Document and Entity Information
Document and Entity Information Document - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 29, 2016 | |
Entity Information [Line Items] | ||
Entity Registrant Name | UNION BANKSHARES INC | |
Entity Central Index Key | 706,863 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 4,459,655 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes |
Consolidated Balance Sheets (Se
Consolidated Balance Sheets (September 30, 2016 Unaudited) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and due from banks | $ 3,952 | $ 4,217 |
Federal funds sold and overnight deposits | 31,622 | 13,744 |
Cash and cash equivalents | 35,574 | 17,961 |
Interest bearing deposits in banks | 9,753 | 12,753 |
Investment securities available-for-sale | 59,671 | 54,110 |
Investment securities held-to-maturity (fair value $1.0 million and $5.1 million at September 30, 2016 and December 31, 2015, respectively) | 999 | 5,217 |
Loans held for sale | 10,214 | 5,635 |
Loans | 522,361 | 500,506 |
Allowance for loan losses | (5,226) | (5,201) |
Net deferred loan costs | 649 | 515 |
Net loans | 517,784 | 495,820 |
Accrued interest receivable | 1,962 | 1,832 |
Premises and equipment, net | 13,377 | 13,055 |
Core deposit intangible | 797 | 925 |
Goodwill | 2,223 | 2,223 |
Investment in real estate limited partnerships | 2,957 | 2,373 |
Company-owned life insurance | 8,556 | 8,800 |
Other assets | 8,712 | 8,175 |
Total assets | 672,579 | 628,879 |
Deposits | ||
Noninterest bearing | 116,381 | 99,826 |
Interest bearing | 350,376 | 310,203 |
Time | 105,429 | 150,379 |
Total deposits | 572,186 | 560,408 |
Borrowed funds | 37,513 | 9,564 |
Accrued interest and other liabilities | 6,075 | 5,339 |
Total liabilities | 615,774 | 575,311 |
Commitments and Contingencies | ||
Stockholders’ Equity | ||
Common stock, $2.00 par value; 7,500,000 shares authorized; 4,934,296 shares issued at September 30, 2016 and 4,931,796 shares issued at December 31, 2015 | 9,869 | 9,864 |
Additional paid-in capital | 605 | 501 |
Retained earnings | 51,989 | 49,524 |
Treasury stock at cost; 474,642 shares at September 30, 2016 and 474,619 shares at December 31, 2015 | (4,023) | (4,019) |
Accumulated other comprehensive loss | (1,635) | (2,302) |
Total stockholders' equity | 56,805 | 53,568 |
Total liabilities and stockholders' equity | $ 672,579 | $ 628,879 |
Consolidated Balance Sheets (S3
Consolidated Balance Sheets (September 30, 2016 Unaudited) Consolidated Balance Sheets Parenthetical - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Assets | ||
Investment securities held-to-maturity, fair value | $ 1,001 | $ 5,100 |
Stockholders' Equity | ||
Common stock, par value | $ 2 | $ 2 |
Common stock, shares authorized | 7,500,000 | 7,500,000 |
Common stock, shares issued | 4,934,296 | 4,931,796 |
Treasury stock, shares | 474,642 | 474,619 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Interest and dividend income | ||||
Interest and fees on loans | $ 6,355 | $ 5,962 | $ 18,604 | $ 17,553 |
Interest on debt securities: | ||||
Taxable | 211 | 242 | 683 | 714 |
Tax exempt | 144 | 109 | 427 | 322 |
Dividends | 27 | 16 | 62 | 40 |
Interest on federal funds sold and overnight deposits | 12 | 1 | 23 | 13 |
Interest on interest bearing deposits in banks | 37 | 43 | 123 | 124 |
Total interest and dividend income | 6,786 | 6,373 | 19,922 | 18,766 |
Interest expense | ||||
Interest on deposits | 363 | 375 | 1,200 | 1,285 |
Interest on borrowed funds | 108 | 86 | 303 | 262 |
Total interest expense | 471 | 461 | 1,503 | 1,547 |
Net interest income | 6,315 | 5,912 | 18,419 | 17,219 |
Provision for loan losses | 0 | 150 | 150 | 400 |
Net interest income after provision for loan losses | 6,315 | 5,762 | 18,269 | 16,819 |
Noninterest income | ||||
Trust income | 171 | 171 | 523 | 538 |
Service fees | 1,538 | 1,439 | 4,377 | 4,133 |
Net gains on sales of investment securities available-for-sale | 53 | 41 | 71 | 41 |
Net gains on sales of loans held for sale | 921 | 700 | 2,196 | 2,214 |
Other income | 121 | 182 | 420 | 468 |
Total noninterest income | 2,804 | 2,533 | 7,587 | 7,394 |
Noninterest expenses | ||||
Salaries and wages | 2,622 | 2,426 | 7,522 | 7,080 |
Pension and employee benefits | 865 | 739 | 2,659 | 2,242 |
Occupancy expense, net | 297 | 293 | 923 | 986 |
Equipment expense | 553 | 479 | 1,603 | 1,346 |
Other expenses | 1,842 | 1,737 | 5,219 | 4,966 |
Total noninterest expenses | 6,179 | 5,674 | 17,926 | 16,620 |
Income before provision for income taxes | 2,940 | 2,621 | 7,930 | 7,593 |
Provision for income taxes | 672 | 571 | 1,764 | 1,642 |
Net income | $ 2,268 | $ 2,050 | $ 6,166 | $ 5,951 |
Earnings per common share | $ 0.51 | $ 0.45 | $ 1.38 | $ 1.33 |
Weighted average number of common shares outstanding | 4,459,602 | 4,458,345 | 4,458,755 | 4,458,323 |
Dividends per common share | $ 0.28 | $ 0.27 | $ 0.83 | $ 0.81 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Net Income | $ 2,268 | $ 2,050 | $ 6,166 | $ 5,951 |
Investment securities available-for-sale: | ||||
Net unrealized holding (losses) gains arising during the period on investment securities available-for-sale | (182) | 299 | 714 | 81 |
Reclassification adjustment for net gains on sales of investment securities available-for-sale realized in net income | (35) | (27) | (47) | (27) |
Total other comprehensive (loss) income | (217) | 272 | 667 | 54 |
Total comprehensive income | $ 2,051 | $ 2,322 | $ 6,833 | $ 6,005 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Additional paid-in capital | Retained earnings | Treasury stock | Accumulated other comprehensive loss |
Balances at Dec. 31, 2014 | $ 51,434 | $ 9,859 | $ 418 | $ 46,462 | $ (3,925) | $ (1,380) |
Common Stock, Shares, net of treasury at Dec. 31, 2014 | 4,458,430 | |||||
Net income | 5,951 | 5,951 | ||||
Other comprehensive income | 54 | 54 | ||||
Cash dividends declared ($0.83 and $0.81 per share for the nine months ended September 30, 2016 and 2015, respectively) | (3,612) | (3,612) | ||||
Stock based compensation expense | 29 | 29 | ||||
Exercise of stock options | 53 | $ 5 | 48 | |||
Exercise of stock options, shares | 2,500 | |||||
Purchase of treasury stock | (91) | (91) | ||||
Purchase of treasury stock, shares | (3,638) | |||||
Balances at Sep. 30, 2015 | 53,818 | $ 9,864 | 495 | 48,801 | (4,016) | (1,326) |
Common Stock, Shares, net of treasury at Sep. 30, 2015 | 4,457,292 | |||||
Balances at Dec. 31, 2015 | 53,568 | $ 9,864 | 501 | 49,524 | (4,019) | (2,302) |
Common Stock, Shares, net of treasury at Dec. 31, 2015 | 4,457,177 | |||||
Net income | 6,166 | 6,166 | ||||
Other comprehensive income | 667 | 667 | ||||
Issuance of common stock | 6 | 4 | 2 | |||
Issuance of common stock, shares | 190 | |||||
Cash dividends declared ($0.83 and $0.81 per share for the nine months ended September 30, 2016 and 2015, respectively) | (3,701) | (3,701) | ||||
Stock based compensation expense | 49 | 49 | ||||
Exercise of stock options | 56 | $ 5 | 51 | |||
Exercise of stock options, shares | 2,500 | |||||
Purchase of treasury stock | (6) | (6) | ||||
Purchase of treasury stock, shares | (213) | |||||
Balances at Sep. 30, 2016 | $ 56,805 | $ 9,869 | $ 605 | $ 51,989 | $ (4,023) | $ (1,635) |
Common Stock, Shares, net of treasury at Sep. 30, 2016 | 4,459,654 |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) Consolidated Statements of Changes in Stockholders' Equity Parenthetical - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Dividends per common share | $ 0.28 | $ 0.27 | $ 0.83 | $ 0.81 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Cash Flows From Operating Activities | ||
Net Income | $ 6,166 | $ 5,951 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 967 | 785 |
Provision for loan losses | 150 | 400 |
Deferred income tax provision | 259 | 93 |
Net amortization of investment securities | 261 | 151 |
Equity in losses of limited partnerships | 391 | 365 |
Stock based compensation expense | 49 | 29 |
Net increase in unamortized loan costs | (134) | (136) |
Proceeds from sales of loans held for sale | 101,213 | 104,642 |
Origination of loans held for sale | (103,596) | (98,941) |
Net gains on sales of loans held for sale | (2,196) | (2,214) |
Net loss on disposals of premises and equipment | 0 | 6 |
Net gains on sales of investment securities available-for-sale | (71) | (41) |
Write-downs of impaired assets | 0 | 29 |
Net gains on sales of other real estate owned | 0 | (28) |
Increase in accrued interest receivable | (130) | (34) |
Amortization of core deposit intangible | 129 | 129 |
Increase in other assets | (403) | (1,105) |
Contribution to defined benefit pension plan | (750) | 0 |
Increase (decrease) in other liabilities | 1,486 | (305) |
Net cash provided by operating activities | 3,791 | 9,776 |
Interest bearing deposits in banks | ||
Proceeds from maturities and redemptions | 3,995 | 2,832 |
Purchases | (996) | (3,333) |
Investment securities held-to-maturity | ||
Proceeds from maturities, calls and paydowns | 4,220 | 2,000 |
Investment securities available-for-sale | ||
Proceeds from sales | 6,617 | 11,040 |
Proceeds from maturities, calls and paydowns | 8,403 | 5,203 |
Purchases | (19,761) | (21,487) |
Purchase of nonmarketable stock, net | (567) | 0 |
Net increase in loans | (22,015) | (18,074) |
Recoveries of loans charged off | 35 | 44 |
Purchases of premises and equipment | (1,289) | (1,798) |
Purchase of Company-owned life insurance | 0 | (5,000) |
Proceeds from Company-owned life insurance death benefit | 73 | 0 |
Investments in limited partnerships | (975) | (32) |
Proceeds from sales of other real estate owned | 0 | 295 |
Net cash used in investing activities | (22,260) | (28,310) |
Cash Flows From Financing Activities | ||
Advances on long-term borrowings | 25,452 | 0 |
Repayment of long-term debt | (229) | (219) |
Net increase in short-term borrowings outstanding | 2,726 | 2,522 |
Net increase in noninterest bearing deposits | 16,555 | 13,229 |
Net increase in interest bearing deposits | 40,173 | 6,224 |
Net decrease in time deposits | (44,950) | (27,632) |
Issuance of common stock | 62 | 53 |
Purchase of treasury stock | (6) | (91) |
Dividends paid | (3,701) | (3,612) |
Net cash provided by (used in) financing activities | 36,082 | (9,526) |
Net increase (decrease) in cash and cash equivalents | 17,613 | (28,060) |
Cash and cash equivalents | ||
Beginning of period | 17,961 | 41,744 |
End of period | 35,574 | 13,684 |
Supplemental Disclosures of Cash Flow Information | ||
Interest paid | 1,674 | 1,679 |
Income taxes paid | 975 | 1,460 |
Supplemental Schedule of Noncash Investing and Financing Activities | ||
Other real estate acquired in settlement of loans | 0 | 59 |
Investment in limited partnerships acquired by capital contributions payable | $ 287 | $ 0 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Basis of Presentation The accompanying unaudited interim consolidated financial statements of Union Bankshares, Inc. and Subsidiary (together, the Company) as of September 30, 2016 , and for the three and nine months ended September 30, 2016 and 2015 , have been prepared in conformity with GAAP for interim financial information, general practices within the banking industry, and the accounting policies described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 . The Company's sole subsidiary is Union Bank. In the opinion of the Company’s management, all adjustments, consisting only of normal recurring adjustments and disclosures necessary for a fair presentation of the information contained herein, have been made. This information should be read in conjunction with the Company’s 2015 Annual Report on Form 10-K. The results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for the full fiscal year ending December 31, 2016 , or any interim period. Certain amounts in the 2015 consolidated financial statements have been reclassified to conform to the 2016 presentation. The acronyms, abbreviations and capitalized terms identified below are used throughout this Form 10-Q, including Part I. "Financial Information" and Part II. "Other Information". The following is provided to aid the reader and provide a reference page when reviewing this Form 10-Q. AFS: Available-for-sale IRS: Internal Revenue Service ALCO: Asset Liability Committee MBS: Mortgage-backed security ALL: Allowance for loan losses MSRs: Mortgage servicing rights ASC: Accounting Standards Codification OAO: Other assets owned ASU: Accounting Standards Update OCI: Other comprehensive income (loss) Board: Board of Directors OFAC: U.S. Office of Foreign Assets Control bp or bps: Basis point(s) OREO: Other real estate owned Branch Acquisition: The acquisition of three New Hampshire branches in May 2011 OTTI: Other-than-temporary impairment CDARS: Certificate of Deposit Accounts Registry Service of the Promontory Interfinancial Network OTT: Other-than-temporary Company: Union Bankshares, Inc. and Subsidiary Plan: The Union Bank Pension Plan DRIP: Dividend Reinvestment Plan RD: USDA Rural Development FASB: Financial Accounting Standards Board RSU: Restricted Stock Unit FDIC: Federal Deposit Insurance Corporation SBA: U.S. Small Business Administration FHA: U.S. Federal Housing Administration SEC: U.S. Securities and Exchange Commission FHLB: Federal Home Loan Bank of Boston TDR: Troubled-debt restructuring FRB: Federal Reserve Board Union: Union Bank, the sole subsidiary of Union Bankshares, Inc FHLMC/Freddie Mac: Federal Home Loan Mortgage Corporation USDA: U.S. Department of Agriculture GAAP: Generally Accepted Accounting Principles in the United States VA: U.S. Veterans Administration HTM: Held-to-maturity 2008 ISO Plan: 2008 Incentive Stock Option Plan of the Company HUD: U.S. Department of Housing and Urban Development 2014 Equity Plan: 2014 Equity Incentive Plan ICS: Insured Cash Sweeps of the Promontory Interfinancial Network |
Legal Contingencies
Legal Contingencies | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Matters and Contingencies Disclosure [Text Block] | Legal Contingencies In the normal course of business, the Company is involved in various legal and other proceedings. In the opinion of management, any liability resulting from such proceedings is not expected to have a material adverse effect on the Company’s consolidated financial condition or results of operations. |
Per Share Information
Per Share Information | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Per Share Information Earnings per common share are computed based on the weighted average number of shares of common stock outstanding during the period and reduced for shares held in treasury. The assumed conversion of outstanding exercisable stock options and restricted stock units does not result in material dilution and is not included in the calculation. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Recent Accounting Pronouncements In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Liabilities. The ASU was issued to enhance the reporting model for financial instruments to provide users of financial statements with more useful information for decisions. The ASU is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted for only one of the six amendments, otherwise it is not permitted. The Company is evaluating the potential impact of the ASU on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) . The ASU was issued to increase transparency and comparability among organizations by recognizing lease assets and liabilities (including operating leases) on the balance sheet and disclosing key information about leasing arrangements. Previous lease accounting did not require the inclusion of operating leases in the balance sheet. The ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted. The Company is evaluating the potential impact of the ASU on its consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The ASU simplifies several aspects of the accounting for share-based payment award transactions, including: (1) income tax consequences; (2) classification of awards as either equity or liabilities, and (3) classification on the statement of cash flows. The ASU is effective for annual periods beginning after December 15, 2016 and interim periods within those annual periods. Early adoption is permitted. The Company is evaluating the potential impact of the ASU on its consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . Under the new guidance, which will replace the existing incurred loss model for recognizing credit losses, banks and other lending institutions will be required to recognize the full amount of expected credit losses. The new guidance, which is referred to as the current expected credit loss model ("CECL"), requires that expected credit losses for financial assets held at the reporting date that are accounted for at amortized cost be measured and recognized based on historical experience and current and reasonably supportable forecasted conditions to reflect the full amount of expected credit losses. A modified version of these requirements also applies to debt securities classified as available for sale. T h e ASU i s effec ti ve for fisca l years be g inn i n g aft er De c ember 15, 2019, in c lu d ing in teri m p e rio ds w i t hin t ho se fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2018, including interim periods within such years. The Company is evaluating the potential impact of the ASU on its consolidated financial statements. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | Goodwill and Other Intangible Assets As a result of the 2011 Branch Acquisition, the Company recorded goodwill amounting to $2.2 million . The goodwill is not amortizable. Goodwill is evaluated for impairment annually, in accordance with current authoritative accounting guidance. Management assesses qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of the Company, in total, is less than its carrying amount. Management is not aware of any such events or circumstances that would cause it to conclude that the fair value of the Company is less than its carrying amount. The Company also recorded $1.7 million of acquired identifiable intangible assets in connection with the 2011 Branch Acquisition, representing the core deposit intangible which is subject to straight-line amortization over the estimated 10 year average life of the core deposit base, absent any future impairment. Management will evaluate the core deposit intangible for impairment if conditions warrant. Amortization expense for the core deposit intangible was $43 thousand for the three months ended September 30, 2016 and 2015 and was $129 thousand for the nine months ended September 30, 2016 and 2015 . The amortization expense is included in other expenses on the consolidated statement of income and is deductible for tax purposes. As of September 30, 2016 , the remaining amortization expense related to the core deposit intangible, absent any future impairment, is expected to be as follows: (Dollars in thousands) 2016 $ 43 2017 171 2018 171 2019 171 2020 171 Thereafter 70 Total $ 797 |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Investment Securities Investment securities as of the balance sheet dates consisted of the following: September 30, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Dollars in thousands) Available-for-sale Debt securities: U.S. Government-sponsored enterprises $ 7,263 $ 55 $ (26 ) $ 7,292 Agency mortgage-backed 16,331 235 (16 ) 16,550 State and political subdivisions 25,004 486 (38 ) 25,452 Corporate 9,748 342 (69 ) 10,021 Total debt securities 58,346 1,118 (149 ) 59,315 Mutual funds 356 — — 356 Total $ 58,702 $ 1,118 $ (149 ) $ 59,671 Held-to-maturity U.S. Government-sponsored enterprises $ 999 $ 2 $ — $ 1,001 December 31, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Dollars in thousands) Available-for-sale Debt securities: U.S. Government-sponsored enterprises $ 10,805 $ 30 $ (143 ) $ 10,692 Agency mortgage-backed 11,083 39 (64 ) 11,058 State and political subdivisions 19,653 404 (25 ) 20,032 Corporate 12,266 76 (359 ) 11,983 Total debt securities 53,807 549 (591 ) 53,765 Mutual funds 345 — — 345 Total $ 54,152 $ 549 $ (591 ) $ 54,110 Held-to-maturity U.S. Government-sponsored enterprises $ 5,217 $ — $ (101 ) $ 5,116 Investment securities with a carrying amount of $12.6 million and $25.7 million at September 30, 2016 and December 31, 2015 , respectively, were pledged as collateral for public deposits and for other purposes as required or permitted by law. The amortized cost and estimated fair value of debt securities by contractual scheduled maturity as of September 30, 2016 were as follows: Amortized Cost Fair Value (Dollars in thousands) Available-for-sale Due in one year or less $ 378 $ 384 Due from one to five years 4,127 4,256 Due from five to ten years 22,391 22,896 Due after ten years 15,119 15,229 42,015 42,765 Agency mortgage-backed 16,331 16,550 Total debt securities available-for-sale $ 58,346 $ 59,315 Held-to-maturity Due from one to five years $ 999 $ 1,001 Total debt securities held-to-maturity $ 999 $ 1,001 Actual maturities may differ for certain debt securities that may be called by the issuer prior to the contractual maturity. Actual maturities usually differ from contractual maturities on agency MBS because the mortgages underlying the securities may be prepaid, usually without any penalties. Therefore, these agency MBS are shown separately and are not included in the contractual maturity categories in the above maturity summary. Information pertaining to all investment securities with gross unrealized losses as of the balance sheet dates, aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows: September 30, 2016 Less Than 12 Months 12 Months and over Total Number of Securities Fair Value Gross Unrealized Losses Number of Securities Fair Value Gross Unrealized Losses Number of Securities Fair Value Gross Unrealized Losses (Dollars in thousands) Debt securities: U.S. Government- sponsored enterprises 3 $ 1,238 $ (11 ) 2 $ 952 $ (15 ) 5 $ 2,190 $ (26 ) Agency mortgage-backed 2 2,047 (9 ) 1 384 (7 ) 3 2,431 (16 ) State and political subdivisions 9 3,689 (38 ) — — — 9 3,689 (38 ) Corporate 2 975 (25 ) 2 655 (44 ) 4 1,630 (69 ) Total 16 $ 7,949 $ (83 ) 5 $ 1,991 $ (66 ) 21 $ 9,940 $ (149 ) December 31, 2015 Less Than 12 Months 12 Months and over Total Number of Securities Fair Value Gross Unrealized Losses Number of Securities Fair Value Gross Unrealized Losses Number of Securities Fair Value Gross Unrealized Losses (Dollars in thousands) Debt securities: U.S. Government- sponsored enterprises 12 $ 9,081 $ (157 ) 5 $ 3,607 $ (87 ) 17 $ 12,688 $ (244 ) Agency mortgage-backed 12 7,459 (58 ) 1 259 (6 ) 13 7,718 (64 ) State and political subdivisions 4 1,512 (14 ) 2 785 (11 ) 6 2,297 (25 ) Corporate 12 5,750 (277 ) 4 1,632 (82 ) 16 7,382 (359 ) Total 40 $ 23,802 $ (506 ) 12 $ 6,283 $ (186 ) 52 $ 30,085 $ (692 ) The Company evaluates all investment securities on a quarterly basis, and more frequently when economic conditions warrant, to determine if an OTTI exists . A security is considered impaired if the fair value is lower than its amortized cost basis at the report date. If impaired, management then assesses whether the unrealized loss is OTT. An unrealized loss on a debt security is generally deemed to be OTT and a credit loss is deemed to exist if the present value of the expected future cash flows is less than the amortized cost basis of the debt security. The credit loss component of OTTI write-down is recorded, net of tax effect, through net income as a component of net OTTI losses in the consolidated statement of income, while the remaining portion of the impairment loss is recognized in OCI, provided the Company does not intend to sell the underlying debt security and it is "more likely than not" that the Company will not have to sell the debt security prior to recovery. Declines in the fair values of individual equity securities that are deemed by management to be OTT are reflected in noninterest income when identified. Management considers the following factors in determining whether OTTI exists and the period over which the security is expected to recover: • The length of time, and extent to which, the fair value has been less than the amortized cost; • Adverse conditions specifically related to the security, industry, or geographic area; • The historical and implied volatility of the fair value of the security; • The payment structure of the debt security and the likelihood of the issuer being able to make payments that may increase in the future; • Failure of the issuer of the security to make scheduled interest or principal payments; • Any changes to the rating of the security by a rating agency; • Recoveries or additional declines in fair value subsequent to the balance sheet date; and • The nature of the issuer, including whether it is a private company, public entity or government-sponsored enterprise, and the existence or likelihood of any government or third party guaranty. The Company has the ability to hold the investment securities that had unrealized losses at September 30, 2016 for the foreseeable future and no declines were deemed by management to be OTT. The following table presents the proceeds, gross realized gains and gross realized losses from the sale of AFS securities: For The Three Months Ended September 30, For The Nine Months Ended September 30, 2016 2015 2016 2015 (Dollars in thousands) Proceeds $ 3,944 $ 11,040 $ 6,617 $ 11,040 Gross gains 112 54 131 54 Gross losses (59 ) (13 ) (60 ) (13 ) Net gains on sales of investment securities AFS $ 53 $ 41 $ 71 $ 41 |
Loans
Loans | 9 Months Ended |
Sep. 30, 2016 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Financing Receivables [Text Block] | Loans Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at their unpaid principal balances, adjusted for any charge-offs, the ALL, and any deferred fees or costs on originated loans and unamortized premiums or discounts on purchased loans. Loan interest income is accrued daily on outstanding balances. The following accounting policies, related to accrual and nonaccrual loans, apply to all portfolio segments and loan classes, which the Company considers to be the same. The accrual of interest is normally discontinued when a loan is specifically determined to be impaired and/or management believes, after considering collection efforts and other factors, that the borrower's financial condition is such that collection of interest is doubtful. Generally, any unpaid interest previously accrued on those loans is reversed against current period interest income. A loan may be restored to accrual status when its financial status has significantly improved and there is no principal or interest past due. A loan may also be restored to accrual status if the borrower makes six consecutive monthly payments or the lump sum equivalent. Income on nonaccrual loans is generally not recognized unless a loan is returned to accrual status or after all principal has been collected. Interest income generally is not recognized on impaired loans unless the likelihood of further loss is remote. Interest payments received on such loans are generally applied as a reduction of the loan principal balance. Delinquency status is determined based on contractual terms for all portfolio segments and loan classes. Loans past due 30 days or more are considered delinquent. Loans are considered in process of foreclosure when a judgment of foreclosure has been issued by the court. Loan origination fees and direct loan origination costs are deferred and amortized as an adjustment of the related loan's yield using methods that approximate the interest method. The Company generally amortizes these amounts over the estimated average life of the related loans. The loans purchased in the 2011 Branch Acquisition were initially recorded at $32.9 million , the estimated fair value at the time of purchase. The estimated fair value contains both accretable and nonaccretable components. The accretable component is amortized as an adjustment to the related loan yield over the average life of the loan. The nonaccretable component represents probable loss due to credit risk and is reviewed by management periodically and adjusted as deemed necessary. At the acquisition date, the fair value of the loans acquired resulted in an accretable loan premium component of $545 thousand , less a nonaccretable credit risk component of $318 thousand . As of September 30, 2016 and December 31, 2015 , there was no remaining accretable loan premium component balance and no remaining nonaccretable credit risk component balance due to the transfer of the remaining acquired portfolios to the Company's existing loan portfolios during the fourth quarter of 2015 . There were no acquired loans at September 30, 2016 or December 31, 2015 . The following table summarizes activity in the accretable loan premium component for the acquired loan portfolio during the three and nine month comparison periods : For The Three Months Ended September 30, For The Nine Months Ended September 30, 2016 2015 2016 2015 (Dollars in thousands) Balance at beginning of period $ — $ 256 $ — $ 292 Loan premium amortization — (26 ) — (62 ) Balance at end of period $ — $ 230 $ — $ 230 Changes in the accretable and nonaccretable components have been charged to Interest and fees on loans on the Company's consolidated statements of income for the periods reported. The composition of Net loans as of the balance sheet dates were as follows: September 30, December 31, (Dollars in thousands) Residential real estate $ 166,602 $ 165,396 Construction real estate 35,531 42,889 Commercial real estate 245,642 230,442 Commercial 32,884 21,397 Consumer 3,914 3,963 Municipal 37,788 36,419 Gross loans 522,361 500,506 Allowance for loan losses (5,226 ) (5,201 ) Net deferred loan costs 649 515 Net loans $ 517,784 $ 495,820 Residential real estate loans aggregating $17.2 million at December 31, 2015 were pledged as collateral on deposits of municipalities. There were no loans pledged as collateral on deposits of municipalities at September 30, 2016 . Qualifying residential first mortgage loans held by Union may be pledged as collateral for borrowings from the FHLB under a blanket lien. A summary of current, past due and nonaccrual loans as of the balance sheet dates follows: September 30, 2016 Current 30-59 Days 60-89 Days 90 Days and Over and Accruing Nonaccrual Total (Dollars in thousands) Residential real estate $ 163,439 $ 63 $ 545 $ 694 $ 1,861 $ 166,602 Construction real estate 35,494 12 — — 25 35,531 Commercial real estate 244,523 — 299 308 512 245,642 Commercial 32,833 35 — — 16 32,884 Consumer 3,898 15 1 — — 3,914 Municipal 37,788 — — — — 37,788 Total $ 517,975 $ 125 $ 845 $ 1,002 $ 2,414 $ 522,361 December 31, 2015 Current 30-59 Days 60-89 Days 90 Days and Over and Accruing Nonaccrual Total (Dollars in thousands) Residential real estate $ 159,895 $ 2,034 $ 1,195 $ 368 $ 1,904 $ 165,396 Construction real estate 42,616 7 204 34 28 42,889 Commercial real estate 228,513 667 641 111 510 230,442 Commercial 20,977 — 20 321 79 21,397 Consumer 3,950 10 1 2 — 3,963 Municipal 36,419 — — — — 36,419 Total $ 492,370 $ 2,718 $ 2,061 $ 836 $ 2,521 $ 500,506 There was one residential real estate loan totaling $50 thousand in process of foreclosure at September 30, 2016 . Aggregate interest on nonaccrual loans not recognized was $1.3 million and $1.2 million as of September 30, 2016 and 2015 , respectively, and $1.2 million as of December 31, 2015 . |
Allowance for loan losses and c
Allowance for loan losses and credit quality | 9 Months Ended |
Sep. 30, 2016 | |
Loans and Leases Receivable, Allowance [Abstract] | |
Allowance for Credit Losses [Text Block] | Allowance for Loan Losses and Credit Quality The ALL is established for estimated losses in the loan portfolio through a provision for loan losses charged to earnings. For all loan classes, loan losses are charged against the ALL when management believes the loan balance is uncollectible or in accordance with federal guidelines. Subsequent recoveries, if any, are credited to the ALL. The ALL is maintained at a level believed by management to be appropriate to absorb probable credit losses inherent in the loan portfolio as of the balance sheet date. The amount of the ALL is based on management's periodic evaluation of the collectability of the loan portfolio, including the nature, volume and risk characteristics of the portfolio, credit concentrations, trends in historical loss experience, estimated value of any underlying collateral, specific impaired loans and economic conditions. There has been no change to the methodology used to estimate the ALL during the third quarter of 2016 . While management uses available information to recognize losses on loans, future additions to the ALL may be necessary based on changes in economic conditions or other relevant factors. In addition, various regulatory agencies, as an integral part of their examination process, regularly review the Company's ALL. Such agencies may require the Company to recognize additions to the ALL, with a corresponding charge to earnings, based on their judgments about information available to them at the time of their examination, which may not be currently available to management. The ALL consists of specific, general and unallocated components. The specific component relates to the loans that are classified as impaired. Loans are evaluated for impairment and may be classified as impaired when management believes it is probable that the Company will not collect all the contractual interest and principal payments as scheduled in the loan agreement. Impaired loans may also include troubled loans that are restructured. A TDR occurs when the Company, for economic or legal reasons related to the borrower's financial difficulties, grants a concession to the borrower that would otherwise not be granted. A TDR classification may result from the transfer of assets to the Company in partial satisfaction of a troubled loan, a modification of a loan's terms (such as reduction of stated interest rates below market rates, extension of maturity that does not conform to the Company's policies, reduction of the face amount of the loan, reduction of accrued interest, or reduction or deferment of loan payments), or a combination. A specific reserve amount is allocated to the ALL for individual loans that have been classified as impaired based on management's estimate of the fair value of the collateral for collateral dependent loans, an observable market price, or the present value of anticipated future cash flows. The Company accounts for the change in present value attributable to the passage of time in the loan loss reserve. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual consumer, real estate or small balance commercial loans for impairment evaluation, unless such loans are subject to a restructuring agreement or have been identified as impaired as part of a larger customer relationship. Management has established the threshold for individual impairment evaluation for commercial loans with balances greater than $500 thousand, based on an evaluation of the Company's historical loss experience on substandard commercial loans. The general component represents the level of ALL allocable to each loan portfolio segment with similar risk characteristics and is determined based on historical loss experience, adjusted for qualitative factors, for each class of loan. Management deems a five year average to be an appropriate time frame on which to base historical losses for each portfolio segment. Qualitative factors considered include underwriting, economic and market conditions, portfolio composition, collateral values, delinquencies, lender experience and legal issues. The qualitative factors are determined based on the various risk characteristics of each portfolio segment. Risk characteristics relevant to each portfolio segment are as follows: • Residential real estate - Loans in this segment are collateralized by owner-occupied 1-4 family residential real estate, second and vacation homes, 1-4 family investment properties, home equity and second mortgage loans. Repayment is dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment rates and housing prices, could have an effect on the credit quality of this segment. • Construction real estate - Loans in this segment include residential and commercial construction properties, commercial real estate development loans (while in the construction phase of the projects), land and land development loans. Repayment is dependent on the credit quality of the individual borrower and/or the underlying cash flows generated by the properties being constructed. The overall health of the economy, including unemployment rates, housing prices, vacancy rates and material costs, could have an effect on the credit quality of this segment. • Commercial real estate - Loans in this segment are primarily properties occupied by businesses or income-producing properties. The underlying cash flows generated by the properties may be adversely impacted by a downturn in the economy as evidenced by a general slowdown in business or increased vacancy rates which, in turn, could have an effect on the credit quality of this segment. Management requests business financial statements at least annually and monitors the cash flows of these loans. • Commercial - Loans in this segment are made to businesses and are generally secured by non-real estate assets of the business. Repayment is expected from the cash flows of the business. A weakened economy, and resultant decreased consumer or business spending, could have an effect on the credit quality of this segment. • Consumer - Loans in this segment are made to individuals for personal expenditures, such as an automobile purchase, and include unsecured loans. Repayment is primarily dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment, could have an effect on the credit quality of this segment. • Municipal - Loans in this segment are made to municipalities located within the Company's service area. Repayment is primarily dependent on taxes or other funds collected by the municipalities. Management considers there to be minimal risk surrounding the credit quality of this segment. An unallocated component is maintained to cover uncertainties that could affect management's estimate of probable losses. The unallocated component of the ALL reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. All evaluations are inherently subjective as they require estimates that are susceptible to significant revision as more information becomes available or as changes occur in economic conditions or other relevant factors. Despite the allocation shown in the tables below, the ALL is general in nature and is available to absorb losses from any class of loan. Changes in the ALL, by class of loans, for the three and nine months ended September 30, 2016 and 2015 were as follows: For The Three Months Ended September 30, 2016 Residential Real Estate Construction Real Estate Commercial Real Estate Commercial Consumer Municipal Unallocated Total (Dollars in thousands) Balance, June 30, 2016 $ 1,382 $ 373 $ 2,837 $ 240 $ 27 $ 26 $ 341 $ 5,226 Provision (credit) for loan losses 11 28 (64 ) 5 4 20 (4 ) — Recoveries of amounts charged off — 3 — 1 — — — 4 1,393 404 2,773 246 31 46 337 5,230 Amounts charged off — — — — (4 ) — — (4 ) Balance, September 30, 2016 $ 1,393 $ 404 $ 2,773 $ 246 $ 27 $ 46 $ 337 $ 5,226 For The Three Months Ended September 30, 2015 Residential Real Estate Construction Real Estate Commercial Real Estate Commercial Consumer Municipal Unallocated Total (Dollars in thousands) Balance, June 30, 2015 $ 1,322 $ 397 $ 2,819 $ 192 $ 26 $ 25 $ 138 $ 4,919 Provision (credit) for loan losses 62 84 (80 ) 21 (1 ) 24 40 150 Recoveries of amounts charged off 10 3 — 6 — — — 19 1,394 484 2,739 219 25 49 178 5,088 Amounts charged off (28 ) — — (16 ) — — — (44 ) Balance, September 30, 2015 $ 1,366 $ 484 $ 2,739 $ 203 $ 25 $ 49 $ 178 $ 5,044 For The Nine Months Ended September 30, 2016 Residential Real Estate Construction Real Estate Commercial Real Estate Commercial Consumer Municipal Unallocated Total (Dollars in thousands) Balance, December 31, 2015 $ 1,419 $ 514 $ 2,792 $ 209 $ 28 $ 38 $ 201 $ 5,201 Provision (credit) for loan losses 79 (119 ) (19 ) 62 3 8 136 150 Recoveries of amounts charged off 15 9 — 8 3 — — 35 1,513 404 2,773 279 34 46 337 5,386 Amounts charged off (120 ) — — (33 ) (7 ) — — (160 ) Balance, September 30, 2016 $ 1,393 $ 404 $ 2,773 $ 246 $ 27 $ 46 $ 337 $ 5,226 For The Nine Months Ended September 30, 2015 Residential Real Estate Construction Real Estate Commercial Real Estate Commercial Consumer Municipal Unallocated Total (Dollars in thousands) Balance, December 31, 2014 $ 1,330 $ 439 $ 2,417 $ 176 $ 27 $ 42 $ 263 $ 4,694 Provision (credit) for loan losses 77 20 322 50 9 7 (85 ) 400 Recoveries of amounts charged off 10 25 — 6 3 — — 44 1,417 484 2,739 232 39 49 178 5,138 Amounts charged off (51 ) — — (29 ) (14 ) — — (94 ) Balance, September 30, 2015 $ 1,366 $ 484 $ 2,739 $ 203 $ 25 $ 49 $ 178 $ 5,044 The allocation of the ALL, summarized on the basis of the Company's impairment methodology by class of loan, as of the balance sheet dates were as follows: September 30, 2016 Residential Real Estate Construction Real Estate Commercial Real Estate Commercial Consumer Municipal Unallocated Total (Dollars in thousands) Individually evaluated for impairment $ 57 $ — $ 61 $ — $ — $ — $ — $ 118 Collectively evaluated for impairment 1,336 404 2,712 246 27 46 337 5,108 Total allocated $ 1,393 $ 404 $ 2,773 $ 246 $ 27 $ 46 $ 337 $ 5,226 December 31, 2015 Residential Real Estate Construction Real Estate Commercial Real Estate Commercial Consumer Municipal Unallocated Total (Dollars in thousands) Individually evaluated for impairment $ 109 $ — $ 227 $ 21 $ — $ — $ — $ 357 Collectively evaluated for impairment 1,310 514 2,565 188 28 38 201 4,844 Total allocated $ 1,419 $ 514 $ 2,792 $ 209 $ 28 $ 38 $ 201 $ 5,201 The recorded investment in loans, summarized on the basis of the Company's impairment methodology by class of loan, as of the balance sheet dates were as follows: September 30, 2016 Residential Real Estate Construction Real Estate Commercial Real Estate Commercial Consumer Municipal Total (Dollars in thousands) Individually evaluated for impairment $ 1,388 $ 89 $ 2,883 $ 451 $ — $ — $ 4,811 Collectively evaluated for impairment 165,214 35,442 242,759 32,433 3,914 37,788 517,550 Total $ 166,602 $ 35,531 $ 245,642 $ 32,884 $ 3,914 $ 37,788 $ 522,361 December 31, 2015 Residential Real Estate Construction Real Estate Commercial Real Estate Commercial Consumer Municipal Total (Dollars in thousands) Individually evaluated for impairment $ 1,197 $ 92 $ 3,094 $ 493 $ — $ — $ 4,876 Collectively evaluated for impairment 164,199 42,797 227,348 20,904 3,963 36,419 495,630 Total $ 165,396 $ 42,889 $ 230,442 $ 21,397 $ 3,963 $ 36,419 $ 500,506 Risk and collateral ratings are assigned to loans and are subject to ongoing monitoring by lending and credit personnel with such ratings updated annually or more frequently if warranted. The following is an overview of the Company's loan rating system: 1-3 Rating - Pass Risk-rating grades "1" through "3" comprise those loans ranging from those with lower than average credit risk, defined as borrowers with high liquidity, excellent financial condition, strong management, favorable industry trends or loans secured by highly liquid assets, through those with marginal credit risk, defined as borrowers that, while creditworthy, exhibit some characteristics requiring special attention by the account officer. 4/M Rating - Satisfactory/Monitor Borrowers exhibit potential credit weaknesses or downward trends warranting management's attention. While potentially weak, these borrowers are currently marginally acceptable; no loss of principal or interest is envisioned. When warranted, these credits may be monitored on the watch list. 5-7 Rating - Substandard Borrowers exhibit well defined weaknesses that jeopardize the orderly liquidation of debt. The loan may be inadequately protected by the net worth and paying capacity of the obligor and/or the underlying collateral is inadequate. The following tables summarize the loan ratings applied to the Company's loans by class as of the balance sheet dates: September 30, 2016 Residential Real Estate Construction Real Estate Commercial Real Estate Commercial Consumer Municipal Total (Dollars in thousands) Pass $ 152,180 $ 31,198 $ 171,007 $ 29,626 $ 3,880 $ 37,788 $ 425,679 Satisfactory/Monitor 10,316 4,219 70,428 2,589 33 — 87,585 Substandard 4,106 114 4,207 669 1 — 9,097 Total $ 166,602 $ 35,531 $ 245,642 $ 32,884 $ 3,914 $ 37,788 $ 522,361 December 31, 2015 Residential Real Estate Construction Real Estate Commercial Real Estate Commercial Consumer Municipal Total (Dollars in thousands) Pass $ 150,535 $ 37,750 $ 175,438 $ 18,347 $ 3,902 $ 36,419 $ 422,391 Satisfactory/Monitor 11,329 4,968 49,745 2,384 61 — 68,487 Substandard 3,532 171 5,259 666 — — 9,628 Total $ 165,396 $ 42,889 $ 230,442 $ 21,397 $ 3,963 $ 36,419 $ 500,506 The following table provides information with respect to impaired loans by class of loan as of and for the three and nine months ended September 30, 2016 : As of September 30, 2016 For The Three Months Ended September 30, 2016 For The Nine Months Ended September 30, 2016 Recorded Investment (1) Principal Balance (1) Related Allowance Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (Dollars in thousands) Residential real estate $ 258 $ 267 $ 57 Commercial real estate 501 530 61 With an allowance recorded 759 797 118 Residential real estate 1,130 1,521 — Construction real estate 89 89 — Commercial real estate 2,382 2,451 — Commercial 451 451 — With no allowance recorded 4,052 4,512 — Residential real estate 1,388 1,788 57 $ 1,346 $ 7 $ 1,266 $ 23 Construction real estate 89 89 — 89 1 91 3 Commercial real estate 2,883 2,981 61 3,018 28 3,059 59 Commercial 451 451 — 456 — 470 — Total $ 4,811 $ 5,309 $ 118 $ 4,909 $ 36 $ 4,886 $ 85 ____________________ (1) Does not reflect government guaranties on impaired loans as of September 30, 2016 totaling $654 thousand . The following table provides information with respect to impaired loans by class of loan as of and for the three and nine months ended September 30, 2015 : As of September 30, 2015 For The Three Months Ended September 30, 2015 For The Nine Months Ended September 30, 2015 Recorded Investment (1) Principal Balance (1) Related Allowance Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (Dollars in thousands) Residential real estate $ 1,185 $ 1,346 $ 63 $ 935 $ 10 $ 878 $ 24 Construction real estate 93 93 2 94 1 179 18 Commercial real estate 3,815 3,892 320 3,947 46 3,630 151 Commercial — — — — — 31 — Total $ 5,093 $ 5,331 $ 385 $ 4,976 $ 57 $ 4,718 $ 193 ____________________ (1) Does not reflect government guaranties on impaired loans as of September 30, 2015 totaling $238 thousand . The following table provides information with respect to impaired loans as of December 31, 2015 : December 31, 2015 Recorded Investment (1) Principal Balance (1) Related Allowance (Dollars in thousands) Residential real estate $ 659 $ 668 $ 109 Commercial real estate 2,142 2,161 227 Commercial 493 493 21 With an allowance recorded 3,294 3,322 357 Residential real estate 538 697 — Construction real estate 92 92 — Commercial real estate 952 1,015 — With no allowance recorded 1,582 1,804 — Residential real estate 1,197 1,365 109 Construction real estate 92 92 — Commercial real estate 3,094 3,176 227 Commercial 493 493 21 Total $ 4,876 $ 5,126 $ 357 ____________________ (1) Does not reflect government guaranties on impaired loans as of December 31, 2015 totaling $606 thousand . The following is a summary of TDR loans by class of loan as of the balance sheet dates: September 30, 2016 December 31, 2015 Number of Loans Principal Balance Number of Loans Principal Balance (Dollars in thousands) Residential real estate 17 $ 1,388 11 $ 1,197 Construction real estate 1 89 1 92 Commercial real estate 10 1,475 5 950 Commercial 2 451 2 493 Total 30 $ 3,403 19 $ 2,732 The TDR loans above represent loan modifications in which a concession was provided to the borrower, including due date extensions, maturity date extensions, interest rate reductions or the forgiveness of accrued interest. Troubled loans, that are restructured and meet established thresholds, are classified as impaired and a specific reserve amount is allocated to the ALL on the basis of the fair value of the collateral for collateral dependent loans, an observable market price, or the present value of anticipated future cash flows. The following table provides new TDR activity for the three and nine months ended September 30, 2016 : New TDRs During the New TDRs During the Three Months Ended September 30, 2016 Nine Months Ended September 30, 2016 Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment (Dollars in thousands) Residential real estate 3 $ 89 $ 99 6 $ 278 $ 295 Commercial real estate 4 643 647 6 803 807 The following table provides new TDR activity for the three and nine months ended September 30, 2015 . New TDRs During the New TDRs During the Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment (Dollars in thousands) Residential real estate 5 $ 504 $ 511 5 $ 504 $ 511 Commercial real estate — — — 2 281 281 There were no TDR loans modified within the previous twelve months that had subsequently defaulted during the three and nine month periods ended September 30, 2016 or September 30, 2015 . TDR loans are considered defaulted at 90 days past due. At September 30, 2016 and December 31, 2015 , the Company was not committed to lend any additional funds to borrowers whose loans were nonperforming, impaired or restructured. |
Defined Benefit Pension Plan
Defined Benefit Pension Plan | 9 Months Ended |
Sep. 30, 2016 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | Defined Benefit Pension Plan Union sponsors a noncontributory defined benefit pension plan covering all eligible employees employed prior to October 5, 2012. On October 5, 2012, the Company closed the Plan to new participants and froze the accrual of retirement benefits for current participants. It is Union's current intent to continue to maintain the frozen Plan and related Trust account and to distribute benefits to participants at such time and in such manner as provided under the terms of the Plan. The Company will continue to recognize the pension benefit and cash funding obligations for the remaining life of the associated liability for the frozen benefits under the Plan. The Plan provides defined benefits based on years of service and final average salary prior to October 5, 2012. Net periodic pension benefit for the three and nine months ended September 30 consisted of the following components: Three Months Ended Nine Months Ended 2016 2015 2016 2015 (Dollars in thousands) Interest cost on projected benefit obligation $ 175 $ 170 $ 525 $ 510 Expected return on plan assets (259 ) (286 ) (777 ) (858 ) Amortization of net loss 41 14 123 42 Net periodic benefit $ (43 ) $ (102 ) $ (129 ) $ (306 ) |
Stock Based Compensation
Stock Based Compensation | 9 Months Ended |
Sep. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Stock Based Compensation The Company's current stock-based compensation plan is the Union Bankshares, Inc. 2014 Equity Incentive Plan. Under the 2014 Equity Plan, 50,000 shares of the Company’s common stock are available for equity awards of incentive stock options, nonqualified stock options, restricted stock and RSUs to eligible officers and (except for awards of incentive stock options) nonemployee directors. Shares available for issuance of awards under the 2014 Equity Plan consist of unissued shares of the Company’s common stock and/or shares held in treasury. During the nine months ended September 30, 2016 the following awards and contingent awards were made to eligible officers under the 2014 Equity Plan: • A total of 5,444 RSUs were granted at a fair value of $27.91 per share, based on the closing market price of the Company's common stock on December 31, 2015, the earned date of the award. 50% of the RSUs awarded were in the form of Time-Based RSUs, which will vest over three years, approximately one-third per year on the anniversary of the earned date; and 50% of the RSUs awarded were in the form of Performance-Based RSUs, which are subject to both performance and time based vesting conditions. The Performance-Based conditions were satisfied during 2015 and vesting of the Performance-Based RSUs will occur over two years, with approximately one-half vesting on each of the next two anniversaries of the earned date. Prior to vesting, the RSUs do not earn dividends or dividend equivalents, nor do they bear any voting rights. The general terms of the awards were described in a 2015 Award Summary, with the final awards and related 2015 performance results and December 31, 2015 stock price, certified by the Board of Directors during the first quarter of 2016 . Unrecognized compensation expense related to the unvested RSUs as of September 30, 2016 was $105 thousand . • A total of 4,456 contingent RSUs were provisionally granted at a fair value of $29.10 per share, based on the closing market price of the Company's stock on the March 16, 2016 grant date. The estimated number of contingent RSUs provisionally granted was based on target payout amounts as detailed in the 2016 Award Plan Summary adopted by the Board of Directors. As with the 2015 grants, one half is in the form of Time-Based RSUs and one-half is in the form of Performance-Based RSUs. The actual number of RSUs granted (if any) will be determined as of the earned date of December 31, 2016. The contingent RSUs were granted on substantially the same terms and conditions as the RSUs granted under the 2015 Award Plan Summary. As of September 30, 2016 the estimated unrecognized compensation expense related to the contingent unvested RSUs, based on the closing market price of the Company's stock on the grant date of March 16, 2016 was $130 thousand . As of September 30, 2016 , 4,500 options granted in December 2014 under the 2014 Equity Plan remained outstanding and exercisable and will expire in December 2021. There was no unrecognized compensation cost related to these options as of September 30, 2016 and all exercisable options were "in the money". As of September 30, 2016 , 36,436 shares remained available for future equity awards under the 2014 Equity Plan. As of September 30, 2016 , 4,000 options granted under the 2008 ISO Plan remained outstanding and exercisable, with the last of such options expiring in December 2020. There was no unrecognized compensation cost related to these options as of September 30, 2016 and all exercisable options were "in the money". |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2016 | |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | Other Comprehensive Income (Loss) Accounting principles generally require recognized revenue, expenses, gains and losses be included in net income or loss. Certain changes in assets and liabilities, such as the after tax effect of unrealized gains and losses on investment securities AFS that are not OTTI and the unfunded liability for the defined benefit pension plan, are not reflected in the consolidated statements of income. The cumulative effect of such items, net of tax effect, is reported as a separate component of the equity section of the consolidated balance sheet (Accumulated OCI). OCI, along with net income, comprises the Company's total comprehensive income or loss. As of the balance sheet dates, the components of Accumulated OCI, net of tax, were: September 30, December 31, (Dollars in thousands) Net unrealized gain (loss) on investment securities available-for-sale $ 640 $ (27 ) Defined benefit pension plan net unrealized actuarial loss (2,275 ) (2,275 ) Total $ (1,635 ) $ (2,302 ) The following tables disclose the tax effects allocated to each component of OCI for the three and nine months ended September 30 : Three Months Ended September 30, 2016 September 30, 2015 Before-Tax Amount Tax Benefit Net-of-Tax Amount Before-Tax Amount Tax (Expense) Benefit Net-of-Tax Amount (Dollars in thousands) Investment securities available-for-sale: Net unrealized holding (losses) gains arising during the period on investment securities available-for-sale $ (276 ) $ 94 $ (182 ) $ 453 $ (154 ) $ 299 Reclassification adjustment for net gains on investment securities available-for-sale realized in net income (53 ) 18 (35 ) (41 ) 14 (27 ) Total other comprehensive (loss) income $ (329 ) $ 112 $ (217 ) $ 412 $ (140 ) $ 272 Nine Months Ended September 30, 2016 September 30, 2015 Before-Tax Amount Tax (Expense) Benefit Net-of-Tax Amount Before-Tax Amount Tax (Expense) Benefit Net-of-Tax Amount (Dollars in thousands) Investment securities available-for-sale: Net unrealized holding gains arising during the period on investment securities available-for-sale $ 1,082 $ (368 ) $ 714 $ 122 $ (41 ) $ 81 Reclassification adjustment for net gains on investment securities available-for-sale realized in net income (71 ) 24 (47 ) (41 ) 14 (27 ) Total other comprehensive income $ 1,011 $ (344 ) $ 667 $ 81 $ (27 ) $ 54 The following table discloses information concerning the reclassification adjustments from OCI for the three and nine months ended September 30 : Three Months Ended Nine Months Ended Reclassification Adjustment Description September 30, 2016 September 30, 2015 September 30, 2016 September 30, 2015 Affected Line Item in Consolidated Statement of Income (Dollars in thousands) Investment securities available-for-sale: Net gains on investment securities available-for-sale $ (53 ) $ (41 ) $ (71 ) $ (41 ) Net gains on sales of investment securities available-for-sale Tax benefit 18 14 24 14 Provision for income taxes Total reclassifications $ (35 ) $ (27 ) $ (47 ) $ (27 ) Net income |
Fair Value Measurement
Fair Value Measurement | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | Fair Value Measurement The Company utilizes FASB ASC Topic 820, Fair Value Measurement , as guidance for accounting for assets and liabilities carried at fair value. This standard defines fair value as the price that would be received, without adjustment for transaction costs, to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is a market based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. The guidance in FASB ASC Topic 820 establishes a three-level fair value hierarchy, which prioritizes the inputs used in measuring fair value. A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The three levels of the fair value hierarchy are: • Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; • Level 2 - Quoted prices for similar assets or liabilities in active markets, quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; • Level 3 - Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). The following is a description of the valuation methodologies used for the Company’s assets that are measured on a recurring basis at estimated fair value: AFS securities: Marketable equity securities and mutual funds have been valued using unadjusted quoted prices from active markets and therefore have been classified as Level 1. However, the majority of the Company’s AFS securities have been valued utilizing Level 2 inputs. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include market maker bids, quotes and pricing models. Inputs to the pricing models include recent trades, benchmark interest rates, spreads and actual and projected cash flows. Assets measured at fair value on a recurring basis at September 30, 2016 and December 31, 2015 , segregated by fair value hierarchy level, are summarized below: Fair Value Measurements Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) September 30, 2016: (Dollars in thousands) Investment securities available-for-sale (market approach) Debt securities: U.S. Government-sponsored enterprises $ 7,292 $ — $ 7,292 $ — Agency mortgage-backed 16,550 — 16,550 — State and political subdivisions 25,452 — 25,452 — Corporate 10,021 — 10,021 — Total debt securities 59,315 — 59,315 — Mutual funds 356 356 — — Total $ 59,671 $ 356 $ 59,315 $ — December 31, 2015: Investment securities available-for-sale (market approach) Debt securities: U.S. Government-sponsored enterprises $ 10,692 $ — $ 10,692 $ — Agency mortgage-backed 11,058 — 11,058 — State and political subdivisions 20,032 — 20,032 — Corporate 11,983 — 11,983 — Total debt securities 53,765 — 53,765 — Mutual funds 345 345 — — Total $ 54,110 $ 345 $ 53,765 $ — There were no significant transfers in or out of Levels 1 and 2 during the three and nine months ended September 30, 2016 , nor were there any Level 3 assets at any time during the period. Certain other assets and liabilities are measured at fair value on a nonrecurring basis, that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). Assets and liabilities measured at fair value on a nonrecurring basis in periods after initial recognition, such as impaired loans, HTM securities, MSRs and OREO, were not considered material at September 30, 2016 or December 31, 2015 . The Company has not elected to apply the fair value method to any financial assets or liabilities other than those situations where other accounting pronouncements require fair value measurements. FASB ASC Topic 825 , Financial Instruments, requires disclosure of the estimated fair value of financial instruments. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Management’s estimates and assumptions are inherently subjective and involve uncertainties and matters of significant judgment. Changes in assumptions could dramatically affect the estimated fair values. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. Certain financial instruments and all nonfinancial instruments may be excluded from disclosure requirements. Thus, the aggregate fair value amounts presented may not necessarily represent the actual underlying fair value of such instruments of the Company. The following methods and assumptions were used by the Company in estimating the fair value of its significant financial instruments: Cash and cash equivalents : The carrying amounts reported in the balance sheet for cash and cash equivalents approximate those assets' fair values and are classified as Level 1. Interest bearing deposits in banks: Fair values for interest bearing deposits in banks are based on discounted present values of cash flows and are classified as Level 2. Investment securities: Fair values for investment securities are based on quoted market prices, where available. If quoted market prices are not available, fair value measurements consider observable data which may include market maker bids, quotes and pricing models. Inputs to the pricing models include recent trades, benchmark interest rates, spreads and actual and projected cash flows. Investment securities are classified as Level 1 or Level 2 depending on availability of recent trade information. Loans held for sale: The fair value of loans held for sale is estimated based on quotes from third party vendors, resulting in a Level 2 classification. Loans : The fair values of loans are estimated for portfolios of loans with similar financial characteristics and segregated by loan class or segment. For variable-rate loan categories that reprice frequently and with no significant change in credit risk, fair values are based on carrying amounts adjusted for credit risk. The fair values for other loans (for example, fixed-rate residential, commercial real estate, and rental property mortgage loans as well as commercial and industrial loans) are estimated using discounted cash flow analysis, based on interest rates currently being offered for loans with similar terms to borrowers of similar credit quality. Loan fair value estimates include judgments regarding future cash flows, future expected loss experience and risk characteristics. Fair values for impaired loans are estimated using discounted cash flow analysis or underlying collateral values, where applicable. The fair value methods and assumptions that utilize unobservable inputs as defined by current accounting standards are classified as Level 3. Accrued interest receivable and payable: The carrying amounts of accrued interest approximate their fair values and are classified as Level 1, 2, or 3 in accordance with the classification of the related principal's valuation. Nonmarketable equity securities: It is not practical to determine the fair value of the nonmarketable securities, such as FHLB stock, due to restrictions placed on their transferability. Deposits : The fair values disclosed for noninterest bearing deposits and other interest bearing nontime deposits are, by definition, equal to the amount payable on demand at the reporting date, resulting in a Level 1 classification. The fair values for time deposits are estimated using a discounted cash flow calculation that applies interest rates currently being offered on similar deposits to a schedule of aggregated expected maturities on such deposits, resulting in a Level 2 classification. At December 31, 2015, other interest bearing nontime deposits were classified as Level 2 as the fair value was estimated using a discounted cash flow calculation that applied interest rates that were being offered on similar deposits to a schedule of aggregated expected maturities on such deposits. Borrowed funds : The fair values of the Company’s long-term debt are estimated using discounted cash flow analysis based on interest rates currently being offered on similar debt instruments, resulting in a Level 2 classification. The fair values of the Company’s short-term debt approximate the carrying amounts reported in the balance sheet, resulting in a Level 1 classification. Off-balance-sheet financial instruments : Fair values for off-balance-sheet, credit-related financial instruments are based on fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the counterparties’ credit standing. The only commitments to extend credit that are normally longer than one year in duration are the home equity lines whose interest rates are variable quarterly. The only fees collected for commitments are an annual fee on credit card arrangements and often a flat fee on commercial lines of credit and standby letters of credit. The fair value of off-balance-sheet financial instruments as of the balance sheet dates was not significant. As of the balance sheet dates, the estimated fair values and related carrying amounts of the Company's significant financial instruments were as follows: September 30, 2016 Fair Value Measurements Carrying Amount Estimated Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (Dollars in thousands) Financial assets Cash and cash equivalents $ 35,574 $ 35,574 $ 35,574 $ — $ — Interest bearing deposits in banks 9,753 9,811 — 9,811 — Investment securities 60,670 60,672 356 60,316 — Loans held for sale 10,214 10,459 — 10,459 — Loans, net Residential real estate 165,416 169,166 — — 169,166 Construction real estate 35,171 35,672 — — 35,672 Commercial real estate 242,837 244,181 — — 244,181 Commercial 32,679 32,695 — — 32,695 Consumer 3,892 3,988 — — 3,988 Municipal 37,789 38,515 — — 38,515 Accrued interest receivable 1,962 1,962 — 377 1,585 Nonmarketable equity securities 2,499 N/A N/A N/A N/A Financial liabilities Deposits Noninterest bearing $ 116,381 $ 116,381 $ 116,381 $ — $ — Interest bearing 350,376 350,376 350,376 — — Time 105,429 105,388 — 105,388 — Borrowed funds Short-term 6,949 6,949 6,949 — — Long-term 30,564 28,356 — 28,356 — Accrued interest payable 99 99 — 99 — December 31, 2015 Fair Value Measurements Carrying Amount Estimated Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (Dollars in thousands) Financial assets Cash and cash equivalents $ 17,961 $ 17,961 $ 17,961 $ — $ — Interest bearing deposits in banks 12,753 12,610 — 12,610 — Investment securities 59,327 59,226 345 58,881 — Loans held for sale 5,635 5,745 — 5,745 — Loans, net Residential real estate 164,147 164,462 — — 164,462 Construction real estate 42,419 41,956 — — 41,956 Commercial real estate 227,686 230,282 — — 230,282 Commercial 21,210 20,849 — — 20,849 Consumer 3,939 4,032 — — 4,032 Municipal 36,419 38,131 — — 38,131 Accrued interest receivable 1,832 1,832 — 389 1,443 Nonmarketable equity securities 1,932 N/A N/A N/A N/A Financial liabilities Deposits Noninterest bearing $ 99,826 $ 99,826 $ 99,826 $ — $ — Interest bearing 310,203 310,200 — 310,200 — Time 150,379 150,665 — 150,665 — Borrowed funds Short-term 3,622 3,621 3,621 — — Long-term 5,942 6,296 — 6,296 — Accrued interest payable 269 269 — 269 — The carrying amounts in the preceding tables are included in the consolidated balance sheets under the applicable captions. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent Events Subsequent events represent events or transactions occurring after the balance sheet date but before the financial statements are issued. Financial statements are considered “issued” when they are widely distributed to shareholders and others for general use and reliance in a form and format that complies with GAAP. Events occurring subsequent to September 30, 2016 have been evaluated as to their potential impact to the consolidated financial statements. On October 19, 2016 , the Company declared a regular quarterly cash dividend of $0.28 per share, payable November 8, 2016 , to stockholders of record on October 29, 2016 . |
Basis of Presentation Accountin
Basis of Presentation Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis of financial statement presentation [Policy Text Block] | The accompanying unaudited interim consolidated financial statements of Union Bankshares, Inc. and Subsidiary (together, the Company) as of September 30, 2016 , and for the three and nine months ended September 30, 2016 and 2015 , have been prepared in conformity with GAAP for interim financial information, general practices within the banking industry, and the accounting policies described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 . The Company's sole subsidiary is Union Bank. In the opinion of the Company’s management, all adjustments, consisting only of normal recurring adjustments and disclosures necessary for a fair presentation of the information contained herein, have been made. This information should be read in conjunction with the Company’s 2015 Annual Report on Form 10-K. The results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for the full fiscal year ending December 31, 2016 , or any interim period. Certain amounts in the 2015 consolidated financial statements have been reclassified to conform to the 2016 presentation. |
Earnings per common share [Policy Text Block] | Earnings per common share are computed based on the weighted average number of shares of common stock outstanding during the period and reduced for shares held in treasury. The assumed conversion of outstanding exercisable stock options and restricted stock units does not result in material dilution and is not included in the calculation. |
Recent accounting pronouncements [Policy Text Block] | In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Liabilities. The ASU was issued to enhance the reporting model for financial instruments to provide users of financial statements with more useful information for decisions. The ASU is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted for only one of the six amendments, otherwise it is not permitted. The Company is evaluating the potential impact of the ASU on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) . The ASU was issued to increase transparency and comparability among organizations by recognizing lease assets and liabilities (including operating leases) on the balance sheet and disclosing key information about leasing arrangements. Previous lease accounting did not require the inclusion of operating leases in the balance sheet. The ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted. The Company is evaluating the potential impact of the ASU on its consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The ASU simplifies several aspects of the accounting for share-based payment award transactions, including: (1) income tax consequences; (2) classification of awards as either equity or liabilities, and (3) classification on the statement of cash flows. The ASU is effective for annual periods beginning after December 15, 2016 and interim periods within those annual periods. Early adoption is permitted. The Company is evaluating the potential impact of the ASU on its consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . Under the new guidance, which will replace the existing incurred loss model for recognizing credit losses, banks and other lending institutions will be required to recognize the full amount of expected credit losses. The new guidance, which is referred to as the current expected credit loss model ("CECL"), requires that expected credit losses for financial assets held at the reporting date that are accounted for at amortized cost be measured and recognized based on historical experience and current and reasonably supportable forecasted conditions to reflect the full amount of expected credit losses. A modified version of these requirements also applies to debt securities classified as available for sale. T h e ASU i s effec ti ve for fisca l years be g inn i n g aft er De c ember 15, 2019, in c lu d ing in teri m p e rio ds w i t hin t ho se fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2018, including interim periods within such years. The Company is evaluating the potential impact of the ASU on its consolidated financial statements. |
Intangible assets [Policy Text Block] | As a result of the 2011 Branch Acquisition, the Company recorded goodwill amounting to $2.2 million . The goodwill is not amortizable. Goodwill is evaluated for impairment annually, in accordance with current authoritative accounting guidance. Management assesses qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of the Company, in total, is less than its carrying amount. Management is not aware of any such events or circumstances that would cause it to conclude that the fair value of the Company is less than its carrying amount. The Company also recorded $1.7 million of acquired identifiable intangible assets in connection with the 2011 Branch Acquisition, representing the core deposit intangible which is subject to straight-line amortization over the estimated 10 year average life of the core deposit base, absent any future impairment. Management will evaluate the core deposit intangible for impairment if conditions warrant. |
Investment securities [Policy Text Block] | The Company evaluates all investment securities on a quarterly basis, and more frequently when economic conditions warrant, to determine if an OTTI exists . A security is considered impaired if the fair value is lower than its amortized cost basis at the report date. If impaired, management then assesses whether the unrealized loss is OTT. An unrealized loss on a debt security is generally deemed to be OTT and a credit loss is deemed to exist if the present value of the expected future cash flows is less than the amortized cost basis of the debt security. The credit loss component of OTTI write-down is recorded, net of tax effect, through net income as a component of net OTTI losses in the consolidated statement of income, while the remaining portion of the impairment loss is recognized in OCI, provided the Company does not intend to sell the underlying debt security and it is "more likely than not" that the Company will not have to sell the debt security prior to recovery. Declines in the fair values of individual equity securities that are deemed by management to be OTT are reflected in noninterest income when identified. Management considers the following factors in determining whether OTTI exists and the period over which the security is expected to recover: • The length of time, and extent to which, the fair value has been less than the amortized cost; • Adverse conditions specifically related to the security, industry, or geographic area; • The historical and implied volatility of the fair value of the security; • The payment structure of the debt security and the likelihood of the issuer being able to make payments that may increase in the future; • Failure of the issuer of the security to make scheduled interest or principal payments; • Any changes to the rating of the security by a rating agency; • Recoveries or additional declines in fair value subsequent to the balance sheet date; and • The nature of the issuer, including whether it is a private company, public entity or government-sponsored enterprise, and the existence or likelihood of any government or third party guaranty. |
Loans [Policy Text Block] | Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at their unpaid principal balances, adjusted for any charge-offs, the ALL, and any deferred fees or costs on originated loans and unamortized premiums or discounts on purchased loans. Loan interest income is accrued daily on outstanding balances. The following accounting policies, related to accrual and nonaccrual loans, apply to all portfolio segments and loan classes, which the Company considers to be the same. The accrual of interest is normally discontinued when a loan is specifically determined to be impaired and/or management believes, after considering collection efforts and other factors, that the borrower's financial condition is such that collection of interest is doubtful. Generally, any unpaid interest previously accrued on those loans is reversed against current period interest income. A loan may be restored to accrual status when its financial status has significantly improved and there is no principal or interest past due. A loan may also be restored to accrual status if the borrower makes six consecutive monthly payments or the lump sum equivalent. Income on nonaccrual loans is generally not recognized unless a loan is returned to accrual status or after all principal has been collected. Interest income generally is not recognized on impaired loans unless the likelihood of further loss is remote. Interest payments received on such loans are generally applied as a reduction of the loan principal balance. Delinquency status is determined based on contractual terms for all portfolio segments and loan classes. Loans past due 30 days or more are considered delinquent. Loans are considered in process of foreclosure when a judgment of foreclosure has been issued by the court. Loan origination fees and direct loan origination costs are deferred and amortized as an adjustment of the related loan's yield using methods that approximate the interest method. The Company generally amortizes these amounts over the estimated average life of the related loans. The loans purchased in the 2011 Branch Acquisition were initially recorded at $32.9 million , the estimated fair value at the time of purchase. The estimated fair value contains both accretable and nonaccretable components. The accretable component is amortized as an adjustment to the related loan yield over the average life of the loan. The nonaccretable component represents probable loss due to credit risk and is reviewed by management periodically and adjusted as deemed necessary. |
Allowance for loan losses [Policy Text Block] | The ALL is established for estimated losses in the loan portfolio through a provision for loan losses charged to earnings. For all loan classes, loan losses are charged against the ALL when management believes the loan balance is uncollectible or in accordance with federal guidelines. Subsequent recoveries, if any, are credited to the ALL. The ALL is maintained at a level believed by management to be appropriate to absorb probable credit losses inherent in the loan portfolio as of the balance sheet date. The amount of the ALL is based on management's periodic evaluation of the collectability of the loan portfolio, including the nature, volume and risk characteristics of the portfolio, credit concentrations, trends in historical loss experience, estimated value of any underlying collateral, specific impaired loans and economic conditions. There has been no change to the methodology used to estimate the ALL during the third quarter of 2016 . While management uses available information to recognize losses on loans, future additions to the ALL may be necessary based on changes in economic conditions or other relevant factors. In addition, various regulatory agencies, as an integral part of their examination process, regularly review the Company's ALL. Such agencies may require the Company to recognize additions to the ALL, with a corresponding charge to earnings, based on their judgments about information available to them at the time of their examination, which may not be currently available to management. The ALL consists of specific, general and unallocated components. The specific component relates to the loans that are classified as impaired. Loans are evaluated for impairment and may be classified as impaired when management believes it is probable that the Company will not collect all the contractual interest and principal payments as scheduled in the loan agreement. Impaired loans may also include troubled loans that are restructured. A TDR occurs when the Company, for economic or legal reasons related to the borrower's financial difficulties, grants a concession to the borrower that would otherwise not be granted. A TDR classification may result from the transfer of assets to the Company in partial satisfaction of a troubled loan, a modification of a loan's terms (such as reduction of stated interest rates below market rates, extension of maturity that does not conform to the Company's policies, reduction of the face amount of the loan, reduction of accrued interest, or reduction or deferment of loan payments), or a combination. A specific reserve amount is allocated to the ALL for individual loans that have been classified as impaired based on management's estimate of the fair value of the collateral for collateral dependent loans, an observable market price, or the present value of anticipated future cash flows. The Company accounts for the change in present value attributable to the passage of time in the loan loss reserve. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual consumer, real estate or small balance commercial loans for impairment evaluation, unless such loans are subject to a restructuring agreement or have been identified as impaired as part of a larger customer relationship. Management has established the threshold for individual impairment evaluation for commercial loans with balances greater than $500 thousand, based on an evaluation of the Company's historical loss experience on substandard commercial loans. The general component represents the level of ALL allocable to each loan portfolio segment with similar risk characteristics and is determined based on historical loss experience, adjusted for qualitative factors, for each class of loan. Management deems a five year average to be an appropriate time frame on which to base historical losses for each portfolio segment. Qualitative factors considered include underwriting, economic and market conditions, portfolio composition, collateral values, delinquencies, lender experience and legal issues. The qualitative factors are determined based on the various risk characteristics of each portfolio segment. Risk characteristics relevant to each portfolio segment are as follows: • Residential real estate - Loans in this segment are collateralized by owner-occupied 1-4 family residential real estate, second and vacation homes, 1-4 family investment properties, home equity and second mortgage loans. Repayment is dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment rates and housing prices, could have an effect on the credit quality of this segment. • Construction real estate - Loans in this segment include residential and commercial construction properties, commercial real estate development loans (while in the construction phase of the projects), land and land development loans. Repayment is dependent on the credit quality of the individual borrower and/or the underlying cash flows generated by the properties being constructed. The overall health of the economy, including unemployment rates, housing prices, vacancy rates and material costs, could have an effect on the credit quality of this segment. • Commercial real estate - Loans in this segment are primarily properties occupied by businesses or income-producing properties. The underlying cash flows generated by the properties may be adversely impacted by a downturn in the economy as evidenced by a general slowdown in business or increased vacancy rates which, in turn, could have an effect on the credit quality of this segment. Management requests business financial statements at least annually and monitors the cash flows of these loans. • Commercial - Loans in this segment are made to businesses and are generally secured by non-real estate assets of the business. Repayment is expected from the cash flows of the business. A weakened economy, and resultant decreased consumer or business spending, could have an effect on the credit quality of this segment. • Consumer - Loans in this segment are made to individuals for personal expenditures, such as an automobile purchase, and include unsecured loans. Repayment is primarily dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment, could have an effect on the credit quality of this segment. • Municipal - Loans in this segment are made to municipalities located within the Company's service area. Repayment is primarily dependent on taxes or other funds collected by the municipalities. Management considers there to be minimal risk surrounding the credit quality of this segment. An unallocated component is maintained to cover uncertainties that could affect management's estimate of probable losses. The unallocated component of the ALL reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. All evaluations are inherently subjective as they require estimates that are susceptible to significant revision as more information becomes available or as changes occur in economic conditions or other relevant factors. |
Pension plans [Policy Text Block] | Union sponsors a noncontributory defined benefit pension plan covering all eligible employees employed prior to October 5, 2012. On October 5, 2012, the Company closed the Plan to new participants and froze the accrual of retirement benefits for current participants. It is Union's current intent to continue to maintain the frozen Plan and related Trust account and to distribute benefits to participants at such time and in such manner as provided under the terms of the Plan. The Company will continue to recognize the pension benefit and cash funding obligations for the remaining life of the associated liability for the frozen benefits under the Plan. The Plan provides defined benefits based on years of service and final average salary prior to October 5, 2012. |
Comprehensive income (loss) [Policy Text Block] | Accounting principles generally require recognized revenue, expenses, gains and losses be included in net income or loss. Certain changes in assets and liabilities, such as the after tax effect of unrealized gains and losses on investment securities AFS that are not OTTI and the unfunded liability for the defined benefit pension plan, are not reflected in the consolidated statements of income. The cumulative effect of such items, net of tax effect, is reported as a separate component of the equity section of the consolidated balance sheet (Accumulated OCI). OCI, along with net income, comprises the Company's total comprehensive income or loss. |
Fair value measurements [Policy Text Block] | The Company utilizes FASB ASC Topic 820, Fair Value Measurement , as guidance for accounting for assets and liabilities carried at fair value. This standard defines fair value as the price that would be received, without adjustment for transaction costs, to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is a market based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. The guidance in FASB ASC Topic 820 establishes a three-level fair value hierarchy, which prioritizes the inputs used in measuring fair value. A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The three levels of the fair value hierarchy are: • Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; • Level 2 - Quoted prices for similar assets or liabilities in active markets, quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; • Level 3 - Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). |
Goodwill and Other Intangible23
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | As of September 30, 2016 , the remaining amortization expense related to the core deposit intangible, absent any future impairment, is expected to be as follows: (Dollars in thousands) 2016 $ 43 2017 171 2018 171 2019 171 2020 171 Thereafter 70 Total $ 797 |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Available-for-sale and held-to-maturity securities [Table Text Block] | Investment securities as of the balance sheet dates consisted of the following: September 30, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Dollars in thousands) Available-for-sale Debt securities: U.S. Government-sponsored enterprises $ 7,263 $ 55 $ (26 ) $ 7,292 Agency mortgage-backed 16,331 235 (16 ) 16,550 State and political subdivisions 25,004 486 (38 ) 25,452 Corporate 9,748 342 (69 ) 10,021 Total debt securities 58,346 1,118 (149 ) 59,315 Mutual funds 356 — — 356 Total $ 58,702 $ 1,118 $ (149 ) $ 59,671 Held-to-maturity U.S. Government-sponsored enterprises $ 999 $ 2 $ — $ 1,001 December 31, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Dollars in thousands) Available-for-sale Debt securities: U.S. Government-sponsored enterprises $ 10,805 $ 30 $ (143 ) $ 10,692 Agency mortgage-backed 11,083 39 (64 ) 11,058 State and political subdivisions 19,653 404 (25 ) 20,032 Corporate 12,266 76 (359 ) 11,983 Total debt securities 53,807 549 (591 ) 53,765 Mutual funds 345 — — 345 Total $ 54,152 $ 549 $ (591 ) $ 54,110 Held-to-maturity U.S. Government-sponsored enterprises $ 5,217 $ — $ (101 ) $ 5,116 |
Investments Classified by Contractual Maturity Date [Table Text Block] | The amortized cost and estimated fair value of debt securities by contractual scheduled maturity as of September 30, 2016 were as follows: Amortized Cost Fair Value (Dollars in thousands) Available-for-sale Due in one year or less $ 378 $ 384 Due from one to five years 4,127 4,256 Due from five to ten years 22,391 22,896 Due after ten years 15,119 15,229 42,015 42,765 Agency mortgage-backed 16,331 16,550 Total debt securities available-for-sale $ 58,346 $ 59,315 Held-to-maturity Due from one to five years $ 999 $ 1,001 Total debt securities held-to-maturity $ 999 $ 1,001 |
Schedule of Unrealized Loss on Investments [Table Text Block] | Information pertaining to all investment securities with gross unrealized losses as of the balance sheet dates, aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows: September 30, 2016 Less Than 12 Months 12 Months and over Total Number of Securities Fair Value Gross Unrealized Losses Number of Securities Fair Value Gross Unrealized Losses Number of Securities Fair Value Gross Unrealized Losses (Dollars in thousands) Debt securities: U.S. Government- sponsored enterprises 3 $ 1,238 $ (11 ) 2 $ 952 $ (15 ) 5 $ 2,190 $ (26 ) Agency mortgage-backed 2 2,047 (9 ) 1 384 (7 ) 3 2,431 (16 ) State and political subdivisions 9 3,689 (38 ) — — — 9 3,689 (38 ) Corporate 2 975 (25 ) 2 655 (44 ) 4 1,630 (69 ) Total 16 $ 7,949 $ (83 ) 5 $ 1,991 $ (66 ) 21 $ 9,940 $ (149 ) December 31, 2015 Less Than 12 Months 12 Months and over Total Number of Securities Fair Value Gross Unrealized Losses Number of Securities Fair Value Gross Unrealized Losses Number of Securities Fair Value Gross Unrealized Losses (Dollars in thousands) Debt securities: U.S. Government- sponsored enterprises 12 $ 9,081 $ (157 ) 5 $ 3,607 $ (87 ) 17 $ 12,688 $ (244 ) Agency mortgage-backed 12 7,459 (58 ) 1 259 (6 ) 13 7,718 (64 ) State and political subdivisions 4 1,512 (14 ) 2 785 (11 ) 6 2,297 (25 ) Corporate 12 5,750 (277 ) 4 1,632 (82 ) 16 7,382 (359 ) Total 40 $ 23,802 $ (506 ) 12 $ 6,283 $ (186 ) 52 $ 30,085 $ (692 ) |
Realized Gain (Loss) on Investments [Table Text Block] | The following table presents the proceeds, gross realized gains and gross realized losses from the sale of AFS securities: For The Three Months Ended September 30, For The Nine Months Ended September 30, 2016 2015 2016 2015 (Dollars in thousands) Proceeds $ 3,944 $ 11,040 $ 6,617 $ 11,040 Gross gains 112 54 131 54 Gross losses (59 ) (13 ) (60 ) (13 ) Net gains on sales of investment securities AFS $ 53 $ 41 $ 71 $ 41 |
Loans (Tables)
Loans (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Loans Acquired, Accretable Yield Roll Forward [Table Text Block] | The following table summarizes activity in the accretable loan premium component for the acquired loan portfolio during the three and nine month comparison periods : For The Three Months Ended September 30, For The Nine Months Ended September 30, 2016 2015 2016 2015 (Dollars in thousands) Balance at beginning of period $ — $ 256 $ — $ 292 Loan premium amortization — (26 ) — (62 ) Balance at end of period $ — $ 230 $ — $ 230 |
Composition of Net Loans [Table Text Block] | The composition of Net loans as of the balance sheet dates were as follows: September 30, December 31, (Dollars in thousands) Residential real estate $ 166,602 $ 165,396 Construction real estate 35,531 42,889 Commercial real estate 245,642 230,442 Commercial 32,884 21,397 Consumer 3,914 3,963 Municipal 37,788 36,419 Gross loans 522,361 500,506 Allowance for loan losses (5,226 ) (5,201 ) Net deferred loan costs 649 515 Net loans $ 517,784 $ 495,820 |
Past Due Financing Receivables [Table Text Block] | A summary of current, past due and nonaccrual loans as of the balance sheet dates follows: September 30, 2016 Current 30-59 Days 60-89 Days 90 Days and Over and Accruing Nonaccrual Total (Dollars in thousands) Residential real estate $ 163,439 $ 63 $ 545 $ 694 $ 1,861 $ 166,602 Construction real estate 35,494 12 — — 25 35,531 Commercial real estate 244,523 — 299 308 512 245,642 Commercial 32,833 35 — — 16 32,884 Consumer 3,898 15 1 — — 3,914 Municipal 37,788 — — — — 37,788 Total $ 517,975 $ 125 $ 845 $ 1,002 $ 2,414 $ 522,361 December 31, 2015 Current 30-59 Days 60-89 Days 90 Days and Over and Accruing Nonaccrual Total (Dollars in thousands) Residential real estate $ 159,895 $ 2,034 $ 1,195 $ 368 $ 1,904 $ 165,396 Construction real estate 42,616 7 204 34 28 42,889 Commercial real estate 228,513 667 641 111 510 230,442 Commercial 20,977 — 20 321 79 21,397 Consumer 3,950 10 1 2 — 3,963 Municipal 36,419 — — — — 36,419 Total $ 492,370 $ 2,718 $ 2,061 $ 836 $ 2,521 $ 500,506 |
Allowance for loan losses and26
Allowance for loan losses and credit quality (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Loans and Leases Receivable, Allowance [Abstract] | |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | Changes in the ALL, by class of loans, for the three and nine months ended September 30, 2016 and 2015 were as follows: For The Three Months Ended September 30, 2016 Residential Real Estate Construction Real Estate Commercial Real Estate Commercial Consumer Municipal Unallocated Total (Dollars in thousands) Balance, June 30, 2016 $ 1,382 $ 373 $ 2,837 $ 240 $ 27 $ 26 $ 341 $ 5,226 Provision (credit) for loan losses 11 28 (64 ) 5 4 20 (4 ) — Recoveries of amounts charged off — 3 — 1 — — — 4 1,393 404 2,773 246 31 46 337 5,230 Amounts charged off — — — — (4 ) — — (4 ) Balance, September 30, 2016 $ 1,393 $ 404 $ 2,773 $ 246 $ 27 $ 46 $ 337 $ 5,226 For The Three Months Ended September 30, 2015 Residential Real Estate Construction Real Estate Commercial Real Estate Commercial Consumer Municipal Unallocated Total (Dollars in thousands) Balance, June 30, 2015 $ 1,322 $ 397 $ 2,819 $ 192 $ 26 $ 25 $ 138 $ 4,919 Provision (credit) for loan losses 62 84 (80 ) 21 (1 ) 24 40 150 Recoveries of amounts charged off 10 3 — 6 — — — 19 1,394 484 2,739 219 25 49 178 5,088 Amounts charged off (28 ) — — (16 ) — — — (44 ) Balance, September 30, 2015 $ 1,366 $ 484 $ 2,739 $ 203 $ 25 $ 49 $ 178 $ 5,044 For The Nine Months Ended September 30, 2016 Residential Real Estate Construction Real Estate Commercial Real Estate Commercial Consumer Municipal Unallocated Total (Dollars in thousands) Balance, December 31, 2015 $ 1,419 $ 514 $ 2,792 $ 209 $ 28 $ 38 $ 201 $ 5,201 Provision (credit) for loan losses 79 (119 ) (19 ) 62 3 8 136 150 Recoveries of amounts charged off 15 9 — 8 3 — — 35 1,513 404 2,773 279 34 46 337 5,386 Amounts charged off (120 ) — — (33 ) (7 ) — — (160 ) Balance, September 30, 2016 $ 1,393 $ 404 $ 2,773 $ 246 $ 27 $ 46 $ 337 $ 5,226 For The Nine Months Ended September 30, 2015 Residential Real Estate Construction Real Estate Commercial Real Estate Commercial Consumer Municipal Unallocated Total (Dollars in thousands) Balance, December 31, 2014 $ 1,330 $ 439 $ 2,417 $ 176 $ 27 $ 42 $ 263 $ 4,694 Provision (credit) for loan losses 77 20 322 50 9 7 (85 ) 400 Recoveries of amounts charged off 10 25 — 6 3 — — 44 1,417 484 2,739 232 39 49 178 5,138 Amounts charged off (51 ) — — (29 ) (14 ) — — (94 ) Balance, September 30, 2015 $ 1,366 $ 484 $ 2,739 $ 203 $ 25 $ 49 $ 178 $ 5,044 |
Allocation of Allowance for Loan Losses by Impairment Methodology [Table Text Block] | The allocation of the ALL, summarized on the basis of the Company's impairment methodology by class of loan, as of the balance sheet dates were as follows: September 30, 2016 Residential Real Estate Construction Real Estate Commercial Real Estate Commercial Consumer Municipal Unallocated Total (Dollars in thousands) Individually evaluated for impairment $ 57 $ — $ 61 $ — $ — $ — $ — $ 118 Collectively evaluated for impairment 1,336 404 2,712 246 27 46 337 5,108 Total allocated $ 1,393 $ 404 $ 2,773 $ 246 $ 27 $ 46 $ 337 $ 5,226 December 31, 2015 Residential Real Estate Construction Real Estate Commercial Real Estate Commercial Consumer Municipal Unallocated Total (Dollars in thousands) Individually evaluated for impairment $ 109 $ — $ 227 $ 21 $ — $ — $ — $ 357 Collectively evaluated for impairment 1,310 514 2,565 188 28 38 201 4,844 Total allocated $ 1,419 $ 514 $ 2,792 $ 209 $ 28 $ 38 $ 201 $ 5,201 |
Allocation of Investment in Loans by Impairment Methodology [Table Text Block] | The recorded investment in loans, summarized on the basis of the Company's impairment methodology by class of loan, as of the balance sheet dates were as follows: September 30, 2016 Residential Real Estate Construction Real Estate Commercial Real Estate Commercial Consumer Municipal Total (Dollars in thousands) Individually evaluated for impairment $ 1,388 $ 89 $ 2,883 $ 451 $ — $ — $ 4,811 Collectively evaluated for impairment 165,214 35,442 242,759 32,433 3,914 37,788 517,550 Total $ 166,602 $ 35,531 $ 245,642 $ 32,884 $ 3,914 $ 37,788 $ 522,361 December 31, 2015 Residential Real Estate Construction Real Estate Commercial Real Estate Commercial Consumer Municipal Total (Dollars in thousands) Individually evaluated for impairment $ 1,197 $ 92 $ 3,094 $ 493 $ — $ — $ 4,876 Collectively evaluated for impairment 164,199 42,797 227,348 20,904 3,963 36,419 495,630 Total $ 165,396 $ 42,889 $ 230,442 $ 21,397 $ 3,963 $ 36,419 $ 500,506 |
Financing Receivable Credit Quality Indicators [Table Text Block] | The following tables summarize the loan ratings applied to the Company's loans by class as of the balance sheet dates: September 30, 2016 Residential Real Estate Construction Real Estate Commercial Real Estate Commercial Consumer Municipal Total (Dollars in thousands) Pass $ 152,180 $ 31,198 $ 171,007 $ 29,626 $ 3,880 $ 37,788 $ 425,679 Satisfactory/Monitor 10,316 4,219 70,428 2,589 33 — 87,585 Substandard 4,106 114 4,207 669 1 — 9,097 Total $ 166,602 $ 35,531 $ 245,642 $ 32,884 $ 3,914 $ 37,788 $ 522,361 December 31, 2015 Residential Real Estate Construction Real Estate Commercial Real Estate Commercial Consumer Municipal Total (Dollars in thousands) Pass $ 150,535 $ 37,750 $ 175,438 $ 18,347 $ 3,902 $ 36,419 $ 422,391 Satisfactory/Monitor 11,329 4,968 49,745 2,384 61 — 68,487 Substandard 3,532 171 5,259 666 — — 9,628 Total $ 165,396 $ 42,889 $ 230,442 $ 21,397 $ 3,963 $ 36,419 $ 500,506 |
Impaired Financing Receivables [Table Text Block] | The following table provides information with respect to impaired loans by class of loan as of and for the three and nine months ended September 30, 2016 : As of September 30, 2016 For The Three Months Ended September 30, 2016 For The Nine Months Ended September 30, 2016 Recorded Investment (1) Principal Balance (1) Related Allowance Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (Dollars in thousands) Residential real estate $ 258 $ 267 $ 57 Commercial real estate 501 530 61 With an allowance recorded 759 797 118 Residential real estate 1,130 1,521 — Construction real estate 89 89 — Commercial real estate 2,382 2,451 — Commercial 451 451 — With no allowance recorded 4,052 4,512 — Residential real estate 1,388 1,788 57 $ 1,346 $ 7 $ 1,266 $ 23 Construction real estate 89 89 — 89 1 91 3 Commercial real estate 2,883 2,981 61 3,018 28 3,059 59 Commercial 451 451 — 456 — 470 — Total $ 4,811 $ 5,309 $ 118 $ 4,909 $ 36 $ 4,886 $ 85 ____________________ (1) Does not reflect government guaranties on impaired loans as of September 30, 2016 totaling $654 thousand . The following table provides information with respect to impaired loans by class of loan as of and for the three and nine months ended September 30, 2015 : As of September 30, 2015 For The Three Months Ended September 30, 2015 For The Nine Months Ended September 30, 2015 Recorded Investment (1) Principal Balance (1) Related Allowance Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (Dollars in thousands) Residential real estate $ 1,185 $ 1,346 $ 63 $ 935 $ 10 $ 878 $ 24 Construction real estate 93 93 2 94 1 179 18 Commercial real estate 3,815 3,892 320 3,947 46 3,630 151 Commercial — — — — — 31 — Total $ 5,093 $ 5,331 $ 385 $ 4,976 $ 57 $ 4,718 $ 193 ____________________ (1) Does not reflect government guaranties on impaired loans as of September 30, 2015 totaling $238 thousand . The following table provides information with respect to impaired loans as of December 31, 2015 : December 31, 2015 Recorded Investment (1) Principal Balance (1) Related Allowance (Dollars in thousands) Residential real estate $ 659 $ 668 $ 109 Commercial real estate 2,142 2,161 227 Commercial 493 493 21 With an allowance recorded 3,294 3,322 357 Residential real estate 538 697 — Construction real estate 92 92 — Commercial real estate 952 1,015 — With no allowance recorded 1,582 1,804 — Residential real estate 1,197 1,365 109 Construction real estate 92 92 — Commercial real estate 3,094 3,176 227 Commercial 493 493 21 Total $ 4,876 $ 5,126 $ 357 ____________________ (1) Does not reflect government guaranties on impaired loans as of December 31, 2015 totaling $606 thousand . |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | The following is a summary of TDR loans by class of loan as of the balance sheet dates: September 30, 2016 December 31, 2015 Number of Loans Principal Balance Number of Loans Principal Balance (Dollars in thousands) Residential real estate 17 $ 1,388 11 $ 1,197 Construction real estate 1 89 1 92 Commercial real estate 10 1,475 5 950 Commercial 2 451 2 493 Total 30 $ 3,403 19 $ 2,732 |
New Troubled Debt Restructurings on Financing Receivables [Table Text Block] | The following table provides new TDR activity for the three and nine months ended September 30, 2016 : New TDRs During the New TDRs During the Three Months Ended September 30, 2016 Nine Months Ended September 30, 2016 Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment (Dollars in thousands) Residential real estate 3 $ 89 $ 99 6 $ 278 $ 295 Commercial real estate 4 643 647 6 803 807 The following table provides new TDR activity for the three and nine months ended September 30, 2015 . New TDRs During the New TDRs During the Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment (Dollars in thousands) Residential real estate 5 $ 504 $ 511 5 $ 504 $ 511 Commercial real estate — — — 2 281 281 |
Defined Benefit Pension Plan (T
Defined Benefit Pension Plan (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Schedule of Net Benefit Costs [Table Text Block] | Net periodic pension benefit for the three and nine months ended September 30 consisted of the following components: Three Months Ended Nine Months Ended 2016 2015 2016 2015 (Dollars in thousands) Interest cost on projected benefit obligation $ 175 $ 170 $ 525 $ 510 Expected return on plan assets (259 ) (286 ) (777 ) (858 ) Amortization of net loss 41 14 123 42 Net periodic benefit $ (43 ) $ (102 ) $ (129 ) $ (306 ) |
Other Comprehensive Income (L28
Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | As of the balance sheet dates, the components of Accumulated OCI, net of tax, were: September 30, December 31, (Dollars in thousands) Net unrealized gain (loss) on investment securities available-for-sale $ 640 $ (27 ) Defined benefit pension plan net unrealized actuarial loss (2,275 ) (2,275 ) Total $ (1,635 ) $ (2,302 ) |
Schedule of Comprehensive Income (Loss) [Table Text Block] | The following tables disclose the tax effects allocated to each component of OCI for the three and nine months ended September 30 : Three Months Ended September 30, 2016 September 30, 2015 Before-Tax Amount Tax Benefit Net-of-Tax Amount Before-Tax Amount Tax (Expense) Benefit Net-of-Tax Amount (Dollars in thousands) Investment securities available-for-sale: Net unrealized holding (losses) gains arising during the period on investment securities available-for-sale $ (276 ) $ 94 $ (182 ) $ 453 $ (154 ) $ 299 Reclassification adjustment for net gains on investment securities available-for-sale realized in net income (53 ) 18 (35 ) (41 ) 14 (27 ) Total other comprehensive (loss) income $ (329 ) $ 112 $ (217 ) $ 412 $ (140 ) $ 272 Nine Months Ended September 30, 2016 September 30, 2015 Before-Tax Amount Tax (Expense) Benefit Net-of-Tax Amount Before-Tax Amount Tax (Expense) Benefit Net-of-Tax Amount (Dollars in thousands) Investment securities available-for-sale: Net unrealized holding gains arising during the period on investment securities available-for-sale $ 1,082 $ (368 ) $ 714 $ 122 $ (41 ) $ 81 Reclassification adjustment for net gains on investment securities available-for-sale realized in net income (71 ) 24 (47 ) (41 ) 14 (27 ) Total other comprehensive income $ 1,011 $ (344 ) $ 667 $ 81 $ (27 ) $ 54 |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | The following table discloses information concerning the reclassification adjustments from OCI for the three and nine months ended September 30 : Three Months Ended Nine Months Ended Reclassification Adjustment Description September 30, 2016 September 30, 2015 September 30, 2016 September 30, 2015 Affected Line Item in Consolidated Statement of Income (Dollars in thousands) Investment securities available-for-sale: Net gains on investment securities available-for-sale $ (53 ) $ (41 ) $ (71 ) $ (41 ) Net gains on sales of investment securities available-for-sale Tax benefit 18 14 24 14 Provision for income taxes Total reclassifications $ (35 ) $ (27 ) $ (47 ) $ (27 ) Net income |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Assets measured at fair value on a recurring basis at September 30, 2016 and December 31, 2015 , segregated by fair value hierarchy level, are summarized below: Fair Value Measurements Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) September 30, 2016: (Dollars in thousands) Investment securities available-for-sale (market approach) Debt securities: U.S. Government-sponsored enterprises $ 7,292 $ — $ 7,292 $ — Agency mortgage-backed 16,550 — 16,550 — State and political subdivisions 25,452 — 25,452 — Corporate 10,021 — 10,021 — Total debt securities 59,315 — 59,315 — Mutual funds 356 356 — — Total $ 59,671 $ 356 $ 59,315 $ — December 31, 2015: Investment securities available-for-sale (market approach) Debt securities: U.S. Government-sponsored enterprises $ 10,692 $ — $ 10,692 $ — Agency mortgage-backed 11,058 — 11,058 — State and political subdivisions 20,032 — 20,032 — Corporate 11,983 — 11,983 — Total debt securities 53,765 — 53,765 — Mutual funds 345 345 — — Total $ 54,110 $ 345 $ 53,765 $ — |
Fair Values and Carrying Amounts, Significant Financial Instruments [Table Text Block] | As of the balance sheet dates, the estimated fair values and related carrying amounts of the Company's significant financial instruments were as follows: September 30, 2016 Fair Value Measurements Carrying Amount Estimated Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (Dollars in thousands) Financial assets Cash and cash equivalents $ 35,574 $ 35,574 $ 35,574 $ — $ — Interest bearing deposits in banks 9,753 9,811 — 9,811 — Investment securities 60,670 60,672 356 60,316 — Loans held for sale 10,214 10,459 — 10,459 — Loans, net Residential real estate 165,416 169,166 — — 169,166 Construction real estate 35,171 35,672 — — 35,672 Commercial real estate 242,837 244,181 — — 244,181 Commercial 32,679 32,695 — — 32,695 Consumer 3,892 3,988 — — 3,988 Municipal 37,789 38,515 — — 38,515 Accrued interest receivable 1,962 1,962 — 377 1,585 Nonmarketable equity securities 2,499 N/A N/A N/A N/A Financial liabilities Deposits Noninterest bearing $ 116,381 $ 116,381 $ 116,381 $ — $ — Interest bearing 350,376 350,376 350,376 — — Time 105,429 105,388 — 105,388 — Borrowed funds Short-term 6,949 6,949 6,949 — — Long-term 30,564 28,356 — 28,356 — Accrued interest payable 99 99 — 99 — December 31, 2015 Fair Value Measurements Carrying Amount Estimated Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (Dollars in thousands) Financial assets Cash and cash equivalents $ 17,961 $ 17,961 $ 17,961 $ — $ — Interest bearing deposits in banks 12,753 12,610 — 12,610 — Investment securities 59,327 59,226 345 58,881 — Loans held for sale 5,635 5,745 — 5,745 — Loans, net Residential real estate 164,147 164,462 — — 164,462 Construction real estate 42,419 41,956 — — 41,956 Commercial real estate 227,686 230,282 — — 230,282 Commercial 21,210 20,849 — — 20,849 Consumer 3,939 4,032 — — 4,032 Municipal 36,419 38,131 — — 38,131 Accrued interest receivable 1,832 1,832 — 389 1,443 Nonmarketable equity securities 1,932 N/A N/A N/A N/A Financial liabilities Deposits Noninterest bearing $ 99,826 $ 99,826 $ 99,826 $ — $ — Interest bearing 310,203 310,200 — 310,200 — Time 150,379 150,665 — 150,665 — Borrowed funds Short-term 3,622 3,621 3,621 — — Long-term 5,942 6,296 — 6,296 — Accrued interest payable 269 269 — 269 — |
Goodwill and Other Intangible30
Goodwill and Other Intangible Assets Core Deposit Intangible Amortization (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
2,016 | $ 43 | |
2,017 | 171 | |
2,018 | 171 | |
2,019 | 171 | |
2,020 | 171 | |
Thereafter | 70 | |
Total | $ 797 | $ 925 |
Goodwill and Other Intangible31
Goodwill and Other Intangible Assets Narrative Data (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | May 27, 2011 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Goodwill at Acquisition | $ 2,200 | ||||
Core Deposit Intangible at Acquisition | $ 1,700 | ||||
Amortization of core deposit intangible | $ 43 | $ 43 | $ 129 | $ 129 |
Investment Securities Available
Investment Securities Available-for-sale and held-to-maturity securities (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Available-for-sale Securities | ||
Amortized Cost | $ 58,346 | |
Amortized Cost | 58,702 | $ 54,152 |
Gross Unrealized Gains | 1,118 | 549 |
Gross Unrealized Losses | (149) | (591) |
Fair Value | 59,315 | |
Investment securities available-for-sale | 59,671 | 54,110 |
Held-to-maturity Securities [Abstract] | ||
Amortized Cost | 999 | 5,217 |
Fair Value | 1,001 | 5,100 |
US Government-sponsored enterprises [Member] | ||
Available-for-sale Securities | ||
Amortized Cost | 7,263 | 10,805 |
Gross Unrealized Gains | 55 | 30 |
Gross Unrealized Losses | (26) | (143) |
Fair Value | 7,292 | 10,692 |
Investment securities available-for-sale | 7,292 | 10,692 |
Held-to-maturity Securities [Abstract] | ||
Amortized Cost | 999 | 5,217 |
Gross Unrealized Gains | 2 | 0 |
Gross Unrealized Losses | 0 | (101) |
Fair Value | 1,001 | 5,116 |
Agency mortgage-backed [Member] | ||
Available-for-sale Securities | ||
Amortized Cost | 16,331 | 11,083 |
Gross Unrealized Gains | 235 | 39 |
Gross Unrealized Losses | (16) | (64) |
Fair Value | 16,550 | 11,058 |
Investment securities available-for-sale | 16,550 | 11,058 |
State and political subdivisions [Member] | ||
Available-for-sale Securities | ||
Amortized Cost | 25,004 | 19,653 |
Gross Unrealized Gains | 486 | 404 |
Gross Unrealized Losses | (38) | (25) |
Fair Value | 25,452 | 20,032 |
Investment securities available-for-sale | 25,452 | 20,032 |
Corporate [Member] | ||
Available-for-sale Securities | ||
Amortized Cost | 9,748 | 12,266 |
Gross Unrealized Gains | 342 | 76 |
Gross Unrealized Losses | (69) | (359) |
Fair Value | 10,021 | 11,983 |
Investment securities available-for-sale | 10,021 | 11,983 |
Total debt securities [Member] | ||
Available-for-sale Securities | ||
Amortized Cost | 58,346 | 53,807 |
Gross Unrealized Gains | 1,118 | 549 |
Gross Unrealized Losses | (149) | (591) |
Fair Value | 59,315 | 53,765 |
Investment securities available-for-sale | 59,315 | 53,765 |
Mutual funds [Member] | ||
Available-for-sale Securities | ||
Mutual Funds, Amortized Cost | 356 | 345 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Mutual Funds, Fair Value | 356 | 345 |
Investment securities available-for-sale | $ 356 | $ 345 |
Investment Securities Debt Secu
Investment Securities Debt Securities by Contactual Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Available-for-sale Securities | ||
Due in one year or less, Amortized Cost | $ 378 | |
Due from one to five years, Amortized Cost | 4,127 | |
Due from five to ten years, Amortized Cost | 22,391 | |
Due after ten years, Amortized Cost | 15,119 | |
Debt Securities with Single Maturity Date, Amortized Cost | 42,015 | |
Agency mortgage-backed, Amortized Cost | 16,331 | |
Total debt securities available-for-sale, Amortized Cost | 58,346 | |
Due in one year or less, Fair Value | 384 | |
Due from one to five years, Fair Value | 4,256 | |
Due from five to ten years, Fair Value | 22,896 | |
Due after ten years, Fair Value | 15,229 | |
Debt Securities with Single Maturity Date, Fair Value | 42,765 | |
Agency mortgage-backed, Fair Value | 16,550 | |
Total debt securities available-for-sale, Fair Value | 59,315 | |
Held-to-maturity Securities [Abstract] | ||
Due from one to five years, Amortized Cost | 999 | |
Total debt securities held-to-maturity, Amortized Cost | 999 | $ 5,217 |
Due from one to five years, Fair Value | 1,001 | |
Total debt securities held-to-maturity, Fair Value | $ 1,001 | $ 5,100 |
Investment Securities Schedule
Investment Securities Schedule of Unrealized Loss on Investments (Details) $ in Thousands | Sep. 30, 2016USD ($)Securities | Dec. 31, 2015USD ($)Securities |
Investment Securities | ||
Less than 12 Months, Number of Securities | Securities | 40 | |
Less than 12 Months, Number of Securities | Securities | 16 | |
Less than 12 Months, Fair Value | $ 23,802 | |
Less than 12 Months, Fair Value | $ 7,949 | |
Less than 12 Months, Gross Unrealized Losses | $ (506) | |
Less than 12 Months, Gross Unrealized Losses | $ (83) | |
12 Months and over, Number of Securities | Securities | 12 | |
12 Months and over, Number of Securities | Securities | 5 | |
12 Months and over, Fair Value | $ 6,283 | |
12 Months and over, Fair Value | $ 1,991 | |
12 Months and over, Gross Unrealized Losses | $ (186) | |
12 Months and over, Gross Unrealized Losses | $ (66) | |
Total, Number of Securities | Securities | 52 | |
Total, Number of Securities | Securities | 21 | |
Total, Fair Value | $ 30,085 | |
Total, Fair Value | $ 9,940 | |
Total, Gross Unrealized Losses | $ (692) | |
Total, Gross Unrealized Losses | $ (149) | |
US Government-sponsored enterprises [Member] | ||
Investment Securities | ||
Less than 12 Months, Number of Securities | Securities | 12 | |
Less than 12 Months, Number of Securities | Securities | 3 | |
Less than 12 Months, Fair Value | $ 9,081 | |
Less than 12 Months, Fair Value | $ 1,238 | |
Less than 12 Months, Gross Unrealized Losses | $ (157) | |
Less than 12 Months, Gross Unrealized Losses | $ (11) | |
12 Months and over, Number of Securities | Securities | 5 | |
12 Months and over, Number of Securities | Securities | 2 | |
12 Months and over, Fair Value | $ 3,607 | |
12 Months and over, Fair Value | $ 952 | |
12 Months and over, Gross Unrealized Losses | $ (87) | |
12 Months and over, Gross Unrealized Losses | $ (15) | |
Total, Number of Securities | Securities | 17 | |
Total, Number of Securities | Securities | 5 | |
Total, Fair Value | $ 12,688 | |
Total, Fair Value | $ 2,190 | |
Total, Gross Unrealized Losses | $ (244) | |
Total, Gross Unrealized Losses | $ (26) | |
Agency mortgage-backed [Member] | ||
Investment Securities | ||
Less than 12 Months, Number of Securities | Securities | 2 | 12 |
Less than 12 Months, Fair Value | $ 2,047 | $ 7,459 |
Less than 12 Months, Gross Unrealized Losses | $ (9) | $ (58) |
12 Months and over, Number of Securities | Securities | 1 | 1 |
12 Months and over, Fair Value | $ 384 | $ 259 |
12 Months and over, Gross Unrealized Losses | $ (7) | $ (6) |
Total, Number of Securities | Securities | 3 | 13 |
Total, Fair Value | $ 2,431 | $ 7,718 |
Total, Gross Unrealized Losses | $ (16) | $ (64) |
State and political subdivisions [Member] | ||
Investment Securities | ||
Less than 12 Months, Number of Securities | Securities | 9 | 4 |
Less than 12 Months, Fair Value | $ 3,689 | $ 1,512 |
Less than 12 Months, Gross Unrealized Losses | $ (38) | $ (14) |
12 Months and over, Number of Securities | Securities | 0 | 2 |
12 Months and over, Fair Value | $ 0 | $ 785 |
12 Months and over, Gross Unrealized Losses | $ 0 | $ (11) |
Total, Number of Securities | Securities | 9 | 6 |
Total, Fair Value | $ 3,689 | $ 2,297 |
Total, Gross Unrealized Losses | $ (38) | $ (25) |
Corporate [Member] | ||
Investment Securities | ||
Less than 12 Months, Number of Securities | Securities | 2 | 12 |
Less than 12 Months, Fair Value | $ 975 | $ 5,750 |
Less than 12 Months, Gross Unrealized Losses | $ (25) | $ (277) |
12 Months and over, Number of Securities | Securities | 2 | 4 |
12 Months and over, Fair Value | $ 655 | $ 1,632 |
12 Months and over, Gross Unrealized Losses | $ (44) | $ (82) |
Total, Number of Securities | Securities | 4 | 16 |
Total, Fair Value | $ 1,630 | $ 7,382 |
Total, Gross Unrealized Losses | $ (69) | $ (359) |
Investment Securities Realized
Investment Securities Realized Gain (Loss) on Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Gain (Loss) on Investments [Line Items] | ||||
Proceeds | $ 3,944 | $ 11,040 | $ 6,617 | $ 11,040 |
Gross gains | 112 | 54 | 131 | 54 |
Gross losses | (59) | (13) | (60) | (13) |
Net gains on sales of investment securities AFS | $ 53 | $ 41 | $ 71 | $ 41 |
Investment Securities Narrative
Investment Securities Narrative Data (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
Available-for-sale Securities | ||
Investment securities pledged as collateral | $ 12,600 | $ 25,700 |
Other than temporary declines in investment securities | $ 0 |
Loans Accretable Yield Roll For
Loans Accretable Yield Roll Forward (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Balance at beginning of period | $ 0 | $ 256 | $ 0 | $ 292 |
Loan premium amortization | 0 | (26) | 0 | (62) |
Balance at end of period | $ 0 | $ 230 | $ 0 | $ 230 |
Loans Composition of Net Loans
Loans Composition of Net Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | $ 522,361 | $ 500,506 | ||||
Allowance for loan losses | (5,226) | $ (5,226) | (5,201) | $ (5,044) | $ (4,919) | $ (4,694) |
Net deferred loan costs | 649 | 515 | ||||
Net loans | 517,784 | 495,820 | ||||
Residential Real Estate [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 166,602 | 165,396 | ||||
Allowance for loan losses | (1,393) | (1,382) | (1,419) | (1,366) | (1,322) | (1,330) |
Construction Real Estate [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 35,531 | 42,889 | ||||
Allowance for loan losses | (404) | (373) | (514) | (484) | (397) | (439) |
Commercial Real Estate [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 245,642 | 230,442 | ||||
Allowance for loan losses | (2,773) | (2,837) | (2,792) | (2,739) | (2,819) | (2,417) |
Commercial [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 32,884 | 21,397 | ||||
Allowance for loan losses | (246) | (240) | (209) | (203) | (192) | (176) |
Consumer [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 3,914 | 3,963 | ||||
Allowance for loan losses | (27) | (27) | (28) | (25) | (26) | (27) |
Municipal [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 37,788 | 36,419 | ||||
Allowance for loan losses | $ (46) | $ (26) | $ (38) | $ (49) | $ (25) | $ (42) |
Loans Past Due Loans (Details)
Loans Past Due Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, Current | $ 517,975 | $ 492,370 |
Loans, Nonaccrual | 2,414 | 2,521 |
Loans | 522,361 | 500,506 |
30 - 59 Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, Past Due | 125 | 2,718 |
60 - 89 Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, Past Due | 845 | 2,061 |
90 Days and Over and Accruing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, Past Due | 1,002 | 836 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, Current | 163,439 | 159,895 |
Loans, Nonaccrual | 1,861 | 1,904 |
Loans | 166,602 | 165,396 |
Residential Real Estate [Member] | 30 - 59 Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, Past Due | 63 | 2,034 |
Residential Real Estate [Member] | 60 - 89 Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, Past Due | 545 | 1,195 |
Residential Real Estate [Member] | 90 Days and Over and Accruing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, Past Due | 694 | 368 |
Construction Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, Current | 35,494 | 42,616 |
Loans, Nonaccrual | 25 | 28 |
Loans | 35,531 | 42,889 |
Construction Real Estate [Member] | 30 - 59 Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, Past Due | 12 | 7 |
Construction Real Estate [Member] | 60 - 89 Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, Past Due | 0 | 204 |
Construction Real Estate [Member] | 90 Days and Over and Accruing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, Past Due | 0 | 34 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, Current | 244,523 | 228,513 |
Loans, Nonaccrual | 512 | 510 |
Loans | 245,642 | 230,442 |
Commercial Real Estate [Member] | 30 - 59 Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, Past Due | 0 | 667 |
Commercial Real Estate [Member] | 60 - 89 Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, Past Due | 299 | 641 |
Commercial Real Estate [Member] | 90 Days and Over and Accruing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, Past Due | 308 | 111 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, Current | 32,833 | 20,977 |
Loans, Nonaccrual | 16 | 79 |
Loans | 32,884 | 21,397 |
Commercial [Member] | 30 - 59 Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, Past Due | 35 | 0 |
Commercial [Member] | 60 - 89 Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, Past Due | 0 | 20 |
Commercial [Member] | 90 Days and Over and Accruing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, Past Due | 0 | 321 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, Current | 3,898 | 3,950 |
Loans, Nonaccrual | 0 | 0 |
Loans | 3,914 | 3,963 |
Consumer [Member] | 30 - 59 Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, Past Due | 15 | 10 |
Consumer [Member] | 60 - 89 Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, Past Due | 1 | 1 |
Consumer [Member] | 90 Days and Over and Accruing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, Past Due | 0 | 2 |
Municipal [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, Current | 37,788 | 36,419 |
Loans, Nonaccrual | 0 | 0 |
Loans | 37,788 | 36,419 |
Municipal [Member] | 30 - 59 Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, Past Due | 0 | 0 |
Municipal [Member] | 60 - 89 Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, Past Due | 0 | 0 |
Municipal [Member] | 90 Days and Over and Accruing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, Past Due | $ 0 | $ 0 |
Loans Narrative Data (Details)
Loans Narrative Data (Details) $ in Thousands | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2016USD ($)loans | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Dec. 31, 2014USD ($) | May 27, 2011USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Estimated fair value of loans purchased at acquisition | $ 32,900 | ||||||
Accretable loan premium component | $ 0 | $ 230 | $ 0 | $ 0 | $ 256 | $ 292 | 545 |
Nonaccretable credit risk component | 0 | 0 | $ 318 | ||||
Acquired loans | 0 | 0 | |||||
Loans Pledged as Collateral | $ 0 | 17,200 | |||||
Number of residential real estate loans in process of foreclosure | loans | 1 | ||||||
Recorded investment in residential real estate loans in process of foreclosure | $ 50 | ||||||
Interest on Nonaccrual Loans not recognized | $ 1,300 | $ 1,200 | $ 1,200 |
Allowance for loan losses and41
Allowance for loan losses and credit quality Allowance for Loan Losses, by Class of Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance, Beginning of Period | $ 5,226 | $ 4,919 | $ 5,201 | $ 4,694 |
Provision (credit) for loan losses | 0 | 150 | 150 | 400 |
Recoveries of amounts charged off | 4 | 19 | 35 | 44 |
Balance, before amounts charged off | 5,230 | 5,088 | 5,386 | 5,138 |
Amounts charged off | (4) | (44) | (160) | (94) |
Balance, End of Period | 5,226 | 5,044 | 5,226 | 5,044 |
Residential Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance, Beginning of Period | 1,382 | 1,322 | 1,419 | 1,330 |
Provision (credit) for loan losses | 11 | 62 | 79 | 77 |
Recoveries of amounts charged off | 0 | 10 | 15 | 10 |
Balance, before amounts charged off | 1,393 | 1,394 | 1,513 | 1,417 |
Amounts charged off | 0 | (28) | (120) | (51) |
Balance, End of Period | 1,393 | 1,366 | 1,393 | 1,366 |
Construction Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance, Beginning of Period | 373 | 397 | 514 | 439 |
Provision (credit) for loan losses | 28 | 84 | (119) | 20 |
Recoveries of amounts charged off | 3 | 3 | 9 | 25 |
Balance, before amounts charged off | 404 | 484 | 404 | 484 |
Amounts charged off | 0 | 0 | 0 | 0 |
Balance, End of Period | 404 | 484 | 404 | 484 |
Commercial Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance, Beginning of Period | 2,837 | 2,819 | 2,792 | 2,417 |
Provision (credit) for loan losses | (64) | (80) | (19) | 322 |
Recoveries of amounts charged off | 0 | 0 | 0 | 0 |
Balance, before amounts charged off | 2,773 | 2,739 | 2,773 | 2,739 |
Amounts charged off | 0 | 0 | 0 | 0 |
Balance, End of Period | 2,773 | 2,739 | 2,773 | 2,739 |
Commercial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance, Beginning of Period | 240 | 192 | 209 | 176 |
Provision (credit) for loan losses | 5 | 21 | 62 | 50 |
Recoveries of amounts charged off | 1 | 6 | 8 | 6 |
Balance, before amounts charged off | 246 | 219 | 279 | 232 |
Amounts charged off | 0 | (16) | (33) | (29) |
Balance, End of Period | 246 | 203 | 246 | 203 |
Consumer [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance, Beginning of Period | 27 | 26 | 28 | 27 |
Provision (credit) for loan losses | 4 | (1) | 3 | 9 |
Recoveries of amounts charged off | 0 | 0 | 3 | 3 |
Balance, before amounts charged off | 31 | 25 | 34 | 39 |
Amounts charged off | (4) | 0 | (7) | (14) |
Balance, End of Period | 27 | 25 | 27 | 25 |
Municipal [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance, Beginning of Period | 26 | 25 | 38 | 42 |
Provision (credit) for loan losses | 20 | 24 | 8 | 7 |
Recoveries of amounts charged off | 0 | 0 | 0 | 0 |
Balance, before amounts charged off | 46 | 49 | 46 | 49 |
Amounts charged off | 0 | 0 | 0 | 0 |
Balance, End of Period | 46 | 49 | 46 | 49 |
Unallocated [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance, Beginning of Period | 341 | 138 | 201 | 263 |
Provision (credit) for loan losses | (4) | 40 | 136 | (85) |
Recoveries of amounts charged off | 0 | 0 | 0 | 0 |
Balance, before amounts charged off | 337 | 178 | 337 | 178 |
Amounts charged off | 0 | 0 | 0 | 0 |
Balance, End of Period | $ 337 | $ 178 | $ 337 | $ 178 |
Allowance for loan losses and42
Allowance for loan losses and credit quality Allocation of the Allowance for Loan Losses (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Individually evaluated for impairment | $ 118 | $ 357 | ||||
Collectively evaluated for impairment | 5,108 | 4,844 | ||||
Total allocated | 5,226 | $ 5,226 | 5,201 | $ 5,044 | $ 4,919 | $ 4,694 |
Residential Real Estate [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Individually evaluated for impairment | 57 | 109 | ||||
Collectively evaluated for impairment | 1,336 | 1,310 | ||||
Total allocated | 1,393 | 1,382 | 1,419 | 1,366 | 1,322 | 1,330 |
Construction Real Estate [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 404 | 514 | ||||
Total allocated | 404 | 373 | 514 | 484 | 397 | 439 |
Commercial Real Estate [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Individually evaluated for impairment | 61 | 227 | ||||
Collectively evaluated for impairment | 2,712 | 2,565 | ||||
Total allocated | 2,773 | 2,837 | 2,792 | 2,739 | 2,819 | 2,417 |
Commercial [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Individually evaluated for impairment | 0 | 21 | ||||
Collectively evaluated for impairment | 246 | 188 | ||||
Total allocated | 246 | 240 | 209 | 203 | 192 | 176 |
Consumer [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 27 | 28 | ||||
Total allocated | 27 | 27 | 28 | 25 | 26 | 27 |
Municipal [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 46 | 38 | ||||
Total allocated | 46 | 26 | 38 | 49 | 25 | 42 |
Unallocated [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 337 | 201 | ||||
Total allocated | $ 337 | $ 341 | $ 201 | $ 178 | $ 138 | $ 263 |
Allowance for loan losses and43
Allowance for loan losses and credit quality Allocation of Investment in Loans, by Impairment Methodology (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Individually evaluated for impairment | $ 4,811 | $ 4,876 |
Collectively evaluated for impairment | 517,550 | 495,630 |
Loans | 522,361 | 500,506 |
Residential Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Individually evaluated for impairment | 1,388 | 1,197 |
Collectively evaluated for impairment | 165,214 | 164,199 |
Loans | 166,602 | 165,396 |
Construction Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Individually evaluated for impairment | 89 | 92 |
Collectively evaluated for impairment | 35,442 | 42,797 |
Loans | 35,531 | 42,889 |
Commercial Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Individually evaluated for impairment | 2,883 | 3,094 |
Collectively evaluated for impairment | 242,759 | 227,348 |
Loans | 245,642 | 230,442 |
Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Individually evaluated for impairment | 451 | 493 |
Collectively evaluated for impairment | 32,433 | 20,904 |
Loans | 32,884 | 21,397 |
Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 3,914 | 3,963 |
Loans | 3,914 | 3,963 |
Municipal [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 37,788 | 36,419 |
Loans | $ 37,788 | $ 36,419 |
Allowance for loan losses and44
Allowance for loan losses and credit quality Loan Ratings by Class (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 522,361 | $ 500,506 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 425,679 | 422,391 |
Satisfactory/Monitor [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 87,585 | 68,487 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 9,097 | 9,628 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 166,602 | 165,396 |
Residential Real Estate [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 152,180 | 150,535 |
Residential Real Estate [Member] | Satisfactory/Monitor [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 10,316 | 11,329 |
Residential Real Estate [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 4,106 | 3,532 |
Construction Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 35,531 | 42,889 |
Construction Real Estate [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 31,198 | 37,750 |
Construction Real Estate [Member] | Satisfactory/Monitor [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 4,219 | 4,968 |
Construction Real Estate [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 114 | 171 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 245,642 | 230,442 |
Commercial Real Estate [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 171,007 | 175,438 |
Commercial Real Estate [Member] | Satisfactory/Monitor [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 70,428 | 49,745 |
Commercial Real Estate [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 4,207 | 5,259 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 32,884 | 21,397 |
Commercial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 29,626 | 18,347 |
Commercial [Member] | Satisfactory/Monitor [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 2,589 | 2,384 |
Commercial [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 669 | 666 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 3,914 | 3,963 |
Consumer [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 3,880 | 3,902 |
Consumer [Member] | Satisfactory/Monitor [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 33 | 61 |
Consumer [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1 | 0 |
Municipal [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 37,788 | 36,419 |
Municipal [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 37,788 | 36,419 |
Municipal [Member] | Satisfactory/Monitor [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Municipal [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 0 | $ 0 |
Allowance for loan losses and45
Allowance for loan losses and credit quality Impaired Loans by Class (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |||||||
Financing Receivable, Impaired [Line Items] | |||||||||||
With an alowance recorded, Recorded Investment | $ 759 | $ 759 | $ 3,294 | [1] | |||||||
With an allowance recorded, Principal Balance | 797 | 797 | 3,322 | [1] | |||||||
Related Allowance | 118 | $ 385 | 118 | $ 385 | 357 | ||||||
With no allowance recorded, Recorded Investment | 4,052 | [2] | 4,052 | [2] | 1,582 | ||||||
With no allowance recorded, Principal Balance | 4,512 | [2] | 4,512 | [2] | 1,804 | ||||||
Total, Recorded Investment | 4,811 | [2] | 5,093 | [3] | 4,811 | [2] | 5,093 | [3] | 4,876 | [1] | |
Total, Principal Balance | 5,309 | [2] | 5,331 | [3] | 5,309 | [2] | 5,331 | [3] | 5,126 | [1] | |
Total, Average Recorded Investment | 4,909 | 4,976 | 4,886 | 4,718 | |||||||
Total, Interest Income Recognized | 36 | 57 | 85 | 193 | |||||||
Government Guarantees on Impaired Loans | 654 | 238 | 654 | 238 | 606 | ||||||
Residential Real Estate [Member] | |||||||||||
Financing Receivable, Impaired [Line Items] | |||||||||||
With an alowance recorded, Recorded Investment | 258 | 258 | 659 | [1] | |||||||
With an allowance recorded, Principal Balance | 267 | 267 | 668 | [1] | |||||||
Related Allowance | 57 | 63 | 57 | 63 | 109 | ||||||
With no allowance recorded, Recorded Investment | 1,130 | [2] | 1,130 | [2] | 538 | ||||||
With no allowance recorded, Principal Balance | 1,521 | [2] | 1,521 | [2] | 697 | ||||||
Total, Recorded Investment | 1,388 | [2] | 1,185 | [3] | 1,388 | [2] | 1,185 | [3] | 1,197 | [1] | |
Total, Principal Balance | 1,788 | [2] | 1,346 | [3] | 1,788 | [2] | 1,346 | [3] | 1,365 | [1] | |
Total, Average Recorded Investment | 1,346 | 935 | 1,266 | 878 | |||||||
Total, Interest Income Recognized | 7 | 10 | 23 | 24 | |||||||
Construction Real Estate [Member] | |||||||||||
Financing Receivable, Impaired [Line Items] | |||||||||||
Related Allowance | 0 | 2 | 0 | 2 | 0 | ||||||
With no allowance recorded, Recorded Investment | 89 | 89 | 92 | ||||||||
With no allowance recorded, Principal Balance | 89 | 89 | 92 | ||||||||
Total, Recorded Investment | 89 | 93 | 89 | 93 | 92 | ||||||
Total, Principal Balance | 89 | 93 | 89 | 93 | 92 | ||||||
Total, Average Recorded Investment | 89 | 94 | 91 | 179 | |||||||
Total, Interest Income Recognized | 1 | 1 | 3 | 18 | |||||||
Commercial Real Estate [Member] | |||||||||||
Financing Receivable, Impaired [Line Items] | |||||||||||
With an alowance recorded, Recorded Investment | 501 | 501 | 2,142 | ||||||||
With an allowance recorded, Principal Balance | 530 | 530 | 2,161 | ||||||||
Related Allowance | 61 | 320 | 61 | 320 | 227 | ||||||
With no allowance recorded, Recorded Investment | 2,382 | [2] | 2,382 | [2] | 952 | ||||||
With no allowance recorded, Principal Balance | 2,451 | [2] | 2,451 | [2] | 1,015 | ||||||
Total, Recorded Investment | 2,883 | [2] | 3,815 | 2,883 | [2] | 3,815 | 3,094 | ||||
Total, Principal Balance | 2,981 | [2] | 3,892 | 2,981 | [2] | 3,892 | 3,176 | ||||
Total, Average Recorded Investment | 3,018 | 3,947 | 3,059 | 3,630 | |||||||
Total, Interest Income Recognized | 28 | 46 | 59 | 151 | |||||||
Commercial [Member] | |||||||||||
Financing Receivable, Impaired [Line Items] | |||||||||||
With an alowance recorded, Recorded Investment | [1] | 493 | |||||||||
With an allowance recorded, Principal Balance | [1] | 493 | |||||||||
Related Allowance | 0 | 0 | 0 | 0 | 21 | ||||||
With no allowance recorded, Recorded Investment | [2] | 451 | 451 | ||||||||
With no allowance recorded, Principal Balance | [2] | 451 | 451 | ||||||||
Total, Recorded Investment | 451 | [2] | 0 | 451 | [2] | 0 | 493 | [1] | |||
Total, Principal Balance | 451 | [2] | 0 | 451 | [2] | 0 | $ 493 | [1] | |||
Total, Average Recorded Investment | 456 | 0 | 470 | 31 | |||||||
Total, Interest Income Recognized | $ 0 | $ 0 | $ 0 | $ 0 | |||||||
[1] | Does not reflect government guaranties on impaired loans as of December 31, 2015 totaling $606 thousand. | ||||||||||
[2] | Does not reflect government guaranties on impaired loans as of September 30, 2016 totaling $654 thousand. | ||||||||||
[3] | Does not reflect government guaranties on impaired loans as of September 30, 2015 totaling $238 thousand. |
Allowance for loan losses and46
Allowance for loan losses and credit quality Troubled Debt Restured Loans (Details) $ in Thousands | Sep. 30, 2016USD ($)loans | Dec. 31, 2015USD ($)loans |
Financing Receivable, Modifications [Line Items] | ||
Troubled Debt Restructured Loans, Number of Loans | loans | 30 | 19 |
Troubled Debt Restructured Loans, Principal Balance | $ | $ 3,403 | $ 2,732 |
Residential Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled Debt Restructured Loans, Number of Loans | loans | 17 | 11 |
Troubled Debt Restructured Loans, Principal Balance | $ | $ 1,388 | $ 1,197 |
Construction Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled Debt Restructured Loans, Number of Loans | loans | 1 | 1 |
Troubled Debt Restructured Loans, Principal Balance | $ | $ 89 | $ 92 |
Commercial Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled Debt Restructured Loans, Number of Loans | loans | 10 | 5 |
Troubled Debt Restructured Loans, Principal Balance | $ | $ 1,475 | $ 950 |
Commercial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled Debt Restructured Loans, Number of Loans | loans | 2 | 2 |
Troubled Debt Restructured Loans, Principal Balance | $ | $ 451 | $ 493 |
Allowance for loan losses and47
Allowance for loan losses and credit quality New Troubled Debt Restructured Loans (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016USD ($)loans | Sep. 30, 2015USD ($)loans | Sep. 30, 2016USD ($)loans | Sep. 30, 2015USD ($)loans | |
Residential Real Estate [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
New TDRs, Number of Loans | loans | 3 | 5 | 6 | 5 |
New TDRs, Pre-Modification Outstanding Recorded Investment | $ 89 | $ 504 | $ 278 | $ 504 |
New TDRs, Post-Modification Outstanding Recorded Investment | $ 99 | $ 511 | $ 295 | $ 511 |
Commercial Real Estate [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
New TDRs, Number of Loans | loans | 4 | 0 | 6 | 2 |
New TDRs, Pre-Modification Outstanding Recorded Investment | $ 643 | $ 0 | $ 803 | $ 281 |
New TDRs, Post-Modification Outstanding Recorded Investment | $ 647 | $ 0 | $ 807 | $ 281 |
Allowance for loan losses and48
Allowance for loan losses and credit quality Narrative Data (Details) - loans | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of TDR loans modified within the previous twelve months that had subsequently defaulted | 0 | 0 | 0 | 0 |
Defined Benefit Pension Plan Ne
Defined Benefit Pension Plan Net Periodic Pension Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost on projected benefit obligation | $ 175 | $ 170 | $ 525 | $ 510 |
Expected return on plan assets | (259) | (286) | (777) | (858) |
Amortization of net loss | 41 | 14 | 123 | 42 |
Net periodic benefit | $ (43) | $ (102) | $ (129) | $ (306) |
Stock Based Compensation Narrat
Stock Based Compensation Narrative Data (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 31, 2015 | Sep. 30, 2016 | Mar. 16, 2016 |
2014 Equity Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares authorized for equity awards | 50,000 | ||
Stock options outstanding | 4,500 | ||
Stock options exercisable | 4,500 | ||
Unrecognized compensation expense, stock options | $ 0 | ||
Shares available for future equity awards | 36,436 | ||
2014 Equity Plan [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock units granted | 5,444 | ||
Grant date fair value | $ 27.91 | $ 29.10 | |
Unrecognized compensation expense, unvested restricted stock units | $ 105 | ||
Contingent restricted stock units provisionally granted | 4,456 | ||
Unrecognized compensation expense, contingent unvested restricted stock units | $ 130 | ||
2014 Equity Plan [Member] | Restricted Stock Units (RSUs) [Member] | Time-Based restricted stock units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock units vesting period | 3 years | ||
2014 Equity Plan [Member] | Restricted Stock Units (RSUs) [Member] | Performance-Based restricted stock units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock units vesting period | 2 years | ||
2008 ISO Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options outstanding | 4,000 | ||
Stock options exercisable | 4,000 | ||
Unrecognized compensation expense, stock options | $ 0 |
Other Comprehensive Income (L51
Other Comprehensive Income (Loss) Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Net unrealized gain (loss) on investment securities available-for-sale | $ 640 | $ (27) |
Defined benefit pension plan net unrealized actuarial loss | (2,275) | (2,275) |
Total | $ (1,635) | $ (2,302) |
Other Comprehensive Income (L52
Other Comprehensive Income (Loss) Tax Effects Allocated to Each Component of Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Other Comprehensive Income, before Tax [Abstract] | ||||
Net unrealized holding (losses) gains arising during the period on investment securities available-for-sale, Before Tax Amount | $ (276) | $ 453 | $ 1,082 | $ 122 |
Reclassification adjustment for net gains on investment securities available-for-sale realized in net income, Before Tax Amount | (53) | (41) | (71) | (41) |
Total other comprehensive (loss) income, Before Tax Amount | (329) | 412 | 1,011 | 81 |
Other Comprehensive Income, Tax [Abstract] | ||||
Net unrealized holding (losses) gains arising during the period on investment securities available-for-sale, Tax | 94 | (154) | (368) | (41) |
Reclassification adjustment for net gains on investment securities available-for-sale realized in net income, Tax | 18 | 14 | 24 | 14 |
Total other comprehensive income (loss) income, Tax | 112 | (140) | (344) | (27) |
Net unrealized holding (losses) gains arising during the period on investment securities available-for-sale | (182) | 299 | 714 | 81 |
Reclassification adjustment for net gains on sales of investment securities available-for-sale realized in net income | (35) | (27) | (47) | (27) |
Total other comprehensive (loss) income, Net of Tax Amount | $ (217) | $ 272 | $ 667 | $ 54 |
Other Comprehensive Income (L53
Other Comprehensive Income (Loss) Reclassification Adjustments from OCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassification adjustment for net gains on investment securities available-for-sale realized in net income, Before Tax Amount | $ (53) | $ (41) | $ (71) | $ (41) |
Reclassification adjustment for net gains on investment securities available-for-sale realized in net income, Tax | 18 | 14 | 24 | 14 |
Total reclassifications | $ (35) | $ (27) | $ (47) | $ (27) |
Fair Value Measurement Fair Val
Fair Value Measurement Fair Value, Assets Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | $ 59,671 | $ 54,110 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 356 | 345 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 59,315 | 53,765 |
US Government-sponsored enterprises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 7,292 | 10,692 |
US Government-sponsored enterprises [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 7,292 | 10,692 |
Agency mortgage-backed [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 16,550 | 11,058 |
Agency mortgage-backed [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 16,550 | 11,058 |
State and political subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 25,452 | 20,032 |
State and political subdivisions [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 25,452 | 20,032 |
Corporate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 10,021 | 11,983 |
Corporate [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 10,021 | 11,983 |
Total debt securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 59,315 | 53,765 |
Total debt securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 59,315 | 53,765 |
Mutual funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 356 | 345 |
Mutual funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | $ 356 | $ 345 |
Fair Value Measurement Fair V55
Fair Value Measurement Fair Values and Carrying Amounts, Significant Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents | $ 35,574 | $ 17,961 | $ 13,684 | $ 41,744 |
Interest bearing deposits in banks | 9,753 | 12,753 | ||
Loans held for sale | 10,214 | 5,635 | ||
Loans, net | 522,361 | 500,506 | ||
Accrued interest receivable | 1,962 | 1,832 | ||
Deposits | ||||
Noninterest bearing | 116,381 | 99,826 | ||
Interest bearing | 350,376 | 310,203 | ||
Time | 105,429 | 150,379 | ||
Residential Real Estate [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans, net | 166,602 | 165,396 | ||
Construction Real Estate [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans, net | 35,531 | 42,889 | ||
Commercial Real Estate [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans, net | 245,642 | 230,442 | ||
Commercial [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans, net | 32,884 | 21,397 | ||
Consumer [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans, net | 3,914 | 3,963 | ||
Municipal [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans, net | 37,788 | 36,419 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents | 35,574 | 17,961 | ||
Investment securities | 356 | 345 | ||
Deposits | ||||
Noninterest bearing | 116,381 | 99,826 | ||
Interest bearing | 350,376 | |||
Borrowed funds [Abstract] | ||||
Short-term, Fair Value | 6,949 | 3,621 | ||
Significant Other Observable Inputs (Level 2) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Interest bearing deposits in banks | 9,811 | 12,610 | ||
Investment securities | 60,316 | 58,881 | ||
Loans held for sale | 10,459 | 5,745 | ||
Accrued interest receivable | 377 | 389 | ||
Deposits | ||||
Interest bearing | 310,200 | |||
Time | 105,388 | 150,665 | ||
Borrowed funds [Abstract] | ||||
Long-term, Fair Value | 28,356 | 6,296 | ||
Accrued interest payable | 99 | 269 | ||
Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Accrued interest receivable | 1,585 | 1,443 | ||
Significant Unobservable Inputs (Level 3) [Member] | Residential Real Estate [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans, net, Fair Value | 169,166 | 164,462 | ||
Significant Unobservable Inputs (Level 3) [Member] | Construction Real Estate [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans, net, Fair Value | 35,672 | 41,956 | ||
Significant Unobservable Inputs (Level 3) [Member] | Commercial Real Estate [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans, net, Fair Value | 244,181 | 230,282 | ||
Significant Unobservable Inputs (Level 3) [Member] | Commercial [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans, net, Fair Value | 32,695 | 20,849 | ||
Significant Unobservable Inputs (Level 3) [Member] | Consumer [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans, net, Fair Value | 3,988 | 4,032 | ||
Significant Unobservable Inputs (Level 3) [Member] | Municipal [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans, net, Fair Value | 38,515 | 38,131 | ||
Carrying Amount [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents | 35,574 | 17,961 | ||
Interest bearing deposits in banks | 9,753 | 12,753 | ||
Investment securities | 60,670 | 59,327 | ||
Loans held for sale | 10,214 | 5,635 | ||
Accrued interest receivable | 1,962 | 1,832 | ||
Nonmarketable equity securities | 2,499 | 1,932 | ||
Deposits | ||||
Noninterest bearing | 116,381 | 99,826 | ||
Interest bearing | 350,376 | 310,203 | ||
Time | 105,429 | 150,379 | ||
Borrowed funds [Abstract] | ||||
Short-term | 6,949 | 3,622 | ||
Long-term | 30,564 | 5,942 | ||
Accrued interest payable | 99 | 269 | ||
Carrying Amount [Member] | Residential Real Estate [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans, net | 165,416 | 164,147 | ||
Carrying Amount [Member] | Construction Real Estate [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans, net | 35,171 | 42,419 | ||
Carrying Amount [Member] | Commercial Real Estate [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans, net | 242,837 | 227,686 | ||
Carrying Amount [Member] | Commercial [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans, net | 32,679 | 21,210 | ||
Carrying Amount [Member] | Consumer [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans, net | 3,892 | 3,939 | ||
Carrying Amount [Member] | Municipal [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans, net | 37,789 | 36,419 | ||
Estimated Fair Value [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents | 35,574 | 17,961 | ||
Interest bearing deposits in banks | 9,811 | 12,610 | ||
Investment securities | 60,672 | 59,226 | ||
Loans held for sale | 10,459 | 5,745 | ||
Accrued interest receivable | 1,962 | 1,832 | ||
Deposits | ||||
Noninterest bearing | 116,381 | 99,826 | ||
Interest bearing | 350,376 | 310,200 | ||
Time | 105,388 | 150,665 | ||
Borrowed funds [Abstract] | ||||
Short-term, Fair Value | 6,949 | 3,621 | ||
Long-term, Fair Value | 28,356 | 6,296 | ||
Accrued interest payable | 99 | 269 | ||
Estimated Fair Value [Member] | Residential Real Estate [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans, net, Fair Value | 169,166 | 164,462 | ||
Estimated Fair Value [Member] | Construction Real Estate [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans, net, Fair Value | 35,672 | 41,956 | ||
Estimated Fair Value [Member] | Commercial Real Estate [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans, net, Fair Value | 244,181 | 230,282 | ||
Estimated Fair Value [Member] | Commercial [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans, net, Fair Value | 32,695 | 20,849 | ||
Estimated Fair Value [Member] | Consumer [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans, net, Fair Value | 3,988 | 4,032 | ||
Estimated Fair Value [Member] | Municipal [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans, net, Fair Value | $ 38,515 | $ 38,131 |
Subsequent Events Narrative Dat
Subsequent Events Narrative Data (Details) - Dividend Declared [Member] | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Subsequent Event [Line Items] | |
Date Declared, cash dividend | Oct. 19, 2016 |
Cash Dividend Declared, per share | $ 0.28 |
Payable Date, cash dividend | Nov. 8, 2016 |
Date of Record, cash dividend declared | Oct. 29, 2016 |