Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 1-May-15 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | AMERISERV FINANCIAL INC /PA/ | |
Entity Central Index Key | 707605 | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Amendment Flag | FALSE | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 18,855,021 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Cash and due from depository institutions | $20,591 | $23,780 |
Interest bearing deposits | 2,969 | 2,952 |
Short-term investments in money market funds | 7,158 | 6,140 |
Total cash and cash equivalents | 30,718 | 32,872 |
Investment securities: | ||
Available for sale | 122,533 | 127,110 |
Held to maturity (fair value $20,013 on March 31, 2015 and $20,213 on December 31, 2014) | 19,477 | 19,840 |
Loans held for sale | 3,575 | 5,051 |
Loans | 850,979 | 827,634 |
Less: Unearned income | 582 | 554 |
Allowance for loan losses | 9,689 | 9,623 |
Net loans | 840,708 | 817,457 |
Premises and equipment, net | 12,781 | 13,012 |
Accrued interest income receivable | 3,300 | 3,127 |
Goodwill | 11,944 | 11,944 |
Bank owned life insurance | 37,388 | 37,417 |
Net deferred tax asset | 8,938 | 9,548 |
Federal Home Loan Bank stock | 3,501 | 4,048 |
Federal Reserve Bank stock | 2,125 | 2,125 |
Other assets | 6,428 | 5,712 |
TOTAL ASSETS | 1,103,416 | 1,089,263 |
LIABILITIES | ||
Non-interest bearing deposits | 171,074 | 167,551 |
Interest bearing deposits | 721,602 | 702,330 |
Total deposits | 892,676 | 869,881 |
Short-term borrowings | 27,219 | 38,880 |
Advances from Federal Home Loan Bank | 44,000 | 42,000 |
Guaranteed junior subordinated deferrable interest debentures | 13,085 | 13,085 |
Total borrowed funds | 84,304 | 93,965 |
Other liabilities | 10,108 | 11,010 |
TOTAL LIABILITIES | 987,088 | 974,856 |
SHAREHOLDERS' EQUITY | ||
Preferred stock, no par value; $1,000 per share liquidation preference; 2,000,000 shares authorized; 21,000 shares issued and outstanding on March 31, 2015 and December 31, 2014 | 21,000 | 21,000 |
Common stock, par value $0.01 per share; 30,000,000 shares authorized; 26,472,840 shares issued and 18,855,021 outstanding on March 31, 2015; 26,402,707 shares issued and 18,784,888 outstanding on December 31, 2014 | 265 | 264 |
Treasury stock at cost, 7,617,819 shares on March 31, 2015 and December 31, 2014 | -74,829 | -74,829 |
Capital surplus | 145,387 | 145,256 |
Retained earnings | 30,746 | 29,618 |
Accumulated other comprehensive loss, net | -6,241 | -6,902 |
TOTAL SHAREHOLDERS' EQUITY | 116,328 | 114,407 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $1,103,416 | $1,089,263 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
CONSOLIDATED BALANCE SHEETS [Abstract] | ||
Held to maturity securities, fair value | $20,013 | $20,213 |
Preferred stock, par value | $0 | $0 |
Preferred stock, liquidation preference per share | $1,000 | $1,000 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares issued | 21,000 | 21,000 |
Preferred stock, shares outstanding | 21,000 | 21,000 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 30,000,000 | 30,000,000 |
Common stock, shares issued | 26,472,840 | 26,402,707 |
Common stock, shares outstanding | 18,855,021 | 18,784,888 |
Treasury stock, shares | 7,617,819 | 7,617,819 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
INTEREST INCOME | ||
Interest and fees on loans | $9,456 | $9,032 |
Interest bearing deposits | 2 | 1 |
Short-term investments in money market funds | 2 | 2 |
Investment securities: | ||
Available for sale | 913 | 924 |
Held to maturity | 150 | 136 |
Total Interest Income | 10,523 | 10,095 |
INTEREST EXPENSE | ||
Deposits | 1,174 | 1,211 |
Short-term borrowings | 10 | 19 |
Advances from Federal Home Loan Bank | 125 | 60 |
Guaranteed junior subordinated deferrable interest debentures | 280 | 280 |
Total Interest Expense | 1,589 | 1,570 |
NET INTEREST INCOME | 8,934 | 8,525 |
Provision for loan losses | 250 | |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 8,684 | 8,525 |
NON-INTEREST INCOME | ||
Trust and investment advisory fees | 2,056 | 2,032 |
Service charges on deposit accounts | 419 | 478 |
Net gains on sale of loans | 191 | 101 |
Mortgage related fees | 115 | 117 |
Net realized gains on investment securities | 57 | |
Bank owned life insurance | 363 | 187 |
Other income | 568 | 560 |
Total Non-Interest Income | 3,712 | 3,532 |
NON-INTEREST EXPENSE | ||
Salaries and employee benefits | 6,073 | 6,314 |
Net occupancy expense | 841 | 839 |
Equipment expense | 466 | 470 |
Professional fees | 1,211 | 1,308 |
Supplies, postage and freight | 178 | 183 |
Miscellaneous taxes and insurance | 297 | 296 |
Federal deposit insurance expense | 167 | 160 |
Other expense | 1,177 | 1,168 |
Total Non-Interest Expense | 10,410 | 10,738 |
PRETAX INCOME | 1,986 | 1,319 |
Provision for income tax expense | 617 | 389 |
NET INCOME | 1,369 | 930 |
Preferred stock dividends | 53 | 53 |
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS | $1,316 | $877 |
Basic: | ||
Net income | $0.07 | $0.05 |
Average number of shares outstanding | 18,851 | 18,786 |
Diluted: | ||
Net income | $0.07 | $0.05 |
Average number of shares outstanding | 18,909 | 18,904 |
Cash dividends declared | $0.01 | $0.01 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
COMPREHENSIVE INCOME | ||
Net income | $1,369 | $930 |
Other comprehensive income, before tax: | ||
Pension obligation change for defined benefit plan | 655 | 392 |
Income tax effect | -223 | -133 |
Unrealized holding gains on available for sale securities arising during period | 346 | 514 |
Income tax effect | -117 | -175 |
Reclassification adjustment for gains on available for sale securities included in net income | -57 | |
Income tax effect | 20 | |
Other comprehensive income | 661 | 561 |
Comprehensive income | $2,030 | $1,491 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
OPERATING ACTIVITIES | ||
Net income | $1,369 | $930 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 250 | |
Depreciation expense | 456 | 457 |
Net amortization of investment securities | 85 | 96 |
Net realized gains on investment securities available for sale | -57 | |
Net gains on loans held for sale | -191 | -101 |
Amortization of deferred loan fees | -67 | -75 |
Origination of mortgage loans held for sale | -11,764 | -6,109 |
Sales of mortgage loans held for sale | 13,431 | 6,804 |
Increase in accrued interest income receivable | -173 | -291 |
Decrease in accrued interest payable | -161 | -186 |
Earnings on bank owned life insurance | -171 | -187 |
Deferred income taxes | 285 | 141 |
Stock based compensation expense | 132 | 32 |
Other, net | -696 | 699 |
Net cash provided by operating activities | 2,785 | 2,153 |
INVESTING ACTIVITIES | ||
Purchases of investment securities - available for sale | -2,520 | |
Purchases of investment securities - held to maturity | -151 | |
Proceeds from sales of investment securities - available for sale | 2,753 | |
Proceeds from maturities of investment securities - available for sale | 4,852 | 5,428 |
Proceeds from maturities of investment securities - held to maturity | 350 | 321 |
Purchases of regulatory stock | -3,878 | -1,830 |
Proceeds from redemption of regulatory stock | 4,425 | 2,973 |
Long-term loans originated | -68,544 | -37,426 |
Principal collected on long-term loans | 41,248 | 34,040 |
Loans purchased or participated | -4,000 | |
Loans sold or participated | 7,755 | |
Proceeds from sale of other real estate owned | 53 | |
Proceeds from life insurance policy | 200 | |
Purchases of premises and equipment | -220 | -389 |
Net cash (used in) provided by investing activities | -17,759 | 3,199 |
FINANCING ACTIVITIES | ||
Net increase in deposit balances | 22,722 | 20,763 |
Net decrease in other short-term borrowings | -11,661 | -29,072 |
Principal borrowings on advances from Federal Home Loan Bank | 2,000 | 3,000 |
Common stock dividends | -188 | -187 |
Preferred stock dividends | -53 | -53 |
Net cash provided by (used in) financing activities | 12,820 | -5,549 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | -2,154 | -197 |
CASH AND CASH EQUIVALENTS AT JANUARY 1 | 32,872 | 30,066 |
CASH AND CASH EQUIVALENTS AT MARCH 31 | $30,718 | $29,869 |
Principles_of_Consolidation
Principles of Consolidation | 3 Months Ended | |
Mar. 31, 2015 | ||
Principles of Consolidation [Abstract] | ||
Principles of Consolidation | 1 | Principles of Consolidation |
The accompanying consolidated financial statements include the accounts of AmeriServ Financial, Inc. (the Company) and its wholly-owned subsidiaries, AmeriServ Financial Bank (the Bank), AmeriServ Trust and Financial Services Company (the Trust Company), and AmeriServ Life Insurance Company (AmeriServ Life). The Bank is a Pennsylvania state-chartered full service bank with 17 locations in Pennsylvania. The Trust Company offers a complete range of trust and financial services and administers assets valued at $1.9 billion that are not reported on the Company's balance sheet at March 31, 2015. AmeriServ Life is a captive insurance company that engages in underwriting as a reinsurer of credit life and disability insurance. | ||
In addition, the Parent Company is an administrative group that provides support in such areas as audit, finance, investments, loan review, general services, and marketing. Significant intercompany accounts and transactions have been eliminated in preparing the consolidated financial statements. |
Basis_of_Preparation
Basis of Preparation | 3 Months Ended | ||
Mar. 31, 2015 | |||
Basis of Preparation [Abstract] | |||
Basis of Preparation | 2 | Basis of Preparation | |
The unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information. In the opinion of management, all adjustments consisting of normal recurring entries considered necessary for a fair presentation have been included. They are not, however, necessarily indicative of the results of consolidated operations for a full-year. | |||
For further information, refer to the consolidated financial statements and accompanying notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2014. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 3 Months Ended | |
Mar. 31, 2015 | ||
Recent Accounting Pronouncements [Abstract] | ||
Recent Accounting Pronouncements | 3 | Recent Accounting Pronouncements |
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (a new revenue recognition standard). The Update's core principle is that a company will recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, this update specifies the accounting for certain costs to obtain or fulfill a contract with a customer and expands disclosure requirements for revenue recognition. This Update is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. The Company is evaluating the effect of adopting this new accounting Update. |
Earnings_Per_Common_Share
Earnings Per Common Share | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Common Share [Abstract] | |||||||||
Earnings Per Common Share | 4 | Earnings Per Common Share | |||||||
Basic earnings per share include only the weighted average common shares outstanding. Diluted earnings per share include the weighted average common shares outstanding and any potentially dilutive common stock equivalent shares in the calculation. Treasury shares are treated as retired for earnings per share purposes. Options to purchase 198,888 common shares, at exercise prices ranging from $2.98 to $4.70, and 8,625 common shares, at exercise prices ranging from $4.60 to $5.75, were outstanding as of March 31, 2015 and 2014, respectively, but were not included in the computation of diluted earnings per common share because to do so would be antidilutive. Dividends on preferred shares are deducted from net income in the calculation of earnings per common share. | |||||||||
Three months ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
(In thousands, except per share data) | |||||||||
Numerator: | |||||||||
Net income | $ | 1,369 | $ | 930 | |||||
Preferred stock dividends | 53 | 53 | |||||||
Net income available to common shareholders | $ | 1,316 | $ | 877 | |||||
Denominator: | |||||||||
Weighted average common shares outstanding (basic) | 18,851 | 18,786 | |||||||
Effect of stock options | 58 | 118 | |||||||
Weighted average common shares outstanding (diluted) | 18,909 | 18,904 | |||||||
Earnings per common share: | |||||||||
Basic | $ | 0.07 | $ | 0.05 | |||||
Diluted | 0.07 | 0.05 |
Consolidated_Statement_of_Cash
Consolidated Statement of Cash Flows | 3 Months Ended | |
Mar. 31, 2015 | ||
CONSOLIDATED STATEMENTS OF CASH FLOWS [Abstract] | ||
Consolidated Statement of Cash Flows | 5 | Consolidated Statement of Cash Flows |
On a consolidated basis, cash and cash equivalents include cash and due from depository institutions, interest-bearing deposits and short-term investments in money market funds. The Company made $331,000 in income tax payments in the first three months of 2015 as compared to $254,000 for the first three months of 2014. The Company made total interest payments of $1,750,000 in the first three months of 2015 compared to $1,756,000 in the same 2014 period. The Company had $107,000 non-cash transfers to other real estate owned (OREO) in the first three months of 2015 compared to no non-cash transfers in the same 2014 period. |
Investment_Securities
Investment Securities | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Investment Securities [Abstract] | |||||||||||||||||||||||||
Investment Securities | 6 | Investment Securities | |||||||||||||||||||||||
The cost basis and fair values of investment securities are summarized as follows (in thousands): | |||||||||||||||||||||||||
Investment securities available for sale (AFS): | |||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Basis | Gains | Losses | Value | ||||||||||||||||||||||
US Agency | $ | 5,932 | $ | 29 | $ | (13 | ) | $ | 5,948 | ||||||||||||||||
US Agency mortgage- backed securities | 97,964 | 3,385 | (203 | ) | 101,146 | ||||||||||||||||||||
Corporate bonds | 15,497 | 79 | (137 | ) | 15,439 | ||||||||||||||||||||
Total | $ | 119,393 | $ | 3,493 | $ | (353 | ) | $ | 122,533 | ||||||||||||||||
Investment securities held to maturity (HTM): | |||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Basis | Gains | Losses | Value | ||||||||||||||||||||||
US Agency mortgage- backed securities | $ | 12,120 | $ | 449 | $ | (15 | ) | $ | 12,554 | ||||||||||||||||
Taxable municipal | 3,362 | 116 | - | 3,478 | |||||||||||||||||||||
Corporate bonds and other securities | 3,995 | 4 | (18 | ) | 3,981 | ||||||||||||||||||||
Total | $ | 19,477 | $ | 569 | $ | (33 | ) | $ | 20,013 | ||||||||||||||||
Investment securities available for sale (AFS): | |||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Basis | Gains | Losses | Value | ||||||||||||||||||||||
US Agency | $ | 5,931 | $ | 21 | $ | (46 | ) | $ | 5,906 | ||||||||||||||||
US Agency mortgage- backed securities | 102,888 | 3,197 | (317 | ) | 105,768 | ||||||||||||||||||||
Corporate bonds | 15,497 | 61 | (122 | ) | 15,436 | ||||||||||||||||||||
Total | $ | 124,316 | $ | 3,279 | $ | (485 | ) | $ | 127,110 | ||||||||||||||||
Investment securities held to maturity (HTM): | |||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Basis | Gains | Losses | Value | ||||||||||||||||||||||
US Agency mortgage- backed securities | $ | 12,481 | $ | 395 | $ | (50 | ) | $ | 12,826 | ||||||||||||||||
Taxable municipal | 3,364 | 74 | (24 | ) | 3,414 | ||||||||||||||||||||
Corporate bonds and other securities | 3,995 | 6 | (28 | ) | 3,973 | ||||||||||||||||||||
Total | $ | 19,840 | $ | 475 | $ | (102 | ) | $ | 20,213 | ||||||||||||||||
Maintaining investment quality is a primary objective of the Company's investment policy which, subject to certain limited exceptions, prohibits the purchase of any investment security below a Moody's Investor's Service or Standard & Poor's rating of "A." At March 31, 2015, 83.5% of the portfolio was rated "AAA” as compared to 84.1% at December 31, 2014. 4.0% of the portfolio was either rated below “A” or unrated at March 31, 2015. The Company has no exposure to subprime mortgage loans in the investment portfolio. At March 31, 2015, the Company's consolidated investment securities portfolio had an effective duration of approximately 2.22 years. | |||||||||||||||||||||||||
The Company sold no AFS securities for the first three months of 2015. Total proceeds from the sale of AFS securities for the first three months of 2014 were $2.8 million resulting in $62,000 of gross investment security gains and $5,000 of gross security losses. | |||||||||||||||||||||||||
The book value of securities, both available for sale and held to maturity, pledged to secure public and trust deposits, and certain Federal Home Loan Bank borrowings was $106,810,000 at March 31, 2015 and $104,780,000 at December 31, 2014. | |||||||||||||||||||||||||
The following tables present information concerning investments with unrealized losses as of March 31, 2015 and December 31, 2014 (in thousands): | |||||||||||||||||||||||||
Total investment securities: | |||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||
US Agency | $ | - | $ | - | $ | 2,887 | $ | (13 | ) | $ | 2,887 | $ | (13 | ) | |||||||||||
US Agency mortgage- backed securities | 2,347 | (4 | ) | 12,934 | (214 | ) | 15,281 | (218 | ) | ||||||||||||||||
Corporate bonds and other securities | 1,970 | (27 | ) | 9,870 | (128 | ) | 11,840 | (155 | ) | ||||||||||||||||
Total | $ | 4,317 | $ | (31 | ) | $ | 25,691 | $ | (355 | ) | $ | 30,008 | $ | (386 | ) | ||||||||||
Total investment securities: | |||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||
US Agency | $ | 996 | $ | (4 | ) | $ | 2,858 | $ | (42 | ) | $ | 3,854 | $ | (46 | ) | ||||||||||
US Agency mortgage- backed securities | 2,826 | (13 | ) | 20,408 | (354 | ) | 23,234 | (367 | ) | ||||||||||||||||
Taxable municipal | 150 | (1 | ) | 988 | (23 | ) | 1,138 | (24 | ) | ||||||||||||||||
Corporate bonds and other securities | 2,960 | (43 | ) | 8,891 | (107 | ) | 11,851 | (150 | ) | ||||||||||||||||
Total | $ | 6,932 | $ | (61 | ) | $ | 33,145 | $ | (526 | ) | $ | 40,077 | $ | (587 | ) | ||||||||||
The unrealized losses are primarily a result of increases in market yields from the time of purchase. In general, as market yields rise, the value of securities will decrease; as market yields fall, the fair value of securities will increase. There are 29 positions that are considered temporarily impaired at March 31, 2015. Management generally views changes in fair value caused by changes in interest rates as temporary; therefore, these securities have not been classified as other-than-temporarily impaired. Management has also concluded that based on current information we expect to continue to receive scheduled interest payments as well as the entire principal balance. Furthermore, management does not intend to sell these securities and does not believe it will be required to sell these securities before they recover in value. | |||||||||||||||||||||||||
Contractual maturities of securities at March 31, 2015 are shown below (in thousands). Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without prepayment penalties. | |||||||||||||||||||||||||
Total investment securities: | |||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
Available for sale | Held to maturity | ||||||||||||||||||||||||
Cost Basis | Fair Value | Cost Basis | Fair Value | ||||||||||||||||||||||
Within 1 year | $ | 2,000 | $ | 2,013 | $ | 2,000 | $ | 1,995 | |||||||||||||||||
After 1 year but within 5 years | 13,456 | 13,545 | 1,000 | 986 | |||||||||||||||||||||
After 5 years but within 10 years | 18,833 | 19,198 | 3,794 | 3,866 | |||||||||||||||||||||
After 10 years but within15 years | 53,023 | 54,550 | 1,162 | 1,168 | |||||||||||||||||||||
Over 15 years | 32,081 | 33,227 | 11,521 | 11,998 | |||||||||||||||||||||
Total | $ | 119,393 | $ | 122,533 | $ | 19,477 | $ | 20,013 |
Loans
Loans | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Loans [Abstract] | |||||||||
Loans | 7 | Loans | |||||||
The loan portfolio of the Company consists of the following (in thousands): | |||||||||
March 31, 2015 | December 31, 2014 | ||||||||
Commercial | $ | 151,293 | $ | 139,126 | |||||
Commercial loans secured by real estate | 420,077 | 410,329 | |||||||
Real estate – mortgage | 259,884 | 258,616 | |||||||
Consumer | 19,143 | 19,009 | |||||||
Loans, net of unearned income | $ | 850,397 | $ | 827,080 | |||||
Loan balances at March 31, 2015 and December 31, 2014 are net of unearned income of $582,000 and $554,000, respectively. Real estate-construction loans comprised 3.2% and 3.5% of total loans, net of unearned income at March 31, 2015 and December 31, 2014, respectively. |
Allowance_for_Loan_Losses
Allowance for Loan Losses | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||
Allowance for Loan Losses [Abstract] | |||||||||||||||||||||||||||||
Allowance for Loan Losses | 8 | Allowance for Loan Losses | |||||||||||||||||||||||||||
The following tables summarize the rollforward of the allowance for loan losses by portfolio segment for the three month periods ending March 31, 2015 and 2014 (in thousands). | |||||||||||||||||||||||||||||
Three months ended March 31, 2015, | |||||||||||||||||||||||||||||
Balance at | Charge- | Recoveries | Provision | Balance at | |||||||||||||||||||||||||
31-Dec-14 | Offs | (Credit) | 31-Mar-15 | ||||||||||||||||||||||||||
Commercial | $ | 3,262 | $ | (121 | ) | $ | 6 | $ | 10 | $ | 3,157 | ||||||||||||||||||
Commercial loans secured by real estate | 3,902 | - | 42 | 143 | 4,087 | ||||||||||||||||||||||||
Real estate-mortgage | 1,310 | (103 | ) | 30 | 67 | 1,304 | |||||||||||||||||||||||
Consumer | 190 | (47 | ) | 9 | 39 | 191 | |||||||||||||||||||||||
Allocation for general risk | 959 | - | - | (9 | ) | 950 | |||||||||||||||||||||||
Total | $ | 9,623 | $ | (271 | ) | $ | 87 | $ | 250 | $ | 9,689 | ||||||||||||||||||
Three months ended March 31, 2014, | |||||||||||||||||||||||||||||
Balance at | Charge- | Provision | Balance at | ||||||||||||||||||||||||||
31-Dec-13 | Offs | Recoveries | (Credit) | 31-Mar-14 | |||||||||||||||||||||||||
Commercial | $ | 2,844 | $ | (72 | ) | $ | 50 | $ | 243 | $ | 3,065 | ||||||||||||||||||
Commercial loans secured by real estate | 4,885 | (66 | ) | 153 | (310 | ) | 4,662 | ||||||||||||||||||||||
Real estate-mortgage | 1,260 | (43 | ) | 14 | 42 | 1,273 | |||||||||||||||||||||||
Consumer | 136 | (36 | ) | 5 | 34 | 139 | |||||||||||||||||||||||
Allocation for general risk | 979 | - | - | (9 | ) | 970 | |||||||||||||||||||||||
Total | $ | 10,104 | $ | (217 | ) | $ | 222 | $ | - | $ | 10,109 | ||||||||||||||||||
As a result of successful ongoing problem credit resolution efforts, the Company achieved further asset quality improvements in 2015 and 2014, specifically in the commercial loans secured by real estate category. There was no provision for loan losses in the first quarter of 2014, but the Company recorded a $250,000 provision in the first quarter of 2015 which was needed to support loan growth. | |||||||||||||||||||||||||||||
The following tables summarize the loan portfolio and allowance for loan loss by the primary segments of the loan portfolio (in thousands). | |||||||||||||||||||||||||||||
At March 31, 2015 | |||||||||||||||||||||||||||||
Commercial | Commercial | Real Estate- | Consumer | Allocation for | Total | ||||||||||||||||||||||||
Loans Secured | Mortgage | General Risk | |||||||||||||||||||||||||||
by Real Estate | |||||||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 204 | $ | 813 | $ | — | $ | — | $ | 1,017 | |||||||||||||||||||
Collectively evaluated for impairment | 151,089 | 419,264 | 259,884 | 19,143 | 849,380 | ||||||||||||||||||||||||
Total loans | $ | 151,293 | $ | 420,077 | $ | 259,884 | $ | 19,143 | $ | 850,397 | |||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Specific reserve allocation | $ | 31 | $ | 471 | $ | — | $ | — | $ | — | $ | 502 | |||||||||||||||||
General reserve allocation | 3,126 | 3,616 | 1,304 | 191 | 950 | 9,187 | |||||||||||||||||||||||
Total allowance for loan losses | $ | 3,157 | $ | 4,087 | $ | 1,304 | $ | 191 | $ | 950 | $ | 9,689 | |||||||||||||||||
At December 31, 2014 | |||||||||||||||||||||||||||||
Commercial | Commercial | Real Estate- | Consumer | Allocation for | Total | ||||||||||||||||||||||||
Loans Secured | Mortgage | General Risk | |||||||||||||||||||||||||||
by Real Estate | |||||||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | 989 | $ | — | $ | — | $ | 989 | |||||||||||||||||||
Collectively evaluated for impairment | 139,126 | 409,340 | 258,616 | 19,009 | 826,091 | ||||||||||||||||||||||||
Total loans | $ | 139,126 | $ | 410,329 | $ | 258,616 | $ | 19,009 | $ | 827,080 | |||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Specific reserve allocation | $ | — | $ | 520 | $ | — | $ | - | $ | — | $ | 520 | |||||||||||||||||
General reserve allocation | 3,262 | 3,382 | 1,310 | 190 | 959 | 9,103 | |||||||||||||||||||||||
Total allowance for loan losses | $ | 3,262 | $ | 3,902 | $ | 1,310 | $ | 190 | $ | 959 | $ | 9,623 | |||||||||||||||||
The segments of the Company's loan portfolio are disaggregated to a level that allows management to monitor risk and performance. The loan segments used are consistent with the internal reports evaluated by the Company's management and Board of Directors to monitor risk and performance within various segments of its loan portfolio and therefore, no further disaggregation into classes is necessary. The overall risk profile for the commercial loan segment is impacted by non-owner occupied CRE loans, which include loans secured by non-owner occupied nonfarm nonresidential properties, as a meaningful but declining portion of the commercial portfolio is centered in these types of accounts. The residential mortgage loan segment is comprised of first lien amortizing residential mortgage loans and home equity loans secured by residential real estate. The consumer loan segment consists primarily of installment loans and overdraft lines of credit connected with customer deposit accounts. | |||||||||||||||||||||||||||||
Management evaluates for possible impairment any individual loan in the commercial or commercial real estate segment with a loan balance in excess of $100,000 that is in nonaccrual status or classified as a Troubled Debt Restructure (TDR). Loans are considered to be impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in evaluating impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower's prior payment record, and the amount of the shortfall in relation to the principal and interest owed. The Company does not separately evaluate individual consumer and residential mortgage loans for impairment, unless such loans are part of a larger relationship that is impaired, or are classified as a TDR. | |||||||||||||||||||||||||||||
Once the determination has been made that a loan is impaired, the determination of whether a specific allocation of the allowance is necessary is measured by comparing the recorded investment in the loan to the fair value of the loan using one of three methods: (a) the present value of expected future cash flows discounted at the loan's effective interest rate; (b) the loan's observable market price; or (c) the fair value of the collateral less selling costs for collateral dependent loans. The method is selected on a loan-by-loan basis, with management primarily utilizing the fair value of collateral method. The evaluation of the need and amount of a specific allocation of the allowance and whether a loan can be removed from impairment status is made on a quarterly basis. The Company's policy for recognizing interest income on impaired loans does not differ from its overall policy for interest recognition. | |||||||||||||||||||||||||||||
The need for an updated appraisal on collateral dependent loans is determined on a case-by-case basis. The useful life of an appraisal or evaluation will vary depending upon the circumstances of the property and the economic conditions in the marketplace. A new appraisal is not required if there is an existing appraisal which, along with other information, is sufficient to determine a reasonable value for the property and to support an appropriate and adequate allowance for loan losses. At a minimum, annual documented reevaluation of the property is completed by the Bank's internal Assigned Risk Department to support the value of the property. | |||||||||||||||||||||||||||||
When reviewing an appraisal associated with an existing collateral real estate dependent transaction, the Bank's internal Assigned Risk Department must determine if there have been material changes to the underlying assumptions in the appraisal which affect the original estimate of value. Some of the factors that could cause material changes to reported values include: | |||||||||||||||||||||||||||||
§ | the passage of time; | ||||||||||||||||||||||||||||
§ | the volatility of the local market; | ||||||||||||||||||||||||||||
§ | the availability of financing; | ||||||||||||||||||||||||||||
§ | natural disasters; | ||||||||||||||||||||||||||||
§ | the inventory of competing properties; | ||||||||||||||||||||||||||||
§ | new improvements to, or lack of maintenance of, the subject property or competing properties upon physical inspection by the Bank; | ||||||||||||||||||||||||||||
§ | changes in underlying economic and market assumptions, such as material changes in current and projected vacancy, absorption rates, capitalization rates, lease terms, rental rates, sales prices, concessions, construction overruns and delays, zoning changes, etc.; and/or | ||||||||||||||||||||||||||||
§ | environmental contamination. | ||||||||||||||||||||||||||||
The value of the property is adjusted to appropriately reflect the above listed factors and the value is discounted to reflect the value impact of a forced or distressed sale, any outstanding senior liens, any outstanding unpaid real estate taxes, transfer taxes and closing costs that would occur with sale of the real estate. If the Assigned Risk Department personnel determine that a reasonable value cannot be derived based on available information, a new appraisal is ordered. The determination of the need for a new appraisal, versus completion of a property valuation by the Bank's Assigned Risk Department personnel rests with the Assigned Risk Department and not the originating account officer. | |||||||||||||||||||||||||||||
The following tables present impaired loans by class, segregated by those for which a specific allowance was required and those for which a specific allowance was not necessary (in thousands). | |||||||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||
Impaired Loans with | Impaired | Total Impaired Loans | |||||||||||||||||||||||||||
Specific Allowance | Loans with no | ||||||||||||||||||||||||||||
Specific | |||||||||||||||||||||||||||||
Allowance | |||||||||||||||||||||||||||||
Unpaid | |||||||||||||||||||||||||||||
Recorded | Related | Recorded | Recorded | Principal | |||||||||||||||||||||||||
Investment | Allowance | Investment | Investment | Balance | |||||||||||||||||||||||||
Commercial | $ | 204 | $ | 31 | $ | - | $ | 204 | $ | 204 | |||||||||||||||||||
Commercial loans secured by real estate | 813 | 471 | - | 813 | 900 | ||||||||||||||||||||||||
Total impaired loans | $ | 1,017 | $ | 502 | $ | - | $ | 1,017 | $ | 1,104 | |||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||
Impaired Loans with | Impaired | Total Impaired Loans | |||||||||||||||||||||||||||
Specific Allowance | Loans with no | ||||||||||||||||||||||||||||
Specific | |||||||||||||||||||||||||||||
Allowance | |||||||||||||||||||||||||||||
Recorded | Related | Recorded | Recorded | Unpaid | |||||||||||||||||||||||||
Investment | Allowance | Investment | Investment | Principal | |||||||||||||||||||||||||
Balance | |||||||||||||||||||||||||||||
Commercial loans secured by real estate | $ | 989 | $ | 520 | $ | - | $ | 989 | $ | 1,069 | |||||||||||||||||||
Total impaired loans | $ | 989 | $ | 520 | $ | - | $ | 989 | $ | 1,069 | |||||||||||||||||||
The following table presents the average recorded investment in impaired loans and related interest income recognized for the periods indicated (in thousands). | |||||||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||
Average loan balance: | |||||||||||||||||||||||||||||
Commercial | $ | 102 | $ | - | |||||||||||||||||||||||||
Commercial loans secured by real estate | 901 | 2,623 | |||||||||||||||||||||||||||
Average investment in impaired loans | $ | 1,003 | $ | 2,623 | |||||||||||||||||||||||||
Interest income recognized: | |||||||||||||||||||||||||||||
Commercial | $ | 1 | $ | - | |||||||||||||||||||||||||
Commercial loans secured by real estate | 6 | 1 | |||||||||||||||||||||||||||
Interest income recognized on a cash basis on impaired loans | $ | 7 | $ | 1 | |||||||||||||||||||||||||
Management uses a nine point internal risk rating system to monitor the credit quality of the overall loan portfolio. The first six categories are considered not criticized. The first five “Pass” categories are aggregated, while the Pass-6, Special Mention, Substandard and Doubtful categories are disaggregated to separate pools. The criticized rating categories utilized by management generally follow bank regulatory definitions. The Special Mention category includes assets that are currently protected but are potentially weak, resulting in an undue and unwarranted credit risk, but not to the point of justifying a Substandard classification. Loans in the Substandard category have well-defined weaknesses that jeopardize the liquidation of the debt, and have a distinct possibility that some loss will be sustained if the weaknesses are not corrected. All loans greater than 90 days past due, or for which any portion of the loan represents a specific allocation of the allowance for loan losses are placed in Substandard or Doubtful. | |||||||||||||||||||||||||||||
To help ensure that risk ratings are accurate and reflect the present and future capacity of borrowers to repay a loan as agreed, the Company has a structured loan rating process, which dictates that, at a minimum, credit reviews are mandatory for all commercial and commercial mortgage loan relationships with aggregate balances in excess of $250,000 within a 12-month period. Generally, consumer and residential mortgage loans are included in the Pass categories unless a specific action, such as bankruptcy, delinquency, or death occurs to raise awareness of a possible credit event. The Company's commercial relationship managers are responsible for the timely and accurate risk rating of the loans in their portfolios at origination and on an ongoing basis. Risk ratings are assigned by the account officer, but require independent review and rating concurrence from the Company's internal Loan Review Department. The Loan Review Department is an experienced independent function which reports directly to the Board's Audit Committee. The scope of commercial portfolio coverage by the Loan Review Department is defined and presented to the Audit Committee for approval on an annual basis. The approved scope of coverage for 2015 required review of a minimum range of 50% to 55% of the commercial loan portfolio. | |||||||||||||||||||||||||||||
In addition to loan monitoring by the account officer and Loan Review Department, the Company also requires presentation of all credits rated Pass-6 with aggregate balances greater than $1,000,000, all credits rated Special Mention or Substandard with aggregate balances greater than $250,000, and all credits rated Doubtful with aggregate balances greater than $100,000 on an individual basis to the Company's Loan Loss Reserve Committee on a quarterly basis. Additionally, the Asset Quality Task Force, which is a group comprised of senior level personnel, meets monthly to monitor the status of problem loans. | |||||||||||||||||||||||||||||
The following table presents the classes of the commercial loan portfolios summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system (in thousands). | |||||||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||
Pass | Special | Substandard | Doubtful | Total | |||||||||||||||||||||||||
Mention | |||||||||||||||||||||||||||||
Commercial | $ | 146,481 | $ | 678 | $ | 4,001 | $ | 133 | $ | 151,293 | |||||||||||||||||||
Commercial loans secured by real estate | 413,868 | 2,665 | 3,271 | 273 | 420,077 | ||||||||||||||||||||||||
Total | $ | 560,349 | $ | 3,343 | $ | 7,272 | $ | 406 | $ | 571,370 | |||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||
Pass | Special | Substandard | Doubtful | Total | |||||||||||||||||||||||||
Mention | |||||||||||||||||||||||||||||
Commercial | $ | 132,665 | $ | 161 | $ | 6,164 | $ | 136 | $ | 139,126 | |||||||||||||||||||
Commercial loans secured by real estate | 406,195 | 620 | 3,238 | 276 | 410,329 | ||||||||||||||||||||||||
Total | $ | 538,860 | $ | 781 | $ | 9,402 | $ | 412 | $ | 549,455 | |||||||||||||||||||
It is generally the policy of the bank that the outstanding balance of any residential mortgage loan that exceeds 90-days past due as to principal and/or interest is transferred to non-accrual status and an evaluation is completed to determine the fair value of the collateral less selling costs, unless the balance is minor. A charge down is recorded for any deficiency balance determined from the collateral evaluation. The remaining non-accrual balance is reported as impaired with no specific allowance. It is the policy of the bank that the outstanding balance of any consumer loan that exceeds 90-days past due as to principal and/or interest is charged off. The following tables present the performing and non-performing outstanding balances of the residential and consumer portfolios (in thousands). | |||||||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||
Performing | Non-Performing | ||||||||||||||||||||||||||||
Real estate- mortgage | $ | 258,010 | $ | 1,874 | |||||||||||||||||||||||||
Consumer | 19,143 | - | |||||||||||||||||||||||||||
Total | $ | 277,243 | $ | 1,874 | |||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||
Performing | Non-Performing | ||||||||||||||||||||||||||||
Real estate- mortgage | $ | 257,199 | $ | 1,417 | |||||||||||||||||||||||||
Consumer | 19,009 | - | |||||||||||||||||||||||||||
Total | $ | 276,208 | $ | 1,417 | |||||||||||||||||||||||||
Management further monitors the performance and credit quality of the loan portfolio by analyzing the age of the portfolio as determined by the length of time a recorded payment is past due. The following tables present the classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans (in thousands). | |||||||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||
Current | 30-59 | 60-89 | 90 Days | Total | Total | 90 Days | |||||||||||||||||||||||
Days Past | Days | Past Due | Past Due | Loans | Past Due | ||||||||||||||||||||||||
Due | Past Due | and Still | |||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||
Commercial | $ | 151,293 | $ | — | $ | — | $ | — | $ | — | $ | 151,293 | $ | — | |||||||||||||||
Commercial loans secured by real estate | 419,483 | 358 | 236 | — | 594 | 420,077 | — | ||||||||||||||||||||||
Real estate- mortgage | 256,781 | 1,374 | 461 | 1,268 | 3,103 | 259,884 | — | ||||||||||||||||||||||
Consumer | 19,118 | 23 | 2 | — | 25 | 19,143 | — | ||||||||||||||||||||||
Total | $ | 846,675 | $ | 1,755 | $ | 699 | $ | 1,268 | $ | 3,722 | $ | 850,397 | $ | — | |||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||
Current | 30-59 | 60-89 | 90 Days | Total | Total | 90 Days | |||||||||||||||||||||||
Days Past | Days | Past Due | Past Due | Loans | Past Due | ||||||||||||||||||||||||
Due | Past Due | and Still | |||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||
Commercial | $ | 139,126 | $ | — | $ | — | $ | — | $ | — | $ | 139,126 | $ | — | |||||||||||||||
Commercial loans secured by real estate | 410,049 | 280 | — | — | 280 | 410,329 | — | ||||||||||||||||||||||
Real estate- mortgage | 255,021 | 2,196 | 332 | 1,067 | 3,595 | 258,616 | — | ||||||||||||||||||||||
Consumer | 18,927 | 74 | 8 | — | 82 | 19,009 | — | ||||||||||||||||||||||
Total | $ | 823,123 | $ | 2,550 | $ | 340 | $ | 1,067 | $ | 3,957 | $ | 827,080 | $ | — | |||||||||||||||
An allowance for loan losses (“ALL”) is maintained to absorb losses from the loan portfolio. The ALL is based on management's continuing evaluation of the risk characteristics and credit quality of the loan portfolio, assessment of current economic conditions, diversification and size of the portfolio, adequacy of collateral, past and anticipated loss experience, and the amount of non-performing loans. | |||||||||||||||||||||||||||||
Loans that are collectively evaluated for impairment are analyzed with general allowances being made as appropriate. For general allowances, historical loss trends are used in the estimation of losses in the current portfolio. These historical loss amounts are complemented by consideration of other qualitative factors. | |||||||||||||||||||||||||||||
Management tracks the historical net charge-off activity at each risk rating grade level for the entire commercial portfolio and at the aggregate level for the consumer, residential mortgage and small business portfolios. A historical charge-off factor is calculated utilizing a rolling 12 consecutive historical quarters for the commercial portfolios. This historical charge-off factor for the consumer, residential mortgage and small business portfolios are based on a three year historical average of actual loss experience. | |||||||||||||||||||||||||||||
The Company uses a comprehensive methodology and procedural discipline to maintain an ALL to absorb inherent losses in the loan portfolio. The Company believes this is a critical accounting policy since it involves significant estimates and judgments. The allowance consists of three elements: 1) an allowance established on specifically identified problem loans, 2) formula driven general reserves established for loan categories based upon historical loss experience and other qualitative factors which include delinquency, non-performing and TDR loans, loan trends, economic trends, concentrations of credit, trends in loan volume, experience and depth of management, examination and audit results, effects of any changes in lending policies, and trends in policy, financial information, and documentation exceptions, and 3) a general risk reserve which provides support for variance from our assessment of the previously listed qualitative factors, provides protection against credit risks resulting from other inherent risk factors contained in the Company's loan portfolio, and recognizes the model and estimation risk associated with the specific and formula driven allowances. The qualitative factors used in the formula driven general reserves are evaluated quarterly (and revised if necessary) by the Company's management to establish allocations which accommodate each of the listed risk factors. | |||||||||||||||||||||||||||||
“Pass” rated credits are segregated from “Criticized” and “Classified” credits for the application of qualitative factors. | |||||||||||||||||||||||||||||
Management reviews the loan portfolio on a quarterly basis using a defined, consistently applied process in order to make appropriate and timely adjustments to the ALL. When information confirms all or part of specific loans to be uncollectible, these amounts are promptly charged off against the ALL. |
Nonperforming_Assets_Including
Non-performing Assets Including Troubled Debt Restructurings (TDR) | 3 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Nonperforming Assets Including Troubled Debt Restructurings [Abstract] | |||||||||||
Non-performing Assets Including Troubled Debt Restructurings (TDR) | 9 | Non-performing Assets Including Troubled Debt Restructurings (TDR) | |||||||||
The following table presents information concerning non-performing assets including TDR (in thousands, except percentages): | |||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||
Non-accrual loans | |||||||||||
Commercial loans secured by real estate | $ | 272 | $ | 778 | |||||||
Real estate-mortgage | 1,874 | 1,417 | |||||||||
Total | 2,146 | 2,195 | |||||||||
Other real estate owned | |||||||||||
Commercial loans secured by real estate | 384 | 384 | |||||||||
Real estate-mortgage | 179 | 128 | |||||||||
Total | 563 | 512 | |||||||||
TDR's not in non-accrual | 337 | 210 | |||||||||
Total non-performing assets including TDR | $ | 3,046 | $ | 2,917 | |||||||
Total non-performing assets as a percent of loans, net of unearned income, and other real estate owned | 0.36 | % | 0.35 | % | |||||||
The Company had no loans past due 90 days or more for the periods presented which were accruing interest. | |||||||||||
The following table sets forth, for the periods indicated, (1) the gross interest income that would have been recorded if non-accrual loans had been current in accordance with their original terms and had been outstanding throughout the period or since origination if held for part of the period, (2) the amount of interest income actually recorded on such loans, and (3) the net reduction in interest income attributable to such loans (in thousands). | |||||||||||
Three months ended | |||||||||||
March 31, | |||||||||||
2015 | 2014 | ||||||||||
Interest income due in accordance with original terms | $ | 24 | $ | 33 | |||||||
Interest income recorded | - | - | |||||||||
Net reduction in interest income | $ | 24 | $ | 33 | |||||||
Consistent with accounting and regulatory guidance, the Bank recognizes a TDR when the Bank, for economic or legal reasons related to a borrower's financial difficulties, grants a concession to the borrower that would not normally be considered. Regardless of the form of concession granted, the Bank's objective in offering a TDR is to increase the probability of repayment of the borrower's loan. | |||||||||||
To be considered a TDR, both of the following criteria must be met: | |||||||||||
• | the borrower must be experiencing financial difficulties; and | ||||||||||
• | the Bank, for economic or legal reasons related to the borrower's financial difficulties, grants a concession to the borrower that would not otherwise be considered. | ||||||||||
Factors that indicate a borrower is experiencing financial difficulties include, but are not limited to: | |||||||||||
• | the borrower is currently in default on their loan(s); | ||||||||||
• | the borrower has filed for bankruptcy; | ||||||||||
• | the borrower has insufficient cash flows to service their loan(s); and | ||||||||||
• | the borrower is unable to obtain refinancing from other sources at a market rate similar to rates available to a non-troubled debtor. | ||||||||||
Factors that indicate that a concession has been granted include, but are not limited to: | |||||||||||
• | the borrower is granted an interest rate reduction to a level below market rates for debt with similar risk; or | ||||||||||
• | the borrower is granted a material maturity date extension, or extension of the amortization plan to provide payment relief. For purposes of this policy, a material maturity date extension will generally include any maturity date extension, or the aggregate of multiple consecutive maturity date extensions, that exceed 120 days. A restructuring that results in an insignificant delay in payment, i.e. 120 days or less, is not necessarily a TDR. Insignificant payment delays occur when the amount of the restructured payments subject to the delay is insignificant relative to the unpaid principal or collateral value, and will result in an insignificant shortfall in the originally scheduled contractual amount due, and/or the delay in timing of the restructured payment period is insignificant relative to the frequency of payments, the original maturity or the original amortization. | ||||||||||
The determination of whether a restructured loan is a TDR requires consideration of all of the facts and circumstances surrounding the modification. No single factor is determinative of whether a restructuring is a TDR. An overall general decline in the economy or some deterioration in a borrower's financial condition does not automatically mean that the borrower is experiencing financial difficulty. Accordingly, determination of whether a modification is a TDR involves a large degree of judgment. | |||||||||||
The following table details the loans modified as TDRs during the three month period ended March 31, 2015 (dollars in thousands). | |||||||||||
Loans in accrual status | # of Loans | Current Balance | Concession Granted | ||||||||
Commercial loan | 1 | $ | 204 | Extension of maturity date | |||||||
The following table details the loans modified as TDRs during the three month period ended March 31, 2014 (dollars in thousands). | |||||||||||
Loans in non-accrual status | # of Loans | Current Balance | Concession Granted | ||||||||
Commercial loan secured by real estate | 1 | $ | 265 | Extension of maturity date | |||||||
In all instances where loans have been modified in troubled debt restructurings the pre- and post-modified balances are the same. The specific ALL reserve for loans modified as TDR's was $502,000 and $365,000 as of March 31, 2015 and 2014, respectively. All TDR's are individually evaluated for impairment and a related allowance is recorded, as needed. | |||||||||||
Once a loan is classified as a TDR, this classification will remain until documented improvement in the financial position of the borrower supports confidence that all principal and interest will be paid according to terms. Additionally, the customer must have re-established a track record of timely payments according to the restructured contract terms for a minimum of six consecutive months prior to consideration for removing the loan from non-accrual TDR status. However, a loan will continue to be on non-accrual status until, consistent with our policy, the borrower has made a minimum of an additional six consecutive monthly payments in accordance with the terms of the loan. | |||||||||||
The Company had no loans that were classified as TDR's or were subsequently modified during each 12-month period prior to the reporting periods preceding January 1, 2015 and January 1, 2014, respectively, and subsequently defaulted during these reporting periods. | |||||||||||
The Company is unaware of any additional loans which are required to either be charged-off or added to the non-performing asset totals disclosed above. |
Federal_Home_Loan_Bank_Borrowi
Federal Home Loan Bank Borrowings | 3 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Federal Home Loan Bank Borrowings [Abstract] | |||||||||||
Federal Home Loan Bank Borrowings | 10 | Federal Home Loan Bank Borrowings | |||||||||
Total Federal Home Loan Bank (FHLB) borrowings and advances consist of the following (in thousands, except percentages): | |||||||||||
At March 31, 2015 | |||||||||||
Weighted | |||||||||||
Type | Maturing | Amount | Average Rate | ||||||||
Open Repo Plus | Overnight | $ | 27,219 | 0.33 | % | ||||||
Advances | 2015 | 4,000 | 0.52 | ||||||||
2016 | 12,000 | 0.81 | |||||||||
2017 | 12,000 | 1.06 | |||||||||
2018 | 10,000 | 1.51 | |||||||||
2019 and over | 6,000 | 1.83 | |||||||||
Total advances | 44,000 | 1.15 | |||||||||
Total FHLB borrowings | $ | 71,219 | 0.84 | % | |||||||
At December 31, 2014 | |||||||||||
Weighted | |||||||||||
Type | Maturing | Amount | Average Rate | ||||||||
Open Repo Plus | Overnight | $ | 38,880 | 0.27 | % | ||||||
Advances | 2015 | 4,000 | 0.52 | ||||||||
2016 | 12,000 | 0.81 | |||||||||
2017 | 12,000 | 1.06 | |||||||||
2018 | 10,000 | 1.51 | |||||||||
2019 and over | 4,000 | 1.88 | |||||||||
Total advances | 42,000 | 1.12 | |||||||||
Total FHLB borrowings | $ | 80,880 | 0.71 | % | |||||||
The rate on Open Repo Plus advances can change daily, while the rates on the advances are fixed until the maturity of the advance. |
Preferred_Stock
Preferred Stock | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Preferred Stock [Abstract] | ||||||
Preferred Stock | 11 | Preferred Stock | ||||
On August 11, 2011, pursuant to the Small Business Lending Fund (SBLF), the Company issued and sold to the US Treasury 21,000 shares of its Senior Non-Cumulative Perpetual Preferred Stock, Series E (Series E Preferred Stock) for the aggregate proceeds of $21 million. The SBLF is a voluntary program sponsored by the US Treasury that encourages small business lending by providing capital to qualified community banks at favorable rates. The Company used the proceeds from the Series E Preferred Stock issued to the US Treasury to repurchase all 21,000 shares of its outstanding preferred shares previously issued to the US Treasury under the TARP Capital Purchase Program. | ||||||
The Series E Preferred Stock has an aggregate liquidation preference of approximately $21 million and qualifies as Tier 1 Capital for regulatory purposes. The terms of the Series E Preferred Stock provide for the payment of non-cumulative dividends on a quarterly basis. The dividend rate, as a percentage of the liquidation amount, may fluctuate while the Series E Preferred Stock is outstanding based upon changes in the level of “qualified small business lending” (“QSBL”) by the Bank from its average level of QSBL at each of the four quarter ends leading up to June 30, 2010 (the “Baseline”) as follows: | ||||||
DIVIDEND PERIOD ANNUALIZED | ANNUALIZED | |||||
BEGINNING | ENDING | DIVIDEND RATE | ||||
11-Aug-11 | 31-Dec-11 | 5.00% | ||||
1-Jan-12 | 31-Dec-14 | 1.0% to 5.0% | ||||
1-Jan-14 | 7-Feb-16 | 1.0% to 7.0%(1) | ||||
8-Feb-16 | Redemption | 9.0%(2) | ||||
-1 | Between January 1, 2014 and February 7, 2016, the Company's dividend rate was fixed at 1% based upon the level of percentage change in QSBL between September 30, 2013 and the Baseline. | |||||
-2 | Beginning on February 8, 2016, the dividend rate will be fixed at nine percent (9%) per annum. | |||||
As of September 30, 2013, the Company had increased its QSBL to a level that reduced the dividend rate to 1%. Accordingly, this 1% rate will continue through February 7, 2016. | ||||||
As long as shares of Series E Preferred Stock remain outstanding, we may not pay dividends to our common shareholders (nor may we repurchase or redeem any shares of our common stock) during any quarter in which we fail to declare and pay dividends on the Series E Preferred Stock and for the next three quarters following such failure. In addition, under the terms of the Series E Preferred Stock, we may only declare and pay dividends on our common stock (or repurchase shares of our common stock), if, after payment of such dividend, the dollar amount of our Tier 1 capital would be at least ninety percent (90%) of Tier 1 capital as of June 30, 2011, excluding any charge-offs and redemptions of the Series E Preferred Stock (the “Tier 1 Dividend Threshold”). The Tier 1 Dividend Threshold is subject to reduction, beginning January 1, 2014, based upon the extent by which, if at all, the QSBL at September 30, 2013 has increased over the Baseline. | ||||||
We may redeem the Series E Preferred Stock at any time at our option, at a redemption price of 100% of the liquidation amount plus accrued but unpaid dividends, subject to the approval of our federal banking regulator. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Accumulated Comprehensive Loss [Abstract] | |||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | 12 | Accumulated Other Comprehensive Loss | |||||||||||||||||||||||
The following table presents the changes in each component of accumulated other comprehensive loss, net of tax, for the three months ended March 31, 2015 and 2014 (in thousands): | |||||||||||||||||||||||||
Three months ended March 31, 2015 | Three months ended March 31, 2014 | ||||||||||||||||||||||||
Net | Defined | Total(1) | Net | Defined | Total(1) | ||||||||||||||||||||
Unrealized | Benefit | Unrealized | Benefit | ||||||||||||||||||||||
Gains and | Pension | Gains and | Pension | ||||||||||||||||||||||
Losses on | Items (1) | Losses on | Items (1) | ||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||
Securities | Securities | ||||||||||||||||||||||||
AFS (1) | AFS (1) | ||||||||||||||||||||||||
Beginning balance | $ | 1,843 | $ | (8,745 | ) | $ | (6,902 | ) | $ | 1,043 | $ | (6,918 | ) | $ | (5,875 | ) | |||||||||
Other comprehensive income before reclassifications | 229 | 432 | 661 | 339 | 256 | 595 | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | - | - | - | (37 | ) | 3 | (34 | ) | |||||||||||||||||
Net current period other comprehensive income | 229 | 432 | 661 | 302 | 259 | 561 | |||||||||||||||||||
Ending balance | $ | 2,072 | $ | (8,313 | ) | $ | (6,241 | ) | $ | 1,345 | $ | (6,659 | ) | $ | (5,314 | ) | |||||||||
-1 | Amounts in parentheses indicate debits on the Consolidated Balance Sheets. | ||||||||||||||||||||||||
The following table presents the amounts reclassified out of each component of accumulated other comprehensive loss for the three months ended March 31, 2015 and 2014 (in thousands): | |||||||||||||||||||||||||
Amount reclassified from accumulated | |||||||||||||||||||||||||
other comprehensive loss (1) | |||||||||||||||||||||||||
Details about accumulated other | For the three | For the three | Affected line item in the statement | ||||||||||||||||||||||
comprehensive loss components | months ended | months ended | of operations | ||||||||||||||||||||||
31-Mar-15 | 31-Mar-14 | ||||||||||||||||||||||||
Unrealized gains and losses on sale of securities | |||||||||||||||||||||||||
$ | - | $ | (57 | ) | Net realized gains on investment securities | ||||||||||||||||||||
- | 20 | Provision for income tax expense | |||||||||||||||||||||||
$ | - | $ | (37 | ) | Net of tax | ||||||||||||||||||||
Amortization of defined benefit items (2) | |||||||||||||||||||||||||
Amortization of prior year service cost | $ | - | 5 | Salaries and employee benefits | |||||||||||||||||||||
- | (2 | ) | Provision for income tax expense | ||||||||||||||||||||||
$ | - | $ | 3 | Net income | |||||||||||||||||||||
Total reclassifications for the period | $ | - | $ | (34 | ) | Net income | |||||||||||||||||||
-1 | Amounts in parentheses indicate credits. | ||||||||||||||||||||||||
-2 | These accumulated other comprehensive loss components are included in the computation of net periodic benefit cost (see Note 16 for additional details). |
Regulatory_Capital
Regulatory Capital | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Regulatory Capital [Abstract] | |||||||||||||||||||||||||
Regulatory Capital | 13 | Regulatory Capital | |||||||||||||||||||||||
The Company is subject to various capital requirements administered by the federal banking agencies. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company must meet specific capital guidelines that involve quantitative measures of the Company's assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The Company's capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company's consolidated financial statements. | |||||||||||||||||||||||||
Quantitative measures established by regulation to ensure capital adequacy require the Company to maintain minimum amounts and ratios (set forth in the table below) of total and Tier 1 capital to risk-weighted assets, and of Tier 1 capital to average assets. For March 31, 2015, the final Basel III rules require the Company to maintain minimum amounts and ratios of common equity Tier I capital (as defined in the regulations) to risk-weighted assets (RWA) (as defined). Additionally under Basel III rules, the decision was made to opt-out of including accumulated other comprehensive income in regulatory capital. For December 31, 2014, regulatory capital ratios were calculated under Basel I rules. As of March 31, 2015, the Company was categorized as “Well Capitalized” under the regulatory framework for prompt corrective action promulgated by the Federal Reserve. The Company believes that no conditions or events have occurred that would change this conclusion as of such date. To be categorized as Well Capitalized, the Company must maintain minimum Total Capital, Common Equity Tier 1 Capital, Tier 1 Capital, and Tier 1 leverage ratios as set forth in the table. Additionally, while not a regulatory capital ratio, the Company's tangible common equity ratio was 7.64% at March 31, 2015 (in thousands, except ratios). | |||||||||||||||||||||||||
At March 31, 2015 | |||||||||||||||||||||||||
Actual | For Capital | To Be Well | |||||||||||||||||||||||
Adequacy | Capitalized Under | ||||||||||||||||||||||||
Purposes | Prompt Corrective | ||||||||||||||||||||||||
Action Provisions | |||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
Total Capital (To RWA) Consolidated | $ | 131,581 | 14.68 | % | $ | 71,688 | 8 | % | $ | 89,609 | 10 | % | |||||||||||||
AmeriServ Financial Bank | 105,692 | 11.92 | 70,925 | 8 | 88,657 | 10 | |||||||||||||||||||
Common Equity Tier 1 Capital (To RWA) Consolidated | 88,966 | 9.93 | 40,324 | 4.5 | 58,246 | 6.5 | |||||||||||||||||||
AmeriServ Financial Bank | 95,106 | 10.73 | 39,896 | 4.5 | 57,627 | 6.5 | |||||||||||||||||||
Tier 1 Capital (To RWA) Consolidated | 120,995 | 13.5 | 53,766 | 6 | 71,688 | 8 | |||||||||||||||||||
AmeriServ Financial Bank | 95,106 | 10.73 | 53,194 | 6 | 70,925 | 8 | |||||||||||||||||||
Tier 1 Capital (To Average Assets) leverage Consolidated | 120,995 | 11.24 | 43,072 | 4 | 53,839 | 5 | |||||||||||||||||||
AmeriServ Financial Bank | 95,106 | 9.06 | 41,988 | 4 | 52,485 | 5 | |||||||||||||||||||
At December 31, 2014 | |||||||||||||||||||||||||
Actual | For Capital | To Be Well | |||||||||||||||||||||||
Adequacy | Capitalized Under | ||||||||||||||||||||||||
Purposes | Prompt Corrective | ||||||||||||||||||||||||
Action Provisions | |||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
Total Capital (To RWA) Consolidated | $ | 131,497 | 14.8 | % | $ | 71,066 | 8 | % | $ | 88,833 | 10 | % | |||||||||||||
AmeriServ Financial Bank | 106,084 | 12.07 | 70,305 | 8 | 87,881 | 10 | |||||||||||||||||||
Tier 1 Capital (To RWA) Consolidated | 120,992 | 13.62 | 35,533 | 4 | 53,300 | 6 | |||||||||||||||||||
AmeriServ Financial Bank | 95,579 | 10.88 | 35,153 | 4 | 52,729 | 6 | |||||||||||||||||||
Tier 1 Capital (To Average Assets) Consolidated | 120,992 | 11.34 | 42,662 | 4 | 53,327 | 5 | |||||||||||||||||||
AmeriServ Financial Bank | 95,579 | 9.19 | 41,608 | 4 | 52,010 | 5 | |||||||||||||||||||
On July 2, 2013, the Board of Governors of the Federal Reserve System approved final rules that substantially amend the regulatory risk-based capital rules applicable to the Company and the Bank. The final rules implement the “Basel III” regulatory capital reforms, as well as certain changes required by the Dodd-Frank Act, which will require institutions to, among other things, have more capital and a higher quality of capital by increasing the minimum regulatory capital ratios, and requiring capital buffers. The new rules became effective for the Company and the Bank on January 1, 2015, and have an implementation period that stretches to January 1, 2019. For a more detailed discussion see the Capital Resources section of the MD&A. |
Segment_Results
Segment Results | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Segment Results [Abstract] | |||||||||||||||||||||
Segment Results | 14 | Segment Results | |||||||||||||||||||
The financial performance of the Company is also monitored by an internal funds transfer pricing profitability measurement system which produces line of business results and key performance measures. The Company's major business units include retail banking, commercial banking, trust, and investment/parent. The reported results reflect the underlying economics of the business segments. Expenses for centrally provided services are allocated based upon the cost and estimated usage of those services. The businesses are match-funded and interest rate risk is centrally managed and accounted for within the investment/parent business segment. The key performance measure the Company focuses on for each business segment is net income contribution. | |||||||||||||||||||||
Retail banking includes the deposit-gathering branch franchise and lending to both individuals and small businesses. Lending activities include residential mortgage loans, direct consumer loans, and small business commercial loans. Commercial banking to businesses includes commercial loans, and CRE loans. The trust segment contains our wealth management businesses which include the Trust Company, West Chester Capital Advisors (WCCA), our registered investment advisory firm and financial services. Wealth management includes personal trust products and services such as personal portfolio investment management, estate planning and administration, custodial services and pre-need trusts. Also, institutional trust products and services such as 401(k) plans, defined benefit and defined contribution employee benefit plans, and individual retirement accounts are included in this segment. Financial services include the sale of mutual funds, annuities, and insurance products. The wealth management businesses also includes the union collective investment funds, namely the ERECT and BUILD funds which are designed to use union pension dollars in construction projects that utilize union labor. The investment/parent includes the net results of investment securities and borrowing activities, general corporate expenses not allocated to the business segments, interest expense on guaranteed junior subordinated deferrable interest debentures, and centralized interest rate risk management. Inter-segment revenues were not material. | |||||||||||||||||||||
The contribution of the major business segments to the Consolidated Statements of Operations for the three months ended March 31, 2015 and 2014 were as follows (in thousands): | |||||||||||||||||||||
Three months ended | March 31, | ||||||||||||||||||||
31-Mar-15 | 2015 | ||||||||||||||||||||
Total revenue | Net income (loss) | Total assets | |||||||||||||||||||
Retail banking | $ | 6,524 | $ | 659 | $ | 374,490 | |||||||||||||||
Commercial banking | 4,738 | 1,291 | 586,916 | ||||||||||||||||||
Trust | 2,167 | 380 | 5,125 | ||||||||||||||||||
Investment/Parent | (783 | ) | (961 | ) | 136,885 | ||||||||||||||||
Total | $ | 12,646 | $ | 1,369 | $ | 1,103,416 | |||||||||||||||
Three months ended | December 31, | ||||||||||||||||||||
31-Mar-14 | 2014 | ||||||||||||||||||||
Total revenue | Net income (loss) | Total assets | |||||||||||||||||||
Retail banking | $ | 6,117 | $ | 348 | $ | 376,009 | |||||||||||||||
Commercial banking | 4,327 | 1,096 | 563,690 | ||||||||||||||||||
Trust | 2,114 | 308 | 5,015 | ||||||||||||||||||
Investment/Parent | (501 | ) | (822 | ) | 144,549 | ||||||||||||||||
Total | $ | 12,057 | $ | 930 | $ | 1,089,263 |
Commitments_and_Contingent_Lia
Commitments and Contingent Liabilities | 3 Months Ended | ||
Mar. 31, 2015 | |||
Commitments and Contingent Liabilities [Abstract] | |||
Commitments and Contingent Liabilities | 15 | Commitments and Contingent Liabilities | |
The Company had various outstanding commitments to extend credit approximating $181.5 million and $188.0 million along with standby letters of credit of $7.8 million and $7.2 million as of March 31, 2015 and December 31, 2014, respectively. The Company's exposure to credit loss in the event of nonperformance by the other party to these commitments to extend credit and standby letters of credit is represented by their contractual amounts. The Bank uses the same credit and collateral policies in making commitments and conditional obligations as for all other lending. | |||
Additionally, the Company is also subject to a number of asserted and unasserted potential claims encountered in the normal course of business. In the opinion of the Company, neither the resolution of these claims nor the funding of these credit commitments will have a material adverse effect on the Company's consolidated financial position, results of operation or cash flows. |
Pension_Benefits
Pension Benefits | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Pension Benefits [Abstract] | |||||||||||||
Pension Benefits | 16 | Pension Benefits | |||||||||||
The Company has a noncontributory defined benefit pension plan covering certain employees who work at least 1,000 hours per year. The participants shall have a vested interest in their accrued benefit after five full years of service. The benefits of the plan are based upon the employee's years of service and average annual earnings for the highest five consecutive calendar years during the final ten year period of employment. Plan assets are primarily debt securities (including US Treasury and Agency securities, corporate notes and bonds), listed common stocks (including shares of AmeriServ Financial, Inc. common stock which is limited to 10% of the plan's assets), mutual funds, and short-term cash equivalent instruments. The net periodic pension cost for the three months ended March 31, 2015 and 2014 were as follows (in thousands): | |||||||||||||
Three months ended | |||||||||||||
March 31, | |||||||||||||
2015 | 2014 | ||||||||||||
Components of net periodic benefit cost | |||||||||||||
Service cost | $ | 400 | $ | 430 | |||||||||
Interest cost | 325 | 331 | |||||||||||
Expected return on plan assets | (525 | ) | (498 | ) | |||||||||
Amortization of prior year service cost | - | (5 | ) | ||||||||||
Recognized net actuarial loss | 300 | 272 | |||||||||||
Net periodic pension cost | $ | 500 | $ | 530 | |||||||||
The Company implemented a soft freeze of its defined benefit pension plan to provide that non-union employees hired on or after January 1, 2013 and union employees hired on or after January 1, 2014 are not eligible to participate in the pension plan. Instead, such employees are eligible to participate in a qualified 401(k) plan. This change was made to help reduce pension costs in future periods. |
Disclosures_about_Fair_Value_M
Disclosures about Fair Value Measurements | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Disclosures about Fair Value Measurements [Abstract] | |||||||||||||||||||||
Disclosures about Fair Value Measurements | 17 | Disclosures about Fair Value Measurements | |||||||||||||||||||
The following disclosures establish a hierarchal disclosure framework associated with the level of pricing observability utilized in measuring assets and liabilities at fair value. The three broad levels defined within this hierarchy are as follows: | |||||||||||||||||||||
Level I: Quoted prices are available in active markets for identical assets or liabilities as of the reported date. | |||||||||||||||||||||
Level II: Pricing inputs are other than the quoted prices in active markets, which are either directly or indirectly observable as of the reported date. The nature of these assets and liabilities includes items for which quoted prices are available but traded less frequently and items that are fair-valued using other financial instruments, the parameters of which can be directly observed. | |||||||||||||||||||||
Level III: Assets and liabilities that have little to no pricing observability as of the reported date. These items do not have two-way markets and are measured using management's best estimate of fair value, where the inputs into the determination of fair value require significant management judgment or estimation. | |||||||||||||||||||||
Assets and Liability Measured on a Recurring Basis | |||||||||||||||||||||
Securities classified as available for sale are reported at fair value 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 dealer quoted market spreads, cash flows, the US Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond's terms and conditions, among other things. | |||||||||||||||||||||
The following tables present the assets reported on the Consolidated Balance Sheets at their fair value as of March 31, 2015 and December 31, 2014, by level within the fair value hierarchy. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. | |||||||||||||||||||||
Assets and liability measured at fair value on a recurring basis are summarized below (in thousands): | |||||||||||||||||||||
Fair Value Measurements at March 31, 2015 Using | |||||||||||||||||||||
Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
US Agency securities | $ | 5,948 | $ | - | $ | 5,948 | $ | - | |||||||||||||
US Agency mortgage-backed securities | 101,146 | - | 101,146 | - | |||||||||||||||||
Corporate bonds | 15,439 | - | 15,439 | - | |||||||||||||||||
Fair Value Measurements at December 31, 2014 Using | |||||||||||||||||||||
Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
US Agency securities | $ | 5,906 | $ | - | $ | 5,906 | $ | - | |||||||||||||
US Agency mortgage-backed securities | 105,768 | - | 105,768 | - | |||||||||||||||||
Corporate bonds | 15,436 | - | 15,436 | - | |||||||||||||||||
Assets Measured on a Non-recurring Basis | |||||||||||||||||||||
Loans considered impaired are loans for which, based on current information and events, it is probable that the creditor will be unable to collect all amounts due according to the contractual terms of the loan agreement. As detailed in the allowance for loan loss footnote, impaired loans are reported at fair value of the underlying collateral if the repayment is expected solely from the collateral. Collateral values are estimated using Level 3 inputs based on observable market data which at times are discounted. At March 31, 2015, impaired loans with a carrying value of $1.0 million were reduced by a specific valuation allowance totaling $502,000 resulting in a net fair value of $515,000. At December 31, 2014, impaired loans with a carrying value of $989,000 were reduced by a specific valuation allowance totaling $520,000 million resulting in a net fair value of $469,000. | |||||||||||||||||||||
Other real estate owned is measured at fair value based on appraisals, less cost to sell at the date of foreclosure. Valuations are periodically performed by management. Income and expenses from operations and changes in valuation allowance are included in the net expenses from OREO. | |||||||||||||||||||||
Assets measured at fair value on a non-recurring basis are summarized below (in thousands, except range data): | |||||||||||||||||||||
Fair Value Measurements at March 31, 2015 Using | |||||||||||||||||||||
Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
Impaired loans | $ | 515 | $ | - | $ | - | $ | 515 | |||||||||||||
Other real estate owned | 563 | - | - | 563 | |||||||||||||||||
Fair Value Measurements at December 31, 2014 Using | |||||||||||||||||||||
Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
Impaired loans | $ | 469 | $ | - | $ | - | $ | 469 | |||||||||||||
Other real estate owned | 512 | - | - | 512 | |||||||||||||||||
31-Mar-15 | Quantitative Information About Level 3 Fair Value Measurements | ||||||||||||||||||||
Fair Value | Valuation | Unobservable | Range(Wgtd Ave) | ||||||||||||||||||
Estimate | Techniques | Input | |||||||||||||||||||
$ | Appraisal adjustments(2) | 0% to 35%(30%) | |||||||||||||||||||
Impaired loans | 515 | Appraisal of collateral(1), (3) | Liquidation expenses | 1% to 15%(10%) | |||||||||||||||||
Appraisal adjustments(2) | 0% to 48%(38%) | ||||||||||||||||||||
Other real estate owned | 563 | Appraisal of collateral (1),(3) | Liquidation expenses | 1% to 20%(10%) | |||||||||||||||||
31-Dec-14 | Quantitative Information About Level 3 Fair Value Measurements | ||||||||||||||||||||
Fair Value | Valuation | Unobservable | Range(Wgtd Ave) | ||||||||||||||||||
Estimate | Techniques | Input | |||||||||||||||||||
$ | Appraisal adjustments(2) | 0% to 37%(30%) | |||||||||||||||||||
Impaired loans | 469 | Appraisal of collateral(1),(3) | Liquidation expenses | 1% to 15%(10%) | |||||||||||||||||
Appraisal adjustments(2) | 47% to 83%(55%) | ||||||||||||||||||||
Other real estate owned | 512 | Appraisal of collateral (1),(3) | Liquidation expenses | 1% to 61%(9%) | |||||||||||||||||
-1 | Fair Value is generally determined through independent appraisals of the underlying collateral, which generally include various level 3 inputs which are not identifiable. | ||||||||||||||||||||
-2 | Appraisals may be adjusted by management for qualitative factors such as economic conditions. | ||||||||||||||||||||
-3 | Includes qualitative adjustments by management and estimated liquidation expenses. | ||||||||||||||||||||
DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS | |||||||||||||||||||||
For the Company, as for most financial institutions, approximately 90% of its assets and liabilities are considered financial instruments. Many of the Company's financial instruments, however, lack an available trading market characterized by a willing buyer and willing seller engaging in an exchange transaction. Therefore, significant estimates and present value calculations were used by the Company for the purpose of this disclosure. | |||||||||||||||||||||
Fair values have been determined by the Company using independent third party valuations that use the best available data (Level 2) and an estimation methodology (Level 3) the Company believes is suitable for each category of financial instruments. Management believes that cash, cash equivalents, and loans and deposits with floating interest rates have estimated fair values which approximate the recorded book balances. The estimation methodologies used, the estimated fair values based on US GAAP measurements, and recorded book balances at March 31, 2015 and December 31, 2014, were as follows (in thousands): | |||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||
Carrying | Fair Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
Value | |||||||||||||||||||||
FINANCIAL ASSETS: | |||||||||||||||||||||
Cash and cash equivalents | $ | 30,718 | $ | 30,718 | $ | 30,718 | $ | - | $ | - | |||||||||||
Investment securities - AFS | 122,533 | 122,533 | - | 122,533 | - | ||||||||||||||||
Investment securities – HTM | 19,477 | 20,013 | - | 17,031 | 2,982 | ||||||||||||||||
Regulatory stock | 5,626 | 5,626 | 5,626 | - | - | ||||||||||||||||
Loans held for sale | 3,575 | 3,675 | 3,675 | - | - | ||||||||||||||||
Loans, net of allowance for loan loss and unearned income | 840,708 | 845,904 | - | - | 845,904 | ||||||||||||||||
Accrued interest income receivable | 3,300 | 3,300 | 3,300 | - | - | ||||||||||||||||
Bank owned life insurance | 37,388 | 37,388 | 37,388 | - | - | ||||||||||||||||
FINANCIAL LIABILITIES: | |||||||||||||||||||||
Deposits with no stated maturities | $ | 587,825 | $ | 587,825 | $ | 587,825 | $ | - | $ | - | |||||||||||
Deposits with stated maturities | 304,851 | 307,634 | - | - | 307,634 | ||||||||||||||||
Short-term borrowings | 27,219 | 27,219 | 27,219 | - | - | ||||||||||||||||
All other borrowings | 57,085 | 61,695 | - | - | 61,695 | ||||||||||||||||
Accrued interest payable | 1,545 | 1,545 | 1,545 | - | - | ||||||||||||||||
31-Dec-14 | |||||||||||||||||||||
Carrying | Fair Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
Value | |||||||||||||||||||||
FINANCIAL ASSETS: | |||||||||||||||||||||
Cash and cash equivalents | $ | 32,872 | $ | 32,872 | $ | 32,872 | $ | - | $ | - | |||||||||||
Investment securities - AFS | 127,110 | 127,110 | - | 127,110 | - | ||||||||||||||||
Investment securities – HTM | 19,840 | 20,213 | - | 17,241 | 2,972 | ||||||||||||||||
Regulatory stock | 6,173 | 6,173 | 6,173 | - | - | ||||||||||||||||
Loans held for sale | 5,051 | 5,127 | 5,127 | - | - | ||||||||||||||||
Loans, net of allowance for loan loss and unearned income | 817,457 | 819,935 | - | - | 819,935 | ||||||||||||||||
Accrued interest income receivable | 3,127 | 3,127 | 3,127 | - | - | ||||||||||||||||
Bank owned life insurance | 37,417 | 37,417 | 37,417 | - | - | ||||||||||||||||
FINANCIAL LIABILITIES: | |||||||||||||||||||||
Deposits with no stated maturities | $ | 568,625 | $ | 568,625 | $ | 568,625 | $ | - | $ | - | |||||||||||
Deposits with stated maturities | 301,256 | 304,744 | - | - | 304,744 | ||||||||||||||||
Short-term borrowings | 38,880 | 38,880 | 38,880 | - | - | ||||||||||||||||
All other borrowings | 55,085 | 59,256 | - | - | 59,256 | ||||||||||||||||
Accrued interest payable | 1,706 | 1,706 | 1,706 | - | - | ||||||||||||||||
The fair value of cash and cash equivalents, regulatory stock, accrued interest income receivable, short-term borrowings, and accrued interest payable are equal to the current carrying value. | |||||||||||||||||||||
The fair value of investment securities is equal to the available quoted market price for similar securities. The fair value measurements consider observable data that may include dealer quoted market spreads, cash flows, the US Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond's terms and conditions, among other things. The Level 3 securities are valued by discounted cash flows using the US Treasury rate for the remaining term of the securities. | |||||||||||||||||||||
Loans held for sale are priced individually at market rates on the day that the loan is locked for commitment with an investor. All loans in the held for sale account conform to Fannie Mae underwriting guidelines, with the specific intent of the loan being purchased by an investor at the predetermined rate structure. Loans in the held for sale account have specific delivery dates that must be executed to protect the pricing commitment (typically a 30, 45, or 60 day lock period). | |||||||||||||||||||||
The net loan portfolio has been valued using a present value discounted cash flow. The discount rate used in these calculations is based upon the treasury yield curve adjusted for non-interest operating costs, credit loss, current market prices and assumed prepayment risk. | |||||||||||||||||||||
The fair value of bank owned life insurance is based upon the cash surrender value of the underlying policies and matches the book value. | |||||||||||||||||||||
Deposits with stated maturities have been valued using a present value discounted cash flow with a discount rate approximating current market for similar assets and liabilities. Deposits with no stated maturities have an estimated fair value equal to both the amount payable on demand and the recorded book balance. | |||||||||||||||||||||
The fair value of all other borrowings is based on the discounted value of contractual cash flows. The discount rates are estimated using rates currently offered for similar instruments with similar remaining maturities. | |||||||||||||||||||||
Commitments to extend credit and standby letters of credit are financial instruments generally not subject to sale, and fair values are not readily available. The carrying value, represented by the net deferred fee arising from the unrecognized commitment, and the fair value, determined by discounting the remaining contractual fee over the term of the commitment using fees currently charged to enter into similar agreements with similar credit risk, is not considered material for disclosure. The contractual amounts of unfunded commitments are presented in Note 15. | |||||||||||||||||||||
Changes in assumptions or estimation methodologies may have a material effect on these estimated fair values. The Company's remaining assets and liabilities which are not considered financial instruments have not been valued differently than has been customary under historical cost accounting. |
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Common Share [Abstract] | |||||||||
Summary of Earnings Per Common Share | Three months ended | ||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
(In thousands, except per share data) | |||||||||
Numerator: | |||||||||
Net income | $ | 1,369 | $ | 930 | |||||
Preferred stock dividends | 53 | 53 | |||||||
Net income available to common shareholders | $ | 1,316 | $ | 877 | |||||
Denominator: | |||||||||
Weighted average common shares outstanding (basic) | 18,851 | 18,786 | |||||||
Effect of stock options | 58 | 118 | |||||||
Weighted average common shares outstanding (diluted) | 18,909 | 18,904 | |||||||
Earnings per common share: | |||||||||
Basic | $ | 0.07 | $ | 0.05 | |||||
Diluted | 0.07 | 0.05 |
Investment_Securities_Tables
Investment Securities (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Investment Securities [Abstract] | |||||||||||||||||||||||||
Schedule of Cost Basis and Fair Values of Investment Securities | Investment securities available for sale (AFS): | ||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Basis | Gains | Losses | Value | ||||||||||||||||||||||
US Agency | $ | 5,932 | $ | 29 | $ | (13 | ) | $ | 5,948 | ||||||||||||||||
US Agency mortgage- backed securities | 97,964 | 3,385 | (203 | ) | 101,146 | ||||||||||||||||||||
Corporate bonds | 15,497 | 79 | (137 | ) | 15,439 | ||||||||||||||||||||
Total | $ | 119,393 | $ | 3,493 | $ | (353 | ) | $ | 122,533 | ||||||||||||||||
Investment securities held to maturity (HTM): | |||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Basis | Gains | Losses | Value | ||||||||||||||||||||||
US Agency mortgage- backed securities | $ | 12,120 | $ | 449 | $ | (15 | ) | $ | 12,554 | ||||||||||||||||
Taxable municipal | 3,362 | 116 | - | 3,478 | |||||||||||||||||||||
Corporate bonds and other securities | 3,995 | 4 | (18 | ) | 3,981 | ||||||||||||||||||||
Total | $ | 19,477 | $ | 569 | $ | (33 | ) | $ | 20,013 | ||||||||||||||||
Investment securities available for sale (AFS): | |||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Basis | Gains | Losses | Value | ||||||||||||||||||||||
US Agency | $ | 5,931 | $ | 21 | $ | (46 | ) | $ | 5,906 | ||||||||||||||||
US Agency mortgage- backed securities | 102,888 | 3,197 | (317 | ) | 105,768 | ||||||||||||||||||||
Corporate bonds | 15,497 | 61 | (122 | ) | 15,436 | ||||||||||||||||||||
Total | $ | 124,316 | $ | 3,279 | $ | (485 | ) | $ | 127,110 | ||||||||||||||||
Investment securities held to maturity (HTM): | |||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Basis | Gains | Losses | Value | ||||||||||||||||||||||
US Agency mortgage- backed securities | $ | 12,481 | $ | 395 | $ | (50 | ) | $ | 12,826 | ||||||||||||||||
Taxable municipal | 3,364 | 74 | (24 | ) | 3,414 | ||||||||||||||||||||
Corporate bonds and other securities | 3,995 | 6 | (28 | ) | 3,973 | ||||||||||||||||||||
Total | $ | 19,840 | $ | 475 | $ | (102 | ) | $ | 20,213 | ||||||||||||||||
Schedule of Information Concerning Investments with Unrealized Losses | Total investment securities: | ||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||
US Agency | $ | - | $ | - | $ | 2,887 | $ | (13 | ) | $ | 2,887 | $ | (13 | ) | |||||||||||
US Agency mortgage- backed securities | 2,347 | (4 | ) | 12,934 | (214 | ) | 15,281 | (218 | ) | ||||||||||||||||
Corporate bonds and other securities | 1,970 | (27 | ) | 9,870 | (128 | ) | 11,840 | (155 | ) | ||||||||||||||||
Total | $ | 4,317 | $ | (31 | ) | $ | 25,691 | $ | (355 | ) | $ | 30,008 | $ | (386 | ) | ||||||||||
Total investment securities: | |||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||
US Agency | $ | 996 | $ | (4 | ) | $ | 2,858 | $ | (42 | ) | $ | 3,854 | $ | (46 | ) | ||||||||||
US Agency mortgage- backed securities | 2,826 | (13 | ) | 20,408 | (354 | ) | 23,234 | (367 | ) | ||||||||||||||||
Taxable municipal | 150 | (1 | ) | 988 | (23 | ) | 1,138 | (24 | ) | ||||||||||||||||
Corporate bonds and other securities | 2,960 | (43 | ) | 8,891 | (107 | ) | 11,851 | (150 | ) | ||||||||||||||||
Total | $ | 6,932 | $ | (61 | ) | $ | 33,145 | $ | (526 | ) | $ | 40,077 | $ | (587 | ) | ||||||||||
Schedule of Contractual Maturities of Securities | Total investment securities: | ||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
Available for sale | Held to maturity | ||||||||||||||||||||||||
Cost Basis | Fair Value | Cost Basis | Fair Value | ||||||||||||||||||||||
Within 1 year | $ | 2,000 | $ | 2,013 | $ | 2,000 | $ | 1,995 | |||||||||||||||||
After 1 year but within 5 years | 13,456 | 13,545 | 1,000 | 986 | |||||||||||||||||||||
After 5 years but within 10 years | 18,833 | 19,198 | 3,794 | 3,866 | |||||||||||||||||||||
After 10 years but within15 years | 53,023 | 54,550 | 1,162 | 1,168 | |||||||||||||||||||||
Over 15 years | 32,081 | 33,227 | 11,521 | 11,998 | |||||||||||||||||||||
Total | $ | 119,393 | $ | 122,533 | $ | 19,477 | $ | 20,013 |
Loans_Tables
Loans (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Loans [Abstract] | |||||||||
Summary of Loan Portfolio | March 31, 2015 | December 31, 2014 | |||||||
Commercial | $ | 151,293 | $ | 139,126 | |||||
Commercial loans secured by real estate | 420,077 | 410,329 | |||||||
Real estate – mortgage | 259,884 | 258,616 | |||||||
Consumer | 19,143 | 19,009 | |||||||
Loans, net of unearned income | $ | 850,397 | $ | 827,080 |
Allowance_for_Loan_Losses_Tabl
Allowance for Loan Losses (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||
Allowance for Loan Losses [Abstract] | |||||||||||||||||||||||||||||
Rollforward of the Allowance for Loan Losses by Portfolio Segment | Three months ended March 31, 2015, | ||||||||||||||||||||||||||||
Balance at | Charge- | Recoveries | Provision | Balance at | |||||||||||||||||||||||||
31-Dec-14 | Offs | (Credit) | 31-Mar-15 | ||||||||||||||||||||||||||
Commercial | $ | 3,262 | $ | (121 | ) | $ | 6 | $ | 10 | $ | 3,157 | ||||||||||||||||||
Commercial loans secured by real estate | 3,902 | - | 42 | 143 | 4,087 | ||||||||||||||||||||||||
Real estate-mortgage | 1,310 | (103 | ) | 30 | 67 | 1,304 | |||||||||||||||||||||||
Consumer | 190 | (47 | ) | 9 | 39 | 191 | |||||||||||||||||||||||
Allocation for general risk | 959 | - | - | (9 | ) | 950 | |||||||||||||||||||||||
Total | $ | 9,623 | $ | (271 | ) | $ | 87 | $ | 250 | $ | 9,689 | ||||||||||||||||||
Three months ended March 31, 2014, | |||||||||||||||||||||||||||||
Balance at | Charge- | Provision | Balance at | ||||||||||||||||||||||||||
31-Dec-13 | Offs | Recoveries | (Credit) | 31-Mar-14 | |||||||||||||||||||||||||
Commercial | $ | 2,844 | $ | (72 | ) | $ | 50 | $ | 243 | $ | 3,065 | ||||||||||||||||||
Commercial loans secured by real estate | 4,885 | (66 | ) | 153 | (310 | ) | 4,662 | ||||||||||||||||||||||
Real estate-mortgage | 1,260 | (43 | ) | 14 | 42 | 1,273 | |||||||||||||||||||||||
Consumer | 136 | (36 | ) | 5 | 34 | 139 | |||||||||||||||||||||||
Allocation for general risk | 979 | - | - | (9 | ) | 970 | |||||||||||||||||||||||
Total | $ | 10,104 | $ | (217 | ) | $ | 222 | $ | - | $ | 10,109 | ||||||||||||||||||
Summary of Primary Segments of Loan Portfolio | At March 31, 2015 | ||||||||||||||||||||||||||||
Commercial | Commercial | Real Estate- | Consumer | Allocation for | Total | ||||||||||||||||||||||||
Loans Secured | Mortgage | General Risk | |||||||||||||||||||||||||||
by Real Estate | |||||||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 204 | $ | 813 | $ | — | $ | — | $ | 1,017 | |||||||||||||||||||
Collectively evaluated for impairment | 151,089 | 419,264 | 259,884 | 19,143 | 849,380 | ||||||||||||||||||||||||
Total loans | $ | 151,293 | $ | 420,077 | $ | 259,884 | $ | 19,143 | $ | 850,397 | |||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Specific reserve allocation | $ | 31 | $ | 471 | $ | — | $ | — | $ | — | $ | 502 | |||||||||||||||||
General reserve allocation | 3,126 | 3,616 | 1,304 | 191 | 950 | 9,187 | |||||||||||||||||||||||
Total allowance for loan losses | $ | 3,157 | $ | 4,087 | $ | 1,304 | $ | 191 | $ | 950 | $ | 9,689 | |||||||||||||||||
At December 31, 2014 | |||||||||||||||||||||||||||||
Commercial | Commercial | Real Estate- | Consumer | Allocation for | Total | ||||||||||||||||||||||||
Loans Secured | Mortgage | General Risk | |||||||||||||||||||||||||||
by Real Estate | |||||||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | 989 | $ | — | $ | — | $ | 989 | |||||||||||||||||||
Collectively evaluated for impairment | 139,126 | 409,340 | 258,616 | 19,009 | 826,091 | ||||||||||||||||||||||||
Total loans | $ | 139,126 | $ | 410,329 | $ | 258,616 | $ | 19,009 | $ | 827,080 | |||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Specific reserve allocation | $ | — | $ | 520 | $ | — | $ | - | $ | — | $ | 520 | |||||||||||||||||
General reserve allocation | 3,262 | 3,382 | 1,310 | 190 | 959 | 9,103 | |||||||||||||||||||||||
Total allowance for loan losses | $ | 3,262 | $ | 3,902 | $ | 1,310 | $ | 190 | $ | 959 | $ | 9,623 | |||||||||||||||||
Impaired Loans by Class | 31-Mar-15 | ||||||||||||||||||||||||||||
Impaired Loans with | Impaired | Total Impaired Loans | |||||||||||||||||||||||||||
Specific Allowance | Loans with no | ||||||||||||||||||||||||||||
Specific | |||||||||||||||||||||||||||||
Allowance | |||||||||||||||||||||||||||||
Unpaid | |||||||||||||||||||||||||||||
Recorded | Related | Recorded | Recorded | Principal | |||||||||||||||||||||||||
Investment | Allowance | Investment | Investment | Balance | |||||||||||||||||||||||||
Commercial | $ | 204 | $ | 31 | $ | - | $ | 204 | $ | 204 | |||||||||||||||||||
Commercial loans secured by real estate | 813 | 471 | - | 813 | 900 | ||||||||||||||||||||||||
Total impaired loans | $ | 1,017 | $ | 502 | $ | - | $ | 1,017 | $ | 1,104 | |||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||
Impaired Loans with | Impaired | Total Impaired Loans | |||||||||||||||||||||||||||
Specific Allowance | Loans with no | ||||||||||||||||||||||||||||
Specific | |||||||||||||||||||||||||||||
Allowance | |||||||||||||||||||||||||||||
Recorded | Related | Recorded | Recorded | Unpaid | |||||||||||||||||||||||||
Investment | Allowance | Investment | Investment | Principal | |||||||||||||||||||||||||
Balance | |||||||||||||||||||||||||||||
Commercial loans secured by real estate | $ | 989 | $ | 520 | $ | - | $ | 989 | $ | 1,069 | |||||||||||||||||||
Total impaired loans | $ | 989 | $ | 520 | $ | - | $ | 989 | $ | 1,069 | |||||||||||||||||||
Average Recorded Investment in Impaired Loans and Related Interest Income Recognized | Three months ended | ||||||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||
Average loan balance: | |||||||||||||||||||||||||||||
Commercial | $ | 102 | $ | - | |||||||||||||||||||||||||
Commercial loans secured by real estate | 901 | 2,623 | |||||||||||||||||||||||||||
Average investment in impaired loans | $ | 1,003 | $ | 2,623 | |||||||||||||||||||||||||
Interest income recognized: | |||||||||||||||||||||||||||||
Commercial | $ | 1 | $ | - | |||||||||||||||||||||||||
Commercial loans secured by real estate | 6 | 1 | |||||||||||||||||||||||||||
Interest income recognized on a cash basis on impaired loans | $ | 7 | $ | 1 | |||||||||||||||||||||||||
Loan Portfolio Summarized by Categories | 31-Mar-15 | ||||||||||||||||||||||||||||
Pass | Special | Substandard | Doubtful | Total | |||||||||||||||||||||||||
Mention | |||||||||||||||||||||||||||||
Commercial | $ | 146,481 | $ | 678 | $ | 4,001 | $ | 133 | $ | 151,293 | |||||||||||||||||||
Commercial loans secured by real estate | 413,868 | 2,665 | 3,271 | 273 | 420,077 | ||||||||||||||||||||||||
Total | $ | 560,349 | $ | 3,343 | $ | 7,272 | $ | 406 | $ | 571,370 | |||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||
Pass | Special | Substandard | Doubtful | Total | |||||||||||||||||||||||||
Mention | |||||||||||||||||||||||||||||
Commercial | $ | 132,665 | $ | 161 | $ | 6,164 | $ | 136 | $ | 139,126 | |||||||||||||||||||
Commercial loans secured by real estate | 406,195 | 620 | 3,238 | 276 | 410,329 | ||||||||||||||||||||||||
Total | $ | 538,860 | $ | 781 | $ | 9,402 | $ | 412 | $ | 549,455 | |||||||||||||||||||
Performing and Non-performing Outstanding Balances | 31-Mar-15 | ||||||||||||||||||||||||||||
Performing | Non-Performing | ||||||||||||||||||||||||||||
Real estate- mortgage | $ | 258,010 | $ | 1,874 | |||||||||||||||||||||||||
Consumer | 19,143 | - | |||||||||||||||||||||||||||
Total | $ | 277,243 | $ | 1,874 | |||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||
Performing | Non-Performing | ||||||||||||||||||||||||||||
Real estate- mortgage | $ | 257,199 | $ | 1,417 | |||||||||||||||||||||||||
Consumer | 19,009 | - | |||||||||||||||||||||||||||
Total | $ | 276,208 | $ | 1,417 | |||||||||||||||||||||||||
Classes of Loan Portfolio by Categories | 31-Mar-15 | ||||||||||||||||||||||||||||
Current | 30-59 | 60-89 | 90 Days | Total | Total | 90 Days | |||||||||||||||||||||||
Days Past | Days | Past Due | Past Due | Loans | Past Due | ||||||||||||||||||||||||
Due | Past Due | and Still | |||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||
Commercial | $ | 151,293 | $ | — | $ | — | $ | — | $ | — | $ | 151,293 | $ | — | |||||||||||||||
Commercial loans secured by real estate | 419,483 | 358 | 236 | — | 594 | 420,077 | — | ||||||||||||||||||||||
Real estate- mortgage | 256,781 | 1,374 | 461 | 1,268 | 3,103 | 259,884 | — | ||||||||||||||||||||||
Consumer | 19,118 | 23 | 2 | — | 25 | 19,143 | — | ||||||||||||||||||||||
Total | $ | 846,675 | $ | 1,755 | $ | 699 | $ | 1,268 | $ | 3,722 | $ | 850,397 | $ | — | |||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||
Current | 30-59 | 60-89 | 90 Days | Total | Total | 90 Days | |||||||||||||||||||||||
Days Past | Days | Past Due | Past Due | Loans | Past Due | ||||||||||||||||||||||||
Due | Past Due | and Still | |||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||
Commercial | $ | 139,126 | $ | — | $ | — | $ | — | $ | — | $ | 139,126 | $ | — | |||||||||||||||
Commercial loans secured by real estate | 410,049 | 280 | — | — | 280 | 410,329 | — | ||||||||||||||||||||||
Real estate- mortgage | 255,021 | 2,196 | 332 | 1,067 | 3,595 | 258,616 | — | ||||||||||||||||||||||
Consumer | 18,927 | 74 | 8 | — | 82 | 19,009 | — | ||||||||||||||||||||||
Total | $ | 823,123 | $ | 2,550 | $ | 340 | $ | 1,067 | $ | 3,957 | $ | 827,080 | $ | — |
Nonperforming_Assets_Including1
Non-performing Assets Including Troubled Debt Restructurings (TDR) (Tables) | 3 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Nonperforming Assets Including Troubled Debt Restructurings [Abstract] | |||||||||||
Non-performing Assets Including TDR | March 31, 2015 | December 31, 2014 | |||||||||
Non-accrual loans | |||||||||||
Commercial loans secured by real estate | $ | 272 | $ | 778 | |||||||
Real estate-mortgage | 1,874 | 1,417 | |||||||||
Total | 2,146 | 2,195 | |||||||||
Other real estate owned | |||||||||||
Commercial loans secured by real estate | 384 | 384 | |||||||||
Real estate-mortgage | 179 | 128 | |||||||||
Total | 563 | 512 | |||||||||
TDR's not in non-accrual | 337 | 210 | |||||||||
Total non-performing assets including TDR | $ | 3,046 | $ | 2,917 | |||||||
Total non-performing assets as a percent of loans, net of unearned income, and other real estate owned | 0.36 | % | 0.35 | % | |||||||
Schedule of Interest Income | Three months ended | ||||||||||
March 31, | |||||||||||
2015 | 2014 | ||||||||||
Interest income due in accordance with original terms | $ | 24 | $ | 33 | |||||||
Interest income recorded | - | - | |||||||||
Net reduction in interest income | $ | 24 | $ | 33 | |||||||
Schedule of TDRs | Loans in accrual status | # of Loans | Current Balance | Concession Granted | |||||||
Commercial loan | 1 | $ | 204 | Extension of maturity date | |||||||
Loans in non-accrual status | # of Loans | Current Balance | Concession Granted | ||||||||
Commercial loan secured by real estate | 1 | $ | 265 | Extension of maturity date |
Federal_Home_Loan_Bank_Borrowi1
Federal Home Loan Bank Borrowings (Tables) | 3 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Federal Home Loan Bank Borrowings [Abstract] | |||||||||||
Federal Home Loan Bank (FHLB) Borrowings and Advances | At March 31, 2015 | ||||||||||
Weighted | |||||||||||
Type | Maturing | Amount | Average Rate | ||||||||
Open Repo Plus | Overnight | $ | 27,219 | 0.33 | % | ||||||
Advances | 2015 | 4,000 | 0.52 | ||||||||
2016 | 12,000 | 0.81 | |||||||||
2017 | 12,000 | 1.06 | |||||||||
2018 | 10,000 | 1.51 | |||||||||
2019 and over | 6,000 | 1.83 | |||||||||
Total advances | 44,000 | 1.15 | |||||||||
Total FHLB borrowings | $ | 71,219 | 0.84 | % | |||||||
At December 31, 2014 | |||||||||||
Weighted | |||||||||||
Type | Maturing | Amount | Average Rate | ||||||||
Open Repo Plus | Overnight | $ | 38,880 | 0.27 | % | ||||||
Advances | 2015 | 4,000 | 0.52 | ||||||||
2016 | 12,000 | 0.81 | |||||||||
2017 | 12,000 | 1.06 | |||||||||
2018 | 10,000 | 1.51 | |||||||||
2019 and over | 4,000 | 1.88 | |||||||||
Total advances | 42,000 | 1.12 | |||||||||
Total FHLB borrowings | $ | 80,880 | 0.71 | % |
Preferred_Stock_Tables
Preferred Stock (Tables) | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Preferred Stock [Abstract] | ||||||
Preferred Dividend Stock Period Annualized | DIVIDEND PERIOD ANNUALIZED | ANNUALIZED | ||||
BEGINNING | ENDING | DIVIDEND RATE | ||||
11-Aug-11 | 31-Dec-11 | 5.00% | ||||
1-Jan-12 | 31-Dec-14 | 1.0% to 5.0% | ||||
1-Jan-14 | 7-Feb-16 | 1.0% to 7.0%(1) | ||||
8-Feb-16 | Redemption | 9.0%(2) | ||||
-1 | Between January 1, 2014 and February 7, 2016, the Company's dividend rate was fixed at 1% based upon the level of percentage change in QSBL between September 30, 2013 and the Baseline. | |||||
-2 | Beginning on February 8, 2016, the dividend rate will be fixed at nine percent (9%) per annum. |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Accumulated Comprehensive Loss [Abstract] | |||||||||||||||||||||||||
Changes in Each Component of Accumulated Other Comprehensive Loss | Three months ended March 31, 2015 | Three months ended March 31, 2014 | |||||||||||||||||||||||
Net | Defined | Total(1) | Net | Defined | Total(1) | ||||||||||||||||||||
Unrealized | Benefit | Unrealized | Benefit | ||||||||||||||||||||||
Gains and | Pension | Gains and | Pension | ||||||||||||||||||||||
Losses on | Items (1) | Losses on | Items (1) | ||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||
Securities | Securities | ||||||||||||||||||||||||
AFS (1) | AFS (1) | ||||||||||||||||||||||||
Beginning balance | $ | 1,843 | $ | (8,745 | ) | $ | (6,902 | ) | $ | 1,043 | $ | (6,918 | ) | $ | (5,875 | ) | |||||||||
Other comprehensive income before reclassifications | 229 | 432 | 661 | 339 | 256 | 595 | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | - | - | - | (37 | ) | 3 | (34 | ) | |||||||||||||||||
Net current period other comprehensive income | 229 | 432 | 661 | 302 | 259 | 561 | |||||||||||||||||||
Ending balance | $ | 2,072 | $ | (8,313 | ) | $ | (6,241 | ) | $ | 1,345 | $ | (6,659 | ) | $ | (5,314 | ) | |||||||||
-1 | Amounts in parentheses indicate debits on the Consolidated Balance Sheets. | ||||||||||||||||||||||||
Amounts Reclassified out of Each Component of Accumulated Other Comprehensive Loss | Amount reclassified from accumulated | ||||||||||||||||||||||||
other comprehensive loss (1) | |||||||||||||||||||||||||
Details about accumulated other | For the three | For the three | Affected line item in the statement | ||||||||||||||||||||||
comprehensive loss components | months ended | months ended | of operations | ||||||||||||||||||||||
31-Mar-15 | 31-Mar-14 | ||||||||||||||||||||||||
Unrealized gains and losses on sale of securities | |||||||||||||||||||||||||
$ | - | $ | (57 | ) | Net realized gains on investment securities | ||||||||||||||||||||
- | 20 | Provision for income tax expense | |||||||||||||||||||||||
$ | - | $ | (37 | ) | Net of tax | ||||||||||||||||||||
Amortization of defined benefit items (2) | |||||||||||||||||||||||||
Amortization of prior year service cost | $ | - | 5 | Salaries and employee benefits | |||||||||||||||||||||
- | (2 | ) | Provision for income tax expense | ||||||||||||||||||||||
$ | - | $ | 3 | Net income | |||||||||||||||||||||
Total reclassifications for the period | $ | - | $ | (34 | ) | Net income | |||||||||||||||||||
-1 | Amounts in parentheses indicate credits. | ||||||||||||||||||||||||
-2 | These accumulated other comprehensive loss components are included in the computation of net periodic benefit cost (see Note 16 for additional details). |
Regulatory_Capital_Tables
Regulatory Capital (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Regulatory Capital [Abstract] | |||||||||||||||||||||||||
Summarized Regulatory Capital Ratio | At March 31, 2015 | ||||||||||||||||||||||||
Actual | For Capital | To Be Well | |||||||||||||||||||||||
Adequacy | Capitalized Under | ||||||||||||||||||||||||
Purposes | Prompt Corrective | ||||||||||||||||||||||||
Action Provisions | |||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
Total Capital (To RWA) Consolidated | $ | 131,581 | 14.68 | % | $ | 71,688 | 8 | % | $ | 89,609 | 10 | % | |||||||||||||
AmeriServ Financial Bank | 105,692 | 11.92 | 70,925 | 8 | 88,657 | 10 | |||||||||||||||||||
Common Equity Tier 1 Capital (To RWA) Consolidated | 88,966 | 9.93 | 40,324 | 4.5 | 58,246 | 6.5 | |||||||||||||||||||
AmeriServ Financial Bank | 95,106 | 10.73 | 39,896 | 4.5 | 57,627 | 6.5 | |||||||||||||||||||
Tier 1 Capital (To RWA) Consolidated | 120,995 | 13.5 | 53,766 | 6 | 71,688 | 8 | |||||||||||||||||||
AmeriServ Financial Bank | 95,106 | 10.73 | 53,194 | 6 | 70,925 | 8 | |||||||||||||||||||
Tier 1 Capital (To Average Assets) leverage Consolidated | 120,995 | 11.24 | 43,072 | 4 | 53,839 | 5 | |||||||||||||||||||
AmeriServ Financial Bank | 95,106 | 9.06 | 41,988 | 4 | 52,485 | 5 | |||||||||||||||||||
At December 31, 2014 | |||||||||||||||||||||||||
Actual | For Capital | To Be Well | |||||||||||||||||||||||
Adequacy | Capitalized Under | ||||||||||||||||||||||||
Purposes | Prompt Corrective | ||||||||||||||||||||||||
Action Provisions | |||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
Total Capital (To RWA) Consolidated | $ | 131,497 | 14.8 | % | $ | 71,066 | 8 | % | $ | 88,833 | 10 | % | |||||||||||||
AmeriServ Financial Bank | 106,084 | 12.07 | 70,305 | 8 | 87,881 | 10 | |||||||||||||||||||
Tier 1 Capital (To RWA) Consolidated | 120,992 | 13.62 | 35,533 | 4 | 53,300 | 6 | |||||||||||||||||||
AmeriServ Financial Bank | 95,579 | 10.88 | 35,153 | 4 | 52,729 | 6 | |||||||||||||||||||
Tier 1 Capital (To Average Assets) Consolidated | 120,992 | 11.34 | 42,662 | 4 | 53,327 | 5 | |||||||||||||||||||
AmeriServ Financial Bank | 95,579 | 9.19 | 41,608 | 4 | 52,010 | 5 |
Segment_Results_Tables
Segment Results (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Segment Results [Abstract] | |||||||||||||||||||||
Schedule of Segment Results | Three months ended | March 31, | |||||||||||||||||||
31-Mar-15 | 2015 | ||||||||||||||||||||
Total revenue | Net income (loss) | Total assets | |||||||||||||||||||
Retail banking | $ | 6,524 | $ | 659 | $ | 374,490 | |||||||||||||||
Commercial banking | 4,738 | 1,291 | 586,916 | ||||||||||||||||||
Trust | 2,167 | 380 | 5,125 | ||||||||||||||||||
Investment/Parent | (783 | ) | (961 | ) | 136,885 | ||||||||||||||||
Total | $ | 12,646 | $ | 1,369 | $ | 1,103,416 | |||||||||||||||
Three months ended | December 31, | ||||||||||||||||||||
31-Mar-14 | 2014 | ||||||||||||||||||||
Total revenue | Net income (loss) | Total assets | |||||||||||||||||||
Retail banking | $ | 6,117 | $ | 348 | $ | 376,009 | |||||||||||||||
Commercial banking | 4,327 | 1,096 | 563,690 | ||||||||||||||||||
Trust | 2,114 | 308 | 5,015 | ||||||||||||||||||
Investment/Parent | (501 | ) | (822 | ) | 144,549 | ||||||||||||||||
Total | $ | 12,057 | $ | 930 | $ | 1,089,263 |
Pension_Benefits_Tables
Pension Benefits (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Pension Benefits [Abstract] | |||||||||||||
Schedule of Components of Net Periodic Benefit Cost | Three months ended | ||||||||||||
March 31, | |||||||||||||
2015 | 2014 | ||||||||||||
Components of net periodic benefit cost | |||||||||||||
Service cost | $ | 400 | $ | 430 | |||||||||
Interest cost | 325 | 331 | |||||||||||
Expected return on plan assets | (525 | ) | (498 | ) | |||||||||
Amortization of prior year service cost | - | (5 | ) | ||||||||||
Recognized net actuarial loss | 300 | 272 | |||||||||||
Net periodic pension cost | $ | 500 | $ | 530 |
Disclosures_about_Fair_Value_M1
Disclosures about Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Disclosures about Fair Value Measurements [Abstract] | |||||||||||||||||||||
Schedule of Assets and Liabilities Measured on Recurring Basis | Fair Value Measurements at March 31, 2015 Using | ||||||||||||||||||||
Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
US Agency securities | $ | 5,948 | $ | - | $ | 5,948 | $ | - | |||||||||||||
US Agency mortgage-backed securities | 101,146 | - | 101,146 | - | |||||||||||||||||
Corporate bonds | 15,439 | - | 15,439 | - | |||||||||||||||||
Fair Value Measurements at December 31, 2014 Using | |||||||||||||||||||||
Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
US Agency securities | $ | 5,906 | $ | - | $ | 5,906 | $ | - | |||||||||||||
US Agency mortgage-backed securities | 105,768 | - | 105,768 | - | |||||||||||||||||
Corporate bonds | 15,436 | - | 15,436 | - | |||||||||||||||||
Schedule of Assets Measured at Fair Value on Non-Recurring Basis | Fair Value Measurements at March 31, 2015 Using | ||||||||||||||||||||
Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
Impaired loans | $ | 515 | $ | - | $ | - | $ | 515 | |||||||||||||
Other real estate owned | 563 | - | - | 563 | |||||||||||||||||
Fair Value Measurements at December 31, 2014 Using | |||||||||||||||||||||
Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
Impaired loans | $ | 469 | $ | - | $ | - | $ | 469 | |||||||||||||
Other real estate owned | 512 | - | - | 512 | |||||||||||||||||
31-Mar-15 | Quantitative Information About Level 3 Fair Value Measurements | ||||||||||||||||||||
Fair Value | Valuation | Unobservable | Range(Wgtd Ave) | ||||||||||||||||||
Estimate | Techniques | Input | |||||||||||||||||||
$ | Appraisal adjustments(2) | 0% to 35%(30%) | |||||||||||||||||||
Impaired loans | 515 | Appraisal of collateral(1), (3) | Liquidation expenses | 1% to 15%(10%) | |||||||||||||||||
Appraisal adjustments(2) | 0% to 48%(38%) | ||||||||||||||||||||
Other real estate owned | 563 | Appraisal of collateral (1),(3) | Liquidation expenses | 1% to 20%(10%) | |||||||||||||||||
31-Dec-14 | Quantitative Information About Level 3 Fair Value Measurements | ||||||||||||||||||||
Fair Value | Valuation | Unobservable | Range(Wgtd Ave) | ||||||||||||||||||
Estimate | Techniques | Input | |||||||||||||||||||
$ | Appraisal adjustments(2) | 0% to 37%(30%) | |||||||||||||||||||
Impaired loans | 469 | Appraisal of collateral(1),(3) | Liquidation expenses | 1% to 15%(10%) | |||||||||||||||||
Appraisal adjustments(2) | 47% to 83%(55%) | ||||||||||||||||||||
Other real estate owned | 512 | Appraisal of collateral (1),(3) | Liquidation expenses | 1% to 61%(9%) | |||||||||||||||||
-1 | Fair Value is generally determined through independent appraisals of the underlying collateral, which generally include various level 3 inputs which are not identifiable. | ||||||||||||||||||||
-2 | Appraisals may be adjusted by management for qualitative factors such as economic conditions. | ||||||||||||||||||||
-3 | Includes qualitative adjustments by management and estimated liquidation expenses. | ||||||||||||||||||||
Schedule of Financial Instruments | 31-Mar-15 | ||||||||||||||||||||
Carrying | Fair Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
Value | |||||||||||||||||||||
FINANCIAL ASSETS: | |||||||||||||||||||||
Cash and cash equivalents | $ | 30,718 | $ | 30,718 | $ | 30,718 | $ | - | $ | - | |||||||||||
Investment securities - AFS | 122,533 | 122,533 | - | 122,533 | - | ||||||||||||||||
Investment securities – HTM | 19,477 | 20,013 | - | 17,031 | 2,982 | ||||||||||||||||
Regulatory stock | 5,626 | 5,626 | 5,626 | - | - | ||||||||||||||||
Loans held for sale | 3,575 | 3,675 | 3,675 | - | - | ||||||||||||||||
Loans, net of allowance for loan loss and unearned income | 840,708 | 845,904 | - | - | 845,904 | ||||||||||||||||
Accrued interest income receivable | 3,300 | 3,300 | 3,300 | - | - | ||||||||||||||||
Bank owned life insurance | 37,388 | 37,388 | 37,388 | - | - | ||||||||||||||||
FINANCIAL LIABILITIES: | |||||||||||||||||||||
Deposits with no stated maturities | $ | 587,825 | $ | 587,825 | $ | 587,825 | $ | - | $ | - | |||||||||||
Deposits with stated maturities | 304,851 | 307,634 | - | - | 307,634 | ||||||||||||||||
Short-term borrowings | 27,219 | 27,219 | 27,219 | - | - | ||||||||||||||||
All other borrowings | 57,085 | 61,695 | - | - | 61,695 | ||||||||||||||||
Accrued interest payable | 1,545 | 1,545 | 1,545 | - | - | ||||||||||||||||
31-Dec-14 | |||||||||||||||||||||
Carrying | Fair Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
Value | |||||||||||||||||||||
FINANCIAL ASSETS: | |||||||||||||||||||||
Cash and cash equivalents | $ | 32,872 | $ | 32,872 | $ | 32,872 | $ | - | $ | - | |||||||||||
Investment securities - AFS | 127,110 | 127,110 | - | 127,110 | - | ||||||||||||||||
Investment securities – HTM | 19,840 | 20,213 | - | 17,241 | 2,972 | ||||||||||||||||
Regulatory stock | 6,173 | 6,173 | 6,173 | - | - | ||||||||||||||||
Loans held for sale | 5,051 | 5,127 | 5,127 | - | - | ||||||||||||||||
Loans, net of allowance for loan loss and unearned income | 817,457 | 819,935 | - | - | 819,935 | ||||||||||||||||
Accrued interest income receivable | 3,127 | 3,127 | 3,127 | - | - | ||||||||||||||||
Bank owned life insurance | 37,417 | 37,417 | 37,417 | - | - | ||||||||||||||||
FINANCIAL LIABILITIES: | |||||||||||||||||||||
Deposits with no stated maturities | $ | 568,625 | $ | 568,625 | $ | 568,625 | $ | - | $ | - | |||||||||||
Deposits with stated maturities | 301,256 | 304,744 | - | - | 304,744 | ||||||||||||||||
Short-term borrowings | 38,880 | 38,880 | 38,880 | - | - | ||||||||||||||||
All other borrowings | 55,085 | 59,256 | - | - | 59,256 | ||||||||||||||||
Accrued interest payable | 1,706 | 1,706 | 1,706 | - | - |
Principles_of_Consolidation_De
Principles of Consolidation (Details) (USD $) | Mar. 31, 2015 |
In Billions, unless otherwise specified | |
Principles of Consolidation [Abstract] | |
Number of locations | 17 |
Trust and financial services and administers assets | $1.90 |
Earnings_Per_Common_Share_Summ
Earnings Per Common Share (Summary of Earnings Per Common Share) (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Numerator: | ||
Net income | $1,369 | $930 |
Preferred stock dividends | 53 | 53 |
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS | $1,316 | $877 |
Denominator: | ||
Weighted average common shares outstanding (basic) | 18,851 | 18,786 |
Effect of stock options | 58 | 118 |
Weighted average common shares outstanding (diluted) | 18,909 | 18,904 |
Earnings per common share: | ||
Basic | $0.07 | $0.05 |
Diluted | $0.07 | $0.05 |
Earnings_Per_Common_Share_Narr
Earnings Per Common Share (Narrative) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Shares not included in computation of earnings per common share | 198,888 | 8,625 |
Minimum [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Exercise price of common shares | 2.98 | 4.6 |
Maximum [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Exercise price of common shares | 4.7 | 5.75 |
Consolidated_Statement_of_Cash1
Consolidated Statement of Cash Flows (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
CONSOLIDATED STATEMENTS OF CASH FLOWS [Abstract] | ||
Income tax payments | $331,000 | $254,000 |
Total interest payments | 1,750,000 | 1,756,000 |
Non-cash transfers to other real estate owned | $107,000 |
Investment_Securities_Summary_
Investment Securities (Summary of Cost Basis and Fair Values of Investment Securities) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Available-For-Sale-Securities-And-Held-To-Maturity-Securities | ||
Investment securities available for sale, Cost Basis | $119,393 | $124,316 |
Investment securities available for sale, Gross Unrealized Gains | 3,493 | 3,279 |
Investment securities available for sale, Gross Unrealized Losses | -353 | -485 |
Available for Sale, Fair Value, Total | 122,533 | 127,110 |
Investment securities held to maturity, Cost Basis | 19,477 | 19,840 |
Investment securities held to maturity, Gross Unrealized Gains | 569 | 475 |
Investment securities held to maturity, Gross Unrealized Losses | -33 | -102 |
Held to Maturity, Fair Value, Total | 20,013 | 20,213 |
U.S. Agency [Member] | ||
Available-For-Sale-Securities-And-Held-To-Maturity-Securities | ||
Investment securities available for sale, Cost Basis | 5,932 | 5,931 |
Investment securities available for sale, Gross Unrealized Gains | 29 | 21 |
Investment securities available for sale, Gross Unrealized Losses | -13 | -46 |
Available for Sale, Fair Value, Total | 5,948 | 5,906 |
U.S. Agency mortgage-backed securities [Member] | ||
Available-For-Sale-Securities-And-Held-To-Maturity-Securities | ||
Investment securities available for sale, Cost Basis | 97,964 | 102,888 |
Investment securities available for sale, Gross Unrealized Gains | 3,385 | 3,197 |
Investment securities available for sale, Gross Unrealized Losses | -203 | -317 |
Available for Sale, Fair Value, Total | 101,146 | 105,768 |
Investment securities held to maturity, Cost Basis | 12,120 | 12,481 |
Investment securities held to maturity, Gross Unrealized Gains | 449 | 395 |
Investment securities held to maturity, Gross Unrealized Losses | -15 | -50 |
Held to Maturity, Fair Value, Total | 12,554 | 12,826 |
Corporate bonds [Member] | ||
Available-For-Sale-Securities-And-Held-To-Maturity-Securities | ||
Investment securities available for sale, Cost Basis | 15,497 | 15,497 |
Investment securities available for sale, Gross Unrealized Gains | 79 | 61 |
Investment securities available for sale, Gross Unrealized Losses | -137 | -122 |
Available for Sale, Fair Value, Total | 15,439 | 15,436 |
Taxable Municipal [Member] | ||
Available-For-Sale-Securities-And-Held-To-Maturity-Securities | ||
Investment securities held to maturity, Cost Basis | 3,362 | 3,364 |
Investment securities held to maturity, Gross Unrealized Gains | 116 | 74 |
Investment securities held to maturity, Gross Unrealized Losses | -24 | |
Held to Maturity, Fair Value, Total | 3,478 | 3,414 |
Corporate bonds and other securities [Member] | ||
Available-For-Sale-Securities-And-Held-To-Maturity-Securities | ||
Investment securities held to maturity, Cost Basis | 3,995 | 3,995 |
Investment securities held to maturity, Gross Unrealized Gains | 4 | 6 |
Investment securities held to maturity, Gross Unrealized Losses | -18 | -28 |
Held to Maturity, Fair Value, Total | $3,981 | $3,973 |
Investment_Securities_Informat
Investment Securities (Information Concerning Investments with Unrealized Losses) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Information concerning investments with unrealized losses | ||
Investment securities available for sale, Less than 12 months, Fair Value | $4,317 | $6,932 |
Investment securities available for sale, Less than 12 months, Unrealized Losses | -31 | -61 |
Investment securities available for sale, 12 months or longer, Fair Value | 25,691 | 33,145 |
Investment securities available for sale, 12 months or longer, Unrealized Losses | -355 | -526 |
Investment securities available for sale, Total, Fair Value | 30,008 | 40,077 |
Investment securities available for sale, Gross Unrealized Losses | -386 | -587 |
U.S. Agency [Member] | ||
Information concerning investments with unrealized losses | ||
Investment securities available for sale, Less than 12 months, Fair Value | 996 | |
Investment securities available for sale, Less than 12 months, Unrealized Losses | -4 | |
Investment securities available for sale, 12 months or longer, Fair Value | 2,887 | 2,858 |
Investment securities available for sale, 12 months or longer, Unrealized Losses | -13 | -42 |
Investment securities available for sale, Total, Fair Value | 2,887 | 3,854 |
Investment securities available for sale, Gross Unrealized Losses | -13 | -46 |
U.S. Agency mortgage-backed securities [Member] | ||
Information concerning investments with unrealized losses | ||
Investment securities available for sale, Less than 12 months, Fair Value | 2,347 | 2,826 |
Investment securities available for sale, Less than 12 months, Unrealized Losses | -4 | -13 |
Investment securities available for sale, 12 months or longer, Fair Value | 12,934 | 20,408 |
Investment securities available for sale, 12 months or longer, Unrealized Losses | -214 | -354 |
Investment securities available for sale, Total, Fair Value | 15,281 | 23,234 |
Investment securities available for sale, Gross Unrealized Losses | -218 | -367 |
Taxable Municipal [Member] | ||
Information concerning investments with unrealized losses | ||
Investment securities available for sale, Less than 12 months, Fair Value | 150 | |
Investment securities available for sale, Less than 12 months, Unrealized Losses | -1 | |
Investment securities available for sale, 12 months or longer, Fair Value | 988 | |
Investment securities available for sale, 12 months or longer, Unrealized Losses | -23 | |
Investment securities available for sale, Total, Fair Value | 1,138 | |
Investment securities available for sale, Gross Unrealized Losses | -24 | |
Corporate bonds and other securities [Member] | ||
Information concerning investments with unrealized losses | ||
Investment securities available for sale, Less than 12 months, Fair Value | 1,970 | 2,960 |
Investment securities available for sale, Less than 12 months, Unrealized Losses | -27 | -43 |
Investment securities available for sale, 12 months or longer, Fair Value | 9,870 | 8,891 |
Investment securities available for sale, 12 months or longer, Unrealized Losses | -128 | -107 |
Investment securities available for sale, Total, Fair Value | 11,840 | 11,851 |
Investment securities available for sale, Gross Unrealized Losses | ($155) | ($150) |
Investment_Securities_Contract
Investment Securities (Contractual Maturities of Securities) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Contractual maturities of securities | ||
Available for Sale, Cost Basis, Within 1 year | $2,000 | |
Available for Sale, Cost Basis, After 1 year but within 5 years | 13,456 | |
Available for Sale, Cost Basis, After 5 years but within 10 years | 18,833 | |
Available for Sale, Cost Basis, After 10 years but within15 years | 53,023 | |
Available for Sale, Cost Basis, Over 15 years | 32,081 | |
Available for Sale, Cost Basis, Total | 119,393 | |
Available for Sale, Fair Value, Within 1 year | 2,013 | |
Available for Sale, Fair Value, After 1 year but within 5 years | 13,545 | |
Available for Sale, Fair Value, After 5 years but within 10 years | 19,198 | |
Available for Sale, Fair Value, After 10 years but within15 years | 54,550 | |
Available for Sale, Fair Value, Over 15 years | 33,227 | |
Available for Sale, Fair Value, Total | 122,533 | 127,110 |
Held to Maturity, Cost Basis, Within 1 year | 2,000 | |
Held to Maturity, Cost Basis, After 1 year but within 5 years | 1,000 | |
Held to Maturity, Cost Basis, After 5 years but within 10 years | 3,794 | |
Held to Maturity, Cost Basis, After 10 years but within 15 years | 1,162 | |
Held to Maturity, Cost Basis, Over 15 years | 11,521 | |
Held to Maturity, Cost Basis, Total | 19,477 | 19,840 |
Held to Maturity, Fair Value, Within 1 year | 1,995 | |
Held to Maturity, Fair Value, After 1 year but within 5 years | 986 | |
Held to Maturity, Fair Value, After 5 years but within 10 years | 3,866 | |
Held to Maturity, Fair Value, After 10 years but within 15 years | 1,168 | |
Held to Maturity, Fair Value, Over 15 years | 11,998 | |
Held to Maturity, Fair Value, Total | $20,013 | $20,213 |
Investment_Securities_Narrativ
Investment Securities (Narrative) (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Investment [Line Items] | |||
Gross investment gains | $62,000 | ||
Gross investment losses | 5,000 | ||
Investment Securities: | |||
Consolidated investment securities portfolio modified, years | 2 years 2 months 19 days | ||
Proceeds from sales of investment securities - available for sale | 2,753,000 | ||
Book value of securities available for sale and held to maturity | $106,810,000 | $104,780,000 | |
Positions considered temporarily impaired | 29 | ||
Standard & Poor's, AAA Rating [Member] | |||
Investment [Line Items] | |||
Portfolio rated | 83.50% | 84.10% | |
Standard & Poor's, A Rating [Member] | |||
Investment [Line Items] | |||
Portfolio rated | 4.00% |
Loans_Summary_of_Loan_Portfoli
Loans (Summary of Loan Portfolio) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | $850,397 | $827,080 |
Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 151,293 | 139,126 |
Commercial loans secured by real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 420,077 | 410,329 |
Real estate-mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 259,884 | 258,616 |
Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | $19,143 | $19,009 |
Loans_Narative_Details
Loans (Narative) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Loans [Abstract] | ||
Real estate-construction loans, percentage | 3.20% | 3.50% |
Loan balances net of unearned income | $582 | $554 |
Allowance_for_Loan_Losses_Roll
Allowance for Loan Losses (Rollforward of the Allowance for Loan Losses by Portfolio Segment) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance at beginning of period | $9,623 | $10,104 |
Charge-offs | -271 | -217 |
Recoveries | 87 | 222 |
Provision (Credit) | 250 | |
Balance at end of period | 9,689 | 10,109 |
Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance at beginning of period | 3,262 | 2,844 |
Charge-offs | -121 | -72 |
Recoveries | 6 | 50 |
Provision (Credit) | 10 | 243 |
Balance at end of period | 3,157 | 3,065 |
Commercial loans secured by real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance at beginning of period | 3,902 | 4,885 |
Charge-offs | -66 | |
Recoveries | 42 | 153 |
Provision (Credit) | 143 | -310 |
Balance at end of period | 4,087 | 4,662 |
Real estate-mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance at beginning of period | 1,310 | 1,260 |
Charge-offs | -103 | -43 |
Recoveries | 30 | 14 |
Provision (Credit) | 67 | 42 |
Balance at end of period | 1,304 | 1,273 |
Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance at beginning of period | 190 | 136 |
Charge-offs | -47 | -36 |
Recoveries | 9 | 5 |
Provision (Credit) | 39 | 34 |
Balance at end of period | 191 | 139 |
Allocation for general risk [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance at beginning of period | 959 | 979 |
Charge-offs | ||
Recoveries | ||
Provision (Credit) | -9 | -9 |
Balance at end of period | $950 | $970 |
Allowance_for_Loan_Losses_Summ
Allowance for Loan Losses (Summary of Primary Segments of Loan Portfolio) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Individually evaluated for impairment | $1,017 | $989 | ||
Collectively evaluated for impairment | 849,380 | 826,091 | ||
Total Loans | 850,397 | 827,080 | ||
Specific reserve allocation | 502 | 520 | ||
General reserve allocation | 9,187 | 9,103 | ||
Total allowance for loan losses | 9,689 | 9,623 | 10,109 | 10,104 |
Commercial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Individually evaluated for impairment | 204 | |||
Collectively evaluated for impairment | 151,089 | 139,126 | ||
Total Loans | 151,293 | 139,126 | ||
Specific reserve allocation | 31 | |||
General reserve allocation | 3,126 | 3,262 | ||
Total allowance for loan losses | 3,157 | 3,262 | 3,065 | 2,844 |
Commercial loans secured by real estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Individually evaluated for impairment | 813 | 989 | ||
Collectively evaluated for impairment | 419,264 | 409,340 | ||
Total Loans | 420,077 | 410,329 | ||
Specific reserve allocation | 471 | 520 | ||
General reserve allocation | 3,616 | 3,382 | ||
Total allowance for loan losses | 4,087 | 3,902 | 4,662 | 4,885 |
Real estate-mortgage [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Individually evaluated for impairment | ||||
Collectively evaluated for impairment | 259,884 | 258,616 | ||
Total Loans | 259,884 | 258,616 | ||
Specific reserve allocation | ||||
General reserve allocation | 1,304 | 1,310 | ||
Total allowance for loan losses | 1,304 | 1,310 | 1,273 | 1,260 |
Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Individually evaluated for impairment | ||||
Collectively evaluated for impairment | 19,143 | 19,009 | ||
Total Loans | 19,143 | 19,009 | ||
Specific reserve allocation | ||||
General reserve allocation | 191 | 190 | ||
Total allowance for loan losses | 191 | 190 | 139 | 136 |
Allocation for general risk [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Specific reserve allocation | ||||
General reserve allocation | 950 | 959 | ||
Total allowance for loan losses | $950 | $959 | $970 | $979 |
Allowance_for_Loan_Losses_Impa
Allowance for Loan Losses (Impaired Loans by Class) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment | $1,017,000 | $989,000 |
Related Allowance | 502,000 | 520,000 |
Unpaid Principal Balance | 1,104,000 | 1,069,000 |
Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment | 204,000 | |
Unpaid Principal Balance | 204,000 | |
Commercial loans secured by real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment | 813,000 | 989,000 |
Unpaid Principal Balance | 900,000 | 1,069,000 |
Impaired Loans with Specific Allowance [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment | 1,017,000 | 989,000 |
Related Allowance | 502,000 | 520,000 |
Impaired Loans with Specific Allowance [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment | 204,000 | |
Related Allowance | 31,000 | |
Impaired Loans with Specific Allowance [Member] | Commercial loans secured by real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment | 813,000 | 989,000 |
Related Allowance | 471,000 | 520,000 |
Impaired Loans with No Specific Allowance [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment | ||
Impaired Loans with No Specific Allowance [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment | ||
Impaired Loans with No Specific Allowance [Member] | Commercial loans secured by real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment |
Allowance_for_Loan_Losses_Aver
Allowance for Loan Losses (Average Recorded Investment in Impaired Loans and Related Interest Income Recognized) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Average recorded investment in impaired loans and related interest income recognized | ||
Average investment in impaired loans | $1,003 | $2,623 |
Interest income recognized: | ||
Interest income recognized on a cash basis on impaired loans | 7 | 1 |
Commercial [Member] | ||
Average recorded investment in impaired loans and related interest income recognized | ||
Average investment in impaired loans | 102 | |
Interest income recognized: | ||
Interest income recognized on a cash basis on impaired loans | 1 | |
Commercial loans secured by real estate [Member] | ||
Average recorded investment in impaired loans and related interest income recognized | ||
Average investment in impaired loans | 901 | 2,623 |
Interest income recognized: | ||
Interest income recognized on a cash basis on impaired loans | $6 | $1 |
Allowance_for_Loan_Losses_Loan
Allowance for Loan Losses (Loan Portfolio Summarized by Categories) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system | ||
Loan portfolio | $571,370 | $549,455 |
Commercial [Member] | ||
Loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system | ||
Loan portfolio | 151,293 | 139,126 |
Commercial loans secured by real estate [Member] | ||
Loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system | ||
Loan portfolio | 420,077 | 410,329 |
Pass [Member] | ||
Loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system | ||
Loan portfolio | 560,349 | 538,860 |
Pass [Member] | Commercial [Member] | ||
Loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system | ||
Loan portfolio | 146,481 | 132,665 |
Pass [Member] | Commercial loans secured by real estate [Member] | ||
Loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system | ||
Loan portfolio | 413,868 | 406,195 |
Special Mention [Member] | ||
Loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system | ||
Loan portfolio | 3,343 | 781 |
Special Mention [Member] | Commercial [Member] | ||
Loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system | ||
Loan portfolio | 678 | 161 |
Special Mention [Member] | Commercial loans secured by real estate [Member] | ||
Loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system | ||
Loan portfolio | 2,665 | 620 |
Substandard [Member] | ||
Loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system | ||
Loan portfolio | 7,272 | 9,402 |
Substandard [Member] | Commercial [Member] | ||
Loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system | ||
Loan portfolio | 4,001 | 6,164 |
Substandard [Member] | Commercial loans secured by real estate [Member] | ||
Loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system | ||
Loan portfolio | 3,271 | 3,238 |
Doubtful [Member] | ||
Loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system | ||
Loan portfolio | 406 | 412 |
Doubtful [Member] | Commercial [Member] | ||
Loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system | ||
Loan portfolio | 133 | 136 |
Doubtful [Member] | Commercial loans secured by real estate [Member] | ||
Loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system | ||
Loan portfolio | $273 | $276 |
Allowance_for_Loan_Losses_Perf
Allowance for Loan Losses (Performing and Non-performing Outstanding Balances) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Performing [Member] | ||
Performing and non-performing outstanding balances of the residential and consumer portfolios | ||
Outstanding balance of consumer loan | $277,243 | $276,208 |
Performing [Member] | Real estate-mortgage [Member] | ||
Performing and non-performing outstanding balances of the residential and consumer portfolios | ||
Outstanding balance of consumer loan | 258,010 | 257,199 |
Performing [Member] | Consumer [Member] | ||
Performing and non-performing outstanding balances of the residential and consumer portfolios | ||
Outstanding balance of consumer loan | 19,143 | 19,009 |
Non-Performing [Member] | ||
Performing and non-performing outstanding balances of the residential and consumer portfolios | ||
Outstanding balance of consumer loan | 1,874 | 1,417 |
Non-Performing [Member] | Real estate-mortgage [Member] | ||
Performing and non-performing outstanding balances of the residential and consumer portfolios | ||
Outstanding balance of consumer loan | 1,874 | 1,417 |
Non-Performing [Member] | Consumer [Member] | ||
Performing and non-performing outstanding balances of the residential and consumer portfolios | ||
Outstanding balance of consumer loan |
Allowance_for_Loan_Losses_Clas
Allowance for Loan Losses (Classes of Loan Portfolio by Categories) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Current | $846,675 | $823,123 |
30-59 Days Past Due | 1,755 | 2,550 |
60-89 Days Past Due | 699 | 340 |
90 Days Past Due | 1,268 | 1,067 |
Total Past Due | 3,722 | 3,957 |
Total Loans | 850,397 | 827,080 |
90 Days Past Due and Still Accruing | ||
Commercial [Member] | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Current | 151,293 | 139,126 |
30-59 Days Past Due | ||
60-89 Days Past Due | ||
90 Days Past Due | ||
Total Past Due | ||
Total Loans | 151,293 | 139,126 |
90 Days Past Due and Still Accruing | ||
Commercial loans secured by real estate [Member] | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Current | 419,483 | 410,049 |
30-59 Days Past Due | 358 | 280 |
60-89 Days Past Due | 236 | |
90 Days Past Due | ||
Total Past Due | 594 | 280 |
Total Loans | 420,077 | 410,329 |
90 Days Past Due and Still Accruing | ||
Real estate-mortgage [Member] | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Current | 256,781 | 255,021 |
30-59 Days Past Due | 1,374 | 2,196 |
60-89 Days Past Due | 461 | 332 |
90 Days Past Due | 1,268 | 1,067 |
Total Past Due | 3,103 | 3,595 |
Total Loans | 259,884 | 258,616 |
90 Days Past Due and Still Accruing | ||
Consumer [Member] | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Current | 19,118 | 18,927 |
30-59 Days Past Due | 23 | 74 |
60-89 Days Past Due | 2 | 8 |
90 Days Past Due | ||
Total Past Due | 25 | 82 |
Total Loans | 19,143 | 19,009 |
90 Days Past Due and Still Accruing |
Allowance_for_Loan_Losses_Narr
Allowance for Loan Losses (Narrative) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individual loan balance is classified as nonaccrual status or troubled debt restructure | $100,000 | |
Loans past due as to maturity, days | 90 days | |
Provision for loan losses | -250,000 | |
Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Threshold for individually evaluating loans | 250,000 | |
Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Minimum individual loan balance requiring quarterly review | 1,000,000 | |
Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Minimum individual loan balance requiring quarterly review | 250,000 | |
Doubtful [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Minimum individual loan balance requiring quarterly review | $100,000 | |
Minimum [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Minimum percent of portfolio to be reviewed | 50.00% | |
Maximum [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Minimum percent of portfolio to be reviewed | 55.00% |
Nonperforming_Assets_Including2
Non-performing Assets Including Troubled Debt Restructurings (Non-performing Assets Including TDR) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Non-performing assets including TDR | ||
Non-accrual loans | $2,146 | $2,195 |
Other real estate owned | 563 | 512 |
TDR's not in non-accrual | 337 | 210 |
Total non-performing assets including TDR | 3,046 | 2,917 |
Total non-performing assets as a percent of loans, net of unearned income, and other real estate owned | 0.36% | 0.35% |
Commercial loans secured by real estate [Member] | ||
Non-performing assets including TDR | ||
Non-accrual loans | 272 | 778 |
Other real estate owned | 384 | 384 |
Real estate-mortgage [Member] | ||
Non-performing assets including TDR | ||
Non-accrual loans | 1,874 | 1,417 |
Other real estate owned | $179 | $128 |
Nonperforming_Assets_Including3
Non-performing Assets Including Troubled Debt Restructurings (Schedule of Interest Income) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Schedule of Interest Income | ||
Interest income due in accordance with original terms | $24 | $33 |
Interest income recorded | ||
Net reduction in interest income | $24 | $33 |
Nonperforming_Assets_Including4
Non-performing Assets Including Troubled Debt Restructurings (Schedule of TDRs) (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Loans in accrual status [Member] | Commercial [Member] | |
Schedule of TDRs | |
Number of loans | 1 |
Current Balance | $204 |
Concession Granted | Extension of maturity date |
Loans in non-accrual status [Member] | Commercial loans secured by real estate [Member] | |
Schedule of TDRs | |
Number of loans | 1 |
Current Balance | $265 |
Concession Granted | Extension of maturity date |
Nonperforming_Assets_Including5
Non-performing Assets Including Troubled Debt Restructurings (Narrative) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Nonperforming Assets Including Troubled Debt Restructurings [Abstract] | ||
Aggregate of multiple consecutive maturity date extensions delay in payment, days | 120 days | |
Timely payments on contract terms for minimum consecutive months prior to consideration for removing loan from TDR status | 6 months | |
Minimum consecutive months payment for removing the loan from non-accrual status | 6 months | |
ALL reserve for TDR's | $502,000 | $365,000 |
Federal_Home_Loan_Bank_Borrowi2
Federal Home Loan Bank Borrowings (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Federal Home Loan Bank (FHLB) borrowings and advances | ||
Open Repo Plus, Maturing Overnight, Amount | $27,219 | $38,880 |
Advances, Maturing 2015, Amount | 4,000 | 4,000 |
Advances, Maturing 2016, Amount | 12,000 | 12,000 |
Advances, Maturing 2017, Amount | 12,000 | 12,000 |
Advances, Maturing 2018, Amount | 10,000 | 10,000 |
Advances, Maturing 2019 and over, Amount | 6,000 | 4,000 |
Advances from Federal Home Loan Bank | 44,000 | 42,000 |
Total FHLB borrowings, Amount | $71,219 | $80,880 |
Open Repo Plus Maturity Overnight, Weighted Average Rate | 0.33% | 0.27% |
Advances Maturing 2015, Weighted Average Rate | 0.52% | 0.52% |
Advances Maturing 2016, Weighted Average Rate | 0.81% | 0.81% |
Advances Maturing 2017, Weighted Average Rate | 1.06% | 1.06% |
Advances Maturing 2018, Weighted Average Rate | 1.51% | 1.51% |
Advances Maturing 2019 and over, Weighted Average Rate | 1.83% | 1.88% |
Total advances, Weighted Average Rate | 1.15% | 1.12% |
Aggregate FHLB borrowings, Weighted Average Rate | 0.84% | 0.71% |
Preferred_Stock_Preferred_Divi
Preferred Stock (Preferred Dividend Stock Period Annualized) (Details) (Series E Preferred Stock [Member]) | 3 Months Ended | |
Mar. 31, 2015 | ||
Preferred Stock [Line Items] | ||
Annualized Dividend Rate | 9.00% | |
Term 1 [Member] | ||
Preferred Stock [Line Items] | ||
Annualized Dividend Rate | 5.00% | |
Term 4 [Member] | ||
Preferred Stock [Line Items] | ||
Annualized Dividend Rate | 9.00% | [1] |
Minimum [Member] | Term 1 [Member] | ||
Preferred Stock [Line Items] | ||
Dividend Annualized Period | 11-Aug-11 | |
Minimum [Member] | Term 2 [Member] | ||
Preferred Stock [Line Items] | ||
Annualized Dividend Rate | 1.00% | |
Dividend Annualized Period | 1-Jan-12 | |
Minimum [Member] | Term 3 [Member] | ||
Preferred Stock [Line Items] | ||
Annualized Dividend Rate | 1.00% | [2] |
Dividend Annualized Period | 1-Jan-14 | |
Minimum [Member] | Term 4 [Member] | ||
Preferred Stock [Line Items] | ||
Dividend Annualized Period | 8-Feb-16 | |
Maximum [Member] | Term 1 [Member] | ||
Preferred Stock [Line Items] | ||
Dividend Annualized Period | 31-Dec-11 | |
Maximum [Member] | Term 2 [Member] | ||
Preferred Stock [Line Items] | ||
Annualized Dividend Rate | 5.00% | |
Dividend Annualized Period | 31-Dec-14 | |
Maximum [Member] | Term 3 [Member] | ||
Preferred Stock [Line Items] | ||
Annualized Dividend Rate | 7.00% | [2] |
Dividend Annualized Period | 7-Feb-16 | |
[1] | Beginning on February 8, 2016, the dividend rate will be fixed at nine percent (9%) per annum. | |
[2] | Between January 1, 2014 and February 7, 2016, the Company's dividend rate was fixed at 1% based upon the level of percentage change in QSBL between September 30, 2013 and the Baseline. |
Preferred_Stock_Narrative_Deta
Preferred Stock (Narrative) (Details) (Series E Preferred Stock [Member], USD $) | 1 Months Ended | 3 Months Ended |
Aug. 11, 2011 | Mar. 31, 2015 | |
Series E Preferred Stock [Member] | ||
Temporary Equity [Line Items] | ||
Shares of stock issued | 21,000 | |
Value of stock issued | $21,000,000 | |
Dividend rate | 9.00% | |
Shares of stock repurchased | $21,000,000 | |
Minimum Tier 1 capital required to pay dividends | 90.00% | |
Redemption price, percent of liquidation amount | 100.00% |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Changes in Each Component of Accumulated Other Comprehensive Loss) (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Accumulated Other Comprehensive Loss [Line Items] | ||||
Beginning Balance | ($6,902) | ($5,875) | ||
Other comprehensive income before reclassifications | 661 | 595 | ||
Amounts reclassified from accumulated other comprehensive loss | [1] | -34 | [1] | |
Net current period other comprehensive income | 661 | 561 | ||
Ending Balance | -6,241 | -5,314 | ||
Net Unrealized Gains and Losses on Investment Securities [Member] | ||||
Accumulated Other Comprehensive Loss [Line Items] | ||||
Beginning Balance | 1,843 | 1,043 | ||
Other comprehensive income before reclassifications | 229 | 339 | ||
Amounts reclassified from accumulated other comprehensive loss | -37 | |||
Net current period other comprehensive income | 229 | 302 | ||
Ending Balance | 2,072 | 1,345 | ||
Defined Benefit Pension Items [Member] | ||||
Accumulated Other Comprehensive Loss [Line Items] | ||||
Beginning Balance | -8,745 | -6,918 | ||
Other comprehensive income before reclassifications | 432 | 256 | ||
Amounts reclassified from accumulated other comprehensive loss | 3 | |||
Net current period other comprehensive income | 432 | 259 | ||
Ending Balance | ($8,313) | ($6,659) | ||
[1] | These accumulated other comprehensive loss components are included in the computation of net periodic benefit cost (see Note 16 for additional details). |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Loss (Amounts Reclassified out of Each Component of Accumulated Other Comprehensive Loss) (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Unrealized gains and losses on sale of securities: | ||||
Net realized gains on available for sale securities | ($57) | |||
Provision for income tax expense | 20 | |||
Net of tax | -37 | |||
Amortization of defined benefit items | ||||
Amortization of prior year service cost | [1] | 5 | [1] | |
Provision for income tax expense | [1] | -2 | [1] | |
Net of tax | [1] | 3 | [1] | |
Total reclassifications for the period | [1] | ($34) | [1] | |
[1] | These accumulated other comprehensive loss components are included in the computation of net periodic benefit cost (see Note 16 for additional details). |
Regulatory_Capital_Details
Regulatory Capital (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Summarized regulatory capital ratio of company | ||
Tangible common equity ratio | 7.64% | |
Consolidated [Member] | ||
Summarized regulatory capital ratio of company | ||
Total Capital (To RWA), Actual Amount | $131,581 | $131,497 |
Total Capital (To RWA), Actual Ratio | 14.68% | 14.80% |
Total Capital (To RWA), For Capital Adequacy Purposes Amount | 71,688 | 71,066 |
Total Capital (To RWA), For Capital Adequacy Purposes Ratio | 8.00% | 8.00% |
Total Capital (To RWA), To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 89,609 | 88,833 |
Total Capital (To RWA), To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 10.00% | 10.00% |
Common Equity Tier 1 Capital (To RWA), Actual Amount | 88,966 | |
Common Equity Tier 1 Capital (To RWA), Actual Ratio | 9.93% | |
Common Equity Tier 1 Capital (To RWA), For Capital Adequacy Purposes Amount | 40,324 | |
Common Equity Tier 1 Capital (To RWA), For Capital Adequacy Purposes Ratio | 4.50% | |
Common Equity Tier 1 Capital (To RWA), To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 58,246 | |
Common Equity Tier 1 Capital (To RWA), To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 6.50% | |
Tier 1 Capital (To RWA), Actual Amount | 120,995 | 120,992 |
Tier 1 Capital (To RWA), Actual Ratio | 13.50% | 13.62% |
Tier 1 Capital (To RWA), For Capital Adequacy Purposes Amount | 53,766 | 35,533 |
Tier 1 Capital (To RWA), For Capital Adequacy Purposes Ratio | 6.00% | 4.00% |
Tier 1 Capital (To RWA), To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 71,688 | 53,300 |
Tier 1 Capital (To RWA), To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 8.00% | 6.00% |
Tier 1 Capital (To Average Assets), Actual Amount | 120,995 | 120,992 |
Tier 1 Capital (To Average Assets), Actual Ratio | 11.24% | 11.34% |
Tier 1 Capital (To Average Assets), For Capital Adequacy Purposes Amount | 43,072 | 42,662 |
Tier 1 Capital (To Average Assets), For Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Tier 1 Capital (To Average Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 53,839 | 53,327 |
Tier 1 Capital (To Average Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 5.00% | 5.00% |
AmeriServ Financial Bank [Member] | ||
Summarized regulatory capital ratio of company | ||
Total Capital (To RWA), Actual Amount | 105,692 | 106,084 |
Total Capital (To RWA), Actual Ratio | 11.92% | 12.07% |
Total Capital (To RWA), For Capital Adequacy Purposes Amount | 70,925 | 70,305 |
Total Capital (To RWA), For Capital Adequacy Purposes Ratio | 8.00% | 8.00% |
Total Capital (To RWA), To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 88,657 | 87,881 |
Total Capital (To RWA), To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 10.00% | 10.00% |
Common Equity Tier 1 Capital (To RWA), Actual Amount | 95,106 | |
Common Equity Tier 1 Capital (To RWA), Actual Ratio | 10.73% | |
Common Equity Tier 1 Capital (To RWA), For Capital Adequacy Purposes Amount | 39,896 | |
Common Equity Tier 1 Capital (To RWA), For Capital Adequacy Purposes Ratio | 4.50% | |
Common Equity Tier 1 Capital (To RWA), To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 57,627 | |
Common Equity Tier 1 Capital (To RWA), To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 6.50% | |
Tier 1 Capital (To RWA), Actual Amount | 95,106 | 95,579 |
Tier 1 Capital (To RWA), Actual Ratio | 10.73% | 10.88% |
Tier 1 Capital (To RWA), For Capital Adequacy Purposes Amount | 53,194 | 35,153 |
Tier 1 Capital (To RWA), For Capital Adequacy Purposes Ratio | 6.00% | 4.00% |
Tier 1 Capital (To RWA), To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 70,925 | 52,729 |
Tier 1 Capital (To RWA), To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 8.00% | 6.00% |
Tier 1 Capital (To Average Assets), Actual Amount | 95,106 | 95,579 |
Tier 1 Capital (To Average Assets), Actual Ratio | 9.06% | 9.19% |
Tier 1 Capital (To Average Assets), For Capital Adequacy Purposes Amount | 41,988 | 41,608 |
Tier 1 Capital (To Average Assets), For Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Tier 1 Capital (To Average Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $52,485 | $52,010 |
Tier 1 Capital (To Average Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 5.00% | 5.00% |
Segment_Results_Details
Segment Results (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Contribution of segments to the consolidated results of operations | |||
Total revenue | $12,646 | $12,057 | |
Net income | 1,369 | 930 | |
Total assets | 1,103,416 | 1,089,263 | |
Retail Banking [Member] | |||
Contribution of segments to the consolidated results of operations | |||
Total revenue | 6,524 | 6,117 | |
Net income | 659 | 348 | |
Total assets | 374,490 | 376,009 | |
Commercial Banking [Member] | |||
Contribution of segments to the consolidated results of operations | |||
Total revenue | 4,738 | 4,327 | |
Net income | 1,291 | 1,096 | |
Total assets | 586,916 | 563,690 | |
Trust [Member] | |||
Contribution of segments to the consolidated results of operations | |||
Total revenue | 2,167 | 2,114 | |
Net income | 380 | 308 | |
Total assets | 5,125 | 5,015 | |
Investment/ Parent [Member] | |||
Contribution of segments to the consolidated results of operations | |||
Total revenue | -783 | -501 | |
Net income | -961 | -822 | |
Total assets | $136,885 | $144,549 |
Commitments_and_Contingent_Lia1
Commitments and Contingent Liabilities (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Commitments to extend credit [Member] | ||
Loss Contingencies [Line Items] | ||
Amount of commitment | $181.50 | $188 |
Standby letters of credit [Member] | ||
Loss Contingencies [Line Items] | ||
Amount of commitment | $7.80 | $7.20 |
Pension_Benefits_Net_Periodic_
Pension Benefits (Net Periodic Pension Cost) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Net periodic pension cost | ||
Service cost | $400 | $430 |
Interest cost | 325 | 331 |
Expected return on plan assets | -525 | -498 |
Amortization of prior year service cost | -5 | |
Recognized net actuarial loss | 300 | 272 |
Net periodic pension cost | $500 | $530 |
Pension_Benefits_Narrative_Det
Pension Benefits (Narrative) (Details) (Pension Plans, Defined Benefit [Member]) | 3 Months Ended |
Mar. 31, 2015 | |
Pension Plans, Defined Benefit [Member] | |
Pension Benefits [Line Items] | |
Minimum number of annual hours | 1,000 |
Vesting term | 5 years |
Maximum percent of plan assets comprised of AmeriServ Financial, Inc. common stock | 10.00% |
Disclosures_about_Fair_Value_M2
Disclosures about Fair Value Measurements (Assets and Liabilities Measured on Recurring Basis) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale | $122,533 | $127,110 |
U.S. Agency Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale | 5,948 | 5,906 |
U.S. Agency mortgage-backed securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale | 101,146 | 105,768 |
Corporate Bond Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale | 15,439 | 15,436 |
Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale | ||
Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale | 122,533 | 127,110 |
Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale | ||
Fair Value Measurements, Recurring Basis [Member] | U.S. Agency Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale | 5,948 | 5,906 |
Fair Value Measurements, Recurring Basis [Member] | U.S. Agency mortgage-backed securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale | 101,146 | 105,768 |
Fair Value Measurements, Recurring Basis [Member] | Corporate Bond Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale | 15,439 | 15,436 |
Fair Value Measurements, Recurring Basis [Member] | Level 1 [Member] | U.S. Agency Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale | ||
Fair Value Measurements, Recurring Basis [Member] | Level 1 [Member] | U.S. Agency mortgage-backed securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale | ||
Fair Value Measurements, Recurring Basis [Member] | Level 1 [Member] | Corporate Bond Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale | ||
Fair Value Measurements, Recurring Basis [Member] | Level 2 [Member] | U.S. Agency Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale | 5,948 | 5,906 |
Fair Value Measurements, Recurring Basis [Member] | Level 2 [Member] | U.S. Agency mortgage-backed securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale | 101,146 | 105,768 |
Fair Value Measurements, Recurring Basis [Member] | Level 2 [Member] | Corporate Bond Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale | 15,439 | 15,436 |
Fair Value Measurements, Recurring Basis [Member] | Level 3 [Member] | U.S. Agency Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale | ||
Fair Value Measurements, Recurring Basis [Member] | Level 3 [Member] | U.S. Agency mortgage-backed securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale | ||
Fair Value Measurements, Recurring Basis [Member] | Level 3 [Member] | Corporate Bond Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale |
Disclosures_about_Fair_Value_M3
Disclosures about Fair Value Measurements (Assets Measured at Fair Value on Non-Recurring Basis) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Carrying value of impaired loans | 1,017 | 989 | ||
Fair Value Measurements, Nonrecurring Basis [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Other real estate owned | 563 | 512 | ||
Carrying value of impaired loans | 515 | 469 | ||
Fair Value Measurements, Nonrecurring Basis [Member] | Impaired Loans [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Liquidation expenses | 10.00% | 10.00% | ||
Valuation Techniques | Appraisal of collateral | [1],[2] | Appraisal of collateral | [1],[2] |
Appraisal of Adjustment | 30.00% | 30.00% | ||
Fair Value Measurements, Nonrecurring Basis [Member] | Other Real Estate Owned [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Liquidation expenses | 10.00% | 9.00% | ||
Valuation Techniques | Appraisal of collateral | [1],[2] | Appraisal of collateral | [1],[2] |
Appraisal of Adjustment | 38.00% | 55.00% | ||
Fair Value Measurements, Nonrecurring Basis [Member] | Minimum [Member] | Impaired Loans [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Liquidation expenses | 1.00% | 1.00% | ||
Appraisal of Adjustment | 0.00% | 0.00% | ||
Fair Value Measurements, Nonrecurring Basis [Member] | Minimum [Member] | Other Real Estate Owned [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Liquidation expenses | 1.00% | 1.00% | ||
Appraisal of Adjustment | 0.00% | 47.00% | ||
Fair Value Measurements, Nonrecurring Basis [Member] | Maximum [Member] | Impaired Loans [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Liquidation expenses | 15.00% | 15.00% | ||
Appraisal of Adjustment | 35.00% | 37.00% | ||
Fair Value Measurements, Nonrecurring Basis [Member] | Maximum [Member] | Other Real Estate Owned [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Liquidation expenses | 20.00% | 61.00% | ||
Appraisal of Adjustment | 48.00% | 83.00% | ||
Fair Value Measurements, Nonrecurring Basis [Member] | Level 1 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Other real estate owned | ||||
Carrying value of impaired loans | ||||
Fair Value Measurements, Nonrecurring Basis [Member] | Level 2 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Other real estate owned | ||||
Carrying value of impaired loans | ||||
Fair Value Measurements, Nonrecurring Basis [Member] | Level 3 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Other real estate owned | 563 | 512 | ||
Carrying value of impaired loans | 515 | 469 | ||
[1] | Includes qualitative adjustments by management and estimated liquidation expenses. | |||
[2] | Fair Value is generally determined through independent appraisals of the underlying collateral, which generally include various level 3 inputs which are not identifiable. |
Disclosures_about_Fair_Value_M4
Disclosures about Fair Value Measurements (Fair Value of Financial Instruments) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
FINANCIAL ASSETS: Carrying Value | ||||
Cash and cash equivalents | $30,718 | $32,872 | $29,869 | $30,066 |
Investment securities - HTM | 19,477 | 19,840 | ||
Regulatory stock | 5,626 | 6,173 | ||
Loans held for sale | 3,575 | 5,051 | ||
Loans, net of allowance for loan loss and unearned income | 840,708 | 817,457 | ||
Accrued interest income receivable | 3,300 | 3,127 | ||
Bank owned life insurance | 37,388 | 37,417 | ||
Cash and cash equivalents | 30,718 | 32,872 | ||
Investment securities - AFS | 122,533 | 127,110 | ||
Investment securities - HTM | 20,013 | 20,213 | ||
Regulatory stock | 5,626 | 6,173 | ||
Loans held for sale | 3,675 | 5,127 | ||
Loans, net of allowance for loan loss and unearned income | 845,904 | 819,935 | ||
Accrued interest income receivable | 3,300 | 3,127 | ||
Bank owned life insurance | 37,388 | 37,417 | ||
FINANCIAL LIABILITIES: Carrying Value | ||||
Deposits with no stated maturities | 587,825 | 568,625 | ||
Deposits with stated maturities | 304,851 | 301,256 | ||
Short-term borrowings | 27,219 | 38,880 | ||
All other borrowings | 57,085 | 55,085 | ||
Accrued interest payable | 1,545 | 1,706 | ||
Deposits with no stated maturities | 587,825 | 568,625 | ||
Deposits with stated maturities | 307,634 | 304,744 | ||
Short-term borrowings | 27,219 | 38,880 | ||
All other borrowings | 61,695 | 59,256 | ||
Accrued interest payable | 1,545 | 1,706 | ||
Level 1 [Member] | ||||
FINANCIAL ASSETS: Carrying Value | ||||
Cash and cash equivalents | 30,718 | 32,872 | ||
Investment securities - AFS | ||||
Investment securities - HTM | ||||
Regulatory stock | 5,626 | 6,173 | ||
Loans held for sale | 3,675 | 5,127 | ||
Loans, net of allowance for loan loss and unearned income | ||||
Accrued interest income receivable | 3,300 | 3,127 | ||
Bank owned life insurance | 37,388 | 37,417 | ||
FINANCIAL LIABILITIES: Carrying Value | ||||
Deposits with no stated maturities | 587,825 | 568,625 | ||
Deposits with stated maturities | ||||
Short-term borrowings | 27,219 | 38,880 | ||
All other borrowings | ||||
Accrued interest payable | 1,545 | 1,706 | ||
Level 2 [Member] | ||||
FINANCIAL ASSETS: Carrying Value | ||||
Cash and cash equivalents | ||||
Investment securities - AFS | 122,533 | 127,110 | ||
Investment securities - HTM | 17,031 | 17,241 | ||
Regulatory stock | ||||
Loans held for sale | ||||
Loans, net of allowance for loan loss and unearned income | ||||
Accrued interest income receivable | ||||
Bank owned life insurance | ||||
FINANCIAL LIABILITIES: Carrying Value | ||||
Deposits with no stated maturities | ||||
Deposits with stated maturities | ||||
Short-term borrowings | ||||
All other borrowings | ||||
Accrued interest payable | ||||
Level 3 [Member] | ||||
FINANCIAL ASSETS: Carrying Value | ||||
Cash and cash equivalents | ||||
Investment securities - AFS | ||||
Investment securities - HTM | 2,982 | 2,972 | ||
Regulatory stock | ||||
Loans held for sale | ||||
Loans, net of allowance for loan loss and unearned income | 845,904 | 819,935 | ||
Accrued interest income receivable | ||||
Bank owned life insurance | ||||
FINANCIAL LIABILITIES: Carrying Value | ||||
Deposits with no stated maturities | ||||
Deposits with stated maturities | 307,634 | 304,744 | ||
Short-term borrowings | ||||
All other borrowings | 61,695 | 59,256 | ||
Accrued interest payable |
Disclosures_about_Fair_Value_M5
Disclosures about Fair Value Measurements (Narrative) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
Disclosures about Fair Value Measurements [Abstract] | ||
Carrying value of impaired loans | $1,017,000 | $989,000 |
Specific valuation allowance | 502,000 | 520,000 |
Net fair value of impaired loans | $515,000 | $469,000 |
Assets and liabilities considered financial instruments, percentage | 90.00% |