Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 28, 2019 | Jun. 30, 2018 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2018 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | Community Bankers Trust Corp | ||
Entity Central Index Key | 0001323648 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Shell Company | false | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Public Float | $ 191,481,070 | ||
Entity Common Stock, Shares Outstanding | 22,132,304 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
ASSETS | ||
Cash and due from banks | $ 18,292 | $ 14,642 |
Interest bearing bank deposits | 15,927 | 7,316 |
Total cash and cash equivalents | 34,219 | 21,958 |
Securities available for sale, at fair value | 206,726 | 204,834 |
Securities held to maturity, at cost (fair value of $42,253 and $46,888, respectively) | 42,108 | 46,146 |
Equity securities, restricted, at cost | 7,800 | 9,295 |
Total securities | 256,634 | 260,275 |
Loans held for sale | 146 | |
Loans | 993,705 | 942,018 |
Purchased credit impaired (PCI) loans | 38,285 | 44,333 |
Total loans | 1,031,990 | 986,351 |
Allowance for loan losses (loans of $8,983 and $8,969, respectively; PCI loans of $156 and $200, respectively) | (9,139) | (9,169) |
Net loans | 1,022,851 | 977,182 |
Bank premises and equipment, net | 31,488 | 30,198 |
Bank premises and equipment held for sale | 1,252 | |
Other real estate owned (OERO) | 1,099 | 2,791 |
Bank owned life insurance | 28,834 | 28,099 |
Other assets | 16,627 | 15,687 |
Total assets | 1,393,150 | 1,336,190 |
Deposits: | ||
Noninterest bearing | 165,086 | 153,028 |
Interest bearing | 999,889 | 942,736 |
Total deposits | 1,164,975 | 1,095,764 |
Federal funds purchased | 19,440 | 4,849 |
Federal Home Loan Bank borrowings | 59,447 | 101,429 |
Trust preferred capital notes | 4,124 | 4,124 |
Other liabilities | 7,703 | 6,021 |
Total liabilities | 1,255,689 | 1,212,187 |
SHAREHOLDERS' EQUITY | ||
Common stock (200,000,000 shares authorized, $0.01 par value; 22,132,304 and 22,072,523 shares issued and outstanding, respectively) | 221 | 221 |
Additional paid in capital | 148,763 | 147,671 |
Retained deficit | (10,244) | (23,932) |
Accumulated other comprehensive (loss) income | (1,279) | 43 |
Total shareholders' equity | 137,461 | 124,003 |
Total liabilities and shareholders' equity | $ 1,393,150 | $ 1,336,190 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Of Financial Position [Abstract] | ||
Securities held to maturity | $ 42,253 | $ 46,888 |
Allowance for loan losses, loans | 8,983 | 8,969 |
Allowance for loan losses, PCI loans | $ 156 | $ 200 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares issued | 22,132,304 | 22,072,523 |
Common stock, shares outstanding | 22,132,304 | 22,072,523 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Interest and dividend income | ||
Interest and fees on loans | $ 46,291 | $ 40,301 |
Interest and fees on PCI loans | 5,222 | 5,733 |
Interest on federal funds sold | 5 | 1 |
Interest on deposits in other banks | 303 | 196 |
Interest and dividends on securities | ||
Taxable | 5,258 | 4,682 |
Nontaxable | 2,162 | 2,402 |
Total interest and dividend income | 59,241 | 53,315 |
Interest expense | ||
Interest on deposits | 10,257 | 7,897 |
Interest on borrowed funds | 1,797 | 1,302 |
Total interest expense | 12,054 | 9,199 |
Net interest income | 47,187 | 44,116 |
Provision for loan losses | 550 | |
Net interest income after provision for loan losses | 47,187 | 43,566 |
Noninterest income | ||
Service charges and fees | 2,510 | 2,681 |
Gain on securities transactions, net | 70 | 210 |
Gain on sale of loans, net | 118 | |
Income on bank owned life insurance | 735 | 758 |
Mortgage loan income | 319 | 242 |
Other | 711 | 625 |
Total noninterest income | 4,463 | 4,516 |
Noninterest expense | ||
Salaries and employee benefits | 21,477 | 19,423 |
Occupancy expenses | 3,188 | 3,130 |
Equipment expenses | 1,398 | 1,144 |
FDIC assessment | 776 | 726 |
Data processing fees | 2,122 | 1,923 |
Amortization of intangibles | 898 | |
Other real estate expense, net | 113 | 162 |
Other operating expenses | 5,803 | 6,570 |
Total noninterest expense | 34,877 | 33,976 |
Income before income taxes | 16,773 | 14,106 |
Income tax expense | 3,085 | 6,903 |
Net income | $ 13,688 | $ 7,203 |
Net income per share - basic | $ 0.62 | $ 0.33 |
Net income per share - diluted | $ 0.61 | $ 0.32 |
Weighted average number of shares outstanding | ||
Basic | 22,103 | 22,014 |
Diluted | 22,569 | 22,512 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 13,688 | $ 7,203 |
Other comprehensive (loss) income: | ||
Change in unrealized (loss) gain on investment securities | (1,946) | 2,054 |
Tax related to unrealized loss (gain) on investment securities | 428 | (712) |
Reclassification adjustment for gain on securities sold | (70) | (210) |
Tax related to realized gain on securities sold | 16 | 73 |
Defined benefit pension plan: | ||
Change in prior service cost | 5 | 5 |
Change in unrealized gain (loss) on plan assets | 238 | (185) |
Tax related to defined benefit pension plan | (52) | 74 |
Cash flow hedge: | ||
Change in unrealized gain on cash flow hedge | 76 | 246 |
Tax related to cash flow hedge | (17) | (86) |
Total other comprehensive (loss) income | (1,322) | 1,259 |
Total comprehensive income | $ 12,366 | $ 8,462 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid in Capital [Member] | Retained Deficit [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
Beginning Balance at Dec. 31, 2016 | $ 220 | $ 146,667 | $ (31,128) | $ (1,223) | $ 114,536 |
Beginning Balance, shares at Dec. 31, 2016 | 21,960 | ||||
Issuance of common stock | 159 | 159 | |||
Issuance of common stock, shares | 19 | ||||
Exercise and issuance of employee stock options | $ 1 | 845 | 846 | ||
Exercise and issuance of employee stock options, shares | 94 | ||||
Net income | 7,203 | 7,203 | |||
Impact of the Tax Cut and Jobs Act | (7) | 7 | |||
Other comprehensive income (loss) | 1,259 | 1,259 | |||
Ending Balance at Dec. 31, 2017 | $ 221 | 147,671 | (23,932) | 43 | 124,003 |
Ending Balance, shares at Dec. 31, 2017 | 22,073 | ||||
Issuance of common stock | 166 | 166 | |||
Issuance of common stock, shares | 18 | ||||
Exercise and issuance of employee stock options | 926 | 926 | |||
Exercise and issuance of employee stock options, shares | 41 | ||||
Net income | 13,688 | 13,688 | |||
Other comprehensive income (loss) | (1,322) | (1,322) | |||
Ending Balance at Dec. 31, 2018 | $ 221 | $ 148,763 | $ (10,244) | $ (1,279) | $ 137,461 |
Ending Balance, shares at Dec. 31, 2018 | 22,132 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Operating activities: | ||
Net income | $ 13,688 | $ 7,203 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and intangibles amortization | 1,985 | 2,601 |
Stock-based compensation expense | 946 | 745 |
Tax benefit of exercised stock options | (48) | (163) |
Amortization of purchased loan premium | 258 | 195 |
Deferred tax expense | 772 | 3,729 |
Provision for loan losses | 550 | |
Amortization of security premiums and accretion of discounts, net | 1,543 | 1,848 |
Net gain on sale of securities | (70) | (210) |
Net gain on sale and valuation of other real estate owned | (42) | (5) |
Net gain on sale of loans | (118) | |
Originations of mortgages held for sale | (1,018) | |
Proceeds from sales of mortgages held for sale | 872 | |
Increase in bank owned life insurance investment | (735) | (760) |
Changes in assets and liabilities: | ||
(Increase) decrease in other assets | (249) | (1,490) |
Increase (decrease) in accrued expenses and other liabilities | 1,905 | 741 |
Net cash provided by operating activities | 19,689 | 14,984 |
Investing activities: | ||
Proceeds from sales/ calls/ maturities/ paydowns of available for sale securities | 47,811 | 61,825 |
Proceeds from calls/ maturities/ paydowns of held to maturity securities | 3,929 | 946 |
Proceeds from sales/ calls/ maturities/ paydowns of restricted equity securities | 2,005 | 1,255 |
Purchase of available for sale securities | (53,082) | (50,174) |
Purchase of held to maturity securities | (642) | |
Purchase of restricted equity securities | (510) | (2,260) |
Proceeds from sale of other real estate owned | 2,129 | 2,141 |
Net increase in loans | (43,362) | (100,296) |
Principal recoveries of loans previously charged off | 514 | 439 |
Purchase of premises and equipment, net | (4,527) | (3,544) |
Purchase small business investment company fund investment | (945) | (525) |
Purchase of loans held for investment | (8,991) | |
Proceeds from sale of loans | 5,635 | |
Net cash used in investing activities | (49,394) | (90,835) |
Financing activities: | ||
Net increase in deposits | 69,211 | 58,470 |
Net increase in federal funds purchased | 14,591 | 135 |
Net (decrease) increase in short-term Federal Home Loan Bank borrowings | (30,500) | 15,500 |
Proceeds from long-term Federal Home Loan Bank borrowings | 10,000 | |
Payments on long-term Federal Home Loan Bank borrowings | (11,482) | (5,958) |
Proceeds from issuance of common stock | 146 | 260 |
Payments on long-term debt | (1,670) | |
Net cash provided by financing activities | 41,966 | 76,737 |
Net increase in cash and cash equivalents | 12,261 | 886 |
Cash and cash equivalents: | ||
Beginning of the period | 21,958 | 21,072 |
End of the period | 34,219 | 21,958 |
Supplemental disclosures of cash flow information: | ||
Interest paid | 11,540 | 9,124 |
Income taxes paid | 2,198 | 3,570 |
Transfers of other real estate owned | 396 | $ 500 |
Transfer of building premises and equipment to held for sale | $ 1,252 |
Nature of Banking Activities an
Nature of Banking Activities and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Nature of Banking Activities and Significant Accounting Policies [Abstract] | |
Nature of Banking Activities and Significant Accounting Policies | Note 1. Nature of Banking Activities and Significant Accounting Policies Organization Community Bankers Trust Corporation (the “Company”) is headquartered in Richmond, Virginia and is the holding company for Essex Bank (the “Bank”), a Virginia state bank with 26 full-service offices in Virginia and Maryland. The Bank also operates one loan production office in Virginia. The Bank engages in a general commercial banking business and provides a wide range of financial services primarily to individuals, small businesses and larger commercial companies, including individual and commercial demand and time deposit accounts, commercial and industrial loans, consumer and small business loans, real estate and mortgage loans, investment services, on-line and mobile banking products, and cash management services. Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and the Bank, its wholly-owned subsidiary . All intercompany balances and transactions have been eliminated in consolidation. Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 810, Consolidation, requires that the Company no longer eliminate through consolidation the equity investment in BOE Statutory Trust I, which was $124,000 at each of December 31, 2018 and 2017. The Company issued subordinated debt to the Trust , which is reflected as a liability on the Company’s consolidated balance sheet . Cash and Cash Equivalents For purposes of the consolidated statements of cash flows, the Company has defined cash and cash equivalents as cash and due from banks and interest-bearing bank balances. Restricted Cash The Bank is required to maintain a reserve against its deposits in accordance with Regulation D of the Federal Reserve Act. At December 31, 2018 and 2017, the Bank’s levels of vault cash sufficiently covered the reserve requirement. Securities 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. Securities not classified as held to maturity, including equity securities with readily determinable fair values, 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. Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Declines in the fair value of held-to-maturity and available-for-sale securities below their cost that are deemed to be other than temporary are reflected in earnings as realized losses. In estimating other than temporary impairment losses, management considers (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. Gains and losses on the sale of securities are determined using the specific identification method. Restricted Securities The Company is required to maintain an investment in the capital stock of certain correspondent banks. The Company’s investment in these securities is recorded at cost. Loans Held for Sale Mortgage loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated fair value in the aggregate. Net unrealized losses are recognized through a valuation allowance by charges to income. Mortgage loans held for sale are sold with the mortgage servicing rights released by the Company. The Company enters into commitments to originate certain mortgage loans whereby the interest rate on the loans is determined prior to funding (rate lock commitments). Rate lock commitments on mortgage loans that are intended to be sold are considered to be derivatives. The period of time between issuance of a loan commitment and closing and the sale of the loan generally ranges from thirty to forty - five days. The Company protects itself from changes in interest rates through the use of best efforts forward delivery commitments, whereby the Company commits to sell a loan at the time the borrower commits to an interest rate with the intent that the buyer has assumed interest rate risk on the loan. As a result, the Company is not exposed to losses nor will it realize significant gains related to its rate lock commitments due to changes in interest rates. The correlation between the rate lock commitments and the best efforts contracts is very high due to their similarity. Because of this high correlation, the gain or loss that occurs on the rate lock commitments is immaterial. Loans The Bank grants mortgage, commercial and consumer loans to customers. A significant portion of the loan portfolio is represented by 1-4 family residential and commercial mortgage loans. The ability of the Bank’s debtors to honor their contracts is dependent upon the real estate and general economic conditions in the Bank’s market 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 effective interest method. The accrual of interest on mortgage and commercial loans is discontinued at the time the loan is 90 days delinquent unless the credit is well-secured and in process of collection. Consumer loans are typically charged off no later than 180 days past due. In all cases, loans are placed on nonaccrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. All interest accrued but not collected for loans that are placed on nonaccrual or charged-off is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method until qualifying for return to accrual status. Loans are returned to accrual status when all of the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Allowance for Loan Losses on Loans The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The allowance is an amount that management believes is appropriate to absorb estimated losses relating to specifically identified loans, as well as probable credit losses inherent in the balance of the loan portfolio, based on an evaluation of the collectability of existing loans and prior loss experience. This evaluation also takes into consideration such factors as changes in the nature and volume of the loan portfolio, overall portfolio quality, review of specific problem loans, and current economic conditions that may affect the borrower’s ability to pay. This evaluation does not include the effects of expected losses on specific loans or groups of loans that are related to future events or expected changes in economic conditions. The evaluation also considers the following risk characteristics of each loan portfolio: · Residential 1-4 family mortgage loans include HELOCs and single family investment properties secured by first liens. The carry risks associated with owner-occupied and investment properties are the continued credit-worthiness of the borrower, changes in the value of the collateral, successful property maintenance and collection of rents due from tenants. The Company manages these risks by using specific underwriting policies and procedures and by avoiding concentrations in geographic regions. · Commercial real estate loans, including owner occupied and non-owner occupied mortgages, carry risks associated with the successful operations of the principal business operated on the property securing the loan or the successful operation of the real estate project securing the loan. General market conditions and economic activity may impact the performance of these loans. In addition to using specific underwriting policies and procedures for these types of loans, the Company manages risk by avoiding concentrations to any one business or industry, and by diversifying the lending to various lines of businesses, such as retail, office, office warehouse, industrial and hotel. · Construction and land development loans are generally made to commercial and residential builders/developers for specific construction projects, as well as to consumer borrowers. These carry more risk than real estate term loans due to the dynamics of construction projects, changes in interest rates, the long-term financing market and state and local government regulations. The Company manages risk by using specific underwriting policies and procedures for these types of loans and by avoiding concentrations to any one business or industry and by diversifying lending to various lines of businesses, in various geographic regions and in various sales or rental price points. · Second mortgages on residential 1-4 family loans carry risk associated with the continued credit-worthiness of the borrower, changes in value of the collateral and a higher risk of loss in the event the collateral is liquidated due to the inferior lien position. The Company manages risk by using specific underwriting policies and procedures. · Multifamily loans carry risks associated with the successful operation of the property, general real estate market conditions and economic activity. In addition to using specific underwriting policies and procedures, the Company manages risk by avoiding concentrations to geographic regions and by diversifying the lending to various unit mixes, tenant profiles and rental rates. · Agriculture loans carry risks associated with the successful operation of the business, changes in value of non-real estate collateral that may depreciate over time and inventory that may be affected by weather, biological, price, labor, regulatory and economic factors. The Company manages risks by using specific underwriting policies and procedures, as well as avoiding concentrations to individual borrowers and by diversifying lending to various agricultural lines of business (i.e., crops, cattle, dairy, etc.). · Commercial loans carry risks associated with the successful operation of the business, changes in value of non-real estate collateral that may depreciate over time, accounts receivable whose collectability may change and inventory values that may be subject to various risks including obsolescence. General market conditions and economic activity may also impact the performance of these loans. In addition to using specific underwriting policies and procedures for these types of loans, the Company manages risk by diversifying the lending to various industries and avoids geographic concentrations. · Consumer installment loans carry risks associated with the continued credit-worthiness of the borrower and the value of rapidly depreciating assets or lack thereof. These types of loans are more likely than real estate loans to be quickly and adversely affected by job loss, divorce, illness or personal bankruptcy. The Company manages risk by using specific underwriting policies and procedures for these types of loans. · All other loans generally support the obligations of state and political subdivisions in the U.S. and are not a material source of business for the Company. The loans carry risks associated with the continued credit-worthiness of the obligations and economic activity. The Company manages risk by using specific underwriting policies and procedures for these types of loans. While management uses the best information available to make its evaluation, future adjustments to the allowance may be necessary if there are significant changes in economic conditions. In addition, regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses, and may require the Company to make additions to the allowance based on their judgment about information available to them at the time of their examinations. The allowance consists of specific, general and unallocated components. For loans that are also classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers non-classified loans and is based on historical loss experience adjusted for qualitative factors. The unallocated component covers uncertainties that could affect management’s estimate of probable losses. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining 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 for commercial and construction loans by either the present value of the expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral if the loan is collateral dependent. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual consumer and residential loans for impairment disclosures. Accounting for Certain Loans Acquired in a Transfer FASB ASC 310, Receivables requires acquired loans to be recorded at fair value and prohibits carrying over valuation allowances in the initial accounting for acquired impaired loans. Loans carried at fair value, mortgage loans held for sale, and loans to borrowers in good standing under revolving credit arrangements are excluded from the scope of FASB ASC 310 which limits the yield that may be accreted to the excess of the undiscounted expected cash flows over the investor’s initial investment in the loan. The excess of the contractual cash flows over expected cash flows may not be recognized as an adjustment of yield. Subsequent increases in cash flows to be collected are recognized prospectively through an adjustment of the loan’s yield over its remaining life. Decreases in expected cash flows are recognized as impairments through the allowance for loan losses. The Company’s acquired loans from the Suburban Federal Savings Bank (SFSB) transaction (the “PCI loans”), subject to FASB ASC Topic 805, Business Combinations, were recorded at fair value and no separate valuation allowance was recorded at the date of acquisition. FASB ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality , applies to loans acquired in a transfer with evidence of deterioration of credit quality for which it is probable, at acquisition, that the investor will be unable to collect all contractually required payments receivable. The Company is applying the provisions of FASB ASC 310-30 to all loans acquired in the SFSB transaction. The Company has grouped loans together based on common risk characteristics including product type, delinquency status and loan documentation requirements among others. The PCI loans are subject to the credit review standards described above for loans. If and when credit deterioration occurs subsequent to the date that the loans were acquired, a provision for loan loss for PCI loans will be charged to earnings for the full amount. The Company has made an estimate of the total cash flows it expects to collect from each pool of loans, which includes undiscounted expected principal and interest. The excess of that amount over the fair value of the pool is referred to as accretable yield. Accretable yield is recognized as interest income on a constant yield basis over the life of the pool. The Company also determines each pool’s contractual principal and contractual interest payments. The excess of that amount over the total cash flows that it expects to collect from the pool is referred to as nonaccretable difference, which is not recorded . Judgmental prepayment assumptions are applied to both contractually required payments and cash flows expected to be collected at acquisition. Over the life of the loan or pool, the Company continues to estimate cash flows expected to be collected. Subsequent decreases in cash flows expected to be collected over the life of the pool are recognized as an impairment in the current period through the allowance for loan loss. Subsequent increases in expected or actual cash flows are first used to reverse any existing valuation allowance for that loan or pool. Any remaining increase in cash flows expected to be collected is recognized as an adjustment to the accretable yield with the amount of periodic accretion adjusted over the remaining life of the pool. Bank Premises and Equipment Bank premises and equipment are stated at cost less accumulated depreciation. Land is carried at cost. Depreciation of bank premises and equipment is computed on the straight-line method over estimated useful lives of 10 to 50 years for premises and 3 to 10 years for equipment, furniture and fixtures. Costs of maintenance and repairs are charged to expense as incurred and major improvements are capitalized. Upon sale or retirement of depreciable properties, the cost and related accumulated depreciation are eliminated from the accounts and the resulting gain or loss is included in the determination of income. Other Real Estate Owned Real estate acquired through, or in lieu of, loan foreclosure is held for sale and is initially recorded at the fair value at the date of foreclosure net of estimated disposal costs, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of the carrying amount or the fair value less costs to sell. Revenues and expenses from operations and changes in the valuation allowance are included in other operating expenses. Costs to bring a property to salable condition are capitalized up to the fair value of the property while costs to maintain a property in salable condition are expensed as incurred. The Company had $1.1 million and $2.8 million in other real estate at December 31, 2018 and 2017, respectively. Bank Owned Life Insurance The Company is the owner and beneficiary of bank owned life insurance (BOLI) policies on certain current and former Bank employees. These policies are recorded at their cash surrender value and can be liquidated, if necessary, with associated tax costs. Income generated from these policies is recorded as noninterest income. The Bank is exposed to credit risk to the extent an insurance company is unable to fulfill its financial obligations under a policy. Advertising Costs The Company follows the policy of expensing advertising costs as incurred, which totaled $613,000 and $656,000 for 2018 and 2017, respectively. 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. Positions taken in the Company’s tax returns may be subject to challenge by the taxing authorities upon examination. Uncertain tax positions are initially recognized in the consolidated financial statements when it is more likely than not that the position will be sustained upon examination by the tax authorities. Such tax positions are both initially and subsequently measured as the largest amount of tax benefit that is greater than 50 percent likely of being realized upon settlement with the tax authority, assuming full knowledge of the position and all relevant facts. The Company provides for interest and, in some cases, penalties on tax positions that may be challenged by the taxing authorities. Interest expense is recognized beginning in the first period that such interest would begin accruing. Penalties are recognized in the period that the Company claims the position in the tax return. Interest and penalties on income tax uncertainties are classified within income tax expense in the consolidated statement of income. The Company had no interest or penalties during the years ended December 31, 2018 or 2017. Under FASB ASC 740, Income Taxes, a valuation allowance is provided when it is more likely than not that some portion of the deferred tax asset will not be realized. In management’s opinion, based on a three year taxable income projection, tax strategies that would result in potential securities gains and the effects of off-setting deferred tax liabilities, it is more likely than not that the deferred tax assets are realizable; therefore no allowance is required. The Company and its subsidiaries are subject to U. S. federal income tax as well as income tax for various states. All years from 2015 through 2018 are open to examination by the respective tax authorities. Earnings Per Share Basic earnings per share (EPS) is computed based on the weighted average number of shares outstanding and excludes any dilutive effects of options, warrants and convertible securities. Diluted EPS is computed in a manner similar to basic EPS, except for certain adjustments to the denominator. Diluted EPS gives effect to all dilutive potential common shares that were outstanding at the end of the period. Potential common shares that may be issued by the Company relate solely to outstanding stock options and are determined using the treasury stock method. There were no dividends declared or paid in each of the years 2018 and 2017. Stock-Based Compensation In April 2009, the Company adopted the Community Bankers Trust Corporation 2009 Stock Incentive Plan which is authorized to issue up to 2,650,000 shares of common stock. See Note 13 for details regarding this plan. Derivatives - Cash Flow Hedge The Company uses interest rate derivatives to manage certain amounts of its exposure to interest rate movements. To accomplish this objective, the Company is a party to interest rate swaps whereby the Company pays fixed amounts to a counterparty in exchange for receiving variable payments over the life of an underlying agreement without the exchange of underlying notional amounts. Derivatives designated as cash flow hedges are used primarily to minimize the variability in cash flows of assets or liabilities caused by interest rates. Cash flow hedges are periodically tested for effectiveness, which measures the correlation of the cash flows of the hedged item with the cash flows from the derivative. The effective portion of changes in the fair value of derivatives designated as cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified into net income in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivative is recognized directly in earnings. The Company’s cash flow hedge was deemed effective for each of the years ended 2018 and 2017. Change in Accounting Principles In February 2018, the FASB issued Accounting Standards Update (ASU) 2018-02, Income Statement – Reporting Comprehensive Income, in response to the recently passed Tax Cuts and Jobs Act of 2017 (the “Act”), which reduced the Company’s federal corporate income tax rate from 34% to 21% effective January 1, 2018. As a result of the Act, the Company recorded $3.5 million in income tax expense at December 31, 2017 to adjust the net deferred tax asset to reflect the reduction in the corporate income tax rate. This ASU allows for the reclassification of the stranded tax effects in accumulated other comprehensive (loss) income (AOCI) resulting from the Act effective for fiscal years beginning after December 15, 2018 with early adoption permitted. The Company elected early adoption and reclassified $7,000 from AOCI to retained deficit at December 31, 2017. Recent Accounting Pronouncements Adopted in 2018 In March 2017, the FASB issued ASU 2017-07, Compensation — Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost . The amendments apply to all employers, including not-for-profit entities, that offer to their employees defined benefit pension plans, other postretirement benefit plans, or other types of benefits accounted for under Topic 715, Compensation — Retirement Benefits . The amendments require that an employer report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component. The line item or items used in the income statement to present the other components of net benefit cost must be disclosed. The amendments were effective for public business entities for annual periods beginning after December 15, 2017, including interim periods within those annual periods. The Company adopted this guidance with no material impact on its consolidated financial statements. The Company does not offer a post retirement benefit plan. As the Company’s pension plan is frozen, no additional service cost will be incurred. The remaining components of net periodic benefit cost are not expected to be significant. See Note 12 for further details. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, clarifying the definition of a business. The amendments affect all companies and other reporting organizations that must determine whether they have acquired or sold a business. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. The amendments are intended to help companies and other organizations evaluate whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The amendments provide a more robust framework to use in determining when a set of assets and activities is a business. They also provide more consistency in applying the guidance, reduce the costs of application, and make the definition of a business more operable. For public companies, this ASU was effective for annual periods beginning after December 15, 2017, including interim periods within those periods. The Company adopted the guidance with no material impact on its consolidated financial statements . In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. The amendments apply to all entities that have restricted cash or restricted cash equivalents and are required to present a statement of cash flows. The amendments address diversity in practice that exists in the classification and presentation of changes in restricted cash on the statement of cash flows. The amendments require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. As a result, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendments do not provide a definition of restricted cash or restricted cash equivalents. For public business entities, this ASU was effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company adopted the guidance with no material impact on its consolidated financial statements . In January 2016, the FASB issued ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The new guidance is intended to improve the recognition and measurement of financial instruments. The new guidance makes targeted improvements to existing GAAP by: · Requiring equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income; · Requiring public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; · Requiring separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (i.e., securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements; · Eliminating the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; and · Requiring a reporting organization to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk (also referred to as “own credit”) when the organization has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. The new guidance was effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company adopted this guidance with no material impact on its consolidated financial statements . From 2014 to 2016, the FASB issued ASU 2014-09, Revenue from Contracts with Customers; ASU 2015-14, Deferral of the Effective Date; ASU 2016-08, Principal versus Agent Considerations; ASU 2016-10, Identifying Performance Obligations and Licensing; ASU 2016-12, Narrow-Scope Improvements and Practical Expedients; and ASU 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers. These ASUs supersede the revenue recognition requirements in ASC Topic 605, Revenue Recognition , and most industry-specific guidance throughout the Industry Topics of the Codification. The core principle of the ASUs is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASUs may be adopted either retrospectively or on a modified retrospective basis to new contracts and existing contracts, with remaining performance obligations as of the effective date. For public companies, the ASUs were effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. The Company adopted this guidance with no material impact on its consolidated financial statements. See Note 23 for further details. Adopted January 1, 2019 In February 2016, the FASB issued its new lease accounting guidance in ASU 2016-02, Leases (Topic 842). Und |
Securities
Securities | 12 Months Ended |
Dec. 31, 2018 | |
Securities [Abstract] | |
Securities | Note 2. Securities Amortized costs and fair values of securities available for sale and held to maturity at December 31, 2018 and 2017 were as follows ( dollars in thousands): December 31, 2018 Gross Unrealized Amortized Cost Gains Losses Fair Value Securities Available for Sale U.S. Treasury issue and other U.S. Gov’t agencies $ 29,908 $ 23 $ (419) $ 29,512 U.S. Gov’t sponsored agencies 8,241 48 (68) 8,221 State, county and municipal 112,465 1,018 (941) 112,542 Corporate and other bonds 10,027 73 (66) 10,034 Mortgage backed – U.S. Gov’t agencies 14,468 161 (231) 14,398 Mortgage backed – U.S. Gov’t sponsored agencies 32,409 35 (425) 32,019 Total Securities Available for Sale $ 207,518 $ 1,358 $ (2,150) $ 206,726 Securities Held to Maturity U.S. Treasury issue and other U.S. Gov’t agencies $ 10,000 $ — $ (210) $ 9,790 State, county and municipal 32,108 419 (64) 32,463 Total Securities Held to Maturity $ 42,108 $ 419 $ (274) $ 42,253 December 31, 2017 Gross Unrealized Amortized Cost Gains Losses Fair Value Securities Available for Sale U.S. Treasury issue and other U.S. Gov’t agencies $ 27,478 $ 64 $ (359) $ 27,183 U.S. Gov’t sponsored agencies 9,247 55 (24) 9,278 State, county and municipal 124,032 2,324 (596) 125,760 Corporate and other bonds 7,323 173 (36) 7,460 Mortgage backed – U.S. Gov’t agencies 18,546 138 (169) 18,515 Mortgage backed – U.S. Gov’t sponsored agencies 16,985 26 (373) 16,638 Total Securities Available for Sale $ 203,611 $ 2,780 $ (1,557) $ 204,834 Securities Held to Maturity U.S. Treasury issue and other U.S. Gov’t agencies $ 10,000 $ — $ (155) $ 9,845 State, county and municipal 35,678 922 (33) 36,567 Mortgage backed – U.S. Gov’t agencies 468 8 — 476 Total Securities Held to Maturity $ 46,146 $ 930 $ (188) $ 46,888 The amortized cost and fair value of securities at December 31, 2018 by final contractual maturity are shown below. Expected maturities may differ from final contractual maturities because issuers may have the right to call or prepay obligations without any penalties. Held to Maturity Available for Sale (dollars in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ 3,815 $ 3,838 $ 13,171 $ 13,138 Due after one year through five years 22,283 22,127 84,421 84,242 Due after five years through ten years 12,932 13,176 92,583 91,975 Due after ten years 3,078 3,112 17,343 17,371 Total securities $ 42,108 $ 42,253 $ 207,518 $ 206,726 Proceeds from sales of securities available for sale were $37.0 million and $41.4 million during the years ended December 31, 2018 and 2017, respectively. Gains and losses on the sale of securities are determined using the specific identification method. Gross realized gains and losses on sales of securities available for sale during the years ended December 31, 2018 and 2017 were as follows (dollars in thousands) : 2018 2017 Gross realized gains $ 187 $ 520 Gross realized losses (117) (310) Net securities gains $ 70 $ 210 In estimating other than temporary impairment (OTTI) losses, management considers the length of time and the extent to which the fair value has been less than cost, the financial condition and short-term prospects for the issuer, and the intent and ability of management to hold its investment for a period of time to allow a recovery in fair value. There were no investments held that had OTTI losses for the years ended December 31, 2018 and 2017. The fair value and gross unrealized losses for securities, segregated by the length of time that individual securities have been in a continuous gross unrealized loss position, at December 31, 2018 and 2017 were as follows (dollars in thousands): December 31, 2018 Less than 12 Months 12 Months or More Total Securities Available for Sale Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. Treasury issue and other U.S. Gov’t agencies $ 5,964 $ (35) $ 14,116 $ (384) $ 20,080 $ (419) U.S. Gov’t sponsored agencies 2,475 (13) 2,683 (55) 5,158 (68) State, county and municipal 7,918 (81) 34,540 (860) 42,458 (941) Corporate and other bonds 4,198 (49) 530 (17) 4,728 (66) Mortgage backed – U.S. Gov’t agencies 2,650 (45) 3,398 (186) 6,048 (231) Mortgage backed – U.S. Gov’t sponsored agencies 8,863 (49) 12,413 (376) 21,276 (425) Total $ 32,068 $ (272) $ 67,680 $ (1,878) $ 99,748 $ (2,150) Securities Held to Maturity U.S. Treasury issue and other U.S. Gov’t agencies $ - $ - $ 9,790 $ (210) $ 9,790 $ (210) State, county and municipal 2,452 (20) 3,985 (44) 6,437 (64) Total $ 2,452 $ (20) $ 13,775 $ (254) $ 16,227 $ (274) December 31, 2017 Less than 12 Months 12 Months or More Total Securities Available for Sale Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. Treasury issue and other U.S. Gov’t agencies $ 5,097 $ (36) $ 14,795 $ (323) $ 19,892 $ (359) U.S. Gov’t sponsored agencies 497 (3) 5,040 (21) 5,537 (24) State, county and municipal 20,740 (188) 9,569 (408) 30,309 (596) Corporate and other bonds - - 2,772 (36) 2,772 (36) Mortgage backed – U.S. Gov’t agencies 1,722 (25) 6,524 (144) 8,246 (169) Mortgage backed – U.S. Gov’t sponsored agencies 6,525 (111) 7,985 (262) 14,510 (373) Total $ 34,581 $ (363) $ 46,685 $ (1,194) $ 81,266 $ (1,557) Securities Held to Maturity U.S. Treasury issue and other U.S. Gov’t agencies $ - $ - $ 9,845 $ (155) $ 9,845 $ (155) State, county and municipal 1,485 (14) 1,262 (19) 2,747 (33) Total $ 1,485 $ (14) $ 11,107 $ (174) $ 12,592 $ (188) The unrealized losses (impairments) in the investment portfolio at December 31, 2018 and 2017 are generally a result of market fluctuations that occur daily. The unrealized losses are from 1 55 securities at December 31, 2018. Of those, 146 are investment grade, have U.S. government agency guarantees, or are backed by the full faith and credit of local municipalities throughout the United States. Three investment grade asset-backed securities comprised of student loan pools included in corporate obligations and six corporate bond s make up the remaining securities with unrealized losses at December 31, 2018. The Company considers the reason for impairment, length of impairment, and intent and ability to hold until the full value is recovered in determining if the impairment is temporary in nature. Based on this analysis, the Company has determined these impairments to be temporary in nature. The Company does not intend and it is more likely than not that the Company will not be required to sell these securities until they recover in value or reach maturity. Market prices are affected by conditions beyond the control of the Company. Investment decisions are made by the management group of the Company and reflect the overall liquidity and strategic asset/liability objectives of the Company. Management analyzes the securities portfolio frequently and manages the portfolio to provide an overall positive impact to the Company’s income statement and balance sheet. Securities with amortized costs of $ 56.0 million and $71.7 million at December 31, 2018 and 2017, respectively, were pledged to secure public deposits as required or permitted by law. Securities with amortized costs of $7.0 million at each of December 31, 2018 and 2017 were pledged to secure lines of credit at the Federal Reserve discount window with a lendable collateral value of $6.5 million at December 31, 2018. At each of December 31, 2018 and 2017, there were no securities purchased from a single issuer, other than U.S. Treasury issue and other U.S. Government agencies that comprised more than 10% of the consolidated shareholders’ equity. |
Loans and Related Allowance for
Loans and Related Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2018 | |
Loans and Related Allowance for Loan Losses [Abstract] | |
Loans and Related Allowance for Loan Losses | Note 3. Loans and Related Allowance for Loan Losses The Company’s loans, net of deferred fees and costs, at December 31, 2018 and 2017 were comprised of the following (dollars in thousands): December 31, 2018 December 31, 2017 Amount % of Loans Amount % of Loans Mortgage loans on real estate: Residential 1-4 family $ 216,268 21.77 % $ 227,542 24.16 % Commercial 379,904 38.23 366,331 38.89 Construction and land development 120,413 12.12 107,814 11.44 Second mortgages 6,778 0.68 8,410 0.89 Multifamily 59,557 5.99 59,024 6.27 Agriculture 8,370 0.84 7,483 0.79 Total real estate loans 791,290 79.63 776,604 82.44 Commercial loans 188,722 18.99 159,024 16.88 Consumer installment loans 12,048 1.21 5,169 0.55 All other loans 1,645 0.17 1,221 0.13 Total loans $ 993,705 100.00 % $ 942,018 100.00 % The Company held $17.4 million and $18.0 million in balances of loans guaranteed by the United States Department of Agriculture (USDA), which are included in various categories in the table above, at December 31, 2018 and 2017, respectively. As these loans are 100% guaranteed by the USDA, no loan loss allowance is required. These loan balances included a purchase premium of $ 1.2 million and $ 824,000 at December 31, 2018 and 2017, respectively. The purchase premium is amortized as an adjustment of the related loan yield on a straight line basis, which is substantially equivalent to the results obtained using the effective interest method. At December 31, 2018 and 2017, the Company’s allowance for loan losses was comprised of the following: (i) a specific valuation component calculated in accordance with FASB ASC 310, Receivables, (ii) a general valuation component calculated in accordance with FASB ASC 450, Contingencies , based on historical loan loss experience, current economic conditions and other qualitative risk factors, and (iii) an unallocated component to cover uncertainties that could affect management’s estimate of probable losses. Management identified loans subject to impairment in accordance with ASC 310. The following table summarizes information related to impaired loans as of December 31, 2018 and 2017 (dollars in thousands): December 31, 2018 December 31, 2017 With no related allowance recorded : Recorded Investment (1) Unpaid Principal Balance (2) Related Allowance Recorded Investment (1) Unpaid Principal Balance (2) Related Allowance Mortgage loans on real estate: Residential 1-4 family $ 1,563 $ 1,890 $ — $ 1,901 $ 2,246 $ — Commercial 3,502 4,176 — 3,862 4,477 — Multifamily 2,559 2,559 — — — — Total real estate loans 7,624 8,625 — 5,763 6,723 — Commercial loans — — — 1,108 1,108 — Subtotal impaired loans with no valuation allowance 7,624 8,625 — 6,871 7,831 — With an allowance recorded: Mortgage loans on real estate: Residential 1-4 family 2,131 2,538 349 2,216 2,640 290 Commercial 1,550 2,034 482 533 958 65 Construction and land development 4,571 5,840 515 4,277 5,537 556 Agriculture — — — 68 71 8 Total real estate loans 8,252 10,412 1,346 7,094 9,206 919 Commercial loans 1,983 1,991 900 325 446 39 Consumer installment loans — — — 7 7 1 Subtotal impaired loans with a valuation allowance 10,235 12,403 2,246 7,426 9,659 959 Total: Mortgage loans on real estate: Residential 1-4 family 3,694 4,428 349 4,117 4,886 290 Commercial 5,052 6,210 482 4,395 5,435 65 Construction and land development 4,571 5,840 515 4,277 5,537 556 Multifamily 2,559 2,559 — — — — Agriculture — — — 68 71 8 Total real estate loans 15,876 19,037 1,346 12,857 15,929 919 Commercial loans 1,983 1,991 900 1,433 1,554 39 Consumer installment loans — — — 7 7 1 Total impaired loans $ 17,859 $ 21,028 $ 2,246 $ 14,297 $ 17,490 $ 959 (1) The amount of the investment in a loan, is not net of a valuation allowance, but does reflect any direct write-down of the investment (2) The contractual amount due, reflects paydowns applied in accordance with loan documents, but does not reflect any direct write-downs or valuation allowance The following table summarizes the average recorded investment of impaired loans for the years ended December 31, 2018 and 2017 (dollars in thousands): 2018 2017 Average Investment Interest Recognized Average Investment Interest Recognized Mortgage loans on real estate: Residential 1-4 family $ 3,993 $ 124 $ 4,317 $ 106 Commercial 4,822 164 5,808 160 Construction and land development 4,839 — 4,531 — Multifamily 1,535 123 — — Agriculture 27 — 79 — Total real estate loans 15,216 411 14,735 266 Commercial loans 1,175 19 1,471 4 Consumer installment loans 3 — 74 — Total impaired loans $ 16,394 $ 430 $ 16,280 $ 270 Troubled debt restructures still accruing interest are loans that management expects to ultimately collect all principal and interest due, but not under the terms of the original contract. A reconciliation of impaired loans to nonaccrual loans at December 31, 2018 and December 31, 2017 is set forth in the table below (dollars in thousands): December 31, 2018 December 31, 2017 Nonaccruals $ 9,500 $ 9,026 Trouble debt restructure and still accruing 8,359 5,271 Total impaired $ 17,859 $ 14,297 Interest income on nonaccrual loans, if recognized, is recorded using the cash basis method of accounting. There was an insignificant amount of cash basis income recognized during the years ended December 31, 2018 and 2017. For the years ended December 31, 2018 and 2017, estimated interest income of $634,000 and $625,000 , respectively, would have been recorded if all such loans had been accruing interest according to their original contractual terms. There were no loans greater than 90 days past due and still accruing interest at December 31, 2018 and 2017. The following tables present an age analysis of past due status of loans, excluding PCI loans, by category as of December 31, 2018 and 2017 (dollars in thousands): December 31, 2018 30-89 Days Past Due Nonaccrual Total Past Due Current Total Loans Receivable Mortgage loans on real estate: Residential 1-4 family $ 495 $ 1,257 $ 1,752 $ 214,516 $ 216,268 Commercial 551 2,123 2,674 377,230 379,904 Construction and land development 59 4,571 4,630 115,783 120,413 Second mortgages — — — 6,778 6,778 Multifamily 2,559 — 2,559 56,998 59,557 Agriculture — — — 8,370 8,370 Total real estate loans 3,664 7,951 11,615 779,675 791,290 Commercial loans 80 1,549 1,629 187,093 188,722 Consumer installment loans 10 — 10 12,038 12,048 All other loans — — — 1,645 1,645 Total loans $ 3,754 $ 9,500 $ 13,254 $ 980,451 $ 993,705 December 31, 2017 30-89 Days Past Due Nonaccrual Total Past Due Current Total Loans Receivable Mortgage loans on real estate: Residential 1-4 family $ 1,056 $ 1,962 $ 3,018 $ 224,524 $ 227,542 Commercial 104 1,498 1,602 364,729 366,331 Construction and land development — 4,277 4,277 103,537 107,814 Second mortgages — — — 8,410 8,410 Multifamily — — — 59,024 59,024 Agriculture 19 68 87 7,396 7,483 Total real estate loans 1,179 7,805 8,984 767,620 776,604 Commercial loans 48 1,214 1,262 157,762 159,024 Consumer installment loans 12 7 19 5,150 5,169 All other loans — — — 1,221 1,221 Total loans $ 1,239 $ 9,026 $ 10,265 $ 931,753 $ 942,018 Activity in the allowance for loan losses on loans, excluding PCI loans, by segment for the years ended December 31, 2018 and 2017 is presented in the following tables (dollars in thousands): December 31, 2017 Provision Allocation Charge-offs Recoveries December 31, 2018 Mortgage loans on real estate: Residential 1-4 family $ 3,466 $ (1,252) $ (89) $ 156 $ 2,281 Commercial 2,423 (647) — 34 1,810 Construction and land development 1,247 3 (127) 38 1,161 Second mortgages 24 (10) — 6 20 Multifamily 496 (125) — — 371 Agriculture 14 3 — — 17 Total real estate loans 7,670 (2,028) (216) 234 5,660 Commercial loans 1,139 751 (45) 49 1,894 Consumer installment loans 110 53 (220) 209 152 All other loans 3 6 — 3 12 Unallocated 47 1,218 — — 1,265 Total loans $ 8,969 $ — $ (481) $ 495 $ 8,983 December 31, 2016 Provision Allocation Charge-offs Recoveries December 31, 2017 Mortgage loans on real estate: Residential 1-4 family $ 2,769 $ 726 $ (146) $ 117 $ 3,466 Commercial 1,952 879 (457) 49 2,423 Construction and land development 2,195 (817) (194) 63 1,247 Second mortgages 72 (101) — 53 24 Multifamily 260 236 — — 496 Agriculture 15 (1) — — 14 Total real estate loans 7,263 922 (797) 282 7,670 Commercial loans 602 963 (431) 5 1,139 Consumer installment loans 135 108 (285) 152 110 All other loans 7 (4) — — 3 Unallocated 1,486 (1,439) — — 47 Total loans $ 9,493 $ 550 $ (1,513) $ 439 $ 8,969 The following tables present information on the loans evaluated for impairment in the allowance for loan losses as of December 31, 2018 and 2017 (dollars in thousands): December 31, 2018 Allowance for Loan Losses Recorded Investment in Loans Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Mortgage loans on real estate: Residential 1-4 family $ 349 $ 1,932 $ 2,281 $ 3,694 $ 212,574 $ 216,268 Commercial 482 1,328 1,810 5,052 374,852 379,904 Construction and land development 515 646 1,161 4,571 115,842 120,413 Second mortgages — 20 20 — 6,778 6,778 Multifamily — 371 371 2,559 56,998 59,557 Agriculture — 17 17 — 8,370 8,370 Total real estate loans 1,346 4,314 5,660 15,876 775,414 791,290 Commercial loans 900 994 1,894 1,983 186,739 188,722 Consumer installment loans — 152 152 — 12,048 12,048 All other loans — 12 12 — 1,645 1,645 Unallocated — 1,265 1,265 — — — Total loans $ 2,246 $ 6,737 $ 8,983 $ 17,859 $ 975,846 $ 993,705 December 31, 2017 Allowance for Loan Losses Recorded Investment in Loans Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Mortgage loans on real estate: Residential 1-4 family $ 290 $ 3,176 $ 3,466 $ 4,117 $ 223,425 $ 227,542 Commercial 65 2,358 2,423 4,396 361,935 366,331 Construction and land development 556 691 1,247 4,276 103,538 107,814 Second mortgages — 24 24 — 8,410 8,410 Multifamily — 496 496 — 59,024 59,024 Agriculture 8 6 14 68 7,415 7,483 Total real estate loans 919 6,751 7,670 12,857 763,747 776,604 Commercial loans 39 1,100 1,139 1,433 157,591 159,024 Consumer installment loans 1 109 110 7 5,162 5,169 All other loans — 3 3 — 1,221 1,221 Unallocated — 47 47 — — — Total loans $ 959 $ 8,010 $ 8,969 $ 14,297 $ 927,721 $ 942,018 Loans are monitored for credit quality on a recurring basis. These credit quality indicators are defined as follows: Pass - A pass loan is not adversely classified, as it does not display any of the characteristics for adverse classification. This category includes purchased loans that are 100% guaranteed by U.S. Government agencies of $17.4 million and $18.0 million at December 31, 2018 and 2017, respectively. Special Mention - A special mention loan has potential weaknesses that deserve management’s close attention. If left uncorrected, such potential weaknesses may result in deterioration of the repayment prospects or collateral position at some future date. Special mention loans are not adversely classified and do not warrant adverse classification. Substandard - A substandard loan is inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans classified as substandard generally have a well defined weakness, or weaknesses, that jeopardize the liquidation of the debt. These loans are characterized by the distinct possibility of loss if the deficiencies are not corrected. Doubtful - A doubtful loan has all the weaknesses inherent in a loan classified as substandard with the added characteristics that the weaknesses make collection or liquidation in full highly questionable and improbable, on the basis of currently existing facts, conditions, and values. The possibility of loss is extremely high. The following tables present the composition of loans, excluding PCI loans, by credit quality indicator at December 31, 2018 and 2017 (dollars in thousands): December 31, 2018 Pass Special Mention Substandard Doubtful Total Mortgage loans on real estate: Residential 1-4 family $ 211,832 $ 3,179 $ 1,257 $ — $ 216,268 Commercial 372,745 3,551 3,608 — 379,904 Construction and land development 115,650 192 4,571 — 120,413 Second mortgages 6,686 92 — — 6,778 Multifamily 56,802 196 2,559 — 59,557 Agriculture 8,312 58 — — 8,370 Total real estate loans 772,027 7,268 11,995 — 791,290 Commercial loans 184,004 1,798 2,920 — 188,722 Consumer installment loans 12,042 6 — — 12,048 All other loans 1,645 — — — 1,645 Total loans $ 969,718 $ 9,072 $ 14,915 $ — $ 993,705 December 31, 2017 Pass Special Mention Substandard Doubtful Total Mortgage loans on real estate: Residential 1-4 family $ 222,026 $ 3,442 $ 2,074 $ — $ 227,542 Commercial 355,188 8,145 2,998 — 366,331 Construction and land development 103,356 182 4,276 — 107,814 Second mortgages 8,187 223 — — 8,410 Multifamily 56,452 — 2,572 — 59,024 Agriculture 7,010 385 88 — 7,483 Total real estate loans 752,219 12,377 12,008 — 776,604 Commercial loans 156,604 1,171 1,249 — 159,024 Consumer installment loans 5,137 25 7 — 5,169 All other loans 1,221 — — — 1,221 Total loans $ 915,181 $ 13,573 $ 13,264 $ — $ 942,018 In accordance with FASB ASU 2011-02, Receivables (Topic 310): A Creditor's Determination of Whether a Restructuring is a Troubled Debt Restructuring, the Company assesses all loan modifications to determine whether they are considered troubled debt restructurings (TDRs) under the guidance. The Company had 25 and 23 loans that met the definition of a TDR at December 31, 2018 and 2017, respectively. During the year ended December 31, 2018, the Company modified one multifamily loan, one commercial real estate loan, and one commercial loan that were considered to be TDRs, which had total pre - and post -modification balances of $2.6 million, $126,000 , and $233,000 respectively. The Company restructured the terms for all loans. During the year ended December 31, 2017, the Company modified three 1-4 family loans and one agriculture loan that were considered to be TDRs. The Company extended the terms for two of the 1-4 family loans and lowered the interest rate for each of these loans, which had a pre- and post -modification balance of $1.1 million. The Company extended the term for the agriculture loan, which had a pre- and post -modification balance of $258,000 . A loan is considered to be in default if it is 90 days or more past due. There were no TDRs that had been restructured during the previous 12 months that resulted in default during the years ended December 31, 2018 and 2017. In the determination of the allowance for loan losses, management considers TDRs and subsequent defaults in these restructures by reviewing for impairment in accordance with FASB ASC 310-10-35, Receivables, Subsequent Measurement. At December 31, 2018 the Company had 1-4 family mortgages in the amount of $113.5 million pledged as collateral to the Federal Home Loan Bank for a total borrowing capacity of $90.6 million. |
PCI Loans and Related Allowance
PCI Loans and Related Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2018 | |
PCI Loans and Related Allowance for Loan Losses [Abstract] | |
PCI Loans and Related Allowance for Loan Losses | Note 4. PCI Loans and Related Allowance for Loan Losses On January 30, 2009, the Company entered into a Purchase and Assumption Agreement with the FDIC to assume all of the deposits and certain other liabilities and acquire substantially all assets of SFSB. The Company is applying the provisions of FASB ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality , to all loans acquired in the SFSB transaction (the “PCI” loans). Of the total $198.3 million in loans acquired, $49.1 million met the criteria of FASB ASC 310-30. These loans, consisting mainly of construction loans, were deemed impaired at the acquisition date. The remaining $149.1 million of loans acquired, comprised mainly of residential 1-4 family, were analogized to meet the criteria of FASB ASC 310-30. Analysis of this portfolio revealed that SFSB utilized weak underwriting and documentation standards, which led the Company to believe that significant losses were probable given the economic environment at the time. As of December 31, 2018 and 2017, the outstanding contractual balance of the PCI loans was $62.2 million and $71.0 million, respectively. The carrying amount, by loan type, as of these dates is as follows (dollars in thousands): December 31, 2018 December 31, 2017 Amount % of PCI Loans Amount % of PCI Loans Mortgage loans on real estate: Residential 1-4 family $ 34,240 89.43 % $ 39,805 89.79 % Commercial 746 1.95 547 1.23 Construction and land development 1,326 3.46 1,588 3.58 Second mortgages 1,729 4.52 2,136 4.82 Multifamily 244 0.64 257 0.58 Total real estate loans 38,285 100.00 44,333 100.00 Total PCI loans $ 38,285 100.00 % $ 44,333 100.00 % During the year ended December 31, 2018, the Company recorded charge-offs of $62,000 and recoveries of $18,000 on PCI loans in the residential 1-4 family loan category. There was no activity in the allowance for loan losses on PCI loans for the year ended December 31, 2017. The following table presents information on the PCI loans collectively evaluated for impairment in the allowance for loan losses at December 31, 2018 and 2017 (dollars in thousands): December 31, 2018 December 31, 2017 Allowance for loan losses Recorded investment in loans Allowance for loan losses Recorded investment in loans Mortgage loans on real estate: Residential 1-4 family $ 156 $ 34,240 $ 200 $ 39,805 Commercial — 746 — 547 Construction and land development — 1,326 — 1,588 Second mortgages — 1,729 — 2,136 Multifamily — 244 — 257 Total real estate loans 156 38,285 200 44,333 Total PCI loans $ 156 $ 38,285 $ 200 $ 44,333 The change in the accretable yield balance for the years ended December 31, 2018 and 2017 is as follows (dollars in thousands): Balance, January 1, 2017 $ 48,355 Accretion (5,729) Reclassification from nonaccretable difference 1,500 Balance, December 31, 2017 $ 44,126 Accretion (5,219) Reclassification to nonaccretable difference (800) Balance, December 31, 2018 $ 38,107 The PCI loans were not classified as nonperforming assets as of December 31, 2018 or 2017, as the loans are accounted for on a pooled basis, and interest income, through accretion of the difference between the carrying amount of the loans and the expected cash flows, is being recognized on all PCI loans. |
Bank Premises and Equipment Hel
Bank Premises and Equipment Held for Sale | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment Assets Held-for-sale Disclosure [Abstract] | |
Bank Premises and Equipment Held for Sale | Note 5. Bank Premises and Equipment Held for Sale The Company closed its Prince Street branch located in Tappahannock, Virginia as of the close of business June 29, 2018. From a historical perspective, when the Company opened its Dillard branch, also in Tappahannock, the Company’s intention was to consolidate the Prince Street branch into the newer Dillard branch, which was built as a larger and modern banking facility. The Prince Street branch building is being marketed for sale. The book value of $552,000 reflects the lower of cost or fair market value at December 31, 2018 and has been classified as held for sale on the consolidated balance sheet. Also included in bank premises and equipment held for sale is a piece of land the Company had been holding as a possible future branch site. The Company has decided not to pursue that location and is marketing the property. The book value of $700,000 reflects the lower of cost or fair market value at December 31, 2018. |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2018 | |
Premises and Equipment [Abstract] | |
Premises and Equipment | Note 6. Premises and Equipment A summary of the bank premises and equipment is as follows (dollars in thousands) : December 31 2018 2017 Land $ 7,991 $ 8,623 Land improvements and buildings 21,405 20,977 Leasehold improvements 3,908 2,300 Furniture and equipment 11,422 9,840 Construction in progress 65 290 Total 44,791 42,030 Less accumulated depreciation and amortization (13,303) (11,832) Bank premises and equipment, net $ 31,488 $ 30,198 Depreciation expense was $1. 9 million and $1. 7 million for the years ended December 31, 2018 and 2017, respectively. |
Other Real Estate Owned
Other Real Estate Owned | 12 Months Ended |
Dec. 31, 2018 | |
Other Real Estate Owned [Abstract] | |
Other Real Estate Owned | No Note 7. Other Real Estate Owned The following table presents the balances of other real estate owned at December 31, 2018 and December 31, 2017 (dollars in thousands): December 31, 2018 December 31, 2017 Residential 1-4 family $ 314 $ 486 Commercial 15 15 Construction and land development 770 2,290 Total other real estate owned $ 1,099 $ 2,791 At December 31, 2018, the Company had $494,000 in residential 1-4 family loans and PCI loans that were in the process of foreclosure. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2018 | |
Deposits [Abstract] | |
Deposits | Note 8. Deposits The following table provides interest bearing deposit information, by type, as of December 31, 2018 and 2017 (dollars in thousands): December 31, 2018 December 31, 2017 NOW $ 165,946 $ 157,037 MMDA 126,933 143,363 Savings 92,910 93,980 Time deposits less than or equal to $250,000 485,155 437,810 Time deposits over $250,000 128,945 110,546 Total interest bearing deposits $ 999,889 $ 942,736 The scheduled maturities of time deposits at December 31, 2018 are as follows (dollars in thousands): 2019 $ 435,576 2020 134,203 2021 24,799 2022 5,897 2023 13,625 Total $ 614,100 Brokered deposits totaled $16.4 million and $13.6 million at December 31, 2018 and 2017, respectively. |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2018 | |
Borrowings [Abstract] | |
Borrowings | Note 9. Borrowings The Company uses borrowings in conjunction with deposits to fund lending and investing activities. Borrowings include overnight borrowings from correspondent banks (federal funds purchased) and funding from the Federal Home Loan Bank (FHLB). The Company classifies all borrowings that will mature within a year from the date on which the company enters into them as short-term borrowings. The following table presents the Company’s borrowings at December 31, 2018 and 2017 (dollars in thousands): As of December 31 2018 2017 Federal funds purchased $ 19,440 $ 4,849 FHLB: Short-term advances $ 40,000 $ 70,500 Long-term notes payable 19,447 30,929 Total $ 59,447 $ 101,429 The average interest rate of federal funds purchased during December 31, 2018 and 2017 was 2.28% and 1.58% , respectively. The Company has an available line of credit with the FHLB of Atlanta which allows the C ompany to borrow on a collateralized basis. As of December 31, 2018, the Company had residential 1-4 family mortgages in the amount of $113.5 million pledged as collateral to the FHLB for a total borrowing capacity of $90.6 million. FHLB advances are considered short-term borrowings and are used to manage liquidity as needed. The average interest rate of FHLB advances during the years ended December 31, 2018 and 2017 was 1.97% and 1.34% , respectively. Long-term notes payable have interest rates ranging from 1.25% to 2.07% with maturities ranging from 2019-2022. The Company had $8.3 million and $29.6 million in variable LIBOR rate long-term notes payable at December 31, 2018 and 2017, respectively Maturities of long-term debt at December 31, 2018 are as follows (dollars in thousands): 2019 $ 10,280 2022 9,167 Total $ 19,447 The Company had unsecured lines of credit with correspondent banks available for overnight borrowing totaling $55.0 million at December 31, 2018. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Note 10. Accumulated Other Comprehensive Income (Loss) The following tables present activity net of tax in accumulated other comprehensive (loss) income (AOCI) for the years ended December 31, 2018 and 2017 (dollars in thousands): December 31, 2018 Unrealized Gain (Loss) on Securities Defined Benefit Pension Plan Gain (Loss) on Cash Flow Hedge Total Other Comprehensive (Loss) Income Beginning balance $ 954 $ (1,048) $ 137 $ 43 Other comprehensive (loss) income before reclassifications (1,518) 188 59 (1,271) Amounts reclassified from AOCI (54) 3 - (51) Net current period other comprehensive (loss) income (1,572) 191 59 (1,322) Ending balance $ (618) $ (857) $ 196 $ (1,279) December 31, 2017 Unrealized Gain (Loss) on Securities Defined Benefit Pension Plan Gain (Loss) on Cash Flow Hedge Total Other Comprehensive (Loss) Income Beginning balance $ (410) $ (767) $ (46) $ (1,223) Other comprehensive income (loss) before reclassifications 1,342 (109) 160 1,393 Amounts reclassified from AOCI (137) 3 - (134) Net current period other comprehensive income (loss) 1,205 (106) 160 1,259 Impact of the Tax Cuts and Jobs Act 159 (175) 23 7 Ending balance $ 954 $ (1,048) $ 137 $ 43 The Company releases the income tax effects included in AOCI when income or loss from the related items has been recognized in earnings. The following tables present the effects of reclassifications out of AOCI on line items of consolidated (loss) income for the years ended December 31, 2018 and 2017 (dollars in thousands): Details about AOCI Amount Reclassified from AOCI Affected Line Item in the Unaudited Consolidated Statement of Income (Loss) Year ended December 31 2018 2017 Securities available for sale Unrealized gains on securities available for sale $ (70) $ (210) Gain on securities transactions, net Related tax expense 16 73 Income tax expense $ (54) $ (137) Net of tax Defined benefit plan Amortization of prior service cost $ 5 $ 5 Salaries and employee benefits Related tax (benefit) expense (2) (2) Income tax expense $ 3 $ 3 Net of tax Total reclassifications for the period $ (51) $ (134) |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Taxes [Abstract] | |
Income Taxes | Note 11. Income Taxes The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of December 31 are as follows (dollars in thousands): 2018 2017 Deferred tax assets: Allowance for loan losses $ 1,974 $ 1,971 Deferred compensation 675 686 Unrealized loss on available for sale securities 174 — P ension adjustment 242 294 Purchase accounting adjustment (1) 3,113 3,544 OREO 59 394 Other 168 123 6,405 7,012 Deferred tax liabilities: Accrued pension 256 253 Unrealized gain on available for sale securities — 269 Depreciation premises and equipment 408 367 Other 67 51 731 940 Net deferred tax asset $ 5,674 $ 6,072 (1) Purchase accounting adjustment includes timing differences related to PCI loans, purchased fixed assets, and differences in income recognition on the purchase transactions. The Company has analyzed the tax positions taken or expected to be taken in its tax returns and concluded that it has no liability related to uncertain tax positions in accordance with FASB ASC 740, Income Taxes . In December 2017, the Tax Cuts and Jobs Act of 2017 (the “Act”) reduced the Company’s federal corporate income tax rate from 34% to 21% effective January 1, 2018. In accordance with FASB ASC 740, the Company recorded additional income tax expense of $3.5 million to write down the net deferred tax asset to reflect the realizable value as of December 31, 2017 based on the new 21% tax rate. The Company has determined that the impacts of the Act are final as of December 31, 2017. Allocation of the income tax expense between current and deferred portions is as follows (dollars in thousands): 2018 2017 Current tax provision $ 2,313 $ 3,174 Deferred tax expense 772 3,729 Income tax expense $ 3,085 $ 6,903 The following is a reconciliation of the expected income tax expense (benefit) with the reported expense for each year: 2018 2017 Statutory federal income tax rate 21.0 % 34.0 % (Reduction) Increase in taxes resulting from: Impact of the Act — 25.2 Municipal interest (2.5) (5.5) Bank owned life insurance income (0.9) (2.2) Stock compensation 0.7 0.3 Other, net 0.1 (2.9) Effective tax rate 18.4 % 48.9 % |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2018 | |
Employee Benefit Plan [Abstract] | |
Employee Benefit Plan | Note 12. Employee Benefit Plans The Company adopted the Bank of Essex noncontributory, defined benefit pension plan for all full-time pre-merger Bank of Essex employees over 21 years of age. Benefits are generally based upon years of service and the employees’ compensation. The Company funds pension costs, which are included in salaries and employee benefits in the consolidated statement of income, in accordance with the funding provisions of the Employee Retirement Income Security Act. The Company has frozen the plan benefits for all defined benefit plan participants effective December 31, 2010. Information pertaining to the activity in the plan is as follows (dollars in thousands): Years ended December 31 2018 2017 Change in Benefit Obligation Benefit obligation, beginning of year $ 4,560 $ 3,997 Interest cost 158 158 Actuarial (gain)/loss (507) 481 Benefits paid (99) (76) Benefit obligation, ending $ 4,112 $ 4,560 Change in Plan Assets Fair value of plan assets, beginning of year $ 4,369 $ 3,915 Actual return on plan assets (90) 530 Benefits paid (99) (76) Fair value of plan assets, ending 4,180 4,369 Funded Status $ 68 $ (191) Amounts Recognized in the Balance Sheet Other assets $ 68 $ — Other liabilities — (191) Amounts Recognized in Accumulated Other Comprehensive (Loss) Income Net loss $ 1,054 $ 1,293 Prior service cost 45 49 Deferred tax (242) (294) Total amount recognized $ 857 $ 1,048 Accumulated benefit obligation $ 4,112 $ 4,560 Components of net periodic benefit cost (income) Interest cost $158 $158 Expected return on plan assets (238) (281) Amortization of prior service cost 5 5 Recognized net loss due to settlement — — Recognized net actuarial loss 60 46 Net periodic benefit income $(15) $(72) Other changes in plan assets and benefit obligations recognized in other comprehensive income Net (gain) loss $ (238) $ 185 Amortization of prior service cost (5) (5) Total amount recognized $ (243) $ 180 Total recognized in net periodic benefit (income) cost and accumulated other comprehensive (loss) income $ (258) $ 108 The weighted-average assumptions used in the measurement of the Company’s benefit obligation and net periodic benefit cost are shown in the following table: December 2018 2017 Discount rate used for net periodic pension cost 3.50 % 4.00 % Discount rate used to determine obligation 4.25 % 3.50 % Expected return on plan assets 5.50 % 7.25 % The estimated amounts that will amortize from accumulated other comprehensive income into net periodic benefit cost in 2019 are as follows (dollars in thousands): Prior service cost $ 5 Net loss 47 Total amount recognized $ 52 Long-Term Rate of Return The plan sponsor selects the expected long-term rate of return on assets assumption in consultation with its investment advisors and actuary. This rate is intended to reflect the average rate of earnings expected to be earned on the funds invested or to be invested to provide plan benefits. Historical performance is reviewed, especially with respect to real rates of return (net of inflation), for the major asset classes held or anticipated to be held by the trust, and for the trust itself. Undue weight is not given to recent experience that may not continue over the measurement period, with higher significance placed on current forecasts of future long-term economic conditions. Because assets are held in a qualified trust, anticipated returns are not reduced for taxes. Further, solely for this purpose, the plan is assumed to continue in force and not terminate during the period during which assets are invested. However, consideration is given to the potential impact of current and future investment policy, cash flow into and out of the trust, and expenses (both investment and non-investment) typically paid from plan assets (to the extent such expenses are not explicitly estimated within periodic cost). Asset Allocation The pension plan’s weighted-average asset allocations as of December 31, 2018 and 2017 by asset category were as follows: December 31 2018 2017 Asset Category Mutual funds — fixed income 77.00 % 74.00 % Mutual funds — equity 23.00 26.00 Cash and equivalents 0.00 0.00 Total 100.00 % 100.00 % The fair value of plan assets is measured based on the fair value hierarchy as discussed in Note 21, “Fair Values of Assets and Liabilities”, to the Consolidated Financial Statements. The valuations are based on third party data received as of the balance sheet date. All plan assets are considered Level 1 assets, as quoted prices exist in active markets for identical assets. The following table presents the fair value of plan assets as of December 31, 2018 and 2017 (dollars in thousands): Assets measured at Fair Value (Level 1) December 31, 2018 December 31, 2017 Cash $6 $5 Mutual funds: Fixed income funds 3,205 3,239 International funds 269 319 Large cap funds 342 390 Mid cap funds 125 145 Small cap funds 76 76 Stock fund 157 195 $4,180 $4,369 The trust fund is sufficiently diversified to maintain a reasonable level of risk without imprudently sacrificing return, with a targeted asset allocation of 77% fixed income and 23% equities. The investment manager selects investment fund managers with demonstrated experience and expertise, and funds with demonstrated historical performance, for the implementation of the plan’s investment strategy. The investment manager will consider both actively and passively managed investment strategies and will allocate funds across the asset classes to develop an efficient investment structure. It is the responsibility of the trustee to administer the investments of the trust within reasonable costs, being careful to avoid sacrificing quality. These costs include, but are not limited to, management and custodial fees, consulting fees, transaction costs and other administrative costs chargeable to the trust. Estimated future contributions and benefit payments, which reflect expected future service, as appropriate, are as follows (dollars in thousands): Expected Employer Contributions 2019 $ — Expected Benefit Payments 2019 600 2020 185 2021 77 2022 133 2023 78 2024-2028 1,860 401(k) Plan The Company maintains the Essex Bank 401(k) plan. The employee may contribute up to 100% of compensation, subject to statutory limitations. The Company matches 100% of employee contributions on the first 3% of compensation, then the Company matches 50% of employee contributions on the next 2% of compensation. The amounts charged to expense under these plans for the years ended December 31, 2018 and 2017 were $617,000 and $595,000 , respectively. Deferred Compensation Agreements The Company has deferred compensation agreements with certain key employees and the Board of Directors. The retirement benefits to be provided are fixed based upon the amount of compensation earned and deferred. Deferred compensation expense amounted to $204,000 and $155,000 for the years ended December 31, 2018 and 2017, respectively. The associated liabilities related to these agreements were $2. 1 million at each of December 31, 2018 and 2017. Effective June 1, 2016, the Company commenced a non-qualified defined contribution retirement plan for certain key executive officers. The purpose of the plan is to enhance the retirement benefits that the Company provides to each officer and to recognize each officer for overall performance through additional incentive-based compensation. The planned contributions were based on the same metrics that the Company used for its annual incentive plan for executive officers. All contributions were 100% vested as of December 31, 2018. The expense related to this plan was $343,000 and $515,000 for the years ended December 31, 2018 and 2017, respectively, with an associated liability of $1.2 million and $860,000 at December 31, 2018 and 2017, respectively. |
Stock Option Plans
Stock Option Plans | 12 Months Ended |
Dec. 31, 2018 | |
Stock Option Plans [Abstract] | |
Stock Option Plans | Note 13. Stock Option Plans 2009 Stock Option Plan In 2009, the Company adopted the Community Bankers Trust Corporation 2009 Stock Incentive Plan (the “Plan”). The purpose of the Plan is to further the long-term stability and financial success of the Company by attracting and retaining employees and directors through the use of stock incentives and other rights that promote and recognize the financial success and growth of the Company. The Company believes that ownership of company stock will stimulate the efforts of such employees and directors by further aligning their interests with the interest of the Company’s shareholders. The Plan is to be used to grant restricted stock awards, stock options in the form of incentive stock options and nonstatutory stock options, stock appreciation rights and other stock-based awards to employees and directors of the Company for up to 2,650,000 shares of common stock. No more than 1,500,000 shares may be issued in connection with the exercise of incentive stock options. Annual grants of stock options are limited to 500,000 shares for each participant. The exercise price of an incentive stock option cannot be less than 100% of the fair market value of such shares on the date of grant, provided that if the participant owns, directly or indirectly, stock possessing more than 10% of the total combined voting power of all classes of stock of the Company, the exercise price of an incentive stock option shall not be less than 110% of the fair market value of such shares on the date of grant. The exercise price of nonstatutory stock option awards cannot be less than 100% of the fair market value of such shares on the date of grant. The option exercise price may be paid in cash or with shares of common stock, or a combination of cash and common stock, if permitted under the participant’s option agreement. The Plan will expire on June 17, 2019 , unless terminated sooner by the Board of Directors. The fair value of each option granted is estimated on the date of grant using the “Black Scholes Option Pricing” method with the following assumptions for the years ended December 31, 2018 and 2017: 2018 2017 Expected volatility 40.0% 40.0% Expected term (years) 6.25 6.25 Risk free rate 2.54% 1.97% - 2.02% The expected volatility is an estimate of the volatility of the Company’s share price based on historical performance. The risk free interest rates for periods within the contractual life of the awards are based on the U. S. Treasury Zero Coupon implied yield at the time of the grant correlating to the expected term. The expected term is based on the simplified method as provided by the Securities and Exchange Commission Staff Accounting Bulletin No 110 (SAB 110). In accordance with SAB 110, the Company has chosen to use the simplified method, as this is the first plan issued by the Company as Community Bankers Trust Corporation; therefore, minimal historical exercise data exists. The Company plans to issue new shares of common stock when options are exercised. The Company recognizes forfeitures as they occur. The Company issues equity grants to non-employee directors as payment for annual retainer fees. The fair value of these grants was the closing price of the Company’s stock at the grant date. A summary of these grants for the years ended December 31, 2018 and 2017 is shown in the following table: For the Year Ended 2018 2017 Month Shares Issued Fair Value Shares Issued Fair Value March 4,670 8.35 4,875 8.00 May — — 391 8.20 June 3,552 9.85 4,807 8.10 July 616 9.85 — — September 4,741 9.05 4,612 8.45 December 5,192 8.27 4,690 8.30 The Company granted 293,000 options in 2017 and 279,000 options in 2018 to employees which vest ratably over the requisite service period of four years. A summary of options outstanding for the year ended December 31, 2018, is shown in the following table: Number of Shares Weighted Average Exercise Price Aggregate Intrinsic Value Outstanding at beginning of year 1,338,750 $ 4.45 Granted 279,000 8.45 Forfeited (2,500) 7.82 Expired — — Exercised (41,000) 3.55 Outstanding at end of year 1,574,250 5.18 $ 3,607,310 Options outstanding and exercisable at end of year 878,750 3.68 $ 3,125,823 Weighted average remaining contractual life for outstanding and exercisable shares at year end 60 months The weighted average fair value per option of options granted during the year was $3.65 and $3.12 for the years ended December 31, 2018 and 2017, respectively. The aggregate intrinsic value of a stock option in the table above represents the aggregate pre-tax intrinsic value (the amount by which the current market value of the underlying stock exceeds the exercise price of the option) that would have been received by option holders had all option holders exercised their options on December 31, 2018. This amount changes with changes in the market value of the Company’s stock. The Company received $146,000 and $260,000 in cash related to option exercises with a total intrinsic value of $220,000 and $452,000 during the years ended December 31, 2018 and 2017, respectively. A tax benefit in connection with the option exercises and issuances of restricted stock of $48,000 and $163,000 was recognized in income tax expense during 2018 and 2017, respectively . The Company recorded total stock-based compensation expense of $94 6 ,000 and $745,000 for the years ended December 31, 2018 and 2017, respectively. Of the $94 6 ,000 in expense that was recorded in 2018, $781,000 related to employee grants and is classified as salaries and employee benefits expense; $166,000 related to the non-employee director grants and is classified as other operating expenses. Of the $745,000 in expense that was recorded in 2017, $586,000 related to employee grants and is classified as salaries and employee benefits expense; $159,000 related to the non-employee director grants and is classified as other operating expenses. The following table summarizes non-vested options outstanding at December 31, 2018: Weighted Average Grant-Date Number of Shares Fair Value Non-vested at beginning of the year 664,000 $ 2.62 Granted 279,000 3.65 Vested (245,000) 2.42 Forfeited (2,500) 3.33 Non-vested at end of year 695,500 3.10 The unrecognized compensation expense related to non-vested options was $1.4 million at December 31, 2018 to be recognized over a weighted average period of 29 months. The total fair market value of shares vested during the years ended December 31, 2018 and 2017 was $593,000 and $410,000 , respectively. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings (Loss) Per Common Share [Abstract] | |
Earnings (Loss) Per Common Share | Note 14. Earnings Per Share Basic earnings per share (EPS) is computed by dividing net income or loss by the weighted average number of shares outstanding during the period. Diluted EPS is computed using the weighted average number of shares outstanding during the period, including the effect of all potentially dilutive shares outstanding attributable to stock instruments. The following table presents basic and diluted EPS for the years ended December 31, 2018 and 2017 (dollars and shares in thousands, except per share data): Net Income (Numerator) Weighted Average Shares (Denominator) Per Share Amount For the year ended December 31, 2018 Basic EPS $ 13,68 8 22,103 $ 0.62 Effect of dilutive stock awards — 466 (0.01) Diluted EPS $ 13,68 8 22,569 $ 0.61 For the year ended December 31, 2017 Basic EPS $ 7,203 22,014 $ 0.33 Effect of dilutive stock awards — 498 (0.01) Diluted EPS $ 7,203 22,512 $ 0.32 There were no antidilutive exclusions from the computation of diluted earnings per share for the years ended December 31, 2018 and 2017. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 15. Related Party Transactions In the ordinary course of business, the Bank has and expects to continue to have transactions, including borrowings, with its executive officers, directors, and their affiliates. The table below presents the activity for loans at December 31, 2018 and 2017 (dollars in thousands). December 31 2018 2017 Balance, beginning of year $ 5,880 $ $ 6,524 Principal additions 25 35 Repayments and reclassifications (5,895) (679) Balance, end of year $ 10 $ $ 5,880 The Bank held deposits of related parties in the amount of $2.6 million and $3.0 million at December 31, 2018 and 2017, respectively. |
Cash Flow Hedge
Cash Flow Hedge | 12 Months Ended |
Dec. 31, 2018 | |
Cash Flow Hedge [Abstract] | |
Cash Flow Hedge | Note 16. Cash Flow Hedge On November 7, 2014, the Company entered into an interest rate swap with a total notional amount of $30 million. The Company designated the swap as a cash flow hedge intended to protect against the variability in the expected future cash flows on the designated variable rate borrowings. The swap hedges the interest rate risk, wherein the Company will receive an interest rate based on the three month LIBOR from the counterparty and pays an interest rate of 1.69% to the same counterparty calculated on the notional amount for a term of five years. The Company intends to sequentially issue a series of three month fixed rate debt as part of a planned roll-over of short term debt for five years. The forecasted funding will be provided through one of the following wholesale funding sources: a new FHLB advance, a new repurchase agreement, or a pool of brokered CDs, based on whichever market offers the most advantageous pricing at the time that pricing is first initially determined for the effective date of the swap and each reset period thereafter. Each quarter when the Company rolls over the three month debt, it will decide at that time which funding source to use for that quarterly period. The swap was entered into with a counterparty that met the Company’s credit standards, and the agreement contains collateral provisions protecting the at-risk party. The Company believes that the credit risk inherent in the contract is not significant. The Company had $0 and $390,000 of cash pledged as collateral as of December 31, 2018 and 2017, respectively. Amounts receivable or payable are recognized as accrued under the terms of the agreements. In accordance with FASB ASC 815, Derivatives and Hedging , the Company has designated the swap as a cash flow hedge, with the effective portions of the derivatives’ unrealized gains or losses recorded as a component of other comprehensive income. The ineffective portions of the unrealized gains or losses, if any, would be recorded in other operating expense. The Company has assessed the effectiveness of each hedging relationship by comparing the changes in cash flows on the designated hedged item. The Company’s cash flow hedge was deemed to be effective for the years ended 2018 and 2017. The fair value of the Company’s cash flow hedge was an unrealized gain of $253,000 and $177,000 at December 31, 2018 and 2017, respectively, and was recorded in ot her assets. The gains were recorded as a component of other comprehensive income net of associated tax effects. |
Dividend Limitations on Affilia
Dividend Limitations on Affiliate Bank | 12 Months Ended |
Dec. 31, 2018 | |
Dividend Limitations On Affiliate Bank [Abstract] | |
Dividend Limitations on Affiliate Bank | Note 17. Dividend Limitations on Affiliate Bank Transfers of funds from the banking subsidiary to the parent corporation in the form of loans, advances and cash dividends are restricted by federal and state regulatory authorities. All transfers of funds from the banking subsidiary to the parent corporation require prior approval from federal and state regulatory authorities as a result of the retained deficit at the banking subsidiary. However, there are guidelines that exist that guide the bank as to amounts that may be transferred with appropriate prior approval. As of December 31, 2018 and 2017, the aggregate amount of funds that could be transferred from the banking subsidiary to the parent corporation, with prior regulatory approval, totaled $29.6 million and $13.5 million , respectively. |
Concentration of Credit Risk
Concentration of Credit Risk | 12 Months Ended |
Dec. 31, 2018 | |
Concentration of Credit Risk [Abstract] | |
Concentration of Credit Risk | Note 18. Concentration of Credit Risk At December 31, 2018 and 2017, the Company’s loan portfolio consisted of commercial, real estate and consumer (installment) loans. Real estate secured loans represented the largest concentration at 80.38% and 83.23% of the loan portfolio for 2018 and 2017, respectively. The Company maintains a portion of its cash balances with several financial institutions located in its market area. Accounts at each institution are secured by the FDIC up to $250,000 . Uninsured balances were $11.0 million and $8.2 million at December 31, 2018 and 2017, respectively. |
Financial Instruments With Off-
Financial Instruments With Off-Balance Sheet Risk | 12 Months Ended |
Dec. 31, 2018 | |
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 Company is party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the balance sheet. The contract amounts of those instruments reflect the extent of involvement the Company has in particular classes of financial instruments. The Company’s 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 those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. A summary of the contract amounts of the Company’s exposure to off-balance sheet risk as of December 31, 2018 and 2017, is as follows (dollars in thousands): December 31, 2018 December 31, 2017 Commitments with off-balance sheet risk: Commitments to extend credit $ 204,831 $ 163,686 Standby letters of credit 5,280 6,532 Total commitments with off-balance sheet risks $ 210,111 $ 170,218 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. The Company evaluates each customer’s credit worthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the counterparty. Collateral held varies but may include accounts receivable, inventory, property and equipment, and income-producing commercial properties. Unfunded commitments under commercial lines of credit, revolving credit lines and overdraft protection agreements are commitments for possible future extensions of credit to existing customers. These lines of credit are generally uncollateralized and usually do not contain a specified maturity date and may be drawn upon only to the total extent to which the Company is committed. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to support public and private borrowing arrangements, including commercial paper, bond financing, and similar transactions. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s evaluation of the counterparty. Since most of the letters of credit are expected to expire without being drawn upon, they do not necessarily represent future cash requirements. |
Minimum Regulatory Capital Requ
Minimum Regulatory Capital Requirements | 12 Months Ended |
Dec. 31, 2018 | |
Minimum Regulatory Capital Requirements [Abstract] | |
Minimum Regulatory Capital Requirements | Note 20. Minimum Regulatory Capital Requirements 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 Bank’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 their assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The capital amounts and classification 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 table below) of total, tier 1 and common equity tier 1 capital (as defined in the regulations) to risk weighted assets (as defined), and of tier 1 capital (as defined) to adjusted average total assets (as defined). Management believes, as of December 31, 2018 and 2017, that the Bank met all capital adequacy requirements to which it is subject. As of December 31, 2018, based on regulatory guidelines, the Bank is well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Bank must maintain minimum total risk-based, tier 1 risk-based, common equity tier 1, and tier 1 leverage ratios as set forth in the table below. There are no conditions or events since that date that management believes have changed the Bank’s category. The Bank’s actual capital amounts and ratios are presented in the following table (dollars in thousands). Required in Order to be Actual Required for Capital Adequacy Purposes Well Capitalized Under Prompt Corrective Action Amount Ratio Amount Ratio Amount Ratio As of December 31, 2018: Total Capital to risk weighted assets $ 149,085 13.34 % $ 89,409 8.00 % $ 111,762 10.00 Tier 1 Capital to risk weighted assets 140,289 12.55 % 67,057 6.00 % 89,409 8.00 % Common Equity Tier 1 Capital to risk weighted assets 140,289 12.55 % 50,292 4.50 % 72,645 6.50 % Tier 1 Capital to adjusted average total assets 140,289 10.22 % 54,882 4.00 % 68,603 5.00 % As of December 31, 2017: Total Capital to risk weighted assets $ 134,972 12.52 % $ 86,217 8.00 % $ 107,771 10.00 % Tier 1 Capital to risk weighted assets 126,146 11.71 % 64,663 6.00 % 86,217 8.00 % Common Equity Tier 1 Capital to risk weighted assets 126,146 11.71 % 48,497 4.50 % 70,051 6.50 % Tier 1 Capital to adjusted average total assets 126,146 9.59 % 52,613 4.00 % 65,767 5.00 % Under Basel III, a capital conservation buffer of 2.5% above the minimum risk-based capital thresholds was established. Dividend and executive compensation restrictions begin if the Bank does not maintain the full amount of the buffer. The cap ital conservation buffer was phased in between January 1, 2016 and January 1, 2019. The Bank had a capital conservation buffer of 5.34% and 4.52% at December 31, 2018 and 2017, respectively, above the required buffer of 1.875% and 1.25% for 2018 and 2017, respectively. |
Fair Values of Assets and Liabi
Fair Values of Assets and Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Fair Values of Assets and Liabilities [Abstract] | |
Fair Values of Assets and Liabilities | Note 21. Fair Values of Assets and Liabilities FASB ASC 820, Fair Value Measurements and Disclosures, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. FASB ASC 820 requires that valuation techniques maximize the use of observable inputs and minimize the use of unobservable inputs and also establishes a fair value hierarchy that prioritizes the valuation inputs into three broad levels. The Company groups assets and liabilities 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. These levels are: • Level 1—Valuation is based upon quoted prices for identical instruments traded in active markets. • Level 2—Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3—Valuation is determined using model-based techniques with significant assumptions not observable in the market. These unobservable assumptions reflect the Company’s own estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include the use of third party pricing services, option pricing models, discounted cash flow models and similar techniques. FASB ASC 825, Financial Instruments , allows an entity the irrevocable option to elect fair value for the initial and subsequent measurement for certain financial assets and liabilities on a contract-by-contract basis. The Company has not made any material FASB ASC 825 elections as of December 31, 2018. Assets and Liabilities Recorded at Fair Value on a Recurring Basis The Company utilizes fair value measurements to record adjustments to certain assets to determine fair value disclosures. Securities available for sale, loans held for sale, and the cash flow hedge are recorded at fair value on a recurring basis. The tables below present the recorded amount of assets and liabilities measured at fair value on a recurring basis (dollars in thousands): December 31, 2018 Total Level 1 Level 2 Level 3 Investment securities available for sale U.S. Treasury issue and other U.S. Gov’t agencies $ 29,512 $ 3,657 $ 25,855 $ - U.S. Gov’t sponsored agencies 8,221 - 8,221 - State, county and municipal 112,542 2,644 109,898 - Corporate and other bonds 10,034 - 10,034 - Mortgage backed – U.S. Gov’t agencies 14,398 - 14,398 - Mortgage backed – U.S. Gov’t sponsored agencies 32,019 3,496 28,523 - Total investment securities available for sale 206,726 9,797 196,929 - Loans held for sale 146 146 Cash flow hedge 253 - 253 - Total assets at fair value $ 207,125 $ 9,797 $ 197,328 $ - Total liabilities at fair value $ - $ - $ - $ - December 31, 2017 Total Level 1 Level 2 Level 3 Investment securities available for sale U.S. Treasury issue and other U.S. Gov’t agencies $ 27,183 $ - $ 27,183 $ - U.S. Gov’t sponsored agencies 9,278 - 9,278 - State, county and municipal 125,760 332 125,428 - Corporate and other bonds 7,460 - 7,460 - Mortgage backed – U.S. Gov’t agencies 18,515 - 18,515 - Mortgage backed – U.S. Gov’t sponsored agencies 16,638 - 16,638 - Total investment securities available for sale 204,834 332 204,502 - Cash flow hedge 177 - 177 - Total assets at fair value $ 205,011 $ 332 $ 204,679 $ - Total liabilities at fair value $ - $ - $ - $ - Investment securities available for sale Investment securities available for sale are recorded at fair value each reporting period. Fair value measurement is based upon quoted prices, if available (Level 1). If quoted prices are not available, fair values are measured using independent pricing models or other model-based valuation techniques such as the present value of future cash flows, adjusted for the security’s credit rating, prepayment assumptions and other factors such as credit loss assumptions (Level 2). The Company utilizes a third party vendor to provide fair value data for purposes of determining the fair value of its available for sale securities portfolio. The third party vendor uses a reputable pricing company for security market data. The third party vendor has controls in place for month-to-month market checks and zero pricing, and a Statement on Standards for Attestation Engagements No. 16 report is obtained from the third party vendor on an annual basis. The Company makes no adjustments to the pricing service data received for its securities available for sale. Loans held for sale The carrying amounts of loans held for sale approximate fair value (Level 2). Cash flow hedge The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis The Company is also required to measure and recognize certain other financial assets at fair value on a nonrecurring basis on the consolidated balance sheet. The following tables present assets measured at fair value on a nonrecurring basis for the years ended December 31, 2018 and 2017 (dollars in thousands): December 31, 2018 Total Level 1 Level 2 Level 3 Impaired loans $9,343 $ — $ — $9,343 Bank premises and equipment held for sale 1,252 — — 1,252 Other real estate owned 1,099 — — 1,099 Total assets at fair value $11,694 $ — $ — $11,694 Total liabilities at fair value $ — $ — $ — $ — December 31, 2017 Total Level 1 Level 2 Level 3 Impaired loans $7,915 $ — $1,306 $6,609 Other real estate owned 2,791 — 1,203 1,588 Total assets at fair value $10,706 $ — $2,509 $8,197 Total liabilities at fair value $ — $ — $ — $ — Impaired loans Loans for which it is probable that payment of interest and principal will not be made in accordance with the contractual terms of the loan agreement are considered impaired. Once a loan is identified as individually impaired, management measures the impairment in accordance with FASB ASC 310, Receivables . The fair value of impaired loans is estimated using one of several methods, including collateral value and discounted cash flows. Those impaired loans not requiring an allowance represent loans for which the fair value of the expected repayments or collateral exceeds the recorded investments in such loans. At December 31, 2018 and December 31, 2017, a majority of total impaired loans were evaluated based on the fair value of the collateral. The Company frequently obtains appraisals prepared by external professional appraisers for classified loans greater than $250,000 when the most recent appraisal is greater than 18 months old and deemed to be stale or invalid. The Company may also utilize internally prepared estimates that generally result from current market data and actual sales data related to the Company’s collateral. When the fair value of the collateral is based on an observable market price or a current appraised value without further adjustment for unobservable inputs, the Company records the impaired loan within Level 2. The Company may also identify collateral deterioration based on current market sales data, including price and absorption, as well as input from real estate sales professionals and developers, county or city tax assessments, market data and on-site inspections by Company personnel. When management determines that the fair value of the collateral is further impaired below the appraised value, due to such things as absorption rates and market conditions, and there is no observable market price, the Company records the impaired loan as nonrecurring Level 3. In instances where an appraisal received subsequent to an internally prepared estimate reflects a higher collateral value, management does not revise the carrying amount. Impaired loans can also be evaluated for impairment using the present value of expected future cash flows discounted at the loan’s effective interest rate. The measurement of impaired loans using future cash flows discounted at the loan’s effective interest rate rather than the market rate of interest is not a fair value measurement and is therefore excluded from fair value disclosure requirements. Reviews of classified loans are performed by management on a quarterly basis. Other real estate owned OREO assets are adjusted to fair value less estimated disposal costs upon transfer of the related loans to OREO property establishing a new cost basis. Subsequent to the transfer, valuations are periodically performed by management and the assets are carried at the lower of carrying value or fair value less estimated disposal costs. Fair value is based upon independent market prices, appraised values of the collateral or management’s estimation of the value of the collateral. When the fair value of the collateral is based on an observable market price or a current appraised value, the Company records the foreclosed asset within Level 2. When an appraised value is not available or management determines that the fair value of the collateral is further impaired below the appraised value due to such things as absorption rates and market conditions, the Company records the foreclosed asset within Level 3 of the fair value hierarchy. Fair Value of Financial Instruments FASB ASC 825, Financial Instruments , requires disclosure of the fair value of financial assets and financial liabilities, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring or nonrecurring basis. FASB ASC 825 excludes certain financial instruments and all nonfinancial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company. Additionally, in accordance with FASB ASU 2016-01, which the Company adopted on January 1, 2018 on a prospective basis, the Company uses the exit price notion, rather than the entry price notion, in calculating fair values of financial instruments not measured at fair value on a recurring basis. The following reflects the fair value of financial instruments, whether or not recognized on the consolidated balance sheet, at fair value measures by level of valuation assumptions used for those assets. These tables exclude financial instruments for which the carrying value approximates fair value (dollars in thousands): December 31, 2018 Carrying Value Estimated Fair Value Level 1 Level 2 Level 3 Financial assets: Securities held to maturity $42,108 $42,253 $ — $42,253 $ — Loans, net of allowance 984,722 978,778 — — 978,778 PCI loans, net of allowance 38,129 42,674 — — 42,674 Financial liabilities: Interest bearing deposits 999,889 997,714 — 997,714 — Borrowings 63,571 63,393 — 63,393 — December 31, 2017 Carrying Value Estimated Fair Value Level 1 Level 2 Level 3 Financial assets: Securities held to maturity $46,146 $46,888 $ — $46,888 $ — Loans, net of allowance 933,049 933,938 — 927,329 6,609 PCI loans, net of allowance 44,133 48,655 — — 48,655 Financial liabilities: Interest bearing deposits 942,736 943,037 — 943,037 — Borrowings 105,553 105,363 — 105,363 — |
Trust Preferred Capital Notes
Trust Preferred Capital Notes | 12 Months Ended |
Dec. 31, 2018 | |
Trust Preferred Capital Notes [Abstract] | |
Trust Preferred Capital Notes | Note 22. Trust Preferred Capital Notes On December 12, 2003, BOE Statutory Trust I, a wholly-owned unconsolidated subsidiary of the Company, was formed for the purpose of issuing redeemable capital securities. On December 12, 2003, $4.124 million of trust preferred securities were issued through a direct placement. The securities have a LIBOR-indexed floating rate of interest. The average interest rate at December 31, 2018 and 2017 was 5.19% and 4.20% , respectively. The securities have a mandatory redemption date of December 12, 2033 and are subject to varying call provisions which began December 12, 2008. The principal asset of the Trust is $4.124 million of the Company’s junior subordinated debt securities with the like maturities and like interest rates to the capital securities. The obligations of the Company with respect to the issuance of the capital securities constitute a full and unconditional guarantee by the Company of the Trust’s obligations with respect to the capital securities. Subject to certain exceptions and limitations, the Company may elect from time to time to defer interest payments on the junior subordinated debt securities, which would result in a deferral of distribution payments on the related capital securities. The Company is current in its obligations under the trust preferred notes. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Note 23. Revenue Recognition On January 1, 2018, the Company adopted FASB ASU 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. Topic 606 does not apply to revenue associated with financial instruments, including revenue from loans and securities. In addition, certain noninterest income streams such as fees associated with mortgage servicing rights, financial guarantees, derivatives, and certain credit card fees are also not in scope of the new guidance. Topic 606 is applicable to noninterest revenue streams such as deposit related fees, interchange fees, merchant income, and brokerage fees and 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 The Company earns fees from its deposit customers for transaction-based, account maintenance, and overdraft services. Transaction-based fees, which include services such as stop payment charges, statement rendering, and ACH fees, are recognized at the time the transaction is executed as that is the point in time the Company fulfills the customer’s request. Account maintenance fees, which relate primarily to monthly maintenance, are earned over the course of a month, representing the period over which the Company satisfies the performance obligation. Overdraft fees are recognized at the point in time that the overdraft occurs. Service charges on deposits are withdrawn from the customer’s account balance. Interchange and ATM fees The Company earns interchange and ATM fees from debit/credit cardholder transactions conducted through the Visa and ATM payment networks. Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and are recognized daily, concurrently with the transaction processing services provided to the cardholder. Because the Company acts as an agent and does not control the services rendered to the customers, related costs are netted against the fee income. These costs were included in other operating expenses prior to the adoption of Topic 606. Brokerage fees and commissions Brokerage fees and commissions consist of other recurring revenue streams such as commissions from sales of mutual funds and other investments to customers by a third-party service provider and investment advisor fees. The Company receives commissions from the third-party service provider on a monthly basis based upon customer activity for the month. The investment advisor fees are charged to the customer’s account in advance on the first month of the quarter, and the revenue is recognized over the following three-month period. The following table presents noninterest income, segregated by revenue streams in-scope and out-of-s cope of Topic 606, for the year ended December 31, 2018 (dollars in thousands) 2018 Noninterest income In-scope of Topic 606: Service charges on deposit accounts $ 1,646 Interchange and ATM fees 864 Brokerage fees and commissions 364 Noninterest income (in-scope of Topic 606) 2,874 Noninterest income (out-of-scope of Topic 606) 1,589 Total noninterest income $ 4,463 |
Lease Commitments
Lease Commitments | 12 Months Ended |
Dec. 31, 2018 | |
Lease Commitments [Abstract] | |
Lease Commitments | Note 24. Lease Commitments The following table represents a summary of non-cancelable operating leases for bank premises that have initial or remaining terms in excess of one year, some with renewal options, as of December 31, 2018 (dollars in thousands): 2019 $ 1,428 2020 1,345 2021 1,011 2022 494 2023 510 Thereafter 5,773 Total of future payments $ 10,561 (1) Future payments have not been reduced by minimum sublease rentals of $2.4 million due in the future under a non-cancelable sublease. Rent expense for the years ended December 31, 2018 and 2017 was $1.4 million and, $1.31 million, respectively. Sublease rental income for the year ended December 31, 2018 was $109,000 . There was no sublease rental income for the year ended December 31, 2017. |
Other Operating Expense
Other Operating Expense | 12 Months Ended |
Dec. 31, 2018 | |
Other Operating Expense [Abstract] | |
Other Operating Expense | Note 25. Other Operating Expense Other noninterest expense totals are presented in the following tables. Components of these expenses exceeding 1.0% of the aggregate of total net interest income and total noninterest income for any of the past two years are stated separately (dollars in thousands). Year Ended 2018 2017 Bank franchise tax $ 574 $ 632 Telephone and internet line 398 676 Stationery, printing and supplies 586 674 Marketing expense 613 656 Credit expense 501 584 Outside vendor fees 631 562 Other expenses 2,500 2,786 Total other operating expenses $ 5,803 $ 6,570 |
Parent Corporation Only Financi
Parent Corporation Only Financial Statements | 12 Months Ended |
Dec. 31, 2018 | |
Parent Corporation Only Financial Statements [Abstract] | |
Parent Corporation Only Financial Statements | Note 26. Parent Corporation Only Financial Statements PARENT COMPANY CONDENSED BALANCE SHEETS AS OF DECEMBER 31, 2018 and 2017 (dollars in thousands) 2018 2017 Assets Cash $ 2,324 $ 1,707 Other assets 252 322 Investments in subsidiaries 139,010 126,189 Total assets $ 141,586 $ 128,218 Liabilities Other liabilities $ 1 $ 91 Balances due to non-bank subsidiary 4,124 4,124 Total liabilities 4,125 4,215 Shareholders’ Equity Common stock ( 200,000,000 shares authorized $0.01 par value; 22,132,304 and 22,072,523 shares issued and outstanding , respectively) 221 221 Additional paid in capital 148,763 147,671 Retained deficit (10,244) (23,932) Accumulated other comprehensive (loss) income (1,279) 43 Total shareholders’ equity $ 137,461 $ 124,003 Total liabilities and shareholders’ equity $ 141,586 $ 128,218 PARENT COMPANY CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME FOR THE YEARS ENDED DECEMBER 31, 2018 AND 2017 (dollars in thousands) 2018 2017 Income: Dividends received from subsidiaries $ — $ — Other operating income 8 4 Total income 8 4 Expenses: Interest expense 217 187 Management fee paid to subsidiaries 186 177 Stock compensation expense 64 56 Professional and legal expenses 59 56 Other operating expenses 51 50 Total expenses 577 526 Equity in undistributed income of subsidiaries 14,144 7,541 Net income before income taxes 13,575 7,019 Income tax benefit 113 184 Net income $ 13,688 $ 7,203 Comprehensive income $ 12,366 $ 8,462 PARENT COMPANY STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2018 AND 2017 (dollars in thousands) 2018 2017 Operating activities: Net income $ 13,688 $ 7,203 Adjustments to reconcile net income to net cash provided by operating activities: Stock compensation expense 946 745 Tax benefit of exercised stock options — (15) Undistributed equity in income of subsidiary (14,144) (7,541) Decrease (increase) in other assets 71 136 (Decrease) increase in other liabilities, net (90) 68 Net cash and cash equivalents provided by operating activities 471 596 Financing activities: Payment on long term debt — (1,670) Proceeds from issuance of common stock 146 260 Net cash and cash equivalents provided by ( used in ) financing activities 146 (1,410) (Decrease) increase in cash and cash equivalents 617 (814) Cash and cash equivalents at beginning of the period 1,707 2,521 Cash and cash equivalents at end of the period $ 2,324 $ 1,707 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 27. Subsequent Events In preparing these financial statements, the Company has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued noting no items to be disclosed. |
Nature of Banking Activities _2
Nature of Banking Activities and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Nature of Banking Activities and Significant Accounting Policies [Abstract] | |
Change in Accounting Principles | Change in Accounting Principles In February 2018, the FASB issued Accounting Standards Update (ASU) 2018-02, Income Statement – Reporting Comprehensive Income, in response to the recently passed Tax Cuts and Jobs Act of 2017 (the “Act”), which reduced the Company’s federal corporate income tax rate from 34% to 21% effective January 1, 2018. As a result of the Act, the Company recorded $3.5 million in income tax expense at December 31, 2017 to adjust the net deferred tax asset to reflect the reduction in the corporate income tax rate. This ASU allows for the reclassification of the stranded tax effects in accumulated other comprehensive (loss) income (AOCI) resulting from the Act effective for fiscal years beginning after December 15, 2018 with early adoption permitted. The Company elected early adoption and reclassified $7,000 from AOCI to retained deficit at December 31, 2017. |
Reclassifications | Reclassifications Certain reclassifications have been made to prior period balances to conform to the current year presentations. Such reclassifications had no impact on net income or shareholders’ equity. |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Securities [Abstract] | |
Amortized Costs and Fair Values of Securities Available for Sale and Held to Maturity | Amortized costs and fair values of securities available for sale and held to maturity at December 31, 2018 and 2017 were as follows ( dollars in thousands): December 31, 2018 Gross Unrealized Amortized Cost Gains Losses Fair Value Securities Available for Sale U.S. Treasury issue and other U.S. Gov’t agencies $ 29,908 $ 23 $ (419) $ 29,512 U.S. Gov’t sponsored agencies 8,241 48 (68) 8,221 State, county and municipal 112,465 1,018 (941) 112,542 Corporate and other bonds 10,027 73 (66) 10,034 Mortgage backed – U.S. Gov’t agencies 14,468 161 (231) 14,398 Mortgage backed – U.S. Gov’t sponsored agencies 32,409 35 (425) 32,019 Total Securities Available for Sale $ 207,518 $ 1,358 $ (2,150) $ 206,726 Securities Held to Maturity U.S. Treasury issue and other U.S. Gov’t agencies $ 10,000 $ — $ (210) $ 9,790 State, county and municipal 32,108 419 (64) 32,463 Total Securities Held to Maturity $ 42,108 $ 419 $ (274) $ 42,253 December 31, 2017 Gross Unrealized Amortized Cost Gains Losses Fair Value Securities Available for Sale U.S. Treasury issue and other U.S. Gov’t agencies $ 27,478 $ 64 $ (359) $ 27,183 U.S. Gov’t sponsored agencies 9,247 55 (24) 9,278 State, county and municipal 124,032 2,324 (596) 125,760 Corporate and other bonds 7,323 173 (36) 7,460 Mortgage backed – U.S. Gov’t agencies 18,546 138 (169) 18,515 Mortgage backed – U.S. Gov’t sponsored agencies 16,985 26 (373) 16,638 Total Securities Available for Sale $ 203,611 $ 2,780 $ (1,557) $ 204,834 Securities Held to Maturity U.S. Treasury issue and other U.S. Gov’t agencies $ 10,000 $ — $ (155) $ 9,845 State, county and municipal 35,678 922 (33) 36,567 Mortgage backed – U.S. Gov’t agencies 468 8 — 476 Total Securities Held to Maturity $ 46,146 $ 930 $ (188) $ 46,888 |
Amortized Cost and Fair Value of Securities by Contractual Maturity | Expected maturities may differ from final contractual maturities because issuers may have the right to call or prepay obligations without any penalties. Held to Maturity Available for Sale (dollars in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ 3,815 $ 3,838 $ 13,171 $ 13,138 Due after one year through five years 22,283 22,127 84,421 84,242 Due after five years through ten years 12,932 13,176 92,583 91,975 Due after ten years 3,078 3,112 17,343 17,371 Total securities $ 42,108 $ 42,253 $ 207,518 $ 206,726 |
Summary of Realized Gains and Losses on Sales of Securities | Gross realized gains and losses on sales of securities available for sale during the years ended December 31, 2018 and 2017 were as follows (dollars in thousands) : 2018 2017 Gross realized gains $ 187 $ 520 Gross realized losses (117) (310) Net securities gains $ 70 $ 210 |
Summary of Fair Value and Gross Unrealized Losses for Securities Available for Sale | The fair value and gross unrealized losses for securities, segregated by the length of time that individual securities have been in a continuous gross unrealized loss position, at December 31, 2018 and 2017 were as follows (dollars in thousands): December 31, 2018 Less than 12 Months 12 Months or More Total Securities Available for Sale Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. Treasury issue and other U.S. Gov’t agencies $ 5,964 $ (35) $ 14,116 $ (384) $ 20,080 $ (419) U.S. Gov’t sponsored agencies 2,475 (13) 2,683 (55) 5,158 (68) State, county and municipal 7,918 (81) 34,540 (860) 42,458 (941) Corporate and other bonds 4,198 (49) 530 (17) 4,728 (66) Mortgage backed – U.S. Gov’t agencies 2,650 (45) 3,398 (186) 6,048 (231) Mortgage backed – U.S. Gov’t sponsored agencies 8,863 (49) 12,413 (376) 21,276 (425) Total $ 32,068 $ (272) $ 67,680 $ (1,878) $ 99,748 $ (2,150) Securities Held to Maturity U.S. Treasury issue and other U.S. Gov’t agencies $ - $ - $ 9,790 $ (210) $ 9,790 $ (210) State, county and municipal 2,452 (20) 3,985 (44) 6,437 (64) Total $ 2,452 $ (20) $ 13,775 $ (254) $ 16,227 $ (274) December 31, 2017 Less than 12 Months 12 Months or More Total Securities Available for Sale Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. Treasury issue and other U.S. Gov’t agencies $ 5,097 $ (36) $ 14,795 $ (323) $ 19,892 $ (359) U.S. Gov’t sponsored agencies 497 (3) 5,040 (21) 5,537 (24) State, county and municipal 20,740 (188) 9,569 (408) 30,309 (596) Corporate and other bonds - - 2,772 (36) 2,772 (36) Mortgage backed – U.S. Gov’t agencies 1,722 (25) 6,524 (144) 8,246 (169) Mortgage backed – U.S. Gov’t sponsored agencies 6,525 (111) 7,985 (262) 14,510 (373) Total $ 34,581 $ (363) $ 46,685 $ (1,194) $ 81,266 $ (1,557) Securities Held to Maturity U.S. Treasury issue and other U.S. Gov’t agencies $ - $ - $ 9,845 $ (155) $ 9,845 $ (155) State, county and municipal 1,485 (14) 1,262 (19) 2,747 (33) Total $ 1,485 $ (14) $ 11,107 $ (174) $ 12,592 $ (188) |
Loans and Related Allowance f_2
Loans and Related Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Loans and Related Allowance for Loan Losses [Abstract] | |
Summary of Loans | The Company’s loans, net of deferred fees and costs, at December 31, 2018 and 2017 were comprised of the following (dollars in thousands): December 31, 2018 December 31, 2017 Amount % of Loans Amount % of Loans Mortgage loans on real estate: Residential 1-4 family $ 216,268 21.77 % $ 227,542 24.16 % Commercial 379,904 38.23 366,331 38.89 Construction and land development 120,413 12.12 107,814 11.44 Second mortgages 6,778 0.68 8,410 0.89 Multifamily 59,557 5.99 59,024 6.27 Agriculture 8,370 0.84 7,483 0.79 Total real estate loans 791,290 79.63 776,604 82.44 Commercial loans 188,722 18.99 159,024 16.88 Consumer installment loans 12,048 1.21 5,169 0.55 All other loans 1,645 0.17 1,221 0.13 Total loans $ 993,705 100.00 % $ 942,018 100.00 % |
Summary of Information Related to Impaired Loans | The following table summarizes information related to impaired loans as of December 31, 2018 and 2017 (dollars in thousands): December 31, 2018 December 31, 2017 With no related allowance recorded : Recorded Investment (1) Unpaid Principal Balance (2) Related Allowance Recorded Investment (1) Unpaid Principal Balance (2) Related Allowance Mortgage loans on real estate: Residential 1-4 family $ 1,563 $ 1,890 $ — $ 1,901 $ 2,246 $ — Commercial 3,502 4,176 — 3,862 4,477 — Multifamily 2,559 2,559 — — — — Total real estate loans 7,624 8,625 — 5,763 6,723 — Commercial loans — — — 1,108 1,108 — Subtotal impaired loans with no valuation allowance 7,624 8,625 — 6,871 7,831 — With an allowance recorded: Mortgage loans on real estate: Residential 1-4 family 2,131 2,538 349 2,216 2,640 290 Commercial 1,550 2,034 482 533 958 65 Construction and land development 4,571 5,840 515 4,277 5,537 556 Agriculture — — — 68 71 8 Total real estate loans 8,252 10,412 1,346 7,094 9,206 919 Commercial loans 1,983 1,991 900 325 446 39 Consumer installment loans — — — 7 7 1 Subtotal impaired loans with a valuation allowance 10,235 12,403 2,246 7,426 9,659 959 Total: Mortgage loans on real estate: Residential 1-4 family 3,694 4,428 349 4,117 4,886 290 Commercial 5,052 6,210 482 4,395 5,435 65 Construction and land development 4,571 5,840 515 4,277 5,537 556 Multifamily 2,559 2,559 — — — — Agriculture — — — 68 71 8 Total real estate loans 15,876 19,037 1,346 12,857 15,929 919 Commercial loans 1,983 1,991 900 1,433 1,554 39 Consumer installment loans — — — 7 7 1 Total impaired loans $ 17,859 $ 21,028 $ 2,246 $ 14,297 $ 17,490 $ 959 (1) The amount of the investment in a loan, is not net of a valuation allowance, but does reflect any direct write-down of the investment (2) The contractual amount due, reflects paydowns applied in accordance with loan documents, but does not reflect any direct write-downs or valuation allowance |
Summary of Financial Receivable Impaired Average Recorded Investment | The following table summarizes the average recorded investment of impaired loans for the years ended December 31, 2018 and 2017 (dollars in thousands): 2018 2017 Average Investment Interest Recognized Average Investment Interest Recognized Mortgage loans on real estate: Residential 1-4 family $ 3,993 $ 124 $ 4,317 $ 106 Commercial 4,822 164 5,808 160 Construction and land development 4,839 — 4,531 — Multifamily 1,535 123 — — Agriculture 27 — 79 — Total real estate loans 15,216 411 14,735 266 Commercial loans 1,175 19 1,471 4 Consumer installment loans 3 — 74 — Total impaired loans $ 16,394 $ 430 $ 16,280 $ 270 |
Reconciliation of Impaired Loans to Nonaccrual Loans | Troubled debt restructures still accruing interest are loans that management expects to ultimately collect all principal and interest due, but not under the terms of the original contract. A reconciliation of impaired loans to nonaccrual loans at December 31, 2018 and December 31, 2017 is set forth in the table below (dollars in thousands): December 31, 2018 December 31, 2017 Nonaccruals $ 9,500 $ 9,026 Trouble debt restructure and still accruing 8,359 5,271 Total impaired $ 17,859 $ 14,297 |
Age Analysis of Past Due Status of Loans, Excluding PCI Loans | There were no loans greater than 90 days past due and still accruing interest at December 31, 2018 and 2017. The following tables present an age analysis of past due status of loans, excluding PCI loans, by category as of December 31, 2018 and 2017 (dollars in thousands): December 31, 2018 30-89 Days Past Due Nonaccrual Total Past Due Current Total Loans Receivable Mortgage loans on real estate: Residential 1-4 family $ 495 $ 1,257 $ 1,752 $ 214,516 $ 216,268 Commercial 551 2,123 2,674 377,230 379,904 Construction and land development 59 4,571 4,630 115,783 120,413 Second mortgages — — — 6,778 6,778 Multifamily 2,559 — 2,559 56,998 59,557 Agriculture — — — 8,370 8,370 Total real estate loans 3,664 7,951 11,615 779,675 791,290 Commercial loans 80 1,549 1,629 187,093 188,722 Consumer installment loans 10 — 10 12,038 12,048 All other loans — — — 1,645 1,645 Total loans $ 3,754 $ 9,500 $ 13,254 $ 980,451 $ 993,705 December 31, 2017 30-89 Days Past Due Nonaccrual Total Past Due Current Total Loans Receivable Mortgage loans on real estate: Residential 1-4 family $ 1,056 $ 1,962 $ 3,018 $ 224,524 $ 227,542 Commercial 104 1,498 1,602 364,729 366,331 Construction and land development — 4,277 4,277 103,537 107,814 Second mortgages — — — 8,410 8,410 Multifamily — — — 59,024 59,024 Agriculture 19 68 87 7,396 7,483 Total real estate loans 1,179 7,805 8,984 767,620 776,604 Commercial loans 48 1,214 1,262 157,762 159,024 Consumer installment loans 12 7 19 5,150 5,169 All other loans — — — 1,221 1,221 Total loans $ 1,239 $ 9,026 $ 10,265 $ 931,753 $ 942,018 |
Allowance for Loan Losses on Loans, Excluding PCI Loans, by Segment | Activity in the allowance for loan losses on loans, excluding PCI loans, by segment for the years ended December 31, 2018 and 2017 is presented in the following tables (dollars in thousands): December 31, 2017 Provision Allocation Charge-offs Recoveries December 31, 2018 Mortgage loans on real estate: Residential 1-4 family $ 3,466 $ (1,252) $ (89) $ 156 $ 2,281 Commercial 2,423 (647) — 34 1,810 Construction and land development 1,247 3 (127) 38 1,161 Second mortgages 24 (10) — 6 20 Multifamily 496 (125) — — 371 Agriculture 14 3 — — 17 Total real estate loans 7,670 (2,028) (216) 234 5,660 Commercial loans 1,139 751 (45) 49 1,894 Consumer installment loans 110 53 (220) 209 152 All other loans 3 6 — 3 12 Unallocated 47 1,218 — — 1,265 Total loans $ 8,969 $ — $ (481) $ 495 $ 8,983 December 31, 2016 Provision Allocation Charge-offs Recoveries December 31, 2017 Mortgage loans on real estate: Residential 1-4 family $ 2,769 $ 726 $ (146) $ 117 $ 3,466 Commercial 1,952 879 (457) 49 2,423 Construction and land development 2,195 (817) (194) 63 1,247 Second mortgages 72 (101) — 53 24 Multifamily 260 236 — — 496 Agriculture 15 (1) — — 14 Total real estate loans 7,263 922 (797) 282 7,670 Commercial loans 602 963 (431) 5 1,139 Consumer installment loans 135 108 (285) 152 110 All other loans 7 (4) — — 3 Unallocated 1,486 (1,439) — — 47 Total loans $ 9,493 $ 550 $ (1,513) $ 439 $ 8,969 |
Loans Evaluated for Impairment | The following tables present information on the loans evaluated for impairment in the allowance for loan losses as of December 31, 2018 and 2017 (dollars in thousands): December 31, 2018 Allowance for Loan Losses Recorded Investment in Loans Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Mortgage loans on real estate: Residential 1-4 family $ 349 $ 1,932 $ 2,281 $ 3,694 $ 212,574 $ 216,268 Commercial 482 1,328 1,810 5,052 374,852 379,904 Construction and land development 515 646 1,161 4,571 115,842 120,413 Second mortgages — 20 20 — 6,778 6,778 Multifamily — 371 371 2,559 56,998 59,557 Agriculture — 17 17 — 8,370 8,370 Total real estate loans 1,346 4,314 5,660 15,876 775,414 791,290 Commercial loans 900 994 1,894 1,983 186,739 188,722 Consumer installment loans — 152 152 — 12,048 12,048 All other loans — 12 12 — 1,645 1,645 Unallocated — 1,265 1,265 — — — Total loans $ 2,246 $ 6,737 $ 8,983 $ 17,859 $ 975,846 $ 993,705 December 31, 2017 Allowance for Loan Losses Recorded Investment in Loans Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Mortgage loans on real estate: Residential 1-4 family $ 290 $ 3,176 $ 3,466 $ 4,117 $ 223,425 $ 227,542 Commercial 65 2,358 2,423 4,396 361,935 366,331 Construction and land development 556 691 1,247 4,276 103,538 107,814 Second mortgages — 24 24 — 8,410 8,410 Multifamily — 496 496 — 59,024 59,024 Agriculture 8 6 14 68 7,415 7,483 Total real estate loans 919 6,751 7,670 12,857 763,747 776,604 Commercial loans 39 1,100 1,139 1,433 157,591 159,024 Consumer installment loans 1 109 110 7 5,162 5,169 All other loans — 3 3 — 1,221 1,221 Unallocated — 47 47 — — — Total loans $ 959 $ 8,010 $ 8,969 $ 14,297 $ 927,721 $ 942,018 |
Loans, Excluding PCI Loans, by Credit Quality Indicator | The following tables present the composition of loans, excluding PCI loans, by credit quality indicator at December 31, 2018 and 2017 (dollars in thousands): December 31, 2018 Pass Special Mention Substandard Doubtful Total Mortgage loans on real estate: Residential 1-4 family $ 211,832 $ 3,179 $ 1,257 $ — $ 216,268 Commercial 372,745 3,551 3,608 — 379,904 Construction and land development 115,650 192 4,571 — 120,413 Second mortgages 6,686 92 — — 6,778 Multifamily 56,802 196 2,559 — 59,557 Agriculture 8,312 58 — — 8,370 Total real estate loans 772,027 7,268 11,995 — 791,290 Commercial loans 184,004 1,798 2,920 — 188,722 Consumer installment loans 12,042 6 — — 12,048 All other loans 1,645 — — — 1,645 Total loans $ 969,718 $ 9,072 $ 14,915 $ — $ 993,705 December 31, 2017 Pass Special Mention Substandard Doubtful Total Mortgage loans on real estate: Residential 1-4 family $ 222,026 $ 3,442 $ 2,074 $ — $ 227,542 Commercial 355,188 8,145 2,998 — 366,331 Construction and land development 103,356 182 4,276 — 107,814 Second mortgages 8,187 223 — — 8,410 Multifamily 56,452 — 2,572 — 59,024 Agriculture 7,010 385 88 — 7,483 Total real estate loans 752,219 12,377 12,008 — 776,604 Commercial loans 156,604 1,171 1,249 — 159,024 Consumer installment loans 5,137 25 7 — 5,169 All other loans 1,221 — — — 1,221 Total loans $ 915,181 $ 13,573 $ 13,264 $ — $ 942,018 |
PCI Loans and Related Allowan_2
PCI Loans and Related Allowance for Loan Losses (Tables) - Covered Loans [Member] | 12 Months Ended |
Dec. 31, 2018 | |
Summary of PCI Loans | The carrying amount, by loan type, as of these dates is as follows (dollars in thousands): December 31, 2018 December 31, 2017 Amount % of PCI Loans Amount % of PCI Loans Mortgage loans on real estate: Residential 1-4 family $ 34,240 89.43 % $ 39,805 89.79 % Commercial 746 1.95 547 1.23 Construction and land development 1,326 3.46 1,588 3.58 Second mortgages 1,729 4.52 2,136 4.82 Multifamily 244 0.64 257 0.58 Total real estate loans 38,285 100.00 44,333 100.00 Total PCI loans $ 38,285 100.00 % $ 44,333 100.00 % |
Summary of Purchased Credit Impaired Loans Collectively Evaluated for Impairment in the Allowance for Loan Losses | The following table presents information on the PCI loans collectively evaluated for impairment in the allowance for loan losses at December 31, 2018 and 2017 (dollars in thousands): December 31, 2018 December 31, 2017 Allowance for loan losses Recorded investment in loans Allowance for loan losses Recorded investment in loans Mortgage loans on real estate: Residential 1-4 family $ 156 $ 34,240 $ 200 $ 39,805 Commercial — 746 — 547 Construction and land development — 1,326 — 1,588 Second mortgages — 1,729 — 2,136 Multifamily — 244 — 257 Total real estate loans 156 38,285 200 44,333 Total PCI loans $ 156 $ 38,285 $ 200 $ 44,333 |
Summary of Changes in the Accretable Yield | The change in the accretable yield balance for the years ended December 31, 2018 and 2017 is as follows (dollars in thousands): Balance, January 1, 2017 $ 48,355 Accretion (5,729) Reclassification from nonaccretable difference 1,500 Balance, December 31, 2017 $ 44,126 Accretion (5,219) Reclassification to nonaccretable difference (800) Balance, December 31, 2018 $ 38,107 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Premises and Equipment [Abstract] | |
Summary of the Bank Premises and Equipment | A summary of the bank premises and equipment is as follows (dollars in thousands) : December 31 2018 2017 Land $ 7,991 $ 8,623 Land improvements and buildings 21,405 20,977 Leasehold improvements 3,908 2,300 Furniture and equipment 11,422 9,840 Construction in progress 65 290 Total 44,791 42,030 Less accumulated depreciation and amortization (13,303) (11,832) Bank premises and equipment, net $ 31,488 $ 30,198 |
Other Real Estate Owned (Tables
Other Real Estate Owned (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Real Estate Owned [Abstract] | |
Schedule of Other Real Estate Owned | The following table presents the balances of other real estate owned at December 31, 2018 and December 31, 2017 (dollars in thousands): December 31, 2018 December 31, 2017 Residential 1-4 family $ 314 $ 486 Commercial 15 15 Construction and land development 770 2,290 Total other real estate owned $ 1,099 $ 2,791 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Deposits [Abstract] | |
Summary of Interest Bearing Deposits | The following table provides interest bearing deposit information, by type, as of December 31, 2018 and 2017 (dollars in thousands): December 31, 2018 December 31, 2017 NOW $ 165,946 $ 157,037 MMDA 126,933 143,363 Savings 92,910 93,980 Time deposits less than or equal to $250,000 485,155 437,810 Time deposits over $250,000 128,945 110,546 Total interest bearing deposits $ 999,889 $ 942,736 |
Scheduled Maturities of Time Deposits | The scheduled maturities of time deposits at December 31, 2018 are as follows (dollars in thousands): 2019 $ 435,576 2020 134,203 2021 24,799 2022 5,897 2023 13,625 Total $ 614,100 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Borrowings [Abstract] | |
Schedule of Company's borrowings | The following table presents the Company’s borrowings at December 31, 2018 and 2017 (dollars in thousands): As of December 31 2018 2017 Federal funds purchased $ 19,440 $ 4,849 FHLB: Short-term advances $ 40,000 $ 70,500 Long-term notes payable 19,447 30,929 Total $ 59,447 $ 101,429 |
Maturities of Fixed Rate Long-Term Debt | 2019 $ 10,280 2022 9,167 Total $ 19,447 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Summary of Accumulated Other Comprehensive (Loss) Income | The following tables present activity net of tax in accumulated other comprehensive (loss) income (AOCI) for the years ended December 31, 2018 and 2017 (dollars in thousands): December 31, 2018 Unrealized Gain (Loss) on Securities Defined Benefit Pension Plan Gain (Loss) on Cash Flow Hedge Total Other Comprehensive (Loss) Income Beginning balance $ 954 $ (1,048) $ 137 $ 43 Other comprehensive (loss) income before reclassifications (1,518) 188 59 (1,271) Amounts reclassified from AOCI (54) 3 - (51) Net current period other comprehensive (loss) income (1,572) 191 59 (1,322) Ending balance $ (618) $ (857) $ 196 $ (1,279) December 31, 2017 Unrealized Gain (Loss) on Securities Defined Benefit Pension Plan Gain (Loss) on Cash Flow Hedge Total Other Comprehensive (Loss) Income Beginning balance $ (410) $ (767) $ (46) $ (1,223) Other comprehensive income (loss) before reclassifications 1,342 (109) 160 1,393 Amounts reclassified from AOCI (137) 3 - (134) Net current period other comprehensive income (loss) 1,205 (106) 160 1,259 Impact of the Tax Cuts and Jobs Act 159 (175) 23 7 Ending balance $ 954 $ (1,048) $ 137 $ 43 |
Effects of Reclassifications Out of AOCI | The Company releases the income tax effects included in AOCI when income or loss from the related items has been recognized in earnings. The following tables present the effects of reclassifications out of AOCI on line items of consolidated (loss) income for the years ended December 31, 2018 and 2017 (dollars in thousands): Details about AOCI Amount Reclassified from AOCI Affected Line Item in the Unaudited Consolidated Statement of Income (Loss) Year ended December 31 2018 2017 Securities available for sale Unrealized gains on securities available for sale $ (70) $ (210) Gain on securities transactions, net Related tax expense 16 73 Income tax expense $ (54) $ (137) Net of tax Defined benefit plan Amortization of prior service cost $ 5 $ 5 Salaries and employee benefits Related tax (benefit) expense (2) (2) Income tax expense $ 3 $ 3 Net of tax Total reclassifications for the period $ (51) $ (134) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Taxes [Abstract] | |
Tax Effects of Temporary Differences on the Deferred Tax Assets and Deferred Tax Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of December 31 are as follows (dollars in thousands): 2018 2017 Deferred tax assets: Allowance for loan losses $ 1,974 $ 1,971 Deferred compensation 675 686 Unrealized loss on available for sale securities 174 — P ension adjustment 242 294 Purchase accounting adjustment (1) 3,113 3,544 OREO 59 394 Other 168 123 6,405 7,012 Deferred tax liabilities: Accrued pension 256 253 Unrealized gain on available for sale securities — 269 Depreciation premises and equipment 408 367 Other 67 51 731 940 Net deferred tax asset $ 5,674 $ 6,072 Purchase accounting adjustment includes timing differences related to PCI loans, purchased fixed assets, and differences in income recognition on the purchase transactions. |
Allocation of the Income Tax Expense between Current and Deferred Portions | Allocation of the income tax expense between current and deferred portions is as follows (dollars in thousands): 2018 2017 Current tax provision $ 2,313 $ 3,174 Deferred tax expense 772 3,729 Income tax expense $ 3,085 $ 6,903 |
Reconciliation of the Expected Income Tax Expense with the Reported Expense | The following is a reconciliation of the expected income tax expense (benefit) with the reported expense for each year: 2018 2017 Statutory federal income tax rate 21.0 % 34.0 % (Reduction) Increase in taxes resulting from: Impact of the Act — 25.2 Municipal interest (2.5) (5.5) Bank owned life insurance income (0.9) (2.2) Stock compensation 0.7 0.3 Other, net 0.1 (2.9) Effective tax rate 18.4 % 48.9 % |
Employee Benefit Plan (Tables)
Employee Benefit Plan (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Employee Benefit Plan [Abstract] | |
Schedule of change in benefit obligation plan assets and amounts recognized in Balance Sheet and AOCI | Information pertaining to the activity in the plan is as follows (dollars in thousands): Years ended December 31 2018 2017 Change in Benefit Obligation Benefit obligation, beginning of year $ 4,560 $ 3,997 Interest cost 158 158 Actuarial (gain)/loss (507) 481 Benefits paid (99) (76) Benefit obligation, ending $ 4,112 $ 4,560 Change in Plan Assets Fair value of plan assets, beginning of year $ 4,369 $ 3,915 Actual return on plan assets (90) 530 Benefits paid (99) (76) Fair value of plan assets, ending 4,180 4,369 Funded Status $ 68 $ (191) Amounts Recognized in the Balance Sheet Other assets $ 68 $ — Other liabilities — (191) Amounts Recognized in Accumulated Other Comprehensive (Loss) Income Net loss $ 1,054 $ 1,293 Prior service cost 45 49 Deferred tax (242) (294) Total amount recognized $ 857 $ 1,048 Accumulated benefit obligation $ 4,112 $ 4,560 |
Components of Net Periodic Benefit Cost for Plan | Components of net periodic benefit cost (income) Interest cost $158 $158 Expected return on plan assets (238) (281) Amortization of prior service cost 5 5 Recognized net loss due to settlement — — Recognized net actuarial loss 60 46 Net periodic benefit income $(15) $(72) |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income | Other changes in plan assets and benefit obligations recognized in other comprehensive income Net (gain) loss $ (238) $ 185 Amortization of prior service cost (5) (5) Total amount recognized $ (243) $ 180 Total recognized in net periodic benefit (income) cost and accumulated other comprehensive (loss) income $ (258) $ 108 |
Weighted-Average Assumptions Used in the Measurement of the Company's Benefit Obligation and Net Periodic Benefit Cost | The weighted-average assumptions used in the measurement of the Company’s benefit obligation and net periodic benefit cost are shown in the following table: December 2018 2017 Discount rate used for net periodic pension cost 3.50 % 4.00 % Discount rate used to determine obligation 4.25 % 3.50 % Expected return on plan assets 5.50 % 7.25 % |
Estimated Amounts that will Amortize from Accumulated Other Comprehensive Income into Net Periodic Benefit Cost | The estimated amounts that will amortize from accumulated other comprehensive income into net periodic benefit cost in 2019 are as follows (dollars in thousands): Prior service cost $ 5 Net loss 47 Total amount recognized $ 52 |
Pension Plan's Weighted-Average Asset Allocations by Asset Category | The pension plan’s weighted-average asset allocations as of December 31, 2018 and 2017 by asset category were as follows: December 31 2018 2017 Asset Category Mutual funds — fixed income 77.00 % 74.00 % Mutual funds — equity 23.00 26.00 Cash and equivalents 0.00 0.00 Total 100.00 % 100.00 % |
Fair Value of Plan Assets | The following table presents the fair value of plan assets as of December 31, 2018 and 2017 (dollars in thousands): Assets measured at Fair Value (Level 1) December 31, 2018 December 31, 2017 Cash $6 $5 Mutual funds: Fixed income funds 3,205 3,239 International funds 269 319 Large cap funds 342 390 Mid cap funds 125 145 Small cap funds 76 76 Stock fund 157 195 $4,180 $4,369 |
Estimated Future Contributions and Benefit Payments, which Reflect Expected Future Service | Estimated future contributions and benefit payments, which reflect expected future service, as appropriate, are as follows (dollars in thousands): Expected Employer Contributions 2019 $ — Expected Benefit Payments 2019 600 2020 185 2021 77 2022 133 2023 78 2024-2028 1,860 |
Stock Option Plans (Tables)
Stock Option Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value of Each Option Granted is Estimated on the Date of Grant | The fair value of each option granted is estimated on the date of grant using the “Black Scholes Option Pricing” method with the following assumptions for the years ended December 31, 2018 and 2017: 2018 2017 Expected volatility 40.0% 40.0% Expected term (years) 6.25 6.25 Risk free rate 2.54% 1.97% - 2.02% |
Summary of Grants Shares Issued and Fair Market Value | A summary of these grants for the years ended December 31, 2018 and 2017 is shown in the following table: For the Year Ended 2018 2017 Month Shares Issued Fair Value Shares Issued Fair Value March 4,670 8.35 4,875 8.00 May — — 391 8.20 June 3,552 9.85 4,807 8.10 July 616 9.85 — — September 4,741 9.05 4,612 8.45 December 5,192 8.27 4,690 8.30 |
Summary of Non-Vested Options and Restricted Stock Outstanding | The following table summarizes non-vested options outstanding at December 31, 2018: Weighted Average Grant-Date Number of Shares Fair Value Non-vested at beginning of the year 664,000 $ 2.62 Granted 279,000 3.65 Vested (245,000) 2.42 Forfeited (2,500) 3.33 Non-vested at end of year 695,500 3.10 |
2009 Stock Option Plan [Member] | |
Summary of Options Outstanding | A summary of options outstanding for the year ended December 31, 2018, is shown in the following table: Number of Shares Weighted Average Exercise Price Aggregate Intrinsic Value Outstanding at beginning of year 1,338,750 $ 4.45 Granted 279,000 8.45 Forfeited (2,500) 7.82 Expired — — Exercised (41,000) 3.55 Outstanding at end of year 1,574,250 5.18 $ 3,607,310 Options outstanding and exercisable at end of year 878,750 3.68 $ 3,125,823 Weighted average remaining contractual life for outstanding and exercisable shares at year end 60 months |
Earnings (Loss) Per Common Shar
Earnings (Loss) Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings (Loss) Per Common Share [Abstract] | |
Computation of Earnings per Share | Basic earnings per share (EPS) is computed by dividing net income or loss by the weighted average number of shares outstanding during the period. Diluted EPS is computed using the weighted average number of shares outstanding during the period, including the effect of all potentially dilutive shares outstanding attributable to stock instruments. The following table presents basic and diluted EPS for the years ended December 31, 2018 and 2017 (dollars and shares in thousands, except per share data): Net Income (Numerator) Weighted Average Shares (Denominator) Per Share Amount For the year ended December 31, 2018 Basic EPS $ 13,68 8 22,103 $ 0.62 Effect of dilutive stock awards — 466 (0.01) Diluted EPS $ 13,68 8 22,569 $ 0.61 For the year ended December 31, 2017 Basic EPS $ 7,203 22,014 $ 0.33 Effect of dilutive stock awards — 498 (0.01) Diluted EPS $ 7,203 22,512 $ 0.32 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Schedule of Activity of Direct and Indirect Loans | The table below presents the activity for loans at December 31, 2018 and 2017 (dollars in thousands). December 31 2018 2017 Balance, beginning of year $ 5,880 $ $ 6,524 Principal additions 25 35 Repayments and reclassifications (5,895) (679) Balance, end of year $ 10 $ $ 5,880 |
Financial Instruments With Of_2
Financial Instruments With Off-Balance Sheet Risk (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Financial Instruments With Off Balance Sheet Risk [Abstract] | |
Summary of the Contract Amounts of the Bank's Exposure to Off-Balance Sheet Risk | A summary of the contract amounts of the Company’s exposure to off-balance sheet risk as of December 31, 2018 and 2017, is as follows (dollars in thousands): December 31, 2018 December 31, 2017 Commitments with off-balance sheet risk: Commitments to extend credit $ 204,831 $ 163,686 Standby letters of credit 5,280 6,532 Total commitments with off-balance sheet risks $ 210,111 $ 170,218 |
Minimum Regulatory Capital Re_2
Minimum Regulatory Capital Requirements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Minimum Regulatory Capital Requirements [Abstract] | |
Summary of the Company's and the Banks Actual Capital Amounts and Ratios | The Bank’s actual capital amounts and ratios are presented in the following table (dollars in thousands). Required in Order to be Actual Required for Capital Adequacy Purposes Well Capitalized Under Prompt Corrective Action Amount Ratio Amount Ratio Amount Ratio As of December 31, 2018: Total Capital to risk weighted assets $ 149,085 13.34 % $ 89,409 8.00 % $ 111,762 10.00 Tier 1 Capital to risk weighted assets 140,289 12.55 % 67,057 6.00 % 89,409 8.00 % Common Equity Tier 1 Capital to risk weighted assets 140,289 12.55 % 50,292 4.50 % 72,645 6.50 % Tier 1 Capital to adjusted average total assets 140,289 10.22 % 54,882 4.00 % 68,603 5.00 % As of December 31, 2017: Total Capital to risk weighted assets $ 134,972 12.52 % $ 86,217 8.00 % $ 107,771 10.00 % Tier 1 Capital to risk weighted assets 126,146 11.71 % 64,663 6.00 % 86,217 8.00 % Common Equity Tier 1 Capital to risk weighted assets 126,146 11.71 % 48,497 4.50 % 70,051 6.50 % Tier 1 Capital to adjusted average total assets 126,146 9.59 % 52,613 4.00 % 65,767 5.00 % |
Fair Values of Assets and Lia_2
Fair Values of Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Values of Assets and Liabilities [Abstract] | |
Assets and Liabilities Recorded at Fair Value on Recurring Basis | The tables below present the recorded amount of assets and liabilities measured at fair value on a recurring basis (dollars in thousands): December 31, 2018 Total Level 1 Level 2 Level 3 Investment securities available for sale U.S. Treasury issue and other U.S. Gov’t agencies $ 29,512 $ 3,657 $ 25,855 $ - U.S. Gov’t sponsored agencies 8,221 - 8,221 - State, county and municipal 112,542 2,644 109,898 - Corporate and other bonds 10,034 - 10,034 - Mortgage backed – U.S. Gov’t agencies 14,398 - 14,398 - Mortgage backed – U.S. Gov’t sponsored agencies 32,019 3,496 28,523 - Total investment securities available for sale 206,726 9,797 196,929 - Loans held for sale 146 146 Cash flow hedge 253 - 253 - Total assets at fair value $ 207,125 $ 9,797 $ 197,328 $ - Total liabilities at fair value $ - $ - $ - $ - December 31, 2017 Total Level 1 Level 2 Level 3 Investment securities available for sale U.S. Treasury issue and other U.S. Gov’t agencies $ 27,183 $ - $ 27,183 $ - U.S. Gov’t sponsored agencies 9,278 - 9,278 - State, county and municipal 125,760 332 125,428 - Corporate and other bonds 7,460 - 7,460 - Mortgage backed – U.S. Gov’t agencies 18,515 - 18,515 - Mortgage backed – U.S. Gov’t sponsored agencies 16,638 - 16,638 - Total investment securities available for sale 204,834 332 204,502 - Cash flow hedge 177 - 177 - Total assets at fair value $ 205,011 $ 332 $ 204,679 $ - Total liabilities at fair value $ - $ - $ - $ - |
Assets and Liabilities Measured at Fair Value on Nonrecurring Basis | The following tables present assets measured at fair value on a nonrecurring basis for the years ended December 31, 2018 and 2017 (dollars in thousands): December 31, 2018 Total Level 1 Level 2 Level 3 Impaired loans $9,343 $ — $ — $9,343 Bank premises and equipment held for sale 1,252 — — 1,252 Other real estate owned 1,099 — — 1,099 Total assets at fair value $11,694 $ — $ — $11,694 Total liabilities at fair value $ — $ — $ — $ — December 31, 2017 Total Level 1 Level 2 Level 3 Impaired loans $7,915 $ — $1,306 $6,609 Other real estate owned 2,791 — 1,203 1,588 Total assets at fair value $10,706 $ — $2,509 $8,197 Total liabilities at fair value $ — $ — $ — $ — |
Summary of Fair Value of Financial Instruments | These tables exclude financial instruments for which the carrying value approximates fair value (dollars in thousands): December 31, 2018 Carrying Value Estimated Fair Value Level 1 Level 2 Level 3 Financial assets: Securities held to maturity $42,108 $42,253 $ — $42,253 $ — Loans, net of allowance 984,722 978,778 — — 978,778 PCI loans, net of allowance 38,129 42,674 — — 42,674 Financial liabilities: Interest bearing deposits 999,889 997,714 — 997,714 — Borrowings 63,571 63,393 — 63,393 — December 31, 2017 Carrying Value Estimated Fair Value Level 1 Level 2 Level 3 Financial assets: Securities held to maturity $46,146 $46,888 $ — $46,888 $ — Loans, net of allowance 933,049 933,938 — 927,329 6,609 PCI loans, net of allowance 44,133 48,655 — — 48,655 Financial liabilities: Interest bearing deposits 942,736 943,037 — 943,037 — Borrowings 105,553 105,363 — 105,363 — |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Noninterest income, segregated by revenue streams in-scope and out-of-scope of Topic 606 | The following table presents noninterest income, segregated by revenue streams in-scope and out-of-s cope of Topic 606, for the year ended December 31, 2018 (dollars in thousands) 2018 Noninterest income In-scope of Topic 606: Service charges on deposit accounts $ 1,646 Interchange and ATM fees 864 Brokerage fees and commissions 364 Noninterest income (in-scope of Topic 606) 2,874 Noninterest income (out-of-scope of Topic 606) 1,589 Total noninterest income $ 4,463 |
Lease Commitments (Tables)
Lease Commitments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Lease Commitments [Abstract] | |
Summary of Non-Cancelable Operating Leases for Bank Premises that have Initial or Remaining Terms | The following table represents a summary of non-cancelable operating leases for bank premises that have initial or remaining terms in excess of one year, some with renewal options, as of December 31, 2018 (dollars in thousands): 2019 $ 1,428 2020 1,345 2021 1,011 2022 494 2023 510 Thereafter 5,773 Total of future payments $ 10,561 (1) Future payments have not been reduced by minimum sublease rentals of $2.4 million due in the future under a non-cancelable sublease. |
Other Operating Expense (Tables
Other Operating Expense (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Operating Expense [Abstract] | |
Summary of Other Noninterest Expense | Other noninterest expense totals are presented in the following tables. Components of these expenses exceeding 1.0% of the aggregate of total net interest income and total noninterest income for any of the past two years are stated separately (dollars in thousands). Year Ended 2018 2017 Bank franchise tax $ 574 $ 632 Telephone and internet line 398 676 Stationery, printing and supplies 586 674 Marketing expense 613 656 Credit expense 501 584 Outside vendor fees 631 562 Other expenses 2,500 2,786 Total other operating expenses $ 5,803 $ 6,570 |
Parent Corporation Only Finan_2
Parent Corporation Only Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Parent Corporation Only Financial Statements [Abstract] | |
Parent Company Only Balance Sheets | PARENT COMPANY CONDENSED BALANCE SHEETS AS OF DECEMBER 31, 2018 and 2017 (dollars in thousands) 2018 2017 Assets Cash $ 2,324 $ 1,707 Other assets 252 322 Investments in subsidiaries 139,010 126,189 Total assets $ 141,586 $ 128,218 Liabilities Other liabilities $ 1 $ 91 Balances due to non-bank subsidiary 4,124 4,124 Total liabilities 4,125 4,215 Shareholders’ Equity Common stock ( 200,000,000 shares authorized $0.01 par value; 22,132,304 and 22,072,523 shares issued and outstanding , respectively) 221 221 Additional paid in capital 148,763 147,671 Retained deficit (10,244) (23,932) Accumulated other comprehensive (loss) income (1,279) 43 Total shareholders’ equity $ 137,461 $ 124,003 Total liabilities and shareholders’ equity $ 141,586 $ 128,218 |
Parent Company Only Statements of Income | PARENT COMPANY CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME FOR THE YEARS ENDED DECEMBER 31, 2018 AND 2017 (dollars in thousands) 2018 2017 Income: Dividends received from subsidiaries $ — $ — Other operating income 8 4 Total income 8 4 Expenses: Interest expense 217 187 Management fee paid to subsidiaries 186 177 Stock compensation expense 64 56 Professional and legal expenses 59 56 Other operating expenses 51 50 Total expenses 577 526 Equity in undistributed income of subsidiaries 14,144 7,541 Net income before income taxes 13,575 7,019 Income tax benefit 113 184 Net income $ 13,688 $ 7,203 Comprehensive income $ 12,366 $ 8,462 |
Parent Company Only Statements of Cash Flows | PARENT COMPANY STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2018 AND 2017 (dollars in thousands) 2018 2017 Operating activities: Net income $ 13,688 $ 7,203 Adjustments to reconcile net income to net cash provided by operating activities: Stock compensation expense 946 745 Tax benefit of exercised stock options — (15) Undistributed equity in income of subsidiary (14,144) (7,541) Decrease (increase) in other assets 71 136 (Decrease) increase in other liabilities, net (90) 68 Net cash and cash equivalents provided by operating activities 471 596 Financing activities: Payment on long term debt — (1,670) Proceeds from issuance of common stock 146 260 Net cash and cash equivalents provided by ( used in ) financing activities 146 (1,410) (Decrease) increase in cash and cash equivalents 617 (814) Cash and cash equivalents at beginning of the period 1,707 2,521 Cash and cash equivalents at end of the period $ 2,324 $ 1,707 |
Nature of Banking Activities _3
Nature of Banking Activities and Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Apr. 30, 2009 | |
Organization And Significant Accounting Policies [Line Items] | |||
Equity investment in BOE Statutory Trust I | $ 124 | $ 124 | |
Other real estate owned (OERO) | 1,099 | 2,791 | |
Advertising costs expense | $ 613 | $ 656 | |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate | 21.00% | 34.00% | |
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | $ 3,500 | ||
Income Tax Expense Benefit | 3,085 | $ 6,903 | |
Accounting Standards Update 2018-02 [Member] | |||
Organization And Significant Accounting Policies [Line Items] | |||
Act Early Adoption Reclassification Of Income Tax Effects From Aoci To Retained Deficit | 7 | ||
Income Tax Expense Benefit | 3,500 | ||
Accounting Standards Update 2018-11 [Member] | |||
Organization And Significant Accounting Policies [Line Items] | |||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Change In Assets | 7,400 | ||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Change In Liabilities | $ 7,600 | ||
Scenario, Plan [Member] | |||
Organization And Significant Accounting Policies [Line Items] | |||
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate | 21.00% | ||
2009 Stock Option Plan [Member] | Stock Compensation Plan [Member] | |||
Organization And Significant Accounting Policies [Line Items] | |||
Authorized common stock for stock based compensation | 2,650,000 | ||
Parent Company [Member] | |||
Organization And Significant Accounting Policies [Line Items] | |||
Income Tax Expense Benefit | $ (113) | $ (184) | |
Minimum [Member] | Bank Premises [Member] | |||
Organization And Significant Accounting Policies [Line Items] | |||
Estimated useful lives | 10 years | ||
Minimum [Member] | Equipment, Furniture and Fixtures [Member] | |||
Organization And Significant Accounting Policies [Line Items] | |||
Estimated useful lives | 3 years | ||
Maximum [Member] | Bank Premises [Member] | |||
Organization And Significant Accounting Policies [Line Items] | |||
Estimated useful lives | 50 years | ||
Maximum [Member] | Equipment, Furniture and Fixtures [Member] | |||
Organization And Significant Accounting Policies [Line Items] | |||
Estimated useful lives | 10 years |
Securities (Narrative) (Detail)
Securities (Narrative) (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($)security | Dec. 31, 2017USD ($) | Dec. 31, 2016 | |
Schedule Of Marketable Securities [Line Items] | |||
Proceeds from sales of securities available for sale | $ 37,000 | $ 41,400 | |
Investments held having OTTI losses | $ 0 | 0 | |
Number of securities with unrealized losses | security | 155 | ||
Investment grade corporate obligations comprise securities with unrealized losses | security | 3 | ||
Securities with amortized costs | $ 56,000 | 71,700 | |
Securities purchased from single issuer other than U.S. Treasury issue and other U.S. Government agencies | $ 0 | $ 0 | |
Minimum percentage of securities purchased from U.S. Treasury issue and other U.S. Government agencies | 10.00% | 10.00% | |
U.S. Treasury Issue and Other U.S. Gov't Agencies [Member] | |||
Schedule Of Marketable Securities [Line Items] | |||
Securities with investment grade | security | 146 | ||
Federal Reserve Bank Advances [Member] | |||
Schedule Of Marketable Securities [Line Items] | |||
Debt Instrument, Collateral Amount | $ 7,000 | $ 7,000 | |
Debt Instrument, Lendable Collateral Value | $ 6,500 |
Securities (Amortized Costs and
Securities (Amortized Costs and Fair Values of Securities Available for Sale and Held to Maturity) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | $ 207,518 | $ 203,611 |
Securities Available for Sale, Gross Unrealized Gains | 1,358 | 2,780 |
Securities Available for Sale, Gross Unrealized Losses | (2,150) | (1,557) |
Securities Available for Sale, Fair Value | 206,726 | 204,834 |
Securities Held to Maturity, Amortized Cost | 42,108 | 46,146 |
Securities Held to Maturity, Gross Unrealized Gains | 419 | 930 |
Securities Held to Maturity, Gross Unrealized Losses | (274) | (188) |
Securities Held to Maturity, Fair Value | 42,253 | 46,888 |
U.S. Treasury Issue and Other U.S. Gov't Agencies [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 29,908 | 27,478 |
Securities Available for Sale, Gross Unrealized Gains | 23 | 64 |
Securities Available for Sale, Gross Unrealized Losses | (419) | (359) |
Securities Available for Sale, Fair Value | 29,512 | 27,183 |
Securities Held to Maturity, Amortized Cost | 10,000 | 10,000 |
Securities Held to Maturity, Gross Unrealized Gains | ||
Securities Held to Maturity, Gross Unrealized Losses | (210) | (155) |
Securities Held to Maturity, Fair Value | 9,790 | 9,845 |
U.S. Gov't Sponsored Agencies [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 8,241 | 9,247 |
Securities Available for Sale, Gross Unrealized Gains | 48 | 55 |
Securities Available for Sale, Gross Unrealized Losses | (68) | (24) |
Securities Available for Sale, Fair Value | 8,221 | 9,278 |
State, County and Municipal [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 112,465 | 124,032 |
Securities Available for Sale, Gross Unrealized Gains | 1,018 | 2,324 |
Securities Available for Sale, Gross Unrealized Losses | (941) | (596) |
Securities Available for Sale, Fair Value | 112,542 | 125,760 |
Securities Held to Maturity, Amortized Cost | 32,108 | 35,678 |
Securities Held to Maturity, Gross Unrealized Gains | 419 | 922 |
Securities Held to Maturity, Gross Unrealized Losses | (64) | (33) |
Securities Held to Maturity, Fair Value | 32,463 | 36,567 |
Corporate and Other Bonds [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 10,027 | 7,323 |
Securities Available for Sale, Gross Unrealized Gains | 73 | 173 |
Securities Available for Sale, Gross Unrealized Losses | (66) | (36) |
Securities Available for Sale, Fair Value | 10,034 | 7,460 |
Mortgage Backed - U.S. Gov't Agencies [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 14,468 | 18,546 |
Securities Available for Sale, Gross Unrealized Gains | 161 | 138 |
Securities Available for Sale, Gross Unrealized Losses | (231) | (169) |
Securities Available for Sale, Fair Value | 14,398 | 18,515 |
Securities Held to Maturity, Amortized Cost | 468 | |
Securities Held to Maturity, Gross Unrealized Gains | 8 | |
Securities Held to Maturity, Fair Value | 476 | |
Mortgage Backed - U.S. Gov't Sponsored Agencies [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 32,409 | 16,985 |
Securities Available for Sale, Gross Unrealized Gains | 35 | 26 |
Securities Available for Sale, Gross Unrealized Losses | (425) | (373) |
Securities Available for Sale, Fair Value | $ 32,019 | $ 16,638 |
Securities (Amortized Cost and
Securities (Amortized Cost and Fair Value of Securities by Contractual Maturity) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Securities [Abstract] | ||
Due in one year or less, Held to Maturity, Amortized Cost | $ 3,815 | |
Due after one year through five years, Held to Maturity, Amortized Cost | 22,283 | |
Due after five years through ten years, Held to Maturity, Amortized Cost | 12,932 | |
Due after ten years, Held to Maturity, Amortized Cost | 3,078 | |
Total securities, Held to Maturity, Amortized Cost | 42,108 | $ 46,146 |
Due in one year or less, Held to Maturity, Fair Value | 3,838 | |
Due after one year through five years, Held to Maturity, Fair Value | 22,127 | |
Due after five years through ten years, Held to Maturity, Fair Value | 13,176 | |
Due after ten years, Held to Maturity, Fair Value | 3,112 | |
Securities Held to Maturity, Fair Value | 42,253 | 46,888 |
Due in one year or less, Available for Sale, Amortized Cost | 13,171 | |
Due after one year through five years, Available for Sale, Amortized Cost | 84,421 | |
Due after five years through ten years, Available for Sale, Amortized Cost | 92,583 | |
Due after ten years, Available for Sale, Amortized Cost | 17,343 | |
Securities Available for Sale, Amortized Cost | 207,518 | 203,611 |
Due in one year or less, Available for Sale, Fair Value | 13,138 | |
Due after one year through five years, Available for Sale, Fair Value | 84,242 | |
Due after five years through ten years, Available for Sale, Fair Value | 91,975 | |
Due after ten years, Available for Sale, Fair Value | 17,371 | |
Securities Available for Sale, Fair Value | $ 206,726 | $ 204,834 |
Securities (Summary of Realized
Securities (Summary of Realized Gains and Losses on Sales of Securities) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Securities [Abstract] | ||
Gross realized gains | $ 187 | $ 520 |
Gross realized losses | (117) | (310) |
Net securities gains | $ 70 | $ 210 |
Securities (Summary of Fair Val
Securities (Summary of Fair Value and Gross Unrealized Losses for Securities Available for Sale) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Secutities Available for Sale | ||
Fair Value, Less than 12 Months | $ 32,068 | $ 34,581 |
Unrealized Loss, Less than 12 Months | (272) | (363) |
Fair Value, 12 Months or More | 67,680 | 46,685 |
Unrealized Loss, 12 Months or More | (1,878) | (1,194) |
Fair Value, Total | 99,748 | 81,266 |
Unrealized Loss, Total | (2,150) | (1,557) |
Securities Held to Maturity | ||
Fair Value, Less than 12 Months | 2,452 | 1,485 |
Unrealized Loss, Less than 12 Months | (20) | (14) |
Fair Value, 12 Months or More | 13,775 | 11,107 |
Unrealized Loss, 12 Months or More | (254) | (174) |
Fair Value, Total | 16,227 | 12,592 |
Unrealized Loss, Total | (274) | (188) |
U.S. Treasury Issue and Other U.S. Gov't Agencies [Member] | ||
Secutities Available for Sale | ||
Fair Value, Less than 12 Months | 5,964 | 5,097 |
Unrealized Loss, Less than 12 Months | (35) | (36) |
Fair Value, 12 Months or More | 14,116 | 14,795 |
Unrealized Loss, 12 Months or More | (384) | (323) |
Fair Value, Total | 20,080 | 19,892 |
Unrealized Loss, Total | (419) | (359) |
Securities Held to Maturity | ||
Fair Value, 12 Months or More | 9,790 | 9,845 |
Unrealized Loss, 12 Months or More | (210) | (155) |
Fair Value, Total | 9,790 | 9,845 |
Unrealized Loss, Total | (210) | (155) |
U.S. Gov't Sponsored Agencies [Member] | ||
Secutities Available for Sale | ||
Fair Value, Less than 12 Months | 2,475 | 497 |
Unrealized Loss, Less than 12 Months | (13) | (3) |
Fair Value, 12 Months or More | 2,683 | 5,040 |
Unrealized Loss, 12 Months or More | (55) | (21) |
Fair Value, Total | 5,158 | 5,537 |
Unrealized Loss, Total | (68) | (24) |
State, County and Municipal [Member] | ||
Secutities Available for Sale | ||
Fair Value, Less than 12 Months | 7,918 | 20,740 |
Unrealized Loss, Less than 12 Months | (81) | (188) |
Fair Value, 12 Months or More | 34,540 | 9,569 |
Unrealized Loss, 12 Months or More | (860) | (408) |
Fair Value, Total | 42,458 | 30,309 |
Unrealized Loss, Total | (941) | (596) |
Securities Held to Maturity | ||
Fair Value, Less than 12 Months | 2,452 | 1,485 |
Unrealized Loss, Less than 12 Months | (20) | (14) |
Fair Value, 12 Months or More | 3,985 | 1,262 |
Unrealized Loss, 12 Months or More | (44) | (19) |
Fair Value, Total | 6,437 | 2,747 |
Unrealized Loss, Total | (64) | (33) |
Corporate and Other Bonds [Member] | ||
Secutities Available for Sale | ||
Fair Value, Less than 12 Months | 4,198 | |
Unrealized Loss, Less than 12 Months | (49) | |
Fair Value, 12 Months or More | 530 | 2,772 |
Unrealized Loss, 12 Months or More | (17) | (36) |
Fair Value, Total | 4,728 | 2,772 |
Unrealized Loss, Total | (66) | (36) |
Mortgage Backed - U.S. Gov't Agencies [Member] | ||
Secutities Available for Sale | ||
Fair Value, Less than 12 Months | 2,650 | 1,722 |
Unrealized Loss, Less than 12 Months | (45) | (25) |
Fair Value, 12 Months or More | 3,398 | 6,524 |
Unrealized Loss, 12 Months or More | (186) | (144) |
Fair Value, Total | 6,048 | 8,246 |
Unrealized Loss, Total | (231) | (169) |
Mortgage Backed - U.S. Gov't Sponsored Agencies [Member] | ||
Secutities Available for Sale | ||
Fair Value, Less than 12 Months | 8,863 | 6,525 |
Unrealized Loss, Less than 12 Months | (49) | (111) |
Fair Value, 12 Months or More | 12,413 | 7,985 |
Unrealized Loss, 12 Months or More | (376) | (262) |
Fair Value, Total | 21,276 | 14,510 |
Unrealized Loss, Total | $ (425) | $ (373) |
Loans and Related Allowance f_3
Loans and Related Allowance for Loan Losses (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2018USD ($)loan | Dec. 31, 2017USD ($)loan | Dec. 31, 2016 | |
Financing Receivable, Recorded Investment [Line Items] | |||
Purchased government-guaranteed loans | $ 993,705,000 | $ 942,018,000 | |
Purchased credit impaired (PCI) loans | 38,285,000 | 44,333,000 | |
Allowance for loan losses | 8,983,000 | 8,969,000 | |
Interest income recognized on impaired loans | 430,000 | 270,000 | |
Estimated interest income | $ 634,000 | $ 625,000 | |
Number of contracts | loan | 25 | 23 | |
Number of contracts | loan | 0 | 0 | |
Total impaired | $ 17,859,000 | $ 14,297,000 | |
1-4 family mortgages pledged as collateral to the Federal Bank Home Loan | 113,500,000 | ||
Total borrowing capacity | 90,600,000 | ||
Provision For Loan And Lease Losses | 550,000 | ||
Residential 1-4 Family [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Pre-modification balance | 1,100,000 | ||
Post-modification balance | 1,100,000 | ||
Agriculture [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Pre-modification balance | 258,000 | ||
Post-modification balance | 258,000 | ||
Multifamily [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Pre-modification balance | 2,600,000 | ||
Post-modification balance | 2,600,000 | ||
Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Pre-modification balance | 126,000 | ||
Post-modification balance | 126,000 | ||
Commercial Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Pre-modification balance | 233,000 | ||
Post-modification balance | 233,000 | ||
Guaranteed Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Purchased government-guaranteed loans | $ 17,400,000 | 18,000,000 | |
Percentage of loans guaranteed by the USDA | 100.00% | ||
Unamortized purchase premium | $ 1,200,000 | $ 824,000 | |
Pass [Member] | Guaranteed Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Percentage of loans guaranteed by the USDA | 100.00% | 100.00% | |
Purchased government-guaranteed loans | $ 17,400,000 | $ 18,000,000 |
Loans and Related Allowance f_4
Loans and Related Allowance for Loan Losses (Summary of Loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 993,705 | $ 942,018 |
Percent of loans | 100.00% | 100.00% |
Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 791,290 | $ 776,604 |
Percent of loans | 79.63% | 82.44% |
Mortgage Loans on Real Estate [Member] | Residential 1-4 Family [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 216,268 | $ 227,542 |
Percent of loans | 21.77% | 24.16% |
Mortgage Loans on Real Estate [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 379,904 | $ 366,331 |
Percent of loans | 38.23% | 38.89% |
Mortgage Loans on Real Estate [Member] | Construction and Land Development [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 120,413 | $ 107,814 |
Percent of loans | 12.12% | 11.44% |
Mortgage Loans on Real Estate [Member] | Second Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 6,778 | $ 8,410 |
Percent of loans | 0.68% | 0.89% |
Mortgage Loans on Real Estate [Member] | Multifamily [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 59,557 | $ 59,024 |
Percent of loans | 5.99% | 6.27% |
Mortgage Loans on Real Estate [Member] | Agriculture [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 8,370 | $ 7,483 |
Percent of loans | 0.84% | 0.79% |
Commercial Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 188,722 | $ 159,024 |
Percent of loans | 18.99% | 16.88% |
Consumer Installment Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 12,048 | $ 5,169 |
Percent of loans | 1.21% | 0.55% |
All Other Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 1,645 | $ 1,221 |
Percent of loans | 0.17% | 0.13% |
Loans and Related Allowance f_5
Loans and Related Allowance for Loan Losses (Summary of Information Related to Impaired Loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Impaired [Line Items] | ||
With no related allowance recorded, Recorded Investment | $ 7,624 | $ 6,871 |
With no related allowance recorded, Unpaid Principal Balance | 8,625 | 7,831 |
With a related allowance, Recorded Investment | 10,235 | 7,426 |
With a related allowance, Unpaid Principal Balance | 12,403 | 9,659 |
Related Allowance | 2,246 | 959 |
Total, Recorded Investment | 17,859 | 14,297 |
Total, Unpaid Principal Balance | 21,028 | 17,490 |
Mortgage Loans on Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With no related allowance recorded, Recorded Investment | 7,624 | 5,763 |
With no related allowance recorded, Unpaid Principal Balance | 8,625 | 6,723 |
With a related allowance, Recorded Investment | 8,252 | 7,094 |
With a related allowance, Unpaid Principal Balance | 10,412 | 9,206 |
Related Allowance | 1,346 | 919 |
Total, Recorded Investment | 15,876 | 12,857 |
Total, Unpaid Principal Balance | 19,037 | 15,929 |
Mortgage Loans on Real Estate [Member] | Residential 1-4 Family [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With no related allowance recorded, Recorded Investment | 1,563 | 1,901 |
With no related allowance recorded, Unpaid Principal Balance | 1,890 | 2,246 |
With a related allowance, Recorded Investment | 2,131 | 2,216 |
With a related allowance, Unpaid Principal Balance | 2,538 | 2,640 |
Related Allowance | 349 | 290 |
Total, Recorded Investment | 3,694 | 4,117 |
Total, Unpaid Principal Balance | 4,428 | 4,886 |
Mortgage Loans on Real Estate [Member] | Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With no related allowance recorded, Recorded Investment | 3,502 | 3,862 |
With no related allowance recorded, Unpaid Principal Balance | 4,176 | 4,477 |
With a related allowance, Recorded Investment | 1,550 | 533 |
With a related allowance, Unpaid Principal Balance | 2,034 | 958 |
Related Allowance | 482 | 65 |
Total, Recorded Investment | 5,052 | 4,395 |
Total, Unpaid Principal Balance | 6,210 | 5,435 |
Mortgage Loans on Real Estate [Member] | Construction and Land Development [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With a related allowance, Recorded Investment | 4,571 | 4,277 |
With a related allowance, Unpaid Principal Balance | 5,840 | 5,537 |
Related Allowance | 515 | 556 |
Total, Recorded Investment | 4,571 | 4,277 |
Total, Unpaid Principal Balance | 5,840 | 5,537 |
Mortgage Loans on Real Estate [Member] | Multifamily [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With no related allowance recorded, Recorded Investment | 2,559 | |
With no related allowance recorded, Unpaid Principal Balance | 2,559 | |
Total, Recorded Investment | 2,559 | |
Total, Unpaid Principal Balance | 2,559 | |
Mortgage Loans on Real Estate [Member] | Agriculture [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With a related allowance, Recorded Investment | 68 | |
With a related allowance, Unpaid Principal Balance | 71 | |
Related Allowance | 8 | |
Total, Recorded Investment | 68 | |
Total, Unpaid Principal Balance | 71 | |
Commercial Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With no related allowance recorded, Recorded Investment | 1,108 | |
With no related allowance recorded, Unpaid Principal Balance | 1,108 | |
With a related allowance, Recorded Investment | 1,983 | 325 |
With a related allowance, Unpaid Principal Balance | 1,991 | 446 |
Related Allowance | 900 | 39 |
Total, Recorded Investment | 1,983 | 1,433 |
Total, Unpaid Principal Balance | 1,991 | 1,554 |
Consumer Installment Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With a related allowance, Recorded Investment | 7 | |
With a related allowance, Unpaid Principal Balance | 7 | |
Related Allowance | 1 | |
Total, Recorded Investment | 7 | |
Total, Unpaid Principal Balance | $ 7 |
Loans and Related Allowance f_6
Loans and Related Allowance for Loan Losses (Summary of Financial Receivable Impaired Average Recorded Investment) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Average Investment | $ 16,394 | $ 16,280 |
Interest Recognized | 430 | 270 |
Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Average Investment | 15,216 | 14,735 |
Interest Recognized | 411 | 266 |
Commercial Loans [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Average Investment | 1,175 | 1,471 |
Interest Recognized | 19 | 4 |
Consumer Installment Loans [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Average Investment | 3 | 74 |
Residential 1-4 Family [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Average Investment | 3,993 | 4,317 |
Interest Recognized | 124 | 106 |
Commercial [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Average Investment | 4,822 | 5,808 |
Interest Recognized | 164 | 160 |
Construction and Land Development [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Average Investment | 4,839 | 4,531 |
Multifamily [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Average Investment | 1,535 | |
Interest Recognized | 123 | |
Agriculture [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Average Investment | $ 27 | $ 79 |
Loans and Related Allowance f_7
Loans and Related Allowance for Loan Losses (Reconciliation of Impaired Loans to Nonaccrual Loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Loans and Related Allowance for Loan Losses [Abstract] | ||
Nonaccruals | $ 9,500 | $ 9,026 |
Trouble debt restructure and still accruing | 8,359 | 5,271 |
Total, Recorded Investment | $ 17,859 | $ 14,297 |
Loans and Related Allowance f_8
Loans and Related Allowance for Loan Losses (Age Analysis of Past Due Status of Loans, Excluding PCI Loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccruals | $ 9,500 | $ 9,026 |
Total Loans | 993,705 | 942,018 |
Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 791,290 | 776,604 |
Commercial Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 188,722 | 159,024 |
Consumer Installment Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 12,048 | 5,169 |
All Other Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 1,645 | 1,221 |
Residential 1-4 Family [Member] | Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 216,268 | 227,542 |
Commercial [Member] | Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 379,904 | 366,331 |
Construction and Land Development [Member] | Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 120,413 | 107,814 |
Second Mortgages [Member] | Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 6,778 | 8,410 |
Multifamily [Member] | Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 59,557 | 59,024 |
Agriculture [Member] | Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 8,370 | 7,483 |
Loans Excluding PCI Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 3,754 | 1,239 |
Nonaccruals | 9,500 | 9,026 |
Total Past Due | 13,254 | 10,265 |
Current | 980,451 | 931,753 |
Total Loans | 993,705 | 942,018 |
Loans Excluding PCI Loans [Member] | Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 3,664 | 1,179 |
Nonaccruals | 7,951 | 7,805 |
Total Past Due | 11,615 | 8,984 |
Current | 779,675 | 767,620 |
Total Loans | 791,290 | 776,604 |
Loans Excluding PCI Loans [Member] | Commercial Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 80 | 48 |
Nonaccruals | 1,549 | 1,214 |
Total Past Due | 1,629 | 1,262 |
Current | 187,093 | 157,762 |
Total Loans | 188,722 | 159,024 |
Loans Excluding PCI Loans [Member] | Consumer Installment Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 10 | 12 |
Nonaccruals | 7 | |
Total Past Due | 10 | 19 |
Current | 12,038 | 5,150 |
Total Loans | 12,048 | 5,169 |
Loans Excluding PCI Loans [Member] | All Other Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | ||
Nonaccruals | ||
Total Past Due | ||
Current | 1,645 | 1,221 |
Total Loans | 1,645 | 1,221 |
Loans Excluding PCI Loans [Member] | Residential 1-4 Family [Member] | Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 495 | 1,056 |
Nonaccruals | 1,257 | 1,962 |
Total Past Due | 1,752 | 3,018 |
Current | 214,516 | 224,524 |
Total Loans | 216,268 | 227,542 |
Loans Excluding PCI Loans [Member] | Commercial [Member] | Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 551 | 104 |
Nonaccruals | 2,123 | 1,498 |
Total Past Due | 2,674 | 1,602 |
Current | 377,230 | 364,729 |
Total Loans | 379,904 | 366,331 |
Loans Excluding PCI Loans [Member] | Construction and Land Development [Member] | Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 59 | |
Nonaccruals | 4,571 | 4,277 |
Total Past Due | 4,630 | 4,277 |
Current | 115,783 | 103,537 |
Total Loans | 120,413 | 107,814 |
Loans Excluding PCI Loans [Member] | Second Mortgages [Member] | Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | ||
Nonaccruals | ||
Total Past Due | ||
Current | 6,778 | 8,410 |
Total Loans | 6,778 | 8,410 |
Loans Excluding PCI Loans [Member] | Multifamily [Member] | Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 2,559 | |
Nonaccruals | ||
Total Past Due | 2,559 | |
Current | 56,998 | 59,024 |
Total Loans | 59,557 | 59,024 |
Loans Excluding PCI Loans [Member] | Agriculture [Member] | Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 19 | |
Nonaccruals | 68 | |
Total Past Due | 87 | |
Current | 8,370 | 7,396 |
Total Loans | $ 8,370 | $ 7,483 |
Loans and Related Allowance f_9
Loans and Related Allowance for Loan Losses (Allowance for Loan Losses on Loans, Excluding PCI Loans, by Segment) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Allowance for loan losses, Beginning of Period | $ 8,969 | |
Provision Allocation | $ (550) | |
Allowance for loan losses, End of Period | 8,983 | 8,969 |
Loans [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Allowance for loan losses, Beginning of Period | 8,969 | 9,493 |
Provision Allocation | 550 | |
Charge-offs | (481) | (1,513) |
Recoveries | 495 | 439 |
Allowance for loan losses, End of Period | 8,983 | 8,969 |
Loans [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Allowance for loan losses, Beginning of Period | 7,670 | 7,263 |
Provision Allocation | (2,028) | 922 |
Charge-offs | (216) | (797) |
Recoveries | 234 | 282 |
Allowance for loan losses, End of Period | 5,660 | 7,670 |
Loans [Member] | Commercial Loans [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Allowance for loan losses, Beginning of Period | 1,139 | 602 |
Provision Allocation | 751 | 963 |
Charge-offs | (45) | (431) |
Recoveries | 49 | 5 |
Allowance for loan losses, End of Period | 1,894 | 1,139 |
Loans [Member] | Consumer Installment Loans [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Allowance for loan losses, Beginning of Period | 110 | 135 |
Provision Allocation | 53 | 108 |
Charge-offs | (220) | (285) |
Recoveries | 209 | 152 |
Allowance for loan losses, End of Period | 152 | 110 |
Loans [Member] | All Other Loans [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Allowance for loan losses, Beginning of Period | 3 | 7 |
Provision Allocation | 6 | (4) |
Charge-offs | ||
Recoveries | 3 | |
Allowance for loan losses, End of Period | 12 | 3 |
Loans [Member] | Unallocated [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Allowance for loan losses, Beginning of Period | 47 | 1,486 |
Provision Allocation | 1,218 | (1,439) |
Charge-offs | ||
Recoveries | ||
Allowance for loan losses, End of Period | 1,265 | 47 |
Loans [Member] | Residential 1-4 Family [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Allowance for loan losses, Beginning of Period | 3,466 | 2,769 |
Provision Allocation | (1,252) | 726 |
Charge-offs | (89) | (146) |
Recoveries | 156 | 117 |
Allowance for loan losses, End of Period | 2,281 | 3,466 |
Loans [Member] | Commercial [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Allowance for loan losses, Beginning of Period | 2,423 | 1,952 |
Provision Allocation | (647) | 879 |
Charge-offs | (457) | |
Recoveries | 34 | 49 |
Allowance for loan losses, End of Period | 1,810 | 2,423 |
Loans [Member] | Construction and Land Development [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Allowance for loan losses, Beginning of Period | 1,247 | 2,195 |
Provision Allocation | 3 | (817) |
Charge-offs | (127) | (194) |
Recoveries | 38 | 63 |
Allowance for loan losses, End of Period | 1,161 | 1,247 |
Loans [Member] | Second Mortgages [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Allowance for loan losses, Beginning of Period | 24 | 72 |
Provision Allocation | (10) | (101) |
Charge-offs | ||
Recoveries | 6 | 53 |
Allowance for loan losses, End of Period | 20 | 24 |
Loans [Member] | Multifamily [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Allowance for loan losses, Beginning of Period | 496 | 260 |
Provision Allocation | (125) | 236 |
Charge-offs | ||
Recoveries | ||
Allowance for loan losses, End of Period | 371 | 496 |
Loans [Member] | Agriculture [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Allowance for loan losses, Beginning of Period | 14 | 15 |
Provision Allocation | 3 | (1) |
Charge-offs | ||
Recoveries | ||
Allowance for loan losses, End of Period | $ 17 | $ 14 |
Loans and Related Allowance _10
Loans and Related Allowance for Loan Losses (Loans Evaluated for Impairment) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for Loan Losses | $ 8,983 | $ 8,969 |
Total Loans | 993,705 | 942,018 |
Allowance for Loan Losses [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for Loan Losses, Individually Evaluated for Impairment | 2,246 | 959 |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 6,737 | 8,010 |
Allowance for Loan Losses | 8,983 | 8,969 |
Recorded Investment in Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment in Loans, Individually Evaluated for Impairment | 17,859 | 14,297 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 975,846 | 927,721 |
Total Loans | 993,705 | 942,018 |
Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 791,290 | 776,604 |
Mortgage Loans on Real Estate [Member] | Allowance for Loan Losses [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for Loan Losses, Individually Evaluated for Impairment | 1,346 | 919 |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 4,314 | 6,751 |
Allowance for Loan Losses | 5,660 | 7,670 |
Mortgage Loans on Real Estate [Member] | Recorded Investment in Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment in Loans, Individually Evaluated for Impairment | 15,876 | 12,857 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 775,414 | 763,747 |
Total Loans | 791,290 | 776,604 |
Commercial Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 188,722 | 159,024 |
Commercial Loans [Member] | Allowance for Loan Losses [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for Loan Losses, Individually Evaluated for Impairment | 900 | 39 |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 994 | 1,100 |
Allowance for Loan Losses | 1,894 | 1,139 |
Commercial Loans [Member] | Recorded Investment in Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment in Loans, Individually Evaluated for Impairment | 1,983 | 1,433 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 186,739 | 157,591 |
Total Loans | 188,722 | 159,024 |
Consumer Installment Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 12,048 | 5,169 |
Consumer Installment Loans [Member] | Allowance for Loan Losses [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for Loan Losses, Individually Evaluated for Impairment | 1 | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 152 | 109 |
Allowance for Loan Losses | 152 | 110 |
Consumer Installment Loans [Member] | Recorded Investment in Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment in Loans, Individually Evaluated for Impairment | 7 | |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 12,048 | 5,162 |
Total Loans | 12,048 | 5,169 |
All Other Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 1,645 | 1,221 |
All Other Loans [Member] | Allowance for Loan Losses [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for Loan Losses, Individually Evaluated for Impairment | ||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 12 | 3 |
Allowance for Loan Losses | 12 | 3 |
All Other Loans [Member] | Recorded Investment in Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment in Loans, Individually Evaluated for Impairment | ||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 1,645 | 1,221 |
Total Loans | 1,645 | 1,221 |
Unallocated [Member] | Allowance for Loan Losses [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for Loan Losses, Individually Evaluated for Impairment | ||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 1,265 | 47 |
Allowance for Loan Losses | 1,265 | 47 |
Unallocated [Member] | Recorded Investment in Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment in Loans, Individually Evaluated for Impairment | ||
Recorded Investment in Loans, Collectively Evaluated for Impairment | ||
Total Loans | ||
Residential 1-4 Family [Member] | Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 216,268 | 227,542 |
Residential 1-4 Family [Member] | Mortgage Loans on Real Estate [Member] | Allowance for Loan Losses [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for Loan Losses, Individually Evaluated for Impairment | 349 | 290 |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 1,932 | 3,176 |
Allowance for Loan Losses | 2,281 | 3,466 |
Residential 1-4 Family [Member] | Mortgage Loans on Real Estate [Member] | Recorded Investment in Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment in Loans, Individually Evaluated for Impairment | 3,694 | 4,117 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 212,574 | 223,425 |
Total Loans | 216,268 | 227,542 |
Commercial [Member] | Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 379,904 | 366,331 |
Commercial [Member] | Mortgage Loans on Real Estate [Member] | Allowance for Loan Losses [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for Loan Losses, Individually Evaluated for Impairment | 482 | 65 |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 1,328 | 2,358 |
Allowance for Loan Losses | 1,810 | 2,423 |
Commercial [Member] | Mortgage Loans on Real Estate [Member] | Recorded Investment in Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment in Loans, Individually Evaluated for Impairment | 5,052 | 4,396 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 374,852 | 361,935 |
Total Loans | 379,904 | 366,331 |
Construction and Land Development [Member] | Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 120,413 | 107,814 |
Construction and Land Development [Member] | Mortgage Loans on Real Estate [Member] | Allowance for Loan Losses [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for Loan Losses, Individually Evaluated for Impairment | 515 | 556 |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 646 | 691 |
Allowance for Loan Losses | 1,161 | 1,247 |
Construction and Land Development [Member] | Mortgage Loans on Real Estate [Member] | Recorded Investment in Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment in Loans, Individually Evaluated for Impairment | 4,571 | 4,276 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 115,842 | 103,538 |
Total Loans | 120,413 | 107,814 |
Second Mortgages [Member] | Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 6,778 | 8,410 |
Second Mortgages [Member] | Mortgage Loans on Real Estate [Member] | Allowance for Loan Losses [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for Loan Losses, Individually Evaluated for Impairment | ||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 20 | 24 |
Allowance for Loan Losses | 20 | 24 |
Second Mortgages [Member] | Mortgage Loans on Real Estate [Member] | Recorded Investment in Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment in Loans, Individually Evaluated for Impairment | ||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 6,778 | 8,410 |
Total Loans | 6,778 | 8,410 |
Multifamily [Member] | Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 59,557 | 59,024 |
Multifamily [Member] | Mortgage Loans on Real Estate [Member] | Allowance for Loan Losses [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for Loan Losses, Individually Evaluated for Impairment | ||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 371 | 496 |
Allowance for Loan Losses | 371 | 496 |
Multifamily [Member] | Mortgage Loans on Real Estate [Member] | Recorded Investment in Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment in Loans, Individually Evaluated for Impairment | 2,559 | |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 56,998 | 59,024 |
Total Loans | 59,557 | 59,024 |
Agriculture [Member] | Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 8,370 | 7,483 |
Agriculture [Member] | Mortgage Loans on Real Estate [Member] | Allowance for Loan Losses [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for Loan Losses, Individually Evaluated for Impairment | 8 | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 17 | 6 |
Allowance for Loan Losses | 17 | 14 |
Agriculture [Member] | Mortgage Loans on Real Estate [Member] | Recorded Investment in Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment in Loans, Individually Evaluated for Impairment | 68 | |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 8,370 | 7,415 |
Total Loans | $ 8,370 | $ 7,483 |
Loans and Related Allowance _11
Loans and Related Allowance for Loan Losses (Loans, Excluding PCI Loans, by Credit Quality Indicator) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans | $ 993,705 | $ 942,018 |
Loans Excluding PCI Loans [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans | 993,705 | 942,018 |
Loans Excluding PCI Loans [Member] | Pass [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans | 969,718 | 915,181 |
Loans Excluding PCI Loans [Member] | Special Mention [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans | 9,072 | 13,573 |
Loans Excluding PCI Loans [Member] | Substandard [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans | 14,915 | 13,264 |
Loans Excluding PCI Loans [Member] | Doubtful [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans | ||
Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans | 791,290 | 776,604 |
Mortgage Loans on Real Estate [Member] | Loans Excluding PCI Loans [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans | 791,290 | 776,604 |
Mortgage Loans on Real Estate [Member] | Loans Excluding PCI Loans [Member] | Pass [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans | 772,027 | 752,219 |
Mortgage Loans on Real Estate [Member] | Loans Excluding PCI Loans [Member] | Special Mention [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans | 7,268 | 12,377 |
Mortgage Loans on Real Estate [Member] | Loans Excluding PCI Loans [Member] | Substandard [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans | 11,995 | 12,008 |
Mortgage Loans on Real Estate [Member] | Loans Excluding PCI Loans [Member] | Doubtful [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans | ||
Commercial Loans [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans | 188,722 | 159,024 |
Commercial Loans [Member] | Loans Excluding PCI Loans [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans | 188,722 | 159,024 |
Commercial Loans [Member] | Loans Excluding PCI Loans [Member] | Pass [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans | 184,004 | 156,604 |
Commercial Loans [Member] | Loans Excluding PCI Loans [Member] | Special Mention [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans | 1,798 | 1,171 |
Commercial Loans [Member] | Loans Excluding PCI Loans [Member] | Substandard [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans | 2,920 | 1,249 |
Commercial Loans [Member] | Loans Excluding PCI Loans [Member] | Doubtful [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans | ||
Consumer Installment Loans [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans | 12,048 | 5,169 |
Consumer Installment Loans [Member] | Loans Excluding PCI Loans [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans | 12,048 | 5,169 |
Consumer Installment Loans [Member] | Loans Excluding PCI Loans [Member] | Pass [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans | 12,042 | 5,137 |
Consumer Installment Loans [Member] | Loans Excluding PCI Loans [Member] | Special Mention [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans | 6 | 25 |
Consumer Installment Loans [Member] | Loans Excluding PCI Loans [Member] | Substandard [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans | 7 | |
Consumer Installment Loans [Member] | Loans Excluding PCI Loans [Member] | Doubtful [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans | ||
All Other Loans [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans | 1,645 | 1,221 |
All Other Loans [Member] | Loans Excluding PCI Loans [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans | 1,645 | 1,221 |
All Other Loans [Member] | Loans Excluding PCI Loans [Member] | Pass [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans | 1,645 | 1,221 |
All Other Loans [Member] | Loans Excluding PCI Loans [Member] | Doubtful [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans | ||
Residential 1-4 Family [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans | 216,268 | 227,542 |
Residential 1-4 Family [Member] | Mortgage Loans on Real Estate [Member] | Loans Excluding PCI Loans [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans | 216,268 | 227,542 |
Residential 1-4 Family [Member] | Mortgage Loans on Real Estate [Member] | Loans Excluding PCI Loans [Member] | Pass [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans | 211,832 | 222,026 |
Residential 1-4 Family [Member] | Mortgage Loans on Real Estate [Member] | Loans Excluding PCI Loans [Member] | Special Mention [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans | 3,179 | 3,442 |
Residential 1-4 Family [Member] | Mortgage Loans on Real Estate [Member] | Loans Excluding PCI Loans [Member] | Substandard [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans | 1,257 | 2,074 |
Residential 1-4 Family [Member] | Mortgage Loans on Real Estate [Member] | Loans Excluding PCI Loans [Member] | Doubtful [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans | ||
Commercial [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans | 379,904 | 366,331 |
Commercial [Member] | Mortgage Loans on Real Estate [Member] | Loans Excluding PCI Loans [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans | 379,904 | 366,331 |
Commercial [Member] | Mortgage Loans on Real Estate [Member] | Loans Excluding PCI Loans [Member] | Pass [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans | 372,745 | 355,188 |
Commercial [Member] | Mortgage Loans on Real Estate [Member] | Loans Excluding PCI Loans [Member] | Special Mention [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans | 3,551 | 8,145 |
Commercial [Member] | Mortgage Loans on Real Estate [Member] | Loans Excluding PCI Loans [Member] | Substandard [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans | 3,608 | 2,998 |
Commercial [Member] | Mortgage Loans on Real Estate [Member] | Loans Excluding PCI Loans [Member] | Doubtful [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans | ||
Construction and Land Development [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans | 120,413 | 107,814 |
Construction and Land Development [Member] | Mortgage Loans on Real Estate [Member] | Loans Excluding PCI Loans [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans | 120,413 | 107,814 |
Construction and Land Development [Member] | Mortgage Loans on Real Estate [Member] | Loans Excluding PCI Loans [Member] | Pass [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans | 115,650 | 103,356 |
Construction and Land Development [Member] | Mortgage Loans on Real Estate [Member] | Loans Excluding PCI Loans [Member] | Special Mention [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans | 192 | 182 |
Construction and Land Development [Member] | Mortgage Loans on Real Estate [Member] | Loans Excluding PCI Loans [Member] | Substandard [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans | 4,571 | 4,276 |
Construction and Land Development [Member] | Mortgage Loans on Real Estate [Member] | Loans Excluding PCI Loans [Member] | Doubtful [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans | ||
Second Mortgages [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans | 6,778 | 8,410 |
Second Mortgages [Member] | Mortgage Loans on Real Estate [Member] | Loans Excluding PCI Loans [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans | 6,778 | 8,410 |
Second Mortgages [Member] | Mortgage Loans on Real Estate [Member] | Loans Excluding PCI Loans [Member] | Pass [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans | 6,686 | 8,187 |
Second Mortgages [Member] | Mortgage Loans on Real Estate [Member] | Loans Excluding PCI Loans [Member] | Special Mention [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans | 92 | 223 |
Second Mortgages [Member] | Mortgage Loans on Real Estate [Member] | Loans Excluding PCI Loans [Member] | Doubtful [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans | ||
Multifamily [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans | 59,557 | 59,024 |
Multifamily [Member] | Mortgage Loans on Real Estate [Member] | Loans Excluding PCI Loans [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans | 59,557 | 59,024 |
Multifamily [Member] | Mortgage Loans on Real Estate [Member] | Loans Excluding PCI Loans [Member] | Pass [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans | 56,802 | 56,452 |
Multifamily [Member] | Mortgage Loans on Real Estate [Member] | Loans Excluding PCI Loans [Member] | Special Mention [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans | 196 | |
Multifamily [Member] | Mortgage Loans on Real Estate [Member] | Loans Excluding PCI Loans [Member] | Substandard [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans | 2,559 | 2,572 |
Multifamily [Member] | Mortgage Loans on Real Estate [Member] | Loans Excluding PCI Loans [Member] | Doubtful [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans | ||
Agriculture [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans | 8,370 | 7,483 |
Agriculture [Member] | Mortgage Loans on Real Estate [Member] | Loans Excluding PCI Loans [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans | 8,370 | 7,483 |
Agriculture [Member] | Mortgage Loans on Real Estate [Member] | Loans Excluding PCI Loans [Member] | Pass [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans | 8,312 | 7,010 |
Agriculture [Member] | Mortgage Loans on Real Estate [Member] | Loans Excluding PCI Loans [Member] | Special Mention [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans | 58 | 385 |
Agriculture [Member] | Mortgage Loans on Real Estate [Member] | Loans Excluding PCI Loans [Member] | Substandard [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans | 88 | |
Agriculture [Member] | Mortgage Loans on Real Estate [Member] | Loans Excluding PCI Loans [Member] | Doubtful [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans |
Loans and Related Allowance _12
Loans and Related Allowance for Loan Losses (Information relating to Loans Modified as TDRs) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018USD ($)loan | Dec. 31, 2017USD ($)loan | |
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | loan | 25 | 23 |
Residential 1-4 Family [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | $ 1,100 | |
Post-Modification Outstanding Recorded Investment | 1,100 | |
Commercial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | $ 126 | |
Post-Modification Outstanding Recorded Investment | 126 | |
Multifamily [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | 2,600 | |
Post-Modification Outstanding Recorded Investment | $ 2,600 | |
Agriculture [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | 258 | |
Post-Modification Outstanding Recorded Investment | $ 258 |
PCI Loans and Related Allowan_3
PCI Loans and Related Allowance for Loan Losses (Narrative) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Jan. 29, 2009 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Purchased credit impaired (PCI) loans | $ 38,285 | $ 44,333 | |
Provision For Loan And Lease Losses | 550 | ||
Purchase Credit Impaired (PCI) Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Purchased credit impaired (PCI) loans | 38,285 | 44,333 | |
Allowance for loan losses previously reported as covered by FDIC | 156 | 200 | |
Purchase Credit Impaired (PCI) Loans [Member] | Residential 1-4 Family [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance For Loan And Lease Losses Write Offs | 62 | ||
Allowance For Loan And Lease Loss Recovery Of Bad Debts | 18 | ||
Covered Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Purchased credit impaired (PCI) loans | $ 198,300 | ||
Loans met criteria of ASC 310-30 | 49,100 | ||
Outstanding contractual balance of covered loans other than 1-4 family loans | $ 62,200 | $ 71,000 | |
Covered Loans [Member] | Residential 1-4 Family [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Remaining of loans acquired | $ 149,100 |
PCI Loans and Related Allowan_4
PCI Loans and Related Allowance for Loan Losses (Summary of Covered Loans) (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Carrying Amount Net | $ 38,285 | $ 44,333 |
Purchase Credit Impaired (PCI) Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Carrying Amount Net | $ 38,285 | $ 44,333 |
Percent of purchased credit impaired loan | 100.00% | 100.00% |
Purchase Credit Impaired (PCI) Loans [Member] | Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Carrying Amount Net | $ 38,285 | $ 44,333 |
Percent of purchased credit impaired loan | 100.00% | 100.00% |
Purchase Credit Impaired (PCI) Loans [Member] | Residential 1-4 Family [Member] | Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Carrying Amount Net | $ 34,240 | $ 39,805 |
Percent of purchased credit impaired loan | 89.43% | 89.79% |
Purchase Credit Impaired (PCI) Loans [Member] | Commercial [Member] | Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Carrying Amount Net | $ 746 | $ 547 |
Percent of purchased credit impaired loan | 1.95% | 1.23% |
Purchase Credit Impaired (PCI) Loans [Member] | Construction and Land Development [Member] | Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Carrying Amount Net | $ 1,326 | $ 1,588 |
Percent of purchased credit impaired loan | 3.46% | 3.58% |
Purchase Credit Impaired (PCI) Loans [Member] | Second Mortgages [Member] | Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Carrying Amount Net | $ 1,729 | $ 2,136 |
Percent of purchased credit impaired loan | 4.52% | 4.82% |
Purchase Credit Impaired (PCI) Loans [Member] | Multifamily [Member] | Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Carrying Amount Net | $ 244 | $ 257 |
Percent of purchased credit impaired loan | 0.64% | 0.58% |
PCI Loans and Related Allowan_5
PCI Loans and Related Allowance for Loan Losses (Summary of Covered Loans Collectively Evaluated for Impairment in the Allowance for Loan Losses) (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment in loans | $ 38,285 | $ 44,333 |
Purchase Credit Impaired (PCI) Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for loan losses | 156 | 200 |
Recorded investment in loans | 38,285 | 44,333 |
Purchase Credit Impaired (PCI) Loans [Member] | Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for loan losses | 156 | 200 |
Recorded investment in loans | 38,285 | 44,333 |
Purchase Credit Impaired (PCI) Loans [Member] | Mortgage Loans on Real Estate [Member] | Residential 1-4 Family [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for loan losses | 156 | 200 |
Recorded investment in loans | 34,240 | 39,805 |
Purchase Credit Impaired (PCI) Loans [Member] | Mortgage Loans on Real Estate [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for loan losses | ||
Recorded investment in loans | 746 | 547 |
Purchase Credit Impaired (PCI) Loans [Member] | Mortgage Loans on Real Estate [Member] | Construction and Land Development [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for loan losses | ||
Recorded investment in loans | 1,326 | 1,588 |
Purchase Credit Impaired (PCI) Loans [Member] | Mortgage Loans on Real Estate [Member] | Second Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for loan losses | ||
Recorded investment in loans | 1,729 | 2,136 |
Purchase Credit Impaired (PCI) Loans [Member] | Mortgage Loans on Real Estate [Member] | Multifamily [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for loan losses | ||
Recorded investment in loans | $ 244 | $ 257 |
PCI Loans and Related Allowan_6
PCI Loans and Related Allowance for Loan Losses (Summary of Changes in Accretable Yield) (Details) - Purchase Credit Impaired (PCI) Loans [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Accretable Yield [Line Items] | ||
Beginning Balance | $ 44,126 | $ 48,355 |
Accretion | (5,219) | (5,729) |
Reclassification from nonaccretable difference | 1,500 | |
Reclassification to nonaccretable difference | (800) | |
Ending Balance | $ 38,107 | $ 44,126 |
Bank Premises and Equipment H_2
Bank Premises and Equipment Held for Sale (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Long Lived Assets Held-for-sale [Line Items] | |
Assets Held-for-sale, Not Part of Disposal Group | $ 1,252 |
Prince Street Barnch Building [Member] | |
Long Lived Assets Held-for-sale [Line Items] | |
Assets Held-for-sale, Not Part of Disposal Group | 552 |
Land Held For Possible Future Branch Site [Member] | |
Long Lived Assets Held-for-sale [Line Items] | |
Assets Held-for-sale, Not Part of Disposal Group | $ 700 |
Premises and Equipment (Narrati
Premises and Equipment (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Premises and Equipment [Abstract] | ||
Depreciation expense | $ 1.9 | $ 1.7 |
Premises and Equipment (Summary
Premises and Equipment (Summary of the Bank Premises and Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Total | $ 44,791 | $ 42,030 |
Less accumulated depreciation and amortization | (13,303) | (11,832) |
Property, plant and equipment, net, total | 31,488 | 30,198 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 7,991 | 8,623 |
Land Improvements and Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 21,405 | 20,977 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 3,908 | 2,300 |
Furniture and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 11,422 | 9,840 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | $ 65 | $ 290 |
Other Real Estate Owned (Schedu
Other Real Estate Owned (Schedule of Other Real Estate Owned) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Other real estate owned | $ 1,099 | $ 2,791 |
Residential 1-4 Family [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Other real estate owned | 314 | 486 |
Commercial [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Other real estate owned | 15 | 15 |
Construction and Land Development [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Other real estate owned | 770 | $ 2,290 |
Mortgage Loans on Real Estate [Member] | Residential 1-4 Family [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Residential 1-4 family loans and purchased credit impaired loans in the process of foreclosure | $ 494,000,000 |
Deposits (Summary of Interest B
Deposits (Summary of Interest Bearing Deposits) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deposits [Abstract] | ||
NOW | $ 165,946 | $ 157,037 |
MMDA | 126,933 | 143,363 |
Savings | 92,910 | 93,980 |
Time deposits less than $250,000 | 485,155 | 437,810 |
Time deposits over $250,000 | 128,945 | 110,546 |
Total interest bearing deposits | $ 999,889 | $ 942,736 |
Deposits (Scheduled Maturities
Deposits (Scheduled Maturities of Time Deposits) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deposits [Abstract] | ||
2019 | $ 435,576 | |
2020 | 134,203 | |
2021 | 24,799 | |
2022 | 5,897 | |
2023 | 13,625 | |
Total | 614,100 | |
Brokered deposits | $ 16,400 | $ 13,600 |
Borrowings (Narrative) (Details
Borrowings (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Repayments of Long-term Debt | $ 1,670 | |
Residential 1-4 Family [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Loans pledged as collateral to the FHLB for borrowing | $ 113,500 | |
Total borrowing capacity | 90,600 | |
Unused Lines of Credit [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Total overnight borrowing unsecured lines of credit | 55,000 | |
Notes Payable to Banks [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Federal Home Loan Bank Advances Long Term | 19,447 | 30,929 |
Notes Payable to Banks [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Federal Home Loan Bank Advances Long Term | $ 8,300 | $ 29,600 |
Federal Funds Purchased [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Weighted average interest rate | 2.28% | 1.58% |
Federal Home Loan Bank Advances [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Weighted average interest rate | 1.97% | 1.34% |
Minimum [Member] | Notes Payable to Banks [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Debt Instrument, Interest Rate During Period | 1.25% | |
Maximum [Member] | Notes Payable to Banks [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Debt Instrument, Interest Rate During Period | 2.07% |
Borrowings (Information for Bor
Borrowings (Information for Borrowings Balances, Rates, and Maturities) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Standby Letters of Credit [Line Items] | ||
Federal funds purchased | $ 19,440 | $ 4,849 |
FHLB, Total | 59,447 | 101,429 |
Notes Payable to Banks [Member] | ||
Standby Letters of Credit [Line Items] | ||
FHLB, Long-term notes payable | 19,447 | 30,929 |
Federal Home Loan Bank Advances [Member] | ||
Standby Letters of Credit [Line Items] | ||
FHLB, Short-term advances | $ 40,000 | $ 70,500 |
Borrowings (Maturities of Fixed
Borrowings (Maturities of Fixed Rate Long-Term Debt) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Borrowings [Abstract] | |
2019 | $ 10,280 |
2022 | 9,167 |
Total long-term debt | $ 19,447 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Summary of Accumulated Other Comprehensive (Loss) Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | $ 43 | |
Net current period other comprehensive income (loss) | (1,322) | $ 1,259 |
Ending balance | (1,279) | 43 |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | 43 | (1,223) |
Other comprehensive income (loss) before reclassifications | (1,271) | 1,393 |
Amounts reclassified from AOCI | (51) | (134) |
Net current period other comprehensive income (loss) | (1,322) | 1,259 |
Impact of the Tax Cut and Jobs Act | 7 | |
Ending balance | (1,279) | 43 |
Unrealized Gain (Loss) on Securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | 954 | (410) |
Other comprehensive income (loss) before reclassifications | (1,518) | 1,342 |
Amounts reclassified from AOCI | (54) | (137) |
Net current period other comprehensive income (loss) | (1,572) | 1,205 |
Impact of the Tax Cut and Jobs Act | 159 | |
Ending balance | (618) | 954 |
Defined Benefit Pension Plan [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (1,048) | (767) |
Other comprehensive income (loss) before reclassifications | 188 | (109) |
Amounts reclassified from AOCI | 3 | 3 |
Net current period other comprehensive income (loss) | 191 | (106) |
Impact of the Tax Cut and Jobs Act | (175) | |
Ending balance | (857) | (1,048) |
Gain (Loss) on Cash Flow Hedges [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | 137 | (46) |
Other comprehensive income (loss) before reclassifications | 59 | 160 |
Net current period other comprehensive income (loss) | 59 | 160 |
Impact of the Tax Cut and Jobs Act | 23 | |
Ending balance | $ 196 | $ 137 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) (Effects of Reclassifications Out of AOCI) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Gain on securities transactions, net | $ 70 | $ 210 |
Amortization of prior service cost | 5 | 5 |
Income tax (benefit) expense | (3,085) | (6,903) |
Unrealized Gain (Loss) on Securities [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Total amount recognized | (54) | (137) |
Defined Benefit Pension Plan [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Total amount recognized | 3 | 3 |
Amount Reclassified from AOCI [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Total amount recognized | (51) | (134) |
Amount Reclassified from AOCI [Member] | Unrealized Gain (Loss) on Securities [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Gain on securities transactions, net | (70) | (210) |
Income tax (benefit) expense | 16 | 73 |
Total amount recognized | (54) | (137) |
Amount Reclassified from AOCI [Member] | Defined Benefit Pension Plan [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Amortization of prior service cost | 5 | 5 |
Income tax (benefit) expense | (2) | (2) |
Total amount recognized | $ 3 | $ 3 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate | 21.00% | 34.00% |
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | $ 3.5 | |
Liability related to uncertain tax positions | $ 0 | |
Scenario, Plan [Member] | ||
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate | 21.00% |
Income Taxes (Tax Effects of Te
Income Taxes (Tax Effects of Temporary Differences on the Deferred Tax Assets and Deferred Tax Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Deferred tax assets: | |||
Allowance for loan losses | $ 1,974 | $ 1,971 | |
Deferred compensation | 675 | 686 | |
Unrealized loss on available for sale securities | 174 | ||
Pension adjustment | 242 | 294 | |
Purchase accounting adjustment | [1] | 3,113 | 3,544 |
OREO | 59 | 394 | |
Other | 168 | 123 | |
Deferred tax assets, Total | 6,405 | 7,012 | |
Deferred tax liabilities: | |||
Accrued pension | 256 | 253 | |
Unrealized gain on available for sale securities | 269 | ||
Depreciation premises and equipment | 408 | 367 | |
Other | 67 | 51 | |
Deferred tax liabilities, Total | 731 | 940 | |
Net deferred tax asset | $ 5,674 | $ 6,072 | |
[1] | Purchase accounting adjustment includes timing differences related to PCI loans, purchased fixed assets, and differences in income recognition on the purchase transactions. |
Income Taxes (Allocation of the
Income Taxes (Allocation of the Income Tax Expense Between Current and Deferred Portions) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Current tax provision | $ 2,313 | $ 3,174 |
Deferred tax expense | 772 | 3,729 |
Income tax expense (benefit), total | 3,085 | 6,903 |
Parent Company [Member] | ||
Income tax expense (benefit), total | $ (113) | $ (184) |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of the Expected Income Tax Expense with the Reported Expense) (Details) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Income Taxes [Abstract] | ||
Statutory federal income tax rate | 21.00% | 34.00% |
(Reduction) Increase in taxes resulting from: | ||
Impact Of The Act | 25.20% | |
Municipal interest | (2.50%) | (5.50%) |
Bank owned life insurance income | (0.90%) | (2.20%) |
Stock compensation | 0.70% | 0.30% |
Other, net | 0.10% | (2.90%) |
Effective tax rate | 18.40% | 48.90% |
Employee Benefit Plan (Narrativ
Employee Benefit Plan (Narrative) (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Minimum eligibility criteria of full-time pre-merger bank employees for Bank of Essex noncontributory defined benefit pension plan | 21 years | |
Targeted asset allocation | 100.00% | 100.00% |
Amounts charged to expense under plans | $ 617,000 | $ 595,000 |
Deferred compensation expense | 204,000 | 155,000 |
Recorded liability | $ 2,100,000 | |
Combined BOE 401(k) and TFC 401(k) Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Employee's contribution of compensation, subject to statutory limitations | 100.00% | |
Company's first matching employee contributions | 100.00% | |
Maximum matching contribution per employee based on employee compensation, percent | 50.00% | |
Employee's contribution on first compensation | 3.00% | |
Employee's contribution of compensation percent | 2.00% | |
Non-Qualified Defined Contribution Retirement Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Deferred compensation expense | $ 343,000 | 515,000 |
Recorded liability | $ 1,200,000 | $ 860,000 |
Fixed Income Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Targeted asset allocation | 77.00% | |
Mutual Funds - Equity [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Targeted asset allocation | 23.00% | 26.00% |
Employee Benefit Plans (Schedul
Employee Benefit Plans (Schedule of Defined Benefit Plans Change in Benefit Obligation) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Change in Benefit Obligation | ||
Benefit obligation, beginning of year | $ 4,560 | $ 3,997 |
Interest cost | 158 | 158 |
Actuarial (gain)/loss | (507) | 481 |
Benefits paid | (99) | (76) |
Benefit obligation, ending | $ 4,112 | $ 4,560 |
Employee Benefit Plans (Sched_2
Employee Benefit Plans (Schedule of Defined Benefit Plans Change in Plan Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Change in Plan Assets | ||
Fair value of plan assets, beginning of year | $ 4,369 | $ 3,915 |
Actual return on plan assets | (90) | 530 |
Benefits paid | (99) | (76) |
Fair value of plan assets, ending | 4,180 | 4,369 |
Funded Status | $ 68 | $ (191) |
Employee Benefit Plans (Sched_3
Employee Benefit Plans (Schedule of Defined Benefit Plans Amount Recognized in Financial Statement) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Amounts Recognized in the Balance Sheet | ||
Other assets | $ 68 | |
Other liabilities | $ (191) | |
Amounts Recognized in Accumulated Other Comprehensive Income | ||
Net loss | 1,054 | 1,293 |
Prior service cost | 45 | 49 |
Deferred tax | (242) | (294) |
Total amount recognized | 857 | 1,048 |
Accumulated benefit obligation | $ 4,112 | $ 4,560 |
Employee Benefit Plan (Componen
Employee Benefit Plan (Components of Net Periodic Benefit Cost for Plan) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Employee Benefit Plan [Abstract] | ||
Interest cost | $ 158 | $ 158 |
Expected return on plan assets | (238) | (281) |
Amortization of prior service cost | 5 | 5 |
Recognized net actuarial loss | 60 | 46 |
Net periodic benefit cost | $ (15) | $ (72) |
Employee Benefit Plans (Weighte
Employee Benefit Plans (Weighted-Average Assumptions Used in the Measurement of the Company's Benefit Obligation and Net Periodic Benefit Cost) (Details) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Employee Benefit Plan [Abstract] | ||
Discount rate used for net periodic pension cost | 3.50% | 4.00% |
Discount rate used for disclosure | 4.25% | 3.50% |
Expected return on plan assets | 5.50% | 7.25% |
Employee Benefit Plans (Other C
Employee Benefit Plans (Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Employee Benefit Plan [Abstract] | ||
Net (gain) loss | $ (238) | $ 185 |
Amortization of prior service cost | (5) | (5) |
Total amount recognized | (243) | 180 |
Total recognized in net periodic benefit cost and accumulated other comprehensive income (loss) | $ (258) | $ 108 |
Employee Benefit Plans (Estimat
Employee Benefit Plans (Estimated Amounts that will Amortize from Accumulated Other Comprehensive Income into Net Periodic Benefit Cost) (Details) - Forecast [Member] $ in Thousands | Dec. 31, 2019USD ($) |
Defined Benefit Plan Net Periodic Benefit Cost [Line Items] | |
Prior service cost | $ 5 |
Net loss | 47 |
Total amount recognized | $ 52 |
Employee Benefit Plans (Pension
Employee Benefit Plans (Pension Plan's Weighted-Average Asset Allocations by Asset Category) (Details) | Dec. 31, 2018 | Dec. 31, 2017 |
Pension plan's weighted-average asset allocations by asset category | ||
Total | 100.00% | 100.00% |
Mutual Funds - Fixed Income [Member] | ||
Pension plan's weighted-average asset allocations by asset category | ||
Total | 77.00% | 74.00% |
Mutual Funds - Equity [Member] | ||
Pension plan's weighted-average asset allocations by asset category | ||
Total | 23.00% | 26.00% |
Cash and Equivalents [Member] | ||
Pension plan's weighted-average asset allocations by asset category | ||
Total | 0.00% | 0.00% |
Employee Benefit Plans (Fair Va
Employee Benefit Plans (Fair Value of Plan Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 4,180 | $ 4,369 | $ 3,915 |
Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4,180 | 4,369 | |
Cash and Equivalents [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 6 | 5 | |
Mutual Funds - Fixed Income [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3,205 | 3,239 | |
International Funds [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 269 | 319 | |
Large Cap Funds [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 342 | 390 | |
Mid Cap Funds [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 125 | 145 | |
Small Cap Funds [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 76 | 76 | |
Stock Fund [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 157 | $ 195 |
Employee Benefit Plans (Estim_2
Employee Benefit Plans (Estimated Future Contributions and Benefit Payments, Which Reflect Expected Future Service) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Expected Employer Contributions | |
2019 | |
Expected Benefit Payments | |
2019 | 600 |
2020 | 185 |
2021 | 77 |
2022 | 133 |
2023 | 78 |
2024-2028 | $ 1,860 |
Stock Option Plans (Narrative)
Stock Option Plans (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options grants in period | 279,000 | ||
Stock option vesting period | 4 years | ||
Granted, weighted average grant date fair value | $ 3.65 | $ 3.12 | |
Cash received related to option exercises | $ 146,000 | $ 260,000 | |
Option exercises, total intrinsic value | 220,000 | 452,000 | |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 48,000 | 163,000 | |
Stock-based compensation expense | 946,000 | 745,000 | |
Total fair market value of shares non-option and restricted stock vested | 593,000 | 410,000 | |
Personnel Expense [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 781,000 | 586,000 | |
Other Operating Expense [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 166,000 | $ 159,000 | |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options grants in period | 279,000 | 293,000 | |
Options And Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expense related to non-vested options and restricted stock | $ 1,400,000 | ||
Weighted average period | 29 months | ||
2009 Stock Option Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock shares authorized under 2009 stock incentive plan | 2,650,000 | ||
Authorized annual grant of stock options per employee | 500,000 | ||
Share-based compensation arrangement by share-based payment award, expiration date | Jun. 17, 2019 | ||
Stock options grants in period | 279,000 | ||
Options exercised | 41,000 | ||
Intrinsic value of stock options outstanding and exercisable | $ 3,125,823 | ||
2009 Stock Option Plan [Member] | Stock Options [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock shares authorized under 2009 stock incentive plan | 1,500,000 | ||
Minimum fair value percentage, if participant owns up to 10% voting power | 100.00% | ||
2009 Stock Option Plan [Member] | Stock Options [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Minimum fair value percentage, if participant owns more than 10% voting power | 110.00% | ||
Specified voting power percentage | 10.00% | ||
2009 Stock Option Plan [Member] | Nonstatutory Stock Options [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Minimum fair value percentage, if participant owns up to 10% voting power | 100.00% |
Stock Option Plans (Fair Value
Stock Option Plans (Fair Value of Each Option Granted is Estimated on the Date of Grant) (Details) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk free rate, minimum | 1.97% | |
Risk free rate, maximum | 2.02% | |
Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility | 40.00% | 40.00% |
Expected term (years) | 6 years 3 months | 6 years 3 months |
Risk free rate | 2.54% |
Stock Option Plans (Summary of
Stock Option Plans (Summary of Grants Shares Issued and Fair Market Value) (Details) - $ / shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
March [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issued | 4,670 | 4,875 |
Fair Market Value | $ 8.35 | $ 8 |
May [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issued | 391 | |
Fair Market Value | $ 8.20 | |
June [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issued | 3,552 | 4,807 |
Fair Market Value | $ 9.85 | $ 8.10 |
July [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issued | 616 | |
Fair Market Value | $ 9.85 | |
September [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issued | 4,741 | 4,612 |
Fair Market Value | $ 9.05 | $ 8.45 |
December [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issued | 5,192 | 4,690 |
Fair Market Value | $ 8.27 | $ 8.30 |
Stock Option Plans (Summary o_2
Stock Option Plans (Summary of Options Outstanding) (Details) | 12 Months Ended |
Dec. 31, 2018USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted, Options number of shares | 279,000 |
Forfeited, Options number of shares | (2,500) |
2009 Stock Option Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding Options number of shares, Beginning Balance | 1,338,750 |
Granted, Options number of shares | 279,000 |
Forfeited, Options number of shares | (2,500) |
Expired, Options number of shares | |
Exercised, Options number of shares | (41,000) |
Outstanding options number of shares, Ending Balance | 1,574,250 |
Options outstanding and exercisable at end of the year, options number of shares | 878,750 |
Weighted average remaining contractual life for outstanding and exercisable shares at year end | 60 months |
Options outstanding, Aggregate Intrinsic Value | $ | $ 3,607,310 |
Options outstanding and exercisable, Aggregate Intrinsic value | $ | $ 3,125,823 |
Weighted Average Exercise Price, Beginning Balance | $ / shares | $ 4.45 |
Granted, Weighted Average Exercise Price | $ / shares | 8.45 |
Forfeited, Weighted Average Exercise Price | $ / shares | 7.82 |
Expired, Weighted Average Exercise Price | $ / shares | |
Exercised, Weighted Average Exercise Price | $ / shares | 3.55 |
Weighted Average Exercise Price, Ending Balance | $ / shares | 5.18 |
Options outstanding and exercisable at end of the year, weighted average exercise price | $ / shares | $ 3.68 |
Stock Option Plans (Summary o_3
Stock Option Plans (Summary of Non-Vested Options and Restricted Stock Outstanding) (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Stock Option Plans [Abstract] | ||
Options, number of shares, Beginning Balance | 664,000 | |
Granted Option number of shares | 279,000 | |
Vested, Option number of shares | (245,000) | |
Forfeited, Option number of shares | (2,500) | |
Options, number of shares, Ending Balance | 695,500 | 664,000 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ 2.62 | |
Granted, weighted average grant date fair value | 3.65 | $ 3.12 |
Vested, Weighted Average Grant Date Fair Value | 2.42 | |
Forfeited, Weighted Average Grant Date Fair Value | 3.33 | |
Weighted Average Grant Date Fair Value, Ending Balance | $ 3.10 | $ 2.62 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings (Loss) Per Common Share [Abstract] | ||
Anti-dilutive common shares | 0 | 0 |
Earnings Per Share (Computation
Earnings Per Share (Computation of Earnings per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings (Loss) Per Common Share [Abstract] | ||
Basic EPS, Net Income Available to Common Shareholders (Numerator) | $ 13,688 | $ 7,203 |
Effect of dilutive stock awards, Net Income Available to Common Shareholders (Numerator) | ||
Diluted EPS, Net Income Available to Common Shareholders (Numerator) | $ 13,688 | $ 7,203 |
Basic EPS , Weighted Average Common Shares (Denominator) | 22,103 | 22,014 |
Effect of dilutive stock awards, Weighted Average Common Shares (Denominator) | 466 | 498 |
Diluted EPS, Weighted Average Common Shares (Denominator) | 22,569 | 22,512 |
Basic EPS, Per Common Share Amount | $ 0.62 | $ 0.33 |
Effect of dilutive stock awards, Per Common Share Amount | (0.01) | (0.01) |
Diluted EPS, Per Common Share Amount | $ 0.61 | $ 0.32 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Related Party Transactions [Abstract] | |||
Indirect loans | $ 10 | $ 5,880 | $ 6,524 |
Related Party Deposit Liabilities | $ 2,600 | $ 3,000 |
Related Party Transactions (Sch
Related Party Transactions (Schedule of Activity of Direct and Indirect Loans) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Transactions [Abstract] | ||
Balance, beginning of year | $ 5,880 | $ 6,524 |
Principal additions | 25 | 35 |
Repayments and reclassifications | (5,895) | (679) |
Balance, end of year | $ 10 | $ 5,880 |
Cash Flow Hedge (Narrative) (De
Cash Flow Hedge (Narrative) (Details) - Interest Rate Swap [Member] - Cash Flow Hedging [Member] - USD ($) | 2 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2018 | Dec. 31, 2017 | Nov. 07, 2014 | |
Derivative notional amount | $ 30,000,000 | |||
Derivative interest rate | 1.69% | |||
Derivative term | 5 years | |||
Cash pledged as collateral | $ 0 | $ 390,000 | ||
Cash flow hedge | $ 253,000 | $ 177,000 |
Dividend Limitations on Affil_2
Dividend Limitations on Affiliate Bank (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Dividend Limitations On Affiliate Bank [Abstract] | ||
Unrestricted funds that could be transferred from banking subsidiary to parent corporation | $ 29.6 | $ 13.5 |
Concentration of Credit Risk (N
Concentration of Credit Risk (Narrative) (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Concentration of Credit Risk [Abstract] | ||
Real estate secured loan credit risk concentration percentage | 80.38% | 83.23% |
Secured accounts by the FDIC | $ 250,000 | |
Uninsured accounts by the FDIC | $ 11,000,000 | $ 8,200,000 |
Financial Instruments With Of_3
Financial Instruments With Off-Balance Sheet Risk (Summary of the Contract Amounts of the Bank's Exposure to Off-Balance Sheet Risk) (Details) - Commitments with Off-Balance Sheet Risk [Member] - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Commitments with off-balance sheet risk: | ||
Total commitments with off-balance sheet risk | $ 210,111 | $ 170,218 |
Commitments to Extend Credit [Member] | ||
Commitments with off-balance sheet risk: | ||
Total commitments with off-balance sheet risk | 204,831 | 163,686 |
Standby Letters of Credit [Member] | ||
Commitments with off-balance sheet risk: | ||
Total commitments with off-balance sheet risk | $ 5,280 | $ 6,532 |
Minimum Regulatory Capital Re_3
Minimum Regulatory Capital Requirements (Summary of the Company's and the Banks Actual Capital Amounts and Ratios) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Capital Conservation Buffer Above Minimum Risk Based Capital Thresholds | 2.50% | 2.50% |
Capital Conservation Buffer | 5.34% | 4.52% |
Minimum Required Capital Conservation Buffer | 1.875% | 1.25% |
Bank [Member] | Reportable Legal Entities [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital to risk weighted assets, Actual Amount | $ 149,085 | $ 134,972 |
Total Capital to risk weighted assets, Actual Ratio | 13.34% | 12.52% |
Total Capital to risk weighted assets, Required for Capital Adequacy Purposes Amount | $ 89,409 | $ 86,217 |
Total Capital to risk weighted assets, Required for Capital Adequacy Purposes Ratio | 8.00% | 8.00% |
Total Capital to risk weighted assets, Required in Order to be Well Capitalized Under Prompt Corrective Action Amount | $ 111,762 | $ 107,771 |
Total Capital to risk weighted assets, Required in Order to be Well Capitalized Under Prompt Corrective Action Ratio | 10.00% | 10.00% |
Tier 1 Capital to risk weighted assets, Actual Amount | $ 140,289 | $ 126,146 |
Tier 1 Capital to risk weighted assets, Actual Ratio | 12.55% | 11.71% |
Tier 1 Capital to risk weighted assets, Required for Capital Adequacy Purposes Amount | $ 67,057 | $ 64,663 |
Tier 1 Capital to risk weighted assets, Required for Capital Adequacy Purposes Ratio | 6.00% | 6.00% |
Tier 1 Capital to risk weighted assets, Required in Order to be Well Capitalized Under Prompt Corrective Action Amount | $ 89,409 | $ 86,217 |
Tier 1 Capital to risk weighted assets, Required in Order to be Well Capitalized Under Prompt Corrective Action Ratio | 8.00% | 8.00% |
Common Equity Tier 1 Capital, Actual Amount | $ 140,289 | $ 126,146 |
Common Equity Tier 1 Capital to risk weighted assets, Ratio | 12.55% | 11.71% |
Common Equity Tier 1 Capital to risk weighted assets, Required for Capital Adequacy Purposes Amount | $ 50,292 | $ 48,497 |
Common Equity Tier 1 Capital to risk weighted assets, Required for Capital Adequacy Purposes Ratio | 4.50% | 4.50% |
Common Equity Tier 1 Capital Required To Be Well Capitalized Under Prompt Corrective Action, Amount | $ 72,645 | $ 70,051 |
Common Equity Tier 1 Capital Required To Be Well Capitalized Under Prompt Corrective Action, Ratio | 6.50% | 6.50% |
Tier 1 Capital to adjusted average total assets, Actual Amount | $ 140,289 | $ 126,146 |
Tier 1 Capital to adjusted average total assets, Actual Ratio | 10.22% | 9.59% |
Tier 1 Capital to adjusted average total assets, Required for Capital Adequacy Purposes Amount | $ 54,882 | $ 52,613 |
Tier 1 Capital to adjusted average total assets, Required for Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Tier 1 Capital to adjusted average total assets, Required in Order to be Well Capitalized Under Prompt Corrective Action Amount | $ 68,603 | $ 65,767 |
Tier 1 Capital to adjusted average total assets, Required in Order to be Well Capitalized Under Prompt Corrective Action Ratio | 5.00% | 5.00% |
Fair Values of Assets and Lia_3
Fair Values of Assets and Liabilities (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Fair value appraisal minimum period | 18 months |
Minimum [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Eligibility criteria of classified loans for appraisal by professional appraiser | $ 250,000 |
Fair Values of Assets and Lia_4
Fair Values of Assets and Liabilities (Assets and Liabilities Recorded at Fair Value on Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | $ 206,726 | $ 204,834 |
U.S. Treasury Issue and Other U.S. Gov't Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | 29,512 | 27,183 |
U.S. Gov't Sponsored Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | 8,221 | 9,278 |
State, County and Municipal [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | 112,542 | 125,760 |
Corporate and Other Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | 10,034 | 7,460 |
Mortgage Backed - U.S. Gov't Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | 14,398 | 18,515 |
Mortgage Backed - U.S. Gov't Sponsored Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | 32,019 | 16,638 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | 206,726 | 204,834 |
Loans held for sale | 146 | |
Cash flow hedge | 253 | 177 |
Total assets at fair value | 207,125 | 205,011 |
Total liabilities at fair value | ||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | 9,797 | 332 |
Loans held for sale | ||
Cash flow hedge | ||
Total assets at fair value | 9,797 | 332 |
Total liabilities at fair value | ||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | 196,929 | 204,502 |
Loans held for sale | 146 | |
Cash flow hedge | 253 | 177 |
Total assets at fair value | 197,328 | 204,679 |
Total liabilities at fair value | ||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | ||
Loans held for sale | ||
Cash flow hedge | ||
Total assets at fair value | ||
Total liabilities at fair value | ||
Fair Value, Measurements, Recurring [Member] | U.S. Treasury Issue and Other U.S. Gov't Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | 29,512 | 27,183 |
Fair Value, Measurements, Recurring [Member] | U.S. Treasury Issue and Other U.S. Gov't Agencies [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | 3,657 | |
Fair Value, Measurements, Recurring [Member] | U.S. Treasury Issue and Other U.S. Gov't Agencies [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | 25,855 | 27,183 |
Fair Value, Measurements, Recurring [Member] | U.S. Treasury Issue and Other U.S. Gov't Agencies [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | ||
Fair Value, Measurements, Recurring [Member] | U.S. Gov't Sponsored Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | 8,221 | 9,278 |
Fair Value, Measurements, Recurring [Member] | U.S. Gov't Sponsored Agencies [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | ||
Fair Value, Measurements, Recurring [Member] | U.S. Gov't Sponsored Agencies [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | 8,221 | 9,278 |
Fair Value, Measurements, Recurring [Member] | U.S. Gov't Sponsored Agencies [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | ||
Fair Value, Measurements, Recurring [Member] | State, County and Municipal [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | 112,542 | 125,760 |
Fair Value, Measurements, Recurring [Member] | State, County and Municipal [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | 2,644 | 332 |
Fair Value, Measurements, Recurring [Member] | State, County and Municipal [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | 109,898 | 125,428 |
Fair Value, Measurements, Recurring [Member] | State, County and Municipal [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | ||
Fair Value, Measurements, Recurring [Member] | Corporate and Other Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | 10,034 | 7,460 |
Fair Value, Measurements, Recurring [Member] | Corporate and Other Bonds [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | ||
Fair Value, Measurements, Recurring [Member] | Corporate and Other Bonds [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | 10,034 | 7,460 |
Fair Value, Measurements, Recurring [Member] | Corporate and Other Bonds [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | ||
Fair Value, Measurements, Recurring [Member] | Mortgage Backed - U.S. Gov't Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | 14,398 | 18,515 |
Fair Value, Measurements, Recurring [Member] | Mortgage Backed - U.S. Gov't Agencies [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | ||
Fair Value, Measurements, Recurring [Member] | Mortgage Backed - U.S. Gov't Agencies [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | 14,398 | 18,515 |
Fair Value, Measurements, Recurring [Member] | Mortgage Backed - U.S. Gov't Agencies [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | ||
Fair Value, Measurements, Recurring [Member] | Mortgage Backed - U.S. Gov't Sponsored Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | 32,019 | 16,638 |
Fair Value, Measurements, Recurring [Member] | Mortgage Backed - U.S. Gov't Sponsored Agencies [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | 3,496 | |
Fair Value, Measurements, Recurring [Member] | Mortgage Backed - U.S. Gov't Sponsored Agencies [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | 28,523 | 16,638 |
Fair Value, Measurements, Recurring [Member] | Mortgage Backed - U.S. Gov't Sponsored Agencies [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale |
Fair Values of Assets and Lia_5
Fair Values of Assets and Liabilities (Assets and Liabilities Measured at Fair Value on Nonrecurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Bank premises and equipment held for sale | $ 1,252 | |
Other real estate owned (OERO) | 1,099 | $ 2,791 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 9,343 | 7,915 |
Bank premises and equipment held for sale | 1,252 | |
Other real estate owned (OERO) | 1,099 | 2,791 |
Total assets at fair value | 11,694 | 10,706 |
Total liabilities at fair value | ||
Level 1 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | ||
Bank premises and equipment held for sale | ||
Other real estate owned (OERO) | ||
Total assets at fair value | ||
Total liabilities at fair value | ||
Level 2 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 1,306 | |
Bank premises and equipment held for sale | ||
Other real estate owned (OERO) | 1,203 | |
Total assets at fair value | 2,509 | |
Total liabilities at fair value | ||
Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 9,343 | 6,609 |
Bank premises and equipment held for sale | 1,252 | |
Other real estate owned (OERO) | 1,099 | 1,588 |
Total assets at fair value | 11,694 | 8,197 |
Total liabilities at fair value |
Fair Values of Assets and Lia_6
Fair Values of Assets and Liabilities (Summary of Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Financial liabilities: | ||
Interest bearing deposits | $ 999,889 | $ 942,736 |
Estimated Fair Value [Member] | ||
Financial assets: | ||
Securities held to maturity | 42,253 | 46,888 |
Loans, net of allowance | 978,778 | 933,938 |
PCI loans, net of allowance | 42,674 | 48,655 |
Financial liabilities: | ||
Interest bearing deposits | 997,714 | 943,037 |
Long-term borrowings | 63,393 | 105,363 |
Estimated Fair Value [Member] | Level 1 [Member] | ||
Financial assets: | ||
Securities held to maturity | ||
Loans, net of allowance | ||
PCI loans, net of allowance | ||
Financial liabilities: | ||
Interest bearing deposits | ||
Long-term borrowings | ||
Estimated Fair Value [Member] | Level 2 [Member] | ||
Financial assets: | ||
Securities held to maturity | 42,253 | 46,888 |
Loans, net of allowance | 927,329 | |
PCI loans, net of allowance | ||
Financial liabilities: | ||
Interest bearing deposits | 997,714 | 943,037 |
Long-term borrowings | 63,393 | 105,363 |
Estimated Fair Value [Member] | Level 3 [Member] | ||
Financial assets: | ||
Securities held to maturity | ||
Loans, net of allowance | 978,778 | 6,609 |
PCI loans, net of allowance | 42,674 | 48,655 |
Financial liabilities: | ||
Interest bearing deposits | ||
Long-term borrowings | ||
Carrying Value [Member] | ||
Financial assets: | ||
Securities held to maturity | 42,108 | 46,146 |
Loans, net of allowance | 984,722 | 933,049 |
PCI loans, net of allowance | 38,129 | 44,133 |
Financial liabilities: | ||
Interest bearing deposits | 999,889 | 942,736 |
Long-term borrowings | $ 63,571 | $ 105,553 |
Trust Preferred Capital Notes (
Trust Preferred Capital Notes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 12, 2003 | |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | |||
Principal assets value for trust preferred securities | $ 4,124 | $ 4,124 | |
Trust Preferred Capital Notes [Member] | |||
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | |||
Issue of trust preferred securities | $ 4,124 | ||
Preferred security average interest rate | 5.19% | 4.20% | |
Trust preferred securities redemption date | Dec. 12, 2033 |
Revenue Recognition - Nonintere
Revenue Recognition - Noninterest income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Noninterest Income | $ 4,463 | $ 4,516 |
Accounting Standards Update 2014-09 [Member] | In-Scope Of Topic 606 [Member] | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Noninterest Income | 2,874 | |
Accounting Standards Update 2014-09 [Member] | In-Scope Of Topic 606 [Member] | Service charges on deposit accounts [Member] | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Noninterest Income | 1,646 | |
Accounting Standards Update 2014-09 [Member] | In-Scope Of Topic 606 [Member] | Interchange and ATM fees [Member] | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Noninterest Income | 864 | |
Accounting Standards Update 2014-09 [Member] | In-Scope Of Topic 606 [Member] | Brokerage fees and commissions [Member] | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Noninterest Income | 364 | |
Accounting Standards Update 2014-09 [Member] | Out-Of-Scope Of Topic 606 [Member] | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Noninterest Income | $ 1,589 |
Lease Commitments (Narrative) (
Lease Commitments (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Lease Commitments [Abstract] | ||
Rent expenses | $ 1,400 | $ 1,310 |
Sublease rental income | $ 109 |
Lease Commitments (Summary of N
Lease Commitments (Summary of Non-Cancelable Operating Leases for Bank Premises that have Initial or Remaining Terms) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Lease Commitments [Abstract] | |
2019 | $ 1,428 |
2020 | 1,345 |
2021 | 1,011 |
2022 | 494 |
2023 | 510 |
Thereafter | 5,773 |
Total of future payments | 10,561 |
Minimum Sublesae Rentals Due In Future Under Noncancelable Sublease | $ 2,400 |
Other Operating Expense (Narrat
Other Operating Expense (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Other Operating Expense [Abstract] | |
Aggregate of total net interest income and total noninterest income | 1.00% |
Other Operating Expense (Summar
Other Operating Expense (Summary of Other Noninterest Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Other Operating Expense [Abstract] | ||
Bank franchise tax | $ 574 | $ 632 |
Telephone and internet line | 398 | 676 |
Stationery, printing and supplies | 586 | 674 |
Marketing expense | 613 | 656 |
Credit expense | 501 | 584 |
Outside vendor fees | 631 | 562 |
Other expenses | 2,500 | 2,786 |
Total other operating expenses | $ 5,803 | $ 6,570 |
Parent Corporation Only Finan_3
Parent Corporation Only Financial Statements (Parent Company Only Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
ASSETS | |||
Other assets | $ 16,627 | $ 15,687 | |
Total assets | 1,393,150 | 1,336,190 | |
LIABILITIES | |||
Other liabilities | 7,703 | 6,021 | |
Balances due to non-bank subsidiary | 4,124 | 4,124 | |
Total liabilities | 1,255,689 | 1,212,187 | |
SHAREHOLDERS' EQUITY | |||
Common stock (200,000,000 shares authorized, $0.01 par value; 22,072,523 and 21,959,648 shares issued and outstanding, respectively) | 221 | 221 | |
Additional paid in capital | 148,763 | 147,671 | |
Retained earnings | (10,244) | (23,932) | |
Accumulated other comprehensive (loss) income | (1,279) | 43 | |
Total shareholders' equity | 137,461 | 124,003 | $ 114,536 |
Total liabilities and stockholders' equity | 1,393,150 | 1,336,190 | |
Parent Company [Member] | |||
ASSETS | |||
Cash | 2,324 | 1,707 | |
Other assets | 252 | 322 | |
Investments in subsidiaries | 139,010 | 126,189 | |
Total assets | 141,586 | 128,218 | |
LIABILITIES | |||
Other liabilities | 1 | 91 | |
Balances due to non-bank subsidiary | 4,124 | 4,124 | |
Total liabilities | 4,125 | 4,215 | |
SHAREHOLDERS' EQUITY | |||
Common stock (200,000,000 shares authorized, $0.01 par value; 22,072,523 and 21,959,648 shares issued and outstanding, respectively) | 221 | 221 | |
Additional paid in capital | 148,763 | 147,671 | |
Retained earnings | (10,244) | (23,932) | |
Accumulated other comprehensive (loss) income | (1,279) | 43 | |
Total shareholders' equity | 137,461 | 124,003 | |
Total liabilities and stockholders' equity | $ 141,586 | $ 128,218 |
Parent Corporation Only Finan_4
Parent Corporation Only Financial Statements (Parent Company Only Balance Sheets Footnote) (Details) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
Condensed Financial Statements, Captions [Line Items] | ||
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares issued | 22,132,304 | 22,072,523 |
Common stock, shares outstanding | 22,132,304 | 22,072,523 |
Parent Company [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares issued | 22,132,304 | 22,072,523 |
Common stock, shares outstanding | 22,132,304 | 22,072,523 |
Parent Corporation Only Finan_5
Parent Corporation Only Financial Statements (Parent Company Only Statements of Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Expenses: | ||
Interest expense | $ 12,054 | $ 9,199 |
Other operating expenses | 2,500 | 2,786 |
Income before income taxes | 16,773 | 14,106 |
Income tax (benefit) expense | (3,085) | (6,903) |
Net income | 13,688 | 7,203 |
Comprehensive income (loss) | 12,366 | 8,462 |
Parent Company [Member] | ||
Income: | ||
Other operating income | 8 | 4 |
Total income | 8 | 4 |
Expenses: | ||
Interest expense | 217 | 187 |
Management fee paid to subsidiaries | 186 | 177 |
Stock option expense | 64 | 56 |
Professional and legal expenses | 59 | 56 |
Other operating expenses | 51 | 50 |
Total expenses | 577 | 526 |
Equity in income / (loss) of subsidiaries | 14,144 | 7,541 |
Income before income taxes | 13,575 | 7,019 |
Income tax (benefit) expense | 113 | 184 |
Net income | 13,688 | 7,203 |
Comprehensive income (loss) | $ 12,366 | $ 8,462 |
Parent Corporation Only Finan_6
Parent Corporation Only Financial Statements (Parent Company Only Statements of Cash Flows) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Operating activities: | ||
Net income | $ 13,688 | $ 7,203 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Stock-based compensation expense | 946 | 745 |
Tax benefit of exercised stock options | (48) | (163) |
Decrease (increase) in other assets | (249) | (1,490) |
Increase (decrease) in accrued expenses and other liabilities | 1,905 | 741 |
Net cash provided by operating activities | 19,689 | 14,984 |
Financing activities: | ||
Payments on long-term debt | (1,670) | |
Proceeds from issuance of common stock | 146 | 260 |
Net cash provided by financing activities | 41,966 | 76,737 |
(Decrease) increase in cash and cash equivalents | 12,261 | 886 |
Parent Company [Member] | ||
Operating activities: | ||
Net income | 13,688 | 7,203 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Stock-based compensation expense | 946 | 745 |
Tax benefit of exercised stock options | (15) | |
Undistributed equity in loss (income) of subsidiary | (14,144) | (7,541) |
Decrease (increase) in other assets | 71 | 136 |
Increase (decrease) in accrued expenses and other liabilities | (90) | 68 |
Net cash provided by operating activities | 471 | 596 |
Financing activities: | ||
Payments on long-term debt | (1,670) | |
Proceeds from issuance of common stock | 146 | 260 |
Net cash provided by financing activities | 146 | (1,410) |
(Decrease) increase in cash and cash equivalents | 617 | (814) |
Cash and cash equivalents at beginning of the period | 1,707 | 2,521 |
Cash and cash equivalents at end of the period | $ 2,324 | $ 1,707 |