Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 02, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | AMERISERV FINANCIAL INC /PA/ | |
Entity Central Index Key | 707,605 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 18,870,811 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and due from depository institutions | $ 16,782 | $ 23,780 |
Interest bearing deposits | 2,966 | 2,952 |
Short-term investments in money market funds | 12,000 | 6,140 |
Total cash and cash equivalents | 31,748 | 32,872 |
Investment securities: | ||
Available for sale | 114,652 | 127,110 |
Held to maturity (fair value $20,771 on September 30, 2015 and $20,213 on December 31, 2014) | 20,361 | 19,840 |
Loans held for sale | 2,913 | 5,051 |
Loans | 865,890 | 827,634 |
Less: Unearned income | 590 | 554 |
Allowance for loan losses | 9,772 | 9,623 |
Net loans | 855,528 | 817,457 |
Premises and equipment, net | 12,362 | 13,012 |
Accrued interest income receivable | 3,315 | 3,127 |
Goodwill | 11,944 | 11,944 |
Bank owned life insurance | 37,266 | 37,417 |
Net deferred tax asset | 8,284 | 9,548 |
Federal Home Loan Bank stock | 4,661 | 4,048 |
Federal Reserve Bank stock | 2,125 | 2,125 |
Other assets | 5,684 | 5,712 |
TOTAL ASSETS | 1,110,843 | 1,089,263 |
LIABILITIES | ||
Non-interest bearing deposits | 158,374 | 167,551 |
Interest bearing deposits | 711,525 | 702,330 |
Total deposits | 869,899 | 869,881 |
Short-term borrowings | 52,988 | 38,880 |
Advances from Federal Home Loan Bank | 48,000 | 42,000 |
Guaranteed junior subordinated deferrable interest debentures | 13,085 | 13,085 |
Total borrowed funds | 114,073 | 93,965 |
Other liabilities | 7,463 | 11,010 |
TOTAL LIABILITIES | 991,435 | 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 September 30, 2015 and December 31, 2014 | 21,000 | 21,000 |
Common stock, par value $0.01 per share; 30,000,000 shares authorized; 26,488,630 shares issued and 18,870,811 outstanding on September 30, 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 September 30, 2015 and December 31, 2014 | (74,829) | (74,829) |
Capital surplus | 145,434 | 145,256 |
Retained earnings | 33,518 | 29,618 |
Accumulated other comprehensive loss, net | (5,980) | (6,902) |
TOTAL SHAREHOLDERS' EQUITY | 119,408 | 114,407 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 1,110,843 | $ 1,089,263 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
CONSOLIDATED BALANCE SHEETS [Abstract] | ||
Held to maturity securities, fair value | $ 20,771 | $ 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 | 26,488,630 | 26,402,707 |
Common stock, shares outstanding | 18,870,811 | 18,784,888 |
Treasury stock, shares | 7,617,819 | 7,617,819 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
INTEREST INCOME | ||||
Interest and fees on loans | $ 9,718,000 | $ 9,019,000 | $ 28,654,000 | $ 26,990,000 |
Interest bearing deposits | 1,000 | 2,000 | 4,000 | 6,000 |
Short-term investments in money market funds | 3,000 | 1,000 | 10,000 | 3,000 |
Investment securities: | ||||
Available for sale | 790,000 | 859,000 | 2,480,000 | 2,688,000 |
Held to maturity | 155,000 | 138,000 | 451,000 | 410,000 |
Total Interest Income | 10,667,000 | 10,019,000 | 31,599,000 | 30,097,000 |
INTEREST EXPENSE | ||||
Deposits | 1,174,000 | 1,237,000 | 3,519,000 | 3,688,000 |
Short-term borrowings | 37,000 | 10,000 | 70,000 | 34,000 |
Advances from Federal Home Loan Bank | 141,000 | 89,000 | 401,000 | 223,000 |
Guaranteed junior subordinated deferrable interest debentures | 280,000 | 280,000 | 840,000 | 840,000 |
Total Interest Expense | 1,632,000 | 1,616,000 | 4,830,000 | 4,785,000 |
NET INTEREST INCOME | 9,035,000 | $ 8,403,000 | 26,769,000 | $ 25,312,000 |
Provision for loan losses | 300,000 | 750,000 | ||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 8,735,000 | $ 8,403,000 | 26,019,000 | $ 25,312,000 |
NON-INTEREST INCOME | ||||
Trust and investment advisory fees | 2,085,000 | 1,807,000 | 6,276,000 | 5,787,000 |
Service charges on deposit accounts | 441,000 | 507,000 | 1,289,000 | 1,486,000 |
Net gains on sale of loans | 178,000 | 275,000 | 594,000 | 547,000 |
Mortgage related fees | 87,000 | $ 190,000 | 311,000 | 467,000 |
Net realized gains (losses) on investment securities | (36,000) | (8,000) | 177,000 | |
Bank owned life insurance | 684,000 | $ 188,000 | 1,218,000 | 559,000 |
Other income | 576,000 | 626,000 | 1,739,000 | 1,740,000 |
Total Non-Interest Income | 4,015,000 | 3,593,000 | 11,419,000 | 10,763,000 |
NON-INTEREST EXPENSE | ||||
Salaries and employee benefits | 6,079,000 | 6,139,000 | 18,096,000 | 18,560,000 |
Net occupancy expense | 692,000 | 709,000 | 2,251,000 | 2,265,000 |
Equipment expense | 409,000 | 468,000 | 1,355,000 | 1,432,000 |
Professional fees | 1,206,000 | 1,360,000 | 3,692,000 | 4,132,000 |
Supplies, postage and freight | 181,000 | 196,000 | 534,000 | 566,000 |
Miscellaneous taxes and insurance | 288,000 | 276,000 | 872,000 | 884,000 |
Federal deposit insurance expense | $ 174,000 | 159,000 | $ 505,000 | 473,000 |
Goodwill impairment charge | 669,000 | 669,000 | ||
Other expense | $ 1,190,000 | 1,267,000 | $ 3,563,000 | 3,620,000 |
Total Non-Interest Expense | 10,219,000 | 11,243,000 | 30,868,000 | 32,601,000 |
PRETAX INCOME | 2,531,000 | 753,000 | 6,570,000 | 3,474,000 |
Provision for income tax expense | 698,000 | 388,000 | 1,947,000 | 1,200,000 |
NET INCOME | 1,833,000 | 365,000 | 4,623,000 | 2,274,000 |
Preferred stock dividends | 52,000 | 53,000 | 157,000 | 158,000 |
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS | $ 1,781,000 | $ 312,000 | $ 4,466,000 | $ 2,116,000 |
Basic: | ||||
Net income | $ 0.09 | $ 0.02 | $ 0.24 | $ 0.11 |
Average number of shares outstanding | 18,869 | 18,795 | 18,860 | 18,792 |
Diluted: | ||||
Net income | $ 0.09 | $ 0.02 | $ 0.24 | $ 0.11 |
Average number of shares outstanding | 18,951 | 18,908 | 18,928 | 18,916 |
Cash dividends declared | $ 0.01 | $ 0.01 | $ 0.03 | $ 0.03 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
COMPREHENSIVE INCOME | ||||
Net income | $ 1,833 | $ 365 | $ 4,623 | $ 2,274 |
Other comprehensive income, before tax: | ||||
Pension obligation change for defined benefit plan | 315 | 799 | 1,601 | 1,191 |
Income tax effect | (107) | (272) | (545) | (405) |
Unrealized holding (gains) losses on available for sale securities arising during period | 387 | (701) | (211) | 850 |
Income tax effect | (131) | $ 238 | 72 | (289) |
Reclassification adjustment for losses (gains) on available for sale securities included in net income | 36 | 8 | (177) | |
Income tax effect | (12) | (3) | 60 | |
Other comprehensive income | 488 | $ 64 | 922 | 1,230 |
Comprehensive income | $ 2,321 | $ 429 | $ 5,545 | $ 3,504 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
OPERATING ACTIVITIES | ||
Net income | $ 4,623,000 | $ 2,274,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 750,000 | |
Depreciation expense | 1,346,000 | $ 1,359,000 |
Net amortization of investment securities | 254,000 | 283,000 |
Net realized losses (gains) on investment securities available for sale | 8,000 | (177,000) |
Net gains on loans held for sale | (594,000) | (547,000) |
Amortization of deferred loan fees | (202,000) | (198,000) |
Origination of mortgage loans held for sale | (39,214,000) | (36,105,000) |
Sales of mortgage loans held for sale | 41,946,000 | 36,090,000 |
Increase in accrued interest income receivable | (188,000) | (372,000) |
Decrease in accrued interest payable | (105,000) | (173,000) |
Earnings on bank owned life insurance | (514,000) | (559,000) |
Deferred income taxes | 805,000 | 139,000 |
Stock based compensation expense | $ 179,000 | 56,000 |
Goodwill impairment charge | 669,000 | |
Other, net | $ (2,536,000) | (679,000) |
Net cash provided by operating activities | 6,558,000 | 2,060,000 |
INVESTING ACTIVITIES | ||
Purchases of investment securities - available for sale | (9,408,000) | (10,215,000) |
Purchases of investment securities - held to maturity | (4,795,000) | (2,442,000) |
Proceeds from sales of investment securities - available for sale | 2,379,000 | 5,242,000 |
Proceeds from maturities of investment securities - available for sale | 19,063,000 | 16,581,000 |
Proceeds from maturities of investment securities - held to maturity | 4,233,000 | 1,095,000 |
Purchases of regulatory stock | (14,111,000) | (6,679,000) |
Proceeds from redemption of regulatory stock | 13,498,000 | 6,329,000 |
Long-term loans originated | (185,864,000) | (126,805,000) |
Principal collected on long-term loans | 140,143,000 | 91,886,000 |
Loans purchased or participated | (11,519,000) | (4,247,000) |
Loans sold or participated | 18,443,000 | 7,810,000 |
Proceeds from sale of other real estate owned | 478,000 | $ 454,000 |
Proceeds from life insurance policy | 1,140,000 | |
Purchases of premises and equipment | (691,000) | $ (1,643,000) |
Net cash used in investing activities | (27,011,000) | (22,634,000) |
FINANCING ACTIVITIES | ||
Net (decrease) increase in deposit balances | (56,000) | 17,828,000 |
Net increase (decrease) in other short-term borrowings | 14,108,000 | (15,117,000) |
Principal borrowings on advances from Federal Home Loan Bank | 9,000,000 | $ 12,000,000 |
Principal repayments on advances from Federal Home Loan Bank | (3,000,000) | |
Common stock dividends | (566,000) | $ (563,000) |
Preferred stock dividends | (157,000) | (158,000) |
Net cash provided by financing activities | 19,329,000 | 13,990,000 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (1,124,000) | (6,584,000) |
CASH AND CASH EQUIVALENTS AT JANUARY 1 | 32,872,000 | 30,066,000 |
CASH AND CASH EQUIVALENTS AT SEPTEMBER 30 | $ 31,748,000 | $ 23,482,000 |
Principles of Consolidation
Principles of Consolidation | 9 Months Ended |
Sep. 30, 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 1.9 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 | 9 Months Ended |
Sep. 30, 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 Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2015 | |
Recent Accounting Pronouncements [Abstract] | |
Recent Accounting Pronouncements | 3. Recent Accounting Pronouncements In April 2015, the FASB issued ASU 2015-03, Interest – Imputation of Interest (Subtopic 835-30) |
Earnings Per Common Share
Earnings Per Common Share | 9 Months Ended |
Sep. 30, 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 74,304 3.20 4.70 3,625 4.60 5.22 Three months ended Nine months ended 2015 2014 2015 2014 (In thousands, except per share data) Numerator: Net income $ 1,833 $ 365 $ 4,623 $ 2,274 Preferred stock dividends (52 ) (53 ) (157 ) (158 ) Net income available to common shareholders $ 1,781 $ 312 $ 4,466 $ 2,116 Denominator: Weighted average common shares outstanding (basic) 18,869 18,795 18,860 18,792 Effect of stock options 82 113 68 124 Weighted average common shares outstanding (diluted) 18,951 18,908 18,928 18,916 Earnings per common share Basic $ 0.09 $ 0.02 $ 0.24 $ 0.11 Diluted 0.09 0.02 0.24 0.11 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows | 9 Months Ended |
Sep. 30, 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 . 1.1 4,935,000 4,958,000 165,000 455,000 |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 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): September 30, 2015 Gross Gross Cost Unrealized Unrealized Fair Basis Gains Losses Value US Agency $ 2,900 $ 1 $ (1 ) $ 2,900 US Agency mortgage- backed securities 91,656 2,830 (144 ) 94,342 Corporate bonds 17,505 71 (166 ) 17,410 Total $ 112,061 $ 2,902 $ (311 ) $ 114,652 Investment securities held to maturity (HTM): September 30, 2015 Gross Gross Cost Unrealized Unrealized Fair Basis Gains Losses Value US Agency mortgage- backed securities $ 11,208 $ 374 $ (4 ) $ 11,578 Taxable municipal 4,153 93 (12 ) 4,234 Corporate bonds and other securities 5,000 17 (58 ) 4,959 Total $ 20,361 $ 484 $ (74 ) $ 20,771 Investment securities available for sale (AFS): December 31, 2014 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): December 31, 2014 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 September 30, 2015, 79.9 84.1 5.7 2.66 The Company sold a $ 1.9 36,000 2.4 36,000 28,000 5.2 182,000 5,000 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 $ 103,478,000 104,780,000 The following tables present information concerning investments with unrealized losses as of September 30, 2015 and December 31, 2014 (in thousands): Total investment securities: September 30, 2015 Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses US Agency $ - $ - $ 399 $ (1 ) $ 399 $ (1 ) Taxable municipal 1,379 (12 ) - - 1,379 (12 ) US Agency mortgage- backed securities 4,321 (15 ) 9,554 (133 ) 13,875 (148 ) Corporate bonds and other securities 5,904 (96 ) 6,870 (128 ) 12,774 (224 ) Total $ 11,604 $ (123 ) $ 16,823 $ (262 ) $ 28,427 $ (385 ) Total investment securities: December 31, 2014 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 Contractual maturities of securities at September 30, 2015 Total investment securities: September 30, 2015 Available for sale Held to maturity Cost Basis Fair Value Cost Basis Fair Value Within 1 year $ 1,000 $ 998 $ 1,000 $ 997 After 1 year but within 5 years 12,266 12,335 2,000 1,945 After 5 years but within 10 years 21,133 21,524 6,767 6,851 After 10 years but within 15 years 46,838 48,068 1,397 1,389 Over 15 years 30,824 31,727 9,197 9,589 Total $ 112,061 $ 114,652 $ 20,361 $ 20,771 |
Loans
Loans | 9 Months Ended |
Sep. 30, 2015 | |
Loans [Abstract] | |
Loans | 7. Loans The loan portfolio of the Company consists of the following (in thousands): September 30, 2015 December 31, 2014 Commercial $ 169,472 $ 139,126 Commercial loans secured by real estate 418,168 410,329 Real estate – mortgage 257,530 258,616 Consumer 20,130 19,009 Loans, net of unearned income $ 865,300 $ 827,080 Loan balances at September 30, 2015 and December 31, 2014 are net of unearned income of $ 590,000 554,000 3.4 3.5 |
Allowance for Loan Losses
Allowance for Loan Losses | 9 Months Ended |
Sep. 30, 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 and nine month periods ending September 30, 2015 and 2014 (in thousands). Three months ended September 30, 2015, Balance at Charge- Offs Recoveries Provision (Credit) Balance at September 30, 2015 Commercial $ 3,171 $ (35 ) $ 21 $ (47 ) $ 3,110 Commercial loans secured by real estate 4,140 (235 ) 3 113 4,021 Real estate-mortgage 1,321 (85 ) 98 58 1,392 Consumer 201 (18 ) 6 88 277 Allocation for general risk 884 - - 88 972 Total $ 9,717 $ (373 ) $ 128 $ 300 $ 9,772 Three months ended September 30, 2014, Balance at Charge- Offs Recoveries Provision (Credit) Balance at September 30, 2014 Commercial $ 3,254 $ - $ 6 $ 35 $ 3,295 Commercial loans secured by real estate 4,475 (506 ) 24 (78 ) 3,915 Real estate-mortgage 1,301 (103 ) 29 115 1,342 Consumer 145 (24 ) 6 24 151 Allocation for general risk 975 - - (96 ) 879 Total $ 10,150 $ (633 ) $ 65 $ - $ 9,582 Nine months ended September 30, 2015, Balance at Charge- Offs Recoveries Provision (Credit) Balance at September 30, 2015 Commercial $ 3,262 $ (156 ) $ 35 $ (31 ) $ 3,110 Commercial loans secured by real estate 3,902 (250 ) 54 315 4,021 Real estate-mortgage 1,310 (376 ) 153 305 1,392 Consumer 190 (81 ) 20 148 277 Allocation for general risk 959 - - 13 972 Total $ 9,623 $ (863 ) $ 262 $ 750 $ 9,772 Nine months ended September 30, 2014, Balance at Charge- Offs Recoveries Provision (Credit) Balance at September 30, 2014 Commercial $ 2,844 $ (72 ) $ 111 $ 412 $ 3,295 Commercial loans secured by real estate 4,885 (572 ) 196 (594 ) 3,915 Real estate-mortgage 1,260 (176 ) 54 204 1,342 Consumer 136 (82 ) 19 78 151 Allocation for general risk 979 - - (100 ) 879 Total $ 10,104 $ (902 ) $ 380 $ - $ 9,582 As a result of successful ongoing problem credit resolution efforts, including a reduction in classified loans, the Company achieved further asset quality improvements in 2015 and 2014, specifically in the commercial and commercial loans secured by real estate portfolios. There was no provision for loan losses in the first nine months of 2014, but the Company recorded a $ 750,000 The following tables summarize the loan portfolio and allowance for loan loss by the primary segments of the loan portfolio (in thousands). At September 30, 2015 Commercial Commercial Loans Secured by Real Estate Real Estate- Mortgage Consumer Allocation for General Risk Total Loans: Individually evaluated for impairment $ 473 $ 422 $ — $ 70 $ 965 Collectively evaluated for impairment 168,999 417,746 257,530 20,060 864,335 Total loans $ 169,472 $ 418,168 $ 257,530 $ 20,130 $ 865,300 Allowance for loan losses: Specific reserve allocation $ 195 $ 259 $ — $ 70 $ — $ 524 General reserve allocation 2,915 3,762 1,392 207 972 9,248 Total allowance for loan losses $ 3,110 $ 4,021 $ 1,392 $ 277 $ 972 $ 9,772 At December 31, 2014 Commercial Commercial Loans Secured by Real Estate Real Estate- Mortgage Consumer Allocation for General Risk Total 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 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). September 30, 2015 Impaired Loans with Specific Allowance Impaired Loans with no Specific Allowance Total Impaired Loans Recorded Investment Related Allowance Recorded Investment Recorded Investment Unpaid Principal Balance Commercial $ 473 $ 195 $ - $ 473 $ 476 Commercial loans secured by real estate 378 259 44 422 507 Consumer 70 70 - 70 70 Total impaired loans $ 921 $ 524 $ 44 $ 965 $ 1,053 December 31, 2014 Impaired Loans with Specific Allowance Impaired Loans with no Specific Allowance Total Impaired Loans Recorded Investment Related Allowance Recorded Investment Recorded Investment Unpaid 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 Nine months ended 2015 2014 2015 2014 Average loan balance: Commercial $ 347 $ - $ 189 $ - Commercial loans secured by real estate 966 1,897 1,583 2,012 Consumer 35 - 23 - Average investment in impaired loans $ 1,348 $ 1,897 $ 1,795 $ 2,012 Interest income recognized: Commercial $ 7 $ - $ 17 $ - Commercial loans secured by real estate 5 4 15 6 Consumer - - 1 - Interest income recognized on a cash basis on impaired loans $ 12 $ 4 $ 33 $ 6 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 50 55 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 $ 1,000,000 250,000 100,000 The following table presents the classes of the commercial and commercial real estate 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). September 30, 2015 Pass Special Mention Substandard Doubtful Total Commercial $ 166,822 $ 744 $ 1,778 $ 128 $ 169,472 Commercial loans secured by real estate 412,270 2,942 2,937 19 418,168 Total $ 579,092 $ 3,686 $ 4,715 $ 147 $ 587,640 December 31, 2014 Pass Special Mention Substandard Doubtful Total 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). September 30, 2015 Performing Non-Performing Real estate- mortgage $ 255,901 $ 1,629 Consumer 20,060 70 Total $ 275,961 $ 1,699 December 31, 2014 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). September 30, 2015 Current 30-59 Days Past 60-89 Days Past Due 90 Days Past Due Total Past Due Total Loans 90 Days Past Due and Still Accruing Commercial $ 168,872 $ 600 $ — $ — $ 600 $ 169,472 $ — Commercial loans secured by real estate 418,168 — — — — 418,168 — Real estate- mortgage 254,125 1,887 801 717 3,405 257,530 — Consumer 19,607 446 77 — 523 20,130 — Total $ 860,772 $ 2,933 $ 878 $ 717 $ 4,528 $ 865,300 $ — December 31, 2014 Current 30-59 Days Past Due 60-89 Days Past Due 90 Days Past Due Total Past Due Total Loans 90 Days 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. |
Non-performing Assets Including
Non-performing Assets Including Troubled Debt Restructurings (TDR) | 9 Months Ended |
Sep. 30, 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): September 30, 2015 December 31, 2014 Non-accrual loans Commercial $ 162 $ - Commercial loans secured by real estate 19 778 Real estate-mortgage 1,629 1,417 Total 1,810 2,195 Other real estate owned Commercial loans secured by real estate - 384 Real estate-mortgage 172 128 Total 172 512 TDR's not in non-accrual 312 210 Total non-performing assets including TDR $ 2,294 $ 2,917 Total non-performing assets as a percent of loans, net of unearned income, and other real estate owned 0.27 % 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 Nine months ended September 30, September 30, 2015 2014 2015 2014 Interest income due in accordance with original terms $ 25 $ 39 $ 73 $ 106 Interest income recorded - - - - Net reduction in interest income $ 25 $ 39 $ 73 $ 106 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 • 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 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 September 30, 2015 (dollars in thousands). Loans in accrual status # of Loans Current Balance Concession Granted Commercial loan 1 $ 162 Extension of maturity date The Company had no loans modified as TDRs during the third quarter of 2014. The following table details the loans modified as TDRs during the nine month period ended September 30, 2015 (dollars in thousands). Loans in accrual status # of Loans Current Balance Concession Granted Commercial loan 2 $ 366 Extension of maturity date The following table details the loans modified as TDRs during the nine month period ended September 30, 2014 (dollars in thousands). Loans in non-accrual status # of Loans Current Balance Concession Granted Commercial loan secured by real estate 1 $ 138 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 $ 524,000 503,000 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 six The Company had no loans that were classified as TDR's or were subsequently modified during each 12-month period prior to the current reporting periods, which begin January 1, 2015 and 2014 (nine month periods) and July 1, 2015 and 2014 (three month periods), respectively, and that 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 Borrowin
Federal Home Loan Bank Borrowings | 9 Months Ended |
Sep. 30, 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 September 30, 2015 Weighted Type Maturing Amount Average Rate Open Repo Plus Overnight $ 52,988 0.34 % Advances 2015 1,000 0.50 2016 12,000 0.81 2017 12,000 1.06 2018 12,000 1.48 2019 and over 11,000 1.72 Total advances 48,000 1.24 Total FHLB borrowings $ 100,988 0.77 % 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 | 9 Months Ended |
Sep. 30, 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 21 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. Since January 1, 2014, the dividend rate of the Series E Preferred Stock has been fixed at 1 9 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 We may redeem the Series E Preferred Stock at any time at our option, at a redemption price of 100 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 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 and nine months ended September 30, 2015 and 2014 (in thousands): Three months ended September 30, 2015 Three months ended September 30, 2014 Net Unrealized Gains and (Losses) on Investment Securities AFS (1) Defined Benefit Pension Items (1) Total(1) Net Unrealized Gains and (Losses) on Investment Securities AFS (1) Defined Benefit Pension Items (1) Total(1) Beginning balance $ 1,429 $ (7,897 ) $ (6,468 ) $ 1,950 $ (6,659 ) $ (4,709 ) Other comprehensive income (loss) before reclassifications 256 208 464 (463 ) - (463 ) Amounts reclassified from accumulated other comprehensive loss 24 - 24 - 527 527 Net current period other comprehensive income (loss) 280 208 488 (463 ) 527 64 Ending balance $ 1,709 $ (7,689 ) $ (5,980 ) $ 1,487 $ (6,132 ) $ (4,645 ) (1) Amounts in parentheses indicate debits on the Consolidated Balance Sheets. Nine months ended September 30, 2015 Nine months ended September 30, 2014 Net Unrealized Gains and (Losses) on Investment Securities AFS (1) Defined Benefit Pension Items (1) Total(1) Net Unrealized Gains and (Losses) on Investment Securities AFS (1) Defined Benefit Pension Items (1) Total(1) Beginning balance $ 1,843 $ (8,745 ) $ (6,902 ) $ 1,043 $ (6,918 ) $ (5,875 ) Other comprehensive income (loss) before reclassifications (139 ) 1,056 917 561 259 820 Amounts reclassified from accumulated other comprehensive loss 5 - 5 (117 ) 527 410 Net current period other comprehensive income (loss) (134 ) 1,056 922 444 786 1,230 Ending balance $ 1,709 $ (7,689 ) $ (5,980 ) $ 1,487 $ (6,132 ) $ (4,645 ) (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 and nine months ended September 30, 2015 and 2014 (in thousands): Amount reclassified from accumulated other comprehensive loss (1) Details about accumulated other comprehensive loss components For the three months ended September 30, 2015 For the three months ended September 30, 2014 Affected line item in the statement of operations Unrealized gains and losses on sale of securities $ 36 $ - Net realized gains on investment securities (12 ) - Provision for income tax expense $ 24 $ - Net of tax Total reclassifications for the period $ 24 $ - Net income (1) Amounts in parentheses indicate credits. Amount reclassified from accumulated other comprehensive loss (1) Details about accumulated other comprehensive loss components For the nine months ended September 30, 2015 For the nine months ended September 30, Affected line item in the statement Unrealized gains and losses on sale of securities $ 8 $ (177 ) Net realized gains on investment securities (3 ) 60 Provision for income tax expense $ 5 $ (117 ) 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 of tax Total reclassifications for the period $ 5 $ (114 ) 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 | 9 Months Ended |
Sep. 30, 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 September 30, 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 September 30, 2015, the Bank 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 Bank 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 7.87 At September 30, 2015 Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio Total Capital (To RWA) Consolidated $ 134,591 14.77 % $ 72,904 8.00 % $ 91,130 10.00 % AmeriServ Financial Bank 106,582 11.81 72,178 8.00 90,223 10.00 Common Equity Tier 1 Capital (To RWA) Consolidated 91,825 10.08 41,009 4.50 59,235 6.50 AmeriServ Financial Bank 95,906 10.63 40,600 4.50 58,645 6.50 Tier 1 Capital (To RWA) Consolidated 123,915 13.60 54,678 6.00 72,904 8.00 AmeriServ Financial Bank 95,906 10.63 54,134 6.00 72,178 8.00 Tier 1 Capital (To Average Assets) leverage Consolidated 123,915 11.40 43,473 4.00 54,342 5.00 AmeriServ Financial Bank 95,906 9.06 42,327 4.00 52,909 5.00 At December 31, 2014 Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio Total Capital (To RWA) Consolidated $ 131,497 14.80 % $ 71,066 8.00 % $ 88,833 10.00 % AmeriServ Financial Bank 106,084 12.07 70,305 8.00 87,881 10.00 Tier 1 Capital (To RWA) Consolidated 120,992 13.62 35,533 4.00 53,300 6.00 AmeriServ Financial Bank 95,579 10.88 35,153 4.00 52,729 6.00 Tier 1 Capital (To Average Assets) Consolidated 120,992 11.34 42,662 4.00 53,327 5.00 AmeriServ Financial Bank 95,579 9.19 41,608 4.00 52,010 5.00 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 | 9 Months Ended |
Sep. 30, 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 and 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 and nine months ended September 30, 2015 and 2014 were as follows (in thousands): Three months ended Nine months ended September 30, 2015 September 30, 2015 Total revenue Net income (loss) Total revenue Net income (loss) Total assets Retail banking $ 6,501 $ 723 $ 19,564 $ 2,125 $ 376,034 Commercial banking 4,945 1,553 14,318 4,178 599,796 Trust 2,177 391 6,574 1,167 5,260 Investment/Parent (573 ) (834 ) (2,268 ) (2,847 ) 129,753 Total $ 13,050 $ 1,833 $ 38,188 $ 4,623 $ 1,110,843 Three months ended Nine months ended December 31, September 30, 2014 September 30, 2014 2014 Total revenue Net income (loss) Total revenue Net income (loss) Total assets Retail banking $ 6,651 $ 706 $ 19,238 $ 1,671 $ 376,009 Commercial banking 4,279 1,141 12,691 3,267 563,690 Trust 1,907 (432 ) 6,062 232 5,015 Investment/Parent (841 ) (1,050 ) (1,916 ) (2,896 ) 144,549 Total $ 11,996 $ 365 $ 36,075 $ 2,274 $ 1,089,263 |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 9 Months Ended |
Sep. 30, 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 $ 193.6 188.0 7.6 7.2 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 | 9 Months Ended |
Sep. 30, 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 five 10 Three months ended Nine months ended September 30, September 30, 2015 2014 2015 2014 Components of net periodic benefit cost Service cost $ 400 $ 430 $ 1,200 $ 1,290 Interest cost 325 331 975 993 Expected return on plan assets (525 ) (498 ) (1,575 ) (1,494 ) Amortization of prior year service cost - (5 ) - (15 ) Recognized net actuarial loss 300 272 900 816 Net periodic pension cost $ 500 $ 530 $ 1,500 $ 1,590 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 Me
Disclosures about Fair Value Measurements | 9 Months Ended |
Sep. 30, 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 September 30, 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 September 30, 2015 Using Total (Level 1) (Level 2) (Level 3) US Agency securities $ 2,900 $ - $ 2,900 $ - US Agency mortgage-backed securities 94,342 - 94,342 - Corporate bonds 17,410 - 17,410 - 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 September 30, 2015, impaired loans with a carrying value of $ 965,000 524,000 441,000 989,000 520,000 469,000 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 September 30, 2015 Using Total (Level 1) (Level 2) (Level 3) Impaired loans $ 441 $ - $ - $ 441 Other real estate owned 172 - - 172 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 September 30, 2015 Quantitative Information About Level 3 Fair Value Measurements Fair Value Valuation Techniques Unobservable Input Range(Wgtd Ave) Impaired loans $ 441 Appraisal of collateral Appraisal adjustments(2) 0 35 30 1 15 10 Other real estate owned 172 Appraisal of collateral Appraisal adjustments(2) 0 48 38 1 20 10 December 31, 2014 Quantitative Information About Level 3 Fair Value Measurements Fair Value Valuation Techniques Unobservable Input Range(Wgtd Ave) Impaired loans $ 469 Appraisal of collateral Appraisal adjustments(2) 0 37 30 1 15 10 Other real estate owned 512 Appraisal of collateral Appraisal adjustments(2) 47 83 55 1 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 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 September 30, 2015 and December 31, 2014, were as follows (in thousands): September 30, 2015 Carrying Value Fair Value (Level 1) (Level 2) (Level 3) FINANCIAL ASSETS: Cash and cash equivalents $ 31,748 $ 31,748 $ 31,748 $ - $ - Investment securities - AFS 114,652 114,652 - 114,652 - Investment securities – HTM 20,361 20,771 - 17,829 2,942 Regulatory stock 6,786 6,786 6,786 - - Loans held for sale 2,913 2,983 2,983 - - Loans, net of allowance for loan loss and unearned income 855,528 857,049 - - 857,049 Accrued interest income receivable 3,315 3,315 3,315 - - Bank owned life insurance 37,266 37,266 37,266 - - FINANCIAL LIABILITIES: Deposits with no stated maturities $ 591,286 $ 591,286 $ 591,286 $ - $ - Deposits with stated maturities 278,613 281,283 - - 281,283 Short-term borrowings 52,988 52,988 52,988 - - All other borrowings 61,085 65,142 - - 65,142 Accrued interest payable 1,601 1,601 1,601 - - December 31, 2014 Carrying Value Fair Value (Level 1) (Level 2) (Level 3) 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 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) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Common Share [Abstract] | |
Summary of Earnings Per Common Share | Three months ended Nine months ended 2015 2014 2015 2014 (In thousands, except per share data) Numerator: Net income $ 1,833 $ 365 $ 4,623 $ 2,274 Preferred stock dividends (52 ) (53 ) (157 ) (158 ) Net income available to common shareholders $ 1,781 $ 312 $ 4,466 $ 2,116 Denominator: Weighted average common shares outstanding (basic) 18,869 18,795 18,860 18,792 Effect of stock options 82 113 68 124 Weighted average common shares outstanding (diluted) 18,951 18,908 18,928 18,916 Earnings per common share Basic $ 0.09 $ 0.02 $ 0.24 $ 0.11 Diluted 0.09 0.02 0.24 0.11 |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Investment Securities [Abstract] | |
Schedule of Cost Basis and Fair Values of Investment Securities | Investment securities available for sale (AFS): September 30, 2015 Gross Gross Cost Unrealized Unrealized Fair Basis Gains Losses Value US Agency $ 2,900 $ 1 $ (1 ) $ 2,900 US Agency mortgage- backed securities 91,656 2,830 (144 ) 94,342 Corporate bonds 17,505 71 (166 ) 17,410 Total $ 112,061 $ 2,902 $ (311 ) $ 114,652 Investment securities held to maturity (HTM): September 30, 2015 Gross Gross Cost Unrealized Unrealized Fair Basis Gains Losses Value US Agency mortgage- backed securities $ 11,208 $ 374 $ (4 ) $ 11,578 Taxable municipal 4,153 93 (12 ) 4,234 Corporate bonds and other securities 5,000 17 (58 ) 4,959 Total $ 20,361 $ 484 $ (74 ) $ 20,771 Investment securities available for sale (AFS): December 31, 2014 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): December 31, 2014 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: September 30, 2015 Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses US Agency $ - $ - $ 399 $ (1 ) $ 399 $ (1 ) Taxable municipal 1,379 (12 ) - - 1,379 (12 ) US Agency mortgage- backed securities 4,321 (15 ) 9,554 (133 ) 13,875 (148 ) Corporate bonds and other securities 5,904 (96 ) 6,870 (128 ) 12,774 (224 ) Total $ 11,604 $ (123 ) $ 16,823 $ (262 ) $ 28,427 $ (385 ) Total investment securities: December 31, 2014 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 | September 30, 2015 Available for sale Held to maturity Cost Basis Fair Value Cost Basis Fair Value Within 1 year $ 1,000 $ 998 $ 1,000 $ 997 After 1 year but within 5 years 12,266 12,335 2,000 1,945 After 5 years but within 10 years 21,133 21,524 6,767 6,851 After 10 years but within 15 years 46,838 48,068 1,397 1,389 Over 15 years 30,824 31,727 9,197 9,589 Total $ 112,061 $ 114,652 $ 20,361 $ 20,771 |
Loans (Tables)
Loans (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Loans [Abstract] | |
Summary of Loan Portfolio | September 30, 2015 December 31, 2014 Commercial $ 169,472 $ 139,126 Commercial loans secured by real estate 418,168 410,329 Real estate – mortgage 257,530 258,616 Consumer 20,130 19,009 Loans, net of unearned income $ 865,300 $ 827,080 |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Allowance for Loan Losses [Abstract] | |
Rollforward of the Allowance for Loan Losses by Portfolio Segment | Three months ended September 30, 2015, Balance at Charge- Offs Recoveries Provision (Credit) Balance at September 30, 2015 Commercial $ 3,171 $ (35 ) $ 21 $ (47 ) $ 3,110 Commercial loans secured by real estate 4,140 (235 ) 3 113 4,021 Real estate-mortgage 1,321 (85 ) 98 58 1,392 Consumer 201 (18 ) 6 88 277 Allocation for general risk 884 - - 88 972 Total $ 9,717 $ (373 ) $ 128 $ 300 $ 9,772 Three months ended September 30, 2014, Balance at Charge- Offs Recoveries Provision (Credit) Balance at September 30, 2014 Commercial $ 3,254 $ - $ 6 $ 35 $ 3,295 Commercial loans secured by real estate 4,475 (506 ) 24 (78 ) 3,915 Real estate-mortgage 1,301 (103 ) 29 115 1,342 Consumer 145 (24 ) 6 24 151 Allocation for general risk 975 - - (96 ) 879 Total $ 10,150 $ (633 ) $ 65 $ - $ 9,582 Nine months ended September 30, 2015, Balance at Charge- Offs Recoveries Provision (Credit) Balance at September 30, 2015 Commercial $ 3,262 $ (156 ) $ 35 $ (31 ) $ 3,110 Commercial loans secured by real estate 3,902 (250 ) 54 315 4,021 Real estate-mortgage 1,310 (376 ) 153 305 1,392 Consumer 190 (81 ) 20 148 277 Allocation for general risk 959 - - 13 972 Total $ 9,623 $ (863 ) $ 262 $ 750 $ 9,772 Nine months ended September 30, 2014, Balance at Charge- Offs Recoveries Provision (Credit) Balance at September 30, 2014 Commercial $ 2,844 $ (72 ) $ 111 $ 412 $ 3,295 Commercial loans secured by real estate 4,885 (572 ) 196 (594 ) 3,915 Real estate-mortgage 1,260 (176 ) 54 204 1,342 Consumer 136 (82 ) 19 78 151 Allocation for general risk 979 - - (100 ) 879 Total $ 10,104 $ (902 ) $ 380 $ - $ 9,582 |
Summary of Primary Segments of Loan Portfolio | At September 30, 2015 Commercial Commercial Loans Secured by Real Estate Real Estate- Mortgage Consumer Allocation for General Risk Total Loans: Individually evaluated for impairment $ 473 $ 422 $ — $ 70 $ 965 Collectively evaluated for impairment 168,999 417,746 257,530 20,060 864,335 Total loans $ 169,472 $ 418,168 $ 257,530 $ 20,130 $ 865,300 Allowance for loan losses: Specific reserve allocation $ 195 $ 259 $ — $ 70 $ — $ 524 General reserve allocation 2,915 3,762 1,392 207 972 9,248 Total allowance for loan losses $ 3,110 $ 4,021 $ 1,392 $ 277 $ 972 $ 9,772 At December 31, 2014 Commercial Commercial Loans Secured by Real Estate Real Estate- Mortgage Consumer Allocation for General Risk Total 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 | September 30, 2015 Impaired Loans with Specific Allowance Impaired Loans with no Specific Allowance Total Impaired Loans Recorded Investment Related Allowance Recorded Investment Recorded Investment Unpaid Principal Balance Commercial $ 473 $ 195 $ - $ 473 $ 476 Commercial loans secured by real estate 378 259 44 422 507 Consumer 70 70 - 70 70 Total impaired loans $ 921 $ 524 $ 44 $ 965 $ 1,053 December 31, 2014 Impaired Loans with Specific Allowance Impaired Loans with no Specific Allowance Total Impaired Loans Recorded Investment Related Allowance Recorded Investment Recorded Investment Unpaid 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 Nine months ended 2015 2014 2015 2014 Average loan balance: Commercial $ 347 $ - $ 189 $ - Commercial loans secured by real estate 966 1,897 1,583 2,012 Consumer 35 - 23 - Average investment in impaired loans $ 1,348 $ 1,897 $ 1,795 $ 2,012 Interest income recognized: Commercial $ 7 $ - $ 17 $ - Commercial loans secured by real estate 5 4 15 6 Consumer - - 1 - Interest income recognized on a cash basis on impaired loans $ 12 $ 4 $ 33 $ 6 |
Loan Portfolio Summarized by Categories | September 30, 2015 Pass Special Mention Substandard Doubtful Total Commercial $ 166,822 $ 744 $ 1,778 $ 128 $ 169,472 Commercial loans secured by real estate 412,270 2,942 2,937 19 418,168 Total $ 579,092 $ 3,686 $ 4,715 $ 147 $ 587,640 December 31, 2014 Pass Special Mention Substandard Doubtful Total 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 | September 30, 2015 Performing Non-Performing Real estate- mortgage $ 255,901 $ 1,629 Consumer 20,060 70 Total $ 275,961 $ 1,699 December 31, 2014 Performing Non-Performing Real estate- mortgage $ 257,199 $ 1,417 Consumer 19,009 - Total $ 276,208 $ 1,417 |
Classes of Loan Portfolio by Categories | September 30, 2015 Current 30-59 Days Past 60-89 Days Past Due 90 Days Past Due Total Past Due Total Loans 90 Days Past Due and Still Accruing Commercial $ 168,872 $ 600 $ — $ — $ 600 $ 169,472 $ — Commercial loans secured by real estate 418,168 — — — — 418,168 — Real estate- mortgage 254,125 1,887 801 717 3,405 257,530 — Consumer 19,607 446 77 — 523 20,130 — Total $ 860,772 $ 2,933 $ 878 $ 717 $ 4,528 $ 865,300 $ — December 31, 2014 Current 30-59 Days Past Due 60-89 Days Past Due 90 Days Past Due Total Past Due Total Loans 90 Days 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 $ — |
Non-performing Assets Includi28
Non-performing Assets Including Troubled Debt Restructurings (TDR) (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Nonperforming Assets Including Troubled Debt Restructurings [Abstract] | |
Non-performing Assets Including TDR | September 30, 2015 December 31, 2014 Non-accrual loans Commercial $ 162 $ - Commercial loans secured by real estate 19 778 Real estate-mortgage 1,629 1,417 Total 1,810 2,195 Other real estate owned Commercial loans secured by real estate - 384 Real estate-mortgage 172 128 Total 172 512 TDR's not in non-accrual 312 210 Total non-performing assets including TDR $ 2,294 $ 2,917 Total non-performing assets as a percent of loans, net of unearned income, and other real estate owned 0.27 % 0.35 % |
Schedule of Interest Income | Three months ended Nine months ended September 30, September 30, 2015 2014 2015 2014 Interest income due in accordance with original terms $ 25 $ 39 $ 73 $ 106 Interest income recorded - - - - Net reduction in interest income $ 25 $ 39 $ 73 $ 106 |
Schedule of TDRs | The following table details the loans modified as TDRs during the three month period ended September 30, 2015 (dollars in thousands). Loans in accrual status # of Loans Current Balance Concession Granted Commercial loan 1 $ 162 Extension of maturity date The Company had no loans modified as TDRs during the third quarter of 2014. The following table details the loans modified as TDRs during the nine month period ended September 30, 2015 (dollars in thousands). Loans in accrual status # of Loans Current Balance Concession Granted Commercial loan 2 $ 366 Extension of maturity date The following table details the loans modified as TDRs during the nine month period ended September 30, 2014 (dollars in thousands). Loans in non-accrual status # of Loans Current Balance Concession Granted Commercial loan secured by real estate 1 $ 138 Extension of maturity date |
Federal Home Loan Bank Borrow29
Federal Home Loan Bank Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Federal Home Loan Bank Borrowings [Abstract] | |
Federal Home Loan Bank (FHLB) Borrowings and Advances | At September 30, 2015 Weighted Type Maturing Amount Average Rate Open Repo Plus Overnight $ 52,988 0.34 % Advances 2015 1,000 0.50 2016 12,000 0.81 2017 12,000 1.06 2018 12,000 1.48 2019 and over 11,000 1.72 Total advances 48,000 1.24 Total FHLB borrowings $ 100,988 0.77 % 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 % |
Accumulated Other Comprehensi30
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Accumulated Comprehensive Loss [Abstract] | |
Changes in Each Component of Accumulated Other Comprehensive Loss | Three months ended September 30, 2015 Three months ended September 30, 2014 Net Unrealized Gains and (Losses) on Investment Securities AFS (1) Defined Benefit Pension Items (1) Total(1) Net Unrealized Gains and (Losses) on Investment Securities AFS (1) Defined Benefit Pension Items (1) Total(1) Beginning balance $ 1,429 $ (7,897 ) $ (6,468 ) $ 1,950 $ (6,659 ) $ (4,709 ) Other comprehensive income (loss) before reclassifications 256 208 464 (463 ) - (463 ) Amounts reclassified from accumulated other comprehensive loss 24 - 24 - 527 527 Net current period other comprehensive income (loss) 280 208 488 (463 ) 527 64 Ending balance $ 1,709 $ (7,689 ) $ (5,980 ) $ 1,487 $ (6,132 ) $ (4,645 ) (1) Amounts in parentheses indicate debits on the Consolidated Balance Sheets. Nine months ended September 30, 2015 Nine months ended September 30, 2014 Net Unrealized Gains and (Losses) on Investment Securities AFS (1) Defined Benefit Pension Items (1) Total(1) Net Unrealized Gains and (Losses) on Investment Securities AFS (1) Defined Benefit Pension Items (1) Total(1) Beginning balance $ 1,843 $ (8,745 ) $ (6,902 ) $ 1,043 $ (6,918 ) $ (5,875 ) Other comprehensive income (loss) before reclassifications (139 ) 1,056 917 561 259 820 Amounts reclassified from accumulated other comprehensive loss 5 - 5 (117 ) 527 410 Net current period other comprehensive income (loss) (134 ) 1,056 922 444 786 1,230 Ending balance $ 1,709 $ (7,689 ) $ (5,980 ) $ 1,487 $ (6,132 ) $ (4,645 ) (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 comprehensive loss components For the three months ended September 30, 2015 For the three months ended September 30, 2014 Affected line item in the statement of operations Unrealized gains and losses on sale of securities $ 36 $ - Net realized gains on investment securities (12 ) - Provision for income tax expense $ 24 $ - Net of tax Total reclassifications for the period $ 24 $ - Net income (1) Amounts in parentheses indicate credits. Amount reclassified from accumulated other comprehensive loss (1) Details about accumulated other comprehensive loss components For the nine months ended September 30, 2015 For the nine months ended September 30, Affected line item in the statement Unrealized gains and losses on sale of securities $ 8 $ (177 ) Net realized gains on investment securities (3 ) 60 Provision for income tax expense $ 5 $ (117 ) 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 of tax Total reclassifications for the period $ 5 $ (114 ) 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) | 9 Months Ended |
Sep. 30, 2015 | |
Regulatory Capital [Abstract] | |
Summarized Regulatory Capital Ratio | At September 30, 2015 Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio Total Capital (To RWA) Consolidated $ 134,591 14.77 % $ 72,904 8.00 % $ 91,130 10.00 % AmeriServ Financial Bank 106,582 11.81 72,178 8.00 90,223 10.00 Common Equity Tier 1 Capital (To RWA) Consolidated 91,825 10.08 41,009 4.50 59,235 6.50 AmeriServ Financial Bank 95,906 10.63 40,600 4.50 58,645 6.50 Tier 1 Capital (To RWA) Consolidated 123,915 13.60 54,678 6.00 72,904 8.00 AmeriServ Financial Bank 95,906 10.63 54,134 6.00 72,178 8.00 Tier 1 Capital (To Average Assets) leverage Consolidated 123,915 11.40 43,473 4.00 54,342 5.00 AmeriServ Financial Bank 95,906 9.06 42,327 4.00 52,909 5.00 At December 31, 2014 Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio Total Capital (To RWA) Consolidated $ 131,497 14.80 % $ 71,066 8.00 % $ 88,833 10.00 % AmeriServ Financial Bank 106,084 12.07 70,305 8.00 87,881 10.00 Tier 1 Capital (To RWA) Consolidated 120,992 13.62 35,533 4.00 53,300 6.00 AmeriServ Financial Bank 95,579 10.88 35,153 4.00 52,729 6.00 Tier 1 Capital (To Average Assets) Consolidated 120,992 11.34 42,662 4.00 53,327 5.00 AmeriServ Financial Bank 95,579 9.19 41,608 4.00 52,010 5.00 |
Segment Results (Tables)
Segment Results (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Segment Results [Abstract] | |
Schedule of Segment Results | Three months ended Nine months ended September 30, 2015 September 30, 2015 Total revenue Net income (loss) Total revenue Net income (loss) Total assets Retail banking $ 6,501 $ 723 $ 19,564 $ 2,125 $ 376,034 Commercial banking 4,945 1,553 14,318 4,178 599,796 Trust 2,177 391 6,574 1,167 5,260 Investment/Parent (573 ) (834 ) (2,268 ) (2,847 ) 129,753 Total $ 13,050 $ 1,833 $ 38,188 $ 4,623 $ 1,110,843 Three months ended Nine months ended December 31, September 30, 2014 September 30, 2014 2014 Total revenue Net income (loss) Total revenue Net income (loss) Total assets Retail banking $ 6,651 $ 706 $ 19,238 $ 1,671 $ 376,009 Commercial banking 4,279 1,141 12,691 3,267 563,690 Trust 1,907 (432 ) 6,062 232 5,015 Investment/Parent (841 ) (1,050 ) (1,916 ) (2,896 ) 144,549 Total $ 11,996 $ 365 $ 36,075 $ 2,274 $ 1,089,263 |
Pension Benefits (Tables)
Pension Benefits (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Pension Benefits [Abstract] | |
Schedule of Components of Net Periodic Benefit Cost | Three months ended Nine months ended September 30, September 30, 2015 2014 2015 2014 Components of net periodic benefit cost Service cost $ 400 $ 430 $ 1,200 $ 1,290 Interest cost 325 331 975 993 Expected return on plan assets (525 ) (498 ) (1,575 ) (1,494 ) Amortization of prior year service cost - (5 ) - (15 ) Recognized net actuarial loss 300 272 900 816 Net periodic pension cost $ 500 $ 530 $ 1,500 $ 1,590 |
Disclosures about Fair Value 34
Disclosures about Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Disclosures about Fair Value Measurements [Abstract] | |
Schedule of Assets and Liabilities Measured on Recurring Basis | Fair Value Measurements at September 30, 2015 Using Total (Level 1) (Level 2) (Level 3) US Agency securities $ 2,900 $ - $ 2,900 $ - US Agency mortgage-backed securities 94,342 - 94,342 - Corporate bonds 17,410 - 17,410 - 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 September 30, 2015 Using Total (Level 1) (Level 2) (Level 3) Impaired loans $ 441 $ - $ - $ 441 Other real estate owned 172 - - 172 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 September 30, 2015 Quantitative Information About Level 3 Fair Value Measurements Fair Value Valuation Techniques Unobservable Input Range(Wgtd Ave) Impaired loans $ 441 Appraisal of collateral Appraisal adjustments(2) 0 35 30 1 15 10 Other real estate owned 172 Appraisal of collateral Appraisal adjustments(2) 0 48 38 1 20 10 December 31, 2014 Quantitative Information About Level 3 Fair Value Measurements Fair Value Valuation Techniques Unobservable Input Range(Wgtd Ave) Impaired loans $ 469 Appraisal of collateral Appraisal adjustments(2) 0 37 30 1 15 10 Other real estate owned 512 Appraisal of collateral Appraisal adjustments(2) 47 83 55 1 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 | September 30, 2015 Carrying Value Fair Value (Level 1) (Level 2) (Level 3) FINANCIAL ASSETS: Cash and cash equivalents $ 31,748 $ 31,748 $ 31,748 $ - $ - Investment securities - AFS 114,652 114,652 - 114,652 - Investment securities – HTM 20,361 20,771 - 17,829 2,942 Regulatory stock 6,786 6,786 6,786 - - Loans held for sale 2,913 2,983 2,983 - - Loans, net of allowance for loan loss and unearned income 855,528 857,049 - - 857,049 Accrued interest income receivable 3,315 3,315 3,315 - - Bank owned life insurance 37,266 37,266 37,266 - - FINANCIAL LIABILITIES: Deposits with no stated maturities $ 591,286 $ 591,286 $ 591,286 $ - $ - Deposits with stated maturities 278,613 281,283 - - 281,283 Short-term borrowings 52,988 52,988 52,988 - - All other borrowings 61,085 65,142 - - 65,142 Accrued interest payable 1,601 1,601 1,601 - - December 31, 2014 Carrying Value Fair Value (Level 1) (Level 2) (Level 3) 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) $ in Billions | Sep. 30, 2015USD ($) |
Principles of Consolidation [Abstract] | |
Number of locations | 17 |
Trust and financial services and administers assets | $ 1.9 |
Earnings Per Common Share (Summ
Earnings Per Common Share (Summary of Earnings Per Common Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Numerator: | ||||
Net income | $ 1,833 | $ 365 | $ 4,623 | $ 2,274 |
Preferred stock dividends | (52) | (53) | (157) | (158) |
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS | $ 1,781 | $ 312 | $ 4,466 | $ 2,116 |
Denominator: | ||||
Weighted average common shares outstanding (basic) | 18,869 | 18,795 | 18,860 | 18,792 |
Effect of stock options | 82 | 113 | 68 | 124 |
Weighted average common shares outstanding (diluted) | 18,951 | 18,908 | 18,928 | 18,916 |
Earnings per common share: | ||||
Basic | $ 0.09 | $ 0.02 | $ 0.24 | $ 0.11 |
Diluted | $ 0.09 | $ 0.02 | $ 0.24 | $ 0.11 |
Earnings Per Common Share (Narr
Earnings Per Common Share (Narrative) (Details) - Options [Member] - $ / shares | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Shares not included in computation of earnings per common share | 74,304 | 3,625 |
Minimum [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Exercise price of common shares | $ 3.20 | $ 4.60 |
Maximum [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Exercise price of common shares | $ 4.70 | $ 5.22 |
Consolidated Statement of Cas38
Consolidated Statement of Cash Flows (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
CONSOLIDATED STATEMENTS OF CASH FLOWS [Abstract] | ||
Income tax payments | $ 1,100,000 | $ 1,100,000 |
Total interest payments | 4,935,000 | 4,958,000 |
Non-cash transfers to other real estate owned | $ 165,000 | $ 455,000 |
Investment Securities (Summary
Investment Securities (Summary of Cost Basis and Fair Values of Investment Securities) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Available-For-Sale-Securities-And-Held-To-Maturity-Securities | ||
Investment securities available for sale, Cost Basis | $ 112,061 | $ 124,316 |
Investment securities available for sale, Gross Unrealized Gains | 2,902 | 3,279 |
Investment securities available for sale, Gross Unrealized Losses | (311) | (485) |
Available for Sale, Fair Value, Total | 114,652 | 127,110 |
Investment securities held to maturity, Cost Basis | 20,361 | 19,840 |
Investment securities held to maturity, Gross Unrealized Gains | 484 | 475 |
Investment securities held to maturity, Gross Unrealized Losses | (74) | (102) |
Held to Maturity, Fair Value, Total | 20,771 | 20,213 |
U.S. Agency [Member] | ||
Available-For-Sale-Securities-And-Held-To-Maturity-Securities | ||
Investment securities available for sale, Cost Basis | 2,900 | 5,931 |
Investment securities available for sale, Gross Unrealized Gains | 1 | 21 |
Investment securities available for sale, Gross Unrealized Losses | (1) | (46) |
Available for Sale, Fair Value, Total | 2,900 | 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 | 91,656 | 102,888 |
Investment securities available for sale, Gross Unrealized Gains | 2,830 | 3,197 |
Investment securities available for sale, Gross Unrealized Losses | (144) | (317) |
Available for Sale, Fair Value, Total | 94,342 | 105,768 |
Investment securities held to maturity, Cost Basis | 11,208 | 12,481 |
Investment securities held to maturity, Gross Unrealized Gains | 374 | 395 |
Investment securities held to maturity, Gross Unrealized Losses | (4) | (50) |
Held to Maturity, Fair Value, Total | 11,578 | 12,826 |
Corporate bonds [Member] | ||
Available-For-Sale-Securities-And-Held-To-Maturity-Securities | ||
Investment securities available for sale, Cost Basis | 17,505 | 15,497 |
Investment securities available for sale, Gross Unrealized Gains | 71 | 61 |
Investment securities available for sale, Gross Unrealized Losses | (166) | (122) |
Available for Sale, Fair Value, Total | 17,410 | 15,436 |
Taxable Municipal [Member] | ||
Available-For-Sale-Securities-And-Held-To-Maturity-Securities | ||
Investment securities held to maturity, Cost Basis | 4,153 | 3,364 |
Investment securities held to maturity, Gross Unrealized Gains | 93 | 74 |
Investment securities held to maturity, Gross Unrealized Losses | (12) | (24) |
Held to Maturity, Fair Value, Total | 4,234 | 3,414 |
Corporate bonds and other securities [Member] | ||
Available-For-Sale-Securities-And-Held-To-Maturity-Securities | ||
Investment securities held to maturity, Cost Basis | 5,000 | 3,995 |
Investment securities held to maturity, Gross Unrealized Gains | 17 | 6 |
Investment securities held to maturity, Gross Unrealized Losses | (58) | (28) |
Held to Maturity, Fair Value, Total | $ 4,959 | $ 3,973 |
Investment Securities (Informat
Investment Securities (Information Concerning Investments with Unrealized Losses) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Information concerning investments with unrealized losses | ||
Less than 12 months, Fair Value | $ 11,604 | $ 6,932 |
Less than 12 months, Unrealized Losses | (123) | (61) |
12 months or longer, Fair Value | 16,823 | 33,145 |
12 months or longer, Unrealized Losses | (262) | (526) |
Total, Fair Value | 28,427 | 40,077 |
Total, Unrealized Losses | $ (385) | (587) |
U.S. Agency [Member] | ||
Information concerning investments with unrealized losses | ||
Less than 12 months, Fair Value | 996 | |
Less than 12 months, Unrealized Losses | (4) | |
12 months or longer, Fair Value | $ 399 | 2,858 |
12 months or longer, Unrealized Losses | (1) | (42) |
Total, Fair Value | 399 | 3,854 |
Total, Unrealized Losses | (1) | (46) |
U.S. Agency mortgage-backed securities [Member] | ||
Information concerning investments with unrealized losses | ||
Less than 12 months, Fair Value | 4,321 | 2,826 |
Less than 12 months, Unrealized Losses | (15) | (13) |
12 months or longer, Fair Value | 9,554 | 20,408 |
12 months or longer, Unrealized Losses | (133) | (354) |
Total, Fair Value | 13,875 | 23,234 |
Total, Unrealized Losses | (148) | (367) |
Taxable Municipal [Member] | ||
Information concerning investments with unrealized losses | ||
Less than 12 months, Fair Value | 1,379 | 150 |
Less than 12 months, Unrealized Losses | $ (12) | (1) |
12 months or longer, Fair Value | 988 | |
12 months or longer, Unrealized Losses | (23) | |
Total, Fair Value | $ 1,379 | 1,138 |
Total, Unrealized Losses | (12) | (24) |
Corporate bonds and other securities [Member] | ||
Information concerning investments with unrealized losses | ||
Less than 12 months, Fair Value | 5,904 | 2,960 |
Less than 12 months, Unrealized Losses | (96) | (43) |
12 months or longer, Fair Value | 6,870 | 8,891 |
12 months or longer, Unrealized Losses | (128) | (107) |
Total, Fair Value | 12,774 | 11,851 |
Total, Unrealized Losses | $ (224) | $ (150) |
Investment Securities (Contract
Investment Securities (Contractual Maturities of Securities) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Contractual maturities of securities | ||
Available for Sale, Cost Basis, Within 1 year | $ 1,000 | |
Available for Sale, Cost Basis, After 1 year but within 5 years | 12,266 | |
Available for Sale, Cost Basis, After 5 years but within 10 years | 21,133 | |
Available for Sale, Cost Basis, After 10 years but within15 years | 46,838 | |
Available for Sale, Cost Basis, Over 15 years | 30,824 | |
Available for Sale, Cost Basis, Total | 112,061 | |
Available for Sale, Fair Value, Within 1 year | 998 | |
Available for Sale, Fair Value, After 1 year but within 5 years | 12,335 | |
Available for Sale, Fair Value, After 5 years but within 10 years | 21,524 | |
Available for Sale, Fair Value, After 10 years but within15 years | 48,068 | |
Available for Sale, Fair Value, Over 15 years | 31,727 | |
Available for Sale, Fair Value, Total | 114,652 | $ 127,110 |
Held to Maturity, Cost Basis, Within 1 year | 1,000 | |
Held to Maturity, Cost Basis, After 1 year but within 5 years | 2,000 | |
Held to Maturity, Cost Basis, After 5 years but within 10 years | 6,767 | |
Held to Maturity, Cost Basis, After 10 years but within 15 years | 1,397 | |
Held to Maturity, Cost Basis, Over 15 years | 9,197 | |
Held to Maturity, Cost Basis, Total | 20,361 | 19,840 |
Held to Maturity, Fair Value, Within 1 year | 997 | |
Held to Maturity, Fair Value, After 1 year but within 5 years | 1,945 | |
Held to Maturity, Fair Value, After 5 years but within 10 years | 6,851 | |
Held to Maturity, Fair Value, After 10 years but within 15 years | 1,389 | |
Held to Maturity, Fair Value, Over 15 years | 9,589 | |
Held to Maturity, Fair Value, Total | $ 20,771 | $ 20,213 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Investment [Line Items] | ||||
Gross investment gains | $ 28,000 | $ 182,000 | ||
Gross investment losses | $ 36,000 | $ 36,000 | 5,000 | |
Investment Securities: | ||||
Consolidated investment securities portfolio modified, years | 2 years 7 months 28 days | |||
Proceeds from sales of investment securities - available for sale | 1,900,000 | $ 2,379,000 | $ 5,242,000 | |
Book value of securities available for sale and held to maturity | $ 103,478,000 | $ 103,478,000 | $ 104,780,000 | |
Standard & Poor's, AAA Rating [Member] | ||||
Investment [Line Items] | ||||
Portfolio rated | 79.90% | 79.90% | 84.10% | |
Standard & Poor's, A Rating [Member] | ||||
Investment [Line Items] | ||||
Portfolio rated | 5.70% | 5.70% |
Loans (Summary of Loan Portfoli
Loans (Summary of Loan Portfolio) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | $ 865,300 | $ 827,080 |
Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 169,472 | 139,126 |
Commercial loans secured by real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 418,168 | 410,329 |
Real estate-mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 257,530 | 258,616 |
Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | $ 20,130 | $ 19,009 |
Loans (Narative) (Details)
Loans (Narative) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Impaired [Line Items] | ||
Real estate-construction loans, percentage | 3.40% | 3.50% |
Loan balances net of unearned income | $ 590 | $ 554 |
Allowance for Loan Losses (Roll
Allowance for Loan Losses (Rollforward of the Allowance for Loan Losses by Portfolio Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Balance at beginning of period | $ 9,717 | $ 10,150 | $ 9,623 | $ 10,104 |
Charge-offs | (373) | (633) | (863) | (902) |
Recoveries | 128 | $ 65 | 262 | 380 |
Provision (Credit) | 300 | 750 | ||
Balance at end of period | 9,772 | $ 9,582 | 9,772 | 9,582 |
Commercial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Balance at beginning of period | 3,171 | $ 3,254 | 3,262 | 2,844 |
Charge-offs | (35) | (156) | (72) | |
Recoveries | 21 | $ 6 | 35 | 111 |
Provision (Credit) | (47) | 35 | (31) | 412 |
Balance at end of period | 3,110 | 3,295 | 3,110 | 3,295 |
Commercial loans secured by real estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Balance at beginning of period | 4,140 | 4,475 | 3,902 | 4,885 |
Charge-offs | (235) | (506) | (250) | (572) |
Recoveries | 3 | 24 | 54 | 196 |
Provision (Credit) | 113 | (78) | 315 | (594) |
Balance at end of period | 4,021 | 3,915 | 4,021 | 3,915 |
Real estate-mortgage [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Balance at beginning of period | 1,321 | 1,301 | 1,310 | 1,260 |
Charge-offs | (85) | (103) | (376) | (176) |
Recoveries | 98 | 29 | 153 | 54 |
Provision (Credit) | 58 | 115 | 305 | 204 |
Balance at end of period | 1,392 | 1,342 | 1,392 | 1,342 |
Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Balance at beginning of period | 201 | 145 | 190 | 136 |
Charge-offs | (18) | (24) | (81) | (82) |
Recoveries | 6 | 6 | 20 | 19 |
Provision (Credit) | 88 | 24 | 148 | 78 |
Balance at end of period | 277 | 151 | 277 | 151 |
Allocation for general risk [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Balance at beginning of period | $ 884 | $ 975 | $ 959 | $ 979 |
Charge-offs | ||||
Recoveries | ||||
Provision (Credit) | $ 88 | $ (96) | $ 13 | $ (100) |
Balance at end of period | $ 972 | $ 879 | $ 972 | $ 879 |
Allowance for Loan Losses (Summ
Allowance for Loan Losses (Summary of Primary Segments of Loan Portfolio) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Individually evaluated for impairment | $ 965 | $ 989 | ||||
Collectively evaluated for impairment | 864,335 | 826,091 | ||||
Total Loans | 865,300 | 827,080 | ||||
Specific reserve allocation | 524 | 520 | ||||
General reserve allocation | 9,248 | 9,103 | ||||
Total allowance for loan losses | 9,772 | $ 9,717 | $ 9,623 | $ 9,582 | $ 10,150 | $ 10,104 |
Commercial [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Individually evaluated for impairment | 473 | |||||
Collectively evaluated for impairment | 168,999 | $ 139,126 | ||||
Total Loans | 169,472 | $ 139,126 | ||||
Specific reserve allocation | 195 | |||||
General reserve allocation | 2,915 | $ 3,262 | ||||
Total allowance for loan losses | 3,110 | 3,171 | 3,262 | 3,295 | 3,254 | 2,844 |
Commercial loans secured by real estate [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Individually evaluated for impairment | 422 | 989 | ||||
Collectively evaluated for impairment | 417,746 | 409,340 | ||||
Total Loans | 418,168 | 410,329 | ||||
Specific reserve allocation | 259 | 520 | ||||
General reserve allocation | 3,762 | 3,382 | ||||
Total allowance for loan losses | $ 4,021 | 4,140 | $ 3,902 | 3,915 | 4,475 | 4,885 |
Real estate-mortgage [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Individually evaluated for impairment | ||||||
Collectively evaluated for impairment | $ 257,530 | $ 258,616 | ||||
Total Loans | $ 257,530 | $ 258,616 | ||||
Specific reserve allocation | ||||||
General reserve allocation | $ 1,392 | $ 1,310 | ||||
Total allowance for loan losses | 1,392 | 1,321 | $ 1,310 | 1,342 | 1,301 | 1,260 |
Consumer [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Individually evaluated for impairment | 70 | |||||
Collectively evaluated for impairment | 20,060 | $ 19,009 | ||||
Total Loans | 20,130 | $ 19,009 | ||||
Specific reserve allocation | 70 | |||||
General reserve allocation | 207 | $ 190 | ||||
Total allowance for loan losses | $ 277 | 201 | $ 190 | 151 | 145 | 136 |
Allocation for general risk [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Specific reserve allocation | ||||||
General reserve allocation | $ 972 | $ 959 | ||||
Total allowance for loan losses | $ 972 | $ 884 | $ 959 | $ 879 | $ 975 | $ 979 |
Allowance for Loan Losses (Impa
Allowance for Loan Losses (Impaired Loans by Class) (Details) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment | $ 965,000 | $ 989,000 |
Related Allowance | 524,000 | 520,000 |
Unpaid Principal Balance | 1,053,000 | 1,069,000 |
Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment | 473,000 | |
Unpaid Principal Balance | 476,000 | |
Commercial loans secured by real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment | 422,000 | 989,000 |
Unpaid Principal Balance | 507,000 | 1,069,000 |
Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment | 70,000 | |
Unpaid Principal Balance | 70,000 | |
Impaired Loans with Specific Allowance [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment | 921,000 | 989,000 |
Related Allowance | 524,000 | 520,000 |
Impaired Loans with Specific Allowance [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment | 473,000 | |
Related Allowance | 195,000 | |
Impaired Loans with Specific Allowance [Member] | Commercial loans secured by real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment | 378,000 | 989,000 |
Related Allowance | 259,000 | $ 520,000 |
Impaired Loans with Specific Allowance [Member] | Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment | 70,000 | |
Related Allowance | 70,000 | |
Impaired Loans with No Specific Allowance [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment | $ 44,000 | |
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 | $ 44,000 | |
Impaired Loans with No Specific Allowance [Member] | Consumer [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 ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Average recorded investment in impaired loans and related interest income recognized | ||||
Average investment in impaired loans | $ 1,348 | $ 1,897 | $ 1,795 | $ 2,012 |
Interest income recognized: | ||||
Interest income recognized on a cash basis on impaired loans | 12 | $ 4 | 33 | $ 6 |
Commercial [Member] | ||||
Average recorded investment in impaired loans and related interest income recognized | ||||
Average investment in impaired loans | 347 | 189 | ||
Interest income recognized: | ||||
Interest income recognized on a cash basis on impaired loans | 7 | 17 | ||
Commercial loans secured by real estate [Member] | ||||
Average recorded investment in impaired loans and related interest income recognized | ||||
Average investment in impaired loans | 966 | $ 1,897 | 1,583 | $ 2,012 |
Interest income recognized: | ||||
Interest income recognized on a cash basis on impaired loans | 5 | $ 4 | 15 | $ 6 |
Consumer [Member] | ||||
Average recorded investment in impaired loans and related interest income recognized | ||||
Average investment in impaired loans | $ 35 | 23 | ||
Interest income recognized: | ||||
Interest income recognized on a cash basis on impaired loans | $ 1 |
Allowance for Loan Losses (Loan
Allowance for Loan Losses (Loan Portfolio Summarized by Categories) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
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 | $ 587,640 | $ 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 | 169,472 | 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 | 418,168 | 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 | 579,092 | 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 | 166,822 | 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 | 412,270 | 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 | 3,686 | 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 | 744 | 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 | 2,942 | 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 | 4,715 | 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 | 1,778 | 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 | 2,937 | 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 | 147 | 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 | 128 | 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 | $ 19 | $ 276 |
Allowance for Loan Losses (Perf
Allowance for Loan Losses (Performing and Non-performing Outstanding Balances) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Performing [Member] | ||
Performing and non-performing outstanding balances of the residential and consumer portfolios | ||
Outstanding balance of consumer loan | $ 275,961 | $ 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 | 255,901 | 257,199 |
Performing [Member] | Consumer [Member] | ||
Performing and non-performing outstanding balances of the residential and consumer portfolios | ||
Outstanding balance of consumer loan | 20,060 | 19,009 |
Non-Performing [Member] | ||
Performing and non-performing outstanding balances of the residential and consumer portfolios | ||
Outstanding balance of consumer loan | 1,699 | 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 | 1,629 | $ 1,417 |
Non-Performing [Member] | Consumer [Member] | ||
Performing and non-performing outstanding balances of the residential and consumer portfolios | ||
Outstanding balance of consumer loan | $ 70 |
Allowance for Loan Losses (Clas
Allowance for Loan Losses (Classes of Loan Portfolio by Categories) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Current | $ 860,772 | $ 823,123 |
Past Due | 4,528 | 3,957 |
Total Loans | $ 865,300 | $ 827,080 |
90 Days Past Due and Still Accruing | ||
30-59 Days Past Due [Member] | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Past Due | $ 2,933 | $ 2,550 |
60-89 Days Past Due [Member] | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Past Due | 878 | 340 |
90 Days Past Due [Member] | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Past Due | 717 | 1,067 |
Commercial [Member] | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Current | 168,872 | $ 139,126 |
Past Due | 600 | |
Total Loans | $ 169,472 | $ 139,126 |
90 Days Past Due and Still Accruing | ||
Commercial [Member] | 30-59 Days Past Due [Member] | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Past Due | $ 600 | |
Commercial [Member] | 60-89 Days Past Due [Member] | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Past Due | ||
Commercial [Member] | 90 Days Past Due [Member] | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Past Due | ||
Commercial loans secured by real estate [Member] | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Current | $ 418,168 | $ 410,049 |
Past Due | 280 | |
Total Loans | $ 418,168 | $ 410,329 |
90 Days Past Due and Still Accruing | ||
Commercial loans secured by real estate [Member] | 30-59 Days Past Due [Member] | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Past Due | $ 280 | |
Commercial loans secured by real estate [Member] | 60-89 Days Past Due [Member] | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Past Due | ||
Commercial loans secured by real estate [Member] | 90 Days Past Due [Member] | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Past Due | ||
Real estate-mortgage [Member] | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Current | $ 254,125 | $ 255,021 |
Past Due | 3,405 | 3,595 |
Total Loans | $ 257,530 | $ 258,616 |
90 Days Past Due and Still Accruing | ||
Real estate-mortgage [Member] | 30-59 Days Past Due [Member] | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Past Due | $ 1,887 | $ 2,196 |
Real estate-mortgage [Member] | 60-89 Days Past Due [Member] | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Past Due | 801 | 332 |
Real estate-mortgage [Member] | 90 Days Past Due [Member] | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Past Due | 717 | 1,067 |
Consumer [Member] | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Current | 19,607 | 18,927 |
Past Due | 523 | 82 |
Total Loans | $ 20,130 | $ 19,009 |
90 Days Past Due and Still Accruing | ||
Consumer [Member] | 30-59 Days Past Due [Member] | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Past Due | $ 446 | $ 74 |
Consumer [Member] | 60-89 Days Past Due [Member] | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Past Due | $ 77 | $ 8 |
Consumer [Member] | 90 Days Past Due [Member] | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Past Due |
Allowance for Loan Losses (Narr
Allowance for Loan Losses (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Individual loan balance is classified as nonaccrual status or troubled debt restructure | $ 100,000 | $ 100,000 | |||
Provision for loan losses | 300,000 | $ 750,000 | 750,000 | ||
Commercial [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Threshold for individually evaluating loans | 250,000 | 250,000 | |||
Pass [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Minimum individual loan balance requiring quarterly review | 1,000,000 | 1,000,000 | |||
Special Mention [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Minimum individual loan balance requiring quarterly review | 250,000 | 250,000 | |||
Doubtful [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Minimum individual loan balance requiring quarterly review | $ 100,000 | $ 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% |
Non-performing Assets Includi53
Non-performing Assets Including Troubled Debt Restructurings (Non-performing Assets Including TDR) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Non-performing assets including TDR | ||
Non-accrual loans | $ 1,810 | $ 2,195 |
Other real estate owned | 172 | 512 |
TDR's not in non-accrual | 312 | 210 |
Total non-performing assets including TDR | $ 2,294 | $ 2,917 |
Total non-performing assets as a percent of loans, net of unearned income, and other real estate owned | 0.27% | 0.35% |
Commercial [Member] | ||
Non-performing assets including TDR | ||
Non-accrual loans | $ 162 | |
Commercial loans secured by real estate [Member] | ||
Non-performing assets including TDR | ||
Non-accrual loans | $ 19 | $ 778 |
Other real estate owned | 384 | |
Real estate-mortgage [Member] | ||
Non-performing assets including TDR | ||
Non-accrual loans | $ 1,629 | 1,417 |
Other real estate owned | $ 172 | $ 128 |
Non-performing Assets Includi54
Non-performing Assets Including Troubled Debt Restructurings (Schedule of Interest Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Schedule of Interest Income | ||||
Interest income due in accordance with original terms | $ 25 | $ 39 | $ 73 | $ 106 |
Interest income recorded | ||||
Net reduction in interest income | $ 25 | $ 39 | $ 73 | $ 106 |
Non-performing Assets Includi55
Non-performing Assets Including Troubled Debt Restructurings (Schedule of TDRs) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2015USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | |
Loans in accrual status [Member] | Commercial [Member] | |||
Schedule of TDRs | |||
Number of loans | 1 | 2 | |
Current Balance | $ 162 | $ 366 | |
Concession Granted | Extension of maturity date | Extension of maturity date | |
Loans in non-accrual status [Member] | Commercial [Member] | |||
Schedule of TDRs | |||
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 | $ 138 |
Non-performing Assets Includi56
Non-performing Assets Including Troubled Debt Restructurings (Narrative) (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 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 | $ 524,000 | $ 503,000 |
Federal Home Loan Bank Borrow57
Federal Home Loan Bank Borrowings (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Federal Home Loan Bank (FHLB) borrowings and advances | ||
Open Repo Plus, Maturing Overnight, Amount | $ 52,988 | $ 38,880 |
Advances, Maturing 2015, Amount | 1,000 | 4,000 |
Advances, Maturing 2016, Amount | 12,000 | 12,000 |
Advances, Maturing 2017, Amount | 12,000 | 12,000 |
Advances, Maturing 2018, Amount | 12,000 | 10,000 |
Advances, Maturing 2019 and over, Amount | 11,000 | 4,000 |
Advances from Federal Home Loan Bank | 48,000 | 42,000 |
Total FHLB borrowings, Amount | $ 100,988 | $ 80,880 |
Open Repo Plus Maturity Overnight, Weighted Average Rate | 0.34% | 0.27% |
Advances Maturing 2015, Weighted Average Rate | 0.50% | 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 | 1.48% | 1.51% |
Advances Maturing 2019 and over, Weighted Average Rate | 1.72% | 1.88% |
Total advances, Weighted Average Rate | 1.24% | 1.12% |
Aggregate FHLB borrowings, Weighted Average Rate | 0.77% | 0.71% |
Preferred Stock (Details)
Preferred Stock (Details) - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended |
Aug. 11, 2011 | Sep. 30, 2015 | |
Noncumulative Series E Preferred Stock [Member] | ||
Temporary Equity [Line Items] | ||
Dividend rate | 1.00% | |
Series E Preferred Stock [Member] | ||
Temporary Equity [Line Items] | ||
Shares of stock issued | 21,000 | |
Value of stock issued | $ 21 | |
Dividend rate | 9.00% | |
Minimum Tier 1 capital required to pay dividends | 90.00% | |
Redemption price, percent of liquidation amount | 100.00% |
Accumulated Other Comprehensi59
Accumulated Other Comprehensive Loss (Changes in Each Component of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Accumulated Other Comprehensive Loss [Line Items] | ||||
Beginning Balance | $ (6,468) | $ (4,709) | $ (6,902) | $ (5,875) |
Other comprehensive income (loss) before reclassifications | 464 | (463) | 917 | 820 |
Amounts reclassified from accumulated other comprehensive loss | 24 | 527 | 5 | 410 |
Net current period other comprehensive income (loss) | 488 | 64 | 922 | 1,230 |
Ending Balance | (5,980) | (4,645) | (5,980) | (4,645) |
Net Unrealized Gains and Losses on Investment Securities [Member] | ||||
Accumulated Other Comprehensive Loss [Line Items] | ||||
Beginning Balance | 1,429 | 1,950 | 1,843 | 1,043 |
Other comprehensive income (loss) before reclassifications | 256 | $ (463) | (139) | 561 |
Amounts reclassified from accumulated other comprehensive loss | 24 | 5 | (117) | |
Net current period other comprehensive income (loss) | 280 | $ (463) | (134) | 444 |
Ending Balance | 1,709 | 1,487 | 1,709 | 1,487 |
Defined Benefit Pension Items [Member] | ||||
Accumulated Other Comprehensive Loss [Line Items] | ||||
Beginning Balance | (7,897) | $ (6,659) | (8,745) | (6,918) |
Other comprehensive income (loss) before reclassifications | $ 208 | $ 1,056 | 259 | |
Amounts reclassified from accumulated other comprehensive loss | $ 527 | 527 | ||
Net current period other comprehensive income (loss) | $ 208 | 527 | $ 1,056 | 786 |
Ending Balance | $ (7,689) | $ (6,132) | $ (7,689) | $ (6,132) |
Accumulated Other Comprehensi60
Accumulated Other Comprehensive Loss (Amounts Reclassified out of Each Component of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||||
Unrealized gains and losses on sale of securities: | |||||||
Net realized gains on available for sale securities | $ 36 | $ 8 | $ (177) | ||||
Provision for income tax expense | (12) | (3) | 60 | ||||
Net of tax | 24 | $ 5 | (117) | ||||
Amortization of defined benefit items | |||||||
Amortization of prior year service cost | [1] | 5 | |||||
Provision for income tax expense | [1] | (2) | |||||
Net of tax | [1] | 3 | |||||
Total reclassifications for the period | $ 24 | $ 5 | [1] | $ (114) | [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 ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Summarized regulatory capital ratio of company | ||
Tangible common equity ratio | 7.87% | |
Consolidated [Member] | ||
Summarized regulatory capital ratio of company | ||
Total Capital (To RWA), Actual Amount | $ 134,591 | $ 131,497 |
Total Capital (To RWA), Actual Ratio | 14.77% | 14.80% |
Total Capital (To RWA), For Capital Adequacy Purposes Amount | $ 72,904 | $ 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 | $ 91,130 | $ 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 | $ 91,825 | |
Common Equity Tier 1 Capital (To RWA), Actual Ratio | 10.08% | |
Common Equity Tier 1 Capital (To RWA), For Capital Adequacy Purposes Amount | $ 41,009 | |
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 | $ 59,235 | |
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 | $ 123,915 | $ 120,992 |
Tier 1 Capital (To RWA), Actual Ratio | 13.60% | 13.62% |
Tier 1 Capital (To RWA), For Capital Adequacy Purposes Amount | $ 54,678 | $ 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 | $ 72,904 | $ 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 | $ 123,915 | $ 120,992 |
Tier 1 Capital (To Average Assets), Actual Ratio | 11.40% | 11.34% |
Tier 1 Capital (To Average Assets), For Capital Adequacy Purposes Amount | $ 43,473 | $ 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 | $ 54,342 | $ 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 | $ 106,582 | $ 106,084 |
Total Capital (To RWA), Actual Ratio | 11.81% | 12.07% |
Total Capital (To RWA), For Capital Adequacy Purposes Amount | $ 72,178 | $ 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 | $ 90,223 | $ 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 | $ 95,906 | |
Common Equity Tier 1 Capital (To RWA), Actual Ratio | 10.63% | |
Common Equity Tier 1 Capital (To RWA), For Capital Adequacy Purposes Amount | $ 40,600 | |
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 | $ 58,645 | |
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 | $ 95,906 | $ 95,579 |
Tier 1 Capital (To RWA), Actual Ratio | 10.63% | 10.88% |
Tier 1 Capital (To RWA), For Capital Adequacy Purposes Amount | $ 54,134 | $ 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 | $ 72,178 | $ 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 | $ 95,906 | $ 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 | $ 42,327 | $ 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 | $ 52,909 | $ 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 ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Contribution of segments to the consolidated results of operations | |||||
Total revenue | $ 13,050 | $ 11,996 | $ 38,188 | $ 36,075 | |
Net income (loss) | 1,833 | 365 | 4,623 | 2,274 | |
Total assets | 1,110,843 | 1,110,843 | $ 1,089,263 | ||
Retail Banking [Member] | |||||
Contribution of segments to the consolidated results of operations | |||||
Total revenue | 6,501 | 6,651 | 19,564 | 19,238 | |
Net income (loss) | 723 | 706 | 2,125 | 1,671 | |
Total assets | 376,034 | 376,034 | 376,009 | ||
Commercial Banking [Member] | |||||
Contribution of segments to the consolidated results of operations | |||||
Total revenue | 4,945 | 4,279 | 14,318 | 12,691 | |
Net income (loss) | 1,553 | 1,141 | 4,178 | 3,267 | |
Total assets | 599,796 | 599,796 | 563,690 | ||
Trust [Member] | |||||
Contribution of segments to the consolidated results of operations | |||||
Total revenue | 2,177 | 1,907 | 6,574 | 6,062 | |
Net income (loss) | 391 | (432) | 1,167 | 232 | |
Total assets | 5,260 | 5,260 | 5,015 | ||
Investment/ Parent [Member] | |||||
Contribution of segments to the consolidated results of operations | |||||
Total revenue | (573) | (841) | (2,268) | (1,916) | |
Net income (loss) | (834) | $ (1,050) | (2,847) | $ (2,896) | |
Total assets | $ 129,753 | $ 129,753 | $ 144,549 |
Commitments and Contingent Li63
Commitments and Contingent Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Commitments to extend credit [Member] | ||
Loss Contingencies [Line Items] | ||
Amount of commitment | $ 193.6 | $ 188 |
Standby letters of credit [Member] | ||
Loss Contingencies [Line Items] | ||
Amount of commitment | $ 7.6 | $ 7.2 |
Pension Benefits (Net Periodic
Pension Benefits (Net Periodic Pension Cost) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Net periodic pension cost | ||||
Service cost | $ 400 | $ 430 | $ 1,200 | $ 1,290 |
Interest cost | 325 | 331 | 975 | 993 |
Expected return on plan assets | $ (525) | (498) | $ (1,575) | (1,494) |
Amortization of prior year service cost | (5) | (15) | ||
Recognized net actuarial loss | $ 300 | 272 | $ 900 | 816 |
Net periodic pension cost | $ 500 | $ 530 | $ 1,500 | $ 1,590 |
Pension Benefits (Narrative) (D
Pension Benefits (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2015 | |
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 66
Disclosures about Fair Value Measurements (Assets and Liabilities Measured on Recurring Basis) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale | $ 114,652 | $ 127,110 |
U.S. Agency Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale | 2,900 | 5,906 |
U.S. Agency mortgage-backed securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale | 94,342 | 105,768 |
Corporate Bond Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale | $ 17,410 | $ 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 | $ 114,652 | $ 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 | $ 2,900 | $ 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 | 94,342 | 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 | $ 17,410 | $ 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 | $ 2,900 | $ 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 | 94,342 | 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 | $ 17,410 | $ 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 67
Disclosures about Fair Value Measurements (Assets Measured at Fair Value on Non-Recurring Basis) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying value of impaired loans | $ 965 | $ 989 |
Fair Value Measurements, Nonrecurring Basis [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other real estate owned | 172 | 512 |
Carrying value of impaired loans | $ 441 | $ 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 | Appraisal of collateral |
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 | Appraisal of collateral |
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 | $ 172 | $ 512 |
Carrying value of impaired loans | $ 441 | $ 469 |
Disclosures about Fair Value 68
Disclosures about Fair Value Measurements (Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
FINANCIAL ASSETS: Carrying Value | ||||
Cash and cash equivalents | $ 31,748 | $ 32,872 | $ 23,482 | $ 30,066 |
Held to maturity (fair value $20,771 on September 30, 2015 and $20,213 on December 31, 2014) | 20,361 | 19,840 | ||
Regulatory stock | 6,786 | 6,173 | ||
Loans held for sale | 2,913 | 5,051 | ||
Loans, net of allowance for loan loss and unearned income | 855,528 | 817,457 | ||
Accrued interest income receivable | 3,315 | 3,127 | ||
Bank owned life insurance | 37,266 | 37,417 | ||
Cash and cash equivalents | 31,748 | 32,872 | ||
Investment securities - AFS | 114,652 | 127,110 | ||
Investment securities - HTM | 20,771 | 20,213 | ||
Regulatory stock | 6,786 | 6,173 | ||
Loans held for sale | 2,913 | 5,051 | ||
Loans, net of allowance for loan loss and unearned income | 857,049 | 819,935 | ||
Accrued interest income receivable | 3,315 | 3,127 | ||
Bank owned life insurance | 37,266 | 37,417 | ||
FINANCIAL LIABILITIES: Carrying Value | ||||
Deposits with no stated maturities | 591,286 | 568,625 | ||
Deposits with stated maturities | 278,613 | 301,256 | ||
Short-term borrowings | 52,988 | 38,880 | ||
All other borrowings | 61,085 | 55,085 | ||
Accrued interest payable | 1,601 | 1,706 | ||
Deposits with no stated maturities | 591,286 | 568,625 | ||
Deposits with stated maturities | 281,283 | 304,744 | ||
Short-term borrowings | 52,988 | 38,880 | ||
All other borrowings | 65,142 | 59,256 | ||
Accrued interest payable | 1,601 | 1,706 | ||
Total Fair Value [Member] | ||||
FINANCIAL ASSETS: Carrying Value | ||||
Loans held for sale | 2,983 | 5,127 | ||
Loans held for sale | 2,983 | 5,127 | ||
Level 1 [Member] | ||||
FINANCIAL ASSETS: Carrying Value | ||||
Loans held for sale | 2,983 | 5,127 | ||
Cash and cash equivalents | $ 31,748 | $ 32,872 | ||
Investment securities - AFS | ||||
Investment securities - HTM | ||||
Regulatory stock | $ 6,786 | $ 6,173 | ||
Loans held for sale | $ 2,983 | $ 5,127 | ||
Loans, net of allowance for loan loss and unearned income | ||||
Accrued interest income receivable | $ 3,315 | $ 3,127 | ||
Bank owned life insurance | 37,266 | 37,417 | ||
FINANCIAL LIABILITIES: Carrying Value | ||||
Deposits with no stated maturities | $ 591,286 | $ 568,625 | ||
Deposits with stated maturities | ||||
Short-term borrowings | $ 52,988 | $ 38,880 | ||
All other borrowings | ||||
Accrued interest payable | $ 1,601 | $ 1,706 | ||
Level 2 [Member] | ||||
FINANCIAL ASSETS: Carrying Value | ||||
Loans held for sale | ||||
Cash and cash equivalents | ||||
Investment securities - AFS | $ 114,652 | $ 127,110 | ||
Investment securities - HTM | $ 17,829 | $ 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 | ||||
Loans held for sale | ||||
Cash and cash equivalents | ||||
Investment securities - AFS | ||||
Investment securities - HTM | $ 2,942 | $ 2,972 | ||
Regulatory stock | ||||
Loans held for sale | ||||
Loans, net of allowance for loan loss and unearned income | $ 857,049 | $ 819,935 | ||
Accrued interest income receivable | ||||
Bank owned life insurance | ||||
FINANCIAL LIABILITIES: Carrying Value | ||||
Deposits with no stated maturities | ||||
Deposits with stated maturities | $ 281,283 | $ 304,744 | ||
Short-term borrowings | ||||
All other borrowings | $ 65,142 | $ 59,256 | ||
Accrued interest payable |
Disclosures about Fair Value 69
Disclosures about Fair Value Measurements (Narrative) (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Disclosures about Fair Value Measurements [Abstract] | ||
Carrying value of impaired loans | $ 965,000 | $ 989,000 |
Specific valuation allowance | 524,000 | 520,000 |
Net fair value of impaired loans | $ 441,000 | $ 469,000 |
Assets and liabilities considered financial instruments, percentage | 90.00% |