |
Net loss on other real estate owned | 282 | 108 |
Other, net | 654 | 841 |
Net cash provided from operating activities | 3,305 | 2,164 |
Purchases: | ||
Mortgage-backed securities | (4,728) | (1,410) |
Other | (2,145) | |
Sales: | ||
Mortgage-backed securities | 46,476 | |
Maturities, prepayments, and calls: | ||
Mortgage-backed securities | 4,598 | 7,840 |
Other | 1,010 | |
Net decrease/(increase) in loans | 7,075 | (32,690) |
Proceeds from sales of other real estate owned | 1,736 | 2,663 |
Proceeds from sale of premises and equipment | 484 | |
Decrease/(increase) in time deposits in other financial institutions | 1,239 | (619) |
Purchase of premises and equipment | (55) | (45) |
Net cash provided from investing activities | 8,204 | 23,225 |
Cash flows from financing activities | ||
Net increase in deposits | 2,871 | 4,497 |
Proceeds from issuance of common stock | 6 | 5 |
Cash paid for preferred stock dividends | (97) | |
Cash paid in repayment of other borrowed money | (159) | |
Net cash provided from financing activities | 2,718 | 4,405 |
Net increase in cash and cash equivalents | 14,227 | 29,794 |
Cash and cash equivalents at beginning of period | 24,934 | 19,387 |
Cash and cash equivalents at end of period | 39,161 | 49,181 |
Supplemental disclosures of cash flow information Cash paid during year for: | ||
Interest | 1,398 | 1,319 |
Income taxes paid | 55 | $ 29 |
Loans transferred to other real estate owned | $ 109 |
Organization and Basis of Prese
Organization and Basis of Presentation | 6 Months Ended |
Jun. 30, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Basis of Presentation | NOTE 1 – ORGANIZATION AND BASIS OF PRESENTATION The consolidated financial statements include Community First, Inc. and its wholly-owned subsidiary, Community First Bank & Trust. The Company’s second subsidiary, Community First TRUPS Holding Company (“TRUPS HC”), was newly formed in 2016 to purchase and hold securities associated with the Company’s subordinated debentures. The sole subsidiary of Community First Bank & Trust is Community First Properties, Inc. (“Properties”), which was originally established as a Real Estate Investment Trust (“REIT”) but which terminated its REIT election in the first quarter of 2012. Community First Bank & Trust together with its subsidiary is referred to herein as the “Bank.” Intercompany transactions and balances are eliminated in consolidation. Community First, Inc., together with the Bank, is referred to herein as the “Company.” The Bank conducts substantially all of its banking activities in Maury, Williamson, and Hickman Counties in Tennessee. Its primary deposit products are checking, savings, and term certificate accounts, and its primary lending products are residential mortgage, commercial, and installment loans. Substantially all loans are secured by specific items of collateral including business assets, consumer assets, and commercial and residential real estate. Commercial loans are expected to be repaid from cash flows from operations of businesses. The significant loan concentrations that exceed 10% of total loans are as follows: commercial real estate loans, 1-4 family residential loans, and construction loans. The customers’ ability to repay these types of loans is dependent on the real estate and general economic conditions in the Company’s market areas. Other financial instruments, which potentially represent concentrations of credit risk, include deposit accounts in other financial institutions and federal funds sold. The unaudited consolidated financial statements as of June 30, 2017 and for the six-month and three-month periods ended June 30, 2017 and 2016 have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the Securities and Exchange Commission (the “SEC”) and, in the opinion of management, include all adjustments, consisting of normal recurring adjustments, necessary to present fairly the information. They do not include all the information and footnotes required by GAAP for complete financial statements. Operating results for interim periods are not necessarily indicative of the results that may be expected for the entire year. For further information, refer to the 2016 consolidated audited financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016, filed with the SEC on March 3, 2017 (File No. 000-49966) (the “2016 Form 10-K”). Critical Accounting Policies: The consolidated financial statements in this report are prepared in conformity with GAAP and with general practices in the banking industry. As such, we are required to make certain estimates, judgments, and assumptions that we believe are reasonable based upon the information available. These estimates and assumptions affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. A summary of our significant accounting policies is described in our 2016 Form 10-K. The significant accounting policies and estimates which we believe are the most critical to aid in fully understanding and evaluating our reported financial results include the following: Allowance for Loan Losses The allowance consists of specific and general components. The specific component relates to loans that are individually classified as impaired. A loan is identified as impaired when, based on current information and events, it is probable that the scheduled payments of principal or interest will not be collected when due according to the contractual terms of the loan agreement. However, some loans are considered impaired because of doubt regarding collectability of interest and principal according to the contractual terms, even though such loans are both fully secured by collateral and current in their interest and principal payments. Additionally, loans are considered troubled debt restructurings and classified as impaired if their terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties. NOTE 1 – ORGANIZATION AND BASIS OF PRESENTATION (Continued) Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not 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. All loans over $250 that are unlikely to be collected under existing terms are individually evaluated for impairment. If a loan is impaired, a portion of the allowance is allocated so that the loan is reported net, at the present value of estimated future cash flows using the loan’s existing rate or at the fair value of collateral if repayment is expected solely from the collateral. Large groups of smaller balance homogeneous loans, such as consumer and residential real estate loans, are collectively evaluated for impairment, and accordingly, they are not separately identified for impairment disclosures. Troubled debt restructurings are separately identified for impairment disclosures and are measured at the present value of estimated future cash flows using the loan’s effective rate at inception. If a troubled debt restructuring is considered to be a collateral dependent loan, the loan is reported, net, at the fair value of the collateral. For troubled debt restructurings that subsequently default, the Company determines the amount of reserve in accordance with the accounting policy for the allowance for loan losses. The general component of the allowance covers loans collectively evaluated for impairment and is based on historical loss experience adjusted for current factors. The historical loss experience is determined by portfolio segment and is based on the actual loss history experienced by the Company over the most recent four years. This actual loss experience is supplemented with other economic factors based on the risks present for each portfolio segment. These economic factors include, but are not limited to, consideration of the following: levels of and trends in delinquencies and impaired loans; levels of and trends in charge-offs and recoveries; trends in volume and terms of loans; effects of any changes in risk selection and underwriting standards; other changes in lending policies, procedures, and practices; experience, ability, and depth of lending management and other relevant staff; national and local economic trends and conditions; industry conditions; and effects of changes in credit concentrations. The following loan portfolio segments have been identified with a discussion of the risk characteristics of these portfolio segments: Real Estate Construction loans consist of loans made for both residential and commercial construction and land development. Residential real estate construction loans are loans secured by real estate to build 1-4 family dwellings. These are loans made to borrowers obtaining loans in their personal name for the personal construction of their own dwellings or loans to builders for the purpose of constructing homes for resale. These loans to builders can be for speculative homes for which there is no specific homeowner for which the home is being built, as well as loans to builders that have a pre-sale contract to another party. Commercial Construction loans are loans extended to borrowers secured by and to build commercial structures such as churches, retail strip centers, industrial warehouses or office buildings. Land development loans are granted to commercial borrowers to finance the improvement of real estate by adding infrastructure so that ensuing construction can take place. Construction and land development loans are generally short term in maturity to match the expected completion of a particular project. These loan types are generally more vulnerable to changes in economic conditions in that they project there will be a demand for the product. They require monitoring to ensure the project is progressing in a timely manner within the expected budgeted amount. This monitoring is accomplished via periodic physical inspections by an outside third party. 1-4 Family Residential loans consist of both open end and closed end loans secured by first or junior liens on 1-4 family improved residential dwellings. Open end loans are home equity lines of credit that allow the borrower to use equity in the real estate to borrow and repay as the need arises. First and junior lien residential real estate loans are closed end loans with a specific maturity that generally does not exceed seven years. Economic conditions can affect the borrower’s ability to repay the loans, and the value of the real estate securing the loans can change over the life of the loan. Commercial Real Estate loans consist of loans secured by farmland or by improved commercial property. Farmland includes all land known to be used or usable for agricultural purposes, such as crop and livestock production, grazing, or pasture land. Improved commercial property can be owner occupied or non-owner occupied property secured by commercial structures such as churches, retail strip centers, hotels, industrial warehouses or office buildings. The repayment of these loans tends to depend upon the operation and management of a business or lease income from a business, and therefore adverse economic conditions can affect the borrower’s ability to repay. NOTE 1 – ORGANIZATION AND BASIS OF PRESENTATION (Continued) Other Real Estate Secured loans consist of loans secured by five or more multi-family dwelling units. These loans are typically exemplified by apartment buildings or complexes. The ability to manage and rent units affects the income that usually provides repayment for this type of loan. Commercial, Financial, and Agricultural loans consist of loans extended for the operation of a business or a farm. They are not secured by real estate. Commercial loans are used to provide working capital, acquire inventory, finance the carrying of receivables, purchase equipment or vehicles, or purchase other capital assets. Agricultural loans are typically for purposes such as planting crops, acquiring livestock, or purchasing farm equipment. The repayment of these loans comes from the cash flow of a business or farm and is generated by sales of inventory or providing of services. The collateral tends to depreciate over time and is difficult to monitor. Frequent statements are required from the borrower pertaining to inventory levels or receivables aging. Consumer loans consist largely of loans extended to individuals for purposes such as to purchase a vehicle or other consumer goods. These loans are not secured by real estate but are frequently collateralized by the consumer items being acquired with the loan proceeds. This type of collateral tends to depreciate, and therefore the term of the loan is tailored to fit the expected value of the collateral as it depreciates, along with specific underwriting policies and guidelines. Tax Exempt loans consist of loans that are extended to entities such as municipalities. These loans tend to be dependent on the ability of the borrowing entity to continue to collect taxes to repay the indebtedness. Other loans consist of those loans which are not elsewhere classified in these categories and are not secured by real estate. Impact of Recently-Issued Accounting Standards Updates: In August 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments ("ASU 2016-15"). ASU 2016-15 is intended to reduce the diversity in practice in how certain cash receipts and cash payments are presented and classified in the Statement of Cash Flows, including (1) debt prepayment or debt extinguishment costs, (2) settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing, (3) contingent consideration payments made after a business combination, (4) proceeds from the settlement of insurance claims, (5) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, (6) distributions received from equity method investees, (7) beneficial interests in securitization transactions and (8) separately identifiable cash flows and application of the predominance principle. For public companies, this amendment becomes effective for interim and annual periods beginning after December 15, 2017. The ASU impacts the presentation of specific items within the Statement of Cash Flows and is not expected to have a material impact to the Company. On June 16, 2016, FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). The update will significantly change the way entities recognize impairment on many financial assets by requiring immediate recognition of estimated credit losses expected to occur over the asset's remaining life. FASB describes this impairment recognition model as the current expected credit loss (“CECL”) model and believes the CECL model will result in more timely recognition of credit losses since the CECL model incorporates expected credit losses versus incurred credit losses. The scope of FASB’s CECL model would include loans, held-to-maturity debt instruments, lease receivables, loan commitments and financial guarantees that are not accounted for at fair value. For public companies, this update becomes effective for interim and annual periods beginning after December 15, 2019. Management is currently evaluating the impact this ASU will have on the Company’s consolidated financial statements and will continue to monitor FASB’s progress on this topic. NOTE 1 – ORGANIZATION AND BASIS OF PRESENTATION (Continued) In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”). ASU 2016-09 is intended to reduce complexity in accounting standards by simplifying several aspects of the accounting for share-based payment transactions, including (1) accounting for income taxes; (2) classification of excess tax benefits on the statement of cash flows; (3) forfeitures; (4) minimum statutory tax withholding requirements; and (5) classification of employee taxes paid on the statement of cash flows when an employer withholds shares for tax withholding purposes. The amendments of ASU 2016-09 are effective for interim and annual periods beginning after December 15, 2016. Adoption of ASU 2016-09 did not have a material impact on the Company’s consolidated financial statements for the quarterly period ended June 30, 2017. In February 2016, FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”). ASU 2016-02 amends the accounting model and disclosure requirements for leases. The current accounting model for leases distinguishes between capital leases, which are recognized on-balance sheet, and operating leases, which are not. Under the new standard, the lease classifications are defined as finance leases, which are similar to capital leases under current GAAP, and operating leases. Further, a lessee will recognize a lease liability and a right-of-use asset for all leases with a term greater than 12 months on its balance sheet regardless of the lease’s classification, which may significantly increase reported assets and liabilities. The accounting model and disclosure requirements for lessors remains substantially unchanged from current GAAP. ASU 2016-02 is effective for annual and interim periods in fiscal years beginning after December 15, 2018. Management is currently evaluating the impact ASU 2016-02 will have on the Company's financial position and results of operations as well as its consolidated financial statements. |
Securities Available for Sale
Securities Available for Sale | 6 Months Ended |
Jun. 30, 2017 | |
Investments Debt And Equity Securities [Abstract] | |
Securities Available for Sale | NOTE 2 - SECURITIES AVAILABLE FOR SALE The following table summarizes the amortized cost and fair value of the available for sale securities portfolio at June 30, 2017 and December 31, 2016 and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss), net of applicable income taxes: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value June 30, 2017 Mortgage-backed - residential $ 69,796 $ 116 $ (657 ) $ 69,255 State and municipal 1,308 25 — 1,333 Other debt securities 2,129 9 — 2,138 Total $ 73,233 $ 150 $ (657 ) $ 72,726 December 31, 2016 Mortgage-backed - residential $ 69,938 $ 21 $ (2,060 ) $ 67,899 State and municipal 1,309 3 (4 ) 1,308 Total $ 71,247 $ 24 $ (2,064 ) $ 69,207 The proceeds from sales of securities and the associated gains and losses are listed below: Six Months Ended June 30, Three Months Ended June 30, 2017 2016 2017 2016 Proceeds $ — $ 46,476 $ — $ 31,762 Gross gains — 237 — 190 Gross losses — (31 ) — (21 ) NOTE 2 - SECURITIES AVAILABLE FOR SALE (Continued) The amortized cost and fair value of the securities portfolio are shown by contractual maturity. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Mortgage backed securities are presented separately due to varying maturity dates as a result of prepayments. June 30, 2017 Amortized Cost Fair Value Due in one year or less $ 101 $ 103 Due after one through five years 403 410 Due after five through ten years 2,933 2,958 Mortgage backed - residential 69,796 69,255 Total $ 73,233 $ 72,726 At June 30, 2017 and December 31, 2016, respectively, securities totaling $47,501 and $47,707 were pledged to secure public deposits. The Company did not hold securities of any one issuer with a face amount greater than 10% of shareholders’ equity as of June 30, 2017 or December 31, 2016. The following table summarizes securities with unrealized losses at June 30, 2017 and December 31, 2016 aggregated by major security type and length of time in a continuous unrealized loss position: June 30, 2017 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Description of Securities Value Loss Value Loss Value Loss Mortgage-backed - residential $ 33,278 $ (632 ) $ 1,106 $ (25 ) $ 34,384 $ (657 ) Total temporarily impaired $ 33,278 $ (632 ) $ 1,106 $ (25 ) $ 34,384 $ (657 ) December 31, 2016 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Description of Securities Value Loss Value Loss Value Loss Mortgage-backed - residential $ 67,475 $ (2,060 ) $ — $ — $ 67,475 $ (2,060 ) State and municipals 1,079 (4 ) — — 1,079 (4 ) Total temporarily impaired $ 68,554 $ (2,064 ) $ — $ — $ 68,554 $ (2,064 ) Other-Than-Temporary Impairment Management evaluates securities for other-than-temporary impairment (“OTTI”) at least on a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. The securities portfolio is evaluated for OTTI by segregating the portfolio into two general segments – securities in a loss position for less than 12 months and securities in a loss position for 12 months or more – and applying the appropriate OTTI model. Securities classified as available for sale are generally evaluated for OTTI under the provisions of ASC 320-10, Investments - Debt and Equity Securities NOTE 2 - SECURITIES AVAILABLE FOR SALE (Continued) When OTTI occurs, the amount of the OTTI recognized in earnings depends on whether an entity intends to sell the security or it is more likely than not it will be required to sell the security before recovery of its amortized cost basis, less any current-period credit loss. If an entity intends to sell or it is more likely than not it will be required to sell the security before recovery of its amortized cost basis, less any current-period credit loss, the OTTI shall be recognized in earnings equal to the entire difference between the investment’s amortized cost basis and its fair value at the balance sheet date. If an entity does not intend to sell the security and it is not more likely than not that the entity will be required to sell the security before recovery of its amortized cost basis less any current-period loss, the OTTI shall be separated into the amount representing the credit loss and the amount related to all other factors. The amount of the total OTTI related to the credit loss is determined based on the present value of cash flows expected to be collected and is recognized in earnings. The amount of the total OTTI related to other factors is recognized in other comprehensive income, net of applicable taxes. The previous amortized cost basis less the OTTI recognized in accumulated other comprehensive income becomes the new amortized cost basis of the investment. As of June 30, 2017, the Company’s securities portfolio consisted of 45 securities, 18 of which were in an unrealized loss position. Because the decline in fair value is attributable to changes in interest rates and illiquidity, and not credit quality, and because the Company did not have at June 30, 2017 the intent to sell these securities and at that date it was likely that it would not be required to sell the securities before their anticipated recovery, the Company did not consider these securities to be other-than-temporarily impaired at June 30, 2017. |
Loans
Loans | 6 Months Ended |
Jun. 30, 2017 | |
Receivables [Abstract] | |
Loans | NOTE 3 - LOANS Loans outstanding by category at June 30, 2017 and December 31, 2016 were as follows: June 30, 2017 December 31, 2016 Real estate construction: Residential construction $ 12,014 $ 18,834 Other construction 19,488 13,056 1-4 family residential: Revolving, open ended 10,026 11,908 First liens 103,597 106,074 Junior liens 1,856 1,909 Commercial real estate: Farmland 7,091 6,642 Owner occupied 65,337 63,313 Non-owner occupied 54,960 58,259 Other real estate secured loans 8,223 9,427 Commercial, financial and agricultural: Agricultural 1,479 1,132 Commercial and industrial 17,516 18,103 Consumer 6,551 6,681 Other 57 145 $ 308,195 $ 315,483 NOTE 3 – LOANS (Continued) The following tables present activity in the allowance for loan losses for the six-month and three-month periods ended June 30, 2017 and June 30, 2016 and the outstanding loan balance by portfolio segment as of June 30, 2017 and December 31, 2016 and are based on impairment methods as of June 30, 2017, June 30, 2016 and December 31, 2016. The balances for “recorded investment” in the following tables related to credit quality do not include approximately $712, $807 and $898 in accrued interest receivable at June 30, 2017, June 30, 2016 and December 31, 2016, respectively. Accrued interest receivable is a component of the Company’s recorded investment in loans. Real Estate Construction 1-4 Family Residential Commercial Real Estate Other Real Estate Secured Loans Commercial, Financial and Agricultural Consumer Other Loans Unallocated Total Six months ended June 30, 2017 Activity in the allowance for loan losses: Beginning balance $ 861 $ 1,809 $ 607 $ 5 $ 460 $ 15 $ — $ — $ 3,757 Charge-offs (2 ) (78 ) — — (3 ) — (52 ) — (135 ) Recoveries — 9 6 — 2 7 7 — 31 Provision/(reversal of provision) (81 ) 72 39 7 (61 ) (7 ) 45 41 55 Total ending allowance balance $ 778 $ 1,812 $ 652 $ 12 $ 398 $ 15 $ — $ 41 $ 3,708 Six months ended June 30, 2016 Activity in the allowance for loan losses: Beginning balance $ 873 $ 1,679 $ 720 $ 12 $ 588 $ 17 $ — $ 386 $ 4,275 Charge-offs — (5 ) — — — — (12 ) — (17 ) Recoveries 3 19 6 — 2 1 13 — 44 Provision/(reversal of provision) (154 ) (201 ) (85 ) (12 ) 2 (3 ) (1 ) (124 ) (578 ) Total ending allowance balance $ 722 $ 1,492 $ 641 $ — $ 592 $ 15 $ — $ 262 $ 3,724 NOTE 3 – LOANS (Continued) Real Estate Construction 1-4 Family Residential Commercial Real Estate Other Real Estate Secured Loans Commercial, Financial and Agricultural Consumer Other Loans Unallocated Total Three months ended June 30, 2017 Activity in the allowance for loan losses: Beginning balance $ 850 $ 1,847 $ 657 $ 12 $ 395 $ 15 $ — $ — $ 3,776 Charge-offs (2 ) (68 ) — — — — (45 ) — (115 ) Recoveries — 4 3 — 1 1 3 — 12 Provision/(reversal of provision) (70 ) 29 (8 ) — 2 (1 ) 42 41 35 Total ending allowance balance $ 778 $ 1,812 $ 652 $ 12 $ 398 $ 15 $ — $ 41 $ 3,708 Three months ended June 30, 2016 Activity in the allowance for loan losses: Beginning balance $ 580 $ 1,554 $ 669 $ — $ 578 $ 15 $ — $ 310 $ 3,706 Charge-offs — — — — — — (8 ) — (8 ) Recoveries 3 10 4 — 1 — 8 — 26 Provision/(reversal of provision) 139 (72 ) (32 ) — 13 — — (48 ) - Total ending allowance balance $ 722 $ 1,492 $ 641 $ — $ 592 $ 15 $ — $ 262 $ 3,724 NOTE 3 – LOANS (Continued) Real Estate Construction 1-4 Family Residential Commercial Real Estate Other Real Estate Secured Loans Commercial, Financial and Agricultural Consumer Other Loans Unallocated Total Ending allowance balance attributable to loans at June 30, 2017: Individually evaluated for impairment $ — $ 14 $ 57 $ — $ — $ — $ — $ — $ 71 Collectively evaluated for Impairment 778 1,798 595 12 398 15 — 41 3,637 Total ending allowance balance $ 778 $ 1,812 $ 652 $ 12 $ 398 $ 15 $ — $ 41 $ 3,708 Ending allowance balance attributable to loans at December Individually evaluated for impairment $ — $ 18 $ 55 $ — $ — $ — $ — $ — $ 73 Collectively evaluated for Impairment 861 1,791 552 5 460 15 — — 3,684 Total ending allowance balance $ 861 $ 1,809 $ 607 $ 5 $ 460 $ 15 $ — $ — $ 3,757 Loans at June 30, 2017: Individually evaluated for impairment $ — $ 482 $ 749 $ — $ 1,185 $ 8 $ — $ 2,424 Collectively evaluated for impairment 31,502 114,997 126,639 8,223 17,810 6,543 57 305,771 Total loans balance $ 31,502 $ 115,479 $ 127,388 $ 8,223 $ 18,995 $ 6,551 $ 57 $ 308,195 Loans at December 31, 2016: Individually evaluated for impairment $ 2 $ 554 $ 761 $ — $ 7 $ 10 $ — $ 1,334 Collectively evaluated for impairment 31,888 119,337 127,453 9,427 19,228 6,671 145 314,149 Total loans balance $ 31,890 $ 119,891 $ 128,214 $ 9,427 $ 19,235 $ 6,681 $ 145 $ 315,483 NOTE 3 – LOANS (Continued) Loans individually evaluated for impairment by class of loans as of and for the six months ended June 30, 2017: Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Average Recorded Investment Income Recognized Cash Basis Income Recognized With no related allowance recorded: Real estate construction: Other construction $ — $ — $ — $ 1 $ — $ — 1-4 family residential: Revolving, open ended 32 32 — 33 1 1 First liens 395 395 — 397 3 3 Junior liens 19 19 — 20 1 1 Commercial real estate: Farmland 115 115 — 118 4 4 Non-owner occupied 28 28 — 29 1 1 Commercial, financial and agricultural Commercial and industrial 1,187 1,185 — 792 30 31 Total with no related allowance recorded 1,776 1,774 — 1,390 40 41 With an allowance recorded: 1-4 family residential: Revolving, open ended 33 34 14 33 1 1 First liens 2 2 — 48 — — Commercial real estate: Owner occupied 606 606 57 609 9 9 Consumer 8 8 — 9 — — Total with an allocated allowance recorded 649 650 71 699 10 10 Total $ 2,425 $ 2,424 $ 71 $ 2,089 $ 50 $ 51 NOTE 3 – LOANS (Continued) Loans individually evaluated for impairment by class of loans as of and for the three months ended June 30, 2017: Average Recorded Investment Income Recognized Cash Basis Income Recognized With no related allowance recorded: Real estate construction: Other construction $ 1 $ — $ — 1-4 family residential: Revolving, open ended 33 1 1 First liens 397 1 1 Junior liens 20 — — Commercial real estate: Farmland 117 2 2 Non-owner occupied 29 — — Commercial, financial and agricultural Commercial and industrial 1,185 15 22 Total with no related allowance recorded 1,782 19 26 With an allowance recorded: 1-4 family residential: Revolving, open ended 33 — — First liens 36 — — Commercial real estate: Owner occupied 609 5 6 Consumer 9 — — Total with an allocated allowance recorded 687 5 6 Total $ 2,469 $ 24 $ 32 NOTE 3 – LOANS (Continued) Loans individually evaluated for impairment by class of loans as of and for the six months ended June 30, 2016: Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Average Recorded Investment Income Recognized Cash Basis Income Recognized With no related allowance recorded: Real estate construction: Other construction $ 4 $ 4 $ — $ 16 $ — $ — 1-4 family residential: Revolving, open ended 35 35 — 41 1 1 First liens 402 402 — 398 9 17 Junior liens 20 20 — 13 1 1 Commercial real estate: Farmland 125 125 — 111 6 6 Owner occupied 1,172 1,172 — 1,179 26 26 Non-owner occupied 31 31 — 31 1 1 Commercial, financial and agricultural Commercial and industrial 12 8 — 9 — — Consumer — — — 2 — — Total with no related allowance recorded 1,801 1,797 — 1,800 44 52 With an allowance recorded: Real estate construction: Other construction — — — 3 — — 1-4 family residential: Revolving, open ended 33 33 29 33 1 1 First liens 1,506 1,506 44 1,593 40 39 Commercial real estate: Owner occupied 3,023 3,023 97 3,055 69 85 Non-owner occupied 1,089 1,089 24 1,093 30 32 Commercial, financial and agricultural Commercial and industrial 224 224 121 224 7 11 Consumer 12 12 1 11 — — Total with an allocated allowance recorded 5,887 5,887 316 6,012 147 168 Total $ 7,688 $ 7,684 $ 316 $ 7,812 $ 191 $ 220 NOTE 3 – LOANS (Continued) Loans individually evaluated for impairment by class of loans as of and for the three months ended June 30, 2016: Average Recorded Investment Income Recognized Cash Basis Income Recognized With no related allowance recorded: Real estate construction: Other construction $ 2 $ — $ — 1-4 family residential: Revolving, open ended 34 — — First liens 406 15 15 Junior liens 20 1 1 Commercial real estate: Farmland 126 3 3 Owner occupied 1,176 12 12 Non-owner occupied 31 — — Commercial, financial and agricultural Commercial and industrial 9 — — Consumer 1 — — Total with no related allowance recorded 1,805 31 31 With an allowance recorded: Real estate construction: Other construction 2 — — 1-4 family residential: Revolving, open ended 33 — — First liens 1,536 20 21 Commercial real estate: Owner occupied 3,036 32 34 Non-owner occupied 1,092 15 15 Commercial, financial and agricultural Commercial and industrial 224 2 2 Consumer 11 — — Total with an allocated allowance recorded 5,934 69 72 Total $ 7,739 $ 100 $ 103 NOTE 3 – LOANS (Continued) Loans individually evaluated for impairment by class of loans as of and for the year ended December 31, 2016: Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Average Recorded Investment Income Recognized Cash Basis Income Recognized With no related allowance recorded: Real estate construction: Other construction $ 2 $ 2 $ — $ 11 $ — $ — 1-4 family residential: Revolving, open ended 34 34 — 38 2 2 First liens 397 397 — 398 13 21 Junior liens 20 20 — 16 1 1 Commercial real estate: Farmland 120 120 — 115 10 10 Owner occupied — — — 707 — — Non-owner occupied 30 30 — 31 2 2 Commercial, financial and agricultural: Commercial and industrial 10 7 — 8 1 1 Consumer — — — 1 — — Other Loans — — — — — — Total with no related allowance recorded 613 610 — 1,325 29 37 With an allowance recorded: Real estate construction: Other construction — — — 2 — — 1-4 family residential: Revolving, open ended 33 33 12 33 2 2 First liens 71 70 6 984 2 3 Commercial real estate: Owner occupied 611 611 56 2,079 32 46 Non-owner occupied — — — 656 — — Commercial, financial and agricultural: Commercial and industrial — — (1 ) 134 — — Consumer 10 10 — 11 1 1 Total with an allocated allowance recorded 725 724 73 3,899 37 52 Total $ 1,338 $ 1,334 $ 73 $ 5,224 $ 66 $ 89 Troubled Debt Restructurings The Company had $2,390 of loans with allocated specific reserves of $57 to customers whose loan terms have been modified in troubled debt restructurings as of June 30, 2017 compared to $1,302 of loans with allocated specific reserves of $62 at December 31, 2016. The Company lost $2 and $5 of interest income in the six months and $1 and $2 of interest income in the three months ended June 30, 2017 and 2016, respectively, that would have been recorded in interest income if the specific loans had not been restructured. Troubled debt restructurings still accruing interest totaled $1,887 and $737 at June 30, 2017 and December 31, 2016, respectively. The Bank had no commitments to lend additional funds to loans classified as troubled debt restructurings at June 30, 2017 or December 31, 2016. Modifications involving a reduction of the stated interest rate and extension of the maturity date of the loan were for periods ranging from six months to two years. NOTE 3 – LOANS (Continued) Loans classified as troubled debt restructurings are included in impaired loans. Changes in the Company’s restructured loans are set forth in the table below: Number of Loans Recorded Investment Totals at January 1, 2017 19 $ 1,302 Additional loans with concessions 2 1,178 Reductions due to: Reclassified as nonperforming — — Paid in full (1 ) (10 ) Charge-offs (2 ) (61 ) Transfer to other real estate owned — — Principal paydowns — (19 ) Lapse of concession period — — TDR reclassified as performing loan — — Totals at June 30, 2017 18 $ 2,390 The following table presents loans by class modified as troubled debt restructurings that occurred during the first six months of 2017 and 2016: Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment June 30, 2017 Commercial, financial and agricultural Commercial and industrial 2 $ 1,178 $ 1,178 Total 2 $ 1,178 $ 1,178 June 30, 2016 1-4 family residential: First liens 1 $ 26 $ 26 Total 1 $ 26 $ 26 The pre-modificaiton and post-modification recorded investment amount represents the recorded investment on the date of the loan modification. Since the modifications on this loan were an interest rate concession and payment term extension, not principal reductions, the pre-modification and post-modification recorded investment is the same. Troubled debt restructurings described in the table above had an outstanding balance of $1,178 at June 30, 2017. There was no increase for the allowance for loan losses and no specific reserve recorded during the first six months of 2017 or 2016. A loan is considered to be in payment default once it is more than 90 days contractually past due under the modified terms. There were no troubled debt restructurings for which there was a payment default within twelve months following the modification during the first six months of 2017 or 2016. NOTE 3 – LOANS (Continued) In order to determine whether a borrower is experiencing financial difficulty, an evaluation is performed of the probability that the borrower will be in payment default on any of its debt in the foreseeable future without modification. This evaluation is performed in accordance with the Company’s internal loan policy. Nonperforming loans include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans. The following table presents the recorded investment in nonaccrual loans and loans past due over 90 days still accruing by class of loans as of June 30, 2017 and December 31, 2016: June 30, 2017 December 31, 2016 Nonaccrual Loans past due over Nonaccrual Loans past due over 90 days Real estate construction: Residential construction $ 135 $ — $ 135 $ — Other construction — — 14 — 1-4 family residential: Revolving, open ended 33 — 33 — First liens 895 — 761 — Commercial real estate: Farmland — — — — Owner occupied 225 221 Non-owner occupied — — 419 — Commercial, financial and agricultural: Commercial and industrial 118 — 12 — Consumer 31 — — — Other loans — — — — Total $ 1,437 $ — $ 1,595 $ — NOTE 3 – LOANS (Continued) The following table presents the aging of the recorded investment in past due loans, including nonaccrual loans, as of June 30, 2017 and December 31, 2016 by class of loans: 30 – 59 Days Past Due 60 – 89 Days Past Due Greater than 90 Due Total Past Due Current Total June 30, 2017 Real estate construction: Residential construction $ 35 $ — $ 135 $ 170 $ 11,844 $ 12,014 Other construction — — — — 19,488 19,488 1-4 family residential: Revolving, open ended 33 — — 33 9,993 10,026 First liens 439 — 561 1,000 102,597 103,597 Junior liens 5 50 — 55 1,801 1,856 Commercial real estate: Farmland — — — — 7,091 7,091 Owner occupied — 176 225 401 64,936 65,337 Non-owner occupied — — — — 54,960 54,960 Other real estate secured loans — — — — 8,223 8,223 Commercial, financial and agricultural: Agricultural — — — — 1,479 1,479 Commercial and industrial 40 — 118 158 17,358 17,516 Consumer 18 — 17 35 6,516 6,551 Tax exempt — — — — — — Other loans — — — — 57 57 Total $ 570 $ 226 $ 1,056 $ 1,852 $ 306,343 $ 308,195 NOTE 3 – LOANS (Continued) 30 – 59 Days Past Due 60 – 89 Days Past Due Greater than 90 Days Past Due Total Past Due Loans Not Past Due Total December 31, 2016 Real estate construction: Residential construction $ 175 $ — $ — $ 175 $ 18,659 $ 18,834 Other construction — — — — 13,056 13,056 1-4 family residential: Revolving, open ended 28 — — 28 11,880 11,908 First liens 1,113 412 — 1,525 104,549 106,074 Junior liens — — — — 1,909 1,909 Commercial real estate: Farmland — — — — 6,642 6,642 Owner occupied — 177 — 177 63,136 63,313 Non-owner occupied — — — — 58,259 58,259 Other real estate secured loans — — — — 9,427 9,427 Commercial, financial and agricultural: Agricultural — — — — 1,132 1,132 Commercial and industrial — — — — 18,103 18,103 Consumer 50 10 — 60 6,621 6,681 Tax exempt — — — — — — Other loans — — — — 145 145 Total $ 1,366 $ 599 $ — $ 1,965 $ 313,518 $ 315,483 Credit Quality Indicators: The Company categorizes loans into risk categories based on relevant information about the ability of 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. The Company assigns an initial credit risk rating on every loan. All loan relationships with aggregate debt greater than $250 are reviewed at least annually or more frequently if performance of the loan or other factors warrants review. Smaller balance loans are reviewed and evaluated based on changes in loan performance, such as becoming past due or upon notifying the Bank of a change in the borrower’s financial status. This analysis is performed on a monthly basis. The Company uses the following definitions for risk ratings: Watch. Loans characterized by borrowers who have marginal cash flow, marginal profitability, or have experienced operating losses and declining financial condition. The borrower has satisfactorily handled debts with the Bank in the past, but in recent months has either been late, delinquent in making payments, or made sporadic payments. While the Bank continues to be adequately secured, the borrower’s margins have decreased or are decreasing, despite the borrower’s continued satisfactory condition. Other characteristics of borrowers in this class include inadequate credit information and weakness of financial statement and repayment capacity, but with collateral that appears to limit the Bank’s exposure. This classification includes loans to established borrowers that are reasonably margined by collateral, but where potential for improvement in financial capacity is limited. Special Mention. Loans with potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deteriorating prospects for the repayment source or in the Bank’s credit position in the future. Substandard. Loans inadequately protected by the payment capacity of the borrower or the pledged collateral. NOTE 3 – LOANS (Continued) Doubtful. Loans with the same characteristics as substandard loans with the added characteristic that the weaknesses make collection or liquidation in full highly questionable and improbable on the basis of currently existing facts, conditions, and values. These are poor quality loans in which neither the collateral nor the financial condition of the borrower presently ensure collectability in full in a reasonable period of time or evidence of permanent impairment in the collateral securing the loan. NOTE 3 – LOANS (Continued) Impaired loans are evaluated separately from other loans in the Bank’s portfolio. Credit quality information related to impaired loans was presented above and is excluded from the tables below. Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass rated loans. As of June 30, 2017 and December 31, 2016, and based on the most recent analysis performed, the risk categories of loans by class of loans are as follows: Pass Watch Special Mention Substandard Doubtful June 30, 2017 Real estate construction: Residential construction $ 11,844 $ 35 $ — $ 135 $ — Other construction 19,069 406 — 13 — 1-4 family residential: Revolving, open ended 9,922 — — 39 — First liens 95,124 7,301 — 773 — Junior liens 1,775 11 50 — — Commercial real estate: Farmland 5,859 — — 1,116 — Owner occupied 63,160 1,345 — 227 — Non-owner occupied 53,576 1,356 — — — Other real estate loans 8,223 — — — — Commercial, financial and agricultural: Agricultural 1,479 — — — — Commercial and industrial 14,845 1,370 — 118 — Consumer 6,454 66 — 23 — Other loans 57 — — — — Total $ 291,387 $ 11,890 $ 50 $ 2,444 $ — Pass Watch Special Mention Substandard Doubtful December 31, 2016 Real estate construction: Residential construction $ 18,524 $ 175 $ — $ 135 $ — Other construction 12,615 68 6 365 — 1-4 family residential: Revolving, open ended 11,642 189 — 11 — First liens 95,795 8,749 412 652 — Junior liens 1,833 57 — — — Commercial real estate: Farmland 5,401 — — 1,121 — Owner occupied 60,976 1,725 — — — Non-owner occupied 56,778 1,033 — 419 — Other real estate loans 9,427 — — — — Commercial, financial and agricultural: Agricultural 1,131 — — — — Commercial and industrial 16,396 1,309 — 390 — Consumer 6,594 64 10 2 — Other loans 145 — — — — Total $ 297,257 $ 13,369 $ 428 $ 3,095 $ — |
Income Per Share
Income Per Share | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Income Per Share | NOTE 4 - INCOME PER SHARE In accordance with ASC 260-10, Earnings Per Share Six Months Ended June 30, Three Months Ended June 30, 2017 2016 2017 2016 Basic Net income $ 1,228 $ 1,428 $ 727 $ 678 Less: Preferred stock dividends reversed — 4,265 — — Net Income available to common shareholders $ 1,228 $ 5,693 $ 727 $ 678 Weighted common shares outstanding including participating securities 5,022,421 3,295,150 5,025,146 3,297,978 Less: Participating securities (26,666 ) (39,999 ) (26,666 ) (39,999 ) Weighted average shares 4,995,755 3,255,151 4,998,480 3,257,979 Basic net income per share $ 0.25 $ 1.75 $ 0.15 $ 0.21 Diluted Net income available to common shareholders $ 1,228 $ 5,693 $ 727 $ 678 Weighted average common shares 4,995,755 3,255,151 4,998,480 3,257,979 Add: Dilutive effects of assumed exercises of stock options — — — — Average common shares and dilutive potential common shares outstanding 4,995,755 3,255,151 4,998,480 3,257,979 Diluted net income per share $ 0.25 $ 1.75 $ 0.15 $ 0.21 At June 30, 2017 and 2016, respectively, stock options for 26,550 and 40,400 shares of common stock were not considered in computing diluted net income per share for the six-month and three-month periods ended June 30, 2017 and 2016 because they were antidilutive. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 5 - INCOME TAXES The Company recorded $665 of income tax expense for the six months and $402 of income tax expense for the three months ended June 30, 2017, which is an effective tax rate of 35.13% and 35.61%, respectively. Due to economic conditions and losses recognized between 2008 and 2015, the Company established a valuation allowance against materially all of its deferred tax assets. Due to improvements in the Company’s performance and overall condition, management determined during the fourth quarter of 2015 that it is more likely than not that the Company’s deferred tax asset can be realized through current and future taxable income. The Company has approximately $44,738 in net operating losses for state tax purposes that begin to expire in 2024 and $16,878 for federal tax purposes that begin to expire in 2031 to be utilized by future earnings. |
Fair Value
Fair Value | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value | NOTE 6 - FAIR VALUE 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 value: 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. The Company used the following methods and significant assumptions to estimate the fair value of each type of financial instrument: U.S. Government Sponsored Entities and Mortgage-Backed Securities: The Company uses an independent third party to value its U.S. government sponsored entities and mortgage-backed securities, which are obligations that are not backed by the full faith and credit of the United States government and consist of Government Sponsored Entities that either issue the securities or guarantee the collection of principal and interest payments thereon. The third party’s valuation approach uses relevant information generated by recently executed transactions that have occurred in the marketplace that involve similar assets, as well as using cash flow information when necessary. These inputs are observable, either directly or indirectly in the marketplace for similar assets. The Company considers these valuations to be Level 2 pricing; however, when the securities are added to the portfolio after the third party’s system-wide market value monthly update, the valuations are considered Level 3 pricing. State and Municipal Securities: The valuation of the Company’s state and municipal securities is supported by analysis prepared by an independent third party. Their approach to determining fair value involves using recently executed transactions for similar securities and market quotations for similar securities. For these securities that are rated by the rating agencies and have recent trades, the Company considers these valuations to be Level 2 pricing. For these securities that are not rated by the rating agencies and for which trading volumes are thin, the valuations are considered Level 3 pricing. Corporate Securities: For corporate securities where quoted prices or market prices of similar securities are not available, fair values are calculated using discounted cash flows (Level 3 inputs) as determined by an independent third party. The significant unobservable inputs used in the valuation model include discount rates and yields or current spreads to the United States Department of the Treasury rates. Loans Held for Sale: Generally, the fair value of loans held for sale is based on what secondary markets are currently offering for loans with similar characteristics or based on an agreed upon sales price with third party investors and typically result in a Level 2 classification of the inputs for determining fair value. The Company has elected to carry mortgage loans held for sale at fair value on a recurring basis as permitted under the guidance in ASC 825 – Financial Instruments. Impaired Loans: The fair value of impaired loans with specific allocations of the allowance for loan losses is generally based on recent real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the 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 usually significant and typically result in a Level 3 classification of the inputs for determining fair value. NOTE 6 - FAIR VALUE (Continued) Other Real Estate Owned: Real estate acquired through foreclosure on a loan or by surrender of the real estate in lieu of foreclosure is called “OREO”. OREO is initially recorded at the fair value of the property less estimated costs to sell, which establishes a new cost basis. OREO is subsequently accounted for at the lower of cost or fair value less estimated costs to sell. Fair value is commonly based on recent real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Valuation adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are usually significant and typically result in a Level 3 classification of the inputs for determining fair value. Valuation adjustments are also required when the listing price to sell an OREO property has had to be reduced below the current carrying value. If there is a decrease in the fair value of the property from the last valuation, the decrease in value is charged to noninterest expense. All income produced from changes in fair values in, and gains and losses on, OREO is also included in noninterest expense. During the time the property is held, all related operating and maintenance costs are expensed as incurred. Appraisals for both collateral dependent impaired loans and OREO are performed by certified general appraisers, certified residential appraisers or state licensed appraisers whose qualifications and licenses are annually reviewed and verified by the Bank. Once received, either Bank personnel or an independent review appraiser reviews the assumptions and approaches utilized in the appraisal, as well as the overall resulting fair value, and determines whether the appraisal is reasonable. Appraisals for collateral dependent impaired loans and OREO are updated annually. On an annual basis, the Company compares the actual selling costs of collateral that has been liquidated to the selling price to determine what additional adjustment should be made to the appraisal value to arrive at fair value. Beginning in the third quarter of 2010 and continuing through the quarter ended June 30, 2017, the Company’s analysis indicated that a discount of 15% should be applied to properties with appraisals performed within 12 months. Mortgage Banking Derivatives: Commitments to fund mortgage loans (interest rate locks) to be sold into the secondary market are accounted for as free standing derivatives. Fair values of these mortgage derivatives are estimated based on the anticipated gain from the sale of the underlying loan. Changes in the fair values of these derivatives are included in noninterest income as gain on sale of loans. Commitments to fund mortgage loans are short-term and, therefore, the carrying value and fair value are considered immaterial for disclosure. Assets and Liabilities Measured on a Recurring Basis Fair Value Measurements at June 30, 2017 using Carrying Value Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Available for sale securities: Mortgage-backed - residential $ 69,255 $ 69,255 $ — State and municipals 1,333 1,333 — Other debt securities 2,138 2,138 — Total available for sale securities 72,726 72,726 — Loans held for sale 84 84 — NOTE 6 - FAIR VALUE (Continued) Fair Value Measurements at December 31, 2016 using Carrying Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Available for sale securities: Mortgage-backed - residential $ 67,899 $ 67,899 $ — State and municipals 1,308 1,308 — Total available for sale securities 69,207 69,207 — Loans held for sale 561 561 — There were no transfers among fair value pricing levels during the six months and three months ended June 30, 2017 and 2016. The following table summarizes the differences between the fair value and the principal balance for loans held for sale measured at fair value as of June 30, 2017 and December 31, 2016: June 30, 2017 December 31, 2016 Aggregate Fair Value Aggregate Unpaid Principal Balance Difference Aggregate Fair Value Aggregate Unpaid Principal Balance Difference Loans held for sale, in secondary market $ 84 $ 83 $ 1 $ 561 $ 547 $ 14 The table below presents a reconciliation and income statement classification of gains and losses for all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the six-month and three-month periods ended June 30, 2017 and 2016: Fair (Level 3) State and County Municipal Securities Six Months Ended June 30, Three Months Ended June 30, 2017 2016 2017 2016 Beginning balance $ — $ 101 $ — $ 100 Securities sold $ (100 ) $ (100 ) Change in fair value — (1 ) — — Ending balance $ — $ — $ — $ — NOTE 6 - FAIR VALUE (Continued) Assets and Liabilities Measured on a Non-Recurring Basis Assets and liabilities measured at fair value on a non-recurring basis are summarized below: June 30, 2017 Carrying Value Fair using other significant unobservable inputs (Level 3) Assets: Impaired loans: 1-4 family residential $ 19 $ 19 Commercial real estate 206 206 Commercial, financial and agricultural 6 6 Total impaired loans 231 231 Other real estate owned: Construction and development 2,220 2,220 1-4 family residential 254 254 Non-farm, non-residential 314 314 Total other real estate owned 2,788 2,788 December 31, 2016 Carrying Fair Value Measurements using other significant unobservable inputs (Level 3) Assets: Impaired loans: 1-4 family residential $ 21 $ 21 Commercial real estate 206 206 Total impaired loans 227 227 Other real estate owned: Construction and development 2,839 2,839 1-4 family residential 149 149 Non-farm, non-residential 1,709 1,709 Total other real estate owned 4,697 4,697 Impaired loans, with specific allocations or partial charge offs based on the fair value of the underlying collateral for collateral dependent loans, had a recorded investment of $265 at June 30, 2017, with a valuation allowance of $34, resulting in an immaterial impact on the allowance for loan losses for the six-month period ended June 30, 2017, while no additional provision was recorded in the first six months of 2017 on impaired loans. Impaired loans, with specific allocations or partial charge offs based on the fair value of the underlying collateral for collateral dependent loans, had a recorded investment of $254, with a valuation allowance of $27, resulting in an immaterial impact on the allowance for the loan losses for the year ended December 31, 2016. Other real estate owned, measured at the lower of carrying or fair value less costs to sell, had a net carrying amount of $2,788, which is made up of the outstanding balance of $3,699, net of a valuation allowance of $911 at June 30, 2017, resulting in no writedowns charged to expense in the six months ended June 30, 2017, compared to no write-down charged to expense in the six months ended June 30, 2016. Net carrying amount was $4,697 at December 31, 2016, which was made up of the outstanding balance of $6,086, net of a valuation allowance of $1,389. NOTE 6 - FAIR VALUE (Continued) The following table presents quantitative information about Level 3 fair value measurements for financial instruments at fair value on a non-recurring basis at June 30, 2017: Fair Value Valuation Technique(s) Unobservable Input(s) Range (Weighted Average) (1) Impaired Loans: 1-4 family residential $ 19 Sales comparison approach Adjustment for differences between comparable sales (0.0%) - (0.0%) (0.0%) Commercial real estate $ 206 Sales comparison approach Adjustment for differences between comparable sales (0.0%) - (8.0%) (8.0%) Commercial, financial and agricultural $ 6 Sales comparison approach Adjustment for differences between comparable sales (0.0%) - (0.0%) (0.0%) Other real estate owned: Construction and development $ 2,220 Sales comparison approach Adjustment for differences between comparable sales (0.0%) - (0.0%) (0.0%) 1-4 family residential $ 254 Sales comparison approach Adjustment for differences between comparable sales (0.0%) - (8.25%) (0.4%) Non-farm, non-residential $ 314 Sales comparison approach Adjustment for differences between comparable sales (0.0%) - (0.0%) (0.0%) (1) The range presented in the table reflects the discounts applied by the independent appraiser in arriving at their conclusion of market value. Management applies an additional 15% discount to the appraiser’s conclusion of market value to arrive at fair value. Carrying amount and estimated fair values of significant financial instruments at June 30, 2017 and December 31, 2016 were as follows: June 30, 2017 Carrying Amount Total Level 1 Level 2 Level 3 Financial assets Cash and cash equivalents $ 39,161 $ 39,161 $ 39,161 $ — $ — Time deposits in other financial institutions 23,558 23,541 — 23,541 — Securities available for sale 72,726 72,726 — 72,726 — Loans, net of allowance 304,487 291,239 — — 291,239 Restricted equity securities 1,727 NA NA NA NA Financial liabilities Deposits with stated maturities 188,313 189,234 — 189,234 — Deposits without stated maturities 237,965 237,965 237,965 — — Subordinated debentures 13,000 13,000 — — 13,000 NOTE 6 - FAIR VALUE (Continued) December 31, 2016 Carrying Amount Total Level Level 2 Level 3 Financial assets Cash and cash equivalents $ 24,934 $ 24,934 $ 24,934 $ — $ — Time deposits in other financial institutions 24,797 24,784 — 24,784 — Securities available for sale 69,207 69,207 — 69,207 — Loans held for sale 561 561 — 561 — Loans, net of allowance 311,726 299,359 — — 299,359 Restricted equity securities 1,727 NA NA NA NA Financial liabilities Deposits with stated maturities 198,770 199,672 — 199,672 — Deposits without stated maturities 224,637 224,637 224,637 — — Subordinated debentures 13,000 13,000 — — 13,000 Carrying amount is the estimated fair value for cash and cash equivalents, demand deposits, short-term debt, and variable rate loans or deposits that reprice frequently and fully resulting in a Level 1 classification. The method for determining fair values of securities was discussed elsewhere in this footnote. Restricted equity securities do not have readily determinable fair values due to their restrictions on transferability, therefore cost basis is appropriate fair value. For fixed rate loans and variable rate loans with infrequent repricing or repricing limits, fair value is based on discounted cash flows using current market rates applied to the estimated life and credit risk resulting in a Level 3 classification. For fixed and variable rate deposits with infrequent repricing or repricing limits, fair value is based on discounted cash flows using current market rates applied to the estimated life and credit risk resulting in a Level 2 classification. Fair value for impaired loans is estimated using discounted cash flow analysis or underlying collateral values resulting in a Level 3 classification. Fair value of loans held for sale is based on market quotes resulting in a Level 2 classification. Fair value of subordinated debentures is based on discounted cash flows using current rates for similar financing resulting in a Level 3 classification. The fair value of off-balance-sheet items is not considered material. |
Regulatory Matters
Regulatory Matters | 6 Months Ended |
Jun. 30, 2017 | |
Banking And Thrift [Abstract] | |
Regulatory Matters | NOTE 7 – REGULATORY MATTERS Bank holding companies with total consolidated assets in excess of $1 billion (or with a material amount of debt or equity securities registered with the SEC regardless of asset size) and banks are subject to regulatory capital requirements administered by state and 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 minimum capital requirements can initiate regulatory actions that could have a direct material effect on the financial statements. Prompt corrective action regulations classify banks into one of five capital categories depending on how well they meet their minimum capital requirements. Although these terms are not used to represent the overall financial condition of a bank, the classifications are: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized. If adequately capitalized or worse, or subject to a written agreement, consent order, or cease and desist order requiring higher minimum capital levels, regulatory approval would be required for the Bank to accept, renew or rollover brokered deposits. If a bank is classified as undercapitalized or worse, its capital distributions are restricted, as is its asset growth and expansion, and capital restoration plans are required. At June 30, 2017, the Bank’s capital ratios were above those levels necessary to be considered “well capitalized” under the regulatory framework for prompt corrective action. NOTE 7 – REGULATORY MATTERS (Continued) The Company’s principal source of funds for dividend and/or interest payments is dividends received from the Bank. Banking regulations limit the amount of dividends that may be paid without prior approval of regulatory agencies. Under these regulations, the amount of dividends that may be paid by the Bank in any calendar year is limited to the current year’s net income, combined with the retained net income of the preceding two years, subject to the capital requirements described above. The Company’s and the Bank’s capital amounts and ratios at June 30, 2017 and December 31, 2016, were as follows: Actual For Capital Adequacy Purposes To Be Well Capitalized Under Applicable Regulatory Provisions Amount Ratio Amount Ratio Amount Ratio June 30, 2017 Total Capital to risk weighted assets Community First Bank & Trust $ 46,875 14.39 % $ 26,057 8.00 % $ 32,572 10.00 % Consolidated 50,996 15.56 % 26,224 8.00 % 32,780 10.00 % Common Equity Tier 1 Capital to risk weighted assets Community First Bank & Trust $ 43,167 13.25 % $ 14,657 4.50 % $ 21,172 6.50 % Consolidated N/A N/A N/A N/A N/A N/A Tier 1 Capital to risk weighted assets Community First Bank & Trust $ 43,167 13.25 % $ 19,543 6.00 % $ 26,057 8.00 % Consolidated 30,761 9.38 % 13,112 4.00 % 19,668 6.00 % Tier 1 Capital to average assets Community First Bank & Trust $ 43,167 9.15 % $ 18,866 4.00 % $ 23,583 5.00 % Consolidated 30,761 6.50 % 18,935 4.00 % N/A N/A December 31, 2016 Total Capital to risk weighted assets Community First Bank & Trust $ 45,424 13.79 % $ 26,359 8.00 % $ 32,948 10.00 % Consolidated 48,266 14.52 % 26,593 8.00 % 33,241 10.00 % Common Equity Tier 1 Capital to risk weighted assets Community First Bank & Trust $ 41,667 12.65 % $ 14,827 4.50 % $ 21,416 6.00 % Consolidated N/A N/A N/A N/A N/A N/A Tier 1 Capital to risk weighted assets Community First Bank & Trust $ 41,667 12.65 % $ 19,769 6.00 % $ 26,359 8.00 % Consolidated 27,680 8.33 % 13,296 4.00 % 19,945 6.00 % Tier 1 Capital to average assets Community First Bank & Trust $ 41,667 8.91 % $ 18,704 4.00 % $ 23,380 5.00 % Consolidated 27,680 5.90 % 18,779 4.00 % N/A N/A NOTE 7 – REGULATORY MATTERS (Continued) In July 2013, the Federal banking regulators, in response to the statutory requirements of The Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”), adopted new regulations implementing the Basel Capital Adequacy Accord (“Basel III”) and the related minimum capital ratios. These capital requirements, which were effective January 1, 2015 and apply to bank holding companies with total assets in excess of $1,000,000 (or that have a material amount of debt and equity securities registered with the SEC regardless of asset size) and to banks, include a new “Common Equity Tier 1 Ratio”, which has stricter rules as to what qualifies as Common Equity Tier 1 Capital. A summary of the changes to the regulatory capital ratios are as follows: Guideline in Effect At December 31, 2014 Basel III Requirements Adequately Capitalized Well Capitalized Adequately Capitalized Well Capitalized Common Equity Tier 1 Ratio (Common Equity to Risk Weighted Assets) No t Not Applicable 4.5 % 6.5 % Tier 1 Capital to Risk Weighted Assets 4 % 6 % 6 % 8 % Total Capital to Risk Weighted Assets 8 % 10 % 8 % 10 % Tier 1 Leverage Ratio 4 % 5 % 4 % 5 % The guidelines under Basel III also establish a 2.5% capital conservation buffer requirement that is phased in over three years beginning January 1, 2016. The buffer is related to risk weighted assets. The Basel III minimum requirements for capital adequacy after giving effect to the buffer are as follows: 2016 2017 2018 2019 Common Equity Tier 1 Ratio 5.125 % 5.75 % 6.375 % 7.0 % Tier 1 Capital to Risk-Weighted Assets Ratio 6.625 % 7.25 % 7.875 % 8.5 % Total Capital to Risk-Weighted Assets Ratio 8.625 % 9.25 % 9.875 % 10.5 % In order to avoid limitations on capital distributions such as dividends and certain discretionary bonus payments to executive officers, a banking organization must maintain capital ratios above the minimum ratios including the buffer. The requirements of Basel III also place additional restrictions on the inclusion of deferred tax assets and capitalized mortgage servicing rights as a percentage of Tier 1 Capital. In addition, the risk weights assigned to certain assets such as past due loans and certain real estate loans have been increased. The requirements of Basel III allowed banks and bank holding companies with less than $250 billion in assets a one-time opportunity to opt-out of a requirement to include unrealized gains and losses in accumulated other comprehensive income in their capital calculation. The Company and the Bank have opted out of this requirement. |
Preferred Stock Restructure
Preferred Stock Restructure | 6 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
Preferred Stock Restructure | NOTE 8 – PREFERRED STOCK RESTRUCTURE On February 25, 2016 holders of the Company’s Series A Preferred Stock and the Company’s common stock, no par value per share (the “Common Stock”), approved amendments to the Company’s charter (the “Charter Amendments”) to modify the terms of the Company’s Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A (the “Series A Preferred Stock”) to, among other things, (i) cancel the amount of undeclared dividends in respect of the Series A Preferred Stock; (ii) reduce the liquidation preference on the Series A Preferred Stock to $650 per share plus the amount of any declared and unpaid dividends, without accumulation of any undeclared dividends; (iii) reduce the dividend rate payable on the Series A Preferred Stock from 9% per annum to 5% per annum; (iv) change the designation of the Series A Preferred Stock from “Cumulative” to “Non-Cumulative” and change the rights of the holders of the Series A Preferred Stock such that dividends or distributions on the Series A Preferred Stock will not accumulate unless declared by the Company’s board of directors and subsequently not paid; and (v) eliminate the restrictions on the Company’s ability to pay dividends or make distributions on, or repurchase, shares of its Common Stock or other junior stock or stock ranking in parity with the Series A Preferred Stock prior to paying accumulated but undeclared dividends or distributions on the Series A Preferred Stock. The Charter Amendments were effective on February 26, 2016. As a result of the Charter Amendments in the first quarter of 2016, the Company reversed $4,386 of accrued dividends on the Series A Preferred Stock that reduced the Company’s accumulated deficit by the same amount and $4,167 of face value that increased the Company’s additional paid-in capital, which is included in Common Stock, by the same amount. On April 26, 2016, the Company entered into a Preferred Stock Conversion Agreement (the “Conversion Agreement”) that provided for the conversion of all of the issued and outstanding shares of the Company’s Series A Preferred Stock, having a liquidation preference of $650 per share, into shares of the Company’s Common Stock. Pursuant to the Conversion Agreement, each holder of shares of the Series A Preferred Stock, including the Company’s directors and executive officers that owned such shares, had each share of his or her Series A Preferred Stock converted into 136.84 shares of Common Stock (the “Conversion Shares”) as of June 30, 2016, representing an effective conversion price for each share of Common Stock of $4.75. Under the terms of the Conversion Agreement, the Company issued an aggregate of 1,629,097 shares of Common Stock to the holders of the Series A Preferred Stock. The issuance of the Conversion Shares was approved by the Company’s board of directors and separately by the members of the board of directors that did not own any shares of the Series A Preferred Stock. On September 27, 2016, the Company completed the issuance of 40,528 shares of its Common Stock in connection with a rights offering resulting in aggregate gross proceeds to the Company of approximately $193. The Company used the net proceeds from the offering for general corporate purposes. |
Organization and Basis of Pre17
Organization and Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Allowance for Loan Losses | Allowance for Loan Losses The allowance consists of specific and general components. The specific component relates to loans that are individually classified as impaired. A loan is identified as impaired when, based on current information and events, it is probable that the scheduled payments of principal or interest will not be collected when due according to the contractual terms of the loan agreement. However, some loans are considered impaired because of doubt regarding collectability of interest and principal according to the contractual terms, even though such loans are both fully secured by collateral and current in their interest and principal payments. Additionally, loans are considered troubled debt restructurings and classified as impaired if their terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties. NOTE 1 – ORGANIZATION AND BASIS OF PRESENTATION (Continued) Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not 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. All loans over $250 that are unlikely to be collected under existing terms are individually evaluated for impairment. If a loan is impaired, a portion of the allowance is allocated so that the loan is reported net, at the present value of estimated future cash flows using the loan’s existing rate or at the fair value of collateral if repayment is expected solely from the collateral. Large groups of smaller balance homogeneous loans, such as consumer and residential real estate loans, are collectively evaluated for impairment, and accordingly, they are not separately identified for impairment disclosures. Troubled debt restructurings are separately identified for impairment disclosures and are measured at the present value of estimated future cash flows using the loan’s effective rate at inception. If a troubled debt restructuring is considered to be a collateral dependent loan, the loan is reported, net, at the fair value of the collateral. For troubled debt restructurings that subsequently default, the Company determines the amount of reserve in accordance with the accounting policy for the allowance for loan losses. The general component of the allowance covers loans collectively evaluated for impairment and is based on historical loss experience adjusted for current factors. The historical loss experience is determined by portfolio segment and is based on the actual loss history experienced by the Company over the most recent four years. This actual loss experience is supplemented with other economic factors based on the risks present for each portfolio segment. These economic factors include, but are not limited to, consideration of the following: levels of and trends in delinquencies and impaired loans; levels of and trends in charge-offs and recoveries; trends in volume and terms of loans; effects of any changes in risk selection and underwriting standards; other changes in lending policies, procedures, and practices; experience, ability, and depth of lending management and other relevant staff; national and local economic trends and conditions; industry conditions; and effects of changes in credit concentrations. The following loan portfolio segments have been identified with a discussion of the risk characteristics of these portfolio segments: Real Estate Construction loans consist of loans made for both residential and commercial construction and land development. Residential real estate construction loans are loans secured by real estate to build 1-4 family dwellings. These are loans made to borrowers obtaining loans in their personal name for the personal construction of their own dwellings or loans to builders for the purpose of constructing homes for resale. These loans to builders can be for speculative homes for which there is no specific homeowner for which the home is being built, as well as loans to builders that have a pre-sale contract to another party. Commercial Construction loans are loans extended to borrowers secured by and to build commercial structures such as churches, retail strip centers, industrial warehouses or office buildings. Land development loans are granted to commercial borrowers to finance the improvement of real estate by adding infrastructure so that ensuing construction can take place. Construction and land development loans are generally short term in maturity to match the expected completion of a particular project. These loan types are generally more vulnerable to changes in economic conditions in that they project there will be a demand for the product. They require monitoring to ensure the project is progressing in a timely manner within the expected budgeted amount. This monitoring is accomplished via periodic physical inspections by an outside third party. 1-4 Family Residential loans consist of both open end and closed end loans secured by first or junior liens on 1-4 family improved residential dwellings. Open end loans are home equity lines of credit that allow the borrower to use equity in the real estate to borrow and repay as the need arises. First and junior lien residential real estate loans are closed end loans with a specific maturity that generally does not exceed seven years. Economic conditions can affect the borrower’s ability to repay the loans, and the value of the real estate securing the loans can change over the life of the loan. Commercial Real Estate loans consist of loans secured by farmland or by improved commercial property. Farmland includes all land known to be used or usable for agricultural purposes, such as crop and livestock production, grazing, or pasture land. Improved commercial property can be owner occupied or non-owner occupied property secured by commercial structures such as churches, retail strip centers, hotels, industrial warehouses or office buildings. The repayment of these loans tends to depend upon the operation and management of a business or lease income from a business, and therefore adverse economic conditions can affect the borrower’s ability to repay. NOTE 1 – ORGANIZATION AND BASIS OF PRESENTATION (Continued) Other Real Estate Secured loans consist of loans secured by five or more multi-family dwelling units. These loans are typically exemplified by apartment buildings or complexes. The ability to manage and rent units affects the income that usually provides repayment for this type of loan. Commercial, Financial, and Agricultural loans consist of loans extended for the operation of a business or a farm. They are not secured by real estate. Commercial loans are used to provide working capital, acquire inventory, finance the carrying of receivables, purchase equipment or vehicles, or purchase other capital assets. Agricultural loans are typically for purposes such as planting crops, acquiring livestock, or purchasing farm equipment. The repayment of these loans comes from the cash flow of a business or farm and is generated by sales of inventory or providing of services. The collateral tends to depreciate over time and is difficult to monitor. Frequent statements are required from the borrower pertaining to inventory levels or receivables aging. Consumer loans consist largely of loans extended to individuals for purposes such as to purchase a vehicle or other consumer goods. These loans are not secured by real estate but are frequently collateralized by the consumer items being acquired with the loan proceeds. This type of collateral tends to depreciate, and therefore the term of the loan is tailored to fit the expected value of the collateral as it depreciates, along with specific underwriting policies and guidelines. Tax Exempt loans consist of loans that are extended to entities such as municipalities. These loans tend to be dependent on the ability of the borrowing entity to continue to collect taxes to repay the indebtedness. Other loans consist of those loans which are not elsewhere classified in these categories and are not secured by real estate. |
Impact of Recently-Issued Accounting Standards Updates | Impact of Recently-Issued Accounting Standards Updates: In August 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments ("ASU 2016-15"). ASU 2016-15 is intended to reduce the diversity in practice in how certain cash receipts and cash payments are presented and classified in the Statement of Cash Flows, including (1) debt prepayment or debt extinguishment costs, (2) settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing, (3) contingent consideration payments made after a business combination, (4) proceeds from the settlement of insurance claims, (5) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, (6) distributions received from equity method investees, (7) beneficial interests in securitization transactions and (8) separately identifiable cash flows and application of the predominance principle. For public companies, this amendment becomes effective for interim and annual periods beginning after December 15, 2017. The ASU impacts the presentation of specific items within the Statement of Cash Flows and is not expected to have a material impact to the Company. On June 16, 2016, FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). The update will significantly change the way entities recognize impairment on many financial assets by requiring immediate recognition of estimated credit losses expected to occur over the asset's remaining life. FASB describes this impairment recognition model as the current expected credit loss (“CECL”) model and believes the CECL model will result in more timely recognition of credit losses since the CECL model incorporates expected credit losses versus incurred credit losses. The scope of FASB’s CECL model would include loans, held-to-maturity debt instruments, lease receivables, loan commitments and financial guarantees that are not accounted for at fair value. For public companies, this update becomes effective for interim and annual periods beginning after December 15, 2019. Management is currently evaluating the impact this ASU will have on the Company’s consolidated financial statements and will continue to monitor FASB’s progress on this topic. NOTE 1 – ORGANIZATION AND BASIS OF PRESENTATION (Continued) In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”). ASU 2016-09 is intended to reduce complexity in accounting standards by simplifying several aspects of the accounting for share-based payment transactions, including (1) accounting for income taxes; (2) classification of excess tax benefits on the statement of cash flows; (3) forfeitures; (4) minimum statutory tax withholding requirements; and (5) classification of employee taxes paid on the statement of cash flows when an employer withholds shares for tax withholding purposes. The amendments of ASU 2016-09 are effective for interim and annual periods beginning after December 15, 2016. Adoption of ASU 2016-09 did not have a material impact on the Company’s consolidated financial statements for the quarterly period ended June 30, 2017. In February 2016, FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”). ASU 2016-02 amends the accounting model and disclosure requirements for leases. The current accounting model for leases distinguishes between capital leases, which are recognized on-balance sheet, and operating leases, which are not. Under the new standard, the lease classifications are defined as finance leases, which are similar to capital leases under current GAAP, and operating leases. Further, a lessee will recognize a lease liability and a right-of-use asset for all leases with a term greater than 12 months on its balance sheet regardless of the lease’s classification, which may significantly increase reported assets and liabilities. The accounting model and disclosure requirements for lessors remains substantially unchanged from current GAAP. ASU 2016-02 is effective for annual and interim periods in fiscal years beginning after December 15, 2018. Management is currently evaluating the impact ASU 2016-02 will have on the Company's financial position and results of operations as well as its consolidated financial statements. |
Securities Available for Sale (
Securities Available for Sale (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Investments Debt And Equity Securities [Abstract] | |
Amortized Cost and Fair Value of Available for Sale Securities Portfolio | The following table summarizes the amortized cost and fair value of the available for sale securities portfolio at June 30, 2017 and December 31, 2016 and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss), net of applicable income taxes: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value June 30, 2017 Mortgage-backed - residential $ 69,796 $ 116 $ (657 ) $ 69,255 State and municipal 1,308 25 — 1,333 Other debt securities 2,129 9 — 2,138 Total $ 73,233 $ 150 $ (657 ) $ 72,726 December 31, 2016 Mortgage-backed - residential $ 69,938 $ 21 $ (2,060 ) $ 67,899 State and municipal 1,309 3 (4 ) 1,308 Total $ 71,247 $ 24 $ (2,064 ) $ 69,207 |
Proceeds from Sales of Securities and Associated Gains and Losses | The proceeds from sales of securities and the associated gains and losses are listed below: Six Months Ended June 30, Three Months Ended June 30, 2017 2016 2017 2016 Proceeds $ — $ 46,476 $ — $ 31,762 Gross gains — 237 — 190 Gross losses — (31 ) — (21 ) |
Amortized Cost and Fair Value of Securities Portfolio by Contractual Maturity | The amortized cost and fair value of the securities portfolio are shown by contractual maturity. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Mortgage backed securities are presented separately due to varying maturity dates as a result of prepayments. June 30, 2017 Amortized Cost Fair Value Due in one year or less $ 101 $ 103 Due after one through five years 403 410 Due after five through ten years 2,933 2,958 Mortgage backed - residential 69,796 69,255 Total $ 73,233 $ 72,726 |
Securities with Unrealized Losses | The following table summarizes securities with unrealized losses at June 30, 2017 and December 31, 2016 aggregated by major security type and length of time in a continuous unrealized loss position: June 30, 2017 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Description of Securities Value Loss Value Loss Value Loss Mortgage-backed - residential $ 33,278 $ (632 ) $ 1,106 $ (25 ) $ 34,384 $ (657 ) Total temporarily impaired $ 33,278 $ (632 ) $ 1,106 $ (25 ) $ 34,384 $ (657 ) December 31, 2016 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Description of Securities Value Loss Value Loss Value Loss Mortgage-backed - residential $ 67,475 $ (2,060 ) $ — $ — $ 67,475 $ (2,060 ) State and municipals 1,079 (4 ) — — 1,079 (4 ) Total temporarily impaired $ 68,554 $ (2,064 ) $ — $ — $ 68,554 $ (2,064 ) |
Loans (Tables)
Loans (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Receivables [Abstract] | |
Loans Outstanding by Category | Loans outstanding by category at June 30, 2017 and December 31, 2016 were as follows: June 30, 2017 December 31, 2016 Real estate construction: Residential construction $ 12,014 $ 18,834 Other construction 19,488 13,056 1-4 family residential: Revolving, open ended 10,026 11,908 First liens 103,597 106,074 Junior liens 1,856 1,909 Commercial real estate: Farmland 7,091 6,642 Owner occupied 65,337 63,313 Non-owner occupied 54,960 58,259 Other real estate secured loans 8,223 9,427 Commercial, financial and agricultural: Agricultural 1,479 1,132 Commercial and industrial 17,516 18,103 Consumer 6,551 6,681 Other 57 145 $ 308,195 $ 315,483 |
Allowance for Loan Losses and Outstanding Loan Balance by Portfolio Segment | The following tables present activity in the allowance for loan losses for the six-month and three-month periods ended June 30, 2017 and June 30, 2016 and the outstanding loan balance by portfolio segment as of June 30, 2017 and December 31, 2016 and are based on impairment methods as of June 30, 2017, June 30, 2016 and December 31, 2016. Real Estate Construction 1-4 Family Residential Commercial Real Estate Other Real Estate Secured Loans Commercial, Financial and Agricultural Consumer Other Loans Unallocated Total Six months ended June 30, 2017 Activity in the allowance for loan losses: Beginning balance $ 861 $ 1,809 $ 607 $ 5 $ 460 $ 15 $ — $ — $ 3,757 Charge-offs (2 ) (78 ) — — (3 ) — (52 ) — (135 ) Recoveries — 9 6 — 2 7 7 — 31 Provision/(reversal of provision) (81 ) 72 39 7 (61 ) (7 ) 45 41 55 Total ending allowance balance $ 778 $ 1,812 $ 652 $ 12 $ 398 $ 15 $ — $ 41 $ 3,708 Six months ended June 30, 2016 Activity in the allowance for loan losses: Beginning balance $ 873 $ 1,679 $ 720 $ 12 $ 588 $ 17 $ — $ 386 $ 4,275 Charge-offs — (5 ) — — — — (12 ) — (17 ) Recoveries 3 19 6 — 2 1 13 — 44 Provision/(reversal of provision) (154 ) (201 ) (85 ) (12 ) 2 (3 ) (1 ) (124 ) (578 ) Total ending allowance balance $ 722 $ 1,492 $ 641 $ — $ 592 $ 15 $ — $ 262 $ 3,724 NOTE 3 – LOANS (Continued) Real Estate Construction 1-4 Family Residential Commercial Real Estate Other Real Estate Secured Loans Commercial, Financial and Agricultural Consumer Other Loans Unallocated Total Three months ended June 30, 2017 Activity in the allowance for loan losses: Beginning balance $ 850 $ 1,847 $ 657 $ 12 $ 395 $ 15 $ — $ — $ 3,776 Charge-offs (2 ) (68 ) — — — — (45 ) — (115 ) Recoveries — 4 3 — 1 1 3 — 12 Provision/(reversal of provision) (70 ) 29 (8 ) — 2 (1 ) 42 41 35 Total ending allowance balance $ 778 $ 1,812 $ 652 $ 12 $ 398 $ 15 $ — $ 41 $ 3,708 Three months ended June 30, 2016 Activity in the allowance for loan losses: Beginning balance $ 580 $ 1,554 $ 669 $ — $ 578 $ 15 $ — $ 310 $ 3,706 Charge-offs — — — — — — (8 ) — (8 ) Recoveries 3 10 4 — 1 — 8 — 26 Provision/(reversal of provision) 139 (72 ) (32 ) — 13 — — (48 ) - Total ending allowance balance $ 722 $ 1,492 $ 641 $ — $ 592 $ 15 $ — $ 262 $ 3,724 NOTE 3 – LOANS (Continued) Real Estate Construction 1-4 Family Residential Commercial Real Estate Other Real Estate Secured Loans Commercial, Financial and Agricultural Consumer Other Loans Unallocated Total Ending allowance balance attributable to loans at June 30, 2017: Individually evaluated for impairment $ — $ 14 $ 57 $ — $ — $ — $ — $ — $ 71 Collectively evaluated for Impairment 778 1,798 595 12 398 15 — 41 3,637 Total ending allowance balance $ 778 $ 1,812 $ 652 $ 12 $ 398 $ 15 $ — $ 41 $ 3,708 Ending allowance balance attributable to loans at December Individually evaluated for impairment $ — $ 18 $ 55 $ — $ — $ — $ — $ — $ 73 Collectively evaluated for Impairment 861 1,791 552 5 460 15 — — 3,684 Total ending allowance balance $ 861 $ 1,809 $ 607 $ 5 $ 460 $ 15 $ — $ — $ 3,757 Loans at June 30, 2017: Individually evaluated for impairment $ — $ 482 $ 749 $ — $ 1,185 $ 8 $ — $ 2,424 Collectively evaluated for impairment 31,502 114,997 126,639 8,223 17,810 6,543 57 305,771 Total loans balance $ 31,502 $ 115,479 $ 127,388 $ 8,223 $ 18,995 $ 6,551 $ 57 $ 308,195 Loans at December 31, 2016: Individually evaluated for impairment $ 2 $ 554 $ 761 $ — $ 7 $ 10 $ — $ 1,334 Collectively evaluated for impairment 31,888 119,337 127,453 9,427 19,228 6,671 145 314,149 Total loans balance $ 31,890 $ 119,891 $ 128,214 $ 9,427 $ 19,235 $ 6,681 $ 145 $ 315,483 |
Loans Individually Evaluated for Impairment | Loans individually evaluated for impairment by class of loans as of and for the six months ended June 30, 2017: Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Average Recorded Investment Income Recognized Cash Basis Income Recognized With no related allowance recorded: Real estate construction: Other construction $ — $ — $ — $ 1 $ — $ — 1-4 family residential: Revolving, open ended 32 32 — 33 1 1 First liens 395 395 — 397 3 3 Junior liens 19 19 — 20 1 1 Commercial real estate: Farmland 115 115 — 118 4 4 Non-owner occupied 28 28 — 29 1 1 Commercial, financial and agricultural Commercial and industrial 1,187 1,185 — 792 30 31 Total with no related allowance recorded 1,776 1,774 — 1,390 40 41 With an allowance recorded: 1-4 family residential: Revolving, open ended 33 34 14 33 1 1 First liens 2 2 — 48 — — Commercial real estate: Owner occupied 606 606 57 609 9 9 Consumer 8 8 — 9 — — Total with an allocated allowance recorded 649 650 71 699 10 10 Total $ 2,425 $ 2,424 $ 71 $ 2,089 $ 50 $ 51 NOTE 3 – LOANS (Continued) Loans individually evaluated for impairment by class of loans as of and for the three months ended June 30, 2017: Average Recorded Investment Income Recognized Cash Basis Income Recognized With no related allowance recorded: Real estate construction: Other construction $ 1 $ — $ — 1-4 family residential: Revolving, open ended 33 1 1 First liens 397 1 1 Junior liens 20 — — Commercial real estate: Farmland 117 2 2 Non-owner occupied 29 — — Commercial, financial and agricultural Commercial and industrial 1,185 15 22 Total with no related allowance recorded 1,782 19 26 With an allowance recorded: 1-4 family residential: Revolving, open ended 33 — — First liens 36 — — Commercial real estate: Owner occupied 609 5 6 Consumer 9 — — Total with an allocated allowance recorded 687 5 6 Total $ 2,469 $ 24 $ 32 NOTE 3 – LOANS (Continued) Loans individually evaluated for impairment by class of loans as of and for the six months ended June 30, 2016: Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Average Recorded Investment Income Recognized Cash Basis Income Recognized With no related allowance recorded: Real estate construction: Other construction $ 4 $ 4 $ — $ 16 $ — $ — 1-4 family residential: Revolving, open ended 35 35 — 41 1 1 First liens 402 402 — 398 9 17 Junior liens 20 20 — 13 1 1 Commercial real estate: Farmland 125 125 — 111 6 6 Owner occupied 1,172 1,172 — 1,179 26 26 Non-owner occupied 31 31 — 31 1 1 Commercial, financial and agricultural Commercial and industrial 12 8 — 9 — — Consumer — — — 2 — — Total with no related allowance recorded 1,801 1,797 — 1,800 44 52 With an allowance recorded: Real estate construction: Other construction — — — 3 — — 1-4 family residential: Revolving, open ended 33 33 29 33 1 1 First liens 1,506 1,506 44 1,593 40 39 Commercial real estate: Owner occupied 3,023 3,023 97 3,055 69 85 Non-owner occupied 1,089 1,089 24 1,093 30 32 Commercial, financial and agricultural Commercial and industrial 224 224 121 224 7 11 Consumer 12 12 1 11 — — Total with an allocated allowance recorded 5,887 5,887 316 6,012 147 168 Total $ 7,688 $ 7,684 $ 316 $ 7,812 $ 191 $ 220 NOTE 3 – LOANS (Continued) Loans individually evaluated for impairment by class of loans as of and for the three months ended June 30, 2016: Average Recorded Investment Income Recognized Cash Basis Income Recognized With no related allowance recorded: Real estate construction: Other construction $ 2 $ — $ — 1-4 family residential: Revolving, open ended 34 — — First liens 406 15 15 Junior liens 20 1 1 Commercial real estate: Farmland 126 3 3 Owner occupied 1,176 12 12 Non-owner occupied 31 — — Commercial, financial and agricultural Commercial and industrial 9 — — Consumer 1 — — Total with no related allowance recorded 1,805 31 31 With an allowance recorded: Real estate construction: Other construction 2 — — 1-4 family residential: Revolving, open ended 33 — — First liens 1,536 20 21 Commercial real estate: Owner occupied 3,036 32 34 Non-owner occupied 1,092 15 15 Commercial, financial and agricultural Commercial and industrial 224 2 2 Consumer 11 — — Total with an allocated allowance recorded 5,934 69 72 Total $ 7,739 $ 100 $ 103 NOTE 3 – LOANS (Continued) Loans individually evaluated for impairment by class of loans as of and for the year ended December 31, 2016: Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Average Recorded Investment Income Recognized Cash Basis Income Recognized With no related allowance recorded: Real estate construction: Other construction $ 2 $ 2 $ — $ 11 $ — $ — 1-4 family residential: Revolving, open ended 34 34 — 38 2 2 First liens 397 397 — 398 13 21 Junior liens 20 20 — 16 1 1 Commercial real estate: Farmland 120 120 — 115 10 10 Owner occupied — — — 707 — — Non-owner occupied 30 30 — 31 2 2 Commercial, financial and agricultural: Commercial and industrial 10 7 — 8 1 1 Consumer — — — 1 — — Other Loans — — — — — — Total with no related allowance recorded 613 610 — 1,325 29 37 With an allowance recorded: Real estate construction: Other construction — — — 2 — — 1-4 family residential: Revolving, open ended 33 33 12 33 2 2 First liens 71 70 6 984 2 3 Commercial real estate: Owner occupied 611 611 56 2,079 32 46 Non-owner occupied — — — 656 — — Commercial, financial and agricultural: Commercial and industrial — — (1 ) 134 — — Consumer 10 10 — 11 1 1 Total with an allocated allowance recorded 725 724 73 3,899 37 52 Total $ 1,338 $ 1,334 $ 73 $ 5,224 $ 66 $ 89 |
Changes in Restructured Loans | Changes in the Company’s restructured loans are set forth in the table below: Number of Loans Recorded Investment Totals at January 1, 2017 19 $ 1,302 Additional loans with concessions 2 1,178 Reductions due to: Reclassified as nonperforming — — Paid in full (1 ) (10 ) Charge-offs (2 ) (61 ) Transfer to other real estate owned — — Principal paydowns — (19 ) Lapse of concession period — — TDR reclassified as performing loan — — Totals at June 30, 2017 18 $ 2,390 |
Loans Modified as Troubled Debt Restructurings | The following table presents loans by class modified as troubled debt restructurings that occurred during the first six months of 2017 and 2016: Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment June 30, 2017 Commercial, financial and agricultural Commercial and industrial 2 $ 1,178 $ 1,178 Total 2 $ 1,178 $ 1,178 June 30, 2016 1-4 family residential: First liens 1 $ 26 $ 26 Total 1 $ 26 $ 26 |
Investment in Nonaccrual Loans and Loans Past Due Over 90 Days | The following table presents the recorded investment in nonaccrual loans and loans past due over 90 days still accruing by class of loans as of June 30, 2017 and December 31, 2016: June 30, 2017 December 31, 2016 Nonaccrual Loans past due over Nonaccrual Loans past due over 90 days Real estate construction: Residential construction $ 135 $ — $ 135 $ — Other construction — — 14 — 1-4 family residential: Revolving, open ended 33 — 33 — First liens 895 — 761 — Commercial real estate: Farmland — — — — Owner occupied 225 221 Non-owner occupied — — 419 — Commercial, financial and agricultural: Commercial and industrial 118 — 12 — Consumer 31 — — — Other loans — — — — Total $ 1,437 $ — $ 1,595 $ — |
Investment in Past Due Loans, Including Nonaccrual Loans | NOTE 3 – LOANS (Continued) The following table presents the aging of the recorded investment in past due loans, including nonaccrual loans, as of June 30, 2017 and December 31, 2016 by class of loans: 30 – 59 Days Past Due 60 – 89 Days Past Due Greater than 90 Due Total Past Due Current Total June 30, 2017 Real estate construction: Residential construction $ 35 $ — $ 135 $ 170 $ 11,844 $ 12,014 Other construction — — — — 19,488 19,488 1-4 family residential: Revolving, open ended 33 — — 33 9,993 10,026 First liens 439 — 561 1,000 102,597 103,597 Junior liens 5 50 — 55 1,801 1,856 Commercial real estate: Farmland — — — — 7,091 7,091 Owner occupied — 176 225 401 64,936 65,337 Non-owner occupied — — — — 54,960 54,960 Other real estate secured loans — — — — 8,223 8,223 Commercial, financial and agricultural: Agricultural — — — — 1,479 1,479 Commercial and industrial 40 — 118 158 17,358 17,516 Consumer 18 — 17 35 6,516 6,551 Tax exempt — — — — — — Other loans — — — — 57 57 Total $ 570 $ 226 $ 1,056 $ 1,852 $ 306,343 $ 308,195 NOTE 3 – LOANS (Continued) 30 – 59 Days Past Due 60 – 89 Days Past Due Greater than 90 Days Past Due Total Past Due Loans Not Past Due Total December 31, 2016 Real estate construction: Residential construction $ 175 $ — $ — $ 175 $ 18,659 $ 18,834 Other construction — — — — 13,056 13,056 1-4 family residential: Revolving, open ended 28 — — 28 11,880 11,908 First liens 1,113 412 — 1,525 104,549 106,074 Junior liens — — — — 1,909 1,909 Commercial real estate: Farmland — — — — 6,642 6,642 Owner occupied — 177 — 177 63,136 63,313 Non-owner occupied — — — — 58,259 58,259 Other real estate secured loans — — — — 9,427 9,427 Commercial, financial and agricultural: Agricultural — — — — 1,132 1,132 Commercial and industrial — — — — 18,103 18,103 Consumer 50 10 — 60 6,621 6,681 Tax exempt — — — — — — Other loans — — — — 145 145 Total $ 1,366 $ 599 $ — $ 1,965 $ 313,518 $ 315,483 |
Risk Categories of Loans by Class of Loans | As of June 30, 2017 and December 31, 2016, and based on the most recent analysis performed, the risk categories of loans by class of loans are as follows: Pass Watch Special Mention Substandard Doubtful June 30, 2017 Real estate construction: Residential construction $ 11,844 $ 35 $ — $ 135 $ — Other construction 19,069 406 — 13 — 1-4 family residential: Revolving, open ended 9,922 — — 39 — First liens 95,124 7,301 — 773 — Junior liens 1,775 11 50 — — Commercial real estate: Farmland 5,859 — — 1,116 — Owner occupied 63,160 1,345 — 227 — Non-owner occupied 53,576 1,356 — — — Other real estate loans 8,223 — — — — Commercial, financial and agricultural: Agricultural 1,479 — — — — Commercial and industrial 14,845 1,370 — 118 — Consumer 6,454 66 — 23 — Other loans 57 — — — — Total $ 291,387 $ 11,890 $ 50 $ 2,444 $ — Pass Watch Special Mention Substandard Doubtful December 31, 2016 Real estate construction: Residential construction $ 18,524 $ 175 $ — $ 135 $ — Other construction 12,615 68 6 365 — 1-4 family residential: Revolving, open ended 11,642 189 — 11 — First liens 95,795 8,749 412 652 — Junior liens 1,833 57 — — — Commercial real estate: Farmland 5,401 — — 1,121 — Owner occupied 60,976 1,725 — — — Non-owner occupied 56,778 1,033 — 419 — Other real estate loans 9,427 — — — — Commercial, financial and agricultural: Agricultural 1,131 — — — — Commercial and industrial 16,396 1,309 — 390 — Consumer 6,594 64 10 2 — Other loans 145 — — — — Total $ 297,257 $ 13,369 $ 428 $ 3,095 $ — |
Income Per Share (Tables)
Income Per Share (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Income Per Share Computation | The factors used in the income per share computation follow: Six Months Ended June 30, Three Months Ended June 30, 2017 2016 2017 2016 Basic Net income $ 1,228 $ 1,428 $ 727 $ 678 Less: Preferred stock dividends reversed — 4,265 — — Net Income available to common shareholders $ 1,228 $ 5,693 $ 727 $ 678 Weighted common shares outstanding including participating securities 5,022,421 3,295,150 5,025,146 3,297,978 Less: Participating securities (26,666 ) (39,999 ) (26,666 ) (39,999 ) Weighted average shares 4,995,755 3,255,151 4,998,480 3,257,979 Basic net income per share $ 0.25 $ 1.75 $ 0.15 $ 0.21 Diluted Net income available to common shareholders $ 1,228 $ 5,693 $ 727 $ 678 Weighted average common shares 4,995,755 3,255,151 4,998,480 3,257,979 Add: Dilutive effects of assumed exercises of stock options — — — — Average common shares and dilutive potential common shares outstanding 4,995,755 3,255,151 4,998,480 3,257,979 Diluted net income per share $ 0.25 $ 1.75 $ 0.15 $ 0.21 |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured on Recurring Basis | Assets and Liabilities Measured on a Recurring Basis Fair Value Measurements at June 30, 2017 using Carrying Value Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Available for sale securities: Mortgage-backed - residential $ 69,255 $ 69,255 $ — State and municipals 1,333 1,333 — Other debt securities 2,138 2,138 — Total available for sale securities 72,726 72,726 — Loans held for sale 84 84 — NOTE 6 - FAIR VALUE (Continued) Fair Value Measurements at December 31, 2016 using Carrying Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Available for sale securities: Mortgage-backed - residential $ 67,899 $ 67,899 $ — State and municipals 1,308 1,308 — Total available for sale securities 69,207 69,207 — Loans held for sale 561 561 — |
Schedule of Differences Between Fair Value And Principal Balance For Loans Held For Sale Measured At Fair Value | The following table summarizes the differences between the fair value and the principal balance for loans held for sale measured at fair value as of June 30, 2017 and December 31, 2016: June 30, 2017 December 31, 2016 Aggregate Fair Value Aggregate Unpaid Principal Balance Difference Aggregate Fair Value Aggregate Unpaid Principal Balance Difference Loans held for sale, in secondary market $ 84 $ 83 $ 1 $ 561 $ 547 $ 14 |
Reconciliation and Income Statement Classification of Gains and Losses | The table below presents a reconciliation and income statement classification of gains and losses for all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the six-month and three-month periods ended June 30, 2017 and 2016: Fair (Level 3) State and County Municipal Securities Six Months Ended June 30, Three Months Ended June 30, 2017 2016 2017 2016 Beginning balance $ — $ 101 $ — $ 100 Securities sold $ (100 ) $ (100 ) Change in fair value — (1 ) — — Ending balance $ — $ — $ — $ — |
Assets and Liabilities Measured on Non-Recurring Basis | Assets and liabilities measured at fair value on a non-recurring basis are summarized below: June 30, 2017 Carrying Value Fair using other significant unobservable inputs (Level 3) Assets: Impaired loans: 1-4 family residential $ 19 $ 19 Commercial real estate 206 206 Commercial, financial and agricultural 6 6 Total impaired loans 231 231 Other real estate owned: Construction and development 2,220 2,220 1-4 family residential 254 254 Non-farm, non-residential 314 314 Total other real estate owned 2,788 2,788 December 31, 2016 Carrying Fair Value Measurements using other significant unobservable inputs (Level 3) Assets: Impaired loans: 1-4 family residential $ 21 $ 21 Commercial real estate 206 206 Total impaired loans 227 227 Other real estate owned: Construction and development 2,839 2,839 1-4 family residential 149 149 Non-farm, non-residential 1,709 1,709 Total other real estate owned 4,697 4,697 |
Fair Value Measurements for Financial Instruments at Fair Value on Non-Recurring Basis | The following table presents quantitative information about Level 3 fair value measurements for financial instruments at fair value on a non-recurring basis at June 30, 2017: Fair Value Valuation Technique(s) Unobservable Input(s) Range (Weighted Average) (1) Impaired Loans: 1-4 family residential $ 19 Sales comparison approach Adjustment for differences between comparable sales (0.0%) - (0.0%) (0.0%) Commercial real estate $ 206 Sales comparison approach Adjustment for differences between comparable sales (0.0%) - (8.0%) (8.0%) Commercial, financial and agricultural $ 6 Sales comparison approach Adjustment for differences between comparable sales (0.0%) - (0.0%) (0.0%) Other real estate owned: Construction and development $ 2,220 Sales comparison approach Adjustment for differences between comparable sales (0.0%) - (0.0%) (0.0%) 1-4 family residential $ 254 Sales comparison approach Adjustment for differences between comparable sales (0.0%) - (8.25%) (0.4%) Non-farm, non-residential $ 314 Sales comparison approach Adjustment for differences between comparable sales (0.0%) - (0.0%) (0.0%) (1) The range presented in the table reflects the discounts applied by the independent appraiser in arriving at their conclusion of market value. Management applies an additional 15% discount to the appraiser’s conclusion of market value to arrive at fair value. |
Carrying Amount and Estimated Fair Values of Significant Financial Instruments | Carrying amount and estimated fair values of significant financial instruments at June 30, 2017 and December 31, 2016 were as follows: June 30, 2017 Carrying Amount Total Level 1 Level 2 Level 3 Financial assets Cash and cash equivalents $ 39,161 $ 39,161 $ 39,161 $ — $ — Time deposits in other financial institutions 23,558 23,541 — 23,541 — Securities available for sale 72,726 72,726 — 72,726 — Loans, net of allowance 304,487 291,239 — — 291,239 Restricted equity securities 1,727 NA NA NA NA Financial liabilities Deposits with stated maturities 188,313 189,234 — 189,234 — Deposits without stated maturities 237,965 237,965 237,965 — — Subordinated debentures 13,000 13,000 — — 13,000 December 31, 2016 Carrying Amount Total Level Level 2 Level 3 Financial assets Cash and cash equivalents $ 24,934 $ 24,934 $ 24,934 $ — $ — Time deposits in other financial institutions 24,797 24,784 — 24,784 — Securities available for sale 69,207 69,207 — 69,207 — Loans held for sale 561 561 — 561 — Loans, net of allowance 311,726 299,359 — — 299,359 Restricted equity securities 1,727 NA NA NA NA Financial liabilities Deposits with stated maturities 198,770 199,672 — 199,672 — Deposits without stated maturities 224,637 224,637 224,637 — — Subordinated debentures 13,000 13,000 — — 13,000 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Company's and Bank's Capital Amounts and Ratios | The Company’s and the Bank’s capital amounts and ratios at June 30, 2017 and December 31, 2016, were as follows: Actual For Capital Adequacy Purposes To Be Well Capitalized Under Applicable Regulatory Provisions Amount Ratio Amount Ratio Amount Ratio June 30, 2017 Total Capital to risk weighted assets Community First Bank & Trust $ 46,875 14.39 % $ 26,057 8.00 % $ 32,572 10.00 % Consolidated 50,996 15.56 % 26,224 8.00 % 32,780 10.00 % Common Equity Tier 1 Capital to risk weighted assets Community First Bank & Trust $ 43,167 13.25 % $ 14,657 4.50 % $ 21,172 6.50 % Consolidated N/A N/A N/A N/A N/A N/A Tier 1 Capital to risk weighted assets Community First Bank & Trust $ 43,167 13.25 % $ 19,543 6.00 % $ 26,057 8.00 % Consolidated 30,761 9.38 % 13,112 4.00 % 19,668 6.00 % Tier 1 Capital to average assets Community First Bank & Trust $ 43,167 9.15 % $ 18,866 4.00 % $ 23,583 5.00 % Consolidated 30,761 6.50 % 18,935 4.00 % N/A N/A December 31, 2016 Total Capital to risk weighted assets Community First Bank & Trust $ 45,424 13.79 % $ 26,359 8.00 % $ 32,948 10.00 % Consolidated 48,266 14.52 % 26,593 8.00 % 33,241 10.00 % Common Equity Tier 1 Capital to risk weighted assets Community First Bank & Trust $ 41,667 12.65 % $ 14,827 4.50 % $ 21,416 6.00 % Consolidated N/A N/A N/A N/A N/A N/A Tier 1 Capital to risk weighted assets Community First Bank & Trust $ 41,667 12.65 % $ 19,769 6.00 % $ 26,359 8.00 % Consolidated 27,680 8.33 % 13,296 4.00 % 19,945 6.00 % Tier 1 Capital to average assets Community First Bank & Trust $ 41,667 8.91 % $ 18,704 4.00 % $ 23,380 5.00 % Consolidated 27,680 5.90 % 18,779 4.00 % N/A N/A |
Summary of Base1 III Minimum Requirements After Giving Effect to the Buffer | The Basel III minimum requirements for capital adequacy after giving effect to the buffer are as follows 2016 2017 2018 2019 Common Equity Tier 1 Ratio 5.125 % 5.75 % 6.375 % 7.0 % Tier 1 Capital to Risk-Weighted Assets Ratio 6.625 % 7.25 % 7.875 % 8.5 % Total Capital to Risk-Weighted Assets Ratio 8.625 % 9.25 % 9.875 % 10.5 % |
Bank Regulatory Capital [Member] | |
Company's and Bank's Capital Amounts and Ratios | A summary of the changes to the regulatory capital ratios are as follows: Guideline in Effect At December 31, 2014 Basel III Requirements Adequately Capitalized Well Capitalized Adequately Capitalized Well Capitalized Common Equity Tier 1 Ratio (Common Equity to Risk Weighted Assets) No t Not Applicable 4.5 % 6.5 % Tier 1 Capital to Risk Weighted Assets 4 % 6 % 6 % 8 % Total Capital to Risk Weighted Assets 8 % 10 % 8 % 10 % Tier 1 Leverage Ratio 4 % 5 % 4 % 5 % |
Organization and Basis of Pre23
Organization and Basis of Presentation - Additional Information (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2017USD ($)Dwelling | |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |
Significant loan concentrations limit | 10.00% |
Threshold for loans individually evaluated for impairment | $ | $ 250 |
Historical loss experience period by company | 4 years |
Maximum period for first and junior lien residential real estate loans with specific maturity | 7 years |
Minimum [Member] | |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |
Other real estate secured loans, dwelling units | Dwelling | 5 |
Securities Available for Sale -
Securities Available for Sale - Amortized Cost and Fair Value of Available for Sale Securities Portfolio (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 73,233 | $ 71,247 |
Gross Unrealized Gains | 150 | 24 |
Gross Unrealized Losses | (657) | (2,064) |
Fair Value | 72,726 | 69,207 |
Mortgage-Backed - Residential [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 69,796 | 69,938 |
Gross Unrealized Gains | 116 | 21 |
Gross Unrealized Losses | (657) | (2,060) |
Fair Value | 69,255 | 67,899 |
State and Municipal [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 1,308 | 1,309 |
Gross Unrealized Gains | 25 | 3 |
Gross Unrealized Losses | (4) | |
Fair Value | 1,333 | $ 1,308 |
Other Debt Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 2,129 | |
Gross Unrealized Gains | 9 | |
Fair Value | $ 2,138 |
Securities Available for Sale25
Securities Available for Sale - Proceeds from Sales of Securities and Associated Gains and Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2016 | Jun. 30, 2016 | |
Proceeds From Sale Of Available For Sale Securities [Abstract] | ||
Proceeds | $ 31,762 | $ 46,476 |
Gross gains | 190 | 237 |
Gross losses | $ (21) | $ (31) |
Securities Available for Sale26
Securities Available for Sale - Amortized Cost and Fair Value of Securities Portfolio by Contractual Maturity (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Available For Sale Securities Debt Maturities [Abstract] | ||
Due in one year or less, Amortized Cost | $ 101 | |
Due after one through five years, Amortized Cost | 403 | |
Due after five through ten years, Amortized Cost | 2,933 | |
Mortgage backed - residential, Amortized Cost | 69,796 | |
Amortized Cost | 73,233 | $ 71,247 |
Due in one year or less, Fair Value | 103 | |
Due after one through five years, Fair Value | 410 | |
Due after five through ten years, Fair Value | 2,958 | |
Mortgage backed - residential, Fair Value | 69,255 | |
Securities available for sale, at fair value | $ 72,726 | $ 69,207 |
Securities Available for Sale27
Securities Available for Sale - Additional Information (Detail) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017USD ($)SegmentSecurity | Dec. 31, 2016USD ($) | |
Schedule Of Available For Sale Securities [Line Items] | ||
Securities were pledged to secure public deposits | $ | $ 47,501 | $ 47,707 |
Number of security portfolio segments | Segment | 2 | |
Number of portfolio securities | 45 | |
Securities from portfolio in an unrealized loss position | 18 | |
U.S. Government Sponsored Entities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Minimum percentage of held securities issued by entity | 10.00% | 10.00% |
Securities Available for Sale28
Securities Available for Sale - Securities with Unrealized Losses (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Schedule Of Available For Sale Securities [Line Items] | ||
Fair value Less than 12 Months | $ 33,278 | $ 68,554 |
Fair value more than 12 Months | 1,106 | |
Fair value Total | 34,384 | 68,554 |
Unrealized loss Less than 12 Months | (632) | (2,064) |
Unrealized loss more than 12 Months | (25) | |
Unrealized loss Total | (657) | (2,064) |
Mortgage-Backed - Residential [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Fair value Less than 12 Months | 33,278 | 67,475 |
Fair value more than 12 Months | 1,106 | |
Fair value Total | 34,384 | 67,475 |
Unrealized loss Less than 12 Months | (632) | (2,060) |
Unrealized loss more than 12 Months | (25) | |
Unrealized loss Total | $ (657) | (2,060) |
State and Municipals [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Fair value Less than 12 Months | 1,079 | |
Fair value Total | 1,079 | |
Unrealized loss Less than 12 Months | (4) | |
Unrealized loss Total | $ (4) |
Loans - Loans Outstanding by Ca
Loans - Loans Outstanding by Category (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans balance | $ 308,195 | $ 315,483 |
Residential Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans balance | 12,014 | 18,834 |
Other Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans balance | 19,488 | 13,056 |
Revolving, Open Ended [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans balance | 10,026 | 11,908 |
First Liens [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans balance | 103,597 | 106,074 |
Junior Liens [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans balance | 1,856 | 1,909 |
Farmland [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans balance | 7,091 | 6,642 |
Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans balance | 65,337 | 63,313 |
Non-Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans balance | 54,960 | 58,259 |
Other Real Estate Secured Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans balance | 8,223 | 9,427 |
Agricultural [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans balance | 1,479 | 1,132 |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans balance | 17,516 | 18,103 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans balance | 6,551 | 6,681 |
Other Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans balance | $ 57 | $ 145 |
Loans - Additional Information
Loans - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Loans [Line Items] | |||||
Accrued interest not included in recorded investment | $ 712,000 | $ 807,000 | $ 712,000 | $ 807,000 | $ 898,000 |
Troubled debt restructurings with specific reserves, loan amount | 2,390,000 | 2,390,000 | 1,302,000 | ||
Troubled debt restructurings with specific reserves, reserve amount | 57,000 | 57,000 | 62,000 | ||
Troubled debt restructuring interest income | 1,000 | 2,000 | 2,000 | 5,000 | |
Accruing interest | 1,887,000 | 1,887,000 | 737,000 | ||
Additional funds to loans | 0 | 0 | $ 0 | ||
Troubled debt restructurings outstanding balance | 1,178,000 | 0 | 1,178,000 | 0 | |
Increase allowance for loan losses | 0 | 0 | |||
Troubled debt restructurings, reserve recorded | $ 0 | $ 0 | $ 0 | 0 | |
Default payment of loan | 90 days | ||||
Troubled debt restructurings subsequently defaulted, charge offs amount | $ 0 | $ 0 | |||
Minimum [Member] | |||||
Loans [Line Items] | |||||
Range | 6 months | ||||
Aggregate debt | $ 250,000 | ||||
Maximum [Member] | |||||
Loans [Line Items] | |||||
Range | 2 years |
Loans - Allowance for Loan Loss
Loans - Allowance for Loan Losses and Outstanding Loan Balance by Portfolio Segment 1 (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Balance at beginning of year | $ 3,776 | $ 3,706 | $ 3,757 | $ 4,275 | |
Charge-offs | (115) | (8) | (135) | (17) | |
Recoveries | 12 | 26 | 31 | 44 | |
Provision/(reversal of provision) | 35 | 55 | (578) | ||
Balance at end of year | 3,708 | 3,724 | 3,708 | 3,724 | |
Individually evaluated for impairment, Loans | 2,424 | 2,424 | $ 1,334 | ||
Collectively evaluated for impairment, Loans | 305,771 | 305,771 | 314,149 | ||
Total loans balance | 308,195 | 308,195 | 315,483 | ||
Residential Portfolio Segment [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Balance at beginning of year | 1,847 | 1,554 | 1,809 | 1,679 | |
Charge-offs | (68) | (78) | (5) | ||
Recoveries | 4 | 10 | 9 | 19 | |
Provision/(reversal of provision) | 29 | (72) | 72 | (201) | |
Balance at end of year | 1,812 | 1,492 | 1,812 | 1,492 | |
Individually evaluated for impairment, Loans | 482 | 482 | 554 | ||
Collectively evaluated for impairment, Loans | 114,997 | 114,997 | 119,337 | ||
Total loans balance | 115,479 | 115,479 | 119,891 | ||
Commercial Real Estate Portfolio Segment [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Balance at beginning of year | 657 | 669 | 607 | 720 | |
Recoveries | 3 | 4 | 6 | 6 | |
Provision/(reversal of provision) | (8) | (32) | 39 | (85) | |
Balance at end of year | 652 | 641 | 652 | 641 | |
Individually evaluated for impairment, Loans | 749 | 749 | 761 | ||
Collectively evaluated for impairment, Loans | 126,639 | 126,639 | 127,453 | ||
Total loans balance | 127,388 | 127,388 | 128,214 | ||
Unallocated [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Balance at beginning of year | 310 | 386 | |||
Provision/(reversal of provision) | 41 | (48) | 41 | (124) | |
Balance at end of year | 41 | 262 | 41 | 262 | |
Real Estate Construction [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Balance at beginning of year | 850 | 580 | 861 | 873 | |
Charge-offs | (2) | (2) | |||
Recoveries | 3 | 3 | |||
Provision/(reversal of provision) | (70) | 139 | (81) | (154) | |
Balance at end of year | 778 | 722 | 778 | 722 | |
Individually evaluated for impairment, Loans | 2 | ||||
Collectively evaluated for impairment, Loans | 31,502 | 31,502 | 31,888 | ||
Total loans balance | 31,502 | 31,502 | 31,890 | ||
Other Real Estate Secured Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Balance at beginning of year | 12 | 5 | 12 | ||
Provision/(reversal of provision) | 7 | (12) | |||
Balance at end of year | 12 | 12 | |||
Collectively evaluated for impairment, Loans | 8,223 | 8,223 | 9,427 | ||
Total loans balance | 8,223 | 8,223 | 9,427 | ||
Commercial, Financial and Agricultural [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Balance at beginning of year | 395 | 578 | 460 | 588 | |
Charge-offs | (3) | ||||
Recoveries | 1 | 1 | 2 | 2 | |
Provision/(reversal of provision) | 2 | 13 | (61) | 2 | |
Balance at end of year | 398 | 592 | 398 | 592 | |
Individually evaluated for impairment, Loans | 1,185 | 1,185 | 7 | ||
Collectively evaluated for impairment, Loans | 17,810 | 17,810 | 19,228 | ||
Total loans balance | 18,995 | 18,995 | 19,235 | ||
Consumer Portfolio Segment [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Balance at beginning of year | 15 | 15 | 15 | 17 | |
Recoveries | 1 | 7 | 1 | ||
Provision/(reversal of provision) | (1) | (7) | (3) | ||
Balance at end of year | 15 | 15 | 15 | 15 | |
Individually evaluated for impairment, Loans | 8 | 8 | 10 | ||
Collectively evaluated for impairment, Loans | 6,543 | 6,543 | 6,671 | ||
Total loans balance | 6,551 | 6,551 | 6,681 | ||
Other Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Charge-offs | (45) | (8) | (52) | (12) | |
Recoveries | 3 | $ 8 | 7 | 13 | |
Provision/(reversal of provision) | 42 | 45 | $ (1) | ||
Collectively evaluated for impairment, Loans | 57 | 57 | 145 | ||
Total loans balance | $ 57 | $ 57 | $ 145 |
Loans - Allowance for Loan Lo32
Loans - Allowance for Loan Losses and Outstanding Loan Balance by Portfolio Segment 2 (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Individually evaluated for impairment, Ending allowance balance attributable to loans | $ 71 | $ 73 |
Collectively evaluated for impairment, Ending allowance balance attributable to loans | 3,637 | 3,684 |
Total ending allowance balance | 3,708 | 3,757 |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Individually evaluated for impairment, Ending allowance balance attributable to loans | 14 | 18 |
Collectively evaluated for impairment, Ending allowance balance attributable to loans | 1,798 | 1,791 |
Total ending allowance balance | 1,812 | 1,809 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Individually evaluated for impairment, Ending allowance balance attributable to loans | 57 | 55 |
Collectively evaluated for impairment, Ending allowance balance attributable to loans | 595 | 552 |
Total ending allowance balance | 652 | 607 |
Unallocated [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Collectively evaluated for impairment, Ending allowance balance attributable to loans | 41 | |
Total ending allowance balance | 41 | |
Real Estate Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Collectively evaluated for impairment, Ending allowance balance attributable to loans | 778 | 861 |
Total ending allowance balance | 778 | 861 |
Other Real Estate Secured Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Collectively evaluated for impairment, Ending allowance balance attributable to loans | 12 | 5 |
Total ending allowance balance | 12 | 5 |
Commercial, Financial and Agricultural [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Collectively evaluated for impairment, Ending allowance balance attributable to loans | 398 | 460 |
Total ending allowance balance | 398 | 460 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Collectively evaluated for impairment, Ending allowance balance attributable to loans | 15 | 15 |
Total ending allowance balance | $ 15 | $ 15 |
Loans - Loans Individually Eval
Loans - Loans Individually Evaluated for Impairment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Financing Receivable, Impaired [Line Items] | |||||
Total with no related allowance recorded, Unpaid Principal Balance | $ 1,776 | $ 1,801 | $ 1,776 | $ 1,801 | $ 613 |
Total with no related allowance recorded, Recorded Investment | 1,774 | 1,797 | 1,774 | 1,797 | 610 |
Total with no related allowance recorded, Average Recorded Investment | 1,782 | 1,805 | 1,390 | 1,800 | 1,325 |
Total with no related allowance recorded, Income Recognized | 19 | 31 | 40 | 44 | 29 |
Total with no related allowance recorded, Cash Basis Income Recognized | 26 | 31 | 41 | 52 | 37 |
Total with an allocated allowance recorded, Unpaid Principal Balance | 649 | 5,887 | 649 | 5,887 | 725 |
Total with an allocated allowance recorded, Recorded Investment | 650 | 5,887 | 650 | 5,887 | 724 |
Total Allowance for Loan Losses Allocated | 71 | 316 | 71 | 316 | 73 |
Total with an allocated allowance recorded, Average Recorded Investment | 687 | 5,934 | 699 | 6,012 | 3,899 |
Total with an allocated allowance recorded, Income Recognized | 5 | 69 | 10 | 147 | 37 |
Total with an allocated allowance recorded, Cash Basis Income Recognized | 6 | 72 | 10 | 168 | 52 |
Total Unpaid Principal Balance | 2,425 | 7,688 | 2,425 | 7,688 | 1,338 |
Total Recorded Investment | 2,424 | 7,684 | 2,424 | 7,684 | 1,334 |
Total Average Recorded Investment | 2,469 | 7,739 | 2,089 | 7,812 | 5,224 |
Total Income Recognized | 24 | 100 | 50 | 191 | 66 |
Total Cash Basis Income Recognized | 32 | 103 | 51 | 220 | 89 |
Other Construction [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Total with no related allowance recorded, Unpaid Principal Balance | 4 | 4 | 2 | ||
Total with no related allowance recorded, Recorded Investment | 4 | 4 | 2 | ||
Total with no related allowance recorded, Average Recorded Investment | 1 | 2 | 1 | 16 | 11 |
Total with an allocated allowance recorded, Average Recorded Investment | 2 | 3 | 2 | ||
Revolving, Open Ended [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Total with no related allowance recorded, Unpaid Principal Balance | 32 | 35 | 32 | 35 | 34 |
Total with no related allowance recorded, Recorded Investment | 32 | 35 | 32 | 35 | 34 |
Total with no related allowance recorded, Average Recorded Investment | 33 | 34 | 33 | 41 | 38 |
Total with no related allowance recorded, Income Recognized | 1 | 1 | 1 | 2 | |
Total with no related allowance recorded, Cash Basis Income Recognized | 1 | 1 | 1 | 2 | |
Total with an allocated allowance recorded, Unpaid Principal Balance | 33 | 33 | 33 | 33 | 33 |
Total with an allocated allowance recorded, Recorded Investment | 34 | 33 | 34 | 33 | 33 |
Total Allowance for Loan Losses Allocated | 14 | 29 | 14 | 29 | 12 |
Total with an allocated allowance recorded, Average Recorded Investment | 33 | 33 | 33 | 33 | 33 |
Total with an allocated allowance recorded, Income Recognized | 1 | 1 | 2 | ||
Total with an allocated allowance recorded, Cash Basis Income Recognized | 1 | 1 | 2 | ||
First Liens [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Total with no related allowance recorded, Unpaid Principal Balance | 395 | 402 | 395 | 402 | 397 |
Total with no related allowance recorded, Recorded Investment | 395 | 402 | 395 | 402 | 397 |
Total with no related allowance recorded, Average Recorded Investment | 397 | 406 | 397 | 398 | 398 |
Total with no related allowance recorded, Income Recognized | 1 | 15 | 3 | 9 | 13 |
Total with no related allowance recorded, Cash Basis Income Recognized | 1 | 15 | 3 | 17 | 21 |
Total with an allocated allowance recorded, Unpaid Principal Balance | 2 | 1,506 | 2 | 1,506 | 71 |
Total with an allocated allowance recorded, Recorded Investment | 2 | 1,506 | 2 | 1,506 | 70 |
Total Allowance for Loan Losses Allocated | 44 | 44 | 6 | ||
Total with an allocated allowance recorded, Average Recorded Investment | 36 | 1,536 | 48 | 1,593 | 984 |
Total with an allocated allowance recorded, Income Recognized | 20 | 40 | 2 | ||
Total with an allocated allowance recorded, Cash Basis Income Recognized | 21 | 39 | 3 | ||
Junior Liens [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Total with no related allowance recorded, Unpaid Principal Balance | 19 | 20 | 19 | 20 | 20 |
Total with no related allowance recorded, Recorded Investment | 19 | 20 | 19 | 20 | 20 |
Total with no related allowance recorded, Average Recorded Investment | 20 | 20 | 20 | 13 | 16 |
Total with no related allowance recorded, Income Recognized | 1 | 1 | 1 | 1 | |
Total with no related allowance recorded, Cash Basis Income Recognized | 1 | 1 | 1 | 1 | |
Farmland [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Total with no related allowance recorded, Unpaid Principal Balance | 115 | 125 | 115 | 125 | 120 |
Total with no related allowance recorded, Recorded Investment | 115 | 125 | 115 | 125 | 120 |
Total with no related allowance recorded, Average Recorded Investment | 117 | 126 | 118 | 111 | 115 |
Total with no related allowance recorded, Income Recognized | 2 | 3 | 4 | 6 | 10 |
Total with no related allowance recorded, Cash Basis Income Recognized | 2 | 3 | 4 | 6 | 10 |
Non-Owner Occupied [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Total with no related allowance recorded, Unpaid Principal Balance | 28 | 31 | 28 | 31 | 30 |
Total with no related allowance recorded, Recorded Investment | 28 | 31 | 28 | 31 | 30 |
Total with no related allowance recorded, Average Recorded Investment | 29 | 31 | 29 | 31 | 31 |
Total with no related allowance recorded, Income Recognized | 1 | 1 | 2 | ||
Total with no related allowance recorded, Cash Basis Income Recognized | 1 | 1 | 2 | ||
Total with an allocated allowance recorded, Unpaid Principal Balance | 1,089 | 1,089 | |||
Total with an allocated allowance recorded, Recorded Investment | 1,089 | 1,089 | |||
Total Allowance for Loan Losses Allocated | 24 | 24 | |||
Total with an allocated allowance recorded, Average Recorded Investment | 1,092 | 1,093 | 656 | ||
Total with an allocated allowance recorded, Income Recognized | 15 | 30 | |||
Total with an allocated allowance recorded, Cash Basis Income Recognized | 15 | 32 | |||
Commercial and Industrial [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Total with no related allowance recorded, Unpaid Principal Balance | 1,187 | 12 | 1,187 | 12 | 10 |
Total with no related allowance recorded, Recorded Investment | 1,185 | 8 | 1,185 | 8 | 7 |
Total with no related allowance recorded, Average Recorded Investment | 1,185 | 9 | 792 | 9 | 8 |
Total with no related allowance recorded, Income Recognized | 15 | 30 | 1 | ||
Total with no related allowance recorded, Cash Basis Income Recognized | 22 | 31 | 1 | ||
Total with an allocated allowance recorded, Unpaid Principal Balance | 224 | 224 | |||
Total with an allocated allowance recorded, Recorded Investment | 224 | 224 | |||
Total Allowance for Loan Losses Allocated | 121 | 121 | (1) | ||
Total with an allocated allowance recorded, Average Recorded Investment | 224 | 224 | 134 | ||
Total with an allocated allowance recorded, Income Recognized | 2 | 7 | |||
Total with an allocated allowance recorded, Cash Basis Income Recognized | 2 | 11 | |||
Owner Occupied [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Total with no related allowance recorded, Unpaid Principal Balance | 1,172 | 1,172 | |||
Total with no related allowance recorded, Recorded Investment | 1,172 | 1,172 | |||
Total with no related allowance recorded, Average Recorded Investment | 1,176 | 1,179 | 707 | ||
Total with no related allowance recorded, Income Recognized | 12 | 26 | |||
Total with no related allowance recorded, Cash Basis Income Recognized | 12 | 26 | |||
Total with an allocated allowance recorded, Unpaid Principal Balance | 606 | 3,023 | 606 | 3,023 | 611 |
Total with an allocated allowance recorded, Recorded Investment | 606 | 3,023 | 606 | 3,023 | 611 |
Total Allowance for Loan Losses Allocated | 57 | 97 | 57 | 97 | 56 |
Total with an allocated allowance recorded, Average Recorded Investment | 609 | 3,036 | 609 | 3,055 | 2,079 |
Total with an allocated allowance recorded, Income Recognized | 5 | 32 | 9 | 69 | 32 |
Total with an allocated allowance recorded, Cash Basis Income Recognized | 6 | 34 | 9 | 85 | 46 |
Consumer [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Total with no related allowance recorded, Average Recorded Investment | 1 | 2 | 1 | ||
Total with an allocated allowance recorded, Unpaid Principal Balance | 8 | 12 | 8 | 12 | 10 |
Total with an allocated allowance recorded, Recorded Investment | 8 | 12 | 8 | 12 | 10 |
Total Allowance for Loan Losses Allocated | 1 | 1 | |||
Total with an allocated allowance recorded, Average Recorded Investment | $ 9 | $ 11 | $ 9 | $ 11 | 11 |
Total with an allocated allowance recorded, Income Recognized | 1 | ||||
Total with an allocated allowance recorded, Cash Basis Income Recognized | $ 1 |
Loans - Changes in Restructured
Loans - Changes in Restructured Loans (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2017USD ($)Loan | |
Changes In Restructured Loans [Abstract] | |
Beginning balance, Number of Loans | Loan | 19 |
Additional loans with concessions, Number of Loans | Loan | 2 |
Paid in full, Number of Loans | Loan | (1) |
Charge-offs, Number of Loans | Loan | (2) |
Ending balance, Number of Loans | Loan | 18 |
Beginning balance, Recorded Investment | $ 1,302 |
Additional loans with concessions, Recorded Investment | 1,178 |
Paid in full, Recorded Investment | (10) |
Charge-offs, Recorded Investment | (61) |
Principal paydowns, Recorded Investment | (19) |
Ending balance, Recorded Investment | $ 2,390 |
Loans - Loans Modified as Troub
Loans - Loans Modified as Troubled Debt Restructurings (Detail) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017USD ($)Contract | Jun. 30, 2016USD ($)Contract | |
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 2 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 1,178 | $ 26 |
Post-Modification Outstanding Recorded Investment | $ 1,178 | $ 26 |
Commercial and Industrial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 2 | |
Pre-Modification Outstanding Recorded Investment | $ 1,178 | |
Post-Modification Outstanding Recorded Investment | $ 1,178 | |
First Liens [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 1 | |
Pre-Modification Outstanding Recorded Investment | $ 26 | |
Post-Modification Outstanding Recorded Investment | $ 26 |
Loans - Investment in Nonaccrua
Loans - Investment in Nonaccrual Loans and Loans Past Due Over 90 Days (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | $ 1,437 | $ 1,595 |
Residential Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 135 | 135 |
Other Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 14 | |
Revolving, Open Ended [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 33 | 33 |
First Liens [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 895 | 761 |
Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 225 | 221 |
Non-Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 419 | |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 118 | $ 12 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | $ 31 |
Loans - Investment in Past Due
Loans - Investment in Past Due Loans, Including Nonaccrual Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Financing Receivable, Impaired [Line Items] | ||
Loans past due | $ 1,852 | $ 1,965 |
Current | 306,343 | 313,518 |
Total loans balance | 308,195 | 315,483 |
30 to 59 Days Past Due [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans past due | 570 | 1,366 |
60 to 89 Days Past Due [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans past due | 226 | 599 |
Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans past due | 1,056 | |
Residential Construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans past due | 170 | 175 |
Current | 11,844 | 18,659 |
Total loans balance | 12,014 | 18,834 |
Residential Construction [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans past due | 35 | 175 |
Residential Construction [Member] | Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans past due | 135 | |
Other Construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Current | 19,488 | 13,056 |
Total loans balance | 19,488 | 13,056 |
Revolving, Open Ended [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans past due | 33 | 28 |
Current | 9,993 | 11,880 |
Total loans balance | 10,026 | 11,908 |
Revolving, Open Ended [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans past due | 33 | 28 |
First Liens [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans past due | 1,000 | 1,525 |
Current | 102,597 | 104,549 |
Total loans balance | 103,597 | 106,074 |
First Liens [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans past due | 439 | 1,113 |
First Liens [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans past due | 412 | |
First Liens [Member] | Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans past due | 561 | |
Junior Liens [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans past due | 55 | |
Current | 1,801 | 1,909 |
Total loans balance | 1,856 | 1,909 |
Junior Liens [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans past due | 5 | |
Junior Liens [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans past due | 50 | |
Farmland [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Current | 7,091 | 6,642 |
Total loans balance | 7,091 | 6,642 |
Owner Occupied [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans past due | 401 | 177 |
Current | 64,936 | 63,136 |
Total loans balance | 65,337 | 63,313 |
Owner Occupied [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans past due | 176 | 177 |
Owner Occupied [Member] | Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans past due | 225 | |
Non-Owner Occupied [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Current | 54,960 | 58,259 |
Total loans balance | 54,960 | 58,259 |
Other Real Estate Secured Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Current | 8,223 | 9,427 |
Total loans balance | 8,223 | 9,427 |
Agricultural [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Current | 1,479 | 1,132 |
Total loans balance | 1,479 | 1,132 |
Commercial and Industrial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans past due | 158 | |
Current | 17,358 | 18,103 |
Total loans balance | 17,516 | 18,103 |
Commercial and Industrial [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans past due | 40 | |
Commercial and Industrial [Member] | Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans past due | 118 | |
Consumer [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans past due | 35 | 60 |
Current | 6,516 | 6,621 |
Total loans balance | 6,551 | 6,681 |
Consumer [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans past due | 18 | 50 |
Consumer [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans past due | 10 | |
Consumer [Member] | Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans past due | 17 | |
Other Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Current | 57 | 145 |
Total loans balance | $ 57 | $ 145 |
Loans - Risk Categories of Loan
Loans - Risk Categories of Loans by Class of Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Pass [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total | $ 291,387 | $ 297,257 |
Watch [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total | 11,890 | 13,369 |
Special Mention [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total | 50 | 428 |
Substandard [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total | 2,444 | 3,095 |
Residential Construction [Member] | Pass [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total | 11,844 | 18,524 |
Residential Construction [Member] | Watch [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total | 35 | 175 |
Residential Construction [Member] | Substandard [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total | 135 | 135 |
Other Construction [Member] | Pass [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total | 19,069 | 12,615 |
Other Construction [Member] | Watch [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total | 406 | 68 |
Other Construction [Member] | Special Mention [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total | 6 | |
Other Construction [Member] | Substandard [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total | 13 | 365 |
Revolving, Open Ended [Member] | Pass [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total | 9,922 | 11,642 |
Revolving, Open Ended [Member] | Watch [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total | 189 | |
Revolving, Open Ended [Member] | Substandard [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total | 39 | 11 |
First Liens [Member] | Pass [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total | 95,124 | 95,795 |
First Liens [Member] | Watch [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total | 7,301 | 8,749 |
First Liens [Member] | Special Mention [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total | 412 | |
First Liens [Member] | Substandard [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total | 773 | 652 |
Junior Liens [Member] | Pass [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total | 1,775 | 1,833 |
Junior Liens [Member] | Watch [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total | 11 | 57 |
Junior Liens [Member] | Special Mention [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total | 50 | |
Farmland [Member] | Pass [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total | 5,859 | 5,401 |
Farmland [Member] | Substandard [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total | 1,116 | 1,121 |
Owner Occupied [Member] | Pass [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total | 63,160 | 60,976 |
Owner Occupied [Member] | Watch [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total | 1,345 | 1,725 |
Owner Occupied [Member] | Substandard [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total | 227 | |
Non-Owner Occupied [Member] | Pass [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total | 53,576 | 56,778 |
Non-Owner Occupied [Member] | Watch [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total | 1,356 | 1,033 |
Non-Owner Occupied [Member] | Substandard [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total | 419 | |
Other Real Estate Loans [Member] | Pass [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total | 8,223 | 9,427 |
Agricultural [Member] | Pass [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total | 1,479 | 1,131 |
Commercial and Industrial [Member] | Pass [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total | 14,845 | 16,396 |
Commercial and Industrial [Member] | Watch [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total | 1,370 | 1,309 |
Commercial and Industrial [Member] | Substandard [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total | 118 | 390 |
Consumer [Member] | Pass [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total | 6,454 | 6,594 |
Consumer [Member] | Watch [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total | 66 | 64 |
Consumer [Member] | Special Mention [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total | 10 | |
Consumer [Member] | Substandard [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total | 23 | 2 |
Other Loans [Member] | Pass [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total | $ 57 | $ 145 |
Income Per Share - Income Per S
Income Per Share - Income Per Share Computation (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Basic | ||||
Net income | $ 727 | $ 678 | $ 1,228 | $ 1,428 |
Less: Preferred stock dividends reversed | 4,265 | |||
Net income available to common shareholders | $ 727 | $ 678 | $ 1,228 | $ 5,693 |
Weighted common shares outstanding including participating securities | 5,025,146 | 3,297,978 | 5,022,421 | 3,295,150 |
Less: Participating securities | (26,666) | (39,999) | (26,666) | (39,999) |
Weighted average shares | 4,998,480 | 3,257,979 | 4,995,755 | 3,255,151 |
Basic net income per share | $ 0.15 | $ 0.21 | $ 0.25 | $ 1.75 |
Diluted | ||||
Net income available to common shareholders | $ 727 | $ 678 | $ 1,228 | $ 5,693 |
Weighted average common shares | 4,998,480 | 3,257,979 | 4,995,755 | 3,255,151 |
Average common shares and dilutive potential common shares outstanding | 4,998,480 | 3,257,979 | 4,995,755 | 3,255,151 |
Diluted net income per share | $ 0.15 | $ 0.21 | $ 0.25 | $ 1.75 |
Income Per Share - Additional I
Income Per Share - Additional Information (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Stock Options [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Number of shares excluded from dilutive EPS computation | 26,550 | 40,400 | 26,550 | 40,400 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income Tax Benefit [Line Items] | ||||
Income tax expense | $ 402 | $ 342 | $ 665 | $ 823 |
Effective Income Tax rate, percent | 35.61% | 35.13% | ||
State and Local Jurisdiction [Member] | ||||
Income Tax Benefit [Line Items] | ||||
Net operating losses | $ 44,738 | $ 44,738 | ||
Net operating losses expiration period | 2,024 | |||
Domestic Tax Authority [Member] | ||||
Income Tax Benefit [Line Items] | ||||
Net operating losses | $ 16,878 | $ 16,878 | ||
Net operating losses expiration period | 2,031 | |||
Minimum [Member] | ||||
Income Tax Benefit [Line Items] | ||||
Period in which losses recognized | 2,008 | |||
Maximum [Member] | ||||
Income Tax Benefit [Line Items] | ||||
Period in which losses recognized | 2,015 |
Fair Value - Additional Informa
Fair Value - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Discount applied to properties | 15.00% | 15.00% | |||
Appraisals performed | 12 months | ||||
Transfers between pricing levels | $ 0 | $ 0 | $ 0 | $ 0 | |
Impaired loans recorded invested amount | 2,424,000 | $ 7,684,000 | 2,424,000 | 7,684,000 | $ 1,334,000 |
Total other real estate owned | 2,788,000 | 2,788,000 | 4,697,000 | ||
Non-Recurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Impaired loans, valuation allowance amount | 34,000 | 34,000 | 27,000 | ||
Additional provision loan losses amount | 0 | ||||
Level 3 [Member] | Non-Recurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Impaired loans recorded invested amount | 265,000 | 265,000 | 254,000 | ||
Total other real estate owned | 2,788,000 | 2,788,000 | 4,697,000 | ||
Outstanding balance | $ 3,699,000 | 3,699,000 | 6,086,000 | ||
Other real estate owned, valuation allowance amount | 911,000 | $ 1,389,000 | |||
Other real estate owned, write-down amount | $ 0 | $ 0 |
Fair Value - Assets and Liabili
Fair Value - Assets and Liabilities Measured on Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total available for sale securities | $ 72,726 | $ 69,207 |
Loans held for sale | 84 | 561 |
Loan Held for Sale | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Loans held for sale | 84 | 561 |
Carrying Value [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total available for sale securities | 72,726 | 69,207 |
Loans held for sale | 561 | |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total available for sale securities | 72,726 | 69,207 |
Loans held for sale | 561 | |
Recurring Basis [Member] | Carrying Value [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total available for sale securities | 72,726 | |
Loans held for sale | 84 | 561 |
Recurring Basis [Member] | Carrying Value [Member] | Loan Held for Sale | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total available for sale securities | 69,207 | |
Level 2 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total available for sale securities | 72,726 | 69,207 |
Loans held for sale | 561 | |
Level 2 [Member] | Recurring Basis [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total available for sale securities | 72,726 | |
Loans held for sale | 84 | 561 |
Level 2 [Member] | Recurring Basis [Member] | Estimate of Fair Value Measurement [Member] | Loan Held for Sale | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total available for sale securities | 69,207 | |
Mortgage-Backed - Residential [Member] | Recurring Basis [Member] | Carrying Value [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total available for sale securities | 69,255 | 67,899 |
Mortgage-Backed - Residential [Member] | Level 2 [Member] | Recurring Basis [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total available for sale securities | 69,255 | 67,899 |
State and Municipals [Member] | Recurring Basis [Member] | Carrying Value [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total available for sale securities | 1,333 | 1,308 |
State and Municipals [Member] | Level 2 [Member] | Recurring Basis [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total available for sale securities | 1,333 | $ 1,308 |
Other Debt Securities [Member] | Recurring Basis [Member] | Carrying Value [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total available for sale securities | 2,138 | |
Other Debt Securities [Member] | Level 2 [Member] | Recurring Basis [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total available for sale securities | $ 2,138 |
Fair Value - Schedule of Differ
Fair Value - Schedule of Differences Between Fair Value And Principal Balance For Loans Held For Sale Measured At Fair Value (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Aggregate Fair Value | $ 84 | $ 561 |
Loan Held for Sale | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Aggregate Fair Value | 84 | 561 |
Aggregate Unpaid Principal Balance | 83 | 547 |
Difference | $ 1 | $ 14 |
Fair Value - Reconciliation and
Fair Value - Reconciliation and Income Statement Classification of Gains and Losses (Detail) - Level 3 [Member] - Recurring Basis [Member] - State and County Municipal Securities [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2016 | Jun. 30, 2016 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | $ 100 | $ 101 |
Securities sold | $ (100) | (100) |
Change in fair value | $ (1) |
Fair Value - Assets and Liabi46
Fair Value - Assets and Liabilities Measured on Non-Recurring Basis (Detail) - Non-Recurring [Member] - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Impaired Loans [Member] | Carrying Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 231 | $ 227 |
Impaired Loans [Member] | Carrying Value [Member] | Commercial, Financial and Agricultural [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 6 | |
Impaired Loans [Member] | Carrying Value [Member] | Residential Portfolio Segment [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 19 | 21 |
Impaired Loans [Member] | Carrying Value [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 206 | 206 |
Other Real Estate Owned [Member] | Carrying Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 2,788 | 4,697 |
Other Real Estate Owned [Member] | Carrying Value [Member] | Construction and Development [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 2,220 | 2,839 |
Other Real Estate Owned [Member] | Carrying Value [Member] | Non-Farm, Non-Residential [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 314 | 1,709 |
Other Real Estate Owned [Member] | Carrying Value [Member] | Residential Portfolio Segment [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 254 | 149 |
Level 3 [Member] | Impaired Loans [Member] | Commercial, Financial and Agricultural [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 6 | |
Level 3 [Member] | Impaired Loans [Member] | Residential Portfolio Segment [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 19 | |
Level 3 [Member] | Impaired Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 206 | |
Level 3 [Member] | Impaired Loans [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 231 | 227 |
Level 3 [Member] | Impaired Loans [Member] | Estimate of Fair Value Measurement [Member] | Commercial, Financial and Agricultural [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 6 | |
Level 3 [Member] | Impaired Loans [Member] | Estimate of Fair Value Measurement [Member] | Residential Portfolio Segment [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 19 | 21 |
Level 3 [Member] | Impaired Loans [Member] | Estimate of Fair Value Measurement [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 206 | 206 |
Level 3 [Member] | Other Real Estate Owned [Member] | Construction and Development [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 2,220 | |
Level 3 [Member] | Other Real Estate Owned [Member] | Non-Farm, Non-Residential [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 314 | |
Level 3 [Member] | Other Real Estate Owned [Member] | Residential Portfolio Segment [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 254 | |
Level 3 [Member] | Other Real Estate Owned [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 2,788 | 4,697 |
Level 3 [Member] | Other Real Estate Owned [Member] | Estimate of Fair Value Measurement [Member] | Construction and Development [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 2,220 | 2,839 |
Level 3 [Member] | Other Real Estate Owned [Member] | Estimate of Fair Value Measurement [Member] | Non-Farm, Non-Residential [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 314 | 1,709 |
Level 3 [Member] | Other Real Estate Owned [Member] | Estimate of Fair Value Measurement [Member] | Residential Portfolio Segment [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 254 | $ 149 |
Fair Value - Fair Value Measure
Fair Value - Fair Value Measurements for Financial Instruments at Fair Value on Non-Recurring Basis (Detail) - Non-Recurring [Member] - Level 3 [Member] $ in Thousands | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Impaired Loans [Member] | Commercial, Financial and Agricultural [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value | $ 6 |
Valuation Technique | Sales comparison approach |
Unobservable Input | Adjustment for differences between comparable sales |
Impaired Loans [Member] | Commercial, Financial and Agricultural [Member] | Minimum [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Range (Weighted Average) | 0.00% |
Impaired Loans [Member] | Commercial, Financial and Agricultural [Member] | Maximum [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Range (Weighted Average) | 0.00% |
Impaired Loans [Member] | Commercial, Financial and Agricultural [Member] | Weighted Average [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Range (Weighted Average) | 0.00% |
Impaired Loans [Member] | Residential Portfolio Segment [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value | $ 19 |
Valuation Technique | Sales comparison approach |
Unobservable Input | Adjustment for differences between comparable sales |
Impaired Loans [Member] | Residential Portfolio Segment [Member] | Minimum [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Range (Weighted Average) | 0.00% |
Impaired Loans [Member] | Residential Portfolio Segment [Member] | Maximum [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Range (Weighted Average) | 0.00% |
Impaired Loans [Member] | Residential Portfolio Segment [Member] | Weighted Average [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Range (Weighted Average) | 0.00% |
Impaired Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value | $ 206 |
Valuation Technique | Sales comparison approach |
Unobservable Input | Adjustment for differences between comparable sales |
Impaired Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Minimum [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Range (Weighted Average) | 0.00% |
Impaired Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Maximum [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Range (Weighted Average) | 8.00% |
Impaired Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Weighted Average [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Range (Weighted Average) | 8.00% |
Other Real Estate Owned [Member] | Construction and Development [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value | $ 2,220 |
Valuation Technique | Sales comparison approach |
Unobservable Input | Adjustment for differences between comparable sales |
Other Real Estate Owned [Member] | Construction and Development [Member] | Minimum [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Range (Weighted Average) | 0.00% |
Other Real Estate Owned [Member] | Construction and Development [Member] | Maximum [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Range (Weighted Average) | 0.00% |
Other Real Estate Owned [Member] | Construction and Development [Member] | Weighted Average [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Range (Weighted Average) | 0.00% |
Other Real Estate Owned [Member] | Non-Farm, Non-Residential [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value | $ 314 |
Valuation Technique | Sales comparison approach |
Unobservable Input | Adjustment for differences between comparable sales |
Other Real Estate Owned [Member] | Non-Farm, Non-Residential [Member] | Minimum [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Range (Weighted Average) | 0.00% |
Other Real Estate Owned [Member] | Non-Farm, Non-Residential [Member] | Maximum [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Range (Weighted Average) | 0.00% |
Other Real Estate Owned [Member] | Non-Farm, Non-Residential [Member] | Weighted Average [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Range (Weighted Average) | 0.00% |
Other Real Estate Owned [Member] | Residential Portfolio Segment [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value | $ 254 |
Valuation Technique | Sales comparison approach |
Unobservable Input | Adjustment for differences between comparable sales |
Other Real Estate Owned [Member] | Residential Portfolio Segment [Member] | Minimum [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Range (Weighted Average) | 0.00% |
Other Real Estate Owned [Member] | Residential Portfolio Segment [Member] | Maximum [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Range (Weighted Average) | 8.25% |
Other Real Estate Owned [Member] | Residential Portfolio Segment [Member] | Weighted Average [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Range (Weighted Average) | 0.40% |
Fair Value - Fair Value Measu48
Fair Value - Fair Value Measurements for Financial Instruments at Fair Value on Non-Recurring Basis (Parenthetical) (Detail) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2017 | Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | ||
Additional discount applied to properties | 15.00% | 15.00% |
Fair Value - Carrying Amount an
Fair Value - Carrying Amount and Estimated Fair Values of Significant Financial Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Financial assets | ||||
Cash and cash equivalents, carrying amount | $ 39,161 | $ 24,934 | $ 49,181 | $ 19,387 |
Time deposits in other financial institutions | 23,558 | 24,797 | ||
Securities available for sale | 72,726 | 69,207 | ||
Loans held for sale | 84 | 561 | ||
Loans, net of allowance, carrying amount | 304,487 | 311,726 | ||
Restricted equity securities, carrying amount | 1,727 | 1,727 | ||
Financial liabilities | ||||
Subordinated debentures, carrying amount | 13,000 | 13,000 | ||
Carrying Value [Member] | ||||
Financial assets | ||||
Cash and cash equivalents, carrying amount | 39,161 | 24,934 | ||
Time deposits in other financial institutions | 23,558 | 24,797 | ||
Securities available for sale | 72,726 | 69,207 | ||
Loans held for sale | 561 | |||
Loans, net of allowance, carrying amount | 304,487 | 311,726 | ||
Restricted equity securities, carrying amount | 1,727 | 1,727 | ||
Financial liabilities | ||||
Deposits with stated maturities, carrying amount | 188,313 | 198,770 | ||
Deposits without stated maturities, carrying amount | 237,965 | 224,637 | ||
Subordinated debentures, carrying amount | 13,000 | 13,000 | ||
Total Fair Value Measurement [Member] | ||||
Financial assets | ||||
Cash and cash equivalents, fair value | 39,161 | 24,934 | ||
Time deposits in other financial institutions | 23,541 | 24,784 | ||
Securities available for sale | 72,726 | 69,207 | ||
Loans held for sale | 561 | |||
Loans, net of allowance, fair value | 291,239 | 299,359 | ||
Financial liabilities | ||||
Deposits with stated maturities, fair value | 189,234 | 199,672 | ||
Deposits without stated maturities, fair value | 237,965 | 224,637 | ||
Subordinated debentures, fair value | 13,000 | 13,000 | ||
Level 1 [Member] | ||||
Financial assets | ||||
Cash and cash equivalents, fair value | 39,161 | 24,934 | ||
Financial liabilities | ||||
Deposits without stated maturities, fair value | 237,965 | 224,637 | ||
Level 2 [Member] | ||||
Financial assets | ||||
Time deposits in other financial institutions | 23,541 | 24,784 | ||
Securities available for sale | 72,726 | 69,207 | ||
Loans held for sale | 561 | |||
Financial liabilities | ||||
Deposits with stated maturities, fair value | 189,234 | 199,672 | ||
Level 3 [Member] | ||||
Financial assets | ||||
Loans, net of allowance, fair value | 291,239 | 299,359 | ||
Financial liabilities | ||||
Subordinated debentures, fair value | $ 13,000 | $ 13,000 |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Financing Receivable, Recorded Investment [Line Items] | |
Period used to compute maximum amount of dividend | 2 years |
Capital Conservation Buffer | 2.50% |
Capital conservation buffer requirement phased in years | 3 years |
Basel lll [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Amount of capital requirement | $ 250,000,000,000 |
Minimum [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Limit of total assets to meet certain capital level requirements | 1,000,000,000 |
Maximum [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Dividends | $ 6,917,000 |
Regulatory Matters - Company's
Regulatory Matters - Company's and Bank's Capital Amounts and Ratios (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Resale Agreement Counterparty [Line Items] | ||
For Capital Adequacy Purposes, Ratio | 8.625% | |
For Capital Adequacy Purposes, Ratio | 6.625% | |
Total Capital to Risk Weighted Assets [Member] | Consolidated [Member] | ||
Resale Agreement Counterparty [Line Items] | ||
Actual, Amount | $ 50,996 | $ 48,266 |
Actual, Ratio | 15.56% | 14.52% |
For Capital Adequacy Purposes, Amount | $ 26,224 | $ 26,593 |
For Capital Adequacy Purposes, Ratio | 8.00% | 8.00% |
To Be Well Capitalized Under Applicable Regulatory Provisions, Amount | $ 32,780 | $ 33,241 |
To Be Well Capitalized Under Applicable Regulatory Provisions, Ratio | 10.00% | 10.00% |
Total Capital to Risk Weighted Assets [Member] | Community First Bank and Trust [Member] | ||
Resale Agreement Counterparty [Line Items] | ||
Actual, Amount | $ 46,875 | $ 45,424 |
Actual, Ratio | 14.39% | 13.79% |
For Capital Adequacy Purposes, Amount | $ 26,057 | $ 26,359 |
For Capital Adequacy Purposes, Ratio | 8.00% | 8.00% |
To Be Well Capitalized Under Applicable Regulatory Provisions, Amount | $ 32,572 | $ 32,948 |
To Be Well Capitalized Under Applicable Regulatory Provisions, Ratio | 10.00% | 10.00% |
Common Equity Tier 1 Capital to Risk Weighted Assets [Member] | Community First Bank and Trust [Member] | ||
Resale Agreement Counterparty [Line Items] | ||
Actual, Amount | $ 43,167 | $ 41,667 |
Actual, Ratio | 13.25% | 12.65% |
For Capital Adequacy Purposes, Amount | $ 14,657 | $ 14,827 |
For Capital Adequacy Purposes, Ratio | 4.50% | 4.50% |
To Be Well Capitalized Under Applicable Regulatory Provisions, Amount | $ 21,172 | $ 21,416 |
To Be Well Capitalized Under Applicable Regulatory Provisions, Ratio | 6.50% | 6.00% |
Tier 1 Capital to Risk Weighted Assets [Member] | Consolidated [Member] | ||
Resale Agreement Counterparty [Line Items] | ||
Actual, Amount | $ 30,761 | $ 27,680 |
Actual, Ratio | 9.38% | 8.33% |
For Capital Adequacy Purposes, Amount | $ 13,112 | $ 13,296 |
For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
To Be Well Capitalized Under Applicable Regulatory Provisions, Amount | $ 19,668 | $ 19,945 |
To Be Well Capitalized Under Applicable Regulatory Provisions, Ratio | 6.00% | 6.00% |
Tier 1 Capital to Risk Weighted Assets [Member] | Community First Bank and Trust [Member] | ||
Resale Agreement Counterparty [Line Items] | ||
Actual, Amount | $ 43,167 | $ 41,667 |
Actual, Ratio | 13.25% | 12.65% |
For Capital Adequacy Purposes, Amount | $ 19,543 | $ 19,769 |
For Capital Adequacy Purposes, Ratio | 6.00% | 6.00% |
To Be Well Capitalized Under Applicable Regulatory Provisions, Amount | $ 26,057 | $ 26,359 |
To Be Well Capitalized Under Applicable Regulatory Provisions, Ratio | 8.00% | 8.00% |
Tier 1 Capital to Average Assets [Member] | Consolidated [Member] | ||
Resale Agreement Counterparty [Line Items] | ||
Actual, Amount | $ 30,761 | $ 27,680 |
Actual, Ratio | 6.50% | 5.90% |
For Capital Adequacy Purposes, Amount | $ 18,935 | $ 18,779 |
For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Tier 1 Capital to Average Assets [Member] | Community First Bank and Trust [Member] | ||
Resale Agreement Counterparty [Line Items] | ||
Actual, Amount | $ 43,167 | $ 41,667 |
Actual, Ratio | 9.15% | 8.91% |
For Capital Adequacy Purposes, Amount | $ 18,866 | $ 18,704 |
For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
To Be Well Capitalized Under Applicable Regulatory Provisions, Amount | $ 23,583 | $ 23,380 |
To Be Well Capitalized Under Applicable Regulatory Provisions, Ratio | 5.00% | 5.00% |
Regulatory Matters - Summary of
Regulatory Matters - Summary of Changes to the Regulatory Capital Ratios (Detail) | Dec. 31, 2016 | Dec. 31, 2014 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 Capital to Risk Weighted Assets, Adequately Capitalized | 6.625% | |
Total Capital to Risk Weighted Assets, Adequately Capitalized | 8.625% | |
Guideline in Effect [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 Capital to Risk Weighted Assets, Adequately Capitalized | 4.00% | |
Total Capital to Risk Weighted Assets, Adequately Capitalized | 8.00% | |
Tier 1 Leverage Ratio, Adequately Capitalized | 4.00% | |
Tier 1 Capital to Risk Weighted Assets, Well Capitalized | 6.00% | |
Total Capital to Risk Weighted Assets, Well Capitalized | 10.00% | |
Tier 1 Leverage Ratio, Well Capitalized | 5.00% | |
Basel lll Requirements [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common Equity Tier 1 Ratio (Common Equity to Risk Weighted Assets), Adequately Capitalized | 4.50% | |
Tier 1 Capital to Risk Weighted Assets, Adequately Capitalized | 6.00% | |
Total Capital to Risk Weighted Assets, Adequately Capitalized | 8.00% | |
Tier 1 Leverage Ratio, Adequately Capitalized | 4.00% | |
Common Equity Tier 1 Ratio (Common Equity to Risk Weighted Assets), Well Capitalized | 6.50% | |
Tier 1 Capital to Risk Weighted Assets, Well Capitalized | 8.00% | |
Total Capital to Risk Weighted Assets, Well Capitalized | 10.00% | |
Tier 1 Leverage Ratio, Well Capitalized | 5.00% |
Regulatory Matters - Summary 53
Regulatory Matters - Summary of Base1 III Minimum Requirements After Giving Effect to the Buffer (Detail) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Common Equity Tier 1 Ratio | 5.125% | |||
Tier 1 Capital to Risk-Weighted Assets Ratio | 6.625% | |||
Total Capital to Risk-Weighted Assets Ratio | 8.625% | |||
Scenario Forecast [Member] | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Common Equity Tier 1 Ratio | 7.00% | 6.375% | 5.75% | |
Tier 1 Capital to Risk-Weighted Assets Ratio | 8.50% | 7.875% | 7.25% | |
Total Capital to Risk-Weighted Assets Ratio | 10.50% | 9.875% | 9.25% |
Preferred Stock Restructure - A
Preferred Stock Restructure - Additional Information (Detail) $ / shares in Units, $ in Thousands | Sep. 27, 2016USD ($)shares | Feb. 25, 2016$ / shares | Mar. 31, 2016USD ($) | Jun. 30, 2016$ / shares | Dec. 31, 2015 | Jun. 30, 2017USD ($) | Dec. 31, 2016USD ($) | Apr. 26, 2016$ / sharesshares |
Class Of Stock [Line Items] | ||||||||
Increase in retained earnings due to reversal of accrued dividends | $ (8,678) | $ (9,906) | ||||||
Conversion of common stock, per share | $ / shares | $ 4.75 | |||||||
Common stock issued upon conversion | shares | 1,629,097 | |||||||
Sale of shares of common stock, shares | shares | 40,528 | |||||||
Aggregate gross proceeds of common stock | $ 193 | |||||||
Common Stock [Member] | ||||||||
Class Of Stock [Line Items] | ||||||||
Preferred stock to common stock conversion ratio | 136.84 | |||||||
Series A Preferred Stock [Member] | ||||||||
Class Of Stock [Line Items] | ||||||||
Preferred stock, liquidation preference | $ / shares | $ 650 | $ 650 | ||||||
Common stock, par value | $ / shares | $ 0 | |||||||
Payable dividend rate | 5.00% | 9.00% | ||||||
Increase in retained earnings due to reversal of accrued dividends | $ 4,386 | |||||||
Increase in additional paid-in capital due to reversal of stock face value | $ 4,167 |