Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Jul. 25, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
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 | 4,877,265 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Assets: | ||
Cash and due from banks | $ 9,613 | $ 7,783 |
Interest-bearing deposits in other banks | 6,064 | 11,337 |
Investment securities available-for-sale | 67,852 | 73,113 |
Loans held for sale | 1,037 | 652 |
Loans, net | 504,749 | 409,343 |
Less: allowance for loan losses | 4,834 | 3,732 |
Net loans | 499,915 | 405,611 |
Premises and equipment, net | 12,132 | 12,201 |
Accrued interest receivable | 1,651 | 1,726 |
Goodwill | 5,079 | 5,408 |
Intangible assets | 1,170 | 1,405 |
Other assets | 23,728 | 23,812 |
Total assets | 628,241 | 543,048 |
Deposits: | ||
Noninterest-bearing | 76,096 | 73,932 |
Interest-bearing | 447,799 | 378,628 |
Total deposits | 523,895 | 452,560 |
Short-term borrowings | 30,000 | 31,500 |
Long-term debt | 11,589 | 11,154 |
Accrued interest payable | 194 | 192 |
Other liabilities | 5,048 | 5,722 |
Total liabilities | 570,726 | 501,128 |
Stockholders' equity: | ||
Preferred stock: no par value, authorized 3,000,000 shares; Series A convertible perpetual preferred stock | ||
Common stock: no par value, authorized 20,000,000 shares; June 30, 2017, issued and outstanding 4,876,774 shares; December 31, 2016, issued and outstanding 3,237,859 shares | 45,240 | 29,052 |
Capital surplus | 235 | 220 |
Retained earnings | 13,118 | 14,845 |
Accumulated other comprehensive loss | (1,078) | (2,197) |
Total stockholders' equity | 57,515 | 41,920 |
Total liabilities and stockholders' equity | $ 628,241 | $ 543,048 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | ||
Preferred stock, shares authorized | 3,000,000 | 3,000,000 |
Common stock, par value | ||
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 4,876,774 | 3,237,859 |
Common stock, shares outstanding | 4,876,774 | 3,237,859 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Interest and fees on loans: | ||||
Taxable | $ 4,989 | $ 4,337 | $ 9,274 | $ 8,764 |
Tax-exempt | 107 | 88 | 215 | 174 |
Interest and dividends on investment securities available-for-sale: | ||||
Taxable | 566 | 435 | 1,130 | 836 |
Tax-exempt | 46 | 91 | 93 | 227 |
Dividends | 4 | 3 | 7 | |
Interest on interest-bearing deposits in other banks | 24 | 13 | 47 | 28 |
Interest on federal funds sold | 4 | 1 | 10 | 2 |
Total interest income | 5,736 | 4,969 | 10,772 | 10,038 |
Interest expense: | ||||
Interest on deposits | 668 | 461 | 1,200 | 928 |
Interest on short-term borrowings | 63 | 13 | 85 | 56 |
Interest on long-term debt | 78 | 82 | 153 | 137 |
Total interest expense | 809 | 556 | 1,438 | 1,121 |
Net interest income | 4,927 | 4,413 | 9,334 | 8,917 |
Provision for loan losses | 519 | 156 | 1,124 | 255 |
Net interest income after provision for loan losses | 4,408 | 4,257 | 8,210 | 8,662 |
Noninterest income: | ||||
Service charges, fees and commissions | 292 | 320 | 629 | 618 |
Commission and fees on fiduciary activities | 31 | 35 | 61 | 54 |
Wealth management income | 194 | 179 | 452 | 337 |
Mortgage banking income | 147 | 109 | 229 | 191 |
Bank owned life insurance investment income | 74 | 76 | 147 | 158 |
Net gain on sale of investment securities available-for-sale | 64 | 334 | 63 | 332 |
Total noninterest income | 802 | 1,053 | 1,581 | 1,690 |
Noninterest expense: | ||||
Salaries and employee benefits expense | 2,757 | 2,126 | 5,593 | 4,277 |
Net occupancy and equipment expense | 634 | 526 | 1,280 | 1,079 |
Amortization of intangible assets | 71 | 76 | 235 | 152 |
Net cost of operation of other real estate owned | 138 | 89 | 174 | 131 |
Other expenses | 1,441 | 1,428 | 2,922 | 2,721 |
Total noninterest expense | 5,041 | 4,245 | 10,204 | 8,360 |
Income (loss) before income taxes | 169 | 1,065 | (413) | 1,992 |
Income tax expense (benefit) | (10) | 210 | (25) | 384 |
Net income (loss) | 179 | 855 | (388) | 1,608 |
Other comprehensive income: | ||||
Unrealized gain on investment securities available-for-sale | 1,246 | 581 | 1,758 | 1,088 |
Reclassification adjustment for net gain on sale of investment securities available-for-sale included in net income (loss) | (64) | (334) | (63) | (332) |
Other comprehensive income | 1,182 | 247 | 1,695 | 756 |
Income tax expense (benefit) related to other comprehensive income | 402 | 84 | 576 | 257 |
Net of income taxes | 780 | 163 | 1,119 | 499 |
Comprehensive income | $ 959 | $ 1,018 | $ 731 | $ 2,107 |
Net income: | ||||
Basic | $ 0.04 | $ 0.27 | $ (0.08) | $ 0.50 |
Diluted | $ 0.04 | $ 0.27 | $ (0.08) | $ 0.50 |
Average common shares outstanding: | ||||
Basic | 3,655,446 | 3,214,248 | 3,555,629 | 3,210,375 |
Diluted | 3,726,939 | 3,245,868 | 3,555,629 | 3,233,937 |
Dividends declared | $ 0.14 | $ 0.14 | $ 0.28 | $ 0.28 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Preferred Stock [Member] | Common Stock [Member] | Capital Surplus [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Balance | $ 42,303 | $ 28,681 | $ 180 | $ 13,550 | $ (108) | |
Net income (loss) | 1,608 | 1,608 | ||||
Other comprehensive income, net of income taxes | 499 | 499 | ||||
Compensation cost of option grants | 21 | 21 | ||||
Issuance under ESPP, 401k and Dividend Reinvestment plans | 174 | 174 | ||||
Dividends declared | (884) | (884) | ||||
Balance | 43,721 | 28,855 | 201 | 14,274 | 391 | |
Balance | 41,920 | 29,052 | 220 | 14,845 | (2,197) | |
Net income (loss) | (388) | (388) | ||||
Other comprehensive income, net of income taxes | 1,119 | 1,119 | ||||
Compensation cost of option grants | 15 | 15 | ||||
Issuance of 269,885 common shares | 2,658 | 2,658 | ||||
Issuance of 1,348,809 preferred shares | 13,283 | $ 13,283 | ||||
Preferred shares converted into common shares | $ (13,283) | 13,283 | ||||
Issuance under ESPP, 401k and Dividend Reinvestment plans | 247 | 247 | ||||
Dividends declared | (1,339) | (1,339) | ||||
Balance | $ 57,515 | $ 45,240 | $ 235 | $ 13,118 | $ (1,078) |
Consolidated Statements of Cha6
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Statement of Stockholders' Equity [Abstract] | ||
Issuance of common shares | 269,885 | |
Issuance of preferred shares | 1,348,809 | |
Issuance under ESPP, 401k and Dividend Reinvestment plans, shares | 9,614 | 15,390 |
Dividends declared, per share | $ 0.28 | $ 0.28 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (388) | $ 1,608 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Depreciation of premises and equipment | 392 | 390 |
Provision for loan losses | 1,124 | 255 |
Stock based compensation | 15 | 21 |
Net amortization of investment securities available-for-sale | 195 | 279 |
Net cost of operation of other real estate owned | 174 | 131 |
Net gain on sale of investment securities available-for-sale | (63) | (332) |
Amortization of purchase adjustment on loans | (98) | (270) |
Amortization of intangible assets | 235 | 152 |
Deferred income taxes | (47) | 384 |
Proceeds from sale of loans originated for sale | 11,606 | 10,877 |
Net gain on sale of loans originated for sale | (229) | (182) |
Loans originated for sale | (11,762) | (9,919) |
Bank owned life insurance investment income | (147) | (158) |
Accrued interest receivable | 75 | 8 |
Other assets | (785) | (418) |
Accrued interest payable | 2 | (15) |
Other liabilities | (674) | (123) |
Net cash provided by (used in) operating activities | (375) | 2,688 |
Cash flows from investing activities: | ||
Net maturities of interest-bearing time deposits | 991 | |
Investment securities available-for-sale: | ||
Purchases | (31,265) | |
Proceeds from repayments | 1,260 | 5,052 |
Proceeds from sales | 5,564 | 28,619 |
Proceeds from the sale of other real estate owned | 433 | 1,020 |
Net decrease in restricted equity securities | 83 | 1,727 |
Net (increase) decrease in loans | (95,517) | 9,571 |
Business disposition (acquisition), net of cash | 329 | (895) |
Purchases of premises and equipment | (323) | (253) |
Purchase of bank-owned life insurance | (16) | (27) |
Net cash provided by (used in) investing activities | (88,187) | 14,540 |
Cash flows from financing activities: | ||
Net increase in deposits | 71,335 | 13,105 |
Net decrease in short-term borrowings | (1,500) | (38,506) |
Repayment of long-term debt | (165) | (65) |
Proceeds from long-term debt | 600 | 2,050 |
Issuance under ESPP, 401k and DRP plans | 247 | 174 |
Issuance of common stock | 15,941 | |
Cash dividends paid | (1,339) | (884) |
Net cash provided by (used in) financing activities | 85,119 | (24,126) |
Net increase (decrease) in cash and cash equivalents | (3,443) | (6,898) |
Cash and cash equivalents - beginning | 19,120 | 21,697 |
Cash and cash equivalents - ending | 15,677 | 14,799 |
Cash paid during the period for: | ||
Interest | 1,436 | 1,136 |
Income taxes | 0 | 0 |
Noncash items from investing activities: | ||
Other real estate acquired in settlement of loans | $ 187 | $ 1,040 |
Summary of significant accounti
Summary of significant accounting policies | 6 Months Ended |
Jun. 30, 2017 | |
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”). The Company services its retail and commercial customers through 17 community banking offices located within Berks, Dauphin, Lycoming, 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 Regulation S-X. 10-K, 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, the determination of other-than-temporary impairment losses on securities and impairment of goodwill. Actual results could differ from those estimates. Recent Accounting Standards In January 2016, the FASB issued ASU No. 2016-01, 825-10): 2016-01, 2016-01 In February 2016, the FASB issued ASU No. 2016-02, 2016-02, right-of-use 2016-02 In March 2016, the FASB issued ASU No. 2016-07, step-by-step available-for-sale No. 2016-07 In March 2016, the FASB issued ASU No. 2016-09, No. 2016-09 In June 2016, the FASB ASU No. 2016-13, 2016-13 requires 2016-13 available-for-sale In August 2016, the FASB issued ASU No. 2016-15, In December 2016, the FASB issued ASU No. 2016-20, ASU 2016-20 ASU 2014-09, ASU 2014-09, non-interest ASU 2016-20 2014-09 non-interest ASU 2016-20 2014-09 In January 2017, FASB issued ASU No. 2017-01, In January 2017, the FASB issued ASU No. 2017-03, 2014-09, 2016-02 2016-13 2014-01, In January 2017, FASB issued ASU No. 2017-04, In February 2017, the FASB issued ASU No. 2017-05, 2017-05 In March 2017, the FASB issued ASU 2017-07, In March 2017, FASB issued ASU No. 2017-08, 2017-08 In May 2017, the FASB issued ASU 2017-09, |
Other comprehensive income (los
Other comprehensive income (loss) | 6 Months Ended |
Jun. 30, 2017 | |
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 The components of accumulated other comprehensive income (loss) included in stockholders’ equity at June 30, 2017 and December 31, 2016 is as follows: June 30, December 31, Net unrealized loss on investment securities available-for-sale $ (818 ) $ (2,513 ) Related income taxes (278 ) (854 ) Net of income taxes (540 ) (1,659 ) Benefit plan adjustments (815 ) (815 ) Related income taxes (277 ) (277 ) Net of income taxes (538 ) (538 ) Accumulated other comprehensive income (loss) $ (1,078 ) $ (2,197 ) Other comprehensive income (loss) and related tax effects for the three and six months ended June 30, 2017 and 2016 is as follows: Three months ended June 30, 2017 2016 Unrealized gain on investment securities available-for-sale $ 1,246 $ 581 Net gain on the sale of investment securities available-for-sale (64 ) (334 ) Other comprehensive income before taxes 1,182 247 Income tax expense (benefit) 402 84 Other comprehensive income $ 780 $ 163 Six months ended June 30, 2017 2016 Unrealized gain on investment securities available-for-sale $ 1,758 $ 1,088 Net gain on the sale of investment securities available-for-sale (1) (63 ) (332 ) Other comprehensive income before taxes 1,695 756 Income tax expense (benefit) 576 257 Other comprehensive income $ 1,119 $ 499 (1) Represents amounts reclassified out of accumulated other 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 | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings per share | 3. Earnings per share: Basic earnings per share is computed by dividing net income (loss) allocated to common stockholders divided by the weighted-average number of common shares outstanding during the period. Net income (loss) allocated to common stockholders is net income (loss) adjusted for preferred stock dividends including dividends declared, less income (loss) allocated to participating securities. 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 six months ended June 30, 2017 and 2016: Three months ended June 30, 2017 2016 Numerator: Net income (loss) $ 179 $ 855 Dividends on preferred stock (186 ) Net income (loss) available to common stockholders $ (7 ) $ 855 Undistributed loss allocated to preferred stockholders 128 Income (loss) allocated to common stockholders $ 121 $ 855 Denominator: Basic 3,655,446 3,214,248 Dilutive options 71,493 31,620 Diluted 3,726,939 3,245,868 Earnings per share: Basic $ 0.04 $ 0.27 Diluted $ 0.04 $ 0.27 Six months ended June 30, 2017 2016 Numerator: Net income (loss) $ (388 ) $ 1,608 Dividends on preferred stock (371 ) Net income (loss) available to common stockholders $ (759 ) $ 1,608 Undistributed loss allocated to preferred stockholders 475 Income (loss) allocated to common stockholders $ (284 ) $ 1,608 Denominator: Basic 3,555,629 3,210,375 Dilutive options 23,562 Diluted 3,555,629 3,233,937 Earnings per share: Basic $ (0.08 ) $ 0.50 Diluted $ (0.08 ) $ 0.50 None of the outstanding stock options for the three months ended June 30, 2017 were excluded from the diluted earnings per share calculation because their effect was antidilutive. All of the outstanding stock options for the six months ended June 30, 2017 were excluded from the diluted earnings per share calculation because the effect was antidilutive. There were 25,300 outstanding stock options for the three and six months ended June 30, 2016 that were excluded from the diluted earnings per share calculation because of their antidilutive effect. On January 20, 2017, Riverview announced that it entered into agreements with accredited investors and qualified institutional buyers to raise approximately $17.0 million in common and preferred equity, before expenses, through the private placement of 269,885 shares of its no par value common stock at a price of $10.50 per share and 1,348,809 shares of a newly created Series A convertible, perpetual preferred stock (the “Series A preferred stock”) at a price of $10.50 per share. Effective as of the close of business on June 22, 2017, the Company filed an amendment to the Articles of Incorporation to authorize a class of non-voting non-voting non-voting non-voting The additional capital allowed Riverview to announce on April 20, 2017, the execution of a definitive business combination agreement to form a strategic partnership with CBT Financial Corp, Clearfield, Pennsylvania. This action will form a combined community banking franchise with approximately $1.2 billion of assets and will provide enhanced products and services through 33 banking locations covering 12 Pennsylvania counties. |
Investment securities
Investment securities | 6 Months Ended |
Jun. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment securities | 4. Investment securities: The amortized cost and fair value of investment securities available-for-sale June 30, 2017 Amortized Gross Unrealized Gains Gross Unrealized Losses Fair Value State and municipals: Taxable $ 43,155 $ 411 $ 713 $ 42,853 Tax-exempt 5,747 88 5,835 Mortgage-backed securities: U.S. Government agencies 1,713 3 5 1,711 U.S. Government-sponsored enterprises 8,520 63 93 8,490 Corporate debt obligations 9,535 572 8,963 Total $ 68,670 $ 565 $ 1,383 $ 67,852 December 31, 2016 Amortized Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities $ 5,088 $ 67 $ 5,021 State and municipals: Taxable 44,045 $ 234 1,885 42,394 Tax-exempt 5,748 3 77 5,674 Mortgage-backed securities: U.S. Government agencies 1,905 15 1,890 U.S. Government-sponsored enterprises 9,115 28 247 8,896 Corporate debt obligations 9,542 492 9,050 Equity securities, financial services 183 5 188 Total $ 75,626 $ 270 $ 2,783 $ 73,113 The maturity distribution of the fair value, which is the net carrying amount, of the debt securities classified as available-for-sale June 30, 2017 Fair Value Within one year $ 174 After one but within five years 2,132 After five but within ten years 9,874 After ten years 45,471 57,651 Mortgage-backed securities 10,201 Total $ 67,852 Securities with a carrying value of $67,852 and $47,576 at June 30, 2017 and December 31, 2016, 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 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 June 30, 2017 and December 31, 2016, 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 June 30, 2017 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses State and municipals: Taxable $ 25,822 $ 643 $ 1,992 $ 70 $ 27,814 $ 713 Tax-exempt Mortgage-backed securities: U.S. Government agencies 259 5 259 5 U.S. Government-sponsored enterprises 4,481 93 4,481 93 Corporate debt obligation 3,827 173 5,136 399 8,963 572 Total $ 34,389 $ 914 $ 7,128 $ 469 $ 41,517 $ 1,383 Less Than 12 Months 12 Months or More Total December 31, 2016 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Treasury securities $ 5,021 $ 67 $ 5,021 $ 67 U.S. Government-sponsored enterprises State and municipals: Taxable 30,895 1,876 $ 282 $ 9 31,177 1,885 Tax-exempt 3,998 77 3,998 77 Mortgage-backed securities: U.S. Government agencies 1,891 15 1,891 15 U.S. Government-sponsored enterprises 7,412 247 7,412 247 Corporate debt obligation 9,050 492 9,050 492 Total $ 58,267 $ 2,774 $ 282 $ 9 $ 58,549 $ 2,783 The Company had 47 investment securities, consisting of 38 taxable state and municipal obligations, four mortgage-backed securities, four corporate debt obligations and one US Government Agency security that were in unrealized loss positions at June 30, 2017. Of these securities, four taxable state and municipal obligation and two corporate debt obligations were 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 June 30, 2017. There was no OTTI recognized for the three and six months ended June 30, 2017 and 2016. The Company had 80 investment securities, consisting of three U.S. Treasury notes, 49 taxable state and municipal obligations, seven tax-exempt |
Loans, net and allowance for lo
Loans, net and allowance for loan losses | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, 2017 and December 31, 2016 are summarized as follows. Net deferred loan costs were $873 and $1,077 at June 30, 2017 and December 31, 2016. June 30, 2017 December 31, 2016 Commercial $ 60,057 $ 51,166 Real estate: Construction 9,491 8,605 Commercial 302,092 212,550 Residential 126,895 130,874 Consumer 6,214 6,148 Total $ 504,749 $ 409,343 The changes in the allowance for loan losses account by major classification of loan for the three and six months ended June 30, 2017 and 2016 are summarized as follows: Real Estate June 30, 2017 Commercial Construction Commercial Residential Consumer Unallocated Total Allowance for loan losses: Beginning Balance April 1, 2017 $ 625 $ 160 $ 2,545 $ 821 $ 54 $ 124 $ 4,329 Charge-offs (10 ) (9 ) (2 ) (21 ) Recoveries 6 1 7 Provisions 142 32 420 10 (4 ) (81 ) 519 Ending balance $ 757 $ 192 $ 2,965 $ 828 $ 49 $ 43 $ 4,834 Real Estate June 30, 2017 Commercial Construction Commercial Residential Consumer Unallocated Total Allowance for loan losses: Beginning Balance January 1, 2017 $ 629 $ 160 $ 2,110 $ 789 $ 44 $ 3,732 Charge-offs (10 ) (16 ) (7 ) (33 ) Recoveries 3 7 1 11 Provisions 138 32 852 48 11 $ 43 1,124 Ending balance $ 757 $ 192 $ 2,965 $ 828 $ 49 $ 43 $ 4,834 Real Estate June 30, 2016 Commercial Construction Commercial Residential Consumer Unallocated Total Allowance for loan losses: Beginning Balance April 1, 2016 $ 566 $ 93 $ 2,211 $ 754 $ 30 $ 63 $ 3,717 Charge-offs (249 ) (41 ) (8 ) (5 ) (303 ) Recoveries 36 2 1 39 Provisions (44 ) 326 (70 ) (3 ) 10 (63 ) 156 Ending balance $ 558 $ 170 $ 2,100 $ 745 $ 36 $ $ 3,609 Real Estate June 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 (723 ) (249 ) (65 ) (8 ) (16 ) (1,061 ) Recoveries 46 2 2 50 Provisions (63 ) 217 (62 ) 138 25 255 Ending balance $ 558 $ 170 $ 2,100 $ 745 $ 36 $ $ 3,609 The allocation of the allowance for loan losses and the related loans by major classifications of loans at June 30, 2017 and December 31, 2016 is summarized as follows: Real Estate June 30, 2017 Commercial Construction Commercial Residential Consumer Unallocated Total Allowance for loan losses: Ending balance $ 757 $ 192 $ 2,965 $ 828 $ 49 $ 43 $ 4,834 Ending balance: individually evaluated for impairment 33 205 58 296 Ending balance: collectively evaluated for impairment $ 724 $ 192 $ 2,760 $ 770 $ 49 $ 43 $ 4,538 Loans receivable: Ending balance $ 60,057 $ 9,491 $ 302,092 $ 126,895 $ 6,214 $ 504,749 Ending balance: individually evaluated for impairment 923 3,550 2,533 7,006 Ending balance: collectively evaluated for impairment $ 59,134 $ 9,491 $ 298,542 $ 124,362 $ 6,214 $ 497,743 Real Estate December 31, 2016 Commercial Construction Commercial Residential Consumer Unallocated Total Allowance for loan losses: Ending balance $ 629 $ 160 $ 2,110 $ 789 $ 44 $ 3,732 Ending balance: individually evaluated for impairment 8 140 148 Ending balance: collectively evaluated for impairment $ 621 $ 160 $ 1,970 $ 789 $ 44 $ 3,584 Loans receivable: Ending balance $ 51,166 $ 8,605 $ 212,550 $ 130,874 $ 6,148 $ 409,343 Ending balance: individually evaluated for impairment 966 3,924 2,515 7,405 Ending balance: collectively evaluated for impairment $ 50,200 $ 8,605 $ 208,626 $ 128,359 $ 6,148 $ 401,938 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 or 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 by 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 a 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 effected 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 June 30, 2017 and December 31, 2016: June 30, 2017 Pass Special Substandard Doubtful Total Commercial $ 56,500 $ 1,840 $ 1,717 $ 60,057 Real estate: Construction 9,081 410 9,491 Commercial 290,502 7,820 3,770 302,092 Residential 125,196 28 1,671 126,895 Consumer 6,214 6,214 Total $ 487,493 $ 10,098 $ 7,158 $ 504,749 December 31, 2016: Pass Special Substandard Doubtful Total Commercial $ 47,765 $ 1,604 $ 1,797 $ 51,166 Real estate: Construction 8,605 8,605 Commercial 200,636 8,063 3,851 212,550 Residential 129,320 28 1,526 130,874 Consumer 6,148 6,148 Total $ 392,474 $ 9,695 $ 7,174 $ 409,343 Information concerning nonaccrual loans by major loan classification at June 30, 2017 and December 31, 2016 is summarized as follows: June 30, December 31, Commercial $ 323 $ 356 Real estate: Construction Commercial 564 359 Residential 815 671 Consumer Total $ 1,702 $ 1,386 The major classifications of loans by past due status at June 30, 2017 and December 31, 2016 are summarized as follows: June 30, 2017 30-59 Days 60-89 Days Greater Total Past Current Total Loans > 90 Commercial $ 1,100 $ 546 $ 208 $ 1,854 $ 58,203 $ 60,057 Real estate: Construction 409 409 9,082 9,491 Commercial 681 159 288 1,128 300,964 302,092 Residential 240 46 656 942 125,953 126,895 $ 35 Consumer 1 1 2 6,212 6,214 Total $ 2,022 $ 1,161 $ 1,152 $ 4,335 $ 500,414 $ 504,749 $ 35 December 31, 2016 30-59 Days 60-89 Days Greater Total Past Current Total Loans > 90 Commercial $ 580 $ $ 214 $ 794 $ 50,372 $ 51,166 Real estate: Construction 22 22 8,583 8,605 Commercial 784 97 11 892 211,658 212,550 Residential 905 256 592 1,753 129,121 130,874 $ 357 Consumer 6 2 8 6,140 6,148 2 Total $ 2,297 $ 353 $ 819 $ 3,469 $ 405,874 $ 409,343 $ 359 The following tables summarize information concerning impaired loans as of and for the three and six months ended June 30, 2017 and June 30, 2016, and as of and for the year ended, December 31, 2016 by major loan classification: This Quarter Year-to-Date June 30, 2017 Recorded Unpaid Related Average Interest Average Interest With no related allowance: Commercial $ 840 840 $ 842 $ 7 $ 805 $ 15 Real estate: Construction Commercial 2,685 2,685 2,991 22 3,110 58 Residential 2,342 2,342 2,280 26 2,461 59 Consumer Total 5,867 5,867 6,113 55 6,376 132 With an allowance recorded: Commercial 83 83 33 28 1 75 1 Real estate: Construction Commercial 865 865 205 865 6 787 12 Residential 189 327 58 189 4 94 4 Consumer Total 1,137 1,275 296 1,082 11 956 17 Commercial 923 923 33 870 8 880 16 Real estate: Construction Commercial 3,550 3,550 205 3,856 28 3,897 70 Residential 2,531 2,669 58 2,469 30 2,555 63 Consumer Total $ 7,004 $ 7,142 $ 296 $ 7,195 $ 66 $ 7,332 $ 149 For the Year Ended December 31, 2016 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance: Commercial $ 225 $ 225 $ $ 225 Real estate: Construction Commercial 3,094 3,094 3,168 147 Residential 2,515 2,652 2,747 130 Consumer Total 5,834 5,971 6,140 277 With an allowance recorded: Commercial 741 741 8 761 30 Real estate: Construction Commercial 830 830 140 840 Residential Consumer Total 1,571 1,571 148 1,601 30 Commercial 966 966 8 986 30 Real estate: Construction Commercial 3,924 3,924 140 4,008 147 Residential 2,515 2,652 2,747 130 Consumer Total $ 7,405 $ 7,542 $ 148 $ 7,741 $ 307 This Quarter Year-to-Date June 30, 2016 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance: Commercial $ 848 $ 848 $ $ 850 $ 7 $ 852 $ 14 Real estate: Construction Commercial 3,976 3,976 3,993 45 4,009 90 Residential 2,726 2,863 2,925 34 2,959 68 Consumer Total 7,550 7,687 7,768 86 7,820 172 With an allowance recorded: Commercial 131 131 1 132 134 Real estate: Construction Commercial 207 207 2 209 212 Residential 119 119 33 120 1 120 2 Consumer Total 457 457 36 461 1 466 2 Commercial 979 979 1 982 7 986 14 Real estate: Construction Commercial 4,183 4,183 2 4,202 45 4,221 90 Residential 2,845 2,982 33 3,045 35 3,079 70 Consumer Total $ 8,007 $ 8,144 $ 36 $ 8,229 $ 87 $ 8,286 $ 174 For the three and six months ended June 30, interest income, related to impaired loans, would have been $28 and $54 in 2017 and $28 and $56 in 2016 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 $5,635 at June 30, 2017, $6,208 at December 31, 2016 and $6,853 at June 30, 2016. 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 was one loan modified as troubled debt restructuring for the three months ended June 30, 2017 in the amount of $109 and two loans modified as troubled debt restructuring for the six months ended June 30, 2017 in the amount of $138. These loans are residential real estate loans. There were no loans modified as troubled debt restructuring for the three months and six months ending June 30, 2016. During the three months ending June 30, 2017, there were no defaults on loans restructured within the last 12 months. During the six months ending June 30, 2017, there were four defaults on loans restructured within the last twelve months totaling $1,229. These loans were comprised of four residential real estate loans. Each of these loans defaulted as they were all more than 30 days past due as of June 30, 2017. The effect of these defaults on the allowance for loan losses was negligible as all loans were well secured and the delinquencies were promptly cured. During the three months and six months ending June 30, 2016, there was one default on loans restructured within the last 12 months totaling $64. 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, 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 non-accretable non-accretable non-accretable 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 Purchased Loans 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 June 30, 2017 and December 31, 2016 were as follows: June 30, 2017 December 31, 2016 Credit impaired purchased loans evaluated individually for incurred credit losses Outstanding balance $ 773 $ 793 Carrying Amount 451 463 Other purchased loans evaluated collectively for incurred credit losses Outstanding balance 33,755 38,901 Carrying Amount 33,321 38,077 Total Purchased Loans Outstanding balance 34,528 39,694 Carrying Amount $ 33,772 $ 38,540 As of the indicated dates, the changes in the accretable discount related to the purchased credit impaired loans were as follows: Three Months Ended Six Months Ended June 30, 2017 June 30, 2016 June 30, 2017 June 30, 2016 Balance – beginning of period $ 158 $ 259 $ 164 $ 307 Accretion recognized during the period (14 ) (21 ) (27 ) (115 ) Net reclassification from non-accretable 8 13 15 59 Balance – end of period $ 152 $ 251 $ 152 $ 251 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 Purchased Loans 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 June 30, 2017 and December 31, 2016 were as follows: June 30, 2017 December 31, 2016 Credit impaired purchased loans evaluated individually for incurred credit losses Outstanding balance $ 509 $ 608 Carrying Amount 340 424 Other purchased loans evaluated collectively for incurred credit losses Outstanding balance 41,857 45,842 Carrying Amount 41,672 45,593 Total Purchased Loans Outstanding balance 42,366 46,450 Carrying Amount $ 42,012 $ 46,017 As of the indicated dates, the changes in the accretable discount related to the purchased credit impaired loans were as follows: Three Months Ended Six Months Ended June 30, 2017 June 30, 2016 June 30, 2017 June 30, 2016 Balance – beginning of period $ 165 $ 213 $ 206 $ 217 Accretion recognized during the period (7 ) (8 ) (17 ) (14 ) Net reclassification from non-accretable 3 1 (28 ) 3 Balance – end of period $ 161 $ 206 $ 161 $ 206 The Company is a party to financial instruments with off-balance Unused commitments at June 30, 2017, totaled $105,163, consisting of $64,448 in commitments to extend credit, $36,951 in unused portions of lines of credit and $3,764 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, 2016, totaled $58,475, consisting of $27,829 in commitments to extend credit, $26,729 in unused portions of lines of credit and $3,917 in standby letters of credit. |
Other assets
Other assets | 6 Months Ended |
Jun. 30, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other assets | 6. Other assets: The components of other assets at June 30, 2017 and December 31, 2016 are summarized as follows: June 30, December 31, Other real estate owned $ 205 $ 625 Bank owned life insurance 12,020 11,857 Restricted equity securities 1,762 1,845 Deferred tax assets 6,873 7,402 Other assets 2,868 2,083 Total $ 23,728 $ 23,812 |
Fair value estimates
Fair value estimates | 6 Months Ended |
Jun. 30, 2017 | |
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: re-price non-impaired Accrued interest receivable: Restricted equity securities: Deposits: low-cost Short-term borrowings: Long-term debt: Accrued interest payable: Off-balance 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 off-balance Assets and liabilities measured at fair value on a recurring basis at June 30, 2017 and December 31, 2016 are summarized as follows: Fair Value Measurement Using June 30, 2017 Amount Quoted Prices in Significant Significant State and Municipals: Taxable $ 42,853 $ 42,853 Tax-exempt 5,835 5,835 Mortgage-backed securities: U.S. Government agencies 1,711 1,711 U.S. Government-sponsored enterprises 8,490 8,490 Corporate debt obligations 8,963 8,963 Total $ 67,852 $ $ 67,852 Fair Value Measurement Using December 31, 2016 Amount Quoted Prices in Significant Significant U.S. Treasury securities $ 5,021 $ 5,021 State and municipals: Taxable 42,394 42,394 Tax-exempt 5,674 5,674 Mortgage-backed securities: U.S. Government agencies 1,890 1,890 U.S. Government-sponsored enterprises 8,896 8,896 Corporate debt obligations 9,050 9,050 Equity securities, financial services 188 $ 188 Total $ 73,113 $ 188 $ 72,925 Assets and liabilities measured at fair value on a nonrecurring basis at June 30, 2017 and December 31, 2016 are summarized as follows: Fair Value Measurement Using June 30, 2017 Amount (Level 1) (Level 2) (Level 3) Loans held for sale $ 1,037 $ 1,037 Other real estate owned 205 $ 205 Impaired loans, net of related allowance 841 841 Total $ 2,083 $ 1,037 $ 1,046 Fair Value Measurement Using December 31, 2016 Amount (Level 1) (Level 2) (Level 3) Loans held for sale $ 652 $ 652 Other real estate owned 625 $ 625 Impaired loans, net of related allowance 1,424 1,424 Total $ 2,701 $ 652 $ 2,049 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 following tables present 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 at June 30, 2017 and December 31, 2016: Quantitative Information about Level 3 Fair Value Measurements Fair Value Range June 30, 2017 Estimate Valuation Techniques Unobservable Input (Weighted Average) Other real estate owned $ 205 Appraisal of collateral Appraisal adjustments 14.0% to 75.0% (46.1) % Liquidation expenses 7.0% to 11.0% (7.4) % Impaired loans $ 841 Appraisal of collateral Appraisal adjustments 0.0% to 0.0% (0.0) % Liquidation expenses 7.0% to 7.0% (7.0) % Quantitative Information about Level 3 Fair Value Measurements Fair Value Range December 31, 2016 Estimate Valuation Techniques Unobservable Input (Weighted Average) Other real estate owned $ 625 Appraisal of collateral Appraisal adjustments 22.0% to 82.0% (45.0) % Liquidation expenses 3.0% to 6.0% (5.0) % Impaired loans $ 1,424 Discounted cash flow Discount rate adjustments 3.75% to 5.50% (4.3) % Liquidation expenses 3.0% to 7.0% (4.5) % Fair value 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 carrying and fair values of the Company’s financial instruments at June 30, 2017 and December 31, 2016 and their placement within the fair value hierarchy are as follows: Fair Value Hierarchy June 30, 2017 Carrying Fair Value Quoted Prices in Significant Significant Financial assets Cash and cash equivalents $ 15,677 $ 15,677 $ 15,677 Investment securities 67,852 67,852 $ 67,852 Loans held for sale 1,037 1,037 1,037 Net loans 499,915 499,891 $ 499,891 Accrued interest receivable 1,651 1,651 1,651 Restricted equity securities 1,762 1,762 1,762 Financial liabilities Deposits $ 523,895 $ 511,848 $ 511,848 Short-term borrowings 30,000 30,000 30,000 Long-term debt 11,589 11,257 11,257 Accrued interest payable 194 194 194 Fair Value Hierarchy December 31, 2016 Carrying Fair Value Quoted Prices in Significant Significant Financial assets Cash and cash equivalents $ 19,120 $ 19,120 $ 19,120 Investment securities available-for-sale 73,113 73,113 188 $ 72,925 Loans held for sale 652 652 652 Net loans 405,611 407,561 $ 407,561 Accrued interest receivable 1,726 1,726 1,726 Restricted equity securities 1,845 1,845 1,845 Financial liabilities Deposits $ 452,560 $ 438,744 $ 438,744 Short-term borrowings 31,500 31,500 31,500 Long-term debt 11,154 11,148 11,148 Accrued interest payable 192 192 192 |
Summary of significant accoun15
Summary of significant accounting policies (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
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”). The Company services its retail and commercial customers through 17 community banking offices located within Berks, Dauphin, Lycoming, 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 Regulation S-X. 10-K, 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, the 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 January 2016, the FASB issued ASU No. 2016-01, 825-10): 2016-01, 2016-01 In February 2016, the FASB issued ASU No. 2016-02, 2016-02, right-of-use 2016-02 In March 2016, the FASB issued ASU No. 2016-07, step-by-step available-for-sale No. 2016-07 In March 2016, the FASB issued ASU No. 2016-09, No. 2016-09 In June 2016, the FASB ASU No. 2016-13, 2016-13 requires 2016-13 available-for-sale In August 2016, the FASB issued ASU No. 2016-15, In December 2016, the FASB issued ASU No. 2016-20, ASU 2016-20 ASU 2014-09, ASU 2014-09, non-interest ASU 2016-20 2014-09 non-interest ASU 2016-20 2014-09 In January 2017, FASB issued ASU No. 2017-01, In January 2017, the FASB issued ASU No. 2017-03, 2014-09, 2016-02 2016-13 2014-01, In January 2017, FASB issued ASU No. 2017-04, In February 2017, the FASB issued ASU No. 2017-05, 2017-05 In March 2017, the FASB issued ASU 2017-07, In March 2017, FASB issued ASU No. 2017-08, 2017-08 In May 2017, the FASB issued ASU 2017-09, |
Other comprehensive income (l16
Other comprehensive income (loss) (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
Summary of Components of Accumulated Other Comprehensive Income (Loss) | The components of accumulated other comprehensive income (loss) included in stockholders’ equity at June 30, 2017 and December 31, 2016 is as follows: June 30, December 31, Net unrealized loss on investment securities available-for-sale $ (818 ) $ (2,513 ) Related income taxes (278 ) (854 ) Net of income taxes (540 ) (1,659 ) Benefit plan adjustments (815 ) (815 ) Related income taxes (277 ) (277 ) Net of income taxes (538 ) (538 ) Accumulated other comprehensive income (loss) $ (1,078 ) $ (2,197 ) |
Schedule of Other Comprehensive Income (Loss) and Related Tax Effects | Other comprehensive income (loss) and related tax effects for the three and six months ended June 30, 2017 and 2016 is as follows: Three months ended June 30, 2017 2016 Unrealized gain on investment securities available-for-sale $ 1,246 $ 581 Net gain on the sale of investment securities available-for-sale (64 ) (334 ) Other comprehensive income before taxes 1,182 247 Income tax expense (benefit) 402 84 Other comprehensive income $ 780 $ 163 Six months ended June 30, 2017 2016 Unrealized gain on investment securities available-for-sale $ 1,758 $ 1,088 Net gain on the sale of investment securities available-for-sale (1) (63 ) (332 ) Other comprehensive income before taxes 1,695 756 Income tax expense (benefit) 576 257 Other comprehensive income $ 1,119 $ 499 (1) Represents amounts reclassified out of accumulated other 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) | 6 Months Ended |
Jun. 30, 2017 | |
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 six months ended June 30, 2017 and 2016: Three months ended June 30, 2017 2016 Numerator: Net income (loss) $ 179 $ 855 Dividends on preferred stock (186 ) Net income (loss) available to common stockholders $ (7 ) $ 855 Undistributed loss allocated to preferred stockholders 128 Income (loss) allocated to common stockholders $ 121 $ 855 Denominator: Basic 3,655,446 3,214,248 Dilutive options 71,493 31,620 Diluted 3,726,939 3,245,868 Earnings per share: Basic $ 0.04 $ 0.27 Diluted $ 0.04 $ 0.27 Six months ended June 30, 2017 2016 Numerator: Net income (loss) $ (388 ) $ 1,608 Dividends on preferred stock (371 ) Net income (loss) available to common stockholders $ (759 ) $ 1,608 Undistributed loss allocated to preferred stockholders 475 Income (loss) allocated to common stockholders $ (284 ) $ 1,608 Denominator: Basic 3,555,629 3,210,375 Dilutive options 23,562 Diluted 3,555,629 3,233,937 Earnings per share: Basic $ (0.08 ) $ 0.50 Diluted $ (0.08 ) $ 0.50 |
Investment securities (Tables)
Investment securities (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, 2017 Amortized Gross Unrealized Gains Gross Unrealized Losses Fair Value State and municipals: Taxable $ 43,155 $ 411 $ 713 $ 42,853 Tax-exempt 5,747 88 5,835 Mortgage-backed securities: U.S. Government agencies 1,713 3 5 1,711 U.S. Government-sponsored enterprises 8,520 63 93 8,490 Corporate debt obligations 9,535 572 8,963 Total $ 68,670 $ 565 $ 1,383 $ 67,852 December 31, 2016 Amortized Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities $ 5,088 $ 67 $ 5,021 State and municipals: Taxable 44,045 $ 234 1,885 42,394 Tax-exempt 5,748 3 77 5,674 Mortgage-backed securities: U.S. Government agencies 1,905 15 1,890 U.S. Government-sponsored enterprises 9,115 28 247 8,896 Corporate debt obligations 9,542 492 9,050 Equity securities, financial services 183 5 188 Total $ 75,626 $ 270 $ 2,783 $ 73,113 |
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 June 30, 2017 Fair Value Within one year $ 174 After one but within five years 2,132 After five but within ten years 9,874 After ten years 45,471 57,651 Mortgage-backed securities 10,201 Total $ 67,852 |
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 June 30, 2017 and December 31, 2016, 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 June 30, 2017 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses State and municipals: Taxable $ 25,822 $ 643 $ 1,992 $ 70 $ 27,814 $ 713 Tax-exempt Mortgage-backed securities: U.S. Government agencies 259 5 259 5 U.S. Government-sponsored enterprises 4,481 93 4,481 93 Corporate debt obligation 3,827 173 5,136 399 8,963 572 Total $ 34,389 $ 914 $ 7,128 $ 469 $ 41,517 $ 1,383 Less Than 12 Months 12 Months or More Total December 31, 2016 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Treasury securities $ 5,021 $ 67 $ 5,021 $ 67 U.S. Government-sponsored enterprises State and municipals: Taxable 30,895 1,876 $ 282 $ 9 31,177 1,885 Tax-exempt 3,998 77 3,998 77 Mortgage-backed securities: U.S. Government agencies 1,891 15 1,891 15 U.S. Government-sponsored enterprises 7,412 247 7,412 247 Corporate debt obligation 9,050 492 9,050 492 Total $ 58,267 $ 2,774 $ 282 $ 9 $ 58,549 $ 2,783 |
Loans, net and allowance for 19
Loans, net and allowance for loan losses (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Schedule of Loans Outstanding | The major classifications of loans outstanding, net of deferred loan origination fees and costs at June 30, 2017 and December 31, 2016 are summarized as follows. Net deferred loan costs were $873 and $1,077 at June 30, 2017 and December 31, 2016. June 30, 2017 December 31, 2016 Commercial $ 60,057 $ 51,166 Real estate: Construction 9,491 8,605 Commercial 302,092 212,550 Residential 126,895 130,874 Consumer 6,214 6,148 Total $ 504,749 $ 409,343 |
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 six months ended June 30, 2017 and 2016 are summarized as follows: Real Estate June 30, 2017 Commercial Construction Commercial Residential Consumer Unallocated Total Allowance for loan losses: Beginning Balance April 1, 2017 $ 625 $ 160 $ 2,545 $ 821 $ 54 $ 124 $ 4,329 Charge-offs (10 ) (9 ) (2 ) (21 ) Recoveries 6 1 7 Provisions 142 32 420 10 (4 ) (81 ) 519 Ending balance $ 757 $ 192 $ 2,965 $ 828 $ 49 $ 43 $ 4,834 Real Estate June 30, 2017 Commercial Construction Commercial Residential Consumer Unallocated Total Allowance for loan losses: Beginning Balance January 1, 2017 $ 629 $ 160 $ 2,110 $ 789 $ 44 $ 3,732 Charge-offs (10 ) (16 ) (7 ) (33 ) Recoveries 3 7 1 11 Provisions 138 32 852 48 11 $ 43 1,124 Ending balance $ 757 $ 192 $ 2,965 $ 828 $ 49 $ 43 $ 4,834 Real Estate June 30, 2016 Commercial Construction Commercial Residential Consumer Unallocated Total Allowance for loan losses: Beginning Balance April 1, 2016 $ 566 $ 93 $ 2,211 $ 754 $ 30 $ 63 $ 3,717 Charge-offs (249 ) (41 ) (8 ) (5 ) (303 ) Recoveries 36 2 1 39 Provisions (44 ) 326 (70 ) (3 ) 10 (63 ) 156 Ending balance $ 558 $ 170 $ 2,100 $ 745 $ 36 $ $ 3,609 Real Estate June 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 (723 ) (249 ) (65 ) (8 ) (16 ) (1,061 ) Recoveries 46 2 2 50 Provisions (63 ) 217 (62 ) 138 25 255 Ending balance $ 558 $ 170 $ 2,100 $ 745 $ 36 $ $ 3,609 The allocation of the allowance for loan losses and the related loans by major classifications of loans at June 30, 2017 and December 31, 2016 is summarized as follows: Real Estate June 30, 2017 Commercial Construction Commercial Residential Consumer Unallocated Total Allowance for loan losses: Ending balance $ 757 $ 192 $ 2,965 $ 828 $ 49 $ 43 $ 4,834 Ending balance: individually evaluated for impairment 33 205 58 296 Ending balance: collectively evaluated for impairment $ 724 $ 192 $ 2,760 $ 770 $ 49 $ 43 $ 4,538 Loans receivable: Ending balance $ 60,057 $ 9,491 $ 302,092 $ 126,895 $ 6,214 $ 504,749 Ending balance: individually evaluated for impairment 923 3,550 2,533 7,006 Ending balance: collectively evaluated for impairment $ 59,134 $ 9,491 $ 298,542 $ 124,362 $ 6,214 $ 497,743 Real Estate December 31, 2016 Commercial Construction Commercial Residential Consumer Unallocated Total Allowance for loan losses: Ending balance $ 629 $ 160 $ 2,110 $ 789 $ 44 $ 3,732 Ending balance: individually evaluated for impairment 8 140 148 Ending balance: collectively evaluated for impairment $ 621 $ 160 $ 1,970 $ 789 $ 44 $ 3,584 Loans receivable: Ending balance $ 51,166 $ 8,605 $ 212,550 $ 130,874 $ 6,148 $ 409,343 Ending balance: individually evaluated for impairment 966 3,924 2,515 7,405 Ending balance: collectively evaluated for impairment $ 50,200 $ 8,605 $ 208,626 $ 128,359 $ 6,148 $ 401,938 |
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 June 30, 2017 and December 31, 2016: June 30, 2017 Pass Special Substandard Doubtful Total Commercial $ 56,500 $ 1,840 $ 1,717 $ 60,057 Real estate: Construction 9,081 410 9,491 Commercial 290,502 7,820 3,770 302,092 Residential 125,196 28 1,671 126,895 Consumer 6,214 6,214 Total $ 487,493 $ 10,098 $ 7,158 $ 504,749 December 31, 2016: Pass Special Substandard Doubtful Total Commercial $ 47,765 $ 1,604 $ 1,797 $ 51,166 Real estate: Construction 8,605 8,605 Commercial 200,636 8,063 3,851 212,550 Residential 129,320 28 1,526 130,874 Consumer 6,148 6,148 Total $ 392,474 $ 9,695 $ 7,174 $ 409,343 |
Summary of Nonaccrual Loans by Major Loan Classification | Information concerning nonaccrual loans by major loan classification at June 30, 2017 and December 31, 2016 is summarized as follows: June 30, December 31, Commercial $ 323 $ 356 Real estate: Construction Commercial 564 359 Residential 815 671 Consumer Total $ 1,702 $ 1,386 |
Summary of Major Classifications of Loans by Past Due Status | The major classifications of loans by past due status at June 30, 2017 and December 31, 2016 are summarized as follows: June 30, 2017 30-59 Days 60-89 Days Greater Total Past Current Total Loans > 90 Commercial $ 1,100 $ 546 $ 208 $ 1,854 $ 58,203 $ 60,057 Real estate: Construction 409 409 9,082 9,491 Commercial 681 159 288 1,128 300,964 302,092 Residential 240 46 656 942 125,953 126,895 $ 35 Consumer 1 1 2 6,212 6,214 Total $ 2,022 $ 1,161 $ 1,152 $ 4,335 $ 500,414 $ 504,749 $ 35 December 31, 2016 30-59 Days 60-89 Days Greater Total Past Current Total Loans > 90 Commercial $ 580 $ $ 214 $ 794 $ 50,372 $ 51,166 Real estate: Construction 22 22 8,583 8,605 Commercial 784 97 11 892 211,658 212,550 Residential 905 256 592 1,753 129,121 130,874 $ 357 Consumer 6 2 8 6,140 6,148 2 Total $ 2,297 $ 353 $ 819 $ 3,469 $ 405,874 $ 409,343 $ 359 |
Schedule of Information Concerning Impaired Loans | The following tables summarize information concerning impaired loans as of and for the three and six months ended June 30, 2017 and June 30, 2016, and as of and for the year ended, December 31, 2016 by major loan classification: This Quarter Year-to-Date June 30, 2017 Recorded Unpaid Related Average Interest Average Interest With no related allowance: Commercial $ 840 840 $ 842 $ 7 $ 805 $ 15 Real estate: Construction Commercial 2,685 2,685 2,991 22 3,110 58 Residential 2,342 2,342 2,280 26 2,461 59 Consumer Total 5,867 5,867 6,113 55 6,376 132 With an allowance recorded: Commercial 83 83 33 28 1 75 1 Real estate: Construction Commercial 865 865 205 865 6 787 12 Residential 189 327 58 189 4 94 4 Consumer Total 1,137 1,275 296 1,082 11 956 17 Commercial 923 923 33 870 8 880 16 Real estate: Construction Commercial 3,550 3,550 205 3,856 28 3,897 70 Residential 2,531 2,669 58 2,469 30 2,555 63 Consumer Total $ 7,004 $ 7,142 $ 296 $ 7,195 $ 66 $ 7,332 $ 149 For the Year Ended December 31, 2016 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance: Commercial $ 225 $ 225 $ $ 225 Real estate: Construction Commercial 3,094 3,094 3,168 147 Residential 2,515 2,652 2,747 130 Consumer Total 5,834 5,971 6,140 277 With an allowance recorded: Commercial 741 741 8 761 30 Real estate: Construction Commercial 830 830 140 840 Residential Consumer Total 1,571 1,571 148 1,601 30 Commercial 966 966 8 986 30 Real estate: Construction Commercial 3,924 3,924 140 4,008 147 Residential 2,515 2,652 2,747 130 Consumer Total $ 7,405 $ 7,542 $ 148 $ 7,741 $ 307 This Quarter Year-to-Date June 30, 2016 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance: Commercial $ 848 $ 848 $ $ 850 $ 7 $ 852 $ 14 Real estate: Construction Commercial 3,976 3,976 3,993 45 4,009 90 Residential 2,726 2,863 2,925 34 2,959 68 Consumer Total 7,550 7,687 7,768 86 7,820 172 With an allowance recorded: Commercial 131 131 1 132 134 Real estate: Construction Commercial 207 207 2 209 212 Residential 119 119 33 120 1 120 2 Consumer Total 457 457 36 461 1 466 2 Commercial 979 979 1 982 7 986 14 Real estate: Construction Commercial 4,183 4,183 2 4,202 45 4,221 90 Residential 2,845 2,982 33 3,045 35 3,079 70 Consumer Total $ 8,007 $ 8,144 $ 36 $ 8,229 $ 87 $ 8,286 $ 174 |
Union Bank [Member] | |
Summary of Loans Purchased | 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 Purchased Loans 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 June 30, 2017 and December 31, 2016 were as follows: June 30, 2017 December 31, 2016 Credit impaired purchased loans evaluated individually for incurred credit losses Outstanding balance $ 773 $ 793 Carrying Amount 451 463 Other purchased loans evaluated collectively for incurred credit losses Outstanding balance 33,755 38,901 Carrying Amount 33,321 38,077 Total Purchased Loans Outstanding balance 34,528 39,694 Carrying Amount $ 33,772 $ 38,540 |
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 Six Months Ended June 30, 2017 June 30, 2016 June 30, 2017 June 30, 2016 Balance – beginning of period $ 165 $ 213 $ 206 $ 217 Accretion recognized during the period (7 ) (8 ) (17 ) (14 ) Net reclassification from non-accretable 3 1 (28 ) 3 Balance – end of period $ 161 $ 206 $ 161 $ 206 |
Citizens National Bank of Meyersdale [Member] | |
Summary of Loans Purchased | 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 Purchased Loans 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 June 30, 2017 and December 31, 2016 were as follows: June 30, 2017 December 31, 2016 Credit impaired purchased loans evaluated individually for incurred credit losses Outstanding balance $ 509 $ 608 Carrying Amount 340 424 Other purchased loans evaluated collectively for incurred credit losses Outstanding balance 41,857 45,842 Carrying Amount 41,672 45,593 Total Purchased Loans Outstanding balance 42,366 46,450 Carrying Amount $ 42,012 $ 46,017 |
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 Six Months Ended June 30, 2017 June 30, 2016 June 30, 2017 June 30, 2016 Balance – beginning of period $ 158 $ 259 $ 164 $ 307 Accretion recognized during the period (14 ) (21 ) (27 ) (115 ) Net reclassification from non-accretable 8 13 15 59 Balance – end of period $ 152 $ 251 $ 152 $ 251 |
Other assets (Tables)
Other assets (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Components of Other Assets | The components of other assets at June 30, 2017 and December 31, 2016 are summarized as follows: June 30, December 31, Other real estate owned $ 205 $ 625 Bank owned life insurance 12,020 11,857 Restricted equity securities 1,762 1,845 Deferred tax assets 6,873 7,402 Other assets 2,868 2,083 Total $ 23,728 $ 23,812 |
Fair value estimates (Tables)
Fair value estimates (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, 2017 and December 31, 2016 are summarized as follows: Fair Value Measurement Using June 30, 2017 Amount Quoted Prices in Significant Significant State and Municipals: Taxable $ 42,853 $ 42,853 Tax-exempt 5,835 5,835 Mortgage-backed securities: U.S. Government agencies 1,711 1,711 U.S. Government-sponsored enterprises 8,490 8,490 Corporate debt obligations 8,963 8,963 Total $ 67,852 $ $ 67,852 Fair Value Measurement Using December 31, 2016 Amount Quoted Prices in Significant Significant U.S. Treasury securities $ 5,021 $ 5,021 State and municipals: Taxable 42,394 42,394 Tax-exempt 5,674 5,674 Mortgage-backed securities: U.S. Government agencies 1,890 1,890 U.S. Government-sponsored enterprises 8,896 8,896 Corporate debt obligations 9,050 9,050 Equity securities, financial services 188 $ 188 Total $ 73,113 $ 188 $ 72,925 |
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 June 30, 2017 and December 31, 2016 are summarized as follows: Fair Value Measurement Using June 30, 2017 Amount (Level 1) (Level 2) (Level 3) Loans held for sale $ 1,037 $ 1,037 Other real estate owned 205 $ 205 Impaired loans, net of related allowance 841 841 Total $ 2,083 $ 1,037 $ 1,046 Fair Value Measurement Using December 31, 2016 Amount (Level 1) (Level 2) (Level 3) Loans held for sale $ 652 $ 652 Other real estate owned 625 $ 625 Impaired loans, net of related allowance 1,424 1,424 Total $ 2,701 $ 652 $ 2,049 |
Additional Quantitative Information about Assets Measured at Fair Value on Nonrecurring Basis | The following tables present 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 at June 30, 2017 and December 31, 2016: Quantitative Information about Level 3 Fair Value Measurements Fair Value Range June 30, 2017 Estimate Valuation Techniques Unobservable Input (Weighted Average) Other real estate owned $ 205 Appraisal of collateral Appraisal adjustments 14.0% to 75.0% (46.1) % Liquidation expenses 7.0% to 11.0% (7.4) % Impaired loans $ 841 Appraisal of collateral Appraisal adjustments 0.0% to 0.0% (0.0) % Liquidation expenses 7.0% to 7.0% (7.0) % Quantitative Information about Level 3 Fair Value Measurements Fair Value Range December 31, 2016 Estimate Valuation Techniques Unobservable Input (Weighted Average) Other real estate owned $ 625 Appraisal of collateral Appraisal adjustments 22.0% to 82.0% (45.0) % Liquidation expenses 3.0% to 6.0% (5.0) % Impaired loans $ 1,424 Discounted cash flow Discount rate adjustments 3.75% to 5.50% (4.3) % Liquidation expenses 3.0% to 7.0% (4.5) % |
Carrying and Fair Values of Riverview's Financial Instruments | The carrying and fair values of the Company’s financial instruments at June 30, 2017 and December 31, 2016 and their placement within the fair value hierarchy are as follows: Fair Value Hierarchy June 30, 2017 Carrying Fair Value Quoted Prices in Significant Significant Financial assets Cash and cash equivalents $ 15,677 $ 15,677 $ 15,677 Investment securities 67,852 67,852 $ 67,852 Loans held for sale 1,037 1,037 1,037 Net loans 499,915 499,891 $ 499,891 Accrued interest receivable 1,651 1,651 1,651 Restricted equity securities 1,762 1,762 1,762 Financial liabilities Deposits $ 523,895 $ 511,848 $ 511,848 Short-term borrowings 30,000 30,000 30,000 Long-term debt 11,589 11,257 11,257 Accrued interest payable 194 194 194 Fair Value Hierarchy December 31, 2016 Carrying Fair Value Quoted Prices in Significant Significant Financial assets Cash and cash equivalents $ 19,120 $ 19,120 $ 19,120 Investment securities available-for-sale 73,113 73,113 188 $ 72,925 Loans held for sale 652 652 652 Net loans 405,611 407,561 $ 407,561 Accrued interest receivable 1,726 1,726 1,726 Restricted equity securities 1,845 1,845 1,845 Financial liabilities Deposits $ 452,560 $ 438,744 $ 438,744 Short-term borrowings 31,500 31,500 31,500 Long-term debt 11,154 11,148 11,148 Accrued interest payable 192 192 192 |
Summary of Significant Accoun22
Summary of Significant Accounting Policies - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2017Office | |
Accounting Policies [Abstract] | |
Number of community banking offices | 17 |
Other comprehensive income (l23
Other comprehensive income (loss) - Summary of Components of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Related income taxes | $ 402 | $ 84 | $ 576 | $ 257 | |
Net of income taxes | 780 | $ 163 | 1,119 | $ 499 | |
Accumulated other comprehensive income (loss) | $ (1,078) | (1,078) | $ (2,197) | ||
Unrealized Losses on Available-for-Sale [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Benefit plan adjustments | (818) | (2,513) | |||
Related income taxes | (278) | (854) | |||
Net of income taxes | (540) | (1,659) | |||
Defined Benefit Pension Items [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Benefit plan adjustments | (815) | (815) | |||
Related income taxes | (277) | (277) | |||
Net of income taxes | $ (538) | $ (538) |
Other comprehensive income (l24
Other comprehensive income (loss) - Schedule of Other Comprehensive Income (Loss) and Related Tax Effects (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Other Comprehensive Income (Loss), Tax [Abstract] | ||||
Unrealized gain on investment securities available-for-sale | $ 1,246 | $ 581 | $ 1,758 | $ 1,088 |
Net gain on the sale of investment securities available-for-sale | (64) | (334) | (63) | (332) |
Other comprehensive income before taxes | 1,182 | 247 | 1,695 | 756 |
Income tax expense (benefit) | 402 | 84 | 576 | 257 |
Other comprehensive income | $ 780 | $ 163 | $ 1,119 | $ 499 |
Earnings per share - Computatio
Earnings per share - Computation of Earnings per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Numerator: | ||||
Net income (loss) | $ 179 | $ 855 | $ (388) | $ 1,608 |
Dividends on preferred stock | (186) | (371) | ||
Net income (loss) available to common stockholders | (7) | 855 | (759) | 1,608 |
Undistributed loss allocated to preferred stockholders | 128 | 475 | ||
Income (loss) allocated to common stockholders | $ 121 | $ 855 | $ (284) | $ 1,608 |
Denominator: | ||||
Basic | 3,655,446 | 3,214,248 | 3,555,629 | 3,210,375 |
Dilutive options | 71,493 | 31,620 | 23,562 | |
Diluted | 3,726,939 | 3,245,868 | 3,555,629 | 3,233,937 |
Basic | $ 0.04 | $ 0.27 | $ (0.08) | $ 0.50 |
Diluted | $ 0.04 | $ 0.27 | $ (0.08) | $ 0.50 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) $ / shares in Units, $ in Millions | Jun. 22, 2017 | Apr. 20, 2017USD ($)LocationCounts | Jan. 20, 2017USD ($)$ / sharesshares | Jun. 30, 2017$ / sharesshares | Jun. 30, 2016shares | Jun. 30, 2017$ / sharesshares | Jun. 30, 2016shares | Dec. 31, 2016$ / shares |
Earnings Per Share [Line Items] | ||||||||
Average outstanding stock options excluded from diluted earnings per share | shares | 0 | 25,300 | 25,300 | |||||
Common stock, no par value | $ / shares | ||||||||
Shares issued | shares | 269,885 | |||||||
Assets covered for the execution of a definitive business combination agreement | $ | $ 1,200 | |||||||
Number of banking locations | Location | 33 | |||||||
Series A Preferred Stock [Member] | ||||||||
Earnings Per Share [Line Items] | ||||||||
Series A Preferred stock converted into non voting common stock | 1 | |||||||
Pennsylvania [Member] | ||||||||
Earnings Per Share [Line Items] | ||||||||
Number of Pennsylvania counties | Counts | 12 | |||||||
Private Placement [Member] | ||||||||
Earnings Per Share [Line Items] | ||||||||
Sale of common and preferred equity | $ | $ 17 | |||||||
Common stock, no par value | $ / shares | ||||||||
Private Placement [Member] | Common Stock [Member] | ||||||||
Earnings Per Share [Line Items] | ||||||||
Shares issued | shares | 269,885 | |||||||
Stock price per share | $ / shares | $ 10.50 | |||||||
Private Placement [Member] | Convertible Perpetual Stock [Member] | ||||||||
Earnings Per Share [Line Items] | ||||||||
Shares issued | shares | 1,348,809 | |||||||
Stock price per share | $ / shares | $ 10.50 |
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 | Jun. 30, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 68,670 | $ 75,626 |
Gross Unrealized Gains | 565 | 270 |
Gross Unrealized Losses | 1,383 | 2,783 |
Fair Value | 67,852 | 73,113 |
U.S. Treasury Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 5,088 | |
Gross Unrealized Losses | 67 | |
Fair Value | 5,021 | |
Taxable [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 43,155 | 44,045 |
Gross Unrealized Gains | 411 | 234 |
Gross Unrealized Losses | 713 | 1,885 |
Fair Value | 42,853 | 42,394 |
Tax-Exempt [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 5,747 | 5,748 |
Gross Unrealized Gains | 88 | 3 |
Gross Unrealized Losses | 77 | |
Fair Value | 5,835 | 5,674 |
Mortgage-Backed Securities - U.S. Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,713 | 1,905 |
Gross Unrealized Gains | 3 | |
Gross Unrealized Losses | 5 | 15 |
Fair Value | 1,711 | 1,890 |
Mortgage-backed Securities - U.S. Government-sponsored Enterprises [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 8,520 | 9,115 |
Gross Unrealized Gains | 63 | 28 |
Gross Unrealized Losses | 93 | 247 |
Fair Value | 8,490 | 8,896 |
Corporate Debt Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 9,535 | 9,542 |
Gross Unrealized Losses | 572 | 492 |
Fair Value | $ 8,963 | 9,050 |
Equity Securities, Financial Services [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 183 | |
Gross Unrealized Gains | 5 | |
Fair Value | $ 188 |
Investment Securities - Sched28
Investment Securities - Schedule of Debt Securities Classified Available-for-Sale Maturity Distribution of Fair Value (Detail) $ in Thousands | Jun. 30, 2017USD ($) |
Schedule of Available-for-sale Securities [Line Items] | |
Available-for-sale securities, Within one year, Fair Value | $ 174 |
Available-for-sale securities, After one but within five years, Fair Value | 2,132 |
Available-for-sale securities, After five but within ten years, Fair Value | 9,874 |
Available-for-sale securities, After ten years, Fair Value | 45,471 |
Available-for-sale securities, Single maturity, Fair Value | 57,651 |
Total available-for-sale securities, Fair Value | 67,852 |
Mortgage-Backed Securities [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Available-for-sale securities, Without single maturity, Fair Value | $ 10,201 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017USD ($)Securities | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($)Securities | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($)Securities | |
Schedule of Available-for-sale Securities [Line Items] | |||||
Available-for-sale securities pledged as collateral, carrying value | $ | $ 67,852,000 | $ 67,852,000 | $ 47,576,000 | ||
Available-for-sale securities in unrealized loss position, number of securities | 47 | 47 | 80 | ||
Other than temporary impairment losses | $ | $ 0 | $ 0 | $ 0 | $ 0 | |
U.S. Treasury Securities [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available-for-sale securities in unrealized loss position, number of securities | 3 | ||||
Taxable [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available-for-sale securities in unrealized loss position, number of securities | 38 | 38 | 49 | ||
Available-for-sale securities in unrealized loss position for twelve months or more, number of securities | 4 | 4 | 1 | ||
Tax-Exempt [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available-for-sale securities in unrealized loss position, number of securities | 7 | ||||
Mortgage-Backed Securities [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available-for-sale securities in unrealized loss position, number of securities | 4 | 4 | 17 | ||
Corporate Debt Obligations [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available-for-sale securities in unrealized loss position, number of securities | 4 | 4 | 4 | ||
Available-for-sale securities in unrealized loss position for twelve months or more, number of securities | 2 | 2 | |||
U.S. Government Agency Securities [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available-for-sale securities in unrealized loss position, number of securities | 1 | 1 |
Investment Securities Available
Investment Securities Available-for-Sale - Schedule of Fair Value Gross Unrealized Losses of Investment Securities Unrealized Losses (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities in a continuous loss position, Less Than 12 Months, Fair Value | $ 34,389 | $ 58,267 |
Available-for-sale securities in a continuous loss position, Less Than 12 Months, Unrealized Losses | 914 | 2,774 |
Available-for-sale securities in a continuous loss position, More Than 12 Months, Fair Value | 7,128 | 282 |
Available-for-sale securities in a continuous loss position, More Than 12 Months, Unrealized Losses | 469 | 9 |
Available-for-sale securities in a continuous loss position, Fair Value | 41,517 | 58,549 |
Available-for-sale securities in a continuous loss position, Unrealized Losses | 1,383 | 2,783 |
U.S. Treasury Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities in a continuous loss position, Less Than 12 Months, Fair Value | 5,021 | |
Available-for-sale securities in a continuous loss position, Less Than 12 Months, Unrealized Losses | 67 | |
Available-for-sale securities in a continuous loss position, Fair Value | 5,021 | |
Available-for-sale securities in a continuous loss position, Unrealized Losses | 67 | |
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 | 25,822 | 30,895 |
Available-for-sale securities in a continuous loss position, Less Than 12 Months, Unrealized Losses | 643 | 1,876 |
Available-for-sale securities in a continuous loss position, More Than 12 Months, Fair Value | 1,992 | 282 |
Available-for-sale securities in a continuous loss position, More Than 12 Months, Unrealized Losses | 70 | 9 |
Available-for-sale securities in a continuous loss position, Fair Value | 27,814 | 31,177 |
Available-for-sale securities in a continuous loss position, Unrealized Losses | 713 | 1,885 |
Tax-Exempt [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities in a continuous loss position, Less Than 12 Months, Fair Value | 3,998 | |
Available-for-sale securities in a continuous loss position, Less Than 12 Months, Unrealized Losses | 77 | |
Available-for-sale securities in a continuous loss position, Fair Value | 3,998 | |
Available-for-sale securities in a continuous loss position, Unrealized Losses | 77 | |
Mortgage-Backed Securities - U.S. Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities in a continuous loss position, Less Than 12 Months, Fair Value | 259 | 1,891 |
Available-for-sale securities in a continuous loss position, Less Than 12 Months, Unrealized Losses | 5 | 15 |
Available-for-sale securities in a continuous loss position, Fair Value | 259 | 1,891 |
Available-for-sale securities in a continuous loss position, Unrealized Losses | 5 | 15 |
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 | 4,481 | 7,412 |
Available-for-sale securities in a continuous loss position, Less Than 12 Months, Unrealized Losses | 93 | 247 |
Available-for-sale securities in a continuous loss position, Fair Value | 4,481 | 7,412 |
Available-for-sale securities in a continuous loss position, Unrealized Losses | 93 | 247 |
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 | 3,827 | 9,050 |
Available-for-sale securities in a continuous loss position, Less Than 12 Months, Unrealized Losses | 173 | 492 |
Available-for-sale securities in a continuous loss position, More Than 12 Months, Fair Value | 5,136 | |
Available-for-sale securities in a continuous loss position, More Than 12 Months, Unrealized Losses | 399 | |
Available-for-sale securities in a continuous loss position, Fair Value | 8,963 | 9,050 |
Available-for-sale securities in a continuous loss position, Unrealized Losses | $ 572 | $ 492 |
Loans, Net and Allowance for 31
Loans, Net and Allowance for Loan Losses - Additional Information (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2017USD ($)Contract | Jun. 30, 2016USD ($)Contract | Jun. 30, 2017USD ($)Contract | Jun. 30, 2016USD ($)Contract | Dec. 31, 2016USD ($) | Dec. 31, 2015Loan | Nov. 01, 2013Loan | |
Financing Receivable, Impaired [Line Items] | |||||||
Deferred loan fees, net | $ 873 | $ 873 | $ 1,077 | ||||
Interest income, related to impaired loans | 28 | $ 28 | 54 | $ 56 | |||
Troubled debt restructurings, amount | 5,635 | $ 6,853 | 5,635 | $ 6,853 | 6,208 | ||
Unused Commitments | 105,163 | 105,163 | 58,475 | ||||
Commitment to Extend Credit [Member] | |||||||
Financing Receivable, Impaired [Line Items] | |||||||
Unused Commitments | 64,448 | 64,448 | 27,829 | ||||
Unused Portions of Lines of Credit [Member] | |||||||
Financing Receivable, Impaired [Line Items] | |||||||
Unused Commitments | 36,951 | 36,951 | 26,729 | ||||
Financial Standby Letter of Credit [Member] | |||||||
Financing Receivable, Impaired [Line Items] | |||||||
Unused Commitments | 3,764 | 3,764 | $ 3,917 | ||||
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 | $ 109 | $ 138 | |||||
Troubled Debt Restructurings, Number of Contracts | Contract | 1 | 0 | 2 | 0 | |||
Real Estate Residential [Member] | Financing Receivables, Greater than 30 Days Past Due [Member] | |||||||
Financing Receivable, Impaired [Line Items] | |||||||
Subsequently defaulted number of contracts | Contract | 0 | 1 | 4 | 1 | |||
Financing receivable modifications subsequent default recorded investment | $ 64 | $ 1,229 | $ 64 |
Loans, Net and Allowance for 32
Loans, Net and Allowance for Loan Losses - Schedule of Loans Outstanding (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Receivables [Abstract] | ||
Commercial | $ 60,057 | $ 51,166 |
Construction | 9,491 | 8,605 |
Commercial | 302,092 | 212,550 |
Residential | 126,895 | 130,874 |
Consumer | 6,214 | 6,148 |
Total | $ 504,749 | $ 409,343 |
Loans, Net and Allowance for 33
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 | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for Loan Losses, Beginning balance | $ 4,329 | $ 3,717 | $ 3,732 | $ 4,365 | |
Allowance for Loan Losses, Charge-offs | (21) | (303) | (33) | (1,061) | |
Allowance for Loan Losses, Recoveries | 7 | 39 | 11 | 50 | |
Allowance for Loan Losses, Provision | 519 | 156 | 1,124 | 255 | |
Allowance for Loan Losses, Ending balance | 4,834 | 3,609 | 4,834 | 3,609 | |
Ending balance: individually evaluated for impairment | 296 | 296 | $ 148 | ||
Ending balance: collectively evaluated for impairment | 4,538 | 4,538 | 3,584 | ||
Ending balance | 504,749 | 504,749 | 409,343 | ||
Ending balance: individually evaluated for impairment | 7,006 | 7,006 | 7,405 | ||
Ending balance: collectively evaluated for impairment | 497,743 | 497,743 | 401,938 | ||
Commercial [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for Loan Losses, Beginning balance | 625 | 566 | 629 | 1,298 | |
Allowance for Loan Losses, Charge-offs | (10) | (10) | (723) | ||
Allowance for Loan Losses, Recoveries | 36 | 46 | |||
Allowance for Loan Losses, Provision | 142 | (44) | 138 | (63) | |
Allowance for Loan Losses, Ending balance | 757 | 558 | 757 | 558 | |
Ending balance: individually evaluated for impairment | 33 | 33 | 8 | ||
Ending balance: collectively evaluated for impairment | 724 | 724 | 621 | ||
Ending balance | 60,057 | 60,057 | 51,166 | ||
Ending balance: individually evaluated for impairment | 923 | 923 | 966 | ||
Ending balance: collectively evaluated for impairment | 59,134 | 59,134 | 50,200 | ||
Real Estate Construction [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for Loan Losses, Beginning balance | 160 | 93 | 160 | 202 | |
Allowance for Loan Losses, Charge-offs | (249) | (249) | |||
Allowance for Loan Losses, Provision | 32 | 326 | 32 | 217 | |
Allowance for Loan Losses, Ending balance | 192 | 170 | 192 | 170 | |
Ending balance: collectively evaluated for impairment | 192 | 192 | 160 | ||
Ending balance | 9,491 | 9,491 | 8,605 | ||
Ending balance: collectively evaluated for impairment | 9,491 | 9,491 | 8,605 | ||
Real Estate Commercial [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for Loan Losses, Beginning balance | 2,545 | 2,211 | 2,110 | 2,227 | |
Allowance for Loan Losses, Charge-offs | (41) | (65) | |||
Allowance for Loan Losses, Recoveries | 3 | ||||
Allowance for Loan Losses, Provision | 420 | (70) | 852 | (62) | |
Allowance for Loan Losses, Ending balance | 2,965 | 2,100 | 2,965 | 2,100 | |
Ending balance: individually evaluated for impairment | 205 | 205 | 140 | ||
Ending balance: collectively evaluated for impairment | 2,760 | 2,760 | 1,970 | ||
Ending balance | 302,092 | 302,092 | 212,550 | ||
Ending balance: individually evaluated for impairment | 3,550 | 3,550 | 3,924 | ||
Ending balance: collectively evaluated for impairment | 298,542 | 298,542 | 208,626 | ||
Real Estate Residential [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for Loan Losses, Beginning balance | 821 | 754 | 789 | 613 | |
Allowance for Loan Losses, Charge-offs | (9) | (8) | (16) | (8) | |
Allowance for Loan Losses, Recoveries | 6 | 2 | 7 | 2 | |
Allowance for Loan Losses, Provision | 10 | (3) | 48 | 138 | |
Allowance for Loan Losses, Ending balance | 828 | 745 | 828 | 745 | |
Ending balance: individually evaluated for impairment | 58 | 58 | |||
Ending balance: collectively evaluated for impairment | 770 | 770 | 789 | ||
Ending balance | 126,895 | 126,895 | 130,874 | ||
Ending balance: individually evaluated for impairment | 2,533 | 2,533 | 2,515 | ||
Ending balance: collectively evaluated for impairment | 124,362 | 124,362 | 128,359 | ||
Consumer [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for Loan Losses, Beginning balance | 54 | 30 | 44 | 25 | |
Allowance for Loan Losses, Charge-offs | (2) | (5) | (7) | (16) | |
Allowance for Loan Losses, Recoveries | 1 | 1 | 1 | 2 | |
Allowance for Loan Losses, Provision | (4) | 10 | 11 | 25 | |
Allowance for Loan Losses, Ending balance | 49 | 36 | 49 | $ 36 | |
Ending balance: collectively evaluated for impairment | 49 | 49 | 44 | ||
Ending balance | 6,214 | 6,214 | 6,148 | ||
Ending balance: collectively evaluated for impairment | 6,214 | 6,214 | $ 6,148 | ||
Unallocated [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for Loan Losses, Beginning balance | 124 | 63 | |||
Allowance for Loan Losses, Provision | (81) | $ (63) | 43 | ||
Allowance for Loan Losses, Ending balance | 43 | 43 | |||
Ending balance: collectively evaluated for impairment | $ 43 | $ 43 |
Loans, Net and Allowance for 34
Loans, Net and Allowance for Loan Losses - Summary of Major Classification of Loans Summarized by Aggregate Pass Rating (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | $ 504,749 | $ 409,343 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 60,057 | 51,166 |
Real Estate Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 9,491 | 8,605 |
Real Estate Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 302,092 | 212,550 |
Real Estate Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 126,895 | 130,874 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 6,214 | 6,148 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 487,493 | 392,474 |
Pass [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 56,500 | 47,765 |
Pass [Member] | Real Estate Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 9,081 | 8,605 |
Pass [Member] | Real Estate Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 290,502 | 200,636 |
Pass [Member] | Real Estate Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 125,196 | 129,320 |
Pass [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 6,214 | 6,148 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 10,098 | 9,695 |
Special Mention [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 1,840 | 1,604 |
Special Mention [Member] | Real Estate Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 410 | |
Special Mention [Member] | Real Estate Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 7,820 | 8,063 |
Special Mention [Member] | Real Estate Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 28 | 28 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 7,158 | 7,174 |
Substandard [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 1,717 | 1,797 |
Substandard [Member] | Real Estate Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 3,770 | 3,851 |
Substandard [Member] | Real Estate Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | $ 1,671 | $ 1,526 |
Loans, Net and Allowance for 35
Loans, Net and Allowance for Loan Losses - Summary of Nonaccrual Loans by Major Loan Classification (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans on nonaccrual status | $ 1,702 | $ 1,386 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans on nonaccrual status | 323 | 356 |
Real Estate Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans on nonaccrual status | 564 | 359 |
Real Estate Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans on nonaccrual status | $ 815 | $ 671 |
Loans, Net and Allowance for 36
Loans, Net and Allowance for Loan Losses - Summary of Major Classifications of Loans by Past Due Status (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 4,335 | $ 3,469 |
Current | 500,414 | 405,874 |
Ending balance | 504,749 | 409,343 |
Loans > 90 Days and Accruing | 35 | 359 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,854 | 794 |
Current | 58,203 | 50,372 |
Ending balance | 60,057 | 51,166 |
Real Estate Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 409 | 22 |
Current | 9,082 | 8,583 |
Ending balance | 9,491 | 8,605 |
Real Estate Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,128 | 892 |
Current | 300,964 | 211,658 |
Ending balance | 302,092 | 212,550 |
Real Estate Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 942 | 1,753 |
Current | 125,953 | 129,121 |
Ending balance | 126,895 | 130,874 |
Loans > 90 Days and Accruing | 35 | 357 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2 | 8 |
Current | 6,212 | 6,140 |
Ending balance | 6,214 | 6,148 |
Loans > 90 Days and Accruing | 2 | |
30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,022 | 2,297 |
30-59 Days Past Due [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,100 | 580 |
30-59 Days Past Due [Member] | Real Estate Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 22 | |
30-59 Days Past Due [Member] | Real Estate Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 681 | 784 |
30-59 Days Past Due [Member] | Real Estate Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 240 | 905 |
30-59 Days Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1 | 6 |
60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,161 | 353 |
60-89 Days Past Due [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 546 | |
60-89 Days Past Due [Member] | Real Estate Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 409 | |
60-89 Days Past Due [Member] | Real Estate Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 159 | 97 |
60-89 Days Past Due [Member] | Real Estate Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 46 | 256 |
60-89 Days Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1 | |
90 Days and Greater [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,152 | 819 |
90 Days and Greater [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 208 | 214 |
90 Days and Greater [Member] | Real Estate Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 288 | 11 |
90 Days and Greater [Member] | Real Estate Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 656 | 592 |
90 Days and Greater [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 2 |
Loans, Net and Allowance for 37
Loans, Net and Allowance for Loan Losses - Schedule of Information Concerning Impaired Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Financing Receivable, Impaired [Line Items] | |||||
Impaired loans with no related allowance recorded, recorded investment | $ 5,867 | $ 7,550 | $ 5,867 | $ 7,550 | $ 5,834 |
Impaired loans with an allowance recorded, recorded investment | 1,137 | 457 | 1,137 | 457 | 1,571 |
Impaired loans, recorded investment | 7,004 | 8,007 | 7,004 | 8,007 | 7,405 |
Impaired loans with no related allowance recorded, average recorded investment | 6,113 | 7,768 | 6,376 | 7,820 | 6,140 |
Impaired loans with no related allowance recorded, unpaid principal balance | 5,867 | 7,687 | 5,867 | 7,687 | 5,971 |
Impaired loans with an allowance recorded, average recorded investment | 1,082 | 461 | 956 | 466 | 1,601 |
Impaired loans with an allowance recorded, unpaid principal balance | 1,275 | 457 | 1,275 | 457 | 1,571 |
Impaired loans, average recorded investment | 7,195 | 8,229 | 7,332 | 8,286 | 7,741 |
Impaired loans, unpaid principal balance | 7,142 | 8,144 | 7,142 | 8,144 | 7,542 |
Impaired loans with no related allowance recorded, interest income recognized | 55 | 86 | 132 | 172 | 277 |
Impaired loans, related allowance | 296 | 36 | 296 | 36 | 148 |
Impaired loans with an allowance recorded, interest income recognized | 11 | 1 | 17 | 2 | 30 |
Impaired loans, interest income recognized | 66 | 87 | 149 | 174 | 307 |
Commercial [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired loans with no related allowance recorded, recorded investment | 840 | 848 | 840 | 848 | 225 |
Impaired loans with an allowance recorded, recorded investment | 83 | 131 | 83 | 131 | 741 |
Impaired loans, recorded investment | 923 | 979 | 923 | 979 | 966 |
Impaired loans with no related allowance recorded, average recorded investment | 842 | 850 | 805 | 852 | 225 |
Impaired loans with no related allowance recorded, unpaid principal balance | 840 | 848 | 840 | 848 | 225 |
Impaired loans with an allowance recorded, average recorded investment | 28 | 132 | 75 | 134 | 761 |
Impaired loans with an allowance recorded, unpaid principal balance | 83 | 131 | 83 | 131 | 741 |
Impaired loans, average recorded investment | 870 | 982 | 880 | 986 | 986 |
Impaired loans, unpaid principal balance | 923 | 979 | 923 | 979 | 966 |
Impaired loans with no related allowance recorded, interest income recognized | 7 | 7 | 15 | 14 | 0 |
Impaired loans, related allowance | 33 | 1 | 33 | 1 | 8 |
Impaired loans with an allowance recorded, interest income recognized | 1 | 0 | 1 | 0 | 30 |
Impaired loans, interest income recognized | 8 | 7 | 16 | 14 | 30 |
Real Estate Construction [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired loans with no related allowance recorded, recorded investment | 0 | 0 | 0 | 0 | 0 |
Impaired loans with an allowance recorded, recorded investment | 0 | 0 | 0 | 0 | 0 |
Impaired loans, recorded investment | 0 | 0 | 0 | 0 | 0 |
Impaired loans with no related allowance recorded, average recorded investment | 0 | 0 | 0 | 0 | 0 |
Impaired loans with no related allowance recorded, unpaid principal balance | 0 | 0 | 0 | 0 | 0 |
Impaired loans with an allowance recorded, average recorded investment | 0 | 0 | 0 | 0 | 0 |
Impaired loans with an allowance recorded, unpaid principal balance | 0 | 0 | 0 | 0 | 0 |
Impaired loans, average recorded investment | 0 | 0 | 0 | 0 | 0 |
Impaired loans, unpaid principal balance | 0 | 0 | 0 | 0 | 0 |
Impaired loans with no related allowance recorded, interest income recognized | 0 | 0 | 0 | 0 | 0 |
Impaired loans, related allowance | 0 | 0 | 0 | 0 | 0 |
Impaired loans with an allowance recorded, interest income recognized | 0 | 0 | 0 | 0 | 0 |
Impaired loans, interest income recognized | 0 | 0 | 0 | 0 | 0 |
Real Estate Commercial [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired loans with no related allowance recorded, recorded investment | 2,685 | 3,976 | 2,685 | 3,976 | 3,094 |
Impaired loans with an allowance recorded, recorded investment | 865 | 207 | 865 | 207 | 830 |
Impaired loans, recorded investment | 3,550 | 4,183 | 3,550 | 4,183 | 3,924 |
Impaired loans with no related allowance recorded, average recorded investment | 2,991 | 3,993 | 3,110 | 4,009 | 3,168 |
Impaired loans with no related allowance recorded, unpaid principal balance | 2,685 | 3,976 | 2,685 | 3,976 | 3,094 |
Impaired loans with an allowance recorded, average recorded investment | 865 | 209 | 787 | 212 | 840 |
Impaired loans with an allowance recorded, unpaid principal balance | 865 | 207 | 865 | 207 | 830 |
Impaired loans, average recorded investment | 3,856 | 4,202 | 3,897 | 4,221 | 4,008 |
Impaired loans, unpaid principal balance | 3,550 | 4,183 | 3,550 | 4,183 | 3,924 |
Impaired loans with no related allowance recorded, interest income recognized | 22 | 45 | 58 | 90 | 147 |
Impaired loans, related allowance | 205 | 2 | 205 | 2 | 140 |
Impaired loans with an allowance recorded, interest income recognized | 6 | 0 | 12 | 0 | 0 |
Impaired loans, interest income recognized | 28 | 45 | 70 | 90 | 147 |
Real Estate Residential [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired loans with no related allowance recorded, recorded investment | 2,342 | 2,726 | 2,342 | 2,726 | 2,515 |
Impaired loans with an allowance recorded, recorded investment | 189 | 119 | 189 | 119 | 0 |
Impaired loans, recorded investment | 2,531 | 2,845 | 2,531 | 2,845 | 2,515 |
Impaired loans with no related allowance recorded, average recorded investment | 2,280 | 2,925 | 2,461 | 2,959 | 2,747 |
Impaired loans with no related allowance recorded, unpaid principal balance | 2,342 | 2,863 | 2,342 | 2,863 | 2,652 |
Impaired loans with an allowance recorded, average recorded investment | 189 | 120 | 94 | 120 | 0 |
Impaired loans with an allowance recorded, unpaid principal balance | 327 | 119 | 327 | 119 | 0 |
Impaired loans, average recorded investment | 2,469 | 3,045 | 2,555 | 3,079 | 2,747 |
Impaired loans, unpaid principal balance | 2,669 | 2,982 | 2,669 | 2,982 | 2,652 |
Impaired loans with no related allowance recorded, interest income recognized | 26 | 34 | 59 | 68 | 130 |
Impaired loans, related allowance | 58 | 33 | 58 | 33 | 0 |
Impaired loans with an allowance recorded, interest income recognized | 4 | 1 | 4 | 2 | 0 |
Impaired loans, interest income recognized | 30 | 35 | 63 | 70 | 130 |
Consumer [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired loans with no related allowance recorded, recorded investment | 0 | 0 | 0 | 0 | 0 |
Impaired loans with an allowance recorded, recorded investment | 0 | 0 | 0 | 0 | 0 |
Impaired loans, recorded investment | 0 | 0 | 0 | 0 | 0 |
Impaired loans with no related allowance recorded, average recorded investment | 0 | 0 | 0 | 0 | 0 |
Impaired loans with no related allowance recorded, unpaid principal balance | 0 | 0 | 0 | 0 | 0 |
Impaired loans with an allowance recorded, average recorded investment | 0 | 0 | 0 | 0 | 0 |
Impaired loans with an allowance recorded, unpaid principal balance | 0 | 0 | 0 | 0 | 0 |
Impaired loans, average recorded investment | 0 | 0 | 0 | 0 | 0 |
Impaired loans, unpaid principal balance | 0 | 0 | 0 | 0 | 0 |
Impaired loans with no related allowance recorded, interest income recognized | 0 | 0 | 0 | 0 | 0 |
Impaired loans, related allowance | 0 | 0 | 0 | 0 | 0 |
Impaired loans with an allowance recorded, interest income recognized | 0 | 0 | 0 | 0 | 0 |
Impaired loans, interest income recognized | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Loans, Net and Allowance for 38
Loans, Net and Allowance for Loan Losses - Summary of Loans Purchased (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, Net and Allowance for 39
Loans, Net and Allowance for Loan Losses - Summary of Unpaid Principal Balances and Related Carrying Amounts of Acquired Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Union Bank [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | $ 34,528 | $ 39,694 |
Carrying Amount | 33,772 | 38,540 |
Union Bank [Member] | Credit Impaired Purchased Loans Evaluated Individually for Incurred Credit Losses [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 773 | 793 |
Carrying Amount | 451 | 463 |
Union Bank [Member] | Other Purchased Loans Evaluated Collectively for Incurred Credit Losses [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 33,755 | 38,901 |
Carrying Amount | 33,321 | 38,077 |
Citizens National Bank of Meyersdale [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 42,366 | 46,450 |
Carrying Amount | 42,012 | 46,017 |
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 | 509 | 608 |
Carrying Amount | 340 | 424 |
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 | 41,857 | 45,842 |
Carrying Amount | $ 41,672 | $ 45,593 |
Loans, Net and Allowance for 40
Loans, Net and Allowance for Loan Losses - Summary of Changes in Accretable Discount Related to Purchased Credit Impaired Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Union Bank [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Balance - beginning of period | $ 158 | $ 259 | $ 164 | $ 307 |
Accretion recognized during the period | (14) | (21) | (27) | (115) |
Net reclassification from non-accretable to accretable | 8 | 13 | 15 | 59 |
Balance - end of period | 152 | 251 | 152 | 251 |
Citizens National Bank of Meyersdale [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Balance - beginning of period | 165 | 213 | 206 | 217 |
Accretion recognized during the period | (7) | (8) | (17) | (14) |
Net reclassification from non-accretable to accretable | 3 | 1 | (28) | 3 |
Balance - end of period | $ 161 | $ 206 | $ 161 | $ 206 |
Other Assets - Components of Ot
Other Assets - Components of Other Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Other Assets [Abstract] | ||
Other real estate owned | $ 205 | $ 625 |
Bank owned life insurance | 12,020 | 11,857 |
Restricted equity securities | 1,762 | 1,845 |
Deferred tax assets | 6,873 | 7,402 |
Other assets | 2,868 | 2,083 |
Total | $ 23,728 | $ 23,812 |
Fair Value Estimates - Financia
Fair Value Estimates - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | $ 67,852 | $ 73,113 |
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 | |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 67,852 | 72,925 |
Fair Value Measurements Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 67,852 | 73,113 |
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 | 5,021 | |
Fair Value Measurements Recurring [Member] | Taxable [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 42,853 | 42,394 |
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 | 5,835 | 5,674 |
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 | 1,711 | 1,890 |
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 | 8,490 | 8,896 |
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 | 8,963 | 9,050 |
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 | |
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 | |
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 | |
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 | 67,852 | 72,925 |
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 | 5,021 | |
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 | 42,853 | 42,394 |
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 | 5,835 | 5,674 |
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 | 1,711 | 1,890 |
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 | 8,490 | 8,896 |
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 | $ 8,963 | $ 9,050 |
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 | Jun. 30, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale | $ 1,037 | $ 652 |
Other real estate owned | 205 | 625 |
Impaired loans, net of related allowance | 841 | 1,424 |
Total | 2,083 | 2,701 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale | 1,037 | 652 |
Total | 1,037 | 652 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | 205 | 625 |
Impaired loans, net of related allowance | 841 | 1,424 |
Total | $ 1,046 | $ 2,049 |
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 | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Estimate | $ 2,083 | $ 2,701 |
Other Real Estate Owned [Member] | Level 3 Fair Value Measurements, Appraisal Adjustments [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Estimate | $ 205 | $ 625 |
Valuation Technique | Appraisal of collateral | Appraisal of collateral |
Unobservable Input | Appraisal adjustments | Appraisal adjustments |
Other Real Estate Owned [Member] | Level 3 Fair Value Measurements, Liquidation Expenses [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Unobservable Input | Liquidation expenses | Liquidation expenses |
Other Real Estate Owned [Member] | Minimum [Member] | Level 3 Fair Value Measurements, Appraisal Adjustments [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range (Weighted Average) | 14.00% | 22.00% |
Other Real Estate Owned [Member] | Minimum [Member] | Level 3 Fair Value Measurements, Liquidation Expenses [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range (Weighted Average) | 7.00% | 3.00% |
Other Real Estate Owned [Member] | Maximum [Member] | Level 3 Fair Value Measurements, Appraisal Adjustments [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range (Weighted Average) | 75.00% | 82.00% |
Other Real Estate Owned [Member] | Maximum [Member] | Level 3 Fair Value Measurements, Liquidation Expenses [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range (Weighted Average) | 11.00% | 6.00% |
Other Real Estate Owned [Member] | Weighted Average [Member] | Level 3 Fair Value Measurements, Appraisal Adjustments [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range (Weighted Average) | 46.10% | 45.00% |
Other Real Estate Owned [Member] | Weighted Average [Member] | Level 3 Fair Value Measurements, Liquidation Expenses [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range (Weighted Average) | 7.40% | 5.00% |
Impaired Loan [Member] | Level 3 Fair Value Measurements, Appraisal Adjustments [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Estimate | $ 841 | |
Valuation Technique | Appraisal of collateral | |
Unobservable Input | Appraisal adjustments | |
Impaired Loan [Member] | Level 3 Fair Value Measurements, Liquidation Expenses [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Unobservable Input | Liquidation expenses | Liquidation expenses |
Impaired Loan [Member] | Level 3 Fair Value Measurements, Discount Rate Adjustments [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Estimate | $ 1,424 | |
Valuation Technique | Discounted cash flow | |
Unobservable Input | Discount rate adjustments | |
Impaired Loan [Member] | Minimum [Member] | Level 3 Fair Value Measurements, Appraisal Adjustments [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range (Weighted Average) | 0.00% | |
Impaired Loan [Member] | Minimum [Member] | Level 3 Fair Value Measurements, Liquidation Expenses [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range (Weighted Average) | 7.00% | 3.00% |
Impaired Loan [Member] | Minimum [Member] | Level 3 Fair Value Measurements, Discount Rate Adjustments [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range (Weighted Average) | 3.75% | |
Impaired Loan [Member] | Maximum [Member] | Level 3 Fair Value Measurements, Appraisal Adjustments [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range (Weighted Average) | 0.00% | |
Impaired Loan [Member] | Maximum [Member] | Level 3 Fair Value Measurements, Liquidation Expenses [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range (Weighted Average) | 7.00% | 7.00% |
Impaired Loan [Member] | Maximum [Member] | Level 3 Fair Value Measurements, Discount Rate Adjustments [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range (Weighted Average) | 5.50% | |
Impaired Loan [Member] | Weighted Average [Member] | Level 3 Fair Value Measurements, Appraisal Adjustments [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range (Weighted Average) | 0.00% | |
Impaired Loan [Member] | Weighted Average [Member] | Level 3 Fair Value Measurements, Liquidation Expenses [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range (Weighted Average) | 7.00% | 4.50% |
Impaired Loan [Member] | Weighted Average [Member] | Level 3 Fair Value Measurements, Discount Rate Adjustments [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range (Weighted Average) | 4.30% |
Fair Value Estimates - Carrying
Fair Value Estimates - Carrying and Fair Values of Riverview's Financial Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Financial assets: | ||||
Cash and cash equivalents | $ 15,677 | $ 19,120 | $ 14,799 | $ 21,697 |
Investment securities available-for-sale | 67,852 | 73,113 | ||
Loans held for sale | 1,037 | 652 | ||
Net loans | 499,915 | 405,611 | ||
Accrued interest receivable | 1,651 | 1,726 | ||
Restricted equity securities | 1,762 | 1,845 | ||
Financial liabilities: | ||||
Deposits | 523,895 | 452,560 | ||
Short-term borrowings | 30,000 | 31,500 | ||
Long-term debt | 11,589 | 11,154 | ||
Accrued interest payable | 194 | 192 | ||
Carrying Amount [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | 15,677 | 19,120 | ||
Investment securities available-for-sale | 67,852 | 73,113 | ||
Loans held for sale | 1,037 | 652 | ||
Net loans | 499,915 | 405,611 | ||
Accrued interest receivable | 1,651 | 1,726 | ||
Restricted equity securities | 1,762 | 1,845 | ||
Financial liabilities: | ||||
Deposits | 523,895 | 452,560 | ||
Short-term borrowings | 30,000 | 31,500 | ||
Long-term debt | 11,589 | 11,154 | ||
Accrued interest payable | 194 | 192 | ||
Fair Value [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | 15,677 | 19,120 | ||
Investment securities available-for-sale | 67,852 | 73,113 | ||
Loans held for sale | 1,037 | 652 | ||
Net loans | 499,891 | 407,561 | ||
Accrued interest receivable | 1,651 | 1,726 | ||
Restricted equity securities | 1,762 | 1,845 | ||
Financial liabilities: | ||||
Deposits | 511,848 | 438,744 | ||
Short-term borrowings | 30,000 | 31,500 | ||
Long-term debt | 11,257 | 11,148 | ||
Accrued interest payable | 194 | 192 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | 15,677 | 19,120 | ||
Investment securities available-for-sale | 188 | |||
Restricted equity securities | 1,762 | 1,845 | ||
Significant Other Observable Inputs (Level 2) [Member] | ||||
Financial assets: | ||||
Investment securities available-for-sale | 67,852 | 72,925 | ||
Loans held for sale | 1,037 | 652 | ||
Accrued interest receivable | 1,651 | 1,726 | ||
Financial liabilities: | ||||
Deposits | 511,848 | 438,744 | ||
Short-term borrowings | 30,000 | 31,500 | ||
Long-term debt | 11,257 | 11,148 | ||
Accrued interest payable | 194 | 192 | ||
Significant Unobservable Inputs (Level 3) [Member] | ||||
Financial assets: | ||||
Net loans | $ 499,891 | $ 407,561 |