Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | May 01, 2020 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2020 | |
Document Transition Report | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Entity File Number | 000-53528 | |
Entity Registrant Name | Embassy Bancorp, Inc. | |
Entity Incorporation, State or Country Code | PA | |
Entity Tax Identification Number | 26-3339011 | |
Entity Address, Address Line One | One Hundred Gateway Drive | |
Entity Address, Address Line Two | Suite 100 | |
Entity Address, City or Town | Bethlehem | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 18017 | |
City Area Code | 610 | |
Local Phone Number | 882-8800 | |
Title of 12(b) Security | None | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 7,471,976 | |
Trading Symbol | emyb | |
Entity Central Index Key | 0001449794 | |
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||
Cash and due from banks | $ 14,166 | $ 5,825 |
Interest bearing demand deposits with banks | 28,023 | 33,161 |
Federal funds sold | 1,000 | 1,000 |
Cash and Cash Equivalents | 43,189 | 39,986 |
Securities available for sale | 87,860 | 90,829 |
Restricted investment in bank stock | 1,341 | 1,478 |
Loans held for sale | 659 | |
Loans receivable, net of allowance for loan losses of $8,366 in 2020; $8,022 in 2019 | 1,024,033 | 1,006,117 |
Premises and equipment, net of accumulated depreciation | 2,220 | 2,123 |
Bank owned life insurance | 20,232 | 20,259 |
Accrued interest receivable | 2,079 | 2,048 |
Other assets | 12,748 | 13,279 |
Total Assets | 1,194,361 | 1,176,119 |
Deposits: | ||
Non-interest bearing | 188,431 | 171,815 |
Interest bearing | 859,703 | 860,153 |
Total Deposits | 1,048,134 | 1,031,968 |
Securities sold under agreements to repurchase | 10,385 | 7,208 |
Short-term borrowings | 18,067 | |
Long-term borrowings | 14,651 | |
Accrued interest payable | 2,085 | 3,281 |
Other liabilities | 16,123 | 15,980 |
Total Liabilities | 1,091,378 | 1,076,504 |
Stockholders' Equity: | ||
Common stock, $1 par value; authorized 20,000,000 shares; 2020 issued 7,577,023 shares; outstanding 7,471,976 shares; 2019 issued 7,543,524 shares; outstanding 7,478,477 shares; | 7,577 | 7,544 |
Surplus | 26,110 | 25,937 |
Retained earnings | 68,251 | 65,794 |
Accumulated other comprehensive income | 2,765 | 1,340 |
Treasury stock, at cost: 105,047 and 65,047 shares at March 31, 2020 and December 31, 2019, respectively | (1,720) | (1,000) |
Total Stockholders' Equity | 102,983 | 99,615 |
Total Liabilities and Stockholders' Equity | $ 1,194,361 | $ 1,176,119 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Consolidated Balance Sheets [Abstract] | ||
Loans receivable, allowance | $ 8,366 | $ 8,022 |
Common Stock, Par Value | $ 1 | $ 1 |
Common Stock, Shares Authorized | 20,000,000 | 20,000,000 |
Common Stock, Shares, Issued | 7,577,023 | 7,543,524 |
Common Stock, Shares, Outstanding | 7,471,976 | 7,478,477 |
Treasury Stock, Shares | 105,047 | 65,047 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
INTEREST INCOME | ||
Loans, including fees | $ 10,190 | $ 9,584 |
Securities, taxable | 377 | 366 |
Securities, non-taxable | 212 | 290 |
Short-term investments, including federal funds sold | 76 | 144 |
Total Interest Income | 10,855 | 10,384 |
INTEREST EXPENSE | ||
Deposits | 1,995 | 1,877 |
Securities sold under agreements to repurchase | 10 | 25 |
Short-term borrowings | 51 | 268 |
Long-term borrowings | 8 | |
Total Interest Expense | 2,064 | 2,170 |
Net Interest Income | 8,791 | 8,214 |
PROVISION FOR LOAN LOSSES | 320 | 130 |
Net Interest Income after Provision for Loan Losses | 8,471 | 8,084 |
OTHER NON-INTEREST INCOME | ||
Credit card processing fees | 77 | 80 |
Debit card interchange fees | 133 | 127 |
Other service fees | 117 | 116 |
Bank owned life insurance | (27) | 210 |
Gain on sale of other real estate owned | 45 | |
Total Other Non-Interest Income | 300 | 578 |
OTHER NON-INTEREST EXPENSES | ||
Salaries and employee benefits | 2,839 | 2,643 |
Occupancy and equipment | 858 | 820 |
Data processing | 636 | 562 |
Credit card processing | 30 | 33 |
Advertising and promotion | 296 | 411 |
Professional fees | 236 | 195 |
FDIC insurance | 51 | 95 |
Loan & real estate | 68 | 43 |
Charitable contributions | 289 | 289 |
Other | 429 | 463 |
Total Other Non-Interest Expenses | 5,732 | 5,554 |
Income Before Income Taxes | 3,039 | 3,108 |
INCOME TAX EXPENSE | 582 | 556 |
Net Income | $ 2,457 | $ 2,552 |
BASIC EARNINGS PER SHARE | $ 0.33 | $ 0.34 |
DILUTED EARNINGS PER SHARE | $ 0.33 | $ 0.34 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Consolidated Statements Of Comprehensive Income [Abstract] | |||
Net Income | $ 2,457 | $ 2,552 | |
Change in Accumulated Other Comprehensive Income: | |||
Unrealized holding gain on securities available for sale | 1,803 | 2,023 | |
Less: reclassification adjustment for realized gains | [1],[2] | ||
Total other comprehensive income (loss), before tax | 1,803 | 2,023 | |
Income tax effect | (378) | (425) | |
Net unrealized gain | 1,425 | 1,598 | |
Other comprehensive income, net of tax | 1,425 | 1,598 | |
Comprehensive Income | $ 3,882 | $ 4,150 | |
[1] | Realized gains on securities transactions included in gain on sales of securities, net, in the accompanying Consolidated Statements of Income. | ||
[2] | Tax effect included in income tax expense in the accompanying Consolidated Statements of Income. |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member]Director [Member] | Common Stock [Member]Officer [Member] | Common Stock [Member] | Surplus [Member]Director [Member] | Surplus [Member]Officer [Member] | Surplus [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Treasury Stock [Member] | Director [Member] | Officer [Member] | Total |
BALANCE-Beginning at Dec. 31, 2018 | $ 7,530 | $ 25,532 | $ 56,410 | $ (1,247) | $ (1,000) | $ 87,225 | ||||||
Net income | 2,552 | 2,552 | ||||||||||
Other comprehensive income, net of tax | 1,598 | 1,598 | ||||||||||
Compensation expense recognized on stock options | 1 | 1 | ||||||||||
Common stock grants | $ 10 | $ 151 | $ 161 | |||||||||
Compensation expense recognized on stock grants, net of unearned compensation expense | 51 | 51 | ||||||||||
Shares issued under employee stock purchase plan | 1 | 13 | 14 | |||||||||
BALANCE-Ending at Mar. 31, 2019 | 7,541 | 25,748 | 58,962 | 351 | (1,000) | 91,602 | ||||||
BALANCE-Beginning at Dec. 31, 2019 | 7,544 | 25,937 | 65,794 | 1,340 | (1,000) | 99,615 | ||||||
Net income | 2,457 | 2,457 | ||||||||||
Other comprehensive income, net of tax | 1,425 | 1,425 | ||||||||||
Common stock grants | $ 13 | $ 19 | $ 135 | $ 25 | $ 148 | $ 44 | ||||||
Shares issued under employee stock purchase plan | 1 | 13 | 14 | |||||||||
Purchase of treasury stock | (720) | (720) | ||||||||||
BALANCE-Ending at Mar. 31, 2020 | $ 7,577 | $ 26,110 | $ 68,251 | $ 2,765 | $ (1,720) | $ 102,983 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Unearned compensation expense on stock grants | $ 608 | |
Shares issued under employee stock purchase plan, shares | 1,289 | 894 |
Purchase treasury stock, shares | 40,000 | |
Purchased treasury stock, price per share | $ 18 | |
Director [Member] | ||
Common stock grants, shares | 12,757 | 10,799 |
Officer [Member] | ||
Common stock grants, shares | 19,453 | |
Unearned compensation expense on stock grants | $ 639 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 2,457 | $ 2,552 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 320 | 130 |
Amortization of deferred loan costs | 78 | 63 |
Depreciation | 203 | 204 |
Net amortization of investment security premiums and discounts | 58 | 25 |
Stock compensation expense | 192 | 213 |
Net realized gain on sale of other real estate owned | (45) | |
Loans originated for sale | (659) | |
Loss (income) on bank owned life insurance | 27 | (210) |
Increase in accrued interest receivable | (31) | (75) |
Decrease in other assets | 153 | 226 |
(Decrease) increase in accrued interest payable | (1,196) | 616 |
Increase (decrease) in other liabilities | 143 | (319) |
Net Cash Provided by Operating Activities | 1,745 | 3,380 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchases of securities available for sale | (1,489) | |
Maturities, calls and principal repayments of securities available for sale | 6,203 | 7,392 |
Net increase in loans | (18,314) | (10,656) |
Net redemption of restricted investment in bank stock | 137 | 1,916 |
Proceeds from sale of other real estate owned | 180 | |
Purchases of premises and equipment | (300) | (98) |
Net Cash Used in Investing Activities | (13,763) | (1,266) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net increase in deposits | 16,166 | 69,635 |
Net increase (decrease) in securities sold under agreements to repurchase | 3,177 | (7,933) |
Proceeds from Employee Stock Purchase Plan | 14 | 14 |
Decrease in short-term borrowed funds | (18,067) | (53,995) |
Proceeds from long-term borrowed funds | 14,651 | |
Purchase of treasury stock | (720) | |
Net Cash Provided by Financing Activities | 15,221 | 7,721 |
Net Increase in Cash and Cash Equivalents | 3,203 | 9,835 |
CASH AND CASH EQUIVALENTS - BEGINNING | 39,986 | 27,576 |
CASH AND CASH EQUIVALENTS - ENDING | 43,189 | 37,411 |
SUPPLEMENTARY CASH FLOWS INFORMATION | ||
Interest paid | 3,260 | 1,554 |
Non-cash Investing and Financing Activities: | ||
Transfer of loans held for investment to held for sale | $ 659 | |
Recognition of operating lease right of use assets | 10,908 | |
Recognition of operating lease liabilities | $ 11,014 |
Basis Of Presentation
Basis Of Presentation | 3 Months Ended |
Mar. 31, 2020 | |
Basis Of Presentation [Abstract] | |
Basis Of Presentation | Note 1 – Basis of Presentation Embassy Bancorp, Inc. (the “Company”) is a Pennsylvania corporation organized in 2008 and registered as a bank holding company pursuant to the Bank Holding Company Act of 1956, as amended (the “BHC Act”). The Company was formed for purposes of acquiring Embassy Bank For The Lehigh Valley (the “Bank”) in connection with the reorganization of the Bank into a bank holding company structure, which was consummated on November 11, 2008 . Accordingly, the Company owns all of the capital stock of the Bank, giving the organization more flexibility in meeting its capital needs as the Company continues to grow. Embassy Holdings, LLC (the “LLC”) is a wholly-owned subsidiary of the Bank organized to engage in the holding of property acquired by the Bank in satisfaction of debts previously contracted. As such, the consolidated financial statements contained herein include the accounts of the Company, the Bank and the LLC. All significant intercompany transactions and balances have been eliminated. The Bank, which is the Company’s principal operating subsidiary, was originally incorporated as a Pennsylvania bank on May 11, 2001 and opened its doors on November 6, 2001. It was formed by a group of local business persons and professionals with significant prior experience in community banking in the Lehigh Valley area of Pennsylvania, the Bank’s primary market area. The accompanying unaudited financial statements have been prepared in accordance with United States of America generally accepted accounting principles (“US GAAP”) for interim financial information and in accordance with instructions for Form 10-Q and Rule 10-01 of the Securities and Exchange Commission Regulation S-X. Accordingly, they do not include all of the information and footnotes required by US GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. The consolidated financial statements presented in this report should be read in conjunction with the audited consolidated financial statements and the accompanying notes for the year ended December 31, 2019 , included in the Company’s Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 11, 20 20. The Company has evaluated subsequent events for potential recognition and/or disclosure through the date the unaudited consolidated financial statements included in this Quarterly Report on Form 10-Q were issued. Certain amounts in the 2019 consolidated financial statements may have been reclassified to conform to 2020 presentation. These reclassifications had no effect on 2019 net income. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | Note 2 - Summary of Significant Accounting Policies The significant accounting policies of the Company as applied in the interim financial statements presented herein are substantially the same as those followed on an annual basis as presented in the Company’s Form 10-K for the year ended December 31, 2019 . |
COVID-19
COVID-19 | 3 Months Ended |
Mar. 31, 2020 | |
COVID-19 [Abstract] | |
COVID-19 | Note 3 – COVID-19 On March 11, 2020, the World Health Organization declared the outbreak of a novel coronavirus (“COVID-19”) as a global pandemic, which continues to spread throughout the United States and around the world. The declaration of a global pandemic indicates that almost all public commerce and related business activities must be, to varying degrees, curtailed with the goal of decreasing the rate of new infections. The outbreak of COVID-19 could adversely impact a broad range of industries in which the Company’s customers operate and impair their ability to fulfill their financial obligations to the Company. The economic effects of the COVID-19 outbreak may adversely affect the Company’s financial condition and results of operations, though such potential impact is unknown at this time. For the three-months ended March 31, 2020, the Company provided certain borrowers affected in a variety of ways by the COVID-19 outbreak with payment accommodations that facilitate their ability to work through the immediate impact of the virus. Payment accommodations were in the form of short-term ( six months or less) principal and/or interest deferrals. These payment accommodations were made in accordance with Section 4013 of the Coronavirus Aid, Relief and Economic Security (“CARES”) Act and the Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus and the Company will not be categorizing these modifications as troubled debt restructurings. The following table presents COVID-19 payment accommodations based on loan type and amount for the three-months ended March 31, 2020: Number of Loans Loan Amount (In Thousands) Commercial real estate 31 $ 45,878 Commercial construction 1 1,360 Commercial 20 4,389 Residential real estate 15 4,249 67 $ 55,876 Subsequent to March 31, 2020, through April 29, 2020, additional payment accommodations were made on 208 loans with balances of $114.8 million. As part of the Cares Act, the Company was approved to be a Paycheck Protection Plan (“PPP”) lender. The Company had not previously been an approved Small Business Administration (“SBA”) 7(a) lender. The Company began accepting applications from qualified borrowers on April 3, 2020. As of April 16, 2020, when the first allocation of government funding to the PPP was extinguished, the Company had received SBA loan guarantee approval for 145 business customers totaling $34.0 million. The loan proceeds for these customers were disbursed in full by April 27, 2020. As of May 1, 2020, the Company had received SBA loan guarantee approval for an additiona l 313 business customers totaling $30.8 million. The Company’s highly experienced team of commercial lenders, with the support of personnel from various departments of the Company, continued to lead the efforts to work closely with borrowers to apply for and obtain the PPP loans. These PPP loans are 100% guaranteed by the SBA, have up to a two -year maturity and a low interest rate of 1% throughout the term of the loan, with payments deferred over the first six months following the date of disbursement of the loan. The SBA may forgive the PPP loans if certain conditions are met by the borrower, including using at least 75% of the proceeds for payroll costs. The SBA also provides the Company with a processing fee for each loan, with the amount of such fee pre-determined by the SBA dependent upon the size of each loan. In April 2020, the Company applied to and has been approved by the Federal Reserve Board for both the ability to borrow under its Paycheck Protection Program Liquidity Facility (“PPPLF”) as well as its Discount Window. The Company will consider borrowings under the PPPLF to provide liquidity in order to fund the PPP loans , however, no such borrowings have been made yet . The PPPLF provides term funding to depository institutions that originate loans to small businesses under the PPP. PPP loans that are pledged to secure PPPLF extensions of credit are excluded from leverage ratio calculations. The Company’s allowance for loan losses increased $344 thousand to $8.4 million at March 31, 2020 compared to $8.0 million at December 31, 2019. At March 31, 2020 and December 31, 2019, the allowance for loan losses represented 0.81% and 0.79% , respectively, of total loans. In the first quarter of 2020, the Company adjusted the allowance for loan losses ’ economic risk factor methodology to incorporate the current economic implications and rising unemployment rate from the COVID-19 pandemic, leading to the increase in the allowance for loan losses as a percentage of total loans. In determining its allowance for loan loss level at March 31, 2020, the Company considered the health and composition of its loan portfolio going into the COVID-19 pandemic. The Company’s nonperforming loans to total loans receivable was 0.25% at March 31, 2020, down from 0.26% at December 31, 20 19 . The Company had no charge-offs for the three-months ended March 31, 2020 and for the year ended December 31, 2019. At March 31, 2020, approximately 94% of the Company’s loan portfolio is collateralized by real estate. Less than 5% of the Company’s loan portfolio is to borrowers in the more particularly hard-hit industries (including the travel and hotel industry, the full-service and limited-service restaurant industries, and the assisted living facilities industry) and the Company has no international exposure. The Company was not required to adopt the Current Expected Credit Losses (“CECL”) Financial Accounting Standards Board (“FASB “) accounting standard in the first quarter of 2020, as this guidance will not be effective for the Company until 2023. In response to the COVID-19 outbreak, the Federal Reserve Board in mid-March 2020 has reduced by 150 basis points the benchmark federal funds rate to a target range of 0% to 0.25%, and the yields on 10 and 30-year treasury notes have declined to historic lows. Approximately 10% of the Company’s loan portfolio is scheduled to mature or reprice within the next year. As a result of the decline in the Federal Reserve Board’s target federal funds rate and yields on treasury notes, the Company’s future net interest margin and spread may be reduced. |
Securities Available For Sale
Securities Available For Sale | 3 Months Ended |
Mar. 31, 2020 | |
Securities Available For Sale [Abstract] | |
Securities Available For Sale | Note 4 – Securities Available For Sale At March 31, 2020 and December 31, 2019 , respectively, the amortized cost and approximate fair values of securities available-for-sale were as follows: Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In Thousands) March 31, 2020: Municipal bonds $ 24,366 $ 891 $ (13) $ 25,244 U.S. Government Sponsored Enterprise (GSE) - Mortgage-backed securities - commercial 514 - (2) 512 U.S. Government Sponsored Enterprise (GSE) - Mortgage-backed securities - residential 59,480 2,624 - 62,104 Total $ 84,360 $ 3,515 $ (15) $ 87,860 December 31, 2019: Municipal bonds $ 25,586 $ 863 $ (5) $ 26,444 U.S. Government Sponsored Enterprise (GSE) - Mortgage-backed securities - residential 63,546 877 (38) 64,385 Total $ 89,132 $ 1,740 $ (43) $ 90,829 The amortized cost and fair value of securities as of March 31, 2020 , by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to prepay obligations with or without any penalties. Amortized Fair Cost Value (In Thousands) Due in one year or less $ 830 $ 831 Due after one year through five years 2,363 2,373 Due after five years through ten years 5,523 5,639 Due after ten years 15,650 16,401 24,366 25,244 U.S. Government Sponsored Enterprise (GSE) - Mortgage-backed securities - commercial 514 512 U.S. Government Sponsored Enterprise (GSE) - Mortgage-backed securities - residential 59,480 62,104 Total $ 84,360 $ 87,860 There were no sales of securities for the three months ended March 31, 2020 and 2019. Securities with a carrying value of $77.8 million and $74.0 million at March 31, 2020 and December 31, 2019 , respectively, were subject to agreements to repurchase, pledged to secure public deposits, or pledged for other purposes required or permitted by law. The following table shows the Company’s investments’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2020 and December 31, 2019 , respectively: Less Than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses March 31, 2020: (In Thousands) Municipal bonds $ 1,096 $ (13) $ - $ - $ 1,096 $ (13) U.S. Government Sponsored Enterprise (GSE) - Mortgage -backed securities - commercial 512 (2) - - 512 (2) Total Temporarily Impaired Securities $ 1,608 $ (15) $ - $ - $ 1,608 $ (15) . December 31, 2019: Municipal bonds $ 1,295 $ (5) $ - $ - $ 1,295 $ (5) U.S. Government Sponsored Enterprise (GSE) - Mortgage -backed securities - residential 4,701 (1) 8,528 (37) 13,229 (38) Total Temporarily Impaired Securities $ 5,996 $ (6) $ 8,528 $ (37) $ 14,524 $ (43) The Company had three (3) securities in an unrealized loss position at March 31, 2020 and five (5) securities in an unrealized loss position at December 31, 2019. The unrealized losses are due to market interest rate fluctuations. As of March 31, 2020 , the Company either has the intent and ability to hold the securities until maturity or market price recovery, or believes that it is more likely than not that it will not be required to sell such securities. Management believes that the unrealized loss only represents temporary impairment of the securities. |
Restricted Investment In Bank S
Restricted Investment In Bank Stock | 3 Months Ended |
Mar. 31, 2020 | |
Restricted Investment In Bank Stock [Abstract] | |
Restricted Investment In Bank Stock | Note 5 – Restricted Investment in Bank Stock Restricted investments in bank stock consist of FHLBank of Pittsburgh (“FHLB”) stock and Atlantic Community Bankers Bank (“ACBB”) stock. The restricted stocks are carried at cost. Federal law requires a member institution of the FHLB to hold stock of its district FHLB according to a predetermined formula. The Bank had FHLB stock at a carrying value of $1.3 million as of March 31, 2020 and $1.4 million as of December 31, 2019. The Bank had ACBB stock at a carrying value of $ 40 thousand at March 31, 2020 and December 31, 2019. Management evaluates the FHLB and ACBB restricted stock for impairment. Management’s determination of whether these investments are impaired is based on their assessment of the ultimate recoverability of their cost rather than by recognizing temporary declines in value. The determination of whether a decline affects the ultimate recoverability of their cost is influenced by criteria such as (1) the significance of the decline in net assets of the issuer as compared to the capital stock amount for the issuer and the length of time this situation has persisted, (2) commitments by the issuer to make payments required by law or regulation and the level of such payments in relation to the operating performance of the issuer, and (3) the impact of legislative and regulatory changes on institutions and, accordingly, on the customer base of the issuer. Based upon its evaluation of the foregoing criteria, management believes no impairment charge is necessary related to the FHLB or ACBB stock as of March 31, 2020 . |
Loans and Credit Quality
Loans and Credit Quality | 3 Months Ended |
Mar. 31, 2020 | |
Loans And Credit Quality [Abstract] | |
Loans and Credit Quality | Note 6 – Loans and Credit Quality Effective March 31, 2020, the Company transferred $659 thousand of loans from loans receivable to loans held for sale, representing the entirety of its commercial credit cards loan portfolio. Subsequent to March 31, 2020, on May 1, 2020, those loans were sold to an unrelated third party for a gain of approximately $59 thousand. These loans were transferred to the held for sale portfolio at their carrying value, which was lower than the estimated fair value at the time of transfer. An allowance for loan losses is not maintained on loans designated as held for sale. The following table presents the composition of loans receivable at March 31, 2020 and December 31, 2019 , respectively: March 31, 2020 December 31, 2019 Percentage of Percentage of Balance total Loans Balance total Loans (Dollars in Thousands) Commercial real estate $ 439,519 42.60% $ 427,987 42.24% Commercial construction 12,224 1.18% 12,622 1.25% Commercial 55,785 5.41% 53,747 5.30% Residential real estate 523,391 50.74% 518,150 51.13% Consumer 772 0.07% 820 0.08% Total loans 1,031,691 100.00% 1,013,326 100.00% Unearned origination fees 708 813 Allowance for loan losses (8,366) (8,022) Net Loans $ 1,024,033 $ 1,006,117 The following table presents the classes of the loan portfolio summarized by the aggregate pass rating and the classified ratings of special mention (potential weaknesses), substandard (well defined weaknesses) and doubtful (full collection unlikely) within the Company's internal risk rating system as of March 31, 2020 and December 31, 2019 , respectively: Pass Special Mention Substandard Doubtful Total March 31, 2020 (In Thousands) Commercial real estate $ 438,060 $ - $ 1,459 $ - $ 439,519 Commercial construction 11,909 - 315 - 12,224 Commercial 55,703 82 - - 55,785 Residential real estate 522,533 528 330 - 523,391 Consumer 772 - - - 772 Total $ 1,028,977 $ 610 $ 2,104 $ - $ 1,031,691 December 31, 2019 Commercial real estate $ 426,526 $ - $ 1,461 $ - $ 427,987 Commercial construction 12,307 - 315 - 12,622 Commercial 53,656 91 - - 53,747 Residential real estate 517,281 719 150 - 518,150 Consumer 820 - - - 820 Total $ 1,010,590 $ 810 $ 1,926 $ - $ 1,013,326 At March 31, 2020 and December 31, 2019, the Company had no foreclosed assets or recorded investment in consumer mortgage loans collateralized by residential real estate in the process of foreclosure. The following table summarizes information in regards to impaired loans by loan portfolio class as of March 31, 2020 and December 31, 2019 , respectively: March 31, 2020 December 31, 2019 Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance (In Thousands) With no related allowance recorded: Commercial real estate $ 888 $ 1,128 $ 1,626 $ 1,890 Commercial construction 315 315 315 315 Commercial - - - - Residential real estate 707 777 530 786 Consumer - - - - With an allowance recorded: Commercial real estate $ 700 $ 700 $ 25 $ - $ - $ - Commercial construction - - - - - - Commercial 233 233 26 234 234 27 Residential real estate 623 623 134 816 816 175 Consumer - - - - - - Total: Commercial real estate $ 1,588 $ 1,828 $ 25 $ 1,626 $ 1,890 $ - Commercial construction 315 315 - 315 315 - Commercial 233 233 26 234 234 27 Residential real estate 1,330 1,400 134 1,346 1,602 175 Consumer - - - - - - $ 3,466 $ 3,776 $ 185 $ 3,521 $ 4,041 $ 202 The following tables summarize information regarding the average recorded investment and interest income recognized on impaired loans by loan portfolio for the three months ended March 31, 2020 and 2019, respectively: Three Months Ended March 31, 2020 2019 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (In Thousands) With no related allowance recorded: Commercial real estate $ 1,257 $ 13 $ 1,724 $ 17 Commercial construction 315 3 315 3 Commercial - - - - Residential real estate 619 7 702 3 Consumer - - - - With an allowance recorded: Commercial real estate $ 350 $ 6 $ - $ - Commercial construction - - - - Commercial 234 2 239 2 Residential real estate 720 5 844 7 Consumer - - - - Total: Commercial real estate $ 1,607 $ 19 $ 1,724 $ 17 Commercial construction 315 3 315 3 Commercial 234 2 239 2 Residential real estate 1,339 12 1,546 10 Consumer - - - - $ 3,495 $ 36 $ 3,824 $ 32 The following table presents non-accrual loans by classes of the loan portfolio: March 31, 2020 December 31, 2019 (In Thousands) Commercial real estate $ - $ - Commercial construction - - Commercial - - Residential real estate 17 18 Consumer - - Total $ 17 $ 18 The performance and credit quality of the loan portfolio is also monitored by analyzing the age of the loans receivable as determined by the length of time a recorded payment is past due. The following table presents the classes of the loan portfolio summarized by the past due status as of March 31, 2020 and December 31, 2019 , respectively: Greater Loan than Receivables > 30-59 Days 60-89 Days 90 Days Total Total Loan 90 Days and Past Due Past Due Past Due Past Due Current Receivables Accruing March 31, 2020 (In Thousands) Commercial real estate $ 516 $ - $ - $ 516 $ 439,003 $ 439,519 $ - Commercial construction - - - - 12,224 12,224 - Commercial - 139 - 139 55,646 55,785 - Residential real estate 2,440 119 - 2,559 520,832 523,391 - Consumer 1 - - 1 771 772 - Total $ 2,957 $ 258 $ - $ 3,215 $ 1,028,476 $ 1,031,691 $ - December 31, 2019 Commercial real estate $ - $ - $ - $ - $ 427,987 $ 427,987 $ - Commercial construction - - - - 12,622 12,622 - Commercial - - - - 53,747 53,747 - Residential real estate 951 - - 951 517,199 518,150 - Consumer - - - - 820 820 - Total $ 951 $ - $ - $ 951 $ 1,012,375 $ 1,013,326 $ - The following tables detail the activity in the allowance for loan losses for the three months ended March 31, 2020 and 2019 : Commercial Real Estate Commercial Construction Commercial Residential Real Estate Consumer Unallocated Total Allowance for loan losses (In Thousands) Three Months Ending March 31, 2020 Beginning Balance - December 31, 2019 $ 3,221 $ 121 $ 770 $ 3,488 $ 19 $ 403 $ 8,022 Charge-offs - - - - - - - Recoveries 24 - - - - - 24 Provisions 108 - 47 139 (1) 27 320 Ending Balance - March 31, 2020 $ 3,353 $ 121 $ 817 $ 3,627 $ 18 $ 430 $ 8,366 Three Months Ending March 31, 2019 Beginning Balance - December 31, 2018 $ 3,248 $ 94 $ 574 $ 3,179 $ 19 $ 298 $ 7,412 Charge-offs - - - - - - - Recoveries - - 4 - - - 4 Provisions 17 9 20 19 2 63 130 Ending Balance - March 31, 2019 $ 3,265 $ 103 $ 598 $ 3,198 $ 21 $ 361 $ 7,546 The following tables represent the allocation for loan losses and the related loan portfolio disaggregated based on impairment methodology at March 31, 2020 and December 31, 2019 : Commercial Real Estate Commercial Construction Commercial Residential Real Estate Consumer Unallocated Total (In Thousands) March 31, 2020 Allowance for Loan Losses Ending Balance $ 3,353 $ 121 $ 817 $ 3,627 $ 18 $ 430 $ 8,366 Ending balance: individually evaluated for impairment $ 25 $ - $ 26 $ 134 $ - $ - $ 185 Ending balance: collectively evaluated for impairment $ 3,328 $ 121 $ 791 $ 3,493 $ 18 $ 430 $ 8,181 Loans receivables: Ending balance $ 439,519 $ 12,224 $ 55,785 $ 523,391 $ 772 $ 1,031,691 Ending balance: individually evaluated for impairment $ 1,588 $ 315 $ 233 $ 1,330 $ - $ 3,466 Ending balance: collectively evaluated for impairment $ 437,931 $ 11,909 $ 55,552 $ 522,061 $ 772 $ 1,028,225 December 31, 2019 Allowance for Loan Losses Ending Balance $ 3,221 $ 121 $ 770 $ 3,488 $ 19 $ 403 $ 8,022 Ending balance: individually evaluated for impairment $ - $ - $ 27 $ 175 $ - $ - $ 202 Ending balance: collectively evaluated for impairment $ 3,221 $ 121 $ 743 $ 3,313 $ 19 $ 403 $ 7,820 Loans receivables: Ending balance $ 427,987 $ 12,622 $ 53,747 $ 518,150 $ 820 $ 1,013,326 Ending balance: individually evaluated for impairment $ 1,626 $ 315 $ 234 $ 1,346 $ - $ 3,521 Ending balance: collectively evaluated for impairment $ 426,361 $ 12,307 $ 53,513 $ 516,804 $ 820 $ 1,009,805 Troubled Debt Restructurings The Company may grant a concession or modification for economic or legal reasons related to a borrower’s financial condition that it would not otherwise consider, resulting in a modified loan which is then identified as a troubled debt restructuring (“TDR”). The Company may modify loans through rate reductions, extensions to maturity, interest only payments, or payment modifications to better coincide the timing of payments due under the modified terms with the expected timing of cash flows from the borrowers’ operations. Loan modifications are intended to minimize the economic loss and to avoid foreclosure or repossession of the collateral. TDRs are considered impaired loans for purposes of calculating the Company’s allowance for loan losses. Payment accommodations done in accordance with Section 4013 of the CARES Act and the Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus are described in Note 3. The Company identifies loans for potential restructure primarily through direct communication with the borrower and the evaluation of the borrower’s financial statements, revenue projections, tax returns, and credit reports. Even if the borrower is not presently in default, management will consider the likelihood that cash flow shortages, adverse economic conditions, and negative trends may result in a payment default in the near future. The following table presents TDR’s outstanding: Accrual Loans Non-Accrual Loans Total Modifications March 31, 2020 (In Thousands) Commercial real estate $ 1,149 $ - $ 1,149 Commercial construction 260 - 260 Commercial 233 - 233 Residential real estate 970 17 987 Consumer - - - $ 2,612 $ 17 $ 2,629 December 31, 2019 Commercial real estate $ 1,188 $ - $ 1,188 Commercial construction 260 - 260 Commercial 233 - 233 Residential real estate 982 18 1,000 Consumer - - - $ 2,663 $ 18 $ 2,681 As of March 31, 2020 , no available commitments were outstanding on TDRs. There were no newly restructured loans that occurred during the three months ended March 31, 2020 and 2019 . There were no loans that were modified and classified as a TDR within the prior twelve months that experienced a payment default (loans ninety days or more past due) during the three months ended March 31, 2020 and 2019 . |
Right of Use Asset and Lease Li
Right of Use Asset and Lease Liability | 3 Months Ended |
Mar. 31, 2020 | |
Right of Use Asset and Lease Liability [Abstract] | |
Right of Use Asset and Lease Liability | Note 7 – Right of Use Asset and Lease Liability The Company ’ s leases are all classified as operating leases, with one lease being short term. Currently, many of these leases contain renewal options. The Company has reviewed and based the right of use assets and lease liabilities, primarily, on the present value of unpaid future minimum lease payments. Additionally, the amounts for the branch leases were impacted by assumptions around renewals and/or extensions and the interest rate used to discount those future lease obligations. The Company used the FHLB advance rates to calculate the discount rate in their review because none of the Company ’ s leases provided an implicit rate. The weighted average discount rate for all operating leases was 3.17% , with branch leases having a weighted average discount rate of 3.18% and equipment leases having a weighted average discount rate of 2.82%. These leases expire at various dates through August 2030. All operating equipment leases do not have renewal language in their contracts and therefore use the current term. As of March 31, 2020, the operating leases overall had a weighted average lease term of 6.49 years, with the branch leases having a weighted average life of 6.54 years and equipment leases having a weighted average life of 2.34 years. At March 31, 2020, the Company had right of use assets of $9.2 million (included in other assets) and lease liabilities of $9.4 million (included in other liabilities). The cost for operating leases was $427 thousand, including short term lease cost of $5 thousand, for the three months ended March 31, 2020. Operating cash flow paid for lease liabilities was $411 thousand for the three months ended March 31, 2020. A reconciliation of operating lease liabilities by minimum lease payments by year and in aggregate and discount amounts in aggregate, as of March 31, 2020, are as follows: Branch Leases Equipment Third Parties Related Parties Leases Total (In Thousands) 2020 $ 704 $ 477 $ 58 $ 1,239 2021 953 647 39 1,639 2022 983 660 33 1,676 2023 1,000 672 4 1,676 2024 854 685 1 1,540 Thereafter 1,247 1,424 - 2,671 Total Payments 5,741 4,565 135 10,441 Less: Discount Amount 563 488 5 1,056 Total Lease Liability $ 5,178 $ 4,077 $ 130 $ 9,385 |
Deposits
Deposits | 3 Months Ended |
Mar. 31, 2020 | |
Deposits [Abstract] | |
Deposits | Note 8 – Deposits The components of deposits at March 31, 2020 and December 31, 2019 are as follows: March 31, December 31, 2020 2019 (In Thousands) Demand, non-interest bearing $ 188,431 $ 171,815 Demand, NOW and money market, interest bearing 184,825 180,869 Savings 432,633 425,284 Time, $250 and over 88,704 92,517 Time, other 153,541 161,483 Total deposits $ 1,048,134 $ 1,031,968 At March 31, 2020, the scheduled maturities of time deposits are as follows (in thousands): 2020 (remainder of the year) $ 129,211 2021 76,961 2022 7,940 2023 23,532 2024 3,952 2025 649 $ 242,245 |
Short-Term And Long-Term Borrow
Short-Term And Long-Term Borrowings | 3 Months Ended |
Mar. 31, 2020 | |
Short-Term And Long-Term Borrowings [Abstract] | |
Short-Term And Long-Term Borrowings | Note 9 – Short-term and Long-term Borrowings Securities sold under agreements to repurchase, federal funds purchased and FHLB short term advances generally represent overnight or less than twelve month borrowings. Long term advances from the FHLB are for periods of twelve months or more and are generally less than sixty months . The Bank has an agreement with the FHLB, which allows for borrowings up to a percentage of qualifying assets. At March 31, 2020 , the Bank had a maximum borrowing capacity for short-term and long-term advances of approximately $588.2 million. This borrowing capacity with the FHLB includes a line of credit of $ 150.0 million. There were no short-term FHLB advances outstanding as of March 31, 2020 and $18.1 million in short-term FHLB advances outstanding as of December 31, 2019. There were $14.7 million in long-term FHLB advances outstanding as of March 31, 2020 and none outstanding as of December 31, 2019 . All FHLB borrowings are secured by qualifying assets of the Bank. The Bank has a federal funds line of credit with the ACBB of $ 10.0 million, of which none was outstanding at March 31, 2020 and December 31, 2019 . Advances from this line are unsecured. The components of long-term borrowings with the FHLB at March 31, 2020 were as follows: March 31, 2020 (Dollars in Thousands) Maturity Date Interest Rate Outstanding March 2022 0.79% $ 10,000 March 2022 0.64% 2,663 March 2022 0.61% 1,988 Total Outstanding Borrowings $ 14,651 |
Stock Incentive Plan And Employ
Stock Incentive Plan And Employee Stock Purchase Plan | 3 Months Ended |
Mar. 31, 2020 | |
Stock Incentive Plan And Employee Stock Purchase Plan [Abstract] | |
Stock Incentive Plan And Employee Stock Purchase Plan | Note 10 – Stock Incentive Plan and Employee Stock Purchase Plan Stock Incentive Plan: At the Company’s annual meeting on June 20, 2019, the shareholders approved the amendment and restatement of the Embassy Bancorp, Inc. 2010 Stock Incentive Plan (the “SIP”), which was originally adopted by the Company’s shareholders effective June 16, 2010, to replenish the number of shares of common stock available for issuance under the Plan and extend the term of the Plan for another ten ( 10 ) years. The SIP authorizes the Board of Directors, or a committee authorized by the Board of Directors, to award a stock based incentive to (i) designated officers (including officers who are directors) and other designated employees at the Company and its subsidiaries, and (ii) non-employee members of the Board of Directors and advisors and consultants to the Company and its subsidiaries. The SIP provides for stock based incentives in the form of incentive stock options as provided in Section 422 of the Internal Revenue Code of 1986, non-qualified stock options, stock appreciation rights, restricted stock and deferred stock awards. The term of the option, the amount of time for the option to vest after grant, if any, and other terms and limitations will be determined at the time of grant. Options granted under the SIP may not have an exercise period that is more than ten years from the time the option is granted. The maximum number of shares of common stock authorized for issuance under the Plan increased from 500,000 to 756,356 (in order to replenish the shares that were previously issued). The SIP provides for appropriate adjustments in the number and kind of shares available for grant or subject to outstanding awards under the SIP to avoid dilution in the event of merger, stock splits, stock dividends or other changes in the capitalization of the Company. The SIP expires on June 20, 2029. At March 31, 2020 , there were 467,790 shares available for issuance under the SIP. The Company grants shares of restricted stock, under the SIP, to certain members of its Board of Directors as compensation for their services, in accordance with the Company’s Non-employee Directors Compensation program adopted in October 2010. The Company also grants restricted stock to certain officers under individual agreements with these officers. Some of these restricted stock awards vest immediately, while the remainder vest over three to nine service years. Management recognizes compensation expense for the fair value of the restricted stock awards on a straight-line basis over the requisite service period. Since inception of the plan and through the period ended March 31, 2020 , there have been 172,323 awards granted. During the three months ended March 31, 2020 and 2019 there were 32,210 and 10,799 awards granted, respectively. The Company recognized compensation expense for restricted stock awards during the three months ended March 31, 2020 and 2019 of $44 thousand and $51 thousand, respectively. The Company has granted stock options to purchase shares of stock to certain executive officers under individual agreements and/or in accordance with their respective employment agreements. There was no stock compensation expense related to these options for the three months ending March 31, 2020 and $1 thousand in stock compensation expense for the three months ended March 31, 2019. Employee Stock Purchase Plan: On January 1, 2017, the Company implemented the Embassy Bancorp, Inc. Employee Stock Purchase Plan (“ESPP”), which was approved by the Company’s shareholders at the annual meeting held on June 16, 2016. Under the ESPP, each employee of the Company and its subsidiaries who is employed on an offering date and customarily is scheduled to work at least twenty (20) hours per week and more than five (5) months in a calendar year is eligible to participate. The purchase price for shares purchased under the ESPP shall initially equal 95% of the fair market value of such shares on the date of purchase. The purchase price may be adjusted from time to time by the Board of Directors; provided, however, that the discount to fair market value shall not exceed 15% . The Company has authorized 350,000 shares of its common stock for the ESPP, of which 11,511 shares have been issued as of March 31, 2020 . The Company recognized discount expense in relation to the ESPP of $1 thousand during the three months ended March 31, 2020 and 2019, respectively. |
Other Comprehensive Income
Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2020 | |
Other Comprehensive Income [Abstract] | |
Other Comprehensive Income | Note 11 – Other Comprehensive Income US GAAP requires that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available for sale securities, are reported as a separate component of the equity section of the balance sheet, such items, along with net income, are components of comprehensive income. The components of other comprehensive income both before tax and net of tax are as follows: Three Months Ended March 31, 2020 2019 (In Thousands) Before Tax Net of Before Tax Net of Tax Effect Tax Tax Effect Tax Change in accumulated other comprehensive income: Unrealized holding gains on securities available for sale $ 1,803 $ (378) $ 1,425 $ 2,023 $ (425) $ 1,598 Reclassification adjustments for gains on securities transactions included in net income (A),(B) - - - - - - Total other comprehensive income $ 1,803 $ (378) $ 1,425 $ 2,023 $ (425) $ 1,598 A. Realized gains on securities transactions included in gain on sales of securities, net, in the accompanying Consolidated Statements of Income. B. Tax effect included in income tax expense in the accompanying Consolidated Statements of Income. There were no realized gains on securities available for sale for the three months ended March 31, 2020 and 2019. A summary of the accumulated other comprehensive income net of tax, is as follows: Securities Available for Sale Three Months Ended March 31, 2020 and 2019 (In Thousands) Balance January 1, 2020 $ 1,340 Other comprehensive income before reclassifications 1,425 Amounts reclassified from accumulated other comprehensive income - Net other comprehensive income during the period 1,425 Balance March 31, 2020 $ 2,765 Balance January 1, 2019 $ (1,247) Other comprehensive income before reclassifications 1,598 Amounts reclassified from accumulated other comprehensive income - Net other comprehensive income during the period 1,598 Balance March 31, 2019 $ 351 |
Basic And Diluted Earnings Per
Basic And Diluted Earnings Per Share | 3 Months Ended |
Mar. 31, 2020 | |
Basic And Diluted Earnings Per Share [Abstract] | |
Basic And Diluted Earnings Per Share | No te 12 – Basic and Diluted Earnings per Share Basic earnings per share represents income available to common stockholders divided by the weighted-average number of common shares outstanding during the period, as adjusted for stock dividends and splits. Diluted earnings per share reflect additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustments to income that would result from the assumed issuance. Potential common shares that may be issued by the Company relate solely to outstanding stock options and are determined using the treasury stock method. Three Months Ended March 31, 2020 2019 (Dollars In Thousands, Except Share and Per Share Data) Net income $ 2,457 $ 2,552 Weighted average shares outstanding 7,443,875 7,469,950 Dilutive effect of potential common shares, stock options 37,630 58,889 Diluted weighted average common shares outstanding 7,481,505 7,528,839 Basic earnings per share $ 0.33 $ 0.34 Diluted earnings per share $ 0.33 $ 0.34 Stock options of 4,227 were not considered in computing diluted earnings per common share for the three months ended March 31, 2020 because to do so would have been anti-dilutive. There were no stock options not considered in computing diluted earnings per common share for the three months ended March 31, 2019. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | Note 13 – Fair Value Measurements The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. Fair value guidance provides a consistent definition of fair value, which focuses on exit price in an orderly transaction (that is, not a forced liquidation or distressed sale) between market participants at the measurement date under current market conditions. If there has been a significant decrease in the volume and level of activity for the asset or liability, a change in valuation technique or the use of multiple valuation techniques may be appropriate. In such instances, determining the price at which willing market participants would transact at the measurement date under current market conditions depends on the facts and circumstances and requires the use of significant judgment. The fair value is a reasonable point within the range that is most representative of fair value under current market conditions. US GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation methods used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: Level 1 : Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 : Quoted prices in markets that are not active, or inputs that are observable either directly or indirectly, for substantially the full term of the asset or liability. Level 3 : Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported with little or no market activity). An asset’s or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. For financial assets measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy utilized at March 31, 2020 and December 31, 2019 , respectively, are as follows: (Level 1) (Level 2) Quoted Significant (Level 3) Prices in Active Other Significant Markets for Observable Unobservable Description Identical Assets Inputs Inputs Total (In Thousands) Municipal bonds $ - $ 25,244 $ - $ 25,244 U.S. Government Sponsored Enterprise (GSE) - Mortgage-backed securities - commercial - 512 - 512 U.S. Government Sponsored Enterprise (GSE) - Mortgage-backed securities - residential - 62,104 - 62,104 March 31, 2020 Securities available for sale $ - $ 87,860 $ - $ 87,860 Municipal bonds $ - $ 26,444 $ - $ 26,444 U.S. Government Sponsored Enterprise (GSE) - Mortgage-backed securities - residential - 64,385 - 64,385 December 31, 2019 Securities available for sale $ - $ 90,829 $ - $ 90,829 The fair value of securities available for sale are determined by matrix pricing (Level 2), which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted market prices for the specific securities, but rather by relying on the securities’ relationship to other benchmark quoted prices. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the security’s terms and conditions, among other things. For financial assets measured at fair value on a nonrecurring basis, the fair value measurements by level within the fair value hierarchy used at March 31, 2020 and December 31, 2019 , respectively, are as follows: (Level 1) (Level 2) Quoted Significant (Level 3) Prices in Active Other Significant Markets for Observable Unobservable Description Identical Assets Inputs Inputs Total (In Thousands) March 31, 2020 Impaired loans $ - $ - $ 1,371 $ 1,371 December 31, 2019 Impaired loans $ - $ - $ 848 $ 848 Impaired loans are those that are accounted for under existing FASB guidance , in which the Bank has measured impairment generally based on the fair value of the loan’s collateral. Fair value is generally determined based upon independent third-party appraisals of the properties, or discounted cash flows based upon the expected proceeds. Fair values may also include qualitative adjustments by management based on economic conditions and liquidation expenses. These assets are included as Level 3 fair values, based upon the lowest level of input that is significant to the fair value measurements. At March 31, 2020 , of the impaired loans having an aggregate balance of $3.5 million, $1.9 million did not require a valuation allowance because the value of the collateral, including estimated selling costs, securing the loan was determined to meet or exceed the balance owed on the loan. Of the remaining $ 1.6 million in impaired loans, an aggregate valuation allowance of $ 185 thousand was required to reflect what was determined to be a shortfall in the value of the collateral as compared to the balance on such loans. Real estate properties acquired through, or in lieu of, foreclosure are to be sold and are carried at fair value less estimated cost to sell. Fair value is based upon independent market prices or appraised value of the property. These assets would be included in Level 3 fair value based upon the lowest level of input that is significant to the fair value measurement. At both March 31, 2020 and December 31, 2019, the Company had no real estate properties acquired through, or in lieu of, foreclosure. The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Company has utilized Level 3 inputs to determine fair value: Quantitative Information about Level 3 Fair Value Measurements Description Fair Value Estimate Valuation Techniques Unobservable Input Range (Weighted Average) (Dollars In Thousands) March 31, 2020: Impaired loans $ 1,371 Appraisal of collateral and pending agreement of sale Appraisal adjustments (1) 0% to -25% ( -15.1% ) Liquidation expenses (2) 0% to -10.0% ( -8.5% ) December 31, 2019: Impaired loans $ 848 Appraisal of collateral Appraisal adjustments (1) 0% to -25% ( -25% ) Liquidation expenses (2) 0% to -7.5% ( -7.5% ) 1. Appraisals may be adjusted by management for qualitative factors including economic conditions and the age of the appraisal. The range and weighted average of appraisal adjustments are presented as a percent of the appraisal. 2. Appraisals and pending agreements of sale are adjusted by management for liquidation expenses. The range and weighted average of liquidation expense adjustments are presented as a percent of the appraisal or pending agreement of sale. The estimated fair values of the Company’s financial instruments were as follows at March 31, 2020 and December 31, 2019 : (Level 1) Quoted (Level 2) (Level 3) Prices in Active Significant Other Significant Carrying Fair Value Markets for Observable Unobservable Amount Estimate Identical Assets Inputs Inputs (In Thousands) March 31, 2020: Financial assets: Cash and cash equivalents $ 43,189 $ 43,189 $ 43,189 $ - $ - Securities available-for-sale 87,860 87,860 - 87,860 - Loans held for sale 659 659 - - 659 Loans receivable, net of allowance 1,024,033 1,057,305 - - 1,057,305 Restricted investments in bank stock 1,341 1,341 - 1,341 - Accrued interest receivable 2,079 2,079 - 2,079 - Financial liabilities: Deposits 1,048,134 1,050,712 - 1,050,712 - Securities sold under agreements to repurchase and federal funds purchased 10,385 10,385 - 10,385 - Long-term borrowings 14,651 14,630 - - 14,630 Accrued interest payable 2,085 2,085 - 2,085 - Off-balance sheet financial instruments: Commitments to grant loans - - - - - Unfunded commitments under lines of credit - - - - - Standby letters of credit - - - - - December 31, 2019: Financial assets: Cash and cash equivalents $ 39,986 $ 39,986 $ 39,986 $ - $ - Securities available-for-sale 90,829 90,829 - 90,829 - Loans receivable, net of allowance 1,006,117 1,013,093 - - 1,013,093 Restricted investments in bank stock 1,478 1,478 - 1,478 - Accrued interest receivable 2,048 2,048 - 2,048 - Financial liabilities: Deposits 1,031,968 1,033,786 - 1,033,786 - Securities sold under agreements to repurchase and federal funds purchased 7,208 7,208 - 7,208 - Short-term borrowings 18,067 18,067 - 18,067 - Accrued interest payable 3,281 3,281 - 3,281 - Off-balance sheet financial instruments: Commitments to grant loans - - - - - Unfunded commitments under lines of credit - - - - - Standby letters of credit - - - - - |
Future Accounting Standards
Future Accounting Standards | 3 Months Ended |
Mar. 31, 2020 | |
Future Accounting Standards [Abstract] | |
Future Accounting Standards | Note 14 – Future Accounting Standards In June 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-13, “ Financial Instruments - Credit Losses ” . ASU 2016-13 requires entities to report “ expected ” credit losses on financial instruments and other commitments to extend credit rather than the current “ incurred loss ” model. These expected credit losses for financial assets held at the reporting date are to be based on historical experience, current conditions, and reasonable and supportable forecasts. This ASU will also require enhanced disclosures to help investors and other financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an entity ’ s portfolio. These disclosures include qualitative and quantitative requirements that provide additional information about the amounts recorded in the financial statements. In November 2019, the FASB issued an update to defer the implementation date for smaller reporting companies from 2020 to 2023. The Company currently qualifies as a smaller reporting company under SEC Regulation S-K and, therefore, the guidance is effective for the Company in 2023. The Company has not yet determined the impact this standard will have on its consolidated financial statements or results of operations. |
Basis Of Presentation (Policy)
Basis Of Presentation (Policy) | 3 Months Ended |
Mar. 31, 2020 | |
Basis Of Presentation [Abstract] | |
Consolidation | Embassy Bancorp, Inc. (the “Company”) is a Pennsylvania corporation organized in 2008 and registered as a bank holding company pursuant to the Bank Holding Company Act of 1956, as amended (the “BHC Act”). The Company was formed for purposes of acquiring Embassy Bank For The Lehigh Valley (the “Bank”) in connection with the reorganization of the Bank into a bank holding company structure, which was consummated on November 11, 2008 . Accordingly, the Company owns all of the capital stock of the Bank, giving the organization more flexibility in meeting its capital needs as the Company continues to grow. Embassy Holdings, LLC (the “LLC”) is a wholly-owned subsidiary of the Bank organized to engage in the holding of property acquired by the Bank in satisfaction of debts previously contracted. As such, the consolidated financial statements contained herein include the accounts of the Company, the Bank and the LLC. All significant intercompany transactions and balances have been eliminated. The Bank, which is the Company’s principal operating subsidiary, was originally incorporated as a Pennsylvania bank on May 11, 2001 and opened its doors on November 6, 2001. It was formed by a group of local business persons and professionals with significant prior experience in community banking in the Lehigh Valley area of Pennsylvania, the Bank’s primary market area. |
Basis Of Accounting | The accompanying unaudited financial statements have been prepared in accordance with United States of America generally accepted accounting principles (“US GAAP”) for interim financial information and in accordance with instructions for Form 10-Q and Rule 10-01 of the Securities and Exchange Commission Regulation S-X. Accordingly, they do not include all of the information and footnotes required by US GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. |
COVID-19 (Schedule Of COVID-19
COVID-19 (Schedule Of COVID-19 Payment Accommodations Based On Loan Type And Amount (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
COVID-19 [Abstract] | |
Schedule Of COVID-19 Payment Accommodations Based On Loan Type And Amount | Number of Loans Loan Amount (In Thousands) Commercial real estate 31 $ 45,878 Commercial construction 1 1,360 Commercial 20 4,389 Residential real estate 15 4,249 67 $ 55,876 |
Securities Available For Sale (
Securities Available For Sale (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Securities Available For Sale [Abstract] | |
Amortized Cost And Fair Values Of Securities Available-For-Sale | Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In Thousands) March 31, 2020: Municipal bonds $ 24,366 $ 891 $ (13) $ 25,244 U.S. Government Sponsored Enterprise (GSE) - Mortgage-backed securities - commercial 514 - (2) 512 U.S. Government Sponsored Enterprise (GSE) - Mortgage-backed securities - residential 59,480 2,624 - 62,104 Total $ 84,360 $ 3,515 $ (15) $ 87,860 December 31, 2019: Municipal bonds $ 25,586 $ 863 $ (5) $ 26,444 U.S. Government Sponsored Enterprise (GSE) - Mortgage-backed securities - residential 63,546 877 (38) 64,385 Total $ 89,132 $ 1,740 $ (43) $ 90,829 |
Securities Available-For-Sale By Contractual Maturity | Amortized Fair Cost Value (In Thousands) Due in one year or less $ 830 $ 831 Due after one year through five years 2,363 2,373 Due after five years through ten years 5,523 5,639 Due after ten years 15,650 16,401 24,366 25,244 U.S. Government Sponsored Enterprise (GSE) - Mortgage-backed securities - commercial 514 512 U.S. Government Sponsored Enterprise (GSE) - Mortgage-backed securities - residential 59,480 62,104 Total $ 84,360 $ 87,860 |
Investments' Gross Unrealized Losses And Fair Value | Less Than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses March 31, 2020: (In Thousands) Municipal bonds $ 1,096 $ (13) $ - $ - $ 1,096 $ (13) U.S. Government Sponsored Enterprise (GSE) - Mortgage -backed securities - commercial 512 (2) - - 512 (2) Total Temporarily Impaired Securities $ 1,608 $ (15) $ - $ - $ 1,608 $ (15) . December 31, 2019: Municipal bonds $ 1,295 $ (5) $ - $ - $ 1,295 $ (5) U.S. Government Sponsored Enterprise (GSE) - Mortgage -backed securities - residential 4,701 (1) 8,528 (37) 13,229 (38) Total Temporarily Impaired Securities $ 5,996 $ (6) $ 8,528 $ (37) $ 14,524 $ (43) |
Loans And Credit Quality (Table
Loans And Credit Quality (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Loans And Credit Quality [Abstract] | |
Composition Of Loans Receivable | March 31, 2020 December 31, 2019 Percentage of Percentage of Balance total Loans Balance total Loans (Dollars in Thousands) Commercial real estate $ 439,519 42.60% $ 427,987 42.24% Commercial construction 12,224 1.18% 12,622 1.25% Commercial 55,785 5.41% 53,747 5.30% Residential real estate 523,391 50.74% 518,150 51.13% Consumer 772 0.07% 820 0.08% Total loans 1,031,691 100.00% 1,013,326 100.00% Unearned origination fees 708 813 Allowance for loan losses (8,366) (8,022) Net Loans $ 1,024,033 $ 1,006,117 |
Schedule Of Loan Portfolio By Aggregate Risk Rating | Pass Special Mention Substandard Doubtful Total March 31, 2020 (In Thousands) Commercial real estate $ 438,060 $ - $ 1,459 $ - $ 439,519 Commercial construction 11,909 - 315 - 12,224 Commercial 55,703 82 - - 55,785 Residential real estate 522,533 528 330 - 523,391 Consumer 772 - - - 772 Total $ 1,028,977 $ 610 $ 2,104 $ - $ 1,031,691 December 31, 2019 Commercial real estate $ 426,526 $ - $ 1,461 $ - $ 427,987 Commercial construction 12,307 - 315 - 12,622 Commercial 53,656 91 - - 53,747 Residential real estate 517,281 719 150 - 518,150 Consumer 820 - - - 820 Total $ 1,010,590 $ 810 $ 1,926 $ - $ 1,013,326 |
Schedule Of Impaired Loans | The following table summarizes information in regards to impaired loans by loan portfolio class as of March 31, 2020 and December 31, 2019 , respectively: March 31, 2020 December 31, 2019 Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance (In Thousands) With no related allowance recorded: Commercial real estate $ 888 $ 1,128 $ 1,626 $ 1,890 Commercial construction 315 315 315 315 Commercial - - - - Residential real estate 707 777 530 786 Consumer - - - - With an allowance recorded: Commercial real estate $ 700 $ 700 $ 25 $ - $ - $ - Commercial construction - - - - - - Commercial 233 233 26 234 234 27 Residential real estate 623 623 134 816 816 175 Consumer - - - - - - Total: Commercial real estate $ 1,588 $ 1,828 $ 25 $ 1,626 $ 1,890 $ - Commercial construction 315 315 - 315 315 - Commercial 233 233 26 234 234 27 Residential real estate 1,330 1,400 134 1,346 1,602 175 Consumer - - - - - - $ 3,466 $ 3,776 $ 185 $ 3,521 $ 4,041 $ 202 The following tables summarize information regarding the average recorded investment and interest income recognized on impaired loans by loan portfolio for the three months ended March 31, 2020 and 2019, respectively: Three Months Ended March 31, 2020 2019 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (In Thousands) With no related allowance recorded: Commercial real estate $ 1,257 $ 13 $ 1,724 $ 17 Commercial construction 315 3 315 3 Commercial - - - - Residential real estate 619 7 702 3 Consumer - - - - With an allowance recorded: Commercial real estate $ 350 $ 6 $ - $ - Commercial construction - - - - Commercial 234 2 239 2 Residential real estate 720 5 844 7 Consumer - - - - Total: Commercial real estate $ 1,607 $ 19 $ 1,724 $ 17 Commercial construction 315 3 315 3 Commercial 234 2 239 2 Residential real estate 1,339 12 1,546 10 Consumer - - - - $ 3,495 $ 36 $ 3,824 $ 32 |
Schedule Of Nonaccrual Loans | March 31, 2020 December 31, 2019 (In Thousands) Commercial real estate $ - $ - Commercial construction - - Commercial - - Residential real estate 17 18 Consumer - - Total $ 17 $ 18 |
Schedule Of Past Due Loans | Greater Loan than Receivables > 30-59 Days 60-89 Days 90 Days Total Total Loan 90 Days and Past Due Past Due Past Due Past Due Current Receivables Accruing March 31, 2020 (In Thousands) Commercial real estate $ 516 $ - $ - $ 516 $ 439,003 $ 439,519 $ - Commercial construction - - - - 12,224 12,224 - Commercial - 139 - 139 55,646 55,785 - Residential real estate 2,440 119 - 2,559 520,832 523,391 - Consumer 1 - - 1 771 772 - Total $ 2,957 $ 258 $ - $ 3,215 $ 1,028,476 $ 1,031,691 $ - December 31, 2019 Commercial real estate $ - $ - $ - $ - $ 427,987 $ 427,987 $ - Commercial construction - - - - 12,622 12,622 - Commercial - - - - 53,747 53,747 - Residential real estate 951 - - 951 517,199 518,150 - Consumer - - - - 820 820 - Total $ 951 $ - $ - $ 951 $ 1,012,375 $ 1,013,326 $ - |
Activity In The Allowance For Loan Losses | Commercial Real Estate Commercial Construction Commercial Residential Real Estate Consumer Unallocated Total Allowance for loan losses (In Thousands) Three Months Ending March 31, 2020 Beginning Balance - December 31, 2019 $ 3,221 $ 121 $ 770 $ 3,488 $ 19 $ 403 $ 8,022 Charge-offs - - - - - - - Recoveries 24 - - - - - 24 Provisions 108 - 47 139 (1) 27 320 Ending Balance - March 31, 2020 $ 3,353 $ 121 $ 817 $ 3,627 $ 18 $ 430 $ 8,366 Three Months Ending March 31, 2019 Beginning Balance - December 31, 2018 $ 3,248 $ 94 $ 574 $ 3,179 $ 19 $ 298 $ 7,412 Charge-offs - - - - - - - Recoveries - - 4 - - - 4 Provisions 17 9 20 19 2 63 130 Ending Balance - March 31, 2019 $ 3,265 $ 103 $ 598 $ 3,198 $ 21 $ 361 $ 7,546 |
Allocation Of Allowance For Loan Losses And Related Loan Portfolio | Commercial Real Estate Commercial Construction Commercial Residential Real Estate Consumer Unallocated Total (In Thousands) March 31, 2020 Allowance for Loan Losses Ending Balance $ 3,353 $ 121 $ 817 $ 3,627 $ 18 $ 430 $ 8,366 Ending balance: individually evaluated for impairment $ 25 $ - $ 26 $ 134 $ - $ - $ 185 Ending balance: collectively evaluated for impairment $ 3,328 $ 121 $ 791 $ 3,493 $ 18 $ 430 $ 8,181 Loans receivables: Ending balance $ 439,519 $ 12,224 $ 55,785 $ 523,391 $ 772 $ 1,031,691 Ending balance: individually evaluated for impairment $ 1,588 $ 315 $ 233 $ 1,330 $ - $ 3,466 Ending balance: collectively evaluated for impairment $ 437,931 $ 11,909 $ 55,552 $ 522,061 $ 772 $ 1,028,225 December 31, 2019 Allowance for Loan Losses Ending Balance $ 3,221 $ 121 $ 770 $ 3,488 $ 19 $ 403 $ 8,022 Ending balance: individually evaluated for impairment $ - $ - $ 27 $ 175 $ - $ - $ 202 Ending balance: collectively evaluated for impairment $ 3,221 $ 121 $ 743 $ 3,313 $ 19 $ 403 $ 7,820 Loans receivables: Ending balance $ 427,987 $ 12,622 $ 53,747 $ 518,150 $ 820 $ 1,013,326 Ending balance: individually evaluated for impairment $ 1,626 $ 315 $ 234 $ 1,346 $ - $ 3,521 Ending balance: collectively evaluated for impairment $ 426,361 $ 12,307 $ 53,513 $ 516,804 $ 820 $ 1,009,805 |
Troubled Debt Restructuring Outstanding | Accrual Loans Non-Accrual Loans Total Modifications March 31, 2020 (In Thousands) Commercial real estate $ 1,149 $ - $ 1,149 Commercial construction 260 - 260 Commercial 233 - 233 Residential real estate 970 17 987 Consumer - - - $ 2,612 $ 17 $ 2,629 December 31, 2019 Commercial real estate $ 1,188 $ - $ 1,188 Commercial construction 260 - 260 Commercial 233 - 233 Residential real estate 982 18 1,000 Consumer - - - $ 2,663 $ 18 $ 2,681 |
Right of Use Asset and Lease _2
Right of Use Asset and Lease Liability (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Right of Use Asset and Lease Liability [Abstract] | |
Reconciliation of Operating Lease Liabilities by Minimum Lease Payments by Year and in Aggregate and Discount Amounts in Aggregate | Branch Leases Equipment Third Parties Related Parties Leases Total (In Thousands) 2020 $ 704 $ 477 $ 58 $ 1,239 2021 953 647 39 1,639 2022 983 660 33 1,676 2023 1,000 672 4 1,676 2024 854 685 1 1,540 Thereafter 1,247 1,424 - 2,671 Total Payments 5,741 4,565 135 10,441 Less: Discount Amount 563 488 5 1,056 Total Lease Liability $ 5,178 $ 4,077 $ 130 $ 9,385 |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Deposits [Abstract] | |
Components Of Deposits | March 31, December 31, 2020 2019 (In Thousands) Demand, non-interest bearing $ 188,431 $ 171,815 Demand, NOW and money market, interest bearing 184,825 180,869 Savings 432,633 425,284 Time, $250 and over 88,704 92,517 Time, other 153,541 161,483 Total deposits $ 1,048,134 $ 1,031,968 |
Scheduled Maturities of Time Deposits | 2020 (remainder of the year) $ 129,211 2021 76,961 2022 7,940 2023 23,532 2024 3,952 2025 649 $ 242,245 |
Short-Term And Long-Term Borr_2
Short-Term And Long-Term Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Short-Term And Long-Term Borrowings [Abstract] | |
Components Of Long-Term Borrowings With FHLB | March 31, 2020 (Dollars in Thousands) Maturity Date Interest Rate Outstanding March 2022 0.79% $ 10,000 March 2022 0.64% 2,663 March 2022 0.61% 1,988 Total Outstanding Borrowings $ 14,651 |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Other Comprehensive Income [Abstract] | |
Components Of Other Comprehensive Income (Loss) | Three Months Ended March 31, 2020 2019 (In Thousands) Before Tax Net of Before Tax Net of Tax Effect Tax Tax Effect Tax Change in accumulated other comprehensive income: Unrealized holding gains on securities available for sale $ 1,803 $ (378) $ 1,425 $ 2,023 $ (425) $ 1,598 Reclassification adjustments for gains on securities transactions included in net income (A),(B) - - - - - - Total other comprehensive income $ 1,803 $ (378) $ 1,425 $ 2,023 $ (425) $ 1,598 A. Realized gains on securities transactions included in gain on sales of securities, net, in the accompanying Consolidated Statements of Income. B. Tax effect included in income tax expense in the accompanying Consolidated Statements of Income. |
Summary Of Accumulated Other Comprehensive Income (Loss), Net Of Tax | Securities Available for Sale Three Months Ended March 31, 2020 and 2019 (In Thousands) Balance January 1, 2020 $ 1,340 Other comprehensive income before reclassifications 1,425 Amounts reclassified from accumulated other comprehensive income - Net other comprehensive income during the period 1,425 Balance March 31, 2020 $ 2,765 Balance January 1, 2019 $ (1,247) Other comprehensive income before reclassifications 1,598 Amounts reclassified from accumulated other comprehensive income - Net other comprehensive income during the period 1,598 Balance March 31, 2019 $ 351 |
Basic And Diluted Earnings Pe_2
Basic And Diluted Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Basic And Diluted Earnings Per Share [Abstract] | |
Earnings Per Share | Three Months Ended March 31, 2020 2019 (Dollars In Thousands, Except Share and Per Share Data) Net income $ 2,457 $ 2,552 Weighted average shares outstanding 7,443,875 7,469,950 Dilutive effect of potential common shares, stock options 37,630 58,889 Diluted weighted average common shares outstanding 7,481,505 7,528,839 Basic earnings per share $ 0.33 $ 0.34 Diluted earnings per share $ 0.33 $ 0.34 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Measurements [Abstract] | |
Fair Value Of Financial Assets Measured On Recurring Basis | (Level 1) (Level 2) Quoted Significant (Level 3) Prices in Active Other Significant Markets for Observable Unobservable Description Identical Assets Inputs Inputs Total (In Thousands) Municipal bonds $ - $ 25,244 $ - $ 25,244 U.S. Government Sponsored Enterprise (GSE) - Mortgage-backed securities - commercial - 512 - 512 U.S. Government Sponsored Enterprise (GSE) - Mortgage-backed securities - residential - 62,104 - 62,104 March 31, 2020 Securities available for sale $ - $ 87,860 $ - $ 87,860 Municipal bonds $ - $ 26,444 $ - $ 26,444 U.S. Government Sponsored Enterprise (GSE) - Mortgage-backed securities - residential - 64,385 - 64,385 December 31, 2019 Securities available for sale $ - $ 90,829 $ - $ 90,829 |
Fair Value Of Financial Assets Measured On Nonrecurring Basis | (Level 1) (Level 2) Quoted Significant (Level 3) Prices in Active Other Significant Markets for Observable Unobservable Description Identical Assets Inputs Inputs Total (In Thousands) March 31, 2020 Impaired loans $ - $ - $ 1,371 $ 1,371 December 31, 2019 Impaired loans $ - $ - $ 848 $ 848 |
Quantitative Information About Level 3 Fair Value Measurements | Quantitative Information about Level 3 Fair Value Measurements Description Fair Value Estimate Valuation Techniques Unobservable Input Range (Weighted Average) (Dollars In Thousands) March 31, 2020: Impaired loans $ 1,371 Appraisal of collateral and pending agreement of sale Appraisal adjustments (1) 0% to -25% ( -15.1% ) Liquidation expenses (2) 0% to -10.0% ( -8.5% ) December 31, 2019: Impaired loans $ 848 Appraisal of collateral Appraisal adjustments (1) 0% to -25% ( -25% ) Liquidation expenses (2) 0% to -7.5% ( -7.5% ) 1. Appraisals may be adjusted by management for qualitative factors including economic conditions and the age of the appraisal. The range and weighted average of appraisal adjustments are presented as a percent of the appraisal. 2. Appraisals and pending agreements of sale are adjusted by management for liquidation expenses. The range and weighted average of liquidation expense adjustments are presented as a percent of the appraisal or pending agreement of sale. |
Estimated Fair Value Of Financial Instruments | (Level 1) Quoted (Level 2) (Level 3) Prices in Active Significant Other Significant Carrying Fair Value Markets for Observable Unobservable Amount Estimate Identical Assets Inputs Inputs (In Thousands) March 31, 2020: Financial assets: Cash and cash equivalents $ 43,189 $ 43,189 $ 43,189 $ - $ - Securities available-for-sale 87,860 87,860 - 87,860 - Loans held for sale 659 659 - - 659 Loans receivable, net of allowance 1,024,033 1,057,305 - - 1,057,305 Restricted investments in bank stock 1,341 1,341 - 1,341 - Accrued interest receivable 2,079 2,079 - 2,079 - Financial liabilities: Deposits 1,048,134 1,050,712 - 1,050,712 - Securities sold under agreements to repurchase and federal funds purchased 10,385 10,385 - 10,385 - Long-term borrowings 14,651 14,630 - - 14,630 Accrued interest payable 2,085 2,085 - 2,085 - Off-balance sheet financial instruments: Commitments to grant loans - - - - - Unfunded commitments under lines of credit - - - - - Standby letters of credit - - - - - December 31, 2019: Financial assets: Cash and cash equivalents $ 39,986 $ 39,986 $ 39,986 $ - $ - Securities available-for-sale 90,829 90,829 - 90,829 - Loans receivable, net of allowance 1,006,117 1,013,093 - - 1,013,093 Restricted investments in bank stock 1,478 1,478 - 1,478 - Accrued interest receivable 2,048 2,048 - 2,048 - Financial liabilities: Deposits 1,031,968 1,033,786 - 1,033,786 - Securities sold under agreements to repurchase and federal funds purchased 7,208 7,208 - 7,208 - Short-term borrowings 18,067 18,067 - 18,067 - Accrued interest payable 3,281 3,281 - 3,281 - Off-balance sheet financial instruments: Commitments to grant loans - - - - - Unfunded commitments under lines of credit - - - - - Standby letters of credit - - - - - |
Basis Of Presentation (Details)
Basis Of Presentation (Details) | 3 Months Ended |
Mar. 31, 2020 | |
Basis Of Presentation [Abstract] | |
Reason for business combination | The Company was formed for purposes of acquiring Embassy Bank For The Lehigh Valley (the "Bank") in connection with the reorganization of the Bank into a bank holding company structure, which was consummated on November 11, 2008. |
Effective date of acquisition | Nov. 11, 2008 |
COVID-19 (Narrative) (Details)
COVID-19 (Narrative) (Details) | Apr. 29, 2020USD ($)loan | Apr. 30, 2020 | Mar. 31, 2020USD ($)loan | Dec. 31, 2019USD ($) | May 01, 2020USD ($)customer | Apr. 16, 2020USD ($)customer |
Loans Amount | $ 1,031,691,000 | $ 1,013,326,000 | ||||
Increase in allowance for loan losses | 344,000 | |||||
Loans receivable, allowance | $ 8,366,000 | $ 8,022,000 | ||||
Percentage of allowance for loan losses | 0.81% | 0.79% | ||||
Percentage of nonperforming loans to total loans receivable | 0.25% | 0.26% | ||||
Percentage of loan portfolio collateralized by real estate | 94.00% | |||||
Percentage of loan portfolio to borrowers in the more particularly hard-hit industries | 5.00% | |||||
Loan portfolio scheduled to mature or reprice within one year | 10.00% | |||||
COVID-19 [Member] | ||||||
Number of loans included in COVID-19 payment accommodations | loan | 67 | |||||
Loans Amount | $ 55,876,000 | |||||
Maximum [Member] | COVID-19 [Member] | ||||||
Payment accommodation period for principal and/or interest deferrals | 6 months | |||||
Subsequent Event [Member] | CARES Act [Member] | ||||||
Number of business customers for which SBA loan guarantee approval received | customer | 313 | 145 | ||||
PPP loan receivable amount for which SBA loan guarantee approval received | $ 30,800,000 | $ 34,000,000 | ||||
PPP loans guarantee percent by the SBA | 100.00% | |||||
PPP loans maturity term | 2 years | |||||
Interest rate on PPP loans | 1.00% | |||||
Percentage of proceeds customersu Use for payroll costs to qualify for SBA loan forgiveness | 75.00% | |||||
Subsequent Event [Member] | COVID-19 [Member] | ||||||
Number of loans included in COVID-19 payment accommodations | loan | 208 | |||||
Loans Amount | $ 114,800,000 |
COVID-19 (Schedule Of COVID-1_2
COVID-19 (Schedule Of COVID-19 Payment Accommodations Based On Loan Type And Amount) (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020USD ($)loan | Dec. 31, 2019USD ($) | |
Loans Amount | $ 1,031,691 | $ 1,013,326 |
Commercial real estate [Member] | ||
Loans Amount | 439,519 | 427,987 |
Commercial [Member] | ||
Loans Amount | 55,785 | 53,747 |
Residential real estate [Member] | ||
Loans Amount | $ 523,391 | $ 518,150 |
COVID-19 [Member] | ||
Number of Loans | loan | 67 | |
Loans Amount | $ 55,876 | |
COVID-19 [Member] | Commercial real estate [Member] | ||
Number of Loans | loan | 31 | |
Loans Amount | $ 45,878 | |
COVID-19 [Member] | Commercial Construction [Member] | ||
Number of Loans | loan | 1 | |
Loans Amount | $ 1,360 | |
COVID-19 [Member] | Commercial [Member] | ||
Number of Loans | loan | 20 | |
Loans Amount | $ 4,389 | |
COVID-19 [Member] | Residential real estate [Member] | ||
Number of Loans | loan | 15 | |
Loans Amount | $ 4,249 |
Securities Available For Sale_2
Securities Available For Sale (Narrative) (Details) | 3 Months Ended | ||
Mar. 31, 2020USD ($)security | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($)security | |
Securities Available For Sale [Abstract] | |||
Sale of securities | $ 0 | $ 0 | |
Securities pledged as collateral | $ 77,800,000 | $ 74,000,000 | |
Securities in an unrealized loss position | security | 3 | 5 |
Securities Available For Sale_3
Securities Available For Sale (Amortized Cost And Fair Values Of Securities Available-For-Sale) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 84,360 | $ 89,132 |
Gross Unrealized Gains | 3,515 | 1,740 |
Gross Unrealized Losses | (15) | (43) |
Fair Value | 87,860 | 90,829 |
Municipal Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 24,366 | 25,586 |
Gross Unrealized Gains | 891 | 863 |
Gross Unrealized Losses | (13) | (5) |
Fair Value | 25,244 | 26,444 |
U.S. GSE - Mortgage-backed securities [Member] | Commercial RealEstate [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 514 | |
Gross Unrealized Losses | (2) | |
Fair Value | 512 | |
U.S. GSE - Mortgage-backed securities [Member] | Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 59,480 | 63,546 |
Gross Unrealized Gains | 2,624 | 877 |
Gross Unrealized Losses | (38) | |
Fair Value | $ 62,104 | $ 64,385 |
Securities Available For Sale_4
Securities Available For Sale (Securities Available-For-Sale By Contractual Maturity) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost, Due in one year or less | $ 830 | |
Amortized Cost, Due after one year through five years | 2,363 | |
Amortized Cost, Due after five years through ten years | 5,523 | |
Amortized Cost, Due after ten years | 15,650 | |
Amortized Cost, Debt Maturities, Total | 24,366 | |
Amortized Cost | 84,360 | $ 89,132 |
Fair Value, Due in one year or less | 831 | |
Fair Value, Due after one year through five years | 2,373 | |
Fair Value, Due after five years through ten years | 5,639 | |
Fair Value, Due after ten years | 16,401 | |
Fair Value, Debt maturities, Total | 25,244 | |
Fair Value, Total | 87,860 | 90,829 |
U.S. GSE - Mortgage-backed securities [Member] | Commercial RealEstate [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost, U.S. Government Sponsored Enterprise (GSE) - Mortgage-backed securities | 514 | |
Amortized Cost | 514 | |
Fair Value, U.S. Government Sponsored Enterprise (GSE) - Mortgage-backed securities | 512 | |
Fair Value, Total | 512 | |
U.S. GSE - Mortgage-backed securities [Member] | Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost, U.S. Government Sponsored Enterprise (GSE) - Mortgage-backed securities | 59,480 | |
Amortized Cost | 59,480 | 63,546 |
Fair Value, U.S. Government Sponsored Enterprise (GSE) - Mortgage-backed securities | 62,104 | |
Fair Value, Total | $ 62,104 | $ 64,385 |
Securities Available For Sale_5
Securities Available For Sale (Investments' Gross Unrealized Losses And Fair Value) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less Than 12 Months | $ 1,608 | $ 5,996 |
Fair Value, 12 Months or More | 8,528 | |
Fair Value, Total | 1,608 | 14,524 |
Unrealized Losses, Less Than 12 Months | (15) | (6) |
Unrealized Losses, 12 Months or More | (37) | |
Unrealized Losses, Total | (15) | (43) |
Municipal Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 1,096 | 1,295 |
Fair Value, Total | 1,096 | 1,295 |
Unrealized Losses, Less Than 12 Months | (13) | (5) |
Unrealized Losses, Total | (13) | (5) |
Commercial RealEstate [Member] | U.S. GSE - Mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 512 | |
Fair Value, Total | 512 | |
Unrealized Losses, Less Than 12 Months | (2) | |
Unrealized Losses, Total | $ (2) | |
Residential [Member] | U.S. GSE - Mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 4,701 | |
Fair Value, 12 Months or More | 8,528 | |
Fair Value, Total | 13,229 | |
Unrealized Losses, Less Than 12 Months | (1) | |
Unrealized Losses, 12 Months or More | (37) | |
Unrealized Losses, Total | $ (38) |
Restricted Investment In Bank_2
Restricted Investment In Bank Stock (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Federal Home Loan Bank of Pittsburgh [Member] | ||
Investment stock at a carrying value | $ 1,300 | $ 1,400 |
Atlantic Community Bankers Bank (ACBB) [Member | ||
Investment stock at a carrying value | $ 40 | $ 40 |
Loans And Credit Quality (Narra
Loans And Credit Quality (Narrative) (Details) | May 01, 2020USD ($) | Mar. 31, 2020USD ($)loan | Mar. 31, 2019loan | Dec. 31, 2019USD ($) |
Financing Receivable, Modifications [Line Items] | ||||
Loans held for sale | $ 659,000 | |||
Recorded Investment | 3,466,000 | $ 3,521,000 | ||
Available commitments outstanding on TDRs | $ 0 | |||
Number of new TDRs | loan | 0 | 0 | ||
Number of loans experiencing payment default | loan | 0 | 0 | ||
Subsequent Event [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Gain on sale of loans held for sale | $ 59,000 | |||
Consumer [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Properties in process of foreclosure | $ 0 | 0 | ||
Recorded Investment | 0 | 0 | ||
Residential real estate [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Recorded Investment | $ 1,330,000 | $ 1,346,000 |
Loans And Credit Quality (Compo
Loans And Credit Quality (Composition Of Loans Receivable) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percentage of total Loans | 100.00% | 100.00% |
Total Loans | $ 1,031,691 | $ 1,013,326 |
Unearned net loan origination costs | 708 | 813 |
Allowance for Loan Losses | (8,366) | (8,022) |
Net Loans | $ 1,024,033 | $ 1,006,117 |
Commercial real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percentage of total Loans | 42.60% | 42.24% |
Total Loans | $ 439,519 | $ 427,987 |
Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percentage of total Loans | 5.41% | 5.30% |
Total Loans | $ 55,785 | $ 53,747 |
Residential real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percentage of total Loans | 50.74% | 51.13% |
Total Loans | $ 523,391 | $ 518,150 |
Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percentage of total Loans | 0.07% | 0.08% |
Total Loans | $ 772 | $ 820 |
Construction [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percentage of total Loans | 1.18% | 1.25% |
Total Loans | $ 12,224 | $ 12,622 |
Loans And Credit Quality (Sched
Loans And Credit Quality (Schedule Of Loan Portfolio By Aggregate Risk Rating) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross | $ 1,031,691 | $ 1,013,326 |
Pass [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross | 1,028,977 | 1,010,590 |
Special Mention [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross | 610 | 810 |
Substandard [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross | 2,104 | 1,926 |
Commercial real estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross | 439,519 | 427,987 |
Commercial real estate [Member] | Pass [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross | 438,060 | 426,526 |
Commercial real estate [Member] | Substandard [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross | 1,459 | 1,461 |
Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross | 55,785 | 53,747 |
Commercial [Member] | Pass [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross | 55,703 | 53,656 |
Commercial [Member] | Special Mention [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross | 82 | 91 |
Residential real estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross | 523,391 | 518,150 |
Residential real estate [Member] | Pass [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross | 522,533 | 517,281 |
Residential real estate [Member] | Special Mention [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross | 528 | 719 |
Residential real estate [Member] | Substandard [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross | 330 | 150 |
Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross | 772 | 820 |
Consumer [Member] | Pass [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross | 772 | 820 |
Construction [Member] | Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross | 12,224 | 12,622 |
Construction [Member] | Commercial [Member] | Pass [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross | 11,909 | 12,307 |
Construction [Member] | Commercial [Member] | Substandard [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross | $ 315 | $ 315 |
Loans And Credit Quality (Sch_2
Loans And Credit Quality (Schedule Of Impaired Loans) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, With no related allowance recorded | $ 1,900,000 | |
Recorded Investment, With an allowance recorded | 1,600,000 | |
Total Recorded Investment | 3,466,000 | $ 3,521,000 |
Total Unpaid Principal Balance | 3,776,000 | 4,041,000 |
Related Allowance | 185,000 | 202,000 |
Total Average Recorded Investment Impaired | 3,495,000 | |
Total Interest Income Recognized | 36,000 | |
Commercial real estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, With no related allowance recorded | 888,000 | 1,626,000 |
Recorded Investment, With an allowance recorded | 700,000 | |
Total Recorded Investment | 1,588,000 | 1,626,000 |
Unpaid Principal Balance, With no related allowance recorded | 1,128,000 | 1,890,000 |
Unpaid Principal Balance, With an allowance recorded | 700,000 | |
Total Unpaid Principal Balance | 1,828,000 | 1,890,000 |
Related Allowance | 25,000 | |
Average Recorded Investment, With no related allowance recorded | 1,257,000 | |
Average Recorded Investment, With an allowance recorded | 350,000 | |
Total Average Recorded Investment Impaired | 1,607,000 | |
Interest Income Recognized, With no related allowance recorded | 13,000 | |
Interest Income Recognized, With an allowance recorded | 6,000 | |
Total Interest Income Recognized | 19,000 | |
Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, With an allowance recorded | 233,000 | 234,000 |
Total Recorded Investment | 233,000 | 234,000 |
Unpaid Principal Balance, With an allowance recorded | 233,000 | 234,000 |
Total Unpaid Principal Balance | 233,000 | 234,000 |
Related Allowance | 26,000 | 27,000 |
Average Recorded Investment, With an allowance recorded | 234,000 | |
Total Average Recorded Investment Impaired | 234,000 | |
Interest Income Recognized, With an allowance recorded | 2,000 | |
Total Interest Income Recognized | 2,000 | |
Residential real estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, With no related allowance recorded | 707,000 | 530,000 |
Recorded Investment, With an allowance recorded | 623,000 | 816,000 |
Total Recorded Investment | 1,330,000 | 1,346,000 |
Unpaid Principal Balance, With no related allowance recorded | 777,000 | 786,000 |
Unpaid Principal Balance, With an allowance recorded | 623,000 | 816,000 |
Total Unpaid Principal Balance | 1,400,000 | 1,602,000 |
Related Allowance | 134,000 | 175,000 |
Average Recorded Investment, With no related allowance recorded | 619,000 | |
Average Recorded Investment, With an allowance recorded | 720,000 | |
Total Average Recorded Investment Impaired | 1,339,000 | |
Interest Income Recognized, With no related allowance recorded | 7,000 | |
Interest Income Recognized, With an allowance recorded | 5,000 | |
Total Interest Income Recognized | 12,000 | |
Consumer [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total Recorded Investment | 0 | 0 |
Construction [Member] | Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, With no related allowance recorded | 315,000 | 315,000 |
Total Recorded Investment | 315,000 | 315,000 |
Unpaid Principal Balance, With no related allowance recorded | 315,000 | 315,000 |
Total Unpaid Principal Balance | 315,000 | $ 315,000 |
Average Recorded Investment, With no related allowance recorded | 315,000 | |
Total Average Recorded Investment Impaired | 315,000 | |
Interest Income Recognized, With no related allowance recorded | 3,000 | |
Total Interest Income Recognized | $ 3,000 |
Loans And Credit Quality (Sch_3
Loans And Credit Quality (Schedule Of Nonaccrual Loans) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-Accrual Loans | $ 17 | $ 18 |
Residential real estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-Accrual Loans | $ 17 | $ 18 |
Loans And Credit Quality (Sch_4
Loans And Credit Quality (Schedule Of Past Due Loans) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 3,215 | $ 951 |
Current | 1,028,476 | 1,012,375 |
Total Loan Receivables | 1,031,691 | 1,013,326 |
30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,957 | 951 |
60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 258 | |
Commercial real estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 516 | |
Current | 439,003 | 427,987 |
Total Loan Receivables | 439,519 | 427,987 |
Commercial real estate [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 516 | |
Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 139 | |
Current | 55,646 | 53,747 |
Total Loan Receivables | 55,785 | 53,747 |
Commercial [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 139 | |
Residential real estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,559 | 951 |
Current | 520,832 | 517,199 |
Total Loan Receivables | 523,391 | 518,150 |
Residential real estate [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,440 | 951 |
Residential real estate [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 119 | |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1 | |
Current | 771 | 820 |
Total Loan Receivables | 772 | 820 |
Consumer [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1 | |
Construction [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 12,224 | 12,622 |
Total Loan Receivables | $ 12,224 | $ 12,622 |
Loans And Credit Quality (Activ
Loans And Credit Quality (Activity In Allowance For Loan Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | $ 8,022 | $ 7,412 |
Recoveries | 24 | 4 |
Provision for loan losses | 320 | 130 |
Ending balance | 8,366 | 7,546 |
Commercial real estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | 3,221 | 3,248 |
Recoveries | 24 | |
Provision for loan losses | 108 | 17 |
Ending balance | 3,353 | 3,265 |
Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | 770 | 574 |
Recoveries | 4 | |
Provision for loan losses | 47 | 20 |
Ending balance | 817 | 598 |
Commercial [Member] | Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | 121 | 94 |
Provision for loan losses | 9 | |
Ending balance | 121 | 103 |
Residential real estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | 3,488 | 3,179 |
Provision for loan losses | 139 | 19 |
Ending balance | 3,627 | 3,198 |
Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | 19 | 19 |
Provision for loan losses | (1) | 2 |
Ending balance | 18 | 21 |
Unallocated Financing Receivables [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | 403 | 298 |
Provision for loan losses | 27 | 63 |
Ending balance | $ 430 | $ 361 |
Loans And Credit Quality (Alloc
Loans And Credit Quality (Allocation Of Allowance For Loan Losses And Related Loan Portfolio) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Ending Balance | $ 8,366 | $ 8,022 | $ 7,546 | $ 7,412 |
Allowance for Loan Losses, Ending balance: individually evaluated for impairment | 185 | 202 | ||
Allowance for Loan Losses, Ending balance: collectively evaluated for impairment | 8,181 | 7,820 | ||
Total Loan Receivables | 1,031,691 | 1,013,326 | ||
Loans receivables, Ending balance: individually evaluated for impairment | 3,466 | 3,521 | ||
Loans receivables, Ending balance: collectively evaluated for impairment | 1,028,225 | 1,009,805 | ||
Commercial real estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Ending Balance | 3,353 | 3,221 | 3,265 | 3,248 |
Allowance for Loan Losses, Ending balance: individually evaluated for impairment | 25 | |||
Allowance for Loan Losses, Ending balance: collectively evaluated for impairment | 3,328 | 3,221 | ||
Total Loan Receivables | 439,519 | 427,987 | ||
Loans receivables, Ending balance: individually evaluated for impairment | 1,588 | 1,626 | ||
Loans receivables, Ending balance: collectively evaluated for impairment | 437,931 | 426,361 | ||
Commercial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Ending Balance | 817 | 770 | 598 | 574 |
Allowance for Loan Losses, Ending balance: individually evaluated for impairment | 26 | 27 | ||
Allowance for Loan Losses, Ending balance: collectively evaluated for impairment | 791 | 743 | ||
Total Loan Receivables | 55,785 | 53,747 | ||
Loans receivables, Ending balance: individually evaluated for impairment | 233 | 234 | ||
Loans receivables, Ending balance: collectively evaluated for impairment | 55,552 | 53,513 | ||
Commercial [Member] | Construction [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Ending Balance | 121 | 121 | 103 | 94 |
Allowance for Loan Losses, Ending balance: collectively evaluated for impairment | 121 | 121 | ||
Total Loan Receivables | 12,224 | 12,622 | ||
Loans receivables, Ending balance: individually evaluated for impairment | 315 | 315 | ||
Loans receivables, Ending balance: collectively evaluated for impairment | 11,909 | 12,307 | ||
Residential real estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Ending Balance | 3,627 | 3,488 | 3,198 | 3,179 |
Allowance for Loan Losses, Ending balance: individually evaluated for impairment | 134 | 175 | ||
Allowance for Loan Losses, Ending balance: collectively evaluated for impairment | 3,493 | 3,313 | ||
Total Loan Receivables | 523,391 | 518,150 | ||
Loans receivables, Ending balance: individually evaluated for impairment | 1,330 | 1,346 | ||
Loans receivables, Ending balance: collectively evaluated for impairment | 522,061 | 516,804 | ||
Consumer [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Ending Balance | 18 | 19 | 21 | 19 |
Allowance for Loan Losses, Ending balance: collectively evaluated for impairment | 18 | 19 | ||
Total Loan Receivables | 772 | 820 | ||
Loans receivables, Ending balance: collectively evaluated for impairment | 772 | 820 | ||
Unallocated Financing Receivables [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Ending Balance | 430 | 403 | $ 361 | $ 298 |
Allowance for Loan Losses, Ending balance: collectively evaluated for impairment | $ 430 | $ 403 |
Loans And Credit Quality (Troub
Loans And Credit Quality (Troubled Debt Restructuring Outstanding) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Modifications [Line Items] | ||
Total Modifications | $ 2,629 | $ 2,681 |
Accrual Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total Modifications | 2,612 | 2,663 |
Non-Accrual Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total Modifications | 17 | 18 |
Commercial real estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total Modifications | 1,149 | 1,188 |
Commercial real estate [Member] | Accrual Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total Modifications | 1,149 | 1,188 |
Commercial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total Modifications | 233 | 233 |
Commercial [Member] | Accrual Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total Modifications | 233 | 233 |
Commercial [Member] | Construction [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total Modifications | 260 | 260 |
Commercial [Member] | Construction [Member] | Accrual Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total Modifications | 260 | 260 |
Residential real estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total Modifications | 987 | 1,000 |
Residential real estate [Member] | Accrual Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total Modifications | 970 | 982 |
Residential real estate [Member] | Non-Accrual Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total Modifications | $ 17 | $ 18 |
Right of Use Asset and Lease _3
Right of Use Asset and Lease Liability (Narrative) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Right of use asset | $ 9,200 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:OtherAssets |
Lease liability | $ 9,385 |
Operating leases weighted average discount rate | 3.17% |
Operating leases weighted average lease term | 6 years 5 months 27 days |
Cost of operating leases | $ 427 |
short term lease cost | 5 |
Operating cash flow paid for lease liabilities | $ 411 |
Branch Leases [Member] | |
Operating leases weighted average discount rate | 3.18% |
Operating leases weighted average lease term | 6 years 6 months 15 days |
Equipment Leases [Member] | |
Lease liability | $ 130 |
Operating leases weighted average discount rate | 2.82% |
Operating leases weighted average lease term | 2 years 4 months 2 days |
Right of Use Asset and Lease _4
Right of Use Asset and Lease Liability (Reconciliation of Operating Lease Liabilities by Minimum Lease Payments by Year and in Aggregate and Discount Amounts in Aggregate) (Details) $ in Thousands | Mar. 31, 2020USD ($) |
2020 | $ 1,239 |
2021 | 1,639 |
2022 | 1,676 |
2023 | 1,676 |
2024 | 1,540 |
Thereafter | 2,671 |
Total payments | 10,441 |
Less: Discount Amount | 1,056 |
Total Lease Liability | 9,385 |
Branch Leases Third Parties [Member] | |
2020 | 704 |
2021 | 953 |
2022 | 983 |
2023 | 1,000 |
2024 | 854 |
Thereafter | 1,247 |
Total payments | 5,741 |
Less: Discount Amount | 563 |
Total Lease Liability | 5,178 |
Branch Leases Related Parties [Member] | |
2020 | 477 |
2021 | 647 |
2022 | 660 |
2023 | 672 |
2024 | 685 |
Thereafter | 1,424 |
Total payments | 4,565 |
Less: Discount Amount | 488 |
Total Lease Liability | 4,077 |
Equipment Leases [Member] | |
2020 | 58 |
2021 | 39 |
2022 | 33 |
2023 | 4 |
2024 | 1 |
Total payments | 135 |
Less: Discount Amount | 5 |
Total Lease Liability | $ 130 |
Deposits (Components Of Deposit
Deposits (Components Of Deposits) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Deposits [Abstract] | ||
Demand, non-interest bearing | $ 188,431 | $ 171,815 |
Demand, NOW and money market, interest bearing | 184,825 | 180,869 |
Savings | 432,633 | 425,284 |
Time, $250 and over | 88,704 | 92,517 |
Time, other | 153,541 | 161,483 |
Total Deposits | $ 1,048,134 | $ 1,031,968 |
Deposits (Scheduled Maturities
Deposits (Scheduled Maturities Of Time Deposits) (Details) $ in Thousands | Mar. 31, 2020USD ($) |
Deposits [Abstract] | |
2020 (remainder of the year) | $ 129,211 |
2021 | 76,961 |
2022 | 7,940 |
2023 | 23,532 |
2024 | 3,952 |
2025 | 649 |
Total time deposits | $ 242,245 |
Short-Term And Long-Term Borr_3
Short-Term And Long-Term Borrowings (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity | $ 588,200,000 | |
Short-term advances with FHLB outstanding | 0 | $ 18,100,000 |
Long-term advances FHLB | $ 14,651,000 | 0 |
Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Federal Home Loan Bank advance period | 60 months | |
Federal Home Loan Bank Advances [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit, maximum borrowing capacity | $ 150,000,000 | |
Atlantic Community Bankers Bank (ACBB) [Member | ||
Line of Credit Facility [Line Items] | ||
Line of credit, maximum borrowing capacity | 10,000,000 | 10,000,000 |
Line of credit outstanding | $ 0 | $ 0 |
Short-Term And Long-Term Borr_4
Short-Term And Long-Term Borrowings (Components Of Long-Term Borrowings With FHLB) (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Total Outstanding Borrowings | $ 14,651,000 | $ 0 |
FHLB with 0.79% Interest Due in March 2022 [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Total Outstanding Borrowings | $ 10,000,000 | |
Long-term FHLB borrowings, interest rate | 0.79% | |
FHLB with 0.64% Interest Due in March 2022 [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Total Outstanding Borrowings | $ 2,663,000 | |
Long-term FHLB borrowings, interest rate | 0.64% | |
FHLB with 0.61% Interest Due in March 2022 [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Total Outstanding Borrowings | $ 1,988,000 | |
Long-term FHLB borrowings, interest rate | 0.61% |
Stock Incentive Plan And Empl_2
Stock Incentive Plan And Employee Stock Purchase Plan (Details) - USD ($) | 3 Months Ended | 114 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Jun. 30, 2019 | Jun. 19, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares issued under employee stock purchase plan, shares | 1,289 | 894 | |||
Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock compensation expense | $ 0 | $ 1,000 | |||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Awards granted | 32,210 | 10,799 | 172,323 | ||
Restricted stock awards compensation expense | $ 44,000 | $ 51,000 | |||
Minimum [Member] | Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period | 3 years | ||||
Maximum [Member] | Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period | 9 years | ||||
2010 Stock Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award expiration period | 10 years | ||||
Award vesting period | 10 years | ||||
Number of shares authorized | 500,000 | ||||
Shares available for issuance | 467,790 | 467,790 | |||
2010 Stock Incentive Plan [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares authorized | 756,356 | ||||
Employee Stock Purchase Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares authorized | 350,000 | 350,000 | |||
Minimum work hours per week | 20 hours | ||||
Minimum months to be eligible to participate | 5 months | ||||
Purchase price for share percentage equal to fair value of such shares | 95.00% | ||||
Maximum discount to fair value percentage | 15.00% | ||||
Employee stock purchase plan, discount expense | $ 1,000 | $ 1,000 | |||
Shares issued under employee stock purchase plan, shares | 11,511 |
Other Comprehensive Income (Nar
Other Comprehensive Income (Narrative) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Other Comprehensive Income [Abstract] | ||
Realized gains on securities available for sale | $ 0 | $ 0 |
Other Comprehensive Income (Com
Other Comprehensive Income (Components Of Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Other Comprehensive Income [Abstract] | |||
Unrealized holding gains on securities available for sale, Before Tax | $ 1,803 | $ 2,023 | |
Unrealized holding gains on securities available for sale, Tax Effect | (378) | (425) | |
Unrealized holding gains on securities available for sale, Net of Tax | 1,425 | 1,598 | |
Reclassification adjustments for gains on securities transactions included in net income, Before Tax | [1],[2] | ||
Reclassification adjustments for gains on securities transactions included in net income: Tax Effect | [1],[2] | ||
Reclassification adjustments for gains on securities transactions included in net income: Net of Tax | [1],[2] | ||
Total other comprehensive income (loss), before tax | 1,803 | 2,023 | |
Total other comprehensive income (loss), Tax Effect | (378) | (425) | |
Other comprehensive income, net of tax | $ 1,425 | $ 1,598 | |
[1] | Realized gains on securities transactions included in gain on sales of securities, net, in the accompanying Consolidated Statements of Income. | ||
[2] | Tax effect included in income tax expense in the accompanying Consolidated Statements of Income. |
Other Comprehensive Income (Sum
Other Comprehensive Income (Summary Of Accumulated Other Comprehensive Income (Loss), Net Of Tax) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Other Comprehensive Income [Abstract] | ||
Beginning Balance | $ 1,340 | $ (1,247) |
Other comprehensive income before reclassifications | 1,425 | 1,598 |
Other comprehensive income, net of tax | 1,425 | 1,598 |
Ending Balance | $ 2,765 | $ 351 |
Basic And Diluted Earnings Pe_3
Basic And Diluted Earnings Per Share (Narrative) (Details) - shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Basic And Diluted Earnings Per Share [Abstract] | ||
Antidilutive securities excluded from computation of diluted earnings per share | 4,227 | 0 |
Basic And Diluted Earnings Pe_4
Basic And Diluted Earnings Per Share (Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Basic And Diluted Earnings Per Share [Abstract] | ||
Net income | $ 2,457 | $ 2,552 |
Weighted average shares outstanding | 7,443,875 | 7,469,950 |
Dilutive effect of potential common shares, stock options | 37,630 | 58,889 |
Diluted weighted average common shares outstanding | 7,481,505 | 7,528,839 |
Basic earnings per share | $ 0.33 | $ 0.34 |
Diluted earnings per share | $ 0.33 | $ 0.34 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value Measurements [Abstract] | ||
Impaired loans aggregate balance | $ 3,466 | $ 3,521 |
Impaired loans without related allowance | 1,900 | |
Impaired loans with related allowance | 1,600 | |
Related Allowance | $ 185 | $ 202 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Of Financial Assets Measured On Recurring Basis) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | $ 87,860 | $ 90,829 |
Municipal Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 25,244 | 26,444 |
U.S. GSE - Mortgage-backed securities [Member] | Commercial RealEstate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 512 | |
U.S. GSE - Mortgage-backed securities [Member] | Residential [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 62,104 | 64,385 |
Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 87,860 | 90,829 |
Fair Value, Recurring [Member] | Municipal Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 25,244 | 26,444 |
Fair Value, Recurring [Member] | U.S. GSE - Mortgage-backed securities [Member] | Commercial RealEstate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 512 | |
Fair Value, Recurring [Member] | U.S. GSE - Mortgage-backed securities [Member] | Residential [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 62,104 | 64,385 |
(Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | ||
(Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | Fair Value, Recurring [Member] | Municipal Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | ||
(Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | Fair Value, Recurring [Member] | U.S. GSE - Mortgage-backed securities [Member] | Commercial RealEstate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | ||
(Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | Fair Value, Recurring [Member] | U.S. GSE - Mortgage-backed securities [Member] | Residential [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | ||
(Level 2) Significant Other Observable Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 87,860 | 90,829 |
(Level 2) Significant Other Observable Inputs [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 87,860 | 90,829 |
(Level 2) Significant Other Observable Inputs [Member] | Fair Value, Recurring [Member] | Municipal Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 25,244 | 26,444 |
(Level 2) Significant Other Observable Inputs [Member] | Fair Value, Recurring [Member] | U.S. GSE - Mortgage-backed securities [Member] | Commercial RealEstate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 512 | |
(Level 2) Significant Other Observable Inputs [Member] | Fair Value, Recurring [Member] | U.S. GSE - Mortgage-backed securities [Member] | Residential [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 62,104 | 64,385 |
(Level 3) Significant Unobservable Inputs [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | ||
(Level 3) Significant Unobservable Inputs [Member] | Fair Value, Recurring [Member] | Municipal Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | ||
(Level 3) Significant Unobservable Inputs [Member] | Fair Value, Recurring [Member] | U.S. GSE - Mortgage-backed securities [Member] | Commercial RealEstate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | ||
(Level 3) Significant Unobservable Inputs [Member] | Fair Value, Recurring [Member] | U.S. GSE - Mortgage-backed securities [Member] | Residential [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities |
Fair Value Measurements (Fair_2
Fair Value Measurements (Fair Value Of Financial Assets Measured On Nonrecurring Basis) (Details) - Impaired Loans [Member] - Fair Value, Nonrecurring [Member] - FV determined through independent appraisals of the underlying collateral [Member] - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset fair value | $ 1,371 | $ 848 |
(Level 3) Significant Unobservable Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset fair value | $ 1,371 | $ 848 |
Fair Value Measurements (Quanti
Fair Value Measurements (Quantitative Information About Level 3 Fair Value Measurements) (Details) - Impaired Loans [Member] - Fair Value, Nonrecurring [Member] - (Level 3) Significant Unobservable Inputs [Member] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | ||
Appraisal Adjustment [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset fair value | $ 1,371 | $ 848 | |
Appraisal Adjustment [Member] | Minimum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Range (Weighted Average) | [1] | (25.00%) | (25.00%) |
Appraisal Adjustment [Member] | Maximum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Range (Weighted Average) | [1] | 0.00% | 0.00% |
Appraisal Adjustment [Member] | Weighted Average [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Range (Weighted Average) | [1] | (15.10%) | (25.00%) |
Liquidation Expenses [Member] | Minimum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Range (Weighted Average) | [2] | (10.00%) | (7.50%) |
Liquidation Expenses [Member] | Maximum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Range (Weighted Average) | [2] | 0.00% | 0.00% |
Liquidation Expenses [Member] | Weighted Average [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Range (Weighted Average) | [2] | (8.50%) | (7.50%) |
[1] | Appraisals may be adjusted by management for qualitative factors including economic conditions and the age of the appraisal. The range and weighted average of appraisal adjustments are presented as a percent of the appraisal. | ||
[2] | Appraisals and pending agreements of sale are adjusted by management for liquidation expenses. The range and weighted average of liquidation expense adjustments are presented as a percent of the appraisal or pending agreement of sale. |
Fair Value Measurements (Estima
Fair Value Measurements (Estimated Fair Value Of Financial Instruments) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | $ 87,860 | $ 90,829 |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 43,189 | 39,986 |
Securities available for sale | 87,860 | 90,829 |
Loans held for sale | 659 | |
Loans receivable, net of allowance | 1,024,033 | 1,006,117 |
Restricted investments in bank stock | 1,341 | 1,478 |
Accrued interest receivable | 2,079 | 2,048 |
Deposits | 1,048,134 | 1,031,968 |
Securities sold under agreements to repurchase and federal funds purchased | 10,385 | 7,208 |
Short-term borrowings | 18,067 | |
Long-term borrowings | 14,651 | |
Accrued interest payable | 2,085 | 3,281 |
Fair Value Estimate [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 43,189 | 39,986 |
Securities available for sale | 87,860 | 90,829 |
Loans held for sale | 659 | |
Loans receivable, net of allowance | 1,057,305 | 1,013,093 |
Restricted investments in bank stock | 1,341 | 1,478 |
Accrued interest receivable | 2,079 | 2,048 |
Deposits | 1,050,712 | 1,033,786 |
Securities sold under agreements to repurchase and federal funds purchased | 10,385 | 7,208 |
Short-term borrowings | 18,067 | |
Long-term borrowings | 14,630 | |
Accrued interest payable | 2,085 | 3,281 |
(Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 43,189 | 39,986 |
(Level 2) Significant Other Observable Inputs [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | 87,860 | 90,829 |
Restricted investments in bank stock | 1,341 | 1,478 |
Accrued interest receivable | 2,079 | 2,048 |
Deposits | 1,050,712 | 1,033,786 |
Securities sold under agreements to repurchase and federal funds purchased | 10,385 | 7,208 |
Short-term borrowings | 18,067 | |
Accrued interest payable | 2,085 | 3,281 |
(Level 3) Significant Unobservable Inputs [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans held for sale | 659 | |
Loans receivable, net of allowance | 1,057,305 | 1,013,093 |
Long-term borrowings | 14,630 | |
Commitments to grant loans [Member] | Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Off-balance sheet financial instruments | ||
Commitments to grant loans [Member] | Fair Value Estimate [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Off-balance sheet financial instruments | ||
Commitments to grant loans [Member] | (Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Off-balance sheet financial instruments | ||
Commitments to grant loans [Member] | (Level 2) Significant Other Observable Inputs [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Off-balance sheet financial instruments | ||
Commitments to grant loans [Member] | (Level 3) Significant Unobservable Inputs [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Off-balance sheet financial instruments | ||
Unfunded commitments underlines of credit [Member] | Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Off-balance sheet financial instruments | ||
Unfunded commitments underlines of credit [Member] | Fair Value Estimate [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Off-balance sheet financial instruments | ||
Unfunded commitments underlines of credit [Member] | (Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Off-balance sheet financial instruments | ||
Unfunded commitments underlines of credit [Member] | (Level 2) Significant Other Observable Inputs [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Off-balance sheet financial instruments | ||
Unfunded commitments underlines of credit [Member] | (Level 3) Significant Unobservable Inputs [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Off-balance sheet financial instruments | ||
Standby Letters of Credit [Member] | Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Off-balance sheet financial instruments | ||
Standby Letters of Credit [Member] | Fair Value Estimate [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Off-balance sheet financial instruments | ||
Standby Letters of Credit [Member] | (Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Off-balance sheet financial instruments | ||
Standby Letters of Credit [Member] | (Level 2) Significant Other Observable Inputs [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Off-balance sheet financial instruments | ||
Standby Letters of Credit [Member] | (Level 3) Significant Unobservable Inputs [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Off-balance sheet financial instruments |