Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Nov. 01, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | RIVE | |
Entity Registrant Name | Riverview Financial Corp | |
Entity Central Index Key | 1,590,799 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 3,229,976 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and due from banks | $ 7,066 | $ 14,679 |
Interest-bearing deposits in other banks | 9,051 | 8,009 |
Investment securities available-for-sale | 72,371 | 75,850 |
Loans held for sale | 820 | 1,094 |
Loans, net | 398,193 | 409,845 |
Less: allowance for loan losses | 3,637 | 4,365 |
Net loans | 394,556 | 405,480 |
Premises and equipment, net | 12,287 | 12,373 |
Accrued interest receivable | 1,701 | 1,594 |
Goodwill | 5,408 | 4,757 |
Intangible assets | 1,497 | 1,501 |
Other assets | 22,321 | 24,112 |
Total assets | 527,078 | 549,449 |
Deposits: | ||
Noninterest-bearing | 71,329 | 70,106 |
Interest-bearing | 387,664 | 378,236 |
Total deposits | 458,993 | 448,342 |
Short-term borrowings | 6,000 | 42,575 |
Long-term debt | 11,257 | 9,350 |
Accrued interest payable | 220 | 236 |
Other liabilities | 6,447 | 6,643 |
Total liabilities | 482,917 | 507,146 |
Stockholders' equity | ||
Preferred stock, no par value, authorized 3,000,000 shares; none issued | ||
Common stock: no par value, authorized 5,000,000 shares; September 30, 2016, issued and outstanding 3,229,467 shares; December 31, 2015, issued and outstanding 3,205,544 shares | 22,077 | 22,077 |
Capital surplus | 7,089 | 6,784 |
Retained earnings | 14,802 | 13,550 |
Accumulated other comprehensive income (loss) | 193 | (108) |
Total stockholders' equity | 44,161 | 42,303 |
Total liabilities and stockholders' equity | $ 527,078 | $ 549,449 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | ||
Preferred stock, shares authorized | 3,000,000 | 3,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | ||
Common stock, shares authorized | 5,000,000 | 5,000,000 |
Common stock, shares issued | 3,229,467 | 3,205,544 |
Common stock, shares outstanding | 3,229,467 | 3,205,544 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Interest and fees on loans: | ||||
Taxable | $ 4,598 | $ 3,821 | $ 13,362 | $ 11,396 |
Tax-exempt | 87 | 78 | 261 | 210 |
Interest and dividends on investment securities available-for-sale | ||||
Taxable | 539 | 225 | 1,375 | 690 |
Tax-exempt | 53 | 133 | 280 | 335 |
Dividends | 1 | 3 | 8 | 9 |
Interest on interest-bearing deposits in other banks | 13 | 9 | 41 | 27 |
Interest on federal funds sold | 2 | |||
Total interest income | 5,291 | 4,269 | 15,329 | 12,667 |
Interest expense | ||||
Interest on deposits | 447 | 419 | 1,375 | 1,294 |
Interest on short-term borrowings | 3 | 15 | 59 | 48 |
Interest on long-term debt | 77 | 28 | 214 | 133 |
Total interest expense | 527 | 462 | 1,648 | 1,475 |
Net interest income | 4,764 | 3,807 | 13,681 | 11,192 |
Provision for loan losses | 29 | 284 | 450 | |
Net interest income after provision for loan losses | 4,735 | 3,807 | 13,397 | 10,742 |
Noninterest income | ||||
Service charges, fees and commissions | 315 | 265 | 933 | 740 |
Commission and fees on fiduciary activities | 34 | 22 | 88 | 65 |
Wealth management income | 194 | 179 | 531 | 562 |
Mortgage banking income | 210 | 112 | 401 | 316 |
Life insurance investment income | 118 | 42 | 276 | 167 |
Net loss on sale of other real estate owned | (53) | (25) | (116) | (92) |
Net gain (loss) on sale of investment securities available-for-sale | 152 | 11 | 484 | (30) |
Total noninterest income | 970 | 606 | 2,597 | 1,728 |
Noninterest expense | ||||
Salaries and employee benefits expense | 2,334 | 1,765 | 6,611 | 7,636 |
Net occupancy and equipment expense | 538 | 794 | 1,617 | 2,135 |
Amortization of intangible assets | 95 | 72 | 247 | 206 |
Other expenses | 1,313 | 1,018 | 4,102 | 3,590 |
Total noninterest expense | 4,280 | 3,649 | 12,577 | 13,567 |
Income (loss) before income taxes | 1,425 | 764 | 3,417 | (1,097) |
Income tax expense (benefit) | 454 | 142 | 838 | (749) |
Net income (loss) | 971 | 622 | 2,579 | (348) |
Other comprehensive income (loss) | ||||
Unrealized gain (loss) on investment securities available-for-sale | (148) | 232 | 940 | (144) |
Reclassification adjustment for net (gain) loss on sale of investment securities available-for-sale included in net income | (152) | (11) | (484) | 30 |
Other comprehensive income (loss) | (300) | 221 | 456 | (114) |
Income tax expense (benefit) related to other comprehensive income (loss) | (102) | 75 | 155 | (39) |
Net of income taxes | (198) | 146 | 301 | (75) |
Comprehensive income (loss) | $ 773 | $ 768 | $ 2,880 | $ (423) |
Net income: | ||||
Basic | $ 0.30 | $ 0.23 | $ 0.80 | $ (0.13) |
Diluted | $ 0.30 | $ 0.23 | $ 0.80 | $ (0.13) |
Average common shares outstanding: | ||||
Basic | 3,224,053 | 2,710,803 | 3,214,967 | 2,709,887 |
Diluted | 3,244,688 | 2,719,328 | 3,237,553 | 2,718,742 |
Dividends declared | $ 0.14 | $ 0.14 | $ 0.41 | $ 0.41 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Capital Surplus [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Balance | $ 38,208 | $ 22,077 | $ 201 | $ 15,795 | $ 135 |
Net income (loss) | (348) | (348) | |||
Other comprehensive income, net of income taxes | (75) | (75) | |||
Compensation cost of option grants | 23 | 23 | |||
Issuance under ESPP Plan: 2,418 shares | 30 | 30 | |||
Dividends declared | (1,118) | (1,118) | |||
Balance | 36,720 | 22,077 | 254 | 14,329 | 60 |
Balance | 42,303 | 22,077 | 6,784 | 13,550 | (108) |
Net income (loss) | 2,579 | 2,579 | |||
Other comprehensive income, net of income taxes | 301 | 301 | |||
Compensation cost of option grants | 31 | 31 | |||
Issuance under ESPP, 401k and Dividend Reinvestment plans: 23,923 shares | 274 | 274 | |||
Dividends declared | (1,327) | (1,327) | |||
Balance | $ 44,161 | $ 22,077 | $ 7,089 | $ 14,802 | $ 193 |
Consolidated Statements of Cha6
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Statement of Stockholders' Equity [Abstract] | ||
Issuance under ESPP, 401k and Dividend Reinvestment plans, shares | 23,923 | |
Issuance under ESPP Plan, shares | 2,418 | |
Dividends declared, per share | $ 0.41 | $ 0.41 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Cash flows from operating activities | ||
Net income (loss) | $ 2,579 | $ (348) |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation of premises and equipment | 533 | 780 |
Provision for loan losses | 284 | 450 |
Stock based compensation | 31 | 23 |
Net amortization of investment securities available-for-sale | 389 | 326 |
Net loss on sale of other real estate owned | 116 | 144 |
Net (gain) loss on sale of investment securities available-for-sale | (484) | 30 |
Amortization of purchase adjustment on loans | (704) | |
Amortization of intangible assets | 247 | 206 |
Deferred income taxes | 384 | (473) |
Proceeds from sale of loans originated for sale | 18,329 | 18,607 |
Net gain on sale of loans originated for sale | (401) | (305) |
Loans originated for sale | (17,654) | (18,086) |
Life insurance investment income | (276) | (167) |
Accrued interest receivable | (107) | (131) |
Other assets | (110) | (507) |
Accrued interest payable | (16) | (61) |
Other liabilities | (196) | 1,367 |
Net cash provided by operating activities | 2,944 | 1,855 |
Cash flows from investing activities | ||
Net maturities of interest bearing time deposits | 1 | |
Investment securities available-for-sale: | ||
Purchases | (40,916) | (11,007) |
Proceeds from repayments | 7,420 | 5,502 |
Proceeds from sales | 37,526 | |
Proceeds from the sale of other real estate owned | 1,129 | 956 |
Net (increase) decrease in restricted equity securities | 1,489 | (476) |
Net (increase) decrease in loans | 9,996 | (10,998) |
Business acquisitions, net of cash | (894) | |
Purchases of premises and equipment | (447) | (1,036) |
Purchase of life insurance | (27) | (28) |
Proceeds from life insurance | 279 | |
Net cash provided by (used in) investing activities | 15,555 | (17,086) |
Cash flows from financing activities: | ||
Net increase in deposits | 10,651 | 6,473 |
Net increase (decrease) in short-term borrowings | (36,575) | 10,833 |
Repayment of long-term debt | (143) | (5,000) |
Proceeds from long-term debt | 2,050 | 5,350 |
Payment of capital lease | (1,655) | |
Issuance under DRP, 401k and ESPP plans | 274 | 30 |
Cash dividends paid | (1,327) | (1,118) |
Net cash provided by (used in) financing activities | (25,070) | 14,913 |
Net decrease in cash and cash equivalents | (6,571) | (318) |
Cash and cash equivalents - beginning | 22,688 | 14,580 |
Cash and cash equivalents - ending | 16,117 | 14,262 |
Cash paid during the period for: | ||
Interest | 1,664 | 1,516 |
Income taxes | 275 | |
Noncash items from investing activities: | ||
Other real estate acquired in settlement of loans | $ 1,348 | $ 1,135 |
Summary of significant accounti
Summary of significant accounting policies | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Summary of significant accounting policies | 1. Summary of significant accounting policies: Nature of Operations Riverview Financial Corporation, (the “Company”), a bank holding company incorporated under the laws of Pennsylvania, provides a full range of financial services through its wholly-owned subsidiary, Riverview Bank (the “Bank”). Effective December 31, 2015, The Citizens National Bank of Meyersdale (“Citizens”) merged with and into Riverview Bank, with Riverview Bank surviving. The Company’s financial results reflect the merger of Citizens with and into Riverview Bank under the purchase method of accounting, with the Company treated as the acquirer from an accounting standpoint. The Company services its retail and commercial customers through 17 full-service community banking offices located within Berks, Dauphin, Northumberland, Perry, Schuylkill and Somerset Counties in Pennsylvania. Basis of presentation: The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP’) for interim financial information and with the instructions to Form 10-Q and Article 10-01 of Regulation S-X. In the opinion of management, all normal recurring adjustments necessary for a fair presentation of the financial position and results of operations for the periods presented have been included. All significant intercompany balances and transactions have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the current year’s presentation. These reclassifications did not have any effect on the operating results or financial position of the Company. The operating results and financial position of the Company for the three and nine months ended and as of September 30, 2016, are not necessarily indicative of the results of operations and financial position that may be expected in the future. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s 2015 Annual Report on Form 10-K, filed on March 30, 2016. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates that are particularly susceptible to material change in the near term relate to the determination of the allowance for loan losses, fair value of financial instruments, the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, the valuation of deferred tax assets, determination of other-than-temporary impairment losses on securities and impairment of goodwill. Actual results could differ from those estimates. Recent Accounting Standards In August 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of Effective Date”. The amendments in ASU 2015-14 defer the effective date of ASU 2014-09 for all entities by one year. Public business entities, certain not-for-profit entities, and certain employee benefit plans should apply the guidance in ASU 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. All other entities should apply the guidance in ASU 2014-09 to annual reporting periods beginning after December 15, 2018, and interim reporting periods within annual reporting periods beginning after December 15, 2019. All other entities may apply the guidance in ASU 2014-09 earlier as of an annual reporting period beginning after December 15, 2016, including interim reporting periods within that reporting period. All other entities also may apply the guidance in ASU 2014-09 earlier as of an annual reporting period beginning after December 15, 2016, and interim reporting periods within annual reporting periods beginning one year after the annual reporting period in which the entity first applies the guidance in ASU 2014-09. The Company is currently assessing the impact that ASU 2015-14 (or ASU 2014-19) will have on its consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, “Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” The amendments in ASU 2016-01, among other things: (1) Requires equity investments (expect those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income; (2) Requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; (3) Requires separate presentation of financial assets and liabilities by measurement category and form of financial asset (i.e., securities or loans and receivables); and (4) Eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost. The amendments in this ASU are effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company is currently assessing the impact that ASU 2016-01 will have on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842).” Among other things, in the amendments in ASU 2016-02, lessees will be required to recognize the following for all leases (with the exception of short-term leases) at the commencement date: (1) A lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (2) A right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged. Certain targeted improvements were made to align, where necessary, lessor accounting with the lessee accounting model and Topic 606, Revenue from Contracts with Customers. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted upon issuance. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees and lessors may not apply a full retrospective transition approach. The Company is currently assessing the impact that ASU 2016-02 will have on its consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-07, “Investments – Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting.” The amendments in this ASU eliminate the requirement that when an investment qualifies for use of the equity method as a result of an increase in the level of ownership interest or degree of influence, an investor must adjust the investment, results of operations, and retained earnings retroactively on a step-by-step basis as if the equity method had been in effect during all previous periods that the investment had been held. The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. Therefore, upon qualifying for the equity method of accounting, no retroactive adjustment of the investment is required. In addition, the amendments in this ASU require that an entity that has an available-for-sale equity security that becomes qualified for the equity method of accounting recognize through earnings the unrealized holding gain or loss in accumulated other comprehensive income at the date the investment becomes qualified for use of the equity method. The amendments are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. The amendments should be applied prospectively upon their effective date to increases in the level of ownership interest or degree of influence that result in the adoption of the equity method. Early adoption is permitted. The Company does not expect the adoption of ASU 2016-07 to have a material impact on its consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, “Compensation – Stock Compensation (Topic 718): Improvements to Employee Shares-Based Payment Accounting”. The amendments in this ASU simplify several aspects of the accounting for share-based payment award transactions including: (1) income tax consequences; (2) classification of awards as either equity or liabilities; and (3) classification on the statement of cash flows. The amendments are effective for public companies for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The Company is currently assessing the impact that ASU 2016-09 will have on its consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”. The amendments in this ASU, among other things, require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. In addition, the ASU amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. The amendments in this ASU are effective for SEC filers for years, and intermit periods within those fiscal years, beginning after December 15, 2019. For public companies that are not SEC filers, the amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The Company is currently assessing the impact that ASU 2016-13 will have on its consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments.” The update addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. This new accounting guidance will be effective for interim and annual reporting periods beginning after December 15, 2019. The Company does not expect the adoption of the new accounting guidance to have a material effect on the statement of cash flow. |
Other comprehensive income (los
Other comprehensive income (loss) | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Other comprehensive income (loss) | 2. Other comprehensive income (loss): The components of other comprehensive income (loss) and their related tax effects are reported in the Consolidated Statements of Income and Comprehensive Income (Loss). The accumulated other comprehensive income (loss) included in the Consolidated Balance Sheets relates to net unrealized gains and losses on investment securities available-for-sale and benefit plan adjustments. The components of accumulated other comprehensive income (loss) included in stockholders’ equity at September 30, 2016 and December 31, 2015 is as follows: September 30, December 31, Net unrealized gain on investment securities available-for-sale $ 1,155 $ 699 Related income taxes 393 238 Net of income taxes 762 461 Benefit plan adjustments (862 ) (862 ) Related income taxes (293 ) (293 ) Net of income taxes (569 ) (569 ) Accumulated other comprehensive income (loss) $ 193 ($ 108 ) Other comprehensive income (loss) and related tax effects for the three and nine months ended September 30, 2016 and 2015 is as follows: Three months ended September 30, 2016 2015 Unrealized gain (loss) on investment securities available-for-sale ($ 148 ) $ 232 Net gain on the sale of investment securities available-for-sale (1) (152 ) (11 ) Other comprehensive income (loss) gain before taxes (300 ) 221 Income tax expense (benefit) (102 ) 75 Other comprehensive income (loss) ($ 198 ) $ 146 Nine months ended September 30, 2016 2015 Unrealized gain (loss) on investment securities available-for-sale $ 940 ($ 144 ) Net (gain) loss on the sale of investment securities available-for-sale (1) (484 ) 30 Other comprehensive income (loss) gain before taxes 456 (114 ) Income tax expense (benefit) 155 (39 ) Other comprehensive income (loss) $ 301 $ (75 ) (1) Represents amounts reclassified out of accumulated comprehensive income and included in gains on sale of investment securities on the consolidated statements of income and comprehensive income. |
Earnings per share
Earnings per share | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings per share | 3. Earnings per share: Basic earnings per share represent income available to common stockholders divided by the weighted-average number of common shares outstanding during the period. 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 adjustment to income that would result from the assumed issuance. The following table provides a reconciliation between the computation of basic earnings per share and diluted earnings per share for the three and nine months ended September 30, 2016 and 2015: Three Months ended September 30, Income Common Shares EPS 2016: Basic $ 971 3,224,053 $ 0.30 Dilutive effect of potential common stock options 20,635 Diluted $ 971 3,244,688 $ 0.30 2015: Basic $ 622 2,710,803 $ 0.23 Dilutive effect of potential common stock options 8,525 Diluted $ 622 2,719,328 $ 0.23 Nine Months ended September 30, Income Common Shares EPS 2016: Basic $ 2,579 3,214,967 $ 0.80 Dilutive effect of potential common stock options 22,586 Diluted $ 2,579 3,237,553 $ 0.80 2015: Basic ($ 348 ) 2,709,887 ($ 0.13 ) Dilutive effect of potential common stock options 8,855 Diluted ($ 348 ) 2,718,742 ($ 0.13 ) Approximately 25,300 of total average outstanding stock options for the three and nine months ended September 30, 2016 were excluded from the diluted earnings per share calculation because their effect was antidilutive. There were no outstanding stock options for the three and nine months ended September 30, 2015 that were excluded from the diluted earnings per share calculation because their effect was antidilutive. |
Investment securities
Investment securities | 9 Months Ended |
Sep. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment securities | 4. Investment securities: The amortized cost and fair value of investment securities available-for-sale aggregated by investment category at September 30, 2016 and December 31, 2015 are summarized as follows: September 30, 2016 Amortized Gross Gross Fair State and municipals: Taxable $ 44,117 $ 838 $ 127 $ 44,828 Tax-exempt 5,749 172 5,921 Mortgage-backed securities: U.S. Government agencies 1,934 42 1,976 U.S. Government-sponsored enterprises 9,688 176 1 9,863 Corporate debt obligations 9,545 240 190 9,595 Equity securities, financial services 183 5 188 Total $ 71,216 $ 1,473 $ 318 $ 72,371 December 31, 2015 Amortized Gross Gross Fair U.S. Treasury securities $ 103 $ 103 U.S. Government-sponsored enterprises 4,708 $ 29 4,737 State and municipals: Taxable 15,367 314 $ 9 15,672 Tax-exempt 18,830 273 5 19,098 Mortgage-backed securities: U.S. Government agencies 277 277 U.S. Government-sponsored enterprises 27,406 151 38 27,519 Corporate debt obligations 7,990 17 62 7,945 Equity securities, financial services 470 31 2 499 Total $ 75,151 $ 815 $ 116 $ 75,850 The maturity distribution of the fair value, which is the net carrying amount, of the debt securities classified as available-for-sale at September 30, 2016, is summarized as follows: September 30, 2016 Fair Within one year $ 232 After one but within five years 2,021 After five but within ten years 7,940 After ten years 50,151 60,344 Mortgage-backed securities 11,839 Total $ 72,183 Securities with a carrying value of $55,429 and $53,039 at September 30, 2016 and December 31, 2015, respectively, were pledged to secure public deposits and repurchase agreements as required or permitted by law. Securities and short-term investment activities are conducted with a diverse group of government entities, corporations and state and local municipalities. The counterparty’s creditworthiness and type of collateral is evaluated on a case-by-case basis. At September 30, 2016 and December 31, 2015, there were no significant concentrations of credit risk from any one issuer, with the exception of U.S. Government agencies and sponsored enterprises that exceeded 10.0 percent of stockholders’ equity. The fair value and gross unrealized losses of investment securities with unrealized losses for which an other-than-temporary impairment (“OTTI”) has not been recognized at September 30, 2016 and December 31, 2015, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position, are summarized as follows: Less Than 12 Months 12 Months or More Total September 30, 2016 Fair Unrealized Fair Unrealized Fair Unrealized State and municipals: Taxable $ 10,213 $ 122 $ 287 $ 5 $ 10,500 $ 127 Tax-exempt Mortgage-backed securities: U.S. Government agencies U.S. Government-sponsored enterprises 1,011 1 1,011 1 Corporate debt obligations 5,356 190 5,356 190 Equity securities, financial services Total $ 16,580 $ 313 $ 287 $ 5 $ 16,867 $ 318 Less Than 12 Months 12 Months or More Total December 31, 2015 Fair Unrealized Fair Unrealized Fair Unrealized U.S. Treasuries U.S. Government-sponsored enterprises State and municipals: Taxable $ 284 $ 9 $ 284 $ 9 Tax-exempt 368 5 368 5 Mortgage-backed securities: U.S. Government agencies U.S. Government-sponsored enterprises $ 10,238 $ 38 10,238 38 Corporate debt obligation 3,937 62 3,937 62 Equity securities, financial services 164 2 164 2 Total $ 14,339 $ 102 $ 652 $ 14 $ 14,991 $ 116 The Company had 16 investment securities, consisting of 13 taxable state and municipal obligations, two corporate obligations, and one mortgage-backed security that were in unrealized loss positions at September 30, 2016. Of these securities, one taxable state and municipal obligation was in a continuous unrealized loss position for twelve months or more. Management does not consider the unrealized losses on the debt securities, as a result of changes in interest rates, to be OTTI based on historical evidence that indicates the cost of these securities is recoverable within a reasonable period of time in relation to normal cyclical changes in the market rates of interest. Moreover, because there has been no material change in the credit quality of the issuers or other events or circumstances that may cause a significant adverse impact on the fair value of these securities, and management does not intend to sell these securities and it is unlikely that the Company will be required to sell these securities before recovery of their amortized cost basis, which may be maturity, the Company does not consider the unrealized losses to be OTTI at September 30, 2016. There was no OTTI recognized for the three or nine months ended September 30, 2016 and 2015. The Company had 13 investment securities, consisting of one tax-exempt state and municipal obligation, one taxable state and municipal obligation, eight mortgage-backed securities, two corporate debt obligations and one equity security that were in unrealized loss positions at December 31, 2015. Of these securities, one tax-exempt state and municipal security and one taxable state and municipal obligation were in a continuous unrealized loss position for twelve months or more. |
Loans, net and allowance for lo
Loans, net and allowance for loan losses | 9 Months Ended |
Sep. 30, 2016 | |
Receivables [Abstract] | |
Loans, net and allowance for loan losses | 5. Loans, net and allowance for loan losses: The major classifications of loans outstanding, net of deferred loan origination fees and costs at September 30, 2016 and December 31, 2015 are summarized as follows. Net deferred loan costs were $986 and $764 at September 30, 2016 and December 31, 2015. September 30, 2016 December 31, 2015 Commercial $ 45,479 $ 46,076 Real estate: Construction 8,672 18,599 Commercial 206,661 205,500 Residential 131,651 135,106 Consumer 5,730 4,564 Total $ 398,193 $ 409,845 The changes in the allowance for loan losses account by major classification of loan for the three and nine months ended September 30, 2016 and 2015 are summarized as follows: Real Estate September 30, 2016 Commercial Construction Commercial Residential Consumer Unallocated Total Allowance for loan losses: Beginning Balance July 1, 2016 $ 558 $ 170 $ 2,100 $ 745 $ 36 $ 3,609 Charge-offs (1 ) (1 ) (25 ) (8 ) (35 ) Recoveries 25 1 1 7 34 Provisions (72 ) (13 ) 38 69 5 $ 2 29 Ending balance $ 510 $ 157 $ 2,138 $ 790 $ 40 $ 2 $ 3,637 Real Estate September 30, 2016 Commercial Construction Commercial Residential Consumer Unallocated Total Allowance for loan losses: Beginning Balance January 1, 2016 $ 1,298 $ 202 $ 2,227 $ 613 $ 25 $ 4,365 Charge-offs (724 ) (250 ) (65 ) (33 ) (24 ) (1,096 ) Recoveries 70 1 3 10 84 Provisions (134 ) 204 (24 ) 207 29 $ 2 284 Ending balance $ 510 $ 157 $ 2,138 $ 790 $ 40 $ 2 $ 3,637 Real Estate September 30, 2015 Commercial Construction Commercial Residential Consumer Unallocated Total Allowance for loan losses: Beginning Balance July 1, 2015 $ 640 $ 116 $ 2,408 $ 796 $ 22 $ 163 $ 4,145 Charge-offs (138 ) (24 ) (10 ) (172 ) Recoveries 19 2 21 Provisions (182 ) 43 128 (5 ) 12 4 Ending balance $ 458 $ 159 $ 2,417 $ 767 $ 26 $ 167 $ 3,994 Real Estate September 30, 2015 Commercial Construction Commercial Residential Consumer Unallocated Total Allowance for loan losses: Beginning Balance January 1, 2015 $ 330 $ 115 $ 2,462 $ 805 $ 15 $ 65 $ 3,792 Charge-offs (188 ) (60 ) (32 ) (280 ) Recoveries 8 19 5 32 Provisions 120 44 124 22 38 $ 102 450 Ending balance $ 458 $ 159 $ 2,417 $ 767 $ 26 $ 167 $ 3,994 The allocation of the allowance for loan losses and the related loans by major classifications of loans at September 30, 2016 and December 31, 2015 is summarized as follows: Real Estate September 30, 2016 Commercial Construction Commercial Residential Consumer Unallocated Total Allowance for loan losses: Ending balance $ 510 $ 157 $ 2,138 $ 790 $ 40 $ 2 $ 3,637 Ending balance: individually evaluated for impairment 2 55 33 90 Ending balance: collectively evaluated for impairment $ 508 $ 157 $ 2,083 $ 757 $ 40 $ 2 $ 3,547 Loans receivable: Ending balance $ 45,479 $ 8,672 $ 206,661 $ 131,651 $ 5,730 $ 398,193 Ending balance: individually evaluated for impairment 964 3,736 2,828 7,528 Ending balance: collectively evaluated for impairment $ 44,515 $ 8,672 $ 202,925 $ 128,823 $ 5,730 $ 390,665 Real Estate December 31, 2015 Commercial Construction Commercial Residential Consumer Unallocated Total Allowance for loan losses: Ending balance $ 1,298 $ 202 $ 2,227 $ 613 $ 25 $ 4,365 Ending balance: individually evaluated for impairment 700 8 7 715 Ending balance: collectively evaluated for impairment $ 598 $ 202 $ 2,219 $ 606 $ 25 $ 3,650 Loans receivable: Ending balance $ 46,076 $ 18,599 $ 205,500 $ 135,106 $ 4,564 $ 409,845 Ending balance: individually evaluated for impairment 1,787 4,714 3,047 9,548 Ending balance: collectively evaluated for impairment $ 44,289 $ 18,599 $ 200,786 $ 132,059 $ 4,564 $ 400,297 The Company segments loans into risk categories based on relevant information about the ability of borrowers to service their debt such as current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. Loans are individually analyzed for credit risk by classifying them within the Company’s internal risk rating system. The Company’s risk rating classifications are defined as follows: • Pass- A loan to borrowers with acceptable credit quality and risk that is not adversely classified as Substandard, Doubtful, Loss nor designated as Special Mention. • Special Mention- A loan that has potential weaknesses that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or in the institution’s credit position at some future date. Special Mention loans are not adversely classified since they do not expose the Company to sufficient risk to warrant adverse classification. • Substandard- A loan that is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the bank will sustain some loss if the deficiencies are not corrected. • Doubtful – A loan classified as Doubtful has all the weaknesses inherent in one classified Substandard with the added characteristic that the weaknesses make the collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. • Loss- A loan classified as Loss is considered uncollectible and of such little value that its continuance as bankable loan is not warranted. This classification does not mean that the loan has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may be affected in the future. The following tables present the major classification of loans summarized by the aggregate pass rating and the classified ratings of special mention, substandard and doubtful within the Company’s internal risk rating system at September 30, 2016 and December 31, 2015: September 30, 2016 Pass Special Substandard Doubtful Total Commercial $ 42,506 $ 1,610 $ 1,363 $ 45,479 Real estate: Construction 8,672 8,672 Commercial 194,279 8,400 3,982 206,661 Residential 129,822 28 1,801 131,651 Consumer 5,730 5,730 Total $ 381,009 $ 10,038 $ 7,146 $ 398,193 December 31, 2015: Pass Special Substandard Doubtful Total Commercial $ 43,377 $ 443 $ 2,256 $ 46,076 Real estate: Construction 18,349 250 18,599 Commercial 194,400 5,069 6,031 205,500 Residential 131,093 192 3,821 135,106 Consumer 4,564 4,564 Total $ 391,783 $ 5,704 $ 12,358 $ 409,845 Information concerning nonaccrual loans by major loan classification at September 30, 2016 and December 31, 2015 is summarized as follows: September 30, 2016 December 31, 2015 Commercial $ 350 $ 1,143 Real estate: Construction Commercial 410 1,118 Residential 703 921 Consumer Total $ 1,463 $ 3,182 The major classifications of loans by past due status are summarized as follows: September 30, 2016 30-59 Days 60-89 Days Greater Total Past Current Total Loans Loans > 90 Commercial $ 46 $ $ 215 $ 261 $ 45,218 $ 45,479 Real estate: Construction 8,672 8,672 Commercial 644 58 702 205,959 206,661 Residential 1,086 319 492 1,897 129,754 131,651 $ 133 Consumer 2 2 5,728 5,730 Total $ 1,778 $ 377 $ 707 $ 2,862 $ 395,331 $ 398,193 $ 133 December 31, 2015 30-59 Days 60-89 Days Greater Total Past Current Total Loans Loans > 90 Commercial $ 34 $ $ 1,007 $ 1,041 $ 45,035 $ 46,076 Real estate: Construction 250 250 18,349 18,599 Commercial 303 447 559 1,309 204,191 205,500 Residential 1,209 1,437 631 3,277 131,829 135,106 $ 89 Consumer 10 1 11 4,553 4,564 Total $ 1,556 $ 2,134 $ 2,198 $ 5,888 $ 403,957 $ 409,845 $ 89 The following tables summarize information concerning impaired loans as of and for the three and nine months ended September 30, 2016 and September 30, 2015, and as of and for the year ended, December 31, 2015 by major loan classification: This Quarter Year-to-Date September 30, 2016 Recorded Unpaid Related Average Interest Average Interest With no related allowance: Commercial $ 838 $ 838 $ 843 $ 8 $ 849 $ 22 Real estate: Construction Commercial 3,438 3,438 3,455 20 3,823 110 Residential 2,709 2,846 2,907 34 2,942 102 Consumer Total 6,985 7,122 7,205 62 7,614 234 With an allowance recorded: Commercial 126 126 $ 2 128 132 Real estate: Construction Commercial 298 298 55 269 231 Residential 119 119 33 119 2 120 4 Consumer Total 543 543 90 516 2 483 4 Commercial 964 964 2 971 8 981 22 Real estate: Construction Commercial 3,736 3,736 55 3,724 20 4,054 110 Residential 2,828 2,965 33 3,026 36 3,062 106 Consumer Total $ 7,528 $ 7,665 $ 90 $ 7,721 $ 64 $ 8,097 $ 238 For the Year Ended December 31, 2015 Recorded Investment Unpaid Principal Related Average Interest Income With no related allowance: Commercial $ 994 $ 994 $ $ 1,018 $ 28 Real estate: Construction Commercial 4,504 4,504 4,069 207 Residential 2,926 3,044 2,770 133 Consumer Total 8,424 8,542 7,857 368 With an allowance recorded: Commercial 793 1,193 700 663 21 Real estate: Construction Commercial 210 348 8 198 4 Residential 121 121 7 123 5 Consumer Total 1,124 1,662 715 984 30 Commercial 1,787 2,187 700 1,681 49 Real estate: Construction Commercial 4,714 4,852 8 4,267 211 Residential 3,047 3,165 7 2,893 138 Consumer Total $ 9,548 $ 10,204 $ 715 $ 8,841 $ 398 This Quarter Year-to-Date September 30, 2015 Recorded Unpaid Related Average Interest Average Interest Income With no related allowance: Commercial $ 1,011 $ 1,011 $ 1,014 $ 22 $ 1,023 $ 22 Real estate: Construction Commercial 4,579 4,579 4,583 48 4,079 144 Residential 2,597 2,597 2,788 33 2,860 135 Consumer Total 8,187 8,187 8,385 103 7,962 301 With an allowance recorded: Commercial 1,193 1,193 120 1,193 530 27 Real estate: Construction Commercial 186 186 7 188 191 Residential 122 122 6 122 2 123 4 Consumer Total 1,501 1,501 133 1,503 2 844 31 Commercial 2,204 2,204 120 2,207 22 1,553 49 Real estate: Construction Commercial 4,765 4,765 7 4,771 48 4,270 144 Residential 2,719 2,719 6 2,910 35 2,983 139 Consumer Total $ 9,688 $ 9,688 $ 133 $ 9,888 $ 105 $ 8,806 $ 332 For the three and nine months ended September 30, interest income, related to impaired loans, would have been $90 and $317 in 2016 and $155 and $470 in 2015 had the loans been current and the terms of the loans not been modified. Included in the commercial loan and commercial and residential real estate categories are troubled debt restructurings that are classified as impaired. Troubled debt restructurings totaled $6,342 at September 30, 2016, $7,083 at December 31, 2015 and $6,842 at September 30, 2015. Troubled debt restructured loans are loans with original terms, interest rate, or both, that have been modified as a result of a deterioration in the borrower’s financial condition and a concession has been granted that the Company would not otherwise consider. Unless on nonaccrual, interest income on these loans is recognized when earned, using the interest method. The Company offers a variety of modifications to borrowers that would be considered concessions. The modification categories offered generally fall within the following categories: • Rate Modification - A modification in which the interest rate is changed to a below market rate. • Term Modification - A modification in which the maturity date, timing of payments or frequency of payments is changed. • Interest Only Modification - A modification in which the loan is converted to interest only payments for a period of time. • Payment Modification - A modification in which the dollar amount of the payment is changed, other than an interest only modification described above. • Combination Modification - Any other type of modification, including the use of multiple categories above. There were no loans modified as a troubled debt restructuring for the three months and the nine months ended September 30, 2016. There were no loans modified as troubled debt restructurings for the three months ended September 30, 2015. There were four loans modified as troubled debt restructurings for the nine months ended September 30, 2015 in the amount of $622. These loans were comprised of three residential real estate loans totaling $473 and one owner occupied commercial real estate loan totaling $149. The residential loans were modified to extend the amortization period to reduce monthly payments to an affordable level for the customers who were experiencing financial difficulty. The owner occupied commercial real estate loan was modified to set a matured short term note to long term repayment as the customer did not have the ability to pay under the original terms. These restructurings result in collection of principal over a longer period than originally contracted for. During the three and nine months ending September 30, 2016, there were no defaults on loans restructured within the prior twelve months. During the three and nine months ending September 30, 2015, there were two defaults on loans restructured within the prior twelve months totaling $158. These loans were comprised of one residential real estate loan in the amount of $10 and one owner occupied commercial real estate loan in the amount of $148. Each of these loans defaulted as they were both more than 30 days past due as of September 30, 2015. The effect of these defaults on the allowance for loan losses was negligible as both loans were well secured and the delinquency was subsequently cured. Purchased loans are initially recorded at their acquisition date fair values. The carryover of the allowance for loan losses is prohibited as any credit losses in the loans are included in the determination of the fair value of the loans at the acquisition date. Fair values for purchased loans are based on a cash flow methodology that involves assumptions and judgments as to credit risk, default rates, loss severity, collateral values, discount rates, payment speeds, and prepayment risk. As part of its acquisition due diligence process, the Bank reviews the acquired institution’s loan grading system and the associated risk rating for loans. In performing this review, the Bank considers cash flows, debt service coverage, delinquency status, accrual status, and collateral for the loan. This process allows the Bank to clearly identify the population of acquired loans that had evidence of deterioration in credit quality since origination and for which it was probable, at acquisition, that the Bank would be unable to collect all contractually required payments. All such loans identified by the Bank are considered to be within the scope of ASC 310-30, Loan and Debt Securities Acquired with Deteriorated Credit Quality and are identified as “Purchased Credit Impaired Loans”. As a result of the merger with Citizens, effective December 31, 2015, the Bank identified ten purchased credit impaired (“PCI”) loans. As part of the consolidation with Union, effective November 1, 2013, the Bank identified fourteen PCI loans. For all PCI loans, the excess of cash flows expected at acquisition over the estimated fair value is referred to as the accretable discount and is recognized into interest income over the remaining life of the loan. The difference between contractually required payments at acquisition and the cash flows expected to be collected at acquisition is referred to as the non-accretable discount. The non-accretable discount represents estimated future credit losses expected to be incurred over the life of the loan. Subsequent decreases to the expected cash flows require the Bank to evaluate the need for an allowance for loan losses on these loans. Subsequent improvements in expected cash flows result in the reversal of a corresponding amount of the non-accretable discount which the Bank then reclassifies as an accretable discount that is recognized into interest income over the remaining life of the loan. The Bank’s evaluation of the amount of future cash flows that it expects to collect is based on a cash flow methodology that involves assumptions and judgments as to credit risk, collateral values, discount rates, payment speeds, and prepayment risk. Charge-offs of the principal amount on purchased impaired loans are first applied to the non-accretable discount. For purchased loans that are not deemed impaired at acquisition, credit discounts representing principal losses expected over the life of the loans are a component of the initial fair value, and the discount is accreted to interest income over the life of the asset. Subsequent to the purchase date, the method used to evaluate the sufficiency of the credit discount is similar to originated loans, and if necessary, additional reserves are recognized in the allowance for loan losses. The following is a summary of the loans acquired in the Union merger as of November 1, 2013, the date of the consolidation: Purchased Credit Impaired Loans Purchased Non- Impaired Loans Total Union Contractually required principal and interest at acquisition $ 10,290 $ 92,704 $ 102,994 Contractual cash flows not expected to be collected (5,487 ) (9,492 ) (14,979 ) Expected cash flows at acquisition 4,803 83,212 88,015 Interest component of expected cash flows (386 ) (12,278 ) (12,664 ) Basis in acquired loans at acquisition – estimated fair value $ 4,417 $ 70,934 $ 75,351 The unpaid principal balances and the related carrying amount of Union acquired loans as of September 30, 2016 and December 31, 2015 were as follows: September 30, 2016 December 31, Credit impaired purchased loans evaluated individually for incurred credit losses Outstanding balance $ 804 $ 1,478 Carrying Amount 470 668 Other purchased loans evaluated collectively for incurred credit losses Outstanding balance 40,947 49,762 Carrying Amount 40,084 47,723 Total Purchased Loans Outstanding balance 41,751 51,240 Carrying Amount $ 40,554 $ 48,391 As of the indicated dates, the changes in the accretable discount related to the purchased credit impaired loans were as follows: Three Months Ended Nine Months Ended September 30, 2016 September 30, 2015 September 30, 2016 September 30, 2015 Balance – beginning of period $ 251 $ 326 $ 307 $ 310 Accretion recognized during the period (403 ) (48 ) (518 ) (104 ) Net reclassification from non-accretable to accretable 322 38 381 110 Balance – end of period $ 170 $ 316 $ 170 $ 316 The following is a summary of the loans acquired in the Citizens’ merger as of December 31, 2015, the effective date of the merger: Purchased Credit Impaired Loans Purchased Non- Impaired Loans Total Citizens Contractually required principal and interest at acquisition $ 894 $ 81,780 $ 82,674 Contractual cash flows not expected to be collected (237 ) (13,517 ) (13,754 ) Expected cash flows at acquisition 657 68,263 68,920 Interest component of expected cash flows (217 ) (10,841 ) (11,058 ) Basis in acquired loans at acquisition – estimated fair value $ 440 $ 57,422 $ 57,862 The unpaid principal balances and the related carrying amount of Citizens acquired loans as of September 30, 2016 and December 31, 2015 were as follows: September 30, December 31, Credit impaired purchased loans evaluated individually for incurred credit losses Outstanding balance $ 608 $ 608 Carrying Amount 428 440 Other purchased loans evaluated collectively for incurred credit losses Outstanding balance 48,619 57,581 Carrying Amount 48,369 57,422 Total Purchased Loans Outstanding balance 49,228 58,189 Carrying Amount $ 48,797 $ 57,862 As of the indicated dates, the changes in the accretable discount related to the purchased credit impaired loans were as follows: Three Months Nine Months Balance – beginning of period $ 206 $ 217 Accretion recognized during the period (7 ) (21 ) Net reclassification from non-accretable to accretable 4 7 Balance – end of period $ 203 $ 203 The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit, unused portions of lines of credit and standby letters of credit. Those instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the consolidated balance sheets. Unused commitments at September 30, 2016, totaled $64,126, consisting of $60,589 in unfunded commitments of existing loan facilities and $3,537 in standby letters of credit. Due to fixed maturity dates, specified conditions within these instruments, and the ultimate needs of our customers, many will expire without being drawn upon. We believe that amounts actually drawn upon can be funded in the normal course of operations and therefore, do not represent a significant liquidity risk to us. In comparison, unused commitments, at December 31, 2015, totaled $49,397, consisting of $46,081 in unfunded commitments of existing loans and $3,316 in standby letters of credit. |
Other assets
Other assets | 9 Months Ended |
Sep. 30, 2016 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other assets | 6. Other assets: The components of other assets at September 30, 2016 and December 31, 2015 are summarized as follows: September 30, December 31, Other real estate owned $ 988 $ 885 Bank owned life insurance 11,788 11,764 Restricted equity securities 826 2,315 Deferred tax assets 6,905 7,444 Other assets 1,814 1,704 Total $ 22,321 $ 24,112 |
Fair value estimates
Fair value estimates | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair value estimates | 7. Fair value estimates: The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosure under GAAP. Fair value estimates are calculated without attempting to estimate the value of anticipated future business and the value of certain assets and liabilities that are not considered financial. Accordingly, such assets and liabilities are excluded from disclosure requirements. In accordance with FASB ASC 820, “Fair Value Measurements and Disclosures,” fair value is the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is best determined based upon quoted market prices. 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. In that regard, the derived fair value estimates cannot be substantiated by comparison to independent markets. In many cases, these values cannot be realized in immediate settlement of the instrument. Current 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 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. In accordance with GAAP, the Company groups its assets and liabilities generally measured at fair value into three levels based on market information or other fair value estimates in which the assets and liabilities are traded or valued and the reliability of the assumptions used to determine fair value. These levels include: • Level 1: Unadjusted quoted prices of identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. • Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. • Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. An asset’s or liability’s placement in the fair value hierarchy is based on the lowest level of input that is significant to the fair value estimate. The following methods and assumptions were used by the Company to calculate fair values and related carrying amounts of financial instruments: Cash and cash equivalents: Investment securities: Loans held for sale: Net loans: Accrued interest receivable: Restricted equity securities: Deposits: Short-term borrowings: Long-term debt: Accrued interest payable: Off-balance sheet financial instruments: The majority of commitments to extend credit, unused portions of lines of credit and standby letters of credit carry current market interest rates if converted to loans. Because such commitments are generally unassignable by either the Company or the borrower, they only have value to the Company and the borrower. None of the commitments are subject to undue credit risk. The estimated fair values of off-balance sheet financial instruments are based on fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the counterparties’ credit standing. The fair value of off-balance sheet financial instruments was not material at September 30, 2016 and December 31, 2015. Assets and liabilities measured at fair value on a recurring basis at September 30, 2016 and December 31, 2015 are summarized as follows: Fair Value Measurement Using September 30, 2016 Amount Quoted Prices in Significant Significant State and Municipals: Taxable $ 44,828 $ 44,828 Tax-exempt 5,921 5,921 Mortgage-backed securities: U.S. Government agencies 1,976 1,976 U.S. Government-sponsored enterprises 9,863 9,863 Corporate debt obligations 9,595 9,595 Equity securities, financial services 188 $ 188 Total $ 72,371 $ 188 $ 72,183 Fair Value Measurement Using December 31, 2015 Amount Quoted Prices in Significant Significant Available-for-sale: U.S. Treasury securities $ 103 $ 103 U.S. Government-sponsored enterprises 4,737 4,737 State and municipals: Taxable 15,672 15,672 Tax-exempt 19,098 19,098 Mortgage-backed securities: U.S. Government agencies 277 277 U.S. Government-sponsored enterprises 27,519 27,519 Corporate debt obligations 7,945 7,945 Equity securities, financial services 499 $ 499 Total $ 75,850 $ 499 $ 75,351 Assets and liabilities measured at fair value on a nonrecurring basis at September 30, 2016 and December 31, 2015 are summarized as follows: Fair Value Measurement Using September 30, 2016 Amount (Level 1) Quoted Prices (Level 2) Significant (Level 3) Significant Loans held for sale $ 820 $ 820 Other real estate owned 988 $ 988 Impaired loans, net of related allowance 453 453 Total $ 2,261 $ 820 $ 1,441 Fair Value Measurement Using December 31, 2015 Amount (Level 1) Quoted Prices (Level 2) Significant (Level 3) Significant Loans held for sale $ 1,094 $ 1,094 Other real estate owned 885 $ 885 Impaired loans, net of related allowance 409 $ 93 316 Total $ 2,388 $ 93 $ 1,094 $ 1,201 Fair values of impaired loans are based on the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent. Fair value of other real estate owned is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable. Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. The Company did not utilize Level 3 inputs to determine fair value as of September 30, 2016. The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Company utilized Level 3 inputs to determine fair value as of December 31, 2015: Quantitative Information about Level 3 Fair Value Measurements December 31, 2015 Fair Value Valuation Techniques Unobservable Input Range (Weighted Inventory $ 93 Estimated salvage (1) Salvage valuation and liquidation adjustments (2) 88% - 90% (1) Fair value is generally determined through estimated values of the underlying collateral. (2) Values may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range of liquidation expenses and adjustments are presented as a percent of the original inventory value. The carrying and fair values of the Company’s financial instruments at September 30, 2016 and December 31, 2015 and their placement within the fair value hierarchy are as follows: Fair Value Hierarchy September 30, 2016 Carrying Fair Value Quoted Prices in (Level 1) Significant (Level 2) Significant (Level 3) Financial assets Cash and cash equivalents $ 7,066 $ 7,066 $ 7,066 Interest-bearing time deposits 9,051 9,051 9,051 Investment securities 72,371 72,371 188 $ 72,183 Loans held for sale 820 820 820 Net loans 394,556 398,126 $ 398,126 Accrued interest receivable 1,701 1,701 1,701 Restricted equity securities 826 826 826 Financial liabilities Deposits $ 458,993 $ 462,526 $ 462,526 Short-term borrowings 6,000 6,000 6,000 Long-term borrowings 11,257 11,233 11,233 Accrued interest payable 220 220 220 Fair Value Hierarchy December 31, 2015 Carrying Fair Value Quoted Prices in (Level 1) Significant (Level 2) Significant (Level 3) Financial assets Cash and cash equivalents $ 21,697 $ 21,697 $ 21,697 Interest-bearing time deposits 991 991 991 Investment securities 75,850 75,850 499 $ 75,351 Loans held for sale 1,094 1,094 1,094 Net loans 405,480 411,521 $ 411,521 Accrued interest receivable 1,594 1,594 1,594 Restricted equity securities 2,315 2,315 2,315 Financial liabilities Deposits $ 448,342 $ 441,413 $ 441,413 Short-term borrowings 42,275 42,275 42,275 Long-term borrowings 9,350 9,343 9,343 Accrued interest payable 236 236 236 |
Summary of significant accoun15
Summary of significant accounting policies (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations Riverview Financial Corporation, (the “Company”), a bank holding company incorporated under the laws of Pennsylvania, provides a full range of financial services through its wholly-owned subsidiary, Riverview Bank (the “Bank”). Effective December 31, 2015, The Citizens National Bank of Meyersdale (“Citizens”) merged with and into Riverview Bank, with Riverview Bank surviving. The Company’s financial results reflect the merger of Citizens with and into Riverview Bank under the purchase method of accounting, with the Company treated as the acquirer from an accounting standpoint. The Company services its retail and commercial customers through seventeen full-service community banking offices located within Berks, Dauphin, Northumberland, Perry, Schuylkill and Somerset Counties in Pennsylvania. |
Basis of presentation | Basis of presentation: The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP’) for interim financial information and with the instructions to Form 10-Q and Article 10-01 of Regulation S-X. In the opinion of management, all normal recurring adjustments necessary for a fair presentation of the financial position and results of operations for the periods presented have been included. All significant intercompany balances and transactions have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the current year’s presentation. These reclassifications did not have any effect on the operating results or financial position of the Company. The operating results and financial position of the Company for the three and nine months ended and as of September 30, 2016, are not necessarily indicative of the results of operations and financial position that may be expected in the future. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s 2015 Annual Report on Form 10-K, filed on March 30, 2016. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates that are particularly susceptible to material change in the near term relate to the determination of the allowance for loan losses, fair value of financial instruments, the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, the valuation of deferred tax assets, determination of other-than-temporary impairment losses on securities and impairment of goodwill. Actual results could differ from those estimates. |
Recent Accounting Standards | Recent Accounting Standards In August 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of Effective Date”. The amendments in ASU 2015-14 defer the effective date of ASU 2014-09 for all entities by one year. Public business entities, certain not-for-profit entities, and certain employee benefit plans should apply the guidance in ASU 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. All other entities should apply the guidance in ASU 2014-09 to annual reporting periods beginning after December 15, 2018, and interim reporting periods within annual reporting periods beginning after December 15, 2019. All other entities may apply the guidance in ASU 2014-09 earlier as of an annual reporting period beginning after December 15, 2016, including interim reporting periods within that reporting period. All other entities also may apply the guidance in ASU 2014-09 earlier as of an annual reporting period beginning after December 15, 2016, and interim reporting periods within annual reporting periods beginning one year after the annual reporting period in which the entity first applies the guidance in ASU 2014-09. The Company is currently assessing the impact that ASU 2015-14 (or ASU 2014-19) will have on its consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, “Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” The amendments in ASU 2016-01, among other things: (1) Requires equity investments (expect those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income; (2) Requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; (3) Requires separate presentation of financial assets and liabilities by measurement category and form of financial asset (i.e., securities or loans and receivables); and (4) Eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost. The amendments in this ASU are effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company is currently assessing the impact that ASU 2016-01 will have on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842).” Among other things, in the amendments in ASU 2016-02, lessees will be required to recognize the following for all leases (with the exception of short-term leases) at the commencement date: (1) A lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (2) A right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged. Certain targeted improvements were made to align, where necessary, lessor accounting with the lessee accounting model and Topic 606, Revenue from Contracts with Customers. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted upon issuance. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees and lessors may not apply a full retrospective transition approach. The Company is currently assessing the impact that ASU 2016-02 will have on its consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-07, “Investments – Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting.” The amendments in this ASU eliminate the requirement that when an investment qualifies for use of the equity method as a result of an increase in the level of ownership interest or degree of influence, an investor must adjust the investment, results of operations, and retained earnings retroactively on a step-by-step basis as if the equity method had been in effect during all previous periods that the investment had been held. The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. Therefore, upon qualifying for the equity method of accounting, no retroactive adjustment of the investment is required. In addition, the amendments in this ASU require that an entity that has an available-for-sale equity security that becomes qualified for the equity method of accounting recognize through earnings the unrealized holding gain or loss in accumulated other comprehensive income at the date the investment becomes qualified for use of the equity method. The amendments are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. The amendments should be applied prospectively upon their effective date to increases in the level of ownership interest or degree of influence that result in the adoption of the equity method. Early adoption is permitted. The Company does not expect the adoption of ASU 2016-07 to have a material impact on its consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, “Compensation – Stock Compensation (Topic 718): Improvements to Employee Shares-Based Payment Accounting”. The amendments in this ASU simplify several aspects of the accounting for share-based payment award transactions including: (1) income tax consequences; (2) classification of awards as either equity or liabilities; and (3) classification on the statement of cash flows. The amendments are effective for public companies for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The Company is currently assessing the impact that ASU 2016-09 will have on its consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”. The amendments in this ASU, among other things, require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. In addition, the ASU amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. The amendments in this ASU are effective for SEC filers for years, and intermit periods within those fiscal years, beginning after December 15, 2019. For public companies that are not SEC filers, the amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The Company is currently assessing the impact that ASU 2016-13 will have on its consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments.” The update addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. This new accounting guidance will be effective for interim and annual reporting periods beginning after December 15, 2019. The Company does not expect the adoption of the new accounting guidance to have a material effect on the statement of cash flow. |
Other comprehensive income (l16
Other comprehensive income (loss) (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Summary of Components of Accumulated Other Comprehensive Income (Loss) | The components of accumulated other comprehensive income (loss) included in stockholders’ equity at September 30, 2016 and December 31, 2015 is as follows: September 30, December 31, Net unrealized gain on investment securities available-for-sale $ 1,155 $ 699 Related income taxes 393 238 Net of income taxes 762 461 Benefit plan adjustments (862 ) (862 ) Related income taxes (293 ) (293 ) Net of income taxes (569 ) (569 ) Accumulated other comprehensive income (loss) $ 193 ($ 108 ) |
Schedule of Other Comprehensive Income (Loss) and Related Tax Effects | Other comprehensive income (loss) and related tax effects for the three and nine months ended September 30, 2016 and 2015 is as follows: Three months ended September 30, 2016 2015 Unrealized gain (loss) on investment securities available-for-sale ($ 148 ) $ 232 Net gain on the sale of investment securities available-for-sale (1) (152 ) (11 ) Other comprehensive income (loss) gain before taxes (300 ) 221 Income tax expense (benefit) (102 ) 75 Other comprehensive income (loss) ($ 198 ) $ 146 Nine months ended September 30, 2016 2015 Unrealized gain (loss) on investment securities available-for-sale $ 940 ($ 144 ) Net (gain) loss on the sale of investment securities available-for-sale (1) (484 ) 30 Other comprehensive income (loss) gain before taxes 456 (114 ) Income tax expense (benefit) 155 (39 ) Other comprehensive income (loss) $ 301 $ (75 ) (1) Represents amounts reclassified out of accumulated comprehensive income and included in gains on sale of investment securities on the consolidated statements of income and comprehensive income. |
Earnings per share (Tables)
Earnings per share (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Computation of Earnings per Share | The following table provides a reconciliation between the computation of basic earnings per share and diluted earnings per share for the three and nine months ended September 30, 2016 and 2015: Three Months ended September 30, Income Common Shares EPS 2016: Basic $ 971 3,224,053 $ 0.30 Dilutive effect of potential common stock options 20,635 Diluted $ 971 3,244,688 $ 0.30 2015: Basic $ 622 2,710,803 $ 0.23 Dilutive effect of potential common stock options 8,525 Diluted $ 622 2,719,328 $ 0.23 Nine Months ended September 30, Income Common Shares EPS 2016: Basic $ 2,579 3,214,967 $ 0.80 Dilutive effect of potential common stock options 22,586 Diluted $ 2,579 3,237,553 $ 0.80 2015: Basic ($ 348 ) 2,709,887 ($ 0.13 ) Dilutive effect of potential common stock options 8,855 Diluted ($ 348 ) 2,718,742 ($ 0.13 ) |
Investment securities (Tables)
Investment securities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Amortized Cost and Fair Value of Investment Securities Available-for-Sale Aggregated by Investment Category | The amortized cost and fair value of investment securities available-for-sale aggregated by investment category at September 30, 2016 and December 31, 2015 are summarized as follows: September 30, 2016 Amortized Gross Gross Fair State and municipals: Taxable $ 44,117 $ 838 $ 127 $ 44,828 Tax-exempt 5,749 172 5,921 Mortgage-backed securities: U.S. Government agencies 1,934 42 1,976 U.S. Government-sponsored enterprises 9,688 176 1 9,863 Corporate debt obligations 9,545 240 190 9,595 Equity securities, financial services 183 5 188 Total $ 71,216 $ 1,473 $ 318 $ 72,371 December 31, 2015 Amortized Gross Gross Fair U.S. Treasury securities $ 103 $ 103 U.S. Government-sponsored enterprises 4,708 $ 29 4,737 State and municipals: Taxable 15,367 314 $ 9 15,672 Tax-exempt 18,830 273 5 19,098 Mortgage-backed securities: U.S. Government agencies 277 277 U.S. Government-sponsored enterprises 27,406 151 38 27,519 Corporate debt obligations 7,990 17 62 7,945 Equity securities, financial services 470 31 2 499 Total $ 75,151 $ 815 $ 116 $ 75,850 |
Schedule of Debt Securities Classified Available-for-Sale Maturity Distribution of Fair Value | The maturity distribution of the fair value, which is the net carrying amount, of the debt securities classified as available-for-sale at September 30, 2016, is summarized as follows: September 30, 2016 Fair Within one year $ 232 After one but within five years 2,021 After five but within ten years 7,940 After ten years 50,151 60,344 Mortgage-backed securities 11,839 Total $ 72,183 |
Schedule of Fair Value Gross Unrealized Losses of Investment Securities Unrealized Losses | The fair value and gross unrealized losses of investment securities with unrealized losses for which an other-than-temporary impairment (“OTTI”) has not been recognized at September 30, 2016 and December 31, 2015, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position, are summarized as follows: Less Than 12 Months 12 Months or More Total September 30, 2016 Fair Unrealized Fair Unrealized Fair Unrealized State and municipals: Taxable $ 10,213 $ 122 $ 287 $ 5 $ 10,500 $ 127 Tax-exempt Mortgage-backed securities: U.S. Government agencies U.S. Government-sponsored enterprises 1,011 1 1,011 1 Corporate debt obligations 5,356 190 5,356 190 Equity securities, financial services Total $ 16,580 $ 313 $ 287 $ 5 $ 16,867 $ 318 Less Than 12 Months 12 Months or More Total December 31, 2015 Fair Unrealized Fair Unrealized Fair Unrealized U.S. Treasuries U.S. Government-sponsored enterprises State and municipals: Taxable $ 284 $ 9 $ 284 $ 9 Tax-exempt 368 5 368 5 Mortgage-backed securities: U.S. Government agencies U.S. Government-sponsored enterprises $ 10,238 $ 38 10,238 38 Corporate debt obligation 3,937 62 3,937 62 Equity securities, financial services 164 2 164 2 Total $ 14,339 $ 102 $ 652 $ 14 $ 14,991 $ 116 |
Loans, net and allowance for 19
Loans, net and allowance for loan losses (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Schedule of Loans Outstanding | The major classifications of loans outstanding, net of deferred loan origination fees and costs at September 30, 2016 and December 31, 2015 are summarized as follows. Net deferred loan costs were $986 and $764 at September 30, 2016 and December 31, 2015. September 30, 2016 December 31, 2015 Commercial $ 45,479 $ 46,076 Real estate: Construction 8,672 18,599 Commercial 206,661 205,500 Residential 131,651 135,106 Consumer 5,730 4,564 Total $ 398,193 $ 409,845 |
Schedule of Allowance for Loan Losses Account by Major Classification of Loan | The changes in the allowance for loan losses account by major classification of loan for the three and nine months ended September 30, 2016 and 2015 are summarized as follows: Real Estate September 30, 2016 Commercial Construction Commercial Residential Consumer Unallocated Total Allowance for loan losses: Beginning Balance July 1, 2016 $ 558 $ 170 $ 2,100 $ 745 $ 36 $ 3,609 Charge-offs (1 ) (1 ) (25 ) (8 ) (35 ) Recoveries 25 1 1 7 34 Provisions (72 ) (13 ) 38 69 5 $ 2 29 Ending balance $ 510 $ 157 $ 2,138 $ 790 $ 40 $ 2 $ 3,637 Real Estate September 30, 2016 Commercial Construction Commercial Residential Consumer Unallocated Total Allowance for loan losses: Beginning Balance January 1, 2016 $ 1,298 $ 202 $ 2,227 $ 613 $ 25 $ 4,365 Charge-offs (724 ) (250 ) (65 ) (33 ) (24 ) (1,096 ) Recoveries 70 1 3 10 84 Provisions (134 ) 204 (24 ) 207 29 $ 2 284 Ending balance $ 510 $ 157 $ 2,138 $ 790 $ 40 $ 2 $ 3,637 Real Estate September 30, 2015 Commercial Construction Commercial Residential Consumer Unallocated Total Allowance for loan losses: Beginning Balance July 1, 2015 $ 640 $ 116 $ 2,408 $ 796 $ 22 $ 163 $ 4,145 Charge-offs (138 ) (24 ) (10 ) (172 ) Recoveries 19 2 21 Provisions (182 ) 43 128 (5 ) 12 4 Ending balance $ 458 $ 159 $ 2,417 $ 767 $ 26 $ 167 $ 3,994 Real Estate September 30, 2015 Commercial Construction Commercial Residential Consumer Unallocated Total Allowance for loan losses: Beginning Balance January 1, 2015 $ 330 $ 115 $ 2,462 $ 805 $ 15 $ 65 $ 3,792 Charge-offs (188 ) (60 ) (32 ) (280 ) Recoveries 8 19 5 32 Provisions 120 44 124 22 38 $ 102 450 Ending balance $ 458 $ 159 $ 2,417 $ 767 $ 26 $ 167 $ 3,994 The allocation of the allowance for loan losses and the related loans by major classifications of loans at September 30, 2016 and December 31, 2015 is summarized as follows: Real Estate September 30, 2016 Commercial Construction Commercial Residential Consumer Unallocated Total Allowance for loan losses: Ending balance $ 510 $ 157 $ 2,138 $ 790 $ 40 $ 2 $ 3,637 Ending balance: individually evaluated for impairment 2 55 33 90 Ending balance: collectively evaluated for impairment $ 508 $ 157 $ 2,083 $ 757 $ 40 $ 2 $ 3,547 Loans receivable: Ending balance $ 45,479 $ 8,672 $ 206,661 $ 131,651 $ 5,730 $ 398,193 Ending balance: individually evaluated for impairment 964 3,736 2,828 7,528 Ending balance: collectively evaluated for impairment $ 44,515 $ 8,672 $ 202,925 $ 128,823 $ 5,730 $ 390,665 Real Estate December 31, 2015 Commercial Construction Commercial Residential Consumer Unallocated Total Allowance for loan losses: Ending balance $ 1,298 $ 202 $ 2,227 $ 613 $ 25 $ 4,365 Ending balance: individually evaluated for impairment 700 8 7 715 Ending balance: collectively evaluated for impairment $ 598 $ 202 $ 2,219 $ 606 $ 25 $ 3,650 Loans receivable: Ending balance $ 46,076 $ 18,599 $ 205,500 $ 135,106 $ 4,564 $ 409,845 Ending balance: individually evaluated for impairment 1,787 4,714 3,047 9,548 Ending balance: collectively evaluated for impairment $ 44,289 $ 18,599 $ 200,786 $ 132,059 $ 4,564 $ 400,297 |
Summary of Major Classification of Loans Summarized by Aggregate Pass Rating | The following tables present the major classification of loans summarized by the aggregate pass rating and the classified ratings of special mention, substandard and doubtful within the Company’s internal risk rating system at September 30, 2016 and December 31, 2015: September 30, 2016 Pass Special Substandard Doubtful Total Commercial $ 42,506 $ 1,610 $ 1,363 $ 45,479 Real estate: Construction 8,672 8,672 Commercial 194,279 8,400 3,982 206,661 Residential 129,822 28 1,801 131,651 Consumer 5,730 5,730 Total $ 381,009 $ 10,038 $ 7,146 $ 398,193 December 31, 2015: Pass Special Substandard Doubtful Total Commercial $ 43,377 $ 443 $ 2,256 $ 46,076 Real estate: Construction 18,349 250 18,599 Commercial 194,400 5,069 6,031 205,500 Residential 131,093 192 3,821 135,106 Consumer 4,564 4,564 Total $ 391,783 $ 5,704 $ 12,358 $ 409,845 |
Summary of Nonaccrual Loans by Major Loan Classification | Information concerning nonaccrual loans by major loan classification at September 30, 2016 and December 31, 2015 is summarized as follows: September 30, 2016 December 31, 2015 Commercial $ 350 $ 1,143 Real estate: Construction Commercial 410 1,118 Residential 703 921 Consumer Total $ 1,463 $ 3,182 |
Summary of Major Classifications of Loans by Past Due Status | The major classifications of loans by past due status are summarized as follows: September 30, 2016 30-59 Days 60-89 Days Greater Total Past Current Total Loans Loans > 90 Commercial $ 46 $ $ 215 $ 261 $ 45,218 $ 45,479 Real estate: Construction 8,672 8,672 Commercial 644 58 702 205,959 206,661 Residential 1,086 319 492 1,897 129,754 131,651 $ 133 Consumer 2 2 5,728 5,730 Total $ 1,778 $ 377 $ 707 $ 2,862 $ 395,331 $ 398,193 $ 133 December 31, 2015 30-59 Days 60-89 Days Greater Total Past Current Total Loans Loans > 90 Commercial $ 34 $ $ 1,007 $ 1,041 $ 45,035 $ 46,076 Real estate: Construction 250 250 18,349 18,599 Commercial 303 447 559 1,309 204,191 205,500 Residential 1,209 1,437 631 3,277 131,829 135,106 $ 89 Consumer 10 1 11 4,553 4,564 Total $ 1,556 $ 2,134 $ 2,198 $ 5,888 $ 403,957 $ 409,845 $ 89 |
Schedule of Information Concerning Impaired Loans | The following tables summarize information concerning impaired loans as of and for the three and nine months ended September 30, 2016 and September 30, 2015, and as of and for the year ended, December 31, 2015 by major loan classification: This Quarter Year-to-Date September 30, 2016 Recorded Unpaid Related Average Interest Average Interest With no related allowance: Commercial $ 838 $ 838 $ 843 $ 8 $ 849 $ 22 Real estate: Construction Commercial 3,438 3,438 3,455 20 3,823 110 Residential 2,709 2,846 2,907 34 2,942 102 Consumer Total 6,985 7,122 7,205 62 7,614 234 With an allowance recorded: Commercial 126 126 $ 2 128 132 Real estate: Construction Commercial 298 298 55 269 231 Residential 119 119 33 119 2 120 4 Consumer Total 543 543 90 516 2 483 4 Commercial 964 964 2 971 8 981 22 Real estate: Construction Commercial 3,736 3,736 55 3,724 20 4,054 110 Residential 2,828 2,965 33 3,026 36 3,062 106 Consumer Total $ 7,528 $ 7,665 $ 90 $ 7,721 $ 64 $ 8,097 $ 238 For the Year Ended December 31, 2015 Recorded Investment Unpaid Principal Related Average Interest Income With no related allowance: Commercial $ 994 $ 994 $ $ 1,018 $ 28 Real estate: Construction Commercial 4,504 4,504 4,069 207 Residential 2,926 3,044 2,770 133 Consumer Total 8,424 8,542 7,857 368 With an allowance recorded: Commercial 793 1,193 700 663 21 Real estate: Construction Commercial 210 348 8 198 4 Residential 121 121 7 123 5 Consumer Total 1,124 1,662 715 984 30 Commercial 1,787 2,187 700 1,681 49 Real estate: Construction Commercial 4,714 4,852 8 4,267 211 Residential 3,047 3,165 7 2,893 138 Consumer Total $ 9,548 $ 10,204 $ 715 $ 8,841 $ 398 This Quarter Year-to-Date September 30, 2015 Recorded Unpaid Related Average Interest Average Interest Income With no related allowance: Commercial $ 1,011 $ 1,011 $ 1,014 $ 22 $ 1,023 $ 22 Real estate: Construction Commercial 4,579 4,579 4,583 48 4,079 144 Residential 2,597 2,597 2,788 33 2,860 135 Consumer Total 8,187 8,187 8,385 103 7,962 301 With an allowance recorded: Commercial 1,193 1,193 120 1,193 530 27 Real estate: Construction Commercial 186 186 7 188 191 Residential 122 122 6 122 2 123 4 Consumer Total 1,501 1,501 133 1,503 2 844 31 Commercial 2,204 2,204 120 2,207 22 1,553 49 Real estate: Construction Commercial 4,765 4,765 7 4,771 48 4,270 144 Residential 2,719 2,719 6 2,910 35 2,983 139 Consumer Total $ 9,688 $ 9,688 $ 133 $ 9,888 $ 105 $ 8,806 $ 332 |
Union Bank [Member] | |
Summary of Loans Acquired | The following is a summary of the loans acquired in the Union merger as of November 1, 2013, the date of the consolidation: Purchased Credit Impaired Loans Purchased Non- Impaired Loans Total Union Contractually required principal and interest at acquisition $ 10,290 $ 92,704 $ 102,994 Contractual cash flows not expected to be collected (5,487 ) (9,492 ) (14,979 ) Expected cash flows at acquisition 4,803 83,212 88,015 Interest component of expected cash flows (386 ) (12,278 ) (12,664 ) Basis in acquired loans at acquisition – estimated fair value $ 4,417 $ 70,934 $ 75,351 |
Summary of Unpaid Principal Balances and Related Carrying Amounts of Acquired Loans | The unpaid principal balances and the related carrying amount of Union acquired loans as of September 30, 2016 and December 31, 2015 were as follows: September 30, 2016 December 31, Credit impaired purchased loans evaluated individually for incurred credit losses Outstanding balance $ 804 $ 1,478 Carrying Amount 470 668 Other purchased loans evaluated collectively for incurred credit losses Outstanding balance 40,947 49,762 Carrying Amount 40,084 47,723 Total Purchased Loans Outstanding balance 41,751 51,240 Carrying Amount $ 40,554 $ 48,391 |
Summary of Changes in Accretable Discount Related to Purchased Credit Impaired Loans | As of the indicated dates, the changes in the accretable discount related to the purchased credit impaired loans were as follows: Three Months Ended Nine Months Ended September 30, 2016 September 30, 2015 September 30, 2016 September 30, 2015 Balance – beginning of period $ 251 $ 326 $ 307 $ 310 Accretion recognized during the period (403 ) (48 ) (518 ) (104 ) Net reclassification from non-accretable to accretable 322 38 381 110 Balance – end of period $ 170 $ 316 $ 170 $ 316 |
Citizens National Bank of Meyersdale [Member] | |
Summary of Loans Acquired | The following is a summary of the loans acquired in the Citizens’ merger as of December 31, 2015, the effective date of the merger: Purchased Credit Impaired Loans Purchased Non- Impaired Loans Total Citizens Contractually required principal and interest at acquisition $ 894 $ 81,780 $ 82,674 Contractual cash flows not expected to be collected (237 ) (13,517 ) (13,754 ) Expected cash flows at acquisition 657 68,263 68,920 Interest component of expected cash flows (217 ) (10,841 ) (11,058 ) Basis in acquired loans at acquisition – estimated fair value $ 440 $ 57,422 $ 57,862 |
Summary of Unpaid Principal Balances and Related Carrying Amounts of Acquired Loans | The unpaid principal balances and the related carrying amount of Citizens acquired loans as of September 30, 2016 and December 31, 2015 were as follows: September 30, December 31, Credit impaired purchased loans evaluated individually for incurred credit losses Outstanding balance $ 608 $ 608 Carrying Amount 428 440 Other purchased loans evaluated collectively for incurred credit losses Outstanding balance 48,619 57,581 Carrying Amount 48,369 57,422 Total Purchased Loans Outstanding balance 49,228 58,189 Carrying Amount $ 48,797 $ 57,862 |
Summary of Changes in Accretable Discount Related to Purchased Credit Impaired Loans | As of the indicated dates, the changes in the accretable discount related to the purchased credit impaired loans were as follows: Three Months Nine Months Balance – beginning of period $ 206 $ 217 Accretion recognized during the period (7 ) (21 ) Net reclassification from non-accretable to accretable 4 7 Balance – end of period $ 203 $ 203 |
Other assets (Tables)
Other assets (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Components of Other Assets | The components of other assets at September 30, 2016 and December 31, 2015 are summarized as follows: September 30, December 31, Other real estate owned $ 988 $ 885 Bank owned life insurance 11,788 11,764 Restricted equity securities 826 2,315 Deferred tax assets 6,905 7,444 Other assets 1,814 1,704 Total $ 22,321 $ 24,112 |
Fair value estimates (Tables)
Fair value estimates (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | Assets and liabilities measured at fair value on a recurring basis at September 30, 2016 and December 31, 2015 are summarized as follows: Fair Value Measurement Using September 30, 2016 Amount Quoted Prices in Significant Significant State and Municipals: Taxable $ 44,828 $ 44,828 Tax-exempt 5,921 5,921 Mortgage-backed securities: U.S. Government agencies 1,976 1,976 U.S. Government-sponsored enterprises 9,863 9,863 Corporate debt obligations 9,595 9,595 Equity securities, financial services 188 $ 188 Total $ 72,371 $ 188 $ 72,183 Fair Value Measurement Using December 31, 2015 Amount Quoted Prices in Significant Significant Available-for-sale: U.S. Treasury securities $ 103 $ 103 U.S. Government-sponsored enterprises 4,737 4,737 State and municipals: Taxable 15,672 15,672 Tax-exempt 19,098 19,098 Mortgage-backed securities: U.S. Government agencies 277 277 U.S. Government-sponsored enterprises 27,519 27,519 Corporate debt obligations 7,945 7,945 Equity securities, financial services 499 $ 499 Total $ 75,850 $ 499 $ 75,351 |
Summary of Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | Assets and liabilities measured at fair value on a nonrecurring basis at September 30, 2016 and December 31, 2015 are summarized as follows: Fair Value Measurement Using September 30, 2016 Amount (Level 1) Quoted Prices (Level 2) Significant (Level 3) Significant Loans held for sale $ 820 $ 820 Other real estate owned 988 $ 988 Impaired loans, net of related allowance 453 453 Total $ 2,261 $ 820 $ 1,441 Fair Value Measurement Using December 31, 2015 Amount (Level 1) Quoted Prices (Level 2) Significant (Level 3) Significant Loans held for sale $ 1,094 $ 1,094 Other real estate owned 885 $ 885 Impaired loans, net of related allowance 409 $ 93 316 Total $ 2,388 $ 93 $ 1,094 $ 1,201 |
Additional Quantitative Information about Assets Measured at Fair Value on Nonrecurring Basis | The Company did not utilize Level 3 inputs to determine fair value as of September 30, 2016. The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Company utilized Level 3 inputs to determine fair value as of December 31, 2015: Quantitative Information about Level 3 Fair Value Measurements December 31, 2015 Fair Value Valuation Techniques Unobservable Input Range (Weighted Inventory $ 93 Estimated salvage (1) Salvage valuation and liquidation adjustments (2) 88% - 90% (1) Fair value is generally determined through estimated values of the underlying collateral. (2) Values may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range of liquidation expenses and adjustments are presented as a percent of the original inventory value. |
Carrying and Fair Values of Riverview's Financial Instruments | The carrying and fair values of the Company’s financial instruments at September 30, 2016 and December 31, 2015 and their placement within the fair value hierarchy are as follows: Fair Value Hierarchy September 30, 2016 Carrying Fair Value Quoted Prices in (Level 1) Significant (Level 2) Significant (Level 3) Financial assets Cash and cash equivalents $ 7,066 $ 7,066 $ 7,066 Interest-bearing time deposits 9,051 9,051 9,051 Investment securities 72,371 72,371 188 $ 72,183 Loans held for sale 820 820 820 Net loans 394,556 398,126 $ 398,126 Accrued interest receivable 1,701 1,701 1,701 Restricted equity securities 826 826 826 Financial liabilities Deposits $ 458,993 $ 462,526 $ 462,526 Short-term borrowings 6,000 6,000 6,000 Long-term borrowings 11,257 11,233 11,233 Accrued interest payable 220 220 220 Fair Value Hierarchy December 31, 2015 Carrying Fair Value Quoted Prices in (Level 1) Significant (Level 2) Significant (Level 3) Financial assets Cash and cash equivalents $ 21,697 $ 21,697 $ 21,697 Interest-bearing time deposits 991 991 991 Investment securities 75,850 75,850 499 $ 75,351 Loans held for sale 1,094 1,094 1,094 Net loans 405,480 411,521 $ 411,521 Accrued interest receivable 1,594 1,594 1,594 Restricted equity securities 2,315 2,315 2,315 Financial liabilities Deposits $ 448,342 $ 441,413 $ 441,413 Short-term borrowings 42,275 42,275 42,275 Long-term borrowings 9,350 9,343 9,343 Accrued interest payable 236 236 236 |
Other Comprehensive Income (L22
Other Comprehensive Income (Loss) - Summary of Components of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Related income taxes | $ (102) | $ 75 | $ 155 | $ (39) | |
Net of income taxes | (198) | $ 146 | 301 | $ (75) | |
Accumulated other comprehensive income (loss) | $ 193 | 193 | $ (108) | ||
Net Unrealized Gain on Investment Securities Available-for-sale [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Net unrealized gain on investment securities available-for-sale/Benefit plan adjustments | 1,155 | 699 | |||
Related income taxes | 393 | 238 | |||
Net of income taxes | 762 | 461 | |||
Benefit Plan Adjustments [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Net unrealized gain on investment securities available-for-sale/Benefit plan adjustments | (862) | (862) | |||
Related income taxes | (293) | (293) | |||
Net of income taxes | $ (569) | $ (569) |
Other Comprehensive Income (L23
Other Comprehensive Income (Loss) - Schedule of Other Comprehensive Income (Loss) and Related Tax Effects (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Other Comprehensive Income (Loss), Tax [Abstract] | ||||
Unrealized gain (loss) on investment securities available-for-sale | $ (148) | $ 232 | $ 940 | $ (144) |
Net (gain) loss on the sale of investment securities available-for-sale | (152) | (11) | (484) | 30 |
Other comprehensive income (loss) gain before taxes | (300) | 221 | 456 | (114) |
Income tax expense (benefit) | (102) | 75 | 155 | (39) |
Other comprehensive income (loss) | $ (198) | $ 146 | $ 301 | $ (75) |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Earnings Per Share [Abstract] | ||||
Average outstanding stock options excluded from diluted earnings per share | 25,300 | 0 | 25,300 | 0 |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Earnings per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Earnings Per Share [Abstract] | ||||
Basic, Income Numerator | $ 971 | $ 622 | $ 2,579 | $ (348) |
Dilutive effect of potential common stock options, Income Numerator | 0 | 0 | 0 | 0 |
Basic, Income Numerator | 971 | 622 | 2,579 | (348) |
Diluted, Income Numerator | $ 971 | $ 622 | $ 2,579 | $ (348) |
Basic, Common Shares Denominator | 3,224,053 | 2,710,803 | 3,214,967 | 2,709,887 |
Dilutive effect of potential common stock options, Common Shares Denominator | 20,635 | 8,525 | 22,586 | 8,855 |
Diluted, Common Shares Denominator | 3,244,688 | 2,719,328 | 3,237,553 | 2,718,742 |
Basic EPS | $ 0.30 | $ 0.23 | $ 0.80 | $ (0.13) |
Dilutive effect of potential common stock options, EPS | 0 | 0 | 0 | 0 |
Basic EPS | 0.30 | 0.23 | 0.80 | (0.13) |
Diluted EPS | $ 0.30 | $ 0.23 | $ 0.80 | $ (0.13) |
Investment Securities - Schedul
Investment Securities - Schedule of Amortized Cost and Fair Value of Investment Securities Available-for-Sale Aggregated by Investment Category (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 71,216 | $ 75,151 |
Gross Unrealized Gains | 1,473 | 815 |
Gross Unrealized Losses | 318 | 116 |
Fair Value | 72,371 | 75,850 |
Taxable [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 44,117 | 15,367 |
Gross Unrealized Gains | 838 | 314 |
Gross Unrealized Losses | 127 | 9 |
Fair Value | 44,828 | 15,672 |
Tax-Exempt [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 5,749 | 18,830 |
Gross Unrealized Gains | 172 | 273 |
Gross Unrealized Losses | 5 | |
Fair Value | 5,921 | 19,098 |
U.S. Treasury Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 103 | |
Fair Value | 103 | |
U.S. Government-Sponsored Enterprises [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 4,708 | |
Gross Unrealized Gains | 29 | |
Fair Value | 4,737 | |
Mortgage-Backed Securities - U.S. Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,934 | 277 |
Gross Unrealized Gains | 42 | |
Fair Value | 1,976 | 277 |
Mortgage-Backed Securities - U.S. Government-Sponsored Enterprises [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 9,688 | 27,406 |
Gross Unrealized Gains | 176 | 151 |
Gross Unrealized Losses | 1 | 38 |
Fair Value | 9,863 | 27,519 |
Corporate Debt Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 9,545 | 7,990 |
Gross Unrealized Gains | 240 | 17 |
Gross Unrealized Losses | 190 | 62 |
Fair Value | 9,595 | 7,945 |
Equity Securities, Financial Services [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 183 | 470 |
Gross Unrealized Gains | 5 | 31 |
Gross Unrealized Losses | 2 | |
Fair Value | $ 188 | $ 499 |
Investment Securities - Sched27
Investment Securities - Schedule of Debt Securities Classified Available-for-Sale Maturity Distribution of Fair Value (Detail) $ in Thousands | Sep. 30, 2016USD ($) |
Schedule of Available-for-sale Securities [Line Items] | |
Available-for-sale securities, Within one year, Fair Value | $ 232 |
Available-for-sale securities, After one but within five years, Fair Value | 2,021 |
Available-for-sale securities, After five but within ten years, Fair Value | 7,940 |
Available-for-sale securities, After ten years, Fair Value | 50,151 |
Available-for-sale securities, Single maturity, Fair Value | 60,344 |
Total available-for-sale securities, Fair Value | 72,183 |
Mortgage-Backed Securities - U.S. Government-Sponsored Enterprises [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Available-for-sale securities, Without single maturity, Fair Value | $ 11,839 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) $ in Thousands | Sep. 30, 2016USD ($)Securities | Dec. 31, 2015USD ($)Securities |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities pledged as collateral, carrying value | $ | $ 55,429 | $ 53,039 |
Available-for-sale securities in unrealized loss position, number of securities | 16 | 13 |
State and Municipal [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities in unrealized loss position, number of securities | 13 | |
Corporate Debt Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities in unrealized loss position, number of securities | 2 | 2 |
Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities in unrealized loss position, number of securities | 1 | 8 |
Taxable [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities in unrealized loss position, number of securities | 1 | |
Tax-Exempt [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities in unrealized loss position, number of securities | 1 | |
Equity Securities, Financial Services [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities in unrealized loss position, number of securities | 1 |
Investment Securities - Sched29
Investment Securities - Schedule of Fair Value Gross Unrealized Losses of Investment Securities Unrealized Losses (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities in a continuous loss position, Less Than 12 Months, Fair Value | $ 16,580 | $ 14,339 |
Available-for-sale securities in a continuous loss position, Less Than 12 Months, Unrealized Losses | 313 | 102 |
Available-for-sale securities in a continuous loss position, 12 Months or More, Fair Value | 287 | 652 |
Available-for-sale securities in a continuous loss position, 12 Months or More, Unrealized Losses | 5 | 14 |
Available-for-sale securities in a continuous loss position, Fair Value | 16,867 | 14,991 |
Available-for-sale securities in a continuous loss position, Unrealized Losses | 318 | 116 |
Taxable [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities in a continuous loss position, Less Than 12 Months, Fair Value | 10,213 | |
Available-for-sale securities in a continuous loss position, Less Than 12 Months, Unrealized Losses | 122 | |
Available-for-sale securities in a continuous loss position, 12 Months or More, Fair Value | 287 | 284 |
Available-for-sale securities in a continuous loss position, 12 Months or More, Unrealized Losses | 5 | 9 |
Available-for-sale securities in a continuous loss position, Fair Value | 10,500 | 284 |
Available-for-sale securities in a continuous loss position, Unrealized Losses | 127 | 9 |
Tax-Exempt [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities in a continuous loss position, 12 Months or More, Fair Value | 368 | |
Available-for-sale securities in a continuous loss position, 12 Months or More, Unrealized Losses | 5 | |
Available-for-sale securities in a continuous loss position, Fair Value | 368 | |
Available-for-sale securities in a continuous loss position, Unrealized Losses | 5 | |
Mortgage-Backed Securities - U.S. Government-Sponsored Enterprises [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities in a continuous loss position, Less Than 12 Months, Fair Value | 1,011 | 10,238 |
Available-for-sale securities in a continuous loss position, Less Than 12 Months, Unrealized Losses | 1 | 38 |
Available-for-sale securities in a continuous loss position, Fair Value | 1,011 | 10,238 |
Available-for-sale securities in a continuous loss position, Unrealized Losses | 1 | 38 |
Corporate Debt Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities in a continuous loss position, Less Than 12 Months, Fair Value | 5,356 | 3,937 |
Available-for-sale securities in a continuous loss position, Less Than 12 Months, Unrealized Losses | 190 | 62 |
Available-for-sale securities in a continuous loss position, Fair Value | 5,356 | 3,937 |
Available-for-sale securities in a continuous loss position, Unrealized Losses | $ 190 | 62 |
Equity Securities, Financial Services [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities in a continuous loss position, Less Than 12 Months, Fair Value | 164 | |
Available-for-sale securities in a continuous loss position, Less Than 12 Months, Unrealized Losses | 2 | |
Available-for-sale securities in a continuous loss position, Fair Value | 164 | |
Available-for-sale securities in a continuous loss position, Unrealized Losses | $ 2 |
Loans, Net and Allowance for 30
Loans, Net and Allowance for Loan Losses - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2016USD ($)Contract | Sep. 30, 2015USD ($)Contract | Sep. 30, 2016USD ($)Contract | Sep. 30, 2015USD ($)Contract | Dec. 31, 2015USD ($)Loan | Nov. 01, 2013Loan | |
Financing Receivable, Impaired [Line Items] | ||||||
Deferred loan fees, net | $ 986,000 | $ 986,000 | $ 764,000 | |||
Interest income, related to impaired loans | 90,000 | $ 155,000 | 317,000 | $ 470,000 | ||
Troubled debt restructurings, amount | $ 6,342,000 | $ 6,842,000 | $ 6,342,000 | $ 6,842,000 | 7,083,000 | |
Subsequently defaulted number of contracts | Contract | 0 | 2 | 0 | 2 | ||
Financing receivable modifications subsequent default recorded investment | $ 0 | $ 158,000 | $ 0 | $ 158,000 | ||
Troubled Debt Restructurings, Number of Contracts | Contract | 0 | 0 | 0 | 4 | ||
Unused Commitments | $ 64,126,000 | $ 64,126,000 | 49,397,000 | |||
Financial Standby Letter of Credit [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Unused Commitments | 3,537,000 | 3,537,000 | 3,316,000 | |||
Unfunded Loan Commitment [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Unused Commitments | $ 60,589,000 | $ 60,589,000 | $ 46,081,000 | |||
Union Bank [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Purchased credit impaired loans | Loan | 10 | |||||
Citizens National Bank of Meyersdale [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Purchased credit impaired loans | Loan | 14 | |||||
Real Estate Residential [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Troubled debt restructurings, amount | $ 473,000 | $ 473,000 | ||||
Troubled Debt Restructurings, Number of Contracts | Contract | 3 | |||||
Real Estate Residential [Member] | Financing Receivables, Greater than 30 Days Past Due [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Subsequently defaulted number of contracts | Contract | 1 | |||||
Financing receivable modifications subsequent default recorded investment | $ 10,000 | |||||
Commercial Real Estate Owner Occupied [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Troubled debt restructurings, amount | $ 149,000 | $ 149,000 | ||||
Troubled Debt Restructurings, Number of Contracts | Contract | 1 | |||||
Commercial Real Estate Owner Occupied [Member] | Financing Receivables, Greater than 30 Days Past Due [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Subsequently defaulted number of contracts | Contract | 1 | |||||
Financing receivable modifications subsequent default recorded investment | $ 148,000 |
Loans, Net and Allowance for 31
Loans, Net and Allowance for Loan Losses - Schedule of Loans Outstanding (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Receivables [Abstract] | ||
Commercial | $ 45,479 | $ 46,076 |
Construction | 8,672 | 18,599 |
Commercial | 206,661 | 205,500 |
Residential | 131,651 | 135,106 |
Consumer | 5,730 | 4,564 |
Total | $ 398,193 | $ 409,845 |
Loans, Net and Allowance for 32
Loans, Net and Allowance for Loan Losses - Schedule of Allowance for Loan Losses Account by Major Classification of Loan (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Dec. 31, 2015 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Beginning balance | $ 3,609 | $ 4,145 | $ 4,365 | $ 3,792 | ||
Allowance for Loan Losses | 3,609 | 4,145 | 3,637 | 3,994 | $ 3,637 | $ 4,365 |
Allowance for Loan Losses, Charge-offs | (35) | (172) | (1,096) | (280) | ||
Ending balance: individually evaluated for impairment | 90 | 715 | ||||
Allowance for Loan Losses, Recoveries | 34 | 21 | 84 | 32 | ||
Ending balance: collectively evaluated for impairment | 3,547 | 3,650 | ||||
Allowance for Loan Losses, Provision | 29 | 284 | 450 | |||
Ending balance | 398,193 | 409,845 | ||||
Allowance for Loan Losses, Ending balance | 3,637 | 3,994 | 3,637 | 3,994 | ||
Ending balance: individually evaluated for impairment | 7,528 | 9,548 | ||||
Ending balance: collectively evaluated for impairment | 390,665 | 400,297 | ||||
Commercial [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Beginning balance | 558 | 640 | 1,298 | 330 | ||
Allowance for Loan Losses | 558 | 640 | 510 | 458 | 510 | 1,298 |
Allowance for Loan Losses, Charge-offs | (1) | (724) | ||||
Ending balance: individually evaluated for impairment | 2 | 700 | ||||
Allowance for Loan Losses, Recoveries | 25 | 70 | 8 | |||
Ending balance: collectively evaluated for impairment | 508 | 598 | ||||
Allowance for Loan Losses, Provision | (72) | (182) | (134) | 120 | ||
Ending balance | 45,479 | 46,076 | ||||
Allowance for Loan Losses, Ending balance | 510 | 458 | 510 | 458 | ||
Ending balance: individually evaluated for impairment | 964 | 1,787 | ||||
Ending balance: collectively evaluated for impairment | 44,515 | 44,289 | ||||
Real Estate Construction [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Beginning balance | 170 | 116 | 202 | 115 | ||
Allowance for Loan Losses | 170 | 116 | 157 | 159 | 157 | 202 |
Allowance for Loan Losses, Charge-offs | (1) | (250) | ||||
Allowance for Loan Losses, Recoveries | 1 | 1 | ||||
Ending balance: collectively evaluated for impairment | 157 | 202 | ||||
Allowance for Loan Losses, Provision | (13) | 43 | 204 | 44 | ||
Ending balance | 8,672 | 18,599 | ||||
Allowance for Loan Losses, Ending balance | 157 | 159 | 157 | 159 | ||
Ending balance: collectively evaluated for impairment | 8,672 | 18,599 | ||||
Real Estate Commercial [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Beginning balance | 2,100 | 2,408 | 2,227 | 2,462 | ||
Allowance for Loan Losses | 2,100 | 2,408 | 2,138 | 2,417 | 2,138 | 2,227 |
Allowance for Loan Losses, Charge-offs | (138) | (65) | (188) | |||
Ending balance: individually evaluated for impairment | 55 | 8 | ||||
Allowance for Loan Losses, Recoveries | 19 | 19 | ||||
Ending balance: collectively evaluated for impairment | 2,083 | 2,219 | ||||
Allowance for Loan Losses, Provision | 38 | 128 | (24) | 124 | ||
Ending balance | 206,661 | 205,500 | ||||
Allowance for Loan Losses, Ending balance | 2,138 | 2,417 | 2,138 | 2,417 | ||
Ending balance: individually evaluated for impairment | 3,736 | 4,714 | ||||
Ending balance: collectively evaluated for impairment | 202,925 | 200,786 | ||||
Real Estate Residential [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Beginning balance | 745 | 796 | 613 | 805 | ||
Allowance for Loan Losses | 745 | 796 | 790 | 767 | 790 | 613 |
Allowance for Loan Losses, Charge-offs | (25) | (24) | (33) | (60) | ||
Ending balance: individually evaluated for impairment | 33 | 7 | ||||
Allowance for Loan Losses, Recoveries | 1 | 3 | ||||
Ending balance: collectively evaluated for impairment | 757 | 606 | ||||
Allowance for Loan Losses, Provision | 69 | (5) | 207 | 22 | ||
Ending balance | 131,651 | 135,106 | ||||
Allowance for Loan Losses, Ending balance | 790 | 767 | 790 | 767 | ||
Ending balance: individually evaluated for impairment | 2,828 | 3,047 | ||||
Ending balance: collectively evaluated for impairment | 128,823 | 132,059 | ||||
Consumer [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Beginning balance | 36 | 22 | 25 | 15 | ||
Allowance for Loan Losses | 36 | 22 | 40 | 26 | 40 | 25 |
Allowance for Loan Losses, Charge-offs | (8) | (10) | (24) | (32) | ||
Allowance for Loan Losses, Recoveries | 7 | 2 | 10 | 5 | ||
Ending balance: collectively evaluated for impairment | 40 | 25 | ||||
Allowance for Loan Losses, Provision | 5 | 12 | 29 | 38 | ||
Ending balance | 5,730 | 4,564 | ||||
Allowance for Loan Losses, Ending balance | 40 | 26 | 40 | 26 | ||
Ending balance: collectively evaluated for impairment | 5,730 | $ 4,564 | ||||
Unallocated [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Beginning balance | 163 | 65 | ||||
Allowance for Loan Losses | 2 | 163 | 2 | 167 | 2 | |
Ending balance: collectively evaluated for impairment | $ 2 | |||||
Allowance for Loan Losses, Provision | 2 | 4 | 2 | 102 | ||
Allowance for Loan Losses, Ending balance | $ 2 | $ 167 | $ 2 | $ 167 |
Loans, Net and Allowance for 33
Loans, Net and Allowance for Loan Losses - Summary of Major Classification of Loans Summarized by Aggregate Pass Rating (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | $ 398,193 | $ 409,845 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 45,479 | 46,076 |
Real Estate Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 8,672 | 18,599 |
Real Estate Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 206,661 | 205,500 |
Real Estate Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 131,651 | 135,106 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 5,730 | 4,564 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 381,009 | 391,783 |
Pass [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 42,506 | 43,377 |
Pass [Member] | Real Estate Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 8,672 | 18,349 |
Pass [Member] | Real Estate Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 194,279 | 194,400 |
Pass [Member] | Real Estate Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 129,822 | 131,093 |
Pass [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 5,730 | 4,564 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 10,038 | 5,704 |
Special Mention [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 1,610 | 443 |
Special Mention [Member] | Real Estate Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 8,400 | 5,069 |
Special Mention [Member] | Real Estate Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 28 | 192 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 7,146 | 12,358 |
Substandard [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 1,363 | 2,256 |
Substandard [Member] | Real Estate Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 250 | |
Substandard [Member] | Real Estate Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 3,982 | 6,031 |
Substandard [Member] | Real Estate Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | $ 1,801 | $ 3,821 |
Loans, Net and Allowance for 34
Loans, Net and Allowance for Loan Losses - Summary of Nonaccrual Loans by Major Loan Classification (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans on nonaccrual status | $ 1,463 | $ 3,182 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans on nonaccrual status | 350 | 1,143 |
Real Estate Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans on nonaccrual status | 410 | 1,118 |
Real Estate Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans on nonaccrual status | $ 703 | $ 921 |
Loans, Net and Allowance for 35
Loans, Net and Allowance for Loan Losses - Summary of Major Classifications of Loans by Past Due Status (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 2,862 | $ 5,888 |
Current | 395,331 | 403,957 |
Ending balance | 398,193 | 409,845 |
Loans > 90 Days and Accruing | 133 | 89 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 261 | 1,041 |
Current | 45,218 | 45,035 |
Ending balance | 45,479 | 46,076 |
Real Estate Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 250 | |
Current | 8,672 | 18,349 |
Ending balance | 8,672 | 18,599 |
Real Estate Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 702 | 1,309 |
Current | 205,959 | 204,191 |
Ending balance | 206,661 | 205,500 |
Real Estate Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,897 | 3,277 |
Current | 129,754 | 131,829 |
Ending balance | 131,651 | 135,106 |
Loans > 90 Days and Accruing | 133 | 89 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2 | 11 |
Current | 5,728 | 4,553 |
Ending balance | 5,730 | 4,564 |
30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,778 | 1,556 |
30-59 Days Past Due [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 46 | 34 |
30-59 Days Past Due [Member] | Real Estate Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 644 | 303 |
30-59 Days Past Due [Member] | Real Estate Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,086 | 1,209 |
30-59 Days Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2 | 10 |
60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 377 | 2,134 |
60-89 Days Past Due [Member] | Real Estate Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 250 | |
60-89 Days Past Due [Member] | Real Estate Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 58 | 447 |
60-89 Days Past Due [Member] | Real Estate Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 319 | 1,437 |
Greater Than 90 Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 707 | 2,198 |
Greater Than 90 Days [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 215 | 1,007 |
Greater Than 90 Days [Member] | Real Estate Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 559 | |
Greater Than 90 Days [Member] | Real Estate Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 492 | 631 |
Greater Than 90 Days [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 1 |
Loans, Net and Allowance for 36
Loans, Net and Allowance for Loan Losses - Schedule of Information Concerning Impaired Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Financing Receivable, Impaired [Line Items] | |||||
Impaired loans with no related allowance recorded, recorded investment | $ 6,985 | $ 8,187 | $ 6,985 | $ 8,187 | $ 8,424 |
Impaired loans with an allowance recorded, recorded investment | 543 | 1,501 | 543 | 1,501 | 1,124 |
Impaired loans, recorded investment | 7,528 | 9,688 | 7,528 | 9,688 | 9,548 |
Impaired loans with no related allowance recorded, unpaid principal balance | 7,122 | 8,187 | 7,122 | 8,187 | 8,542 |
Impaired loans with an allowance recorded, unpaid principal balance | 543 | 1,501 | 543 | 1,501 | 1,662 |
Impaired loans, unpaid principal balance | 7,665 | 9,688 | 7,665 | 9,688 | 10,204 |
Impaired loans, related allowance | 90 | 133 | 90 | 133 | 715 |
Impaired loans with no related allowance recorded, average recorded investment | 7,205 | 8,385 | 7,614 | 7,962 | 7,857 |
Impaired loans with an allowance recorded, average recorded investment | 516 | 1,503 | 483 | 844 | 984 |
Impaired loans, average recorded investment | 7,721 | 9,888 | 8,097 | 8,806 | 8,841 |
Impaired loans with no related allowance recorded, interest income recognized | 62 | 103 | 234 | 301 | 368 |
Impaired loans with an allowance recorded, interest income recognized | 2 | 2 | 4 | 31 | 30 |
Impaired loans, interest income recognized | 64 | 105 | 238 | 332 | 398 |
Commercial [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired loans with no related allowance recorded, recorded investment | 838 | 1,011 | 838 | 1,011 | 994 |
Impaired loans with an allowance recorded, recorded investment | 126 | 1,193 | 126 | 1,193 | 793 |
Impaired loans, recorded investment | 964 | 2,204 | 964 | 2,204 | 1,787 |
Impaired loans with no related allowance recorded, unpaid principal balance | 838 | 1,011 | 838 | 1,011 | 994 |
Impaired loans with an allowance recorded, unpaid principal balance | 126 | 1,193 | 126 | 1,193 | 1,193 |
Impaired loans, unpaid principal balance | 964 | 2,204 | 964 | 2,204 | 2,187 |
Impaired loans, related allowance | 2 | 120 | 2 | 120 | 700 |
Impaired loans with no related allowance recorded, average recorded investment | 843 | 1,014 | 849 | 1,023 | 1,018 |
Impaired loans with an allowance recorded, average recorded investment | 128 | 1,193 | 132 | 530 | 663 |
Impaired loans, average recorded investment | 971 | 2,207 | 981 | 1,553 | 1,681 |
Impaired loans with no related allowance recorded, interest income recognized | 8 | 22 | 22 | 22 | 28 |
Impaired loans with an allowance recorded, interest income recognized | 27 | 21 | |||
Impaired loans, interest income recognized | 8 | 22 | 22 | 49 | 49 |
Real Estate Commercial [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired loans with no related allowance recorded, recorded investment | 3,438 | 4,579 | 3,438 | 4,579 | 4,504 |
Impaired loans with an allowance recorded, recorded investment | 298 | 186 | 298 | 186 | 210 |
Impaired loans, recorded investment | 3,736 | 4,765 | 3,736 | 4,765 | 4,714 |
Impaired loans with no related allowance recorded, unpaid principal balance | 3,438 | 4,579 | 3,438 | 4,579 | 4,504 |
Impaired loans with an allowance recorded, unpaid principal balance | 298 | 186 | 298 | 186 | 348 |
Impaired loans, unpaid principal balance | 3,736 | 4,765 | 3,736 | 4,765 | 4,852 |
Impaired loans, related allowance | 55 | 7 | 55 | 7 | 8 |
Impaired loans with no related allowance recorded, average recorded investment | 3,455 | 4,583 | 3,823 | 4,079 | 4,069 |
Impaired loans with an allowance recorded, average recorded investment | 269 | 188 | 231 | 191 | 198 |
Impaired loans, average recorded investment | 3,724 | 4,771 | 4,054 | 4,270 | 4,267 |
Impaired loans with no related allowance recorded, interest income recognized | 20 | 48 | 110 | 144 | 207 |
Impaired loans with an allowance recorded, interest income recognized | 4 | ||||
Impaired loans, interest income recognized | 20 | 48 | 110 | 144 | 211 |
Real Estate Residential [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired loans with no related allowance recorded, recorded investment | 2,709 | 2,597 | 2,709 | 2,597 | 2,926 |
Impaired loans with an allowance recorded, recorded investment | 119 | 122 | 119 | 122 | 121 |
Impaired loans, recorded investment | 2,828 | 2,719 | 2,828 | 2,719 | 3,047 |
Impaired loans with no related allowance recorded, unpaid principal balance | 2,846 | 2,597 | 2,846 | 2,597 | 3,044 |
Impaired loans with an allowance recorded, unpaid principal balance | 119 | 122 | 119 | 122 | 121 |
Impaired loans, unpaid principal balance | 2,965 | 2,719 | 2,965 | 2,719 | 3,165 |
Impaired loans, related allowance | 33 | 6 | 33 | 6 | 7 |
Impaired loans with no related allowance recorded, average recorded investment | 2,907 | 2,788 | 2,942 | 2,860 | 2,770 |
Impaired loans with an allowance recorded, average recorded investment | 119 | 122 | 120 | 123 | 123 |
Impaired loans, average recorded investment | 3,026 | 2,910 | 3,062 | 2,983 | 2,893 |
Impaired loans with no related allowance recorded, interest income recognized | 34 | 33 | 102 | 135 | 133 |
Impaired loans with an allowance recorded, interest income recognized | 2 | 2 | 4 | 4 | 5 |
Impaired loans, interest income recognized | $ 36 | $ 35 | $ 106 | $ 139 | $ 138 |
Loans Receivable, Credit Qualit
Loans Receivable, Credit Quality for Loans and the Allowance for Loan Losses - Summary of Loans Acquired (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Nov. 01, 2013 |
Union Bank [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Contractually required principal and interest at acquisition | $ 102,994 | |
Contractual cash flows not expected to be collected | (14,979) | |
Expected cash flows at acquisition | 88,015 | |
Interest component of expected cash flows | (12,664) | |
Basis in acquired loans at acquisition - estimated fair value | 75,351 | |
Union Bank [Member] | Purchased Credit Impaired Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Contractually required principal and interest at acquisition | 10,290 | |
Contractual cash flows not expected to be collected | (5,487) | |
Expected cash flows at acquisition | 4,803 | |
Interest component of expected cash flows | (386) | |
Basis in acquired loans at acquisition - estimated fair value | 4,417 | |
Union Bank [Member] | Purchased Non-Impaired Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Contractually required principal and interest at acquisition | 92,704 | |
Contractual cash flows not expected to be collected | (9,492) | |
Expected cash flows at acquisition | 83,212 | |
Interest component of expected cash flows | (12,278) | |
Basis in acquired loans at acquisition - estimated fair value | $ 70,934 | |
Citizens National Bank of Meyersdale [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Contractually required principal and interest at acquisition | $ 82,674 | |
Contractual cash flows not expected to be collected | (13,754) | |
Expected cash flows at acquisition | 68,920 | |
Interest component of expected cash flows | (11,058) | |
Basis in acquired loans at acquisition - estimated fair value | 57,862 | |
Citizens National Bank of Meyersdale [Member] | Purchased Credit Impaired Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Contractually required principal and interest at acquisition | 894 | |
Contractual cash flows not expected to be collected | (237) | |
Expected cash flows at acquisition | 657 | |
Interest component of expected cash flows | (217) | |
Basis in acquired loans at acquisition - estimated fair value | 440 | |
Citizens National Bank of Meyersdale [Member] | Purchased Non-Impaired Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Contractually required principal and interest at acquisition | 81,780 | |
Contractual cash flows not expected to be collected | (13,517) | |
Expected cash flows at acquisition | 68,263 | |
Interest component of expected cash flows | (10,841) | |
Basis in acquired loans at acquisition - estimated fair value | $ 57,422 |
Loans Receivable, Credit Qual38
Loans Receivable, Credit Quality for Loans and the Allowance for Loan Losses - Summary of Unpaid Principal Balances and Related Carrying Amounts of Acquired Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Union Bank [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | $ 41,751 | $ 51,240 |
Carrying Amount | 40,554 | 48,391 |
Union Bank [Member] | Credit Impaired Purchased Loans Evaluated Individually for Incurred Credit Losses [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 804 | 1,478 |
Carrying Amount | 470 | 668 |
Union Bank [Member] | Other Purchased Loans Evaluated Collectively for Incurred Credit Losses [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 40,947 | 49,762 |
Carrying Amount | 40,084 | 47,723 |
Citizens National Bank of Meyersdale [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 49,228 | 58,189 |
Carrying Amount | 48,797 | 57,862 |
Citizens National Bank of Meyersdale [Member] | Credit Impaired Purchased Loans Evaluated Individually for Incurred Credit Losses [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 608 | 608 |
Carrying Amount | 428 | 440 |
Citizens National Bank of Meyersdale [Member] | Other Purchased Loans Evaluated Collectively for Incurred Credit Losses [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 48,619 | 57,581 |
Carrying Amount | $ 48,369 | $ 57,422 |
Loans Receivable, Credit Qual39
Loans Receivable, Credit Quality for Loans and the Allowance for Loan Losses - Summary of Changes in Accretable Discount Related to Purchased Credit Impaired Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Union Bank [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Balance - beginning of period | $ 251 | $ 326 | $ 307 | $ 310 |
Accretion recognized during the period | (403) | (48) | (518) | (104) |
Net reclassification from non-accretable to accretable | 322 | 38 | 381 | 110 |
Balance - end of period | 170 | $ 316 | 170 | $ 316 |
Citizens National Bank of Meyersdale [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Balance - beginning of period | 206 | 217 | ||
Accretion recognized during the period | (7) | (21) | ||
Net reclassification from non-accretable to accretable | 4 | 7 | ||
Balance - end of period | $ 203 | $ 203 |
Other Assets - Components of Ot
Other Assets - Components of Other Assets (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Other Assets [Abstract] | ||
Other real estate owned | $ 988 | $ 885 |
Bank owned life insurance | 11,788 | 11,764 |
Restricted equity securities | 826 | 2,315 |
Deferred tax assets | 6,905 | 7,444 |
Other assets | 1,814 | 1,704 |
Total | $ 22,321 | $ 24,112 |
Fair Value Estimates - Financia
Fair Value Estimates - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for- sale | $ 72,371 | $ 75,850 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for- sale | 188 | 499 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for- sale | 72,183 | 75,351 |
Fair Value Measurements Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for- sale | 72,371 | 75,850 |
Fair Value Measurements Recurring [Member] | Taxable [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for- sale | 44,828 | 15,672 |
Fair Value Measurements Recurring [Member] | Tax-Exempt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for- sale | 5,921 | 19,098 |
Fair Value Measurements Recurring [Member] | Mortgage-Backed Securities - U.S. Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for- sale | 1,976 | 277 |
Fair Value Measurements Recurring [Member] | Mortgage-Backed Securities - U.S. Government-Sponsored Enterprises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for- sale | 9,863 | 27,519 |
Fair Value Measurements Recurring [Member] | Corporate Debt Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for- sale | 9,595 | 7,945 |
Fair Value Measurements Recurring [Member] | Equity Securities, Financial Services [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for- sale | 188 | 499 |
Fair Value Measurements Recurring [Member] | U.S. Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for- sale | 103 | |
Fair Value Measurements Recurring [Member] | U.S. Government-Sponsored Enterprises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for- sale | 4,737 | |
Fair Value Measurements Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for- sale | 188 | 499 |
Fair Value Measurements Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Securities, Financial Services [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for- sale | 188 | 499 |
Fair Value Measurements Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for- sale | 72,183 | 75,351 |
Fair Value Measurements Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Taxable [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for- sale | 44,828 | 15,672 |
Fair Value Measurements Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Tax-Exempt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for- sale | 5,921 | 19,098 |
Fair Value Measurements Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Mortgage-Backed Securities - U.S. Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for- sale | 1,976 | 277 |
Fair Value Measurements Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Mortgage-Backed Securities - U.S. Government-Sponsored Enterprises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for- sale | 9,863 | 27,519 |
Fair Value Measurements Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Corporate Debt Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for- sale | $ 9,595 | 7,945 |
Fair Value Measurements Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for- sale | 103 | |
Fair Value Measurements Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. Government-Sponsored Enterprises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for- sale | $ 4,737 |
Fair Value Estimates - Summary
Fair Value Estimates - Summary of Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis (Detail) - Fair Value Measurements Nonrecurring [Member] - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale | $ 820 | $ 1,094 |
Other real estate owned | 988 | 885 |
Impaired loans, net of related allowance | 453 | 409 |
Total | 2,261 | 2,388 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, net of related allowance | 93 | |
Total | 93 | |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale | 820 | 1,094 |
Total | 820 | 1,094 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | 988 | 885 |
Impaired loans, net of related allowance | 453 | 316 |
Total | $ 1,441 | $ 1,201 |
Fair Value Estimates - Addition
Fair Value Estimates - Additional Quantitative Information about Assets Measured at Fair Value on Nonrecurring Basis (Detail) - Fair Value Measurements Nonrecurring [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Sep. 30, 2016 | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Estimate | $ 2,388 | $ 2,261 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Estimate | 1,201 | $ 1,441 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value Adjustment to Inventory [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Estimate | $ 93 | |
Valuation Technique | Estimated salvage | |
Unobservable Input | Salvage valuation and liquidation adjustments | |
Significant Unobservable Inputs (Level 3) [Member] | Minimum [Member] | Fair Value Adjustment to Inventory [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range | 88.00% | |
Significant Unobservable Inputs (Level 3) [Member] | Maximum [Member] | Fair Value Adjustment to Inventory [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range | 90.00% |
Fair Value Estimates - Carrying
Fair Value Estimates - Carrying and Fair Values of Riverview's Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
Financial assets: | ||||
Cash and cash equivalents | $ 16,117 | $ 22,688 | $ 14,262 | $ 14,580 |
Investment securities | 72,371 | 75,850 | ||
Loans held for sale | 820 | 1,094 | ||
Net loans | 394,556 | 405,480 | ||
Accrued interest receivable | 1,701 | 1,594 | ||
Restricted equity securities | 826 | 2,315 | ||
Financial liabilities: | ||||
Deposits | 458,993 | 448,342 | ||
Short-term borrowings | 6,000 | 42,575 | ||
Long-term borrowings | 11,257 | 9,350 | ||
Accrued interest payable | 220 | 236 | ||
Carrying Amount [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | 7,066 | 21,697 | ||
Interest-bearing time deposits | 9,051 | 991 | ||
Investment securities | 72,371 | 75,850 | ||
Loans held for sale | 820 | 1,094 | ||
Net loans | 394,556 | 405,480 | ||
Accrued interest receivable | 1,701 | 1,594 | ||
Restricted equity securities | 826 | 2,315 | ||
Financial liabilities: | ||||
Deposits | 458,993 | 448,342 | ||
Short-term borrowings | 6,000 | 42,275 | ||
Long-term borrowings | 11,257 | 9,350 | ||
Accrued interest payable | 220 | 236 | ||
Fair Value [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | 7,066 | 21,697 | ||
Interest-bearing time deposits | 9,051 | 991 | ||
Investment securities | 72,371 | 75,850 | ||
Loans held for sale | 820 | 1,094 | ||
Net loans | 398,126 | 411,521 | ||
Accrued interest receivable | 1,701 | 1,594 | ||
Restricted equity securities | 826 | 2,315 | ||
Financial liabilities: | ||||
Deposits | 462,526 | 441,413 | ||
Short-term borrowings | 6,000 | 42,275 | ||
Long-term borrowings | 11,233 | 9,343 | ||
Accrued interest payable | 220 | 236 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | 7,066 | 21,697 | ||
Interest-bearing time deposits | 9,051 | 991 | ||
Investment securities | 188 | 499 | ||
Accrued interest receivable | 1,701 | 1,594 | ||
Restricted equity securities | 826 | 2,315 | ||
Financial liabilities: | ||||
Accrued interest payable | 220 | 236 | ||
Significant Other Observable Inputs (Level 2) [Member] | ||||
Financial assets: | ||||
Investment securities | 72,183 | 75,351 | ||
Loans held for sale | 820 | 1,094 | ||
Accrued interest receivable | 1,594 | |||
Restricted equity securities | 2,315 | |||
Financial liabilities: | ||||
Deposits | 462,526 | 441,413 | ||
Short-term borrowings | 6,000 | 42,275 | ||
Long-term borrowings | 11,233 | 9,343 | ||
Significant Unobservable Inputs (Level 3) [Member] | ||||
Financial assets: | ||||
Net loans | $ 398,126 | $ 411,521 |