Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Aug. 05, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2016 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,016 | |
Entity Registrant Name | BANK OF THE JAMES FINANCIAL GROUP INC | |
Entity Central Index Key | 1,275,101 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 4,378,436 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and due from banks | $ 20,918,000 | $ 15,952,000 |
Federal Funds Sold | 3,515,000 | 12,703,000 |
Total cash and cash equivalents | 24,433,000 | 28,655,000 |
Securities held-to-maturity (fair value of $3,424 in 2016 and $2,649 in 2015) | 3,309,000 | 2,519,000 |
Securities available-for-sale, at fair value | 33,809,000 | 35,996,000 |
Restricted stock, at cost | 1,373,000 | 1,313,000 |
Loans, net of allowance for loan losses of $4,887 in 2016 and $4,683 in 2015 | 452,044,000 | 430,445,000 |
Loans held for sale | 4,452,000 | 1,964,000 |
Premises and equipment, net | 9,866,000 | 10,007,000 |
Interest receivable | 1,209,000 | 1,248,000 |
Cash value - bank owned life insurance | 9,911,000 | 9,781,000 |
Other real estate owned, net of valuation allowance | 2,420,000 | 1,965,000 |
Income taxes receivable | 1,125,000 | 1,096,000 |
Deferred tax asset, net | 912,000 | 1,399,000 |
Other assets | 867,000 | 755,000 |
Total assets | 545,730,000 | 527,143,000 |
Deposits | ||
Noninterest bearing demand | 97,544,000 | 91,325,000 |
NOW, money market and savings | 235,437,000 | 232,864,000 |
Time | 160,554,000 | 143,421,000 |
Total deposits | 493,535,000 | 467,610,000 |
Capital notes | 10,000,000 | |
Interest payable | 87,000 | 61,000 |
Other liabilities | 1,555,000 | 1,276,000 |
Total liabilities | 495,177,000 | 478,947,000 |
Commitments and Contingencies | ||
Stockholders' equity | ||
Preferred stock; authorized 1,000,000 shares; none issued and outstanding as of June 30, 2016 and December 31, 2015 | ||
Common stock $2.14 par value; authorized 10,000,000 shares; issued and outstanding 4,378,436 as of June 30, 2016 and December 31, 2015 | 9,370,000 | 9,370,000 |
Additional paid-in-capital | 31,495,000 | 31,495,000 |
Retained earnings | 9,333,000 | 7,920,000 |
Accumulated other comprehensive income (loss) | 355,000 | (589,000) |
Total stockholders' equity | 50,553,000 | 48,196,000 |
Total liabilities and stockholders' equity | $ 545,730,000 | $ 527,143,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Consolidated Balance Sheets [Abstract] | ||
Securities held-to-maturity, fair value | $ 3,424 | $ 2,649 |
Loans, allowance for loan losses | $ 4,887 | $ 4,683 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 2.14 | $ 2.14 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 4,378,436 | 4,378,436 |
Common stock, shares outstanding | 4,378,436 | 4,378,436 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Interest Income | ||||
Loans | $ 5,007 | $ 4,758 | $ 9,985 | $ 9,386 |
Securities | ||||
US Government and agency obligations | 125 | 143 | 264 | 283 |
Mortgage backed securities | 68 | 18 | 120 | 28 |
Municipals - taxable | 35 | 22 | 69 | 47 |
Municipals - taxable exempt | 11 | 11 | 21 | 21 |
Dividends | 27 | 29 | 33 | 34 |
Other (Corporates) | 3 | 2 | 9 | 3 |
Interest bearing deposits | 9 | 4 | 15 | 6 |
Federal Funds sold | 8 | 4 | 12 | 9 |
Total interest income | 5,293 | 4,991 | 10,528 | 9,817 |
Deposits | ||||
NOW, money market savings | 139 | 123 | 275 | 245 |
Time Deposits | 411 | 391 | 811 | 723 |
Federal Funds purchased | 4 | 1 | ||
FHLB borrowings | 3 | 28 | ||
Capital notes | 150 | 8 | 300 | |
Total interest expense | 550 | 667 | 1,098 | 1,297 |
Net interest income | 4,743 | 4,324 | 9,430 | 8,520 |
Provision for loan losses | 250 | 57 | 450 | 157 |
Net interest income after provision for loan losses | 4,493 | 4,267 | 8,980 | 8,363 |
Noninterest income | ||||
Gain on sales of loans held for sale, net | 681 | 613 | 1,172 | 1,136 |
Service charges, fees and commissions | 362 | 348 | 734 | 666 |
Increase in cash value of life insurance | 65 | 68 | 130 | 136 |
Other | 45 | 45 | 60 | 54 |
Gain on sales of available-for-sale securities, net | 163 | 4 | 228 | 33 |
Total Non-interest income | 1,316 | 1,078 | 2,324 | 2,025 |
Noninterest expenses | ||||
Salaries and employee benefits | 2,162 | 2,128 | 4,399 | 4,211 |
Occupancy | 305 | 312 | 637 | 601 |
Equipment | 314 | 304 | 633 | 603 |
Supplies | 108 | 108 | 227 | 204 |
Professional, data processing, and other outside expense | 701 | 560 | 1,363 | 1,046 |
Marketing | 201 | 148 | 320 | 224 |
Credit expense | 106 | 63 | 189 | 136 |
Other real estate expenses | 4 | 32 | 5 | 37 |
FDIC insurance expense | 91 | 79 | 183 | 153 |
Other | 262 | 201 | 488 | 400 |
Total non-interest expenses | 4,254 | 3,935 | 8,444 | 7,615 |
Income before income taxes | 1,555 | 1,410 | 2,860 | 2,773 |
Income tax expense | 504 | 453 | 922 | 889 |
Net Income | $ 1,051 | $ 957 | $ 1,938 | $ 1,884 |
Weighted average common shares outstanding - basic | 4,378,436 | 3,371,616 | 4,378,436 | 3,371,616 |
Weighted average common shares outstanding- diluted | 4,378,436 | 3,371,616 | 4,378,436 | 3,371,616 |
Earnings per common share - basic | $ 0.24 | $ 0.28 | $ 0.44 | $ 0.56 |
Earnings per common share - diluted | $ 0.24 | $ 0.28 | $ 0.44 | $ 0.56 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | ||
Consolidated Statements Of Comprehensive Income [Abstract] | |||||
Net Income | $ 1,051 | $ 957 | $ 1,938 | $ 1,884 | |
Other comprehensive income (loss): | |||||
Unrealized gains (losses) on securities available-for-sale | 630 | (783) | 1,659 | (445) | |
Unrealized gains on securities available-for-sale, Tax effect | (215) | 267 | (565) | 152 | |
Reclassification adjustment for gains included in net income | [1] | (163) | (4) | (228) | (33) |
Reclassification adjustment for gains included in net income, Tax effect | [2] | 56 | 1 | 78 | 11 |
Other comprehensive income (loss), net of tax | 308 | (519) | 944 | (315) | |
Comprehensive income | $ 1,359 | $ 438 | $ 2,882 | $ 1,569 | |
[1] | Gains are included in "gain on sales of available-for-sale securities, net" on the consolidated statements of income. | ||||
[2] | The tax effect on these reclassifications is reflected in "income tax expense" on the consolidated statements of income |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Cash flows from operating activities | |||||
Net Income | $ 1,051 | $ 957 | $ 1,938 | $ 1,884 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Depreciation and amortization | 391 | 381 | |||
Net amortization and accretion of premiums and discounts on securities | 93 | 34 | |||
(Gain) on sales of available for-sale-securities | (163) | (4) | (228) | (33) | |
(Gain) on call of held to maturity securities | (6) | ||||
Gain on sales of loans held for sale | (681) | (613) | (1,172) | (1,136) | |
Provision for loan losses | 250 | 57 | 450 | 157 | $ 282 |
(Gain) loss on sale of other real estate owned | (1) | 1 | 6 | ||
Impairment of other real estate owned | 15 | 75 | |||
(Increase) in cash value of life insurance | (65) | (68) | (130) | (136) | |
Decrease in interest receivable | 39 | 30 | |||
(Increase) in other assets | (112) | (97) | |||
(Increase) in income taxes receivable | (29) | (61) | |||
Increase in interest payable | 26 | 16 | |||
Increase in other liabilities | 279 | 23 | |||
Proceeds from sales of loans held for sale | 38,038 | 42,382 | |||
Origination of loans held for sale | (39,354) | (43,188) | |||
Net cash provided by operating activities | 222 | 272 | |||
Cash flows from investing activities | |||||
Purchases of securities held to maturity | (1,290) | ||||
Proceeds from maturities and calls of securities held-to-maturity | 500 | ||||
Purchases of securities available-for-sale | (16,242) | (12,414) | |||
Proceeds from maturities, calls and paydowns of securities available-for-sale | 3,972 | 30 | |||
Proceeds from sale of securities available-for-sale | 16,029 | 6,856 | |||
(Purchase) redemption of Federal Home Loan Bank stock | (60) | 426 | |||
Origination of loans, net of principal collected | (22,524) | (19,134) | |||
Capital improvements to other real estate owned | (25) | ||||
Purchases of premises and equipment | (250) | (305) | |||
Proceeds from sale of other real estate owned | 21 | 25 | |||
Net cash (used in) investing activities | (19,844) | (24,541) | |||
Cash flows from financing activities | |||||
Net increase in deposits | 25,925 | 45,889 | |||
Net (decrease) in federal funds purchased | (3,189) | ||||
Net (decrease) in Federal Home Loan Bank advances | (12,000) | ||||
Dividends paid to common stockholders | (525) | (337) | |||
Retirement of capital notes | (10,000) | ||||
Net cash provided by financing activities | 15,400 | 30,363 | |||
(Decrease) increase in cash and cash equivalents | (4,222) | 6,094 | |||
Cash and cash equivalents at beginning of period | 28,655 | 12,743 | 12,743 | ||
Cash and cash equivalents at end of period | $ 24,433 | 18,837 | 24,433 | 18,837 | 28,655 |
Non cash transactions | |||||
Transfer of loans to other real estate owned | 475 | 1,125 | $ 1,425 | ||
Fair value of adjustment for securities | 1,431 | (478) | |||
Common stock dividends declared, not paid | $ 202 | 202 | |||
Cash transactions | |||||
Cash paid for interest | 1,072 | 1,281 | |||
Cash paid for taxes | $ 450 | $ 1,109 |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive (Loss) [Member] | Total |
Balance at Dec. 31, 2014 | $ 7,215 | $ 22,919 | $ 5,031 | $ (389) | $ 34,776 |
Balance, shares at Dec. 31, 2014 | 3,371,616 | ||||
Net Income | 1,884 | 1,884 | |||
Dividends on common stock | (539) | (539) | |||
Other Comprehensive Income (loss) | (315) | (315) | |||
Balance at Jun. 30, 2015 | $ 7,215 | 22,919 | 6,376 | (704) | 35,806 |
Balance, shares at Jun. 30, 2015 | 3,371,616 | ||||
Balance at Dec. 31, 2015 | $ 9,370 | 31,495 | 7,920 | (589) | 48,196 |
Balance, shares at Dec. 31, 2015 | 4,378,436 | ||||
Net Income | 1,938 | 1,938 | |||
Dividends on common stock | (525) | (525) | |||
Other Comprehensive Income (loss) | 944 | 944 | |||
Balance at Jun. 30, 2016 | $ 9,370 | $ 31,495 | $ 9,333 | $ 355 | $ 50,553 |
Balance, shares at Jun. 30, 2016 | 4,378,436 |
Consolidated Statements Of Cha8
Consolidated Statements Of Changes In Stockholders' Equity (Parenthetical) - $ / shares | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Consolidated Statements Of Changes In Stockholders' Equity [Abstract] | ||
Dividend on common stock, per share | $ 0.12 | $ 0.16 |
Basis Of Presentation
Basis Of Presentation | 6 Months Ended |
Jun. 30, 2016 | |
Basis Of Presentation [Abstract] | |
Basis Of Presentation | Note 1 – Basis of Presentation The unaudited consolidated financial statements have been prepared by Bank of the James Financial Group, Inc. (“Financial” or the “Company”) pursuant to the rules and regulations of the Securities and Exchange Commission. In management’s opinion the accompanying financial statements, which unless otherwise noted are unaudited, reflect all adjustments, consisting solely of normal recurring accruals, necessary for a fair presentation of the financial information as of June 30, 2016 and for the three and six months ended June 30, 201 6 and 201 5 in conformity with accounting principles generally accepted in the United States of America. Additional information concerning the organization and business of Financial, accounting policies followed, and other related information is contained in Financial’s Annual Report on Form 10-K for the year ended December 31, 201 5 . These financial statements should be read in conjunction with the audited consolidated financial statements and footnotes for the year ended December 31, 201 5 included in Financial’s Annual Report on Form 10-K. Results for the three and six month periods ended June 30, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 201 6 . The Company’s primary market area consists of the area commonly referred to as Region 2000 which encompasses the seven jurisdictions of the Town of Altavista, Amherst County, Appomattox County, the Town of Bedford, Bedford County, Campbell County, and the City of Lynchburg. Recently, the Company has expanded into Charlottesville, Roanoke, and Harrisonburg. Financial’s critical accounting policy relates to the evaluation of the allowance for loan losses which is bas ed on management’s estimate of an amount that is adequate to absorb probable losses inherent in the loan portfolio of Bank of the James (the “Bank”), Financial’s wholly-owned subsidiary. The allowance for loan losses is established through a provision for loan loss based on available information including the composition of the loan portfolio, historical loan losses, specific impaired loans, availability and quality of collateral, age of the various portfolios, changes in local economic conditions, and loan performance and quality of the portfolio. Different assumptions used in evaluating the adequacy of the Bank’s allowance for loan losses could result in material changes in Financial’s financial condition and results of operations. The Bank’s policies with respect to the methodology for determining the allowance for loan losses involve a higher degree of complexity and require management to make subjective judgments that often require assumptions or estimates about uncertain matters. These critical policies and their assumptions are periodically reviewed with the Board of Directors. |
Use Of Estimates
Use Of Estimates | 6 Months Ended |
Jun. 30, 2016 | |
Use Of Estimates [Abstract] | |
Use Of Estimates | Note 2 – Use of Estimates The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America which require management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. |
Earnings Per Common Share (EPS)
Earnings Per Common Share (EPS) | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Common Share (EPS) [Abstract] | |
Earnings Per Common Share (EPS) | Note 3 – Earnings Per Common Share (EPS) Currently, only the option shares granted to certain officers and other employees of Financial pursuant to the Amended and Restated Stock Option Plan of 1999 Financial (the “1999 Plan”) are considered in calculating diluted earnings per share. The following is a summary of the earnings per share calculation for the three and six months ended June 30 , 201 6 and 201 5 . Note 3 – Earnings Per Share (continued) Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Net income $ 1,051,000 $ 957,000 $ 1,938,000 $ 1,884,000 Basic EPS weighted average shares outstanding 4,378,436 3,371,616 4,378,436 3,371,616 Incremental shares attributable to stock options - - - - Diluted EPS weighted average shares outstanding 4,378,436 3,371,616 4,378,436 3,371,616 Basic earnings per common share $ 0.24 $ 0.28 $ 0.44 $ 0.56 Diluted earnings per common share $ 0.24 $ 0.28 $ 0.44 $ 0.56 The following table sets forth the option shares that were not included in calculating the diluted earnings because their effect was anti-dilutive: Three Months Ended Six Months E nded June 30 , June 30 , 201 6 201 5 201 6 201 5 Options excluded from calculating diluted EPS because their effect was anti-dilutive 636 66,576 636 66,576 The foregoing shares were anti-dilutive because the exercise price of the options was greater than the market price on June 30, 2016 and 2015. |
Stock Based Compensation
Stock Based Compensation | 6 Months Ended |
Jun. 30, 2016 | |
Stock Based Compensation [Abstract] | |
Stock Based Compensation | Note 4 – Stock Based Compensation Accounting standards require companies to recognize the cost of employee services received in exchange for awards of equity instruments, such as stock options and restricted stock, based on the fair value of those awards at the date of grant. Note 4 – Stock Based Compensation (continued) Stock option plan activity for the six months ended June 30, 2016 is summarized below: Weighted Weighted Average Average Remaining Exercise Contractual Intrinsic Shares Price Life (in years) Value Options outstanding, January 1, 2016 636 $ 12.79 Granted - - Exercised - - Forfeited - - Options outstanding, June 30, 2016 636 12.79 1.92 $ - Options exercisable, June 30, 2016 636 $ 12.79 1.92 $ - Intrinsic value is calculated by subtracting the exercise price of option shares from the market price of underlying shares as of June 30, 2016 and multiplying that amount by the number of options outstanding. No intrinsic value exists where the exercise price is greater than the market price on a given date. All compensation expense related to the foregoing stock option plan has been recognized. The Company’s ability to grant additional options shares under the 1999 Plan has expired. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | Note 5 – Fair Value Measurements Determination of Fair Value The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. In accordance with the Fair Value Measurements and Disclosures topic of FASB ASC, the fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. The fair value guidance provides a consistent definition of fair value, which focuses on exit price in an orderly transaction (that is, not a forced liquidation or distressed sale) between market participants at the measurement date under current market conditions. If there has been a significant decrease in the volume and level of activity for the asset or liability, a change in valuation technique or the use of multiple valuation techniques may be appropriate. In such instances, determining the price at which willing market participants would transact at the measurement date under current market conditions depends on the facts and circumstances and requires the use of significant judgment. The fair value is a reasonable point within the range that is most representative of fair value under current market conditions. Note 5 – Fair Value Measurements (continued) Fair Value Hierarchy In accordance with this guidance, the Company groups its financial assets and financial liabilities generally measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. · Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. · Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. · Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement. Following is a description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy: Fair Value on a Recurring Basis Securities Available-for-Sale Fair values of securities, excluding restricted investments in Federal Reserve Bank stock, Federal Home Loan Bank stock, and Community Bankers’ Bank stock are based on quoted prices available in an active market. If quoted prices are available, these securities are classified within Level 1 of the valuation hierarchy. Level 1 securities would include highly liquid government bonds, mortgage products and exchange traded equities. If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics, or discounted cash flow. Level 2 securities would include U.S. agency securities, mortgage-backed agency securities, obligations of states and political subdivisions and certain corporate, asset backed and other securities. In certain cases where there is limited activity or less transparency around inputs to the valuation, securities are classified within Level 3 of the valuation hierarchy. Currently, all of the Company’s securities are considered to be Level 2 securities. The following table summarizes the Company’s financial assets that were measured at fair value on a recurring basis during the period. Restricted securities noted above are classified as such because their ownership is restricted to certain types of entities and there is no established market for their resale. When the stock is repurchased, the shares are repurchased at the stock’s book value; therefore, the carrying amount of restricted securities approximate fair value. Restricted securities are considered to be Level 2. Note 5 – Fair Value Measurements (continued) Carrying Value at June 30, 2016 (in thousands) Descr iption Balance as of June 30 , 201 6 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) US agency obligations $11,263 $ - $11,263 $ - Mortgage-backed securities 14,481 - 14,481 - Municipals 7,531 - 7,531 - Corporates 534 534 Total available-for-sale securities $33,809 $ - $33,809 $ - Carrying Value at December 31, 201 5 (in thousands) Descriptio n Balance as of December 31, 201 5 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) US agency obligations $18,810 $ - $18,810 $ - Mortgage-backed securities 10,647 - 10,647 - Municipals 5,034 - 5,034 - Corporates 1,505 - 1,505 - Total available-for-sale securities $35,996 $ - $35,996 $ - Fair Value on a Non-recurring Basis Impaired loans Loans are designated as impaired when, in the judgment of management based on current information and events, it is probable that all amounts due according to the contractual terms of the loan agreement will not be collected when due . The measurement of loss associated with impaired loans can be based on either the observable market price of the loan or the fair value of the collateral. Fair value is measured based on the value of the collateral securing the loans. Collateral may be in the form of real estate or business assets including equipment, inventory, and accounts receivable. The vast majority of the collateral is real estate. The value of real estate collateral is determined utilizing an income or market valuation approach based on an appraisal conducted by an independent, licensed appraiser outside of the Bank using observable market data (Level 2). However, if the collateral is a house or building in the process of construction or if an appraisal of the real estate property is over one year old, then the fair value is considered Level 3. The value of business equipment is based upon an outside appraisal if deemed significant, or the net book value on the applicable business’ financial statements if not considered significant using observable market data. Likewise, values for inventory and accounts receivables collateral are based on financial statement balances or aging reports (Level 3). Any fair value adjustments are recorded in the period incurred as provision for loan losses on the Consolidated Statements of Income. Note 5 – Fair Value Measurements (continued) Loans held for sale Loans held for sale are carried at cost which approximates estimated fair value. These loans currently consist of one-to-four family residential loans originated for sale in the secondary market. Fair value is based on the price secondary markets are currently offering for similar loans using observable market data which is not materially different than cost due to the short duration between origination and sale (Level 2). As such, the Company records fair value adjustments on a nonrecurring basis. No nonrecurring fair value adjustments were recorded on loans held for sale during the period ended June 30, 2016 . Gains and losses on the sale of loans are recorded within gains on sales of loans held for sale, net on the Consolidated Statements of Income. Other real estate owned Certain assets such as other real estate owned (OREO) are measured at fair value less cost to sell. We believe that the fair value component in its valuation follows the provisions of ASC 820. Real estate acquired through foreclosure is transferred to OREO. The measurement of loss associated with OREO is based on the fair value of the collateral compared to the unpaid loan balance and anticipated costs to sell the property. The value of OREO collateral is determined utilizing an income or market valuation approach based on an appraisal conducted by an independent, licensed appraiser outside of the Bank using observable market data. Any fair value adjustments are recorded in the period incurred and expensed against current earnings. The carrying values of all OREO properties are considered to be Level 3. The following table summarizes the Company’s impaired loans, loans held for sale, and OREO measured at fair value on a nonrecurring basis during the period (in thousands). Carrying Value at June 30, 2016 Description Balance as of June 30, 2016 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Impaired loans* $2,718 $ - $ - $2,718 Loans held for sale 4,452 - 4,452 - Other real estate owned 2,420 - - 2,420 * Includes loans charged down to the net realizable value of the collateral. Carrying Value at December 31, 201 5 Description Balance as of December 31, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Impaired loans* $2,896 $ - $ - $2,896 Loans held for sale 1,964 - 1,964 - Other real estate owned 1,965 - - 1,965 * Includes loans charged down to the net realizable value of the collateral. Note 5 – Fair Value Measurements (continued) The following table sets forth information regarding the quantitative inputs used to value assets classified as Level 3: Quantitative information about Level 3 Fair Value Measurements for June 30 , 2016 (dollars in thousands) Fair Value Valuation Te chnique(s) Unobservable Input Range (Weighted Average) Asse ts Impaired loans $2,718 Discounted appraised value Selling cost 5 % - 10 % ( 6 %) Discount for lack of marketability and age of appraisal 0 % - 25 % ( 15 %) OREO 2,420 Discounted appraised value Selling cost 5 % - 10 % ( 6 %) Discount for lack of marketability and age of appraisal 0 % - 25 % ( 15 %) Quantitative information about Level 3 Fair Value Measurements for December 31, 2015 (dollars in thousands) Fair Value Valuation Te chnique(s) Unobservable Input Range (Weighted Average) Assets Impaired loans $2,896 Discounted appraised value Selling cost 5% - 10% ( 6% ) Discount for lack of marketability and age of appraisal 0% - 45% ( 15% ) OREO 1,965 Discounted appraised value Selling cost 5% - 10% ( 6% ) Discount for lack of marketability and age of appraisal 0% - 25% ( 15% ) Financial Instruments Cash, cash equivalents and Federal Funds sold The carrying amounts of cash and short-term instruments approximate fair values. Loans For variable-rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values. Fair values for certain fixed rate loans are based on quoted market prices of similar loans adjusted for differences in loan characteristics. Fair values for other loans such as commercial real estate and commercial and industrial loans are estimated using discounted cash flow analyses, using interest rates currently being offered for loans with similar terms to borrowers of similar credit quality. Fair values of impaired loans are estimated as described above. The carrying values of all loans are considered to be Level 3. Bank Owned Life Insurance (BOLI) The carrying amount approximates fair value. The carrying values of all BOLI is considered to be Level 2. Note 5 – Fair Value Measurements (continued) Deposits Fair values disclosed for demand deposits (e.g., interest and noninterest checking, savings, and money market accounts) are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts). Fair values for fixed rate certificates of deposit are estimated using discounted cash flow analyses that applies interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities on time deposits. The carrying values of all deposits are considered to be Level 2. FHLB borrowings The fair value of FHLB borrowings is estimated using discounted cash flow analysis based on the rates currently offered for borrowings of similar remaining maturities and collateral requirements. The carrying values of all FHLB borrowings are considered to be Level 2. Short-term borrowings The carrying amounts of federal funds purchased, borrowings under repurchase agreements, and other short-term borrowings maturing within ninety days approximate fair value. The carrying values of all short term borrowings are considered to be Level 2. Capital notes Fair values of capital notes are based on market prices for debt securities having similar maturity and interest rate characteristics. The carrying values of all capital notes are considered to be Level 2. Accrued interest The carrying amounts of accrued interest approximate fair value. The carrying values of all accrued interest is considered to be Level 2. Off-balance sheet credit-related instruments Fair values for off-balance sheet, credit-related financial instruments are based on fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the counterparties’ credit standing. Fair value of off-balance sheet credit-related instruments were deemed to be immaterial at June 30, 2016 and December 31, 201 5 and therefore are not included in the table below. Note 5 – Fair Value Measurements (continued) The estimated fair values, and related carrying or notional amounts, of Financial’s financial instruments are as follows (in thousands): Fair Value Measurements at June 30, 2016 using Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Carrying Identical Assets Inputs Inputs Asset s Amounts (Level 1) (Level 2) (Level 3) Balance Cash and due from banks $20,918 $20,918 $ - $ - $20,918 Fed funds sold 3,515 3,515 3,515 Securities Available-for-sale 33,809 - 33,809 - 33,809 Held-to-maturity 3,309 - 3,424 - 3,424 Restricted stock 1,373 1,373 1,373 Loans, net 452,044 - - 459,277 459,277 Loans held for sale 4,452 - 4,452 - 4,452 Interest receivable 1,209 - 1,209 - 1,209 BOLI 9,911 - 9,911 - 9,911 Liabilities Deposits $493,535 $ - $494,664 $ - $494,664 Interest payable 87 - 87 - 87 Fair Value Measurements at December 31, 201 5 using Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Carrying Identical Assets Inputs Inputs Assets Amounts (Level 1) (Level 2) (Level 3) Balance Cash and due from banks $15,952 $15,952 $ - $ - $15,952 Fed funds sold 12,703 12,703 12,703 Securities Available-for-sale 35,996 - 35,996 - 35,996 Held-to-maturity 2,519 - 2,649 - 2,649 Restricted stock 1,313 - 1,313 1,313 Loans, net 430,445 - - 438,322 438,322 Loans held for sale 1,964 - 1,964 - 1,964 Interest receivable 1,248 - 1,248 - 1,248 BOLI 9,781 - 9,781 - 9,781 Liabilities Deposits $467,610 $ - $468,773 $ - $468,773 Capital notes 10,000 - 10,024 - 10,024 Interest payable 61 - 61 - 61 Note 5 – Fair Value Measurements (continued) Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time Financial’s entire holdings of a particular financial instrument. Because no market exists for a significant portion of Financial’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment, and therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Fair value estimates are based on existing on-balance-sheet and off-balance-sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Significant assets that are not considered financial assets include deferred income taxes and bank premises and equipment; a significant liability that is not considered a financial liability is accrued post-retirement benefits. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimates. Financial assumes interest rate risk (the risk that general interest rate levels will change) as a result of its normal operations. As a result, the fair values of Financial’s financial instruments will change when interest rate levels change, and that change may be either favorable or unfavorable to Financial. Management attempts to match maturities of assets and liabilities to the extent believed necessary to minimize interest rate risk. However, borrowers with fixed rate obligations are less likely to prepay in a rising rate environment and more likely to prepay in a falling rate environment. Conversely, depositors who are receiving fixed rates are more likely to withdraw funds before maturity in a rising rate environment and less likely to do so in a falling rate environment. Management monitors rates and maturities of assets and liabilities and attempts to minimize interest rate risk by adjusting terms of new loans and deposits and by investing in securities with terms that mitigate Financial’s overall interest rate risk. |
Capital Notes
Capital Notes | 6 Months Ended |
Jun. 30, 2016 | |
Capital Notes [Abstract] | |
Capitol Notes | Note 6 – Capital Notes As of December 31, 2015 Financial had $10,000,000 categorized as “Capital Notes” which represents the proceeds of the private placement of $10,000,000 in unregistered debt securities as previously disclosed (the “2012 Notes”). The 2012 Notes bore interest at the rate of 6% per year with interest payable quarterly in arrears. On December 3, 2015 , Financial closed a private placement of common stock pursuant to which it received gross proceeds of $11,520,000 by selling an aggregate of 1,000,000 shares of Financials’ Common Stock at a price of $11.52 per share, as part of a private placement (the “Common Stock Private Placement”). Financial used $10,000,000 of the proceeds from the Common Stock Private Placement to prepay in full the 2012 Notes on January 5, 2016. |
Securities
Securities | 6 Months Ended |
Jun. 30, 2016 | |
Securities [Abstract] | |
Securities | Note 7 - Securities The following tables summarize the Bank’s holdings for both securities held-to-maturity and securities available-for-sale as of June 30, 2016 and December 31, 201 5 (amounts in thousands): June 30 , 201 6 Amortized Gross Unrealized Fair Value Costs Gains (Losses) Held- to-Maturity US agency obligations $3,309 $115 $ - $3,424 Available-for-Sale US agency obligations 11,114 150 (1) 11,263 Mortgage-backed securities 14,393 88 - 14,481 Municipals 7,236 295 - 7,531 Corporates 528 6 - 534 $33,271 $539 $(1) $33,809 December 31, 201 5 Amortized Gross Unrealized Fair Value Costs Gains (Losses) Held- to-Maturity US agency obligations $2,519 $130 $ - $2,649 Available-for-Sale US agency obligations 19,606 3 (799) 18,810 Mortgage-backed securities 10,778 4 (135) 10,647 Municipals 4,984 84 (34) 5,034 Corporates 1,521 - (16) 1,505 $36,889 $91 $(984) $35,996 Note 7 – Securities (continued) The following tables show the gross unrealized losses and fair value of the Bank’s investments with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at June 30, 2016 and December 31, 2015 (amounts in thousands): Less than 12 months More than 12 months Total Fair Unrealized Fair Unrealized Fair Unrealized June 30, 2016 Value Losses Value Losses Value Losses Description of securities U.S. agency obligations $3,010 $1 $ - $ - $3,010 $1 Total $3,010 $1 $ - $ - $3,010 $1 Less than 12 months More than 12 months Total Fair Unrealized Fair Unrealized Fair Unrealized Dece m ber 31, 201 5 Value Losses Value Losses Value Losses Description of securities U.S. agency obligations $7,160 $353 $10,650 $446 $17,810 $799 Mortgage-backed securities 6,726 77 1,979 58 8,705 135 Municipals 2,341 25 503 9 2,844 34 Corporates 1,505 16 - - 1,505 16 Total $17,732 $471 $13,132 $513 $30,864 $984 Management evaluates securities for other-than-temporary impairment at least on a quarterly basis, and may do so more frequently when economic or market concerns warrant such evaluation. Consideration is given to (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, (3) the intent of Financial, if any, to sell the security; (4) whether Financial more likely than not will be required to sell the security before recovering its cost; and (5) whether Financial does not expect to recover the security’s entire amortized cost basis (even if Financial does not intend to sell the security). At June 30, 2016 , the Company did not consider the unrealized loss as an other-than-temporary loss due to the nature of the security involved. As of June 30, 2016 , the Bank owned 1 security that was being evaluated for other than temporary impairment. This security is S& P rated AA+ . As of June 30, the only security being evaluated for impairment was an obligation of a U.S. government sponsored entity. Based on the analysis performed by management as mandated by the Bank’s investment policy, management believes the default risk to be minimal. Because the Bank expects to recover the entire amortized cost basis, no declines currently are deemed to be other-than-temporary. |
Business Segments
Business Segments | 6 Months Ended |
Jun. 30, 2016 | |
Business Segments [Abstract] | |
Business Segments | Note 8 – Business Segments The Company has two reportable business segments: (i) a traditional full service community banking segment and, (ii) a mortgage loan origination business. The community banking business segment includes Bank of the James which provides loans, deposits, investments and insurance to retail and commercial customers throughout Region 2000 and other areas within Central Virginia. The mortgage segment provides a variety of mortgage loan products principally within Region 2000. Mortgage loans are originated and sold in the secondary market through purchase commitments from investors with servicing released. Because of the pre-arranged purchase commitments, there is minimal risk to the Company. Both of the Company’s reportable segments are service based. The mortgage business is a gain on sale business while the Bank’s primary source of revenue is net interest income. The Bank also provides a referral network for the mortgage origination business. The mortgage business may also be in a position to refer its customers to the Bank for banking services when appropriate. Information about reportable business segments and reconciliation of such information to the consolidated financial statements for the three and six months ended June 30 , 201 6 and 201 5 was as follows (dollars in thousands): Note 8 – Business Segments (continued) Business Segments Community Banking Mortgage Total Six months ended June 30, 2016 Net interest income $ 9,430 $ - $ 9,430 Provision for loan losses 450 - 450 Net interest income after provision for loan losses 8,980 - 8,980 Noninterest income 1,128 1,196 2,324 Noninterest expenses 7,481 963 8,444 Income before income taxes 2,627 233 2,860 Income tax expense 843 79 922 Net income $ 1,784 $ 154 $ 1,938 Total assets $ 541,120 $ 4,610 $ 545,730 Six months ended June 30, 2015 Net interest income $ 8,520 $ - $ 8,520 Provision for loan losses 157 - 157 Net interest income after provision for loan losses 8,363 - 8,363 Noninterest income 867 1,158 2,025 Noninterest expenses 6,777 838 7,615 Income before income taxes 2,453 320 2,773 Income tax expense 780 109 889 Net income $ 1,673 $ 211 $ 1,884 Total assets $ 489,821 $ 3,015 $ 492,836 Community Banking Mortgage Total Three months ended June 30, 2016 Net interest income $ 4,743 $ - $ 4,743 Provision for loan losses 250 - 250 Net interest income after provision for loan losses 4,493 - 4,493 Noninterest income 620 696 1,316 Noninterest expenses 3,748 506 4,254 Income before income taxes 1,365 190 1,555 Income tax expense 440 64 504 Net income $ 925 $ 126 $ 1,051 Total assets $ 541,120 $ 4,610 $ 545,730 Three months ended June 30, 2015 Net interest income $ 4,324 $ - $ 4,324 Provision for loan losses 57 - 57 Net interest income after provision for loan losses 4,267 - 4,267 Noninterest income 454 624 1,078 Noninterest expenses 3,484 451 3,935 Income before income taxes 1,237 173 1,410 Income tax expense 394 59 453 Net income $ 843 $ 114 $ 957 Total assets $ 489,821 $ 3,015 $ 492,836 |
Loans, Allowance For Loan Losse
Loans, Allowance For Loan Losses and OREO | 6 Months Ended |
Jun. 30, 2016 | |
Loans, Allowance For Loan Losses and OREO [Abstract] | |
Loans, Allowance For Loan Losses and OREO | Note 9 – Loans, allowance for loan losses and OREO Management has an established methodology used to determine the adequacy of the allowance for loan losses that assesses the risks and losses inherent in the loan portfolio. For purposes of determining the allowance for loan losses, the Bank has segmented certain loans in the portfolio by product type. Within these segments, the Bank has sub-segmented its portfolio into classes, based on the associated risks. The classifications set forth below do not correspond directly to the classifications set forth in the call report (Form FFIEC 041). Management has determined that the classifications set forth below are more appropriate for use in identifying and managing risk in the loan portfolio. Loan Segments: Loan Classes: Commercial Commercial and industrial loans Commercial real estate Commercial mortgages – owner occupied Commercial mortgages – non-owner occupied Commercial construction Consumer Consumer unsecured Consumer secured Residential Residential mortgages Residential consumer construction A summary of loans, net is as follows (dollars in thousands): As of: June 30, December 31, 2016 2015 Commercial $86,323 $76,773 Commercial real estate 223,922 217,125 Consumer 83,309 81,531 Residential 63,377 59,699 Total loans (1) 456,931 435,128 Less allowance for loan losses 4,887 4,683 Net loans $452,044 $430,445 (1) Includes deferred costs of $225 and $263 , respectively. The Bank’s internal risk rating system is in place to grade commercial and commercial real estate loans. Category ratings are reviewed periodically by lenders and the credit review area of the Bank based on the borrower’s individual situation. Additionally, internal and external monitoring and review of credits are conducted on an annual basis. Note 9 – Loans, allowance for loan losses and OREO (continued) Below is a summary and definition of the Bank’s risk rating categories: RATING 1 Excellent RATING 2 Above Average RATING 3 Satisfactory RATING 4 Acceptable / Low Satisfactory RATING 5 Monitor RATING 6 Special Mention RATING 7 Substandard RATING 8 Doubtful RATING 9 Loss We segregate loans into the above categories based on the following criteria and we review the characteristics of each rating at least annually, generally during the first quarter. The characteristics of these ratings are as follows: · “Pass.” These are loans having risk ratings of 1 through 4. Pass loans are to persons or business entities with an acceptable financial condition, appropriate collateral margins, appropriate cash flow to service the existing loan, and an appropriate leverage ratio. The borrower has paid all obligations as agreed and it is expected that this type of payment history will continue. When necessary, acceptable personal guarantors support the loan. · “Monitor.” These are loans having a risk rating of 5. Monitor loans have currently acceptable risk but may have the potential for a specific defined weakness in the borrower’s operations and the borrower’s ability to generate positive cash flow on a sustained basis. The borrower’s recent payment history may currently or in the future be characterized by late payments. The Bank’s risk exposure is mitigated by collateral supporting the loan. The collateral is considered to be well-margined, well maintained, accessible and readily marketable. · “Special Mention.” These are loans having a risk rating of 6. Special Mention loans have weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the bank’s credit position at some future date. Special Mention loans are not adversely classified and do not expose an institution to sufficient risk to warrant adverse classification. These loans do warrant more than routine monitoring due to a weakness caused by adverse events. · “Substandard.” These are loans having a risk rating of 7. Substandard loans are considered to have specific and well-defined weaknesses that jeopardize the viability of the Bank’s credit extension. The payment history for the loan has been inconsistent and the expected or projected primary repayment source may be inadequate to service the loan. The estimated net liquidation value of the collateral pledged and/or ability of the personal guarantor(s) to pay the loan may not adequately protect the Bank. There is a distinct possibility that the Bank will sustain some loss if the deficiencies associated with the loan are not corrected in the near term. A substandard loan would not automatically meet our definition of impaired unless the loan is significantly past due and the borrower’s performance and financial condition provides evidence that it is probable that the Bank will be unable to collect all amounts due. · “Doubtful.” These are loans having a risk rating of 8. Doubtful rated loans have all the weaknesses inherent in a loan that is classified substandard but with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The possibility of loss is extremely high. Note 9 – Loans, allowance for loan losses and OREO (continued) · “Loss.” These are loans having a risk rating of 9. Loss rated loans are not considered collectible under normal circumstances and there is no realistic expectation for any future payment on the loan. Loss rated loans are fully charged off. Loans on Non-Accrual Status ( dollars in thousands ) As of June 30, 2016 December 31, 2015 Commercial $369 $483 Commercial Real Estate: Commercial Mortgages-Owner Occupied 865 799 Commercial Mortgages-Non-Owner Occupied - 514 Commercial Construction 291 367 Consumer Consumer Unsecured - 31 Consumer Secured 63 269 Residential: Residential Mortgages 806 695 Residential Consumer Construction 146 248 Totals $2,540 $3,406 We also classify other real estate owned (OREO) as a nonperforming asset. OREO represents real property owned by the Bank either through purchase at foreclosure or received from the borrower through a deed in lieu of foreclosure. OREO in creased to $2,420,000 on June 30, 2016 from $1,965,000 on December 31, 201 5 . The following table represents the changes in OREO balance during the six months ended June 30, 2016 and year ended December 31, 2015 . OREO Changes ( dollars in thousands ) Six months ended Year ended June 30, 2016 December 31, 2015 Balance at the beginning of the year (net) $1,965 $956 Transfers from loans 475 1,425 Capitalized costs - 25 Writedowns - (75) Sales proceeds (21) (360) Gain (loss) on disposition 1 (6) Balance at the end of the period (net) $2,420 $1,965 At June 30, 2016 and December 31, 2015, the Company had no consumer mortgage loan secured by residential real estate for which foreclosure was in process. The Company held one residential real estate property in other real estate owned a s of June 30, 2016 and no residential real estate property in other real estate owned as of Decembe r 31, 201 5. Note 9 – Loans, allowance for loan losses and OREO (continued) Impaired Loans ( dollars in thousands) As of and For the Six Months Ended June 30, 2016 Unpaid Average Interest Recorded Principal Related Recorded Income 2016 Investment Balance Allowance Investment Recognized With No Related Allowance Recorded: Commercial $ - $ - $ - $ - $ - Commercial Real Estate Commercial Mortgages-Owner Occupied 1,973 1,999 - 2,528 50 Commercial Mortgage Non-Owner Occupied 531 581 - 354 18 Commercial Construction - - - 14 - Consumer Consumer Unsecured - - - - - Consumer Secured 54 102 - 37 1 Residential Residential Mortgages 1,750 1,795 - 1,874 32 Residential Consumer Construction - - - 86 - With An Allowance Recorded: Commercial $998 $1,083 $505 $1,089 $16 Commercial Real Estate Commercial Mortgages-Owner Occupied 1,707 1,719 314 1,292 52 Commercial Mortgage Non-Owner Occupied 75 75 20 374 3 Commercial Construction 204 637 114 272 - Consumer Consumer Unsecured - - - 16 - Consumer Secured 111 111 111 151 4 Residential Residential Mortgages 306 323 56 478 11 Residential Consumer Construction - - - - - Totals: Commercial $998 $1,083 $505 $1,089 $16 Commercial Real Estate Commercial Mortgages-Owner Occupied 3,680 3,718 314 3,820 102 Commercial Mortgage Non-Owner Occupied 606 656 20 728 21 Commercial Construction 204 637 114 286 - Consumer Consumer Unsecured - - - 16 - Consumer Secured 165 213 111 188 5 Residential Residential Mortgages 2,056 2,118 56 2,352 43 Residential Consumer Construction - - - 86 - $7,709 $8,425 $1,120 $8,565 $187 Note 9 – Loans, allowance for loan losses and OREO (continued) Impaired Loans ( dollars in thousands) As of and For the Year Ended December 31, 2015 Unpaid Average Interest Recorded Principal Related Recorded Income 2015 Investment Balance Allowance Investment Recognized With No Related Allowance Recorded: Commercial $ - $ - $ - $1,009 $ - Commercial Real Estate Commercial Mortgages-Owner Occupied 3,082 3,100 - 2,959 174 Commercial Mortgage Non-Owner Occupied 177 177 - 628 12 Commercial Construction 27 514 - 244 - Consumer Consumer Unsecured - - - - - Consumer Secured 20 20 - 21 1 Residential Residential Mortgages 1,997 2,027 - 1,466 86 Residential Consumer Construction 171 176 - 86 4 With An Allowance Recorded: Commercial $1,180 $1,256 $610 $1,293 $38 Commercial Real Estate Commercial Mortgages-Owner Occupied 877 883 163 865 35 Commercial Mortgage Non-Owner Occupied 672 738 175 399 38 Commercial Construction 340 700 75 170 - Consumer Consumer Unsecured 31 32 31 16 1 Consumer Secured 190 193 153 155 10 Residential Residential Mortgages 650 800 87 740 42 Residential Consumer Construction - - - - - Totals: Commercial $1,180 $1,256 $610 $2,302 $38 Commercial Real Estate Commercial Mortgages-Owner Occupied 3,959 3,983 163 3,824 209 Commercial Mortgage Non-Owner Occupied 849 915 175 1,027 50 Commercial Construction 367 1,214 75 414 - Consumer Consumer Unsecured 31 32 31 16 1 Consumer Secured 210 213 153 176 11 Residential Residential Mortgages 2,647 2,827 87 2,206 128 Residential Consumer Construction 171 176 - 86 4 $9,414 $10,616 $1,294 $10,051 $441 Note 9 – Loans, allowance for loan losses and OREO (continued) Allowance for Loan Losses and Recorded Investment in Loans ( dollars in thousands) As of and For the Six Months Ended June 30, 2016 Commercial 2016 Commercial Real Estate Consumer Residential Total Allowance for Loan Losses: Beginning Balance $1,195 $1,751 $1,073 $664 $4,683 Charge-offs (89) (121) (168) - (378) Recoveries 3 101 28 - 132 Provision 528 (100) (40) 62 450 Ending Balance $1,637 $1,631 $893 $726 $4,887 Ending Balance: Individually evaluated for impairment $505 $448 $111 $56 $1,120 Ending Balance: Collectively evaluated for impairment 1,132 1,183 782 670 3,767 Totals: $1,637 $1,631 $893 $726 $4,887 Loans: Ending Balance: Individually evaluated for impairment $998 $4,490 $165 $2,056 $7,709 Ending Balance: Collectively evaluated for impairment 85,325 219,432 83,144 61,321 449,222 Totals: $86,323 $223,922 $83,309 $63,377 $456,931 Note 9 – Loans, allowance for loan losses and OREO (continued) Allowance for Loan Losses and Recorded Investment in Loans ( dollars in thousands) As of and For the Year Ended December 31, 2015 Commercial 2015 Commercial Real Estate Consumer Residential Total Allowance for Loan Losses: Beginning Balance $1,235 $2,194 $812 $549 $4,790 Charge-offs (294) (64) (257) - (615) Recoveries 14 122 54 36 226 Provision 240 (501) 464 79 282 Ending Balance $1,195 $1,751 $1,073 $664 $4,683 Ending Balance: Individually evaluated for impairment $610 $413 $184 $87 $1,294 Ending Balance: Collectively evaluated for impairment 585 1,338 889 577 3,389 Totals: $1,195 $1,751 $1,073 $664 $4,683 Loans: Ending Balance: Individually evaluated for impairment $1,180 $5,175 $241 $2,818 $9,414 Ending Balance: Collectively evaluated for impairment 75,593 211,950 81,290 56,881 425,714 Totals: $76,773 $217,125 $81,531 $59,699 $435,128 Note 9 – Loans, allowance for loan losses and OREO (continued) Age Analysis of Past Due Loans as of June 30, 2016 ( dollars in thousands ) Greater Recorded Investment 30-59 Days 60-89 Days than Total Past Total > 90 Days & 2016 Past Due Past Due 90 Days Due Current Loans Accruing Commercial $14 $ - $369 $383 $85,940 $86,323 $ - Commercial Real Estate: Commercial Mortgages- Owner Occupied 702 100 865 1,667 79,963 81,630 - Commercial Mortgages-Non-Owner Occupied - - - - 129,808 129,808 - Commercial Construction - - 291 291 12,193 12,484 - Consumer: Consumer Unsecured 14 9 - 23 7,016 7,039 - Consumer Secured 496 15 35 546 75,724 76,270 - Residential: Residential Mortgages 518 202 754 1,474 50,808 52,282 - Residential Consumer Construction - - 146 146 10,949 11,095 - Total $1,744 $326 $2,460 $4,530 $452,401 $456,931 $ - Age Analysis of Past Due Loans as of December 31, 2015 ( dollars in thousands ) Greater Recorded Investment 30-59 Days 60-89 Days than Total Past Total > 90 Days & 2015 Past Due Past Due 90 Days Due Current Loans Accruing Commercial $ - $244 $483 $727 $76,046 $76,773 $ - Commercial Real Estate: Commercial Mortgages-Owner Occupied 425 571 426 1,422 75,549 76,971 - Commercial Mortgages-Non-Owner Occupied 189 90 438 717 126,138 126,855 - Commercial Construction - - 367 367 12,932 13,299 - Consumer: Consumer Unsecured 2 - 31 33 6,828 6,861 - Consumer Secured 198 68 128 394 74,276 74,670 - Residential: Residential Mortgages 512 468 543 1,523 48,490 50,013 - Residential Consumer Construction - - 248 248 9,438 9,686 - Total $1,326 $1,441 $2,664 $5,431 $429,697 $435,128 $ - Note 9 – Loans, allowance for loan losses and OREO (continued) Credit Quality Information - by Class June 30, 2016 ( dollars in thousands ) 2016 Pass Monitor Special Substandard Doubtful Totals Mention Commercial $82,372 $1,605 $1,293 $1,053 $ - $86,323 Commercial Real Estate: Commercial Mortgages-Owner Occupied 73,500 2,272 2,103 3,755 - 81,630 Commercial Mortgages-Non Owner Occupied 125,012 3,568 658 570 - 129,808 Commercial Construction 12,193 - - 291 - 12,484 Consumer Consumer Unsecured 7,039 - - - - 7,039 Consumer Secured 75,645 238 - 387 - 76,270 Residential: Residential Mortgages 49,701 - 248 2,333 - 52,282 Residential Consumer Construction 11,022 - - 73 - 11,095 Totals $436,484 $7,683 $4,302 $8,462 $ - $456,931 Credit Quality Information - by Class December 31, 2015 ( dollars in thousands ) 2015 Pass Monitor Special Substandard Doubtful Totals Mention Commercial $73,831 $290 $1,457 $1,195 $ - $76,773 Commercial Real Estate: Commercial Mortgages-Owner Occupied 68,813 1,353 2,801 4,004 - 76,971 Commercial Mortgages-Non Owner Occupied 120,462 1,558 3,895 940 - 126,855 Commercial Construction 12,932 - - 367 - 13,299 Consumer Consumer Unsecured 6,830 - - 31 - 6,861 Consumer Secured 73,825 276 50 519 - 74,670 Residential: Residential Mortgages 47,180 - - 2,833 - 50,013 Residential Consumer Construction 9,438 - - 248 - 9,686 Totals $413,311 $3,477 $8,203 $10,137 $ - $435,128 Note 9 – Loans, allowance for loan losses and OREO (continued) There were no loan modifications that would have been classified as TDRs during the three and six months ended June 30, 2016 . The following table describe the loan modifications classified as TDRs during the three and six months ended June 30, 2015: For the Three Months Ended June 30, 2015 ( dollars in thousands) Troubled Debt Restructurings During the Period Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Commercial Real Estate 2 $454 $454 For the Six Months Ended June 30, 2015 ( dollars in thousands) Troubled Debt Restructurings During the Period Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Commercial 1 $20 $20 Commercial Real Estate 2 $454 $454 The loan s noted in the table above w ere modified during the period to extend maturity only. Th ese loan s are factored into the determination of the allowance for loan losses as of the period indicated and are included in the Bank’s impaired loan analysis and individually evaluated for impairment. There were no loan modifications classified as TDRs within the last twelve months that defaulted during the three and six months ended June 30 , 201 6 and 2015 . At June 30, 2016 and December 31, 201 5 , the Bank had no outstanding commitments to disburse additional funds on loans classified as TDRs. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2016 | |
Recent Accounting Pronouncements [Abstract] | |
Recent Accounting Pronouncements | Note 10 – Recent accounting pronouncements In August 2014, the FASB issued ASU No. 2014-15, “Presentation of Financial Statements – Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern.” This update is intended to provide guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. Management is required under the new guidance to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date the financial statements are issued when preparing financial statements for each interim and annual reporting period. If conditions or events are identified, the ASU specifies the process that must be followed by management and also clarifies the timing and content of going concern footnote disclosures in order to reduce diversity in practice. The amendments in this ASU are effective for annual periods and interim periods within those annual periods Note 10 – Recent accounting pronouncements (continued) beginning after December 15, 2016. Early adoption is permitted. The Company does not expect the adoption of ASU 2014-15 to have a material impact on its consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, “Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” The amendments in ASU 2016-01, among other things: 1) Requires equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. 2) Requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. 3) Requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (i.e., securities or loans and receivables). 4) Eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost. The amendments in this ASU are effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company is currently assessing the impact that ASU 2016-01 will have on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842).” Among other things, in the amendments in ASU 2016-02, lessees will be required to recognize the following for all leases (with the exception of short-term leases) at the commencement date: (1) A lease liability, which is a lessee‘s obligation to make lease payments arising from a lease, measured on a discounted basis; and (2) A right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged. Certain targeted improvements were made to align, where necessary, lessor accounting with the lessee accounting model and Topic 606, Revenue from Contracts with Customers. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted upon issuance. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees and lessors may not apply a full retrospective transition approach. The Company is currently assessing the impact that ASU 2016-02 will have on its consolidated financial statements. During March 2016, the FASB issued ASU No. 2016-09, “Compensation – Stock Compensation (Topic 718): Improvements to Employee Shares-Based Payment Accounting.” The amendments in this ASU simplify several aspects of the accounting for share-based payment award transactions including: (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows. The amendments are effective for public companies for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The Company is currently assessing the impact that ASU 2016-09 will have on its consolidated financial statements. During June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” The amendments in this ASU, among other things, require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. In addition, the ASU amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. The amendments in this ASU are effective for SEC filers for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Note 10 – Recent accounting pronouncements (continued) The Company is currently assessing the impact that ASU 2016-13 will have on its consolidated financial statements. |
Earnings Per Common Share (EP19
Earnings Per Common Share (EPS) (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Common Share (EPS) [Abstract] | |
Earnings Per Share | Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Net income $ 1,051,000 $ 957,000 $ 1,938,000 $ 1,884,000 Basic EPS weighted average shares outstanding 4,378,436 3,371,616 4,378,436 3,371,616 Incremental shares attributable to stock options - - - - Diluted EPS weighted average shares outstanding 4,378,436 3,371,616 4,378,436 3,371,616 Basic earnings per common share $ 0.24 $ 0.28 $ 0.44 $ 0.56 Diluted earnings per common share $ 0.24 $ 0.28 $ 0.44 $ 0.56 |
Schedule Of Antidilutive Securities Excluded From Computation Of Earnings Per Share | Three Months Ended Six Months E nded June 30 , June 30 , 201 6 201 5 201 6 201 5 Options excluded from calculating diluted EPS because their effect was anti-dilutive 636 66,576 636 66,576 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Stock Based Compensation [Abstract] | |
Summary Of Stock Option Activity | Weighted Weighted Average Average Remaining Exercise Contractual Intrinsic Shares Price Life (in years) Value Options outstanding, January 1, 2016 636 $ 12.79 Granted - - Exercised - - Forfeited - - Options outstanding, June 30, 2016 636 12.79 1.92 $ - Options exercisable, June 30, 2016 636 $ 12.79 1.92 $ - |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Measurements [Abstract] | |
Fair Value Assets Measured On Recurring Basis | Carrying Value at June 30, 2016 (in thousands) Descr iption Balance as of June 30 , 201 6 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) US agency obligations $11,263 $ - $11,263 $ - Mortgage-backed securities 14,481 - 14,481 - Municipals 7,531 - 7,531 - Corporates 534 534 Total available-for-sale securities $33,809 $ - $33,809 $ - Carrying Value at December 31, 201 5 (in thousands) Descriptio n Balance as of December 31, 201 5 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) US agency obligations $18,810 $ - $18,810 $ - Mortgage-backed securities 10,647 - 10,647 - Municipals 5,034 - 5,034 - Corporates 1,505 - 1,505 - Total available-for-sale securities $35,996 $ - $35,996 $ - |
Impaired Loans And Other Real Estate Owned Measured At Fair Value On A Nonrecurring Basis | Carrying Value at June 30, 2016 Description Balance as of June 30, 2016 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Impaired loans* $2,718 $ - $ - $2,718 Loans held for sale 4,452 - 4,452 - Other real estate owned 2,420 - - 2,420 * Includes loans charged down to the net realizable value of the collateral. Carrying Value at December 31, 201 5 Description Balance as of December 31, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Impaired loans* $2,896 $ - $ - $2,896 Loans held for sale 1,964 - 1,964 - Other real estate owned 1,965 - - 1,965 * Includes loans charged down to the net realizable value of the collateral. |
Information Regarding Quantitative Inputs Used To Value Assets Classified As Level 3 | Quantitative information about Level 3 Fair Value Measurements for June 30 , 2016 (dollars in thousands) Fair Value Valuation Te chnique(s) Unobservable Input Range (Weighted Average) Asse ts Impaired loans $2,718 Discounted appraised value Selling cost 5 % - 10 % ( 6 %) Discount for lack of marketability and age of appraisal 0 % - 25 % ( 15 %) OREO 2,420 Discounted appraised value Selling cost 5 % - 10 % ( 6 %) Discount for lack of marketability and age of appraisal 0 % - 25 % ( 15 %) Quantitative information about Level 3 Fair Value Measurements for December 31, 2015 (dollars in thousands) Fair Value Valuation Te chnique(s) Unobservable Input Range (Weighted Average) Assets Impaired loans $2,896 Discounted appraised value Selling cost 5% - 10% ( 6% ) Discount for lack of marketability and age of appraisal 0% - 45% ( 15% ) OREO 1,965 Discounted appraised value Selling cost 5% - 10% ( 6% ) Discount for lack of marketability and age of appraisal 0% - 25% ( 15% ) |
Fair Value Carrying And Notional Amounts | Fair Value Measurements at June 30, 2016 using Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Carrying Identical Assets Inputs Inputs Asset s Amounts (Level 1) (Level 2) (Level 3) Balance Cash and due from banks $20,918 $20,918 $ - $ - $20,918 Fed funds sold 3,515 3,515 3,515 Securities Available-for-sale 33,809 - 33,809 - 33,809 Held-to-maturity 3,309 - 3,424 - 3,424 Restricted stock 1,373 1,373 1,373 Loans, net 452,044 - - 459,277 459,277 Loans held for sale 4,452 - 4,452 - 4,452 Interest receivable 1,209 - 1,209 - 1,209 BOLI 9,911 - 9,911 - 9,911 Liabilities Deposits $493,535 $ - $494,664 $ - $494,664 Interest payable 87 - 87 - 87 Fair Value Measurements at December 31, 201 5 using Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Carrying Identical Assets Inputs Inputs Assets Amounts (Level 1) (Level 2) (Level 3) Balance Cash and due from banks $15,952 $15,952 $ - $ - $15,952 Fed funds sold 12,703 12,703 12,703 Securities Available-for-sale 35,996 - 35,996 - 35,996 Held-to-maturity 2,519 - 2,649 - 2,649 Restricted stock 1,313 - 1,313 1,313 Loans, net 430,445 - - 438,322 438,322 Loans held for sale 1,964 - 1,964 - 1,964 Interest receivable 1,248 - 1,248 - 1,248 BOLI 9,781 - 9,781 - 9,781 Liabilities Deposits $467,610 $ - $468,773 $ - $468,773 Capital notes 10,000 - 10,024 - 10,024 Interest payable 61 - 61 - 61 |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Securities [Abstract] | |
Summary Of Securities Held-To-Maturity And Securities Available-For-Sale | June 30 , 201 6 Amortized Gross Unrealized Fair Value Costs Gains (Losses) Held- to-Maturity US agency obligations $3,309 $115 $ - $3,424 Available-for-Sale US agency obligations 11,114 150 (1) 11,263 Mortgage-backed securities 14,393 88 - 14,481 Municipals 7,236 295 - 7,531 Corporates 528 6 - 534 $33,271 $539 $(1) $33,809 December 31, 201 5 Amortized Gross Unrealized Fair Value Costs Gains (Losses) Held- to-Maturity US agency obligations $2,519 $130 $ - $2,649 Available-for-Sale US agency obligations 19,606 3 (799) 18,810 Mortgage-backed securities 10,778 4 (135) 10,647 Municipals 4,984 84 (34) 5,034 Corporates 1,521 - (16) 1,505 $36,889 $91 $(984) $35,996 |
Gross Unrealized Losses And Fair Value Of The Bank's Investments | Less than 12 months More than 12 months Total Fair Unrealized Fair Unrealized Fair Unrealized June 30, 2016 Value Losses Value Losses Value Losses Description of securities U.S. agency obligations $3,010 $1 $ - $ - $3,010 $1 Total $3,010 $1 $ - $ - $3,010 $1 Less than 12 months More than 12 months Total Fair Unrealized Fair Unrealized Fair Unrealized Dece m ber 31, 201 5 Value Losses Value Losses Value Losses Description of securities U.S. agency obligations $7,160 $353 $10,650 $446 $17,810 $799 Mortgage-backed securities 6,726 77 1,979 58 8,705 135 Municipals 2,341 25 503 9 2,844 34 Corporates 1,505 16 - - 1,505 16 Total $17,732 $471 $13,132 $513 $30,864 $984 |
Business Segments (Tables)
Business Segments (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Business Segments [Abstract] | |
Schedule Of Segment Reporting Information, By Segment | Business Segments Community Banking Mortgage Total Six months ended June 30, 2016 Net interest income $ 9,430 $ - $ 9,430 Provision for loan losses 450 - 450 Net interest income after provision for loan losses 8,980 - 8,980 Noninterest income 1,128 1,196 2,324 Noninterest expenses 7,481 963 8,444 Income before income taxes 2,627 233 2,860 Income tax expense 843 79 922 Net income $ 1,784 $ 154 $ 1,938 Total assets $ 541,120 $ 4,610 $ 545,730 Six months ended June 30, 2015 Net interest income $ 8,520 $ - $ 8,520 Provision for loan losses 157 - 157 Net interest income after provision for loan losses 8,363 - 8,363 Noninterest income 867 1,158 2,025 Noninterest expenses 6,777 838 7,615 Income before income taxes 2,453 320 2,773 Income tax expense 780 109 889 Net income $ 1,673 $ 211 $ 1,884 Total assets $ 489,821 $ 3,015 $ 492,836 Community Banking Mortgage Total Three months ended June 30, 2016 Net interest income $ 4,743 $ - $ 4,743 Provision for loan losses 250 - 250 Net interest income after provision for loan losses 4,493 - 4,493 Noninterest income 620 696 1,316 Noninterest expenses 3,748 506 4,254 Income before income taxes 1,365 190 1,555 Income tax expense 440 64 504 Net income $ 925 $ 126 $ 1,051 Total assets $ 541,120 $ 4,610 $ 545,730 Three months ended June 30, 2015 Net interest income $ 4,324 $ - $ 4,324 Provision for loan losses 57 - 57 Net interest income after provision for loan losses 4,267 - 4,267 Noninterest income 454 624 1,078 Noninterest expenses 3,484 451 3,935 Income before income taxes 1,237 173 1,410 Income tax expense 394 59 453 Net income $ 843 $ 114 $ 957 Total assets $ 489,821 $ 3,015 $ 492,836 |
Loans, Allowance For Loan Los24
Loans, Allowance For Loan Losses and OREO (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Loans, Allowance For Loan Losses and OREO [Abstract] | |
Summary Of Loans, Net | As of: June 30, December 31, 2016 2015 Commercial $86,323 $76,773 Commercial real estate 223,922 217,125 Consumer 83,309 81,531 Residential 63,377 59,699 Total loans (1) 456,931 435,128 Less allowance for loan losses 4,887 4,683 Net loans $452,044 $430,445 (1) Includes deferred costs of $225 and $263 , respectively. |
Loans On Non-Accrual Status | Loans on Non-Accrual Status ( dollars in thousands ) As of June 30, 2016 December 31, 2015 Commercial $369 $483 Commercial Real Estate: Commercial Mortgages-Owner Occupied 865 799 Commercial Mortgages-Non-Owner Occupied - 514 Commercial Construction 291 367 Consumer Consumer Unsecured - 31 Consumer Secured 63 269 Residential: Residential Mortgages 806 695 Residential Consumer Construction 146 248 Totals $2,540 $3,406 |
Changes In OREO Balance | OREO Changes ( dollars in thousands ) Six months ended Year ended June 30, 2016 December 31, 2015 Balance at the beginning of the year (net) $1,965 $956 Transfers from loans 475 1,425 Capitalized costs - 25 Writedowns - (75) Sales proceeds (21) (360) Gain (loss) on disposition 1 (6) Balance at the end of the period (net) $2,420 $1,965 |
Impaired Loans | Impaired Loans ( dollars in thousands) As of and For the Six Months Ended June 30, 2016 Unpaid Average Interest Recorded Principal Related Recorded Income 2016 Investment Balance Allowance Investment Recognized With No Related Allowance Recorded: Commercial $ - $ - $ - $ - $ - Commercial Real Estate Commercial Mortgages-Owner Occupied 1,973 1,999 - 2,528 50 Commercial Mortgage Non-Owner Occupied 531 581 - 354 18 Commercial Construction - - - 14 - Consumer Consumer Unsecured - - - - - Consumer Secured 54 102 - 37 1 Residential Residential Mortgages 1,750 1,795 - 1,874 32 Residential Consumer Construction - - - 86 - With An Allowance Recorded: Commercial $998 $1,083 $505 $1,089 $16 Commercial Real Estate Commercial Mortgages-Owner Occupied 1,707 1,719 314 1,292 52 Commercial Mortgage Non-Owner Occupied 75 75 20 374 3 Commercial Construction 204 637 114 272 - Consumer Consumer Unsecured - - - 16 - Consumer Secured 111 111 111 151 4 Residential Residential Mortgages 306 323 56 478 11 Residential Consumer Construction - - - - - Totals: Commercial $998 $1,083 $505 $1,089 $16 Commercial Real Estate Commercial Mortgages-Owner Occupied 3,680 3,718 314 3,820 102 Commercial Mortgage Non-Owner Occupied 606 656 20 728 21 Commercial Construction 204 637 114 286 - Consumer Consumer Unsecured - - - 16 - Consumer Secured 165 213 111 188 5 Residential Residential Mortgages 2,056 2,118 56 2,352 43 Residential Consumer Construction - - - 86 - $7,709 $8,425 $1,120 $8,565 $187 Note 9 – Loans, allowance for loan losses and OREO (continued) Impaired Loans ( dollars in thousands) As of and For the Year Ended December 31, 2015 Unpaid Average Interest Recorded Principal Related Recorded Income 2015 Investment Balance Allowance Investment Recognized With No Related Allowance Recorded: Commercial $ - $ - $ - $1,009 $ - Commercial Real Estate Commercial Mortgages-Owner Occupied 3,082 3,100 - 2,959 174 Commercial Mortgage Non-Owner Occupied 177 177 - 628 12 Commercial Construction 27 514 - 244 - Consumer Consumer Unsecured - - - - - Consumer Secured 20 20 - 21 1 Residential Residential Mortgages 1,997 2,027 - 1,466 86 Residential Consumer Construction 171 176 - 86 4 With An Allowance Recorded: Commercial $1,180 $1,256 $610 $1,293 $38 Commercial Real Estate Commercial Mortgages-Owner Occupied 877 883 163 865 35 Commercial Mortgage Non-Owner Occupied 672 738 175 399 38 Commercial Construction 340 700 75 170 - Consumer Consumer Unsecured 31 32 31 16 1 Consumer Secured 190 193 153 155 10 Residential Residential Mortgages 650 800 87 740 42 Residential Consumer Construction - - - - - Totals: Commercial $1,180 $1,256 $610 $2,302 $38 Commercial Real Estate Commercial Mortgages-Owner Occupied 3,959 3,983 163 3,824 209 Commercial Mortgage Non-Owner Occupied 849 915 175 1,027 50 Commercial Construction 367 1,214 75 414 - Consumer Consumer Unsecured 31 32 31 16 1 Consumer Secured 210 213 153 176 11 Residential Residential Mortgages 2,647 2,827 87 2,206 128 Residential Consumer Construction 171 176 - 86 4 $9,414 $10,616 $1,294 $10,051 $441 |
Allowance For Loan Losses And Recorded Investment In Loans | Allowance for Loan Losses and Recorded Investment in Loans ( dollars in thousands) As of and For the Six Months Ended June 30, 2016 Commercial 2016 Commercial Real Estate Consumer Residential Total Allowance for Loan Losses: Beginning Balance $1,195 $1,751 $1,073 $664 $4,683 Charge-offs (89) (121) (168) - (378) Recoveries 3 101 28 - 132 Provision 528 (100) (40) 62 450 Ending Balance $1,637 $1,631 $893 $726 $4,887 Ending Balance: Individually evaluated for impairment $505 $448 $111 $56 $1,120 Ending Balance: Collectively evaluated for impairment 1,132 1,183 782 670 3,767 Totals: $1,637 $1,631 $893 $726 $4,887 Loans: Ending Balance: Individually evaluated for impairment $998 $4,490 $165 $2,056 $7,709 Ending Balance: Collectively evaluated for impairment 85,325 219,432 83,144 61,321 449,222 Totals: $86,323 $223,922 $83,309 $63,377 $456,931 Note 9 – Loans, allowance for loan losses and OREO (continued) Allowance for Loan Losses and Recorded Investment in Loans ( dollars in thousands) As of and For the Year Ended December 31, 2015 Commercial 2015 Commercial Real Estate Consumer Residential Total Allowance for Loan Losses: Beginning Balance $1,235 $2,194 $812 $549 $4,790 Charge-offs (294) (64) (257) - (615) Recoveries 14 122 54 36 226 Provision 240 (501) 464 79 282 Ending Balance $1,195 $1,751 $1,073 $664 $4,683 Ending Balance: Individually evaluated for impairment $610 $413 $184 $87 $1,294 Ending Balance: Collectively evaluated for impairment 585 1,338 889 577 3,389 Totals: $1,195 $1,751 $1,073 $664 $4,683 Loans: Ending Balance: Individually evaluated for impairment $1,180 $5,175 $241 $2,818 $9,414 Ending Balance: Collectively evaluated for impairment 75,593 211,950 81,290 56,881 425,714 Totals: $76,773 $217,125 $81,531 $59,699 $435,128 |
Age Analysis Of Past Due Financing Receivables | Age Analysis of Past Due Loans as of June 30, 2016 ( dollars in thousands ) Greater Recorded Investment 30-59 Days 60-89 Days than Total Past Total > 90 Days & 2016 Past Due Past Due 90 Days Due Current Loans Accruing Commercial $14 $ - $369 $383 $85,940 $86,323 $ - Commercial Real Estate: Commercial Mortgages- Owner Occupied 702 100 865 1,667 79,963 81,630 - Commercial Mortgages-Non-Owner Occupied - - - - 129,808 129,808 - Commercial Construction - - 291 291 12,193 12,484 - Consumer: Consumer Unsecured 14 9 - 23 7,016 7,039 - Consumer Secured 496 15 35 546 75,724 76,270 - Residential: Residential Mortgages 518 202 754 1,474 50,808 52,282 - Residential Consumer Construction - - 146 146 10,949 11,095 - Total $1,744 $326 $2,460 $4,530 $452,401 $456,931 $ - Age Analysis of Past Due Loans as of December 31, 2015 ( dollars in thousands ) Greater Recorded Investment 30-59 Days 60-89 Days than Total Past Total > 90 Days & 2015 Past Due Past Due 90 Days Due Current Loans Accruing Commercial $ - $244 $483 $727 $76,046 $76,773 $ - Commercial Real Estate: Commercial Mortgages-Owner Occupied 425 571 426 1,422 75,549 76,971 - Commercial Mortgages-Non-Owner Occupied 189 90 438 717 126,138 126,855 - Commercial Construction - - 367 367 12,932 13,299 - Consumer: Consumer Unsecured 2 - 31 33 6,828 6,861 - Consumer Secured 198 68 128 394 74,276 74,670 - Residential: Residential Mortgages 512 468 543 1,523 48,490 50,013 - Residential Consumer Construction - - 248 248 9,438 9,686 - Total $1,326 $1,441 $2,664 $5,431 $429,697 $435,128 $ - |
Credit Quality Information-By Class | Credit Quality Information - by Class June 30, 2016 ( dollars in thousands ) 2016 Pass Monitor Special Substandard Doubtful Totals Mention Commercial $82,372 $1,605 $1,293 $1,053 $ - $86,323 Commercial Real Estate: Commercial Mortgages-Owner Occupied 73,500 2,272 2,103 3,755 - 81,630 Commercial Mortgages-Non Owner Occupied 125,012 3,568 658 570 - 129,808 Commercial Construction 12,193 - - 291 - 12,484 Consumer Consumer Unsecured 7,039 - - - - 7,039 Consumer Secured 75,645 238 - 387 - 76,270 Residential: Residential Mortgages 49,701 - 248 2,333 - 52,282 Residential Consumer Construction 11,022 - - 73 - 11,095 Totals $436,484 $7,683 $4,302 $8,462 $ - $456,931 Credit Quality Information - by Class December 31, 2015 ( dollars in thousands ) 2015 Pass Monitor Special Substandard Doubtful Totals Mention Commercial $73,831 $290 $1,457 $1,195 $ - $76,773 Commercial Real Estate: Commercial Mortgages-Owner Occupied 68,813 1,353 2,801 4,004 - 76,971 Commercial Mortgages-Non Owner Occupied 120,462 1,558 3,895 940 - 126,855 Commercial Construction 12,932 - - 367 - 13,299 Consumer Consumer Unsecured 6,830 - - 31 - 6,861 Consumer Secured 73,825 276 50 519 - 74,670 Residential: Residential Mortgages 47,180 - - 2,833 - 50,013 Residential Consumer Construction 9,438 - - 248 - 9,686 Totals $413,311 $3,477 $8,203 $10,137 $ - $435,128 |
Loan modifcations classified as TDR's | For the Three Months Ended June 30, 2015 ( dollars in thousands) Troubled Debt Restructurings During the Period Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Commercial Real Estate 2 $454 $454 For the Six Months Ended June 30, 2015 ( dollars in thousands) Troubled Debt Restructurings During the Period Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Commercial 1 $20 $20 Commercial Real Estate 2 $454 $454 |
Earnings Per Common Share (EP25
Earnings Per Common Share (EPS) (Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Earnings Per Common Share (EPS) [Abstract] | ||||
Net income | $ 1,051 | $ 957 | $ 1,938 | $ 1,884 |
Basic EPS weighted average shares outstanding | 4,378,436 | 3,371,616 | 4,378,436 | 3,371,616 |
Diluted EPS weighted average shares outstanding | 4,378,436 | 3,371,616 | 4,378,436 | 3,371,616 |
Basic earnings per common share | $ 0.24 | $ 0.28 | $ 0.44 | $ 0.56 |
Diluted earnings per common share | $ 0.24 | $ 0.28 | $ 0.44 | $ 0.56 |
Earnings Per Common Share (EP26
Earnings Per Common Share (EPS) (Schedule Of Antidilutive Securities Excluded From Computation Of Earnings Per Share) (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Earnings Per Common Share (EPS) [Abstract] | ||||
Options excluded from calculating diluted EPS because their effect was anti-dilutive | 636 | 66,576 | 636 | 66,576 |
Stock Based Compensation (Summa
Stock Based Compensation (Summary Of Stock Option Activity) (Details) | 6 Months Ended |
Jun. 30, 2016USD ($)$ / sharesshares | |
Stock Based Compensation [Abstract] | |
Options outstanding, January 1, 2016, Shares | shares | 636 |
Options outstanding, Granted, Shares | shares | |
Options outstanding, exercised, Shares | shares | |
Options outstanding, forfeited, Shares | shares | |
Options outstanding, June 30, 2016, Shares | shares | 636 |
Options exercisable, June 30, 2016, Shares | shares | 636 |
Options outstanding, January 1, 2016, Weighted Average Exercise Price | $ / shares | $ 12.79 |
Options outstanding, granted, Weighted Average Exercise Price | $ / shares | |
Options outstanding, exercised, Weighted Average Exercise Price | $ / shares | |
Options outstanding, forfeited, Weighted Average Exercise Price | $ / shares | |
Options outstanding, June 30, 2016, Weighted Average Exercise Price | $ / shares | 12.79 |
Options exercisable, June 30, 2016, Weighted Average Exercise Price | $ / shares | $ 12.79 |
Options outstanding, June 30, 2016, Weighted Average Remaining Contractual Life (in years) | 1 year 11 months 1 day |
Options exercisable, June 30, 2016, Weighted Average Remaining Contractual Life (in years) | 1 year 11 months 1 day |
Options outstanding, June 30, 2016, Intrinsic Value | $ | |
Options exercisable, June 30, 2016, Intrinsic Value | $ |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Assets Measured On Recurring Basis) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | $ 33,809 | $ 35,996 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | ||
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | 33,809 | 35,996 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | ||
US Agency Obligations [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | 11,263 | 18,810 |
US Agency Obligations [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | ||
US Agency Obligations [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | 11,263 | 18,810 |
US Agency Obligations [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | ||
Mortgage-Backed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | 14,481 | 10,647 |
Mortgage-Backed Securities [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | ||
Mortgage-Backed Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | 14,481 | 10,647 |
Mortgage-Backed Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | ||
Municipals [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | 7,531 | 5,034 |
Municipals [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | ||
Municipals [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | 7,531 | 5,034 |
Municipals [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | ||
Corporates [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | 534 | 1,505 |
Corporates [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | ||
Corporates [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | 534 | 1,505 |
Corporates [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value |
Fair Value Measurements (Impair
Fair Value Measurements (Impaired Loans And Other Real Estate Owned Measured At Fair Value On A Nonrecurring Basis) (Details) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Impaired loans | [1] | $ 2,718,000 | $ 2,896,000 | |
Loans held for sale | 4,452,000 | 1,964,000 | ||
Other real estate owned | 2,420,000 | 1,965,000 | $ 956,000 | |
Fair Value, Measurements, Nonrecurring [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loans held for sale | 0 | |||
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Impaired loans | [1] | |||
Loans held for sale | ||||
Other real estate owned | ||||
Significant Other Observable Inputs (Level 2) [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loans held for sale | 4,452,000 | 1,964,000 | ||
Loans held for sale | 4,452,000 | 1,964,000 | ||
Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Impaired loans | [1] | 2,718,000 | 2,896,000 | |
Loans held for sale | ||||
Other real estate owned | $ 2,420,000 | $ 1,965,000 | ||
[1] | Includes loans charged down to the net realizable value of the collateral. |
Fair Value Measurements (Inform
Fair Value Measurements (Information Regarding Quantitative Inputs Used To Value Assets Classified As Level 3) (Details) - Significant Unobservable Inputs (Level 3) [Member] - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Impaired Loans [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, Fair Value | $ 2,718,000 | $ 2,896,000 |
Impaired Loans [Member] | Maximum [Member] | Discounted Appraised Value [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Selling cost | 10.00% | 10.00% |
Discount for lack of marketability and age of appraisal | 25.00% | 45.00% |
Impaired Loans [Member] | Minimum [Member] | Discounted Appraised Value [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Selling cost | 5.00% | 5.00% |
Discount for lack of marketability and age of appraisal | 0.00% | 0.00% |
Impaired Loans [Member] | Weighted Average [Member] | Discounted Appraised Value [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Selling cost | 6.00% | 6.00% |
Discount for lack of marketability and age of appraisal | 15.00% | 15.00% |
OREO [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, Fair Value | $ 2,420,000 | $ 1,965,000 |
OREO [Member] | Maximum [Member] | Discounted Appraised Value [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Selling cost | 10.00% | 10.00% |
Discount for lack of marketability and age of appraisal | 25.00% | 25.00% |
OREO [Member] | Minimum [Member] | Discounted Appraised Value [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Selling cost | 5.00% | 5.00% |
Discount for lack of marketability and age of appraisal | 0.00% | 0.00% |
OREO [Member] | Weighted Average [Member] | Discounted Appraised Value [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Selling cost | 6.00% | 6.00% |
Discount for lack of marketability and age of appraisal | 15.00% | 15.00% |
Fair Value Measurements (Fair31
Fair Value Measurements (Fair Value Carrying And Notional Amounts) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | $ 20,918 | $ 15,952 |
Federal funds sold | 3,515 | 12,703 |
Available-for-sale Securities | 33,809 | 35,996 |
Held-to-maturity Securities | 3,309 | 2,519 |
Restricted stock | 1,373 | 1,313 |
Interest receivable | 1,209 | 1,248 |
BOLI | 9,911 | 9,781 |
Interest payable | 87 | 61 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | 20,918 | 15,952 |
Federal funds sold | 3,515 | 12,703 |
Available-for-sale Securities | ||
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale Securities | 33,809 | 35,996 |
Held-to-maturity Securities | 3,424 | 2,649 |
Restricted stock | 1,373 | 1,313 |
Loans held for sale | 4,452 | 1,964 |
Interest receivable | 1,209 | 1,248 |
BOLI | 9,911 | 9,781 |
Deposits | 494,664 | 468,773 |
Capital notes | 10,024 | |
Interest payable | 87 | 61 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale Securities | ||
Loans, net | 459,277 | 438,322 |
Carrying Amounts [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | 20,918 | 15,952 |
Federal funds sold | 3,515 | 12,703 |
Available-for-sale Securities | 33,809 | 35,996 |
Held-to-maturity Securities | 3,309 | 2,519 |
Restricted stock | 1,373 | 1,313 |
Loans, net | 452,044 | 430,445 |
Loans held for sale | 4,452 | 1,964 |
Interest receivable | 1,209 | 1,248 |
BOLI | 9,911 | 9,781 |
Deposits | 493,535 | 467,610 |
Capital notes | 10,000 | |
Interest payable | 87 | 61 |
Fair Values [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | 20,918 | 15,952 |
Federal funds sold | 3,515 | 12,703 |
Available-for-sale Securities | 33,809 | 35,996 |
Held-to-maturity Securities | 3,424 | 2,649 |
Restricted stock | 1,373 | 1,313 |
Loans, net | 459,277 | 438,322 |
Loans held for sale | 4,452 | 1,964 |
Interest receivable | 1,209 | 1,248 |
BOLI | 9,911 | 9,781 |
Deposits | 494,664 | 468,773 |
Capital notes | 10,024 | |
Interest payable | $ 87 | $ 61 |
Capital Notes (Details)
Capital Notes (Details) - USD ($) | Jan. 05, 2016 | Dec. 03, 2015 | Jun. 30, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||||
Proceeds used to pay off debt | $ 10,000,000 | |||
Common Stock Private Placement [Member] | ||||
Debt Instrument [Line Items] | ||||
Private placement transaction date | Dec. 3, 2015 | |||
Gross proceeds from private placement issuance | $ 11,520,000 | |||
Shares issued in private placement sale | 1,000,000 | |||
Price per share in private placement sale | $ 11.52 | |||
Capital Notes [Member] | 2012 Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Capital notes issued | $ 10,000,000 | |||
Debt instrument, interest rate, stated percentage | 6.00% | |||
Proceeds used to pay off debt | $ 10,000,000 |
Securities (Narrative) (Details
Securities (Narrative) (Details) | Jun. 30, 2016security |
Securities [Abstract] | |
Securities evaluated for other than temporary impairment | 1 |
Securities (Summary Of Securiti
Securities (Summary Of Securities Held-To-Maturity And Securities Available-For-Sale) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Schedule Of Available-For-Sale Securities And Held-To-Maturity Securities [Line Items] | ||
Securities Held-to-maturity | $ 3,309 | $ 2,519 |
Held-to-Maturity, Fair Value | 3,424 | 2,649 |
Available-for-Sale, Amortized Costs | 33,271 | 36,889 |
Available-for-Sale, Gross Unrealized Gains | 539 | 91 |
Available-for-Sale, Gross Unrealized (Losses) | (1) | (984) |
Available-for-sale, Fair Value | 33,809 | 35,996 |
US Agency Obligations [Member] | ||
Schedule Of Available-For-Sale Securities And Held-To-Maturity Securities [Line Items] | ||
Available-for-Sale, Amortized Costs | 11,114 | 19,606 |
Available-for-Sale, Gross Unrealized Gains | 150 | 3 |
Available-for-Sale, Gross Unrealized (Losses) | (1) | (799) |
Available-for-sale, Fair Value | 11,263 | 18,810 |
Mortgage-Backed Securities [Member] | ||
Schedule Of Available-For-Sale Securities And Held-To-Maturity Securities [Line Items] | ||
Available-for-Sale, Amortized Costs | 14,393 | 10,778 |
Available-for-Sale, Gross Unrealized Gains | 88 | 4 |
Available-for-Sale, Gross Unrealized (Losses) | (135) | |
Available-for-sale, Fair Value | 14,481 | 10,647 |
Municipals [Member] | ||
Schedule Of Available-For-Sale Securities And Held-To-Maturity Securities [Line Items] | ||
Available-for-Sale, Amortized Costs | 7,236 | 4,984 |
Available-for-Sale, Gross Unrealized Gains | 295 | 84 |
Available-for-Sale, Gross Unrealized (Losses) | (34) | |
Available-for-sale, Fair Value | 7,531 | 5,034 |
Corporates [Member] | ||
Schedule Of Available-For-Sale Securities And Held-To-Maturity Securities [Line Items] | ||
Available-for-Sale, Amortized Costs | 528 | 1,521 |
Available-for-Sale, Gross Unrealized Gains | 6 | |
Available-for-Sale, Gross Unrealized (Losses) | (16) | |
Available-for-sale, Fair Value | 534 | 1,505 |
US Agency Obligations [Member] | ||
Schedule Of Available-For-Sale Securities And Held-To-Maturity Securities [Line Items] | ||
Securities Held-to-maturity | 3,309 | 2,519 |
Held-to-maturity, Gross Unrealized Gains | 115 | 130 |
Held-to-Maturity, Fair Value | $ 3,424 | $ 2,649 |
Securities (Gross Unrealized Lo
Securities (Gross Unrealized Losses And Fair Value Of The Bank's Investments) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less than 12 months | $ 3,010 | $ 17,732 |
Unrealized Losses, Less than 12 months | 1 | 471 |
Fair Value, More than 12 months | 13,132 | |
Unrealized Losses, More than 12 months | 513 | |
Fair Value, Total | 3,010 | 30,864 |
Unrealized Losses, Total | 1 | 984 |
US Agency Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less than 12 months | 3,010 | 7,160 |
Unrealized Losses, Less than 12 months | 1 | 353 |
Fair Value, More than 12 months | 10,650 | |
Unrealized Losses, More than 12 months | 446 | |
Fair Value, Total | 3,010 | 17,810 |
Unrealized Losses, Total | $ 1 | 799 |
Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less than 12 months | 6,726 | |
Unrealized Losses, Less than 12 months | 77 | |
Fair Value, More than 12 months | 1,979 | |
Unrealized Losses, More than 12 months | 58 | |
Fair Value, Total | 8,705 | |
Unrealized Losses, Total | 135 | |
Municipals [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less than 12 months | 2,341 | |
Unrealized Losses, Less than 12 months | 25 | |
Fair Value, More than 12 months | 503 | |
Unrealized Losses, More than 12 months | 9 | |
Fair Value, Total | 2,844 | |
Unrealized Losses, Total | 34 | |
Corporates [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less than 12 months | 1,505 | |
Unrealized Losses, Less than 12 months | 16 | |
Fair Value, More than 12 months | ||
Unrealized Losses, More than 12 months | ||
Fair Value, Total | 1,505 | |
Unrealized Losses, Total | $ 16 |
Business Segments (Schedule Of
Business Segments (Schedule Of Segment Reporting Information, By) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($)segment | Jun. 30, 2015USD ($) | Dec. 31, 2015USD ($) | |
Segment Reporting Information [Line Items] | |||||
Number of reportable segments | segment | 2 | ||||
Net interest income | $ 4,743 | $ 4,324 | $ 9,430 | $ 8,520 | |
Provision for loan losses | 250 | 57 | 450 | 157 | $ 282 |
Net interest income after provision for loan losses | 4,493 | 4,267 | 8,980 | 8,363 | |
Noninterest income | 1,316 | 1,078 | 2,324 | 2,025 | |
Noninterest expenses | 4,254 | 3,935 | 8,444 | 7,615 | |
Income before income taxes | 1,555 | 1,410 | 2,860 | 2,773 | |
Income tax expense | 504 | 453 | 922 | 889 | |
Net Income | 1,051 | 957 | 1,938 | 1,884 | |
Total assets | 545,730 | 492,836 | 545,730 | 492,836 | $ 527,143 |
Community Banking [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 4,743 | 4,324 | 9,430 | 8,520 | |
Provision for loan losses | 250 | 57 | 450 | 157 | |
Net interest income after provision for loan losses | 4,493 | 4,267 | 8,980 | 8,363 | |
Noninterest income | 620 | 454 | 1,128 | 867 | |
Noninterest expenses | 3,748 | 3,484 | 7,481 | 6,777 | |
Income before income taxes | 1,365 | 1,237 | 2,627 | 2,453 | |
Income tax expense | 440 | 394 | 843 | 780 | |
Net Income | 925 | 843 | 1,784 | 1,673 | |
Total assets | 541,120 | 489,821 | 541,120 | 489,821 | |
Mortgage [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Noninterest income | 696 | 624 | 1,196 | 1,158 | |
Noninterest expenses | 506 | 451 | 963 | 838 | |
Income before income taxes | 190 | 173 | 233 | 320 | |
Income tax expense | 64 | 59 | 79 | 109 | |
Net Income | 126 | 114 | 154 | 211 | |
Total assets | $ 4,610 | $ 3,015 | $ 4,610 | $ 3,015 |
Loans, Allowance For Loan Los37
Loans, Allowance For Loan Losses and OREO (Narrative) (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2016USD ($)itemcontract | Jun. 30, 2015contract | Jun. 30, 2016USD ($)itemcontract | Jun. 30, 2015contract | Dec. 31, 2015USD ($)itemcontract | Dec. 31, 2014USD ($) | |
Loans, Allowance For Loan Losses and OREO [Abstract] | ||||||
Other real estate owned | $ | $ 2,420,000 | $ 2,420,000 | $ 1,965,000 | $ 956,000 | ||
Loan modifications that would have been classified as TDRs | 0 | |||||
Loan modifications classified as TDRs | 0 | 0 | 0 | 0 | ||
Outstanding commitments to disburse additional funds on TDR's | 0 | 0 | ||||
Consumer mortgage loan secured by residential real estate | $ | $ 0 | $ 0 | $ 0 | |||
Number of real estate properties held | item | 0 | 0 | 0 |
Loans, Allowance For Loan Los38
Loans, Allowance For Loan Losses and OREO (Summary Of Loans, Net) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | |
Loans, Allowance For Loan Losses and OREO [Abstract] | |||
Commercial | $ 86,323 | $ 76,773 | |
Commercial real estate | 223,922 | 217,125 | |
Consumer | 83,309 | 81,531 | |
Residential | 63,377 | 59,699 | |
Total loans | [1] | 456,931 | 435,128 |
Less allowance for loan losses | 4,887 | 4,683 | |
Net loans | 452,044 | 430,445 | |
Deferred loan costs | $ 225 | $ 263 | |
[1] | Includes deferred costs of $225 and $263, respectively. |
Loans, Allowance For Loan Los39
Loans, Allowance For Loan Losses and OREO (Loans On Non-Accrual Status) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivables on Non-Accrual Status | $ 2,540 | $ 3,406 |
Commercial Mortgages-Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivables on Non-Accrual Status | 865 | 799 |
Commercial Mortgages-Non-Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivables on Non-Accrual Status | 514 | |
Commercial Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivables on Non-Accrual Status | 291 | 367 |
Consumer Unsecured [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivables on Non-Accrual Status | 31 | |
Consumer Secured [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivables on Non-Accrual Status | 63 | 269 |
Residential Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivables on Non-Accrual Status | 806 | 695 |
Residential Consumer Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivables on Non-Accrual Status | 146 | 248 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivables on Non-Accrual Status | $ 369 | $ 483 |
Loans, Allowance For Loan Los40
Loans, Allowance For Loan Losses and OREO (Changes In OREO Balance) (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Loans, Allowance For Loan Losses and OREO [Abstract] | |||
Balance at the beginning of the year (net) | $ 1,965,000 | $ 956,000 | $ 956,000 |
Transfers from loans | 475,000 | 1,125,000 | 1,425,000 |
Capitalized costs | 25,000 | ||
Writedowns | (15,000) | (75,000) | |
Sales proceeds | (21,000) | (360,000) | |
Gain (Loss) on disposition | 1,000 | $ (1,000) | (6,000) |
Balance at the end of the period (net) | $ 2,420,000 | $ 1,965,000 |
Loans, Allowance For Loan Los41
Loans, Allowance For Loan Losses and OREO (Impaired Loans) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Financing Receivable, Impaired [Line Items] | ||
Totals: Recorded Investment | $ 7,709 | $ 9,414 |
Totals: Unpaid Principal Balance | 8,425 | 10,616 |
Totals: Related Allowance | 1,120 | 1,294 |
Totals: Average Recorded Investment | 8,565 | 10,051 |
Totals: Interest Income Recognized | 187 | 441 |
Commercial Mortgages-Owner Occupied [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With No Related Allowance Recorded: Recorded Investment | 1,973 | 3,082 |
With No Related Allowance Recorded: Unpaid Principal Balance | 1,999 | 3,100 |
With No Related Allowance Recorded: Average Recorded Investment | 2,528 | 2,959 |
With No Related Allowance Recorded: Interest Income Recognized | 50 | 174 |
With An Allowance Recorded: Recorded Investment | 1,707 | 877 |
With An Allowance Recorded: Unpaid Principal Balance | 1,719 | 883 |
With An Allowance Recorded: Average Recorded Investment | 1,292 | 865 |
With An Allowance Recorded: Interest Income Recognized | 52 | 35 |
Totals: Recorded Investment | 3,680 | 3,959 |
Totals: Unpaid Principal Balance | 3,718 | 3,983 |
Totals: Related Allowance | 314 | 163 |
Totals: Average Recorded Investment | 3,820 | 3,824 |
Totals: Interest Income Recognized | 102 | 209 |
Commercial Mortgages-Non-Owner Occupied [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With No Related Allowance Recorded: Recorded Investment | 531 | 177 |
With No Related Allowance Recorded: Unpaid Principal Balance | 581 | 177 |
With No Related Allowance Recorded: Average Recorded Investment | 354 | 628 |
With No Related Allowance Recorded: Interest Income Recognized | 18 | 12 |
With An Allowance Recorded: Recorded Investment | 75 | 672 |
With An Allowance Recorded: Unpaid Principal Balance | 75 | 738 |
With An Allowance Recorded: Average Recorded Investment | 374 | 399 |
With An Allowance Recorded: Interest Income Recognized | 3 | 38 |
Totals: Recorded Investment | 606 | 849 |
Totals: Unpaid Principal Balance | 656 | 915 |
Totals: Related Allowance | 20 | 175 |
Totals: Average Recorded Investment | 728 | 1,027 |
Totals: Interest Income Recognized | 21 | 50 |
Commercial Construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With No Related Allowance Recorded: Recorded Investment | 27 | |
With No Related Allowance Recorded: Unpaid Principal Balance | 514 | |
With No Related Allowance Recorded: Average Recorded Investment | 14 | 244 |
With An Allowance Recorded: Recorded Investment | 204 | 340 |
With An Allowance Recorded: Unpaid Principal Balance | 637 | 700 |
With An Allowance Recorded: Average Recorded Investment | 272 | 170 |
Totals: Recorded Investment | 204 | 367 |
Totals: Unpaid Principal Balance | 637 | 1,214 |
Totals: Related Allowance | 114 | 75 |
Totals: Average Recorded Investment | 286 | 414 |
Consumer Unsecured [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With No Related Allowance Recorded: Recorded Investment | ||
With No Related Allowance Recorded: Unpaid Principal Balance | ||
With No Related Allowance Recorded: Average Recorded Investment | ||
With No Related Allowance Recorded: Interest Income Recognized | ||
With An Allowance Recorded: Recorded Investment | 31 | |
With An Allowance Recorded: Unpaid Principal Balance | 32 | |
With An Allowance Recorded: Average Recorded Investment | 16 | 16 |
With An Allowance Recorded: Interest Income Recognized | 1 | |
Totals: Recorded Investment | 31 | |
Totals: Unpaid Principal Balance | 32 | |
Totals: Related Allowance | 31 | |
Totals: Average Recorded Investment | 16 | 16 |
Totals: Interest Income Recognized | 1 | |
Consumer Secured [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With No Related Allowance Recorded: Recorded Investment | 54 | 20 |
With No Related Allowance Recorded: Unpaid Principal Balance | 102 | 20 |
With No Related Allowance Recorded: Average Recorded Investment | 37 | 21 |
With No Related Allowance Recorded: Interest Income Recognized | 1 | 1 |
With An Allowance Recorded: Recorded Investment | 111 | 190 |
With An Allowance Recorded: Unpaid Principal Balance | 111 | 193 |
With An Allowance Recorded: Average Recorded Investment | 151 | 155 |
With An Allowance Recorded: Interest Income Recognized | 4 | 10 |
Totals: Recorded Investment | 165 | 210 |
Totals: Unpaid Principal Balance | 213 | 213 |
Totals: Related Allowance | 111 | 153 |
Totals: Average Recorded Investment | 188 | 176 |
Totals: Interest Income Recognized | 5 | 11 |
Residential Mortgages [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With No Related Allowance Recorded: Recorded Investment | 1,750 | 1,997 |
With No Related Allowance Recorded: Unpaid Principal Balance | 1,795 | 2,027 |
With No Related Allowance Recorded: Average Recorded Investment | 1,874 | 1,466 |
With No Related Allowance Recorded: Interest Income Recognized | 32 | 86 |
With An Allowance Recorded: Recorded Investment | 306 | 650 |
With An Allowance Recorded: Unpaid Principal Balance | 323 | 800 |
With An Allowance Recorded: Average Recorded Investment | 478 | 740 |
With An Allowance Recorded: Interest Income Recognized | 11 | 42 |
Totals: Recorded Investment | 2,056 | 2,647 |
Totals: Unpaid Principal Balance | 2,118 | 2,827 |
Totals: Related Allowance | 56 | 87 |
Totals: Average Recorded Investment | 2,352 | 2,206 |
Totals: Interest Income Recognized | 43 | 128 |
Residential Consumer Construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With No Related Allowance Recorded: Recorded Investment | 171 | |
With No Related Allowance Recorded: Unpaid Principal Balance | 176 | |
With No Related Allowance Recorded: Average Recorded Investment | 86 | 86 |
With No Related Allowance Recorded: Interest Income Recognized | 4 | |
With An Allowance Recorded: Recorded Investment | ||
With An Allowance Recorded: Unpaid Principal Balance | ||
With An Allowance Recorded: Average Recorded Investment | ||
With An Allowance Recorded: Interest Income Recognized | ||
Totals: Recorded Investment | 171 | |
Totals: Unpaid Principal Balance | 176 | |
Totals: Related Allowance | ||
Totals: Average Recorded Investment | 86 | 86 |
Totals: Interest Income Recognized | 4 | |
Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With No Related Allowance Recorded: Average Recorded Investment | 1,009 | |
With An Allowance Recorded: Recorded Investment | 998 | 1,180 |
With An Allowance Recorded: Unpaid Principal Balance | 1,083 | 1,256 |
With An Allowance Recorded: Average Recorded Investment | 1,089 | 1,293 |
With An Allowance Recorded: Interest Income Recognized | 16 | 38 |
Totals: Recorded Investment | 998 | 1,180 |
Totals: Unpaid Principal Balance | 1,083 | 1,256 |
Totals: Related Allowance | 505 | 610 |
Totals: Average Recorded Investment | 1,089 | 2,302 |
Totals: Interest Income Recognized | $ 16 | $ 38 |
Loans, Allowance For Loan Los42
Loans, Allowance For Loan Losses and OREO (Allowance For Loan Losses And Recorded Investment In Loans) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for Credit Losses: Beginning Balance | $ 4,683 | $ 4,790 | $ 4,790 | |||
Allowance for Credit Losses: Charge-offs | (378) | (615) | ||||
Allowance for Credit Losses: Recoveries | 132 | 226 | ||||
Allowance for credit losses: Provision | $ 250 | $ 57 | 450 | 157 | 282 | |
Allowance for Credit Losses: Ending Balance | 4,887 | 4,887 | 4,683 | |||
Allowance for Credit Losses: Ending Balance: Individually evaluated for impairment | 1,120 | 1,120 | 1,294 | |||
Allowance for Credit Losses: Ending Balance: Collectively evaluated for impairment | 3,767 | 3,767 | 3,389 | |||
Allowance for Credit Losses: Totals | 4,887 | 4,887 | 4,683 | |||
Financing Receivables: Ending Balance: Individually evaluated for impairment | 7,709 | 7,709 | 9,414 | |||
Financing Receivables: Ending Balance: Collectively evaluated for impairment | 449,222 | 449,222 | 425,714 | |||
Total loans | [1] | 456,931 | 456,931 | 435,128 | ||
Commercial [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for Credit Losses: Beginning Balance | 1,195 | 1,235 | 1,235 | |||
Allowance for Credit Losses: Charge-offs | (89) | (294) | ||||
Allowance for Credit Losses: Recoveries | 3 | 14 | ||||
Allowance for credit losses: Provision | 528 | 240 | ||||
Allowance for Credit Losses: Ending Balance | 1,637 | 1,637 | 1,195 | |||
Allowance for Credit Losses: Ending Balance: Individually evaluated for impairment | 505 | 505 | 610 | |||
Allowance for Credit Losses: Ending Balance: Collectively evaluated for impairment | 1,132 | 1,132 | 585 | |||
Allowance for Credit Losses: Totals | 1,637 | 1,637 | 1,195 | |||
Financing Receivables: Ending Balance: Individually evaluated for impairment | 998 | 998 | 1,180 | |||
Financing Receivables: Ending Balance: Collectively evaluated for impairment | 85,325 | 85,325 | 75,593 | |||
Total loans | 86,323 | 86,323 | 76,773 | |||
Commercial Real Estate [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for Credit Losses: Beginning Balance | 1,751 | 2,194 | 2,194 | |||
Allowance for Credit Losses: Charge-offs | (121) | (64) | ||||
Allowance for Credit Losses: Recoveries | 101 | 122 | ||||
Allowance for credit losses: Provision | (100) | (501) | ||||
Allowance for Credit Losses: Ending Balance | 1,631 | 1,631 | 1,751 | |||
Allowance for Credit Losses: Ending Balance: Individually evaluated for impairment | 448 | 448 | 413 | |||
Allowance for Credit Losses: Ending Balance: Collectively evaluated for impairment | 1,183 | 1,183 | 1,338 | |||
Allowance for Credit Losses: Totals | 1,631 | 1,631 | 1,751 | |||
Financing Receivables: Ending Balance: Individually evaluated for impairment | 4,490 | 4,490 | 5,175 | |||
Financing Receivables: Ending Balance: Collectively evaluated for impairment | 219,432 | 219,432 | 211,950 | |||
Total loans | 223,922 | 223,922 | 217,125 | |||
Consumer [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for Credit Losses: Beginning Balance | 1,073 | 812 | 812 | |||
Allowance for Credit Losses: Charge-offs | (168) | (257) | ||||
Allowance for Credit Losses: Recoveries | 28 | 54 | ||||
Allowance for credit losses: Provision | (40) | 464 | ||||
Allowance for Credit Losses: Ending Balance | 893 | 893 | 1,073 | |||
Allowance for Credit Losses: Ending Balance: Individually evaluated for impairment | 111 | 111 | 184 | |||
Allowance for Credit Losses: Ending Balance: Collectively evaluated for impairment | 782 | 782 | 889 | |||
Allowance for Credit Losses: Totals | 893 | 893 | 1,073 | |||
Financing Receivables: Ending Balance: Individually evaluated for impairment | 165 | 165 | 241 | |||
Financing Receivables: Ending Balance: Collectively evaluated for impairment | 83,144 | 83,144 | 81,290 | |||
Total loans | 83,309 | 83,309 | 81,531 | |||
Residential Real Estate [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for Credit Losses: Beginning Balance | 664 | $ 549 | 549 | |||
Allowance for Credit Losses: Recoveries | 36 | |||||
Allowance for credit losses: Provision | 62 | 79 | ||||
Allowance for Credit Losses: Ending Balance | 726 | 726 | 664 | |||
Allowance for Credit Losses: Ending Balance: Individually evaluated for impairment | 56 | 56 | 87 | |||
Allowance for Credit Losses: Ending Balance: Collectively evaluated for impairment | 670 | 670 | 577 | |||
Allowance for Credit Losses: Totals | 726 | 726 | 664 | |||
Financing Receivables: Ending Balance: Individually evaluated for impairment | 2,056 | 2,056 | 2,818 | |||
Financing Receivables: Ending Balance: Collectively evaluated for impairment | 61,321 | 61,321 | 56,881 | |||
Total loans | $ 63,377 | $ 63,377 | $ 59,699 | |||
[1] | Includes deferred costs of $225 and $263, respectively. |
Loans, Allowance For Loan Los43
Loans, Allowance For Loan Losses and OREO (Age Analysis Of Past Due Financing Receivables) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | $ 4,530 | $ 5,431 | |
Current | 452,401 | 429,697 | |
Total loans | [1] | 456,931 | 435,128 |
Recorded Investment > 90 Days & Accruing | |||
Commercial Mortgages-Owner Occupied [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,667 | 1,422 | |
Current | 79,963 | 75,549 | |
Total loans | 81,630 | 76,971 | |
Recorded Investment > 90 Days & Accruing | |||
Commercial Mortgages-Non-Owner Occupied [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 717 | ||
Current | 129,808 | 126,138 | |
Total loans | 129,808 | 126,855 | |
Recorded Investment > 90 Days & Accruing | |||
Commercial Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 291 | 367 | |
Current | 12,193 | 12,932 | |
Total loans | 12,484 | 13,299 | |
Recorded Investment > 90 Days & Accruing | |||
Consumer Unsecured [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 23 | 33 | |
Current | 7,016 | 6,828 | |
Total loans | 7,039 | 6,861 | |
Recorded Investment > 90 Days & Accruing | |||
Consumer Secured [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 546 | 394 | |
Current | 75,724 | 74,276 | |
Total loans | 76,270 | 74,670 | |
Recorded Investment > 90 Days & Accruing | |||
Residential Mortgages [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,474 | 1,523 | |
Current | 50,808 | 48,490 | |
Total loans | 52,282 | 50,013 | |
Recorded Investment > 90 Days & Accruing | |||
Residential Consumer Construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 146 | 248 | |
Current | 10,949 | 9,438 | |
Total loans | 11,095 | 9,686 | |
Recorded Investment > 90 Days & Accruing | |||
30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,744 | 1,326 | |
30 to 59 Days Past Due [Member] | Commercial Mortgages-Owner Occupied [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 702 | 425 | |
30 to 59 Days Past Due [Member] | Commercial Mortgages-Non-Owner Occupied [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 189 | ||
30 to 59 Days Past Due [Member] | Consumer Unsecured [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 14 | 2 | |
30 to 59 Days Past Due [Member] | Consumer Secured [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 496 | 198 | |
30 to 59 Days Past Due [Member] | Residential Mortgages [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 518 | 512 | |
60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 326 | 1,441 | |
60 to 89 Days Past Due [Member] | Commercial Mortgages-Owner Occupied [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 100 | 571 | |
60 to 89 Days Past Due [Member] | Commercial Mortgages-Non-Owner Occupied [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 90 | ||
60 to 89 Days Past Due [Member] | Consumer Unsecured [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 9 | ||
60 to 89 Days Past Due [Member] | Consumer Secured [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 15 | 68 | |
60 to 89 Days Past Due [Member] | Residential Mortgages [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 202 | 468 | |
Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 2,460 | 2,664 | |
Greater than 90 Days Past Due [Member] | Commercial Mortgages-Owner Occupied [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 865 | 426 | |
Greater than 90 Days Past Due [Member] | Commercial Mortgages-Non-Owner Occupied [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 438 | ||
Greater than 90 Days Past Due [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 291 | 367 | |
Greater than 90 Days Past Due [Member] | Consumer Unsecured [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 31 | ||
Greater than 90 Days Past Due [Member] | Consumer Secured [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 35 | 128 | |
Greater than 90 Days Past Due [Member] | Residential Mortgages [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 754 | 543 | |
Greater than 90 Days Past Due [Member] | Residential Consumer Construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 146 | 248 | |
Commercial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 383 | 727 | |
Current | 85,940 | 76,046 | |
Total loans | 86,323 | 76,773 | |
Recorded Investment > 90 Days & Accruing | |||
Commercial [Member] | 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 14 | ||
Commercial [Member] | 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 244 | ||
Commercial [Member] | Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 369 | 483 | |
Commercial Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 223,922 | 217,125 | |
Residential Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 63,377 | 59,699 | |
Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | $ 83,309 | $ 81,531 | |
[1] | Includes deferred costs of $225 and $263, respectively. |
Loans, Allowance For Loan Los44
Loans, Allowance For Loan Losses and OREO (Credit Quality Information-By Class) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | $ 456,931 | $ 435,128 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 436,484 | 413,311 |
Monitor [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 7,683 | 3,477 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 4,302 | 8,203 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 8,462 | 10,137 |
Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | ||
Commercial Mortgages-Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 81,630 | 76,971 |
Commercial Mortgages-Owner Occupied [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 73,500 | 68,813 |
Commercial Mortgages-Owner Occupied [Member] | Monitor [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 2,272 | 1,353 |
Commercial Mortgages-Owner Occupied [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 2,103 | 2,801 |
Commercial Mortgages-Owner Occupied [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 3,755 | 4,004 |
Commercial Mortgages-Owner Occupied [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | ||
Commercial Mortgages-Non-Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 129,808 | 126,855 |
Commercial Mortgages-Non-Owner Occupied [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 125,012 | 120,462 |
Commercial Mortgages-Non-Owner Occupied [Member] | Monitor [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 3,568 | 1,558 |
Commercial Mortgages-Non-Owner Occupied [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 658 | 3,895 |
Commercial Mortgages-Non-Owner Occupied [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 570 | 940 |
Commercial Mortgages-Non-Owner Occupied [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | ||
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 12,484 | 13,299 |
Commercial Real Estate [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 12,193 | 12,932 |
Commercial Real Estate [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 291 | 367 |
Commercial Real Estate [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | ||
Consumer Unsecured [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 7,039 | 6,861 |
Consumer Unsecured [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 7,039 | 6,830 |
Consumer Unsecured [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 31 | |
Consumer Unsecured [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | ||
Consumer Secured [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 76,270 | 74,670 |
Consumer Secured [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 75,645 | 73,825 |
Consumer Secured [Member] | Monitor [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 238 | 276 |
Consumer Secured [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 50 | |
Consumer Secured [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 387 | 519 |
Consumer Secured [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | ||
Residential Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 52,282 | 50,013 |
Residential Mortgages [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 49,701 | 47,180 |
Residential Mortgages [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 248 | |
Residential Mortgages [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 2,333 | 2,833 |
Residential Mortgages [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | ||
Residential Consumer Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 11,095 | 9,686 |
Residential Consumer Construction [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 11,022 | 9,438 |
Residential Consumer Construction [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 73 | 248 |
Residential Consumer Construction [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | ||
Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 86,323 | 76,773 |
Commercial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 82,372 | 73,831 |
Commercial [Member] | Monitor [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 1,605 | 290 |
Commercial [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 1,293 | 1,457 |
Commercial [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | $ 1,053 | 1,195 |
Commercial [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables |
Loans, Allowance For Loan Los45
Loans, Allowance For Loan Losses And OREO (Loan modifcations classified as TDR's) (Details) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2015USD ($)contract | Jun. 30, 2016contract | Jun. 30, 2015USD ($)contract | |
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | contract | 0 | ||
Commercial [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | contract | 1 | ||
Pre-Modification Oustanding Recorded Investment | $ 20,000 | ||
Post-Modifications Outstanding Recorded Investment | $ 20,000 | ||
Commercial Real Estate [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | contract | 2 | 2 | |
Pre-Modification Oustanding Recorded Investment | $ 454,000 | $ 454,000 | |
Post-Modifications Outstanding Recorded Investment | $ 454,000 | $ 454,000 |