Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 11-May-15 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | DNB FINANCIAL CORP /PA/ | |
Entity Central Index Key | 713671 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 2,802,082 |
Consolidated_Statements_of_Fin
Consolidated Statements of Financial Condition (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Assets | ||
Cash and due from banks | $28,335 | $12,504 |
Cash and cash equivalents | 28,335 | 12,504 |
Available-for-sale investment securities at fair value (amortized cost of $172,109 and $172,867) | 172,478 | 172,202 |
Held-to-maturity investment securities (fair value of $61,500 and $60,099) | 60,480 | 59,454 |
Total investments securities | 232,958 | 231,656 |
Loans held for sale | 617 | |
Loans and leases | 464,100 | 455,603 |
Allowance for credit losses | -5,190 | -4,906 |
Net loans and leases | 458,910 | 450,697 |
Restricted stock | 2,720 | 2,587 |
Office property and equipment, net | 7,490 | 7,668 |
Accrued interest receivable | 2,572 | 2,253 |
Other real estate owned & other repossessed property | 908 | 901 |
Bank owned life insurance (BOLI) | 9,153 | 9,098 |
Core deposit intangible | 78 | 82 |
Net deferred taxes | 3,433 | 3,446 |
Other assets | 1,883 | 1,821 |
Total assets | 748,440 | 723,330 |
Liabilities | ||
Non-interest-bearing deposits | 113,419 | 102,107 |
Interest-bearing deposits: | ||
NOW | 215,799 | 205,816 |
Money market | 144,648 | 143,483 |
Savings | 70,363 | 66,634 |
Time | 72,784 | 76,805 |
Brokered deposits | 10,248 | 10,238 |
Total deposits | 627,261 | 605,083 |
Federal Home Loan Bank of Pittsburgh (FHLBP) advances | 20,000 | 20,000 |
Repurchase agreements | 20,316 | 19,221 |
Junior Subordinated debt | 9,279 | 9,279 |
Subordinated debt | 9,750 | |
Other borrowings | 495 | 505 |
Total borrowings | 59,840 | 49,005 |
Accrued interest payable | 306 | 351 |
Other liabilities | 4,860 | 4,983 |
Total liabilities | 692,267 | 659,422 |
Stockholders' Equity | ||
Preferred stock, $10.00 par value; 1,000,000 shares authorized; $1,000 liquidation preference per share; 3,250 and 13,000 issued, respectively | 3,250 | 13,000 |
Common stock, $1.00 par value; 10,000,000 shares authorized; 2,918,306 and 2,903,610 issued, respectively; 2,797,820 and 2,778,724 outstanding, respectively | 2,950 | 2,931 |
Treasury stock, at cost; 120,486 and 124,886 shares, respectively | -2,220 | -2,301 |
Surplus | 34,944 | 34,745 |
Retained earnings | 18,164 | 17,132 |
Accumulated other comprehensive loss | -915 | -1,599 |
Total stockholders' equity | 56,173 | 63,908 |
Total liabilities and stockholders' equity | $748,440 | $723,330 |
Consolidated_Statements_of_Fin1
Consolidated Statements of Financial Condition (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Consolidated Statements of Financial Condition [Abstract] | ||
Available-for-sale Securities, Amortized Cost | $172,109 | $172,867 |
Held-to-maturity Securities, Fair Value | $61,500 | $60,099 |
Preferred Stock, Par or Stated Value Per Share | $10 | $10 |
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 |
Preferred Stock, Liquidation Preference Per Share | $1,000 | $1,000 |
Preferred Stock, Shares Issued | 3,250 | 13,000 |
Common Stock, Par or Stated Value Per Share | $1 | $1 |
Common Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Common Stock, Shares, Issued | 2,918,306 | 2,903,610 |
Common Stock, Shares, Outstanding | 2,797,820 | 2,778,724 |
Treasury Stock, Shares | 120,486 | 124,886 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Interest Income: | ||
Interest and fees on loans and leases | $4,912 | $4,805 |
Interest and dividends on investment securities: Taxable | 735 | 710 |
Interest and dividends on investment securities: Exempt from federal taxes | 342 | 276 |
Interest on cash and cash equivalents | 7 | 11 |
Total interest and dividend income | 5,996 | 5,802 |
Interest Expense: | ||
Interest on NOW, money market and savings | 149 | 155 |
Interest on time deposits | 109 | 223 |
Interest in brokered deposits | 24 | |
Interest on FHLB advances | 194 | 146 |
Interest on repurchase agreements | 9 | 10 |
Interest on junior subordinated debentures | 74 | 73 |
Interest on Subordinated Debt | 30 | |
Interest on other borrowings | 17 | 18 |
Total interest expense | 606 | 625 |
Net interest income | 5,390 | 5,177 |
Provision for credit losses | 300 | 375 |
Net interest income after provision for credit losses | 5,090 | 4,802 |
Non-interest Income: | ||
Service charges | 296 | 330 |
Wealth management | 352 | 311 |
Mortgage banking | 38 | |
Increase in cash surrender value of BOLI | 55 | 58 |
Gains on sale of investment securities, net | 53 | 235 |
Gain on sale of SBA loans | 231 | |
Other fees | 310 | 285 |
Total non-interest income | 1,335 | 1,219 |
Non-interest Expense: | ||
Salaries and employee benefits | 2,644 | 2,503 |
Furniture and equipment | 302 | 331 |
Occupancy | 603 | 619 |
Professional and consulting | 328 | 318 |
Advertising and marketing | 169 | 155 |
Printing and supplies | 48 | 39 |
FDIC insurance | 123 | 112 |
PA shares tax | 150 | 150 |
Telecommunications | 61 | 57 |
Postage | 23 | 20 |
Loss on sale or write down of OREO, net | 6 | |
Other expenses | 373 | 384 |
Total non-interest expense | 4,824 | 4,694 |
Income before income tax expense | 1,601 | 1,327 |
Income tax expense | 349 | 323 |
Net income | 1,252 | 1,004 |
Preferred stock dividends and accretion of discount | 26 | 37 |
Net income available to Common Shareholders | $1,226 | $967 |
Earnings per common share: | ||
Basic | $0.44 | $0.35 |
Diluted | $0.43 | $0.35 |
Cash dividends per common share | $0.07 | $0.07 |
Weighted average common shares outstanding: | ||
Basic | 2,786,012 | 2,758,135 |
Diluted | 2,832,869 | 2,802,362 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Consolidated Statements of Comprehensive Income [Abstract] | ||||
Net income | $1,252 | $1,004 | ||
Other Comprehensive Income: | ||||
Unrealized holding gains arising during the period, Before tax amount | 1,087 | 1,142 | ||
Unrealized holding gains arising during the period, Tax effect | -370 | -388 | ||
Unrealized holding gains arising during the period, Net of tax | 717 | 754 | ||
Accretion of discount on AFS to HTM reclassification, Before tax amount | 3 | [1] | 2 | [1] |
Accretion of discount on AFS to HTM reclassification, Tax effect | -1 | [1],[2] | -1 | [1],[2] |
Accretion of discount on AFS to HTM reclassification, Net of tax | 2 | [1] | 1 | [1] |
Less reclassification for gains included in net income, Before Tax amount | -53 | -235 | ||
Less reclassification for gains included in net income, Tax effect | 18 | [2] | 80 | [2] |
Less reclassification for gains included in net income, Net of tax | -35 | -155 | ||
Total other comprehensive income | 684 | 600 | ||
Total comprehensive income | $1,936 | $1,604 | ||
[1] | Amounts are included in interest and dividends on investment securities in the consolidated statements of income. | |||
[2] | Amounts are included in income tax expense (benefit) in the consolidated statements of income. |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Preferred Stock [Member] | Common Stock [Member] | Treasury Stock [Member] | Surplus [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Total |
In Thousands | |||||||
Balance at Dec. 31, 2013 | $12,995 | $2,910 | ($2,629) | $34,441 | $13,239 | ($2,373) | $58,583 |
Net income | 1,004 | 1,004 | |||||
Other comprehensive income | 600 | 600 | |||||
SBLF issuance costs accretion | 4 | -4 | |||||
Restricted stock compensation expense | 4 | 49 | 53 | ||||
Stock option compensation expense | 17 | 17 | |||||
Cash dividends - common ($0.07 per share) | -193 | -193 | |||||
Cash dividends SBLF preferred | -33 | -33 | |||||
Sale of treasury shares to 401(k) | 55 | 5 | 60 | ||||
Sale of treasury shares to deferred comp. plan | 27 | 3 | 30 | ||||
Balance at Mar. 31, 2014 | 12,999 | 2,914 | -2,547 | 34,515 | 14,013 | -1,773 | 60,121 |
Balance at Dec. 31, 2014 | 13,000 | 2,931 | -2,301 | 34,745 | 17,132 | -1,599 | 63,908 |
Net income | 1,252 | 1,252 | |||||
Other comprehensive income | 684 | 684 | |||||
Redemption of preferred stock ( 9,750 shares) | -9,750 | -9,750 | |||||
Restricted stock compensation expense | 5 | 82 | 87 | ||||
Exercise of stock options | 14 | 149 | 163 | ||||
Taxes on exercise of stock options | -46 | -46 | |||||
Cash dividends - common ($0.07 per share) | -194 | -194 | |||||
Cash dividends SBLF preferred | -26 | -26 | |||||
Sale of treasury shares to 401(k) | 54 | 9 | 63 | ||||
Sale of treasury shares to deferred comp. plan | 27 | 5 | 32 | ||||
Balance at Mar. 31, 2015 | $3,250 | $2,950 | ($2,220) | $34,944 | $18,164 | ($915) | $56,173 |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholders' Equity (Parenthetical) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Consolidated Statements of Stockholders' Equity [Abstract] | ||
Exercise of stock options, shares | 93,834 | |
Cash Dividends-Common Stock per share | $0.07 | $0.07 |
Sale of treasury shares to 401(k), Shares | 2,926 | 3,015 |
Sale of treasury shares to deferred compensation plan, Shares | 1,474 | 1,491 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash Flows From Operating Activities: | ||
Net income | $1,252 | $1,004 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and accretion | 460 | 462 |
Provision for credit losses | 300 | 375 |
Stock based compensation | 87 | 70 |
Net gain on sale of securities | -53 | -235 |
Net loss on sale and write down of OREO and other repossessed property | 6 | |
Earnings from investment in BOLI | -55 | -58 |
Deferred tax benefit | -339 | |
Proceeds from sales of loans originated for sale | 5,555 | |
Loans originated for sale | -4,669 | |
Gain on sale of loans | -269 | |
Taxes on exercise of stock options | -46 | |
Increase in accrued interest receivable | -319 | -63 |
(Increase) decrease in other assets | -61 | 798 |
Decrease in accrued interest payable | -45 | -59 |
Decrease in other liabilities | -123 | -411 |
Net Cash Provided By Operating Activities | 1,675 | 1,889 |
Cash Flows From Investing Activities: | ||
Activity in available-for-sale securities: Sales | 3,926 | 15,228 |
Activity for available-for-sale securities: Maturities, repayments and calls | 11,386 | 10,931 |
Activity in available-for-sale securities: Purchases | -14,778 | -32,010 |
Activity in held-to-maturity securities: Sales | 1,228 | |
Activity in held-to-maturity securities: Maturities, repayments and calls | 509 | 678 |
Activity in held-to-maturity securities: Purchases | -1,500 | |
Net (increase) decrease in restricted stock | -133 | 169 |
Net increase in loans and leases | -8,520 | -15,065 |
Purchases of property and equipment, less proceeds from disposals | -35 | -131 |
Proceeds from sale of OREO and other repossessed property | 133 | |
Net Cash Used in Investing Activities | -9,145 | -18,839 |
Cash Flows From Financing Activities: | ||
Net increase in deposits | 22,178 | 3,026 |
Net increase in repurchase agreements | 1,095 | 15,701 |
Proceeds from issuance of subordinated debt | 9,750 | |
Repayment of other borrowings | -10 | -9 |
Dividends paid | -220 | -226 |
Proceeds from the exercise of stock options | 163 | |
Redemption of preferred stock | -9,750 | |
Sale of treasury stock | 95 | 90 |
Net Cash Provided by Financing Activities | 23,301 | 18,582 |
Net Change in Cash and Cash Equivalents | 15,831 | 1,632 |
Cash and Cash Equivalents at Beginning of Period | 12,504 | 34,060 |
Cash and Cash Equivalents at End of Period | 28,335 | 35,692 |
Supplemental Disclosure of Cash Flow Information: | ||
Cash paid during the period for: Interest | 651 | 684 |
Cash paid during the period for: Income taxes | 858 | 22 |
Supplemental Disclosure of Non-cash Flow Information: | ||
Transfers from loans and leases to real estate owned and other repossessed property | $7 |
Basis_Of_Presentation
Basis Of Presentation | 3 Months Ended |
Mar. 31, 2015 | |
Basis Of Presentation [Abstract] | |
Basis Of Presentation | NOTE 1: BASIS OF PRESENTATION |
The accompanying unaudited consolidated financial statements of DNB Financial Corporation (referred to herein as the "Corporation" or "DNB") and its subsidiary, DNB First, National Association (the "Bank") have been prepared in accordance with the instructions for Form 10-Q and therefore do not include certain information or footnotes necessary for the presentation of financial condition, statement of operations and statement of cash flows required by generally accepted accounting principles. However, in the opinion of management, the consolidated financial statements reflect all adjustments (which consist of normal recurring adjustments) necessary for a fair presentation of the results for the unaudited periods. Prior amounts not affecting net income are reclassified when necessary to conform to current period classifications. The results of operations for the three months ended March 31, 2015 are not necessarily indicative of the results which may be expected for the entire year. The consolidated financial statements should be read in conjunction with the Annual Report and report on Form 10-K for the year ended December 31, 2014. | |
Subsequent Events-- Management has evaluated events and transactions occurring subsequent to March 31, 2015 for items that should potentially be recognized or disclosed in these Consolidated Financial Statements. The evaluation was conducted through the date these financial statements were issued. | |
Recent Accounting Pronouncements- | |
Accounting Standards Update (ASU) No. 2014‑04, Receivables (Topic 310): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure. | |
In January 2014, the FASB issued ASU 2014-04 "Receivables-Troubled Debt Restructurings by Creditors (Subtopic 310-40)." The amendments in this update clarify that an in-substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. The amendments in this update are effective for annual periods and interim periods within those annual periods beginning after December 15, 2014. The adoption of this FASB ASU has not had a material impact on DNB’s consolidated financial statements. | |
Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606) | |
In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contract with Customers (Topic 606). The guidance in this update affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards (for example, insurance contracts or lease contracts). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following five steps: 1) identify the contracts(s) with the customer; 2) identify the performance obligations in the contract; 3) determine the transaction price; 4) allocate the transaction price to the performance obligations in the contract; and 5) recognize revenue when (or as) the entity satisfies a performance obligation. The guidance also specifies the accounting for some costs to obtain or fulfill a contract with a customer. For a public entity, the amendments in this update are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. DNB is still evaluating the effect of this amendment on DNB's consolidated financial statements. | |
In April 2015, the FASB issued ASU No. 2015-03, Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. The update simplifies the presentation of debt issuance costs by requiring that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of debt liability, consistent with debt discounts or premiums. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this update. For public companies, this update will be effective for interim and annual periods beginning after December 15, 2015, and is to be applied retrospectively. Early adoption is permitted. DNB is currently assessing the impact that this guidance will have on its consolidated financial statements, but does not expect the guidance to have a material impact on the DNB's consolidated financial statements. | |
Investment_Securities
Investment Securities | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Investment Securities [Abstract] | |||||||||||||
Investment Securities | NOTE 2: INVESTMENT SECURITIES | ||||||||||||
The amortized cost and fair values of investment securities, as of the dates indicated, are summarized as follows: | |||||||||||||
31-Mar-15 | |||||||||||||
Amortized | Unrealized | Unrealized | |||||||||||
(Dollars in thousands) | Cost | Gains | Losses | Fair Value | |||||||||
Held To Maturity | |||||||||||||
US Government agency obligations | $ | 7,790 | $ | 432 | $ | - | $ | 8,222 | |||||
Government Sponsored Entities (GSE) mortgage-backed securities | 3,374 | 146 | - | 3,520 | |||||||||
Corporate bonds | 5,390 | 345 | - | 5,735 | |||||||||
Collateralized mortgage obligations GSE | 3,344 | 34 | -6 | 3,372 | |||||||||
State and municipal tax-exempt | 40,582 | 449 | -380 | 40,651 | |||||||||
Total | $ | 60,480 | $ | 1,406 | $ | -386 | $ | 61,500 | |||||
Available For Sale | |||||||||||||
US Government agency obligations | $ | 60,932 | $ | 136 | $ | -47 | $ | 61,021 | |||||
GSE mortgage-backed securities | 60,390 | 544 | -63 | 60,871 | |||||||||
Collateralized mortgage obligations GSE | 19,346 | 54 | -313 | 19,087 | |||||||||
Corporate bonds | 20,501 | 24 | -94 | 20,431 | |||||||||
State and municipal tax-exempt | 10,913 | 137 | - | 11,050 | |||||||||
Equity securities | 27 | 2 | -11 | 18 | |||||||||
Total | $ | 172,109 | $ | 897 | $ | -528 | $ | 172,478 | |||||
31-Dec-14 | |||||||||||||
Amortized | Unrealized | Unrealized | |||||||||||
(Dollars in thousands) | Cost | Gains | Losses | Fair Value | |||||||||
Held To Maturity | |||||||||||||
US Government agency obligations | $ | 7,730 | $ | 343 | $ | - | $ | 8,073 | |||||
Government Sponsored Entities (GSE) mortgage-backed securities | 3,579 | 133 | - | 3,712 | |||||||||
Corporate bonds | 3,951 | 324 | - | 4,275 | |||||||||
Collateralized mortgage obligations GSE | 3,605 | 3 | -29 | 3,579 | |||||||||
State and municipal tax-exempt | 40,589 | 418 | -547 | 40,460 | |||||||||
Total | $ | 59,454 | $ | 1,221 | $ | -576 | $ | 60,099 | |||||
Available For Sale | |||||||||||||
US Government agency obligations | $ | 61,547 | $ | 4 | $ | -197 | $ | 61,354 | |||||
GSE mortgage-backed securities | 66,669 | 189 | -135 | 66,723 | |||||||||
Collateralized mortgage obligations GSE | 20,499 | 8 | -496 | 20,011 | |||||||||
Corporate bonds | 13,208 | - | -106 | 13,102 | |||||||||
State and municipal tax-exempt | 10,917 | 87 | -10 | 10,994 | |||||||||
Equity securities | 27 | 2 | -11 | 18 | |||||||||
Total | $ | 172,867 | $ | 290 | $ | -955 | $ | 172,202 | |||||
Included in unrealized losses are market losses on securities that have been in a continuous unrealized loss position for twelve months or more and those securities that have been in a continuous unrealized loss position for less than twelve months. The following table details the aggregate unrealized losses and aggregate fair value of the underlying securities whose fair values are below their amortized cost at March 31, 2015 and December 31, 2014. | |||||||||||||
31-Mar-15 | |||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | ||||||||||
Total | Impaired | Loss | Impaired | Loss | |||||||||
Total | Unrealized | Less Than | Less Than | More Than | More Than | ||||||||
(Dollars in thousands) | Fair Value | Loss | 12 Months | 12 Months | 12 Months | 12 Months | |||||||
Held To Maturity | |||||||||||||
Collateralized mortgage obligations GSE | $ | 1,412 | $ | -6 | $ | - | $ | - | $ | 1,412 | $ | -6 | |
State and Municipal tax-exempt | 16,364 | -380 | 6,111 | -42 | 10,253 | -338 | |||||||
Total | $ | 17,776 | $ | -386 | $ | 6,111 | $ | -42 | $ | 11,665 | $ | -344 | |
Available For Sale | |||||||||||||
US Government agency obligations | $ | 5,007 | $ | -47 | $ | 5,007 | $ | -47 | $ | - | $ | - | |
GSE mortgage-backed securities | 6,952 | -63 | 2,092 | -7 | 4,860 | -56 | |||||||
Collateralized mortgage obligations GSE | 13,009 | -313 | - | - | 13,009 | -313 | |||||||
Corporate bonds | 10,245 | -94 | 7,803 | -36 | 2,442 | -58 | |||||||
Equity securities | 12 | -11 | - | - | 12 | -11 | |||||||
Total | $ | 35,225 | $ | -528 | $ | 14,902 | $ | -90 | $ | 20,323 | $ | -438 | |
31-Dec-14 | |||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | ||||||||||
Total | Impaired | Loss | Impaired | Loss | |||||||||
Total | Unrealized | Less Than | Less Than | More Than | More Than | ||||||||
(Dollars in thousands) | Fair Value | Loss | 12 Months | 12 Months | 12 Months | 12 Months | |||||||
Held To Maturity | |||||||||||||
Collateralized mortgage obligations GSE | $ | 3,043 | $ | -29 | $ | 3,043 | $ | -29 | $ | - | $ | - | |
State and municipal tax-exempt | 19,054 | -547 | 2,138 | -7 | 16,916 | -540 | |||||||
Total | $ | 22,097 | $ | -576 | $ | 5,181 | $ | -36 | $ | 16,916 | $ | -540 | |
Available For Sale | |||||||||||||
US Government agency obligations | $ | 56,342 | $ | -197 | $ | 49,222 | $ | -97 | $ | 7,120 | $ | -100 | |
GSE mortgage-backed securities | 22,157 | -135 | 14,996 | -38 | 7,161 | -97 | |||||||
Collateralized mortgage obligations GSE | 18,133 | -496 | 3,669 | -5 | 14,464 | -491 | |||||||
Corporate bonds | 13,102 | -106 | 9,531 | -31 | 3,571 | -75 | |||||||
State and municipal tax-exempt | 2,967 | -10 | 2,360 | -9 | 607 | -1 | |||||||
Equity securities | 12 | -11 | - | - | 12 | -11 | |||||||
Total | $ | 112,713 | $ | -955 | $ | 79,778 | $ | -180 | $ | 32,935 | $ | -775 | |
As of March 31, 2015, there were four mortgage-backed securities, seven corporate bonds, two U.S. agency obligations, twelve collateralized mortgage obligations, twenty-three tax-exempt municipalities, and five equity securities which were in an unrealized loss position. DNB does not intend to sell these securities and management of DNB does not expect to be required to sell any of these securities prior to a recovery of its cost basis. Management has reviewed all of these securities and believes that DNB will collect all principal and interest that is due on debt securities on a timely basis. Management does not believe any individual unrealized loss as of March 31, 2015 represents an other-than-temporary impairment (OTTI). DNB reviews its investment portfolio on a quarterly basis judging each investment for OTTI. The OTTI analysis focuses on condition of the issuers as well as duration and severity of impairment in determining OTTI. As of March 31, 2015, the following securities were reviewed: | |||||||||||||
Collateralized mortgage obligations GSE There are twelve impaired securities classified as collateralized mortgage obligations, all of which were impaired for more than 12 months. All of these securities were issued and insured by FNMA, FHLMC or GNMA. DNB receives monthly principal and interest payments on all of these securities on a timely basis and none of these agencies has ever defaulted on mortgage-backed principal or interest. DNB anticipates a recovery in the market value as the securities approach their maturity dates or if interest rates decline from March 31, 2015 levels. Management concluded that these securities were not other-than-temporarily impaired at March 31, 2015. | |||||||||||||
State and municipal tax-exempt There are twenty-three impaired securities in this category, which are comprised of intermediate to long-term municipal bonds, fourteen of which were impaired for more than 12 months. All of the issues carry an “A” or better underlying credit rating and/or have strong underlying fundamentals; included but not limited to annual financial reports, geographic location, population and debt ratios. In certain cases, options for calls reduce the effective duration and in turn, future market value fluctuations. All issues are performing and are expected to continue to perform in accordance with their respective contractual terms and conditions. There have not been disruptions of any payments, associated with any of these municipal securities. These bonds are investment grade and the value decline is related to the changes in interest rates. Of the twenty-three municipal securities, there are sixteen insured school districts, six uninsured school districts, and one uninsured township, all of which have strong underlying ratings. Management concluded that these securities were not other-than-temporarily impaired at March 31, 2015. | |||||||||||||
US Government agency obligations There are two impaired securities classified as agencies, neither of which were impaired for more than 12 months. All of these securities were issued and insured by FHLB, FNMA, or FHLMC. DNB has received timely interest payments on all of these securities and none of these agencies has ever defaulted on their bonds. DNB anticipates a recovery in the market value as the securities approach their maturity dates. Management concluded that these securities were not other-than-temporarily impaired at March 31, 2015. | |||||||||||||
GSE mortgage-backed securities There are four impaired bonds classified as GSE mortgage-backed securities, three of which were impaired for more than 12 months. All of these securities were issued and insured by FNMA, FHLMC, or GNMA. DNB receives monthly principal and interest payments on all of these securities on a timely basis and none of these agencies has ever defaulted on principal or interest. DNB anticipates a recovery in the market value as the securities approach their maturity dates or if interest rates decline from March 31, 2015 levels. Management concluded that these securities were not other-than-temporarily impaired at March 31, 2015. | |||||||||||||
Corporate Securities There were seven impaired bonds classified as corporate bonds, one of which was impaired for more than 12 months. The bonds are investment grade and the value decline is related to the changes in interest rates that occurred since the time of purchase and subsequent changes in spreads affecting the market prices. All of the issues carry an "A" or better underlying credit support and were evaluated on the basis on their underlying fundamentals; included but not limited to annual financial reports, rating agency reports, capital strength and debt ratios. DNB anticipates a recovery in the market value as the securities approach their maturity dates or if interest rates decline from March 31, 2105 levels. Management concluded that these securities were not other-than-temporarily impaired at March 31, 2015. | |||||||||||||
Equity securities. DNB’s investment in five marketable equity securities consists primarily of securities in common stock of community banks in Pennsylvania, all of which were impaired for more than 12 months. The severity and duration of the impairment are driven by higher collateral losses, wider credit spreads, and changes in interest rates within the financial services sector. DNB evaluated the prospects of all issuers in relation to the severity and duration of the impairment. These securities have been adversely impacted by the effects of the current economic environment on the financial services industry. We evaluated each of the underlying banks for credit impairment based on its financial condition and performance. Based on our evaluation and expectation that these investments will recover within a reasonable period of time, management does not consider these investments to be other-than-temporarily impaired at March 31, 2015. | |||||||||||||
The amortized cost and fair value of investment securities as of March 31, 2015, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because certain securities may be called or prepaid without penalties. | |||||||||||||
Held to Maturity | Available for Sale | ||||||||||||
Amortized | Amortized | ||||||||||||
(Dollars in thousands) | Cost | Fair Value | Cost | Fair Value | |||||||||
Due in one year or less | $ | - | $ | - | $ | 1,500 | $ | 1,497 | |||||
Due after one year through five years | 10,649 | 11,079 | 69,968 | 69,989 | |||||||||
Due after five years through ten years | 24,014 | 24,408 | 63,211 | 63,729 | |||||||||
Due after ten years | 25,817 | 26,013 | 37,403 | 37,245 | |||||||||
No stated maturity | - | - | 27 | 18 | |||||||||
Total investment securities | $ | 60,480 | $ | 61,500 | $ | 172,109 | $ | 172,478 | |||||
The gross principal value of investments securites sold as of the dates indicated are shown below. The HTM securities that were sold during the three months ended March 31, 2014 were permissible because DNB collected greater than 85% of the original recorded investment on the HTM securities prior to the sale. | |||||||||||||
Three Months Ended | |||||||||||||
March 31, | |||||||||||||
(Dollars in thousands) | 2015 | 2014 | |||||||||||
Available for sale securities sold | $ | 3,926 | $ | 15,228 | |||||||||
Held to maturity securities sold | - | 1,228 | |||||||||||
Total sold securities | $ | 3,926 | $ | 16,456 | |||||||||
Gains and losses resulting from investment sales, redemptions or calls were as follows: | |||||||||||||
Three Months Ended | |||||||||||||
March 31, | |||||||||||||
(Dollars in thousands) | 2015 | 2014 | |||||||||||
Gross realized gains-AFS | $ | 53 | $ | 192 | |||||||||
Gross realized gains-HTM | - | 68 | |||||||||||
Gross realized losses-AFS | - | -25 | |||||||||||
Net realized gain | $ | 53 | $ | 235 | |||||||||
At March 31, 2015 and December 31, 2014, investment securities with a carrying value of approximately $168.9 million and $174.9 million, respectively, were pledged to secure public funds, repurchase agreements and for other purposes as required by law | |||||||||||||
. | |||||||||||||
Loans
Loans | 3 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Loans [Abstract] | |||||||||||
Loans | NOTE 3: LOANS | ||||||||||
The following table sets forth information concerning the composition of total loans and leases outstanding, as of the dates indicated. | |||||||||||
(Dollars in thousands) | 31-Mar-15 | 31-Dec-14 | |||||||||
Residential mortgage | $ | 26,538 | $ | 25,993 | |||||||
Commercial mortgage | 268,586 | 257,310 | |||||||||
Commercial: | |||||||||||
Commercial term | 81,730 | 80,819 | |||||||||
Commercial construction | 30,415 | 35,534 | |||||||||
Consumer: | |||||||||||
Home equity | 51,269 | 50,192 | |||||||||
Other | 5,562 | 5,755 | |||||||||
Total loans and leases | $ | 464,100 | $ | 455,603 | |||||||
Less allowance for credit losses | -5,190 | -4,906 | |||||||||
Net loans and leases | $ | 458,910 | $ | 450,697 | |||||||
Information concerning non-accrual loans are shown in the following tables: | |||||||||||
Three Months Ended March 31, 2015 | |||||||||||
(Dollars in thousands) | 31-Dec-14 | 31-Mar-15 | Interest income that would have been recorded under original terms | Interest income recorded during the period | Net impact on interest income | ||||||
Non-accrual loans: | |||||||||||
Residential mortgage | $ | 2,458 | $ | 2,446 | $ | 16 | $ | - | $ | 16 | |
Commercial mortgage | 1,294 | 1,262 | 21 | - | 21 | ||||||
Commercial: | |||||||||||
Commercial term | 198 | 196 | 2 | - | 2 | ||||||
Commercial construction | 2,043 | 2,043 | 84 | - | 84 | ||||||
Consumer: | |||||||||||
Home equity | 432 | 429 | 7 | - | 7 | ||||||
Other | 94 | 194 | 5 | - | 5 | ||||||
Total non-accrual loans | $ | 6,519 | $ | 6,570 | $ | 135 | $ | - | $ | 135 | |
Loans 90 days past due and accruing | 334 | 239 | 5 | 5 | - | ||||||
Total non-performing loans | $ | 6,853 | $ | 6,809 | $ | 140 | $ | 5 | $ | 135 | |
Three Months Ended March 31, 2014 | |||||||||||
(Dollars in thousands) | 31-Mar-14 | Interest income that would have been recorded under original terms | Interest income recorded during the period | Net impact on interest income | |||||||
Non-accrual loans: | |||||||||||
Residential mortgage | $ | 2,245 | $ | 16 | $ | - | $ | 16 | |||
Commercial mortgage | 244 | 5 | - | 5 | |||||||
Commercial: | |||||||||||
Commercial term | - | - | - | - | |||||||
Commercial construction | 2,293 | 94 | - | 94 | |||||||
Consumer: | |||||||||||
Home equity | 386 | 7 | 1 | 6 | |||||||
Other | 154 | 3 | - | 3 | |||||||
Total non-accrual loans | $ | 5,322 | $ | 125 | $ | 1 | $ | 124 | |||
Loans 90 days past due and accruing | 100 | 3 | 3 | - | |||||||
Total non-performing loans | $ | 5,422 | $ | 128 | $ | 4 | $ | 124 | |||
Allowance_For_Credit_Losses
Allowance For Credit Losses | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
Allowance For Credit Losses [Abstract] | |||||||||||||||||||
Allowance For Credit Losses | NOTE 4: ALLOWANCE FOR CREDIT LOSSES | ||||||||||||||||||
The performance and credit quality of the loan portfolio is also monitored by analyzing the age of the loans receivable as determined by the length of time a scheduled payment is past due. The following tables present the classes of the loan portfolio summarized by the past due status as of March 31, 2015 and December 31, 2014. | |||||||||||||||||||
Age Analysis of Past Due Loans Receivable | |||||||||||||||||||
31-Mar-15 | |||||||||||||||||||
Loans | |||||||||||||||||||
Receivable | |||||||||||||||||||
30-59 | 60-89 | Greater | Total | > 90 | |||||||||||||||
Days Past | Days Past | than | Total | Loans | Days and | ||||||||||||||
(Dollars in thousands) | Due | Due | 90 Days | Past Due | Current | Receivable | Accruing | ||||||||||||
Residential mortgage | $ | 1,408 | $ | - | $ | 2,635 | $ | 4,043 | $ | 22,495 | $ | 26,538 | $ | 189 | |||||
Commercial mortgage | 43 | - | 363 | 406 | 268,180 | 268,586 | - | ||||||||||||
Commercial: | |||||||||||||||||||
Commercial term | - | - | - | - | 81,730 | 81,730 | - | ||||||||||||
Commercial construction | - | - | 2,043 | 2,043 | 28,372 | 30,415 | - | ||||||||||||
Consumer: | |||||||||||||||||||
Home equity | 16 | 112 | 405 | 533 | 50,736 | 51,269 | 50 | ||||||||||||
Other | - | - | 194 | 194 | 5,368 | 5,562 | - | ||||||||||||
Total | $ | 1,467 | $ | 112 | $ | 5,640 | $ | 7,219 | $ | 456,881 | $ | 464,100 | $ | 239 | |||||
31-Dec-14 | |||||||||||||||||||
Loans | |||||||||||||||||||
Receivable | |||||||||||||||||||
30-59 | 60-89 | Greater | Total | > 90 | |||||||||||||||
Days Past | Days Past | than | Total | Loans | Days and | ||||||||||||||
(Dollars in thousands) | Due | Due | 90 Days | Past Due | Current | Receivable | Accruing | ||||||||||||
Residential mortgage | $ | 1,005 | $ | 302 | $ | 2,648 | $ | 3,955 | $ | 22,038 | $ | 25,993 | $ | 191 | |||||
Commercial mortgage | 48 | 187 | 236 | 471 | 256,839 | 257,310 | - | ||||||||||||
Commercial: | |||||||||||||||||||
Commercial term | - | - | - | - | 80,819 | 80,819 | - | ||||||||||||
Commercial construction | - | - | 2,043 | 2,043 | 33,491 | 35,534 | - | ||||||||||||
Consumer: | |||||||||||||||||||
Home equity | 58 | 214 | 386 | 658 | 49,534 | 50,192 | 119 | ||||||||||||
Other | 71 | 70 | 119 | 260 | 5,495 | 5,755 | 24 | ||||||||||||
Total | $ | 1,182 | $ | 773 | $ | 5,432 | $ | 7,387 | $ | 448,216 | $ | 455,603 | $ | 334 | |||||
The following tables summarize information in regards to impaired loans by loan portfolio class as of and for the three months ended March 31, 2015 and 2014 and as of December 31, 2014. | |||||||||||||||||||
Impaired Loans | |||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||
Recorded | Unpaid | Related | Recorded | Unpaid | Related | ||||||||||||||
Investment | Principal | Allowance | Investment | Principal | Allowance | ||||||||||||||
(Dollars in thousands) | Balance | Balance | |||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||
Residential mortgage | $ | 2,182 | $ | 2,958 | $ | - | $ | 2,457 | $ | 3,270 | $ | - | |||||||
Commercial mortgage | 3,372 | 3,492 | - | 3,400 | 3,501 | - | |||||||||||||
Commercial construction | 1,094 | 1,877 | - | 1,706 | 4,822 | - | |||||||||||||
Consumer: | |||||||||||||||||||
Home equity | 459 | 474 | - | 549 | 564 | - | |||||||||||||
Other | 194 | 194 | - | 94 | 102 | - | |||||||||||||
Total | $ | 7,301 | $ | 8,995 | $ | - | $ | 8,206 | $ | 12,259 | $ | - | |||||||
With allowance recorded: | |||||||||||||||||||
Residential mortgage | 408 | 445 | 1 | - | - | - | |||||||||||||
Commercial mortgage | 202 | 202 | 106 | 200 | 200 | 104 | |||||||||||||
Commercial: | |||||||||||||||||||
Commercial term | 200 | 205 | 116 | 200 | 202 | 119 | |||||||||||||
Commercial construction | 1,062 | 4,976 | 147 | 450 | 2,031 | 50 | |||||||||||||
Consumer: | |||||||||||||||||||
Home equity | 88 | 88 | 31 | - | - | - | |||||||||||||
Total | $ | 1,960 | $ | 5,916 | $ | 401 | $ | 850 | $ | 2,433 | $ | 273 | |||||||
Total: | |||||||||||||||||||
Residential mortgage | 2,590 | 3,403 | 1 | 2,457 | 3,270 | - | |||||||||||||
Commercial mortgage | 3,574 | 3,694 | 106 | 3,600 | 3,701 | 104 | |||||||||||||
Commercial: | |||||||||||||||||||
Commercial term | 200 | 205 | 116 | 200 | 202 | 119 | |||||||||||||
Commercial construction | 2,156 | 6,853 | 147 | 2,156 | 6,853 | 50 | |||||||||||||
Consumer: | |||||||||||||||||||
Home equity | 547 | 562 | 31 | 549 | 564 | - | |||||||||||||
Other | 194 | 194 | - | 94 | 102 | - | |||||||||||||
Total | $ | 9,261 | $ | 14,911 | $ | 401 | $ | 9,056 | $ | 14,692 | $ | 273 | |||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||
31-Mar-15 | 31-Mar-14 | ||||||||||||||||||
Average | Interest | Average | Interest | ||||||||||||||||
Recorded | Income | Recorded | Income | ||||||||||||||||
(Dollars in thousands) | Investment | Recognized | Investment | Recognized | |||||||||||||||
With no related allowance recorded: | |||||||||||||||||||
Residential mortgage | $ | 2,320 | $ | - | $ | 1,872 | $ | - | |||||||||||
Commercial mortgage | 3,386 | 26 | 2,509 | - | |||||||||||||||
Commercial construction | 1,400 | - | 797 | - | |||||||||||||||
Consumer: | |||||||||||||||||||
Home equity | 504 | 1 | 415 | 1 | |||||||||||||||
Other | 144 | - | 47 | - | |||||||||||||||
Total | $ | 7,754 | $ | 27 | $ | 5,640 | $ | 1 | |||||||||||
With allowance recorded: | |||||||||||||||||||
Residential mortgage | 204 | - | 377 | - | |||||||||||||||
Commercial mortgage | 201 | - | 36 | - | |||||||||||||||
Commercial: | |||||||||||||||||||
Commercial term | 200 | - | - | - | |||||||||||||||
Commercial construction | 756 | - | 1,684 | - | |||||||||||||||
Consumer: | |||||||||||||||||||
Home equity | 44 | - | - | - | |||||||||||||||
Other | - | - | 71 | - | |||||||||||||||
Total | $ | 1,405 | $ | - | $ | 2,168 | $ | - | |||||||||||
Total: | |||||||||||||||||||
Residential mortgage | 2,524 | - | 2,249 | - | |||||||||||||||
Commercial mortgage | 3,587 | 26 | 2,545 | - | |||||||||||||||
Commercial: | |||||||||||||||||||
Commercial term | 200 | - | - | - | |||||||||||||||
Commercial construction | 2,156 | - | 2,481 | - | |||||||||||||||
Consumer: | |||||||||||||||||||
Home equity | 548 | 1 | 415 | 1 | |||||||||||||||
Other | 144 | - | 118 | - | |||||||||||||||
Total | $ | 9,159 | $ | 27 | $ | 7,808 | $ | 1 | |||||||||||
The following tables present the classes of the loan portfolio summarized by the aggregate pass rating and the classified ratings of special mention, substandard and doubtful within DNB’s internal risk rating system as of March 31, 2015 and December 31, 2014. | |||||||||||||||||||
Credit Quality Indicators | |||||||||||||||||||
31-Mar-15 | |||||||||||||||||||
Special | |||||||||||||||||||
(Dollars in thousands) | Pass | Mention | Substandard | Doubtful | Total | ||||||||||||||
Residential mortgage | $ | 23,817 | $ | - | $ | 2,721 | $ | - | $ | 26,538 | |||||||||
Commercial mortgage | 256,698 | 2,593 | 9,295 | - | 268,586 | ||||||||||||||
Commercial: | |||||||||||||||||||
Commercial term | 76,192 | 72 | 5,466 | - | 81,730 | ||||||||||||||
Commercial construction | 25,846 | - | 4,569 | - | 30,415 | ||||||||||||||
Consumer: | |||||||||||||||||||
Home equity | 50,690 | - | 579 | - | 51,269 | ||||||||||||||
Other | 5,368 | - | 194 | - | 5,562 | ||||||||||||||
Total | $ | 438,611 | $ | 2,665 | $ | 22,824 | $ | - | $ | 464,100 | |||||||||
31-Dec-14 | |||||||||||||||||||
Special | |||||||||||||||||||
(Dollars in thousands) | Pass | Mention | Substandard | Doubtful | Total | ||||||||||||||
Residential mortgage | $ | 23,259 | $ | - | $ | 2,734 | $ | - | $ | 25,993 | |||||||||
Commercial mortgage | 245,307 | 2,610 | 9,393 | - | 257,310 | ||||||||||||||
Commercial: | |||||||||||||||||||
Commercial term | 75,303 | 72 | 5,444 | - | 80,819 | ||||||||||||||
Commercial construction | 31,057 | - | 4,477 | - | 35,534 | ||||||||||||||
Consumer: | |||||||||||||||||||
Home equity | 49,611 | - | 581 | - | 50,192 | ||||||||||||||
Other | 5,661 | - | 94 | - | 5,755 | ||||||||||||||
Total | $ | 430,198 | $ | 2,682 | $ | 22,723 | $ | - | $ | 455,603 | |||||||||
As of March 31, 2015, DNB had one commercial mortgage classified as a TDR totaling $2,234,000, compared to one commercial mortgage classified as a TDR totaling $2,246,000 (the same loan) at December 31, 2014, and one commercial mortgage classified as a TDR totaling $2,272,000 (the same loan) at March 31, 2014. The rate on this loan was modified and the terms of the loans were changed to interest only while the project was being built out. The loan commenced normal principal and interest payments in June 2014. The loan was extended and there was no reduction of principal. The balance of the loan prior to modification was $2,272,000 and the balance after the modification was $2,272,000. During the three months ended March 31, 2015, there were no defaults on any terms of this loan. | |||||||||||||||||||
As of March 31, 2015, DNB had one consumer home equity loan classified as a TDR totaling $102,000, compared to one consumer home equity loan classified as a TDR totaling $102,000 (the same loan) at December 31, 2014, and no such loans at March 31, 2014. The monthly payment on this loan was reduced for 36 months and the borrower will resume making contractual payments at the end of this period. The loan was extended and there was no reduction of principal. This loan was classified a TDR in June of 2014. The balance of the loan prior to modification was $102,000 and the balance after the modification was $102,000. During the three months ended March 31, 2015, there were no defaults on any terms of this loan. | |||||||||||||||||||
Loans classified as TDR, are considered impaired. The following tables set forth the composition of DNB’s allowance for credit losses as of March 31, 2015 and December 31, 2014, the activity for the three months ended March 31, 2015 and 2014 and as of and for the year ended December 31, 2014. | |||||||||||||||||||
Allowance for Credit Losses and Recorded Investment in Loans Receivables | |||||||||||||||||||
Residential | Commercial | Commercial | Commercial | Lease | Consumer | Consumer | |||||||||||||
(Dollars in thousands) | mortgage | mortgage | term | construction | financing | home equity | Other | Unallocated | Total | ||||||||||
Allowance for credit losses: | |||||||||||||||||||
Beginning balance - January 1, 2015 | $ | 269 | $ | 2,300 | $ | 709 | $ | 881 | $ | - | $ | 189 | $ | 70 | $ | 488 | $ | 4,906 | |
Charge-offs | - | - | -11 | - | - | - | -6 | - | -17 | ||||||||||
Recoveries | - | - | - | - | 1 | - | - | - | 1 | ||||||||||
Provisions | - | 98 | 7 | 41 | -1 | 35 | 2 | 118 | 300 | ||||||||||
Ending balance - March 31, 2015 | $ | 269 | $ | 2,398 | $ | 705 | $ | 922 | $ | - | $ | 224 | $ | 66 | $ | 606 | $ | 5,190 | |
Ending balance: individually evaluated for impairment | $ | 1 | $ | 106 | $ | 116 | $ | 147 | $ | - | $ | 31 | $ | - | $ | - | $ | 401 | |
Ending balance: collectively evaluated for impairment | $ | 268 | $ | 2,292 | $ | 589 | $ | 775 | $ | - | $ | 193 | $ | 66 | $ | 606 | $ | 4,789 | |
Loans receivables: | |||||||||||||||||||
Ending balance | $ | 26,538 | $ | 268,586 | $ | 81,730 | $ | 30,415 | $ | - | $ | 51,269 | $ | 5,562 | $ | 464,100 | |||
Ending balance: individually evaluated for impairment | $ | 2,590 | $ | 3,574 | $ | 200 | $ | 2,156 | $ | - | $ | 547 | $ | 194 | $ | 9,261 | |||
Ending balance: collectively evaluated for impairment | $ | 23,948 | $ | 265,012 | $ | 81,530 | $ | 28,259 | $ | - | $ | 50,722 | $ | 5,368 | $ | 454,839 | |||
Reserve for unfunded loan commitments included in other liabilities | $ | - | $ | 4 | $ | 87 | $ | 53 | $ | - | $ | 12 | $ | - | $ | 156 | |||
Residential | Commercial | Commercial | Commercial | Lease | Consumer | Consumer | |||||||||||||
(Dollars in thousands) | mortgage | mortgage | term | construction | financing | home equity | Other | Unallocated | Total | ||||||||||
Allowance for credit losses: | |||||||||||||||||||
Beginning balance - January 1, 2014 | $ | 285 | $ | 2,010 | $ | 621 | $ | 1,033 | $ | - | 156 | $ | 78 | $ | 440 | $ | 4,623 | ||
Charge-offs | - | - | -7 | -261 | - | - | - | - | -268 | ||||||||||
Recoveries | 3 | - | - | 10 | 1 | - | 6 | - | 20 | ||||||||||
Provisions | 59 | 156 | 38 | 24 | -1 | 11 | 41 | 47 | 375 | ||||||||||
Ending balance - March 31, 2014 | $ | 347 | $ | 2,166 | $ | 652 | $ | 806 | $ | - | $ | 167 | $ | 125 | $ | 487 | $ | 4,750 | |
Reserve for unfunded loan commitments included in other liabilities | $ | - | $ | 11 | $ | 70 | $ | 50 | $ | - | $ | 11 | $ | - | $ | 142 | |||
Residential | Commercial | Commercial | Commercial | Lease | Consumer | Consumer | |||||||||||||
(Dollars in thousands) | mortgage | mortgage | term | construction | financing | home equity | Other | Unallocated | Total | ||||||||||
Allowance for credit losses: | |||||||||||||||||||
Ending balance - December 31, 2014 | $ | 269 | $ | 2,300 | $ | 709 | $ | 881 | $ | - | $ | 189 | $ | 70 | $ | 488 | $ | 4,906 | |
Ending balance: individually evaluated for impairment | $ | - | $ | 104 | $ | 119 | $ | 50 | $ | - | $ | - | $ | - | $ | - | $ | 273 | |
Ending balance: collectively evaluated for impairment | $ | 269 | $ | 2,196 | $ | 590 | $ | 831 | $ | - | $ | 189 | $ | 70 | $ | 488 | $ | 4,633 | |
Loans receivables: | |||||||||||||||||||
Ending balance | $ | 25,993 | $ | 257,310 | $ | 80,819 | $ | 35,534 | $ | - | $ | 50,192 | $ | 5,755 | $ | 455,603 | |||
Ending balance: individually evaluated for impairment | $ | 2,457 | $ | 3,600 | $ | 200 | $ | 2,156 | $ | - | $ | 549 | $ | 94 | $ | 9,056 | |||
Ending balance: collectively evaluated for impairment | $ | 23,536 | $ | 253,710 | $ | 80,619 | $ | 33,378 | $ | - | $ | 49,643 | $ | 5,661 | $ | 446,547 | |||
Reserve for unfunded loan commitments included in other liabilities | $ | - | $ | 10 | $ | 89 | $ | 55 | $ | - | $ | 12 | $ | - | $ | 166 | |||
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Earnings Per Share [Abstract] | |||||||
Earnings Per Share | NOTE 5: EARNINGS PER SHARE | ||||||
Basic earnings per share (“EPS”) is computed based on the weighted average number of common shares outstanding during the period. Diluted EPS is computed using the treasury stock method and reflects the potential dilution that could occur from the exercise of stock options, and warrants and the amortized portion of unvested stock awards. Stock options and unvested stock awards for which the exercise or the grant price exceeds the average market price over the period have an anti-dilutive effect on EPS and, accordingly, are excluded from the calculation. Treasury shares are not deemed outstanding for calculations. There were no outstanding stock warrants, no anti-dilutive stock options outstanding, and no anti-dilutive stock awards outstanding at March 31, 2015. There were no anti-dilutive stock warrants outstanding, 66,853 anti-dilutive stock options outstanding, and 17,125 anti-dilutive stock awards outstanding at March 31, 2014. The following table sets forth the computation of basic and diluted earnings per share: | |||||||
Three Months Ended | |||||||
31-Mar-15 | |||||||
(In thousands, except per-share data) | Income | Shares | Amount | ||||
Basic EPS | |||||||
Income available to common stockholders | $ | 1,226 | 2,786 | $ | 0.44 | ||
Effect of potential dilutive common stock equivalents – stock options and restricted shares | - | 47 | -0.01 | ||||
Diluted EPS | |||||||
Income available to common stockholders after assumed conversions | $ | 1,226 | 2,833 | $ | 0.43 | ||
Three Months Ended | |||||||
31-Mar-14 | |||||||
(In thousands, except per-share data) | Income | Shares | Amount | ||||
Basic EPS | |||||||
Income available to common stockholders | $ | 967 | 2,758 | $ | 0.35 | ||
Effect of potential dilutive common stock equivalents – stock options and restricted shares | - | 44 | - | ||||
Diluted EPS | |||||||
Income available to common stockholders after assumed conversions | $ | 967 | 2,802 | $ | 0.35 | ||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Accumulated Other Comprehensive Loss [Abstract] | |||||||
Accumulated Other Comprehensive Loss | NOTE 6: ACCUMULATED OTHER COMPREHENSIVE LOSS | ||||||
The components of accumulated other comprehensive loss included in stockholders' equity are as follows: | |||||||
Accumulated Other Comprehensive Loss | Before-Tax | Tax | Net-of-Tax | ||||
(Dollars in thousands) | Amount | Effect | Amount | ||||
31-Mar-15 | |||||||
Net unrealized gain on AFS securities | $ | 369 | $ | -125 | $ | 244 | |
Discount on AFS to HTM reclassification | -21 | 7 | -14 | ||||
Unrealized actuarial losses-pension | -1,734 | 589 | -1,145 | ||||
$ | -1,386 | $ | 471 | $ | -915 | ||
31-Dec-14 | |||||||
Net unrealized loss on AFS securities | $ | -665 | $ | 227 | $ | -438 | |
Discount on AFS to HTM reclassification | -24 | 8 | -16 | ||||
Unrealized actuarial losses-pension | -1,734 | 589 | -1,145 | ||||
$ | -2,423 | $ | 824 | $ | -1,599 | ||
Subordinated_Debentures_Notes_
Subordinated Debentures, Notes And Other Borrowings | 3 Months Ended |
Mar. 31, 2015 | |
Subordinated Debentures, Notes And Other Borrowings [Abstract] | |
Subordinated Debentures, Notes, And Other Borrowings | NOTE 7: SUBORDINATED DEBENTURES, NOTES, AND OTHER BORROWINGS |
DNB has two issuances of junior subordinated debentures (the “debentures”) as follows. The majority of the proceeds of each issuance were invested in DNB’s subsidiary, DNB First, National Association, to increase the Bank’s capital levels. The junior subordinated debentures issued in each case qualify as a component of capital for regulatory purposes. DNB Capital Trust I and II are special purpose Delaware business trusts, which are not consolidated. | |
DNB Capital Trust I | |
DNB’s first issuance of junior subordinated debentures was on July 20, 2001. These debentures are floating rate and were issued to DNB Capital Trust I, a Delaware business trust in which DNB owns all of the common equity. DNB Capital Trust I issued $5.0 million of floating rate (6 month Libor plus 3.75%, with a cap of 12%) capital preferred securities to a qualified institutional buyer. The proceeds of these securities were used by the Trust, along with DNB’s capital contribution, to purchase $5.2 million principal amount of DNB’s floating rate junior subordinated debentures. The preferred securities have been redeemable since July 25, 2006 and must be redeemed upon maturity of the debentures on July 25, 2031. | |
DNB Capital Trust II | |
DNB’s second issuance of junior subordinated debentures was on March 30, 2005. These are floating rate and were issued to DNB Capital Trust II, a Delaware business trust in which DNB owns all of the common equity. DNB Capital Trust II issued $4.0 million of floating rate (the rate was fixed at 6.56% for the first 5 years and is now adjusting at a rate of 3-month LIBOR plus 1.77%) capital preferred securities. The proceeds of these securities were used by the Trust, along with DNB’s capital contribution, to purchase $4.1 million principal amount of DNB’s floating rate junior subordinated debentures. The preferred securities have been redeemable since May 23, 2010. The preferred securities must be redeemed upon maturity of the debentures on May 23, 2035. | |
Subordinated Note | |
On March 5, 2015, DNB Financial Corporation entered into a Subordinated Note Purchase Agreement (the “Agreement”) with an accredited investor under which the Company issued a $9.75 million subordinated note (the “Note”) to the investor. The Note has a maturity date of March 6, 2025, and will bear interest at a fixed rate of 4.25% per annum for the first 5 years and then float at the Wall Street Journal Prime rate plus 1.00%, provided that the interest rate applicable to the outstanding principal balance will at no time be less than 3.0% and more than 5.75% per annum. | |
The Company may, at its option, beginning with the first interest payment date after March 6, 2019, and on any interest payment date thereafter, redeem the Note, in whole or in part, at par plus accrued and unpaid interest to the date of redemption. The Note is not subject to repayment at the option of the noteholder. | |
The Note is unsecured and ranks junior in right of payment to the Company’s senior indebtedness and to the Company’s obligations to its general creditors and qualifies as Tier 2 capital for regulatory purposes. | |
Repurchase Agreements Accounted for as Secured Borrowings | |
As of March 31, 2015, DNB had $20.3 million of repurchase agreements. In conjunction with these repurchase agreements, $20.7 million of state and municipal securities were sold on an overnight basis as of March 31, 2015, which represents 102% of the repurchase agreement amount. | |
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Stock-Based Compensation [Abstract] | |||||||||
Stock-Based Compensation | NOTE 8: STOCK-BASED COMPENSATION | ||||||||
Stock Option Plan | |||||||||
DNB has a Stock Option Plan for employees and directors. Under the plan, options (both qualified and non-qualified) to purchase a maximum of 793,368 (as adjusted for subsequent stock dividends) shares of DNB’s common stock could be issued to employees and directors. Under the plan, option exercise prices must equal the fair market value of the shares on the date of option grant and the option exercise period may not exceed ten years. Vesting of options under the plan is determined by the Plan Committee. There were 354,090 shares available for grant at March 31, 2015. All options are immediately exercisable. DNB had no expenses during the three months ended March 31, 2015 compared to $17,000 during the three months ended March 31, 2014. DNB has no anticipated additional expense. Stock option activity is indicated below. | |||||||||
Number | Weighted Average | ||||||||
Outstanding | Exercise Price | ||||||||
Outstanding January 1, 2015 | 163,586 | $ | 15.13 | ||||||
Issued | - | - | |||||||
Exercised | 93,834 | 19.60 | |||||||
Forfeited | - | - | |||||||
Expired | - | - | |||||||
Outstanding March 31, 2015 | 69,752 | $ | 9.13 | ||||||
Number | Weighted Average | ||||||||
Outstanding | Exercise Price | ||||||||
Outstanding January 1, 2014 | 207,303 | $ | 15.92 | ||||||
Issued | - | - | |||||||
Exercised | - | - | |||||||
Forfeited | - | - | |||||||
Expired | - | - | |||||||
Outstanding March 31, 2014 | 207,303 | $ | 15.92 | ||||||
The weighted-average price and weighted average remaining contractual life for the outstanding options are listed below for the dates indicated. | |||||||||
31-Mar-15 | |||||||||
Range of | Weighted Average | ||||||||
Exercise | Number | Number | Exercise | Remaining | Intrinsic | ||||
Prices | Outstanding | Exercisable | Price | Contractual Life | Value | ||||
$ | 6.93-10.99 | 66,500 | 66,500 | $ | 8.72 | 2.93 years | $ | 1,149,000 | |
14.00-19.99 | 3,252 | 3,252 | 17.51 | 0.73 years | 28,000 | ||||
Total | 69,752 | 69,752 | $ | 9.13 | 2.83 years | $ | 1,177,000 | ||
31-Dec-14 | |||||||||
Range of | Weighted Average | ||||||||
Exercise | Number | Number | Exercise | Remaining | Intrinsic | ||||
Prices | Outstanding | Exercisable | Price | Contractual Life | Value | ||||
$ | 6.93-10.99 | 80,650 | 80,650 | $ | 8.66 | 3.15 years | $ | 1,044,000 | |
14.00-19.99 | 34,895 | 34,895 | 17.51 | 0.97 years | 143,000 | ||||
23.00-24.27 | 48,041 | 48,041 | 24.27 | 0.29 years | - | ||||
Total | 163,586 | 163,586 | $ | 15.13 | 1.85 years | $ | 1,187,000 | ||
Other Stock-Based Compensation | |||||||||
DNB maintains an Incentive Equity and Deferred Compensation Plan (the "Plan"). The Plan provides that up to 243,101 (as adjusted for subsequent stock dividends) shares of common stock may be granted, at the discretion of the Board, to individuals of the Corporation. Shares already granted are issuable on the earlier of three or four years (cliff vesting period) after the date of the grant or a change in control of DNB if the recipients are then employed by DNB (“Vest Date”). Upon issuance of the shares, resale of the shares is restricted for an additional one year, during which the shares may not be sold, pledged or otherwise disposed of. Prior to the Vest Date and in the event the recipient terminates association with DNB for reasons other than death, disability or change in control, the recipient forfeits all rights to the shares that would otherwise be issued under the grant. | |||||||||
Share awards granted by the Plan were recorded at the date of award based on the market value of shares. Awards are being amortized to expense over a three or four year cliff-vesting period. DNB records compensation expense equal to the value of the shares being amortized. For the three month periods ended March 31, 2015 and 2014, $87,000 and $53,000 was amortized to expense, respectively. As of March 31, 2015, there was approximately $868,000 in additional compensation that will be recognized over the remaining service period of approximately 2.29 years. At March 31, 2015, 116,494 shares were reserved for future grants under the Plan. | |||||||||
Stock grant activity is indicated below: | |||||||||
Weighted Average | |||||||||
Shares | Stock Price | ||||||||
Non-vested stock awards—January 1, 2015 | 75,930 | $ | 17.66 | ||||||
Granted | - | - | |||||||
Forfeited | - | - | |||||||
Vested | - | - | |||||||
Non-vested stock awards—March 31, 2015 | 75,930 | $ | 17.66 | ||||||
Weighted Average | |||||||||
Shares | Stock Price | ||||||||
Non-vested stock awards—January 1, 2014 | 50,795 | $ | 15.65 | ||||||
Granted | - | - | |||||||
Forfeited | - | - | |||||||
Vested | - | - | |||||||
Non-vested stock awards—March 31, 2014 | 50,795 | $ | 15.65 | ||||||
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | NOTE 9: INCOME TAXES |
As of March 31, 2015, the Corporation had no material unrecognized tax benefits or accrued interest and penalties. It is the Corporation’s policy to account for interest and penalties accrued relative to unrecognized tax benefits as a component of income tax expense. Federal and state tax years 2011 through 2014 were open for examination as of March 31, 2015. | |
Fair_Value_Of_Financial_Instru
Fair Value Of Financial Instruments | 3 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Fair Value Of Financial Instruments [Abstract] | |||||||||||
Fair Value Of Financial Instruments | NOTE 10: FAIR VALUE OF FINANCIAL INSTRUMENTS | ||||||||||
FASB ASC Topic 820, Fair Value Measurements and Disclosures, establishes a fair value hierarchy based on the nature of data inputs for fair value determinations, under which DNB is required to value each asset within its scope using assumptions that market participations would utilize to value that asset. When DNB uses its own assumptions, it is required to disclose additional information about the assumptions used and the effect of the measurement on earnings or the net change in assets for the period. | |||||||||||
The three levels of the fair value hierarchy under FASB ASC Topic 820 are as follows: | |||||||||||
Level 1—Quoted prices in active markets for identical securities. | |||||||||||
Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active and model derived valuations whose inputs are observable or whose significant value drivers are observable. | |||||||||||
Level 3—Instruments whose significant value drivers are unobservable. | |||||||||||
A description of the valuation methodologies used for assets measured at fair value is set forth below: | |||||||||||
DNB’s available-for-sale investment securities, which generally include U.S. government agencies and mortgage backed securities, collateralized mortgage obligations, corporate bonds and equity securities are reported at fair value. These securities are valued by an independent third party (“preparer”). The preparer’s evaluations are based on market data. They utilize evaluated pricing models that vary by asset and incorporate available trade, bid and other market information. For securities that do not trade on a daily basis, their evaluated pricing applications apply available information such as benchmarking and matrix pricing. The market inputs normally sought in the evaluation of securities include benchmark yields, reported trades, broker/dealer quotes (only obtained from market makers or broker/dealers recognized as market participants), issuer spreads, two-sided markets, benchmark securities, bid, offers and reference data. For certain securities additional inputs may be used or some market inputs may not be applicable. Inputs are prioritized differently on any given day based on market conditions. | |||||||||||
U.S. Government agencies are evaluated and priced using multi‑dimensional relational models and option adjusted spreads. State and municipal securities are evaluated on a series of matrices including reported trades and material event notices. Mortgage backed securities are evaluated using matrix correlation to treasury or floating index benchmarks, prepayment speeds, monthly payment information and other benchmarks. Other securities are evaluated using a broker-quote based application, including quotes from issuers. | |||||||||||
Impaired loans are those loans that the Bank has measured impairment generally based on the fair value of the loan’s collateral. Fair value is generally determined based upon independent third-party appraisals of the properties, or discounted cash flows based upon the expected proceeds. These assets are included as Level 3 fair values, based upon the lowest level of input that is significant to the fair value measurements. | |||||||||||
OREO assets are adjusted to fair value less estimated selling costs upon transfer of the loans to OREO establishing a new cost basis. Subsequently, OREO assets are carried at the lower of carrying value or fair value. Fair value is based upon independent market prices, appraised values of the collateral or management’s estimation of the value of the collateral. There assets are included as Level 3 fair values. | |||||||||||
The following table summarizes the assets at March 31, 2015 and December 31, 2014 that are recognized on DNB’s statement of financial condition using fair value measurement determined based on the differing levels of input: | |||||||||||
31-Mar-15 | |||||||||||
(Dollars in thousands) | Level 1 | Level 2 | Level 3 | Fair Value | |||||||
Assets Measured at Fair Value on a Recurring Basis | |||||||||||
AFS Investment Securities: | |||||||||||
US Government agency obligations | $ | - | $ | 61,021 | $ | - | $ | 61,021 | |||
GSE mortgage-backed securities | - | 60,871 | - | 60,871 | |||||||
Collateralized mortgage obligations GSE | - | 19,087 | - | 19,087 | |||||||
Corporate bonds | - | 20,431 | - | 20,431 | |||||||
State and municipal tax-exempt | - | 11,050 | - | 11,050 | |||||||
Equity securities | 18 | - | - | 18 | |||||||
Total assets measured at fair value on a recurring basis | $ | 18 | $ | 172,460 | $ | - | $ | 172,478 | |||
Assets Measured at Fair Value on a Nonrecurring Basis | |||||||||||
Impaired loans | $ | - | $ | - | $ | 1,559 | $ | 1,559 | |||
Total assets measured at fair value on a nonrecurring basis | $ | - | $ | - | $ | 1,559 | $ | 1,559 | |||
31-Dec-14 | |||||||||||
(Dollars in thousands) | Level 1 | Level 2 | Level 3 | Fair Value | |||||||
Assets Measured at Fair Value on a Recurring Basis | |||||||||||
AFS Investment Securities: | |||||||||||
US Government agency obligations | $ | - | $ | 61,354 | $ | - | $ | 61,354 | |||
GSE mortgage-backed securities | - | 66,723 | - | 66,723 | |||||||
Collateralized mortgage obligations GSE | - | 20,011 | - | 20,011 | |||||||
Corporate bonds | - | 13,102 | - | 13,102 | |||||||
State and municipal tax-exempt | - | 10,994 | - | 10,994 | |||||||
Equity securities | 18 | - | - | 18 | |||||||
Total assets measured at fair value on a recurring basis | $ | 18 | $ | 172,184 | $ | - | $ | 172,202 | |||
Assets Measured at Fair Value on a Nonrecurring Basis | |||||||||||
Impaired loans | $ | - | $ | - | $ | 2,916 | $ | 2,916 | |||
OREO and other repossessed property | - | - | 100 | 100 | |||||||
Total assets measured at fair value on a nonrecurring basis | $ | - | $ | - | $ | 3,016 | $ | 3,016 | |||
The following table presents additional information about assets measured at fair value on a nonrecurring basis and for which DNB has utilized Level 3 inputs to determine fair value: | |||||||||||
31-Mar-15 | |||||||||||
Quantitative Information about Level 3 Fair Value Measurement | |||||||||||
Fair Value | Valuation | Range | |||||||||
(Dollars in thousands) | Estimate | Techniques | Unobservable Input | (Weighted Average) | |||||||
Impaired loans - Residential mortgage | $ | 407 | Appraisal of | Appraisal adj. (2) | 0% | to | 0% | 0% | |||
collateral (1) | Disposal costs (2) | -8% | to | -8% | (-8%) | ||||||
Impaired loans - Commercial mortgage | 97 | Appraisal of | Appraisal adj. (2) | 0% | to | 0% | 0% | ||||
collateral (1) | Disposal costs (2) | -13% | to | -13% | (-13%) | ||||||
Impaired loans - Commercial term | 83 | Appraisal of | Appraisal adj. (2) | 0% | to | 0% | 0% | ||||
collateral (1) | Disposal costs (2) | -11% | to | -11% | (-11%) | ||||||
Impaired loans - Commercial construction | 915 | Appraisal of | Appraisal adj. (2) | -15% | to | -47% | (-35%) | ||||
collateral (1) | Disposal costs (2) | -8% | to | -11% | (-10%) | ||||||
Impaired loans - Home equity | 57 | Appraisal of | Appraisal adj. (2) | 0% | to | 0% | 0% | ||||
collateral (1) | Disposal costs (2) | -8% | to | -8% | (-8%) | ||||||
Impaired loan total | $ | 1,559 | |||||||||
-1 | |||||||||||
31-Dec-14 | |||||||||||
Quantitative Information about Level 3 Fair Value Measurement | |||||||||||
Fair Value | Valuation | Range | |||||||||
(Dollars in thousands) | Estimate | Techniques | Unobservable Input | (Weighted Average) | |||||||
Impaired loans - Residential mortgage | $ | 1,244 | Appraisal of | Appraisal adj. (2) | 0% | to | 0% | 0% | |||
collateral (1) | Disposal costs (2) | -8% | to | -8% | (-8%) | ||||||
Impaired loans - Commercial mortgage | 97 | Appraisal of | Appraisal adj. (2) | 0% | to | 0% | 0% | ||||
collateral (1) | Disposal costs (2) | -13% | to | -13% | (-13%) | ||||||
Impaired loans - Commercial term | 81 | Appraisal of | Appraisal adj. (2) | 0% | to | 0% | 0% | ||||
collateral (1) | Disposal costs (2) | -11% | to | -11% | (-11%) | ||||||
Impaired loans - Commercial construction | 1,494 | Appraisal of | Appraisal adj. (2) | 0% | to | -47% | (-19%) | ||||
collateral (1) | Disposal costs (2) | -11% | to | -11% | (-11%) | ||||||
Impaired loan total | $ | 2,916 | |||||||||
Other real estate owned | $ | 100 | Disposal costs (2) | -8% | to | -16% | (-12%) | ||||
-1 | Fair value is generally determined through independent appraisals or sales contracts of the underlying collateral, which generally include various level 3 inputs which are not identifiable. | ||||||||||
-2 | Appraisals are adjusted by management for qualitative factors and disposal costs. | ||||||||||
Impaired loans. Impaired loans, which are measured for impairment using the fair value of the collateral for collateral dependent loans, had a carrying amount of $9.3 million at March 31, 2015. Of this, $2.0 million had a specific valuation allowance of $401,000, leaving a fair value of $1.6 million as of March 31, 2015. DNB had no impaired loans that were partially charged down as of March 31, 2015. The total fair value of impaired loans at March 31, 2015 was $1.6 million. | |||||||||||
Impaired loans had a carrying amount of $9.1 million at December 31, 2014. Of this, $850,000 had a specific valuation allowance of $273,000, leaving a fair value of $577,000 at December 31, 2014. In addition, DNB had $2.9 million in impaired loans that were partially charged down by $526,000, leaving $2.3 million at fair value as of December 31, 2014. The total fair value of impaired loans at December 31, 2014 was $2.9 million. | |||||||||||
Other Real Estate Owned & other repossessed property. Other real estate owned (“OREO”) consists of properties acquired as a result of, or in-lieu-of, foreclosure. Properties or other assets are classified as OREO and other repossessed property are initially recorded at fair value less cost to sell at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying value or fair value, less estimated costs to sell. Costs relating to the development or improvement of the assets are capitalized and costs relating to holding the assets are charged to expense. DNB had $908,000 of such assets at March 31, 2015, $837,000 of which was OREO and $71,000 was in other repossessed property. DNB had $901,000 of such assets at December 31, 2014, which consisted of $837,000 in OREO and $64,000 in other repossessed property. Subsequent to the repossession of these assets, DNB did not write down the carrying values during the three month period ending March 31, 2015 or the three month period ending March 31, 2014. | |||||||||||
DNB's policy is to recognize transfer between levels as of the actual date of the event or change in circumstances that caused the transfer. There were no transfers between Level 1 and 2 for the three and nine months ended March 31, 2015. | |||||||||||
Below is management’s estimate of the fair value of all financial instruments, whether carried at cost or fair value on the Company’s consolidated balance sheet. The carrying amounts and fair values of financial instruments at March 31, 2015 and December 31, 2014 are as follows: | |||||||||||
31-Mar-15 | |||||||||||
Carrying | Fair | ||||||||||
(Dollars in thousands) | Amount | Value | Level 1 | Level 2 | Level 3 | ||||||
Financial assets | |||||||||||
Cash and cash equivalents | $ | 28,335 | $ | 28,335 | $ | 28,335 | $ | - | $ | - | |
AFS investment securities | 172,478 | 172,478 | 18 | 172,460 | - | ||||||
HTM investment securities | 60,480 | 61,500 | - | 61,500 | - | ||||||
Restricted stock | 2,720 | 2,720 | - | 2,720 | - | ||||||
Loans and leases, net of allowance, including impaired | 458,910 | 452,830 | - | - | 452,830 | ||||||
Accrued interest receivable | 2,572 | 2,572 | - | 2,572 | - | ||||||
Financial liabilities | |||||||||||
Deposits: | |||||||||||
Non-interest-bearing deposits | 113,419 | 113,419 | - | 113,419 | - | ||||||
Interest-bearing deposits: | 430,810 | 430,810 | - | 430,810 | - | ||||||
Time | 72,784 | 72,562 | - | 72,562 | - | ||||||
Brokered deposits | 10,248 | 10,258 | - | 10,258 | - | ||||||
Repurchase agreements | 20,316 | 20,316 | - | 20,316 | - | ||||||
FHLBP advances | 20,000 | 20,631 | - | 20,631 | - | ||||||
Junior subordinated debentures and other borrowings | 9,279 | 7,349 | - | 7,349 | - | ||||||
Subordinated debt | 9,750 | 9,750 | - | 9,750 | - | ||||||
Accrued interest payable | 306 | 306 | - | 306 | - | ||||||
Off-balance sheet instruments | - | - | - | - | - | ||||||
31-Dec-14 | |||||||||||
Carrying | Fair | ||||||||||
(Dollars in thousands) | Amount | Value | Level 1 | Level 2 | Level 3 | ||||||
Financial assets | |||||||||||
Cash and cash equivalents | $ | 12,504 | $ | 12,504 | $ | 12,504 | $ | - | $ | - | |
AFS investment securities | 172,202 | 172,202 | 18 | 172,184 | - | ||||||
HTM investment securities | 59,454 | 60,099 | - | 60,099 | - | ||||||
Restricted stock | 2,587 | 2,587 | - | 2,587 | - | ||||||
Loans held-for-sale | 617 | 640 | - | - | - | ||||||
Loans and leases, net of allowance, including impaired | 450,697 | 436,499 | - | - | 436,499 | ||||||
Accrued interest receivable | 2,253 | 2,253 | - | 2,253 | - | ||||||
Financial liabilities | |||||||||||
Deposits: | |||||||||||
Non-interest-bearing deposits | 102,107 | 102,107 | - | 102,107 | - | ||||||
Interest-bearing deposits: | 415,933 | 415,933 | - | 415,933 | - | ||||||
Time | 76,805 | 76,519 | - | 76,519 | - | ||||||
Brokered deposits | 10,238 | 10,204 | - | 10,204 | - | ||||||
Repurchase agreements | 19,221 | 19,221 | - | 19,221 | - | ||||||
FHLBP advances | 20,000 | 20,616 | - | 20,616 | - | ||||||
Junior subordinated debentures and other borrowings | 9,279 | 7,546 | - | 7,546 | - | ||||||
Accrued interest payable | 351 | 351 | - | 351 | - | ||||||
Off-balance sheet instruments | - | - | - | - | - | ||||||
The specific estimation methods and assumptions used can have a substantial impact on the resulting fair values of financial instruments. Following is a brief summary of the significant assumptions, methods, and estimates used in estimating fair value. | |||||||||||
Limitations Fair value estimates are made at a specific point in time, based on relevant market information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time DNB’s entire holdings of a particular financial instrument. Because no market exists for a significant portion of DNB’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. | |||||||||||
Cash and Cash Equivalents, Accrued Interest Receivable and Accrued Interest Payable The carrying amounts for short-term investments (cash and cash equivalents) and accrued interest receivable and payable approximate fair value. | |||||||||||
Loans Held-for-Sale The fair value of loans held-for-sale is determined, when possible, using quoted secondary-market prices. If no such quotes prices exist, the fair value of a loan is determined using quoted prices for a similar loan or loans, adjusted for the specific attributes of that loan. | |||||||||||
Investment Securities The fair value of investment securities are determined by an independent third party (“preparer”). The preparer’s evaluations are based on market data. They utilize evaluated pricing models that vary by asset and incorporate available trade, bid and other market information. For securities that do not trade on a daily basis, their evaluated pricing applications apply available information such as benchmarking and matrix pricing. The market inputs normally sought in the evaluation of securities include benchmark yields, reported trades, broker/dealer quotes (only obtained from market makers or broker/dealers recognized as market participants), issuer spreads, two-sided markets, benchmark securities, bid, offers and reference data. For certain securities additional inputs may be used or some market inputs may not be applicable. Inputs are prioritized differently on any given day based on market conditions. | |||||||||||
U.S. Government agencies are evaluated and priced using multi‑dimensional relational models and option adjusted spreads. State and municipal securities are evaluated on a series of matrices including reported trades and material event notices. Mortgage backed securities are evaluated using matrix correlation to treasury or floating index benchmarks, prepayment speeds, monthly payment information and other benchmarks. Other investments are evaluated using a broker‑ quote based application, including quotes from issuers. The carrying amount of non-readily marketable equity securities approximates liquidation value. | |||||||||||
Restricted Stock The carrying amount of restricted investment in Federal Home Loan Bank stock, Federal Reserve stock and ACBB stock approximates fair value, and considers the limited marketability of such securities. | |||||||||||
Loans Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type such as commercial, commercial mortgages, residential mortgages, consumer and non-accrual loans. The fair value of performing loans is calculated by discounting expected cash flows using an estimated market discount rate. Expected cash flows include both contractual cash flows and prepayments of loan balances. Prepayments on consumer loans were determined using the median of estimates of securities dealers for mortgage-backed investment pools. | |||||||||||
The estimated discount rate considers credit and interest rate risk inherent in the loan portfolios and other factors such as liquidity premiums and incremental servicing costs to an investor. Management has made estimates of fair value discount rates that it believes to be reasonable. However, because there is no market for many of these financial instruments, management has no basis to determine whether the fair value presented would be indicative of the value negotiated in an actual sale. | |||||||||||
The fair value for non-accrual loans not based on fair value of collateral is derived through a discounted cash flow analysis, which includes the opportunity costs of carrying a non-performing asset. An estimated discount rate was used for these non-accrual loans, based on the probability of loss and the expected time to recovery. | |||||||||||
Deposits The fair values disclosed for demand deposits are, by definition, equal to the amount payable on demand at the reporting date (that is, their carrying amounts). The carrying amounts of variable-rate money market accounts, savings accounts, and interest checking accounts approximate their fair values at the reporting date. Fair values for fixed-rate CDs and brokered deposits (all of which are CDs) are estimated using a discounted cash flow calculation that applies interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities on time deposits. Of the $10.2 million in brokered deposits, $4.0 million matures in 2016 and $6.2 million matures in 2017. | |||||||||||
Federal Home Loan Bank of Pittsburgh advances The fair value of the FHLBP advances is obtained from the FHLB and is calculated by discounting contractual cash flows using an estimated interest rate based on the current rates available for debt of similar remaining maturities and collateral terms. | |||||||||||
Repurchase agreements Fair value approximates the carrying value of such liabilities due to their short-term nature. | |||||||||||
Junior subordinated debentures The fair value for subordinated debentures is calculated using discounted cash flows based upon current market spreads to LIBOR for debt of similar remaining maturities and collateral terms. | |||||||||||
Subordinated Note The fair value of the subordinated note was estimated using either a discounted cash flow analysis based on current market interest rates for debt with similar maturities and credit quality or estimated using market quotes. | |||||||||||
Off-balance-sheet Instruments (Disclosed at Cost) Off-balance-sheet instruments are primarily comprised of loan commitments, which are generally priced at market at the time of funding. Fees on commitments to extend credit and stand-by letters of credit are deemed to be immaterial and these instruments are expected to be settled at face value or expire unused. It is impractical to assign any fair value to these instruments. At March 31, 2015, un-funded loan commitments totaled $100.6 million and stand-by letters of credit totaled $2.2 million. At December 31, 2014, un-funded loan commitments totaled $101.7 million and stand-by letters of credit totaled $2.2 million. | |||||||||||
Stockholders_Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2015 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | NOTE 11: STOCKHOLDERS’ EQUITY |
In July 2013, the Board of Directors of the FRB approved the Basel III intereim final rule (Basel III), which is intended to strengthen the quality and increase the required level of regulatory capital for a more stable and resilient banking system. The changes include (1) a new regulatory capital measure, Common Equity Tier 1 (CET1), which is limited to capital elements of the highest quality, (2) a new definition and increase of tier 1 capital which is now comprised of CET1 and Additional Tier 1, (3) changes in calculation of some risk-weighted assets and off-balance sheet exposure, and (4) a capital conservation buffer that will limit capital distributions, stock redemptions, and certain discretionary bonus payments if the institution does not maintain capital in excess of the minimum capital requirements. These new capital rules took effect for our bank on January 1, 2015 and reporting began with the March 31, 2015 call report. | |
On August 4, 2011, DNB entered into a Securities Purchase Agreement with the Secretary of the Treasury, pursuant to which the Corporation issued and sold to the Treasury 13,000 shares of its Non-Cumulative Perpetual Preferred Stock, Series 2011A (“Series 2011A Preferred Stock”), having a liquidation preference of $1,000 per share for aggregate proceeds of $13,000,000. The Securities Purchase Agreement was entered into, and the Series 2011A Preferred Stock was issued, pursuant to the Treasury’s Small Business Lending Fund program (“SBLF”), a $30 billion fund established under the Small Business Jobs Act of 2010, that encourages lending to small businesses by providing capital to qualified community banks with assets of less than $10 billion. Of the $13.0 million in aggregate proceeds, $11,879,000 was used to repurchase the outstanding cumulative perpetual preferred stock. The securities sold in this transaction were exempt from registration under Section 4(2) of the Securities Act of 1933, as amended, as a transaction by DNB not involving a public offering. | |
The Series 2011A Preferred Stock is entitled to receive non-cumulative dividends payable quarterly, on each January 1, April 1, July 1 and October 1, beginning October 1, 2011. The dividend rate, which is calculated on the aggregate Liquidation Amount, was initially set at 3.874% per annum, and was based upon the level of “Qualified Small Business Lending”, or “QSBL” (as defined in the Securities Purchase Agreement) originated by the Corporation’s wholly owned national bank subsidiary DNB First, N.A. (the “Bank”). The dividend rate for dividends beyond the initial period are based upon the “Percentage Change in Qualified Lending” (as defined in the Securities Purchase Agreement) between each dividend period and the “Baseline” QSBL level. Such dividend rate may vary from 1% per annum to 5% per annum for the second through tenth dividend periods depending on the volume of Qualified Small Business Lending the Bank will originate in future periods, and will be fixed at a rate between 1% per annum to 7% per annum and remain unchanged up to four and one-half years following the funding date (the eleventh through the first half of the nineteenth dividend periods). Because it is not feasible to predict the volume of Qualified Small Business Lending in future periods, it is not feasible to estimate specific future dividend rates under this formula. If the Series 2011A Preferred Stock remains outstanding for more than four-and-one-half years, the dividend rate will be fixed at 9%. Prior to that time, in general, the dividend rate decreases as the level of the Bank’s Qualified Small Business Lending increases. Such dividends are not cumulative, but the Corporation may only declare and pay dividends on its common stock (or any other equity securities junior to the Series 2011A Preferred Stock) if it has declared and paid dividends for the current dividend period on the Series 2011A Preferred Stock, and will be subject to other restrictions on its ability to repurchase or redeem common stock and other securities. In addition, if (i) the Corporation has not timely declared and paid dividends on the Series 2011A Preferred Stock for six dividend periods or more, whether or not consecutive, and (ii) shares of Series 2011A Preferred Stock with an aggregate liquidation preference of at least $13,000,000 are still outstanding, the Treasury (or any successor holder of Series 2011A Preferred Stock) may designate two additional directors to be elected to the Corporation’s Board of Directors. DNB paid an annual rate on the $13.0 million of Series 2011A Preferred Stock of 1.00% for the year ended December 31, 2014 and the annual rate remained at 1.00% as of March 31, 2015. | |
As more completely described in the Certificate of Designation, holders of the Series 2011A Preferred Stock have the right to vote as a separate class on certain matters relating to the rights of holders of Series 2011A Preferred Stock and on certain corporate transactions. Except with respect to such matters and, if applicable, the election of the additional directors described above, the Series 2011A Preferred Stock does not have voting rights. | |
The Corporation may redeem the shares of Series 2011A Preferred Stock, in whole or in part, at any time at a redemption price equal to the sum of the Liquidation Amount per share and the per-share amount of any unpaid dividends for the then-current period, subject to any required prior approval by the Corporation’s primary federal banking regulator. | |
On March 6, 2015, DNB redeemed 9,750 of the 13,000 shares of the Corporation’s Series 2011A Preferred Stock that had been issued to the United States Department of the Treasury in connection with the Corporation’s participation in the SBLF program. The shares were redeemed at their liquidation value of $1,000 per share plus accrued dividends for a total redemption price of $9,767,604.17. Following the consummation of this partial redemption, the Corporation continues to have outstanding 3,250 shares of its Series 2011A Preferred Stock. | |
Basis_Of_Presentation_Policy
Basis Of Presentation (Policy) | 3 Months Ended |
Mar. 31, 2015 | |
Basis Of Presentation [Abstract] | |
Principles Of Consolidation | The accompanying unaudited consolidated financial statements of DNB Financial Corporation (referred to herein as the "Corporation" or "DNB") and its subsidiary, DNB First, National Association (the "Bank") have been prepared in accordance with the instructions for Form 10-Q and therefore do not include certain information or footnotes necessary for the presentation of financial condition, statement of operations and statement of cash flows required by generally accepted accounting principles. However, in the opinion of management, the consolidated financial statements reflect all adjustments (which consist of normal recurring adjustments) necessary for a fair presentation of the results for the unaudited periods. Prior amounts not affecting net income are reclassified when necessary to conform to current period classifications. The results of operations for the three months ended March 31, 2015 are not necessarily indicative of the results which may be expected for the entire year. The consolidated financial statements should be read in conjunction with the Annual Report and report on Form 10-K for the year ended December 31, 2014. |
Subsequent Events | Subsequent Events-- Management has evaluated events and transactions occurring subsequent to March 31, 2015 for items that should potentially be recognized or disclosed in these Consolidated Financial Statements. The evaluation was conducted through the date these financial statements were issued. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements- |
Accounting Standards Update (ASU) No. 2014‑04, Receivables (Topic 310): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure. | |
In January 2014, the FASB issued ASU 2014-04 "Receivables-Troubled Debt Restructurings by Creditors (Subtopic 310-40)." The amendments in this update clarify that an in-substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. The amendments in this update are effective for annual periods and interim periods within those annual periods beginning after December 15, 2014. The adoption of this FASB ASU has not had a material impact on DNB’s consolidated financial statements. | |
Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606) | |
In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contract with Customers (Topic 606). The guidance in this update affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards (for example, insurance contracts or lease contracts). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following five steps: 1) identify the contracts(s) with the customer; 2) identify the performance obligations in the contract; 3) determine the transaction price; 4) allocate the transaction price to the performance obligations in the contract; and 5) recognize revenue when (or as) the entity satisfies a performance obligation. The guidance also specifies the accounting for some costs to obtain or fulfill a contract with a customer. For a public entity, the amendments in this update are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. DNB is still evaluating the effect of this amendment on DNB's consolidated financial statements. | |
In April 2015, the FASB issued ASU No. 2015-03, Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. The update simplifies the presentation of debt issuance costs by requiring that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of debt liability, consistent with debt discounts or premiums. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this update. For public companies, this update will be effective for interim and annual periods beginning after December 15, 2015, and is to be applied retrospectively. Early adoption is permitted. DNB is currently assessing the impact that this guidance will have on its consolidated financial statements, but does not expect the guidance to have a material impact on the DNB's consolidated financial statements. | |
Fair_Value_Of_Financial_Instru1
Fair Value Of Financial Instruments (Policy) | 3 Months Ended |
Mar. 31, 2015 | |
Fair Value Of Financial Instruments [Abstract] | |
Fair Value Measurement | FASB ASC Topic 820, Fair Value Measurements and Disclosures, establishes a fair value hierarchy based on the nature of data inputs for fair value determinations, under which DNB is required to value each asset within its scope using assumptions that market participations would utilize to value that asset. When DNB uses its own assumptions, it is required to disclose additional information about the assumptions used and the effect of the measurement on earnings or the net change in assets for the period. |
The three levels of the fair value hierarchy under FASB ASC Topic 820 are as follows: | |
Level 1—Quoted prices in active markets for identical securities. | |
Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active and model derived valuations whose inputs are observable or whose significant value drivers are observable. | |
Level 3—Instruments whose significant value drivers are unobservable. | |
A description of the valuation methodologies used for assets measured at fair value is set forth below: | |
DNB’s available-for-sale investment securities, which generally include U.S. government agencies and mortgage backed securities, collateralized mortgage obligations, corporate bonds and equity securities are reported at fair value. These securities are valued by an independent third party (“preparer”). The preparer’s evaluations are based on market data. They utilize evaluated pricing models that vary by asset and incorporate available trade, bid and other market information. For securities that do not trade on a daily basis, their evaluated pricing applications apply available information such as benchmarking and matrix pricing. The market inputs normally sought in the evaluation of securities include benchmark yields, reported trades, broker/dealer quotes (only obtained from market makers or broker/dealers recognized as market participants), issuer spreads, two-sided markets, benchmark securities, bid, offers and reference data. For certain securities additional inputs may be used or some market inputs may not be applicable. Inputs are prioritized differently on any given day based on market conditions. | |
U.S. Government agencies are evaluated and priced using multi‑dimensional relational models and option adjusted spreads. State and municipal securities are evaluated on a series of matrices including reported trades and material event notices. Mortgage backed securities are evaluated using matrix correlation to treasury or floating index benchmarks, prepayment speeds, monthly payment information and other benchmarks. Other securities are evaluated using a broker-quote based application, including quotes from issuers. | |
Impaired loans are those loans that the Bank has measured impairment generally based on the fair value of the loan’s collateral. Fair value is generally determined based upon independent third-party appraisals of the properties, or discounted cash flows based upon the expected proceeds. These assets are included as Level 3 fair values, based upon the lowest level of input that is significant to the fair value measurements. | |
OREO assets are adjusted to fair value less estimated selling costs upon transfer of the loans to OREO establishing a new cost basis. Subsequently, OREO assets are carried at the lower of carrying value or fair value. Fair value is based upon independent market prices, appraised values of the collateral or management’s estimation of the value of the collateral. There assets are included as Level 3 fair values. | |
Fair Value Of Financial Instruments | Limitations Fair value estimates are made at a specific point in time, based on relevant market information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time DNB’s entire holdings of a particular financial instrument. Because no market exists for a significant portion of DNB’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. |
Cash and Cash Equivalents, Accrued Interest Receivable and Accrued Interest Payable The carrying amounts for short-term investments (cash and cash equivalents) and accrued interest receivable and payable approximate fair value. | |
Loans Held-for-Sale The fair value of loans held-for-sale is determined, when possible, using quoted secondary-market prices. If no such quotes prices exist, the fair value of a loan is determined using quoted prices for a similar loan or loans, adjusted for the specific attributes of that loan. | |
Investment Securities The fair value of investment securities are determined by an independent third party (“preparer”). The preparer’s evaluations are based on market data. They utilize evaluated pricing models that vary by asset and incorporate available trade, bid and other market information. For securities that do not trade on a daily basis, their evaluated pricing applications apply available information such as benchmarking and matrix pricing. The market inputs normally sought in the evaluation of securities include benchmark yields, reported trades, broker/dealer quotes (only obtained from market makers or broker/dealers recognized as market participants), issuer spreads, two-sided markets, benchmark securities, bid, offers and reference data. For certain securities additional inputs may be used or some market inputs may not be applicable. Inputs are prioritized differently on any given day based on market conditions. | |
U.S. Government agencies are evaluated and priced using multi‑dimensional relational models and option adjusted spreads. State and municipal securities are evaluated on a series of matrices including reported trades and material event notices. Mortgage backed securities are evaluated using matrix correlation to treasury or floating index benchmarks, prepayment speeds, monthly payment information and other benchmarks. Other investments are evaluated using a broker‑ quote based application, including quotes from issuers. The carrying amount of non-readily marketable equity securities approximates liquidation value. | |
Restricted Stock The carrying amount of restricted investment in Federal Home Loan Bank stock, Federal Reserve stock and ACBB stock approximates fair value, and considers the limited marketability of such securities. | |
Loans Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type such as commercial, commercial mortgages, residential mortgages, consumer and non-accrual loans. The fair value of performing loans is calculated by discounting expected cash flows using an estimated market discount rate. Expected cash flows include both contractual cash flows and prepayments of loan balances. Prepayments on consumer loans were determined using the median of estimates of securities dealers for mortgage-backed investment pools. | |
The estimated discount rate considers credit and interest rate risk inherent in the loan portfolios and other factors such as liquidity premiums and incremental servicing costs to an investor. Management has made estimates of fair value discount rates that it believes to be reasonable. However, because there is no market for many of these financial instruments, management has no basis to determine whether the fair value presented would be indicative of the value negotiated in an actual sale. | |
The fair value for non-accrual loans not based on fair value of collateral is derived through a discounted cash flow analysis, which includes the opportunity costs of carrying a non-performing asset. An estimated discount rate was used for these non-accrual loans, based on the probability of loss and the expected time to recovery. | |
Deposits The fair values disclosed for demand deposits are, by definition, equal to the amount payable on demand at the reporting date (that is, their carrying amounts). The carrying amounts of variable-rate money market accounts, savings accounts, and interest checking accounts approximate their fair values at the reporting date. Fair values for fixed-rate CDs and brokered deposits (all of which are CDs) are estimated using a discounted cash flow calculation that applies interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities on time deposits. Of the $10.2 million in brokered deposits, $4.0 million matures in 2016 and $6.2 million matures in 2017. | |
Federal Home Loan Bank of Pittsburgh advances The fair value of the FHLBP advances is obtained from the FHLB and is calculated by discounting contractual cash flows using an estimated interest rate based on the current rates available for debt of similar remaining maturities and collateral terms. | |
Repurchase agreements Fair value approximates the carrying value of such liabilities due to their short-term nature. | |
Junior subordinated debentures The fair value for subordinated debentures is calculated using discounted cash flows based upon current market spreads to LIBOR for debt of similar remaining maturities and collateral terms. | |
Subordinated Note The fair value of the subordinated note was estimated using either a discounted cash flow analysis based on current market interest rates for debt with similar maturities and credit quality or estimated using market quotes. | |
Off-balance-sheet Instruments (Disclosed at Cost) Off-balance-sheet instruments are primarily comprised of loan commitments, which are generally priced at market at the time of funding. Fees on commitments to extend credit and stand-by letters of credit are deemed to be immaterial and these instruments are expected to be settled at face value or expire unused. It is impractical to assign any fair value to these instruments. At March 31, 2015, un-funded loan commitments totaled $100.6 million and stand-by letters of credit totaled $2.2 million. At December 31, 2014, un-funded loan commitments totaled $101.7 million and stand-by letters of credit totaled $2.2 million | |
Investment_Securities_Tables
Investment Securities (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Investment Securities [Abstract] | |||||||||||||
Amortized Cost And Estimated Fair Values | |||||||||||||
31-Mar-15 | |||||||||||||
Amortized | Unrealized | Unrealized | |||||||||||
(Dollars in thousands) | Cost | Gains | Losses | Fair Value | |||||||||
Held To Maturity | |||||||||||||
US Government agency obligations | $ | 7,790 | $ | 432 | $ | - | $ | 8,222 | |||||
Government Sponsored Entities (GSE) mortgage-backed securities | 3,374 | 146 | - | 3,520 | |||||||||
Corporate bonds | 5,390 | 345 | - | 5,735 | |||||||||
Collateralized mortgage obligations GSE | 3,344 | 34 | -6 | 3,372 | |||||||||
State and municipal tax-exempt | 40,582 | 449 | -380 | 40,651 | |||||||||
Total | $ | 60,480 | $ | 1,406 | $ | -386 | $ | 61,500 | |||||
Available For Sale | |||||||||||||
US Government agency obligations | $ | 60,932 | $ | 136 | $ | -47 | $ | 61,021 | |||||
GSE mortgage-backed securities | 60,390 | 544 | -63 | 60,871 | |||||||||
Collateralized mortgage obligations GSE | 19,346 | 54 | -313 | 19,087 | |||||||||
Corporate bonds | 20,501 | 24 | -94 | 20,431 | |||||||||
State and municipal tax-exempt | 10,913 | 137 | - | 11,050 | |||||||||
Equity securities | 27 | 2 | -11 | 18 | |||||||||
Total | $ | 172,109 | $ | 897 | $ | -528 | $ | 172,478 | |||||
31-Dec-14 | |||||||||||||
Amortized | Unrealized | Unrealized | |||||||||||
(Dollars in thousands) | Cost | Gains | Losses | Fair Value | |||||||||
Held To Maturity | |||||||||||||
US Government agency obligations | $ | 7,730 | $ | 343 | $ | - | $ | 8,073 | |||||
Government Sponsored Entities (GSE) mortgage-backed securities | 3,579 | 133 | - | 3,712 | |||||||||
Corporate bonds | 3,951 | 324 | - | 4,275 | |||||||||
Collateralized mortgage obligations GSE | 3,605 | 3 | -29 | 3,579 | |||||||||
State and municipal tax-exempt | 40,589 | 418 | -547 | 40,460 | |||||||||
Total | $ | 59,454 | $ | 1,221 | $ | -576 | $ | 60,099 | |||||
Available For Sale | |||||||||||||
US Government agency obligations | $ | 61,547 | $ | 4 | $ | -197 | $ | 61,354 | |||||
GSE mortgage-backed securities | 66,669 | 189 | -135 | 66,723 | |||||||||
Collateralized mortgage obligations GSE | 20,499 | 8 | -496 | 20,011 | |||||||||
Corporate bonds | 13,208 | - | -106 | 13,102 | |||||||||
State and municipal tax-exempt | 10,917 | 87 | -10 | 10,994 | |||||||||
Equity securities | 27 | 2 | -11 | 18 | |||||||||
Total | $ | 172,867 | $ | 290 | $ | -955 | $ | 172,202 | |||||
Unrealized Losses And Fair Value | |||||||||||||
31-Mar-15 | |||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | ||||||||||
Total | Impaired | Loss | Impaired | Loss | |||||||||
Total | Unrealized | Less Than | Less Than | More Than | More Than | ||||||||
(Dollars in thousands) | Fair Value | Loss | 12 Months | 12 Months | 12 Months | 12 Months | |||||||
Held To Maturity | |||||||||||||
Collateralized mortgage obligations GSE | $ | 1,412 | $ | -6 | $ | - | $ | - | $ | 1,412 | $ | -6 | |
State and Municipal tax-exempt | 16,364 | -380 | 6,111 | -42 | 10,253 | -338 | |||||||
Total | $ | 17,776 | $ | -386 | $ | 6,111 | $ | -42 | $ | 11,665 | $ | -344 | |
Available For Sale | |||||||||||||
US Government agency obligations | $ | 5,007 | $ | -47 | $ | 5,007 | $ | -47 | $ | - | $ | - | |
GSE mortgage-backed securities | 6,952 | -63 | 2,092 | -7 | 4,860 | -56 | |||||||
Collateralized mortgage obligations GSE | 13,009 | -313 | - | - | 13,009 | -313 | |||||||
Corporate bonds | 10,245 | -94 | 7,803 | -36 | 2,442 | -58 | |||||||
Equity securities | 12 | -11 | - | - | 12 | -11 | |||||||
Total | $ | 35,225 | $ | -528 | $ | 14,902 | $ | -90 | $ | 20,323 | $ | -438 | |
31-Dec-14 | |||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | ||||||||||
Total | Impaired | Loss | Impaired | Loss | |||||||||
Total | Unrealized | Less Than | Less Than | More Than | More Than | ||||||||
(Dollars in thousands) | Fair Value | Loss | 12 Months | 12 Months | 12 Months | 12 Months | |||||||
Held To Maturity | |||||||||||||
Collateralized mortgage obligations GSE | $ | 3,043 | $ | -29 | $ | 3,043 | $ | -29 | $ | - | $ | - | |
State and municipal tax-exempt | 19,054 | -547 | 2,138 | -7 | 16,916 | -540 | |||||||
Total | $ | 22,097 | $ | -576 | $ | 5,181 | $ | -36 | $ | 16,916 | $ | -540 | |
Available For Sale | |||||||||||||
US Government agency obligations | $ | 56,342 | $ | -197 | $ | 49,222 | $ | -97 | $ | 7,120 | $ | -100 | |
GSE mortgage-backed securities | 22,157 | -135 | 14,996 | -38 | 7,161 | -97 | |||||||
Collateralized mortgage obligations GSE | 18,133 | -496 | 3,669 | -5 | 14,464 | -491 | |||||||
Corporate bonds | 13,102 | -106 | 9,531 | -31 | 3,571 | -75 | |||||||
State and municipal tax-exempt | 2,967 | -10 | 2,360 | -9 | 607 | -1 | |||||||
Equity securities | 12 | -11 | - | - | 12 | -11 | |||||||
Total | $ | 112,713 | $ | -955 | $ | 79,778 | $ | -180 | $ | 32,935 | $ | -775 | |
Investments Classified By Contractual Maturity Date | |||||||||||||
Held to Maturity | Available for Sale | ||||||||||||
Amortized | Amortized | ||||||||||||
(Dollars in thousands) | Cost | Fair Value | Cost | Fair Value | |||||||||
Due in one year or less | $ | - | $ | - | $ | 1,500 | $ | 1,497 | |||||
Due after one year through five years | 10,649 | 11,079 | 69,968 | 69,989 | |||||||||
Due after five years through ten years | 24,014 | 24,408 | 63,211 | 63,729 | |||||||||
Due after ten years | 25,817 | 26,013 | 37,403 | 37,245 | |||||||||
No stated maturity | - | - | 27 | 18 | |||||||||
Total investment securities | $ | 60,480 | $ | 61,500 | $ | 172,109 | $ | 172,478 | |||||
Principal Value Of Investments Securities Sold | |||||||||||||
Three Months Ended | |||||||||||||
March 31, | |||||||||||||
(Dollars in thousands) | 2015 | 2014 | |||||||||||
Available for sale securities sold | $ | 3,926 | $ | 15,228 | |||||||||
Held to maturity securities sold | - | 1,228 | |||||||||||
Total sold securities | $ | 3,926 | $ | 16,456 | |||||||||
Gain (Loss) On Investment Sales | |||||||||||||
Three Months Ended | |||||||||||||
March 31, | |||||||||||||
(Dollars in thousands) | 2015 | 2014 | |||||||||||
Gross realized gains-AFS | $ | 53 | $ | 192 | |||||||||
Gross realized gains-HTM | - | 68 | |||||||||||
Gross realized losses-AFS | - | -25 | |||||||||||
Net realized gain | $ | 53 | $ | 235 | |||||||||
Loans_Tables
Loans (Tables) | 3 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Loans [Abstract] | |||||||||||
Total Loans And Leases Outstanding | |||||||||||
(Dollars in thousands) | 31-Mar-15 | 31-Dec-14 | |||||||||
Residential mortgage | $ | 26,538 | $ | 25,993 | |||||||
Commercial mortgage | 268,586 | 257,310 | |||||||||
Commercial: | |||||||||||
Commercial term | 81,730 | 80,819 | |||||||||
Commercial construction | 30,415 | 35,534 | |||||||||
Consumer: | |||||||||||
Home equity | 51,269 | 50,192 | |||||||||
Other | 5,562 | 5,755 | |||||||||
Total loans and leases | $ | 464,100 | $ | 455,603 | |||||||
Less allowance for credit losses | -5,190 | -4,906 | |||||||||
Net loans and leases | $ | 458,910 | $ | 450,697 | |||||||
Interest Income On Non-Accrual Loans | |||||||||||
Three Months Ended March 31, 2015 | |||||||||||
(Dollars in thousands) | 31-Dec-14 | 31-Mar-15 | Interest income that would have been recorded under original terms | Interest income recorded during the period | Net impact on interest income | ||||||
Non-accrual loans: | |||||||||||
Residential mortgage | $ | 2,458 | $ | 2,446 | $ | 16 | $ | - | $ | 16 | |
Commercial mortgage | 1,294 | 1,262 | 21 | - | 21 | ||||||
Commercial: | |||||||||||
Commercial term | 198 | 196 | 2 | - | 2 | ||||||
Commercial construction | 2,043 | 2,043 | 84 | - | 84 | ||||||
Consumer: | |||||||||||
Home equity | 432 | 429 | 7 | - | 7 | ||||||
Other | 94 | 194 | 5 | - | 5 | ||||||
Total non-accrual loans | $ | 6,519 | $ | 6,570 | $ | 135 | $ | - | $ | 135 | |
Loans 90 days past due and accruing | 334 | 239 | 5 | 5 | - | ||||||
Total non-performing loans | $ | 6,853 | $ | 6,809 | $ | 140 | $ | 5 | $ | 135 | |
Three Months Ended March 31, 2014 | |||||||||||
(Dollars in thousands) | 31-Mar-14 | Interest income that would have been recorded under original terms | Interest income recorded during the period | Net impact on interest income | |||||||
Non-accrual loans: | |||||||||||
Residential mortgage | $ | 2,245 | $ | 16 | $ | - | $ | 16 | |||
Commercial mortgage | 244 | 5 | - | 5 | |||||||
Commercial: | |||||||||||
Commercial term | - | - | - | - | |||||||
Commercial construction | 2,293 | 94 | - | 94 | |||||||
Consumer: | |||||||||||
Home equity | 386 | 7 | 1 | 6 | |||||||
Other | 154 | 3 | - | 3 | |||||||
Total non-accrual loans | $ | 5,322 | $ | 125 | $ | 1 | $ | 124 | |||
Loans 90 days past due and accruing | 100 | 3 | 3 | - | |||||||
Total non-performing loans | $ | 5,422 | $ | 128 | $ | 4 | $ | 124 | |||
Allowance_For_Credit_Losses_Ta
Allowance For Credit Losses (Tables) | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
Allowance For Credit Losses [Abstract] | |||||||||||||||||||
Age Analysis Of Past Due Loans Receivables | Age Analysis of Past Due Loans Receivable | ||||||||||||||||||
31-Mar-15 | |||||||||||||||||||
Loans | |||||||||||||||||||
Receivable | |||||||||||||||||||
30-59 | 60-89 | Greater | Total | > 90 | |||||||||||||||
Days Past | Days Past | than | Total | Loans | Days and | ||||||||||||||
(Dollars in thousands) | Due | Due | 90 Days | Past Due | Current | Receivable | Accruing | ||||||||||||
Residential mortgage | $ | 1,408 | $ | - | $ | 2,635 | $ | 4,043 | $ | 22,495 | $ | 26,538 | $ | 189 | |||||
Commercial mortgage | 43 | - | 363 | 406 | 268,180 | 268,586 | - | ||||||||||||
Commercial: | |||||||||||||||||||
Commercial term | - | - | - | - | 81,730 | 81,730 | - | ||||||||||||
Commercial construction | - | - | 2,043 | 2,043 | 28,372 | 30,415 | - | ||||||||||||
Consumer: | |||||||||||||||||||
Home equity | 16 | 112 | 405 | 533 | 50,736 | 51,269 | 50 | ||||||||||||
Other | - | - | 194 | 194 | 5,368 | 5,562 | - | ||||||||||||
Total | $ | 1,467 | $ | 112 | $ | 5,640 | $ | 7,219 | $ | 456,881 | $ | 464,100 | $ | 239 | |||||
31-Dec-14 | |||||||||||||||||||
Loans | |||||||||||||||||||
Receivable | |||||||||||||||||||
30-59 | 60-89 | Greater | Total | > 90 | |||||||||||||||
Days Past | Days Past | than | Total | Loans | Days and | ||||||||||||||
(Dollars in thousands) | Due | Due | 90 Days | Past Due | Current | Receivable | Accruing | ||||||||||||
Residential mortgage | $ | 1,005 | $ | 302 | $ | 2,648 | $ | 3,955 | $ | 22,038 | $ | 25,993 | $ | 191 | |||||
Commercial mortgage | 48 | 187 | 236 | 471 | 256,839 | 257,310 | - | ||||||||||||
Commercial: | |||||||||||||||||||
Commercial term | - | - | - | - | 80,819 | 80,819 | - | ||||||||||||
Commercial construction | - | - | 2,043 | 2,043 | 33,491 | 35,534 | - | ||||||||||||
Consumer: | |||||||||||||||||||
Home equity | 58 | 214 | 386 | 658 | 49,534 | 50,192 | 119 | ||||||||||||
Other | 71 | 70 | 119 | 260 | 5,495 | 5,755 | 24 | ||||||||||||
Total | $ | 1,182 | $ | 773 | $ | 5,432 | $ | 7,387 | $ | 448,216 | $ | 455,603 | $ | 334 | |||||
Impaired Loans By Loan Portfolio | |||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||
Recorded | Unpaid | Related | Recorded | Unpaid | Related | ||||||||||||||
Investment | Principal | Allowance | Investment | Principal | Allowance | ||||||||||||||
(Dollars in thousands) | Balance | Balance | |||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||
Residential mortgage | $ | 2,182 | $ | 2,958 | $ | - | $ | 2,457 | $ | 3,270 | $ | - | |||||||
Commercial mortgage | 3,372 | 3,492 | - | 3,400 | 3,501 | - | |||||||||||||
Commercial construction | 1,094 | 1,877 | - | 1,706 | 4,822 | - | |||||||||||||
Consumer: | |||||||||||||||||||
Home equity | 459 | 474 | - | 549 | 564 | - | |||||||||||||
Other | 194 | 194 | - | 94 | 102 | - | |||||||||||||
Total | $ | 7,301 | $ | 8,995 | $ | - | $ | 8,206 | $ | 12,259 | $ | - | |||||||
With allowance recorded: | |||||||||||||||||||
Residential mortgage | 408 | 445 | 1 | - | - | - | |||||||||||||
Commercial mortgage | 202 | 202 | 106 | 200 | 200 | 104 | |||||||||||||
Commercial: | |||||||||||||||||||
Commercial term | 200 | 205 | 116 | 200 | 202 | 119 | |||||||||||||
Commercial construction | 1,062 | 4,976 | 147 | 450 | 2,031 | 50 | |||||||||||||
Consumer: | |||||||||||||||||||
Home equity | 88 | 88 | 31 | - | - | - | |||||||||||||
Total | $ | 1,960 | $ | 5,916 | $ | 401 | $ | 850 | $ | 2,433 | $ | 273 | |||||||
Total: | |||||||||||||||||||
Residential mortgage | 2,590 | 3,403 | 1 | 2,457 | 3,270 | - | |||||||||||||
Commercial mortgage | 3,574 | 3,694 | 106 | 3,600 | 3,701 | 104 | |||||||||||||
Commercial: | |||||||||||||||||||
Commercial term | 200 | 205 | 116 | 200 | 202 | 119 | |||||||||||||
Commercial construction | 2,156 | 6,853 | 147 | 2,156 | 6,853 | 50 | |||||||||||||
Consumer: | |||||||||||||||||||
Home equity | 547 | 562 | 31 | 549 | 564 | - | |||||||||||||
Other | 194 | 194 | - | 94 | 102 | - | |||||||||||||
Total | $ | 9,261 | $ | 14,911 | $ | 401 | $ | 9,056 | $ | 14,692 | $ | 273 | |||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||
31-Mar-15 | 31-Mar-14 | ||||||||||||||||||
Average | Interest | Average | Interest | ||||||||||||||||
Recorded | Income | Recorded | Income | ||||||||||||||||
(Dollars in thousands) | Investment | Recognized | Investment | Recognized | |||||||||||||||
With no related allowance recorded: | |||||||||||||||||||
Residential mortgage | $ | 2,320 | $ | - | $ | 1,872 | $ | - | |||||||||||
Commercial mortgage | 3,386 | 26 | 2,509 | - | |||||||||||||||
Commercial construction | 1,400 | - | 797 | - | |||||||||||||||
Consumer: | |||||||||||||||||||
Home equity | 504 | 1 | 415 | 1 | |||||||||||||||
Other | 144 | - | 47 | - | |||||||||||||||
Total | $ | 7,754 | $ | 27 | $ | 5,640 | $ | 1 | |||||||||||
With allowance recorded: | |||||||||||||||||||
Residential mortgage | 204 | - | 377 | - | |||||||||||||||
Commercial mortgage | 201 | - | 36 | - | |||||||||||||||
Commercial: | |||||||||||||||||||
Commercial term | 200 | - | - | - | |||||||||||||||
Commercial construction | 756 | - | 1,684 | - | |||||||||||||||
Consumer: | |||||||||||||||||||
Home equity | 44 | - | - | - | |||||||||||||||
Other | - | - | 71 | - | |||||||||||||||
Total | $ | 1,405 | $ | - | $ | 2,168 | $ | - | |||||||||||
Total: | |||||||||||||||||||
Residential mortgage | 2,524 | - | 2,249 | - | |||||||||||||||
Commercial mortgage | 3,587 | 26 | 2,545 | - | |||||||||||||||
Commercial: | |||||||||||||||||||
Commercial term | 200 | - | - | - | |||||||||||||||
Commercial construction | 2,156 | - | 2,481 | - | |||||||||||||||
Consumer: | |||||||||||||||||||
Home equity | 548 | 1 | 415 | 1 | |||||||||||||||
Other | 144 | - | 118 | - | |||||||||||||||
Total | $ | 9,159 | $ | 27 | $ | 7,808 | $ | 1 | |||||||||||
Credit Quality Indicators | |||||||||||||||||||
31-Mar-15 | |||||||||||||||||||
Special | |||||||||||||||||||
(Dollars in thousands) | Pass | Mention | Substandard | Doubtful | Total | ||||||||||||||
Residential mortgage | $ | 23,817 | $ | - | $ | 2,721 | $ | - | $ | 26,538 | |||||||||
Commercial mortgage | 256,698 | 2,593 | 9,295 | - | 268,586 | ||||||||||||||
Commercial: | |||||||||||||||||||
Commercial term | 76,192 | 72 | 5,466 | - | 81,730 | ||||||||||||||
Commercial construction | 25,846 | - | 4,569 | - | 30,415 | ||||||||||||||
Consumer: | |||||||||||||||||||
Home equity | 50,690 | - | 579 | - | 51,269 | ||||||||||||||
Other | 5,368 | - | 194 | - | 5,562 | ||||||||||||||
Total | $ | 438,611 | $ | 2,665 | $ | 22,824 | $ | - | $ | 464,100 | |||||||||
31-Dec-14 | |||||||||||||||||||
Special | |||||||||||||||||||
(Dollars in thousands) | Pass | Mention | Substandard | Doubtful | Total | ||||||||||||||
Residential mortgage | $ | 23,259 | $ | - | $ | 2,734 | $ | - | $ | 25,993 | |||||||||
Commercial mortgage | 245,307 | 2,610 | 9,393 | - | 257,310 | ||||||||||||||
Commercial: | |||||||||||||||||||
Commercial term | 75,303 | 72 | 5,444 | - | 80,819 | ||||||||||||||
Commercial construction | 31,057 | - | 4,477 | - | 35,534 | ||||||||||||||
Consumer: | |||||||||||||||||||
Home equity | 49,611 | - | 581 | - | 50,192 | ||||||||||||||
Other | 5,661 | - | 94 | - | 5,755 | ||||||||||||||
Total | $ | 430,198 | $ | 2,682 | $ | 22,723 | $ | - | $ | 455,603 | |||||||||
Allowance For Credit Losses And Recorded Investments In Loans Receivables | |||||||||||||||||||
Residential | Commercial | Commercial | Commercial | Lease | Consumer | Consumer | |||||||||||||
(Dollars in thousands) | mortgage | mortgage | term | construction | financing | home equity | Other | Unallocated | Total | ||||||||||
Allowance for credit losses: | |||||||||||||||||||
Beginning balance - January 1, 2015 | $ | 269 | $ | 2,300 | $ | 709 | $ | 881 | $ | - | $ | 189 | $ | 70 | $ | 488 | $ | 4,906 | |
Charge-offs | - | - | -11 | - | - | - | -6 | - | -17 | ||||||||||
Recoveries | - | - | - | - | 1 | - | - | - | 1 | ||||||||||
Provisions | - | 98 | 7 | 41 | -1 | 35 | 2 | 118 | 300 | ||||||||||
Ending balance - March 31, 2015 | $ | 269 | $ | 2,398 | $ | 705 | $ | 922 | $ | - | $ | 224 | $ | 66 | $ | 606 | $ | 5,190 | |
Ending balance: individually evaluated for impairment | $ | 1 | $ | 106 | $ | 116 | $ | 147 | $ | - | $ | 31 | $ | - | $ | - | $ | 401 | |
Ending balance: collectively evaluated for impairment | $ | 268 | $ | 2,292 | $ | 589 | $ | 775 | $ | - | $ | 193 | $ | 66 | $ | 606 | $ | 4,789 | |
Loans receivables: | |||||||||||||||||||
Ending balance | $ | 26,538 | $ | 268,586 | $ | 81,730 | $ | 30,415 | $ | - | $ | 51,269 | $ | 5,562 | $ | 464,100 | |||
Ending balance: individually evaluated for impairment | $ | 2,590 | $ | 3,574 | $ | 200 | $ | 2,156 | $ | - | $ | 547 | $ | 194 | $ | 9,261 | |||
Ending balance: collectively evaluated for impairment | $ | 23,948 | $ | 265,012 | $ | 81,530 | $ | 28,259 | $ | - | $ | 50,722 | $ | 5,368 | $ | 454,839 | |||
Reserve for unfunded loan commitments included in other liabilities | $ | - | $ | 4 | $ | 87 | $ | 53 | $ | - | $ | 12 | $ | - | $ | 156 | |||
Residential | Commercial | Commercial | Commercial | Lease | Consumer | Consumer | |||||||||||||
(Dollars in thousands) | mortgage | mortgage | term | construction | financing | home equity | Other | Unallocated | Total | ||||||||||
Allowance for credit losses: | |||||||||||||||||||
Beginning balance - January 1, 2014 | $ | 285 | $ | 2,010 | $ | 621 | $ | 1,033 | $ | - | 156 | $ | 78 | $ | 440 | $ | 4,623 | ||
Charge-offs | - | - | -7 | -261 | - | - | - | - | -268 | ||||||||||
Recoveries | 3 | - | - | 10 | 1 | - | 6 | - | 20 | ||||||||||
Provisions | 59 | 156 | 38 | 24 | -1 | 11 | 41 | 47 | 375 | ||||||||||
Ending balance - March 31, 2014 | $ | 347 | $ | 2,166 | $ | 652 | $ | 806 | $ | - | $ | 167 | $ | 125 | $ | 487 | $ | 4,750 | |
Reserve for unfunded loan commitments included in other liabilities | $ | - | $ | 11 | $ | 70 | $ | 50 | $ | - | $ | 11 | $ | - | $ | 142 | |||
Residential | Commercial | Commercial | Commercial | Lease | Consumer | Consumer | |||||||||||||
(Dollars in thousands) | mortgage | mortgage | term | construction | financing | home equity | Other | Unallocated | Total | ||||||||||
Allowance for credit losses: | |||||||||||||||||||
Ending balance - December 31, 2014 | $ | 269 | $ | 2,300 | $ | 709 | $ | 881 | $ | - | $ | 189 | $ | 70 | $ | 488 | $ | 4,906 | |
Ending balance: individually evaluated for impairment | $ | - | $ | 104 | $ | 119 | $ | 50 | $ | - | $ | - | $ | - | $ | - | $ | 273 | |
Ending balance: collectively evaluated for impairment | $ | 269 | $ | 2,196 | $ | 590 | $ | 831 | $ | - | $ | 189 | $ | 70 | $ | 488 | $ | 4,633 | |
Loans receivables: | |||||||||||||||||||
Ending balance | $ | 25,993 | $ | 257,310 | $ | 80,819 | $ | 35,534 | $ | - | $ | 50,192 | $ | 5,755 | $ | 455,603 | |||
Ending balance: individually evaluated for impairment | $ | 2,457 | $ | 3,600 | $ | 200 | $ | 2,156 | $ | - | $ | 549 | $ | 94 | $ | 9,056 | |||
Ending balance: collectively evaluated for impairment | $ | 23,536 | $ | 253,710 | $ | 80,619 | $ | 33,378 | $ | - | $ | 49,643 | $ | 5,661 | $ | 446,547 | |||
Reserve for unfunded loan commitments included in other liabilities | $ | - | $ | 10 | $ | 89 | $ | 55 | $ | - | $ | 12 | $ | - | $ | 166 | |||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Earnings Per Share [Abstract] | |||||||
Computation Of Basic And Diluted Earnings Per Share | |||||||
Three Months Ended | |||||||
31-Mar-15 | |||||||
(In thousands, except per-share data) | Income | Shares | Amount | ||||
Basic EPS | |||||||
Income available to common stockholders | $ | 1,226 | 2,786 | $ | 0.44 | ||
Effect of potential dilutive common stock equivalents – stock options and restricted shares | - | 47 | -0.01 | ||||
Diluted EPS | |||||||
Income available to common stockholders after assumed conversions | $ | 1,226 | 2,833 | $ | 0.43 | ||
Three Months Ended | |||||||
31-Mar-14 | |||||||
(In thousands, except per-share data) | Income | Shares | Amount | ||||
Basic EPS | |||||||
Income available to common stockholders | $ | 967 | 2,758 | $ | 0.35 | ||
Effect of potential dilutive common stock equivalents – stock options and restricted shares | - | 44 | - | ||||
Diluted EPS | |||||||
Income available to common stockholders after assumed conversions | $ | 967 | 2,802 | $ | 0.35 | ||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Accumulated Other Comprehensive Loss [Abstract] | |||||||
Components Of Accumulated Other Comprehensive Loss | |||||||
Accumulated Other Comprehensive Loss | Before-Tax | Tax | Net-of-Tax | ||||
(Dollars in thousands) | Amount | Effect | Amount | ||||
31-Mar-15 | |||||||
Net unrealized gain on AFS securities | $ | 369 | $ | -125 | $ | 244 | |
Discount on AFS to HTM reclassification | -21 | 7 | -14 | ||||
Unrealized actuarial losses-pension | -1,734 | 589 | -1,145 | ||||
$ | -1,386 | $ | 471 | $ | -915 | ||
31-Dec-14 | |||||||
Net unrealized loss on AFS securities | $ | -665 | $ | 227 | $ | -438 | |
Discount on AFS to HTM reclassification | -24 | 8 | -16 | ||||
Unrealized actuarial losses-pension | -1,734 | 589 | -1,145 | ||||
$ | -2,423 | $ | 824 | $ | -1,599 | ||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Stock-Based Compensation [Abstract] | |||||||||
Stock Option Activity | |||||||||
Number | Weighted Average | ||||||||
Outstanding | Exercise Price | ||||||||
Outstanding January 1, 2015 | 163,586 | $ | 15.13 | ||||||
Issued | - | - | |||||||
Exercised | 93,834 | 19.60 | |||||||
Forfeited | - | - | |||||||
Expired | - | - | |||||||
Outstanding March 31, 2015 | 69,752 | $ | 9.13 | ||||||
Number | Weighted Average | ||||||||
Outstanding | Exercise Price | ||||||||
Outstanding January 1, 2014 | 207,303 | $ | 15.92 | ||||||
Issued | - | - | |||||||
Exercised | - | - | |||||||
Forfeited | - | - | |||||||
Expired | - | - | |||||||
Outstanding March 31, 2014 | 207,303 | $ | 15.92 | ||||||
Weighted Average Price And Weighted Average Remaining Contractual Life | |||||||||
31-Mar-15 | |||||||||
Range of | Weighted Average | ||||||||
Exercise | Number | Number | Exercise | Remaining | Intrinsic | ||||
Prices | Outstanding | Exercisable | Price | Contractual Life | Value | ||||
$ | 6.93-10.99 | 66,500 | 66,500 | $ | 8.72 | 2.93 years | $ | 1,149,000 | |
14.00-19.99 | 3,252 | 3,252 | 17.51 | 0.73 years | 28,000 | ||||
Total | 69,752 | 69,752 | $ | 9.13 | 2.83 years | $ | 1,177,000 | ||
31-Dec-14 | |||||||||
Range of | Weighted Average | ||||||||
Exercise | Number | Number | Exercise | Remaining | Intrinsic | ||||
Prices | Outstanding | Exercisable | Price | Contractual Life | Value | ||||
$ | 6.93-10.99 | 80,650 | 80,650 | $ | 8.66 | 3.15 years | $ | 1,044,000 | |
14.00-19.99 | 34,895 | 34,895 | 17.51 | 0.97 years | 143,000 | ||||
23.00-24.27 | 48,041 | 48,041 | 24.27 | 0.29 years | - | ||||
Total | 163,586 | 163,586 | $ | 15.13 | 1.85 years | $ | 1,187,000 | ||
Stock Grant Activity | |||||||||
Weighted Average | |||||||||
Shares | Stock Price | ||||||||
Non-vested stock awards—January 1, 2015 | 75,930 | $ | 17.66 | ||||||
Granted | - | - | |||||||
Forfeited | - | - | |||||||
Vested | - | - | |||||||
Non-vested stock awards—March 31, 2015 | 75,930 | $ | 17.66 | ||||||
Weighted Average | |||||||||
Shares | Stock Price | ||||||||
Non-vested stock awards—January 1, 2014 | 50,795 | $ | 15.65 | ||||||
Granted | - | - | |||||||
Forfeited | - | - | |||||||
Vested | - | - | |||||||
Non-vested stock awards—March 31, 2014 | 50,795 | $ | 15.65 | ||||||
Fair_Value_Of_Financial_Instru2
Fair Value Of Financial Instruments (Tables) | 3 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Fair Value Of Financial Instruments [Abstract] | |||||||||||
Fair Value Measurements On Differing Levels | |||||||||||
31-Mar-15 | |||||||||||
(Dollars in thousands) | Level 1 | Level 2 | Level 3 | Fair Value | |||||||
Assets Measured at Fair Value on a Recurring Basis | |||||||||||
AFS Investment Securities: | |||||||||||
US Government agency obligations | $ | - | $ | 61,021 | $ | - | $ | 61,021 | |||
GSE mortgage-backed securities | - | 60,871 | - | 60,871 | |||||||
Collateralized mortgage obligations GSE | - | 19,087 | - | 19,087 | |||||||
Corporate bonds | - | 20,431 | - | 20,431 | |||||||
State and municipal tax-exempt | - | 11,050 | - | 11,050 | |||||||
Equity securities | 18 | - | - | 18 | |||||||
Total assets measured at fair value on a recurring basis | $ | 18 | $ | 172,460 | $ | - | $ | 172,478 | |||
Assets Measured at Fair Value on a Nonrecurring Basis | |||||||||||
Impaired loans | $ | - | $ | - | $ | 1,559 | $ | 1,559 | |||
Total assets measured at fair value on a nonrecurring basis | $ | - | $ | - | $ | 1,559 | $ | 1,559 | |||
31-Dec-14 | |||||||||||
(Dollars in thousands) | Level 1 | Level 2 | Level 3 | Fair Value | |||||||
Assets Measured at Fair Value on a Recurring Basis | |||||||||||
AFS Investment Securities: | |||||||||||
US Government agency obligations | $ | - | $ | 61,354 | $ | - | $ | 61,354 | |||
GSE mortgage-backed securities | - | 66,723 | - | 66,723 | |||||||
Collateralized mortgage obligations GSE | - | 20,011 | - | 20,011 | |||||||
Corporate bonds | - | 13,102 | - | 13,102 | |||||||
State and municipal tax-exempt | - | 10,994 | - | 10,994 | |||||||
Equity securities | 18 | - | - | 18 | |||||||
Total assets measured at fair value on a recurring basis | $ | 18 | $ | 172,184 | $ | - | $ | 172,202 | |||
Assets Measured at Fair Value on a Nonrecurring Basis | |||||||||||
Impaired loans | $ | - | $ | - | $ | 2,916 | $ | 2,916 | |||
OREO and other repossessed property | - | - | 100 | 100 | |||||||
Total assets measured at fair value on a nonrecurring basis | $ | - | $ | - | $ | 3,016 | $ | 3,016 | |||
Quantitative Information About Level 3 Fair Value Measurements | |||||||||||
31-Mar-15 | |||||||||||
Quantitative Information about Level 3 Fair Value Measurement | |||||||||||
Fair Value | Valuation | Range | |||||||||
(Dollars in thousands) | Estimate | Techniques | Unobservable Input | (Weighted Average) | |||||||
Impaired loans - Residential mortgage | $ | 407 | Appraisal of | Appraisal adj. (2) | 0% | to | 0% | 0% | |||
collateral (1) | Disposal costs (2) | -8% | to | -8% | (-8%) | ||||||
Impaired loans - Commercial mortgage | 97 | Appraisal of | Appraisal adj. (2) | 0% | to | 0% | 0% | ||||
collateral (1) | Disposal costs (2) | -13% | to | -13% | (-13%) | ||||||
Impaired loans - Commercial term | 83 | Appraisal of | Appraisal adj. (2) | 0% | to | 0% | 0% | ||||
collateral (1) | Disposal costs (2) | -11% | to | -11% | (-11%) | ||||||
Impaired loans - Commercial construction | 915 | Appraisal of | Appraisal adj. (2) | -15% | to | -47% | (-35%) | ||||
collateral (1) | Disposal costs (2) | -8% | to | -11% | (-10%) | ||||||
Impaired loans - Home equity | 57 | Appraisal of | Appraisal adj. (2) | 0% | to | 0% | 0% | ||||
collateral (1) | Disposal costs (2) | -8% | to | -8% | (-8%) | ||||||
Impaired loan total | $ | 1,559 | |||||||||
-1 | |||||||||||
31-Dec-14 | |||||||||||
Quantitative Information about Level 3 Fair Value Measurement | |||||||||||
Fair Value | Valuation | Range | |||||||||
(Dollars in thousands) | Estimate | Techniques | Unobservable Input | (Weighted Average) | |||||||
Impaired loans - Residential mortgage | $ | 1,244 | Appraisal of | Appraisal adj. (2) | 0% | to | 0% | 0% | |||
collateral (1) | Disposal costs (2) | -8% | to | -8% | (-8%) | ||||||
Impaired loans - Commercial mortgage | 97 | Appraisal of | Appraisal adj. (2) | 0% | to | 0% | 0% | ||||
collateral (1) | Disposal costs (2) | -13% | to | -13% | (-13%) | ||||||
Impaired loans - Commercial term | 81 | Appraisal of | Appraisal adj. (2) | 0% | to | 0% | 0% | ||||
collateral (1) | Disposal costs (2) | -11% | to | -11% | (-11%) | ||||||
Impaired loans - Commercial construction | 1,494 | Appraisal of | Appraisal adj. (2) | 0% | to | -47% | (-19%) | ||||
collateral (1) | Disposal costs (2) | -11% | to | -11% | (-11%) | ||||||
Impaired loan total | $ | 2,916 | |||||||||
Other real estate owned | $ | 100 | Disposal costs (2) | -8% | to | -16% | (-12%) | ||||
-1 | Fair value is generally determined through independent appraisals or sales contracts of the underlying collateral, which generally include various level 3 inputs which are not identifiable. | ||||||||||
-2 | Appraisals are adjusted by management for qualitative factors and disposal costs. | ||||||||||
Estimate Of The Fair Value Of All Financial Instruments | |||||||||||
31-Mar-15 | |||||||||||
Carrying | Fair | ||||||||||
(Dollars in thousands) | Amount | Value | Level 1 | Level 2 | Level 3 | ||||||
Financial assets | |||||||||||
Cash and cash equivalents | $ | 28,335 | $ | 28,335 | $ | 28,335 | $ | - | $ | - | |
AFS investment securities | 172,478 | 172,478 | 18 | 172,460 | - | ||||||
HTM investment securities | 60,480 | 61,500 | - | 61,500 | - | ||||||
Restricted stock | 2,720 | 2,720 | - | 2,720 | - | ||||||
Loans and leases, net of allowance, including impaired | 458,910 | 452,830 | - | - | 452,830 | ||||||
Accrued interest receivable | 2,572 | 2,572 | - | 2,572 | - | ||||||
Financial liabilities | |||||||||||
Deposits: | |||||||||||
Non-interest-bearing deposits | 113,419 | 113,419 | - | 113,419 | - | ||||||
Interest-bearing deposits: | 430,810 | 430,810 | - | 430,810 | - | ||||||
Time | 72,784 | 72,562 | - | 72,562 | - | ||||||
Brokered deposits | 10,248 | 10,258 | - | 10,258 | - | ||||||
Repurchase agreements | 20,316 | 20,316 | - | 20,316 | - | ||||||
FHLBP advances | 20,000 | 20,631 | - | 20,631 | - | ||||||
Junior subordinated debentures and other borrowings | 9,279 | 7,349 | - | 7,349 | - | ||||||
Subordinated debt | 9,750 | 9,750 | - | 9,750 | - | ||||||
Accrued interest payable | 306 | 306 | - | 306 | - | ||||||
Off-balance sheet instruments | - | - | - | - | - | ||||||
31-Dec-14 | |||||||||||
Carrying | Fair | ||||||||||
(Dollars in thousands) | Amount | Value | Level 1 | Level 2 | Level 3 | ||||||
Financial assets | |||||||||||
Cash and cash equivalents | $ | 12,504 | $ | 12,504 | $ | 12,504 | $ | - | $ | - | |
AFS investment securities | 172,202 | 172,202 | 18 | 172,184 | - | ||||||
HTM investment securities | 59,454 | 60,099 | - | 60,099 | - | ||||||
Restricted stock | 2,587 | 2,587 | - | 2,587 | - | ||||||
Loans held-for-sale | 617 | 640 | - | - | - | ||||||
Loans and leases, net of allowance, including impaired | 450,697 | 436,499 | - | - | 436,499 | ||||||
Accrued interest receivable | 2,253 | 2,253 | - | 2,253 | - | ||||||
Financial liabilities | |||||||||||
Deposits: | |||||||||||
Non-interest-bearing deposits | 102,107 | 102,107 | - | 102,107 | - | ||||||
Interest-bearing deposits: | 415,933 | 415,933 | - | 415,933 | - | ||||||
Time | 76,805 | 76,519 | - | 76,519 | - | ||||||
Brokered deposits | 10,238 | 10,204 | - | 10,204 | - | ||||||
Repurchase agreements | 19,221 | 19,221 | - | 19,221 | - | ||||||
FHLBP advances | 20,000 | 20,616 | - | 20,616 | - | ||||||
Junior subordinated debentures and other borrowings | 9,279 | 7,546 | - | 7,546 | - | ||||||
Accrued interest payable | 351 | 351 | - | 351 | - | ||||||
Off-balance sheet instruments | - | - | - | - | - | ||||||
Investment_Securities_Narrativ
Investment Securities (Narrative) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Securities [Line Items] | ||
Available-for-sale Securities Pledged as Collateral | $168.90 | $174.90 |
Percent of principal outstanding collected of held-to-maturity securities | 85.00% | |
Mortgage Backed Securities [Member] | ||
Securities [Line Items] | ||
Securities in unrealized loss positions qualitative disclosure number of positions | 4 | |
Number of securities, impaired for more than 12 months | 3 | |
State And Municipal Tax-Exempt [Member] | ||
Securities [Line Items] | ||
Securities in unrealized loss positions qualitative disclosure number of positions | 23 | |
Number of securities, impaired for more than 12 months | 14 | |
Number Of Impaired Municipal Securities, School Districts, Insured | 16 | |
Number Of Impaired Municipal Securities, School Districts, Uninsured | 6 | |
Number Of Impaired Municipal Securities, Townships, Uninsured | 1 | |
Corporate Bonds [Member] | ||
Securities [Line Items] | ||
Securities in unrealized loss positions qualitative disclosure number of positions | 7 | |
Number of securities, impaired for more than 12 months | 1 | |
US Government Agency Obligations [Member] | ||
Securities [Line Items] | ||
Securities in unrealized loss positions qualitative disclosure number of positions | 2 | |
Number of securities, impaired for more than 12 months | 0 | |
Collateralized Mortgage Obligations GSE [Member] | ||
Securities [Line Items] | ||
Securities in unrealized loss positions qualitative disclosure number of positions | 12 | |
Number of securities, impaired for more than 12 months | 12 | |
Equity Securities [Member] | ||
Securities [Line Items] | ||
Securities in unrealized loss positions qualitative disclosure number of positions | 5 | |
Number of securities, impaired for more than 12 months | 5 |
Investment_Securities_Amortize
Investment Securities (Amortized Cost And Estimated Fair Values) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Securities [Line Items] | ||
Held-to-maturity Securities, Amortized Cost | $60,480 | $59,454 |
Held-to-maturity Securities, Unrealized Gains | 1,406 | 1,221 |
Held-to-maturity Securities, Unrealized Losses | -386 | -576 |
Held-to-maturity, Estimated Fair Value | 61,500 | 60,099 |
Available for Sale, Total investment securities, Amortized Cost | 172,109 | 172,867 |
Available-for-sale Securities, Unrealized Gains | 897 | 290 |
Available-for-sale Securities, Unrealized Losses | -528 | -955 |
Available-for-sale securities | 172,478 | 172,202 |
US Government Agency Obligations [Member] | ||
Securities [Line Items] | ||
Held-to-maturity Securities, Amortized Cost | 7,790 | 7,730 |
Held-to-maturity Securities, Unrealized Gains | 432 | 343 |
Held-to-maturity, Estimated Fair Value | 8,222 | 8,073 |
Government Sponsored Entities (GSE) Mortgage-Backed Securities [Member] | ||
Securities [Line Items] | ||
Held-to-maturity Securities, Amortized Cost | 3,374 | 3,579 |
Held-to-maturity Securities, Unrealized Gains | 146 | 133 |
Held-to-maturity, Estimated Fair Value | 3,520 | 3,712 |
Corporate Bonds [Member] | ||
Securities [Line Items] | ||
Held-to-maturity Securities, Amortized Cost | 5,390 | 3,951 |
Held-to-maturity Securities, Unrealized Gains | 345 | 324 |
Held-to-maturity, Estimated Fair Value | 5,735 | 4,275 |
Collateralized Mortgage Obligations GSE [Member] | ||
Securities [Line Items] | ||
Held-to-maturity Securities, Amortized Cost | 3,344 | 3,605 |
Held-to-maturity Securities, Unrealized Gains | 34 | 3 |
Held-to-maturity Securities, Unrealized Losses | -6 | -29 |
Held-to-maturity, Estimated Fair Value | 3,372 | 3,579 |
State And Municipal Tax-Exempt [Member] | ||
Securities [Line Items] | ||
Held-to-maturity Securities, Amortized Cost | 40,582 | 40,589 |
Held-to-maturity Securities, Unrealized Gains | 449 | 418 |
Held-to-maturity Securities, Unrealized Losses | -380 | -547 |
Held-to-maturity, Estimated Fair Value | 40,651 | 40,460 |
US Government Agency Obligations [Member] | ||
Securities [Line Items] | ||
Available for Sale, Total investment securities, Amortized Cost | 60,932 | 61,547 |
Available-for-sale Securities, Unrealized Gains | 136 | 4 |
Available-for-sale Securities, Unrealized Losses | -47 | -197 |
Available-for-sale securities | 61,021 | 61,354 |
Government Sponsored Entities (GSE) Mortgage-Backed Securities [Member] | ||
Securities [Line Items] | ||
Available for Sale, Total investment securities, Amortized Cost | 60,390 | 66,669 |
Available-for-sale Securities, Unrealized Gains | 544 | 189 |
Available-for-sale Securities, Unrealized Losses | -63 | -135 |
Available-for-sale securities | 60,871 | 66,723 |
Corporate Bonds [Member] | ||
Securities [Line Items] | ||
Available for Sale, Total investment securities, Amortized Cost | 20,501 | 13,208 |
Available-for-sale Securities, Unrealized Gains | 24 | |
Available-for-sale Securities, Unrealized Losses | -94 | -106 |
Available-for-sale securities | 20,431 | 13,102 |
Collateralized Mortgage Obligations GSE [Member] | ||
Securities [Line Items] | ||
Available for Sale, Total investment securities, Amortized Cost | 19,346 | 20,499 |
Available-for-sale Securities, Unrealized Gains | 54 | 8 |
Available-for-sale Securities, Unrealized Losses | -313 | -496 |
Available-for-sale securities | 19,087 | 20,011 |
State And Municipal Tax-Exempt [Member] | ||
Securities [Line Items] | ||
Available for Sale, Total investment securities, Amortized Cost | 10,913 | 10,917 |
Available-for-sale Securities, Unrealized Gains | 137 | 87 |
Available-for-sale Securities, Unrealized Losses | -10 | |
Available-for-sale securities | 11,050 | 10,994 |
Equity Securities [Member] | ||
Securities [Line Items] | ||
Available for Sale, Total investment securities, Amortized Cost | 27 | 27 |
Available-for-sale Securities, Unrealized Gains | 2 | 2 |
Available-for-sale Securities, Unrealized Losses | -11 | -11 |
Available-for-sale securities | $18 | $18 |
Investment_Securities_Unrealiz
Investment Securities (Unrealized Losses And Fair Value) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Securities [Line Items] | ||
Held-to-maturity Securities, Fair Value, Total | $17,776 | $22,097 |
Held-to-maturity Securities, Unrealized Losses | -386 | -576 |
Held-to-maturity Securities, Fair Value Impaired Less Than 12 Months | 6,111 | 5,181 |
Held-to-maturity Securities, Unrealized Loss Less Than 12 Months | -42 | -36 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 11,665 | 16,916 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -344 | -540 |
Available-for-sale Securities, Fair Value, Total | 35,225 | 112,713 |
Available-for-sale Securities, Unrealized Loss, Total | -528 | -955 |
Available-for-sale Securities, Fair Value Impaired Less Than 12 Months | 14,902 | 79,778 |
Available-for-sale Securities, Unrealized Loss Less Than 12 Months | -90 | -180 |
Available-for-sale Securities, Fair Value Impaired More Than 12 Months | 20,323 | 32,935 |
Available-for-sale Securities, Unrealized Loss More Than 12 Months | -438 | -775 |
US Government Agency Obligations [Member] | ||
Securities [Line Items] | ||
Available-for-sale Securities, Fair Value, Total | 5,007 | 56,342 |
Available-for-sale Securities, Unrealized Loss, Total | -47 | -197 |
Available-for-sale Securities, Fair Value Impaired Less Than 12 Months | 5,007 | 49,222 |
Available-for-sale Securities, Unrealized Loss Less Than 12 Months | -47 | -97 |
Available-for-sale Securities, Fair Value Impaired More Than 12 Months | 7,120 | |
Available-for-sale Securities, Unrealized Loss More Than 12 Months | -100 | |
Government Sponsored Entities (GSE) Mortgage-Backed Securities [Member] | ||
Securities [Line Items] | ||
Available-for-sale Securities, Fair Value, Total | 6,952 | 22,157 |
Available-for-sale Securities, Unrealized Loss, Total | -63 | -135 |
Available-for-sale Securities, Fair Value Impaired Less Than 12 Months | 2,092 | 14,996 |
Available-for-sale Securities, Unrealized Loss Less Than 12 Months | -7 | -38 |
Available-for-sale Securities, Fair Value Impaired More Than 12 Months | 4,860 | 7,161 |
Available-for-sale Securities, Unrealized Loss More Than 12 Months | -56 | -97 |
Collateralized Mortgage Obligations GSE [Member] | ||
Securities [Line Items] | ||
Available-for-sale Securities, Fair Value, Total | 13,009 | 18,133 |
Available-for-sale Securities, Unrealized Loss, Total | -313 | -496 |
Available-for-sale Securities, Fair Value Impaired Less Than 12 Months | 3,669 | |
Available-for-sale Securities, Unrealized Loss Less Than 12 Months | -5 | |
Available-for-sale Securities, Fair Value Impaired More Than 12 Months | 13,009 | 14,464 |
Available-for-sale Securities, Unrealized Loss More Than 12 Months | -313 | -491 |
Corporate Bonds [Member] | ||
Securities [Line Items] | ||
Available-for-sale Securities, Fair Value, Total | 10,245 | 13,102 |
Available-for-sale Securities, Unrealized Loss, Total | -94 | -106 |
Available-for-sale Securities, Fair Value Impaired Less Than 12 Months | 7,803 | 9,531 |
Available-for-sale Securities, Unrealized Loss Less Than 12 Months | -36 | -31 |
Available-for-sale Securities, Fair Value Impaired More Than 12 Months | 2,442 | 3,571 |
Available-for-sale Securities, Unrealized Loss More Than 12 Months | -58 | -75 |
State And Municipal Tax-Exempt [Member] | ||
Securities [Line Items] | ||
Available-for-sale Securities, Fair Value, Total | 2,967 | |
Available-for-sale Securities, Unrealized Loss, Total | -10 | |
Available-for-sale Securities, Fair Value Impaired Less Than 12 Months | 2,360 | |
Available-for-sale Securities, Unrealized Loss Less Than 12 Months | -9 | |
Available-for-sale Securities, Fair Value Impaired More Than 12 Months | 607 | |
Available-for-sale Securities, Unrealized Loss More Than 12 Months | -1 | |
Equity Securities [Member] | ||
Securities [Line Items] | ||
Available-for-sale Securities, Fair Value, Total | 12 | 12 |
Available-for-sale Securities, Unrealized Loss, Total | -11 | -11 |
Available-for-sale Securities, Fair Value Impaired More Than 12 Months | 12 | 12 |
Available-for-sale Securities, Unrealized Loss More Than 12 Months | -11 | -11 |
Collateralized Mortgage Obligations GSE [Member] | ||
Securities [Line Items] | ||
Held-to-maturity Securities, Fair Value, Total | 1,412 | 3,043 |
Held-to-maturity Securities, Unrealized Losses | -6 | -29 |
Held-to-maturity Securities, Fair Value Impaired Less Than 12 Months | 3,043 | |
Held-to-maturity Securities, Unrealized Loss Less Than 12 Months | -29 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,412 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -6 | |
State And Municipal Tax-Exempt [Member] | ||
Securities [Line Items] | ||
Held-to-maturity Securities, Fair Value, Total | 16,364 | 19,054 |
Held-to-maturity Securities, Unrealized Losses | -380 | -547 |
Held-to-maturity Securities, Fair Value Impaired Less Than 12 Months | 6,111 | 2,138 |
Held-to-maturity Securities, Unrealized Loss Less Than 12 Months | -42 | -7 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 10,253 | 16,916 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | ($338) | ($540) |
Investment_Securities_Investme
Investment Securities (Investments Classified By Contractual Maturity Date) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Investment Securities [Abstract] | ||
Held to Maturity, Due after one year through five years, Amortized Cost | $10,649 | |
Held to Maturity, Due after five years through ten years, Amortized Cost | 24,014 | |
Held to Maturity, Due after ten years, Amortized Cost | 25,817 | |
Held to Maturity, Total investment securities, Amortized Cost | 60,480 | 59,454 |
Held to Maturity, Due after one year through five years, Estimated Fair Value | 11,079 | |
Held to Maturity, Due after five years through ten years, Estimated Fair Value | 24,408 | |
Held to Maturity, Due after ten years, Estimated Fair Value | 26,013 | |
Held-to-maturity, Total investment securities, Estimated Fair Value | 61,500 | 60,099 |
Available for Sale, Due in one year or less, Amortized Cost | 1,500 | |
Available for Sale, Due after one year through five years, Amortized Cost | 69,968 | |
Available for Sale, Due after five years through ten years, Amortized Cost | 63,211 | |
Available for Sale, Due after ten years, Amortized Cost | 37,403 | |
Available for Sale, No state maturity, Amortized Cost | 27 | |
Available for Sale, Total investment securities, Amortized Cost | 172,109 | 172,867 |
Available for Sale, Due in one year or less, Estimated Fair Value | 1,497 | |
Available for Sale, Due after one year through five years, Estimated Fair Value | 69,989 | |
Available for Sale, Due after five years through ten years, Estimated Fair Value | 63,729 | |
Available for Sale, Due after ten years, Estimated Fair Value | 37,245 | |
Available for Sale, No stated maturity, Estimated Fair Value | 18 | |
Available for Sale, Total investment securities, Estimated Fair Value | $172,478 | $172,202 |
Investment_Securities_Principa
Investment Securities (Principal Value Of Investments Securities Sold) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Investment Securities [Abstract] | ||
Available for sale securities sold | $3,926 | $15,228 |
Held to maturity securities sold | 1,228 | |
Total sold securities | $3,926 | $16,456 |
Investment_Securities_Gain_Los
Investment Securities (Gain (Loss) On Investment Sales) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Investment Securities [Abstract] | ||
Gross realized gains-AFS | $53 | $192 |
Gross realized gains-HTM | 68 | |
Gross realized losses-AFS | -25 | |
Net realized gain | $53 | $235 |
Loans_Total_Loans_And_Leases_O
Loans (Total Loans And Leases Outstanding) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases | $464,100 | $455,603 | ||
Less allowance for credit losses | -5,190 | -4,906 | -4,750 | -4,623 |
Net loans and leases | 458,910 | 450,697 | ||
Residential Mortgage [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases | 26,538 | 25,993 | ||
Less allowance for credit losses | -269 | -269 | -347 | -285 |
Commercial Mortgage [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases | 268,586 | 257,310 | ||
Less allowance for credit losses | -2,398 | -2,300 | -2,166 | -2,010 |
Commercial Term [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases | 81,730 | 80,819 | ||
Less allowance for credit losses | -705 | -709 | -652 | -621 |
Commercial Construction [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases | 30,415 | 35,534 | ||
Less allowance for credit losses | -922 | -881 | -806 | -1,033 |
Consumer: Home Equity [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases | 51,269 | 50,192 | ||
Less allowance for credit losses | -224 | -189 | -167 | -156 |
Consumer: Other [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases | 5,562 | 5,755 | ||
Less allowance for credit losses | ($66) | ($70) | ($125) | ($78) |
Loans_Interest_Income_On_NonAc
Loans (Interest Income On Non-Accrual Loans) (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-accrual loans | $6,570 | $5,322 | $6,519 |
Loans 90 day past due and accruing | 239 | 100 | 334 |
Total non-performing loans | 6,809 | 5,422 | 6,853 |
Interest income that would have been recorded under original terms, non-accrual loans | 135 | 125 | |
Interest income that would have been recorded under original terms, 90 days past due and accruing | 5 | 3 | |
Interest income that would have been recorded under original terms | 140 | 128 | |
Interest income recorded during the period, non-accrual loans | 1 | ||
Interest income recorded during the period, 90 days past due and accruing | 5 | 3 | |
Interest income recorded during the period | 5 | 4 | |
Net impact on interest income, non-accrual loans | 135 | 124 | |
Net impact on interest income | 135 | 124 | |
Residential Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-accrual loans | 2,446 | 2,245 | 2,458 |
Loans 90 day past due and accruing | 189 | 191 | |
Interest income that would have been recorded under original terms, non-accrual loans | 16 | 16 | |
Net impact on interest income, non-accrual loans | 16 | 16 | |
Commercial Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-accrual loans | 1,262 | 244 | 1,294 |
Interest income that would have been recorded under original terms, non-accrual loans | 21 | 5 | |
Net impact on interest income, non-accrual loans | 21 | 5 | |
Commercial Term [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-accrual loans | 196 | 198 | |
Interest income that would have been recorded under original terms, non-accrual loans | 2 | ||
Net impact on interest income, non-accrual loans | 2 | ||
Commercial Construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-accrual loans | 2,043 | 2,293 | 2,043 |
Interest income that would have been recorded under original terms, non-accrual loans | 84 | 94 | |
Net impact on interest income, non-accrual loans | 84 | 94 | |
Consumer: Home Equity [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-accrual loans | 429 | 386 | 432 |
Loans 90 day past due and accruing | 50 | 119 | |
Interest income that would have been recorded under original terms, non-accrual loans | 7 | 7 | |
Interest income recorded during the period, non-accrual loans | 1 | ||
Net impact on interest income, non-accrual loans | 7 | 6 | |
Consumer: Other [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-accrual loans | 194 | 154 | 94 |
Loans 90 day past due and accruing | 24 | ||
Interest income that would have been recorded under original terms, non-accrual loans | 5 | 3 | |
Net impact on interest income, non-accrual loans | $5 | $3 |
Allowance_For_Credit_Losses_Na
Allowance For Credit Losses (Narrative) (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | |
loan | loan | loan | |
Commercial Mortgage [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of TDRs | 1 | 1 | 1 |
TDR amount | $2,234,000 | $2,246,000 | $2,272,000 |
Reduction of principal | 0 | ||
Pre-modification recorded investment | 2,272,000 | ||
Post-modification recorded investment | 2,272,000 | ||
Number of subsequent defaults | 0 | ||
Consumer: Home Equity [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of TDRs | 1 | 1 | 0 |
TDR amount | 102,000 | 102,000 | |
Monthly payment reduced period, in months | 36 months | ||
Reduction of principal | 0 | ||
Pre-modification recorded investment | 102,000 | ||
Post-modification recorded investment | $102,000 | ||
Number of subsequent defaults | 0 |
Allowance_For_Credit_Losses_Ag
Allowance For Credit Losses (Age Analysis Of Past Due Loans Receivables) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30 to 59 Days Past Due | $1,467 | $1,182 | |
60 to 89 Days Past Due | 112 | 773 | |
Greater than 90 Days | 5,640 | 5,432 | |
Total Past Due | 7,219 | 7,387 | |
Current | 456,881 | 448,216 | |
Total Loans Receivables | 464,100 | 455,603 | |
Loans Receivable >90 Days and Accruing | 239 | 334 | 100 |
Residential Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30 to 59 Days Past Due | 1,408 | 1,005 | |
60 to 89 Days Past Due | 302 | ||
Greater than 90 Days | 2,635 | 2,648 | |
Total Past Due | 4,043 | 3,955 | |
Current | 22,495 | 22,038 | |
Total Loans Receivables | 26,538 | 25,993 | |
Loans Receivable >90 Days and Accruing | 189 | 191 | |
Commercial Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30 to 59 Days Past Due | 43 | 48 | |
60 to 89 Days Past Due | 187 | ||
Greater than 90 Days | 363 | 236 | |
Total Past Due | 406 | 471 | |
Current | 268,180 | 256,839 | |
Total Loans Receivables | 268,586 | 257,310 | |
Commercial Term [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 81,730 | 80,819 | |
Total Loans Receivables | 81,730 | 80,819 | |
Commercial Construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Greater than 90 Days | 2,043 | 2,043 | |
Total Past Due | 2,043 | 2,043 | |
Current | 28,372 | 33,491 | |
Total Loans Receivables | 30,415 | 35,534 | |
Consumer: Home Equity [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30 to 59 Days Past Due | 16 | 58 | |
60 to 89 Days Past Due | 112 | 214 | |
Greater than 90 Days | 405 | 386 | |
Total Past Due | 533 | 658 | |
Current | 50,736 | 49,534 | |
Total Loans Receivables | 51,269 | 50,192 | |
Loans Receivable >90 Days and Accruing | 50 | 119 | |
Consumer: Other [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30 to 59 Days Past Due | 71 | ||
60 to 89 Days Past Due | 70 | ||
Greater than 90 Days | 194 | 119 | |
Total Past Due | 194 | 260 | |
Current | 5,368 | 5,495 | |
Total Loans Receivables | 5,562 | 5,755 | |
Loans Receivable >90 Days and Accruing | $24 |
Allowance_For_Credit_Losses_Im
Allowance For Credit Losses (Impaired Loans By Loan Portfolio) (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With no related allowance recorded | $7,301,000 | $8,206,000 | |
Unpaid Principal Balance, With no related allowance recorded | 8,995,000 | 12,259,000 | |
Average Recorded Investment, With no related allowance recorded | 7,754,000 | 5,640,000 | |
Interest Income Recognized, With no related allowance recorded | 27,000 | 1,000 | |
Recorded Investment, With allowance recorded | 1,960,000 | 850,000 | |
Unpaid Principal Balance, With allowance recorded | 5,916,000 | 2,433,000 | |
Related Allowance | 401,000 | 273,000 | |
Average Recorded Investment, With allowance recorded | 1,405,000 | 2,168,000 | |
Recorded Investment, Total | 9,261,000 | 9,056,000 | |
Unpaid Principal Balance, Total | 14,911,000 | 14,692,000 | |
Average Recorded Investment, Total | 9,159,000 | 7,808,000 | |
Interest Income Recognized, Total | 27,000 | 1,000 | |
Residential Mortgage [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With no related allowance recorded | 2,182,000 | 2,457,000 | |
Unpaid Principal Balance, With no related allowance recorded | 2,958,000 | 3,270,000 | |
Average Recorded Investment, With no related allowance recorded | 2,320,000 | 1,872,000 | |
Recorded Investment, With allowance recorded | 408,000 | ||
Unpaid Principal Balance, With allowance recorded | 445,000 | ||
Related Allowance | 1,000 | ||
Average Recorded Investment, With allowance recorded | 204,000 | 377,000 | |
Recorded Investment, Total | 2,590,000 | 2,457,000 | |
Unpaid Principal Balance, Total | 3,403,000 | 3,270,000 | |
Average Recorded Investment, Total | 2,524,000 | 2,249,000 | |
Commercial Mortgage [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With no related allowance recorded | 3,372,000 | 3,400,000 | |
Unpaid Principal Balance, With no related allowance recorded | 3,492,000 | 3,501,000 | |
Average Recorded Investment, With no related allowance recorded | 3,386,000 | 2,509,000 | |
Interest Income Recognized, With no related allowance recorded | 26,000 | ||
Recorded Investment, With allowance recorded | 202,000 | 200,000 | |
Unpaid Principal Balance, With allowance recorded | 202,000 | 200,000 | |
Related Allowance | 106,000 | 104,000 | |
Average Recorded Investment, With allowance recorded | 201,000 | 36,000 | |
Recorded Investment, Total | 3,574,000 | 3,600,000 | |
Unpaid Principal Balance, Total | 3,694,000 | 3,701,000 | |
Average Recorded Investment, Total | 3,587,000 | 2,545,000 | |
Interest Income Recognized, Total | 26,000 | ||
Commercial Term [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With allowance recorded | 200,000 | 200,000 | |
Unpaid Principal Balance, With allowance recorded | 205,000 | 202,000 | |
Related Allowance | 116,000 | 119,000 | |
Average Recorded Investment, With allowance recorded | 200,000 | ||
Recorded Investment, Total | 200,000 | 200,000 | |
Unpaid Principal Balance, Total | 205,000 | 202,000 | |
Average Recorded Investment, Total | 200,000 | ||
Commercial Construction [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With no related allowance recorded | 1,094,000 | 1,706,000 | |
Unpaid Principal Balance, With no related allowance recorded | 1,877,000 | 4,822,000 | |
Average Recorded Investment, With no related allowance recorded | 1,400,000 | 797,000 | |
Recorded Investment, With allowance recorded | 1,062,000 | 450,000 | |
Unpaid Principal Balance, With allowance recorded | 4,976,000 | 2,031,000 | |
Related Allowance | 147,000 | 50,000 | |
Average Recorded Investment, With allowance recorded | 756,000 | 1,684,000 | |
Recorded Investment, Total | 2,156,000 | 2,156,000 | |
Unpaid Principal Balance, Total | 6,853,000 | 6,853,000 | |
Average Recorded Investment, Total | 2,156,000 | 2,481,000 | |
Consumer: Home Equity [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With no related allowance recorded | 459,000 | 549,000 | |
Unpaid Principal Balance, With no related allowance recorded | 474,000 | 564,000 | |
Average Recorded Investment, With no related allowance recorded | 504,000 | 415,000 | |
Interest Income Recognized, With no related allowance recorded | 1,000 | 1,000 | |
Recorded Investment, With allowance recorded | 88,000 | ||
Unpaid Principal Balance, With allowance recorded | 88,000 | ||
Related Allowance | 31,000 | ||
Average Recorded Investment, With allowance recorded | 44,000 | ||
Recorded Investment, Total | 547,000 | 549,000 | |
Unpaid Principal Balance, Total | 562,000 | 564,000 | |
Average Recorded Investment, Total | 548,000 | 415,000 | |
Interest Income Recognized, Total | 1,000 | 1,000 | |
Consumer: Other [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With no related allowance recorded | 194,000 | 94,000 | |
Unpaid Principal Balance, With no related allowance recorded | 194,000 | 102,000 | |
Average Recorded Investment, With no related allowance recorded | 144,000 | 47,000 | |
Average Recorded Investment, With allowance recorded | 71,000 | ||
Recorded Investment, Total | 194,000 | 94,000 | |
Unpaid Principal Balance, Total | 194,000 | 102,000 | |
Average Recorded Investment, Total | $144,000 | $118,000 |
Allowance_For_Credit_Losses_Cr
Allowance For Credit Losses (Credit Quality Indicators) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $464,100 | $455,603 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 438,611 | 430,198 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 2,665 | 2,682 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 22,824 | 22,723 |
Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 26,538 | 25,993 |
Residential Mortgage [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 23,817 | 23,259 |
Residential Mortgage [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 2,721 | 2,734 |
Commercial Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 268,586 | 257,310 |
Commercial Mortgage [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 256,698 | 245,307 |
Commercial Mortgage [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 2,593 | 2,610 |
Commercial Mortgage [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 9,295 | 9,393 |
Commercial Term [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 81,730 | 80,819 |
Commercial Term [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 76,192 | 75,303 |
Commercial Term [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 72 | 72 |
Commercial Term [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 5,466 | 5,444 |
Commercial Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 30,415 | 35,534 |
Commercial Construction [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 25,846 | 31,057 |
Commercial Construction [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 4,569 | 4,477 |
Consumer: Home Equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 51,269 | 50,192 |
Consumer: Home Equity [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 50,690 | 49,611 |
Consumer: Home Equity [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 579 | 581 |
Consumer: Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 5,562 | 5,755 |
Consumer: Other [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 5,368 | 5,661 |
Consumer: Other [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $194 | $94 |
Allowance_For_Credit_Losses_Al
Allowance For Credit Losses (Allowance For Credit Losses And Recorded Investments In Loans Receivables) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | $4,906 | $4,623 | $4,623 |
Charge offs | -17 | -268 | |
Recoveries | 1 | 20 | |
Provisions | 300 | 375 | |
Ending balance | 5,190 | 4,750 | 4,906 |
Ending balance: individually evaluated for impairment | 401 | 273 | |
Ending balance: collectively evaluated for impairment | 4,789 | 4,633 | |
Loans receivables, Ending Balance | 464,100 | 455,603 | |
Loans receivables, Ending Balance: individually evaluated for impairment | 9,261 | 9,056 | |
Loans receivable, Ending Balance: collectively evaluated for impairment | 454,839 | 446,547 | |
Reserve for unfunded loan commitments included in other liabilities | 156 | 142 | 166 |
Residential Mortgage [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 269 | 285 | 285 |
Charge offs | |||
Recoveries | 3 | ||
Provisions | 59 | ||
Ending balance | 269 | 347 | |
Ending balance: individually evaluated for impairment | 1 | ||
Ending balance: collectively evaluated for impairment | 268 | 269 | |
Loans receivables, Ending Balance | 26,538 | 25,993 | |
Loans receivables, Ending Balance: individually evaluated for impairment | 2,590 | 2,457 | |
Loans receivable, Ending Balance: collectively evaluated for impairment | 23,948 | 23,536 | |
Commercial Mortgage [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 2,300 | 2,010 | 2,010 |
Charge offs | |||
Provisions | 98 | 156 | |
Ending balance | 2,398 | 2,166 | 2,300 |
Ending balance: individually evaluated for impairment | 106 | 104 | |
Ending balance: collectively evaluated for impairment | 2,292 | 2,196 | |
Loans receivables, Ending Balance | 268,586 | 257,310 | |
Loans receivables, Ending Balance: individually evaluated for impairment | 3,574 | 3,600 | |
Loans receivable, Ending Balance: collectively evaluated for impairment | 265,012 | 253,710 | |
Reserve for unfunded loan commitments included in other liabilities | 4 | 11 | 10 |
Commercial Term [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 709 | 621 | 621 |
Charge offs | -11 | -7 | |
Provisions | 7 | 38 | |
Ending balance | 705 | 652 | 709 |
Ending balance: individually evaluated for impairment | 116 | 119 | |
Ending balance: collectively evaluated for impairment | 589 | 590 | |
Loans receivables, Ending Balance | 81,730 | 80,819 | |
Loans receivables, Ending Balance: individually evaluated for impairment | 200 | 200 | |
Loans receivable, Ending Balance: collectively evaluated for impairment | 81,530 | 80,619 | |
Reserve for unfunded loan commitments included in other liabilities | 87 | 70 | 89 |
Commercial Construction [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 881 | 1,033 | 1,033 |
Charge offs | -261 | ||
Recoveries | 10 | ||
Provisions | 41 | 24 | |
Ending balance | 922 | 806 | 881 |
Ending balance: individually evaluated for impairment | 147 | 50 | |
Ending balance: collectively evaluated for impairment | 775 | 831 | |
Loans receivables, Ending Balance | 30,415 | 35,534 | |
Loans receivables, Ending Balance: individually evaluated for impairment | 2,156 | 2,156 | |
Loans receivable, Ending Balance: collectively evaluated for impairment | 28,259 | 33,378 | |
Reserve for unfunded loan commitments included in other liabilities | 53 | 50 | 55 |
Leases Financing [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Charge offs | |||
Recoveries | 1 | 1 | |
Provisions | -1 | -1 | |
Consumer: Home Equity [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 189 | 156 | 156 |
Charge offs | |||
Provisions | 35 | 11 | |
Ending balance | 224 | 167 | 189 |
Ending balance: individually evaluated for impairment | 31 | ||
Ending balance: collectively evaluated for impairment | 193 | 189 | |
Loans receivables, Ending Balance | 51,269 | 50,192 | |
Loans receivables, Ending Balance: individually evaluated for impairment | 547 | 549 | |
Loans receivable, Ending Balance: collectively evaluated for impairment | 50,722 | 49,643 | |
Reserve for unfunded loan commitments included in other liabilities | 12 | 11 | 12 |
Consumer: Other [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 70 | 78 | 78 |
Charge offs | -6 | ||
Recoveries | 6 | ||
Provisions | 2 | 41 | |
Ending balance | 66 | 125 | |
Ending balance: collectively evaluated for impairment | 66 | 70 | |
Loans receivables, Ending Balance | 5,562 | 5,755 | |
Loans receivables, Ending Balance: individually evaluated for impairment | 194 | 94 | |
Loans receivable, Ending Balance: collectively evaluated for impairment | 5,368 | 5,661 | |
Unallocated [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 488 | 440 | 440 |
Charge offs | |||
Provisions | 118 | 47 | |
Ending balance | 606 | 487 | |
Ending balance: collectively evaluated for impairment | $606 | $488 |
Earnings_Per_Share_Narrative_D
Earnings Per Share (Narrative) (Details) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Stock Warrants [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Shares | 0 | 0 |
Stock Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Shares | 0 | 66,853 |
Outstanding Stock Awards [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Shares | 0 | 17,125 |
Earnings_Per_Share_Computation
Earnings Per Share (Computation Of Basic And Diluted Earnings Per Share) (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Earnings Per Share [Abstract] | ||
Income available to common stockholders, Income | $1,226 | $967 |
Income available to common stockholders after assumed conversions, Income | $1,226 | $967 |
Income available to common stockholders, Shares | 2,786,012 | 2,758,135 |
Effect of potential dilutive common stock equivalentsb stock options and restricted shares, Shares | 47,000 | 44,000 |
Income available to common stockholders after assumed conversions, Shares | 2,832,869 | 2,802,362 |
Income available to common stockholders, Amount | $0.44 | $0.35 |
Effect of potential dilutive common stock equivalentsb stock options and restricted shares, Amount | ($0.01) | |
Income available to common stockholders after assumed conversions, Amount | $0.43 | $0.35 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Accumulated Other Comprehensive Loss [Abstract] | ||
Net unrealized gain (loss) on AFS securities, Before-Tax Amount | $369 | ($665) |
Net unrealized gain (loss) on AFS securities, Tax Effect | -125 | 227 |
Net unrealized gain (loss) on AFS securities, Net-of-Tax Amount | 244 | -438 |
Discount on AFS to HTM reclassification, Before-Tax Amount | -21 | -24 |
Discount on AFS to HTM reclassification, Tax Effect | 7 | 8 |
Discount on AFS to HTM reclassification, Net-of-Tax Amount | -14 | -16 |
Unrealized actuarial losses-pension, Before-Tax Amount | -1,734 | -1,734 |
Unrealized actuarial losses-pension, Tax Effect | 589 | 589 |
Unrealized actuarial losses-pension, Net-of-Tax Amount | -1,145 | -1,145 |
Total of all items above, Before-Tax Amount | -1,386 | -2,423 |
Total of all items above, Tax Effect | 471 | 824 |
Total of all items above, Net-of-Tax Effect | ($915) | ($1,599) |
Subordinated_Debentures_Notes_1
Subordinated Debentures, Notes And Other Borrowings (Details) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
item | |
Debt Instrument [Line Items] | |
Number of issuances of junior subordinated debentures | 2 |
Repurchase Agreements | $20,300,000 |
State and Municipal bonds sold | 20,700,000 |
Repurchase Agreement amount, percentage | 102.00% |
Subordinated Debt [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, face amount | 9,750,000 |
Maturity date | 6-Mar-25 |
Subordinated Debt [Member] | Maximum [Member] | |
Debt Instrument [Line Items] | |
Variable interest rate | 5.75% |
Subordinated Debt [Member] | Minimum [Member] | |
Debt Instrument [Line Items] | |
Variable interest rate | 3.00% |
Fixed Rate, First 5 Years [Member] | Subordinated Debt [Member] | |
Debt Instrument [Line Items] | |
Fixed interest rate | 4.25% |
Interest rate period, in years | 5 years |
Prime Rate [Member] | Subordinated Debt [Member] | |
Debt Instrument [Line Items] | |
Basis spread on variable rate | 1.00% |
DNB Capital Trust I [Member] | |
Debt Instrument [Line Items] | |
Issuance date | 20-Jul-01 |
Floating rate capital preferred securities | 5,000,000 |
LIBOR rate, borrowing period, in months | 6 months |
Basis spread on variable rate | 3.75% |
Maximum stated interest rate range | 12.00% |
Principal amount, floating rate junior subordinated debentures | 5,200,000 |
Maturity date range, start | 25-Jul-06 |
Maturity date range, end | 25-Jul-31 |
DNB Capital Trust II [Member] | |
Debt Instrument [Line Items] | |
Issuance date | 30-Mar-05 |
Floating rate capital preferred securities | 4,000,000 |
LIBOR rate, borrowing period, in months | 3 months |
Basis spread on variable rate | 1.77% |
Fixed interest rate | 6.56% |
Interest rate period, in years | 5 years |
Principal amount, floating rate junior subordinated debentures | $4,100,000 |
Maturity date range, start | 23-May-10 |
Maturity date range, end | 23-May-35 |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock based compensation | $87,000 | $70,000 |
Anticipated additional expense | 0 | |
Stock Option Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Maximum number of shares | 793,368 | |
Shares available for future grants | 354,090 | |
Stock based compensation | 17,000 | |
Incentive Equity And Deferred Compensation Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Maximum number of shares | 243,101 | |
Share issuance, restricted sale period | 1 year | |
Shares available for future grants | 116,494 | |
Stock based compensation | 87,000 | 53,000 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $868,000 | |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 2 years 3 months 15 days | |
Maximum [Member] | Stock Option Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Maximum option exercise period | 10 years | |
Maximum [Member] | Incentive Equity And Deferred Compensation Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award issuable period after date of grant | 4 years | |
Cliff-vesting period | 4 years | |
Minimum [Member] | Incentive Equity And Deferred Compensation Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award issuable period after date of grant | 3 years | |
Cliff-vesting period | 3 years |
StockBased_Compensation_Stock_
Stock-Based Compensation (Stock Option Activity) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Stock-Based Compensation [Abstract] | ||
Outstanding | 163,586 | 207,303 |
Weighted Average Exercise Price | $15.13 | $15.92 |
Issued | ||
Issued, Weighted Average Exercise Price | ||
Exercised | 93,834 | |
Exercised, Weighted Average Exercise Price | $19.60 | |
Forfeited | ||
Forfeited, Weighted Average Exercise Price | ||
Expired | ||
Expired, Weighted Average Exercise Price | ||
Outstanding | 69,752 | 207,303 |
Weighted Average Exercise Price | $9.13 | $15.92 |
StockBased_Compensation_Weight
Stock-Based Compensation (Weighted Average Price And Weighted Average Remaining Contractual Life) (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Number Outstanding | 69,752 | 163,586 |
Number Exercisable | 69,752 | 163,586 |
Weighted Average Exercise Price | $9.13 | $15.13 |
Remaining Contractual Life | 2 years 9 months 29 days | 1 year 10 months 6 days |
Intrinsic Value | $1,177,000 | $1,187,000 |
Range of Exercise Prices 6.93-10.99 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Range of Exercise Prices, Lower Limit | $6.93 | $6.93 |
Range of Exercise Prices, Upper Limit | $10.99 | $10.99 |
Number Outstanding | 66,500 | 80,650 |
Number Exercisable | 66,500 | 80,650 |
Weighted Average Exercise Price | $8.72 | $8.66 |
Remaining Contractual Life | 2 years 11 months 5 days | 3 years 1 month 24 days |
Intrinsic Value | 1,149,000 | 1,044,000 |
Range of Exercise Prices 14.00-19.99 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Range of Exercise Prices, Lower Limit | $14 | $14 |
Range of Exercise Prices, Upper Limit | $19.99 | $19.99 |
Number Outstanding | 3,252 | 34,895 |
Number Exercisable | 3,252 | 34,895 |
Weighted Average Exercise Price | $17.51 | $17.51 |
Remaining Contractual Life | 8 months 23 days | 11 months 19 days |
Intrinsic Value | $28,000 | $143,000 |
Range of Exercise Prices 23.00-24.27 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Range of Exercise Prices, Lower Limit | $23 | |
Range of Exercise Prices, Upper Limit | $24.27 | |
Number Outstanding | 48,041 | |
Number Exercisable | 48,041 | |
Weighted Average Exercise Price | $24.27 | |
Remaining Contractual Life | 3 months 15 days |
StockBased_Compensation_Stock_1
Stock-Based Compensation (Stock Grant Activity) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Stock-Based Compensation [Abstract] | ||
Non-vested stock awards, Shares, beginning balance | 75,930 | 50,795 |
Granted, Shares | ||
Forfeited, Shares | ||
Vested, Shares | ||
Non-vested stock awards, Shares, ending balance | 75,930 | 50,795 |
Non-vested stock awards, Weighted Average Stock Price | $17.66 | $15.65 |
Granted, Weighted Average Stock Price | ||
Forfeited, Weighted Average Stock Price | ||
Vested, Weighted Average Stock Price | ||
Non-vested stock awards, Weighted Average Stock Price | $17.66 | $15.65 |
Income_Taxes_Details
Income Taxes (Details) | 3 Months Ended |
Mar. 31, 2015 | |
Minimum [Member] | |
Income Tax Contingency [Line Items] | |
Open Tax Year | 2011 |
Maximum [Member] | |
Income Tax Contingency [Line Items] | |
Open Tax Year | 2014 |
Fair_Value_Of_Financial_Instru3
Fair Value Of Financial Instruments (Narrative) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Mar. 31, 2015 | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total recorded investment | $9,056,000 | $9,261,000 |
Recorded Investment, With allowance recorded | 850,000 | 1,960,000 |
Impaired Financing Receivable, Related Allowance | 273,000 | 401,000 |
Additional impaired financing receivable | 2,900,000 | 0 |
Partial charge down | 526,000 | |
Total fair value of impaired loans | 2,900,000 | 1,600,000 |
Other real estate owned & other repossessed property | 901,000 | 908,000 |
OREO | 837,000 | 837,000 |
Other Repossessed Assets | 64,000 | 71,000 |
Transfers from level 1 to level 2 | 0 | |
Transfers from level 2 to level 1 | 0 | |
Interest-bearing Domestic Deposit, Brokered | 10,238,000 | 10,248,000 |
Brokered deposits maturing in 2016 | 4,000,000 | |
Brokered deposits maturing in 2017 | 6,200,000 | |
Un-funded Loan Commitments [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance sheet risks liability amount | 101,700,000 | 100,600,000 |
Stand-by Letters Of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance sheet risks liability amount | 2,200,000 | 2,200,000 |
Fair Value [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Recorded Investment, With allowance recorded | 577,000 | 1,600,000 |
Additional impaired financing receivable | 2,300,000 | |
Interest-bearing Domestic Deposit, Brokered | $10,204,000 | $10,258,000 |
Fair_Value_Of_Financial_Instru4
Fair Value Of Financial Instruments (Fair Value Measurements On Differing Levels) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for Sale Securities | $172,478 | $172,202 |
Loans held-for-sale | 617 | |
Total assets measured at fair value on a recurring basis | 172,478 | 172,202 |
Impaired Loans, Fair Value Disclosure | 1,559 | 2,916 |
OREO and other repossessed property | 100 | |
Total assets measured at fair value on a nonrecurring basis | 1,559 | 3,016 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for Sale Securities | 18 | 18 |
Total assets measured at fair value on a recurring basis | 18 | 18 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for Sale Securities | 172,460 | 172,184 |
Total assets measured at fair value on a recurring basis | 172,460 | 172,184 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans, Fair Value Disclosure | 1,559 | 2,916 |
OREO and other repossessed property | 100 | |
Total assets measured at fair value on a nonrecurring basis | 1,559 | 3,016 |
US Government Agency Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for Sale Securities | 61,021 | 61,354 |
US Government Agency Obligations [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for Sale Securities | 61,021 | 61,354 |
Government Sponsored Entities (GSE) Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for Sale Securities | 60,871 | 66,723 |
Government Sponsored Entities (GSE) Mortgage-Backed Securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for Sale Securities | 60,871 | 66,723 |
Collateralized Mortgage Obligations GSE [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for Sale Securities | 19,087 | 20,011 |
Collateralized Mortgage Obligations GSE [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for Sale Securities | 19,087 | 20,011 |
Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for Sale Securities | 20,431 | 13,102 |
Corporate Bonds [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for Sale Securities | 20,431 | 13,102 |
State And Municipal Tax-Exempt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for Sale Securities | 11,050 | 10,994 |
State And Municipal Tax-Exempt [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for Sale Securities | 11,050 | 10,994 |
Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for Sale Securities | 18 | 18 |
Equity Securities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for Sale Securities | $18 | $18 |
Fair_Value_Of_Financial_Instru5
Fair Value Of Financial Instruments (Quantitative Information About Level 3 Fair Value Measurements) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loans | 1,559 | 2,916 | ||
Other Real Estate Owned, fair value | 100 | |||
Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loans | 1,559 | 2,916 | ||
Other Real Estate Owned, fair value | 100 | |||
Level 3 [Member] | Residential Mortgage [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loans | 407 | [1] | 1,244 | [1] |
Level 3 [Member] | Commercial Term [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loans | 83 | [1] | 81 | [1] |
Level 3 [Member] | Commercial Mortgage [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loans | 97 | [1] | 97 | [1] |
Level 3 [Member] | Commercial Construction [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loans | 915 | [1] | 1,494 | [1] |
Level 3 [Member] | Consumer: Home Equity [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loans | 57 | [1] | ||
Level 3 [Member] | Minimum [Member] | Other Real Estate Owned [Member] | Disposal Costs [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Discount Rate | -16.00% | [2] | ||
Level 3 [Member] | Minimum [Member] | Residential Mortgage [Member] | Appraisal Adjustments [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Discount Rate | 0.00% | [2] | 0.00% | [2] |
Level 3 [Member] | Minimum [Member] | Residential Mortgage [Member] | Disposal Costs [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Discount Rate | -8.00% | [2] | -8.00% | [2] |
Level 3 [Member] | Minimum [Member] | Commercial Term [Member] | Appraisal Adjustments [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Discount Rate | 0.00% | [2] | 0.00% | [2] |
Level 3 [Member] | Minimum [Member] | Commercial Term [Member] | Disposal Costs [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Discount Rate | -11.00% | [2] | -11.00% | [2] |
Level 3 [Member] | Minimum [Member] | Commercial Mortgage [Member] | Appraisal Adjustments [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Discount Rate | 0.00% | [2] | 0.00% | [2] |
Level 3 [Member] | Minimum [Member] | Commercial Mortgage [Member] | Disposal Costs [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Discount Rate | -13.00% | [2] | -13.00% | [2] |
Level 3 [Member] | Minimum [Member] | Commercial Construction [Member] | Appraisal Adjustments [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Discount Rate | -47.00% | [2] | -47.00% | [2] |
Level 3 [Member] | Minimum [Member] | Commercial Construction [Member] | Disposal Costs [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Discount Rate | -11.00% | [2] | -11.00% | [2] |
Level 3 [Member] | Minimum [Member] | Consumer: Home Equity [Member] | Appraisal Adjustments [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Discount Rate | 0.00% | [2] | ||
Level 3 [Member] | Minimum [Member] | Consumer: Home Equity [Member] | Disposal Costs [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Discount Rate | -8.00% | [2] | ||
Level 3 [Member] | Maximum [Member] | Other Real Estate Owned [Member] | Disposal Costs [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Discount Rate | -8.00% | [2] | ||
Level 3 [Member] | Maximum [Member] | Residential Mortgage [Member] | Appraisal Adjustments [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Discount Rate | 0.00% | [2] | 0.00% | [2] |
Level 3 [Member] | Maximum [Member] | Residential Mortgage [Member] | Disposal Costs [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Discount Rate | -8.00% | [2] | -8.00% | [2] |
Level 3 [Member] | Maximum [Member] | Commercial Term [Member] | Appraisal Adjustments [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Discount Rate | 0.00% | [2] | 0.00% | [2] |
Level 3 [Member] | Maximum [Member] | Commercial Term [Member] | Disposal Costs [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Discount Rate | -11.00% | [2] | -11.00% | [2] |
Level 3 [Member] | Maximum [Member] | Commercial Mortgage [Member] | Appraisal Adjustments [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Discount Rate | 0.00% | [2] | 0.00% | [2] |
Level 3 [Member] | Maximum [Member] | Commercial Mortgage [Member] | Disposal Costs [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Discount Rate | -13.00% | [2] | -13.00% | [2] |
Level 3 [Member] | Maximum [Member] | Commercial Construction [Member] | Appraisal Adjustments [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Discount Rate | -15.00% | [2] | 0.00% | [2] |
Level 3 [Member] | Maximum [Member] | Commercial Construction [Member] | Disposal Costs [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Discount Rate | -8.00% | [2] | -11.00% | [2] |
Level 3 [Member] | Maximum [Member] | Consumer: Home Equity [Member] | Appraisal Adjustments [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Discount Rate | 0.00% | [2] | ||
Level 3 [Member] | Maximum [Member] | Consumer: Home Equity [Member] | Disposal Costs [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Discount Rate | -8.00% | [2] | ||
Level 3 [Member] | Weighted Average [Member] | Other Real Estate Owned [Member] | Disposal Costs [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Discount Rate | -12.00% | [2] | ||
Level 3 [Member] | Weighted Average [Member] | Residential Mortgage [Member] | Appraisal Adjustments [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Discount Rate | 0.00% | [2] | 0.00% | [2] |
Level 3 [Member] | Weighted Average [Member] | Residential Mortgage [Member] | Disposal Costs [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Discount Rate | -8.00% | [2] | -8.00% | [2] |
Level 3 [Member] | Weighted Average [Member] | Commercial Term [Member] | Appraisal Adjustments [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Discount Rate | 0.00% | [2] | 0.00% | [2] |
Level 3 [Member] | Weighted Average [Member] | Commercial Term [Member] | Disposal Costs [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Discount Rate | -11.00% | [2] | -11.00% | [2] |
Level 3 [Member] | Weighted Average [Member] | Commercial Mortgage [Member] | Appraisal Adjustments [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Discount Rate | 0.00% | [2] | 0.00% | [2] |
Level 3 [Member] | Weighted Average [Member] | Commercial Mortgage [Member] | Disposal Costs [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Discount Rate | -13.00% | [2] | -13.00% | [2] |
Level 3 [Member] | Weighted Average [Member] | Commercial Construction [Member] | Appraisal Adjustments [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Discount Rate | -35.00% | [2] | -19.00% | [2] |
Level 3 [Member] | Weighted Average [Member] | Commercial Construction [Member] | Disposal Costs [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Discount Rate | -10.00% | [2] | -11.00% | [2] |
Level 3 [Member] | Weighted Average [Member] | Consumer: Home Equity [Member] | Appraisal Adjustments [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Discount Rate | 0.00% | [2] | ||
Level 3 [Member] | Weighted Average [Member] | Consumer: Home Equity [Member] | Disposal Costs [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Discount Rate | -8.00% | [2] | ||
[1] | Fair value is generally determined through independent appraisals or sales contracts of the underlying collateral, which generally include various level 3 inputs which are not identifiable. | |||
[2] | Appraisals are adjusted by management for qualitative factors and disposal costs. |
Fair_Value_Of_Financial_Instru6
Fair Value Of Financial Instruments (Estimate Of The Fair Value Of All Financial Instruments) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | $172,478 | $172,202 |
Held to Maturity Securities | 60,480 | 59,454 |
Loans held-for-sale | 617 | |
Time | 72,784 | 76,805 |
Brokered deposits | 10,248 | 10,238 |
Subordinated debt | 9,750 | |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 28,335 | 12,504 |
Available-for-sale securities | 172,478 | 172,202 |
Held to Maturity Securities | 60,480 | 59,454 |
Restricted stock | 2,720 | 2,587 |
Loans held-for-sale | 617 | |
Loans and leases, net of allowance, including impaired | 458,910 | 450,697 |
Accrued interest receivable | 2,572 | 2,253 |
Non-interest-bearing deposits | 113,419 | 102,107 |
Interest-bearing deposits: | 430,810 | 415,933 |
Time | 72,784 | 76,805 |
Brokered deposits | 10,248 | 10,238 |
Repurchase agreements | 20,316 | 19,221 |
FHLBP advances | 20,000 | 20,000 |
Junior subordinated debentures and other borrowings | 9,279 | 9,279 |
Subordinated debt | 9,750 | |
Accrued interest payable | 306 | 351 |
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 28,335 | 12,504 |
Available-for-sale securities | 172,478 | 172,202 |
Held to Maturity Securities | 61,500 | 60,099 |
Restricted stock | 2,720 | 2,587 |
Loans held-for-sale | 640 | |
Loans and leases, net of allowance, including impaired | 452,830 | 436,499 |
Accrued interest receivable | 2,572 | 2,253 |
Non-interest-bearing deposits | 113,419 | 102,107 |
Interest-bearing deposits: | 430,810 | 415,933 |
Time | 72,562 | 76,519 |
Brokered deposits | 10,258 | 10,204 |
Repurchase agreements | 20,316 | 19,221 |
FHLBP advances | 20,631 | 20,616 |
Junior subordinated debentures and other borrowings | 7,349 | 7,546 |
Subordinated debt | 9,750 | |
Accrued interest payable | 306 | 351 |
Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 28,335 | 12,504 |
Available-for-sale securities | 18 | 18 |
Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 172,460 | 172,184 |
Held to Maturity Securities | 61,500 | 60,099 |
Restricted stock | 2,720 | 2,587 |
Accrued interest receivable | 2,572 | 2,253 |
Non-interest-bearing deposits | 113,419 | 102,107 |
Interest-bearing deposits: | 430,810 | 415,933 |
Time | 72,562 | 76,519 |
Brokered deposits | 10,258 | 10,204 |
Repurchase agreements | 20,316 | 19,221 |
FHLBP advances | 20,631 | 20,616 |
Junior subordinated debentures and other borrowings | 7,349 | 7,546 |
Subordinated debt | 9,750 | |
Accrued interest payable | 306 | 351 |
Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans and leases, net of allowance, including impaired | $452,830 | $436,499 |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | |||
Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2011 | Dec. 31, 2010 | Aug. 04, 2011 | Mar. 06, 2015 | |
Class of Stock [Line Items] | ||||||
Liquidation preference per share | $1,000 | $1,000 | ||||
Securities purchase agreement, share repurchase amount | $11,879,000 | |||||
Treasury's small business lending fund | 30,000,000,000 | |||||
Treasury's small business lending fund, maximum asset value, qualified banks | 10,000,000,000 | |||||
Period where dividend rate remains unchanged if preferred stock remains outstanding, in years | 4 years 6 months | |||||
Preferred stock dividend rate | 1.00% | 1.00% | 3.87% | |||
Expected dividend rate at a fixed rate for a specified period | 9.00% | |||||
Preferred shares outstanding | 3,250 | |||||
Noncumulative Preferred Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Shares of perpetual preferred stock | 13,000 | |||||
Liquidation preference per share | $1,000 | |||||
Aggregate proceeds | 13,000,000 | |||||
Redeemable Preferred Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Liquidation preference per share | $1,000 | |||||
Aggregate liquidation preference | $9,767,604.17 | |||||
Shares redeemed | 9,750 | |||||
Minimum [Member] | ||||||
Class of Stock [Line Items] | ||||||
Expected dividend rate for the second through tenth dividend periods | 1.00% | |||||
Expected dividend rate at a fixed rate for a specified period | 1.00% | |||||
Maximum [Member] | ||||||
Class of Stock [Line Items] | ||||||
Expected dividend rate for the second through tenth dividend periods | 5.00% | |||||
Expected dividend rate at a fixed rate for a specified period | 7.00% |