Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Mar. 06, 2020 | Jun. 30, 2019 | |
Document Information [Line Items] | |||
Entity Registrant Name | CB Financial Services, Inc. | ||
Entity Central Index Key | 0001605301 | ||
Trading Symbol | cbfv | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Interactive Data Current | Yes | ||
Entity Common Stock, Shares Outstanding (in shares) | 5,405,656 | ||
Entity Public Float | $ 118.6 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(b) Security | Common stock, par value $0.4167 per share |
Consolidated Statement of Finan
Consolidated Statement of Financial Condition - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||
Interest Bearing | $ 68,798 | $ 39,356 |
Non-Interest Bearing | 11,419 | 13,997 |
Total Cash and Due From Banks | 80,217 | 53,353 |
Investment Securities Available-for-Sale | 197,385 | 225,409 |
Loans (Net of Allowance for Loan Losses of $9,867 and $9,558 at December 31, 2019 and December 31, 2018, Respectively) | 942,629 | 903,314 |
Premises and Equipment, Net | 22,282 | 23,448 |
Bank-Owned Life Insurance | 24,222 | 22,922 |
Goodwill | 28,425 | 28,425 |
Core Deposit Intangible | 8,995 | 10,934 |
Accrued Interest and Other Assets | 17,382 | 13,896 |
TOTAL ASSETS | 1,321,537 | 1,281,701 |
LIABILITIES | ||
Demand Deposits | 267,152 | 252,167 |
NOW Accounts | 232,099 | 220,503 |
Money Market Accounts | 182,428 | 187,627 |
Savings Accounts | 216,924 | 209,985 |
Time Deposits | 219,756 | 216,376 |
Total Deposits | 1,118,359 | 1,086,658 |
Short-Term Borrowings | 30,571 | 30,979 |
Other Borrowed Funds | 14,000 | 20,000 |
Accrued Interest and Other Liabilities | 7,510 | 6,439 |
TOTAL LIABILITIES | 1,170,440 | 1,144,076 |
STOCKHOLDERS' EQUITY | ||
Preferred Stock, No Par Value; 5,000,000 Shares Authorized | ||
Common Stock, $0.4167 Par Value; 35,000,000 Shares Authorized, 5,680,993 Shares Issued and 5,463,828 and 5,432,289 Shares Outstanding at December 31, 2019 and December 31, 2018, Respectively | 2,367 | 2,367 |
Capital Surplus | 82,971 | 83,225 |
Retained Earnings | 66,955 | 57,843 |
Treasury Stock, at Cost (217,165 and 248,704 Shares at December 31, 2019 and December 31, 2018, Respectively) | (3,842) | (4,370) |
Accumulated Other Comprehensive Income (Loss) | 2,646 | (1,440) |
TOTAL STOCKHOLDERS' EQUITY | 151,097 | 137,625 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 1,321,537 | $ 1,281,701 |
Consolidated Statement of Fin_2
Consolidated Statement of Financial Condition (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Allowance for Loan Losses | $ 9,867 | $ 9,558 |
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Common stock, par value (in dollars per share) | $ 0.4167 | $ 0.4167 |
Common stock, shares authorized (in shares) | 35,000,000 | 35,000,000 |
Common stock, shares issued (in shares) | 5,680,993 | 5,680,993 |
Common stock, shares outstanding (in shares) | 5,463,828 | 5,432,289 |
Treasury stock, at cost (in shares) | 217,165 | 248,704 |
Consolidated Statement of Incom
Consolidated Statement of Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
INTEREST AND DIVIDEND INCOME | ||
Loans, Including Fees | $ 43,176 | $ 37,942 |
Investment Securities: | ||
Taxable | 5,649 | 3,937 |
Tax-Exempt | 608 | 970 |
Dividends | 86 | 70 |
Other Interest and Dividend Income | 1,512 | 707 |
TOTAL INTEREST AND DIVIDEND INCOME | 51,031 | 43,626 |
INTEREST EXPENSE | ||
Deposits | 7,303 | 4,968 |
Short-Term Borrowings | 187 | 522 |
Other Borrowed Funds | 367 | 459 |
TOTAL INTEREST EXPENSE | 7,857 | 5,949 |
NET INTEREST INCOME | 43,174 | 37,677 |
Provision For Loan Losses | 725 | 2,525 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 42,449 | 35,152 |
NONINTEREST INCOME | ||
Noninterest income | 51,031 | 43,626 |
Net Gain on Sales of Loans | 266 | 171 |
Net Loss on Sales of Investment Securities | (50) | |
Fair Value of Marketable Equity Securities | 190 | (63) |
Net Gain on Purchased Tax Credits | 35 | 44 |
Net Gain (Loss) on Disposal of Fixed Assets | 2 | (137) |
Income from Bank-Owned Life Insurance | 550 | 509 |
Other | 186 | 135 |
TOTAL NONINTEREST INCOME | 9,435 | 8,339 |
NONINTEREST EXPENSE | ||
Salaries and Employee Benefits | 19,313 | 18,093 |
Occupancy | 2,685 | 2,947 |
Equipment | 2,685 | 2,698 |
FDIC Assessment | 411 | 584 |
PA Shares Tax | 999 | 790 |
Contracted Services | 1,261 | 832 |
Legal Fees | 688 | 652 |
Advertising | 875 | 755 |
Bankcard Processing Expense | 853 | 630 |
Other Real Estate Owned (Income) | (103) | 48 |
Amortization of Core Deposit Intangible | 1,939 | 1,477 |
Merger-Related | 854 | |
Other | 4,222 | 4,541 |
TOTAL NONINTEREST EXPENSE | 35,828 | 34,901 |
Income Before Income Tax Expense | 16,056 | 8,590 |
Income Tax Expense | 1,729 | 1,538 |
NET INCOME | $ 14,327 | $ 7,052 |
EARNINGS PER SHARE | ||
Basic (in dollars per share) | $ 2.64 | $ 1.42 |
Diluted (in dollars per share) | $ 2.63 | $ 1.40 |
WEIGHTED AVERAGE SHARES OUTSTANDING | ||
Basic (in shares) | 5,434,649 | 4,981,814 |
Diluted (in shares) | 5,448,761 | 5,031,130 |
Deposit Account [Member] | ||
NONINTEREST INCOME | ||
Noninterest income | $ 3,156 | $ 2,970 |
Insurance Commissions [Member] | ||
NONINTEREST INCOME | ||
Noninterest income | 4,524 | 3,763 |
Financial Service, Other [Member] | ||
NONINTEREST INCOME | ||
Noninterest income | $ 576 | $ 947 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Net Income | $ 14,327 | $ 7,052 | |
Other Comprehensive Income (Loss): | |||
Unrealized Gains (Losses) on Available-for-Sale Securities Net of Income Tax Expense (Benefit) of $1,104 and ($29) for the Year Ended December 31, 2019 and 2018, Respectively | 4,047 | (59) | |
Reclassification Adjustment for Losses on Securities: Included in Net Income, Net of Income Tax Benefit of $11 for the Year Ended December 31, 2019 (1) | [1] | 39 | |
Other Comprehensive Income (Loss) | 4,086 | (59) | |
Total Comprehensive Income | $ 18,413 | $ 6,993 | |
[1] | The gross amount of loss on securities of $50 for the year ended December 31, 2019 are reported as Net Loss on Sales of Investments on the Consolidated Statement of Income. The income tax benefit of $11 for the year ended December 31, 2019 is included in Income Taxes on the Consolidated Statement of Income. |
Consolidated Statement of Com_2
Consolidated Statement of Comprehensive Income (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Unrealized Gains (Losses) on Available-for-Sale Securities, Tax | $ 1,104 | $ (29) |
Reclassification Adjustment for Losses on Securities, Tax | 11 | |
Reclassification Adjustment for Losses on Securities: Included in Net Income, Before Tax | $ 50 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | AOCI Attributable to Parent [Member] | Total | |
Balance (in shares) at Dec. 31, 2017 | 4,363,346 | ||||||
Balance at Dec. 31, 2017 | $ 1,818 | $ 42,089 | $ 55,280 | $ (4,590) | $ (1,341) | $ 93,256 | |
Net Income | 7,052 | 7,052 | |||||
Other Comprehensive Income (Loss) | (59) | (59) | |||||
Impact of Change in Method of Accounting for Marketable Equity Securities (1) | [1] | 40 | (40) | ||||
Issuance of Common Stock (Net of Issuance Expenses of $515) (2) (in shares) | 1,317,647 | ||||||
Issuance of Common Stock (Net of Issuance Expenses of $515) (2) | [2] | $ 549 | 40,978 | 41,527 | |||
Restricted Stock Awards Granted | (329) | 329 | |||||
Stock-Based Compensation Expense | 482 | 482 | |||||
Exercise of Stock Options | 5 | 208 | 213 | ||||
Dividends Declared | (4,529) | (4,529) | |||||
Treasury Stock Purchased, at Cost | (317) | (317) | |||||
Balance (in shares) at Dec. 31, 2018 | 5,680,993 | ||||||
Balance at Dec. 31, 2018 | $ 2,367 | 83,225 | 57,843 | (4,370) | (1,440) | 137,625 | |
Net Income | 14,327 | 14,327 | |||||
Other Comprehensive Income (Loss) | 4,086 | 4,086 | |||||
Restricted Stock Awards Granted | (590) | 590 | |||||
Stock-Based Compensation Expense | 323 | 323 | |||||
Exercise of Stock Options | 5 | 36 | 41 | ||||
Dividends Declared | (5,215) | (5,215) | |||||
Treasury Stock Purchased, at Cost | (90) | (90) | |||||
Restricted Stock Awards Forfeited | 8 | (8) | |||||
Balance (in shares) at Dec. 31, 2019 | 5,680,993 | ||||||
Balance at Dec. 31, 2019 | $ 2,367 | $ 82,971 | $ 66,955 | $ (3,842) | $ 2,646 | $ 151,097 | |
[1] | This reclassification is the result of the Company's adoption of FASB ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10). See Note 1 for additional information. | ||||||
[2] | Issuance of common stock was related to the merger with First West Virginia Bancorp, Inc. See Note 2 - Merger for additional information. |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Stockholders' Equity (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Stock issuance cost | $ 515 | |
Dividends Declared, per share (in dollars per share) | $ 0.96 | $ 0.89 |
Purchase of common stock, shares (in shares) | 3,211 | 9,389 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
OPERATING ACTIVITIES | ||
Net Income | $ 14,327 | $ 7,052 |
Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities, Net of the Effects of Acquisition: | ||
Net (Accretion) Amortization on Investments | (182) | 74 |
Depreciation and Amortization | 3,728 | 3,045 |
Provision for Loan Losses | 725 | 2,525 |
(Gain) Loss on Marketable Equity Securities | (190) | 63 |
Gain on Purchased Tax Credits | (35) | (44) |
Income from Bank-Owned Life Insurance | (550) | (509) |
Proceeds From Mortgage Loans Sold | 10,999 | 10,479 |
Originations of Mortgage Loans for Sale | (10,733) | (10,308) |
Gain on Sales of Loans | (266) | (171) |
Loss on Sales of Investment Securities | 50 | |
Loss (Gain) on Sales of Other Real Estate Owned and Repossessed Assets | 6 | (19) |
Noncash Expense for Stock-Based Compensation | 323 | 482 |
Decrease (Increase) in Accrued Interest Receivable | 139 | (730) |
(Gain) Loss on Disposal of Fixed Assets | (2) | 137 |
Increase (Decrease) in Deferred Income Tax | (614) | 829 |
Increase (Decrease) in Taxes Payable | 411 | (1,105) |
Increase in Accrued Interest Payable | 393 | 164 |
Other, Net | (659) | 1,694 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 17,870 | 13,658 |
INVESTING ACTIVITIES | ||
Proceeds From Principal Repayments and Maturities | 54,289 | 16,468 |
Purchases of Securities | (50,202) | (11,227) |
Proceeds from Sales of Securities | 29,460 | 80,314 |
Net Increase in Loans | (44,272) | (74,988) |
Purchase of Premises and Equipment | (48) | (4,427) |
Asset Acquisition of a Customer List | (900) | (900) |
Proceeds From a Claim on Bank-Owned Life Insurance | 950 | |
Proceeds From Sales of Other Real Estate Owned and Repossessed Assets | 1,135 | 214 |
Decrease in Restricted Equity Securities | 253 | 431 |
Net Cash Received from Acquisition | 20,632 | |
Acquisition of Bank-Owned Life Insurance | (750) | |
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES | (11,035) | 27,467 |
FINANCING ACTIVITIES | ||
Net Increase in Deposits | 31,701 | 31,694 |
Net Decrease in Short-Term Borrowings | (408) | (28,657) |
Principal Payments on Other Borrowed Funds | (6,000) | (6,798) |
Cash Dividends Paid | (5,215) | (4,529) |
Treasury Stock, Purchases at Cost | (90) | (317) |
Exercise of Stock Options | 41 | 213 |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 20,029 | (8,394) |
INCREASE IN CASH AND CASH EQUIVALENTS | 26,864 | 32,731 |
CASH AND DUE FROM BANKS AT BEGINNING OF YEAR | 53,353 | 20,622 |
CASH AND DUE FROM BANKS AT END OF YEAR | 80,217 | 53,353 |
Cash Paid for: | ||
Interest on Deposits and Borrowings (Including Interest Credited to Deposit Accounts of $6,903 and $4,798, Respectively) | 7,464 | 5,784 |
Income Taxes | 2,785 | 850 |
Real Estate Acquired in Settlement of Loans | 457 | 46 |
Accrued Payable for an Acquisition of a Customer List | 900 | |
Right of Use Asset Recognized | 1,707 | |
Lease Liability Recognized | 1,712 | |
Non-cash Transaction Related to Loan Payoff Receivable | 3,490 | |
Non-cash Transactions Related to FWVB Acquisition | $ 41,527 |
Consolidated Statement of Cas_2
Consolidated Statement of Cash Flows (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Interest credited to deposit accounts | $ 6,903 | $ 4,798 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 1—SUMMARY Principles of Consolidation and Basis of Presentation The accompanying consolidated financial statements include the accounts of CB Financial Services, Inc., and its wholly owned subsidiary, Community Bank (the “Bank”), and the Bank’s wholly owned subsidiary, Exchange Underwriters, Inc. (“Exchange Underwriters” or “EU”). CB Financial Services, Inc. and Community Bank are collectively referred to as the “Company.” All intercompany transactions and balances have been eliminated in consolidation. Nature of Operations The Company derives substantially all its income from banking and bank-related services which include interest earnings on commercial, commercial mortgage, residential real estate and consumer loan financing, as well as interest earnings on investment securities, insurance commissions and fees generated from deposit services to its customers. The Company provides banking services through its subsidiary, Community Bank, a Pennsylvania-chartered commercial bank headquartered in Carmichaels, Pennsylvania. The Bank operates from sixteen seven one Effective April 30, 2018, seven one 1,317,647 $9.8 $51.3 2 The Company has evaluated events and transactions occurring subsequent to the balance sheet date of December 31, 2019 Use of Estimates The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and with general practice within the banking industry. In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the Consolidated Statement of Financial Condition, and revenues and expenses for the period. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to fair value of investment securities available for sale, determination of the allowance for losses on loans, the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, other-than-temporary impairment evaluations of securities, the valuation of deferred tax assets and the evaluation of goodwill and core deposit intangible impairment. Revenue Recognition Income on loans and investments is recognized as earned on the accrual method. Gains and losses on sales of mortgages are based on the difference between the selling price and the carrying value of the related mortgage sold. The Company generally fully satisfies its performance obligations on its contracts with customers as services are rendered and the transaction prices are typically fixed; charged either on a periodic basis or based on activity. Because performance obligations are satisfied as services are rendered and the transaction prices are fixed, there is little judgment involved in applying ASC Topic 606 The Company’s revenue from contracts with customers within the scope of Accounting Standards Codification (“ASC”) Topic 606 606: Service Fees on Deposits not Insurance Commissions EU utilizes a report from their core insurance data processing program, The Agency Manager (“TAM”), that captures all in-force policies that are active in the system and annualizes the commission over the life of each individual contract. The report then provides an overall commission and fee income total for the monthly reporting financial statement period. This income is then compared to the amount of direct and agency bill income recorded in TAM for the reporting month and an adjustment to income is made according to the report. This is the income recognized for the portion of the insurance contract that has been earned by EU and subsequently the Company. Other Commissions third third Gains (Losses) on Sales of OREO not Operating Segments An operating segment is defined as a component of an enterprise that engages in business activities which generate revenue and incur expense, and the operating results of which are reviewed by management. At December 31, 2019, two 280, Segment Reporting, 10% 19 Cash and Due From Banks Included in Cash and Due From Banks are required federal reserves of $554,000 $1.7 December 31, 2019 2018, Investment Securities Investment securities are classified at the time of purchase, based on management’s intentions and ability, as securities held to maturity or securities available-for-sale. Debt securities acquired with the intent and the ability to hold to maturity are stated at cost adjusted for amortization of premium and accretion of discount, which are computed using a level yield method and recognized as adjustments to interest income. Unrealized holding gains and losses for available-for-sale debt securities are reported as a separate component of stockholders’ equity, net of tax, until realized. Unrealized holding gains and losses for available-for-sale equity securities are recognized in earnings. Realized securities gains and losses, if any, are computed using the specific identification method. Interest and dividends on investment securities are recognized as income when earned. Declines in the fair value of individual securities below amortized cost that are other-than-temporary result in write-downs of the individual securities to their fair value. In estimating other-than-temporary impairment of investment securities, securities are evaluated on at least a quarterly basis to determine whether a decline in their value is other-than-temporary. In estimating other-than temporary impairment losses, management considers ( 1 2 3 not not Common stock of the Federal Home Loan Bank (“FHLB”) and of Atlantic Community Bankers’ Bank (“ACBB”) represent ownership in organizations that are wholly owned by other financial institutions. These restricted equity securities are accounted for based on industry guidance in ASC Sub-Topic 325 20, $3.6 $3.8 December 31, 2019 2018, $85,000 December 31, 2019 2018. The Company periodically evaluates its FHLB investment for possible impairment based on, among other things, the capital adequacy of the FHLB and its overall financial condition. The Company believes its holdings in the stock are ultimately recoverable at par value at December 31, 2019, not not Loans Receivable and Allowance for Loan Losses Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at the principal amount outstanding, net of deferred loan fees and the allowance for loan losses. The Company’s loan portfolio is segmented to enable management to monitor risk and performance. The real estate loans are further segregated into three Residential mortgage loans are typically longer-term loans and, therefore, generally present greater interest rate risk than the consumer and commercial loans. Under certain economic conditions, housing values may may not not may 12 18 Accrual of interest on loans is generally discontinued when it is determined that a reasonable doubt exists as to the collectability of principal, interest, or both. Payments received on nonaccrual loans are applied against principal. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current, and current and future payments are reasonably assured. The Company uses an eight first four not not not not In the normal course of business, the Company modifies loan terms for various reasons. These reasons may When the Company restructures a loan for a troubled borrower, the loan terms (i.e., interest rate, payment, amortization period and/or maturity date) are modified in such a way to enable the borrower to cover the modified debt service payments based on current financials and cash flow adequacy. If the hardship is thought to be temporary, then modified terms are offered only for that time period. Where possible, the Company obtains additional collateral and/or secondary payment sources at the time of the restructure. To date, the Company has not not All loans designated as TDRs are considered impaired loans and may not may six The performance and credit quality of the loan portfolio are also monitored by analyzing the age of the loans receivable as determined by the length of time a recorded payment is past due. The past due status of all classes of loans receivable is determined based on contractual due dates for loan payments. Loan origination and commitment fees as well as certain direct loan origination costs are deferred and the net amount either accreted or amortized as an adjustment to the related loan’s yield over the contractual lives of the related loans. The allowance for loan losses (“allowance”) is maintained at a level considered adequate to provide for losses that can be reasonably anticipated. Management performs a quarterly evaluation of the adequacy of the allowance based on potential losses in the current loan portfolio, which includes an assessment of economic conditions, changes in the nature and volume of the loan portfolio, loan loss experience, volume and severity of past due, classified and nonaccrual loans as well as other loan modifications, quality of the Company’s loan review system, the degree of oversight by the Company’s board of directors, existence and effect of any concentrations of credit and changes in the level of such concentrations, effect of external factors, such as competition and legal and regulatory requirements, and other relevant factors. While management uses the best information available to make such evaluations, future adjustments to the allowance may The allowance consists of specific, general and unallocated components. The specific component relates to loans that are classified as impaired. A loan is considered impaired when, based upon current information and events, it is probable that the Company will be unable to collect all amounts due for principal and interest according to the original contractual terms of the loan agreement. Generally, management considers all substandard-, doubtful-, and loss-rated loans, nonaccrual loans, and TDRs for impairment. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. The maximum period without payment that typically can occur before a loan is considered for impairment is 90 no not The general allowance component covers pools of homogeneous loans by loan class. Management determines historical loss experience for each segment of loans using the two Loans that were acquired in previous mergers, were recorded at fair value with no third For performing loans acquired in a merger, 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 nonaccretable discount. The nonaccretable discount represents estimated future credit losses expected to be incurred over the life of the loan. Subsequent decreases to the expected cash flows require an evaluation to determine the need for an allowance. Subsequent improvements in expected cash flows result in the reversal of a corresponding amount of the nonaccretable discount, which is then reclassified as accretable discount that is recognized into interest income over the remaining life of the loan using the interest method. The evaluation of the amount of future cash flows that is expected to be collected is performed in a similar manner as that used to determine our allowance. Charge-offs of the principal amount on acquired loans would be first The Company grants commercial, residential, and other consumer loans to customers throughout southwestern Pennsylvania in Greene, Washington, Allegheny, Fayette and Westmoreland Counties; West Virginia in Brooke, Marshall, Ohio, Upshur and Wetzel Counties; and Belmont County in Ohio. Although the Company had a diversified loan portfolio at December 31, 2019 2018, Premises and Equipment Premises and equipment are stated at cost, less accumulated depreciation. Depreciation is principally computed on the straight-line method over the estimated useful lives of the related assets, which range from three seven 27.5 40 seven fifteen Bank-Owned Life Insurance The Company is the owner and beneficiary of bank-owned life insurance (“BOLI”) policies on certain employees. The earnings from the BOLI policies are recognized as a component of noninterest income. The BOLI policies are an asset that can be liquidated, if necessary, with associated tax costs. However, the Company intends to hold these policies and, accordingly, the Company has not Real Estate Owned Real estate owned acquired in settlement of foreclosed loans is carried as a component of other assets at the lower of cost or fair value, minus estimated cost to sell. Prior to foreclosure, the estimated collectible value of the collateral is evaluated to determine if a partial charge-off of the loan balance is necessary. After transfer to real estate owned, any subsequent write-downs are charged against noninterest expense. Direct costs incurred in the foreclosure process and subsequent holding costs incurred on such properties are recorded as expenses of current operations. Real estate owned was $233,000 $917,000 December 31, 2019 2018, $53,000 $46,000 December 31, 2019 2018, $1.1 $1.4 December 31, 2019 2018, Income Taxes The Company accounts for income taxes in accordance with income tax accounting guidance in ASC Topic 740, Income Taxes two Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are recognized if it is more likely than not, not 50%; not 50% not not not The Company recognizes interest and penalties on income taxes as a component of income tax expense. Goodwill and Intangible Assets Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired. Other intangible assets represent purchased assets that lack physical substance but can be distinguished from goodwill because of contractual or other legal rights. Intangible assets that have finite lives, such as core deposit intangibles, customer relationship intangibles and renewal lists, are amortized over their estimated useful lives and subject to periodic impairment testing. Core deposit intangibles are primarily amortized over 6.5 nine eight thirteen Goodwill and other intangibles are subject to impairment testing at the reporting unit level, which must be conducted at least annually. We perform impairment testing as of October 31, Determining the fair value of a reporting unit under the goodwill impairment test is judgmental and often involves the use of significant estimates and assumptions. Similarly, estimates and assumptions are used in determining the fair value of other intangible assets. In 2019, 2017 04 one not not not December 31, 2019 2018. The Company operates two 100 Mortgage Servicing Rights (“MSRs”) The Company has agreements for the express purpose of selling loans in the secondary market. Real estate loans serviced for others, which are not $100.0 $99.0 December 31, 2019 2018, $930,000 $921,000 December 31, 2019 2018, Servicing fee income is recorded for fees earned for servicing loans. The fees are based on contractual percentage of the outstanding principal or a fixed amount per loan and are recorded as income when earned. The amortization of MSRs is netted against servicing fee income in other noninterest income in the Consolidated Statement of Income. Amortization of MSRs was $28,000 $101,000 December 31, 2019 2018 MSRs are evaluated for impairment based on the estimated fair value of the MSRs. MSRs are stratified by certain risk characteristics, primarily loan term and note rate. If temporary impairment exists within a risk stratification tranche, a valuation allowance is established through a charge to income equal to the amount by which the carrying value exceeds the estimated fair value. If it is later determined that all or a portion of the temporary impairment no December 31, 2019, $71,000. no December 31, 2018. Treasury Stock The purchase of the Company’s common stock is recorded at cost. At the date of subsequent reissue, the treasury stock account is reduced by the cost of such stock on the average cost basis, with any excess proceeds being credited to capital surplus. Comprehensive Income Comprehensive income consists of net income and other comprehensive income (loss). Other comprehensive income (loss) is comprised of unrealized holding gains (losses) on available-for-sale debt securities, net of tax. Earnings Per Share The Company provides dual presentation of basic and diluted earnings per share. Basic earnings per share is calculated utilizing the reported net income as the numerator and weighted average shares outstanding as the denominator. The computation of diluted earnings per share differs in that the denominator is adjusted for the dilutive effects of any options and convertible securities. Treasury shares are not Stock-Based Compensation In 2015, 2015 May 20, 2015, no may ten May 20, 2015. may 407,146 two 271,431 may one third 135,715 may one third three one third ASC Topic 718, Compensation – Stock Compensation, not five 20% 10 Cash Flow Information The Company has defined cash equivalents as those amounts due from depository institutions, interest-bearing deposits with other banks with maturities of less than 90 Advertising Costs Advertising costs are expensed as incurred. Recognition of a Prior Period Error In April 2018, April 2017. first $300,000 2018. 2018 $300,000, $63,000, $237,000, $0.06 2017 250, Accounting Changes and Error Corrections 2018 2017 In March 2019, $21.7 December 31, 2018. $257,000 December 31, 2018. not December 31, 2018 Reclassifications Certain comparative amounts for prior periods have been reclassified to conform to the current year presentation. Such reclassifications did not Recent Accounting Standards In August 2018, 2018 15 , Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350 40 2018 15 not first 2020, not In August 2018, 2018 13, Fair Value Measurement (Topic 820 2018 13 1 2 3 2018 13 2018 13 3 3 first 2020. 3 not In January 2018, 2018 01, Leases (Topic 842 842. 2018 01 2016 02, 2018 01 2016 02 not not 2016 02, 2016 02 twelve 2016 02 December 15, 2018, 2016 02 January 1, 2019 $1.7 not not 15 In July 2017, 2017 11, Earnings Per Share (Topic 260 480 815 2017 11 2017 11 December 15, 2018, 2017 11 January 1, 2019 not In March 2017, 2017 08, Receivables- Nonrefundable Fees and Other Costs (Subtopic 310 20 2017 08 2017 08 December 15, 2018, 2017 08 January 1, 2019 not In January 2017, 2017 04, Intangibles - Goodwill and Other (Topic 350 2017 04 second one not not 2017 04 December 15, 2019, 2017 04 October 31, 2019 not In September 2016, 2016 13, Financial Instruments – Credit Losses (Topic 326 2016 13 2016 13 2016 13 not 2016 13 not 2016 13 December 15, 2019, November 2019, 2016 13 January 1, 2023. one one In January 2016, 2016 01, Financial Instruments – Overall (Subtopic 825 10 2016 01 2016 01 December 15, 2017, 2016 01 first 2018. January 1, 2018, one $40,000 $190,000 $63,000 December 31, 2019 2018, |
Note 2 - Merger
Note 2 - Merger | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | NOTE 2—MERGER Effective April 30, 2018, April 30, 2018, seven one $51.3 1,317,647 April 30, 2018, $31.9068, $9.8 Merger-related expenses are recorded in the Consolidated Statement of Income and include costs relating to the Company’s acquisition of FWVB, as described above. These charges represent one not $1.2 $854,000 December 31, 2018. $334.0 $96.8 $282.9 8 76% 24% The FWVB merger was accounted for as an acquisition in accordance with the acquisition method of accounting as detailed in ASC Topic 805, Business Combinations not third The assets acquired and liabilities assumed of FWVB were recorded on the Company’s Consolidated Statement of Financial Condition at their estimated fair values as of April 30, 2018. $23.5 $9.1 $23.5 not The fair values of major classes of assets acquired and liabilities assumed in the FWVB merger are as follows (dollars in thousands): December 31, 2018 Consideration Paid: Cash Paid for Redemption of FWVB Common Stock $ 9,801 CB Financial Common Stock Issued in Exchange for FWVB Common Stock 41,527 Total Consideration Paid 51,328 Assets Acquired: Cash and Cash Equivalents 30,433 Net Loans 95,456 Investment Securities 187,628 Premises and Equipment 3,712 Bank Owned Life Insurance 4,212 Core Deposit Intangible 9,127 Deferred Tax Assets 1,324 Other Assets 3,030 Total Assets Acquired 334,922 Liabilities Assumed: Deposits 281,620 Borrowings 22,329 Other Liabilities 3,117 Total Liabilities Assumed 307,066 Total Identifiable Net Assets 27,856 Goodwill Recognized $ 23,472 The operating results of FWVB have been included in the Company’s Consolidated Statement of Income since the April 30, 2018, $7.4 $620,000, $6.0 $1.5 May 1, 2018 December 31, 2018. As part of the FWVB merger agreement, the Company identified employees from FWVB who would be retained and estimated a severance cost of $100,000 first December 31, 2019, $52,000 $48,000 one |
Note 3 - Earnings Per Share
Note 3 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 3—EARNINGS There are no The following table sets forth the composition of the weighted-average common shares (denominator) used in the basic and diluted earnings per share computation. Years Ended December 31, 2019 2018 Weighted-Average Common Shares Outstanding 5,680,993 5,247,794 Average Treasury Stock Shares (246,344 ) (265,980 ) Weighted-Average Common Shares and Common Stock Equivalents Used to Calculate Basic Earnings Per Share 5,434,649 4,981,814 Additional Common Stock Equivalents Used to Calculate Diluted Earnings Per Share 14,112 49,316 Weighted-Average Common Shares and Common Stock Equivalents Used to Calculate Diluted Earnings Per Share 5,448,761 5,031,130 Earnings per share: Basic $ 2.64 $ 1.42 Diluted 2.63 1.40 The dilutive effect on average shares outstanding is the result of stock options outstanding and restricted stock. Options to purchase 246,153 248,006 $24.36 $24.39 December 31, 2019 2018, December 31, 2019 2018, 87,071 39,403 not On April 30, 2018, 1,317,647 |
Note 4 - Investment Securities
Note 4 - Investment Securities | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | NOTE 4—INVESTMENT The amortized cost and fair value of investment securities available-for-sale as of December 31, 2019 2018, (Dollars in thousands) 2019 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value Debt Securities U.S. Government Agencies $ 47,993 $ 227 $ (164 ) $ 48,056 Obligations of States and Political Subdivisions 25,026 819 (2 ) 25,843 Mortgage-Backed Securities - Government-Sponsored Enterprises 118,282 2,601 (107 ) 120,776 Total Debt Securities $ 191,301 $ 3,647 $ (273 ) 194,675 Marketable Equity Securities Mutual Funds 997 Other 1,713 Total Marketable Equity Securities 2,710 Total Available-for-Sale Securities $ 197,385 2018 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value Debt Securities U.S. Government Agencies $ 82,506 $ 160 $ (2,087 ) $ 80,579 Obligations of States and Political Subdivisions 44,737 230 (366 ) 44,601 Mortgage-Backed Securities - Government-Sponsored Enterprises 97,535 582 (346 ) 97,771 Total Debt Securities $ 224,778 $ 972 $ (2,799 ) 222,951 Marketable Equity Securities Mutual Funds 968 Other 1,490 Total Marketable Equity Securities 2,458 Total Available-for-Sale Securities $ 225,409 The following tables show the Company’s gross unrealized losses and fair value, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position at December 31, 2019 2018: (Dollars in thousands) 2019 Less than 12 months 12 Months or Greater Total Number Gross Number Gross Number Gross of Fair Unrealized of Fair Unrealized of Fair Unrealized Securities Value Losses Securities Value Losses Securities Value Losses U.S. Government Agencies 6 $ 16,116 $ (83 ) 6 $ 13,938 $ (81 ) 12 $ 30,054 $ (164 ) Obligations of States and Political Subdivisions - - - 1 509 (2 ) 1 509 (2 ) Mortgage-Backed Securities - Government Sponsored Enterprises 7 20,003 (104 ) 1 1,711 (3 ) 8 21,714 (107 ) Total 13 $ 36,119 $ (187 ) 8 $ 16,158 $ (86 ) 21 $ 52,277 $ (273 ) 2018 Less than 12 months 12 Months or Greater Total Number Gross Number Gross Number Gross of Fair Unrealized of Fair Unrealized of Fair Unrealized Securities Value Losses Securities Value Losses Securities Value Losses U.S. Government Agencies - $ - $ - 23 $ 65,450 $ (2,087 ) 23 $ 65,450 $ (2,087 ) Obligations of States and Political Subdivisions 24 13,212 (133 ) 25 11,918 (233 ) 49 25,130 (366 ) Mortgage-Backed Securities - Government Sponsored Enterprises - - - 9 13,874 (346 ) 9 13,874 (346 ) Total 24 $ 13,212 $ (133 ) 57 $ 91,242 $ (2,666 ) 81 $ 104,454 $ (2,799 ) For debt securities, the Company does not December 31, 2019, December 31, 2019 2018, not not not Investment securities available-for-sale with a carrying value of $151.2 $126.1 December 31, 2019 2018, The scheduled maturities of investment securities available-for-sale at December 31, 2019, (Dollars in thousands) 2019 Available-for-Sale Amortized Fair Cost Value Due in One Year or Less $ 2,035 $ 2,039 Due after One Year through Five Years 46,436 46,510 Due after Five Years through Ten Years 26,017 26,598 Due after Ten Years 116,813 119,528 Total $ 191,301 $ 194,675 Sales of available-for-sale investment securities in 2019 $62,000 $112,000. Sales of available-for-sale investments due to the FWVB merger were $80.3 805 Business Combinations no The following table shows the Company’s available-for-sale obligations of states, municipalities, and political subdivisions and their sources of repayment as of December 31, 2019 2018, (Dollars in thousands) 2019 2018 Amortized Fair Amortized Fair Cost Value Cost Value General Obligation: Pennsylvania Municipalities: School $ 12,724 $ 12,862 $ 27,319 $ 27,143 Public Improvement 1,850 1,893 3,532 3,508 Other State Municipalities: School 2,562 2,700 4,296 4,277 Public Improvement 5,319 5,617 5,321 5,370 Total General Obligation 22,455 23,072 40,468 40,298 Special Revenue Pennsylvania Political Subdivisions: Other 441 468 2,144 2,133 Other State Political Subdivisions: Public Improvement 331 360 330 342 Other 1,799 1,943 1,795 1,828 Total Special Revenue 2,571 2,771 4,269 4,303 Total Obligations of States and Political Subdivisions $ 25,026 $ 25,843 $ 44,737 $ 44,601 Despite sales in the current year, the Company still maintains a concentration of obligations of municipal and political subdivisions in the Commonwealth of Pennsylvania (“Commonwealth”), primarily in obligations of school districts. These investments are not 50 The Company evaluates its investments in states, municipalities, and political subdivisions both on a pre-purchase and subsequently on a quarterly basis. The evaluation includes a review of fund balances, outstanding pension liabilities, operating revenues and expenses for the most recent five no |
Note 5 - Loans and Related Allo
Note 5 - Loans and Related Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 5—LOANS The following table summarizes the major classifications of loans as of December 31, 2019 2018: (Dollars in thousands) 2019 2018 Real Estate: Residential $ 347,766 $ 326,769 Commercial 351,360 307,064 Construction 35,605 48,824 Commercial and Industrial 85,586 91,463 Consumer 113,637 122,241 Other 18,542 16,511 Total Loans 952,496 912,872 Allowance for Loan Losses (9,867 ) (9,558 ) Loans, Net $ 942,629 $ 903,314 Total unamortized net deferred loan fees were $907,000 $926,000 December 31, 2019 2018, Loans summarized by the aggregate pass and the criticized categories of special mention, substandard and doubtful within the internal risk rating system as of December 31, 2019 2018, (Dollars in thousands) 2019 Special Pass Mention Substandard Doubtful Total Real Estate: Residential $ 343,851 $ 1,997 $ 1,918 $ - $ 347,766 Commercial 335,436 12,260 3,664 - 351,360 Construction 33,342 2,263 - - 35,605 Commercial and Industrial 75,201 7,975 1,691 719 85,586 Consumer 113,527 - 110 - 113,637 Other 18,452 90 - - 18,542 Total Loans $ 919,809 $ 24,585 $ 7,383 $ 719 $ 952,496 2018 Special Pass Mention Substandard Doubtful Total Real Estate: Residential $ 323,362 $ 1,922 $ 1,485 $ - $ 326,769 Commercial 292,233 12,476 1,184 1,171 307,064 Construction 45,522 2,902 400 - 48,824 Commercial and Industrial 81,534 8,618 244 1,067 91,463 Consumer 122,158 - 83 - 122,241 Other 16,408 103 - - 16,511 Total Loans $ 881,217 $ 26,021 $ 3,396 $ 2,238 $ 912,872 At December 31, 2019 2018, no The following tables present the classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans as of December 31, 2019 2018: (Dollars in thousands) 2019 30-59 60-89 90 Days Loans Days Days Or More Total Non- Total Current Past Due Past Due Past Due Past Due Accrual Loans Real Estate: Residential $ 342,010 $ 3,462 $ 281 $ 196 $ 3,939 $ 1,817 $ 347,766 Commercial 351,104 22 - - 22 234 351,360 Construction 35,605 - - - - - 35,605 Commercial and Industrial 84,280 388 178 - 566 740 85,586 Consumer 112,438 923 140 26 1,089 110 113,637 Other 18,542 - - - - - 18,542 Total Loans $ 943,979 $ 4,795 $ 599 $ 222 $ 5,616 $ 2,901 $ 952,496 2018 30-59 60-89 90 Days Loans Days Days Or More Total Non- Total Current Past Due Past Due Past Due Past Due Accrual Loans Real Estate: Residential $ 322,372 $ 1,782 $ 137 $ 324 $ 2,243 $ 2,154 $ 326,769 Commercial 306,721 161 182 - 343 - 307,064 Construction 48,824 - - - - - 48,824 Commercial and Industrial 90,151 268 - - 268 1,044 91,463 Consumer 120,747 1,337 71 3 1,411 83 122,241 Other 16,511 - - - - - 16,511 Total Loans $ 905,326 $ 3,548 $ 390 $ 327 $ 4,265 $ 3,281 $ 912,872 Total unrecorded interest income related to nonaccrual loans was $74,000 $66,000 December 31, 2019 2018, A summary of the loans considered impaired and evaluated for impairment as of December 31, 2019 2018, (Dollars in thousands) 2019 Unpaid Average Interest Recorded Related Principal Recorded Income Investment Allowance Balance Investment Recognized With No Related Allowance Recorded: Real Estate: Residential $ 549 $ - $ 553 $ 494 $ 20 Commercial 3,058 - 3,077 3,335 177 Commercial and Industrial 133 - 135 156 6 Total With No Related Allowance Recorded $ 3,740 $ - $ 3,765 $ 3,985 $ 203 With A Related Allowance Recorded: Real Estate: Commercial $ 1,646 $ 274 $ 1,646 $ 1,702 $ 81 Commercial and Industrial 2,378 610 2,529 2,448 113 Total With A Related Allowance Recorded $ 4,024 $ 884 $ 4,175 $ 4,150 $ 194 Total Impaired Loans: Real Estate: Residential $ 549 $ - $ 553 $ 494 $ 20 Commercial 4,704 274 4,723 5,037 258 Commercial and Industrial 2,511 610 2,664 2,604 119 Total Impaired Loans $ 7,764 $ 884 $ 7,940 $ 8,135 $ 397 2018 Unpaid Average Interest Recorded Related Principal Recorded Income Investment Allowance Balance Investment Recognized With No Related Allowance Recorded: Real Estate: Residential $ 1,283 $ - $ 1,286 $ 1,316 $ 67 Commercial 4,016 - 4,016 3,494 197 Commercial and Industrial 382 - 394 403 5 Total With No Related Allowance Recorded $ 6,081 $ - $ 6,096 $ 5,679 $ 294 With A Related Allowance Recorded: Real Estate: Commercial $ 718 $ 219 $ 718 $ 745 $ 43 Commercial and Industrial 1,082 793 1,187 1,209 63 Total With A Related Allowance Recorded $ 1,800 $ 1,012 $ 1,905 $ 1,954 $ 106 Total Impaired Loans: Real Estate: Residential $ 1,283 $ - $ 1,286 $ 1,316 $ 67 Commercial 4,734 219 4,734 4,239 240 Commercial and Industrial 1,464 793 1,581 1,612 68 Total Impaired Loans $ 7,881 $ 1,012 $ 8,001 $ 7,633 $ 400 TDRs typically are the result of loss mitigation activities whereby concessions are granted to minimize loss and avoid foreclosure or repossession of collateral. The concessions granted for the TDRs in the portfolio primarily consist of, but are not 16 12 $3.0 $3.6 December 31, 2019 2018, During the year ended December 31, 2019, one December 31, 2018, one two a a a Other than the one December 31, 2018, no December 31, 2019 2018, The following table presents information at the time of modification related to loans modified as TDRs during the periods indicated. (Dollars in thousands) Year Ended December 31, 2019 Pre- Post- Modification Modification Number Outstanding Outstanding of Recorded Recorded Related Contracts Investment Investment Allowance Real Estate Residential 3 $ 175 $ 175 $ - Commercial 2 426 426 - Total 5 $ 601 $ 601 $ - Year Ended December 31, 2018 Pre- Post- Modification Modification Number Outstanding Outstanding of Recorded Recorded Related Contracts Investment Investment Allowance Real Estate Residential $ 1 $ 7 $ 7 $ - Commercial and Industrial 1 161 161 - Total 2 $ 168 $ 168 $ - Loans acquired in connection with the previous mergers were recorded at their estimated fair value at the acquisition date and did not not not The following table presents changes in the accretable discount on the loans acquired at fair value for the dates indicated (dollars in thousands). Accretable Discount Balance at December 31, 2017 $ 760 Accretable Discount Related to FWVB Merger 1,348 Accretable Yield (299 ) Adjustment due to Unexpected Early Payoffs 98 Nonaccretable Premium 5 Balance at December 31, 2018 1,912 Accretable Yield (284 ) Balance at December 31, 2019 $ 1,628 Certain directors and executive officers of the Company, including family members or companies in which they are principal owners, are loan customers of the Company. Such loans are made in the normal course of business, and summarized as follows: (Dollars in thousands) 2019 2018 Balance, January 1 $ 6,234 $ 7,173 Additions 5,875 2,000 Payments (1,307 ) (2,939 ) Balance, December 31 $ 10,802 $ 6,234 The activity in the allowance for loan loss summarized by primary segments and segregated into the amount required for loans individually evaluated for impairment and the amount required for loans collectively evaluated for potential impairment as of December 31, 2019 2018 (Dollars in thousands) 2019 Real Real Real Commercial Estate Estate Estate and Residential Commercial Construction Industrial Consumer Other Unallocated Total Beginning Balance $ 1,050 $ 2,693 $ 395 $ 2,807 $ 2,027 $ - $ 586 $ 9,558 Charge-offs (96 ) - - (16 ) (609 ) - - (721 ) Recoveries 12 73 - 85 135 - - 305 Provision 1,057 444 (110 ) (464 ) (136 ) - (66 ) 725 Ending Balance $ 2,023 $ 3,210 $ 285 $ 2,412 $ 1,417 $ - $ 520 $ 9,867 Individually Evaluated for Impairment $ - $ 274 $ - $ 610 $ - $ - $ - $ 884 Collectively Evaluated for Potential Impairment $ 2,023 $ 2,936 $ 285 $ 1,802 $ 1,417 $ - $ 520 $ 8,983 2018 Real Real Real Commercial Estate Estate Estate and Residential Commercial Construction Industrial Consumer Other Unallocated Total Beginning Balance $ 891 $ 2,289 $ 276 $ 2,544 $ 2,358 $ - $ 438 $ 8,796 Charge-offs (64 ) - - (1,456 ) (597 ) - - (2,117 ) Recoveries 28 168 - 5 153 - - 354 Provision 195 236 119 1,714 113 - 148 2,525 Ending Balance $ 1,050 $ 2,693 $ 395 $ 2,807 $ 2,027 $ - $ 586 $ 9,558 Individually Evaluated for Impairment $ - $ 219 $ - $ 793 $ - $ - $ - $ 1,012 Collectively Evaluated for Potential Impairment $ 1,050 $ 2,474 $ 395 $ 2,014 $ 2,027 $ - $ 586 $ 8,546 The increase in the allowance for loan loss in the residential and commercial real estate categories was primarily driven by volume as well as an increase in qualitative factors related to changes in trends and concentrations within the segments. In addition, while the majority of the charge-offs in the current year were related to indirect loans in the consumer portfolio, the allowance for loan loss in the consumer category declined from a year-over-year decrease in segment balance and a decrease in qualitative factors primarily from instituting more conservative indirect underwriting standards to improve the credit quality of the portfolio. The following tables present the major classifications of loans summarized by individually evaluated for impairment and collectively evaluated for potential impairment as of December 31, 2019 2018: (Dollars in thousands) 2019 Real Real Real Commercial Estate Estate Estate and Residential Commercial Construction Industrial Consumer Other Total Individually Evaluated for Impairment $ 549 $ 4,704 $ - $ 2,511 $ - $ - $ 7,764 Collectively Evaluated for Potential Impairment 347,217 346,656 35,605 83,075 113,637 18,542 944,732 $ 347,766 $ 351,360 $ 35,605 $ 85,586 $ 113,637 $ 18,542 $ 952,496 2018 Real Real Real Commercial Estate Estate Estate and Residential Commercial Construction Industrial Consumer Other Total Individually Evaluated for Impairment $ 1,283 $ 4,734 $ 400 $ 1,464 $ - $ - $ 7,881 Collectively Evaluated for Potential Impairment 325,486 302,330 48,424 89,999 122,241 16,511 904,991 $ 326,769 $ 307,064 $ 48,824 $ 91,463 $ 122,241 $ 16,511 $ 912,872 |
Note 6 - Premises and Equipment
Note 6 - Premises and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 6—PREMISES Major classifications of premises and equipment are summarized as follows: (Dollars in thousands) 2019 2018 Land $ 3,833 $ 3,808 Building 25,172 25,305 Leasehold Improvements 1,623 1,653 Furniture, Fixtures, and Equipment 11,601 11,543 Fixed Assets in Process 65 54 42,294 42,363 Less Accumulated Depreciation and Amortization (20,012 ) (18,915 ) Total Premises and Equipment $ 22,282 $ 23,448 Depreciation and amortization expense on premises and equipment was $1.2 $1.3 December 31, 2019 2018, |
Note 7 - Core Deposit Intangibl
Note 7 - Core Deposit Intangible & Goodwill | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | NOTE 7—CORE A summary of core deposit intangible assets is as follows (dollars in thousands): Carrying Amount Balance at December 31, 2017 $ 3,285 Addition of Core Deposit Intangible from FWVB Merger 9,126 Amortization Expense (1,477 ) Balance at December 31, 2018 10,934 Amortization Expense (1,939 ) Balance at December 31, 2019 $ 8,995 Core deposit intangible assets related to the FWVB merger totaled $9.1 6.5 $5.0 nine $1.9 $9.7 five The following table shows a reconciliation of the changes in goodwill (dollars in thousands): Carrying Amount Balance at December 31, 2017 $ 4,953 Goodwill from the FWVB merger 23,472 Balance at December 31, 2018 and 2019 $ 28,425 The total amount of goodwill above has been allocated solely to the Community Banking segment. |
Note 8 - Deposits
Note 8 - Deposits | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | NOTE 8—DEPOSITS The following table shows the maturities of time deposits for the next five December 31, 2019 ( 2019 2020 $ 83,621 2021 61,902 2022 22,002 2023 40,326 2024 6,660 Beyond 2024 5,245 Total $ 219,756 The balance in time deposits that meet or exceed the FDIC insurance limit of $250,000 $69.3 $68.0 December 31, 2019 2018, Certain directors and executive officers of the Company, including family members or companies in which they are principal owners, are deposit customers of the Company. The total deposits of directors and executive officers was $5.7 $5.4 December 31, 2019 2018, |
Note 9 - Short-term Borrowings
Note 9 - Short-term Borrowings | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Short-term Debt [Text Block] | NOTE 9—SHORT The following table sets forth the components of short-term borrowings for the years indicated. (Dollars in thousands) 2019 2018 Weighted Weighted Average Average Amount Rate Amount Rate Federal Funds Purchased: Average Balance Outstanding During the Period $ - - % $ 37 2.70 % Maximum Amount Outstanding at any Month End - 1,500 FHLB Borrowings: Average Balance Outstanding During the Period - - 19,726 1.86 Maximum Amount Outstanding at any Month End - 98,960 Securities Sold Under Agreements to Repurchase: Balance at Period End 30,571 0.57 30,979 0.54 Average Balance Outstanding During the Period 29,976 0.62 29,300 0.53 Maximum Amount Outstanding at any Month End 34,197 35,661 Securities Collateralizing the Agreements at Period-End: Carrying Value 37,584 48,131 Market Value 37,873 47,083 |
Note 10 - Other Borrowed Funds
Note 10 - Other Borrowed Funds | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 10—OTHER Other borrowed funds consist of fixed rate, long-term advances from the FHLB with remaining maturities as follows: (Dollars in thousands) 2019 2018 Weighted Weighted Average Average Amount Rate Amount Rate Due in One Year $ 6,000 1.97 % $ 6,000 1.78 % Due After One Year to Two Years 5,000 2.18 6,000 1.97 Due After Two Years to Three Years 3,000 2.23 5,000 2.18 Due After Three Years to Four Years - - 3,000 2.41 Total $ 14,000 2.10 $ 20,000 2.03 The Bank maintains a credit arrangement with the FHLB with a maximum borrowing limit of approximately $374.8 $373.4 December 31, 2019 2018, no $147.0 December 31, 2019 2018, no December 31, 2019 2018. The Bank maintains a Borrower-In-Custody of Collateral line of credit agreement with the Federal Reserve Bank (“FRB”) for $90.9 no $60.0 December 31, 2019 2018, 2018, $20.0 December 31, 2019 2018, no The Company is not |
Note 11 - Income Taxes
Note 11 - Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 11—INCOME Reconciliation of income tax provision for the years ended December 31, 2019 2018 (Dollars in thousands) 2019 2018 Current Payable $ 2,343 $ 515 Deferred (Benefit) Expense (614 ) 1,023 Total Provision $ 1,729 $ 1,538 The tax effects of deductible and taxable temporary differences that gave rise to significant portions of the net deferred tax assets and liabilities are as follows: (Dollars in thousands) 2019 2018 Deferred Tax Assets: Allowance for Loan Losses $ 2,117 $ 2,063 Non-Accrual Loan Interest 24 39 Amortization of Intangibles 76 72 Tax Credit Carryforwards 1,207 2,010 Unrealized Loss of AFS - Merger Tax Adjustment 812 894 Postretirement Benefits 27 30 Net Unrealized Loss on Securities - 383 Stock-Based Compensation Expense 42 28 Gas Lease - Deferred Revenue 130 - Accrued Payroll - 44 OREO 48 121 Purchase Accounting Adjustments - Acquired Loans 348 413 Lease Liability 278 - Deferred Compensation - 55 Other - 31 Gross Deferred Tax Assets Before Valuation Allowance 5,109 6,183 100% Valuation Allowance - AMT Tax Credit Carryforward (1) - (1,311 ) Gross Deferred Tax Assets 5,109 4,872 Deferred Tax Liabilities: Deferred Origination Fees and Costs 320 292 Discount Accretion 52 - Tax Reserve 45 - Depreciation 892 714 Net Unrealized Gain on Securities 725 - Net Unrealized Gain on Equity Securities 41 - Mortgage Servicing Rights 199 198 ROU Asset 277 - Purchase Accounting Adjustment - Core Deposit Intangible 1,930 2,361 Purchase Accounting Adjustments - Fixed Assets 292 321 Purchase Accounting Adjustments - Certificates of Deposit 16 175 Goodwill 413 412 Other 2 - Gross Deferred Tax Liabilities 5,204 4,473 Net Deferred Tax Assets (Liabilities) $ (95 ) $ 399 ( 1 100% While the Tax Cuts and Jobs Act (“Tax Act”) enacted in 2017 first 30 no December 31, 2018. 2021 December 31, 2018, $1.3 April 30, 2018, December 31, 2021 382 383 2021, $1.3 December 31, 2018. 805 Business Combinations 2021 no During the fourth December 31, 2019, 382 382 338” 382 1374 338 382 383. not December 31, 2021. $1.3 100% No December 31, 2019 2018. Deferred taxes at December 31, 2019 2018, A reconciliation of the federal income tax expense at statutory income tax rates and the actual income tax expense on income before taxes is shown below: (Dollars in thousands) 2019 2018 Percent of Percent of Pre-tax Pre-tax Amount Income Amount Income Provision at Statutory Rate $ 3,372 21.0 % $ 1,804 21.0 % State Taxes (Net of Federal Benefit) 155 1.0 98 1.1 Tax-Free Income (324 ) (2.0 ) (312 ) (3.6 ) BOLI Income (118 ) (0.7 ) (197 ) (2.3 ) Merger Expenses - - 54 0.6 Stock Options - ISO 35 0.2 38 0.5 Reversal of the AMT Tax Credit Carryforward VA (1,311 ) (8.2 ) - - Other (80 ) (0.5 ) 53 0.6 Actual Tax Expense and Effective Rate $ 1,729 10.8 % $ 1,538 17.9 % The Company’s federal, Pennsylvania and West Virginia income tax returns are no 2016. December 31, 2019 2018, no no December 31, 2019 2018. |
Note 12 - Employee Benefits
Note 12 - Employee Benefits | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | NOTE 12—EMPLOYEE SAVINGS AND PROFIT SHARING PLAN The Company maintains a Cash or Deferred Profit-sharing Section 401 first 4% $0.25 18 six $199,000 $172,000 December 31, 2019 2018, 401 $706,000 $752,000 December 31, 2019 2018, 2015 Details of the restricted stock awards and stock option grant under the 2015 December 31, 2019 2018 2019 2018 Number of Restricted Shares Granted 33,350 18,750 Weighted Average Grant Date Common Stock Price $ 30.32 $ 25.45 Restricted Shares Market Value Before Tax 1,011,000 477,000 Number of Stock Options Granted 5,000 - Stock Options Market Value Before Tax $ 18,000 - Stock option pricing assumptions Expected Life in Years 6.5 - Expected Dividend Yield 4.07 % - Risk-free Interest Rate 2.3 % - Expected Volatility 23.3 % - Weighted Average Grant Date Fair Value $ 3.52 $ - The Company generally recognizes expense over a five $323,000 $482,000 December 31, 2019 2018, December 31, 2019 2018, $363,000 $596,000, $1.4 $473,000 $11,000 $12,000 December 31, 2019 2018, Intrinsic value represents the amount by which the fair value of the underlying stock at December 31, 2019 2018, $1.4 $409,000 December 31, 2019 2018, At December 31, 2019 2018, 13,359 12,306 60,124 93,074 may may three The following table presents stock option data for the years indicated: 2019 2018 Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Outstanding at beginning of year 248,006 $ 24.39 7.5 263,640 $ 24.33 8.5 Granted 5,000 23.60 - - Exercised (800 ) 22.25 (9,319 ) 22.84 Forfeited (6,053 ) 25.57 (6,315 ) 23.99 Outstanding at end of year 246,153 24.36 6.5 248,006 24.39 7.5 Exercisable at end of year 167,974 23.70 6.3 119,878 23.44 7.2 Number of Shares Weighted Average Exercise Price Weighted Average Remaining Service Period in Years Number of Shares Weighted Average Exercise Price Weighted Average Remaining Service Period in Years Nonvested at end of year 78,179 $ 25.76 7.0 128,128 $ 25.28 7.7 The following table presents restricted stock award data at the dates indicated. Number of Shares Weighted Average Grant Date Fair Value Price Weighted Average Remaining Service Period in Years Nonvested at December 31, 2017 8,250 $ 30.75 1.0 Granted 18,750 25.45 5.0 Vested (8,250 ) (30.75 ) (1.0 ) Nonvested at December 31, 2018 18,750 $ 25.45 5.0 Granted 33,350 30.32 9.9 Vested (1,800 ) 25.45 (4.0 ) Forfeited (400 ) 25.45 - Nonvested at December 31, 2019 49,900 $ 28.70 7.9 |
Note 13 - Commitments and Conti
Note 13 - Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 13—COMMITMENTS The Company is a party to financial instruments with off-balance-sheet risk in the normal course of business primarily to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby and performance letters of credit. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the Statement of Financial Condition. The contract amounts of those instruments reflect the extent of involvement the Company has in particular classes of financial instruments. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby and performance letters of credit written is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. The unused and available credit balances of financial instruments whose contracts represent credit risk at December 31, 2019 2018 (Dollars in thousands) 2019 2018 Standby Letters of Credit $ 42,041 $ 37,559 Performance Letters of Credit 2,521 3,544 Commitments to Extend Credit - 2,783 Construction Mortgages 59,689 56,691 Personal Lines of Credit 6,456 6,186 Overdraft Protection Lines 6,415 6,140 Home Equity Lines of Credit 20,560 21,520 Commercial Lines of Credit 102,422 74,602 $ 240,104 $ 209,025 Commitments to extend credit are agreements to lend to a customer as long as there is no may not may Performance letters of credit represent conditional commitments issued by the Company to guarantee the performance of a customer to a third one no December 31, 2019 2018. |
Note 14 - Regulatory Capital
Note 14 - Regulatory Capital | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | NOTE 14—REGULATORY The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can result in certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, each must meet specific capital guidelines that involve quantitative measures of their assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios of total and Tier 1 1 December 31, 2019, As of December 31, 2019, no The Bank’s actual capital ratios are presented in the following table, which shows that it met all regulatory capital requirements at December 31, 2019 2018. (Dollars in thousands) December 31, 2019 December 31, 2018 Amount Ratio Amount Ratio Common Equity Tier 1 Capital (to Risk-Weighted Assets) Actual $ 101,703 11.43 % $ 96,985 11.44 % For Capital Adequacy Purposes 40,050 4.50 38,137 4.50 To Be Well Capitalized 57,851 6.50 55,086 6.50 Tier I Capital (to Risk-Weighted Assets) Actual 101,703 11.43 96,985 11.44 For Capital Adequacy Purposes 53,401 6.00 50,849 6.00 To Be Well Capitalized 71,201 8.00 67,799 8.00 Total Capital (to Risk-Weighted Assets) Actual 111,570 12.54 106,543 12.57 For Capital Adequacy Purposes 71,201 8.00 67,799 8.00 To Be Well Capitalized 89,001 10.00 84,748 10.00 Tier I Leverage Capital (to Adjusted Total Assets) Actual 101,703 7.85 96,985 7.82 For Capital Adequacy Purposes 51,838 4.00 49,637 4.00 To Be Well Capitalized 64,798 5.00 62,046 5.00 |
Note 15 - Operating Leases
Note 15 - Operating Leases | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | NOTE 15—OPERATING The Company evaluates all contracts at commencement to determine if a lease is present. In accordance with ASC Topic 842, 12 842 January 1, 2019. 842 not no January 1, 2019 $808,000 December 31, 2018. The following tables present the ROU assets, lease expense, weighted average term, discount rate and maturity analysis of lease liabilities for operating leases for the periods indicated (dollars in thousands). Year Ended December 31, 2019 Operating Lease Expense $ 459 Variable Lease Expense 38 Total Lease Expense $ 497 December 31, Operating Leases: 2019 ROU Assets $ 1,289 Operating Cash Flows 418 Weighted Average Lease Term in Years 7.06 Weighted Average Discount Rate 2.89 % December 31, Maturity Analysis: 2019 Due in One Year $ 417 Due After One Year to Two Years 312 Due After Two Years to Three Years 181 Due After Three Years to Four Years 75 Due After Four to Five Years 51 Due After Five Years 409 Total $ 1,445 Less: Present Value Discount 151 Lease Liabilities $ 1,294 |
Note 16 - Fair Value Disclosure
Note 16 - Fair Value Disclosure | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 16—FAIR ASC Topic 820 820 The three Level 1 Fair value is based on unadjusted quoted prices in active markets that are accessible to the Company for identical assets. These generally provide the most reliable evidence and are used to measure fair value whenever available. Level 2 Fair value is based on significant inputs, other than Level 1 2 not Level 3 Fair value is based on significant unobservable inputs. Examples of valuation methodologies that would result in Level 3 This hierarchy requires the use of observable market data when available. The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement. The following table presents the financial assets measured at fair value on a recurring basis and reported on the Consolidated Statement of Financial Condition as of December 31, 2019 2018, 2 2 third two no 1 2 no 3 December 31, 2019 2018, (Dollars in thousands) Fair Value December 31, Hierarchy 2019 2018 Available for Sale Securities: Debt Securities U.S. Government Agencies Level 2 $ 48,056 $ 80,579 Obligations of States and Political Subdivisions Level 2 25,843 44,601 Mortgage-Backed Securities - Government-Sponsored Enterprises Level 2 120,776 97,771 Total Debt Securities 194,675 222,951 Marketable Equity Securities Mutual Funds Level 1 997 968 Other Level 1 1,713 1,490 Total Marketable Equity Securities 2,710 2,458 Total Available for Sale Securities $ 197,385 $ 225,409 The following table presents the financial assets measured at fair value on a nonrecurring basis on the Consolidated Statement of Financial Condition as of the dates indicated by level within the fair value hierarchy. The table also presents the significant unobservable inputs used in the fair value measurements. Impaired loans that are collateral dependent are written down to fair value through the establishment of specific reserves. Techniques used to value the collateral that secure the impaired loans include quoted market prices for identical assets classified as Level 1 2 3 (Dollars in thousands) Significant Valuation Fair Value at December 31, Valuation Significant Unobservable Financial Asset Hierarchy 2019 2018 Techniques Unobservable Inputs Input Value Impaired Loans Level 3 $ 3,140 $ 788 Market Comparable Properties Marketability Discount 10% to 30% (1) OREO Level 3 58 46 Market Comparable Properties Marketability Discount 10% to 50% (1) ( 1 Range includes discounts taken since appraisal and estimated values. Impaired loans are evaluated and valued at the time the loan is identified as impaired, at the lower of cost or fair value. Fair value is measured based on the value of the collateral securing these loans and is classified as Level 3 December 31, 2019 2018, $4.0 $1.8 $884,000 $1.0 OREO properties are evaluated at the time of acquisition and recorded at fair value, less estimated selling costs. After acquisition, OREO is recorded at the lower of cost or fair value, less estimated selling costs. The fair value of an OREO property is determined from a qualified independent appraisal and is classified as Level 3 December 31, 2019, one $697,000 $33,000 one $46,000 $3,000. four $439,000 one $18,000 two $387,000 $36,000 one $12,000 During the year ended December 31, 2018, one $697,000 one $46,000 one $19,000. Financial instruments are defined as cash, evidence of an ownership in an entity, or a contract which creates an obligation or right to receive or deliver cash or another financial instrument from/to a second Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. If no may not may The estimated fair values of the Company’s financial instruments at December 31, 2019 2018, (Dollars in thousands) 2019 2018 Valuation Method Carrying Fair Carrying Fair Used Value Value Value Value Financial Assets: Cash and Due From Banks: Interest Bearing Level 1 $ 68,798 $ 68,798 $ 39,356 $ 39,356 Non-Interest Bearing Level 1 11,419 11,419 13,997 13,997 Investment Securities: Available for Sale See Above 197,385 197,385 225,409 225,409 Loans, Net Level 3 942,629 961,110 903,314 899,673 Restricted Stock Level 2 3,656 3,656 3,909 3,909 Bank-Owned Life Insurance Level 2 24,222 24,222 22,922 22,922 Accrued Interest Receivable Level 2 3,297 3,297 3,436 3,436 Financial Liabilities: Deposits Level 2 1,118,359 1,128,078 1,086,658 1,085,708 Short-term Borrowings Level 2 30,571 30,571 30,979 30,979 Other Borrowed Funds Level 2 14,000 15,380 20,000 19,733 Accrued Interest Payable Level 2 987 987 594 594 |
Note 17 - Other Noninterest Exp
Note 17 - Other Noninterest Expense | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Other Operating Income and Expense [Text Block] | NOTE 17—OTHER The details for other noninterest expense for the Company’s consolidated statement of income for the years ended December 31, 2019 2018, (Dollars in thousands) 2019 2018 Non-employee compensation $ 538 $ 619 Printing and supplies 402 578 Postage 264 248 Telephone 615 557 Charitable contributions 193 147 Dues and subscriptions 185 215 Loan expenses 449 488 Meals and entertainment 166 180 Travel 214 239 Training 58 69 Miscellaneous 1,138 1,201 TOTAL OTHER NONINTEREST EXPENSE $ 4,222 $ 4,541 |
Note 18 - Condensed Financial S
Note 18 - Condensed Financial Statements of Parent Company | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | NOTE 18—CONDENSED Financial information pertaining only to CB Financial Services, Inc., is as follows: Statement of Financial Condition (Dollars in thousands) December 31, 2019 2018 ASSETS Cash and Due From Banks $ 6,447 $ 1,026 Investment Securities Available-for-Sale 1,713 1,488 Investment in Community Bank 142,242 134,220 Other Assets 722 1,174 TOTAL ASSETS $ 151,124 $ 137,908 LIABILITIES AND STOCKHOLDERS' EQUITY Other Liabilities $ 27 $ 283 Stockholders' Equity 151,097 137,625 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 151,124 $ 137,908 Statement of Income (Dollars in thousands) Years Ended December 31, 2019 2018 Interest and Dividend Income $ 63 $ 54 Dividend from Bank Subsidiary 10,215 4,528 Noninterest Income (Loss) 160 (50 ) Noninterest Expense 8 867 Income Before Undistributed Net Income of Subsidiary and Income Tax Expense (Benefit) 10,430 3,665 Undistributed Net Income of Subsidiary 3,936 3,266 Income Before Income Tax Expense (Benefit) 14,366 6,931 Income Tax Expense (Benefit) 39 (121 ) NET INCOME $ 14,327 $ 7,052 Statement of Cash Flows (Dollars in thousands) Years Ended December 31, 2019 2018 OPERATING ACTIVITIES Net Income $ 14,327 $ 7,052 Αdjustmеnts to Rеconcilе Net Income to Net Cash Provided By Operating Activities: Undistributed Net Income of Subsidiary (3,936 ) (3,266 ) Noncash Expense for Stock-Based Compensation 323 482 Other, net 34 101 NET CASH PROVIDED BY OPERATING ACTIVITIES 10,748 4,369 INVESTING ACTIVITIES Purchases of Securities (63 ) (204 ) Net Cash Received from Acquisition - 802 NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES (63 ) 598 FINANCING ACTIVITIES Cash Dividends Paid (5,215 ) (4,529 ) Treasury Stock, Purchases at Cost (90 ) (317 ) Exercise of Stock Options 41 213 NET CASH USED IN FINANCING ACTIVITIES (5,264 ) (4,633 ) INCREASE IN CASH AND EQUIVALENTS 5,421 334 CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 1,026 692 CASH AND CASH EQUIVALENTS AT END OF YEAR $ 6,447 $ 1,026 The Parent Company's Statement of Comprehensive Income and Statement of Changes in Stockholders' Equity are identical to the Consolidated Statement of Comprehensive Income and the Consolidated Statement of Changes in Stockholders' Equity and are not |
Note 19 - Segment and Related I
Note 19 - Segment and Related Information | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 19—SEGMENT At December 31, 2019, two August 1, 2018, $1.8 9.5 The following table represents selected financial data for the Company’s subsidiaries and consolidated results for 2019 2018. (Dollars in thousands) Community Bank Exchange Underwriters, Inc. CB Financial Services, Inc. Net Eliminations Consolidated December 31, 2019 Assets $ 1,321,001 $ 4,076 $ 151,124 $ (154,664 ) $ 1,321,537 Liabilities 1,178,759 1,194 27 (9,540 ) 1,170,440 Stockholders' equity 142,242 2,882 151,097 (145,124 ) 151,097 December 31, 2018 Assets $ 1,280,308 $ 5,155 $ 137,908 $ (141,670 ) $ 1,281,701 Liabilities 1,146,088 2,445 283 (4,740 ) 1,144,076 Stockholders' equity 134,220 2,710 137,625 (136,930 ) 137,625 Year Ended December 31, 2019 Interest and dividend income $ 50,966 $ 3 $ 10,278 $ (10,216 ) $ 51,031 Interest expense 7,857 - - - 7,857 Net interest income 43,109 3 10,278 (10,216 ) 43,174 Provision for loan losses 725 - - - 725 Net interest income after provision for loan losses 42,384 3 10,278 (10,216 ) 42,449 Noninterest income 4,758 4,517 160 - 9,435 Noninterest expense 32,182 3,638 8 - 35,828 Undistributed net income of subsidiary 608 - 3,936 (4,544 ) - Income before income tax expense 15,568 882 14,366 (14,760 ) 16,056 Income tax expense 1,416 274 39 - 1,729 Net income $ 14,152 $ 608 $ 14,327 $ (14,760 ) $ 14,327 Year Ended December 31, 2018 Interest and dividend income $ 43,572 $ 1 $ 4,582 $ (4,529 ) $ 43,626 Interest expense 5,949 - - - 5,949 Net interest income 37,623 1 4,582 (4,529 ) 37,677 Provision for loan losses 2,525 - - - 2,525 Net interest income after provision for loan losses 35,098 1 4,582 (4,529 ) 35,152 Noninterest income 4,639 3,750 (50 ) - 8,339 Noninterest expense 30,922 3,112 867 - 34,901 Undistributed net income of subsidiary 435 - 3,266 (3,701 ) - Income before income tax expense (benefit) 9,250 639 6,931 (8,230 ) 8,590 Income tax expense (benefit) 1,455 204 (121 ) - 1,538 Net income $ 7,795 $ 435 $ 7,052 $ (8,230 ) $ 7,052 |
Note 20 - Quarterly Financial I
Note 20 - Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | NOTE 20—QUARTERLY The following tables summarize selected information regarding the Company’s results of operations for the periods indicated (dollars in thousands, except per share data). Quarterly earnings per share data may Three Months Ended March 31, June 30, September 30, December 31, 2019 2019 2019 2019 Interest Income $ 12,296 $ 12,669 $ 13,098 $ 12,968 Interest Expense 1,862 1,964 2,002 2,029 Net Interest Income 10,434 10,705 11,096 10,939 Provision for Loan Losses 25 350 175 175 Net Interest Income after Provision for Loan Losses 10,409 10,355 10,921 10,764 Noninterest Income 2,315 2,399 2,199 2,522 Noninterest Expense 9,081 9,031 8,490 9,226 Income before Income Tax Expense (Benefit) 3,643 3,723 4,630 4,060 Income Tax Expense (Benefit) 718 744 884 (617 ) Net Income $ 2,925 $ 2,979 $ 3,746 $ 4,677 Earnings Per Share - Basic $ 0.54 $ 0.55 $ 0.69 $ 0.86 Earnings Per Share - Diluted 0.54 0.55 0.69 0.85 Dividends Per Share 0.24 0.24 0.24 0.24 Three Months Ended March 31, June 30, September 30, December 31, 2018 2018 2018 2018 Interest Income $ 8,707 $ 10,690 $ 11,764 $ 12,465 Interest Expense 1,099 1,517 1,594 1,739 Net Interest Income 7,608 9,173 10,170 10,726 Provision for Loan Losses 1,500 600 25 400 Net Interest Income after Provision for Loan Losses 6,108 8,573 10,145 10,326 Noninterest Income 2,086 2,125 2,088 2,040 Noninterest Expense 6,667 9,494 9,365 9,375 Income before Income Tax Expense 1,527 1,204 2,868 2,991 Income Tax Expense 167 234 576 561 Net Income $ 1,360 $ 970 $ 2,292 $ 2,430 Earnings Per Share - Basic $ 0.33 $ 0.19 $ 0.42 $ 0.48 Earnings Per Share - Diluted 0.33 0.19 0.42 0.46 Dividends Per Share 0.22 0.22 0.22 0.23 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation and Basis of Presentation The accompanying consolidated financial statements include the accounts of CB Financial Services, Inc., and its wholly owned subsidiary, Community Bank (the “Bank”), and the Bank’s wholly owned subsidiary, Exchange Underwriters, Inc. (“Exchange Underwriters” or “EU”). CB Financial Services, Inc. and Community Bank are collectively referred to as the “Company.” All intercompany transactions and balances have been eliminated in consolidation. |
Nature of Operations [Policy Text Block] | Nature of Operations The Company derives substantially all its income from banking and bank-related services which include interest earnings on commercial, commercial mortgage, residential real estate and consumer loan financing, as well as interest earnings on investment securities, insurance commissions and fees generated from deposit services to its customers. The Company provides banking services through its subsidiary, Community Bank, a Pennsylvania-chartered commercial bank headquartered in Carmichaels, Pennsylvania. The Bank operates from sixteen seven one Effective April 30, 2018, seven one 1,317,647 $9.8 $51.3 2 The Company has evaluated events and transactions occurring subsequent to the balance sheet date of December 31, 2019 |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and with general practice within the banking industry. In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the Consolidated Statement of Financial Condition, and revenues and expenses for the period. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to fair value of investment securities available for sale, determination of the allowance for losses on loans, the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, other-than-temporary impairment evaluations of securities, the valuation of deferred tax assets and the evaluation of goodwill and core deposit intangible impairment. |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition Income on loans and investments is recognized as earned on the accrual method. Gains and losses on sales of mortgages are based on the difference between the selling price and the carrying value of the related mortgage sold. The Company generally fully satisfies its performance obligations on its contracts with customers as services are rendered and the transaction prices are typically fixed; charged either on a periodic basis or based on activity. Because performance obligations are satisfied as services are rendered and the transaction prices are fixed, there is little judgment involved in applying ASC Topic 606 The Company’s revenue from contracts with customers within the scope of Accounting Standards Codification (“ASC”) Topic 606 606: Service Fees on Deposits not Insurance Commissions EU utilizes a report from their core insurance data processing program, The Agency Manager (“TAM”), that captures all in-force policies that are active in the system and annualizes the commission over the life of each individual contract. The report then provides an overall commission and fee income total for the monthly reporting financial statement period. This income is then compared to the amount of direct and agency bill income recorded in TAM for the reporting month and an adjustment to income is made according to the report. This is the income recognized for the portion of the insurance contract that has been earned by EU and subsequently the Company. Other Commissions third third Gains (Losses) on Sales of OREO not |
Segment Reporting, Policy [Policy Text Block] | Operating Segments An operating segment is defined as a component of an enterprise that engages in business activities which generate revenue and incur expense, and the operating results of which are reviewed by management. At December 31, 2019, two 280, Segment Reporting, 10% 19 |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Due From Banks Included in Cash and Due From Banks are required federal reserves of $554,000 $1.7 December 31, 2019 2018, |
Marketable Securities, Policy [Policy Text Block] | Investment Securities Investment securities are classified at the time of purchase, based on management’s intentions and ability, as securities held to maturity or securities available-for-sale. Debt securities acquired with the intent and the ability to hold to maturity are stated at cost adjusted for amortization of premium and accretion of discount, which are computed using a level yield method and recognized as adjustments to interest income. Unrealized holding gains and losses for available-for-sale debt securities are reported as a separate component of stockholders’ equity, net of tax, until realized. Unrealized holding gains and losses for available-for-sale equity securities are recognized in earnings. Realized securities gains and losses, if any, are computed using the specific identification method. Interest and dividends on investment securities are recognized as income when earned. Declines in the fair value of individual securities below amortized cost that are other-than-temporary result in write-downs of the individual securities to their fair value. In estimating other-than-temporary impairment of investment securities, securities are evaluated on at least a quarterly basis to determine whether a decline in their value is other-than-temporary. In estimating other-than temporary impairment losses, management considers ( 1 2 3 not not Common stock of the Federal Home Loan Bank (“FHLB”) and of Atlantic Community Bankers’ Bank (“ACBB”) represent ownership in organizations that are wholly owned by other financial institutions. These restricted equity securities are accounted for based on industry guidance in ASC Sub-Topic 325 20, $3.6 $3.8 December 31, 2019 2018, $85,000 December 31, 2019 2018. The Company periodically evaluates its FHLB investment for possible impairment based on, among other things, the capital adequacy of the FHLB and its overall financial condition. The Company believes its holdings in the stock are ultimately recoverable at par value at December 31, 2019, not not |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Loans Receivable and Allowance for Loan Losses Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at the principal amount outstanding, net of deferred loan fees and the allowance for loan losses. The Company’s loan portfolio is segmented to enable management to monitor risk and performance. The real estate loans are further segregated into three Residential mortgage loans are typically longer-term loans and, therefore, generally present greater interest rate risk than the consumer and commercial loans. Under certain economic conditions, housing values may may not not may 12 18 Accrual of interest on loans is generally discontinued when it is determined that a reasonable doubt exists as to the collectability of principal, interest, or both. Payments received on nonaccrual loans are applied against principal. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current, and current and future payments are reasonably assured. The Company uses an eight first four not not not not In the normal course of business, the Company modifies loan terms for various reasons. These reasons may When the Company restructures a loan for a troubled borrower, the loan terms (i.e., interest rate, payment, amortization period and/or maturity date) are modified in such a way to enable the borrower to cover the modified debt service payments based on current financials and cash flow adequacy. If the hardship is thought to be temporary, then modified terms are offered only for that time period. Where possible, the Company obtains additional collateral and/or secondary payment sources at the time of the restructure. To date, the Company has not not All loans designated as TDRs are considered impaired loans and may not may six The performance and credit quality of the loan portfolio are also monitored by analyzing the age of the loans receivable as determined by the length of time a recorded payment is past due. The past due status of all classes of loans receivable is determined based on contractual due dates for loan payments. Loan origination and commitment fees as well as certain direct loan origination costs are deferred and the net amount either accreted or amortized as an adjustment to the related loan’s yield over the contractual lives of the related loans. The allowance for loan losses (“allowance”) is maintained at a level considered adequate to provide for losses that can be reasonably anticipated. Management performs a quarterly evaluation of the adequacy of the allowance based on potential losses in the current loan portfolio, which includes an assessment of economic conditions, changes in the nature and volume of the loan portfolio, loan loss experience, volume and severity of past due, classified and nonaccrual loans as well as other loan modifications, quality of the Company’s loan review system, the degree of oversight by the Company’s board of directors, existence and effect of any concentrations of credit and changes in the level of such concentrations, effect of external factors, such as competition and legal and regulatory requirements, and other relevant factors. While management uses the best information available to make such evaluations, future adjustments to the allowance may The allowance consists of specific, general and unallocated components. The specific component relates to loans that are classified as impaired. A loan is considered impaired when, based upon current information and events, it is probable that the Company will be unable to collect all amounts due for principal and interest according to the original contractual terms of the loan agreement. Generally, management considers all substandard-, doubtful-, and loss-rated loans, nonaccrual loans, and TDRs for impairment. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. The maximum period without payment that typically can occur before a loan is considered for impairment is 90 no not The general allowance component covers pools of homogeneous loans by loan class. Management determines historical loss experience for each segment of loans using the two Loans that were acquired in previous mergers, were recorded at fair value with no third For performing loans acquired in a merger, 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 nonaccretable discount. The nonaccretable discount represents estimated future credit losses expected to be incurred over the life of the loan. Subsequent decreases to the expected cash flows require an evaluation to determine the need for an allowance. Subsequent improvements in expected cash flows result in the reversal of a corresponding amount of the nonaccretable discount, which is then reclassified as accretable discount that is recognized into interest income over the remaining life of the loan using the interest method. The evaluation of the amount of future cash flows that is expected to be collected is performed in a similar manner as that used to determine our allowance. Charge-offs of the principal amount on acquired loans would be first The Company grants commercial, residential, and other consumer loans to customers throughout southwestern Pennsylvania in Greene, Washington, Allegheny, Fayette and Westmoreland Counties; West Virginia in Brooke, Marshall, Ohio, Upshur and Wetzel Counties; and Belmont County in Ohio. Although the Company had a diversified loan portfolio at December 31, 2019 2018, |
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and Equipment Premises and equipment are stated at cost, less accumulated depreciation. Depreciation is principally computed on the straight-line method over the estimated useful lives of the related assets, which range from three seven 27.5 40 seven fifteen |
Bank Owned Life Insurance [Policy Text Block] | Bank-Owned Life Insurance The Company is the owner and beneficiary of bank-owned life insurance (“BOLI”) policies on certain employees. The earnings from the BOLI policies are recognized as a component of noninterest income. The BOLI policies are an asset that can be liquidated, if necessary, with associated tax costs. However, the Company intends to hold these policies and, accordingly, the Company has not |
Real Estate, Policy [Policy Text Block] | Real Estate Owned Real estate owned acquired in settlement of foreclosed loans is carried as a component of other assets at the lower of cost or fair value, minus estimated cost to sell. Prior to foreclosure, the estimated collectible value of the collateral is evaluated to determine if a partial charge-off of the loan balance is necessary. After transfer to real estate owned, any subsequent write-downs are charged against noninterest expense. Direct costs incurred in the foreclosure process and subsequent holding costs incurred on such properties are recorded as expenses of current operations. Real estate owned was $233,000 $917,000 December 31, 2019 2018, $53,000 $46,000 December 31, 2019 2018, $1.1 $1.4 December 31, 2019 2018, |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company accounts for income taxes in accordance with income tax accounting guidance in ASC Topic 740, Income Taxes two Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are recognized if it is more likely than not, not 50%; not 50% not not not The Company recognizes interest and penalties on income taxes as a component of income tax expense. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Intangible Assets Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired. Other intangible assets represent purchased assets that lack physical substance but can be distinguished from goodwill because of contractual or other legal rights. Intangible assets that have finite lives, such as core deposit intangibles, customer relationship intangibles and renewal lists, are amortized over their estimated useful lives and subject to periodic impairment testing. Core deposit intangibles are primarily amortized over 6.5 nine eight thirteen Goodwill and other intangibles are subject to impairment testing at the reporting unit level, which must be conducted at least annually. We perform impairment testing as of October 31, Determining the fair value of a reporting unit under the goodwill impairment test is judgmental and often involves the use of significant estimates and assumptions. Similarly, estimates and assumptions are used in determining the fair value of other intangible assets. In 2019, 2017 04 one not not not December 31, 2019 2018. The Company operates two 100 |
Mortgage Service Rights [Policy Text Block] | Mortgage Servicing Rights (“MSRs”) The Company has agreements for the express purpose of selling loans in the secondary market. Real estate loans serviced for others, which are not $100.0 $99.0 December 31, 2019 2018, $930,000 $921,000 December 31, 2019 2018, Servicing fee income is recorded for fees earned for servicing loans. The fees are based on contractual percentage of the outstanding principal or a fixed amount per loan and are recorded as income when earned. The amortization of MSRs is netted against servicing fee income in other noninterest income in the Consolidated Statement of Income. Amortization of MSRs was $28,000 $101,000 December 31, 2019 2018 MSRs are evaluated for impairment based on the estimated fair value of the MSRs. MSRs are stratified by certain risk characteristics, primarily loan term and note rate. If temporary impairment exists within a risk stratification tranche, a valuation allowance is established through a charge to income equal to the amount by which the carrying value exceeds the estimated fair value. If it is later determined that all or a portion of the temporary impairment no December 31, 2019, $71,000. no December 31, 2018. |
Stockholders' Equity, Policy [Policy Text Block] | Treasury Stock The purchase of the Company’s common stock is recorded at cost. At the date of subsequent reissue, the treasury stock account is reduced by the cost of such stock on the average cost basis, with any excess proceeds being credited to capital surplus. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income Comprehensive income consists of net income and other comprehensive income (loss). Other comprehensive income (loss) is comprised of unrealized holding gains (losses) on available-for-sale debt securities, net of tax. |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share The Company provides dual presentation of basic and diluted earnings per share. Basic earnings per share is calculated utilizing the reported net income as the numerator and weighted average shares outstanding as the denominator. The computation of diluted earnings per share differs in that the denominator is adjusted for the dilutive effects of any options and convertible securities. Treasury shares are not |
Share-based Payment Arrangement [Policy Text Block] | Stock-Based Compensation In 2015, 2015 May 20, 2015, no may ten May 20, 2015. may 407,146 two 271,431 may one third 135,715 may one third three one third ASC Topic 718, Compensation – Stock Compensation, not five 20% 10 |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Flow Information The Company has defined cash equivalents as those amounts due from depository institutions, interest-bearing deposits with other banks with maturities of less than 90 |
Advertising Cost [Policy Text Block] | Advertising Costs Advertising costs are expensed as incurred. |
Prior Period Error Recognition [Policy Text Block] | Recognition of a Prior Period Error In April 2018, April 2017. first $300,000 2018. 2018 $300,000, $63,000, $237,000, $0.06 2017 250, Accounting Changes and Error Corrections 2018 2017 In March 2019, $21.7 December 31, 2018. $257,000 December 31, 2018. not December 31, 2018 |
Reclassification, Policy [Policy Text Block] | Reclassifications Certain comparative amounts for prior periods have been reclassified to conform to the current year presentation. Such reclassifications did not |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Standards In August 2018, 2018 15 , Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350 40 2018 15 not first 2020, not In August 2018, 2018 13, Fair Value Measurement (Topic 820 2018 13 1 2 3 2018 13 2018 13 3 3 first 2020. 3 not In January 2018, 2018 01, Leases (Topic 842 842. 2018 01 2016 02, 2018 01 2016 02 not not 2016 02, 2016 02 twelve 2016 02 December 15, 2018, 2016 02 January 1, 2019 $1.7 not not 15 In July 2017, 2017 11, Earnings Per Share (Topic 260 480 815 2017 11 2017 11 December 15, 2018, 2017 11 January 1, 2019 not In March 2017, 2017 08, Receivables- Nonrefundable Fees and Other Costs (Subtopic 310 20 2017 08 2017 08 December 15, 2018, 2017 08 January 1, 2019 not In January 2017, 2017 04, Intangibles - Goodwill and Other (Topic 350 2017 04 second one not not 2017 04 December 15, 2019, 2017 04 October 31, 2019 not In September 2016, 2016 13, Financial Instruments – Credit Losses (Topic 326 2016 13 2016 13 2016 13 not 2016 13 not 2016 13 December 15, 2019, November 2019, 2016 13 January 1, 2023. one one In January 2016, 2016 01, Financial Instruments – Overall (Subtopic 825 10 2016 01 2016 01 December 15, 2017, 2016 01 first 2018. January 1, 2018, one $40,000 $190,000 $63,000 December 31, 2019 2018, |
Note 2 - Merger (Tables)
Note 2 - Merger (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | December 31, 2018 Consideration Paid: Cash Paid for Redemption of FWVB Common Stock $ 9,801 CB Financial Common Stock Issued in Exchange for FWVB Common Stock 41,527 Total Consideration Paid 51,328 Assets Acquired: Cash and Cash Equivalents 30,433 Net Loans 95,456 Investment Securities 187,628 Premises and Equipment 3,712 Bank Owned Life Insurance 4,212 Core Deposit Intangible 9,127 Deferred Tax Assets 1,324 Other Assets 3,030 Total Assets Acquired 334,922 Liabilities Assumed: Deposits 281,620 Borrowings 22,329 Other Liabilities 3,117 Total Liabilities Assumed 307,066 Total Identifiable Net Assets 27,856 Goodwill Recognized $ 23,472 |
Note 3 - Earnings Per Share (Ta
Note 3 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Years Ended December 31, 2019 2018 Weighted-Average Common Shares Outstanding 5,680,993 5,247,794 Average Treasury Stock Shares (246,344 ) (265,980 ) Weighted-Average Common Shares and Common Stock Equivalents Used to Calculate Basic Earnings Per Share 5,434,649 4,981,814 Additional Common Stock Equivalents Used to Calculate Diluted Earnings Per Share 14,112 49,316 Weighted-Average Common Shares and Common Stock Equivalents Used to Calculate Diluted Earnings Per Share 5,448,761 5,031,130 Earnings per share: Basic $ 2.64 $ 1.42 Diluted 2.63 1.40 |
Note 4 - Investment Securities
Note 4 - Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Available-for-sale Securities [Table Text Block] | (Dollars in thousands) 2019 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value Debt Securities U.S. Government Agencies $ 47,993 $ 227 $ (164 ) $ 48,056 Obligations of States and Political Subdivisions 25,026 819 (2 ) 25,843 Mortgage-Backed Securities - Government-Sponsored Enterprises 118,282 2,601 (107 ) 120,776 Total Debt Securities $ 191,301 $ 3,647 $ (273 ) 194,675 Marketable Equity Securities Mutual Funds 997 Other 1,713 Total Marketable Equity Securities 2,710 Total Available-for-Sale Securities $ 197,385 2018 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value Debt Securities U.S. Government Agencies $ 82,506 $ 160 $ (2,087 ) $ 80,579 Obligations of States and Political Subdivisions 44,737 230 (366 ) 44,601 Mortgage-Backed Securities - Government-Sponsored Enterprises 97,535 582 (346 ) 97,771 Total Debt Securities $ 224,778 $ 972 $ (2,799 ) 222,951 Marketable Equity Securities Mutual Funds 968 Other 1,490 Total Marketable Equity Securities 2,458 Total Available-for-Sale Securities $ 225,409 |
Schedule of Unrealized Loss on Investments [Table Text Block] | (Dollars in thousands) 2019 Less than 12 months 12 Months or Greater Total Number Gross Number Gross Number Gross of Fair Unrealized of Fair Unrealized of Fair Unrealized Securities Value Losses Securities Value Losses Securities Value Losses U.S. Government Agencies 6 $ 16,116 $ (83 ) 6 $ 13,938 $ (81 ) 12 $ 30,054 $ (164 ) Obligations of States and Political Subdivisions - - - 1 509 (2 ) 1 509 (2 ) Mortgage-Backed Securities - Government Sponsored Enterprises 7 20,003 (104 ) 1 1,711 (3 ) 8 21,714 (107 ) Total 13 $ 36,119 $ (187 ) 8 $ 16,158 $ (86 ) 21 $ 52,277 $ (273 ) 2018 Less than 12 months 12 Months or Greater Total Number Gross Number Gross Number Gross of Fair Unrealized of Fair Unrealized of Fair Unrealized Securities Value Losses Securities Value Losses Securities Value Losses U.S. Government Agencies - $ - $ - 23 $ 65,450 $ (2,087 ) 23 $ 65,450 $ (2,087 ) Obligations of States and Political Subdivisions 24 13,212 (133 ) 25 11,918 (233 ) 49 25,130 (366 ) Mortgage-Backed Securities - Government Sponsored Enterprises - - - 9 13,874 (346 ) 9 13,874 (346 ) Total 24 $ 13,212 $ (133 ) 57 $ 91,242 $ (2,666 ) 81 $ 104,454 $ (2,799 ) |
Investments Classified by Contractual Maturity Date [Table Text Block] | (Dollars in thousands) 2019 Available-for-Sale Amortized Fair Cost Value Due in One Year or Less $ 2,035 $ 2,039 Due after One Year through Five Years 46,436 46,510 Due after Five Years through Ten Years 26,017 26,598 Due after Ten Years 116,813 119,528 Total $ 191,301 $ 194,675 |
Investments Classified by State and Political Subdivisions, Available for Sale and Held to Maturity [Table Text Block] | (Dollars in thousands) 2019 2018 Amortized Fair Amortized Fair Cost Value Cost Value General Obligation: Pennsylvania Municipalities: School $ 12,724 $ 12,862 $ 27,319 $ 27,143 Public Improvement 1,850 1,893 3,532 3,508 Other State Municipalities: School 2,562 2,700 4,296 4,277 Public Improvement 5,319 5,617 5,321 5,370 Total General Obligation 22,455 23,072 40,468 40,298 Special Revenue Pennsylvania Political Subdivisions: Other 441 468 2,144 2,133 Other State Political Subdivisions: Public Improvement 331 360 330 342 Other 1,799 1,943 1,795 1,828 Total Special Revenue 2,571 2,771 4,269 4,303 Total Obligations of States and Political Subdivisions $ 25,026 $ 25,843 $ 44,737 $ 44,601 |
Note 5 - Loans and Related Al_2
Note 5 - Loans and Related Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | (Dollars in thousands) 2019 2018 Real Estate: Residential $ 347,766 $ 326,769 Commercial 351,360 307,064 Construction 35,605 48,824 Commercial and Industrial 85,586 91,463 Consumer 113,637 122,241 Other 18,542 16,511 Total Loans 952,496 912,872 Allowance for Loan Losses (9,867 ) (9,558 ) Loans, Net $ 942,629 $ 903,314 |
Financing Receivable Credit Quality Indicators [Table Text Block] | (Dollars in thousands) 2019 Special Pass Mention Substandard Doubtful Total Real Estate: Residential $ 343,851 $ 1,997 $ 1,918 $ - $ 347,766 Commercial 335,436 12,260 3,664 - 351,360 Construction 33,342 2,263 - - 35,605 Commercial and Industrial 75,201 7,975 1,691 719 85,586 Consumer 113,527 - 110 - 113,637 Other 18,452 90 - - 18,542 Total Loans $ 919,809 $ 24,585 $ 7,383 $ 719 $ 952,496 2018 Special Pass Mention Substandard Doubtful Total Real Estate: Residential $ 323,362 $ 1,922 $ 1,485 $ - $ 326,769 Commercial 292,233 12,476 1,184 1,171 307,064 Construction 45,522 2,902 400 - 48,824 Commercial and Industrial 81,534 8,618 244 1,067 91,463 Consumer 122,158 - 83 - 122,241 Other 16,408 103 - - 16,511 Total Loans $ 881,217 $ 26,021 $ 3,396 $ 2,238 $ 912,872 |
Financing Receivable, Past Due [Table Text Block] | (Dollars in thousands) 2019 30-59 60-89 90 Days Loans Days Days Or More Total Non- Total Current Past Due Past Due Past Due Past Due Accrual Loans Real Estate: Residential $ 342,010 $ 3,462 $ 281 $ 196 $ 3,939 $ 1,817 $ 347,766 Commercial 351,104 22 - - 22 234 351,360 Construction 35,605 - - - - - 35,605 Commercial and Industrial 84,280 388 178 - 566 740 85,586 Consumer 112,438 923 140 26 1,089 110 113,637 Other 18,542 - - - - - 18,542 Total Loans $ 943,979 $ 4,795 $ 599 $ 222 $ 5,616 $ 2,901 $ 952,496 2018 30-59 60-89 90 Days Loans Days Days Or More Total Non- Total Current Past Due Past Due Past Due Past Due Accrual Loans Real Estate: Residential $ 322,372 $ 1,782 $ 137 $ 324 $ 2,243 $ 2,154 $ 326,769 Commercial 306,721 161 182 - 343 - 307,064 Construction 48,824 - - - - - 48,824 Commercial and Industrial 90,151 268 - - 268 1,044 91,463 Consumer 120,747 1,337 71 3 1,411 83 122,241 Other 16,511 - - - - - 16,511 Total Loans $ 905,326 $ 3,548 $ 390 $ 327 $ 4,265 $ 3,281 $ 912,872 |
Impaired Financing Receivables [Table Text Block] | (Dollars in thousands) 2019 Unpaid Average Interest Recorded Related Principal Recorded Income Investment Allowance Balance Investment Recognized With No Related Allowance Recorded: Real Estate: Residential $ 549 $ - $ 553 $ 494 $ 20 Commercial 3,058 - 3,077 3,335 177 Commercial and Industrial 133 - 135 156 6 Total With No Related Allowance Recorded $ 3,740 $ - $ 3,765 $ 3,985 $ 203 With A Related Allowance Recorded: Real Estate: Commercial $ 1,646 $ 274 $ 1,646 $ 1,702 $ 81 Commercial and Industrial 2,378 610 2,529 2,448 113 Total With A Related Allowance Recorded $ 4,024 $ 884 $ 4,175 $ 4,150 $ 194 Total Impaired Loans: Real Estate: Residential $ 549 $ - $ 553 $ 494 $ 20 Commercial 4,704 274 4,723 5,037 258 Commercial and Industrial 2,511 610 2,664 2,604 119 Total Impaired Loans $ 7,764 $ 884 $ 7,940 $ 8,135 $ 397 2018 Unpaid Average Interest Recorded Related Principal Recorded Income Investment Allowance Balance Investment Recognized With No Related Allowance Recorded: Real Estate: Residential $ 1,283 $ - $ 1,286 $ 1,316 $ 67 Commercial 4,016 - 4,016 3,494 197 Commercial and Industrial 382 - 394 403 5 Total With No Related Allowance Recorded $ 6,081 $ - $ 6,096 $ 5,679 $ 294 With A Related Allowance Recorded: Real Estate: Commercial $ 718 $ 219 $ 718 $ 745 $ 43 Commercial and Industrial 1,082 793 1,187 1,209 63 Total With A Related Allowance Recorded $ 1,800 $ 1,012 $ 1,905 $ 1,954 $ 106 Total Impaired Loans: Real Estate: Residential $ 1,283 $ - $ 1,286 $ 1,316 $ 67 Commercial 4,734 219 4,734 4,239 240 Commercial and Industrial 1,464 793 1,581 1,612 68 Total Impaired Loans $ 7,881 $ 1,012 $ 8,001 $ 7,633 $ 400 |
Financing Receivable, Troubled Debt Restructuring [Table Text Block] | (Dollars in thousands) Year Ended December 31, 2019 Pre- Post- Modification Modification Number Outstanding Outstanding of Recorded Recorded Related Contracts Investment Investment Allowance Real Estate Residential 3 $ 175 $ 175 $ - Commercial 2 426 426 - Total 5 $ 601 $ 601 $ - Year Ended December 31, 2018 Pre- Post- Modification Modification Number Outstanding Outstanding of Recorded Recorded Related Contracts Investment Investment Allowance Real Estate Residential $ 1 $ 7 $ 7 $ - Commercial and Industrial 1 161 161 - Total 2 $ 168 $ 168 $ - |
Schedule of Accretable Discount on Loans Acquired at Fair Value [Table Text Block] | Accretable Discount Balance at December 31, 2017 $ 760 Accretable Discount Related to FWVB Merger 1,348 Accretable Yield (299 ) Adjustment due to Unexpected Early Payoffs 98 Nonaccretable Premium 5 Balance at December 31, 2018 1,912 Accretable Yield (284 ) Balance at December 31, 2019 $ 1,628 |
Schedule of Related Party Transactions [Table Text Block] | (Dollars in thousands) 2019 2018 Balance, January 1 $ 6,234 $ 7,173 Additions 5,875 2,000 Payments (1,307 ) (2,939 ) Balance, December 31 $ 10,802 $ 6,234 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | (Dollars in thousands) 2019 Real Real Real Commercial Estate Estate Estate and Residential Commercial Construction Industrial Consumer Other Unallocated Total Beginning Balance $ 1,050 $ 2,693 $ 395 $ 2,807 $ 2,027 $ - $ 586 $ 9,558 Charge-offs (96 ) - - (16 ) (609 ) - - (721 ) Recoveries 12 73 - 85 135 - - 305 Provision 1,057 444 (110 ) (464 ) (136 ) - (66 ) 725 Ending Balance $ 2,023 $ 3,210 $ 285 $ 2,412 $ 1,417 $ - $ 520 $ 9,867 Individually Evaluated for Impairment $ - $ 274 $ - $ 610 $ - $ - $ - $ 884 Collectively Evaluated for Potential Impairment $ 2,023 $ 2,936 $ 285 $ 1,802 $ 1,417 $ - $ 520 $ 8,983 2018 Real Real Real Commercial Estate Estate Estate and Residential Commercial Construction Industrial Consumer Other Unallocated Total Beginning Balance $ 891 $ 2,289 $ 276 $ 2,544 $ 2,358 $ - $ 438 $ 8,796 Charge-offs (64 ) - - (1,456 ) (597 ) - - (2,117 ) Recoveries 28 168 - 5 153 - - 354 Provision 195 236 119 1,714 113 - 148 2,525 Ending Balance $ 1,050 $ 2,693 $ 395 $ 2,807 $ 2,027 $ - $ 586 $ 9,558 Individually Evaluated for Impairment $ - $ 219 $ - $ 793 $ - $ - $ - $ 1,012 Collectively Evaluated for Potential Impairment $ 1,050 $ 2,474 $ 395 $ 2,014 $ 2,027 $ - $ 586 $ 8,546 |
Allowance for Credit Loss Individually Collectively Evaluated for Impairment [Table Text Block] | (Dollars in thousands) 2019 Real Real Real Commercial Estate Estate Estate and Residential Commercial Construction Industrial Consumer Other Total Individually Evaluated for Impairment $ 549 $ 4,704 $ - $ 2,511 $ - $ - $ 7,764 Collectively Evaluated for Potential Impairment 347,217 346,656 35,605 83,075 113,637 18,542 944,732 $ 347,766 $ 351,360 $ 35,605 $ 85,586 $ 113,637 $ 18,542 $ 952,496 2018 Real Real Real Commercial Estate Estate Estate and Residential Commercial Construction Industrial Consumer Other Total Individually Evaluated for Impairment $ 1,283 $ 4,734 $ 400 $ 1,464 $ - $ - $ 7,881 Collectively Evaluated for Potential Impairment 325,486 302,330 48,424 89,999 122,241 16,511 904,991 $ 326,769 $ 307,064 $ 48,824 $ 91,463 $ 122,241 $ 16,511 $ 912,872 |
Note 6 - Premises and Equipme_2
Note 6 - Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | (Dollars in thousands) 2019 2018 Land $ 3,833 $ 3,808 Building 25,172 25,305 Leasehold Improvements 1,623 1,653 Furniture, Fixtures, and Equipment 11,601 11,543 Fixed Assets in Process 65 54 42,294 42,363 Less Accumulated Depreciation and Amortization (20,012 ) (18,915 ) Total Premises and Equipment $ 22,282 $ 23,448 |
Note 7 - Core Deposit Intangi_2
Note 7 - Core Deposit Intangible & Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Carrying Amount Balance at December 31, 2017 $ 3,285 Addition of Core Deposit Intangible from FWVB Merger 9,126 Amortization Expense (1,477 ) Balance at December 31, 2018 10,934 Amortization Expense (1,939 ) Balance at December 31, 2019 $ 8,995 |
Schedule of Goodwill [Table Text Block] | Carrying Amount Balance at December 31, 2017 $ 4,953 Goodwill from the FWVB merger 23,472 Balance at December 31, 2018 and 2019 $ 28,425 |
Note 8 - Deposits (Tables)
Note 8 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Time Deposit Maturities [Table Text Block] | 2019 2020 $ 83,621 2021 61,902 2022 22,002 2023 40,326 2024 6,660 Beyond 2024 5,245 Total $ 219,756 |
Note 9 - Short-term Borrowings
Note 9 - Short-term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | (Dollars in thousands) 2019 2018 Weighted Weighted Average Average Amount Rate Amount Rate Federal Funds Purchased: Average Balance Outstanding During the Period $ - - % $ 37 2.70 % Maximum Amount Outstanding at any Month End - 1,500 FHLB Borrowings: Average Balance Outstanding During the Period - - 19,726 1.86 Maximum Amount Outstanding at any Month End - 98,960 Securities Sold Under Agreements to Repurchase: Balance at Period End 30,571 0.57 30,979 0.54 Average Balance Outstanding During the Period 29,976 0.62 29,300 0.53 Maximum Amount Outstanding at any Month End 34,197 35,661 Securities Collateralizing the Agreements at Period-End: Carrying Value 37,584 48,131 Market Value 37,873 47,083 |
Note 10 - Other Borrowed Funds
Note 10 - Other Borrowed Funds (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | (Dollars in thousands) 2019 2018 Weighted Weighted Average Average Amount Rate Amount Rate Due in One Year $ 6,000 1.97 % $ 6,000 1.78 % Due After One Year to Two Years 5,000 2.18 6,000 1.97 Due After Two Years to Three Years 3,000 2.23 5,000 2.18 Due After Three Years to Four Years - - 3,000 2.41 Total $ 14,000 2.10 $ 20,000 2.03 |
Note 11 - Income Taxes (Tables)
Note 11 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | (Dollars in thousands) 2019 2018 Current Payable $ 2,343 $ 515 Deferred (Benefit) Expense (614 ) 1,023 Total Provision $ 1,729 $ 1,538 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | (Dollars in thousands) 2019 2018 Deferred Tax Assets: Allowance for Loan Losses $ 2,117 $ 2,063 Non-Accrual Loan Interest 24 39 Amortization of Intangibles 76 72 Tax Credit Carryforwards 1,207 2,010 Unrealized Loss of AFS - Merger Tax Adjustment 812 894 Postretirement Benefits 27 30 Net Unrealized Loss on Securities - 383 Stock-Based Compensation Expense 42 28 Gas Lease - Deferred Revenue 130 - Accrued Payroll - 44 OREO 48 121 Purchase Accounting Adjustments - Acquired Loans 348 413 Lease Liability 278 - Deferred Compensation - 55 Other - 31 Gross Deferred Tax Assets Before Valuation Allowance 5,109 6,183 100% Valuation Allowance - AMT Tax Credit Carryforward (1) - (1,311 ) Gross Deferred Tax Assets 5,109 4,872 Deferred Tax Liabilities: Deferred Origination Fees and Costs 320 292 Discount Accretion 52 - Tax Reserve 45 - Depreciation 892 714 Net Unrealized Gain on Securities 725 - Net Unrealized Gain on Equity Securities 41 - Mortgage Servicing Rights 199 198 ROU Asset 277 - Purchase Accounting Adjustment - Core Deposit Intangible 1,930 2,361 Purchase Accounting Adjustments - Fixed Assets 292 321 Purchase Accounting Adjustments - Certificates of Deposit 16 175 Goodwill 413 412 Other 2 - Gross Deferred Tax Liabilities 5,204 4,473 Net Deferred Tax Assets (Liabilities) $ (95 ) $ 399 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | (Dollars in thousands) 2019 2018 Percent of Percent of Pre-tax Pre-tax Amount Income Amount Income Provision at Statutory Rate $ 3,372 21.0 % $ 1,804 21.0 % State Taxes (Net of Federal Benefit) 155 1.0 98 1.1 Tax-Free Income (324 ) (2.0 ) (312 ) (3.6 ) BOLI Income (118 ) (0.7 ) (197 ) (2.3 ) Merger Expenses - - 54 0.6 Stock Options - ISO 35 0.2 38 0.5 Reversal of the AMT Tax Credit Carryforward VA (1,311 ) (8.2 ) - - Other (80 ) (0.5 ) 53 0.6 Actual Tax Expense and Effective Rate $ 1,729 10.8 % $ 1,538 17.9 % |
Note 12 - Employee Benefits (Ta
Note 12 - Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Share-based Payment Arrangement, Activity [Table Text Block] | 2019 2018 Number of Restricted Shares Granted 33,350 18,750 Weighted Average Grant Date Common Stock Price $ 30.32 $ 25.45 Restricted Shares Market Value Before Tax 1,011,000 477,000 Number of Stock Options Granted 5,000 - Stock Options Market Value Before Tax $ 18,000 - Stock option pricing assumptions Expected Life in Years 6.5 - Expected Dividend Yield 4.07 % - Risk-free Interest Rate 2.3 % - Expected Volatility 23.3 % - Weighted Average Grant Date Fair Value $ 3.52 $ - |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | 2019 2018 Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Outstanding at beginning of year 248,006 $ 24.39 7.5 263,640 $ 24.33 8.5 Granted 5,000 23.60 - - Exercised (800 ) 22.25 (9,319 ) 22.84 Forfeited (6,053 ) 25.57 (6,315 ) 23.99 Outstanding at end of year 246,153 24.36 6.5 248,006 24.39 7.5 Exercisable at end of year 167,974 23.70 6.3 119,878 23.44 7.2 Number of Shares Weighted Average Exercise Price Weighted Average Remaining Service Period in Years Number of Shares Weighted Average Exercise Price Weighted Average Remaining Service Period in Years Nonvested at end of year 78,179 $ 25.76 7.0 128,128 $ 25.28 7.7 |
Nonvested Restricted Stock Shares Activity [Table Text Block] | Number of Shares Weighted Average Grant Date Fair Value Price Weighted Average Remaining Service Period in Years Nonvested at December 31, 2017 8,250 $ 30.75 1.0 Granted 18,750 25.45 5.0 Vested (8,250 ) (30.75 ) (1.0 ) Nonvested at December 31, 2018 18,750 $ 25.45 5.0 Granted 33,350 30.32 9.9 Vested (1,800 ) 25.45 (4.0 ) Forfeited (400 ) 25.45 - Nonvested at December 31, 2019 49,900 $ 28.70 7.9 |
Note 13 - Commitments and Con_2
Note 13 - Commitments and Contingent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Fair Value, Off-balance Sheet Risks [Table Text Block] | (Dollars in thousands) 2019 2018 Standby Letters of Credit $ 42,041 $ 37,559 Performance Letters of Credit 2,521 3,544 Commitments to Extend Credit - 2,783 Construction Mortgages 59,689 56,691 Personal Lines of Credit 6,456 6,186 Overdraft Protection Lines 6,415 6,140 Home Equity Lines of Credit 20,560 21,520 Commercial Lines of Credit 102,422 74,602 $ 240,104 $ 209,025 |
Note 14 - Regulatory Capital (T
Note 14 - Regulatory Capital (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | (Dollars in thousands) December 31, 2019 December 31, 2018 Amount Ratio Amount Ratio Common Equity Tier 1 Capital (to Risk-Weighted Assets) Actual $ 101,703 11.43 % $ 96,985 11.44 % For Capital Adequacy Purposes 40,050 4.50 38,137 4.50 To Be Well Capitalized 57,851 6.50 55,086 6.50 Tier I Capital (to Risk-Weighted Assets) Actual 101,703 11.43 96,985 11.44 For Capital Adequacy Purposes 53,401 6.00 50,849 6.00 To Be Well Capitalized 71,201 8.00 67,799 8.00 Total Capital (to Risk-Weighted Assets) Actual 111,570 12.54 106,543 12.57 For Capital Adequacy Purposes 71,201 8.00 67,799 8.00 To Be Well Capitalized 89,001 10.00 84,748 10.00 Tier I Leverage Capital (to Adjusted Total Assets) Actual 101,703 7.85 96,985 7.82 For Capital Adequacy Purposes 51,838 4.00 49,637 4.00 To Be Well Capitalized 64,798 5.00 62,046 5.00 |
Note 15 - Operating Leases (Tab
Note 15 - Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Operating Leases [Table Text Block] | Year Ended December 31, 2019 Operating Lease Expense $ 459 Variable Lease Expense 38 Total Lease Expense $ 497 December 31, Operating Leases: 2019 ROU Assets $ 1,289 Operating Cash Flows 418 Weighted Average Lease Term in Years 7.06 Weighted Average Discount Rate 2.89 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | December 31, Maturity Analysis: 2019 Due in One Year $ 417 Due After One Year to Two Years 312 Due After Two Years to Three Years 181 Due After Three Years to Four Years 75 Due After Four to Five Years 51 Due After Five Years 409 Total $ 1,445 Less: Present Value Discount 151 Lease Liabilities $ 1,294 |
Note 16 - Fair Value Disclosu_2
Note 16 - Fair Value Disclosure (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | (Dollars in thousands) Fair Value December 31, Hierarchy 2019 2018 Available for Sale Securities: Debt Securities U.S. Government Agencies Level 2 $ 48,056 $ 80,579 Obligations of States and Political Subdivisions Level 2 25,843 44,601 Mortgage-Backed Securities - Government-Sponsored Enterprises Level 2 120,776 97,771 Total Debt Securities 194,675 222,951 Marketable Equity Securities Mutual Funds Level 1 997 968 Other Level 1 1,713 1,490 Total Marketable Equity Securities 2,710 2,458 Total Available for Sale Securities $ 197,385 $ 225,409 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | (Dollars in thousands) Significant Valuation Fair Value at December 31, Valuation Significant Unobservable Financial Asset Hierarchy 2019 2018 Techniques Unobservable Inputs Input Value Impaired Loans Level 3 $ 3,140 $ 788 Market Comparable Properties Marketability Discount 10% to 30% (1) OREO Level 3 58 46 Market Comparable Properties Marketability Discount 10% to 50% (1) |
Fair Value, by Balance Sheet Grouping [Table Text Block] | (Dollars in thousands) 2019 2018 Valuation Method Carrying Fair Carrying Fair Used Value Value Value Value Financial Assets: Cash and Due From Banks: Interest Bearing Level 1 $ 68,798 $ 68,798 $ 39,356 $ 39,356 Non-Interest Bearing Level 1 11,419 11,419 13,997 13,997 Investment Securities: Available for Sale See Above 197,385 197,385 225,409 225,409 Loans, Net Level 3 942,629 961,110 903,314 899,673 Restricted Stock Level 2 3,656 3,656 3,909 3,909 Bank-Owned Life Insurance Level 2 24,222 24,222 22,922 22,922 Accrued Interest Receivable Level 2 3,297 3,297 3,436 3,436 Financial Liabilities: Deposits Level 2 1,118,359 1,128,078 1,086,658 1,085,708 Short-term Borrowings Level 2 30,571 30,571 30,979 30,979 Other Borrowed Funds Level 2 14,000 15,380 20,000 19,733 Accrued Interest Payable Level 2 987 987 594 594 |
Note 17 - Other Noninterest E_2
Note 17 - Other Noninterest Expense (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Other Operating Cost and Expense, by Component [Table Text Block] | (Dollars in thousands) 2019 2018 Non-employee compensation $ 538 $ 619 Printing and supplies 402 578 Postage 264 248 Telephone 615 557 Charitable contributions 193 147 Dues and subscriptions 185 215 Loan expenses 449 488 Meals and entertainment 166 180 Travel 214 239 Training 58 69 Miscellaneous 1,138 1,201 TOTAL OTHER NONINTEREST EXPENSE $ 4,222 $ 4,541 |
Note 18 - Condensed Financial_2
Note 18 - Condensed Financial Statements of Parent Company (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | (Dollars in thousands) December 31, 2019 2018 ASSETS Cash and Due From Banks $ 6,447 $ 1,026 Investment Securities Available-for-Sale 1,713 1,488 Investment in Community Bank 142,242 134,220 Other Assets 722 1,174 TOTAL ASSETS $ 151,124 $ 137,908 LIABILITIES AND STOCKHOLDERS' EQUITY Other Liabilities $ 27 $ 283 Stockholders' Equity 151,097 137,625 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 151,124 $ 137,908 |
Condensed Income Statement [Table Text Block] | (Dollars in thousands) Years Ended December 31, 2019 2018 Interest and Dividend Income $ 63 $ 54 Dividend from Bank Subsidiary 10,215 4,528 Noninterest Income (Loss) 160 (50 ) Noninterest Expense 8 867 Income Before Undistributed Net Income of Subsidiary and Income Tax Expense (Benefit) 10,430 3,665 Undistributed Net Income of Subsidiary 3,936 3,266 Income Before Income Tax Expense (Benefit) 14,366 6,931 Income Tax Expense (Benefit) 39 (121 ) NET INCOME $ 14,327 $ 7,052 |
Condensed Cash Flow Statement [Table Text Block] | (Dollars in thousands) Years Ended December 31, 2019 2018 OPERATING ACTIVITIES Net Income $ 14,327 $ 7,052 Αdjustmеnts to Rеconcilе Net Income to Net Cash Provided By Operating Activities: Undistributed Net Income of Subsidiary (3,936 ) (3,266 ) Noncash Expense for Stock-Based Compensation 323 482 Other, net 34 101 NET CASH PROVIDED BY OPERATING ACTIVITIES 10,748 4,369 INVESTING ACTIVITIES Purchases of Securities (63 ) (204 ) Net Cash Received from Acquisition - 802 NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES (63 ) 598 FINANCING ACTIVITIES Cash Dividends Paid (5,215 ) (4,529 ) Treasury Stock, Purchases at Cost (90 ) (317 ) Exercise of Stock Options 41 213 NET CASH USED IN FINANCING ACTIVITIES (5,264 ) (4,633 ) INCREASE IN CASH AND EQUIVALENTS 5,421 334 CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 1,026 692 CASH AND CASH EQUIVALENTS AT END OF YEAR $ 6,447 $ 1,026 |
Note 19 - Segment and Related_2
Note 19 - Segment and Related Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | (Dollars in thousands) Community Bank Exchange Underwriters, Inc. CB Financial Services, Inc. Net Eliminations Consolidated December 31, 2019 Assets $ 1,321,001 $ 4,076 $ 151,124 $ (154,664 ) $ 1,321,537 Liabilities 1,178,759 1,194 27 (9,540 ) 1,170,440 Stockholders' equity 142,242 2,882 151,097 (145,124 ) 151,097 December 31, 2018 Assets $ 1,280,308 $ 5,155 $ 137,908 $ (141,670 ) $ 1,281,701 Liabilities 1,146,088 2,445 283 (4,740 ) 1,144,076 Stockholders' equity 134,220 2,710 137,625 (136,930 ) 137,625 Year Ended December 31, 2019 Interest and dividend income $ 50,966 $ 3 $ 10,278 $ (10,216 ) $ 51,031 Interest expense 7,857 - - - 7,857 Net interest income 43,109 3 10,278 (10,216 ) 43,174 Provision for loan losses 725 - - - 725 Net interest income after provision for loan losses 42,384 3 10,278 (10,216 ) 42,449 Noninterest income 4,758 4,517 160 - 9,435 Noninterest expense 32,182 3,638 8 - 35,828 Undistributed net income of subsidiary 608 - 3,936 (4,544 ) - Income before income tax expense 15,568 882 14,366 (14,760 ) 16,056 Income tax expense 1,416 274 39 - 1,729 Net income $ 14,152 $ 608 $ 14,327 $ (14,760 ) $ 14,327 Year Ended December 31, 2018 Interest and dividend income $ 43,572 $ 1 $ 4,582 $ (4,529 ) $ 43,626 Interest expense 5,949 - - - 5,949 Net interest income 37,623 1 4,582 (4,529 ) 37,677 Provision for loan losses 2,525 - - - 2,525 Net interest income after provision for loan losses 35,098 1 4,582 (4,529 ) 35,152 Noninterest income 4,639 3,750 (50 ) - 8,339 Noninterest expense 30,922 3,112 867 - 34,901 Undistributed net income of subsidiary 435 - 3,266 (3,701 ) - Income before income tax expense (benefit) 9,250 639 6,931 (8,230 ) 8,590 Income tax expense (benefit) 1,455 204 (121 ) - 1,538 Net income $ 7,795 $ 435 $ 7,052 $ (8,230 ) $ 7,052 |
Note 20 - Quarterly Financial_2
Note 20 - Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | Three Months Ended March 31, June 30, September 30, December 31, 2019 2019 2019 2019 Interest Income $ 12,296 $ 12,669 $ 13,098 $ 12,968 Interest Expense 1,862 1,964 2,002 2,029 Net Interest Income 10,434 10,705 11,096 10,939 Provision for Loan Losses 25 350 175 175 Net Interest Income after Provision for Loan Losses 10,409 10,355 10,921 10,764 Noninterest Income 2,315 2,399 2,199 2,522 Noninterest Expense 9,081 9,031 8,490 9,226 Income before Income Tax Expense (Benefit) 3,643 3,723 4,630 4,060 Income Tax Expense (Benefit) 718 744 884 (617 ) Net Income $ 2,925 $ 2,979 $ 3,746 $ 4,677 Earnings Per Share - Basic $ 0.54 $ 0.55 $ 0.69 $ 0.86 Earnings Per Share - Diluted 0.54 0.55 0.69 0.85 Dividends Per Share 0.24 0.24 0.24 0.24 Three Months Ended March 31, June 30, September 30, December 31, 2018 2018 2018 2018 Interest Income $ 8,707 $ 10,690 $ 11,764 $ 12,465 Interest Expense 1,099 1,517 1,594 1,739 Net Interest Income 7,608 9,173 10,170 10,726 Provision for Loan Losses 1,500 600 25 400 Net Interest Income after Provision for Loan Losses 6,108 8,573 10,145 10,326 Noninterest Income 2,086 2,125 2,088 2,040 Noninterest Expense 6,667 9,494 9,365 9,375 Income before Income Tax Expense 1,527 1,204 2,868 2,991 Income Tax Expense 167 234 576 561 Net Income $ 1,360 $ 970 $ 2,292 $ 2,430 Earnings Per Share - Basic $ 0.33 $ 0.19 $ 0.42 $ 0.48 Earnings Per Share - Diluted 0.33 0.19 0.42 0.46 Dividends Per Share 0.22 0.22 0.22 0.23 |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | Apr. 30, 2018 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2019 | Jan. 01, 2018 |
Due from Banks | $ 554,000 | $ 1,700,000 | $ 554,000 | $ 1,700,000 | |||||||||
Real Estate Acquired Through Foreclosure | 233,000 | 917,000 | 233,000 | 917,000 | |||||||||
Residential Real Estate, Acquired Through Foreclosure | 53,000 | 46,000 | 53,000 | 46,000 | |||||||||
Mortgage Loans in Process of Foreclosure, Amount | 1,100,000 | 1,400,000 | 1,100,000 | 1,400,000 | |||||||||
Goodwill, Impairment Loss | 0 | 0 | |||||||||||
Real Estate Loans Serviced for Others | 100,000,000 | 99,000,000 | 100,000,000 | 99,000,000 | |||||||||
Servicing Asset, Total | $ 930,000 | 921,000 | 930,000 | 921,000 | |||||||||
Amortization of Mortgage Servicing Rights (MSRs) | 28,000 | 101,000 | |||||||||||
Mortgage Servicing Rights (MSR) Impairment (Recovery) | $ 71,000 | 0 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 407,146 | 407,146 | |||||||||||
Provision for Loan and Lease Losses, Total | $ 175,000 | $ 175,000 | $ 350,000 | $ 25,000 | 400,000 | $ 25,000 | $ 600,000 | $ 1,500,000 | $ 725,000 | 2,525,000 | |||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest, Total | 4,060,000 | 4,630,000 | 3,723,000 | 3,643,000 | 2,991,000 | 2,868,000 | 1,204,000 | 1,527,000 | 16,056,000 | 8,590,000 | |||
Income Tax Expense (Benefit), Total | (617,000) | 884,000 | 744,000 | 718,000 | 561,000 | 576,000 | 234,000 | 167,000 | 1,729,000 | 1,538,000 | |||
Net Income (Loss) Attributable to Parent, Total | 4,677,000 | $ 3,746,000 | $ 2,979,000 | $ 2,925,000 | 2,430,000 | $ 2,292,000 | $ 970,000 | $ 1,360,000 | 14,327,000 | 7,052,000 | |||
Loans and Leases Receivable, Gross, Total | 952,496,000 | 912,872,000 | 952,496,000 | 912,872,000 | |||||||||
Loans and Leases Receivable, Allowance, Ending Balance | 9,867,000 | 9,558,000 | 9,867,000 | 9,558,000 | |||||||||
Equity Securities, FV-NI, Realized Gain (Loss), Total | 190,000 | (63,000) | |||||||||||
Accounting Standards Update 2016-02 [Member] | |||||||||||||
Operating Lease, Right-of-Use Asset | $ 1,700,000 | ||||||||||||
Operating Lease, Liability, Total | $ 1,700,000 | ||||||||||||
Accounting Standards Update 2016-01 [Member] | |||||||||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 40,000 | ||||||||||||
Unallocated Financing Receivables [Member] | |||||||||||||
Loans and Leases Receivable, Gross, Total | $ 18,542,000 | 16,511,000 | $ 18,542,000 | 16,511,000 | |||||||||
Correction of Error with Collateral Position on Commercial and Industrial Classified Loan Relationship [Member] | |||||||||||||
Provision for Loan and Lease Losses, Total | 300,000 | ||||||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest, Total | (300,000) | ||||||||||||
Income Tax Expense (Benefit), Total | (63,000) | ||||||||||||
Net Income (Loss) Attributable to Parent, Total | $ (237,000) | ||||||||||||
Earnings Per Share, Basic and Diluted, Total | $ 0.06 | ||||||||||||
Error in Loan Classifications within Commercial and Industrial Segment [Member] | Commercial and Industrial Segment [Member] | |||||||||||||
Loans and Leases Receivable, Gross, Total | (21,700,000) | $ (21,700,000) | |||||||||||
Error in Loan Classifications within Commercial and Industrial Segment [Member] | Unallocated Financing Receivables [Member] | |||||||||||||
Loans and Leases Receivable, Allowance, Ending Balance | 257,000 | 257,000 | |||||||||||
Share-based Payment Arrangement, Option [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 271,431 | 271,431 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||||||||||||
Share-based Payment Arrangement, Option [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | ||||||||||||
Share-based Payment Arrangement, Option [Member] | Expired Stock Option Plan [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||||||||||
Restricted Stock Awards or Units [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 135,715 | 135,715 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment, Reduction of Shares Over Threshold | 3 | 3 | |||||||||||
Restricted Stock [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||||||||||||
Restricted Stock [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | ||||||||||||
Minimum [Member] | Core Deposits [Member] | |||||||||||||
Finite-Lived Intangible Asset, Useful Life | 6 years 182 days | ||||||||||||
Minimum [Member] | Customer Lists [Member] | |||||||||||||
Finite-Lived Intangible Asset, Useful Life | 8 years | ||||||||||||
Maximum [Member] | Core Deposits [Member] | |||||||||||||
Finite-Lived Intangible Asset, Useful Life | 9 years | ||||||||||||
Maximum [Member] | Customer Lists [Member] | |||||||||||||
Finite-Lived Intangible Asset, Useful Life | 13 years | ||||||||||||
Furniture and Fixtures [Member] | Minimum [Member] | |||||||||||||
Property, Plant and Equipment, Useful Life | 3 years | ||||||||||||
Furniture and Fixtures [Member] | Maximum [Member] | |||||||||||||
Property, Plant and Equipment, Useful Life | 7 years | ||||||||||||
Building [Member] | Minimum [Member] | |||||||||||||
Property, Plant and Equipment, Useful Life | 27 years 182 days | ||||||||||||
Building [Member] | Maximum [Member] | |||||||||||||
Property, Plant and Equipment, Useful Life | 40 years | ||||||||||||
Leasehold Improvements [Member] | Minimum [Member] | |||||||||||||
Property, Plant and Equipment, Useful Life | 7 years | ||||||||||||
Leasehold Improvements [Member] | Maximum [Member] | |||||||||||||
Property, Plant and Equipment, Useful Life | 15 years | ||||||||||||
Investment in Federal Home Loan Bank Stock [Member] | |||||||||||||
Other than Temporary Impairment Losses, Investments, Total | $ 0 | ||||||||||||
Accrued Interest and Other Assets [Member] | |||||||||||||
Federal Home Loan Bank Stock | $ 3,600,000 | 3,800,000 | 3,600,000 | 3,800,000 | |||||||||
Operating Lease, Right-of-Use Asset | 1,289,000 | 1,289,000 | |||||||||||
Accrued Interest and Other Assets [Member] | Atlantic Community Bankers's Bank Stocks [Member] | |||||||||||||
Restricted Investments | $ 85,000 | $ 85,000 | $ 85,000 | 85,000 | |||||||||
First West Virginia Bancorp [Member] | |||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 1,317,647 | ||||||||||||
Payments to Acquire Businesses, Gross | $ 9,800,000 | 9,801,000 | |||||||||||
Business Combination, Consideration Transferred, Total | $ 51,300,000 | $ 51,328,000 | |||||||||||
First West Virginia Bancorp [Member] | Core Deposits [Member] | |||||||||||||
Finite-Lived Intangible Asset, Useful Life | 6 years 182 days |
Note 2 - Merger (Details Textua
Note 2 - Merger (Details Textual) - USD ($) | Apr. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Share Price | $ 31.9068 | ||||
Assets, Total | $ 1,281,701,000 | $ 1,321,537,000 | $ 1,281,701,000 | ||
Loans and Leases Receivable, Net Amount, Total | 903,314,000 | 942,629,000 | 903,314,000 | ||
Deposits, Total | 1,086,658,000 | 1,118,359,000 | 1,086,658,000 | ||
Goodwill, Ending Balance | $ 28,425,000 | 28,425,000 | 28,425,000 | $ 4,953,000 | |
First West Virginia Bancorp [Member] | |||||
Assets, Total | $ 334,000,000 | ||||
Loans and Leases Receivable, Net Amount, Total | 96,800,000 | ||||
Deposits, Total | 282,900,000 | ||||
First West Virginia Bancorp [Member] | |||||
Business Combination, Consideration Transferred, Total | $ 51,300,000 | 51,328,000 | |||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 1,317,647 | ||||
Payments to Acquire Businesses, Gross | $ 9,800,000 | 9,801,000 | |||
Business Combination, Acquisition Related Costs | 1,200,000 | $ 854,000 | |||
Business Combination, Percentage of Ownership Held by Acquirer After Transaction Closed | 76.00% | 76.00% | |||
Business Combination, Percentage of Ownership Held by Acquiree After Transaction Closed | 24.00% | 24.00% | |||
Goodwill, Ending Balance | 23,500,000 | $ 23,472,000 | $ 23,472,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 9,127,000 | $ 9,127,000 | |||
Business Combination, Pro Forma Information, Net Interest Income of Acquiree Since Acquisition Date, Actual | 7,400,000 | ||||
Business Combination, Pro Forma Information, Non-interest Income of Acquiree since Acquisition Date, Actual | 620,000 | ||||
Business Combination, Pro Forma Information, Non-interest Expenses of Acquiree since Acquisition Date, Actual | 6,000,000 | ||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | $ 1,500,000 | ||||
Business Combination, Severance Cost That Would Be Incurred if Retained Employees Had Employment Terminated Within One Year | 100,000 | ||||
Severance Costs | 52,000 | ||||
Severance Costs Offset Against Compensation Expense | $ 48,000 | ||||
First West Virginia Bancorp [Member] | Core Deposits [Member] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 9,100,000 |
Note 2 - Merger - Fair Value of
Note 2 - Merger - Fair Value of the Assets Acquired and Liabilities Assumed in the FWVB Merger (Details) - USD ($) | Apr. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2017 |
Liabilities Assumed: | ||||
Goodwill, Ending Balance | $ 28,425,000 | $ 28,425,000 | $ 4,953,000 | |
First West Virginia Bancorp [Member] | ||||
Consideration Paid: | ||||
Cash Paid for Redemption of FWVB Common Stock | $ 9,800,000 | 9,801,000 | ||
CB Financial Common Stock Issued in Exchange for FWVB Common Stock | 41,527,000 | |||
Total Consideration Paid | 51,300,000 | 51,328,000 | ||
Assets Acquired: | ||||
Cash and Cash Equivalents | 30,433,000 | |||
Net Loans | 95,456,000 | |||
Investment Securities | 187,628,000 | |||
Premises and Equipment | 3,712,000 | |||
Bank Owned Life Insurance | 4,212,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 9,127,000 | |||
Deferred Tax Assets | 1,324,000 | |||
Other Assets | 3,030,000 | |||
Total Assets Acquired | 334,922,000 | |||
Liabilities Assumed: | ||||
Deposits | 281,620,000 | |||
Borrowings | 22,329,000 | |||
Other Liabilities | 3,117,000 | |||
Total Liabilities Assumed | 307,066,000 | |||
Total Identifiable Net Assets | 27,856,000 | |||
Goodwill, Ending Balance | $ 23,500,000 | $ 23,472,000 |
Note 3 - Earnings Per Share (De
Note 3 - Earnings Per Share (Details Textual) - $ / shares | Apr. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 |
Incremental Common Shares Attributable to Conversion of Debt Securities, Total | 0 | 0 | |
First West Virginia Bancorp [Member] | |||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 1,317,647 | ||
Share-based Payment Arrangement, Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 246,153 | 248,006 | |
Antidilutive Securities Excluded from Computation of Net Income, Per Outstanding Unit, Amount | $ 24.36 | $ 24.39 | |
Restricted Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 87,071 | 39,403 |
Note 3 - Earnings Per Share - B
Note 3 - Earnings Per Share - Basic and Diluted Earnings Per Common Share (Details) - $ / shares | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Weighted-Average Common Shares Outstanding (in shares) | 5,680,993 | 5,247,794 | ||||||||
Average Treasury Stock Shares (in shares) | (246,344) | (265,980) | ||||||||
Weighted-Average Common Shares and Common Stock Equivalents Used to Calculate Basic Earnings Per Share (in shares) | 5,434,649 | 4,981,814 | ||||||||
Additional Common Stock Equivalents Used to Calculate Diluted Earnings Per Share (in shares) | 14,112 | 49,316 | ||||||||
Weighted-Average Common Shares and Common Stock Equivalents Used to Calculate Diluted Earnings Per Share (in shares) | 5,448,761 | 5,031,130 | ||||||||
EARNINGS PER SHARE | ||||||||||
Basic (in dollars per share) | $ 0.86 | $ 0.69 | $ 0.55 | $ 0.54 | $ 0.48 | $ 0.42 | $ 0.19 | $ 0.33 | $ 2.64 | $ 1.42 |
Diluted (in dollars per share) | $ 0.85 | $ 0.69 | $ 0.55 | $ 0.54 | $ 0.46 | $ 0.42 | $ 0.19 | $ 0.33 | $ 2.63 | $ 1.40 |
Note 4 - Investment Securitie_2
Note 4 - Investment Securities (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Credit Losses on Debt Securities Held, Ending Balance | $ 0 | |
Debt Securities, Available-for-sale, Restricted | 151,200,000 | $ 126,100,000 |
Debt Securities, Available-for-sale, Realized Gain | 62,000 | |
Debt Securities, Available-for-sale, Realized Loss | $ (112,000) | |
First West Virginia Bancorp [Member] | ||
Debt Securities, Available-for-sale, Realized Gain | 0 | |
Debt Securities, Available-for-sale, Realized Loss | 0 | |
Proceeds from Sale of Debt Securities, Available-for-sale | $ 80,300,000 |
Note 4 - Investment Securitie_3
Note 4 - Investment Securities - Amortized Cost and Fair Value of Investment Securities Available-for-sale (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Securities available-for-sale, amortized cost | $ 191,301 | $ 224,778 |
Securities available-for-sale, gross unrealized gains | 3,647 | 972 |
Securities available-for-sale, gross unrealized losses | (273) | (2,799) |
Securities available-for-sale, fair value | 194,675 | 222,951 |
Equity securities | 2,710 | 2,458 |
Total Available-for-Sale Securities | 197,385 | 225,409 |
US Government Agencies Debt Securities [Member] | ||
Securities available-for-sale, amortized cost | 47,993 | 82,506 |
Securities available-for-sale, gross unrealized gains | 227 | 160 |
Securities available-for-sale, gross unrealized losses | (164) | (2,087) |
Securities available-for-sale, fair value | 48,056 | 80,579 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available-for-sale, amortized cost | 25,026 | 44,737 |
Securities available-for-sale, gross unrealized gains | 819 | 230 |
Securities available-for-sale, gross unrealized losses | (2) | (366) |
Securities available-for-sale, fair value | 25,843 | 44,601 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Securities available-for-sale, amortized cost | 118,282 | 97,535 |
Securities available-for-sale, gross unrealized gains | 2,601 | 582 |
Securities available-for-sale, gross unrealized losses | (107) | (346) |
Securities available-for-sale, fair value | 120,776 | 97,771 |
Equity Securities - Mutual Funds [Member] | ||
Equity securities | 997 | 968 |
Other [Member] | ||
Equity securities | $ 1,713 | $ 1,490 |
Note 4 - Investment Securitie_4
Note 4 - Investment Securities - Gross Unrealized Losses and Fair Value by Investment Category and Continuous Unrealized Loss Position (Details) $ in Thousands | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Securities in continuous unrealized loss position, less than twelve months, number of securities | 13 | 24 |
Securities in continuous unrealized loss position, less than twelve months, fair value | $ 36,119 | $ 13,212 |
Securities in continuous unrealized loss position, less than twelve months, gross unrealized losses | $ (187) | $ (133) |
Securities in continuous unrealized loss position, twelve months or more, number of securities | 8 | 57 |
Securities in continuous unrealized loss position, twelve months or more, fair value | $ 16,158 | $ 91,242 |
Securities in continuous unrealized loss position, twelve months or more, gross unrealized losses | $ (86) | $ (2,666) |
Securities in continuous unrealized loss position, number of securities | 21 | 81 |
Securities in continuous unrealized loss position, fair value | $ 52,277 | $ 104,454 |
Securities in continuous unrealized loss position, gross unrealized losses | $ (273) | $ (2,799) |
US Government Agencies Debt Securities [Member] | ||
Securities in continuous unrealized loss position, less than twelve months, number of securities | 6 | |
Securities in continuous unrealized loss position, less than twelve months, fair value | $ 16,116 | |
Securities in continuous unrealized loss position, less than twelve months, gross unrealized losses | $ (83) | |
Securities in continuous unrealized loss position, twelve months or more, number of securities | 6 | 23 |
Securities in continuous unrealized loss position, twelve months or more, fair value | $ 13,938 | $ 65,450 |
Securities in continuous unrealized loss position, twelve months or more, gross unrealized losses | $ (81) | $ (2,087) |
Securities in continuous unrealized loss position, number of securities | 12 | 23 |
Securities in continuous unrealized loss position, fair value | $ 30,054 | $ 65,450 |
Securities in continuous unrealized loss position, gross unrealized losses | $ (164) | $ (2,087) |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities in continuous unrealized loss position, less than twelve months, number of securities | 24 | |
Securities in continuous unrealized loss position, less than twelve months, fair value | $ 13,212 | |
Securities in continuous unrealized loss position, less than twelve months, gross unrealized losses | $ (133) | |
Securities in continuous unrealized loss position, twelve months or more, number of securities | 1 | 25 |
Securities in continuous unrealized loss position, twelve months or more, fair value | $ 509 | $ 11,918 |
Securities in continuous unrealized loss position, twelve months or more, gross unrealized losses | $ (2) | $ (233) |
Securities in continuous unrealized loss position, number of securities | 1 | 49 |
Securities in continuous unrealized loss position, fair value | $ 509 | $ 25,130 |
Securities in continuous unrealized loss position, gross unrealized losses | $ (2) | $ (366) |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Securities in continuous unrealized loss position, less than twelve months, number of securities | 7 | |
Securities in continuous unrealized loss position, less than twelve months, fair value | $ 20,003 | |
Securities in continuous unrealized loss position, less than twelve months, gross unrealized losses | $ (104) | |
Securities in continuous unrealized loss position, twelve months or more, number of securities | 1 | 9 |
Securities in continuous unrealized loss position, twelve months or more, fair value | $ 1,711 | $ 13,874 |
Securities in continuous unrealized loss position, twelve months or more, gross unrealized losses | $ (3) | $ (346) |
Securities in continuous unrealized loss position, number of securities | 8 | 9 |
Securities in continuous unrealized loss position, fair value | $ 21,714 | $ 13,874 |
Securities in continuous unrealized loss position, gross unrealized losses | $ (107) | $ (346) |
Note 4 - Investment Securitie_5
Note 4 - Investment Securities - Maturities of Investment Securities Available-for-sale and Held-to-maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Due in one year or less, amortized cost | $ 2,035 | |
Due in one year or less, fair value | 2,039 | |
Due after one year through five years, amortized cost | 46,436 | |
Due after one year through five years, fair value | 46,510 | |
Due after five years through ten years, amortized cost | 26,017 | |
Due after five years through ten years, fair value | 26,598 | |
Due after ten years, amortized cost | 116,813 | |
Due after ten years, fair value | 119,528 | |
Total, amortized cost | 191,301 | $ 224,778 |
Total, fair value | $ 194,675 | $ 222,951 |
Note 4 - Investment Securitie_6
Note 4 - Investment Securities - Obligations of States, Municipalities and Political Subdivisions (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Amortized Cost | $ 25,026 | $ 44,737 |
Fair Value | 25,843 | 44,601 |
General Obligation [Member] | ||
Amortized Cost | 22,455 | 40,468 |
Fair Value | 23,072 | 40,298 |
General Obligation [Member] | School [Member] | Pennsylvania Municipalities [Member] | ||
Amortized Cost | 12,724 | 27,319 |
Fair Value | 12,862 | 27,143 |
General Obligation [Member] | School [Member] | Other State Municipalities [Member] | ||
Amortized Cost | 2,562 | 4,296 |
Fair Value | 2,700 | 4,277 |
General Obligation [Member] | Public Improvement [Member] | Pennsylvania Municipalities [Member] | ||
Amortized Cost | 1,850 | 3,532 |
Fair Value | 1,893 | 3,508 |
General Obligation [Member] | Public Improvement [Member] | Other State Municipalities [Member] | ||
Amortized Cost | 5,319 | 5,321 |
Fair Value | 5,617 | 5,370 |
Special Revenue [Member] | ||
Amortized Cost | 2,571 | 4,269 |
Fair Value | 2,771 | 4,303 |
Special Revenue [Member] | Public Improvement [Member] | Other State Municipalities [Member] | ||
Amortized Cost | 331 | 330 |
Fair Value | 360 | 342 |
Special Revenue [Member] | Other [Member] | Pennsylvania Municipalities [Member] | ||
Amortized Cost | 441 | 2,144 |
Fair Value | 468 | 2,133 |
Special Revenue [Member] | Other [Member] | Other State Municipalities [Member] | ||
Amortized Cost | 1,799 | 1,795 |
Fair Value | $ 1,943 | $ 1,828 |
Note 5 - Loans and Related Al_3
Note 5 - Loans and Related Allowance for Loan Losses (Details Textual) | 12 Months Ended | |
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums, Total | $ 907,000 | $ 926,000 |
Loans and Leases Receivable, Gross, Total | 952,496,000 | 912,872,000 |
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | $ 74,000 | $ 66,000 |
Financing Receivable, TDRs, Number of Contracts | 16 | 12 |
Financing Receivable, Troubled Debt Restructuring | $ 3,000,000 | $ 3,600,000 |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | 0 |
Commercial Portfolio Segment [Member] | Real Estate Sector [Member] | ||
Loans and Leases Receivable, Gross, Total | $ 351,360,000 | $ 307,064,000 |
Financing Receivable, Modifications, Number of Contracts Paid Off | 1 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | ||
Loans and Leases Receivable, Gross, Total | $ 85,586,000 | $ 91,463,000 |
Financing Receivable, Modifications, Number of Contracts Paid Off | 1 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | Originated Loans [Member] | ||
Financing Receivable, Modifications, Number of Termed Out | 1 | |
Consumer Portfolio Segment [Member] | ||
Loans and Leases Receivable, Gross, Total | 113,637,000 | $ 122,241,000 |
Financing Receivable, Modifications, Number of Contracts Paid Off | 1 | |
Consumer Portfolio Segment [Member] | Real Estate Sector [Member] | ||
Financing Receivable, Modifications, Number of Contracts Paid Off | 2 | |
Residential Portfolio Segment [Member] | Real Estate Sector [Member] | ||
Loans and Leases Receivable, Gross, Total | 347,766,000 | $ 326,769,000 |
Residential Portfolio Segment [Member] | Real Estate Sector [Member] | Acquired Loans [Member] | ||
Financing Receivable, Modifications, Number of Contracts Paid Off | 1 | |
Unlikely to be Collected Financing Receivable [Member] | ||
Loans and Leases Receivable, Gross, Total | $ 0 | $ 0 |
Note 5 - Loans and Related Al_4
Note 5 - Loans and Related Allowance for Loan Losses - Composition of Loan Portfolio (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Loans | $ 952,496 | $ 912,872 |
Allowance for loan losses | (9,867) | (9,558) |
Loans, Net | 942,629 | 903,314 |
Residential Portfolio Segment [Member] | Real Estate Sector [Member] | ||
Loans | 347,766 | 326,769 |
Commercial Portfolio Segment [Member] | Real Estate Sector [Member] | ||
Loans | 351,360 | 307,064 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | ||
Loans | 85,586 | 91,463 |
Construction Portfolio Segment [Member] | Real Estate Sector [Member] | ||
Loans | 35,605 | 48,824 |
Consumer Portfolio Segment [Member] | ||
Loans | 113,637 | 122,241 |
Unallocated Financing Receivables [Member] | ||
Loans | $ 18,542 | $ 16,511 |
Note 5 - Loans and Related Al_5
Note 5 - Loans and Related Allowance for Loan Losses - Credit Quality Information (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Loans | $ 952,496 | $ 912,872 |
Pass [Member] | ||
Loans | 919,809 | 881,217 |
Special Mention [Member] | ||
Loans | 24,585 | 26,021 |
Substandard [Member] | ||
Loans | 7,383 | 3,396 |
Doubtful [Member] | ||
Loans | 719 | 2,238 |
Residential Portfolio Segment [Member] | Real Estate Sector [Member] | ||
Loans | 347,766 | 326,769 |
Residential Portfolio Segment [Member] | Real Estate Sector [Member] | Pass [Member] | ||
Loans | 343,851 | 323,362 |
Residential Portfolio Segment [Member] | Real Estate Sector [Member] | Special Mention [Member] | ||
Loans | 1,997 | 1,922 |
Residential Portfolio Segment [Member] | Real Estate Sector [Member] | Substandard [Member] | ||
Loans | 1,918 | 1,485 |
Residential Portfolio Segment [Member] | Real Estate Sector [Member] | Doubtful [Member] | ||
Loans | ||
Commercial Portfolio Segment [Member] | Real Estate Sector [Member] | ||
Loans | 351,360 | 307,064 |
Commercial Portfolio Segment [Member] | Real Estate Sector [Member] | Pass [Member] | ||
Loans | 335,436 | 292,233 |
Commercial Portfolio Segment [Member] | Real Estate Sector [Member] | Special Mention [Member] | ||
Loans | 12,260 | 12,476 |
Commercial Portfolio Segment [Member] | Real Estate Sector [Member] | Substandard [Member] | ||
Loans | 3,664 | 1,184 |
Commercial Portfolio Segment [Member] | Real Estate Sector [Member] | Doubtful [Member] | ||
Loans | 1,171 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | ||
Loans | 85,586 | 91,463 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | Pass [Member] | ||
Loans | 75,201 | 81,534 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | Special Mention [Member] | ||
Loans | 7,975 | 8,618 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | Substandard [Member] | ||
Loans | 1,691 | 244 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | Doubtful [Member] | ||
Loans | 719 | 1,067 |
Construction Portfolio Segment [Member] | Real Estate Sector [Member] | ||
Loans | 35,605 | 48,824 |
Construction Portfolio Segment [Member] | Real Estate Sector [Member] | Pass [Member] | ||
Loans | 33,342 | 45,522 |
Construction Portfolio Segment [Member] | Real Estate Sector [Member] | Special Mention [Member] | ||
Loans | 2,263 | 2,902 |
Construction Portfolio Segment [Member] | Real Estate Sector [Member] | Substandard [Member] | ||
Loans | 400 | |
Construction Portfolio Segment [Member] | Real Estate Sector [Member] | Doubtful [Member] | ||
Loans | ||
Consumer Portfolio Segment [Member] | ||
Loans | 113,637 | 122,241 |
Consumer Portfolio Segment [Member] | Pass [Member] | ||
Loans | 113,527 | 122,158 |
Consumer Portfolio Segment [Member] | Special Mention [Member] | ||
Loans | ||
Consumer Portfolio Segment [Member] | Substandard [Member] | ||
Loans | 110 | 83 |
Consumer Portfolio Segment [Member] | Doubtful [Member] | ||
Loans | ||
Other Portfolio Segment [Member] | ||
Loans | 18,542 | 16,511 |
Other Portfolio Segment [Member] | Pass [Member] | ||
Loans | 18,452 | 16,408 |
Other Portfolio Segment [Member] | Special Mention [Member] | ||
Loans | 90 | 103 |
Other Portfolio Segment [Member] | Substandard [Member] | ||
Loans | ||
Other Portfolio Segment [Member] | Doubtful [Member] | ||
Loans |
Note 5 - Loans and Related Al_6
Note 5 - Loans and Related Allowance for Loan Losses - Loans by Aging Categories (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Loans current | $ 943,979 | $ 905,326 |
Past due | 5,616 | 4,265 |
Non-accrual | 2,901 | 3,281 |
Loans | 952,496 | 912,872 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Past due | 4,795 | 3,548 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Past due | 599 | 390 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Past due | 222 | 327 |
Residential Portfolio Segment [Member] | Real Estate Sector [Member] | ||
Loans current | 342,010 | 322,372 |
Past due | 3,939 | 2,243 |
Non-accrual | 1,817 | 2,154 |
Loans | 347,766 | 326,769 |
Residential Portfolio Segment [Member] | Real Estate Sector [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Past due | 3,462 | 1,782 |
Residential Portfolio Segment [Member] | Real Estate Sector [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Past due | 281 | 137 |
Residential Portfolio Segment [Member] | Real Estate Sector [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Past due | 196 | 324 |
Commercial Portfolio Segment [Member] | Real Estate Sector [Member] | ||
Loans current | 351,104 | 306,721 |
Past due | 22 | 343 |
Non-accrual | 234 | |
Loans | 351,360 | 307,064 |
Commercial Portfolio Segment [Member] | Real Estate Sector [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Past due | 22 | 161 |
Commercial Portfolio Segment [Member] | Real Estate Sector [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Past due | 182 | |
Commercial Portfolio Segment [Member] | Real Estate Sector [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Past due | ||
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | ||
Loans current | 84,280 | 90,151 |
Past due | 566 | 268 |
Non-accrual | 740 | 1,044 |
Loans | 85,586 | 91,463 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Past due | 388 | 268 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Past due | 178 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Past due | ||
Construction Portfolio Segment [Member] | Real Estate Sector [Member] | ||
Loans current | 35,605 | 48,824 |
Past due | ||
Non-accrual | ||
Loans | 35,605 | 48,824 |
Construction Portfolio Segment [Member] | Real Estate Sector [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Past due | ||
Construction Portfolio Segment [Member] | Real Estate Sector [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Past due | ||
Construction Portfolio Segment [Member] | Real Estate Sector [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Past due | ||
Consumer Portfolio Segment [Member] | ||
Loans current | 112,438 | 120,747 |
Past due | 1,089 | 1,411 |
Non-accrual | 110 | 83 |
Loans | 113,637 | 122,241 |
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Past due | 923 | 1,337 |
Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Past due | 140 | 71 |
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Past due | 26 | 3 |
Other Portfolio Segment [Member] | ||
Loans current | 18,542 | 16,511 |
Past due | ||
Non-accrual | ||
Loans | 18,542 | 16,511 |
Other Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Past due | ||
Other Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Past due | ||
Other Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Past due |
Note 5 - Loans and Related Al_7
Note 5 - Loans and Related Allowance for Loan Losses - Impaired Loans (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Recorded investment, with no related allowance | $ 3,740,000 | $ 6,081,000 |
Unpaid principal balance, with no related allowance | 3,765,000 | 6,096,000 |
Average recorded investment, with no related allowance | 3,985,000 | 5,679,000 |
Interest income recognized, with no related allowance | 203,000 | 294,000 |
Recorded investment, with a related allowance | 4,024,000 | 1,800,000 |
Related allowance | 884,000 | 1,012,000 |
Unpaid principal balance, with a related allowance | 4,175,000 | 1,905,000 |
Average recorded investment, with a related allowance | 4,150,000 | 1,954,000 |
Interest income recognized, with a related allowance | 194,000 | 106,000 |
Recorded investment | 7,764,000 | 7,881,000 |
Unpaid principal balance | 7,940,000 | 8,001,000 |
Average recorded investment | 8,135,000 | 7,633,000 |
Interest income recognized | 397,000 | 400,000 |
Commercial and Industrial Sector [Member] | ||
Recorded investment, with no related allowance | 133,000 | 382,000 |
Unpaid principal balance, with no related allowance | 135,000 | 394,000 |
Average recorded investment, with no related allowance | 156,000 | 403,000 |
Interest income recognized, with no related allowance | 6,000 | 5,000 |
Recorded investment, with a related allowance | 2,378,000 | 1,082,000 |
Related allowance | 610,000 | 793,000 |
Unpaid principal balance, with a related allowance | 2,529,000 | 1,187,000 |
Average recorded investment, with a related allowance | 2,448,000 | 1,209,000 |
Interest income recognized, with a related allowance | 113,000 | 63,000 |
Recorded investment | 2,511,000 | 1,464,000 |
Unpaid principal balance | 2,664,000 | 1,581,000 |
Average recorded investment | 2,604,000 | 1,612,000 |
Interest income recognized | 119,000 | 68,000 |
Residential Portfolio Segment [Member] | Real Estate Sector [Member] | ||
Recorded investment, with no related allowance | 549,000 | 1,283,000 |
Unpaid principal balance, with no related allowance | 553,000 | 1,286,000 |
Average recorded investment, with no related allowance | 494,000 | 1,316,000 |
Interest income recognized, with no related allowance | 20,000 | 67,000 |
Related allowance | ||
Recorded investment | 549,000 | 1,283,000 |
Unpaid principal balance | 553,000 | 1,286,000 |
Average recorded investment | 494,000 | 1,316,000 |
Interest income recognized | 20,000 | 67,000 |
Commercial Portfolio Segment [Member] | Real Estate Sector [Member] | ||
Recorded investment, with no related allowance | 3,058,000 | 4,016,000 |
Unpaid principal balance, with no related allowance | 3,077,000 | 4,016,000 |
Average recorded investment, with no related allowance | 3,335,000 | 3,494,000 |
Interest income recognized, with no related allowance | 177,000 | 197,000 |
Recorded investment, with a related allowance | 1,646,000 | 718,000 |
Related allowance | 274,000 | 219,000 |
Unpaid principal balance, with a related allowance | 1,646,000 | 718,000 |
Average recorded investment, with a related allowance | 1,702,000 | 745,000 |
Interest income recognized, with a related allowance | 81,000 | 43,000 |
Recorded investment | 4,704,000 | 4,734,000 |
Unpaid principal balance | 4,723,000 | 4,734,000 |
Average recorded investment | 5,037,000 | 4,239,000 |
Interest income recognized | $ 258,000 | $ 240,000 |
Note 5 - Loans and Related Al_8
Note 5 - Loans and Related Allowance for Loan Losses - Loans Classified as TDRs (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Number of contracts | 5 | 2 |
Pre-modification outstanding recorded investment | $ 601 | $ 168 |
Post-modification outstanding recorded investment | 601 | 168 |
Related allowance | ||
Commercial and Industrial Sector [Member] | ||
Number of contracts | 1 | |
Pre-modification outstanding recorded investment | $ 161 | |
Post-modification outstanding recorded investment | 161 | |
Related allowance | ||
Residential Portfolio Segment [Member] | Real Estate Sector [Member] | ||
Number of contracts | 3 | 1 |
Pre-modification outstanding recorded investment | $ 175 | $ 7 |
Post-modification outstanding recorded investment | 175 | 7 |
Related allowance | ||
Commercial Portfolio Segment [Member] | Real Estate Sector [Member] | ||
Number of contracts | 2 | |
Pre-modification outstanding recorded investment | $ 426 | |
Post-modification outstanding recorded investment | 426 | |
Related allowance |
Note 5 - Loans and Related Al_9
Note 5 - Loans and Related Allowance for Loan Losses - Accretable Discount on Loans Acquired at Fair Value (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Balance | $ 1,912 | $ 760 |
Accretable Discount Related to FWVB Merger | 1,348 | |
Accretable Yield | (284) | (299) |
Adjustment due to Unexpected Early Payoffs | 98 | |
Nonaccretable Premium | 5 | |
Balance | $ 1,628 | $ 1,912 |
Note 5 - Loans and Related A_10
Note 5 - Loans and Related Allowance for Loan Losses - Related Party Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Balance | $ 6,234 | $ 7,173 |
Additions | 5,875 | 2,000 |
Payments | (1,307) | (2,939) |
Balance | $ 10,802 | $ 6,234 |
Note 5 - Loans and Related A_11
Note 5 - Loans and Related Allowance for Loan Losses - Activity in the Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Beginning Balance | $ 9,558 | $ 8,796 |
Charge-offs | (721) | (2,117) |
Recoveries | 305 | 354 |
Provision | 725 | 2,525 |
Ending Balance | 9,867 | 9,558 |
Individually Evaluated for Impairment | 884 | 1,012 |
Collectively Evaluated for Potential Impairment | 8,983 | 8,546 |
Residential Portfolio Segment [Member] | Real Estate Sector [Member] | ||
Beginning Balance | 1,050 | 891 |
Charge-offs | (96) | (64) |
Recoveries | 12 | 28 |
Provision | 1,057 | 195 |
Ending Balance | 2,023 | 1,050 |
Individually Evaluated for Impairment | ||
Collectively Evaluated for Potential Impairment | 2,023 | 1,050 |
Commercial Portfolio Segment [Member] | Real Estate Sector [Member] | ||
Beginning Balance | 2,693 | 2,289 |
Charge-offs | ||
Recoveries | 73 | 168 |
Provision | 444 | 236 |
Ending Balance | 3,210 | 2,693 |
Individually Evaluated for Impairment | 274 | 219 |
Collectively Evaluated for Potential Impairment | 2,936 | 2,474 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | ||
Beginning Balance | 2,807 | 2,544 |
Charge-offs | (16) | (1,456) |
Recoveries | 85 | 5 |
Provision | (464) | 1,714 |
Ending Balance | 2,412 | 2,807 |
Individually Evaluated for Impairment | 610 | 793 |
Collectively Evaluated for Potential Impairment | 1,802 | 2,014 |
Construction Portfolio Segment [Member] | Real Estate Sector [Member] | ||
Beginning Balance | 395 | 276 |
Charge-offs | ||
Recoveries | ||
Provision | (110) | 119 |
Ending Balance | 285 | 395 |
Individually Evaluated for Impairment | ||
Collectively Evaluated for Potential Impairment | 285 | 395 |
Consumer Portfolio Segment [Member] | ||
Beginning Balance | 2,027 | 2,358 |
Charge-offs | (609) | (597) |
Recoveries | 135 | 153 |
Provision | (136) | 113 |
Ending Balance | 1,417 | 2,027 |
Individually Evaluated for Impairment | ||
Collectively Evaluated for Potential Impairment | 1,417 | 2,027 |
Other Portfolio Segment [Member] | ||
Beginning Balance | ||
Charge-offs | ||
Recoveries | ||
Provision | ||
Ending Balance | ||
Individually Evaluated for Impairment | ||
Collectively Evaluated for Potential Impairment | ||
Unallocated Financing Receivables [Member] | ||
Beginning Balance | 586 | 438 |
Charge-offs | ||
Recoveries | ||
Provision | (66) | 148 |
Ending Balance | 520 | 586 |
Individually Evaluated for Impairment | ||
Collectively Evaluated for Potential Impairment | $ 520 | $ 586 |
Note 5 - Loans and Related A_12
Note 5 - Loans and Related Allowance for Loan Losses - Loans Summarized by Individually Evaluated for Impairment and Collectively Evaluated for Potential Losses (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Individually Evaluated for Impairment | $ 7,764 | $ 7,881 |
Collectively Evaluated for Potential Impairment | 944,732 | 904,991 |
Total Loans | 952,496 | 912,872 |
Residential Portfolio Segment [Member] | Real Estate Sector [Member] | ||
Individually Evaluated for Impairment | 549 | 1,283 |
Collectively Evaluated for Potential Impairment | 347,217 | 325,486 |
Total Loans | 347,766 | 326,769 |
Commercial Portfolio Segment [Member] | Real Estate Sector [Member] | ||
Individually Evaluated for Impairment | 4,704 | 4,734 |
Collectively Evaluated for Potential Impairment | 346,656 | 302,330 |
Total Loans | 351,360 | 307,064 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | ||
Individually Evaluated for Impairment | 2,511 | 1,464 |
Collectively Evaluated for Potential Impairment | 83,075 | 89,999 |
Total Loans | 85,586 | 91,463 |
Construction Portfolio Segment [Member] | Real Estate Sector [Member] | ||
Individually Evaluated for Impairment | 400 | |
Collectively Evaluated for Potential Impairment | 35,605 | 48,424 |
Total Loans | 35,605 | 48,824 |
Consumer Portfolio Segment [Member] | ||
Individually Evaluated for Impairment | ||
Collectively Evaluated for Potential Impairment | 113,637 | 122,241 |
Total Loans | 113,637 | 122,241 |
Other Portfolio Segment [Member] | ||
Individually Evaluated for Impairment | ||
Collectively Evaluated for Potential Impairment | 18,542 | 16,511 |
Total Loans | $ 18,542 | $ 16,511 |
Note 6 - Premises and Equipme_3
Note 6 - Premises and Equipment (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Depreciation, Total | $ 1.2 | $ 1.3 |
Note 6 - Premises and Equipme_4
Note 6 - Premises and Equipment - Classifications of Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property, plant, and equipment | $ 42,294 | $ 42,363 |
Less Accumulated Depreciation and Amortization | (20,012) | (18,915) |
Total Premises and Equipment | 22,282 | 23,448 |
Land [Member] | ||
Property, plant, and equipment | 3,833 | 3,808 |
Building [Member] | ||
Property, plant, and equipment | 25,172 | 25,305 |
Leasehold Improvements [Member] | ||
Property, plant, and equipment | 1,623 | 1,653 |
Furniture and Fixtures [Member] | ||
Property, plant, and equipment | 11,601 | 11,543 |
Construction in Progress [Member] | ||
Property, plant, and equipment | $ 65 | $ 54 |
Note 7 - Core Deposit Intangi_3
Note 7 - Core Deposit Intangible & Goodwill (Details Textual) - USD ($) | Apr. 30, 2018 | Oct. 31, 2014 | Dec. 31, 2019 | Dec. 31, 2018 |
Core Deposits [Member] | ||||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $ 1,900,000 | |||
Finite-lived Intangible Assets, Five Year Amortization | $ 9,700,000 | |||
First West Virginia Bancorp [Member] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 9,127,000 | |||
First West Virginia Bancorp [Member] | Core Deposits [Member] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 9,100,000 | |||
Finite-Lived Intangible Asset, Useful Life | 6 years 182 days | |||
FedFirst Financial Corporation [Member] | Core Deposits [Member] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 5,000,000 | |||
Finite-Lived Intangible Asset, Useful Life | 9 years |
Note 7 - Core Deposit Intangi_4
Note 7 - Core Deposit Intangible & Goodwill - Core Deposit Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Balance | $ 10,934 | |
Amortization Expense | (1,939) | $ (1,477) |
Balance | 8,995 | 10,934 |
Core Deposits [Member] | ||
Balance | 10,934 | 3,285 |
Addition of Core Deposit Intangible from FWVB Merger | 9,126 | |
Amortization Expense | (1,939) | (1,477) |
Balance | $ 8,995 | $ 10,934 |
Note 7 - Core Deposit Intangi_5
Note 7 - Core Deposit Intangible & Goodwill - Goodwill (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Balance | $ 4,953 |
Goodwill from the FWVB merger | 23,472 |
Balance | $ 28,425 |
Note 8 - Deposits (Details Text
Note 8 - Deposits (Details Textual) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Time Deposits, at or Above FDIC Insurance Limit | $ 69.3 | $ 68 |
Director and Executive Officer [Member] | ||
Related Party Deposit Liabilities | $ 5.7 | $ 5.4 |
Note 8 - Deposits - Maturities
Note 8 - Deposits - Maturities of Time Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
2020 | $ 83,621 | |
2021 | 61,902 | |
2022 | 22,002 | |
2023 | 40,326 | |
2024 | 6,660 | |
Beyond 2024 | 5,245 | |
Total | $ 219,756 | $ 216,376 |
Note 9 - Short-term Borrowing_2
Note 9 - Short-term Borrowings - Federal Funds Purchased and Short-term Borrowings (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Balance at Period End, Amount | $ 30,571 | $ 30,979 |
Federal Funds Purchased [Member] | ||
Average Balance Outstanding During the Period, Amount | $ 37 | |
Average Balance Outstanding During the Period, Weighted Average Rate | 2.70% | |
Maximum Amount Outstanding at any Month End, Amount | $ 1,500 | |
Other Short-term Debt [Member] | ||
Average Balance Outstanding During the Period, Amount | $ 19,726 | |
Average Balance Outstanding During the Period, Weighted Average Rate | 1.86% | |
Maximum Amount Outstanding at any Month End, Amount | $ 98,960 | |
Balance at Period End, Amount | $ 30,571 | $ 30,979 |
Balance at Period End, Weighted Average Rate | 0.57% | 0.54% |
Securities Sold under Agreements to Repurchase [Member] | ||
Average Balance Outstanding During the Period, Amount | $ 29,976 | $ 29,300 |
Average Balance Outstanding During the Period, Weighted Average Rate | 0.62% | 0.53% |
Maximum Amount Outstanding at any Month End, Amount | $ 34,197 | $ 35,661 |
Carrying Value, Amount | 37,584 | 48,131 |
Market Value, Amount | $ 37,873 | $ 47,083 |
Note 10 - Other Borrowed Fund_2
Note 10 - Other Borrowed Funds (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2019 | |
Federal Home Loan Bank, Advances, General Debt Obligations, Maximum Amount Available | $ 373,400 | $ 374,800 |
Variable Rate Line of Credit [Member] | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Maximum Amount Available | 147,000 | 147,000 |
Federal Reserve Bank [Member] | ||
Long-term Line of Credit, Total | 0 | 0 |
Line of Credit Facility, Maximum Borrowing Capacity | 90,900 | |
Various Banks [Member] | ||
Long-term Line of Credit, Total | 0 | 0 |
Line of Credit Facility, Maximum Borrowing Capacity | 60,000 | $ 60,000 |
Various Banks [Member] | First West Virginia Bancorp [Member] | ||
Line of Credit Facility, Increase in Maximum Borrowing Capacity | $ 20,000 |
Note 10 - Other Borrowed Fund_3
Note 10 - Other Borrowed Funds - Federal Home Loan Bank Advances (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Due in One Year, amount | $ 6 | $ 6 |
Due in One Year, weighted average rate | 1.97% | 1.78% |
Due After One Year to Two Years, amount | $ 5 | $ 6 |
Due After One Year to Two Years, weighted average rate | 2.18% | 1.97% |
Due After Two Years to Three Years, amount | $ 3 | $ 5 |
Due After Two Years to Three Years, weighted average rate | 2.23% | 2.18% |
Due After Three Years to Four Years, amount | $ 3 | |
Due After Three Years to Four Years, weighted average rate | 2.41% | |
Total, amount | $ 14 | $ 20 |
Weighted Average [Member] | ||
Total, weighted average rate | 2.10% | 2.03% |
Note 11 - Income Taxes (Details
Note 11 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Apr. 30, 2018 | |||
Deferred Tax Assets, Valuation Allowance, Total | [1] | $ 1,311 | [1] | $ 1,311 | |||||||||
Income Tax Expense (Benefit), Total | (617) | $ 884 | $ 744 | $ 718 | 561 | $ 576 | $ 234 | $ 167 | 1,729 | 1,538 | |||
Unrecognized Tax Benefits, Ending Balance | 0 | 0 | 0 | 0 | |||||||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | $ 0 | $ 0 | 0 | $ 0 | |||||||||
Alternative Minimum Tax Credit [Member] | |||||||||||||
Income Tax Expense (Benefit), Total | $ (1,300) | ||||||||||||
First West Virginia Bancorp [Member] | Alternative Minimum Tax Credit [Member] | |||||||||||||
Tax Credit Carryforward, Amount | $ 1,300 | ||||||||||||
[1] | 100% valuation allowance for AMT tax credit carryforward acquired in the FWVB merger. See below narrative for further explanation. |
Note 11 - Income Taxes - Provis
Note 11 - Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current Payable | $ 2,343 | $ 515 | ||||||||
Deferred (Benefit) Expense | (614) | 1,023 | ||||||||
Total Provision | $ (617) | $ 884 | $ 744 | $ 718 | $ 561 | $ 576 | $ 234 | $ 167 | $ 1,729 | $ 1,538 |
Note 11 - Income Taxes - Summar
Note 11 - Income Taxes - Summary of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Deferred Tax Assets: | |||
Allowance for Loan Losses | $ 2,117 | $ 2,063 | |
Non-Accrual Loan Interest | 24 | 39 | |
Amortization of Intangibles | 76 | 72 | |
Tax Credit Carryforwards | 1,207 | 2,010 | |
Unrealized Loss of AFS - Merger Tax Adjustment | 812 | 894 | |
Postretirement Benefits | 27 | 30 | |
Net Unrealized Loss on Securities | 383 | ||
Stock-Based Compensation Expense | 42 | 28 | |
Gas Lease - Deferred Revenue | 130 | ||
Accrued Payroll | 44 | ||
OREO | 48 | 121 | |
Purchase Accounting Adjustments - Acquired Loans | 348 | 413 | |
Lease Liability | 278 | ||
Deferred Compensation | 55 | ||
Other | 31 | ||
Gross Deferred Tax Assets Before Valuation Allowance | 5,109 | 6,183 | |
100% Valuation Allowance - AMT Tax Credit Carryforward | [1] | (1,311) | |
Gross Deferred Tax Assets | 5,109 | 4,872 | |
Deferred Tax Liabilities: | |||
Deferred Origination Fees and Costs | 320 | 292 | |
Discount Accretion | 52 | ||
Tax Reserve | 45 | ||
Depreciation | 892 | 714 | |
Net Unrealized Gain on Securities | 725 | ||
Net Unrealized Gain on Equity Securities | 41 | ||
Mortgage Servicing Rights | 199 | 198 | |
ROU Asset | 277 | ||
Purchase Accounting Adjustment - Core Deposit Intangible | 1,930 | 2,361 | |
Purchase Accounting Adjustments - Fixed Assets | 292 | 321 | |
Purchase Accounting Adjustments - Certificates of Deposit | 16 | 175 | |
Goodwill | 413 | 412 | |
Other | 2 | ||
Gross Deferred Tax Liabilities | 5,204 | 4,473 | |
Net Deferred Tax Assets (Liabilities) | $ (95) | ||
Net Deferred Tax Assets | $ 399 | ||
[1] | 100% valuation allowance for AMT tax credit carryforward acquired in the FWVB merger. See below narrative for further explanation. |
Note 11 - Income Taxes - Federa
Note 11 - Income Taxes - Federal Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Provision at Statutory Rate, Amount | $ 3,372 | $ 1,804 | ||||||||
Provision at Statutory Rate, Percentage | 21.00% | 21.00% | ||||||||
State Taxes (Net of Federal Benefit), Amount | $ 155 | $ 98 | ||||||||
State Taxes (Net of Federal Benefit), Percentage | 1.00% | 1.10% | ||||||||
Tax-Free Income, Amount | $ (324) | $ (312) | ||||||||
Tax-Free Income, Percentage | (2.00%) | (3.60%) | ||||||||
BOLI Income, Amount | $ (118) | $ (197) | ||||||||
BOLI Income, Percentage | (0.70%) | (2.30%) | ||||||||
Merger Expenses, Amount | $ 54 | |||||||||
Merger Expenses, Percentage | 0.60% | |||||||||
Stock Options - ISO, Amount | $ 35 | $ 38 | ||||||||
Stock Options - ISO, Percentage | 0.20% | 0.50% | ||||||||
Reversal of the AMT Tax Credit Carryforward VA, Amount | $ 1,311 | |||||||||
Reversal of the AMT Tax Credit Carryforward VA, Percentage | (8.20%) | |||||||||
Other, Amount | $ (80) | $ 53 | ||||||||
Other, Percentage | (0.50%) | 0.60% | ||||||||
Total Provision | $ (617) | $ 884 | $ 744 | $ 718 | $ 561 | $ 576 | $ 234 | $ 167 | $ 1,729 | $ 1,538 |
Actual Tax Expense and Effective Rate, Percentage | 10.80% | 17.90% |
Note 12 - Employee Benefits (De
Note 12 - Employee Benefits (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 4.00% | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 25.00% | |
Defined Contribution Plan, Cost | $ 199,000 | $ 172,000 |
Share-based Payment Arrangement, Expense | 323,000 | 482,000 |
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | 363,000 | 596,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 1,400,000 | 409,000 |
Share-based Payment Arrangement, Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |
Share-based Payment Arrangement, Expense, Tax Benefit | $ 11,000 | $ 12,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 13,359 | 12,306 |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 1,400,000 | $ 473,000 |
Restricted Stock Awards or Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 60,124 | 93,074 |
Share-based Compensation Arrangement by Share-based Payment, Reduction of Shares Over Threshold | 3 | |
Safe Harbor [Member] | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 706,000 | $ 752,000 |
Note 12 - Employee Benefits - R
Note 12 - Employee Benefits - Restricted Stock Awards and Stock Option Grant (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Number of Stock Options Granted (in shares) | 5,000 | |
Restricted Stock [Member] | ||
Number of Restricted Shares Granted (in shares) | 33,350 | 18,750 |
2015 Equity Incentive Plan [Member] | ||
Weighted Average Grant Date Common Stock Price (in dollars per share) | $ 30.32 | $ 25.45 |
Restricted Shares Market Value Before Tax | $ 1,011,000 | $ 477,000 |
Number of Stock Options Granted (in shares) | 5,000 | |
Stock Options Market Value Before Tax | $ 18,000 | |
2015 Equity Incentive Plan [Member] | Restricted Stock [Member] | ||
Number of Restricted Shares Granted (in shares) | 33,350 | 18,750 |
2015 Equity Incentive Plan [Member] | Share-based Payment Arrangement, Option [Member] | ||
Expected Life in Years (Year) | 6 years 182 days | |
Expected Dividend Yield | 4.07% | |
Risk-free Interest Rate | 2.30% | |
Expected Volatility | 23.30% | |
Weighted Average Grant Date Fair Value (in dollars per share) | $ 3.52 |
Note 12 - Employee Benefits - S
Note 12 - Employee Benefits - Stock Option Plan Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Outstanding, shares (in shares) | 248,006 | 263,640 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 24.36 | $ 24.39 | $ 24.33 |
Outstanding, weighted average remaining service period (Year) | 6 years 182 days | 7 years 182 days | 8 years 182 days |
Number of Stock Options Granted (in shares) | 5,000 | ||
Granted, weighted average exercise price (in dollars per share) | $ 23.60 | ||
Granted, weighted average remaining service period (Year) | |||
Exercised, shares (in shares) | (800) | (9,319) | |
Exercised, weighted average exercise price (in dollars per share) | $ 22.25 | $ 22.84 | |
Forfeited, shares (in shares) | (6,053) | (6,315) | |
Forfeited, weighted average exercise price (in dollars per share) | $ 25.57 | $ 23.99 | |
Outstanding, shares (in shares) | 246,153 | 248,006 | 263,640 |
Exercisable, shares (in shares) | 167,974 | 119,878 | |
Exercisable, weighted average exercise price (in dollars per share) | $ 23.70 | $ 23.44 | |
Exercisable, weighted average remaining service period (Year) | 6 years 109 days | 7 years 73 days | |
Restricted Stock [Member] | |||
Nonvested, shares (in shares) | 78,179 | 128,128 | |
Nonvested, weighted average exercise price (in dollars per share) | $ 25.76 | $ 25.28 | |
Nonvested, weighted average remaining service period (Year) | 7 years | 7 years 255 days | |
Nonvested, shares (in shares) | 78,179 | 128,128 | |
Nonvested, weighted average exercise price (in dollars per share) | $ 25.76 | $ 25.28 |
Note 12 - Employee Benefits -_2
Note 12 - Employee Benefits - Restricted Stock Award Activity (Details) - Restricted Stock [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Nonvested, shares (in shares) | 18,750 | 8,250 | |
Nonvested, Weighted Average Grant Date Fair Value Price (in dollars per share) | $ 28.70 | $ 25.45 | $ 30.75 |
Nonvested, Weighted Average Remaining Service Period (Year) | 7 years 328 days | 5 years | 1 year |
Number of Restricted Shares Granted (in shares) | 33,350 | 18,750 | |
Granted, Weighted Average Grant Date Fair Value Price (in dollars per share) | $ 30.32 | $ 25.45 | |
Granted, Weighted Average Remaining Service Period (Year) | 9 years 328 days | 5 years | |
Vested, shares (in shares) | (1,800) | (8,250) | |
Vested, Weighted Average Grant Date Fair Value Price (in dollars per share) | $ (25.45) | $ (30.75) | |
Vested, Weighted Average Remaining Service Period (Year) | 4 years | 1 year | |
Vested, Weighted Average Grant Date Fair Value Price (in dollars per share) | $ 25.45 | $ 30.75 | |
Forfeited, shares (in shares) | (400) | ||
Forfeited, Weighted Average Grant Date Fair Value Price (in dollars per share) | $ 25.45 | ||
Nonvested, shares (in shares) | 49,900 | 18,750 | 8,250 |
Note 13 - Commitments and Con_3
Note 13 - Commitments and Contingent Liabilities (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Standby Letters of Credit [Member] | ||
Loss Contingency Accrual, Ending Balance | $ 0 | $ 0 |
Note 13 - Commitments and Con_4
Note 13 - Commitments and Contingent Liabilities - Unused and Available Credit Balances of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Financial instruments | $ 240,104 | $ 209,025 |
Financial Standby Letter of Credit [Member] | ||
Financial instruments | 42,041 | 37,559 |
Performance Guarantee [Member] | ||
Financial instruments | 2,521 | 3,544 |
Commitments to Extend Credit [Member] | ||
Financial instruments | 2,783 | |
Construction Mortgages [Member] | ||
Financial instruments | 59,689 | 56,691 |
Personal Line Of Credit [Member] | ||
Financial instruments | 6,456 | 6,186 |
Overdraft Protection Lines [Member] | ||
Financial instruments | 6,415 | 6,140 |
Home Equity Lines of Credit [Member] | ||
Financial instruments | 20,560 | 21,520 |
Commercial Lines Of Credit [Member] | ||
Financial instruments | $ 102,422 | $ 74,602 |
Note 14 - Regulatory Capital -
Note 14 - Regulatory Capital - Summary of Capital Ratios (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Common Equity Tier 1 Capital (to Risk-Weighted Assets) | ||
Actual | $ 101,703 | $ 96,985 |
Actual | 11.43% | 11.44% |
For Capital Adequacy Purposes | $ 40,050 | $ 38,137 |
For Capital Adequacy Purposes | 4.50% | 4.50% |
To Be Well Capitalized | $ 57,851 | $ 55,086 |
To Be Well Capitalized | 6.50% | 6.50% |
Tier I Capital (to Risk-Weighted Assets) | ||
Actual | $ 101,703 | $ 96,985 |
Actual | 11.43% | 11.44% |
For Capital Adequacy Purposes | $ 53,401 | $ 50,849 |
For Capital Adequacy Purposes | 6.00% | 6.00% |
To Be Well Capitalized | $ 71,201 | $ 67,799 |
To Be Well Capitalized | 8.00% | 8.00% |
Total Capital (to Risk-Weighted Assets) | ||
Actual | $ 111,570 | $ 106,543 |
Actual | 12.54% | 12.57% |
For Capital Adequacy Purposes | $ 71,201 | $ 67,799 |
For Capital Adequacy Purposes | 8.00% | 8.00% |
To Be Well Capitalized | $ 89,001 | $ 84,748 |
To Be Well Capitalized | 10.00% | 10.00% |
Tier I Leverage Capital (to Adjusted Total Assets) | ||
Actual | $ 101,703 | $ 96,985 |
Actual | 7.85% | 7.82% |
For Capital Adequacy Purposes | $ 51,838 | $ 49,637 |
For Capital Adequacy Purposes | 4.00% | 4.00% |
To Be Well Capitalized | $ 64,798 | $ 62,046 |
To Be Well Capitalized | 5.00% | 5.00% |
Note 15 - Operating Leases (Det
Note 15 - Operating Leases (Details Textual) | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Operating Leases, Rent Expense, Total | $ 808,000 |
Note 15 - Operating Leases - Op
Note 15 - Operating Leases - Operating Leases (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Operating Lease Expense | $ 459 |
Variable Lease Expense | 38 |
Total Lease Expense | 497 |
Operating Cash Flows | $ 418 |
Weighted Average Lease Term in Years (Year) | 7 years 21 days |
Weighted Average Discount Rate | 2.89% |
Accrued Interest and Other Assets [Member] | |
ROU Assets | $ 1,289 |
Note 15 - Operating Leases - Ma
Note 15 - Operating Leases - Maturity of Operating Lease (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Due in One Year | $ 417 |
Due After One Year to Two Years | 312 |
Due After Two Years to Three Years | 181 |
Due After Three Years to Four Years | 75 |
Due After Four to Five Years | 51 |
Due After Five Years | 409 |
Total | 1,445 |
Less: Present Value Discount | 151 |
Accrued Interest and Other Liabilities [Member] | |
Lease Liabilities | $ 1,294 |
Note 16 - Fair Value Disclosu_3
Note 16 - Fair Value Disclosure (Details Textual) | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | $ 4,024,000 | $ 4,024,000 | $ 1,800,000 |
Impaired Financing Receivable, Related Allowance | 884,000 | 884,000 | 1,012,000 |
Gains (Losses) on Sales of Other Real Estate | (6,000) | 19,000 | |
Real Estate Owned, Transfer to Real Estate Owned | $ 457,000 | 46,000 | |
Real Estate Sector [Member] | |||
Other Real Estate Owned, Number of Properties Sold | 2 | ||
Other Real Estate, Ending Balance | $ 387,000 | $ 387,000 | |
Gains (Losses) on Sales of Other Real Estate | $ 36,000 | ||
Other Real Estate Owned, Number of Properties Donated | 1 | 1 | |
Other Real Estate, Disposals | $ 12,000 | ||
Commercial Portfolio Segment [Member] | Real Estate Sector [Member] | |||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | $ 1,646,000 | 1,646,000 | 718,000 |
Impaired Financing Receivable, Related Allowance | $ 274,000 | 274,000 | $ 219,000 |
Other Real Estate Owned, Number of Properties Sold | 1 | ||
Other Real Estate, Ending Balance | $ 697,000 | 697,000 | |
Gains (Losses) on Sales of Other Real Estate | $ 33,000 | ||
Number of Loans Transferred to Other Real Estate Owned | 1 | ||
Real Estate Owned, Transfer to Real Estate Owned | $ 18,000 | ||
Commercial Portfolio Segment [Member] | Real Estate Sector [Member] | First West Virginia Bancorp [Member] | |||
Other Real Estate Owned, Number of Properties Acquired | 1 | ||
Other Real Estate, Additions | $ 697,000 | ||
Residential Portfolio Segment [Member] | Real Estate Sector [Member] | |||
Impaired Financing Receivable, Related Allowance | |||
Other Real Estate Owned, Number of Properties Sold | 1 | 1 | |
Other Real Estate, Ending Balance | $ 46,000 | $ 46,000 | |
Gains (Losses) on Sales of Other Real Estate | $ (3,000) | $ 19,000 | |
Number of Loans Transferred to Other Real Estate Owned | 4 | 1 | |
Real Estate Owned, Transfer to Real Estate Owned | $ 439,000 | $ 46,000 |
Note 16 - Fair Value Disclosu_4
Note 16 - Fair Value Disclosure - Assets and Liabilities Reported Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Securities | $ 194,675 | $ 222,951 |
Marketable Equity Securities | 2,710 | 2,458 |
Investment Securities Available-for-Sale | 197,385 | 225,409 |
Fair Value, Recurring [Member] | ||
Debt Securities | 194,675 | 222,951 |
Marketable Equity Securities | 2,710 | 2,458 |
Investment Securities Available-for-Sale | 197,385 | 225,409 |
US Government Agencies Debt Securities [Member] | ||
Debt Securities | 48,056 | 80,579 |
US States and Political Subdivisions Debt Securities [Member] | ||
Debt Securities | 25,843 | 44,601 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Debt Securities | 120,776 | 97,771 |
Equity Securities - Mutual Funds [Member] | ||
Marketable Equity Securities | 997 | 968 |
Fair Value, Inputs, Level 2 [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Debt Securities | 48,056 | 80,579 |
Fair Value, Inputs, Level 2 [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Debt Securities | 25,843 | 44,601 |
Fair Value, Inputs, Level 2 [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Recurring [Member] | ||
Debt Securities | 120,776 | 97,771 |
Fair Value, Inputs, Level 1 [Member] | Equity Securities - Mutual Funds [Member] | Fair Value, Recurring [Member] | ||
Marketable Equity Securities | 997 | 968 |
Fair Value, Inputs, Level 1 [Member] | Equity Securities, Other [Member] | Fair Value, Recurring [Member] | ||
Marketable Equity Securities | $ 1,713 | $ 1,490 |
Note 16 - Fair Value Disclosu_5
Note 16 - Fair Value Disclosure - Significant Unobservable Inputs Used in the Fair Value Measurements (Details) - Fair Value, Inputs, Level 3 [Member] - Fair Value, Nonrecurring [Member] - Valuation, Market Approach [Member] $ in Thousands | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Impaired Loans | $ 3,140 | $ 788 | |
Other Real Estate, Ending Balance | $ 58 | $ 46 | |
Minimum [Member] | Measurement Input, Discount for Lack of Marketability [Member] | |||
Impaired Loans | [1] | 0.1 | |
OREO | [1] | 0.1 | |
Maximum [Member] | Measurement Input, Discount for Lack of Marketability [Member] | |||
Impaired Loans | [1] | 3.01 | |
OREO | [1] | 5.01 | |
[1] | Range includes discounts taken since appraisal and estimated values. |
Note 16 - Fair Value Disclosu_6
Note 16 - Fair Value Disclosure - Estimated Fair Value of the Company's Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Securities available-for-sale, fair value | $ 194,675 | $ 222,951 |
Reported Value Measurement [Member] | ||
Securities available-for-sale, fair value | 197,385 | 225,409 |
Estimate of Fair Value Measurement [Member] | ||
Securities available-for-sale, fair value | 197,385 | 225,409 |
Fair Value, Inputs, Level 1 [Member] | Reported Value Measurement [Member] | ||
Interest Bearing | 68,798 | 39,356 |
Non-Interest Bearing | 11,419 | 13,997 |
Accrued Interest Receivable | 3,297 | 3,436 |
Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member] | ||
Interest Bearing | 68,798 | 39,356 |
Non-Interest Bearing | 11,419 | 13,997 |
Accrued Interest Receivable | 3,297 | 3,436 |
Fair Value, Inputs, Level 3 [Member] | Reported Value Measurement [Member] | ||
Loans, Net | 942,629 | 903,314 |
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | ||
Loans, Net | 961,110 | 899,673 |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | ||
Restricted Stock | 3,656 | 3,909 |
Bank-Owned Life Insurance | 24,222 | 22,922 |
Deposits | 1,118,359 | 1,086,658 |
Short-term Borrowings | 30,571 | 30,979 |
Other Borrowed Funds | 14,000 | 20,000 |
Accrued Interest Payable | 987 | 594 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | ||
Restricted Stock | 3,656 | 3,909 |
Bank-Owned Life Insurance | 24,222 | 22,922 |
Deposits | 1,128,078 | 1,085,708 |
Short-term Borrowings | 30,571 | 30,979 |
Other Borrowed Funds | 15,380 | 19,733 |
Accrued Interest Payable | $ 987 | $ 594 |
Note 17 - Other Noninterest E_3
Note 17 - Other Noninterest Expense - Components of Other Noninterest Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Non-employee compensation | $ 538 | $ 619 |
Printing and supplies | 402 | 578 |
Postage | 264 | 248 |
Telephone | 615 | 557 |
Charitable contributions | 193 | 147 |
Dues and subscriptions | 185 | 215 |
Loan expenses | 449 | 488 |
Meals and entertainment | 166 | 180 |
Travel | 214 | 239 |
Training | 58 | 69 |
Miscellaneous | 1,138 | 1,201 |
TOTAL OTHER NONINTEREST EXPENSE | $ 4,222 | $ 4,541 |
Note 18 - Condensed Financial_3
Note 18 - Condensed Financial Statements of Parent Company - Statement of Financial Condition (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Cash and Due From Banks | $ 11,419 | $ 13,997 | |
TOTAL ASSETS | 1,321,537 | 1,281,701 | |
Stockholders' Equity | 151,097 | 137,625 | $ 93,256 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 1,321,537 | 1,281,701 | |
Parent Company [Member] | |||
Cash and Due From Banks | 6,447 | 1,026 | |
Investment Securities Available-for-Sale | 1,713 | 1,488 | |
Investment in Community Bank | 142,242 | 134,220 | |
Other Assets | 722 | 1,174 | |
TOTAL ASSETS | 151,124 | 137,908 | |
Other Liabilities | 27 | 283 | |
Stockholders' Equity | 151,097 | 137,625 | |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 151,124 | $ 137,908 |
Note 18 - Condensed Financial_4
Note 18 - Condensed Financial Statements of Parent Company - Statement of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
TOTAL NONINTEREST INCOME | $ 2,522 | $ 2,199 | $ 2,399 | $ 2,315 | $ 2,040 | $ 2,088 | $ 2,125 | $ 2,086 | $ 9,435 | $ 8,339 |
Noninterest Expense | (9,226) | (8,490) | (9,031) | (9,081) | (9,375) | (9,365) | (9,494) | (6,667) | (35,828) | (34,901) |
Undistributed Net Income of Subsidiary | ||||||||||
Income Tax Expense | (617) | 884 | 744 | 718 | 561 | 576 | 234 | 167 | 1,729 | 1,538 |
Net Income | $ 4,677 | $ 3,746 | $ 2,979 | $ 2,925 | $ 2,430 | $ 2,292 | $ 970 | $ 1,360 | 14,327 | 7,052 |
Parent Company [Member] | ||||||||||
Interest and Dividend Income | 63 | 54 | ||||||||
Dividend from Bank Subsidiary | 10,215 | 4,528 | ||||||||
TOTAL NONINTEREST INCOME | 160 | (50) | ||||||||
Noninterest Expense | 8 | 867 | ||||||||
Income Before Undistributed Net Income of Subsidiary and Income Tax Expense (Benefit) | 10,430 | 3,665 | ||||||||
Undistributed Net Income of Subsidiary | 3,936 | 3,266 | ||||||||
Income Before Income Tax Expense (Benefit) | 14,366 | 6,931 | ||||||||
Income Tax Expense | 39 | (121) | ||||||||
Net Income | $ 14,327 | $ 7,052 |
Note 18 - Condensed Financial_5
Note 18 - Condensed Financial Statements of Parent Company - Statement of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net Income | $ 4,677 | $ 3,746 | $ 2,979 | $ 2,925 | $ 2,430 | $ 2,292 | $ 970 | $ 1,360 | $ 14,327 | $ 7,052 |
Noncash Expense for Stock-Based Compensation | 323 | 482 | ||||||||
Other, net | (659) | 1,694 | ||||||||
NET CASH PROVIDED BY OPERATING ACTIVITIES | 17,870 | 13,658 | ||||||||
Net Cash Received from Acquisition | 20,632 | |||||||||
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES | (11,035) | 27,467 | ||||||||
Cash Dividends Paid | (5,215) | (4,529) | ||||||||
Exercise of Stock Options | 41 | 213 | ||||||||
NET CASH USED IN FINANCING ACTIVITIES | 20,029 | (8,394) | ||||||||
INCREASE IN CASH AND EQUIVALENTS | 26,864 | 32,731 | ||||||||
CASH AND DUE FROM BANKS AT BEGINNING OF YEAR | 53,353 | 20,622 | 53,353 | 20,622 | ||||||
CASH AND DUE FROM BANKS AT END OF YEAR | 80,217 | 53,353 | 80,217 | 53,353 | ||||||
Parent Company [Member] | ||||||||||
Net Income | 14,327 | 7,052 | ||||||||
Undistributed Net Income of Subsidiary | (3,936) | (3,266) | ||||||||
Noncash Expense for Stock-Based Compensation | 323 | 482 | ||||||||
Other, net | 34 | 101 | ||||||||
NET CASH PROVIDED BY OPERATING ACTIVITIES | 10,748 | 4,369 | ||||||||
Purchases of Securities | (63) | (204) | ||||||||
Net Cash Received from Acquisition | 802 | |||||||||
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES | (63) | 598 | ||||||||
Cash Dividends Paid | (5,215) | (4,529) | ||||||||
Treasury Stock, Purchases at Cost | (90) | (317) | ||||||||
Exercise of Stock Options | 41 | 213 | ||||||||
NET CASH USED IN FINANCING ACTIVITIES | (5,264) | (4,633) | ||||||||
INCREASE IN CASH AND EQUIVALENTS | 5,421 | 334 | ||||||||
CASH AND DUE FROM BANKS AT BEGINNING OF YEAR | $ 1,026 | $ 692 | 1,026 | 692 | ||||||
CASH AND DUE FROM BANKS AT END OF YEAR | $ 6,447 | $ 1,026 | $ 6,447 | $ 1,026 |
Note 19 - Segment and Related_3
Note 19 - Segment and Related Information (Details Textual) $ in Millions | Aug. 01, 2018USD ($) | Dec. 31, 2019 |
Number of Operating Segments | 2 | |
Beynon Insurance [Member] | Exchange Underwriters [Member] | ||
Business Combination, Consideration Transferred, Total | $ 1.8 | |
Beynon Insurance [Member] | Exchange Underwriters [Member] | Customer Lists [Member] | ||
Finite-Lived Intangible Asset, Useful Life | 9 years 182 days |
Note 19 - Segment and Related_4
Note 19 - Segment and Related Information - Reconciliation of Financial Data from Segments to Consolidated (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Assets, Total | $ 1,321,537 | $ 1,281,701 | $ 1,321,537 | $ 1,281,701 | |||||||
Liabilities | 1,170,440 | 1,144,076 | 1,170,440 | 1,144,076 | |||||||
Stockholders' equity | 151,097 | 137,625 | 151,097 | 137,625 | $ 93,256 | ||||||
Interest and dividend income | 51,031 | 43,626 | |||||||||
Interest expense | 2,029 | $ 2,002 | $ 1,964 | $ 1,862 | 1,739 | $ 1,594 | $ 1,517 | $ 1,099 | 7,857 | 5,949 | |
Net interest income | 10,939 | 11,096 | 10,705 | 10,434 | 10,726 | 10,170 | 9,173 | 7,608 | 43,174 | 37,677 | |
Provision for Loan and Lease Losses, Total | 175 | 175 | 350 | 25 | 400 | 25 | 600 | 1,500 | 725 | 2,525 | |
Net interest income after provision for loan losses | 10,764 | 10,921 | 10,355 | 10,409 | 10,326 | 10,145 | 8,573 | 6,108 | 42,449 | 35,152 | |
Noninterest income | 2,522 | 2,199 | 2,399 | 2,315 | 2,040 | 2,088 | 2,125 | 2,086 | 9,435 | 8,339 | |
Noninterest expense | 9,226 | 8,490 | 9,031 | 9,081 | 9,375 | 9,365 | 9,494 | 6,667 | 35,828 | 34,901 | |
Undistributed net income of subsidiary | |||||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest, Total | 4,060 | 4,630 | 3,723 | 3,643 | 2,991 | 2,868 | 1,204 | 1,527 | 16,056 | 8,590 | |
Income Tax Expense (Benefit), Total | (617) | 884 | 744 | 718 | 561 | 576 | 234 | 167 | 1,729 | 1,538 | |
Net Income (Loss) Attributable to Parent, Total | 4,677 | $ 3,746 | $ 2,979 | $ 2,925 | 2,430 | $ 2,292 | $ 970 | $ 1,360 | 14,327 | 7,052 | |
Reportable Legal Entities [Member] | Community Bank [ Member] | |||||||||||
Assets, Total | 1,321,001 | 1,280,308 | 1,321,001 | 1,280,308 | |||||||
Liabilities | 1,178,759 | 1,146,088 | 1,178,759 | 1,146,088 | |||||||
Stockholders' equity | 142,242 | 134,220 | 142,242 | 134,220 | |||||||
Interest and dividend income | 50,966 | 43,572 | |||||||||
Interest expense | 7,857 | 5,949 | |||||||||
Net interest income | 43,109 | 37,623 | |||||||||
Provision for Loan and Lease Losses, Total | 725 | 2,525 | |||||||||
Net interest income after provision for loan losses | 42,384 | 35,098 | |||||||||
Noninterest income | 4,758 | 4,639 | |||||||||
Noninterest expense | 32,182 | 30,922 | |||||||||
Undistributed net income of subsidiary | 608 | 435 | |||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest, Total | 15,568 | 9,250 | |||||||||
Income Tax Expense (Benefit), Total | 1,416 | 1,455 | |||||||||
Net Income (Loss) Attributable to Parent, Total | 14,152 | 7,795 | |||||||||
Reportable Legal Entities [Member] | Exchange Underwriters, Inc [Member] | |||||||||||
Assets, Total | 4,076 | 5,155 | 4,076 | 5,155 | |||||||
Liabilities | 1,194 | 2,445 | 1,194 | 2,445 | |||||||
Stockholders' equity | 2,882 | 2,710 | 2,882 | 2,710 | |||||||
Interest and dividend income | 3 | 1 | |||||||||
Interest expense | |||||||||||
Net interest income | 3 | 1 | |||||||||
Provision for Loan and Lease Losses, Total | |||||||||||
Net interest income after provision for loan losses | 3 | 1 | |||||||||
Noninterest income | 4,517 | 3,750 | |||||||||
Noninterest expense | 3,638 | 3,112 | |||||||||
Undistributed net income of subsidiary | |||||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest, Total | 882 | 639 | |||||||||
Income Tax Expense (Benefit), Total | 274 | 204 | |||||||||
Net Income (Loss) Attributable to Parent, Total | 608 | 435 | |||||||||
Reportable Legal Entities [Member] | CB Financial Services, Inc [Member] | |||||||||||
Assets, Total | 151,124 | 137,908 | 151,124 | 137,908 | |||||||
Liabilities | 27 | 283 | 27 | 283 | |||||||
Stockholders' equity | 151,097 | 137,625 | 151,097 | 137,625 | |||||||
Interest and dividend income | 10,278 | 4,582 | |||||||||
Interest expense | |||||||||||
Net interest income | 10,278 | 4,582 | |||||||||
Provision for Loan and Lease Losses, Total | |||||||||||
Net interest income after provision for loan losses | 10,278 | 4,582 | |||||||||
Noninterest income | 160 | (50) | |||||||||
Noninterest expense | 8 | 867 | |||||||||
Undistributed net income of subsidiary | 3,936 | 3,266 | |||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest, Total | 14,366 | 6,931 | |||||||||
Income Tax Expense (Benefit), Total | 39 | (121) | |||||||||
Net Income (Loss) Attributable to Parent, Total | 14,327 | 7,052 | |||||||||
Consolidation, Eliminations [Member] | |||||||||||
Assets, Total | (154,664) | (141,670) | (154,664) | (141,670) | |||||||
Liabilities | (9,540) | (4,740) | (9,540) | (4,740) | |||||||
Stockholders' equity | $ (145,124) | $ (136,930) | (145,124) | (136,930) | |||||||
Interest and dividend income | (10,216) | (4,529) | |||||||||
Interest expense | |||||||||||
Net interest income | (10,216) | (4,529) | |||||||||
Provision for Loan and Lease Losses, Total | |||||||||||
Net interest income after provision for loan losses | (10,216) | (4,529) | |||||||||
Noninterest income | |||||||||||
Noninterest expense | |||||||||||
Undistributed net income of subsidiary | (4,544) | (3,701) | |||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest, Total | (14,760) | (8,230) | |||||||||
Income Tax Expense (Benefit), Total | |||||||||||
Net Income (Loss) Attributable to Parent, Total | $ (14,760) | $ (8,230) |
Note 20 - Quarterly Financial_3
Note 20 - Quarterly Financial Information (Unaudited) - Results of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest Income | $ 12,968 | $ 13,098 | $ 12,669 | $ 12,296 | $ 12,465 | $ 11,764 | $ 10,690 | $ 8,707 | $ 51,031 | $ 43,626 |
Interest Expense | 2,029 | 2,002 | 1,964 | 1,862 | 1,739 | 1,594 | 1,517 | 1,099 | 7,857 | 5,949 |
Net Interest Income | 10,939 | 11,096 | 10,705 | 10,434 | 10,726 | 10,170 | 9,173 | 7,608 | 43,174 | 37,677 |
Provision For Loan Losses | 175 | 175 | 350 | 25 | 400 | 25 | 600 | 1,500 | 725 | 2,525 |
Net Interest Income after Provision for Loan Losses | 10,764 | 10,921 | 10,355 | 10,409 | 10,326 | 10,145 | 8,573 | 6,108 | 42,449 | 35,152 |
TOTAL NONINTEREST INCOME | 2,522 | 2,199 | 2,399 | 2,315 | 2,040 | 2,088 | 2,125 | 2,086 | 9,435 | 8,339 |
Noninterest Expense | 9,226 | 8,490 | 9,031 | 9,081 | 9,375 | 9,365 | 9,494 | 6,667 | 35,828 | 34,901 |
Income before Income Tax Expense (Benefit) | 4,060 | 4,630 | 3,723 | 3,643 | 2,991 | 2,868 | 1,204 | 1,527 | 16,056 | 8,590 |
Income Tax Expense | (617) | 884 | 744 | 718 | 561 | 576 | 234 | 167 | 1,729 | 1,538 |
Net Income | $ 4,677 | $ 3,746 | $ 2,979 | $ 2,925 | $ 2,430 | $ 2,292 | $ 970 | $ 1,360 | $ 14,327 | $ 7,052 |
Basic (in dollars per share) | $ 0.86 | $ 0.69 | $ 0.55 | $ 0.54 | $ 0.48 | $ 0.42 | $ 0.19 | $ 0.33 | $ 2.64 | $ 1.42 |
Diluted (in dollars per share) | 0.85 | 0.69 | 0.55 | 0.54 | 0.46 | 0.42 | 0.19 | 0.33 | 2.63 | 1.40 |
Dividends Per Share (in dollars per share) | $ 0.24 | $ 0.24 | $ 0.24 | $ 0.24 | $ 0.23 | $ 0.22 | $ 0.22 | $ 0.22 | $ 0.24 | $ 0.23 |