Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Mar. 20, 2020 | Jun. 30, 2019 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | BANK OF THE JAMES FINANCIAL GROUP INC | ||
Entity File Number | 001-35402 | ||
Entity Incorporation, State or Country Code | VA | ||
Entity Tax Identification Number | 20-0500300 | ||
Entity Address, Address Line One | 828 Main Street | ||
Entity Address, City or Town | Lynchburg | ||
Entity Address, State or Province | VA | ||
Entity Address, Postal Zip Code | 24504 | ||
City Area Code | 434 | ||
Local Phone Number | 846-2000 | ||
Document Fiscal Year Focus | 2019 | ||
Entity Central Index Key | 0001275101 | ||
Title of 12(b) Security | Common Stock, $2.14 par value | ||
Trading Symbol | BOTJ | ||
Security Exchange Name | NASDAQ | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Shell Company | false | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Public Float | $ 57,875,894 | ||
Entity Common Stock, Shares Outstanding | 4,339,436 | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Portions of the 2020 Proxy Statement to be used in conjunction with the Annual Meeting of Shareholders, scheduled to be held on May 19, 2020, are incorporated by reference into Part III of this Form 10-K |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and due from banks | $ 30,794 | $ 26,725 |
Federal funds sold | 8,317 | 23,600 |
Total cash and cash equivalents | 39,111 | 50,325 |
Securities held-to-maturity (fair value of $3,861 in 2019 and $3,515 in 2018) | 3,688 | 3,700 |
Securities available-for-sale, at fair value | 59,655 | 52,727 |
Restricted stock, at cost | 1,506 | 1,462 |
Loans, net of allowance for loan losses of $4,829 in 2019 and $4,581 in 2018 | 573,274 | 530,016 |
Loans held for sale | 4,221 | 1,670 |
Premises and equipment, net | 16,698 | 13,426 |
Interest receivable | 1,866 | 1,742 |
Cash value - bank owned life insurance | 13,686 | 13,359 |
Other real estate owned | 2,339 | 2,430 |
Income taxes receivable | 1,102 | |
Deferred tax asset, net | 1,177 | 1,755 |
Other assets | 8,173 | 1,183 |
Total assets | 725,394 | 674,897 |
Deposits | ||
Noninterest bearing demand | 93,936 | 91,356 |
NOW, money market and savings | 362,821 | 331,298 |
Time | 192,702 | 189,389 |
Total deposits | 649,459 | 612,043 |
Capital notes | 5,000 | 5,000 |
Income taxes payable | 124 | |
Interest payable | 173 | 127 |
Other liabilities | 9,193 | 2,584 |
Total liabilities | 663,949 | 619,754 |
Commitments and Contingencies | ||
Stockholders' equity | ||
Preferred stock; authorized 1,000,000 shares; none issued and outstanding | ||
Common stock $2.14 par value; authorized 10,000,000 shares; issued and outstanding 4,357,436 and 4,378,436 as of December 31, 2019 and 2018 | 9,325 | 9,370 |
Additional paid-in-capital | 31,225 | 31,495 |
Retained earnings | 20,900 | 16,521 |
Accumulated other comprehensive loss | (5) | (2,243) |
Total stockholders' equity | 61,445 | 55,143 |
Total liabilities and stockholders' equity | $ 725,394 | $ 674,897 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Consolidated Balance Sheets [Abstract] | ||
Securities held-to-maturity, fair value | $ 3,861 | $ 3,515 |
Loans, allowance for loan losses | $ 4,829 | $ 4,581 |
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 | 4,357,436 | 4,378,436 |
Common stock, shares outstanding | 4,357,436 | 4,378,436 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Interest Income | ||
Loans | $ 27,559 | $ 24,836 |
Securities | ||
US Government and agency obligations | 755 | 760 |
Mortgage backed securities | 220 | 256 |
Municipals - taxable | 312 | 324 |
Municipals - tax exempt | 3 | 7 |
Dividends | 93 | 74 |
Other (Corporates) | 94 | 94 |
Interest bearing deposits | 326 | 227 |
Federal Funds sold | 454 | 393 |
Total interest income | 29,816 | 26,971 |
Deposits | ||
NOW, money market savings | 1,537 | 961 |
Time Deposits | 3,456 | 2,617 |
FHLB borrowings | 17 | |
Finance leases | 71 | |
Capital notes | 200 | 200 |
Total interest expense | 5,264 | 3,795 |
Net interest income | 24,552 | 23,176 |
Provision for loan losses | 523 | 716 |
Net interest income after provision for loan losses | 24,029 | 22,460 |
Noninterest income | ||
Gain on sales of loans held for sale | 4,254 | 2,918 |
Service charges, fees and commissions | 1,785 | 1,871 |
Life insurance income | 679 | 341 |
Other | 76 | 105 |
Gain on sales and calls of securities, net | 394 | |
Total noninterest income | 7,188 | 5,235 |
Noninterest expenses | ||
Salaries and employee benefits | 13,092 | 11,279 |
Occupancy | 1,655 | 1,522 |
Equipment | 2,107 | 1,600 |
Supplies | 597 | 548 |
Professional, data processing, and other outside expense | 3,432 | 3,226 |
Marketing | 866 | 611 |
Credit expense | 653 | 528 |
Other real estate expenses | 366 | 277 |
FDIC insurance expense | 226 | 398 |
Other | 1,289 | 1,075 |
Total noninterest expenses | 24,283 | 21,064 |
Income before income taxes | 6,934 | 6,631 |
Income tax expense | 1,329 | 1,329 |
Net Income | $ 5,605 | $ 5,302 |
Weighted average shares outstanding - basic | 4,375,814 | 4,378,436 |
Weighted average shares outstanding- diluted | 4,381,597 | 4,378,459 |
Earnings per common share - basic | $ 1.28 | $ 1.21 |
Earnings per common share - diluted | $ 1.28 | $ 1.21 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Consolidated Statements Of Comprehensive Income [Abstract] | |||
Net Income | $ 5,605 | $ 5,302 | |
Other comprehensive income (loss) | |||
Unrealized gains (losses) on securities available-for-sale | 3,227 | (979) | |
Unrealized gains (losses) on securities available-for-sale, Tax effect | (678) | 205 | |
Reclassification adjustment for gains included in net income | [1] | (394) | |
Reclassification adjustment for gains included in net income, Tax effect | [1],[2] | 83 | |
Other comprehensive income (loss), net of tax | [2] | 2,238 | (774) |
Comprehensive income | $ 7,843 | $ 4,528 | |
[1] | Gains are included in "gain on sales and calls 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 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, 2017 | $ 9,370 | $ 31,495 | $ 12,269 | $ (1,469) | $ 51,665 | |
Balance, shares at Dec. 31, 2017 | 4,378,436 | |||||
Net Income | 5,302 | 5,302 | ||||
Dividends paid on common stock | (1,050) | (1,050) | ||||
Other comprehensive income (loss) | (774) | (774) | [1] | |||
Balance at Dec. 31, 2018 | $ 9,370 | 31,495 | 16,521 | (2,243) | 55,143 | |
Balance, shares at Dec. 31, 2018 | 4,378,436 | |||||
Net Income | 5,605 | 5,605 | ||||
Dividends paid on common stock | (1,226) | (1,226) | ||||
Repurchase of common stock | $ (45) | (270) | (315) | |||
Repurchase of common stock, shares | (21,000) | |||||
Other comprehensive income (loss) | 2,238 | 2,238 | [1] | |||
Balance at Dec. 31, 2019 | $ 9,325 | $ 31,225 | $ 20,900 | $ (5) | $ 61,445 | |
Balance, shares at Dec. 31, 2019 | 4,357,436 | |||||
[1] | The tax effect on these reclassifications is reflected in "income tax expense" on the consolidated statements of income. |
Consolidated Statements Of Ch_2
Consolidated Statements Of Changes In Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Consolidated Statements Of Changes In Stockholders' Equity [Abstract] | ||
Dividend on common stock, per share | $ 0.28 | $ 0.24 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities | ||
Net Income | $ 5,605 | $ 5,302 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 1,666 | 930 |
Stock based compensation expense | 106 | |
Net amortization and accretion of premiums and discounts on securities | 398 | 413 |
(Gain) on sales of available-for-sale securities | (394) | |
(Gain) on sales of loans held for sale | (4,254) | (2,918) |
Proceeds from sales of loans held for sale | 165,097 | 119,205 |
Origination of loans held for sale | (163,394) | (115,331) |
Provision for loan losses | 523 | 716 |
Loss on sale of other real estate owned | 19 | 39 |
Impairment of other real estate owned | 287 | 185 |
Benefit for deferred income taxes | (17) | (132) |
Bank owned life insurance income | (679) | (341) |
(Increase) in interest receivable | (124) | (29) |
(Increase) in other assets | (805) | (258) |
Decrease in income taxes receivable | 1,226 | 264 |
Increase in interest payable | 46 | 16 |
Increase in other liabilities | 286 | 512 |
Net cash provided by operating activities | 5,592 | 8,573 |
Cash flows from investing activities | ||
Proceeds from calls of securities held-to-maturity | 2,000 | |
Purchases of securities available-for-sale | (16,991) | (998) |
Proceeds from maturities, calls and paydowns of securities available-for-sale | 3,171 | 2,204 |
Proceeds from sale of securities available-for-sale | 9,733 | |
(Purchase) redemption of Federal Home Loan Bank stock | (44) | 43 |
Proceeds from sale of other real estate owned | 570 | 846 |
Origination of loans, net of principal collected | (44,566) | (40,560) |
Purchases of premises and equipment | (4,398) | (2,301) |
Net cash (used in) investing activities | (52,525) | (38,766) |
Cash flows from financing activities | ||
Net increase in deposits | 37,416 | 44,550 |
Principal payments on finance lease obligations | (156) | |
Repurchase of common stock | (315) | |
Dividends paid to common stockholders | (1,226) | (1,050) |
Net cash provided by financing activities | 35,719 | 43,500 |
(Decrease) increase in cash and cash equivalents | (11,214) | 13,307 |
Cash and cash equivalents at beginning of period | 50,325 | 37,018 |
Cash and cash equivalents at end of period | 39,111 | 50,325 |
Non cash transactions | ||
Transfer of loans to other real estate owned | 785 | 850 |
Fair value adjustment for securities available-for-sale | 2,833 | (979) |
Lease liabilities arising from right-of-use assets | 6,373 | |
Cash transactions | ||
Cash paid for interest | 5,218 | 3,779 |
Cash paid for income taxes | $ 120 | $ 1,275 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2019 | |
Organization [Abstract] | |
Organization | Note 1 – Organization Bank of the James Financial Group, Inc. (“Financial” or the “Company”), a Virginia corporation, was organized in 2003 and is registered as a bank holding company under the Bank Holding Company Act of 1956, as amended. Financial is headquartered in Lynchburg, Virginia. Financial conducts its business activities through the branch offices and loan production offices of its wholly owned subsidiary bank, Bank of the James (the “Bank”), the Bank’s wholly-owned subsidiary, BOTJ Insurance, Inc. (“BOTJ-Ins.”), and through the Bank’s two divisions, Bank of the James Mortgage division (“Mortgage Division”) and BOTJ Investment Services division (“Investment Division”). The Mortgage Division originates conforming and non-conforming home mortgages in the Region 2000 area, which includes the counties of Amherst, Appomattox, Bedford and Campbell (which includes the Town of Altavista and the county seat in Rustburg), the Town of Bedford and the City of Lynchburg, Virginia, as well as the cities of Charlottesville, Harrisonburg, Lexington, Roanoke, and Blacksburg. Financial exists primarily for the purpose of holding the stock of its subsidiaries, the Bank and such other subsidiaries as it may acquire or establish. Financial also has one wholly-owned non-operating subsidiary. Bank of the James was incorporated on October 23, 1998, and began banking operations on July 22, 1999. The Bank is a Virginia chartered bank and is engaged in lending and deposit gathering activities in Region 2000 and other markets in Central Virginia and the Shenandoah Valley. It operates under the laws of Virginia and the Rules and Regulations of the Federal Reserve System and the Federal Deposit Insurance Corporation. The Bank’s locations consist of f our branches ( one of which is a limited service branch) in Lynchburg, Virginia, one in Forest, Virginia which includes the Mortgage Division, one in Madison Heights, Virginia, one in the Town of Amherst, Virginia, one in the Town of Bedford, Virginia, one in the Town of Altavista, Virginia, and one in the Town of Appomattox. Outside of Region 2000, the Bank also operates two full-service branches and one limited-service branch in Charlottesville, Virginia, a full-service branch in Harrisonburg, Virginia, two full-service branches in Roanoke, Virginia, a full-service branch in Rustburg, Virginia, a full-service branch in Lexington, Virginia and a mortgage origination office in Blacksburg, Virginia. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | Note 2 - Summary of significant accounting policies Consolidation The consolidated financial statements include the accounts of Bank of the James Financial Group, Inc. and its wholly owned subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation. Basis of presentation and use of estimates The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements, as well as the amounts of income and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses and valuation of other real estate owned. Cash and cash equivalents Cash and cash equivalents include cash and balances due from banks and federal funds sold, all of which mature within ninety days. Generally, federal funds are purchased and sold for one-day periods. Note 2 - Summary of significant accounting policies (continued) Securities Certain debt securities that management has the positive intent and ability to hold to maturity are classified as “held-to-maturity” and recorded at amortized cost. Trading securities are recorded at fair value with changes in fair value included in earnings. Securities not classified as held-to-maturity or trading, are classified as “available-for-sale” and recorded at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income (loss). Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. Impairment of securities occurs when the fair value of a security is less than its amortized cost. For debt securities, impairment is considered other-than-temporary and recognized in its entirety in net income if either (1) the Bank intends to sell the security or (2) it is more likely than not that the Bank will be required to sell the security before recovery of its amortized cost basis. If, however, the Bank does not intend to sell the security and it is not more likely than not that the Bank will be required to sell the security before recovery, the Bank must determine what portion of the impairment is attributable to a credit loss, which occurs when the amortized cost of the security exceeds the present value of the cash flows expected to be collected from the security. If there is no credit loss, there is no other-than temporary impairment. If there is a credit loss, other-than-temporary impairment exists, and the credit loss must be recognized in net income and the remaining portion of impairment must be recognized in other comprehensive income. We regularly review each investment security for other-than-temporary impairment based on criteria that include the extent to which cost exceeds market price, the duration of that market decline, the financial health of and specific prospects for the issuer, our best estimate of the present value of cash flows expected to be collected from debt securities, our intention with regard to holding the security to maturity, and the likelihood that we would be required to sell the security before recovery. Restricted investments As members of the Federal Reserve Bank (FRB) and the Federal Home Loan Bank of Atlanta (FHLBA), the Bank is required to maintain certain minimum investments in the common stock of the FRB and FHLBA. Required levels of investment are based upon the Bank’s capital and a percentage of qualifying assets. The Bank also maintains stock ownership in Community Bankers’ Bank (CBB). The investment in CBB is minimal and is not mandated but qualifies the Bank for preferred pricing on services offered by CBB. Based on liquidation restrictions, all of these investments are carried at cost. Note 2 - Summary of significant accounting policies (continued) Loans Financial makes real estate, commercial and consumer loans to customers. A substantial portion of the loan portfolio is represented by real estate loans collateralized by real estate within Region 2000. The ability of Financial’s debtors to honor their contracts is dependent upon the real estate and general economic conditions in the area. Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off generally are reported at their outstanding unpaid principal balances adjusted for charge-offs, the allowance for loan losses, and any deferred fees or costs on originated loans. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield using the interest method. Past due status Past due status is based on the contractual terms of the loan. In all cases, loans are placed on non-accrual and potentially charged-off at an earlier date if collection of principal or interest is considered doubtful. Non-accrual status Financial stops accruing interest on a loan at the time the loan is 90 days past due unless the credit is well-secured and in process of collection. At the time the loan is placed on non-accrual status, all previously accrued but not collected interest is reversed against interest income. While the loan is classified as non-accrual, any payments collected are accounted for using the cost-recovery method which requires the entire amount of the payment to be applied directly to principal, until qualifying for return to performing status. Loans may be, but are not always, returned to performing status when all the principal and interest amounts contractually due are brought current (within 90 days past due), future payments are reasonably assured, and contractually required payments have been made on a timely basis for at least six consecutive months. Charge-off At the time a loan is placed on non-accrual status, it is generally reevaluated for expected loss and a specific reserve, if not already assigned, is established against the loan. Consumer term loans are typically charged-off no later than 120 days whereas consumer revolving credit loans are typically charged-off no later than 180 days. Although the goal for commercial and commercial real estate loans is for charge off no later than 180 days, a commercial or commercial real estate loan may not be fully charged off until there is reasonable certainty that no additional workout efforts, troubled debt restructurings or any other types of concession can or will be made by Financial. Loans Held for Sale Loans originated and intended for sale in the secondary market are sold, servicing released, and carried at the lower of cost or fair value, which is determined in the aggregate based on sales commitments to permanent investors or on current market rates for loans of similar quality and type. In addition, the Company requires a firm purchase commitment from a permanent investor before a loan can be closed, thus limiting interest rate risk. Allowance for loan losses The allowance for loan losses is management’s estimate of probable losses inherent in the loan portfolio and is recorded through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. Note 2 - Summary of significant accounting policies (continued) The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance consists of specific, historical and general components. The specific component relates to loans that are classified as doubtful or substandard. For such loans that are also classified as impaired, an allowance is established when the collateral value of the impaired loan or discounted cash flows is lower than the carrying value of that loan. The historical component covers non-classified loans and is based on historical loss experience adjusted for qualitative factors. A general component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The general component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. The qualitative factors used to derive the general component of the allowance may include but are not limited to: 1. Known improvement or deterioration in certain classes of loans or collateral; 2. Trends in portfolio volume, maturity, or composition; 3. Volume and trends in delinquencies and non-accruals; 4. Local economic and industrial conditions; 5. Lending, charge-off, and collection policies; and 6. Experience, ability, and depth of lending staff. A loan is considered impaired when, based on current information and events, it is probable that Financial will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan by loan basis by evaluating the discounted cash flows or fair value of the underlying collateral, if the loan is collateral dependent. Management considers the following four components when calculating its loan loss reserve requirement: o In accordance with current accounting rules (ASC 310) and the Bank’s impairment methodology, the Bank performs an individual impairment analysis on all loans having a principal balance greater than $100,000 (unless related to another classified relationship or a TDR) with a risk rating of substandard, doubtful, and loss (our internal risk ratings of 7 through 9). o In accordance with current accounting rules (ASC 450), the Bank examines historical charge-off data by segment in order to determine a portion of the reserve related to homogeneous pools. The Bank updates its historical charge-off data quarterly and adjusts the reserve accordingly. Note 2 - Summary of significant accounting policies (continued) o The Bank applies various risk factors, including, for example, levels of trends in delinquencies, current and expected economic conditions, and levels of and trends in recoveries of prior charge-offs. o The Bank applies factors to determine the method by which to determine the general reserve for inherent losses related to the loan pool, including, for example, loan concentrations, policy and procedure changes, national and local economic trends and conditions, and overall portfolio quality. Troubled debt restructurings In situations where, for economic or legal reasons related to a borrower’s financial condition, management may grant a concession to the borrower that it would not otherwise consider, the related loan is classified as a troubled debt restructuring (“TDR”). Management strives to identify borrowers in financial difficulty early and work with them to modify their loan to more affordable terms before their loans reach non-accrual status. These modified terms may include rate reductions, principal forgiveness, payment forbearance and other actions intended to minimize the economic loss and to avoid foreclosure or repossession of collateral. In cases where borrowers are granted new terms that generally (although not required to be considered a TDR) provide for a reduction of either interest or principal, management measures any impairment on the restructuring as noted above for impaired loans. The Bank had $ 410 and $424 classified as TDRs as of December 31, 2019 and 2018, respectively. Premises, equipment and depreciation Premises and equipment, including leasehold improvements, are stated at cost less accumulated depreciation. Depreciation is provided over the estimated useful lives of the respective assets on the straight-line basis, which range from 3 to 7 years for equipment and 10 to 39.5 years for buildings and improvements. Leasehold improvements are amortized over a term which is the shorter of their useful life or the remaining lease term. Land is carried at cost and is not depreciable. Expenditures for major renewals and betterments are capitalized and those for maintenance and repairs are charged to operating expenses as incurred. Bank owned life insurance Financial has purchased life insurance policies on certain key employees. Bank owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value. Other real estate owned Other real estate owned consists of properties acquired through foreclosure or deed in lieu of foreclosure. These properties are carried at fair value less estimated costs to sell at the date of foreclosure establishing a new cost basis. These properties are subsequently accounted for at the lower of cost or fair value less estimated costs to sell. Losses from the acquisition of property in full or partial satisfaction of loans are charged against the allowance for loan losses. Subsequent write-downs, if any, are charged against expense. Gains and losses on the sales of foreclosed properties are included in determining net income in the year of the sale. Operating costs after acquisition are expensed. Transfers of financial assets Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Note 2 - Summary of significant accounting policies (continued) Bank – put presumptively beyond reach of the transferor and its creditors, even in bankruptcy or other receivership, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Bank does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity or the ability to unilaterally cause the holder to return specific assets. Fair Value of Financial Instruments Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in a separate note. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absences of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect these estimates. Business Segments We operate two business segments, community banking and mortgage banking. The community banking segment includes both commercial and consumer lending and provides customers such products as commercial loans, real estate loans, and other business financing and consumer loans. In addition, this segment provides customers with several choices of deposit products, including demand deposit accounts, savings accounts and certificates of deposit. The mortgage banking segment engages primarily in the origination of residential mortgages for sale into the secondary market. For addition information, refer to Note 9 “Business Segments.” Retirement Plans Employee 401(k) and profit sharing expense is the amount of matching contributions. Deferred compensation and supplemental retirement plan expense allocates the benefits over years of service. Income taxes Deferred income tax assets and liabilities are determined using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is determined based on the tax effects of the temporary differences between the book and tax bases of the various balance sheet assets and liabilities and gives current recognition to changes in tax rates and laws. When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying consolidated balance sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Note 2 - Summary of significant accounting policies (continued) Interest and penalties associated with unrecognized tax benefits are classified as additional income taxes in the consolidated statements of income. At December 31, 2019 and 2018, there were no liabilities recorded for unrecognized tax benefits. Stock-based compensation plans Compensation cost is recognized for stock options and restricted stock awards issued to employees based on the fair value of the awards at the date of grant. The Black-Scholes valuation model is utilized to estimate the fair value of stock options and the market value of the Company’s common stock on the date of grant is used for restricted stock awards. Restricted stock units, which may be settled in stock or in cash, are a liability classified with the fair value initially measured at the market value of the Company’s common stock on the date of grant. These awards are subsequently remeasured to the fair value of the Company’s common stock in each reporting period. Compensation cost is recognized over the vesting period of the awards and the Company’s policy is to recognize forfeitures as they occur. Awards under the 2018 Bank of the James Financial Group, Inc. Equity Incentive Plan are detailed in Note 15, “Stock-based Compensation Plans”. The Company’s ability to grant awards under the Equity Incentive Plan is ongoing. Earnings per common share Basic earnings per common share represents income available to common stockholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings per common share reflects additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. Potential common shares that may be issued by the Company relate solely to stock options and restricted stock units outstanding during the periods, and are determined using the treasury stock method. Reclassification Management has made certain immaterial reclassifications to the prior year financial statements to conform to the 2019 presentation. Reclassifications had no effect on prior year net income or stockholders’ equity. Comprehensive income Comprehensive income consists of net income and other comprehensive income (loss). Other comprehensive income (loss) includes unrealized gains (losses) on available-for-sale securities. Marketing The Company expenses advertising costs as incurred. Advertising expenses were $ 866 and $611 for 2019 and 2018, respectively. |
Restrictions On Cash
Restrictions On Cash | 12 Months Ended |
Dec. 31, 2019 | |
Restrictions On Cash [Abstract] | |
Restrictions On Cash | Note 3 - Restrictions on cash To comply with Federal Reserve regulations, the Bank is required to maintain certain average cash reserve balances. The daily average cash reserve requirements were approximately $ 15,716 and $11,279 for the weeks including December 31, 2019 and 2018, respectively. |
Securities
Securities | 12 Months Ended |
Dec. 31, 2019 | |
Securities [Abstract] | |
Securities | Note 4 - Securities A summary of the amortized cost and fair value of securities, with gross unrealized gains and losses, follows: December 31, 2019 Amortized Gross Unrealized Fair Cost Gains Losses Value Held-to-maturity U.S. agency obligations $3,688 $173 $ - $3,861 Available-for-sale U.S. Treasuries $1,966 $ - $(2) $1,964 U.S. agency obligations 32,163 278 (333) 32,108 Mortgage-backed securities 10,328 42 (106) 10,264 Municipals 11,118 117 (13) 11,222 Corporates 4,086 32 (21) 4,097 $59,661 $469 $(475) $59,655 December 31, 2018 Amortized Gross Unrealized Fair Cost Gains Losses Value Held-to-maturity U.S. agency obligations $3,700 $ - $(185) $3,515 Available-for-sale U.S. Treasuries $1,961 $ - $(116) $1,845 U.S. agency obligations 24,701 - (1,434) 23,267 Mortgage-backed securities 12,390 - (514) 11,876 Municipals 12,412 3 (406) 12,009 Corporates 4,102 - (372) 3,730 $55,566 $3 $(2,842) $52,727 Temporarily Impaired Securities 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 Note 4 –Securities (continued) of time that individual securities have been in a continuous unrealized loss position, at December 31, 2019 and 2018: December 31, 2019 Less than 12 months More than 12 months Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses Held-to-maturity U.S. agency obligations $ - $ - $ - $ - $ - $ - Available-for-sale U.S. Treasuries - - 1,964 2 1,964 2 U.S. agency obligations 12,395 218 12,048 115 24,443 333 Mortgage-backed securities - - 6,609 106 6,609 106 Municipals - - 2,736 13 2,736 13 Corporates - - 1,042 21 1,042 21 Total temporarily impaired securities $12,395 $218 $24,399 $257 $36,794 $475 December 31, 2018 Less than 12 months More than 12 months Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses Held-to-maturity U.S. agency obligations $ - $ - $3,515 $185 $3,515 $185 Available-for-sale U.S. Treasuries - - 1,845 116 1,845 116 U.S. agency obligations - - 23,267 1,434 23,267 1,434 Mortgage-backed securities 966 20 10,910 494 11,876 514 Municipals - - 10,994 406 10,994 406 Corporates - - 3,730 372 3,730 372 Total temporarily impaired securities $966 $20 $50,746 $2,822 $51,712 $2,842 Note 4 –Securities (continued) U.S. Treasuries. The unrealized losses on this one investment in U.S. Treasuries at December 31, 2019 was caused by an increase in interest rates. The contractual terms of this investment do not permit the issuer to settle the security at a price less than the amortized cost bases of the investments. Because the Bank does not intend to sell the investment and it is not more likely than not that the Bank will be required to sell the investment before recovery of their amortized cost basis, which may be maturity, the Bank does not consider this investment to be other-than-temporarily impaired at December 31, 2019. This investment carries a S&P investment grade rating of AA+. U.S. agency obligations. The unrealized losses on the 14 investments in U.S. agency obligations at December 31, 2019 were caused by an increase in interest rates. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than the amortized cost bases of the investments. Because the Bank does not intend to sell the investments and it is not more likely than not that the Bank will be required to sell the investments before recovery of their amortized cost bases, which may be maturity, the Bank does not consider those investments to be other-than-temporarily impaired at December 31, 2019. Each of these 14 investments carries an S&P investment grade rating of AA or better. Mortgage-backed securities. The unrealized loss on the eight investments in U.S. government agency mortgage-backed securities at December 31, 2019 was caused by an increase in interest rates. The contractual terms of those investments does not permit the issuer to settle the securities at a price less than the amortized cost basis of the investments. Because the Bank does not intend to sell the investments and it is not more likely than not that the Bank will be required to sell the investments before recovery of the amortized cost basis, which may be maturity, the Bank does not consider those investments to be other-than-temporarily impaired at December 31, 2019. Each of these eight investments carries an S&P investment grade rating of AA. Municipals. The unrealized losses on the four investments in municipal obligations at December 31, 2019 were caused by an increase in interest rates. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than the amortized cost bases of the investments. Because the Bank does not intend to sell the investments and it is not more likely than not that the Bank will be required to sell the investments before recovery of their amortized cost bases, which may be maturity, the Bank does not consider those investments to be other-than-temporarily impaired at December 31, 2019. Each of these four investments carries an S&P investment grade rating of A or above. Corporates. The unrealized losses on the one investment in a domestic corporate issued security at December 31, 2019 was caused by an increase in interest rates. The contractual terms of this investment does not permit the issuer to settle the security at a price less than the amortized cost basis of the investment. Because the Bank does not intend to sell the investment and it is not more likely than not that the Bank will be required to sell the investment before recovery of the amortized cost basis, which may be maturity, the Bank does not consider this investment to be other-than-temporarily impaired at December 31, 2019. This investment carries an S&P investment grade rating of BBB+. The amortized costs and fair values of securities at December 31, 2019, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Note 4 –Securities (continued) Held-to-Maturity Available-for-Sale Amortized Fair Amortized Fair Cost Values Cost Values Due in one year or less $ - $ - $ - $ - Due after one year through five years - - 8,380 8,395 Due after five years through ten years - - 28,108 28,238 Due after ten years 3,688 3,861 23,173 23,022 $3,688 $3,861 $59,661 $59,655 The Bank received $9,733 in proceeds from sales of securities available-for-sale in 2019 and sold no securities in 2018. Gross realized gains in 2019 amounted to $394 and gross realized losses amounted to $ 0 . At December 31, 2019 and 2018, securities with a carrying value of $22,307 and $19,401 , respectively, were pledged as collateral for public deposits and for other purposes as required or permitted by law. |
Loans And Allowance For Loan Lo
Loans And Allowance For Loan Losses | 12 Months Ended |
Dec. 31, 2019 | |
Loans And Allowance For Loan Losses [Abstract] | |
Loans And Allowance For Loan Losses | Note 5 - Loans and allowance for loan losses The allowance represents an amount that, in management’s judgment, will be adequate to absorb probable losses inherent in the loan portfolio. Management’s judgment in determining the level of the allowance is based on evaluations of the collectability of loans while taking into consideration such factors as trends in delinquencies and charge-offs, changes in the nature and volume of the loan portfolio, current economic conditions that may affect a borrower’s ability to repay and the value of collateral, overall portfolio quality and review of specific potential losses. This evaluation is inherently subjective, as it requires estimates that are susceptible to significant revision as more information becomes available. 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 by classes within the segments, based on the associated risks within these classes. 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 Note 5 - Loans and allowance for loan losses (continued) The evaluation also considers the following risk characteristics of each loan segment: · Commercial loans carry risks associated with the successful operation of a business because the repayment of these loans may be dependent upon the profitability and cash flows of the business or project. In addition, there is risk associated with the value of collateral other than real estate which may depreciate over time and cannot be appraised with as much precision. · Commercial real estate loans carry risks associated with a real estate project and other risks associated with the ownership of real estate. In addition, for real estate construction loans there is a risk that the project will not be finished according to schedule, the project will not be finished according to budget and the value of the collateral may, at any point in time, be less than the principal amount of the loan. Construction loans also bear the risk that the general contractor, who may or may not be a loan customer, may be unable to finish the construction project as planned because of financial pressure unrelated to the project. · Consumer loans carry risks associated with the continued credit-worthiness of the borrower and the value of the collateral (e.g., rapidly-depreciating assets such as automobiles), or lack thereof. Consumer loans are more likely than real estate loans to be immediately adversely affected by job loss, divorce, illness or personal bankruptcy. Unsecured consumer loans carry additional risks associated with the continued credit-worthiness of borrowers who may be unable to meet payment obligations. · Residential mortgage and construction loans carry risks associated with the continued credit-worthiness of the borrower and changes in the value of the collateral. Equity lines of credit carry risks associated with the continued credit-worthiness of the borrower and changes in the value of the collateral. 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. 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 Based on the above criteria, we segregate loans into the above categories for special mention, substandard, doubtful and loss from non-classified, or pass rated, loans. We review the characteristics of each rating at least annually, generally during the first quarter. The characteristics of these ratings are as follows: Note 5 - Loans and allowance for loan losses (continued) · “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 provide 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 high. · “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. Note 5 - Loans and allowance for loan losses (continued) The Bank grants primarily commercial, real estate, and installment loans to customers throughout its market area. The real estate portfolio can be affected by the condition of the local real estate markets. The commercial and installment loan portfolio can be affected by the local economic conditions. A summary of loans, net is as follows: December 31, 2019 2018 Commercial $114,257 $92,877 Commercial real estate 303,900 289,171 Consumer 89,945 86,191 Residential 70,001 66,358 Total loans (1) 578,103 534,597 Less allowance for loan losses 4,829 4,581 Net loans $573,274 $530,016 (1) Includes net deferred costs and premiums of $572 and $457 , respectively. The amounts of overdraft reclassified as loans were $ 86 and $ 27 as of December 31, 2019 and 2018, respectively. The Company’s officers, directors and their related interests have various types of loan relationships with the Bank . The total outstanding balances of these related party loans at December 31, 2019 and 2018 were $ 12,682 an d $14,213 respectively. During 2019, new loans and advances amounted to $1,585 and repayments amounted to $3,116 . Note 5 - Loans and allowance for loan losses (continued) The following tables set forth information regarding impaired and non-accrual loans as of December 31, 2019 and 2018: Loans on Non-Accrual Status As of December 31, 2019 2018 Commercial $262 $973 Commercial Real Estate: Commercial Mortgages-Owner Occupied 262 317 Commercial Mortgages-Non-Owner Occupied 450 173 Commercial Construction - - Consumer Consumer Unsecured - - Consumer Secured 47 84 Residential: Residential Mortgages 280 1,391 Residential Consumer Construction - - Totals $1,301 $2,939 Note 5 - Loans and allowance for loan losses (continued) Impaired Loans As of and for the Year Ended December 31, 2019 Unpaid Average Interest Recorded Principal Related Recorded Income 2019 Investment Balance Allowance Investment Recognized With No Related Allowance Recorded: Commercial $ 468 $ 1,036 $ - $ 949 $ 26 Commercial Real Estate Commercial Mortgages-Owner Occupied 2,467 2,643 - 2,441 183 Commercial Mortgage Non-Owner Occupied 563 585 - 347 32 Commercial Construction - - - - - Consumer Consumer Unsecured - - - - - Consumer Secured 107 107 - 98 7 Residential Residential Mortgages 1,290 1,290 - 1,583 68 Residential Consumer Construction - - - - - With an Allowance Recorded: Commercial $ 7 $ 7 $ 7 $ 19 $ 1 Commercial Real Estate Commercial Mortgages-Owner Occupied 12 12 12 26 1 Commercial Mortgage Non-Owner Occupied 14 14 3 52 1 Commercial Construction - - - - - Consumer Consumer Unsecured - - - 1 - Consumer Secured - - - 53 - Residential Residential Mortgages 139 158 33 257 4 Residential Consumer Construction - - - - - Totals: Commercial $ 475 $ 1,043 $ 7 $ 968 $ 27 Commercial Real Estate Commercial Mortgages-Owner Occupied 2,479 2,655 12 2,467 184 Commercial Mortgage Non-Owner Occupied 577 599 3 399 33 Commercial Construction - - - - - Consumer Consumer Unsecured - - - 1 - Consumer Secured 107 107 - 151 7 Residential Residential Mortgages 1,429 1,448 33 1,840 72 Residential Consumer Construction - - - - - $ 5,067 $ 5,852 $ 55 $ 5,826 $ 323 Note 5 - Loans and allowance for loan losses (continued) Impaired Loans As of and for the Year Ended December 31, 2018 Unpaid Average Interest Recorded Principal Related Recorded Income 2018 Investment Balance Allowance Investment Recognized With No Related Allowance Recorded: Commercial $ 1,430 $ 1,922 $ - $ 1,178 $ 24 Commercial Real Estate Commercial Mortgages-Owner Occupied 2,414 2,511 - 2,421 167 Commercial Mortgage Non-Owner Occupied 131 132 - 403 8 Commercial Construction - - - - - Consumer Consumer Unsecured - - - - - Consumer Secured 88 88 - 184 6 Residential Residential Mortgages 1,876 1,953 - 1,728 89 Residential Consumer Construction - - - - - With an Allowance Recorded: Commercial $ 31 $ 31 $ 15 $ 174 $ 3 Commercial Real Estate Commercial Mortgages-Owner Occupied 39 132 36 352 3 Commercial Mortgage Non-Owner Occupied 90 90 20 82 6 Commercial Construction - - - 85 - Consumer Consumer Unsecured 1 1 1 2 - Consumer Secured 105 105 105 266 7 Residential Residential Mortgages 375 390 61 263 11 Residential Consumer Construction - - - - - Totals: Commercial $ 1,461 $ 1,953 $ 15 $ 1,352 $ 27 Commercial Real Estate Commercial Mortgages-Owner Occupied 2,453 2,643 36 2,773 170 Commercial Mortgage Non-Owner Occupied 221 222 20 485 14 Commercial Construction - - - 85 - Consumer Consumer Unsecured 1 1 1 2 - Consumer Secured 193 193 105 450 13 Residential Residential Mortgages 2,251 2,343 61 1,991 100 Residential Consumer Construction - - - - - $ 6,580 $ 7,355 $ 238 $ 7,138 $ 324 Note 5 - Loans and allowance for loan losses (continued) The following tables set forth the allowance for loan losses activity for the years ended December 31, 2019 and 2018: Allowance for Loan Losses and Recorded Investment in Loans As of and for the Year Ended December 31, 2019 Commercial 2019 Commercial Real Estate Consumer Residential Total Allowance for Loan Losses: Beginning Balance $1,136 $1,831 $956 $658 $4,581 Charge-offs (106) (26) (189) (42) (363) Recoveries 35 5 44 4 88 Provision 265 122 54 82 523 Ending Balance $1,330 $1,932 $865 $702 $4,829 Ending Balance: Individually evaluated for impairment $7 $15 $ - $33 $55 Ending Balance: Collectively evaluated for impairment 1,323 1,917 865 669 4,774 Totals: $1,330 $1,932 $865 $702 $4,829 Loans: Ending Balance: Individually evaluated for impairment $475 $3,056 $107 $1,429 $5,067 Ending Balance: Collectively evaluated for impairment 113,782 300,844 89,838 68,572 573,036 Totals: $114,257 $303,900 $89,945 $70,001 $578,103 Note 5 - Loans and allowance for loan losses (continued) Allowance for Loan Losses and Recorded Investment in Loans As of and for the Year Ended December 31, 2018 Commercial 2018 Commercial Real Estate Consumer Residential Total Allowance for Loan Losses: Beginning Balance $1,264 $1,738 $1,172 $578 $4,752 Charge-offs (395) (230) (405) (34) (1,064) Recoveries 113 4 60 - 177 Provision 154 319 129 114 716 Ending Balance $1,136 $1,831 $956 $658 $4,581 Ending Balance: Individually evaluated for impairment $15 $56 $106 $61 $238 Ending Balance: Collectively evaluated for impairment 1,121 1,775 850 597 4,343 Totals: $1,136 $1,831 $956 $658 $4,581 Loans: Ending Balance: Individually evaluated for impairment $1,461 $2,674 $194 $2,251 $6,580 Ending Balance: Collectively evaluated for impairment 91,416 286,497 85,997 64,107 528,017 Totals: $92,877 $289,171 $86,191 $66,358 $534,597 Note 5 - Loans and allowance for loan losses (continued) Age Analysis of Past Due Loans as of December 31, 2019 2019 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Recorded Investment > 90 Days & Accruing Commercial $146 $1,084 $116 $1,346 $112,911 $114,257 $ - Commercial Real Estate: Commercial Mortgages-Owner Occupied 234 192 143 569 104,223 104,792 - Commercial Mortgages-Non-Owner Occupied 58 9 450 517 181,730 182,247 - Commercial Construction - - - - 16,861 16,861 - Consumer: Consumer Unsecured 52 3 - 55 6,812 6,867 - Consumer Secured 316 130 21 467 82,611 83,078 - Residential: Residential Mortgages 595 576 280 1,451 53,833 55,284 - Residential Consumer Construction 492 - - 492 14,225 14,717 - Total $1,893 $1,994 $1,010 $4,897 $573,206 $578,103 $ - Age Analysis of Past Due Loans as of December 31, 2018 2018 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Recorded Investment > 90 Days & Accruing Commercial $54 $56 $220 $330 $92,547 $92,877 $ - Commercial Real Estate: Commercial Mortgages-Owner Occupied 209 - 307 516 97,910 98,426 - Commercial Mortgages-Non-Owner Occupied 149 468 - 617 174,657 175,274 - Commercial Construction - - - - 15,471 15,471 - Consumer: Consumer Unsecured 8 1 - 9 8,745 8,754 - Consumer Secured 369 44 - 413 77,024 77,437 - Residential: Residential Mortgages 882 164 567 1,613 56,559 58,172 - Residential Consumer Construction - - - - 8,186 8,186 - Total $1,671 $733 $1,094 $3,498 $531,099 $534,597 $ - Note 5 - Loans and allowance for loan losses (continued) Credit Quality Information - by Class December 31, 2019 2019 Pass Monitor Special Substandard Doubtful Totals Mention Commercial $108,907 $313 $4,518 $519 $ - $114,257 Commercial Real Estate: Commercial Mortgages-Owner Occupied 93,553 446 8,316 2,477 - 104,792 Commercial Mortgages-Non-Owner Occupied 175,471 5,118 994 664 - 182,247 Commercial Construction 16,572 289 - - - 16,861 Consumer Consumer Unsecured 6,867 - - - - 6,867 Consumer Secured 82,860 - - 218 - 83,078 Residential: Residential Mortgages 53,714 - - 1,570 - 55,284 Residential Consumer Construction 14,416 301 - - - 14,717 Totals $552,360 $6,467 $13,828 $5,448 $ - $578,103 Credit Quality Information - by Class December 31, 2018 2018 Pass Monitor Special Substandard Doubtful Totals Mention Commercial $90,142 $818 $374 $1,543 $ - $92,877 Commercial Real Estate: Commercial Mortgages-Owner Occupied 90,995 1,461 3,517 2,453 - 98,426 Commercial Mortgages-Non-Owner Occupied 172,342 2,285 332 315 - 175,274 Commercial Construction 14,892 579 - - - 15,471 Consumer Consumer Unsecured 8,747 - 6 1 - 8,754 Consumer Secured 77,092 - 88 257 - 77,437 Residential: Residential Mortgages 55,336 334 - 2,502 - 58,172 Residential Consumer Construction 8,186 - - - - 8,186 Totals $517,732 $5,477 $4,317 $7,071 $ - $534,597 Note 5 - Loans and allowance for loan losses (continued) Troubled Debt Restructurings (TDRs) There were no loan modifications that would have been classified as Troubled Debt Restructurings (TDR) during the twelve months ended December 31, 2019 or 2018. Loans that were previously classified as TDRS and currently on the Bank’s balance sheet 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. At December 31, 2019 and December 31, 2018, the Bank had no outstanding commitments to disburse additional funds on loans classified as TDRs. There were no loan modifications classified as TDRs within the last twelve months that defaulted (90 days past due) during the twelve months ended December 31, 2019 and 2018. |
Other Real Estate Owned
Other Real Estate Owned | 12 Months Ended |
Dec. 31, 2019 | |
Other Real Estate Owned [Abstract] | |
Other Real Estate Owned | Note 6 - Other real estate owned At December 31, 2019 and 2018, OREO was $2,339 and $2,430 respectively. OREO is primarily comprised of residential properties and non-residential properties associated with commercial relationships. As of December 31, 2019 and 2018 respectively, there were no consumer mortgage loans secured by residential real estate that were in the process of foreclosure. The following table represents the changes in OREO balance in 2019 and 2018. OREO Changes Year Ended December 31, 2019 2018 Balance at the beginning of the year $2,430 $2,650 Transfers from Loans 785 850 Capitalized costs - - Valuation adjustments (287) (185) Sales (570) (846) Gain (loss) on sales (19) (39) Balance at the end of the year $2,339 $2,430 There were four residential properties being carried in OREO at a value of $325 as of December 31, 2019. There were four residential properties being carried in OREO at a value of $156 as of December 31, 2018. |
Premises And Equipment
Premises And Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Premises And Equipment [Abstract] | |
Premises And Equipment | Note 7 – Premises and equipment Premises and equipment at December 31, 2019 and 2018 are summarized as follows: December 31, 2019 2018 Land $3,302 $3,302 Building and improvements 9,983 6,986 Property for future expansion 1,077 2,523 Furniture and equipment 9,298 7,749 Leasehold improvements 3,462 2,571 Software 2,849 2,481 29,971 25,612 Less accumulated depreciation 13,273 12,186 Net premises and equipment $16,698 $13,426 Total depreciation and amortization expense related to premises and equipment for the years ended December 31, 2019 and 2018 was $1,126 and $930 , respectively. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2019 | |
Deposits [Abstract] | |
Deposits | Note 8 - Deposits A summary of deposit accounts is as follows: December 31, 2019 2018 Demand Noninterest bearing $93,936 $91,356 Interest bearing 274,602 231,257 Savings 88,219 100,041 Time, $250,000 or more (1) 40,751 47,522 Other time 151,951 141,867 $649,459 $612,043 (1) Includes brokered certificates of deposit of $10,020 and $20,064 as of December 31, 2019 and 2018. Note 8 – Deposits (continued) At December 31, 2019, maturities of time deposits are scheduled as follows: Year Ending December 31, Amount 2020 $100,405 2021 68,491 2022 16,770 2023 5,127 2024 1,909 $192,702 The Bank held deposits from the Company’s officers, directors and their related interests of $16,694 and $11,613 at December 31, 2019 and 2018, respectively. |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2019 | |
Business Segments [Abstract] | |
Business Segments | Note 9 – 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 the Bank’s market areas. The mortgage segment provides a variety of mortgage loan products principally within the Bank’s market areas. Mortgage loans are originated and sold in the secondary market through purchase commitments from investors. 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 fee-based 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. Note 9 – Business Segments (continued) Information about reportable business segments and reconciliation of such information to the consolidated financial statements for years ended December 31, 2019 and 2018 was as follows: Business Segments Community Banking Mortgage Total For the year ended December 31, 2019 Net interest income $ 24,552 $ - $ 24,552 Provision for loan losses 523 - 523 Net interest income after provision for loan losses 24,029 - 24,029 Noninterest income 2,934 4,254 7,188 Noninterest expenses 21,154 3,129 24,283 Income before income taxes 5,809 1,125 6,934 Income tax expense 1,093 236 1,329 Net income $ 4,716 $ 889 $ 5,605 Total assets $ 720,965 $ 4,429 $ 725,394 For the year ended December 31, 2018 Net interest income $ 23,176 $ - $ 23,176 Provision for loan losses 716 - 716 Net interest income after provision for loan losses 22,460 - 22,460 Noninterest income 2,317 2,918 5,235 Noninterest expenses 18,660 2,404 21,064 Income before income taxes 6,117 514 6,631 Income tax expense 1,250 79 1,329 Net income $ 4,867 $ 435 $ 5,302 Total assets $ 673,114 $ 1,783 $ 674,897 |
Capital Notes
Capital Notes | 12 Months Ended |
Dec. 31, 2019 | |
Capital Notes [Abstract] | |
Capital Notes | Note 10 – Capital notes On January 25, 2017 , Financial closed a private placement of unregistered debt securities (the “2017 Offering”) p ursuant to which Financial issued $5,000,000 in principal of notes (the “2017 Notes”). The 2017 Notes bear interest at the rate of 4% per year with interest payable quarterly in arrears. The 2017 Notes are to mature on January 24, 2022 , but are subject to prepayment in whole or in part on or after January 24, 2018 at Financial’s sole discretion on 30 days written notice to the holders. Of the proceeds, $3,000,000 was injected into the Bank as equity capital in March 2017. The remaining $2,000,000 has been used and is currently being used for debt service on the 2017 Notes. |
Other Borrowings
Other Borrowings | 12 Months Ended |
Dec. 31, 2019 | |
Other Borrowings [Abstract] | |
Other Borrowings | Note 11 – Other borrowings Short-term borrowings may consist of securities sold under agreements to repurchase, which are secured transactions with customers and generally mature the day following the date sold. Short-term borrowings may also include Federal funds purchased, which are unsecured overnight borrowings from other financial institutions. There was no utilization of short-term borrowings in 2019 or 2018 other than one day nominal balances to test the lines. Average balances were less than $1 for both years. Unsecured federal fund lines and their respective limits are maintained with the following institutions: Community Bankers’ Bank, $ 13,000 , Zions Bank, $ 4,000 , PNC Bank, $6,000 and Suntrust Bank, $ 3,000 . In addition, the Bank maintains a $ 5,000 reverse repurchase agreement with Suntrust whereby securities may be pledged as collateral in exchange for funds for a minimum of 30 days with a maximum of 90 days. The Bank also maintains a secured federal funds line with Community Bankers’ Bank whereby it may pledge securities as collateral with no specified minimum or maximum amount or term. The current amount available on the secured line based on the securities currently pledged is $7,635 . The Bank is also a member of the Federal Home Loan Bank of Atlanta (“FHLBA”). The Bank’s available credit through the FHLBA was $177,112 as of December 31, 2019, the most recent calculation. The Bank must pledge collateral in order to access the FHLBA available credit. Currently the Bank has pledged to the FHLBA approximately $46,311 in 1-4 family residential mortgages which, after adjustments for the loan-to-value requirements by the FHLBA, would allow the Bank to access up to $34,779 in credit without pledging any additional collateral. As of December 31, 2019, and 2018 there are no outstanding balances on any of the credit facilities mentioned above. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Taxes [Abstract] | |
Income Taxes | Note 12 - Income taxes The Company files income tax returns in the U.S. federal jurisdiction and the state of Virginia. With few exceptions, the Company is no longer subject to U.S. federal, state and local income tax examinations by tax authorities for years prior to 2016. Income tax expense attributable to income before income tax expense is summarized as follows: December 31, 2019 2018 Current federal income tax expense $1,346 $1,461 Deferred federal income tax expense (benefit) (17) (132) Income tax expense $1,329 $1,329 Note 12 - Income taxes (continued) Income tax expense differed from amounts computed by applying the U.S. Federal income tax rate of 21 % to income before income tax expense as a result of the following: 2019 2018 Computed “expected” income tax expense $1,456 $1,393 Increase (reduction) in income tax resulting from: Non-taxable income (143) (73) Non-deductible expenses 13 13 Other 3 (4) Income tax expense $1,329 $1,329 The tax effects of temporary differences result in deferred tax assets and liabilities as presented below: December 31, 2019 2018 Deferred tax assets Lease liabilities $1,249 $ - Allowance for loan losses 1,015 962 Unrealized losses on available-for-sale securities 1 596 OREO 194 138 Non-accrual interest 251 243 Deferred Compensation 84 75 Other 22 8 Gross deferred tax assets 2,816 2,022 Deferred tax liabilities Right-of-use assets 1,223 - Depreciation 312 189 Other 104 78 Gross deferred tax liabilities 1,639 267 Net deferred tax asset $1,177 $1,755 |
Earnings Per Common Share (EPS)
Earnings Per Common Share (EPS) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Common Share (EPS) [Abstract] | |
Earnings Per Common Share (EPS) | Note 13 – Earnings per common share (EPS) Basic EPS excludes dilution and is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, or resulted in the issuance of common stock that then shared in the earnings of the entity. Note 13 – Earnings per common share (EPS) (continued) The basic and diluted earnings per share calculations are as follows: Years ended December 31, 2019 2018 Numerator: Net income available to stockholders $5,605 $5,302 Basic EPS weighted average shares outstanding 4,375,814 4,378,436 Effect of dilutive securities: Incremental shares attributable to stock options 5,783 23 Diluted EPS weighted-average shares outstanding 4,381,597 4,378,459 Basic earnings per common share $1.28 $1.21 Diluted earnings per common share $1.28 $1.21 No potentially dilutive shares were excluded from the 2019 and 2018 earnings per share calculations because they were anti-dilutive. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
Employee Benefit Plans [Abstract] | |
Employee Benefit Plans | Note 14 – Employee Benefit plans Defined contribution benefit plan. The Company adopted a 401(k) defined contribution plan on October 1, 2000, which is administered by the Virginia Bankers’ Association. Participants have the right to contribute up to a maximum of 19 % of pretax annual compensation or the maximum allowed under Section 401(g) of the Internal Revenue Code, whichever is less. The Company contributed $347 and $301 to the plan on behalf of the employees for the years ended December 31, 2019 and 2018, respectively. Supplemental Executive Retirement Plan . A Supplemental Executive Retirement Plan (SERP) was established to provide participating executives (as determined by the Company’s Board of Directors) with benefits that cannot be provided under the 401(k) as a result of limitations imposed by the Internal Revenue Code. The SERP will also provide benefits to eligible employees or their survivors, as applicable, if they die, retire, or are terminated under certain circumstances. SERP expense totaled $ 399 and $ 357 for the years ended December 31, 2019 and 2018, respectively. The Company funds the plan through a modified endowment contract. Income recorded for the plan represents life insurance income as recorded based on the projected increases in cash surrender values of life insurance policies. As of December 31, 2019 and 2018, the life insurance policies had cash surrender values of approximately $ 13,686 and $ 13,359 , respectively. Employee Stock Purchase Plan . The Company adopted an Employee Stock Purchase Plan (“ESPP”) in 2018 in which all employees are eligible to participate. The plan allows employees to use a portion of their salaries and wages to purchase shares of the Company common stock at the market value of shares on a monthly basis. The Company makes no contributions to the ESPP. The Company may issue common shares to plan participants or Note 14 – Employee Benefit plans (continued) purchase common shares on the open market. Common shares are purchased on the open market at a price that based on the weighted average price of all shares purchased by the broker-dealer on the open market from each aggregate order placed by the Plan Administrator. In 2019 and 2018, all shares purchased pursuant to the ESPP were purchased on the open market and consequently the Company issued no common shares in connection with the ESPP during the year ended December 31, 2019 and 2018. |
Stock-based Compensation Plans
Stock-based Compensation Plans | 12 Months Ended |
Dec. 31, 2019 | |
Stock-based Compensation Plans [Abstract] | |
Stock-based Compensation Plans | Note 15 – Stock-based compensation plans On March 20, 2018, the Board of Directors adopted the “2018 Bank of the James Financial Group, Inc. Equity Incentive Plan,” which was approved by the shareholders on May 15, 2018. This plan allows the Company to grant stock options, restricted stock, and restricted stock units to certain officers and employees. The 2018 Incentive Plan permits the issuance of up to 250,000 shares of common stock for awards to key employees of the Company and its subsidiaries in the form of stock options, restricted stock, restricted stock units, stock awards and performance units. On January 2, 2019, the Company granted its first block of equity compensation under the 2018 Incentive Plan consisting of 24,500 restricted stock units. The recipients of restricted stock units do not receive shares of the Company’s stock immediately, but instead receive shares, or cash compensation, or some combination of the two, upon satisfying the requisite service period specified by the terms and conditions of the grant. Additionally, the recipients of restricted stock units do not enjoy the rights of holder of the Company’s common stock until the units have vested and as such, they do not have voting rights or rights to nonforfeitable dividends. The related compensation expense is based on the grant date fair value of the Company’s stock of $13.00 per share. Shares vest over 3 years in thirds with the first one-third vesting one year from the grant date. The total expense recognized for the year ended December 31, 2019, in connection with the restricted stock unit awards was approximately $106 . There were no forfeitures during the year ended December 31, 2019. At December 31, 2019, the unrecognized stock-based compensation expense related to unvested restricted stock awards amounted to approximately $212 . The unrecognized expense will be recognized ratably over the remaining vesting period of two years. The Company accounts for forfeitures as they occur. |
Dividend Reinvestment Plan
Dividend Reinvestment Plan | 12 Months Ended |
Dec. 31, 2019 | |
Dividend Reinvestment Plan [Abstract] | |
Dividend Reinvestment Plan | Note 16 – Dividend Reinvestment Plan The Company has in effect a Dividend Reinvestment Plan (DRIP) which provides an automatic conversion of dividends into common stock for enrolled shareholders. The Company may issue common shares to the DRIP or purchase common shares on the open market. Common shares are purchased on the open market at a price that based on the weighted average price of all shares purchased by the broker-dealer on the open market from each aggregate order placed by the Plan Administrator. In 2018 and 2019, all shares purchased through the DRIP were purchased on the open market and consequently the Company issued no common shares to the DRIP during the years ended December 31, 2018 and 2019. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | Note 17 – Stockholders’ equity The Bank is subject to certain legal and regulatory restrictions on the amount of cash dividends it may declare. Financial is a legal entity, separate and distinct from the Bank. Financial currently does not have any significant sources of revenue other than cash dividends paid to it by its subsidiaries. Both Financial and the Bank are subject to laws and regulations that limit the payment of cash dividends, including requirements to maintain capital at or above regulatory minimums. |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2019 | |
Regulatory Matters [Abstract] | |
Regulatory Matters | Note 18 - Regulatory matters The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classifications are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios (set forth in the following table) of total and Tier I capital (as defined in the regulations) to risk-weighted assets (as defined), and of Tier I capital to average assets (as defined). Management believes, as of December 31, 2019 that the Bank meets all capital adequacy requirements to which it is subject. The Bank’s actual regulatory capital amounts and ratios for December 31, 2019 and 2018 are also presented in the table below. On June 7, 2012, the Federal Reserve issued a series of proposed rules that would revise and strengthen its risk-based and leverage capital requirements and its method for calculating risk-weighted assets. The rules were proposed to implement the Basel III regulatory capital reforms from the Basel Committee on Banking Supervision and certain provisions of the Dodd-Frank Act. On July 2, 2013, the Federal Reserve approved certain revisions to the proposals and finalized new capital requirements for banking organizations. Effective January 1, 2015, the final rules required the Bank to comply with the following new minimum capital ratios: (i) a new common equity Tier 1 capital ratio of 4.5% of risk-weighted assets; (ii) a Tier 1 capital ratio of 6.0% of risk-weighted assets (increased from the previous requirement of 4.0% ); (iii) a total capital ratio of 8.0% of risk-weighted assets (unchanged from previous requirement); and (iv) a leverage ratio of 4.0% of total assets. These are the initial capital requirements, which were phased in over a five -year period. As fully phased in on January 1, 2019, the rules require the Bank to maintain (i) a minimum ratio of common equity Tier 1 to risk-weighted assets of at least 4.5%, plus a 2.5% “capital conservation buffer” (which is added to the 4.5% common equity Tier 1 ratio as that buffer is phased in, effectively resulting in a minimum ratio of common equity Tier 1 to risk-weighted assets of at least 7.0% upon full implementation), (ii) a minimum ratio of Tier 1 capital to risk-weighted assets of at least 6.0%, plus the capital conservation buffer (which is added to the 6.0% Tier 1 capital ratio as that buffer is phased in, effectively resulting in a minimum Tier 1 capital ratio of 8.5% upon full implementation), (iii) a minimum ratio of total capital to risk-weighted assets of at least 8.0%, plus the capital conservation buffer (which is added to the 8.0% total capital ratio as that buffer is phased in, effectively resulting in a minimum total capital ratio of 10.5% upon full implementation), and (iv) a minimum leverage ratio of 4.0%, calculated as the ratio of Tier 1 capital to average assets. Note 18 - Regulatory matters (continued) The capital conservation buffer requirement was phased in beginning January 1, 2016, at 0.625% of risk-weighted assets, increasing each year until fully implemented at 2.5% on January 1, 2019. The capital conservation buffer is designed to absorb losses during periods of economic stress. Banking institutions with a ratio of common equity Tier 1 to risk-weighted assets above the minimum but below the conservation buffer will face constraints on dividends, equity repurchases, and compensation based on the amount of the shortfall. With respect to the Bank, the rules also revised the “prompt corrective action” regulations pursuant to Section 38 of the FDIA by (i) introducing a common equity Tier 1 capital ratio requirement at each level (other than critically undercapitalized), with the required ratio being 6.5% for well-capitalized status; (ii) increasing the minimum Tier 1 capital ratio requirement for each category, with the minimum ratio for well-capitalized status being 8.0% (as compared to the previous 6.0% as of December 31, 2014); and (iii) eliminating the current provision that provides that a bank with a composite supervisory rating of 1 may have a 3.0% Tier 1 leverage ratio and still be well-capitalized. The capital requirements from 2015 also include changes in the risk weights of assets to better reflect credit risk and other risk exposures. These include a 150% risk weight (up from 100% ) for certain high volatility commercial real estate acquisition, development and construction loans and nonresidential mortgage loans that are 90 days past due or otherwise on non-accrual status, a 20% (up from 0% ) credit conversion factor for the unused portion of a commitment with an original maturity of one year or less that is not unconditionally cancellable, a 250% risk weight (up from 100% ) for mortgage servicing rights and deferred tax assets that are not deducted from capital, and increased risk-weights (from 0% to up to 600% ) for equity exposures. As of December 31, 2019, the most recent notification from the Federal Reserve Bank of Richmond categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Bank must maintain minimum total risk-based, CET1, Tier I risk-based and Tier I leverage ratios as set forth in the following table. There are no conditions or events since that notification that management believes have changed the Bank’s category. Note 18 - Regulatory matters (continued) The capital ratios for the Bank for 2019 and 2018 are set forth in the following table: December 31, 2019 To Be Well Capitalized Under Minimum Capital Prompt Corrective Actual Requirement Action Provisions Amount Ratio Amount Ratio (1) Amount Ratio Tot al capital (to risk-weighted assets) $71,090 11.54% $64,708 >10.500% $61,627 > 10.00% Tier I capital (to risk-weighted assets) $66,261 10.75% $52,383 >8.50% $49,302 > 8.00% Common Equity Tier 1 capital (to risk-weighted assets) $66,261 10.75% $43,139 >7.00% $40,057 >6.50% Tier I capital (leverage) (to average assets) $66,261 9.13% $29,016 > 4.00% $36,270 > 5.00% (1) Includes capital conservation buffer after full phase-in where applicable. December 31, 2018 To Be Well Capitalized Under Minimum Capital Prompt Corrective Actual Requirement Action Provisions Amount Ratio Amount Ratio (1) Amount Ratio Tot al capital (to risk-weighted assets) $66,633 11.81% $59,239 >10.500% $56,418 > 10.00% Tier I capital (to risk-weighted assets) $62,052 11.00% $47,956 >8.50% $45,135 > 8.00% Common Equity Tier 1 capital (to risk-weighted assets) $62,052 11.00% $39,493 >7.00% $36,672 >6.50% Tier I capital (leverage) (to average assets) $62,052 9.25% $26,835 > 4.00% $33,544 > 5.00% (1) Includes capital conservation buffer after full phase-in where applicable. Note 18 - Regulatory matters (continued) The above tables set forth the capital position and analysis for the Bank only. Because total assets on a consolidated basis are less than $3,000,000, Financial is not subject to the consolidated capital requirements imposed by the Bank Holding Company Act. Consequently, Financial does not calculate its financial ratios on a consolidated basis. If calculated, the capital ratios for the Company on a consolidated basis would no longer be comparable to the capital ratios of the Bank because the proceeds of the private placement do not qualify as equity capital on a consolidated basis. |
Financial Instruments With Off-
Financial Instruments With Off-Balance-Sheet Risk | 12 Months Ended |
Dec. 31, 2019 | |
Financial Instruments With Off Balance Sheet Risk[Abstract] | |
Financial Instruments With Off Balance Sheet Risk | Note 19 - Financial instruments with off-balance-sheet risk The Bank is not a party to derivative financial instruments with off-balance-sheet risks such as futures, forwards, swaps and options. The Bank is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These instruments may involve, to varying degrees, elements of credit risk in excess of the amount recognized in the consolidated balance sheets. The contract amounts of these instruments reflect the extent of involvement the Bank has in particular classes of financial instruments. Credit risk is defined as the possibility of sustaining a loss because the other party to a financial instrument fails to perform in accordance with the terms of the contract. The Bank’s maximum exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby letters of credit is represented by the contractual amount of the instruments. The Bank uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. The Bank requires collateral or other security to support financial instruments when it is deemed necessary. The Bank evaluates each customer’s credit-worthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Bank upon extension of credit, is based on management’s credit evaluation of the counterparty. Types of collateral vary but may include marketable securities, accounts receivable, inventory, and property, plant and equipment. At December 31, 2019, the Bank had rate lock commitments to originate mortgage loans through its Mortgage Division amounting to approximately $11,294 and loans held for sale of $4,221 . The Bank has entered into corresponding commitments with third party investors to sell each of these loans that close. No other obligation exists. As a result of these contractual relationships with these investors, the Bank is not exposed to losses nor will it realize gains related to its rate lock commitments due to changes in interest rates. Note 19 - Financial instruments with off-balance-sheet risk (continued) Financial instruments whose contract amounts represent credit risk are as follows: Contract Amounts at December 31, 2019 2018 Commitments to extend credit $134,186 $129,485 Standby letters of credit $3,469 $2,972 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Standby letters of credit are conditional commitments issued by the Bank to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to support private borrowing arrangements. The credit risk involved in issuing standby letters of credit is generally less than that involved in extending loans to customers because the Bank generally holds deposits equal to the commitment. Management does not anticipate any material losses as a result of these transactions. |
Concentration Of Credit Risk
Concentration Of Credit Risk | 12 Months Ended |
Dec. 31, 2019 | |
Concentration Of Credit Risk [Abstract] | |
Concentration Of Credit Risk | Note 2 0 – Concentration of credit risk The Bank has a diversified loan portfolio consisting of commercial, real estate and consumer (installment) loans. Substantially all of the Bank’s customers are residents or operate business ventures in its market area consisting primarily of the Lynchburg metropolitan area. Therefore, a substantial portion of its debtors’ ability to honor their contracts and the Bank’s ability to realize the value of any underlying collateral, if needed, is influenced by the economic conditions in this market area. The Bank maintains a significant portion of its cash balances with one financial institution. Uninsured cash balances as of December 31, 2019 were approximately $ 6,300 which consisted of the total balances in one account at the Federal Home Loan Bank of Atlanta (FHLBA) and the balances (net of $250 FDIC coverage) held in one account at Community Bankers’ Bank, one account at Suntrust, and one account at Zions Bank. Uninsured cash balances as of December 31, 2018 were approximately $6,700 which consisted of the total balances in the same accounts referenced for 2019 above. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | Note 2 1 – 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 (an exit price) in the principal or most advantageous market and in an orderly transaction Note 21 – Fair value measurements (continued) 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 the principal or most advantageous market for an asset or liability 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. 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. Securities Where quoted prices are available in an active market, 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. Note 21 – Fair value measurements (continued) 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. Fair Value at December 31, 2019 Description Balance as of December 31, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) U.S. Treasuries $1,964 $ - $1,964 $ - U.S. agency obligations 32,108 - 32,108 - Mortgage-backed securities 10,264 - 10,264 - Municipals 11,222 - 11,222 - Corporates 4,097 - 4,097 - Total available-for-sale securities $59,655 $ - $59,655 $ - Fair Value at December 31, 2018 Description Balance as of December 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) U.S. Treasuries $1,845 $ - $1,845 $ - U.S. agency obligations 23,267 - 23,267 - Mortgage-backed securities 11,876 - 11,876 - Municipals 12,009 - 12,009 - Corporates 3,730 - 3,730 - Total available-for-sale securities $52,727 $ - $52,727 $ - Note 21 – Fair value measurements (continued) Loans held for sale Loans held for sale are measured at lower of cost or fair value. Under ASC 820, market value is to represent fair value. Management obtains quotes or bids on all or part of these loans directly from the purchasing financial institutions. Premiums received or to be received on the quotes or bids are indicative of the fact that cost is lower than fair value. Because quotes and bids on loans held for sale are available in active markets, loans held for sale are considered to be Level 2. No nonrecurring fair value adjustments were recorded during the years ended December 31, 2019 and 2018. Gains and losses on the sale of loans are recorded in non-interest income on the Consolidated Statements of Income. Impaired loans ASC 820 applies to loans measured for impairment at an observable market price (if available), or at the fair value of the loan’s collateral (if the loan is collateral dependent). Fair value of the loan’s collateral, when the loan is dependent on collateral, is determined by appraisals or independent valuation which is then adjusted for the cost related to liquidation of the collateral. 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 The value of business equipment is based upon an outside appraisal if deemed significant, or the net book value on the applicable business’s 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. Any fair value adjustments are recorded in the period incurred as provision for loan losses on the Consolidated Statements of Income. The carrying values of all impaired loans are considered to be Level 3. 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 other real estate owned (“OREO”). The measurement of loss associated with OREO is based on the fair value of the collateral less anticipated selling costs compared to the unpaid loan balance. 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 market data. Note 21 – Fair value measurements (continued) Any fair value adjustments are recorded in the period incurred and expensed against current earnings. The carrying values of all OREO are considered to be Level 3. The following table summarizes the Company’s impaired loans and OREO measured at fair value on a nonrecurring basis during the period. Fair Value at December 31, 2019 Description Balance as of December 31, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Impaired loans* $1,239 $ - $ - $1,239 Other real estate $2,339 $ - $ - $2,339 * Includes loans charged down to the net realizable value of the collateral. Fair Value at December 31, 2018 Description Balance as of December 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Impaired loans* $1,587 $ - $ - $1,587 Other real estate $2,430 $ - $ - $2,430 *Includes loans charged down to the net realizable value of the collateral. The following table sets forth information regarding the quantitative inputs used to value assets classified as Level 3: Note 21 – Fair value measurements (continued) Quantitative information about Level 3 Fair Value Measurements for December 31, 2019 (dollars in thousands) Fair Value Valuation Te chnique(s) Unobservable Input Range (Weighted Average) Impaired loans $ 1,239 Discounted appraised value Selling cost 0% - 10 % ( 8% ) Discount for lack of marketability and age of appraisal 0 % - 20 % ( 6% ) OREO $ 2,339 Discounted appraised value Selling cost 0% - 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, 2018 (dollars in thousands) Fair Value Valuation Te chnique(s) Unobservable Input Range (Weighted Average) Impaired loans $ 1,587 Discounted appraised value Selling cost 0% - 10% ( 8% ) Discount for lack of marketability and age of appraisal 0% - 20% ( 6% ) OREO $ 2,430 Discounted appraised value Selling cost 0% - 10% ( 6% ) Discount for lack of marketability and age of appraisal 0% - 25% ( 15% ) Financial Instruments FASB ASC 825, Financial Instruments, requires disclosure about fair value of financial instruments, including those financial assets and financial liabilities that are not required to be measured and reported at fair value on a recurring or nonrecurring basis. ASC 825 excludes certain financial instruments and all nonfinancial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company. The carrying amounts and estimated fair values of the Company's financial instruments are presented in the following tables whether or not recognized on the Consolidated Balance Sheets at fair value. Fair values for December 31, 2019 and 2018 were estimated using an exit price notion. Note 21 – Fair value measurements (continued) Fair Value Measurements at December 31, 2019 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 $30,794 $30,794 $ - $ - $30,794 Fed funds sold 8,317 8,317 - - 8,317 Securities Available-for-sale 59,655 - 59,655 - 59,655 Held-to-maturity 3,688 - 3,861 - 3,861 Restricted stock 1,506 - 1,506 - 1,506 Loans, net 573,274 - - 569,850 569,850 Loans held for sale 4,221 - 4,221 - 4,221 Interest receivable 1,866 - 1,866 - 1,866 BOLI 13,686 - 13,686 - 13,686 Liabilities Deposits $649,459 $ - $651,479 $ - $651,479 Capital notes 5,000 - 4,795 - 4,795 Interest payable 173 - 173 - 173 Fair Value Measurements at December 31, 2018 using Carrying Assets Amounts (Level 1) (Level 2) (Level 3) Balance Cash and due from banks $26,725 $26,725 $ - $ - $26,725 Fed funds sold 23,600 23,600 - - 23,600 Securities Available-for-sale 52,727 - 52,727 - 52,727 Held-to-maturity 3,700 - 3,515 - 3,515 Restricted stock 1,462 - 1,462 - 1,462 Loans, net 530,016 - - 522,782 522,782 Loans held for sale 1,670 - 1,670 - 1,670 Interest receivable 1,742 - 1,742 - 1,742 BOLI 13,359 - 13,359 - 13,359 Liabilities Deposits $612,043 $ - $612,532 $ - $612,532 Capital notes 5,000 - 4,710 - 4,710 I nterest payable 127 - 127 - 127 |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2019 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | Note 2 2 – Revenue Recognition On January 1, 2018, the Company adopted ASU No. 2014-09 “Revenue from Contracts with Customers” (Topic 606) and all subsequent ASUs that modified Topic 606. The implementation of the new standard did not have a material impact on the measurement or recognition of revenue; as such, a cumulative effect adjustment to opening retained earnings was not deemed necessary. Results for reporting periods beginning after January 1, 2018 are presented under Topic 606, while prior period amounts were not adjusted and continue to be reported in accordance with our historic accounting under Topic 605. Topic 606 does not apply to revenue associated with financial instruments, including revenue from loans and securities. Topic 606 is applicable to noninterest revenue streams such as deposit related fees, interchange fees, merchant income, and annuity and insurance commissions. However, the recognition of these revenue streams did not change significantly upon adoption of Topic 606. Substantially all of the Company’s revenue is generated from contracts with customers. Noninterest revenue streams in-scope of Topic 606 are discussed below. Service Charges on Deposit Accounts Service charges on deposit accounts consist of account analysis fees (i.e., net fees earned on analyzed business checking accounts), monthly service fees, check orders, and other deposit account related fees. The Company’s performance obligation for account analysis fees and monthly service fees is generally satisfied, and the related revenue recognized, over the period in which the service is provided. Check orders and other deposit account related fees are largely transactional based, and therefore, the Company’s performance obligation is satisfied, and related revenue recognized, at a point in time. Payment for service charges on deposit accounts is primarily received immediately or at the end of the month through a direct charge to customers’ accounts. Fees, Exchange, and Other Service Charges Fees, exchange, and other service charges are primarily comprised of debit and credit card income, ATM fees, merchant services income, treasury services income and other service charges. Debit and credit card income is primarily comprised of interchange fees earned whenever the Company’s debit and credit cards are processed through card payment networks such as Visa. ATM fees are primarily generated when a Company cardholder uses a non-Company ATM or a non-Company cardholder uses a Company ATM. Merchant services income mainly represents fees charged to merchants to process their debit and credit card transactions, in addition to account management fees. Treasury services income primarily represents fees charged to customers for sweep, positive pay and lockbox services. Other service charges include revenue from processing wire transfers, bill pay service, cashier’s checks, and other services. The Company’s performance obligation for fees, exchange, and other service charges are largely satisfied, and related revenue recognized, when the services are rendered or upon completion. Payment is typically received immediately or at the end of the month. Other Other noninterest income consists of other recurring revenue streams such as commissions from sales of mutual funds and other investments, safety deposit box rental fees, and other miscellaneous revenue streams. Commissions from the sale of mutual funds and other investments are recognized on trade date, which is when the Company has satisfied its performance obligation. The Company also receives periodic service fees (i.e., trailers) from mutual fund companies typically based on a percentage of net asset value. Trailer revenue is recorded over time, usually monthly or quarterly, as net asset value is determined. Safe deposit box rental fees are charged to the Note 22 – Revenue Recognition (continued) customer on an annual basis and recognized upon receipt of payment. The Company determined that since rentals and renewals occur fairly consistently over time, revenue is recognized on a basis consistent with the duration of the performance obligation. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | Note 23 – Leases On January 1, 2019, the Company adopted ASU No. 2016-02 “Leases (Topic 842)” and all subsequent ASUs that modified Topic 842. The Company elected the prospective application approach provided by ASU 2018-11 and did not adjust prior periods for ASC 842. The Company also elected certain practical expedients within the standard and consistent with such elections did not reassess whether any expired or existing contracts are or contain leases, did not reassess the lease classification for any expired or existing leases, and did not reassess any initial direct costs for existing leases. As stated in the Company’s 2018 Form 10-K, the implementation of the new standard resulted in recognition of right-of-use assets and lease liabilities of $3.0 million at the date of adoption, which is related to the Company’s lease of premises used in operations. The right-of-use assets and lease liabilities are included in other assets and other liabilities, respectively, in the Consolidated Balance Sheets. Lease liabilities represent the Company’s obligation to make lease payments and are presented at each reporting date as the net present value of the remaining contractual cash flows. Cash flows are discounted at the Company’s incremental borrowing rate in effect at the commencement date of the lease. Right-of-use assets represent the Company’s right to use the underlying asset for the lease term and are calculated as the sum of the lease liability and if applicable, prepaid rent, initial direct costs and any incentives received from the lessor. The Company leases six of its operating locations under long-term leases (greater than 12 months). Leases for four of these locations are classified as operating leases. One new lease which commenced near the end of the second quarter of 2019 was classified as a finance lease upon management’s assessment of the lease. Also near the end of the second quarter of 2019, another lease which was classified as operating upon adoption of ASU 2016-02 was modified, and upon reassessment of the modified lease, was transitioned to the finance lease classification. Certain of these leases offer the option to extend the lease term and the Company has included such extensions in its calculation of the lease liabilities to the extent the options are reasonably certain of being exercised. The lease agreements do not provide for residual value guarantees and have no restrictions or covenants that would impact dividends or require incurring additional financial obligations. The Bank leases its principal Lynchburg, Virginia, location from Jamesview Investments, LLC, a legal entity which is wholly-owned by William C. Bryant III, a member of the Board of Directors of both Financial and the Bank. This lease is classified as a finance lease and the related lease liability totaled $3.7 million at December 31, 2019. Note 23 – Leases (continued) The following table presents information about the Company’s operating leases: (Dollars in thousands) December 31, 2019 Lease liabilities $ 1,524 Right-of-use assets $ 1,508 Weighted average remaining lease term 14.9 years Weighted average discount rate 3.39% The following table presents information about the Company’s finance leases: eee (Dollars in thousands) December 31, 2019 Lease liabilities $ 4,422 Right-of-use assets $ 4,316 Weighted average remaining lease term 11.2 years Weighted average discount rate 2.70% For the Year Ended Lease cost (in thousands) December 31, 2019 Operating lease cost $ 365 Finance lease cost: Amortization of right-of-use assets 242 Interest on lease liabilities 71 Total lease cost $ 678 Cash paid for amounts included in the measurement of operating lease liabilities $ 348 Cash paid for amounts included in the measurement of finance lease liabilities $ 206 Note 23 – Leases (continued) A maturity analysis of operating and finance lease liabilities and reconciliation of the undiscounted cash flows to the total of lease liabilities is as follows: e Operating Lease Finance Lease Liabilities Liabilities As of As of Lease payments due (in thousands) December 31, 2019 December 31, 2019 Twelve months ending December 31, 2020 $184 $445 Twelve months ending December 31, 2021 111 454 Twelve months ending December 31, 2022 110 454 Twelve months ending December 31, 2023 110 454 Twelve months ending December 31, 2024 110 479 Thereafter 1,352 2,881 Total undiscounted cash flows $1,977 $5,167 Discount (453) (745) Lease liabilities $1,524 $4,422 |
Impact Of Recently Issued Accou
Impact Of Recently Issued Accounting Standards | 12 Months Ended |
Dec. 31, 2019 | |
Impact Of Recently Issued Accounting Standards [Abstract] | |
Impact Of Recently Issued Accounting Standards | Note 2 4 - Impact of recently issued accounting standards In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” The amendments 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. For public business entities that meet the definition of a U.S. Securities and Exchange Commission (SEC) filer, excluding smaller reporting companies, the standard is effective for fiscal years beginning after December 15, 2019, including interim periods in those fiscal years. All other entities will be required to apply the guidance for fiscal years, and interim periods within those years, beginning after December 15, 2022. The Company is currently assessing the impact that ASU 2016-13 will have on its consolidated financial statements. The Company has been in discussions with its core processor to coordinate its plans for implementation and has contracted with an additional vendor to begin implementation. In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement.” The amendments modify the disclosure requirements in Topic 820 to add disclosures regarding changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements and the narrative description of measurement uncertainty. Certain disclosure requirements in Topic 820 are also removed or modified. The amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Certain of the amendments are to be applied prospectively while others are to be applied retrospectively. Early adoption is permitted. The Company does not expect the adoption of ASU 2018-13 to have a material impact on its consolidated financial statements. Note 24 - Impact of recently issued accounting standards (continued) In April 2019, the FASB issued ASU 2019-04, “Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments.” This ASU clarifies and improves areas of guidance related to the recently issued standards on credit losses, hedging, and recognition and measurement including improvements resulting from various Transition Resource Group (TRG) Meetings. The effective date of each of the amendments depends on the adoption date of ASU 2016-01, ASU 2016-13, and ASU 2017-12. The Company is currently assessing the impact that ASU 2019-04 will have on its consolidated financial statements. In May 2019, the FASB issued ASU 2019-05, “Financial Instruments—Credit Losses (Topic 326): Targeted Transition Relief.” The amendments in this ASU provide entities that have certain instruments within the scope of Subtopic 326-20 with an option to irrevocably elect the fair value option in Subtopic 825-10, applied on an instrument-by-instrument basis for eligible instruments, upon the adoption of Topic 326. The fair value option election does not apply to held-to-maturity debt securities. An entity that elects the fair value option should subsequently measure those instruments at fair value with changes in fair value flowing through earnings. The effective date and transition methodology for the amendments in ASU 2019-05 are the same as in ASU 2016-13. The Company is currently assessing the impact that ASU 2019-05 will have on its consolidated financial statements. In November 2019, the FASB issued ASU 2019-11, “Codification Improvements to Topic 326, Financial Instruments – Credit Losses.” This ASU addresses issues raised by stakeholders during the implementation of ASU No. 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” Among other narrow-scope improvements, the new ASU clarifies guidance around how to report expected recoveries. “Expected recoveries” describes a situation in which an organization recognizes a full or partial write-off of the amortized cost basis of a financial asset, but then later determines that the amount written off, or a portion of that amount, will in fact be recovered. While applying the credit losses standard, stakeholders questioned whether expected recoveries were permitted on assets that had already shown credit deterioration at the time of purchase (also known as PCD assets). In response to this question, the ASU permits organizations to record expected recoveries on PCD assets. In addition to other narrow technical improvements, the ASU also reinforces existing guidance that prohibits organizations from recording negative allowances for available-for-sale debt securities. The ASU includes effective dates and transition requirements that vary depending on whether or not an entity has already adopted ASU 2016-13. The Company is currently assessing the impact that ASU 2019-11 will have on its consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740) – Simplifying the Accounting for Income Taxes.” The ASU is expected to reduce cost and complexity related to the accounting for income taxes by removing specific exceptions to general principles in Topic 740 (eliminating the need for an organization to analyze whether certain exceptions apply in a given period) and improving financial statement preparers’ application of certain income tax-related guidance. This ASU is part of the FASB’s simplification initiative to make narrow-scope simplifications and improvements to accounting standards through a series of short-term projects. For public business entities, the amendments are effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently assessing the impact that ASU 2019-12 will have on its consolidated financial statements. Note 24 - Impact of recently issued accounting standards (continued) In January 2020, the FASB issued ASU 2020-01, “Investments – Equity Securities (Topic 321), Investments – Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) – Clarifying the Interactions between Topic 321, Topic 323, and Topic 815.” The ASU is based on a consensus of the Emerging Issues Task Force and is expected to increase comparability in accounting for these transactions. ASU 2016-01 made targeted improvements to accounting for financial instruments, including providing an entity the ability to measure certain equity securities without a readily determinable fair value at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Among other topics, the amendments clarify that an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting. For public business entities, the amendments in the ASU are effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. Early adoption is permitted. The Company does not expect the adoption of ASU 2020-01 to have a material impact on its consolidated financial statements. Effective November 25, 2019, the SEC adopted Staff Accounting Bulletin (SAB) 119. SAB 119 updated portions of SEC interpretative guidance to align with FASB ASC 326, “Financial Instruments – Credit Losses.” It covers topics including (1) measuring current expected credit losses; (2) development, governance, and documentation of a systematic methodology; (3) documenting the results of a systematic methodology; and (4) validating a systematic methodology. |
Condensed Financial Statements
Condensed Financial Statements Of Parent Company | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Statements Of Parent Company [Abstract] | |
Condensed Financial Statements Of Parent Company | Note 2 5- Condensed financial statements of parent company Financial information pertaining only to Bank of the James Financial Group, Inc. is as follows: Ba lance Sheet December 31, 2019 2018 Assets Cash $212 $349 Taxes receivable 15 25 Investment in subsidiaries 66,256 59,808 Other assets 8 19 Total assets $66,491 $60,201 Liabilities and stockholders’ equity Capital notes $5,000 $5,000 Other liabilities 46 58 Total Liabilities $5,046 $5,058 Common stock $2.14 par value $9,325 $9,370 Additional paid-in-capital 31,225 31,495 Retained earnings 20,900 16,521 Accumulated other comprehensive (loss) (5) (2,243) Total stockholders’ equity $61,445 $55,143 Total liabilities and stockholders’ equity $66,491 $60,201 Note 25 – Condensed financial statements of parent company (continued) St atements of Income Years Ended December 31, 2019 2018 Income Dividends from subsidiary $1,800 $800 Operating expenses Interest on capital notes 200 200 Legal and professional fees 166 217 Other expense 147 104 Total expenses 513 521 Income tax (benefit) (108) (109) Income before equity in undistributed income of subsidiaries 1,395 388 Equity in undistributed income of subsidiaries 4,210 4,914 Net income $5,605 $5,302 Note 25 – Condensed financial statements of parent company (continued) St atements of Cash Flows Years Ended December 31, 2019 2018 Cash flows from operating activities Net income $5,605 $5,302 Adjustments to reconcile net income to net cash provided by operating activities Decrease in income taxes receivable 10 95 Decrease (increase) in other assets 11 (1) (Decrease) increase in other liabilities (12) 58 Equity in undistributed net (income) of subsidiaries (4,210) (4,914) Net cash provided by operating activities $1,404 $540 Cash flows from financing activities Dividends paid to common stockholders $(1,226) $(1,050) Repurchase of common stock (315) - Net cash (used in) financing activities $(1,541) $(1,050) (Decrease) in cash and cash equivalents $(137) $(510) Cash and cash equivalents at beginning of period 349 859 Cash and cash equivalents at end of period $212 $349 |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2019 | |
Summary Of Significant Accounting Policies [Abstract] | |
Consolidation | Consolidation The consolidated financial statements include the accounts of Bank of the James Financial Group, Inc. and its wholly owned subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation. |
Basis Of Presentation And Use Of Estimates | Basis of presentation and use of estimates The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements, as well as the amounts of income and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses and valuation of other real estate owned. |
Cash And Cash Equivalents | Cash and cash equivalents Cash and cash equivalents include cash and balances due from banks and federal funds sold, all of which mature within ninety days. Generally, federal funds are purchased and sold for one-day periods. |
Securities | Securities Certain debt securities that management has the positive intent and ability to hold to maturity are classified as “held-to-maturity” and recorded at amortized cost. Trading securities are recorded at fair value with changes in fair value included in earnings. Securities not classified as held-to-maturity or trading, are classified as “available-for-sale” and recorded at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income (loss). Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. Impairment of securities occurs when the fair value of a security is less than its amortized cost. For debt securities, impairment is considered other-than-temporary and recognized in its entirety in net income if either (1) the Bank intends to sell the security or (2) it is more likely than not that the Bank will be required to sell the security before recovery of its amortized cost basis. If, however, the Bank does not intend to sell the security and it is not more likely than not that the Bank will be required to sell the security before recovery, the Bank must determine what portion of the impairment is attributable to a credit loss, which occurs when the amortized cost of the security exceeds the present value of the cash flows expected to be collected from the security. If there is no credit loss, there is no other-than temporary impairment. If there is a credit loss, other-than-temporary impairment exists, and the credit loss must be recognized in net income and the remaining portion of impairment must be recognized in other comprehensive income. We regularly review each investment security for other-than-temporary impairment based on criteria that include the extent to which cost exceeds market price, the duration of that market decline, the financial health of and specific prospects for the issuer, our best estimate of the present value of cash flows expected to be collected from debt securities, our intention with regard to holding the security to maturity, and the likelihood that we would be required to sell the security before recovery. |
Restricted Investments | Restricted investments As members of the Federal Reserve Bank (FRB) and the Federal Home Loan Bank of Atlanta (FHLBA), the Bank is required to maintain certain minimum investments in the common stock of the FRB and FHLBA. Required levels of investment are based upon the Bank’s capital and a percentage of qualifying assets. The Bank also maintains stock ownership in Community Bankers’ Bank (CBB). The investment in CBB is minimal and is not mandated but qualifies the Bank for preferred pricing on services offered by CBB. Based on liquidation restrictions, all of these investments are carried at cost. |
Loans | Loans Financial makes real estate, commercial and consumer loans to customers. A substantial portion of the loan portfolio is represented by real estate loans collateralized by real estate within Region 2000. The ability of Financial’s debtors to honor their contracts is dependent upon the real estate and general economic conditions in the area. Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off generally are reported at their outstanding unpaid principal balances adjusted for charge-offs, the allowance for loan losses, and any deferred fees or costs on originated loans. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield using the interest method. |
Past Due Status | Past due status Past due status is based on the contractual terms of the loan. In all cases, loans are placed on non-accrual and potentially charged-off at an earlier date if collection of principal or interest is considered doubtful. |
Non-Accrual Status | Non-accrual status Financial stops accruing interest on a loan at the time the loan is 90 days past due unless the credit is well-secured and in process of collection. At the time the loan is placed on non-accrual status, all previously accrued but not collected interest is reversed against interest income. While the loan is classified as non-accrual, any payments collected are accounted for using the cost-recovery method which requires the entire amount of the payment to be applied directly to principal, until qualifying for return to performing status. Loans may be, but are not always, returned to performing status when all the principal and interest amounts contractually due are brought current (within 90 days past due), future payments are reasonably assured, and contractually required payments have been made on a timely basis for at least six consecutive months. |
Charge-Off | Charge-off At the time a loan is placed on non-accrual status, it is generally reevaluated for expected loss and a specific reserve, if not already assigned, is established against the loan. Consumer term loans are typically charged-off no later than 120 days whereas consumer revolving credit loans are typically charged-off no later than 180 days. Although the goal for commercial and commercial real estate loans is for charge off no later than 180 days, a commercial or commercial real estate loan may not be fully charged off until there is reasonable certainty that no additional workout efforts, troubled debt restructurings or any other types of concession can or will be made by Financial. |
Loans Held For Sale | Loans Held for Sale Loans originated and intended for sale in the secondary market are sold, servicing released, and carried at the lower of cost or fair value, which is determined in the aggregate based on sales commitments to permanent investors or on current market rates for loans of similar quality and type. In addition, the Company requires a firm purchase commitment from a permanent investor before a loan can be closed, thus limiting interest rate risk. |
Allowance For Loan Losses | Allowance for loan losses The allowance for loan losses is management’s estimate of probable losses inherent in the loan portfolio and is recorded through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. Note 2 - Summary of significant accounting policies (continued) The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance consists of specific, historical and general components. The specific component relates to loans that are classified as doubtful or substandard. For such loans that are also classified as impaired, an allowance is established when the collateral value of the impaired loan or discounted cash flows is lower than the carrying value of that loan. The historical component covers non-classified loans and is based on historical loss experience adjusted for qualitative factors. A general component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The general component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. The qualitative factors used to derive the general component of the allowance may include but are not limited to: 1. Known improvement or deterioration in certain classes of loans or collateral; 2. Trends in portfolio volume, maturity, or composition; 3. Volume and trends in delinquencies and non-accruals; 4. Local economic and industrial conditions; 5. Lending, charge-off, and collection policies; and 6. Experience, ability, and depth of lending staff. A loan is considered impaired when, based on current information and events, it is probable that Financial will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan by loan basis by evaluating the discounted cash flows or fair value of the underlying collateral, if the loan is collateral dependent. Management considers the following four components when calculating its loan loss reserve requirement: o In accordance with current accounting rules (ASC 310) and the Bank’s impairment methodology, the Bank performs an individual impairment analysis on all loans having a principal balance greater than $100,000 (unless related to another classified relationship or a TDR) with a risk rating of substandard, doubtful, and loss (our internal risk ratings of 7 through 9). o In accordance with current accounting rules (ASC 450), the Bank examines historical charge-off data by segment in order to determine a portion of the reserve related to homogeneous pools. The Bank updates its historical charge-off data quarterly and adjusts the reserve accordingly. Note 2 - Summary of significant accounting policies (continued) o The Bank applies various risk factors, including, for example, levels of trends in delinquencies, current and expected economic conditions, and levels of and trends in recoveries of prior charge-offs. o The Bank applies factors to determine the method by which to determine the general reserve for inherent losses related to the loan pool, including, for example, loan concentrations, policy and procedure changes, national and local economic trends and conditions, and overall portfolio quality. |
Troubled Debt Restructurings | Troubled debt restructurings In situations where, for economic or legal reasons related to a borrower’s financial condition, management may grant a concession to the borrower that it would not otherwise consider, the related loan is classified as a troubled debt restructuring (“TDR”). Management strives to identify borrowers in financial difficulty early and work with them to modify their loan to more affordable terms before their loans reach non-accrual status. These modified terms may include rate reductions, principal forgiveness, payment forbearance and other actions intended to minimize the economic loss and to avoid foreclosure or repossession of collateral. In cases where borrowers are granted new terms that generally (although not required to be considered a TDR) provide for a reduction of either interest or principal, management measures any impairment on the restructuring as noted above for impaired loans. The Bank had $ 410 and $424 classified as TDRs as of December 31, 2019 and 2018, respectively. |
Premises, Equipment And Depreciation | Premises, equipment and depreciation Premises and equipment, including leasehold improvements, are stated at cost less accumulated depreciation. Depreciation is provided over the estimated useful lives of the respective assets on the straight-line basis, which range from 3 to 7 years for equipment and 10 to 39.5 years for buildings and improvements. Leasehold improvements are amortized over a term which is the shorter of their useful life or the remaining lease term. Land is carried at cost and is not depreciable. Expenditures for major renewals and betterments are capitalized and those for maintenance and repairs are charged to operating expenses as incurred. |
Bank Owned Life Insurance | Bank owned life insurance Financial has purchased life insurance policies on certain key employees. Bank owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value. |
Other Real Estate Owned | Other real estate owned Other real estate owned consists of properties acquired through foreclosure or deed in lieu of foreclosure. These properties are carried at fair value less estimated costs to sell at the date of foreclosure establishing a new cost basis. These properties are subsequently accounted for at the lower of cost or fair value less estimated costs to sell. Losses from the acquisition of property in full or partial satisfaction of loans are charged against the allowance for loan losses. Subsequent write-downs, if any, are charged against expense. Gains and losses on the sales of foreclosed properties are included in determining net income in the year of the sale. Operating costs after acquisition are expensed. |
Transfers Of Financial Assets | Transfers of financial assets Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Note 2 - Summary of significant accounting policies (continued) Bank – put presumptively beyond reach of the transferor and its creditors, even in bankruptcy or other receivership, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Bank does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity or the ability to unilaterally cause the holder to return specific assets. |
Fair Value Of Financial Instruments | Fair Value of Financial Instruments Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in a separate note. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absences of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect these estimates. |
Business Segments | Business Segments We operate two business segments, community banking and mortgage banking. The community banking segment includes both commercial and consumer lending and provides customers such products as commercial loans, real estate loans, and other business financing and consumer loans. In addition, this segment provides customers with several choices of deposit products, including demand deposit accounts, savings accounts and certificates of deposit. The mortgage banking segment engages primarily in the origination of residential mortgages for sale into the secondary market. For addition information, refer to Note 9 “Business Segments.” |
Retirement Plans | Retirement Plans Employee 401(k) and profit sharing expense is the amount of matching contributions. Deferred compensation and supplemental retirement plan expense allocates the benefits over years of service. |
Income Taxes | Income taxes Deferred income tax assets and liabilities are determined using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is determined based on the tax effects of the temporary differences between the book and tax bases of the various balance sheet assets and liabilities and gives current recognition to changes in tax rates and laws. When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying consolidated balance sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Note 2 - Summary of significant accounting policies (continued) Interest and penalties associated with unrecognized tax benefits are classified as additional income taxes in the consolidated statements of income. At December 31, 2019 and 2018, there were no liabilities recorded for unrecognized tax benefits. |
Stock-based Compensation Plans | Stock-based compensation plans Compensation cost is recognized for stock options and restricted stock awards issued to employees based on the fair value of the awards at the date of grant. The Black-Scholes valuation model is utilized to estimate the fair value of stock options and the market value of the Company’s common stock on the date of grant is used for restricted stock awards. Restricted stock units, which may be settled in stock or in cash, are a liability classified with the fair value initially measured at the market value of the Company’s common stock on the date of grant. These awards are subsequently remeasured to the fair value of the Company’s common stock in each reporting period. Compensation cost is recognized over the vesting period of the awards and the Company’s policy is to recognize forfeitures as they occur. Awards under the 2018 Bank of the James Financial Group, Inc. Equity Incentive Plan are detailed in Note 15, “Stock-based Compensation Plans”. The Company’s ability to grant awards under the Equity Incentive Plan is ongoing. |
Earnings Per Common Share | Earnings per common share Basic earnings per common share represents income available to common stockholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings per common share reflects additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. Potential common shares that may be issued by the Company relate solely to stock options and restricted stock units outstanding during the periods, and are determined using the treasury stock method. |
Reclassification | Reclassification Management has made certain immaterial reclassifications to the prior year financial statements to conform to the 2019 presentation. Reclassifications had no effect on prior year net income or stockholders’ equity. |
Comprehensive Income | Comprehensive income Comprehensive income consists of net income and other comprehensive income (loss). Other comprehensive income (loss) includes unrealized gains (losses) on available-for-sale securities. |
Marketing | Marketing The Company expenses advertising costs as incurred. Advertising expenses were $ 866 and $611 for 2019 and 2018, respectively. |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Securities [Abstract] | |
Summary Of Securities Held-To-Maturity And Securities Available-For-Sale | December 31, 2019 Amortized Gross Unrealized Fair Cost Gains Losses Value Held-to-maturity U.S. agency obligations $3,688 $173 $ - $3,861 Available-for-sale U.S. Treasuries $1,966 $ - $(2) $1,964 U.S. agency obligations 32,163 278 (333) 32,108 Mortgage-backed securities 10,328 42 (106) 10,264 Municipals 11,118 117 (13) 11,222 Corporates 4,086 32 (21) 4,097 $59,661 $469 $(475) $59,655 December 31, 2018 Amortized Gross Unrealized Fair Cost Gains Losses Value Held-to-maturity U.S. agency obligations $3,700 $ - $(185) $3,515 Available-for-sale U.S. Treasuries $1,961 $ - $(116) $1,845 U.S. agency obligations 24,701 - (1,434) 23,267 Mortgage-backed securities 12,390 - (514) 11,876 Municipals 12,412 3 (406) 12,009 Corporates 4,102 - (372) 3,730 $55,566 $3 $(2,842) $52,727 |
Gross Unrealized Losses And Fair Value Of The Bank's Investments | December 31, 2019 Less than 12 months More than 12 months Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses Held-to-maturity U.S. agency obligations $ - $ - $ - $ - $ - $ - Available-for-sale U.S. Treasuries - - 1,964 2 1,964 2 U.S. agency obligations 12,395 218 12,048 115 24,443 333 Mortgage-backed securities - - 6,609 106 6,609 106 Municipals - - 2,736 13 2,736 13 Corporates - - 1,042 21 1,042 21 Total temporarily impaired securities $12,395 $218 $24,399 $257 $36,794 $475 December 31, 2018 Less than 12 months More than 12 months Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses Held-to-maturity U.S. agency obligations $ - $ - $3,515 $185 $3,515 $185 Available-for-sale U.S. Treasuries - - 1,845 116 1,845 116 U.S. agency obligations - - 23,267 1,434 23,267 1,434 Mortgage-backed securities 966 20 10,910 494 11,876 514 Municipals - - 10,994 406 10,994 406 Corporates - - 3,730 372 3,730 372 Total temporarily impaired securities $966 $20 $50,746 $2,822 $51,712 $2,842 |
Contractual Maturities Of Investment Securities | Note 4 –Securities (continued) Held-to-Maturity Available-for-Sale Amortized Fair Amortized Fair Cost Values Cost Values Due in one year or less $ - $ - $ - $ - Due after one year through five years - - 8,380 8,395 Due after five years through ten years - - 28,108 28,238 Due after ten years 3,688 3,861 23,173 23,022 $3,688 $3,861 $59,661 $59,655 |
Loans And Allowance For Loan _2
Loans And Allowance For Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Loans And Allowance For Loan Losses [Abstract] | |
Summary Of Loans, Net | December 31, 2019 2018 Commercial $114,257 $92,877 Commercial real estate 303,900 289,171 Consumer 89,945 86,191 Residential 70,001 66,358 Total loans (1) 578,103 534,597 Less allowance for loan losses 4,829 4,581 Net loans $573,274 $530,016 (1) Includes net deferred costs and premiums of $572 and $457 , respectively. |
Loans On Non-Accrual Status | Loans on Non-Accrual Status As of December 31, 2019 2018 Commercial $262 $973 Commercial Real Estate: Commercial Mortgages-Owner Occupied 262 317 Commercial Mortgages-Non-Owner Occupied 450 173 Commercial Construction - - Consumer Consumer Unsecured - - Consumer Secured 47 84 Residential: Residential Mortgages 280 1,391 Residential Consumer Construction - - Totals $1,301 $2,939 |
Impaired Loans | Impaired Loans As of and for the Year Ended December 31, 2019 Unpaid Average Interest Recorded Principal Related Recorded Income 2019 Investment Balance Allowance Investment Recognized With No Related Allowance Recorded: Commercial $ 468 $ 1,036 $ - $ 949 $ 26 Commercial Real Estate Commercial Mortgages-Owner Occupied 2,467 2,643 - 2,441 183 Commercial Mortgage Non-Owner Occupied 563 585 - 347 32 Commercial Construction - - - - - Consumer Consumer Unsecured - - - - - Consumer Secured 107 107 - 98 7 Residential Residential Mortgages 1,290 1,290 - 1,583 68 Residential Consumer Construction - - - - - With an Allowance Recorded: Commercial $ 7 $ 7 $ 7 $ 19 $ 1 Commercial Real Estate Commercial Mortgages-Owner Occupied 12 12 12 26 1 Commercial Mortgage Non-Owner Occupied 14 14 3 52 1 Commercial Construction - - - - - Consumer Consumer Unsecured - - - 1 - Consumer Secured - - - 53 - Residential Residential Mortgages 139 158 33 257 4 Residential Consumer Construction - - - - - Totals: Commercial $ 475 $ 1,043 $ 7 $ 968 $ 27 Commercial Real Estate Commercial Mortgages-Owner Occupied 2,479 2,655 12 2,467 184 Commercial Mortgage Non-Owner Occupied 577 599 3 399 33 Commercial Construction - - - - - Consumer Consumer Unsecured - - - 1 - Consumer Secured 107 107 - 151 7 Residential Residential Mortgages 1,429 1,448 33 1,840 72 Residential Consumer Construction - - - - - $ 5,067 $ 5,852 $ 55 $ 5,826 $ 323 Note 5 - Loans and allowance for loan losses (continued) Impaired Loans As of and for the Year Ended December 31, 2018 Unpaid Average Interest Recorded Principal Related Recorded Income 2018 Investment Balance Allowance Investment Recognized With No Related Allowance Recorded: Commercial $ 1,430 $ 1,922 $ - $ 1,178 $ 24 Commercial Real Estate Commercial Mortgages-Owner Occupied 2,414 2,511 - 2,421 167 Commercial Mortgage Non-Owner Occupied 131 132 - 403 8 Commercial Construction - - - - - Consumer Consumer Unsecured - - - - - Consumer Secured 88 88 - 184 6 Residential Residential Mortgages 1,876 1,953 - 1,728 89 Residential Consumer Construction - - - - - With an Allowance Recorded: Commercial $ 31 $ 31 $ 15 $ 174 $ 3 Commercial Real Estate Commercial Mortgages-Owner Occupied 39 132 36 352 3 Commercial Mortgage Non-Owner Occupied 90 90 20 82 6 Commercial Construction - - - 85 - Consumer Consumer Unsecured 1 1 1 2 - Consumer Secured 105 105 105 266 7 Residential Residential Mortgages 375 390 61 263 11 Residential Consumer Construction - - - - - Totals: Commercial $ 1,461 $ 1,953 $ 15 $ 1,352 $ 27 Commercial Real Estate Commercial Mortgages-Owner Occupied 2,453 2,643 36 2,773 170 Commercial Mortgage Non-Owner Occupied 221 222 20 485 14 Commercial Construction - - - 85 - Consumer Consumer Unsecured 1 1 1 2 - Consumer Secured 193 193 105 450 13 Residential Residential Mortgages 2,251 2,343 61 1,991 100 Residential Consumer Construction - - - - - $ 6,580 $ 7,355 $ 238 $ 7,138 $ 324 |
Allowance For Loan Losses And Recorded Investment In Loans | Allowance for Loan Losses and Recorded Investment in Loans As of and for the Year Ended December 31, 2019 Commercial 2019 Commercial Real Estate Consumer Residential Total Allowance for Loan Losses: Beginning Balance $1,136 $1,831 $956 $658 $4,581 Charge-offs (106) (26) (189) (42) (363) Recoveries 35 5 44 4 88 Provision 265 122 54 82 523 Ending Balance $1,330 $1,932 $865 $702 $4,829 Ending Balance: Individually evaluated for impairment $7 $15 $ - $33 $55 Ending Balance: Collectively evaluated for impairment 1,323 1,917 865 669 4,774 Totals: $1,330 $1,932 $865 $702 $4,829 Loans: Ending Balance: Individually evaluated for impairment $475 $3,056 $107 $1,429 $5,067 Ending Balance: Collectively evaluated for impairment 113,782 300,844 89,838 68,572 573,036 Totals: $114,257 $303,900 $89,945 $70,001 $578,103 Note 5 - Loans and allowance for loan losses (continued) Allowance for Loan Losses and Recorded Investment in Loans As of and for the Year Ended December 31, 2018 Commercial 2018 Commercial Real Estate Consumer Residential Total Allowance for Loan Losses: Beginning Balance $1,264 $1,738 $1,172 $578 $4,752 Charge-offs (395) (230) (405) (34) (1,064) Recoveries 113 4 60 - 177 Provision 154 319 129 114 716 Ending Balance $1,136 $1,831 $956 $658 $4,581 Ending Balance: Individually evaluated for impairment $15 $56 $106 $61 $238 Ending Balance: Collectively evaluated for impairment 1,121 1,775 850 597 4,343 Totals: $1,136 $1,831 $956 $658 $4,581 Loans: Ending Balance: Individually evaluated for impairment $1,461 $2,674 $194 $2,251 $6,580 Ending Balance: Collectively evaluated for impairment 91,416 286,497 85,997 64,107 528,017 Totals: $92,877 $289,171 $86,191 $66,358 $534,597 |
Age Analysis Of Past Due Financing Receivables | Age Analysis of Past Due Loans as of December 31, 2019 2019 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Recorded Investment > 90 Days & Accruing Commercial $146 $1,084 $116 $1,346 $112,911 $114,257 $ - Commercial Real Estate: Commercial Mortgages-Owner Occupied 234 192 143 569 104,223 104,792 - Commercial Mortgages-Non-Owner Occupied 58 9 450 517 181,730 182,247 - Commercial Construction - - - - 16,861 16,861 - Consumer: Consumer Unsecured 52 3 - 55 6,812 6,867 - Consumer Secured 316 130 21 467 82,611 83,078 - Residential: Residential Mortgages 595 576 280 1,451 53,833 55,284 - Residential Consumer Construction 492 - - 492 14,225 14,717 - Total $1,893 $1,994 $1,010 $4,897 $573,206 $578,103 $ - Age Analysis of Past Due Loans as of December 31, 2018 2018 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Recorded Investment > 90 Days & Accruing Commercial $54 $56 $220 $330 $92,547 $92,877 $ - Commercial Real Estate: Commercial Mortgages-Owner Occupied 209 - 307 516 97,910 98,426 - Commercial Mortgages-Non-Owner Occupied 149 468 - 617 174,657 175,274 - Commercial Construction - - - - 15,471 15,471 - Consumer: Consumer Unsecured 8 1 - 9 8,745 8,754 - Consumer Secured 369 44 - 413 77,024 77,437 - Residential: Residential Mortgages 882 164 567 1,613 56,559 58,172 - Residential Consumer Construction - - - - 8,186 8,186 - Total $1,671 $733 $1,094 $3,498 $531,099 $534,597 $ - |
Credit Quality Information-By Class | Credit Quality Information - by Class December 31, 2019 2019 Pass Monitor Special Substandard Doubtful Totals Mention Commercial $108,907 $313 $4,518 $519 $ - $114,257 Commercial Real Estate: Commercial Mortgages-Owner Occupied 93,553 446 8,316 2,477 - 104,792 Commercial Mortgages-Non-Owner Occupied 175,471 5,118 994 664 - 182,247 Commercial Construction 16,572 289 - - - 16,861 Consumer Consumer Unsecured 6,867 - - - - 6,867 Consumer Secured 82,860 - - 218 - 83,078 Residential: Residential Mortgages 53,714 - - 1,570 - 55,284 Residential Consumer Construction 14,416 301 - - - 14,717 Totals $552,360 $6,467 $13,828 $5,448 $ - $578,103 Credit Quality Information - by Class December 31, 2018 2018 Pass Monitor Special Substandard Doubtful Totals Mention Commercial $90,142 $818 $374 $1,543 $ - $92,877 Commercial Real Estate: Commercial Mortgages-Owner Occupied 90,995 1,461 3,517 2,453 - 98,426 Commercial Mortgages-Non-Owner Occupied 172,342 2,285 332 315 - 175,274 Commercial Construction 14,892 579 - - - 15,471 Consumer Consumer Unsecured 8,747 - 6 1 - 8,754 Consumer Secured 77,092 - 88 257 - 77,437 Residential: Residential Mortgages 55,336 334 - 2,502 - 58,172 Residential Consumer Construction 8,186 - - - - 8,186 Totals $517,732 $5,477 $4,317 $7,071 $ - $534,597 |
Other Real Estate Owned (Tables
Other Real Estate Owned (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Real Estate Owned [Abstract] | |
Changes In OREO Balance | OREO Changes Year Ended December 31, 2019 2018 Balance at the beginning of the year $2,430 $2,650 Transfers from Loans 785 850 Capitalized costs - - Valuation adjustments (287) (185) Sales (570) (846) Gain (loss) on sales (19) (39) Balance at the end of the year $2,339 $2,430 |
Premises And Equipment (Tables)
Premises And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Premises And Equipment [Abstract] | |
Schedule Of Property And Equipment | December 31, 2019 2018 Land $3,302 $3,302 Building and improvements 9,983 6,986 Property for future expansion 1,077 2,523 Furniture and equipment 9,298 7,749 Leasehold improvements 3,462 2,571 Software 2,849 2,481 29,971 25,612 Less accumulated depreciation 13,273 12,186 Net premises and equipment $16,698 $13,426 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Deposits [Abstract] | |
Summary Of Deposit Accounts | December 31, 2019 2018 Demand Noninterest bearing $93,936 $91,356 Interest bearing 274,602 231,257 Savings 88,219 100,041 Time, $250,000 or more (1) 40,751 47,522 Other time 151,951 141,867 $649,459 $612,043 (1) Includes brokered certificates of deposit of $10,020 and $20,064 as of December 31, 2019 and 2018. |
Schedule Of Time Deposit Maturities | Year Ending December 31, Amount 2020 $100,405 2021 68,491 2022 16,770 2023 5,127 2024 1,909 $192,702 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Business Segments [Abstract] | |
Schedule Of Segment Reporting Information, By Segment | Business Segments Community Banking Mortgage Total For the year ended December 31, 2019 Net interest income $ 24,552 $ - $ 24,552 Provision for loan losses 523 - 523 Net interest income after provision for loan losses 24,029 - 24,029 Noninterest income 2,934 4,254 7,188 Noninterest expenses 21,154 3,129 24,283 Income before income taxes 5,809 1,125 6,934 Income tax expense 1,093 236 1,329 Net income $ 4,716 $ 889 $ 5,605 Total assets $ 720,965 $ 4,429 $ 725,394 For the year ended December 31, 2018 Net interest income $ 23,176 $ - $ 23,176 Provision for loan losses 716 - 716 Net interest income after provision for loan losses 22,460 - 22,460 Noninterest income 2,317 2,918 5,235 Noninterest expenses 18,660 2,404 21,064 Income before income taxes 6,117 514 6,631 Income tax expense 1,250 79 1,329 Net income $ 4,867 $ 435 $ 5,302 Total assets $ 673,114 $ 1,783 $ 674,897 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Taxes [Abstract] | |
Schedule Of Income Tax Expense | December 31, 2019 2018 Current federal income tax expense $1,346 $1,461 Deferred federal income tax expense (benefit) (17) (132) Income tax expense $1,329 $1,329 |
Schedule Of Income Tax Expense Benefit After Federal Income Tax Rate | 2019 2018 Computed “expected” income tax expense $1,456 $1,393 Increase (reduction) in income tax resulting from: Non-taxable income (143) (73) Non-deductible expenses 13 13 Other 3 (4) Income tax expense $1,329 $1,329 |
Schedule Of Deferred Tax Assets And Liabilities | December 31, 2019 2018 Deferred tax assets Lease liabilities $1,249 $ - Allowance for loan losses 1,015 962 Unrealized losses on available-for-sale securities 1 596 OREO 194 138 Non-accrual interest 251 243 Deferred Compensation 84 75 Other 22 8 Gross deferred tax assets 2,816 2,022 Deferred tax liabilities Right-of-use assets 1,223 - Depreciation 312 189 Other 104 78 Gross deferred tax liabilities 1,639 267 Net deferred tax asset $1,177 $1,755 |
Earnings Per Common Share (EP_2
Earnings Per Common Share (EPS) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Common Share (EPS) [Abstract] | |
Earnings Per Share | Years ended December 31, 2019 2018 Numerator: Net income available to stockholders $5,605 $5,302 Basic EPS weighted average shares outstanding 4,375,814 4,378,436 Effect of dilutive securities: Incremental shares attributable to stock options 5,783 23 Diluted EPS weighted-average shares outstanding 4,381,597 4,378,459 Basic earnings per common share $1.28 $1.21 Diluted earnings per common share $1.28 $1.21 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Regulatory Matters [Abstract] | |
Schedule Of Capital Ratios For The Bank | December 31, 2019 To Be Well Capitalized Under Minimum Capital Prompt Corrective Actual Requirement Action Provisions Amount Ratio Amount Ratio (1) Amount Ratio Tot al capital (to risk-weighted assets) $71,090 11.54% $64,708 >10.500% $61,627 > 10.00% Tier I capital (to risk-weighted assets) $66,261 10.75% $52,383 >8.50% $49,302 > 8.00% Common Equity Tier 1 capital (to risk-weighted assets) $66,261 10.75% $43,139 >7.00% $40,057 >6.50% Tier I capital (leverage) (to average assets) $66,261 9.13% $29,016 > 4.00% $36,270 > 5.00% (1) Includes capital conservation buffer after full phase-in where applicable. December 31, 2018 To Be Well Capitalized Under Minimum Capital Prompt Corrective Actual Requirement Action Provisions Amount Ratio Amount Ratio (1) Amount Ratio Tot al capital (to risk-weighted assets) $66,633 11.81% $59,239 >10.500% $56,418 > 10.00% Tier I capital (to risk-weighted assets) $62,052 11.00% $47,956 >8.50% $45,135 > 8.00% Common Equity Tier 1 capital (to risk-weighted assets) $62,052 11.00% $39,493 >7.00% $36,672 >6.50% Tier I capital (leverage) (to average assets) $62,052 9.25% $26,835 > 4.00% $33,544 > 5.00% Includes capital conservation buffer after full phase-in where applicable. |
Financial Instruments With Of_2
Financial Instruments With Off-Balance-Sheet Risk (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Financial Instruments With Off Balance Sheet Risk[Abstract] | |
Summary Of Financial Instruments With Contract Amounts Representing Credit Risk | Contract Amounts at December 31, 2019 2018 Commitments to extend credit $134,186 $129,485 Standby letters of credit $3,469 $2,972 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Measurements [Abstract] | |
Fair Value Assets Measured On Recurring Basis | Fair Value at December 31, 2019 Description Balance as of December 31, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) U.S. Treasuries $1,964 $ - $1,964 $ - U.S. agency obligations 32,108 - 32,108 - Mortgage-backed securities 10,264 - 10,264 - Municipals 11,222 - 11,222 - Corporates 4,097 - 4,097 - Total available-for-sale securities $59,655 $ - $59,655 $ - Fair Value at December 31, 2018 Description Balance as of December 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) U.S. Treasuries $1,845 $ - $1,845 $ - U.S. agency obligations 23,267 - 23,267 - Mortgage-backed securities 11,876 - 11,876 - Municipals 12,009 - 12,009 - Corporates 3,730 - 3,730 - Total available-for-sale securities $52,727 $ - $52,727 $ - |
Impaired Loans And Other Real Estate Owned Measured At Fair Value On A Nonrecurring Basis | Fair Value at December 31, 2019 Description Balance as of December 31, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Impaired loans* $1,239 $ - $ - $1,239 Other real estate $2,339 $ - $ - $2,339 * Includes loans charged down to the net realizable value of the collateral. Fair Value at December 31, 2018 Description Balance as of December 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Impaired loans* $1,587 $ - $ - $1,587 Other real estate $2,430 $ - $ - $2,430 *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 December 31, 2019 (dollars in thousands) Fair Value Valuation Te chnique(s) Unobservable Input Range (Weighted Average) Impaired loans $ 1,239 Discounted appraised value Selling cost 0% - 10 % ( 8% ) Discount for lack of marketability and age of appraisal 0 % - 20 % ( 6% ) OREO $ 2,339 Discounted appraised value Selling cost 0% - 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, 2018 (dollars in thousands) Fair Value Valuation Te chnique(s) Unobservable Input Range (Weighted Average) Impaired loans $ 1,587 Discounted appraised value Selling cost 0% - 10% ( 8% ) Discount for lack of marketability and age of appraisal 0% - 20% ( 6% ) OREO $ 2,430 Discounted appraised value Selling cost 0% - 10% ( 6% ) Discount for lack of marketability and age of appraisal 0% - 25% ( 15% ) |
Fair Value Carrying And Notional Amounts | Fair Value Measurements at December 31, 2019 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 $30,794 $30,794 $ - $ - $30,794 Fed funds sold 8,317 8,317 - - 8,317 Securities Available-for-sale 59,655 - 59,655 - 59,655 Held-to-maturity 3,688 - 3,861 - 3,861 Restricted stock 1,506 - 1,506 - 1,506 Loans, net 573,274 - - 569,850 569,850 Loans held for sale 4,221 - 4,221 - 4,221 Interest receivable 1,866 - 1,866 - 1,866 BOLI 13,686 - 13,686 - 13,686 Liabilities Deposits $649,459 $ - $651,479 $ - $651,479 Capital notes 5,000 - 4,795 - 4,795 Interest payable 173 - 173 - 173 Fair Value Measurements at December 31, 2018 using Carrying Assets Amounts (Level 1) (Level 2) (Level 3) Balance Cash and due from banks $26,725 $26,725 $ - $ - $26,725 Fed funds sold 23,600 23,600 - - 23,600 Securities Available-for-sale 52,727 - 52,727 - 52,727 Held-to-maturity 3,700 - 3,515 - 3,515 Restricted stock 1,462 - 1,462 - 1,462 Loans, net 530,016 - - 522,782 522,782 Loans held for sale 1,670 - 1,670 - 1,670 Interest receivable 1,742 - 1,742 - 1,742 BOLI 13,359 - 13,359 - 13,359 Liabilities Deposits $612,043 $ - $612,532 $ - $612,532 Capital notes 5,000 - 4,710 - 4,710 I nterest payable 127 - 127 - 127 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Operating Leases Information | (Dollars in thousands) December 31, 2019 Lease liabilities $ 1,524 Right-of-use assets $ 1,508 Weighted average remaining lease term 14.9 years Weighted average discount rate 3.39% |
Finance Leases Information | eee (Dollars in thousands) December 31, 2019 Lease liabilities $ 4,422 Right-of-use assets $ 4,316 Weighted average remaining lease term 11.2 years Weighted average discount rate 2.70% |
Schedule Of Lease Cost | For the Year Ended Lease cost (in thousands) December 31, 2019 Operating lease cost $ 365 Finance lease cost: Amortization of right-of-use assets 242 Interest on lease liabilities 71 Total lease cost $ 678 Cash paid for amounts included in the measurement of operating lease liabilities $ 348 Cash paid for amounts included in the measurement of finance lease liabilities $ 206 |
Maturity Analysis For Operating And Financing Lease Liabilities And Reconciliation Of Undiscounted Cash Flows | e Operating Lease Finance Lease Liabilities Liabilities As of As of Lease payments due (in thousands) December 31, 2019 December 31, 2019 Twelve months ending December 31, 2020 $184 $445 Twelve months ending December 31, 2021 111 454 Twelve months ending December 31, 2022 110 454 Twelve months ending December 31, 2023 110 454 Twelve months ending December 31, 2024 110 479 Thereafter 1,352 2,881 Total undiscounted cash flows $1,977 $5,167 Discount (453) (745) Lease liabilities $1,524 $4,422 |
Condensed Financial Statement_2
Condensed Financial Statements Of Parent Company (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Statements Of Parent Company [Abstract] | |
Condensed Balance Sheet Of Parent Company | December 31, 2019 2018 Assets Cash $212 $349 Taxes receivable 15 25 Investment in subsidiaries 66,256 59,808 Other assets 8 19 Total assets $66,491 $60,201 Liabilities and stockholders’ equity Capital notes $5,000 $5,000 Other liabilities 46 58 Total Liabilities $5,046 $5,058 Common stock $2.14 par value $9,325 $9,370 Additional paid-in-capital 31,225 31,495 Retained earnings 20,900 16,521 Accumulated other comprehensive (loss) (5) (2,243) Total stockholders’ equity $61,445 $55,143 Total liabilities and stockholders’ equity $66,491 $60,201 |
Condensed Statements Of Income Of Parent Company | St atements of Income Years Ended December 31, 2019 2018 Income Dividends from subsidiary $1,800 $800 Operating expenses Interest on capital notes 200 200 Legal and professional fees 166 217 Other expense 147 104 Total expenses 513 521 Income tax (benefit) (108) (109) Income before equity in undistributed income of subsidiaries 1,395 388 Equity in undistributed income of subsidiaries 4,210 4,914 Net income $5,605 $5,302 |
Condensed Statements Of Cash Flows Of Parent Company | St atements of Cash Flows Years Ended December 31, 2019 2018 Cash flows from operating activities Net income $5,605 $5,302 Adjustments to reconcile net income to net cash provided by operating activities Decrease in income taxes receivable 10 95 Decrease (increase) in other assets 11 (1) (Decrease) increase in other liabilities (12) 58 Equity in undistributed net (income) of subsidiaries (4,210) (4,914) Net cash provided by operating activities $1,404 $540 Cash flows from financing activities Dividends paid to common stockholders $(1,226) $(1,050) Repurchase of common stock (315) - Net cash (used in) financing activities $(1,541) $(1,050) (Decrease) in cash and cash equivalents $(137) $(510) Cash and cash equivalents at beginning of period 349 859 Cash and cash equivalents at end of period $212 $349 |
Organization (Narrative) (Detai
Organization (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2019item | |
Number of wholly-owned non-operating subsidiaries | 1 |
Number of bank locations | 4 |
Lynchburg Virginia [Member] | |
Limited service bank branch | 1 |
Forest Virginia [Member] | |
Number of bank locations | 1 |
Madison Heights [Member] | |
Number of bank locations | 1 |
Amherst Virginia [Member] | |
Number of bank locations | 1 |
Bedford Virginia [Member] | |
Number of bank locations | 1 |
Altavista Virginia [Member] | |
Number of bank locations | 1 |
Appomattox Virginia [Member] | |
Number of bank locations | 1 |
Charlottesville Virginia [Member] | |
Number of bank locations | 2 |
Limited service bank branch | 1 |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2019USD ($)segment | Dec. 31, 2018USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | ||
Maximum maturing period for cash and cash equivalents | 90 days | |
Duration of loans interest stops accruing | 90 days | |
Duration of consecutive payments before future payments assured | 6 months | |
Duration of consumer term loans charged-off | 120 days | |
Duration of consumer revolving credit loans charged-off | 180 days | |
Impaired loans TDR | $ 410,000 | $ 424,000 |
Minimum principal loan balance for individual impairment test | 100,000,000 | |
Unrecognized tax liabilities | $ 0 | 0 |
Number of reportable segments | segment | 2 | |
Advertising expense | $ 866,000 | $ 611,000 |
Equipment [Member] | Maximum [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Estimated useful life | 7 years | |
Equipment [Member] | Minimum [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Estimated useful life | 3 years | |
Building and Building Improvements [Member] | Maximum [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Estimated useful life | 39 years 6 months | |
Building and Building Improvements [Member] | Minimum [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Estimated useful life | 10 years |
Restrictions On Cash (Narrative
Restrictions On Cash (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Restrictions On Cash [Abstract] | ||
Daily average cash reserve | $ 15,716 | $ 11,279 |
Securities (Narrative) (Details
Securities (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2019USD ($)securityitem | Dec. 31, 2018USD ($) | |
Number Of Securities Evaluated For Other Than Temporary Impairment [Line Items] | ||
Available-for-sale Securities Pledged as Collateral | $ 22,307,000 | $ 19,401,000 |
Available-for-sale Securities | 59,655,000 | 52,727,000 |
Reportable Legal Entities [Member] | ||
Number Of Securities Evaluated For Other Than Temporary Impairment [Line Items] | ||
Available-for-sale Securities, Gross Realized Losses | 394,000 | 0 |
Available-for-sale Securities | 9,733,000 | 0 |
US Treasuries [Member] | ||
Number Of Securities Evaluated For Other Than Temporary Impairment [Line Items] | ||
Available-for-sale Securities | 1,964,000 | 1,845,000 |
US Agency Obligations [Member] | ||
Number Of Securities Evaluated For Other Than Temporary Impairment [Line Items] | ||
Available-for-sale Securities | 32,108,000 | 23,267,000 |
Municipals [Member] | ||
Number Of Securities Evaluated For Other Than Temporary Impairment [Line Items] | ||
Available-for-sale Securities | 11,222,000 | 12,009,000 |
Corporates [Member] | ||
Number Of Securities Evaluated For Other Than Temporary Impairment [Line Items] | ||
Available-for-sale Securities | $ 4,097,000 | $ 3,730,000 |
S&P Rated AA [Member] | Mortgage Backed Securities, Other [Member] | ||
Number Of Securities Evaluated For Other Than Temporary Impairment [Line Items] | ||
Number Of Securities Held | security | 8 | |
S&P Rated AA [Member] | US Agency Obligations [Member] | ||
Number Of Securities Evaluated For Other Than Temporary Impairment [Line Items] | ||
Number Of Securities Held | item | 14 | |
S&P Rated A [Member] | Municipals [Member] | ||
Number Of Securities Evaluated For Other Than Temporary Impairment [Line Items] | ||
Number Of Securities Held | item | 4 |
Securities (Summary Of Securiti
Securities (Summary Of Securities Held-To-Maturity And Securities Available-For-Sale) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule Of Available-For-Sale Securities And Held-To-Maturity Securities [Line Items] | ||
Held-to-Maturity | $ 3,688 | $ 3,700 |
Held-to-Maturity, Fair Value | 3,861 | 3,515 |
Available-for-Sale, Amortized Costs | 59,661 | 55,566 |
Available-for-Sale, Gross Unrealized Gains | 469 | 3 |
Available-for-Sale, Gross Unrealized Losses | (475) | (2,842) |
Available-for-sale, Fair Value | 59,655 | 52,727 |
US Treasuries [Member] | ||
Schedule Of Available-For-Sale Securities And Held-To-Maturity Securities [Line Items] | ||
Available-for-Sale, Amortized Costs | 1,966 | 1,961 |
Available-for-Sale, Gross Unrealized Losses | (2) | (116) |
Available-for-sale, Fair Value | 1,964 | 1,845 |
US Agency Obligations [Member] | ||
Schedule Of Available-For-Sale Securities And Held-To-Maturity Securities [Line Items] | ||
Held-to-Maturity | 3,700 | |
Held-to-maturity, Gross Unrealized Gains | 173 | |
Held-to-maturity, Gross Unrealized Losses | (185) | |
Held-to-Maturity, Fair Value | 3,515 | |
Available-for-Sale, Amortized Costs | 32,163 | 24,701 |
Available-for-Sale, Gross Unrealized Gains | 278 | |
Available-for-Sale, Gross Unrealized Losses | (333) | (1,434) |
Available-for-sale, Fair Value | 32,108 | 23,267 |
Mortgage-Backed Securities [Member] | ||
Schedule Of Available-For-Sale Securities And Held-To-Maturity Securities [Line Items] | ||
Available-for-Sale, Amortized Costs | 10,328 | 12,390 |
Available-for-Sale, Gross Unrealized Gains | 42 | |
Available-for-Sale, Gross Unrealized Losses | (106) | (514) |
Available-for-sale, Fair Value | 10,264 | 11,876 |
Municipals [Member] | ||
Schedule Of Available-For-Sale Securities And Held-To-Maturity Securities [Line Items] | ||
Available-for-Sale, Amortized Costs | 11,118 | 12,412 |
Available-for-Sale, Gross Unrealized Gains | 117 | 3 |
Available-for-Sale, Gross Unrealized Losses | (13) | (406) |
Available-for-sale, Fair Value | 11,222 | 12,009 |
Corporates [Member] | ||
Schedule Of Available-For-Sale Securities And Held-To-Maturity Securities [Line Items] | ||
Available-for-Sale, Amortized Costs | 4,102 | |
Available-for-Sale, Gross Unrealized Gains | 32 | |
Available-for-Sale, Gross Unrealized Losses | (21) | (372) |
Available-for-sale, Fair Value | $ 4,097 | $ 3,730 |
Securities (Gross Unrealized Lo
Securities (Gross Unrealized Losses And Fair Value Of The Bank's Investments) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less than 12 months | $ 12,395 | $ 966 |
Unrealized Losses, Less than 12 months | 218 | 20 |
Fair Value, More than 12 months | 24,399 | 50,746 |
Unrealized Losses, More than 12 months | 257 | 2,822 |
Fair Value, Total | 36,794 | 51,712 |
Unrealized Losses, Total | 475 | 2,842 |
US Treasuries [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, More than 12 months | 1,964 | 1,845 |
Unrealized Losses, More than 12 months | 2 | 116 |
Fair Value, Total | 1,964 | 1,845 |
Unrealized Losses, Total | 2 | 116 |
US Agency Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, More than 12 months, Held-to-maturity | 3,515 | |
Unrealized Losses, More than 12 months, Held-to-maturity | 185 | |
Fair Value, Total, Held-to-maturity | 3,515 | |
Unrealized Losses, Total, Held-to-maturity | 185 | |
Fair Value, Less than 12 months | 12,395 | |
Unrealized Losses, Less than 12 months | 218 | |
Fair Value, More than 12 months | 12,048 | 23,267 |
Unrealized Losses, More than 12 months | 115 | 1,434 |
Fair Value, Total | 24,443 | 23,267 |
Unrealized Losses, Total | 333 | 1,434 |
Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less than 12 months | 966 | |
Unrealized Losses, Less than 12 months | 20 | |
Fair Value, More than 12 months | 6,609 | 10,910 |
Unrealized Losses, More than 12 months | 106 | 494 |
Fair Value, Total | 6,609 | 11,876 |
Unrealized Losses, Total | 106 | 514 |
Municipals [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, More than 12 months | 2,736 | 10,994 |
Unrealized Losses, More than 12 months | 13 | 406 |
Fair Value, Total | 2,736 | 10,994 |
Unrealized Losses, Total | 13 | 406 |
Corporates [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, More than 12 months | 1,042 | 3,730 |
Unrealized Losses, More than 12 months | 21 | 372 |
Fair Value, Total | 1,042 | 3,730 |
Unrealized Losses, Total | $ 21 | $ 372 |
Securities (Contractual Maturit
Securities (Contractual Maturities Of Investment Securities) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Securities [Abstract] | ||
Held-to-Maturity, Amortized Cost, Due in one year or less | ||
Held-to-Maturity, Amortized Cost, Due after ten years | 3,688 | |
Held-to-Maturity | 3,688 | $ 3,700 |
Held-to-Maturity, Fair Values, Due in one year or less | ||
Held-to-Maturity, Fair Values, Due after ten years | 3,861 | |
Held-to-Maturity, Fair Value | 3,861 | $ 3,515 |
Available-for-Sale, Amortized Cost, Due in one year or less | ||
Available-for-Sale, Amortized Cost, Due after one year through five years | 8,380 | |
Available-for-Sale, Amortized Cost, Due after five years through ten years | 28,108 | |
Available-for-Sale, Amortized Cost, Due after ten years | 23,173 | |
Available-for-Sale, Amortized Cost | 59,661 | |
Available-for-Sale, Fair Values, Due in one year or less | ||
Available-for-Sale, Fair Values, Due after one year through five years | 8,395 | |
Available-for-Sale, Fair Values, Due after five years through ten years | 28,238 | |
Available-for-Sale, Fair Values, Due after ten years | 23,022 | |
Available-for-Sale, Fair Values | $ 59,655 |
Loans And Allowance For Loan _3
Loans And Allowance For Loan Losses (Narrative) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)contractitem | Dec. 31, 2018USD ($)contractitem | |
Loans And Allowance For Loan Losses [Abstract] | ||
Overdrafts reclassified as loans | $ 86 | $ 27 |
Outstanding balances of related party loans | 12,682 | $ 14,213 |
New loans and advances from related party | 1,585 | |
Repayments from related party | $ 3,116 | |
Loan modifications that would have been classified as TDRs | contract | 0 | 0 |
Loan modifications classified as TDRs | contract | 0 | 0 |
Outstanding commitments to disburse additional funds on TDR's | item | 0 | 0 |
Loans And Allowance For Loan _4
Loans And Allowance For Loan Losses (Summary Of Loans, Net) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | [1] | $ 578,103 | $ 534,597 |
Less allowance for loan losses | 4,829 | 4,581 | |
Net loans | 573,274 | 530,016 | |
Deferred loan costs | 572 | 457 | |
Commercial [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 114,257 | 92,877 | |
Less allowance for loan losses | 1,330 | 1,136 | |
Commercial Real Estate [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 303,900 | 289,171 | |
Less allowance for loan losses | 1,932 | 1,831 | |
Consumer [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 89,945 | 86,191 | |
Less allowance for loan losses | 865 | 956 | |
Residential [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 70,001 | 66,358 | |
Less allowance for loan losses | $ 702 | $ 658 | |
[1] | Includes net deferred costs and premiums of $572 and $457, respectively. |
Loans And Allowance For Loan _5
Loans And Allowance For Loan Losses (Loans On Non-Accrual Status) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivables on Non-Accrual Status | $ 1,301 | $ 2,939 |
Commercial [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivables on Non-Accrual Status | 262 | 973 |
Commercial Real Estate [Member] | Commercial Mortgages-Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivables on Non-Accrual Status | 262 | 317 |
Commercial Real Estate [Member] | Commercial Mortgages-Non-Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivables on Non-Accrual Status | 450 | 173 |
Commercial Real Estate [Member] | Commercial Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivables on Non-Accrual Status | ||
Consumer [Member] | Consumer Unsecured [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivables on Non-Accrual Status | ||
Consumer [Member] | Consumer Secured [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivables on Non-Accrual Status | 47 | 84 |
Residential [Member] | Residential Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivables on Non-Accrual Status | 280 | 1,391 |
Residential [Member] | Residential Consumer Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivables on Non-Accrual Status |
Loans And Allowance For Loan _6
Loans And Allowance For Loan Losses (Impaired Loans) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Financing Receivable, Impaired [Line Items] | ||
Totals: Recorded Investment | $ 5,067 | $ 6,580 |
Totals: Unpaid Principal Balance | 5,852 | 7,355 |
Totals: Related Allowance | 55 | 238 |
Totals: Average Recorded Investment | 5,826 | 7,138 |
Totals: Interest Income Recognized | 323 | 324 |
Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With No Related Allowance Recorded: Recorded Investment | 468 | 1,430 |
With No Related Allowance Recorded: Unpaid Principal Balance | 1,036 | 1,922 |
With No Related Allowance Recorded: Average Recorded Investment | 949 | 1,178 |
With No Related Allowance Recorded: Interest Income Recognized | 26 | 24 |
With An Allowance Recorded: Recorded Investment | 7 | 31 |
With An Allowance Recorded: Unpaid Principal Balance | 7 | 31 |
With An Allowance Recorded: Average Recorded Investment | 19 | 174 |
With An Allowance Recorded: Interest Income Recognized | 1 | 3 |
Totals: Recorded Investment | 475 | 1,461 |
Totals: Unpaid Principal Balance | 1,043 | 1,953 |
Totals: Related Allowance | 7 | 15 |
Totals: Average Recorded Investment | 968 | 1,352 |
Totals: Interest Income Recognized | 27 | 27 |
Commercial Real Estate [Member] | Commercial Mortgages-Owner Occupied [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With No Related Allowance Recorded: Recorded Investment | 2,467 | 2,414 |
With No Related Allowance Recorded: Unpaid Principal Balance | 2,643 | 2,511 |
With No Related Allowance Recorded: Average Recorded Investment | 2,441 | 2,421 |
With No Related Allowance Recorded: Interest Income Recognized | 183 | 167 |
With An Allowance Recorded: Recorded Investment | 12 | 39 |
With An Allowance Recorded: Unpaid Principal Balance | 12 | 132 |
With An Allowance Recorded: Average Recorded Investment | 26 | 352 |
With An Allowance Recorded: Interest Income Recognized | 1 | 3 |
Totals: Recorded Investment | 2,479 | 2,453 |
Totals: Unpaid Principal Balance | 2,655 | 2,643 |
Totals: Related Allowance | 12 | 36 |
Totals: Average Recorded Investment | 2,467 | 2,773 |
Totals: Interest Income Recognized | 184 | 170 |
Commercial Real Estate [Member] | Commercial Mortgages-Non-Owner Occupied [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With No Related Allowance Recorded: Recorded Investment | 563 | 131 |
With No Related Allowance Recorded: Unpaid Principal Balance | 585 | 132 |
With No Related Allowance Recorded: Average Recorded Investment | 347 | 403 |
With No Related Allowance Recorded: Interest Income Recognized | 32 | 8 |
With An Allowance Recorded: Recorded Investment | 14 | 90 |
With An Allowance Recorded: Unpaid Principal Balance | 14 | 90 |
With An Allowance Recorded: Average Recorded Investment | 52 | 82 |
With An Allowance Recorded: Interest Income Recognized | 1 | 6 |
Totals: Recorded Investment | 577 | 221 |
Totals: Unpaid Principal Balance | 599 | 222 |
Totals: Related Allowance | 3 | 20 |
Totals: Average Recorded Investment | 399 | 485 |
Totals: Interest Income Recognized | 33 | 14 |
Commercial Real Estate [Member] | Commercial Construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With An Allowance Recorded: Average Recorded Investment | 85 | |
Totals: Average Recorded Investment | 85 | |
Consumer [Member] | 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 | 1 | |
With An Allowance Recorded: Unpaid Principal Balance | 1 | |
With An Allowance Recorded: Average Recorded Investment | 1 | 2 |
Totals: Recorded Investment | 1 | |
Totals: Unpaid Principal Balance | 1 | |
Totals: Related Allowance | 1 | |
Totals: Average Recorded Investment | 1 | 2 |
Consumer [Member] | Consumer Secured [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With No Related Allowance Recorded: Recorded Investment | 107 | 88 |
With No Related Allowance Recorded: Unpaid Principal Balance | 107 | 88 |
With No Related Allowance Recorded: Average Recorded Investment | 98 | 184 |
With No Related Allowance Recorded: Interest Income Recognized | 7 | 6 |
With An Allowance Recorded: Recorded Investment | 105 | |
With An Allowance Recorded: Unpaid Principal Balance | 105 | |
With An Allowance Recorded: Average Recorded Investment | 53 | 266 |
With An Allowance Recorded: Interest Income Recognized | 7 | |
Totals: Recorded Investment | 107 | 193 |
Totals: Unpaid Principal Balance | 107 | 193 |
Totals: Related Allowance | 105 | |
Totals: Average Recorded Investment | 151 | 450 |
Totals: Interest Income Recognized | 7 | 13 |
Residential [Member] | Residential Mortgages [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With No Related Allowance Recorded: Recorded Investment | 1,290 | 1,876 |
With No Related Allowance Recorded: Unpaid Principal Balance | 1,290 | 1,953 |
With No Related Allowance Recorded: Average Recorded Investment | 1,583 | 1,728 |
With No Related Allowance Recorded: Interest Income Recognized | 68 | 89 |
With An Allowance Recorded: Recorded Investment | 139 | 375 |
With An Allowance Recorded: Unpaid Principal Balance | 158 | 390 |
With An Allowance Recorded: Average Recorded Investment | 257 | 263 |
With An Allowance Recorded: Interest Income Recognized | 4 | 11 |
Totals: Recorded Investment | 1,429 | 2,251 |
Totals: Unpaid Principal Balance | 1,448 | 2,343 |
Totals: Related Allowance | 33 | 61 |
Totals: Average Recorded Investment | 1,840 | 1,991 |
Totals: Interest Income Recognized | 72 | 100 |
Residential [Member] | Residential Consumer Construction [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 | ||
With An Allowance Recorded: Unpaid Principal Balance | ||
With An Allowance Recorded: Average Recorded Investment | ||
With An Allowance Recorded: Interest Income Recognized | ||
Totals: Recorded Investment | ||
Totals: Unpaid Principal Balance | ||
Totals: Related Allowance | ||
Totals: Average Recorded Investment | ||
Totals: Interest Income Recognized |
Loans And Allowance For Loan _7
Loans And Allowance For Loan Losses (Allowance For Loan Losses And Recorded Investment In Loans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Credit Losses: Beginning Balance | $ 4,581 | $ 4,752 | |
Allowance for Credit Losses: Charge-offs | (363) | (1,064) | |
Allowance for Credit Losses: Recoveries | 88 | 177 | |
Allowance for credit losses: Provision | 523 | 716 | |
Allowance for Credit Losses: Ending Balance | 4,829 | 4,581 | |
Allowance for Credit Losses: Ending Balance: Individually evaluated for impairment | 55 | 238 | |
Allowance for Credit Losses: Ending Balance: Collectively evaluated for impairment | 4,774 | 4,343 | |
Allowance for Credit Losses: Totals | 4,829 | 4,581 | |
Financing Receivables: Ending Balance: Individually evaluated for impairment | 5,067 | 6,580 | |
Financing Receivables: Ending Balance: Collectively evaluated for impairment | 573,036 | 528,017 | |
Total loans | [1] | 578,103 | 534,597 |
Commercial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Credit Losses: Beginning Balance | 1,136 | 1,264 | |
Allowance for Credit Losses: Charge-offs | (106) | (395) | |
Allowance for Credit Losses: Recoveries | 35 | 113 | |
Allowance for credit losses: Provision | 265 | 154 | |
Allowance for Credit Losses: Ending Balance | 1,330 | 1,136 | |
Allowance for Credit Losses: Ending Balance: Individually evaluated for impairment | 7 | 15 | |
Allowance for Credit Losses: Ending Balance: Collectively evaluated for impairment | 1,323 | 1,121 | |
Allowance for Credit Losses: Totals | 1,330 | 1,136 | |
Financing Receivables: Ending Balance: Individually evaluated for impairment | 475 | 1,461 | |
Financing Receivables: Ending Balance: Collectively evaluated for impairment | 113,782 | 91,416 | |
Total loans | 114,257 | 92,877 | |
Commercial Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Credit Losses: Beginning Balance | 1,831 | 1,738 | |
Allowance for Credit Losses: Charge-offs | (26) | (230) | |
Allowance for Credit Losses: Recoveries | 5 | 4 | |
Allowance for credit losses: Provision | 122 | 319 | |
Allowance for Credit Losses: Ending Balance | 1,932 | 1,831 | |
Allowance for Credit Losses: Ending Balance: Individually evaluated for impairment | 15 | 56 | |
Allowance for Credit Losses: Ending Balance: Collectively evaluated for impairment | 1,917 | 1,775 | |
Allowance for Credit Losses: Totals | 1,932 | 1,831 | |
Financing Receivables: Ending Balance: Individually evaluated for impairment | 3,056 | 2,674 | |
Financing Receivables: Ending Balance: Collectively evaluated for impairment | 300,844 | 286,497 | |
Total loans | 303,900 | 289,171 | |
Consumer [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Credit Losses: Beginning Balance | 956 | 1,172 | |
Allowance for Credit Losses: Charge-offs | (189) | (405) | |
Allowance for Credit Losses: Recoveries | 44 | 60 | |
Allowance for credit losses: Provision | 54 | 129 | |
Allowance for Credit Losses: Ending Balance | 865 | 956 | |
Allowance for Credit Losses: Ending Balance: Individually evaluated for impairment | 106 | ||
Allowance for Credit Losses: Ending Balance: Collectively evaluated for impairment | 865 | 850 | |
Allowance for Credit Losses: Totals | 865 | 956 | |
Financing Receivables: Ending Balance: Individually evaluated for impairment | 107 | 194 | |
Financing Receivables: Ending Balance: Collectively evaluated for impairment | 89,838 | 85,997 | |
Total loans | 89,945 | 86,191 | |
Residential [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Credit Losses: Beginning Balance | 658 | 578 | |
Allowance for Credit Losses: Charge-offs | (42) | (34) | |
Allowance for Credit Losses: Recoveries | 4 | ||
Allowance for credit losses: Provision | 82 | 114 | |
Allowance for Credit Losses: Ending Balance | 702 | 658 | |
Allowance for Credit Losses: Ending Balance: Individually evaluated for impairment | 33 | 61 | |
Allowance for Credit Losses: Ending Balance: Collectively evaluated for impairment | 669 | 597 | |
Allowance for Credit Losses: Totals | 702 | 658 | |
Financing Receivables: Ending Balance: Individually evaluated for impairment | 1,429 | 2,251 | |
Financing Receivables: Ending Balance: Collectively evaluated for impairment | 68,572 | 64,107 | |
Total loans | $ 70,001 | $ 66,358 | |
[1] | Includes net deferred costs and premiums of $572 and $457, respectively. |
Loans And Allowance For Loan _8
Loans And Allowance For Loan Losses (Age Analysis Of Past Due Financing Receivables) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | $ 4,897 | $ 3,498 | |
Current | 573,206 | 531,099 | |
Total loans | [1] | 578,103 | 534,597 |
Recorded Investment > 90 Days & Accruing | |||
30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,893 | 1,671 | |
60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,994 | 733 | |
Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,010 | 1,094 | |
Commercial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,346 | 330 | |
Current | 112,911 | 92,547 | |
Total loans | 114,257 | 92,877 | |
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 | 146 | 54 | |
Commercial [Member] | 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,084 | 56 | |
Commercial [Member] | Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 116 | 220 | |
Commercial Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 303,900 | 289,171 | |
Commercial Real Estate [Member] | Commercial Mortgages-Owner Occupied [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 569 | 516 | |
Current | 104,223 | 97,910 | |
Total loans | 104,792 | 98,426 | |
Recorded Investment > 90 Days & Accruing | |||
Commercial Real Estate [Member] | Commercial Mortgages-Non-Owner Occupied [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 517 | 617 | |
Current | 181,730 | 174,657 | |
Total loans | 182,247 | 175,274 | |
Recorded Investment > 90 Days & Accruing | |||
Commercial Real Estate [Member] | Commercial Construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 16,861 | 15,471 | |
Total loans | 16,861 | 15,471 | |
Recorded Investment > 90 Days & Accruing | |||
Commercial Real Estate [Member] | 30 to 59 Days Past Due [Member] | Commercial Mortgages-Owner Occupied [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 234 | 209 | |
Commercial Real Estate [Member] | 30 to 59 Days Past Due [Member] | Commercial Mortgages-Non-Owner Occupied [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 58 | 149 | |
Commercial Real Estate [Member] | 30 to 59 Days Past Due [Member] | Commercial Construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | |||
Commercial Real Estate [Member] | 60 to 89 Days Past Due [Member] | Commercial Mortgages-Owner Occupied [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 192 | ||
Commercial Real Estate [Member] | 60 to 89 Days Past Due [Member] | Commercial Mortgages-Non-Owner Occupied [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 9 | 468 | |
Commercial Real Estate [Member] | 60 to 89 Days Past Due [Member] | Commercial Construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | |||
Commercial Real Estate [Member] | Greater than 90 Days Past Due [Member] | Commercial Mortgages-Owner Occupied [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 143 | 307 | |
Commercial Real Estate [Member] | Greater than 90 Days Past Due [Member] | Commercial Mortgages-Non-Owner Occupied [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 450 | ||
Commercial Real Estate [Member] | Greater than 90 Days Past Due [Member] | Commercial Construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | |||
Residential [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 70,001 | 66,358 | |
Residential [Member] | Residential Mortgages [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,451 | 1,613 | |
Current | 53,833 | 56,559 | |
Total loans | 55,284 | 58,172 | |
Recorded Investment > 90 Days & Accruing | |||
Residential [Member] | Residential Consumer Construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 492 | ||
Current | 14,225 | 8,186 | |
Total loans | 14,717 | 8,186 | |
Recorded Investment > 90 Days & Accruing | |||
Residential [Member] | 30 to 59 Days Past Due [Member] | Residential Mortgages [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 595 | 882 | |
Residential [Member] | 30 to 59 Days Past Due [Member] | Residential Consumer Construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 492 | ||
Residential [Member] | 60 to 89 Days Past Due [Member] | Residential Mortgages [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 576 | 164 | |
Residential [Member] | 60 to 89 Days Past Due [Member] | Residential Consumer Construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | |||
Residential [Member] | Greater than 90 Days Past Due [Member] | Residential Mortgages [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 280 | 567 | |
Residential [Member] | Greater than 90 Days Past Due [Member] | Residential Consumer Construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | |||
Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 89,945 | 86,191 | |
Consumer [Member] | Consumer Unsecured [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 55 | 9 | |
Current | 6,812 | 8,745 | |
Total loans | 6,867 | 8,754 | |
Recorded Investment > 90 Days & Accruing | |||
Consumer [Member] | Consumer Secured [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 467 | 413 | |
Current | 82,611 | 77,024 | |
Total loans | 83,078 | 77,437 | |
Recorded Investment > 90 Days & Accruing | |||
Consumer [Member] | 30 to 59 Days Past Due [Member] | Consumer Unsecured [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 52 | 8 | |
Consumer [Member] | 30 to 59 Days Past Due [Member] | Consumer Secured [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 316 | 369 | |
Consumer [Member] | 60 to 89 Days Past Due [Member] | Consumer Unsecured [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 3 | 1 | |
Consumer [Member] | 60 to 89 Days Past Due [Member] | Consumer Secured [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 130 | 44 | |
Consumer [Member] | Greater than 90 Days Past Due [Member] | Consumer Unsecured [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | |||
Consumer [Member] | Greater than 90 Days Past Due [Member] | Consumer Secured [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | $ 21 | ||
[1] | Includes net deferred costs and premiums of $572 and $457, respectively. |
Loans And Allowance For Loan _9
Loans And Allowance For Loan Losses (Credit Quality Information-By Class) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | $ 578,103 | $ 534,597 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 552,360 | 517,732 |
Monitor [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 6,467 | 5,477 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 13,828 | 4,317 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 5,448 | 7,071 |
Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | ||
Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 114,257 | 92,877 |
Commercial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 108,907 | 90,142 |
Commercial [Member] | Monitor [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 313 | 818 |
Commercial [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 4,518 | 374 |
Commercial [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 519 | 1,543 |
Commercial [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | ||
Commercial Real Estate [Member] | Commercial Mortgages-Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 104,792 | 98,426 |
Commercial Real Estate [Member] | Commercial Mortgages-Owner Occupied [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 93,553 | 90,995 |
Commercial Real Estate [Member] | Commercial Mortgages-Owner Occupied [Member] | Monitor [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 446 | 1,461 |
Commercial Real Estate [Member] | Commercial Mortgages-Owner Occupied [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 8,316 | 3,517 |
Commercial Real Estate [Member] | Commercial Mortgages-Owner Occupied [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 2,477 | 2,453 |
Commercial Real Estate [Member] | Commercial Mortgages-Owner Occupied [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | ||
Commercial Real Estate [Member] | Commercial Mortgages-Non-Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 182,247 | 175,274 |
Commercial Real Estate [Member] | Commercial Mortgages-Non-Owner Occupied [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 175,471 | 172,342 |
Commercial Real Estate [Member] | Commercial Mortgages-Non-Owner Occupied [Member] | Monitor [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 5,118 | 2,285 |
Commercial Real Estate [Member] | Commercial Mortgages-Non-Owner Occupied [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 994 | 332 |
Commercial Real Estate [Member] | Commercial Mortgages-Non-Owner Occupied [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 664 | 315 |
Commercial Real Estate [Member] | Commercial Mortgages-Non-Owner Occupied [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | ||
Commercial Real Estate [Member] | Commercial Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 16,861 | 15,471 |
Commercial Real Estate [Member] | Commercial Construction [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 16,572 | 14,892 |
Commercial Real Estate [Member] | Commercial Construction [Member] | Monitor [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 289 | 579 |
Commercial Real Estate [Member] | Commercial Construction [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | ||
Consumer [Member] | Consumer Unsecured [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 6,867 | 8,754 |
Consumer [Member] | Consumer Unsecured [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 6,867 | 8,747 |
Consumer [Member] | Consumer Unsecured [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 6 | |
Consumer [Member] | Consumer Unsecured [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 1 | |
Consumer [Member] | Consumer Unsecured [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | ||
Consumer [Member] | Consumer Secured [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 83,078 | 77,437 |
Consumer [Member] | Consumer Secured [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 82,860 | 77,092 |
Consumer [Member] | Consumer Secured [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 88 | |
Consumer [Member] | Consumer Secured [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 218 | 257 |
Consumer [Member] | Consumer Secured [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | ||
Residential [Member] | Residential Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 55,284 | 58,172 |
Residential [Member] | Residential Mortgages [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 53,714 | 55,336 |
Residential [Member] | Residential Mortgages [Member] | Monitor [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 334 | |
Residential [Member] | Residential Mortgages [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 1,570 | 2,502 |
Residential [Member] | Residential Mortgages [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | ||
Residential [Member] | Residential Consumer Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 14,717 | 8,186 |
Residential [Member] | Residential Consumer Construction [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 14,416 | $ 8,186 |
Residential [Member] | Residential Consumer Construction [Member] | Monitor [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 301 | |
Residential [Member] | Residential Consumer Construction [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables |
Other Real Estate Owned (Narrat
Other Real Estate Owned (Narrative) (Details) | Dec. 31, 2019USD ($)item | Dec. 31, 2018USD ($)item | Dec. 31, 2017USD ($) |
Real Estate [Line Items] | |||
Other Real Estate | $ 2,339,000 | $ 2,430,000 | $ 2,650,000 |
Four Residential Real Estate Properties [Member] | |||
Real Estate [Line Items] | |||
Other Real Estate | $ 325,000 | $ 156,000 | |
Number of real estate properties held | item | 4 | 4 | |
Consumer [Member] | |||
Real Estate [Line Items] | |||
Other Real Estate | $ 0 | $ 0 |
Other Real Estate Owned (Change
Other Real Estate Owned (Changes In OREO Balance) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Other Real Estate Owned [Abstract] | ||
Balance at the beginning of the year | $ 2,430 | $ 2,650 |
Transfers from Loans | 785 | 850 |
Valuation adjustments | (287) | (185) |
Sales | (570) | (846) |
Gain (loss) on sales | (19) | (39) |
Balance at the end of the year | $ 2,339 | $ 2,430 |
Premises And Equipment (Schedul
Premises And Equipment (Schedule Of Property And Equipment (Schedule Of Property And Equipment) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Premises And Equipment [Abstract] | ||
Land | $ 3,302 | $ 3,302 |
Building and improvements | 9,983 | 6,986 |
Property for future expansion | 1,077 | 2,523 |
Furniture and equipment | 9,298 | 7,749 |
Leasehold improvements | 3,462 | 2,571 |
Software | 2,849 | 2,481 |
Gross property and equipment | 29,971 | 25,612 |
Less accumulated depreciation | 13,273 | 12,186 |
Net premises and equipment | 16,698 | 13,426 |
Total depreciation expense | $ 1,126 | $ 930 |
Deposits (Summary Of Deposit Ac
Deposits (Summary Of Deposit Accounts) (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | |
Deposits [Abstract] | |||
Noninterest bearing | $ 93,936,000 | $ 91,356,000 | |
Interest bearing | 274,602,000 | 231,257,000 | |
Savings | 88,219,000 | 100,041,000 | |
Time, $250,000 or more | [1] | 40,751,000 | 47,522,000 |
Other time | 151,951,000 | 141,867,000 | |
Total deposits | 649,459,000 | 612,043,000 | |
Brokered certificates of deposit | $ 10,020 | $ 20,064 | |
[1] | Includes brokered certificates of deposit of $10,020 and $20,064 as of December 31, 2019 and 2018. |
Deposits (Schedule Of Time Depo
Deposits (Schedule Of Time Deposit Maturities) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deposits [Abstract] | ||
2020 | $ 100,405 | |
2021 | 68,491 | |
2022 | 16,770 | |
2023 | 5,127 | |
2024 | 1,909 | |
Time Deposits, Total | 192,702 | $ 189,389 |
Related party deposits | $ 16,694 | $ 11,613 |
Business Segments (Narrative) (
Business Segments (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2019segment | |
Business Segments [Abstract] | |
Number of reportable segments | 2 |
Business Segments (Schedule Of
Business Segments (Schedule Of Segment Reporting Information, By Segment) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | ||
Net interest income | $ 24,552 | $ 23,176 |
Provision for loan losses | 523 | 716 |
Net interest income after provision for loan losses | 24,029 | 22,460 |
Noninterest income | 7,188 | 5,235 |
Noninterest expenses | 24,283 | 21,064 |
Income before income taxes | 6,934 | 6,631 |
Income tax expense | 1,329 | 1,329 |
Net income | 5,605 | 5,302 |
Total assets | 725,394 | 674,897 |
Community Banking [Member] | ||
Segment Reporting Information [Line Items] | ||
Net interest income | 24,552 | 23,176 |
Provision for loan losses | 523 | 716 |
Net interest income after provision for loan losses | 24,029 | 22,460 |
Noninterest income | 2,934 | 2,317 |
Noninterest expenses | 21,154 | 18,660 |
Income before income taxes | 5,809 | 6,117 |
Income tax expense | 1,093 | 1,250 |
Net income | 4,716 | 4,867 |
Total assets | 720,965 | 673,114 |
Mortgage [Member] | ||
Segment Reporting Information [Line Items] | ||
Noninterest income | 4,254 | 2,918 |
Noninterest expenses | 3,129 | 2,404 |
Income before income taxes | 1,125 | 514 |
Income tax expense | 236 | 79 |
Net income | 889 | 435 |
Total assets | $ 4,429 | $ 1,783 |
Capital Notes (Narrative) (Deta
Capital Notes (Narrative) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2019 | Jan. 25, 2017 | |
2017 Notes [Member] | |||
Debt Instrument [Line Items] | |||
Capital note issued | $ 5,000,000 | ||
Capital notes, interest rate | 4.00% | ||
Capital notes, maturity date | Jan. 24, 2022 | ||
Capital Notes 4% Due 1/24/2022 [Member] | 2017 Notes [Member] | |||
Debt Instrument [Line Items] | |||
Duration of written notice to holders | 30 days | ||
Capital Notes 4% Due 1/24/2022 [Member] | Equity Capital [Member] | |||
Debt Instrument [Line Items] | |||
Capital note proceeds | $ 3,000,000 | ||
Capital Notes 4% Due 1/24/2022 [Member] | Debt Services [Member] | |||
Debt Instrument [Line Items] | |||
Capital note proceeds | $ 2,000,000 |
Other Borrowings (Narrative) (D
Other Borrowings (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Short-term Debt [Line Items] | ||
Reverse repurchase agreements | $ 5,000,000 | |
FHLBA additional credit | 34,779,000 | |
Borrowed amount from FHLBA | 46,311,000 | |
Unsecured Federal Funds Outstanding Amount | 0 | $ 0 |
Community Bankers Bank [Member] | ||
Short-term Debt [Line Items] | ||
Unsecured federal fund lines | 13,000,000 | |
Available credit | 7,635,000 | |
Zions Bank [Member] | ||
Short-term Debt [Line Items] | ||
Unsecured federal fund lines | 4,000,000 | |
PNC Bank [Member] | ||
Short-term Debt [Line Items] | ||
Unsecured federal fund lines | 6,000,000 | |
Suntrust Bank [Member] | ||
Short-term Debt [Line Items] | ||
Unsecured federal fund lines | 3,000,000 | |
FHLBA [Member] | ||
Short-term Debt [Line Items] | ||
Available credit | $ 177,112,000 | |
Maximum [Member] | ||
Short-term Debt [Line Items] | ||
Period allowed to exchange securities pledged as collateral for funds | 90 days | |
Minimum [Member] | ||
Short-term Debt [Line Items] | ||
Period allowed to exchange securities pledged as collateral for funds | 30 days |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Income Taxes [Abstract] | |
U.S. Federal income tax rate | 21.00% |
Income Taxes (Schedule Of Incom
Income Taxes (Schedule Of Income Tax Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes [Abstract] | ||
Current federal income tax expense | $ 1,346 | $ 1,461 |
Deferred federal income tax expense (benefit) | (17) | (132) |
Income tax expense | $ 1,329 | $ 1,329 |
Income Taxes (Schedule Of Inc_2
Income Taxes (Schedule Of Income Tax Expense Benefit After Federal Income Tax Rate) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes [Abstract] | ||
Computed "expected" income tax expense | $ 1,456 | $ 1,393 |
Increase (reduction) in income tax resulting from: Non-taxable income | (143) | (73) |
Increase (reduction) in income tax resulting from: Non-deductible expenses | 13 | 13 |
Increase (reduction) in income tax resulting from: Other | 3 | (4) |
Income tax expense | $ 1,329 | $ 1,329 |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Income Taxes [Abstract] | ||
Lease Liabilities | $ 1,249 | |
Allowance for loan losses | 1,015 | $ 962 |
Unrealized losses on available-for-sale securities | 1 | 596 |
OREO | 194 | 138 |
Non-accrual interest | 251 | 243 |
Deferred Compensation | 84 | 75 |
Other | 22 | 8 |
Gross deferred tax assets | 2,816 | 2,022 |
Right-of-use-assets | 1,223 | |
Depreciation | 312 | 189 |
Other | 104 | 78 |
Gross deferred tax liabilities | 1,639 | 267 |
Net deferred tax assets | $ 1,177 | $ 1,755 |
Earnings Per Common Share (EP_3
Earnings Per Common Share (EPS) (Narrative) (Details) - shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Common Share (EPS) [Abstract] | ||
Options excluded from calculating diluted EPS because their effect was anti-dilutive | 0 | 0 |
Earnings Per Common Share (EP_4
Earnings Per Common Share (EPS) (Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Common Share (EPS) [Abstract] | ||
Net income available to stockholders | $ 5,605 | $ 5,302 |
Basic EPS weighted average shares outstanding | 4,375,814 | 4,378,436 |
Incremental shares attributable to stock options | 5,783 | 23 |
Diluted EPS weighted-average shares outstanding | 4,381,597 | 4,378,459 |
Basic earnings per common share | $ 1.28 | $ 1.21 |
Diluted earnings per common share | $ 1.28 | $ 1.21 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Common stock, shares issued | 4,357,436 | 4,378,436 |
401(K) Defined Contribution Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Maximum contribution percentage of pretax annual compensation | 19.00% | |
Defined contribution benefit plan, company contribution | $ 347,000 | $ 301,000 |
Supplemental Executive Retirement Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
SERP expense | 399,000 | 357,000 |
Cash surrender values of life insurance policies | 13,686,000 | $ 13,359,000 |
Employee Stock Purchase Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined contribution benefit plan, company contribution | $ 0 | |
Common stock, shares issued | 0 | 0 |
Stock-based Compensation Plans
Stock-based Compensation Plans (Narrative) (Details) - Restricted Stock [Member] - USD ($) $ / shares in Units, $ in Thousands | Jan. 02, 2019 | Dec. 31, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized stock based compensation expense | $ 212 | |
Unrecognized expense period | 2 years | |
The 2018 Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares granted | 24,500 | |
Shares forfeited | 0 | |
Price per share | $ 13 | |
Vested period | 3 years | |
Stock based compensation expense | $ 106 |
Dividend Reinvestment Plan (Nar
Dividend Reinvestment Plan (Narrative) (Details) - shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Dividend Reinvestment Plan [Abstract] | ||
Stock Issued During Period, Shares, Dividend Reinvestment Plan | 0 | 0 |
Regulatory Matters (Narrative)
Regulatory Matters (Narrative) (Details) | 12 Months Ended | |||||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||||||
Common Equity tier 1 ratio | 7.00% | [1] | 7.00% | [1] | 4.50% | |||
Tier 1 capital ratio | 8.50% | [1] | 8.50% | [1] | 6.00% | 4.00% | ||
Total capital ratio | 10.50% | [1] | 10.50% | [1] | 8.00% | |||
Leverage ratio | [1] | 4.00% | 4.00% | |||||
Capital requirements phased period | 5 years | |||||||
Capital conservation buffer | 0.625% | |||||||
Capital conservation buffer, full implementation | 2.50% | |||||||
Common equity tier 1 capital ratio, full implementation | 7.00% | |||||||
Tier 1 capital ratio, full implementation | 8.50% | |||||||
Total capital ratio, full implementation | 10.50% | |||||||
Well-Capitalized ratio | 6.50% | 6.50% | ||||||
Tier 1 Capital well-capitalized ratio | 8.00% | 8.00% | 6.00% | |||||
Tier 1 Leverage Ratio | 3.00% | |||||||
Risk Weight For Loans | 150.00% | 100.00% | ||||||
Credit Conversion Factor | 20.00% | 0.00% | ||||||
Risk weight for servicing rights and deferred tax assets | 250.00% | 100.00% | ||||||
Minimum [Member] | ||||||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||||||
Risk weight for equity exposures | 0.00% | |||||||
Maximum [Member] | ||||||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||||||
Risk weight for equity exposures | 600.00% | |||||||
[1] | Includes capital conservation buffer after full phase-in where applicable. |
Regulatory Matters (Schedule Of
Regulatory Matters (Schedule Of Capital Ratios For The Bank) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2015 | Dec. 31, 2014 | ||||
Regulatory Matters [Abstract] | |||||||
Total capital (to risk-weighted assets), Actual, Amount | $ 71,090 | $ 66,633 | |||||
Total capital (to risk-weighted assets), Actual, Ratio | 11.54% | 11.81% | |||||
Total capital (to risk-weighted assets), Minimum Capital Requirement, Amount | $ 64,708 | $ 59,239 | |||||
Total capital (to risk-weighted assets), Minimum Capital Requirement, Ratio | 10.50% | [1] | 10.50% | [1] | 8.00% | ||
Total capital (to risk-weighted assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 61,627 | $ 56,418 | |||||
Total capital (to risk-weighted assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 10.00% | 10.00% | |||||
Tier I capital (to risk-weighted assets), Actual, Amount | $ 66,261 | $ 62,052 | |||||
Tier I capital (to risk-weighted assets), Actual, Ratio | 10.75% | 11.00% | |||||
Tier I capital (to risk-weighted assets), Minimum Capital Requirement, Amount | $ 52,383 | $ 47,956 | |||||
Tier I capital (to risk-weighted assets), Minimum Capital Requirement, Ratio | 8.50% | [1] | 8.50% | [1] | 6.00% | 4.00% | |
Tier I capital (to risk-weighted assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 49,302 | $ 45,135 | |||||
Tier I capital (to risk-weighted assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 8.00% | 8.00% | 6.00% | ||||
Common Equity Tier I capital (to risk-weighted assets) Actual , Amount | $ 66,261 | $ 62,052 | |||||
Common Equity Tier I capital (to risk-weighted assets) Actual , Ratio | 10.75% | 11.00% | |||||
Common Equity Tier I capital (to risk-weighted assets) Minimum Capital Requirement, Amount | $ 43,139 | $ 39,493 | |||||
Common Equity Tier I capital (to risk-weighted assets) Minimum Capital Requirement, Ratio | 7.00% | [1] | 7.00% | [1] | 4.50% | ||
Common Equity Tier 1 capital (to risk-weighted assets) To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 40,057 | $ 36,672 | |||||
Common Equity Tier I capital (to risk-weighted assets) To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 6.50% | 6.50% | |||||
Tier I capital (leverage) (to average assets), Actual, Amount | $ 66,261 | $ 62,052 | |||||
Tier I capital (leverage) (to average assets), Actual, Ratio | 9.13% | 9.25% | |||||
Tier I capital (leverage) (to average assets), Minimum Capital Requirement, Amount | $ 29,016 | $ 26,835 | |||||
Tier I capital (leverage) (to average assets), Minimum Capital Requirement, Ratio | [1] | 4.00% | 4.00% | ||||
Tier I capital (leverage) (to average assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 36,270 | $ 33,544 | |||||
Tier I capital (leverage) (to average assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 5.00% | 5.00% | |||||
[1] | Includes capital conservation buffer after full phase-in where applicable. |
Financial Instruments With Of_3
Financial Instruments With Off-Balance-Sheet Risk (Narrative) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Loan Origination Commitments [Member] | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Fair value off balance sheet risks | $ 11,294 |
Loans Held For Sale [Member] | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Fair value off balance sheet risks | $ 4,221 |
Financial Instruments With Of_4
Financial Instruments With Off-Balance-Sheet Risk (Summary Of Financial Instruments With Contract Amounts Representing Credit Risk) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Standby Letters of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair value off balance sheet risks | $ 3,469 | $ 2,972 |
Commitments to Extend Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair value off balance sheet risks | $ 134,186 | $ 129,485 |
Concentration Of Credit Risk (N
Concentration Of Credit Risk (Narrative) (Details) | Dec. 31, 2019USD ($)item | Dec. 31, 2018USD ($) |
Accounts secured by FDIC | 1 | |
FDIC coverage amount | $ | $ 250,000 | |
Uninsured cash balances | $ | $ 6,300,000 | $ 6,700,000 |
Community Bankers Bank [Member] | ||
Accounts secured by FDIC | 1 | |
Suntrust Bank [Member] | ||
Accounts secured by FDIC | 1 | |
Zions Bank [Member] | ||
Accounts secured by FDIC | 1 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale, fair value adjustment | $ 0 | $ 0 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Assets Measured On Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | $ 59,655 | $ 52,727 |
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 | 59,655 | 52,727 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | ||
US Treasuries [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | 1,964 | 1,845 |
US Treasuries [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 Treasuries [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 | 1,964 | 1,845 |
US Treasuries [Member] | 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 | 32,108 | 23,267 |
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 | 32,108 | 23,267 |
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 | 10,264 | 11,876 |
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 | 10,264 | 11,876 |
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 | 11,222 | 12,009 |
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 | 11,222 | 12,009 |
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 | 4,097 | 3,730 |
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 | 4,097 | 3,730 |
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 ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Impaired loans | [1] | $ 1,239 | $ 1,587 |
Other real estate owned | 2,339 | 2,430 | |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Impaired loans | [1] | ||
Other real estate owned | |||
Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Impaired loans | [1] | ||
Other real estate owned | |||
Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Impaired loans | [1] | 1,239 | 1,587 |
Other real estate owned | $ 2,339 | $ 2,430 | |
[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] $ in Thousands | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Impaired Loans [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, Fair Value | $ 1,239 | $ 1,587 |
Impaired Loans [Member] | Minimum [Member] | Discounted Appraised Value [Member] | Selling Cost [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Impaired loans | 0 | 0 |
Impaired Loans [Member] | Minimum [Member] | Discounted Appraised Value [Member] | Discount For Lack Of Marketability And Age Of Appraisal [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Impaired loans | 0 | 0 |
Impaired Loans [Member] | Maximum [Member] | Discounted Appraised Value [Member] | Selling Cost [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Impaired loans | 10 | 10 |
Impaired Loans [Member] | Maximum [Member] | Discounted Appraised Value [Member] | Discount For Lack Of Marketability And Age Of Appraisal [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Impaired loans | 20 | 20 |
Impaired Loans [Member] | Weighted Average [Member] | Discounted Appraised Value [Member] | Selling Cost [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Impaired loans | 8 | 8 |
Impaired Loans [Member] | Weighted Average [Member] | Discounted Appraised Value [Member] | Discount For Lack Of Marketability And Age Of Appraisal [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Impaired loans | 6 | 6 |
OREO [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, Fair Value | $ 2,339 | $ 2,430 |
OREO [Member] | Minimum [Member] | Discounted Appraised Value [Member] | Selling Cost [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
OREO | 0 | 0 |
OREO [Member] | Minimum [Member] | Discounted Appraised Value [Member] | Discount For Lack Of Marketability And Age Of Appraisal [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
OREO | 0 | 0 |
OREO [Member] | Maximum [Member] | Discounted Appraised Value [Member] | Selling Cost [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
OREO | 10 | 10 |
OREO [Member] | Maximum [Member] | Discounted Appraised Value [Member] | Discount For Lack Of Marketability And Age Of Appraisal [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
OREO | 25 | 25 |
OREO [Member] | Weighted Average [Member] | Discounted Appraised Value [Member] | Selling Cost [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
OREO | 6 | 6 |
OREO [Member] | Weighted Average [Member] | Discounted Appraised Value [Member] | Discount For Lack Of Marketability And Age Of Appraisal [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
OREO | 15 | 15 |
Fair Value Measurements (Fair_2
Fair Value Measurements (Fair Value Carrying And Notional Amounts) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | $ 30,794 | $ 26,725 |
Fed funds sold | 8,317 | 23,600 |
Available-for-sale Securities | 59,655 | 52,727 |
Held-to-maturity Securities | 3,688 | 3,700 |
Restricted stock | 1,506 | 1,462 |
Loans held for sale | 4,221 | 1,670 |
Interest receivable | 1,866 | 1,742 |
BOLI | 13,686 | 13,359 |
Interest payable | 173 | 127 |
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 | 30,794 | 26,725 |
Fed funds sold | 8,317 | 23,600 |
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 | 59,655 | 52,727 |
Held-to-maturity Securities | 3,861 | 3,515 |
Restricted stock | 1,506 | 1,462 |
Loans held for sale | 4,221 | 1,670 |
Interest receivable | 1,866 | 1,742 |
BOLI | 13,686 | 13,359 |
Deposits | 651,479 | 612,532 |
Capital notes | 4,795 | 4,710 |
Interest payable | 173 | 127 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale Securities | ||
Loans, net | 569,850 | 522,782 |
Carrying Amounts [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | 30,794 | 26,725 |
Fed funds sold | 8,317 | 23,600 |
Available-for-sale Securities | 59,655 | 52,727 |
Held-to-maturity Securities | 3,688 | 3,700 |
Restricted stock | 1,506 | 1,462 |
Loans, net | 573,274 | 530,016 |
Loans held for sale | 4,221 | 1,670 |
Interest receivable | 1,866 | 1,742 |
BOLI | 13,686 | 13,359 |
Deposits | 649,459 | 612,043 |
Capital notes | 5,000 | 5,000 |
Interest payable | 173 | 127 |
Fair Values [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | 30,794 | 26,725 |
Fed funds sold | 8,317 | 23,600 |
Available-for-sale Securities | 59,655 | 52,727 |
Held-to-maturity Securities | 3,861 | 3,515 |
Restricted stock | 1,506 | 1,462 |
Loans, net | 569,850 | 522,782 |
Loans held for sale | 4,221 | 1,670 |
Interest receivable | 1,866 | 1,742 |
BOLI | 13,686 | 13,359 |
Deposits | 651,479 | 612,532 |
Capital notes | 4,795 | 4,710 |
Interest payable | $ 173 | $ 127 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 |
Leases [Abstract] | ||
Effect of change in assets and liabilities | $ 3,000 | |
Lease liabilities | $ 4,422 |
Leases (Operating Leases Inform
Leases (Operating Leases Information) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
Lease liabilities | $ 1,524 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilities |
Right-of-use assets | $ 1,508 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:OtherAssets |
Weighted average remaining lease term | 14 years 10 months 24 days |
Weighted average discount rate | 3.39% |
Leases (Finance Leases Informat
Leases (Finance Leases Information) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
Lease liabilities | $ 4,422 |
Finance Lease, Liability, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilities |
Right-of-use assets | $ 4,316 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:OtherAssets |
Weighted average remaining lease term | 11 years 2 months 12 days |
Weighted average discount rate | 2.70% |
Leases (Schedule Of Lease Cost)
Leases (Schedule Of Lease Cost) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating lease cost | $ 365 |
Amortization of right-of-use assets | 242 |
Interest on lease liabilities | 71 |
Total lease cost | 678 |
Cash paid for amounts included in the measurement of operating lease liabilities | 348 |
Cash paid for amounts included in the measurement of finance lease liabilities | $ 206 |
Leases (Maturity Analysis For O
Leases (Maturity Analysis For Operating And Financing Lease Liabilities And Reconciliation Of Undiscounted Cash Flows) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
Operating Lease Liabilities, Twelve months ending December 31, 2020 | $ 184 |
Operating Lease Liabilities, Twelve months ending December 31, 2021 | 111 |
Operating Lease Liabilities, Twelve months ending December 31, 2022 | 110 |
Operating Lease Liabilities, Twelve months ending December 31, 2023 | 110 |
Operating Lease Liabilities, Twelve months ending December 31, 2024 | 110 |
Operating Lease Liabilities, Thereafter | 1,352 |
Operating Lease Liabilities, Total undiscounted cash flows | 1,977 |
Operating Lease Liabilities, Discount | (453) |
Operating Lease Liabilities, Lease liabilities | 1,524 |
Finance Lease Liabilities, Twelve months ending December 31, 2020 | 445 |
Finance Lease Liabilities, Twelve months ending December 31, 2021 | 454 |
Finance Lease Liabilities, Twelve months ending December 31, 2022 | 454 |
Finance Lease Liabilities, Twelve months ending December 31, 2023 | 454 |
Finance Lease Liabilities, Twelve months ending December 31, 2024 | 479 |
Finance Lease Liabilities, Thereafter | 2,881 |
Finance Lease Liabilities, Total undiscounted cash flows | 5,167 |
Finance Lease Liabilities, Discount | (745) |
Finance Lease Liabilities, Lease liabilities | $ 4,422 |
Condensed Financial Statement_3
Condensed Financial Statements Of Parent Company (Condensed Balance Sheet Of Parent Company) (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Taxes receivable | $ 1,102 | ||
Other assets | $ 8,173 | 1,183 | |
Total assets | 725,394 | 674,897 | |
Capital notes | 5,000 | 5,000 | |
Other liabilities | 9,193 | 2,584 | |
Total liabilities | 663,949 | 619,754 | |
Common stock $2.14 par value | 9,325 | 9,370 | |
Additional paid-in-capital | 31,225 | 31,495 | |
Retained earnings | 20,900 | 16,521 | |
Accumulated other comprehensive (loss) | (5) | (2,243) | |
Total stockholders' equity | 61,445 | 55,143 | $ 51,665 |
Total liabilities and stockholders' equity | $ 725,394 | $ 674,897 | |
Common stock, par value | $ 2.14 | $ 2.14 | |
Parent Company [Member] | |||
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Cash | $ 212 | $ 349 | |
Taxes receivable | 15 | 25 | |
Investment in subsidiaries | 66,256 | 59,808 | |
Other assets | 8 | 19 | |
Total assets | 66,491 | 60,201 | |
Capital notes | 5,000 | 5,000 | |
Other liabilities | 46 | 58 | |
Total liabilities | 5,046 | 5,058 | |
Common stock $2.14 par value | 9,325 | 9,370 | |
Additional paid-in-capital | 31,225 | 31,495 | |
Retained earnings | 20,900 | 16,521 | |
Accumulated other comprehensive (loss) | (5) | (2,243) | |
Total stockholders' equity | 61,445 | 55,143 | |
Total liabilities and stockholders' equity | $ 66,491 | $ 60,201 | |
Common stock, par value | $ 2.14 | $ 2.14 |
Condensed Financial Statement_4
Condensed Financial Statements Of Parent Company (Condensed Statements Of Income Of Parent Company) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Condensed Income Statements, Captions [Line Items] | ||
Interest on capital notes | $ 200 | $ 200 |
Income tax (benefit) | 1,329 | 1,329 |
Net Income | 5,605 | 5,302 |
Parent Company [Member] | ||
Condensed Income Statements, Captions [Line Items] | ||
Dividends from subsidiary | 1,800 | 800 |
Interest on capital notes | 200 | 200 |
Legal and professional fees | 166 | 217 |
Other expense | 147 | 104 |
Total expenses | 513 | 521 |
Income tax (benefit) | (108) | (109) |
Income before equity in undistributed income of subsidiaries | 1,395 | 388 |
Equity in undistributed income of subsidiaries | 4,210 | 4,914 |
Net Income | $ 5,605 | $ 5,302 |
Condensed Financial Statement_5
Condensed Financial Statements Of Parent Company (Condensed Statements Of Cash Flows Of Parent Company) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net Income | $ 5,605 | $ 5,302 |
Decrease in income taxes receivable | 1,226 | 264 |
Decrease (increase) in other assets | (805) | (258) |
(Decrease) increase in other liabilities | 286 | 512 |
Net cash provided by operating activities | 5,592 | 8,573 |
Net cash (used in) investing activities | (52,525) | (38,766) |
Dividends paid to common stockholders | (1,226) | (1,050) |
Repurchase of common stock | (315) | |
Net cash (used in) financing activities | 35,719 | 43,500 |
(Decrease) in cash and cash equivalents | (11,214) | 13,307 |
Cash and cash equivalents at beginning of period | 50,325 | 37,018 |
Cash and cash equivalents at end of period | 39,111 | 50,325 |
Parent Company [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net Income | 5,605 | 5,302 |
Decrease in income taxes receivable | 10 | 95 |
Decrease (increase) in other assets | 11 | (1) |
(Decrease) increase in other liabilities | (12) | 58 |
Equity in undistributed net (income) of subsidiaries | (4,210) | (4,914) |
Net cash provided by operating activities | 1,404 | 540 |
Dividends paid to common stockholders | (1,226) | (1,050) |
Repurchase of common stock | (315) | |
Net cash (used in) financing activities | (1,541) | (1,050) |
(Decrease) in cash and cash equivalents | (137) | (510) |
Cash and cash equivalents at beginning of period | 349 | 859 |
Cash and cash equivalents at end of period | $ 212 | $ 349 |