Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Jul. 30, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
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 | 9,095,124 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Assets: | ||
Cash and due from banks | $ 13,139 | $ 9,413 |
Interest-bearing deposits in other banks | 23,481 | 16,373 |
Federal funds sold | 0 | 0 |
Investment securities available-for-sale | 87,908 | 93,201 |
Loans held for sale | 873 | 254 |
Loans, net | 939,887 | 955,971 |
Less: allowance for loan losses | 6,401 | 6,306 |
Net loans | 933,486 | 949,665 |
Premises and equipment, net | 18,542 | 18,631 |
Accrued interest receivable | 2,786 | 3,237 |
Goodwill | 24,754 | 24,754 |
Intangible assets | 3,935 | 4,376 |
Other assets | 42,900 | 43,703 |
Total assets | 1,151,804 | 1,163,607 |
Deposits: | ||
Noninterest-bearing | 170,232 | 155,895 |
Interest-bearing | 847,490 | 870,585 |
Total deposits | 1,017,722 | 1,026,480 |
Short-term borrowings | 6,000 | |
Long-term debt | 13,091 | 13,233 |
Accrued interest payable | 449 | 468 |
Other liabilities | 10,075 | 11,170 |
Total liabilities | 1,041,337 | 1,057,351 |
Stockholders' equity: | ||
Common stock: no par value, authorized 20,000,000 shares; June 30, 2018, issued and outstanding 9,094,986 shares; December 31, 2017, issued and outstanding 9,069,363 shares | 100,790 | 100,476 |
Capital surplus | 424 | 423 |
Retained earnings | 11,625 | 6,936 |
Accumulated other comprehensive loss | (2,372) | (1,579) |
Total stockholders' equity | 110,467 | 106,256 |
Total liabilities and stockholders' equity | $ 1,151,804 | $ 1,163,607 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | ||
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 9,094,986 | 9,069,363 |
Common stock, shares outstanding | 9,094,986 | 9,069,363 |
Consolidated Statements of Inco
Consolidated Statements of Income (Loss) and Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | ||
Interest and fees on loans: | |||||
Taxable | $ 11,226 | $ 4,989 | $ 23,467 | $ 9,274 | |
Tax-exempt | 235 | 107 | 469 | 215 | |
Interest and dividends on investment securities available-for-sale: | |||||
Taxable | 542 | 566 | 1,065 | 1,130 | |
Tax-exempt | 81 | 46 | 163 | 93 | |
Dividends | 3 | ||||
Interest on interest-bearing deposits in other banks | 101 | 24 | 180 | 47 | |
Interest on federal funds sold | 10 | 4 | 20 | 10 | |
Total interest income | 12,195 | 5,736 | 25,364 | 10,772 | |
Interest expense: | |||||
Interest on deposits | 1,723 | 668 | 3,277 | 1,200 | |
Interest on short-term borrowings | 63 | 30 | 85 | ||
Interest on long-term debt | 192 | 78 | 368 | 153 | |
Total interest expense | 1,915 | 809 | 3,675 | 1,438 | |
Net interest income | 10,280 | 4,927 | 21,689 | 9,334 | |
Provision for loan losses | 519 | 390 | 1,124 | ||
Net interest income after provision for loan losses | 10,280 | 4,408 | 21,299 | 8,210 | |
Noninterest income: | |||||
Bank owned life insurance investment income | 199 | 74 | 390 | 147 | |
Net gain on sale of investment securities available-for-sale | 40 | 64 | 40 | 63 | |
Total noninterest income | 2,533 | 802 | 4,486 | 1,581 | |
Noninterest expense: | |||||
Salaries and employee benefits expense | 5,221 | 2,757 | 10,543 | 5,593 | |
Net occupancy and equipment expense | 1,012 | 634 | 2,134 | 1,280 | |
Amortization of intangible assets | 220 | 71 | 441 | 235 | |
Net cost of operation of other real estate owned | 2 | 138 | 1 | 174 | |
Other expenses | 2,953 | 1,441 | 5,825 | 2,922 | |
Total noninterest expense | 9,408 | 5,041 | 18,944 | 10,204 | |
Income (loss) before income taxes | 3,405 | 169 | 6,841 | (413) | |
Income tax expense (benefit) | 618 | (10) | 1,243 | (25) | |
Net income (loss) | 2,787 | 179 | 5,598 | (388) | |
Other comprehensive income : | |||||
Unrealized gain (loss) on investment securities available-for-sale | 112 | 1,246 | (963) | 1,758 | |
Reclassification adjustment for net (gain) loss on sale of investment securities available-for-sale included in net income (loss) | [1] | (40) | (64) | (40) | (63) |
Other comprehensive income (loss) | 72 | 1,182 | (1,003) | 1,695 | |
Income tax expense (benefit) related to other comprehensive income | 15 | 402 | (210) | 576 | |
Other comprehensive income (loss), net of income taxes | 57 | 780 | (793) | 1,119 | |
Comprehensive income | $ 2,844 | $ 959 | $ 4,805 | $ 731 | |
Net income (loss): | |||||
Basic | $ 0.31 | $ 0.04 | $ 0.62 | $ (0.08) | |
Diluted | $ 0.31 | $ 0.04 | $ 0.62 | $ (0.08) | |
Average common shares outstanding: | |||||
Basic | 9,089,011 | 3,655,446 | 9,084,054 | 3,555,629 | |
Diluted | 9,134,248 | 3,726,939 | 9,136,004 | 3,555,629 | |
Dividends declared | $ 0.10 | $ 0.14 | $ 0.10 | $ 0.28 | |
Service Charges, Fees and Commissions [Member] | |||||
Noninterest income: | |||||
Noninterest income | $ 1,651 | $ 292 | $ 2,879 | $ 629 | |
Commission and Fees on Fiduciary Activities [Member] | |||||
Noninterest income: | |||||
Noninterest income | 235 | 31 | 445 | 61 | |
Wealth Management Income [Member] | |||||
Noninterest income: | |||||
Noninterest income | 219 | 194 | 373 | 452 | |
Mortgage Banking Income [Member] | |||||
Noninterest income: | |||||
Noninterest income | $ 189 | $ 147 | $ 359 | $ 229 | |
[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. |
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 at Dec. 31, 2016 | $ 41,920 | $ 29,052 | $ 220 | $ 14,845 | $ (2,197) | |
Net income (loss) | (388) | (388) | ||||
Other comprehensive income (loss), 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 at Jun. 30, 2017 | 57,515 | 45,240 | 235 | 13,118 | (1,078) | |
Balance at Dec. 31, 2017 | 106,256 | 100,476 | 423 | 6,936 | (1,579) | |
Net income (loss) | 5,598 | 5,598 | ||||
Other comprehensive income (loss), net of income taxes | (793) | (793) | ||||
Compensation cost of option grants | 1 | 1 | ||||
Issuance under ESPP, 401k and Dividend Reinvestment plans | 265 | 265 | ||||
Exercise of stock options | 49 | 49 | ||||
Dividends declared | (909) | (909) | ||||
Balance at Jun. 30, 2018 | $ 110,467 | $ 100,790 | $ 424 | $ 11,625 | $ (2,372) |
Consolidated Statements of Cha6
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
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 | 20,862 | 9,614 |
Exercise of stock options, shares | 4,761 | |
Dividends declared, per share | $ 0.10 | $ 0.28 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 5,598 | $ (388) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Depreciation and amortization of premises and equipment | 619 | 392 |
Provision for loan losses | 390 | 1,124 |
Stock based compensation | 1 | 15 |
Net amortization of investment securities available-for-sale | 402 | 195 |
Net cost of operation of other real estate owned | 1 | 174 |
Net loss on sale of investment securities available-for-sale | (40) | (63) |
Amortization of purchase adjustment on loans | (2,613) | (98) |
Amortization of intangible assets | 441 | 235 |
Deferred income taxes | 1,072 | (47) |
Proceeds from sale of loans originated for sale | 13,337 | 11,606 |
Net gain on sale of loans originated for sale | (359) | (229) |
Loans originated for sale | (13,597) | (11,762) |
Bank owned life insurance investment income | (390) | (147) |
Accrued interest receivable | 451 | 75 |
Other assets | 60 | (785) |
Accrued interest payable | (19) | 2 |
Other liabilities | (1,095) | (674) |
Net cash provided by (used in) operating activities | 4,259 | (375) |
Investment securities available-for-sale: | ||
Purchases | (6,839) | |
Proceeds from repayments | 5,942 | 1,260 |
Proceeds from sales | 4,825 | 5,564 |
Proceeds from the sale of other real estate owned | 196 | 433 |
Net decrease in restricted equity securities | 146 | 83 |
Net decrease (increase) decrease in loans | 18,351 | (95,517) |
Business disposition, net of cash | 329 | |
Purchases of premises and equipment | (530) | (323) |
Purchase of bank owned life insurance | (21) | (16) |
Net cash provided by (used in) investing activities | 22,070 | (88,187) |
Cash flows from financing activities: | ||
Net increase in deposits | (8,758) | 71,335 |
Net increase (decrease) in short-term borrowings | (6,000) | (1,500) |
Repayment of long-term debt | (142) | (165) |
Proceeds from long-term debt | 600 | |
Issuance under ESPP, 401k and DRP plans | 265 | 247 |
Proceeds from exercise of stock options | 49 | 15,941 |
Cash dividends paid | (909) | (1,339) |
Net cash provided by (used in) financing activities | (15,495) | 85,119 |
Net increase (decrease) in cash and cash equivalents | 10,834 | (3,443) |
Cash and cash equivalents-beginning | 25,786 | 19,120 |
Cash and cash equivalents-ending | 36,620 | 15,677 |
Cash paid during the period for: | ||
Interest | 3,694 | 1,436 |
Income taxes | 0 | 0 |
Noncash items from investing activities: | ||
Other real estate acquired in settlement of loans | $ 51 | $ 187 |
Summary of significant accounti
Summary of significant accounting policies | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Summary of significant accounting policies | 1. Summary of significant accounting policies: Nature of Operations Riverview Financial Corporation, (the “Company” or “Riverview”), 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”). On October 2, 2017, the Company announced the completion of its merger of equals with CBT Financial Corp. (“CBT”), effective October 1, 2017 pursuant to the Agreement and Plan of Merger between Riverview and CBT, dated April 19, 2017. On the effective date, CBT was merged with and into Riverview, with Riverview surviving (the “merger”). Additionally, CBT Bank, the wholly-owned subsidiary of CBT, merged with and into Riverview Bank, the wholly-owned subsidiary of Riverview, with Riverview Bank as the surviving institution. The Company’s financial results reflect the merger of CBT Bank with and into Riverview Bank under the purchase method of accounting, with the Company treated as the acquirer for accounting and reporting purposes. As a result, the historical financial information included in the Company’s consolidated financial statements and related notes as reported in this Form 10-Q Riverview Bank, with 30 full service offices and three limited purpose offices, is a full service commercial bank offering a wide range of traditional banking services and financial advisory, insurance and investment services to individuals, municipalities and small to medium sized businesses in the Pennsylvania market areas of Berks, Blaire, Centre, Clearfield, Dauphin, Huntingdon, Lebanon, 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 Financial Accounting Standards Board, (“FASB”) issued ASU No. 2016-01, available-for-sale 2016-01 In February 2016, the FASB issued ASU No. 2016-02, 2016-02, right-of-use 2016-02 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, 2014-09 2014-09 ASU 2016-20 2014-09 In January 2017, FASB issued ASU No. 2017-01, 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, No. 2017-05 In March 2017, the FASB issued ASU No. 2017-07, No. 2017-07 In March 2017, FASB issued ASU No. 2017-08, 2017-08 In May 2017, the FASB issued ASU No. 2017-09, No. 2017-09 In August 2017, FASB issued ASU No. 2017-12, In September 2017, the FASB issued ASU No. 2017-13, No. 2014-09, No. 2016-02, 2017-13 In November 2017, the FASB issued ASU No. 2017-14 No. 33-10403, No. 2017-14 In February 2018, the FASB issued ASU No. 2018-02, No. 2018-02 In February 2018, the FASB issued ASU No. 2018-03, 825-10): No. 2016-01, No. 2018-03 In March 2018, the FASB has issued ASU No. 2018-05, No. 2018-05 In May 2018, the FASB issued ASU No. 2018-06, 942-740, No. 2018-06 |
Other comprehensive income (los
Other comprehensive income (loss) | 6 Months Ended |
Jun. 30, 2018 | |
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, 2018 and December 31, 2017 is as follows: June 30, 2018 December 31, 2017 Net unrealized loss on investment securities available-for-sale $ (2,134 ) $ (1,131 ) Related income taxes (448 ) (238 ) Net of income taxes (1,686 ) (893 ) Benefit plan adjustments (869 ) (869 ) Related income taxes (183 ) (183 ) Net of income taxes (686 ) (686 ) Accumulated other comprehensive income (loss) $ (2,372 ) $ (1,579 ) Other comprehensive income (loss) and related tax effects for the three and six months ended June 30, 2018 and 2017 is as follows: Three months ended June 30, 2018 2017 Unrealized gain (loss) on investment securities available-for-sale $ 112 $ 1,246 Net (gain) loss on the sale of investment securities available-for-sale (1) (40 ) (64 ) Other comprehensive income (loss) before taxes 72 1,182 Income tax expense (benefit) 15 402 Other comprehensive income (loss) $ 57 $ 780 Six months ended June 30, 2018 2017 Unrealized gain (loss) on investment securities available-for-sale $ (963 ) $ 1,758 Net (gain) loss on the sale of investment securities available-for-sale (1) (40 ) (63 ) Other comprehensive income (loss) before taxes (1,003 ) 1,695 Income tax expense (benefit) (210 ) 576 Other comprehensive income (loss) $ (793 ) $ 1,119 (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, 2018 | |
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, 2018 and 2017: Three months ended June 30, 2018 2017 Numerator: Net income (loss) $ 2,787 $ 179 Dividends on preferred stock (186 ) Net income (loss) available to common stockholders $ 2,787 $ (7 ) Undistributed loss allocated to preferred stockholders 128 Income (loss) allocated to common stockholders $ 2,787 $ 121 Denominator: Basic 9,089,011 3,655,446 Dilutive options 45,237 71,493 Diluted 9,134,248 3,726,939 Earnings per share: Basic $ 0.31 $ 0.04 Diluted $ 0.31 $ 0.04 Six months ended June 30, 2018 2017 Numerator: Net income (loss) $ 5,598 $ (388 ) Dividends on preferred stock (371 ) Net income (loss) available to common stockholders $ 5,598 $ (759 ) Undistributed loss allocated to preferred stockholders 475 Income (loss) allocated to common stockholders $ 5,598 $ (284 ) Denominator: Basic 9,084,054 3,555,629 Dilutive options 51,950 Diluted 9,136,004 3,555,629 Earnings per share: Basic $ 0.62 $ (0.08 ) Diluted $ 0.62 $ (0.08 ) For the three and six months ended June 30, 2018, there were no outstanding stock options that were excluded from the dilutive earnings per share calculation. None of the outstanding stock options for the three months ended June 30, 2017 were excluded from the diluted earnings per share calculation because of their effect was antidilutive. All of the stock options for the six months ended June 30, 2017 were excluded from the diluted earnings per share calculation because the effect was antidilutive. 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. 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 formed a combined community banking franchise with approximately $1.2 billion in assets. Effective as of the close of business on June 22, 2017, the Company filed an amendment to its Articles of Incorporation to authorize a class of non-voting non-voting non-voting non-voting |
Investment securities
Investment securities | 6 Months Ended |
Jun. 30, 2018 | |
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, 2018 Amortized Gross Gross Fair State and municipals: Taxable $ 34,917 $ 174 $ 1,253 $ 33,838 Tax-exempt 14,587 2 224 14,365 Mortgage-backed securities: U.S. Government agencies 21,584 53 65 21,572 U.S. Government-sponsored enterprises 9,432 12 355 9,089 Corporate debt obligations 9,522 478 9,044 Total $ 90,042 $ 241 $ 2,375 $ 87,908 December 31, 2017 Amortized Gross Gross Fair State and municipals: Taxable $ 35,352 $ 334 $ 684 $ 35,002 Tax-exempt 16,325 47 64 16,308 Mortgage-backed securities: U.S. Government agencies 22,908 3 94 22,817 U.S. Government-sponsored enterprises 10,218 19 148 10,089 Corporate debt obligations 9,529 544 8,985 Total $ 94,332 $ 403 $ 1,534 $ 93,201 The maturity distribution of the fair value, which is the net carrying amount, of the debt securities classified as available-for-sale June 30, 2018 Fair Within one year $ 4,458 After one but within five years 3,842 After five but within ten years 13,810 After ten years 35,137 57,247 Mortgage-backed securities 30,661 Total $ 87,908 Securities with a carrying value of $28,879 and $93,201 at June 30, 2018 and December 31, 2017, 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, 2018 and December 31, 2017, 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, 2018 Fair Unrealized Fair Unrealized Fair Unrealized State and municipals: Taxable $ 3,491 $ 69 $ 20,946 $ 1,184 $ 24,437 $ 1,253 Tax-exempt 12,833 224 12,833 224 Mortgage-backed securities: U.S. Government agencies 3,415 28 805 37 4,220 65 U.S. Government-sponsored enterprises 3,789 106 3,809 249 7,598 355 Corporate debt obligation 9,044 478 9,044 478 Total $ 23,528 $ 427 $ 34,604 $ 1,948 $ 58,132 $ 2,375 Less Than 12 Months 12 Months or More Total December 31, 2017 Fair Unrealized Fair Unrealized Fair Unrealized State and municipals: Taxable $ 4,757 $ 30 $ 20,185 $ 654 $ 24,942 $ 684 Tax-exempt 10,506 64 10,506 64 Mortgage-backed securities: U.S. Government agencies 16,746 87 193 7 16,939 94 U.S. Government-sponsored enterprises 4,294 23 4,174 125 8,468 148 Corporate debt obligation 3,800 200 5,185 344 8,985 544 Total $ 40,103 $ 404 $ 29,737 $ 1,130 $ 69,840 $ 1,534 The Company had 84 investment securities, consisting of 40 taxable state and municipal obligations, 25 tax-exempt The Company had 88 investment securities, consisting of 34 taxable state and municipal obligations, 21 tax-exempt |
Loans, net and allowance for lo
Loans, net and allowance for loan losses | 6 Months Ended |
Jun. 30, 2018 | |
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, 2018 and December 31, 2017 are summarized as follows. Net deferred loan costs were $942 and $863 at June 30, 2018 and December 31, 2017. June 30, December 31, Commercial $ 130,499 $ 140,116 Real estate: Construction 30,907 34,405 Commercial 534,903 526,230 Residential 231,176 240,626 Consumer 12,402 14,594 Total $ 939,887 $ 955,971 The changes in the allowance for loan losses account by major classification of loan for the three and six months ended June 30, 2018 and 2017 are summarized as follows: Real Estate June 30, 2018 Commercial Construction Commercial Residential Consumer Unallocated Total Allowance for loan losses: Beginning Balance, April 1, 2018 $ 816 $ 384 $ 3,458 $ 1,179 $ 32 $ 646 $ 6,515 Charge-offs (93 ) (10 ) (63 ) (166 ) Recoveries 5 2 20 25 52 Provisions 298 (135 ) 146 106 42 (457 ) Ending balance $ 1,026 $ 249 $ 3,606 $ 1,295 $ 36 $ 189 $ 6,401 Real Estate June 30, 2018 Commercial Construction Commercial Residential Consumer Unallocated Total Allowance for loan losses: Beginning Balance, January 1, 2018 $ 1,206 $ 379 $ 2,963 $ 1,340 $ 37 $ 381 $ 6,306 Charge-offs (170 ) (60 ) (162 ) (392 ) Recoveries 8 4 21 64 97 Provisions (18 ) (130 ) 639 (6 ) 97 (192 ) 390 Ending balance $ 1,026 $ 249 $ 3,606 $ 1,295 $ 36 $ 189 $ 6,401 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-off (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 The allocation of the allowance for loan losses and the related loans by major classifications of loans at June 30, 2018 and December 31, 2017 is summarized as follows: Real Estate June 30, 2018 Commercial Construction Commercial Residential Consumer Unallocated Total Allowance for loan losses: Ending balance $ 1,026 $ 249 $ 3,606 $ 1,295 $ 36 $ 189 $ 6,401 Ending balance: individually evaluated for impairment 58 76 42 176 Ending balance: collectively evaluated for impairment 968 249 3,530 1,253 36 189 6,225 Ending balance: purchased credit impaired loans Loans receivable: Ending balance $ 130,499 $ 30,907 $ 534,903 $ 231,176 $ 12,402 $ $ 939,887 Ending balance: individually evaluated for impairment 832 2,860 2,391 6,083 Ending balance: collectively evaluated for impairment 129,301 30,907 527,394 227,974 12,402 927,978 Ending balance: purchased credit impaired loans $ 366 $ $ 4,649 $ 811 $ $ $ 5,826 Real Estate December 31, 2017 Commercial Construction Commercial Residential Consumer Unallocated Total Allowance for loan losses: Ending balance $ 1,206 $ 379 $ 2,963 $ 1,340 $ 37 $ 381 $ 6,306 Ending balance: individually evaluated for impairment 56 76 92 224 Ending balance: collectively evaluated for impairment 1,150 379 2,887 1,248 37 381 6,082 Ending balance: purchased credit impaired loans $ $ $ $ $ $ $ Loans receivable: Ending balance $ 140,116 $ 34,405 $ 526,230 $ 240,626 $ 14,594 $ $ 955,971 Ending balance: individually evaluated for impairment 777 2,988 2,482 6,247 Ending balance: collectively evaluated for impairment 138,824 34,405 516,300 237,089 14,594 941,212 Ending balance: purchased credit impaired loans $ 515 $ $ 6,942 $ 1,055 $ $ $ 8,512 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, 2018 and December 31, 2017: June 30, 2018 Pass Special Substandard Doubtful Total Commercial $ 116,774 $ 9,615 $ 4,110 $ 130,499 Real estate: Construction 30,457 327 123 30,907 Commercial 508,657 10,868 15,378 534,903 Residential 225,667 2,614 2,895 231,176 Consumer 12,396 6 12,402 Total $ 893,951 $ 23,424 $ 22,512 $ 939,887 December 31, 2017 Pass Special Substandard Doubtful Total Commercial $ 126,506 $ 9,372 $ 4,238 $ 140,116 Real estate: Construction 32,840 1,442 123 34,405 Commercial 497,852 15,305 13,073 526,230 Residential 234,808 2,214 3,604 240,626 Consumer 14,474 120 14,594 Total $ 906,480 $ 28,453 $ 21,038 $ 955,971 The following tables present the classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans as of June 30, 2018 and December 31, 2017. Purchase credit impaired (“PCI”) loans are excluded from the aging and nonaccrual loan schedules. Accrual Loans June 30, 2018 30-59 Days 60-89 Days 90 or More Total Past Current Nonaccrual Total Loans Commercial $ 665 $ $ $ 665 $ 128,745 $ 723 $ 130,133 Real estate: Construction 86 86 30,821 30,907 Commercial 153 200 1,328 1,681 528,237 335 530,253 Residential 2,538 379 186 3,103 226,257 1,006 230,366 Consumer 190 75 22 287 12,109 6 12,402 Total $ 3,632 $ 654 $ 1,536 $ 5,822 $ 926,169 $ 2,070 $ 934,061 Purchased credit impaired loans 5,826 Total Loans $ 939,887 Accrual Loans December 31, 2017 30-59 Days 60-89 Days 90 or More Total Past Current Nonaccrual Total Loans Commercial $ 1,829 $ 85 $ 1,914 $ 137,612 $ 75 $ 139,601 Real estate: Construction 8 8 34,397 34,405 Commercial 2,213 152 $ 150 2,515 516,410 363 519,288 Residential 2,110 551 533 3,194 235,070 1,307 239,571 Consumer 149 60 9 218 14,376 14,594 Total $ 6,309 $ 848 $ 692 $ 7,849 $ 937,865 $ 1,745 $ 947,459 Purchased credit impaired loans 8,512 Total Loans $ 955,971 The following tables summarize information concerning impaired loans as of and for the three and six months ended June 30, 2018 and 2017, and as of and for the year ended, December 31, 2017 by major loan classification: This Quarter Year-to-Date June 30, 2018 Recorded Unpaid Related Average Interest Average Interest With no related allowance: Commercial $ 366 $ 366 $ $ 700 $ 19 $ 909 $ 372 Real estate: Construction Commercial 6,978 6,978 7,531 335 8,134 1,370 Residential 3,017 3,085 3,085 58 3,168 137 Consumer Total 10,361 10,429 11,316 412 12,211 1,879 With an allowance recorded: Commercial 832 832 58 969 1 705 3 Real estate: Construction Commercial 531 531 76 533 1 534 7 Residential 185 323 42 186 1 186 3 Consumer Total 1,548 1,686 176 1,688 3 1,425 13 Commercial 1,198 1,198 58 1,669 20 1,614 375 Real estate: Construction Commercial 7,509 7,509 76 8,064 336 8,668 1,377 Residential 3,202 3,408 42 3,271 59 3,354 140 Consumer Total $ 11,909 $ 12,115 $ 176 $ 13,004 $ 415 $ 13,636 $ 1,892 For the Year Ended December 31, 2017 Recorded Unpaid Related Average Interest With no related allowance: Commercial $ 1,107 $ 1,107 $ $ 1,210 $ 77 Real estate: Construction Commercial 9,399 9,399 10,164 340 Residential 3,197 3,215 2,896 149 Consumer Total 13,703 13,721 14,270 566 With an allowance recorded: Commercial 185 185 56 186 1 Real estate: Construction Commercial 531 531 76 532 23 Residential 340 478 92 339 12 Consumer Total 1,056 1,194 224 1,057 36 Commercial 1,292 1,292 56 1,396 78 Real estate: Construction Commercial 9,930 9,930 76 10,696 363 Residential 3,537 3,693 92 3,235 161 Consumer Total $ 14,759 $ 14,915 $ 224 $ 15,327 $ 602 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 three and six months ended June 30, interest income related to impaired loans, would have increased by $9 and $56 in 2018 and $28 and $54 in 2017 had the loans been current and the terms of the loans not been modified. 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. 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 $4,804 at June 30, 2018, $5,606 at December 31, 2017 and $5,635 at June 30, 2017. There were no loans modified as troubled debt restructuring for the three and six months ended June 30, 2018. 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. During the three months ended June 30, 2018, there was one default on loans restructured totaling $228 and six defaults on loans restructured totaling $1,474 during the six months ended June 30, 2018. During the three months ended June 30, 2017, there were no defaults on loans restructured within the last twelve months. During the six months ended June 30, 2017, there were four defaults on loan restructured within the last twelve months totaling $1,229. 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 CBT, effective October 1, 2017, the Bank identified 37 PCI loans. As part of the merger with Citizens, effective December 31, 2015, the Bank identified 10 PCI loans. As a result of the consolidation with Union, effective November 1, 2013, the Bank identified 14 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 unpaid principal balances and the related carrying amount of acquired loans as of June 30, 2018 and December 31, 2017 were as follows: June 30, December 31, Credit impaired purchased loans evaluated individually for incurred credit losses: Outstanding balance $ 12,201 $ 16,803 Carrying Amount 5,826 8,512 Other purchased loans evaluated collectively for incurred credit losses: Outstanding balance 372,628 421,620 Carrying Amount 370,426 418,146 Total Purchased Loans: Outstanding balance 384,829 438,423 Carrying Amount $ 376,252 $ 426,658 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 2018 2017 2018 2017 Balance – beginning of period $ 1,655 $ 323 $ 2,129 $ 370 Accretion recognized during the period (411 ) (21 ) (1,854 ) (44 ) Net reclassification from non-accretable 195 11 1,164 (13 ) Balance – end of period $ 1,439 $ 313 $ 1,439 $ 313 The Company is a party to financial instruments with off-balance Unused commitments at June 30, 2018, totaled $130,154 consisting of $60,510 in commitments to extend credit, $65,049 in unused portions of lines of credit and $4,595 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, 2017, totaled $129,734, consisting of $52,706 in commitments to extend credit, $72,157 in unused portions of lines of credit and $4,871 in standby letters of credit. |
Other assets
Other assets | 6 Months Ended |
Jun. 30, 2018 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other assets | 6. Other assets: The components of other assets at June 30, 2018 and December 31, 2017 are summarized as follows: June 30, December 31, Other real estate owned $ 90 $ 236 Bank owned life insurance 29,476 29,065 Restricted equity securities 1,160 1,306 Deferred tax assets 7,087 7,949 Other assets 5,087 5,147 Total $ 42,900 $ 43,703 As a member of the Federal Home Loan Bank of Pittsburgh (“FHLB-Pgh”) non-marketable non-marketable |
Fair value estimates
Fair value estimates | 6 Months Ended |
Jun. 30, 2018 | |
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 assets and liabilities measured at fair value on a recurring basis: Investment securities: Assets and liabilities measured at fair value on a recurring basis at June 30, 2018 and December 31, 2017 are summarized as follows: Fair Value Measurement Using June 30, 2018 Amount Quoted Prices in Significant Significant State and Municipals: Taxable $ 33,838 $ 33,838 Tax-exempt 14,365 14,365 Mortgage-backed securities: U.S. Government agencies 21,572 21,572 U.S. Government-sponsored enterprises 9,089 9,089 Corporate debt obligations 9,044 9,044 Total $ 87,908 $ 87,908 Fair Value Measurement Using December 31, 2017 Amount Quoted Prices in Significant Significant State and municipals: Taxable $ 35,002 $ 35,002 Tax-exempt 16,308 16,308 Mortgage-backed securities: U.S. Government agencies 22,817 22,817 U.S. Government-sponsored enterprises 10,089 10,089 Corporate debt obligations 8,985 8,985 Total $ 93,201 $ 93,201 Assets and liabilities measured at fair value on a nonrecurring basis at June 30, 2018 and December 31, 2017 are summarized as follows: Fair Value Measurement Using June 30, 2018 Amount (Level 1) (Level 2) (Level 3) Other real estate owned $ 90 $ 90 Impaired loans, net of related allowance 1,372 1,372 Total $ 1,462 $ 1,462 Fair Value Measurement Using December 31, 2017 Amount (Level 1) (Level 2) (Level 3) Other real estate owned $ 236 $ 236 Impaired loans, net of related allowance 832 832 Total $ 1,068 $ 1,068 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, 2018 and December 31, 2017: Quantitative Information about Level 3 Fair Value Measurements June 30, 2018 Fair Value Valuation Techniques Unobservable Input Range Other real estate owned $ 90 Appraisal of collateral Appraisal adjustments 7.4% to 69.0% (31.0)% Liquidation expenses 0.0% to 7.0% (7.0)% Impaired loans $ 1,372 Appraisal of collateral Appraisal adjustments 0.0% to 0.0% (0.0)% Liquidation expenses 7.0% to 20.0% (11.0)% Quantitative Information about Level 3 Fair Value Measurements December 31, 2017 Fair Value Valuation Techniques Unobservable Input Range Other real estate owned $ 236 Appraisal of collateral Appraisal adjustments 0.0% to 69.0% (39.0)% Liquidation expenses 0.0% to 7.0% (7.0)% Impaired loans $ 832 Appraisal of collateral Appraisal adjustments 0.0% to 0.0% (0.0)% Liquidation expenses 0.0% to 7.0% (7.0)% 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, 2018 and December 31, 2017 and their placement within the fair value hierarchy are as follows: Fair Value Hierarchy June 30, 2018 Carrying Fair Value Quoted Prices in Significant Significant Financial assets Cash and cash equivalents $ 36,620 $ 36,620 $ 36,620 Investment securities 87,908 87,908 $ 87,908 Loans held for sale 873 873 873 Net loans (1) 933,486 923,867 $ 923,867 Accrued interest receivable 2,786 2,786 589 2,197 Restricted equity securities 1,160 1,160 1,160 Financial liabilities Deposits $ 1,017,722 $ 973,490 $ 973,490 Long-term debt 13,091 14,320 14,320 Accrued interest payable 449 449 449 Fair Value Hierarchy December 31, 2017 Carrying Fair Value Quoted Prices in Significant Significant Financial assets Cash and cash equivalents $ 25,786 $ 25,786 $ 25,786 Investment securities available-for-sale 93,201 93,201 $ 93,201 Loans held for sale 254 254 254 Net loans (1) 949,665 954,876 $ 954,876 Accrued interest receivable 3,237 3,237 640 2,597 Restricted equity securities 1,306 1,306 1,306 Financial liabilities Deposits $ 1,026,480 $ 1,022,068 $ 1,022,068 Short-term borrowings 6,000 6,000 6,000 Long-term debt 13,233 14,634 14,634 Accrued interest payable 468 468 468 (1) The carrying amount is net of unearned income and the allowance for loan losses in accordance with the adoption of ASU No. 2016-01 where the fair value of loans as of June 30, 2018 was measured using an exit price notion. The fair value of loans at December 31, 2017 was measured using an entry price notion. |
Revenue recognition
Revenue recognition | 6 Months Ended |
Jun. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue recognition | Note 8. Revenue recognition: On January 1, 2018, the Company adopted ASU No. 2014-09 Topic 606 does not apply to revenue associated with financial instruments, including revenue from loans and securities. In addition, certain noninterest income streams such as fees associated with mortgage servicing rights, financial guarantees, derivatives, and certain credit card fees are also not in scope of the new guidance. Topic 606 is applicable to noninterest revenue streams such as trust and asset management income, deposit related fees, interchange fees, merchant income, and other fees. However, the recognition of these revenue streams did not change significantly upon adoption of Topic 606. Substantially all of the Company’s revenue is generated from contracts with customers. Noninterest revenue streams in-scope Service Charges, Fees and Commissions Service charges on deposit accounts consist of monthly service fees, check orders, and other deposit account related fees. The Company’s performance obligation for monthly service fees is generally satisfied, and the related revenue recognized, over the period in which the service is provided. Check orders and other deposit account related fees are largely transactional based, and therefore, the Company’s performance obligation is satisfied, and related revenue recognized, at a point in time. Payment for service charges on deposit accounts is primarily received immediately or in the following month through a direct charge to customers’ accounts. Fees, exchange, and other service charges are primarily comprised of debit and credit card income, ATM fees, merchant services income, and other service charges. Debit and credit card income is primarily comprised of interchange fees earned whenever the Company’s debit and credit cards are processed through card payment networks such as Mastercard. Such income is presented net of network expenses as the Company acts as an agent in these transactions. ATM fees are primarily generated when a Company cardholder uses a non-Company non-Company Other noninterest income consists of other recurring revenue streams such as commissions from sales of mutual funds and other investments, investment advisor fees from wealth management products, safety deposit box rental fees, and other miscellaneous revenue streams. Commissions from the sale of mutual funds and other investments are recognized on trade date, which is when the Company has satisfied its performance obligation. The Company also receives periodic service fees or trailers from mutual fund companies typically based on a percentage of net asset value. Trailer revenue is recorded over time, usually monthly or quarterly, as net asset value is determined. Investment advisor fees from wealth management products is earned over time and based on an annual percentage rate of the net asset value. The investment advisor fees are charged to the customer’s account in advance on the first month of the quarter, and the revenue is recognized over the following three-month period. Safe deposit box rental fees are charged to the customer on an annual basis and recognized upon receipt of payment. The Company determined that since rentals and renewals occur fairly consistently over time, revenue is recognized on a basis consistent with the duration of the performance obligation. Trust and Asset Management Trust and asset management income is primarily comprised of fees earned from the management and administration of trusts and other customer assets. The Company’s performance obligation is generally satisfied over time and the resulting fees are recognized monthly, based upon the month-end The following presents noninterest income, segregated by revenue streams in-scope out-of-scope Three Months Ended Six Months Ended June 30, 2018 2017 2018 2017 Noninterest Income: In-scope Service charges, fees and commissions $ 1,651 $ 292 $ 2,879 $ 629 Trust and asset management 454 225 818 513 Noninterest income (in-scope 2,105 517 3,697 1,142 Noninterest income (out-of-scope 428 285 789 439 Total noninterest income $ 2,533 $ 802 $ 4,486 $ 1,581 Contract Balances A contract asset balance occurs when an entity performs a service for a customer before the customer pays consideration, resulting in a contract receivable, or before payment is due, resulting in a contract asset. A contract liability balance is an entity’s obligation to transfer a service to a customer for which the entity has already received payment (or payment is due) from the customer. The Company’s noninterest revenue streams are largely based on transactional activity, or standard month-end month-end Contract Acquisition Costs In connection with the adoption of Topic 606, an entity is required to capitalize, and subsequently amortize into expense, certain incremental costs of obtaining a contract with a customer if these costs are expected to be recovered. The incremental costs of obtaining a contract are those costs that an entity incurs to obtain a contract with a customer that it would not have incurred if the contract had not been obtained, for example, sales commission. The Company utilizes the practical expedient which allows entities to immediately expense contract acquisition costs when the asset that would have resulted from capitalizing these costs would have been amortized in one year or less. Upon adoption of Topic 606, the Company did not capitalize any contract acquisition cost. |
Summary of significant accoun16
Summary of significant accounting policies (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations Riverview Financial Corporation, (the “Company” or “Riverview”), 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”). On October 2, 2017, the Company announced the completion of its merger of equals with CBT Financial Corp. (“CBT”), effective October 1, 2017 pursuant to the Agreement and Plan of Merger between Riverview and CBT, dated April 19, 2017. On the effective date, CBT was merged with and into Riverview, with Riverview surviving (the “merger”). Additionally, CBT Bank, the wholly-owned subsidiary of CBT, merged with and into Riverview Bank, the wholly-owned subsidiary of Riverview, with Riverview Bank as the surviving institution. The Company’s financial results reflect the merger of CBT Bank with and into Riverview Bank under the purchase method of accounting, with the Company treated as the acquirer for accounting and reporting purposes. As a result, the historical financial information included in the Company’s consolidated financial statements and related notes as reported in this Form 10-Q Riverview Bank, with 30 full service offices and three limited purpose offices, is a full service commercial bank offering a wide range of traditional banking services and financial advisory, insurance and investment services to individuals, municipalities and small to medium sized businesses in the Pennsylvania market areas of Berks, Blaire, Centre, Clearfield, Dauphin, Huntingdon, Lebanon, 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 Financial Accounting Standards Board, (“FASB”) issued ASU No. 2016-01, available-for-sale 2016-01 In February 2016, the FASB issued ASU No. 2016-02, 2016-02, right-of-use 2016-02 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, 2014-09 2014-09 ASU 2016-20 2014-09 In January 2017, FASB issued ASU No. 2017-01, 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, No. 2017-05 In March 2017, the FASB issued ASU No. 2017-07, No. 2017-07 In March 2017, FASB issued ASU No. 2017-08, 2017-08 In May 2017, the FASB issued ASU No. 2017-09, No. 2017-09 In August 2017, FASB issued ASU No. 2017-12, In September 2017, the FASB issued ASU No. 2017-13, No. 2014-09, No. 2016-02, 2017-13 In November 2017, the FASB issued ASU No. 2017-14 No. 33-10403, No. 2017-14 In February 2018, the FASB issued ASU No. 2018-02, No. 2018-02 In February 2018, the FASB issued ASU No. 2018-03, 825-10): No. 2016-01, No. 2018-03 In March 2018, the FASB has issued ASU No. 2018-05, No. 2018-05 In May 2018, the FASB issued ASU No. 2018-06, 942-740, No. 2018-06 |
Other comprehensive income (l17
Other comprehensive income (loss) (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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, 2018 and December 31, 2017 is as follows: June 30, 2018 December 31, 2017 Net unrealized loss on investment securities available-for-sale $ (2,134 ) $ (1,131 ) Related income taxes (448 ) (238 ) Net of income taxes (1,686 ) (893 ) Benefit plan adjustments (869 ) (869 ) Related income taxes (183 ) (183 ) Net of income taxes (686 ) (686 ) Accumulated other comprehensive income (loss) $ (2,372 ) $ (1,579 ) |
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, 2018 and 2017 is as follows: Three months ended June 30, 2018 2017 Unrealized gain (loss) on investment securities available-for-sale $ 112 $ 1,246 Net (gain) loss on the sale of investment securities available-for-sale (1) (40 ) (64 ) Other comprehensive income (loss) before taxes 72 1,182 Income tax expense (benefit) 15 402 Other comprehensive income (loss) $ 57 $ 780 Six months ended June 30, 2018 2017 Unrealized gain (loss) on investment securities available-for-sale $ (963 ) $ 1,758 Net (gain) loss on the sale of investment securities available-for-sale (1) (40 ) (63 ) Other comprehensive income (loss) before taxes (1,003 ) 1,695 Income tax expense (benefit) (210 ) 576 Other comprehensive income (loss) $ (793 ) $ 1,119 (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, 2018 | |
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, 2018 and 2017: Three months ended June 30, 2018 2017 Numerator: Net income (loss) $ 2,787 $ 179 Dividends on preferred stock (186 ) Net income (loss) available to common stockholders $ 2,787 $ (7 ) Undistributed loss allocated to preferred stockholders 128 Income (loss) allocated to common stockholders $ 2,787 $ 121 Denominator: Basic 9,089,011 3,655,446 Dilutive options 45,237 71,493 Diluted 9,134,248 3,726,939 Earnings per share: Basic $ 0.31 $ 0.04 Diluted $ 0.31 $ 0.04 Six months ended June 30, 2018 2017 Numerator: Net income (loss) $ 5,598 $ (388 ) Dividends on preferred stock (371 ) Net income (loss) available to common stockholders $ 5,598 $ (759 ) Undistributed loss allocated to preferred stockholders 475 Income (loss) allocated to common stockholders $ 5,598 $ (284 ) Denominator: Basic 9,084,054 3,555,629 Dilutive options 51,950 Diluted 9,136,004 3,555,629 Earnings per share: Basic $ 0.62 $ (0.08 ) Diluted $ 0.62 $ (0.08 ) |
Investment securities (Tables)
Investment securities (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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, 2018 Amortized Gross Gross Fair State and municipals: Taxable $ 34,917 $ 174 $ 1,253 $ 33,838 Tax-exempt 14,587 2 224 14,365 Mortgage-backed securities: U.S. Government agencies 21,584 53 65 21,572 U.S. Government-sponsored enterprises 9,432 12 355 9,089 Corporate debt obligations 9,522 478 9,044 Total $ 90,042 $ 241 $ 2,375 $ 87,908 December 31, 2017 Amortized Gross Gross Fair State and municipals: Taxable $ 35,352 $ 334 $ 684 $ 35,002 Tax-exempt 16,325 47 64 16,308 Mortgage-backed securities: U.S. Government agencies 22,908 3 94 22,817 U.S. Government-sponsored enterprises 10,218 19 148 10,089 Corporate debt obligations 9,529 544 8,985 Total $ 94,332 $ 403 $ 1,534 $ 93,201 |
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, 2018 Fair Within one year $ 4,458 After one but within five years 3,842 After five but within ten years 13,810 After ten years 35,137 57,247 Mortgage-backed securities 30,661 Total $ 87,908 |
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, 2018 and December 31, 2017, 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, 2018 Fair Unrealized Fair Unrealized Fair Unrealized State and municipals: Taxable $ 3,491 $ 69 $ 20,946 $ 1,184 $ 24,437 $ 1,253 Tax-exempt 12,833 224 12,833 224 Mortgage-backed securities: U.S. Government agencies 3,415 28 805 37 4,220 65 U.S. Government-sponsored enterprises 3,789 106 3,809 249 7,598 355 Corporate debt obligation 9,044 478 9,044 478 Total $ 23,528 $ 427 $ 34,604 $ 1,948 $ 58,132 $ 2,375 Less Than 12 Months 12 Months or More Total December 31, 2017 Fair Unrealized Fair Unrealized Fair Unrealized State and municipals: Taxable $ 4,757 $ 30 $ 20,185 $ 654 $ 24,942 $ 684 Tax-exempt 10,506 64 10,506 64 Mortgage-backed securities: U.S. Government agencies 16,746 87 193 7 16,939 94 U.S. Government-sponsored enterprises 4,294 23 4,174 125 8,468 148 Corporate debt obligation 3,800 200 5,185 344 8,985 544 Total $ 40,103 $ 404 $ 29,737 $ 1,130 $ 69,840 $ 1,534 |
Loans, net and allowance for 20
Loans, net and allowance for loan losses (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Receivables [Abstract] | |
Schedule of Loans Outstanding | The major classifications of loans outstanding, net of deferred loan origination fees and costs at June 30, 2018 and December 31, 2017 are summarized as follows. Net deferred loan costs were $942 and $863 at June 30, 2018 and December 31, 2017. June 30, December 31, Commercial $ 130,499 $ 140,116 Real estate: Construction 30,907 34,405 Commercial 534,903 526,230 Residential 231,176 240,626 Consumer 12,402 14,594 Total $ 939,887 $ 955,971 |
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, 2018 and 2017 are summarized as follows: Real Estate June 30, 2018 Commercial Construction Commercial Residential Consumer Unallocated Total Allowance for loan losses: Beginning Balance, April 1, 2018 $ 816 $ 384 $ 3,458 $ 1,179 $ 32 $ 646 $ 6,515 Charge-offs (93 ) (10 ) (63 ) (166 ) Recoveries 5 2 20 25 52 Provisions 298 (135 ) 146 106 42 (457 ) Ending balance $ 1,026 $ 249 $ 3,606 $ 1,295 $ 36 $ 189 $ 6,401 Real Estate June 30, 2018 Commercial Construction Commercial Residential Consumer Unallocated Total Allowance for loan losses: Beginning Balance, January 1, 2018 $ 1,206 $ 379 $ 2,963 $ 1,340 $ 37 $ 381 $ 6,306 Charge-offs (170 ) (60 ) (162 ) (392 ) Recoveries 8 4 21 64 97 Provisions (18 ) (130 ) 639 (6 ) 97 (192 ) 390 Ending balance $ 1,026 $ 249 $ 3,606 $ 1,295 $ 36 $ 189 $ 6,401 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-off (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 The allocation of the allowance for loan losses and the related loans by major classifications of loans at June 30, 2018 and December 31, 2017 is summarized as follows: Real Estate June 30, 2018 Commercial Construction Commercial Residential Consumer Unallocated Total Allowance for loan losses: Ending balance $ 1,026 $ 249 $ 3,606 $ 1,295 $ 36 $ 189 $ 6,401 Ending balance: individually evaluated for impairment 58 76 42 176 Ending balance: collectively evaluated for impairment 968 249 3,530 1,253 36 189 6,225 Ending balance: purchased credit impaired loans Loans receivable: Ending balance $ 130,499 $ 30,907 $ 534,903 $ 231,176 $ 12,402 $ $ 939,887 Ending balance: individually evaluated for impairment 832 2,860 2,391 6,083 Ending balance: collectively evaluated for impairment 129,301 30,907 527,394 227,974 12,402 927,978 Ending balance: purchased credit impaired loans $ 366 $ $ 4,649 $ 811 $ $ $ 5,826 Real Estate December 31, 2017 Commercial Construction Commercial Residential Consumer Unallocated Total Allowance for loan losses: Ending balance $ 1,206 $ 379 $ 2,963 $ 1,340 $ 37 $ 381 $ 6,306 Ending balance: individually evaluated for impairment 56 76 92 224 Ending balance: collectively evaluated for impairment 1,150 379 2,887 1,248 37 381 6,082 Ending balance: purchased credit impaired loans $ $ $ $ $ $ $ Loans receivable: Ending balance $ 140,116 $ 34,405 $ 526,230 $ 240,626 $ 14,594 $ $ 955,971 Ending balance: individually evaluated for impairment 777 2,988 2,482 6,247 Ending balance: collectively evaluated for impairment 138,824 34,405 516,300 237,089 14,594 941,212 Ending balance: purchased credit impaired loans $ 515 $ $ 6,942 $ 1,055 $ $ $ 8,512 |
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, 2018 and December 31, 2017: June 30, 2018 Pass Special Substandard Doubtful Total Commercial $ 116,774 $ 9,615 $ 4,110 $ 130,499 Real estate: Construction 30,457 327 123 30,907 Commercial 508,657 10,868 15,378 534,903 Residential 225,667 2,614 2,895 231,176 Consumer 12,396 6 12,402 Total $ 893,951 $ 23,424 $ 22,512 $ 939,887 December 31, 2017 Pass Special Substandard Doubtful Total Commercial $ 126,506 $ 9,372 $ 4,238 $ 140,116 Real estate: Construction 32,840 1,442 123 34,405 Commercial 497,852 15,305 13,073 526,230 Residential 234,808 2,214 3,604 240,626 Consumer 14,474 120 14,594 Total $ 906,480 $ 28,453 $ 21,038 $ 955,971 |
Summary of Classes of Loan Portfolio Summarized by Aging Categories of Performing Loans and Nonaccrual Loans | The following tables present the classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans as of June 30, 2018 and December 31, 2017. Purchase credit impaired (“PCI”) loans are excluded from the aging and nonaccrual loan schedules. Accrual Loans June 30, 2018 30-59 Days 60-89 Days 90 or More Total Past Current Nonaccrual Total Loans Commercial $ 665 $ $ $ 665 $ 128,745 $ 723 $ 130,133 Real estate: Construction 86 86 30,821 30,907 Commercial 153 200 1,328 1,681 528,237 335 530,253 Residential 2,538 379 186 3,103 226,257 1,006 230,366 Consumer 190 75 22 287 12,109 6 12,402 Total $ 3,632 $ 654 $ 1,536 $ 5,822 $ 926,169 $ 2,070 $ 934,061 Purchased credit impaired loans 5,826 Total Loans $ 939,887 Accrual Loans December 31, 2017 30-59 Days 60-89 Days 90 or More Total Past Current Nonaccrual Total Loans Commercial $ 1,829 $ 85 $ 1,914 $ 137,612 $ 75 $ 139,601 Real estate: Construction 8 8 34,397 34,405 Commercial 2,213 152 $ 150 2,515 516,410 363 519,288 Residential 2,110 551 533 3,194 235,070 1,307 239,571 Consumer 149 60 9 218 14,376 14,594 Total $ 6,309 $ 848 $ 692 $ 7,849 $ 937,865 $ 1,745 $ 947,459 Purchased credit impaired loans 8,512 Total Loans $ 955,971 |
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, 2018 and 2017, and as of and for the year ended, December 31, 2017 by major loan classification: This Quarter Year-to-Date June 30, 2018 Recorded Unpaid Related Average Interest Average Interest With no related allowance: Commercial $ 366 $ 366 $ $ 700 $ 19 $ 909 $ 372 Real estate: Construction Commercial 6,978 6,978 7,531 335 8,134 1,370 Residential 3,017 3,085 3,085 58 3,168 137 Consumer Total 10,361 10,429 11,316 412 12,211 1,879 With an allowance recorded: Commercial 832 832 58 969 1 705 3 Real estate: Construction Commercial 531 531 76 533 1 534 7 Residential 185 323 42 186 1 186 3 Consumer Total 1,548 1,686 176 1,688 3 1,425 13 Commercial 1,198 1,198 58 1,669 20 1,614 375 Real estate: Construction Commercial 7,509 7,509 76 8,064 336 8,668 1,377 Residential 3,202 3,408 42 3,271 59 3,354 140 Consumer Total $ 11,909 $ 12,115 $ 176 $ 13,004 $ 415 $ 13,636 $ 1,892 For the Year Ended December 31, 2017 Recorded Unpaid Related Average Interest With no related allowance: Commercial $ 1,107 $ 1,107 $ $ 1,210 $ 77 Real estate: Construction Commercial 9,399 9,399 10,164 340 Residential 3,197 3,215 2,896 149 Consumer Total 13,703 13,721 14,270 566 With an allowance recorded: Commercial 185 185 56 186 1 Real estate: Construction Commercial 531 531 76 532 23 Residential 340 478 92 339 12 Consumer Total 1,056 1,194 224 1,057 36 Commercial 1,292 1,292 56 1,396 78 Real estate: Construction Commercial 9,930 9,930 76 10,696 363 Residential 3,537 3,693 92 3,235 161 Consumer Total $ 14,759 $ 14,915 $ 224 $ 15,327 $ 602 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 |
Summary of Unpaid Principal Balances and Related Carrying Amounts of Union Acquired Loans | The unpaid principal balances and the related carrying amount of acquired loans as of June 30, 2018 and December 31, 2017 were as follows: June 30, December 31, Credit impaired purchased loans evaluated individually for incurred credit losses: Outstanding balance $ 12,201 $ 16,803 Carrying Amount 5,826 8,512 Other purchased loans evaluated collectively for incurred credit losses: Outstanding balance 372,628 421,620 Carrying Amount 370,426 418,146 Total Purchased Loans: Outstanding balance 384,829 438,423 Carrying Amount $ 376,252 $ 426,658 |
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 2018 2017 2018 2017 Balance – beginning of period $ 1,655 $ 323 $ 2,129 $ 370 Accretion recognized during the period (411 ) (21 ) (1,854 ) (44 ) Net reclassification from non-accretable 195 11 1,164 (13 ) Balance – end of period $ 1,439 $ 313 $ 1,439 $ 313 |
Other assets (Tables)
Other assets (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Components of Other Assets | The components of other assets at June 30, 2018 and December 31, 2017 are summarized as follows: June 30, December 31, Other real estate owned $ 90 $ 236 Bank owned life insurance 29,476 29,065 Restricted equity securities 1,160 1,306 Deferred tax assets 7,087 7,949 Other assets 5,087 5,147 Total $ 42,900 $ 43,703 |
Fair value estimates (Tables)
Fair value estimates (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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, 2018 and December 31, 2017 are summarized as follows: Fair Value Measurement Using June 30, 2018 Amount Quoted Prices in Significant Significant State and Municipals: Taxable $ 33,838 $ 33,838 Tax-exempt 14,365 14,365 Mortgage-backed securities: U.S. Government agencies 21,572 21,572 U.S. Government-sponsored enterprises 9,089 9,089 Corporate debt obligations 9,044 9,044 Total $ 87,908 $ 87,908 Fair Value Measurement Using December 31, 2017 Amount Quoted Prices in Significant Significant State and municipals: Taxable $ 35,002 $ 35,002 Tax-exempt 16,308 16,308 Mortgage-backed securities: U.S. Government agencies 22,817 22,817 U.S. Government-sponsored enterprises 10,089 10,089 Corporate debt obligations 8,985 8,985 Total $ 93,201 $ 93,201 |
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, 2018 and December 31, 2017 are summarized as follows: Fair Value Measurement Using June 30, 2018 Amount (Level 1) (Level 2) (Level 3) Other real estate owned $ 90 $ 90 Impaired loans, net of related allowance 1,372 1,372 Total $ 1,462 $ 1,462 Fair Value Measurement Using December 31, 2017 Amount (Level 1) (Level 2) (Level 3) Other real estate owned $ 236 $ 236 Impaired loans, net of related allowance 832 832 Total $ 1,068 $ 1,068 |
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, 2018 and December 31, 2017: Quantitative Information about Level 3 Fair Value Measurements June 30, 2018 Fair Value Valuation Techniques Unobservable Input Range Other real estate owned $ 90 Appraisal of collateral Appraisal adjustments 7.4% to 69.0% (31.0)% Liquidation expenses 0.0% to 7.0% (7.0)% Impaired loans $ 1,372 Appraisal of collateral Appraisal adjustments 0.0% to 0.0% (0.0)% Liquidation expenses 7.0% to 20.0% (11.0)% Quantitative Information about Level 3 Fair Value Measurements December 31, 2017 Fair Value Valuation Techniques Unobservable Input Range Other real estate owned $ 236 Appraisal of collateral Appraisal adjustments 0.0% to 69.0% (39.0)% Liquidation expenses 0.0% to 7.0% (7.0)% Impaired loans $ 832 Appraisal of collateral Appraisal adjustments 0.0% to 0.0% (0.0)% Liquidation expenses 0.0% to 7.0% (7.0)% |
Carrying and Fair Values of Riverview's Financial Instruments | The carrying and fair values of the Company’s financial instruments at June 30, 2018 and December 31, 2017 and their placement within the fair value hierarchy are as follows: Fair Value Hierarchy June 30, 2018 Carrying Fair Value Quoted Prices in Significant Significant Financial assets Cash and cash equivalents $ 36,620 $ 36,620 $ 36,620 Investment securities 87,908 87,908 $ 87,908 Loans held for sale 873 873 873 Net loans (1) 933,486 923,867 $ 923,867 Accrued interest receivable 2,786 2,786 589 2,197 Restricted equity securities 1,160 1,160 1,160 Financial liabilities Deposits $ 1,017,722 $ 973,490 $ 973,490 Long-term debt 13,091 14,320 14,320 Accrued interest payable 449 449 449 Fair Value Hierarchy December 31, 2017 Carrying Fair Value Quoted Prices in Significant Significant Financial assets Cash and cash equivalents $ 25,786 $ 25,786 $ 25,786 Investment securities available-for-sale 93,201 93,201 $ 93,201 Loans held for sale 254 254 254 Net loans (1) 949,665 954,876 $ 954,876 Accrued interest receivable 3,237 3,237 640 2,597 Restricted equity securities 1,306 1,306 1,306 Financial liabilities Deposits $ 1,026,480 $ 1,022,068 $ 1,022,068 Short-term borrowings 6,000 6,000 6,000 Long-term debt 13,233 14,634 14,634 Accrued interest payable 468 468 468 (1) The carrying amount is net of unearned income and the allowance for loan losses in accordance with the adoption of ASU No. 2016-01 where the fair value of loans as of June 30, 2018 was measured using an exit price notion. The fair value of loans at December 31, 2017 was measured using an entry price notion. |
Revenue recognition (Tables)
Revenue recognition (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Noninterest Income, Segregated by Revenue Streams in-Scope and Out-of-Scope of Topic 606 | The following presents noninterest income, segregated by revenue streams in-scope out-of-scope Three Months Ended Six Months Ended June 30, 2018 2017 2018 2017 Noninterest Income: In-scope Service charges, fees and commissions $ 1,651 $ 292 $ 2,879 $ 629 Trust and asset management 454 225 818 513 Noninterest income (in-scope 2,105 517 3,697 1,142 Noninterest income (out-of-scope 428 285 789 439 Total noninterest income $ 2,533 $ 802 $ 4,486 $ 1,581 |
Summary of Significant Accoun24
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands | Oct. 01, 2017 | Mar. 31, 2018Office | Dec. 31, 2017USD ($) |
Summary Of Significant Accounting Policies [Line Items] | |||
Number of full service offices | Office | 30 | ||
Number of limited purpose offices | Office | 3 | ||
Retained Earnings [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Tax Cuts and Jobs Act reclassification from other comprehensive income to retained earnings | $ | $ 259 | ||
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Tax Cuts and Jobs Act reclassification from other comprehensive income to retained earnings | $ | $ (259) | ||
CBT Financial Corp [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Business combination agreement date | Apr. 19, 2017 | ||
Business combination effective date | Oct. 1, 2017 |
Other comprehensive income (l25
Other comprehensive income (loss) - Summary of Components of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Equity [Abstract] | ||
Net unrealized loss on investment securities available-for-sale | $ (2,134) | $ (1,131) |
Related income taxes | (448) | (238) |
Net of income taxes | (1,686) | (893) |
Benefit plan adjustments | (869) | (869) |
Related income taxes | (183) | (183) |
Net of income taxes | (686) | (686) |
Accumulated other comprehensive income (loss) | $ (2,372) | $ (1,579) |
Other comprehensive income (l26
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, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | ||
Other Comprehensive Income (Loss), Tax [Abstract] | |||||
Unrealized gain (loss) on investment securities available-for-sale | $ 112 | $ 1,246 | $ (963) | $ 1,758 | |
Net (gain) loss on the sale of investment securities available-for-sale | [1] | (40) | (64) | (40) | (63) |
Other comprehensive income (loss) before taxes | 72 | 1,182 | (1,003) | 1,695 | |
Income tax expense (benefit) | 15 | 402 | (210) | 576 | |
Other comprehensive income (loss) | $ 57 | $ 780 | $ (793) | $ 1,119 | |
[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 - Computatio
Earnings per share - Computation of Earnings per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Numerator: | ||||
Net income (loss) | $ 2,787 | $ 179 | $ 5,598 | $ (388) |
Dividends on preferred stock | (186) | (371) | ||
Net income (loss) available to common stockholders | 2,787 | (7) | 5,598 | (759) |
Undistributed loss allocated to preferred stockholders | 128 | 475 | ||
Income (loss) allocated to common stockholders | $ 2,787 | $ 121 | $ 5,598 | $ (284) |
Denominator: | ||||
Basic | 9,089,011 | 3,655,446 | 9,084,054 | 3,555,629 |
Dilutive options | 45,237 | 71,493 | 51,950 | |
Diluted | 9,134,248 | 3,726,939 | 9,136,004 | 3,555,629 |
Basic | $ 0.31 | $ 0.04 | $ 0.62 | $ (0.08) |
Diluted | $ 0.31 | $ 0.04 | $ 0.62 | $ (0.08) |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) $ / shares in Units, $ in Millions | Jun. 22, 2017 | Jan. 20, 2017USD ($)$ / sharesshares | Jun. 30, 2018$ / sharesshares | Jun. 30, 2017shares | Jun. 30, 2018$ / sharesshares | Jun. 30, 2017shares | Dec. 31, 2017$ / shares | Apr. 20, 2017USD ($) |
Earnings Per Share [Line Items] | ||||||||
Average outstanding stock options excluded from diluted earnings per share | shares | 0 | 0 | 0 | |||||
Common stock, no par value | $ / shares | ||||||||
Shares issued | shares | 269,885 | |||||||
Assets covered for the execution of a definitive business combination agreement | $ | $ 1,200 | |||||||
Series A Preferred Stock [Member] | ||||||||
Earnings Per Share [Line Items] | ||||||||
Series A Preferred stock converted into non voting common stock | 1 | |||||||
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, 2018 | Dec. 31, 2017 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 90,042 | $ 94,332 |
Gross Unrealized Gains | 241 | 403 |
Gross Unrealized Losses | 2,375 | 1,534 |
Fair Value | 87,908 | 93,201 |
Taxable [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 34,917 | 35,352 |
Gross Unrealized Gains | 174 | 334 |
Gross Unrealized Losses | 1,253 | 684 |
Fair Value | 33,838 | 35,002 |
Tax-Exempt [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 14,587 | 16,325 |
Gross Unrealized Gains | 2 | 47 |
Gross Unrealized Losses | 224 | 64 |
Fair Value | 14,365 | 16,308 |
Mortgage-Backed Securities - U.S. Government Agencies [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 21,584 | 22,908 |
Gross Unrealized Gains | 53 | 3 |
Gross Unrealized Losses | 65 | 94 |
Fair Value | 21,572 | 22,817 |
Mortgage-backed Securities - U.S. Government-sponsored Enterprises [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 9,432 | 10,218 |
Gross Unrealized Gains | 12 | 19 |
Gross Unrealized Losses | 355 | 148 |
Fair Value | 9,089 | 10,089 |
Corporate Debt Obligations [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 9,522 | 9,529 |
Gross Unrealized Losses | 478 | 544 |
Fair Value | $ 9,044 | $ 8,985 |
Investment Securities - Sched30
Investment Securities - Schedule of Debt Securities Classified Available-for-Sale Maturity Distribution of Fair Value (Detail) $ in Thousands | Jun. 30, 2018USD ($) |
Debt Securities, Available-for-sale [Line Items] | |
Available-for-sale securities, Within one year, Fair Value | $ 4,458 |
Available-for-sale securities, After one but within five years, Fair Value | 3,842 |
Available-for-sale securities, After five but within ten years, Fair Value | 13,810 |
Available-for-sale securities, After ten years, Fair Value | 35,137 |
Available-for-sale securities, Single maturity, Fair Value | 57,247 |
Total available-for-sale securities, Fair Value | 87,908 |
Mortgage-Backed Securities [Member] | |
Debt Securities, Available-for-sale [Line Items] | |
Available-for-sale securities, Without single maturity, Fair Value | $ 30,661 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) | 3 Months Ended | ||
Jun. 30, 2018USD ($)Securities | Jun. 30, 2017USD ($) | Dec. 31, 2017USD ($)Securities | |
Debt Securities, Available-for-sale [Line Items] | |||
Available-for-sale securities pledged as collateral, carrying value | $ | $ 28,879,000 | $ 93,201,000 | |
Available-for-sale securities in unrealized loss position, number of securities | 84 | 88 | |
Other than temporary impairment losses | $ | $ 0 | $ 0 | |
Taxable [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Available-for-sale securities in unrealized loss position, number of securities | 40 | 34 | |
Available-for-sale securities in unrealized loss position for twelve months or more, number of securities | 26 | 25 | |
Tax-Exempt [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Available-for-sale securities in unrealized loss position, number of securities | 21 | ||
Mortgage-Backed Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Available-for-sale securities in unrealized loss position, number of securities | 15 | 29 | |
Available-for-sale securities in unrealized loss position for twelve months or more, number of securities | 7 | 5 | |
Corporate Debt Obligations [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Available-for-sale securities in unrealized loss position, number of securities | 4 | 4 | |
Available-for-sale securities in unrealized loss position for twelve months or more, number of securities | 4 | 2 | |
Tax-exempt Municipal Obligations [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Available-for-sale securities in unrealized loss position, number of securities | 25 |
Investment Securities - Sched32
Investment Securities - Schedule of Fair Value Gross Unrealized Losses of Investment Securities Unrealized Losses (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities in a continuous loss position, Less Than 12 Months, Fair Value | $ 23,528 | $ 40,103 |
Available-for-sale securities in a continuous loss position, Less Than 12 Months, Unrealized Losses | 427 | 404 |
Available-for-sale securities in a continuous loss position, More Than 12 Months, Fair Value | 34,604 | 29,737 |
Available-for-sale securities in a continuous loss position, More Than 12 Months, Unrealized Losses | 1,948 | 1,130 |
Available-for-sale securities in a continuous loss position, Fair Value | 58,132 | 69,840 |
Available-for-sale securities in a continuous loss position, Unrealized Losses | 2,375 | 1,534 |
Taxable [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities in a continuous loss position, Less Than 12 Months, Fair Value | 3,491 | 4,757 |
Available-for-sale securities in a continuous loss position, Less Than 12 Months, Unrealized Losses | 69 | 30 |
Available-for-sale securities in a continuous loss position, More Than 12 Months, Fair Value | 20,946 | 20,185 |
Available-for-sale securities in a continuous loss position, More Than 12 Months, Unrealized Losses | 1,184 | 654 |
Available-for-sale securities in a continuous loss position, Fair Value | 24,437 | 24,942 |
Available-for-sale securities in a continuous loss position, Unrealized Losses | 1,253 | 684 |
Tax-Exempt [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities in a continuous loss position, Less Than 12 Months, Fair Value | 12,833 | 10,506 |
Available-for-sale securities in a continuous loss position, Less Than 12 Months, Unrealized Losses | 224 | 64 |
Available-for-sale securities in a continuous loss position, Fair Value | 12,833 | 10,506 |
Available-for-sale securities in a continuous loss position, Unrealized Losses | 224 | 64 |
Mortgage-Backed Securities - U.S. Government Agencies [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities in a continuous loss position, Less Than 12 Months, Fair Value | 3,415 | 16,746 |
Available-for-sale securities in a continuous loss position, Less Than 12 Months, Unrealized Losses | 28 | 87 |
Available-for-sale securities in a continuous loss position, More Than 12 Months, Fair Value | 805 | 193 |
Available-for-sale securities in a continuous loss position, More Than 12 Months, Unrealized Losses | 37 | 7 |
Available-for-sale securities in a continuous loss position, Fair Value | 4,220 | 16,939 |
Available-for-sale securities in a continuous loss position, Unrealized Losses | 65 | 94 |
Mortgage-backed Securities - U.S. Government-sponsored Enterprises [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities in a continuous loss position, Less Than 12 Months, Fair Value | 3,789 | 4,294 |
Available-for-sale securities in a continuous loss position, Less Than 12 Months, Unrealized Losses | 106 | 23 |
Available-for-sale securities in a continuous loss position, More Than 12 Months, Fair Value | 3,809 | 4,174 |
Available-for-sale securities in a continuous loss position, More Than 12 Months, Unrealized Losses | 249 | 125 |
Available-for-sale securities in a continuous loss position, Fair Value | 7,598 | 8,468 |
Available-for-sale securities in a continuous loss position, Unrealized Losses | 355 | 148 |
Corporate Debt Obligations [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities in a continuous loss position, Less Than 12 Months, Fair Value | 3,800 | |
Available-for-sale securities in a continuous loss position, Less Than 12 Months, Unrealized Losses | 200 | |
Available-for-sale securities in a continuous loss position, More Than 12 Months, Fair Value | 9,044 | 5,185 |
Available-for-sale securities in a continuous loss position, More Than 12 Months, Unrealized Losses | 478 | 344 |
Available-for-sale securities in a continuous loss position, Fair Value | 9,044 | 8,985 |
Available-for-sale securities in a continuous loss position, Unrealized Losses | $ 478 | $ 544 |
Loans, Net and Allowance for 33
Loans, Net and Allowance for Loan Losses - Additional Information (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2018USD ($)Contract | Jun. 30, 2017USD ($)Contract | Jun. 30, 2018USD ($)Contract | Jun. 30, 2017USD ($)Contract | Dec. 31, 2017USD ($) | Mar. 31, 2018USD ($) | Oct. 01, 2017Loan | Dec. 31, 2015Loan | Nov. 01, 2013Loan | |
Financing Receivable, Impaired [Line Items] | |||||||||
Deferred loan fees, net | $ 942 | $ 942 | $ 863 | ||||||
Interest income, related to impaired loans | 9 | $ 28 | 56 | $ 54 | |||||
Troubled debt restructurings, amount | $ 4,804 | $ 5,635 | $ 4,804 | $ 5,635 | 5,606 | ||||
Unused Commitments | 129,734 | $ 130,154 | |||||||
Commitment to Extend Credit [Member] | |||||||||
Financing Receivable, Impaired [Line Items] | |||||||||
Unused Commitments | 52,706 | 60,510 | |||||||
Unused Portions of Lines of Credit [Member] | |||||||||
Financing Receivable, Impaired [Line Items] | |||||||||
Unused Commitments | 72,157 | 65,049 | |||||||
Financial Standby Letter of Credit [Member] | |||||||||
Financing Receivable, Impaired [Line Items] | |||||||||
Unused Commitments | 4,871 | $ 4,595 | |||||||
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 | ||||||||
CBT Financial Corp [Member] | |||||||||
Financing Receivable, Impaired [Line Items] | |||||||||
Purchased credit impaired loans | Loan | 37 | ||||||||
Real Estate Residential [Member] | |||||||||
Financing Receivable, Impaired [Line Items] | |||||||||
Troubled debt restructuring, Number of contract | 0 | 1,000 | 0 | 2,000 | |||||
Troubled debt restructuring, amount | $ 109 | $ 138 | |||||||
Real Estate Residential [Member] | Financing Receivables, Greater than 30 Days Past Due [Member] | |||||||||
Financing Receivable, Impaired [Line Items] | |||||||||
Subsequently defaulted number of contract | Contract | 1,000 | 0 | 6,000 | 4,000 | |||||
Financing receivable modifications subsequent default recorded investment | $ 228 | $ 1,474 | $ 1,229 |
Loans, Net and Allowance for 34
Loans, Net and Allowance for Loan Losses - Schedule of Loans Outstanding (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Receivables [Abstract] | ||
Commercial | $ 130,499 | $ 140,116 |
Construction | 30,907 | 34,405 |
Commercial | 534,903 | 526,230 |
Residential | 231,176 | 240,626 |
Consumer | 12,402 | 14,594 |
Total | $ 939,887 | $ 955,971 |
Loans, Net and Allowance for 35
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, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for Loan Losses, Beginning balance | $ 6,515 | $ 4,329 | $ 6,306 | $ 3,732 | |
Allowance for Loan Losses, Charge-offs | (166) | (21) | (392) | (33) | |
Allowance for Loan Losses, Recoveries | 52 | 7 | 97 | 11 | |
Allowance for Loan Losses, Provision | 519 | 390 | 1,124 | ||
Allowance for Loan Losses, Ending balance | 6,401 | 4,834 | 6,401 | 4,834 | |
Ending balance: individually evaluated for impairment | 176 | 176 | $ 224 | ||
Ending balance: collectively evaluated for impairment | 6,225 | 6,225 | 6,082 | ||
Ending balance: purchased credit impaired loans | 0 | 0 | 0 | ||
Ending balance | 939,887 | 939,887 | 955,971 | ||
Ending balance: individually evaluated for impairment | 6,083 | 6,083 | 6,247 | ||
Ending balance: collectively evaluated for impairment | 927,978 | 927,978 | 941,212 | ||
Ending balance: purchased credit impaired loans | 5,826 | 5,826 | 8,512 | ||
Commercial [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for Loan Losses, Beginning balance | 816 | 625 | 1,206 | 629 | |
Allowance for Loan Losses, Charge-offs | (93) | (10) | (170) | (10) | |
Allowance for Loan Losses, Recoveries | 5 | 8 | |||
Allowance for Loan Losses, Provision | 298 | 142 | (18) | 138 | |
Allowance for Loan Losses, Ending balance | 1,026 | 757 | 1,026 | 757 | |
Ending balance: individually evaluated for impairment | 58 | 58 | 56 | ||
Ending balance: collectively evaluated for impairment | 968 | 968 | 1,150 | ||
Ending balance: purchased credit impaired loans | 0 | 0 | 0 | ||
Ending balance | 130,499 | 130,499 | 140,116 | ||
Ending balance: individually evaluated for impairment | 832 | 832 | 777 | ||
Ending balance: collectively evaluated for impairment | 129,301 | 129,301 | 138,824 | ||
Ending balance: purchased credit impaired loans | 366 | 366 | 515 | ||
Real Estate Construction [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for Loan Losses, Beginning balance | 384 | 379 | 160 | ||
Allowance for Loan Losses, Provision | (135) | 32 | (130) | 32 | |
Allowance for Loan Losses, Ending balance | 249 | 192 | 249 | 192 | |
Ending balance: collectively evaluated for impairment | 249 | 249 | 379 | ||
Ending balance: purchased credit impaired loans | 0 | 0 | 0 | ||
Ending balance | 30,907 | 30,907 | 34,405 | ||
Ending balance: collectively evaluated for impairment | 30,907 | 30,907 | 34,405 | ||
Real Estate Commercial [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for Loan Losses, Beginning balance | 3,458 | 2,545 | 2,963 | 2,110 | |
Allowance for Loan Losses, Recoveries | 2 | 4 | 3 | ||
Allowance for Loan Losses, Provision | 146 | 420 | 639 | 852 | |
Allowance for Loan Losses, Ending balance | 3,606 | 2,965 | 3,606 | 2,965 | |
Ending balance: individually evaluated for impairment | 76 | 76 | 76 | ||
Ending balance: collectively evaluated for impairment | 3,530 | 3,530 | 2,887 | ||
Ending balance: purchased credit impaired loans | 0 | 0 | 0 | ||
Ending balance | 534,903 | 534,903 | 526,230 | ||
Ending balance: individually evaluated for impairment | 2,860 | 2,860 | 2,988 | ||
Ending balance: collectively evaluated for impairment | 527,394 | 527,394 | 516,300 | ||
Ending balance: purchased credit impaired loans | 4,649 | 4,649 | 6,942 | ||
Real Estate Residential [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for Loan Losses, Beginning balance | 1,179 | 821 | 1,340 | 789 | |
Allowance for Loan Losses, Charge-offs | (10) | (9) | (60) | (16) | |
Allowance for Loan Losses, Recoveries | 20 | 6 | 21 | 7 | |
Allowance for Loan Losses, Provision | 106 | 10 | (6) | 48 | |
Allowance for Loan Losses, Ending balance | 1,295 | 828 | 1,295 | 828 | |
Ending balance: individually evaluated for impairment | 42 | 42 | 92 | ||
Ending balance: collectively evaluated for impairment | 1,253 | 1,253 | 1,248 | ||
Ending balance: purchased credit impaired loans | 0 | 0 | 0 | ||
Ending balance | 231,176 | 231,176 | 240,626 | ||
Ending balance: individually evaluated for impairment | 2,391 | 2,391 | 2,482 | ||
Ending balance: collectively evaluated for impairment | 227,974 | 227,974 | 237,089 | ||
Ending balance: purchased credit impaired loans | 811 | 811 | 1,055 | ||
Consumer [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for Loan Losses, Beginning balance | 32 | 54 | 37 | 44 | |
Allowance for Loan Losses, Charge-offs | (63) | (2) | (162) | (7) | |
Allowance for Loan Losses, Recoveries | 25 | 1 | 64 | 1 | |
Allowance for Loan Losses, Provision | 42 | (4) | 97 | 11 | |
Allowance for Loan Losses, Ending balance | 36 | 49 | 36 | 49 | |
Ending balance: collectively evaluated for impairment | 36 | 36 | 37 | ||
Ending balance: purchased credit impaired loans | 0 | 0 | 0 | ||
Ending balance | 12,402 | 12,402 | 14,594 | ||
Ending balance: collectively evaluated for impairment | 12,402 | 12,402 | 14,594 | ||
Unallocated [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for Loan Losses, Beginning balance | 646 | 124 | 381 | ||
Allowance for Loan Losses, Provision | (457) | (81) | (192) | 43 | |
Allowance for Loan Losses, Ending balance | 189 | $ 43 | 189 | $ 43 | |
Ending balance: collectively evaluated for impairment | 189 | 189 | 381 | ||
Ending balance: purchased credit impaired loans | $ 0 | $ 0 | $ 0 |
Loans, Net and Allowance for 36
Loans, Net and Allowance for Loan Losses - Summary of Major Classification of Loans Summarized by Aggregate Pass Rating (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | $ 939,887 | $ 955,971 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 130,499 | 140,116 |
Real Estate Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 30,907 | 34,405 |
Real Estate Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 534,903 | 526,230 |
Real Estate Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 231,176 | 240,626 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 12,402 | 14,594 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 893,951 | 906,480 |
Pass [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 116,774 | 126,506 |
Pass [Member] | Real Estate Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 30,457 | 32,840 |
Pass [Member] | Real Estate Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 508,657 | 497,852 |
Pass [Member] | Real Estate Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 225,667 | 234,808 |
Pass [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 12,396 | 14,474 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 23,424 | 28,453 |
Special Mention [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 9,615 | 9,372 |
Special Mention [Member] | Real Estate Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 327 | 1,442 |
Special Mention [Member] | Real Estate Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 10,868 | 15,305 |
Special Mention [Member] | Real Estate Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 2,614 | 2,214 |
Special Mention [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 120 | |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 22,512 | 21,038 |
Substandard [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 4,110 | 4,238 |
Substandard [Member] | Real Estate Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 123 | 123 |
Substandard [Member] | Real Estate Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 15,378 | 13,073 |
Substandard [Member] | Real Estate Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 2,895 | $ 3,604 |
Substandard [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | $ 6 |
Loans, Net and Allowance for 37
Loans, Net and Allowance for Loan Losses - Summary of Classes of Loan Portfolio Summarized by Aging Categories of Performing Loans and Nonaccrual Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Ending balance | $ 939,887 | $ 955,971 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Ending balance | 130,499 | 140,116 |
Real Estate Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Ending balance | 30,907 | 34,405 |
Real Estate Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Ending balance | 534,903 | 526,230 |
Real Estate Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Ending balance | 231,176 | 240,626 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Ending balance | 12,402 | 14,594 |
Performing Loans and Non Accrual Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 5,822 | 7,849 |
Current | 926,169 | 937,865 |
Nonaccrual Loans | 2,070 | 1,745 |
Ending balance | 934,061 | 947,459 |
Performing Loans and Non Accrual Loans [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 665 | 1,914 |
Current | 128,745 | 137,612 |
Nonaccrual Loans | 723 | 75 |
Ending balance | 130,133 | 139,601 |
Performing Loans and Non Accrual Loans [Member] | Real Estate Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 86 | 8 |
Current | 30,821 | 34,397 |
Ending balance | 30,907 | 34,405 |
Performing Loans and Non Accrual Loans [Member] | Real Estate Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,681 | 2,515 |
Current | 528,237 | 516,410 |
Nonaccrual Loans | 335 | 363 |
Ending balance | 530,253 | 519,288 |
Performing Loans and Non Accrual Loans [Member] | Real Estate Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,103 | 3,194 |
Current | 226,257 | 235,070 |
Nonaccrual Loans | 1,006 | 1,307 |
Ending balance | 230,366 | 239,571 |
Performing Loans and Non Accrual Loans [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 287 | 218 |
Current | 12,109 | 14,376 |
Nonaccrual Loans | 6 | |
Ending balance | 12,402 | 14,594 |
Performing Loans and Non Accrual Loans [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,632 | 6,309 |
Performing Loans and Non Accrual Loans [Member] | 30-59 Days Past Due [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 665 | 1,829 |
Performing Loans and Non Accrual Loans [Member] | 30-59 Days Past Due [Member] | Real Estate Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 86 | 8 |
Performing Loans and Non Accrual Loans [Member] | 30-59 Days Past Due [Member] | Real Estate Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 153 | 2,213 |
Performing Loans and Non Accrual Loans [Member] | 30-59 Days Past Due [Member] | Real Estate Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,538 | 2,110 |
Performing Loans and Non Accrual Loans [Member] | 30-59 Days Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 190 | 149 |
Performing Loans and Non Accrual Loans [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 654 | 848 |
Performing Loans and Non Accrual Loans [Member] | 60-89 Days Past Due [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 85 | |
Performing Loans and Non Accrual Loans [Member] | 60-89 Days Past Due [Member] | Real Estate Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 200 | 152 |
Performing Loans and Non Accrual Loans [Member] | 60-89 Days Past Due [Member] | Real Estate Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 379 | 551 |
Performing Loans and Non Accrual Loans [Member] | 60-89 Days Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 75 | 60 |
Performing Loans and Non Accrual Loans [Member] | 90 Days and Greater [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,536 | 692 |
Performing Loans and Non Accrual Loans [Member] | 90 Days and Greater [Member] | Real Estate Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,328 | 150 |
Performing Loans and Non Accrual Loans [Member] | 90 Days and Greater [Member] | Real Estate Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 186 | 533 |
Performing Loans and Non Accrual Loans [Member] | 90 Days and Greater [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 22 | 9 |
Purchased Credit Impaired Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Ending balance | $ 5,826 | $ 8,512 |
Loans, Net and Allowance for 38
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, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Financing Receivable, Impaired [Line Items] | |||||
Impaired loans with no related allowance recorded, recorded investment | $ 10,361 | $ 5,867 | $ 10,361 | $ 5,867 | $ 13,703 |
Impaired loans with an allowance recorded, recorded investment | 1,548 | 1,137 | 1,548 | 1,137 | 1,056 |
Impaired loans, recorded investment | 11,909 | 7,004 | 11,909 | 7,004 | 14,759 |
Impaired loans with no related allowance recorded, unpaid principal balance | 10,429 | 5,867 | 10,429 | 5,867 | 13,721 |
Impaired loans with an allowance recorded, unpaid principal balance | 1,686 | 1,275 | 1,686 | 1,275 | 1,194 |
Impaired loans, unpaid principal balance | 12,115 | 7,142 | 12,115 | 7,142 | 14,915 |
Impaired loans, related allowance | 176 | 296 | 176 | 296 | 224 |
Impaired loans with no related allowance recorded, average recorded investment | 11,316 | 6,113 | 12,211 | 6,376 | 14,270 |
Impaired loans with an allowance recorded, average recorded investment | 1,688 | 1,082 | 1,425 | 956 | 1,057 |
Impaired loans, average recorded investment | 13,004 | 7,195 | 13,636 | 7,332 | 15,327 |
Impaired loans with no related allowance recorded, interest income recognized | 412 | 55 | 1,879 | 132 | 566 |
Impaired loans with an allowance recorded, interest income recognized | 3 | 11 | 13 | 17 | 36 |
Impaired loans, interest income recognized | 415 | 66 | 1,892 | 149 | 602 |
Commercial [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired loans with no related allowance recorded, recorded investment | 366 | 840 | 366 | 840 | 1,107 |
Impaired loans with an allowance recorded, recorded investment | 832 | 83 | 832 | 83 | 185 |
Impaired loans, recorded investment | 1,198 | 923 | 1,198 | 923 | 1,292 |
Impaired loans with no related allowance recorded, unpaid principal balance | 366 | 840 | 366 | 840 | 1,107 |
Impaired loans with an allowance recorded, unpaid principal balance | 832 | 83 | 832 | 83 | 185 |
Impaired loans, unpaid principal balance | 1,198 | 923 | 1,198 | 923 | 1,292 |
Impaired loans, related allowance | 58 | 33 | 58 | 33 | 56 |
Impaired loans with no related allowance recorded, average recorded investment | 700 | 842 | 909 | 805 | 1,210 |
Impaired loans with an allowance recorded, average recorded investment | 969 | 28 | 705 | 75 | 186 |
Impaired loans, average recorded investment | 1,669 | 870 | 1,614 | 880 | 1,396 |
Impaired loans with no related allowance recorded, interest income recognized | 19 | 7 | 372 | 15 | 77 |
Impaired loans with an allowance recorded, interest income recognized | 1 | 1 | 3 | 1 | 1 |
Impaired loans, interest income recognized | 20 | 8 | 375 | 16 | 78 |
Real Estate Commercial [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired loans with no related allowance recorded, recorded investment | 6,978 | 2,685 | 6,978 | 2,685 | 9,399 |
Impaired loans with an allowance recorded, recorded investment | 531 | 865 | 531 | 865 | 531 |
Impaired loans, recorded investment | 7,509 | 3,550 | 7,509 | 3,550 | 9,930 |
Impaired loans with no related allowance recorded, unpaid principal balance | 6,978 | 2,685 | 6,978 | 2,685 | 9,399 |
Impaired loans with an allowance recorded, unpaid principal balance | 531 | 865 | 531 | 865 | 531 |
Impaired loans, unpaid principal balance | 7,509 | 3,550 | 7,509 | 3,550 | 9,930 |
Impaired loans, related allowance | 76 | 205 | 76 | 205 | 76 |
Impaired loans with no related allowance recorded, average recorded investment | 7,531 | 2,991 | 8,134 | 3,110 | 10,164 |
Impaired loans with an allowance recorded, average recorded investment | 533 | 865 | 534 | 787 | 532 |
Impaired loans, average recorded investment | 8,064 | 3,856 | 8,668 | 3,897 | 10,696 |
Impaired loans with no related allowance recorded, interest income recognized | 335 | 22 | 1,370 | 58 | 340 |
Impaired loans with an allowance recorded, interest income recognized | 1 | 6 | 7 | 12 | 23 |
Impaired loans, interest income recognized | 336 | 28 | 1,377 | 70 | 363 |
Real Estate Residential [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired loans with no related allowance recorded, recorded investment | 3,017 | 2,342 | 3,017 | 2,342 | 3,197 |
Impaired loans with an allowance recorded, recorded investment | 185 | 189 | 185 | 189 | 340 |
Impaired loans, recorded investment | 3,202 | 2,531 | 3,202 | 2,531 | 3,537 |
Impaired loans with no related allowance recorded, unpaid principal balance | 3,085 | 2,342 | 3,085 | 2,342 | 3,215 |
Impaired loans with an allowance recorded, unpaid principal balance | 323 | 327 | 323 | 327 | 478 |
Impaired loans, unpaid principal balance | 3,408 | 2,669 | 3,408 | 2,669 | 3,693 |
Impaired loans, related allowance | 42 | 58 | 42 | 58 | 92 |
Impaired loans with no related allowance recorded, average recorded investment | 3,085 | 2,280 | 3,168 | 2,461 | 2,896 |
Impaired loans with an allowance recorded, average recorded investment | 186 | 189 | 186 | 94 | 339 |
Impaired loans, average recorded investment | 3,271 | 2,469 | 3,354 | 2,555 | 3,235 |
Impaired loans with no related allowance recorded, interest income recognized | 58 | 26 | 137 | 59 | 149 |
Impaired loans with an allowance recorded, interest income recognized | 1 | 4 | 3 | 4 | 12 |
Impaired loans, interest income recognized | $ 59 | $ 30 | $ 140 | $ 63 | $ 161 |
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, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | $ 384,829 | $ 438,423 |
Carrying Amount | 376,252 | 426,658 |
Credit Impaired Purchased Loans Evaluated Individually for Incurred Credit Losses [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 12,201 | 16,803 |
Carrying Amount | 5,826 | 8,512 |
Other Purchased Loans Evaluated Collectively for Incurred Credit Losses [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 372,628 | 421,620 |
Carrying Amount | $ 370,426 | $ 418,146 |
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) - Citizens National Bank of Meyersdale [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Balance - beginning of period | $ 1,655 | $ 323 | $ 2,129 | $ 370 |
Accretion recognized during the period | (411) | (21) | (1,854) | (44) |
Net reclassification from non-accretable to accretable | 195 | 11 | 1,164 | (13) |
Balance - end of period | $ 1,439 | $ 313 | $ 1,439 | $ 313 |
Other Assets - Components of Ot
Other Assets - Components of Other Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Other Assets [Abstract] | ||
Other real estate owned | $ 90 | $ 236 |
Bank owned life insurance | 29,476 | 29,065 |
Restricted equity securities | 1,160 | 1,306 |
Deferred tax assets | 7,087 | 7,949 |
Other assets | 5,087 | 5,147 |
Total | $ 42,900 | $ 43,703 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | $ 87,908 | $ 93,201 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 87,908 | 93,201 |
Fair Value Measurements Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 87,908 | 93,201 |
Fair Value Measurements Recurring [Member] | Taxable [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 33,838 | 35,002 |
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 | 14,365 | 16,308 |
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 | 21,572 | 22,817 |
Fair Value Measurements Recurring [Member] | Mortgage-backed Securities - U.S. Government-sponsored Enterprises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 9,089 | 10,089 |
Fair Value Measurements Recurring [Member] | Corporate Debt Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 9,044 | 8,985 |
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 | 87,908 | 93,201 |
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 | 33,838 | 35,002 |
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 | 14,365 | 16,308 |
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 | 21,572 | 22,817 |
Fair Value Measurements Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Mortgage-backed Securities - U.S. Government-sponsored Enterprises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 9,089 | 10,089 |
Fair Value Measurements Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Corporate Debt Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | $ 9,044 | $ 8,985 |
Fair Value of Financial Instr43
Fair Value of Financial Instruments - Summary of Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis (Detail) - Fair Value Measurements Nonrecurring [Member] - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | $ 90 | $ 236 |
Impaired loans, net of related allowance | 1,372 | 832 |
Total | 1,462 | 1,068 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | 90 | 236 |
Impaired loans, net of related allowance | 1,372 | 832 |
Total | $ 1,462 | $ 1,068 |
Fair Value of Financial Instr44
Fair Value of Financial Instruments - 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, 2018 | Dec. 31, 2017 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value Estimate | $ 1,462 | $ 1,068 |
Other Real Estate Owned [Member] | Level 3 Fair Value Measurements, Appraisal Adjustments [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value Estimate | $ 90 | $ 236 |
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 Measurement Inputs and Valuation Techniques [Line Items] | ||
Unobservable Input | Liquidation expenses | Liquidation expenses |
Impaired Loan [Member] | Level 3 Fair Value Measurements, Appraisal Adjustments [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value Estimate | $ 1,372 | $ 832 |
Valuation Technique | Appraisal of collateral | Appraisal of collateral |
Unobservable Input | Appraisal adjustments | Appraisal adjustments |
Impaired Loan [Member] | Level 3 Fair Value Measurements, Liquidation Expenses [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Unobservable Input | Liquidation expenses | Liquidation expenses |
Minimum [Member] | Other Real Estate Owned [Member] | Level 3 Fair Value Measurements, Appraisal Adjustments [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Range (Weighted Average) | 7.40% | 0.00% |
Minimum [Member] | Other Real Estate Owned [Member] | Level 3 Fair Value Measurements, Liquidation Expenses [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Range (Weighted Average) | 0.00% | 0.00% |
Minimum [Member] | Impaired Loan [Member] | Level 3 Fair Value Measurements, Appraisal Adjustments [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Range (Weighted Average) | 0.00% | 0.00% |
Minimum [Member] | Impaired Loan [Member] | Level 3 Fair Value Measurements, Liquidation Expenses [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Range (Weighted Average) | 7.00% | 0.00% |
Maximum [Member] | Other Real Estate Owned [Member] | Level 3 Fair Value Measurements, Appraisal Adjustments [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Range (Weighted Average) | 69.00% | 69.00% |
Maximum [Member] | Other Real Estate Owned [Member] | Level 3 Fair Value Measurements, Liquidation Expenses [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Range (Weighted Average) | 7.00% | 7.00% |
Maximum [Member] | Impaired Loan [Member] | Level 3 Fair Value Measurements, Appraisal Adjustments [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Range (Weighted Average) | 0.00% | 0.00% |
Maximum [Member] | Impaired Loan [Member] | Level 3 Fair Value Measurements, Liquidation Expenses [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Range (Weighted Average) | 20.00% | 7.00% |
Weighted Average [Member] | Other Real Estate Owned [Member] | Level 3 Fair Value Measurements, Appraisal Adjustments [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Range (Weighted Average) | 31.00% | 39.00% |
Weighted Average [Member] | Other Real Estate Owned [Member] | Level 3 Fair Value Measurements, Liquidation Expenses [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Range (Weighted Average) | 7.00% | 7.00% |
Weighted Average [Member] | Impaired Loan [Member] | Level 3 Fair Value Measurements, Appraisal Adjustments [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Range (Weighted Average) | 0.00% | 0.00% |
Weighted Average [Member] | Impaired Loan [Member] | Level 3 Fair Value Measurements, Liquidation Expenses [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Range (Weighted Average) | 11.00% | 7.00% |
Fair Value of Financial Instr45
Fair Value of Financial Instruments - Carrying and Fair Values of Riverview's Financial Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | |
Financial assets: | |||||
Cash and cash equivalents | $ 36,620 | $ 25,786 | $ 15,677 | $ 19,120 | |
Investment securities | 87,908 | 93,201 | |||
Loans held for sale | 873 | 254 | |||
Net loans | 933,486 | 949,665 | |||
Accrued interest receivable | 2,786 | 3,237 | |||
Restricted equity securities | 1,160 | 1,306 | |||
Financial liabilities: | |||||
Deposits | 1,017,722 | 1,026,480 | |||
Short-term borrowings | 6,000 | ||||
Long-term debt | 13,091 | 13,233 | |||
Accrued interest payable | 449 | 468 | |||
Carrying Amount [Member] | |||||
Financial assets: | |||||
Cash and cash equivalents | 36,620 | 25,786 | |||
Investment securities | 87,908 | 93,201 | |||
Loans held for sale | 873 | 254 | |||
Net loans | [1] | 933,486 | 949,665 | ||
Accrued interest receivable | 2,786 | 3,237 | |||
Restricted equity securities | 1,160 | 1,306 | |||
Financial liabilities: | |||||
Deposits | 1,017,722 | 1,026,480 | |||
Short-term borrowings | 6,000 | ||||
Long-term debt | 13,091 | 13,233 | |||
Accrued interest payable | 449 | 468 | |||
Fair Value [Member] | |||||
Financial assets: | |||||
Cash and cash equivalents | 36,620 | 25,786 | |||
Investment securities | 87,908 | 93,201 | |||
Loans held for sale | 873 | 254 | |||
Net loans | [1] | 923,867 | 954,876 | ||
Accrued interest receivable | 2,786 | 3,237 | |||
Restricted equity securities | 1,160 | 1,306 | |||
Financial liabilities: | |||||
Deposits | 973,490 | 1,022,068 | |||
Short-term borrowings | 6,000 | ||||
Long-term debt | 14,320 | 14,634 | |||
Accrued interest payable | 449 | 468 | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||
Financial assets: | |||||
Cash and cash equivalents | 36,620 | 25,786 | |||
Restricted equity securities | 1,160 | 1,306 | |||
Significant Other Observable Inputs (Level 2) [Member] | |||||
Financial assets: | |||||
Investment securities | 87,908 | 93,201 | |||
Loans held for sale | 873 | 254 | |||
Accrued interest receivable | 589 | 640 | |||
Financial liabilities: | |||||
Deposits | 973,490 | 1,022,068 | |||
Short-term borrowings | 6,000 | ||||
Long-term debt | 14,320 | 14,634 | |||
Accrued interest payable | 449 | 468 | |||
Significant Unobservable Inputs (Level 3) [Member] | |||||
Financial assets: | |||||
Net loans | [1] | 923,867 | 954,876 | ||
Accrued interest receivable | $ 2,197 | $ 2,597 | |||
[1] | The carrying amount is net of unearned income and the allowance for loan losses in accordance with the adoption of ASU No. 2016-01 where the fair value of loans as of June 30, 2018 was measured using an exit price notion. The fair value of loans at December 31, 2017 was measured using an entry price notion. |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Non Interest Income, Segregated by Revenue Streams in-Scope and Out-of-Scope of Topic 606 (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Noninterest Income | ||||
Noninterest Income | $ 2,533 | $ 802 | $ 4,486 | $ 1,581 |
In-scope of Topic 606 [Member] | ||||
Noninterest Income | ||||
Noninterest Income | 2,105 | 517 | 3,697 | 1,142 |
In-scope of Topic 606 [Member] | Service Charges, Fees and Commissions [Member] | ||||
Noninterest Income | ||||
Noninterest Income | 1,651 | 292 | 2,879 | 629 |
In-scope of Topic 606 [Member] | Investment Advisory, Management and Administrative Service [Member] | ||||
Noninterest Income | ||||
Noninterest Income | 454 | 225 | 818 | 513 |
Out-scope of Topic 606 [Member] | ||||
Noninterest Income | ||||
Noninterest Income | $ 428 | $ 285 | $ 789 | $ 439 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 |
Revenue from Contract with Customer [Abstract] | ||
Contract with customer asset | $ 0 | $ 0 |
Contract with customer liability | $ 0 | $ 0 |