Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 16, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | DNB FINANCIAL CORP /PA/ | |
Entity Central Index Key | 713,671 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 2,848,773 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and due from banks | $ 38,740 | $ 21,119 |
Cash and cash equivalents | 38,740 | 21,119 |
Available-for-sale investment securities at fair value (amortized cost of $141,115 and $153,559) | 141,373 | 152,379 |
Held-to-maturity investment securities (fair value of $66,797 and $68,431) | 65,650 | 67,829 |
Total investments securities | 207,023 | 220,208 |
Loans held for sale | 359 | |
Loans | 489,366 | 481,758 |
Allowance for credit losses | (5,172) | (4,935) |
Net loans | 484,194 | 476,823 |
Restricted stock | 3,166 | 3,447 |
Office property and equipment, net | 7,817 | 6,806 |
Accrued interest receivable | 2,569 | 2,410 |
Other real estate owned & other repossessed property | 2,612 | 2,581 |
Bank owned life insurance (BOLI) | 9,381 | 9,326 |
Core deposit intangible | 63 | 66 |
Net deferred taxes | 2,946 | 3,733 |
Other assets | 2,570 | 2,299 |
Total assets | 761,440 | 748,818 |
Liabilities | ||
Non-interest-bearing deposits | 131,951 | 125,581 |
Interest-bearing deposits: | ||
NOW | 201,566 | 185,973 |
Money market | 138,241 | 137,555 |
Savings | 75,535 | 72,660 |
Time | 71,264 | 66,018 |
Brokered deposits | 18,498 | 18,488 |
Total deposits | 637,055 | 606,275 |
Federal Home Loan Bank of Pittsburgh (FHLBP) advances | 20,000 | 30,000 |
Repurchase agreements | 21,661 | 32,416 |
Junior subordinated debentures | 9,279 | 9,279 |
Subordinated debt | 9,750 | 9,750 |
Other borrowings | 454 | 464 |
Total borrowings | 61,144 | 81,909 |
Accrued interest payable | 313 | 345 |
Other liabilities | 4,748 | 4,801 |
Total liabilities | $ 703,260 | $ 693,330 |
Stockholders' Equity | ||
Preferred stock, $10.00 par value; 1,000,000 shares authorized; $1,000 liquidation preference per share; 0 and 0 issued respectively | ||
Common stock, $1.00 par value; 10,000,000 shares authorized; 2,951,128 and 2,933,049 issued, respectively; 2,844,973 and 2,823,840 outstanding, respectively | $ 2,969 | $ 2,955 |
Treasury stock, at cost; 106,155 and 109,209 shares, respectively | (1,960) | (2,015) |
Surplus | 35,413 | 35,097 |
Retained earnings | 22,793 | 21,436 |
Accumulated other comprehensive loss | (1,035) | (1,985) |
Total stockholders' equity | 58,180 | 55,488 |
Total liabilities and stockholders' equity | $ 761,440 | $ 748,818 |
Consolidated Statements of Fin3
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Consolidated Statements of Financial Condition [Abstract] | ||
Available-for-sale Securities, Amortized Cost | $ 141,115 | $ 153,559 |
Held-to-maturity Securities, Fair Value | $ 66,797 | $ 68,431 |
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 | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 1 | $ 1 |
Common Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Common Stock, Shares, Issued | 2,951,128 | 2,933,049 |
Common Stock, Shares, Outstanding | 2,844,973 | 2,823,840 |
Treasury Stock, Shares | 106,155 | 109,209 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Interest Income: | ||
Interest and fees on loans | $ 5,068 | $ 4,912 |
Interest and dividends on investment securities: Taxable | 682 | 735 |
Interest and dividends on investment securities: Exempt from federal taxes | 334 | 342 |
Interest on cash and cash equivalents | 21 | 7 |
Total interest and dividend income | 6,105 | 5,996 |
Interest Expense: | ||
Interest on NOW, money market and savings | 164 | 149 |
Interest on time deposits | 117 | 109 |
Interest on brokered deposits | 62 | 24 |
Interest on FHLB advances | 94 | 194 |
Interest on repurchase agreements | 11 | 9 |
Interest on junior subordinated debentures | 81 | 74 |
Interest on Subordinated Debt | 104 | 30 |
Interest on other borrowings | 17 | 17 |
Total interest expense | 650 | 606 |
Net interest income | 5,455 | 5,390 |
Provision for credit losses | 330 | 300 |
Net interest income after provision for credit losses | 5,125 | 5,090 |
Non-interest Income: | ||
Service charges | 307 | 296 |
Wealth management | 397 | 352 |
Mortgage banking | 32 | 38 |
Increase in cash surrender value of BOLI | 55 | 55 |
Gains on sale of investment securities, net | 31 | 53 |
Gain on sale of loans | 39 | 231 |
Gain from insurance proceeds | 1,150 | |
Other fees | 318 | 310 |
Total non-interest income | 2,329 | 1,335 |
Non-interest Expense: | ||
Salaries and employee benefits | 3,126 | 2,644 |
Furniture and equipment | 329 | 302 |
Occupancy | 468 | 603 |
Professional and consulting | 497 | 328 |
Advertising and marketing | 183 | 169 |
Printing and supplies | 33 | 48 |
FDIC insurance | 129 | 123 |
PA shares tax | 162 | 150 |
Telecommunications | 61 | 61 |
Postage | 21 | 23 |
Other expenses | 409 | 373 |
Total non-interest expense | 5,418 | 4,824 |
Income before income tax expense | 2,036 | 1,601 |
Income tax expense | 480 | 349 |
Net income | 1,556 | 1,252 |
Preferred stock dividends and accretion of discount | 26 | |
Net income available to common shareholders | $ 1,556 | $ 1,226 |
Earnings per common share: | ||
Basic | $ 0.55 | $ 0.44 |
Diluted | 0.54 | 0.43 |
Cash dividends per common share | $ 0.07 | $ 0.07 |
Weighted average common shares outstanding: | ||
Basic | 2,832,521 | 2,786,012 |
Diluted | 2,869,119 | 2,832,869 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Consolidated Statements of Comprehensive Income [Abstract] | |||
Net income | $ 1,556 | $ 1,252 | |
Other Comprehensive Income: | |||
Unrealized holding gains arising during the period, Before tax amount | 1,469 | 1,087 | |
Unrealized holding gains arising during the period, Tax effect | (499) | (370) | |
Unrealized holding gains arising during the period | 970 | 717 | |
Accretion of discount on AFS to HTM reclassification, Before tax amount | [1] | 2 | 3 |
Accretion of discount on AFS to HTM reclassification, Tax effect | [1],[2] | (1) | (1) |
Accretion of discount on AFS to HTM reclassification | [1] | 1 | 2 |
Less reclassification for gains included in net income, Before Tax amount | (31) | (53) | |
Less reclassification for gains included in net income, Tax effect | [2] | 10 | 18 |
Less reclassification for gains included in net income | (21) | (35) | |
Total other comprehensive income | 950 | 684 | |
Total comprehensive income | $ 2,506 | $ 1,936 | |
[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 in the consolidated statements of income. |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Preferred Stock [Member] | Common Stock [Member] | Treasury Stock [Member] | Surplus [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Total |
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) | (9,750) | |||||
Restricted stock compensation expense | 5 | 82 | 87 | ||||
Exercise of stock options | 14 | 149 | 163 | ||||
Taxes on stock option exercise and share award vest | (46) | (46) | |||||
Cash dividends - common | (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 |
Balance at Dec. 31, 2015 | 2,955 | (2,015) | 35,097 | 21,436 | (1,985) | 55,488 | |
Net income | 1,556 | 1,556 | |||||
Other comprehensive income | 950 | 950 | |||||
Restricted stock compensation expense | 29 | 631 | 660 | ||||
Taxes on stock option exercise and share award vest | (15) | (421) | (436) | ||||
Tax benefit for restricted stock vest | 64 | 64 | |||||
Cash dividends - common | (199) | (199) | |||||
Sale of treasury shares to 401(k) | 37 | 28 | 65 | ||||
Sale of treasury shares to deferred comp. plan | 18 | 14 | 32 | ||||
Balance at Mar. 31, 2016 | $ 2,969 | $ (1,960) | $ 35,413 | $ 22,793 | $ (1,035) | $ 58,180 |
Consolidated Statements of Sto7
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Consolidated Statements of Stockholders' Equity [Abstract] | ||
Redemption of preferred stock | 9,750 | |
Restricted stock compensation, shares | 18,079 | |
Exercise of stock options, net of tax and exercise price | 14,696 | |
Cash Dividends-Common Stock per share | $ 0.07 | $ 0.07 |
Sale of treasury shares to 401(k), Shares | 2,040 | 2,926 |
Sale of treasury shares to deferred compensation plan, Shares | 1,014 | 1,474 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash Flows From Operating Activities: | ||
Net income | $ 1,556 | $ 1,252 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and accretion | 361 | 460 |
Provision for credit losses | 330 | 300 |
Stock based compensation | 660 | 87 |
Net gain on sale of securities | (31) | (53) |
Earnings from investment in BOLI | (55) | (55) |
Deferred tax expense (benefit) | 298 | (339) |
Proceeds from sales of loans | 1,233 | 5,555 |
Loans originated for sale | (1,521) | (4,669) |
Gain on sale of loans | (71) | (269) |
Increase in accrued interest receivable | (159) | (319) |
Increase in other assets | (271) | (61) |
Decrease in accrued interest payable | (32) | (45) |
Decrease in other liabilities | (53) | (123) |
Net Cash Provided By Operating Activities | 2,245 | 1,721 |
Cash Flows From Investing Activities: | ||
Activity in available-for-sale securities: Sales | 12,118 | 3,926 |
Activity for available-for-sale securities: Maturities, repayments and calls | 8,867 | 11,386 |
Activity in available-for-sale securities: Purchases | (8,687) | (14,778) |
Activity in held-to-maturity securities: Maturities, repayments and calls | 2,194 | 509 |
Activity in held-to-maturity securities: Purchases | (1,500) | |
Net decrease (increase) in restricted stock | 281 | (133) |
Net increase in loans | (7,701) | (8,520) |
Purchases of property and equipment | (1,206) | (35) |
Costs capitalized in OREO and other repossessed property | (315) | |
Proceeds from sale of OREO and other repossessed property | 284 | |
Net Cash Provided By (Used In) Investing Activities | 5,835 | (9,145) |
Cash Flows From Financing Activities: | ||
Net increase in deposits | 30,780 | 22,178 |
Repayment of FHLBP advances | (10,000) | |
Net (decrease) increase in repurchase agreements | (10,755) | 1,095 |
Proceeds from issuance of subordinated debt | 9,750 | |
Repayment of other borrowings | (10) | (10) |
Dividends paid | (199) | (220) |
Proceeds from the exercise of stock options | 163 | |
Taxes on exercise of stock options | (436) | (46) |
Tax benefit for restricted stock vest | 64 | |
Redemption of preferred stock | (9,750) | |
Sale of treasury stock | 97 | 95 |
Net Cash Provided by Financing Activities | 9,541 | 23,255 |
Net Change in Cash and Cash Equivalents | 17,621 | 15,831 |
Cash and Cash Equivalents at Beginning of Period | 21,119 | |
Cash and Cash Equivalents at End of Period | 38,740 | 28,335 |
Supplemental Disclosure of Cash Flow Information: | ||
Cash paid during the period for: Interest | 682 | 651 |
Cash paid during the period for: Income taxes | $ 150 | 858 |
Supplemental Disclosure of Non-cash Flow Information: | ||
Transfers from loans to real estate owned and other repossessed property | $ 7 |
Basis Of Presentation
Basis Of Presentation | 3 Months Ended |
Mar. 31, 2016 | |
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, 2016 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, 2015. Subsequent Events-- Management has evaluated events and transactions occurring subsequent to March 31, 2016 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 - In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases. The new standard establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. DNB is currently evaluating the impact of the pending adoption of the ASU on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, " Improvements to Employee Share-Based Payment Accounting ." This ASU simplifies several aspects of the accounting for employee share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. For public business entities, this ASU is effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods therein. DNB is currently evaluating the impact of this ASU on its consolidated financial statements and disclosures. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2016 | |
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: March 31, 2016 Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value Held To Maturity US Government agency obligations $ 8,035 $ 482 $ - $ 8,517 Government Sponsored Entities (GSE) mortgage-backed securities 2,615 105 - 2,720 Corporate bonds 11,420 304 (70) 11,654 Collateralized mortgage obligations GSE 2,455 25 (2) 2,478 State and municipal tax-exempt 41,125 376 (73) 41,428 Total $ 65,650 $ 1,292 $ (145) $ 66,797 Available For Sale US Government agency obligations $ 58,950 $ 169 $ (3) $ 59,116 GSE mortgage-backed securities 34,055 173 - 34,228 Collateralized mortgage obligations GSE 15,518 28 (157) 15,389 Corporate bonds 19,951 69 (148) 19,872 State and municipal tax-exempt 12,641 136 (9) 12,768 Total $ 141,115 $ 575 $ (317) $ 141,373 December 31, 2015 Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value Held To Maturity US Government agency obligations $ 7,973 $ 320 $ - $ 8,293 Government Sponsored Entities (GSE) mortgage-backed securities 2,759 83 - 2,842 Corporate bonds 11,518 234 (42) 11,710 Collateralized mortgage obligations GSE 2,623 9 (26) 2,606 State and municipal tax-exempt 42,956 300 (276) 42,980 Total $ 67,829 $ 946 $ (344) $ 68,431 Available For Sale US Government agency obligations $ 58,460 $ - $ (252) $ 58,208 GSE mortgage-backed securities 40,663 13 (325) 40,351 Collateralized mortgage obligations GSE 16,241 3 (438) 15,806 Corporate bonds 20,921 - (350) 20,571 State and municipal tax-exempt 17,274 180 (11) 17,443 Total $ 153,559 $ 196 $ (1,376) $ 152,379 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, 2016 and December 31, 2015. March 31, 2016 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 Corporate bonds $ 3,423 $ (70) $ 3,423 $ (70) $ - $ - Collateralized mortgage obligations GSE 368 (2) 368 (2) - - State and municipal tax-exempt 4,144 (73) 563 (7) 3,581 (66) Total $ 7,935 $ (145) $ 4,354 $ (79) $ 3,581 $ (66) Available For Sale US Government agency obligations $ 9,997 $ (3) $ 9,997 $ (3) $ - $ - Collateralized mortgage obligations GSE 12,321 (157) 1,507 (15) 10,814 (142) Corporate bonds 10,975 (148) 4,487 (53) 6,488 (95) State and municipal tax-exempt 6,644 (9) 6,644 (9) - - Total $ 39,937 $ (317) $ 22,635 $ (80) $ 17,302 $ (237) December 31, 2015 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 Corporate bonds $ 7,597 $ (42) $ 7,597 $ (42) $ - $ - Collateralized mortgage obligations GSE 1,482 (26) 388 (10) 1,094 (16) State and municipal tax-exempt 13,161 (276) 4,380 (34) 8,781 (242) Total $ 22,240 $ (344) $ 12,365 $ (86) $ 9,875 $ (258) Available For Sale US Government agency obligations $ 58,208 $ (252) $ 58,208 $ (252) $ - $ - GSE mortgage-backed securities 38,307 (325) 33,984 (238) 4,323 (87) Collateralized mortgage obligations GSE 15,231 (438) 4,187 (41) 11,044 (397) Corporate bonds 20,571 (350) 16,157 (264) 4,414 (86) State and municipal tax-exempt 6,660 (11) 6,660 (11) - - Total $ 138,977 $ (1,376) $ 119,196 $ (806) $ 19,781 $ (570) As of March 31, 2016, there were no GSE mortgage-backed securities, eight corporate bonds, one U.S. agency obligation, fourteen collateralized mortgage obligations GSE , a nd nine tax-exempt municipalities 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, 2016 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, 2016, the following securities were reviewed: Collateralized mortgage obligations GSE There are fourteen impaired securities classified as collateralized mortgage obligations, eleven of which have been impaired for more than 12 months. The largest unrealized loss of a security in this group is 2.37% of its book value. 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 , 2016 levels. Management concluded that these securities were not other-than-temporarily impaired at March 31, 2016 . State and municipal tax-exempt There are nine impaired securities in this category, which are comprised of intermediate to long-term municipal bonds, four of which have been impaired for more than 12 months. The largest unrealized loss of a security in this group is 2.26% of its book value. 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 nine municipal securities, there is one insured school district, three uninsured school districts, and five uninsured townships, all of which have strong underlying ratings. Management concluded that these securities were not other-than-temporarily impaired at March 31, 2016 . US Government agency obligations There is one impaired securit y classified as an agency, which ha s been impaired for less than 12 months at 0.03% of its book value. This securit y w as issued and insured by FHLB, FNMA, or FHLMC. DNB has received timely interest payments on this securit y and none of these agencies has ever defaulted on their bonds. DNB anticipates a recovery in the market value as the securit y approach es its maturity date. Management concluded that this securit y w as not other-than-temporarily impaired at March 31, 2016 . Corporate bonds There are eight impaired bonds classified as corporate bonds, three of which have been impaired for more than 12 months. The largest unrealized loss of a security in this group is 3.06% of its book value. 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 a "BBB-" 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, 2016 levels. Management concluded that these securities were not other-than-temporarily impaired at March 31, 2016. The amortized cost and fair value of investment securities as of March 31, 2016, by final 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 $ - $ - $ 18,669 $ 18,657 Due after one year through five years 20,021 20,802 62,804 62,906 Due after five years through ten years 27,530 27,778 34,738 34,935 Due after ten years 18,099 18,217 24,904 24,875 Total investment securities $ 65,650 $ 66,797 $ 141,115 $ 141,373 Gains and losses resulting from investment sales, redemptions or calls were as follows: Three Months Ended March 31, (Dollars in thousands) 2016 2015 Gross realized gains-AFS $ 61 $ 53 Gross realized losses-AFS (30) - Net realized gain $ 31 $ 53 At March 31, 2016 and December 31, 2015, investment securities with a carrying value of approximately $146.2 million and $ 147.9 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, 2016 | |
Loans [Abstract] | |
Loans | NOTE 3: LOANS The following table sets forth information concerning the composition of total loans outstanding, as of the dates indicated. (Dollars in thousands) March 31, 2016 December 31, 2015 Residential mortgage $ 27,560 $ 28,651 Commercial mortgage 274,372 274,132 Commercial: Commercial term 107,232 102,178 Commercial construction 24,833 20,364 Consumer: Home equity 49,545 51,270 Other 5,824 5,163 Total loans $ 489,366 $ 481,758 Less allowance for credit losses (5,172) (4,935) Net loans $ 484,194 $ 476,823 Information concerning non-accrual loans is shown in the following tables: Three Months Ended March 31, 2016 (Dollars in thousands) December 31, 2015 March 31, 2016 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 $ 1,619 $ 1,781 $ 19 $ - $ 19 Commercial mortgage 1,048 1,025 20 - 20 Commercial: Commercial term 188 210 3 - 3 Commercial construction 1,028 1,237 41 - 41 Consumer: Home equity 563 574 16 - 16 Other 189 199 5 - 5 Total non-accrual loans $ 4,635 $ 5,026 $ 104 $ - $ 104 Loans 90 days past due and accruing 457 164 1 1 - Total non-performing loans $ 5,092 $ 5,190 $ 105 $ 1 $ 104 Three Months Ended March 31, 2015 (Dollars in thousands) March 31, 2015 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 $ 2,446 $ 16 $ - $ 16 Commercial mortgage 1,262 21 - 21 Commercial: Commercial term 196 2 - 2 Commercial construction 2,043 84 - 84 Consumer: Home equity 429 7 - 7 Other 194 5 - 5 Total non-accrual loans $ 6,570 $ 135 $ - $ 135 Loans 90 days past due and accruing 239 5 5 - Total non-performing loans $ 6,809 $ 140 $ 5 $ 135 |
Allowance For Credit Losses
Allowance For Credit Losses | 3 Months Ended |
Mar. 31, 2016 | |
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, 2016 and December 31, 2015. Age Analysis of Past Due Loans Receivable March 31, 2016 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 $ - $ 384 $ 1,945 $ 2,329 $ 25,231 $ 27,560 $ 164 Commercial mortgage - - 182 182 274,190 274,372 - Commercial: Commercial term - - 24 24 107,208 107,232 - Commercial construction - - 447 447 24,386 24,833 - Consumer: Home equity 31 - 417 448 49,097 49,545 - Other 26 12 147 185 5,639 5,824 - Total $ 57 $ 396 $ 3,162 $ 3,615 $ 485,751 $ 489,366 $ 164 December 31, 2015 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 $ 502 $ 552 $ 2,076 $ 3,130 $ 25,521 $ 28,651 $ 457 Commercial mortgage 36 86 96 218 273,914 274,132 - Commercial: Commercial term - - - - 102,178 102,178 - Commercial construction - 581 447 1,028 19,336 20,364 - Consumer: Home equity 7 310 153 470 50,800 51,270 - Other 100 - 148 248 4,915 5,163 - Total $ 645 $ 1,529 $ 2,920 $ 5,094 $ 476,664 $ 481,758 $ 457 The following tables summarize information in regards to impaired loans by loan portfolio class as of and for the three months ended March 31, 2016 and 2015 and as of December 31, 2015. Impaired Loans March 31, 2016 December 31, 2015 Recorded Unpaid Related Recorded Unpaid Related Investment Principal Allowance Investment Principal Allowance (Dollars in thousands) Balance Balance With no related allowance recorded: Residential mortgage $ 1,637 $ 1,790 $ - $ 1,620 $ 1,919 $ - Commercial mortgage 1,025 1,320 - 1,181 1,461 - Commercial: Commercial term 24 24 - - - - Commercial construction 790 790 - 1,140 3,526 - Consumer: Home equity 676 735 - 691 716 - Other 92 100 - 82 90 - Total $ 4,244 $ 4,759 $ - $ 4,714 $ 7,712 $ - With allowance recorded: Residential mortgage 144 290 1 - - - Commercial: Commercial term 186 200 107 200 211 110 Commercial construction 447 2,833 89 - - - Consumer: Other 107 107 3 107 107 4 Total $ 884 $ 3,430 $ 200 $ 307 $ 318 $ 114 Total: Residential mortgage 1,781 2,080 1 1,620 1,919 - Commercial mortgage 1,025 1,320 - 1,181 1,461 - Commercial: Commercial term 210 224 107 200 211 110 Commercial construction 1,237 3,623 89 1,140 3,526 - Consumer: Home equity 676 735 - 691 716 - Other 199 207 3 189 197 4 Total $ 5,128 $ 8,189 $ 200 $ 5,021 $ 8,030 $ 114 Three Months Ended Three Months Ended March 31, 2016 March 31, 2015 Average Interest Average Interest Recorded Income Recorded Income (Dollars in thousands) Investment Recognized Investment Recognized With no related allowance recorded: Residential mortgage $ 1,629 $ - $ 2,320 $ - Commercial mortgage 1,103 - 3,386 26 Commercial: Commercial term 12 - - - Commercial construction 965 - 1,400 - Consumer: Home equity 684 1 504 1 Other 87 - 144 - Total $ 4,480 $ 1 $ 7,754 $ 27 With allowance recorded: Residential mortgage 72 - 204 - Commercial mortgage - - 201 - Commercial: Commercial term 193 - 200 - Commercial construction 224 - 756 - Consumer: Home equity - - 44 - Other 107 - - - Total $ 596 $ - $ 1,405 $ - Total: Residential mortgage 1,701 - 2,524 - Commercial mortgage 1,103 - 3,587 26 Commercial: Commercial term 205 - 200 - Commercial construction 1,189 - 2,156 - Consumer: Home equity 684 1 548 1 Other 194 - 144 - Total $ 5,076 $ 1 $ 9,159 $ 27 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, 2016 and December 31, 2015. Credit Quality Indicators March 31, 2016 Special (Dollars in thousands) Pass Mention Substandard Doubtful Total Residential mortgage $ 25,512 $ - $ 2,048 $ - $ 27,560 Commercial mortgage 260,529 4,763 9,080 - 274,372 Commercial: Commercial term 98,787 2,507 5,938 - 107,232 Commercial construction 21,781 - 3,052 - 24,833 Consumer: Home equity 48,814 - 731 - 49,545 Other 5,625 - 199 - 5,824 Total $ 461,048 $ 7,270 $ 21,048 $ - $ 489,366 December 31, 2015 Special (Dollars in thousands) Pass Mention Substandard Doubtful Total Residential mortgage $ 26,762 $ - $ 1,889 $ - $ 28,651 Commercial mortgage 262,036 4,802 7,294 - 274,132 Commercial: Commercial term 93,025 2,555 6,598 - 102,178 Commercial construction 17,521 - 2,843 - 20,364 Consumer: Home equity 50,551 - 719 - 51,270 Other 4,974 - 189 - 5,163 Total $ 454,869 $ 7,357 $ 19,532 $ - $ 481,758 Loans classified as troubled debt restructurings (“TDR”) are considered impaired. As of March 31, 2016, DNB had no commercial mortgages classified as a TDR, compared to no commercial mortgages classified as a TDR at December 31, 2015, and one commercial mortgage classified as a TDR totaling $2,234,000 at March 31, 2015. This loan paid off during the third quarter of 2015. 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, 2016, 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, 2015, and one consumer home equity loan classified as a TDR totaling $102,000 (the same loan) at March 31, 2015. 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, 2016 and 2015, there were no defaults on any terms of this loan. As of March 31, 2016, DNB had one consumer installment loan c la ssified as a TDR totaling $ 40,000 compared to no such loans at December 31, 2015 or March 31, 2015. The interest rate on the loan was reduced. The loan was extended and there was no reduction of principal. This loan was classified as a TDR in December of 2015. The balance of the loan prior to modification was $ 42,000 and the balance after the modification was $ 42,000 . DNB recognized a partial charge-off on the loan in the amount of $ 2,000 . During the three months ended March 31, 2016 and 2015, there were no defaults on any terms of this loan. The following tables set forth the composition of DNB’s allowance for credit losses as of March 31, 2016 and December 31, 2015, the activity for the three months ended March 31, 2016 and 2015 and as of and for the year ended December 31, 2015. 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, 2016 $ 216 $ 2,375 $ 989 $ 569 $ - $ 195 $ 64 $ 527 $ 4,935 Charge-offs (84) - (13) - - - - - (97) Recoveries 1 - 1 1 1 - - - 4 Provisions 87 1 (29) 195 (1) (7) 3 81 330 Ending balance - March 31, 2016 $ 220 $ 2,376 $ 948 $ 765 $ - $ 188 $ 67 $ 608 $ 5,172 Ending balance: individually evaluated for impairment $ 1 $ - $ 107 $ 89 $ - $ - $ 3 $ - $ 200 Ending balance: collectively evaluated for impairment $ 219 $ 2,376 $ 841 $ 676 $ - $ 188 $ 64 $ 608 $ 4,972 Loans receivables: Ending balance $ 27,560 $ 274,372 $ 107,232 $ 24,833 $ - $ 49,545 $ 5,824 $ 489,366 Ending balance: individually evaluated for impairment $ 1,781 $ 1,025 $ 210 $ 1,237 $ - $ 676 $ 199 $ 5,128 Ending balance: collectively evaluated for impairment $ 25,779 $ 273,347 $ 107,022 $ 23,596 $ - $ 48,869 $ 5,625 $ 484,238 Reserve for unfunded loan commitments included in other liabilities $ - $ 3 $ 115 $ 55 $ - $ 13 $ - $ 186 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 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: Ending balance - December 31, 2015 $ 216 $ 2,375 $ 989 $ 569 $ - $ 195 $ 64 $ 527 $ 4,935 Ending balance: individually evaluated for impairment $ - $ - $ 110 $ - $ - $ - $ 4 $ - $ 114 Ending balance: collectively evaluated for impairment $ 216 $ 2,375 $ 879 $ 569 $ - $ 195 $ 60 $ 527 $ 4,821 Loans receivables: Ending balance $ 28,651 $ 274,132 $ 102,178 $ 20,364 $ - $ 51,270 $ 5,163 $ 481,758 Ending balance: individually evaluated for impairment $ 1,620 $ 1,181 $ 200 $ 1,140 $ - $ 691 $ 189 $ 5,021 Ending balance: collectively evaluated for impairment $ 27,031 $ 272,951 $ 101,978 $ 19,224 $ - $ 50,579 $ 4,974 $ 476,737 Reserve for unfunded loan commitments included in other liabilities $ - $ 2 $ 115 $ 58 $ - $ 13 $ - $ 188 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2016 | |
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, 2016. There were no anti-dilutive stock warrants outstanding, no anti-dilutive stock options outstanding, and no anti-dilutive stock awards outstanding at March 31, 2015. The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended March 31, 2016 (In thousands, except per-share data) Income Shares Amount Basic EPS Income available to common stockholders $ 1,556 2,833 $ 0.55 Effect of potential dilutive common stock equivalents – stock options and restricted shares - 36 (0.01) Diluted EPS Income available to common stockholders after assumed conversions $ 1,556 2,869 $ 0.54 Three Months Ended March 31, 2015 (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 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 Net unrealized gain on AFS securities $ 258 $ (87) $ 171 Discount on AFS to HTM reclassification (15) 5 (10) Unrealized actuarial losses-pension (1,812) 616 (1,196) $ (1,569) $ 534 $ (1,035) December 31, 2015 Net unrealized loss on AFS securities $ (1,180) $ 402 $ (778) Discount on AFS to HTM reclassification (17) 6 (11) Unrealized actuarial losses-pension (1,812) 616 (1,196) $ (3,009) $ 1,024 $ (1,985) |
Subordinated Debentures, Notes
Subordinated Debentures, Notes And Other Borrowings | 3 Months Ended |
Mar. 31, 2016 | |
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 DNB issued a $9.75 million subordinated note (the “Note”) to the investor. The Note has a maturity date of March 6, 2025 , and bears interest at a fixed rate of 4.25% per annum for the first 5 years and then will 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. DNB 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 DNB’s senior indebtedness and to DNB’s obligations to its general creditors and qualifies as Tier 2 capital for regulatory purposes. Repurchase Agreements Accounted for as Secured Borrowings Repurchase agreements accounted for as secured borrowings are shown in the following table. (Dollars in thousands) Overnight and Continuous Up to 30 days 30 - 90 days Greater than 90 days Total March 31, 2016 Repurchase agreements and repurchase-to-maturity transactions $ 21,661 $ - $ - $ - $ 21,661 Gross amount of recognized liabilities for repurchase agreements in statement of condition $ 21,661 $ 21,661 December 31, 2015 Repurchase agreements and repurchase-to-maturity transactions $ 32,416 $ - $ - $ - $ 32,416 Gross amount of recognized liabilities for repurchase agreements in statement of condition $ 32,416 $ 32,416 As of March 31, 2016 and December 31, 2015, DNB had $21.7 million and $32.4 million of repurchase agreements, respectively. In conjunction with these repurchase agreements, $22.1 million and $ 33.1 million of state and municipal securities were sold on an overnight basis as of March 31, 2016 and December 31, 2015, respectively, which represents 102% of the repurchase agreement amount. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2016 | |
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, 2016. All options are immediately exercisable. During the three months ended March 31, 2016 and 2015, DNB had no expenses related to the plan forward looking . Stock option activity is indicated below. Number Weighted Average Outstanding Exercise Price Outstanding January 1, 2016 64,500 $ 8.67 Issued - - Exercised - - Forfeited - - Expired - - Outstanding March 31, 2016 64,500 $ 8.67 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 The weighted-average price and weighted average remaining contractual life for the outstanding options are listed in the following table for the dates indicated. March 31, 2016 Range of Weighted Average Exercise Number Number Exercise Remaining Intrinsic Prices Outstanding Exercisable Price Contractual Life Value $ 6.93 -10.99 64,500 64,500 $ 8.67 1.91 years $ 1,281,000 December 31, 2015 Range of Weighted Average Exercise Number Number Exercise Remaining Intrinsic Prices Outstanding Exercisable Price Contractual Life Value $ 6.93 -10.99 64,500 64,500 $ 8.67 2.15 years $ 1,344,000 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, 2016 and 2015, $660,000 and $87,000 was amortized to expense, respectively. As of March 31, 2016, there was approximately $ 650,000 in additional compensation that will be recognized over the remaining service period of approximately 2.14 years. At March 31, 2016, 88,169 shares were reserved for future grants under the Plan. The shares awarded from the vesting resulted in an increase in shares outstanding of 18,079 . There was a cash equivalent of 15,621 shares used to pay all applicable taxes on the transaction. Stock grant activity is indicated below: Weighted Average Shares Stock Price Non-vested stock awards—January 1, 2016 77,255 $ 22.71 Granted 3,000 28.75 Forfeited - - Vested 33,700 23.66 Non-vested stock awards—March 31, 2016 46,555 $ 22.42 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 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2016 | |
Income Taxes [Abstract] | |
Income Taxes | NOTE 9: INCOME TAXES As of March 31, 2016, DNB had no material unrecognized tax benefits or accrued interest and penalties. It is DNB ’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 2012 through 2015 were open for examination as of March 31, 2016. |
Fair Value Of Financial Instrum
Fair Value Of Financial Instruments | 3 Months Ended |
Mar. 31, 2016 | |
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, 2016 and December 31, 2015 that are recognized on DNB’s statement of financial condition using fair value measurement determined based on the differing levels of input: March 31, 2016 (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 $ - $ 59,116 $ - $ 59,116 GSE mortgage-backed securities - 34,228 - 34,228 Collateralized mortgage obligations GSE - 15,389 - 15,389 Corporate bonds - 19,872 - 19,872 State and municipal tax-exempt - 12,768 - 12,768 Total $ - $ 141,373 $ - $ 141,373 Assets Measured at Fair Value on a Nonrecurring Basis Impaired loans $ - $ - $ 690 $ 690 Total $ - $ - $ 690 $ 690 December 31, 2015 (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 $ - $ 58,208 $ - $ 58,208 GSE mortgage-backed securities - 40,351 - 40,351 Collateralized mortgage obligations GSE - 15,806 - 15,806 Corporate bonds - 20,571 - 20,571 State and municipal tax-exempt - 17,443 - 17,443 Total $ - $ 152,379 $ - $ 152,379 Assets Measured at Fair Value on a Nonrecurring Basis Impaired loans $ - $ - $ 964 $ 964 OREO and other repossessed property - - 682 682 Total $ - $ - $ 1,646 $ 1,646 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: March 31, 2016 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 $ 143 Appraisal of Appraisal adj. (2) 0% to 0% (0%) collateral (1) Disposal costs (2) -8% to -8% (-8%) Impaired loans - Commercial term 79 Appraisal of Appraisal adj. (2) -72% to -72% (-72%) collateral (1) Disposal costs (2) -11% to -11% (-11%) Impaired loans - Commercial construction 358 Appraisal of Appraisal adj. (2) -20% to -20% (-20%) collateral (1) Disposal costs (2) -8% to -8% (-8%) Impaired loans - Home equity 6 Appraisal of Appraisal adj. (2) 0% to 0% (0%) collateral (1) Disposal costs (2) -8% to -8% (-8%) Impaired loans - Consumer other 104 Appraisal of Appraisal adj. (2) 0% to 0% (0%) collateral (1) Disposal costs (2) -8% to -8% (-8%) Impaired loan total $ 690 (1) (2) December 31, 2015 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 $ 115 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 90 Appraisal of Appraisal adj. (2) -72% to -72% (-72%) collateral (1) Disposal costs (2) -11% to -11% (-11%) Impaired loans - Commercial construction 559 Appraisal of Appraisal adj. (2) 0% to 0% (0%) collateral (1) Disposal costs (2) -8% to -8% (-8%) Impaired loans - Consumer other 103 Appraisal of Appraisal adj. (2) 0% to 0% (0%) collateral (1) Disposal costs (2) -8% to -8% (-8%) Impaired loan total $ 964 Other real estate owned $ 682 Disposal costs (2) -8% to -8% (-8%) (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 $5.1 million at March 31, 2016. Of this, $884,000 had specific valuation allowances of $200,000, leaving a fair value of $ 684,000 as of March 31, 2016. DNB had $39,000 in impaired loans that were partially charged down by $33,000 , leaving $6,000 at fair value as of March 31, 2016. The total fair value of impaired loans at March 31, 2016 was $ 690,000 . Impaired loans had a carrying amount of $5.0 million at December 31, 2015. Of this, $307,000 had specific valuation allowances of $114,000, leaving a fair value of $193,000 at December 31, 2015. In addition, DNB had $931,000 in impaired loans that were partially charged down by $160,000 , leaving $ 771,000 at fair value as of December 31, 2015. The total fair value of impaired loans at December 31, 2015 was $ 964,000 . 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 $2.6 million of such assets at March 31, 2016, $ 2.4 million of which was OREO and $165,000 was in other repossessed property. DNB had $ 2.6 million of such assets at December 31, 2015, which consisted of $ 2.4 million in OREO and $ 165,000 in other repossessed property. Subsequent to the repossession of these assets, DNB did not write down the carrying values of OREO during the three month period ending March 31, 2016. DNB did not write down the carrying values of OREO in the three month period ending March 31, 2015. 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 months ended March 31, 2016. 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, 2016 and December 31, 2015 are as follows: March 31, 2016 Carrying Fair (Dollars in thousands) Amount Value Level 1 Level 2 Level 3 Financial assets Cash and cash equivalents $ 38,740 $ 38,740 $ 38,740 $ - $ - AFS investment securities 141,373 141,373 - 141,373 - HTM investment securities 65,650 66,797 - 64,797 2,000 Restricted stock 3,166 3,166 - 3,166 - Loans, net of allowance, including impaired 484,194 468,013 - - 468,013 Accrued interest receivable 2,569 2,569 - 2,569 - Financial liabilities Deposits: Non-interest-bearing deposits 131,951 131,951 - 131,951 - Interest-bearing deposits 415,342 415,342 - 415,342 - Time deposits 71,264 71,098 - 71,098 - Brokered deposits 18,498 18,566 - 18,566 - Repurchase agreements 21,661 21,661 - 21,661 - FHLBP advances 20,000 20,172 - 20,172 - Junior subordinated debentures and other borrowings 9,279 8,243 - 8,243 - Subordinated debt 9,750 9,304 - 9,304 - Accrued interest payable 313 313 - 313 - Off-balance sheet instruments - - - - - December 31, 2015 Carrying Fair (Dollars in thousands) Amount Value Level 1 Level 2 Level 3 Financial assets Cash and cash equivalents $ 21,119 $ 21,119 $ 21,119 $ - $ - AFS investment securities 152,379 152,379 - 152,379 - HTM investment securities 67,829 68,431 - 66,431 2,000 Restricted stock 3,447 3,447 - 3,447 - Loans held-for-sale - - - - - Loans, net of allowance, including impaired 476,823 461,925 - - 461,925 Accrued interest receivable 2,410 2,410 - 2,410 - Financial liabilities Deposits: Non-interest-bearing deposits 125,581 125,581 - 125,581 - Interest-bearing deposits 396,188 396,188 - 396,188 - Time deposits 66,018 65,697 - 65,697 - Brokered deposits 18,488 18,327 - 18,327 - Repurchase agreements 32,416 32,416 - 32,416 - FHLBP advances 30,000 30,210 - 30,210 - Junior subordinated debentures and other borrowings 9,279 7,889 - 7,889 - Subordinated debt 9,750 9,999 - 9,999 - Accrued interest payable 345 345 - 345 - 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 $18.5 million in brokered deposits, $4.0 million matures in 2016, $6.1 million matures in 2017, $3.2 million matures in 2018, and $5.3 million matures in 2019. 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 debt The fair value of the subordinated debt 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. Accrued Interest Receivable and Payable The carrying amount of accrued interest receivable and accrued interest payable approximates its fair value. 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, 2016, un-funded loan commitments totaled $ 116.9 million and stand-by letters of credit totaled $ 2.6 million. At December 31, 2015, un-funded loan commitments totaled $ 116.4 million and stand-by letters of credit totaled $ 3.2 million. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2016 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | NOTE 11: STOCKHOLDERS’ EQUITY In July 2013, the Board of Governors of the Federal Reserve approved the Basel III interim 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 for the period ended March 31, 2015. On August 4, 2011, DNB entered into a Securities Purchase Agreement with the Secretary of the Treasury, pursuant to which DNB 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 $ 13.0 million. 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. 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. Of the $13.0 million in aggregate proceeds, $ 11,879,000 was used on August 4, 2011 to repurchase all shares issued and sold in 2009 to the United States Department of the Treasury in connection with the U. S. Treasury Capital Purchase Program (“CPP Shares”) ($ 11,750,000 was paid in principal and $ 128,900 in dividends related to the CPP Shares) held by the Treasury as described above. As of December 31, 2015, DNB had redeemed all of the Series 2011A Preferred Stock issued to the U.S. Treasury. |
Basis Of Presentation (Policy)
Basis Of Presentation (Policy) | 3 Months Ended |
Mar. 31, 2016 | |
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, 2016 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, 2015. |
Subsequent Events | Subsequent Events-- Management has evaluated events and transactions occurring subsequent to March 31, 2016 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 - In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases. The new standard establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. DNB is currently evaluating the impact of the pending adoption of the ASU on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, " Improvements to Employee Share-Based Payment Accounting ." This ASU simplifies several aspects of the accounting for employee share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. For public business entities, this ASU is effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods therein. DNB is currently evaluating the impact of this ASU on its consolidated financial statements and disclosures. |
Fair Value Of Financial Instr21
Fair Value Of Financial Instruments (Policy) | 3 Months Ended |
Mar. 31, 2016 | |
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 $18.5 million in brokered deposits, $4.0 million matures in 2016, $6.1 million matures in 2017, $3.2 million matures in 2018, and $5.3 million matures in 2019. 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 debt The fair value of the subordinated debt 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. Accrued Interest Receivable and Payable The carrying amount of accrued interest receivable and accrued interest payable approximates its fair value. 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, 2016, un-funded loan commitments totaled $ 116.9 million and stand-by letters of credit totaled $ 2.6 million. At December 31, 2015, un-funded loan commitments totaled $ 116.4 million and stand-by letters of credit totaled $ 3.2 million. |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Investment Securities [Abstract] | |
Amortized Cost and Estimated Fair Values of Investment Securities | March 31, 2016 Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value Held To Maturity US Government agency obligations $ 8,035 $ 482 $ - $ 8,517 Government Sponsored Entities (GSE) mortgage-backed securities 2,615 105 - 2,720 Corporate bonds 11,420 304 (70) 11,654 Collateralized mortgage obligations GSE 2,455 25 (2) 2,478 State and municipal tax-exempt 41,125 376 (73) 41,428 Total $ 65,650 $ 1,292 $ (145) $ 66,797 Available For Sale US Government agency obligations $ 58,950 $ 169 $ (3) $ 59,116 GSE mortgage-backed securities 34,055 173 - 34,228 Collateralized mortgage obligations GSE 15,518 28 (157) 15,389 Corporate bonds 19,951 69 (148) 19,872 State and municipal tax-exempt 12,641 136 (9) 12,768 Total $ 141,115 $ 575 $ (317) $ 141,373 December 31, 2015 Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value Held To Maturity US Government agency obligations $ 7,973 $ 320 $ - $ 8,293 Government Sponsored Entities (GSE) mortgage-backed securities 2,759 83 - 2,842 Corporate bonds 11,518 234 (42) 11,710 Collateralized mortgage obligations GSE 2,623 9 (26) 2,606 State and municipal tax-exempt 42,956 300 (276) 42,980 Total $ 67,829 $ 946 $ (344) $ 68,431 Available For Sale US Government agency obligations $ 58,460 $ - $ (252) $ 58,208 GSE mortgage-backed securities 40,663 13 (325) 40,351 Collateralized mortgage obligations GSE 16,241 3 (438) 15,806 Corporate bonds 20,921 - (350) 20,571 State and municipal tax-exempt 17,274 180 (11) 17,443 Total $ 153,559 $ 196 $ (1,376) $ 152,379 |
Aggregate Unrealized Losses and Aggregate Fair Value of Underlying Securities | March 31, 2016 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 Corporate bonds $ 3,423 $ (70) $ 3,423 $ (70) $ - $ - Collateralized mortgage obligations GSE 368 (2) 368 (2) - - State and municipal tax-exempt 4,144 (73) 563 (7) 3,581 (66) Total $ 7,935 $ (145) $ 4,354 $ (79) $ 3,581 $ (66) Available For Sale US Government agency obligations $ 9,997 $ (3) $ 9,997 $ (3) $ - $ - Collateralized mortgage obligations GSE 12,321 (157) 1,507 (15) 10,814 (142) Corporate bonds 10,975 (148) 4,487 (53) 6,488 (95) State and municipal tax-exempt 6,644 (9) 6,644 (9) - - Total $ 39,937 $ (317) $ 22,635 $ (80) $ 17,302 $ (237) December 31, 2015 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 Corporate bonds $ 7,597 $ (42) $ 7,597 $ (42) $ - $ - Collateralized mortgage obligations GSE 1,482 (26) 388 (10) 1,094 (16) State and municipal tax-exempt 13,161 (276) 4,380 (34) 8,781 (242) Total $ 22,240 $ (344) $ 12,365 $ (86) $ 9,875 $ (258) Available For Sale US Government agency obligations $ 58,208 $ (252) $ 58,208 $ (252) $ - $ - GSE mortgage-backed securities 38,307 (325) 33,984 (238) 4,323 (87) Collateralized mortgage obligations GSE 15,231 (438) 4,187 (41) 11,044 (397) Corporate bonds 20,571 (350) 16,157 (264) 4,414 (86) State and municipal tax-exempt 6,660 (11) 6,660 (11) - - Total $ 138,977 $ (1,376) $ 119,196 $ (806) $ 19,781 $ (570) |
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 $ - $ - $ 18,669 $ 18,657 Due after one year through five years 20,021 20,802 62,804 62,906 Due after five years through ten years 27,530 27,778 34,738 34,935 Due after ten years 18,099 18,217 24,904 24,875 Total investment securities $ 65,650 $ 66,797 $ 141,115 $ 141,373 |
Gains and Losses Resulting from Investment Sales, Redemptions or Calls | Three Months Ended March 31, (Dollars in thousands) 2016 2015 Gross realized gains-AFS $ 61 $ 53 Gross realized losses-AFS (30) - Net realized gain $ 31 $ 53 |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Loans [Abstract] | |
Schedule of Loans | (Dollars in thousands) March 31, 2016 December 31, 2015 Residential mortgage $ 27,560 $ 28,651 Commercial mortgage 274,372 274,132 Commercial: Commercial term 107,232 102,178 Commercial construction 24,833 20,364 Consumer: Home equity 49,545 51,270 Other 5,824 5,163 Total loans $ 489,366 $ 481,758 Less allowance for credit losses (5,172) (4,935) Net loans $ 484,194 $ 476,823 |
Interest Income On Non-Accrual Loans | Three Months Ended March 31, 2016 (Dollars in thousands) December 31, 2015 March 31, 2016 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 $ 1,619 $ 1,781 $ 19 $ - $ 19 Commercial mortgage 1,048 1,025 20 - 20 Commercial: Commercial term 188 210 3 - 3 Commercial construction 1,028 1,237 41 - 41 Consumer: Home equity 563 574 16 - 16 Other 189 199 5 - 5 Total non-accrual loans $ 4,635 $ 5,026 $ 104 $ - $ 104 Loans 90 days past due and accruing 457 164 1 1 - Total non-performing loans $ 5,092 $ 5,190 $ 105 $ 1 $ 104 Three Months Ended March 31, 2015 (Dollars in thousands) March 31, 2015 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 $ 2,446 $ 16 $ - $ 16 Commercial mortgage 1,262 21 - 21 Commercial: Commercial term 196 2 - 2 Commercial construction 2,043 84 - 84 Consumer: Home equity 429 7 - 7 Other 194 5 - 5 Total non-accrual loans $ 6,570 $ 135 $ - $ 135 Loans 90 days past due and accruing 239 5 5 - Total non-performing loans $ 6,809 $ 140 $ 5 $ 135 |
Allowance For Credit Losses (Ta
Allowance For Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Allowance For Credit Losses [Abstract] | |
Age Analysis Of Past Due Loans Receivables | Age Analysis of Past Due Loans Receivable March 31, 2016 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 $ - $ 384 $ 1,945 $ 2,329 $ 25,231 $ 27,560 $ 164 Commercial mortgage - - 182 182 274,190 274,372 - Commercial: Commercial term - - 24 24 107,208 107,232 - Commercial construction - - 447 447 24,386 24,833 - Consumer: Home equity 31 - 417 448 49,097 49,545 - Other 26 12 147 185 5,639 5,824 - Total $ 57 $ 396 $ 3,162 $ 3,615 $ 485,751 $ 489,366 $ 164 December 31, 2015 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 $ 502 $ 552 $ 2,076 $ 3,130 $ 25,521 $ 28,651 $ 457 Commercial mortgage 36 86 96 218 273,914 274,132 - Commercial: Commercial term - - - - 102,178 102,178 - Commercial construction - 581 447 1,028 19,336 20,364 - Consumer: Home equity 7 310 153 470 50,800 51,270 - Other 100 - 148 248 4,915 5,163 - Total $ 645 $ 1,529 $ 2,920 $ 5,094 $ 476,664 $ 481,758 $ 457 |
Impaired Loans By Loan Portfolio | March 31, 2016 December 31, 2015 Recorded Unpaid Related Recorded Unpaid Related Investment Principal Allowance Investment Principal Allowance (Dollars in thousands) Balance Balance With no related allowance recorded: Residential mortgage $ 1,637 $ 1,790 $ - $ 1,620 $ 1,919 $ - Commercial mortgage 1,025 1,320 - 1,181 1,461 - Commercial: Commercial term 24 24 - - - - Commercial construction 790 790 - 1,140 3,526 - Consumer: Home equity 676 735 - 691 716 - Other 92 100 - 82 90 - Total $ 4,244 $ 4,759 $ - $ 4,714 $ 7,712 $ - With allowance recorded: Residential mortgage 144 290 1 - - - Commercial: Commercial term 186 200 107 200 211 110 Commercial construction 447 2,833 89 - - - Consumer: Other 107 107 3 107 107 4 Total $ 884 $ 3,430 $ 200 $ 307 $ 318 $ 114 Total: Residential mortgage 1,781 2,080 1 1,620 1,919 - Commercial mortgage 1,025 1,320 - 1,181 1,461 - Commercial: Commercial term 210 224 107 200 211 110 Commercial construction 1,237 3,623 89 1,140 3,526 - Consumer: Home equity 676 735 - 691 716 - Other 199 207 3 189 197 4 Total $ 5,128 $ 8,189 $ 200 $ 5,021 $ 8,030 $ 114 Three Months Ended Three Months Ended March 31, 2016 March 31, 2015 Average Interest Average Interest Recorded Income Recorded Income (Dollars in thousands) Investment Recognized Investment Recognized With no related allowance recorded: Residential mortgage $ 1,629 $ - $ 2,320 $ - Commercial mortgage 1,103 - 3,386 26 Commercial: Commercial term 12 - - - Commercial construction 965 - 1,400 - Consumer: Home equity 684 1 504 1 Other 87 - 144 - Total $ 4,480 $ 1 $ 7,754 $ 27 With allowance recorded: Residential mortgage 72 - 204 - Commercial mortgage - - 201 - Commercial: Commercial term 193 - 200 - Commercial construction 224 - 756 - Consumer: Home equity - - 44 - Other 107 - - - Total $ 596 $ - $ 1,405 $ - Total: Residential mortgage 1,701 - 2,524 - Commercial mortgage 1,103 - 3,587 26 Commercial: Commercial term 205 - 200 - Commercial construction 1,189 - 2,156 - Consumer: Home equity 684 1 548 1 Other 194 - 144 - Total $ 5,076 $ 1 $ 9,159 $ 27 |
Credit Quality Indicators | March 31, 2016 Special (Dollars in thousands) Pass Mention Substandard Doubtful Total Residential mortgage $ 25,512 $ - $ 2,048 $ - $ 27,560 Commercial mortgage 260,529 4,763 9,080 - 274,372 Commercial: Commercial term 98,787 2,507 5,938 - 107,232 Commercial construction 21,781 - 3,052 - 24,833 Consumer: Home equity 48,814 - 731 - 49,545 Other 5,625 - 199 - 5,824 Total $ 461,048 $ 7,270 $ 21,048 $ - $ 489,366 December 31, 2015 Special (Dollars in thousands) Pass Mention Substandard Doubtful Total Residential mortgage $ 26,762 $ - $ 1,889 $ - $ 28,651 Commercial mortgage 262,036 4,802 7,294 - 274,132 Commercial: Commercial term 93,025 2,555 6,598 - 102,178 Commercial construction 17,521 - 2,843 - 20,364 Consumer: Home equity 50,551 - 719 - 51,270 Other 4,974 - 189 - 5,163 Total $ 454,869 $ 7,357 $ 19,532 $ - $ 481,758 |
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, 2016 $ 216 $ 2,375 $ 989 $ 569 $ - $ 195 $ 64 $ 527 $ 4,935 Charge-offs (84) - (13) - - - - - (97) Recoveries 1 - 1 1 1 - - - 4 Provisions 87 1 (29) 195 (1) (7) 3 81 330 Ending balance - March 31, 2016 $ 220 $ 2,376 $ 948 $ 765 $ - $ 188 $ 67 $ 608 $ 5,172 Ending balance: individually evaluated for impairment $ 1 $ - $ 107 $ 89 $ - $ - $ 3 $ - $ 200 Ending balance: collectively evaluated for impairment $ 219 $ 2,376 $ 841 $ 676 $ - $ 188 $ 64 $ 608 $ 4,972 Loans receivables: Ending balance $ 27,560 $ 274,372 $ 107,232 $ 24,833 $ - $ 49,545 $ 5,824 $ 489,366 Ending balance: individually evaluated for impairment $ 1,781 $ 1,025 $ 210 $ 1,237 $ - $ 676 $ 199 $ 5,128 Ending balance: collectively evaluated for impairment $ 25,779 $ 273,347 $ 107,022 $ 23,596 $ - $ 48,869 $ 5,625 $ 484,238 Reserve for unfunded loan commitments included in other liabilities $ - $ 3 $ 115 $ 55 $ - $ 13 $ - $ 186 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 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: Ending balance - December 31, 2015 $ 216 $ 2,375 $ 989 $ 569 $ - $ 195 $ 64 $ 527 $ 4,935 Ending balance: individually evaluated for impairment $ - $ - $ 110 $ - $ - $ - $ 4 $ - $ 114 Ending balance: collectively evaluated for impairment $ 216 $ 2,375 $ 879 $ 569 $ - $ 195 $ 60 $ 527 $ 4,821 Loans receivables: Ending balance $ 28,651 $ 274,132 $ 102,178 $ 20,364 $ - $ 51,270 $ 5,163 $ 481,758 Ending balance: individually evaluated for impairment $ 1,620 $ 1,181 $ 200 $ 1,140 $ - $ 691 $ 189 $ 5,021 Ending balance: collectively evaluated for impairment $ 27,031 $ 272,951 $ 101,978 $ 19,224 $ - $ 50,579 $ 4,974 $ 476,737 Reserve for unfunded loan commitments included in other liabilities $ - $ 2 $ 115 $ 58 $ - $ 13 $ - $ 188 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | Three Months Ended March 31, 2016 (In thousands, except per-share data) Income Shares Amount Basic EPS Income available to common stockholders $ 1,556 2,833 $ 0.55 Effect of potential dilutive common stock equivalents – stock options and restricted shares - 36 (0.01) Diluted EPS Income available to common stockholders after assumed conversions $ 1,556 2,869 $ 0.54 Three Months Ended March 31, 2015 (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 |
Accumulated Other Comprehensi26
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss Before-Tax Tax Net-of-Tax (Dollars in thousands) Amount Effect Amount March 31, 2016 Net unrealized gain on AFS securities $ 258 $ (87) $ 171 Discount on AFS to HTM reclassification (15) 5 (10) Unrealized actuarial losses-pension (1,812) 616 (1,196) $ (1,569) $ 534 $ (1,035) December 31, 2015 Net unrealized loss on AFS securities $ (1,180) $ 402 $ (778) Discount on AFS to HTM reclassification (17) 6 (11) Unrealized actuarial losses-pension (1,812) 616 (1,196) $ (3,009) $ 1,024 $ (1,985) |
Subordinated Debentures, Note27
Subordinated Debentures, Notes And Other Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Subordinated Debentures, Notes And Other Borrowings [Abstract] | |
Repurchase Agreements Accounted for as Secured Borrowings | (Dollars in thousands) Overnight and Continuous Up to 30 days 30 - 90 days Greater than 90 days Total March 31, 2016 Repurchase agreements and repurchase-to-maturity transactions $ 21,661 $ - $ - $ - $ 21,661 Gross amount of recognized liabilities for repurchase agreements in statement of condition $ 21,661 $ 21,661 December 31, 2015 Repurchase agreements and repurchase-to-maturity transactions $ 32,416 $ - $ - $ - $ 32,416 Gross amount of recognized liabilities for repurchase agreements in statement of condition $ 32,416 $ 32,416 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Stock-Based Compensation [Abstract] | |
Stock Option Activity | Number Weighted Average Outstanding Exercise Price Outstanding January 1, 2016 64,500 $ 8.67 Issued - - Exercised - - Forfeited - - Expired - - Outstanding March 31, 2016 64,500 $ 8.67 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 |
Weighted Average Price And Weighted Average Remaining Contractual Life | March 31, 2016 Range of Weighted Average Exercise Number Number Exercise Remaining Intrinsic Prices Outstanding Exercisable Price Contractual Life Value $ 6.93 -10.99 64,500 64,500 $ 8.67 1.91 years $ 1,281,000 December 31, 2015 Range of Weighted Average Exercise Number Number Exercise Remaining Intrinsic Prices Outstanding Exercisable Price Contractual Life Value $ 6.93 -10.99 64,500 64,500 $ 8.67 2.15 years $ 1,344,000 |
Stock Grant Activity | Weighted Average Shares Stock Price Non-vested stock awards—January 1, 2016 77,255 $ 22.71 Granted 3,000 28.75 Forfeited - - Vested 33,700 23.66 Non-vested stock awards—March 31, 2016 46,555 $ 22.42 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 |
Fair Value Of Financial Instr29
Fair Value Of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Of Financial Instruments [Abstract] | |
Fair Value Measurements on Differing Levels | March 31, 2016 (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 $ - $ 59,116 $ - $ 59,116 GSE mortgage-backed securities - 34,228 - 34,228 Collateralized mortgage obligations GSE - 15,389 - 15,389 Corporate bonds - 19,872 - 19,872 State and municipal tax-exempt - 12,768 - 12,768 Total $ - $ 141,373 $ - $ 141,373 Assets Measured at Fair Value on a Nonrecurring Basis Impaired loans $ - $ - $ 690 $ 690 Total $ - $ - $ 690 $ 690 December 31, 2015 (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 $ - $ 58,208 $ - $ 58,208 GSE mortgage-backed securities - 40,351 - 40,351 Collateralized mortgage obligations GSE - 15,806 - 15,806 Corporate bonds - 20,571 - 20,571 State and municipal tax-exempt - 17,443 - 17,443 Total $ - $ 152,379 $ - $ 152,379 Assets Measured at Fair Value on a Nonrecurring Basis Impaired loans $ - $ - $ 964 $ 964 OREO and other repossessed property - - 682 682 Total $ - $ - $ 1,646 $ 1,646 |
Quantitative Information About Level 3 Fair Value Measurements | March 31, 2016 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 $ 143 Appraisal of Appraisal adj. (2) 0% to 0% (0%) collateral (1) Disposal costs (2) -8% to -8% (-8%) Impaired loans - Commercial term 79 Appraisal of Appraisal adj. (2) -72% to -72% (-72%) collateral (1) Disposal costs (2) -11% to -11% (-11%) Impaired loans - Commercial construction 358 Appraisal of Appraisal adj. (2) -20% to -20% (-20%) collateral (1) Disposal costs (2) -8% to -8% (-8%) Impaired loans - Home equity 6 Appraisal of Appraisal adj. (2) 0% to 0% (0%) collateral (1) Disposal costs (2) -8% to -8% (-8%) Impaired loans - Consumer other 104 Appraisal of Appraisal adj. (2) 0% to 0% (0%) collateral (1) Disposal costs (2) -8% to -8% (-8%) Impaired loan total $ 690 (1) (2) December 31, 2015 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 $ 115 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 90 Appraisal of Appraisal adj. (2) -72% to -72% (-72%) collateral (1) Disposal costs (2) -11% to -11% (-11%) Impaired loans - Commercial construction 559 Appraisal of Appraisal adj. (2) 0% to 0% (0%) collateral (1) Disposal costs (2) -8% to -8% (-8%) Impaired loans - Consumer other 103 Appraisal of Appraisal adj. (2) 0% to 0% (0%) collateral (1) Disposal costs (2) -8% to -8% (-8%) Impaired loan total $ 964 Other real estate owned $ 682 Disposal costs (2) -8% to -8% (-8%) (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. |
Carrying Amounts and Estimated Fair Values of Financial Instruments | March 31, 2016 Carrying Fair (Dollars in thousands) Amount Value Level 1 Level 2 Level 3 Financial assets Cash and cash equivalents $ 38,740 $ 38,740 $ 38,740 $ - $ - AFS investment securities 141,373 141,373 - 141,373 - HTM investment securities 65,650 66,797 - 64,797 2,000 Restricted stock 3,166 3,166 - 3,166 - Loans, net of allowance, including impaired 484,194 468,013 - - 468,013 Accrued interest receivable 2,569 2,569 - 2,569 - Financial liabilities Deposits: Non-interest-bearing deposits 131,951 131,951 - 131,951 - Interest-bearing deposits 415,342 415,342 - 415,342 - Time deposits 71,264 71,098 - 71,098 - Brokered deposits 18,498 18,566 - 18,566 - Repurchase agreements 21,661 21,661 - 21,661 - FHLBP advances 20,000 20,172 - 20,172 - Junior subordinated debentures and other borrowings 9,279 8,243 - 8,243 - Subordinated debt 9,750 9,304 - 9,304 - Accrued interest payable 313 313 - 313 - Off-balance sheet instruments - - - - - December 31, 2015 Carrying Fair (Dollars in thousands) Amount Value Level 1 Level 2 Level 3 Financial assets Cash and cash equivalents $ 21,119 $ 21,119 $ 21,119 $ - $ - AFS investment securities 152,379 152,379 - 152,379 - HTM investment securities 67,829 68,431 - 66,431 2,000 Restricted stock 3,447 3,447 - 3,447 - Loans held-for-sale - - - - - Loans, net of allowance, including impaired 476,823 461,925 - - 461,925 Accrued interest receivable 2,410 2,410 - 2,410 - Financial liabilities Deposits: Non-interest-bearing deposits 125,581 125,581 - 125,581 - Interest-bearing deposits 396,188 396,188 - 396,188 - Time deposits 66,018 65,697 - 65,697 - Brokered deposits 18,488 18,327 - 18,327 - Repurchase agreements 32,416 32,416 - 32,416 - FHLBP advances 30,000 30,210 - 30,210 - Junior subordinated debentures and other borrowings 9,279 7,889 - 7,889 - Subordinated debt 9,750 9,999 - 9,999 - Accrued interest payable 345 345 - 345 - Off-balance sheet instruments - - - - - |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2016USD ($)security | Dec. 31, 2015USD ($) | |
Securities [Line Items] | ||
Available-for-sale Securities Pledged as Collateral | $ | $ 146.2 | $ 147.9 |
Mortgage Backed Securities [Member] | ||
Securities [Line Items] | ||
Securities in unrealized loss positions qualitative disclosure number of positions | 0 | |
State and Municipal Tax-Exempt [Member] | ||
Securities [Line Items] | ||
Securities in unrealized loss positions qualitative disclosure number of positions | 9 | |
Number of securities, impaired for more than 12 months | 4 | |
Number Of Impaired Municipal Securities, School Districts, Insured | 1 | |
Number Of Impaired Municipal Securities, School Districts, Uninsured | 3 | |
Number Of Impaired Municipal Securities, Townships, Uninsured | 5 | |
Unrealized loss of security from book value | 2.26% | |
Corporate Bonds [Member] | ||
Securities [Line Items] | ||
Securities in unrealized loss positions qualitative disclosure number of positions | 8 | |
Number of securities, impaired for more than 12 months | 3 | |
Unrealized loss of security from book value | 3.06% | |
US Government Agency Obligations [Member] | ||
Securities [Line Items] | ||
Securities in unrealized loss positions qualitative disclosure number of positions | 1 | |
Unrealized loss of security from book value | 0.03% | |
Collateralized Mortgage Obligations GSE [Member] | ||
Securities [Line Items] | ||
Securities in unrealized loss positions qualitative disclosure number of positions | 14 | |
Number of securities, impaired for more than 12 months | 11 | |
Unrealized loss of security from book value | 2.37% |
Investment Securities (Amortize
Investment Securities (Amortized Cost and Estimated Fair Values of Investment Securities) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Securities [Line Items] | ||
Held-to-maturity Securities, Amortized Cost | $ 65,650 | $ 67,829 |
Held-to-maturity Securities, Unrealized Gains | 1,292 | 946 |
Held-to-maturity Securities, Unrealized Losses | (145) | (344) |
Held-to-maturity Securities, Fair Value | 66,797 | 68,431 |
Available-for-sale Securities, Amortized Cost | 141,115 | 153,559 |
Available-for-sale Securities, Unrealized Gains | 575 | 196 |
Available-for-sale Securities, Unrealized Losses | (317) | (1,376) |
Available-for-sale securities, Fair Value | 141,373 | 152,379 |
US Government Agency Obligations [Member] | ||
Securities [Line Items] | ||
Held-to-maturity Securities, Amortized Cost | 8,035 | 7,973 |
Held-to-maturity Securities, Unrealized Gains | 482 | 320 |
Held-to-maturity Securities, Fair Value | 8,517 | 8,293 |
Available-for-sale Securities, Amortized Cost | 58,950 | 58,460 |
Available-for-sale Securities, Unrealized Gains | 169 | |
Available-for-sale Securities, Unrealized Losses | (3) | (252) |
Available-for-sale securities, Fair Value | 59,116 | 58,208 |
Government Sponsored Entities (GSE) Mortgage-Backed Securities [Member] | ||
Securities [Line Items] | ||
Held-to-maturity Securities, Amortized Cost | 2,615 | 2,759 |
Held-to-maturity Securities, Unrealized Gains | 105 | 83 |
Held-to-maturity Securities, Fair Value | 2,720 | 2,842 |
Available-for-sale Securities, Amortized Cost | 34,055 | 40,663 |
Available-for-sale Securities, Unrealized Gains | 173 | 13 |
Available-for-sale Securities, Unrealized Losses | (325) | |
Available-for-sale securities, Fair Value | 34,228 | 40,351 |
Corporate Bonds [Member] | ||
Securities [Line Items] | ||
Held-to-maturity Securities, Amortized Cost | 11,420 | 11,518 |
Held-to-maturity Securities, Unrealized Gains | 304 | 234 |
Held-to-maturity Securities, Unrealized Losses | (70) | (42) |
Held-to-maturity Securities, Fair Value | 11,654 | 11,710 |
Available-for-sale Securities, Amortized Cost | 19,951 | 20,921 |
Available-for-sale Securities, Unrealized Gains | 69 | |
Available-for-sale Securities, Unrealized Losses | (148) | (350) |
Available-for-sale securities, Fair Value | 19,872 | 20,571 |
Collateralized Mortgage Obligations GSE [Member] | ||
Securities [Line Items] | ||
Held-to-maturity Securities, Amortized Cost | 2,455 | 2,623 |
Held-to-maturity Securities, Unrealized Gains | 25 | 9 |
Held-to-maturity Securities, Unrealized Losses | (2) | (26) |
Held-to-maturity Securities, Fair Value | 2,478 | 2,606 |
Available-for-sale Securities, Amortized Cost | 15,518 | 16,241 |
Available-for-sale Securities, Unrealized Gains | 28 | 3 |
Available-for-sale Securities, Unrealized Losses | (157) | (438) |
Available-for-sale securities, Fair Value | 15,389 | 15,806 |
State and Municipal Tax-Exempt [Member] | ||
Securities [Line Items] | ||
Held-to-maturity Securities, Amortized Cost | 41,125 | 42,956 |
Held-to-maturity Securities, Unrealized Gains | 376 | 300 |
Held-to-maturity Securities, Unrealized Losses | (73) | (276) |
Held-to-maturity Securities, Fair Value | 41,428 | 42,980 |
Available-for-sale Securities, Amortized Cost | 12,641 | 17,274 |
Available-for-sale Securities, Unrealized Gains | 136 | 180 |
Available-for-sale Securities, Unrealized Losses | (9) | (11) |
Available-for-sale securities, Fair Value | $ 12,768 | $ 17,443 |
Investment Securities (Aggregat
Investment Securities (Aggregate Unrealized Losses and Aggregate Fair Value of Underlying Securities) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Securities [Line Items] | ||
Held-to-maturity Securities, Fair Value, Total | $ 7,935 | $ 22,240 |
Held-to-maturity Securities, Unrealized Losses | (145) | (344) |
Held-to-maturity Securities, Fair Value Impaired Less Than 12 Months | 4,354 | 12,365 |
Held-to-maturity Securities, Unrealized Loss Less Than 12 Months | (79) | (86) |
Held-to-maturity Securities, Fair Value Impaired More Than 12 Months | 3,581 | 9,875 |
Held-to-maturity Securities, Unrealized Loss More Than 12 Months | (66) | (258) |
Available-for-sale Securities, Fair Value, Total | 39,937 | 138,977 |
Available-for-sale Securities, Unrealized Loss, Total | (317) | (1,376) |
Available-for-sale Securities, Fair Value Impaired Less Than 12 Months | 22,635 | 119,196 |
Available-for-sale Securities, Unrealized Loss Less Than 12 Months | (80) | (806) |
Available-for-sale Securities, Fair Value Impaired More Than 12 Months | 17,302 | 19,781 |
Available-for-sale Securities, Unrealized Loss More Than 12 Months | (237) | (570) |
US Government Agency Obligations [Member] | ||
Securities [Line Items] | ||
Available-for-sale Securities, Fair Value, Total | 9,997 | 58,208 |
Available-for-sale Securities, Unrealized Loss, Total | (3) | (252) |
Available-for-sale Securities, Fair Value Impaired Less Than 12 Months | 9,997 | 58,208 |
Available-for-sale Securities, Unrealized Loss Less Than 12 Months | (3) | (252) |
Government Sponsored Entities (GSE) Mortgage-Backed Securities [Member] | ||
Securities [Line Items] | ||
Available-for-sale Securities, Fair Value, Total | 38,307 | |
Available-for-sale Securities, Unrealized Loss, Total | (325) | |
Available-for-sale Securities, Fair Value Impaired Less Than 12 Months | 33,984 | |
Available-for-sale Securities, Unrealized Loss Less Than 12 Months | (238) | |
Available-for-sale Securities, Fair Value Impaired More Than 12 Months | 4,323 | |
Available-for-sale Securities, Unrealized Loss More Than 12 Months | (87) | |
Collateralized Mortgage Obligations GSE [Member] | ||
Securities [Line Items] | ||
Held-to-maturity Securities, Fair Value, Total | 368 | 1,482 |
Held-to-maturity Securities, Unrealized Losses | (2) | (26) |
Held-to-maturity Securities, Fair Value Impaired Less Than 12 Months | 368 | 388 |
Held-to-maturity Securities, Unrealized Loss Less Than 12 Months | (2) | (10) |
Held-to-maturity Securities, Fair Value Impaired More Than 12 Months | 1,094 | |
Held-to-maturity Securities, Unrealized Loss More Than 12 Months | (16) | |
Available-for-sale Securities, Fair Value, Total | 12,321 | 15,231 |
Available-for-sale Securities, Unrealized Loss, Total | (157) | (438) |
Available-for-sale Securities, Fair Value Impaired Less Than 12 Months | 1,507 | 4,187 |
Available-for-sale Securities, Unrealized Loss Less Than 12 Months | (15) | (41) |
Available-for-sale Securities, Fair Value Impaired More Than 12 Months | 10,814 | 11,044 |
Available-for-sale Securities, Unrealized Loss More Than 12 Months | (142) | (397) |
Corporate Bonds [Member] | ||
Securities [Line Items] | ||
Held-to-maturity Securities, Fair Value, Total | 3,423 | 7,597 |
Held-to-maturity Securities, Unrealized Losses | (70) | (42) |
Held-to-maturity Securities, Fair Value Impaired Less Than 12 Months | 3,423 | 7,597 |
Held-to-maturity Securities, Unrealized Loss Less Than 12 Months | (70) | (42) |
Available-for-sale Securities, Fair Value, Total | 10,975 | 20,571 |
Available-for-sale Securities, Unrealized Loss, Total | (148) | (350) |
Available-for-sale Securities, Fair Value Impaired Less Than 12 Months | 4,487 | 16,157 |
Available-for-sale Securities, Unrealized Loss Less Than 12 Months | (53) | (264) |
Available-for-sale Securities, Fair Value Impaired More Than 12 Months | 6,488 | 4,414 |
Available-for-sale Securities, Unrealized Loss More Than 12 Months | (95) | (86) |
State and Municipal Tax-Exempt [Member] | ||
Securities [Line Items] | ||
Held-to-maturity Securities, Fair Value, Total | 4,144 | 13,161 |
Held-to-maturity Securities, Unrealized Losses | (73) | (276) |
Held-to-maturity Securities, Fair Value Impaired Less Than 12 Months | 563 | 4,380 |
Held-to-maturity Securities, Unrealized Loss Less Than 12 Months | (7) | (34) |
Held-to-maturity Securities, Fair Value Impaired More Than 12 Months | 3,581 | 8,781 |
Held-to-maturity Securities, Unrealized Loss More Than 12 Months | (66) | (242) |
Available-for-sale Securities, Fair Value, Total | 6,644 | 6,660 |
Available-for-sale Securities, Unrealized Loss, Total | (9) | (11) |
Available-for-sale Securities, Fair Value Impaired Less Than 12 Months | 6,644 | 6,660 |
Available-for-sale Securities, Unrealized Loss Less Than 12 Months | $ (9) | $ (11) |
Investment Securities (Investme
Investment Securities (Investments Classified by Contractual Maturity Date) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Investment Securities [Abstract] | ||
Held to Maturity, Due after one year through five years, Amortized Cost | $ 20,021 | |
Held to Maturity, Due after five years through ten years, Amortized Cost | 27,530 | |
Held to Maturity, Due after ten years, Amortized Cost | 18,099 | |
Held to Maturity, Total investment securities, Amortized Cost | 65,650 | $ 67,829 |
Held to Maturity, Due after one year through five years, Fair Value | 20,802 | |
Held to Maturity, Due after five years through ten years, Fair Value | 27,778 | |
Held to Maturity, Due after ten years, Fair Value | 18,217 | |
Held-to-maturity, Total investment securities, Fair Value | 66,797 | 68,431 |
Available for Sale, Due in one year or less, Amortized Cost | 18,669 | |
Available for Sale, Due after one year through five years, Amortized Cost | 62,804 | |
Available for Sale, Due after five years through ten years, Amortized Cost | 34,738 | |
Available for Sale, Due after ten years, Amortized Cost | 24,904 | |
Available-for-sale Securities, Amortized Cost | 141,115 | 153,559 |
Available for Sale, Due in one year or less, Fair Value | 18,657 | |
Available for Sale, Due after one year through five years, Fair Value | 62,906 | |
Available for Sale, Due after five years through ten years, Fair Value | 34,935 | |
Available for Sale, Due after ten years, Fair Value | 24,875 | |
Available for Sale, Total investment securities, Fair Value | $ 141,373 | $ 152,379 |
Investment Securities (Gains an
Investment Securities (Gains and Losses Resulting from Investment Sales, Redemptions or Calls) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Investment Securities [Abstract] | ||
Gross realized gains-AFS | $ 61 | $ 53 |
Gross realized losses-AFS | (30) | |
Net realized gain | $ 31 | $ 53 |
Loans (Schedule of Loans) (Deta
Loans (Schedule of Loans) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | $ 489,366 | $ 481,758 | ||
Less allowance for credit losses | (5,172) | (4,935) | $ (5,190) | $ (4,906) |
Net loans | 484,194 | 476,823 | ||
Residential Mortgage [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 27,560 | 28,651 | ||
Less allowance for credit losses | (220) | (216) | (269) | (269) |
Commercial Mortgage [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 274,372 | 274,132 | ||
Less allowance for credit losses | (2,376) | (2,375) | (2,398) | (2,300) |
Commercial Term [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 107,232 | 102,178 | ||
Less allowance for credit losses | (948) | (989) | (705) | (709) |
Commercial Construction [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 24,833 | 20,364 | ||
Less allowance for credit losses | (765) | (569) | (922) | (881) |
Consumer: Home Equity [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 49,545 | 51,270 | ||
Less allowance for credit losses | (188) | (195) | (224) | (189) |
Consumer: Other [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 5,824 | 5,163 | ||
Less allowance for credit losses | $ (67) | $ (64) | $ (66) | $ (70) |
Loans (Interest Income On Non-A
Loans (Interest Income On Non-Accrual Loans) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-accrual loans | $ 5,026 | $ 6,570 | $ 4,635 |
Loans 90 day past due and accruing | 164 | 239 | 457 |
Total non-performing loans | 5,190 | 6,809 | 5,092 |
Interest income that would have been recorded under original terms, non-accrual loans | 104 | 135 | |
Interest income that would have been recorded under original terms, 90 days past due and accruing | 1 | 5 | |
Interest income that would have been recorded under original terms | 105 | 140 | |
Interest income recorded during the period, 90 days past due and accruing | 1 | 5 | |
Interest income recorded during the period | 1 | 5 | |
Net impact on interest income, non-accrual loans | 104 | 135 | |
Net impact on interest income | 104 | 135 | |
Residential Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-accrual loans | 1,781 | 2,446 | 1,619 |
Loans 90 day past due and accruing | 164 | 457 | |
Interest income that would have been recorded under original terms, non-accrual loans | 19 | 16 | |
Net impact on interest income, non-accrual loans | 19 | 16 | |
Commercial Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-accrual loans | 1,025 | 1,262 | 1,048 |
Interest income that would have been recorded under original terms, non-accrual loans | 20 | 21 | |
Net impact on interest income, non-accrual loans | 20 | 21 | |
Commercial Term [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-accrual loans | 210 | 196 | 188 |
Interest income that would have been recorded under original terms, non-accrual loans | 3 | 2 | |
Net impact on interest income, non-accrual loans | 3 | 2 | |
Commercial Construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-accrual loans | 1,237 | 2,043 | 1,028 |
Interest income that would have been recorded under original terms, non-accrual loans | 41 | 84 | |
Net impact on interest income, non-accrual loans | 41 | 84 | |
Consumer: Home Equity [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-accrual loans | 574 | 429 | 563 |
Interest income that would have been recorded under original terms, non-accrual loans | 16 | 7 | |
Net impact on interest income, non-accrual loans | 16 | 7 | |
Consumer: Other [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-accrual loans | 199 | 194 | $ 189 |
Interest income that would have been recorded under original terms, non-accrual loans | 5 | 5 | |
Net impact on interest income, non-accrual loans | $ 5 | $ 5 |
Allowance For Credit Losses (Na
Allowance For Credit Losses (Narrative) (Details) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016USD ($)loan | Mar. 31, 2015USD ($)loan | Dec. 31, 2015USD ($)loan | |
Financing Receivable, Modifications [Line Items] | |||
Interest income that would have been recorded under original terms, non-accrual loans | $ 104,000 | $ 135,000 | |
Partial charge-off of loan amount | $ 97,000 | $ 17,000 | |
Commercial Mortgage [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of TDR loans | loan | 0 | 1 | 0 |
TDR amount | $ 2,234,000 | ||
Pre-modification recorded investment | $ 2,272,000 | ||
Post-modification recorded investment | 2,272,000 | ||
Number of subsequent defaults | loan | 0 | ||
Reduction of principal | $ 0 | ||
Consumer: Home Equity [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of TDR loans | loan | 1 | 1 | 1 |
TDR amount | $ 102,000 | $ 102,000 | $ 102,000 |
Pre-modification recorded investment | 102,000 | ||
Post-modification recorded investment | $ 102,000 | ||
Number of subsequent defaults | loan | 0 | 0 | |
Monthly payment reduced period, in months | 36 months | ||
Reduction of principal | $ 0 | ||
Consumer Installment Loan [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of TDR loans | loan | 1 | ||
TDR amount | $ 40,000 | $ 0 | $ 0 |
Pre-modification recorded investment | 42,000 | ||
Post-modification recorded investment | 42,000 | ||
Partial charge-off of loan amount | $ 2,000 | ||
Number of subsequent defaults | loan | 0 | 0 |
Allowance For Credit Losses (Ag
Allowance For Credit Losses (Age Analysis Of Past Due Loans Receivables) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans receivables | $ 3,615 | $ 5,094 | |
Current | 485,751 | 476,664 | |
Total Loans Receivables | 489,366 | 481,758 | |
Loans Receivable >90 Days and Accruing | 164 | 457 | $ 239 |
30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans receivables | 57 | 645 | |
60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans receivables | 396 | 1,529 | |
Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans receivables | 3,162 | 2,920 | |
Residential Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans receivables | 2,329 | 3,130 | |
Current | 25,231 | 25,521 | |
Total Loans Receivables | 27,560 | 28,651 | |
Loans Receivable >90 Days and Accruing | 164 | 457 | |
Residential Mortgage [Member] | 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans receivables | 502 | ||
Residential Mortgage [Member] | 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans receivables | 384 | 552 | |
Residential Mortgage [Member] | Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans receivables | 1,945 | 2,076 | |
Commercial Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans receivables | 182 | 218 | |
Current | 274,190 | 273,914 | |
Total Loans Receivables | 274,372 | 274,132 | |
Commercial Mortgage [Member] | 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans receivables | 36 | ||
Commercial Mortgage [Member] | 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans receivables | 86 | ||
Commercial Mortgage [Member] | Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans receivables | 182 | 96 | |
Commercial Term [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans receivables | 24 | ||
Current | 107,208 | 102,178 | |
Total Loans Receivables | 107,232 | 102,178 | |
Commercial Term [Member] | Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans receivables | 24 | ||
Commercial Construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans receivables | 447 | 1,028 | |
Current | 24,386 | 19,336 | |
Total Loans Receivables | 24,833 | 20,364 | |
Commercial Construction [Member] | 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans receivables | 581 | ||
Commercial Construction [Member] | Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans receivables | 447 | 447 | |
Consumer: Home Equity [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans receivables | 448 | 470 | |
Current | 49,097 | 50,800 | |
Total Loans Receivables | 49,545 | 51,270 | |
Consumer: Home Equity [Member] | 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans receivables | 31 | 7 | |
Consumer: Home Equity [Member] | 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans receivables | 310 | ||
Consumer: Home Equity [Member] | Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans receivables | 417 | 153 | |
Consumer: Other [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans receivables | 185 | 248 | |
Current | 5,639 | 4,915 | |
Total Loans Receivables | 5,824 | 5,163 | |
Consumer: Other [Member] | 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans receivables | 26 | 100 | |
Consumer: Other [Member] | 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans receivables | 12 | ||
Consumer: Other [Member] | Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans receivables | $ 147 | $ 148 |
Allowance For Credit Losses (Im
Allowance For Credit Losses (Impaired Loans By Loan Portfolio) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With no related allowance recorded | $ 4,244 | $ 4,714 | |
Unpaid Principal Balance, With no related allowance recorded | 4,759 | 7,712 | |
Average Recorded Investment, With no related allowance recorded | 4,480 | $ 7,754 | |
Interest Income Recognized, With no related allowance recorded | 1 | 27 | |
Recorded Investment, With allowance recorded | 884 | 307 | |
Unpaid Principal Balance, With allowance recorded | 3,430 | 318 | |
Related Allowance | 200 | 114 | |
Average Recorded Investment, With allowance recorded | 596 | 1,405 | |
Recorded Investment, Total | 5,128 | 5,021 | |
Unpaid Principal Balance, Total | 8,189 | 8,030 | |
Average Recorded Investment, Total | 5,076 | 9,159 | |
Interest Income Recognized, Total | 1 | 27 | |
Residential Mortgage [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With no related allowance recorded | 1,637 | 1,620 | |
Unpaid Principal Balance, With no related allowance recorded | 1,790 | 1,919 | |
Average Recorded Investment, With no related allowance recorded | 1,629 | 2,320 | |
Recorded Investment, With allowance recorded | 144 | ||
Unpaid Principal Balance, With allowance recorded | 290 | ||
Related Allowance | 1 | ||
Average Recorded Investment, With allowance recorded | 72 | 204 | |
Recorded Investment, Total | 1,781 | 1,620 | |
Unpaid Principal Balance, Total | 2,080 | 1,919 | |
Average Recorded Investment, Total | 1,701 | 2,524 | |
Commercial Mortgage [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With no related allowance recorded | 1,025 | 1,181 | |
Unpaid Principal Balance, With no related allowance recorded | 1,320 | 1,461 | |
Average Recorded Investment, With no related allowance recorded | 1,103 | 3,386 | |
Interest Income Recognized, With no related allowance recorded | 26 | ||
Average Recorded Investment, With allowance recorded | 201 | ||
Recorded Investment, Total | 1,025 | 1,181 | |
Unpaid Principal Balance, Total | 1,320 | 1,461 | |
Average Recorded Investment, Total | 1,103 | 3,587 | |
Interest Income Recognized, Total | 26 | ||
Commercial Term [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With no related allowance recorded | 24 | ||
Unpaid Principal Balance, With no related allowance recorded | 24 | ||
Average Recorded Investment, With no related allowance recorded | 12 | ||
Recorded Investment, With allowance recorded | 186 | 200 | |
Unpaid Principal Balance, With allowance recorded | 200 | 211 | |
Related Allowance | 107 | 110 | |
Average Recorded Investment, With allowance recorded | 193 | 200 | |
Recorded Investment, Total | 210 | 200 | |
Unpaid Principal Balance, Total | 224 | 211 | |
Average Recorded Investment, Total | 205 | 200 | |
Commercial Construction [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With no related allowance recorded | 790 | 1,140 | |
Unpaid Principal Balance, With no related allowance recorded | 790 | 3,526 | |
Average Recorded Investment, With no related allowance recorded | 965 | 1,400 | |
Recorded Investment, With allowance recorded | 447 | ||
Unpaid Principal Balance, With allowance recorded | 2,833 | ||
Related Allowance | 89 | ||
Average Recorded Investment, With allowance recorded | 224 | 756 | |
Recorded Investment, Total | 1,237 | 1,140 | |
Unpaid Principal Balance, Total | 3,623 | 3,526 | |
Average Recorded Investment, Total | 1,189 | 2,156 | |
Consumer: Home Equity [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With no related allowance recorded | 676 | 691 | |
Unpaid Principal Balance, With no related allowance recorded | 735 | 716 | |
Average Recorded Investment, With no related allowance recorded | 684 | 504 | |
Interest Income Recognized, With no related allowance recorded | 1 | 1 | |
Average Recorded Investment, With allowance recorded | 44 | ||
Recorded Investment, Total | 676 | 691 | |
Unpaid Principal Balance, Total | 735 | 716 | |
Average Recorded Investment, Total | 684 | 548 | |
Interest Income Recognized, Total | 1 | 1 | |
Consumer: Other [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With no related allowance recorded | 92 | 82 | |
Unpaid Principal Balance, With no related allowance recorded | 100 | 90 | |
Average Recorded Investment, With no related allowance recorded | 87 | 144 | |
Recorded Investment, With allowance recorded | 107 | 107 | |
Unpaid Principal Balance, With allowance recorded | 107 | 107 | |
Related Allowance | 3 | 4 | |
Average Recorded Investment, With allowance recorded | 107 | ||
Recorded Investment, Total | 199 | 189 | |
Unpaid Principal Balance, Total | 207 | $ 197 | |
Average Recorded Investment, Total | $ 194 | $ 144 |
Allowance For Credit Losses (Cr
Allowance For Credit Losses (Credit Quality Indicators) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 489,366 | $ 481,758 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 461,048 | 454,869 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 7,270 | 7,357 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 21,048 | 19,532 |
Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 27,560 | 28,651 |
Residential Mortgage [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 25,512 | 26,762 |
Residential Mortgage [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 2,048 | 1,889 |
Commercial Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 274,372 | 274,132 |
Commercial Mortgage [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 260,529 | 262,036 |
Commercial Mortgage [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 4,763 | 4,802 |
Commercial Mortgage [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 9,080 | 7,294 |
Commercial Term [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 107,232 | 102,178 |
Commercial Term [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 98,787 | 93,025 |
Commercial Term [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 2,507 | 2,555 |
Commercial Term [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 5,938 | 6,598 |
Commercial Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 24,833 | 20,364 |
Commercial Construction [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 21,781 | 17,521 |
Commercial Construction [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 3,052 | 2,843 |
Consumer: Home Equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 49,545 | 51,270 |
Consumer: Home Equity [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 48,814 | 50,551 |
Consumer: Home Equity [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 731 | 719 |
Consumer: Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 5,824 | 5,163 |
Consumer: Other [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 5,625 | 4,974 |
Consumer: Other [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 199 | $ 189 |
Allowance For Credit Losses (Al
Allowance For Credit Losses (Allowance For Credit Losses And Recorded Investments In Loans Receivables) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | $ 4,935 | $ 4,906 | $ 4,906 |
Charge offs | (97) | (17) | |
Recoveries | 4 | 1 | |
Provisions | 330 | 300 | |
Ending balance | 5,172 | 5,190 | 4,935 |
Ending balance: individually evaluated for impairment | 200 | 114 | |
Ending balance: collectively evaluated for impairment | 4,972 | 4,821 | |
Loans receivables, Ending Balance | 489,366 | 481,758 | |
Loans receivables, Ending Balance: individually evaluated for impairment | 5,128 | 5,021 | |
Loans receivable, Ending Balance: collectively evaluated for impairment | 484,238 | 476,737 | |
Reserve for unfunded loan commitments included in other liabilities | 186 | 156 | 188 |
Residential Mortgage [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 216 | 269 | 269 |
Charge offs | (84) | ||
Recoveries | 1 | ||
Provisions | 87 | ||
Ending balance | 220 | 269 | 216 |
Ending balance: individually evaluated for impairment | 1 | ||
Ending balance: collectively evaluated for impairment | 219 | 216 | |
Loans receivables, Ending Balance | 27,560 | 28,651 | |
Loans receivables, Ending Balance: individually evaluated for impairment | 1,781 | 1,620 | |
Loans receivable, Ending Balance: collectively evaluated for impairment | 25,779 | 27,031 | |
Commercial Mortgage [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | $ 2,375 | 2,300 | 2,300 |
Charge offs | |||
Provisions | $ 1 | 98 | |
Ending balance | 2,376 | 2,398 | 2,375 |
Ending balance: collectively evaluated for impairment | 2,376 | 2,375 | |
Loans receivables, Ending Balance | 274,372 | 274,132 | |
Loans receivables, Ending Balance: individually evaluated for impairment | 1,025 | 1,181 | |
Loans receivable, Ending Balance: collectively evaluated for impairment | 273,347 | 272,951 | |
Reserve for unfunded loan commitments included in other liabilities | 3 | 4 | 2 |
Commercial Term [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 989 | 709 | 709 |
Charge offs | (13) | (11) | |
Recoveries | 1 | ||
Provisions | (29) | 7 | |
Ending balance | 948 | 705 | 989 |
Ending balance: individually evaluated for impairment | 107 | 110 | |
Ending balance: collectively evaluated for impairment | 841 | 879 | |
Loans receivables, Ending Balance | 107,232 | 102,178 | |
Loans receivables, Ending Balance: individually evaluated for impairment | 210 | 200 | |
Loans receivable, Ending Balance: collectively evaluated for impairment | 107,022 | 101,978 | |
Reserve for unfunded loan commitments included in other liabilities | 115 | 87 | 115 |
Commercial Construction [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | $ 569 | 881 | 881 |
Charge offs | |||
Recoveries | $ 1 | ||
Provisions | 195 | 41 | |
Ending balance | 765 | 922 | 569 |
Ending balance: individually evaluated for impairment | 89 | ||
Ending balance: collectively evaluated for impairment | 676 | 569 | |
Loans receivables, Ending Balance | 24,833 | 20,364 | |
Loans receivables, Ending Balance: individually evaluated for impairment | 1,237 | 1,140 | |
Loans receivable, Ending Balance: collectively evaluated for impairment | 23,596 | 19,224 | |
Reserve for unfunded loan commitments included in other liabilities | $ 55 | 53 | 58 |
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 | $ 195 | 189 | 189 |
Charge offs | |||
Provisions | $ (7) | 35 | |
Ending balance | 188 | 224 | 195 |
Ending balance: collectively evaluated for impairment | 188 | 195 | |
Loans receivables, Ending Balance | 49,545 | 51,270 | |
Loans receivables, Ending Balance: individually evaluated for impairment | 676 | 691 | |
Loans receivable, Ending Balance: collectively evaluated for impairment | 48,869 | 50,579 | |
Reserve for unfunded loan commitments included in other liabilities | 13 | 12 | 13 |
Consumer: Other [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | $ 64 | 70 | 70 |
Charge offs | (6) | ||
Provisions | $ 3 | 2 | |
Ending balance | 67 | 66 | 64 |
Ending balance: individually evaluated for impairment | 3 | 4 | |
Ending balance: collectively evaluated for impairment | 64 | 60 | |
Loans receivables, Ending Balance | 5,824 | 5,163 | |
Loans receivables, Ending Balance: individually evaluated for impairment | 199 | 189 | |
Loans receivable, Ending Balance: collectively evaluated for impairment | 5,625 | 4,974 | |
Unallocated [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | $ 527 | 488 | 488 |
Charge offs | |||
Provisions | $ 81 | 118 | |
Ending balance | 608 | $ 606 | 527 |
Ending balance: collectively evaluated for impairment | $ 608 | $ 527 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Stock Warrants [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings eer share | 0 | 0 |
Stock Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings eer share | 0 | 0 |
Stock Awards [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings eer share | 0 | 0 |
Earnings Per Share (Computation
Earnings Per Share (Computation of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings Per Share [Abstract] | ||
Net income available to common stockholders, Income | $ 1,556 | $ 1,226 |
Income available to common stockholders after assumed conversions, Income | $ 1,556 | $ 1,226 |
Net income available to common stockholders, Shares | 2,832,521 | 2,786,012 |
Effect of potential dilutive common stock equivalents– stock options and restricted shares, Shares | 36,000 | 47,000 |
Income available to common stockholders after assumed conversions, Shares | 2,869,119 | 2,832,869 |
Net income available to common stockholders, Amount | $ 0.55 | $ 0.44 |
Effect of potential dilutive common stock equivalents– stock options and restricted shares, Amount | (0.01) | (0.01) |
Income available to common stockholders after assumed conversions, Amount | $ 0.54 | $ 0.43 |
Accumulated Other Comprehensi44
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Accumulated Other Comprehensive Loss [Abstract] | ||
Net unrealized gain (loss) on AFS securities, Before-Tax Amount | $ 258 | $ (1,180) |
Net unrealized gain (loss) on AFS securities, Tax Effect | (87) | 402 |
Net unrealized gain (loss) on AFS securities, Net-of-Tax Amount | 171 | (778) |
Discount on AFS to HTM reclassification, Before-Tax Amount | (15) | (17) |
Discount on AFS to HTM reclassification, Tax Effect | 5 | 6 |
Discount on AFS to HTM reclassification, Net-of-Tax Amount | (10) | (11) |
Unrealized actuarial losses-pension, Before-Tax Amount | (1,812) | (1,812) |
Unrealized actuarial losses-pension, Tax Effect | 616 | 616 |
Unrealized actuarial losses-pension, Net-of-Tax Amount | (1,196) | (1,196) |
Total of all items above, Before-Tax Amount | (1,569) | (3,009) |
Total of all items above, Tax Effect | 534 | 1,024 |
Total of all items above, Net-of-Tax Effect | $ (1,035) | $ (1,985) |
Subordinated Debentures, Note45
Subordinated Debentures, Notes And Other Borrowings (Narrative) (Details) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016USD ($)item | Dec. 31, 2015USD ($) | Mar. 05, 2015USD ($) | |
Debt Instrument [Line Items] | |||
Number of issuances of junior subordinated debentures | item | 2 | ||
Repurchase agreements | $ 21,661,000 | $ 32,416,000 | |
State and municipal securites sold | $ 22,100,000 | $ 33,100,000 | |
Repurchase agreement amount, percentage | 102.00% | 102.00% | |
Subordinated Note [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | $ 9,750,000 | ||
Debt maturity date | Mar. 6, 2025 | ||
Subordinated Note [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Variable interest rate | 5.75% | ||
Subordinated Note [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Variable interest rate | 3.00% | ||
Fixed Rate, First 5 Years [Member] | Subordinated Note [Member] | |||
Debt Instrument [Line Items] | |||
Fixed interest rate | 4.25% | ||
Interest rate period, in years | 5 years | ||
Prime Rate [Member] | Subordinated Note [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.00% | ||
DNB Capital Trust I [Member] | |||
Debt Instrument [Line Items] | |||
Issuance date | Jul. 20, 2001 | ||
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 | Jul. 25, 2006 | ||
Maturity date range, end | Jul. 25, 2031 | ||
DNB Capital Trust II [Member] | |||
Debt Instrument [Line Items] | |||
Issuance date | Mar. 30, 2005 | ||
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 | May 23, 2010 | ||
Maturity date range, end | May 23, 2035 |
Subordinated Debentures, Note46
Subordinated Debentures, Notes And Other Borrowings (Repurchase Agreements Accounted for as Secured Borrowings) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements and repurchase-to-maturity transactions | $ 21,661 | $ 32,416 |
Gross amount of recognized liabilities for repurchase agreements in statement of condition | 21,661 | 32,416 |
Maturity Overnight and Continuous [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements and repurchase-to-maturity transactions | 21,661 | 32,416 |
Gross amount of recognized liabilities for repurchase agreements in statement of condition | $ 21,661 | $ 32,416 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Employee Stock Option [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 | $ 0 | $ 0 |
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 | 88,169 | |
Stock based compensation | $ 660,000 | $ 87,000 |
Share based compensation cost not yet recognized | $ 650,000 | |
Share based compensation cost not yet recognized, period for recognition | 2 years 1 month 21 days | |
Increase (decrease) in shares outstanding | 18,079 | |
Cash equivalent shares used to pay taxes | 15,621 | |
Maximum [Member] | Employee Stock Option [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 |
Stock-Based Compensation (Stock
Stock-Based Compensation (Stock Option Activity) (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Stock-Based Compensation [Abstract] | ||
Outstanding | 64,500 | 163,586 |
Weighted Average Exercise Price | $ 8.67 | $ 15.13 |
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 | 64,500 | 69,752 |
Weighted Average Exercise Price | $ 8.67 | $ 9.13 |
Stock-Based Compensation (Weigh
Stock-Based Compensation (Weighted Average Price And Weighted Average Remaining Contractual Life) (Details) - Range of Exercise Prices 6.93-10.99 [Member] - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
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 | 64,500 | 64,500 |
Number Exercisable | 64,500 | 64,500 |
Weighted Average Exercise Price | $ 8.67 | $ 8.67 |
Weighted Average Remaining Contractual Life | 1 year 10 months 28 days | 2 years 1 month 24 days |
Intrinsic Value | $ 1,281,000 | $ 1,344,000 |
Stock-Based Compensation (Sto50
Stock-Based Compensation (Stock Grant Activity) (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Stock-Based Compensation [Abstract] | ||
Non-vested stock awards, Shares, beginning balance | 77,255 | 75,930 |
Granted, Shares | 3,000 | |
Forfeited, Shares | ||
Vested, Shares | 33,700 | |
Non-vested stock awards, Shares, ending balance | 46,555 | 75,930 |
Non-vested stock awards, Weighted Average Stock Price | $ 22.71 | $ 17.66 |
Granted, Weighted Average Stock Price | 28.75 | |
Forfeited, Weighted Average Stock Price | ||
Vested, Weighted Average Stock Price | 23.66 | |
Non-vested stock awards, Weighted Average Stock Price | $ 22.42 | $ 17.66 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2016 | |
Minimum [Member] | |
Income Tax Contingency [Line Items] | |
Open tax year for examinations | 2,012 |
Maximum [Member] | |
Income Tax Contingency [Line Items] | |
Open tax year for examinations | 2,015 |
Fair Value Of Financial Instr52
Fair Value Of Financial Instruments (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Total recorded investment | $ 5,128 | $ 5,021 | |
Recorded Investment, With allowance recorded | 884 | 307 | |
Impaired Financing Receivable, Related Allowance | 200 | 114 | |
Additional impaired financing receivable | 39 | 931 | |
Partial charge down | 33 | 160 | |
Total fair value of impaired loans | 690 | 964 | |
Other real estate owned & other repossessed property | 2,612 | 2,581 | |
OREO | 2,400 | 2,400 | |
Other repossessed assets | 165 | 165 | |
Transfers from level 1 to level 2 | 0 | ||
Transfers from level 2 to level 1 | 0 | ||
Interest-bearing domestic deposit, brokered | 18,498 | 18,488 | |
Brokered deposits maturing in 2016 | 4,000 | ||
Brokered deposits maturing in 2017 | 6,100 | ||
Brokered deposits maturing in 2018 | 3,200 | ||
Brokered deposits maturing in 2019 | 5,300 | ||
Un-funded Loan Commitments [Member] | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet risks liability amount | 116,900 | 116,400 | |
Stand-by Letters of Credit [Member] | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet risks liability amount | 2,600 | 3,200 | |
Estimated Fair Value [Member] | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Recorded Investment, With allowance recorded | 684 | 193 | |
Additional impaired financing receivable | 6 | 771 | |
Interest-bearing domestic deposit, brokered | 18,566 | $ 18,327 | |
Other Real Estate Owned [Member] | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Amount wrote down of carrying value of OREO property | $ 0 | $ 0 |
Fair Value Of Financial Instr53
Fair Value Of Financial Instruments (Fair Value Measurements on Differing Levels) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for Sale Securities | $ 141,373 | $ 152,379 | |
Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total | 141,373 | 152,379 | |
Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans | 690 | 964 | |
OREO and other repossessed property | 682 | ||
Total | 690 | 1,646 | |
Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for Sale Securities | 141,373 | 152,379 | |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total | 141,373 | 152,379 | |
Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans | [1] | 690 | 964 |
OREO and other repossessed property | [1] | 682 | |
Total | 690 | 1,646 | |
US Government Agency Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for Sale Securities | 59,116 | 58,208 | |
US Government Agency Obligations [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for Sale Securities | 59,116 | 58,208 | |
US Government Agency Obligations [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for Sale Securities | 59,116 | 58,208 | |
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 | 34,228 | 40,351 | |
Government Sponsored Entities (GSE) Mortgage-Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for Sale Securities | 34,228 | 40,351 | |
Government Sponsored Entities (GSE) Mortgage-Backed Securities [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for Sale Securities | 34,228 | 40,351 | |
Collateralized Mortgage Obligations GSE [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for Sale Securities | 15,389 | 15,806 | |
Collateralized Mortgage Obligations GSE [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for Sale Securities | 15,389 | 15,806 | |
Collateralized Mortgage Obligations GSE [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for Sale Securities | 15,389 | 15,806 | |
Corporate Bonds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for Sale Securities | 19,872 | 20,571 | |
Corporate Bonds [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for Sale Securities | 19,872 | 20,571 | |
Corporate Bonds [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for Sale Securities | 19,872 | 20,571 | |
State and Municipal Tax-Exempt [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for Sale Securities | 12,768 | 17,443 | |
State and Municipal Tax-Exempt [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for Sale Securities | 12,768 | 17,443 | |
State and Municipal Tax-Exempt [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for Sale Securities | $ 12,768 | $ 17,443 | |
[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. |
Fair Value Of Financial Instr54
Fair Value Of Financial Instruments (Quantitative Information About Level 3 Fair Value Measurements) (Details) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans | $ 690 | $ 964 | |
Other Real Estate Owned, fair value | 682 | ||
Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans | [1] | 690 | 964 |
Other Real Estate Owned, fair value | [1] | 682 | |
Level 3 [Member] | Residential Mortgage [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans | [1] | 143 | 115 |
Level 3 [Member] | Commercial Mortgage [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans | [1] | 97 | |
Level 3 [Member] | Commercial Term [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans | [1] | 79 | 90 |
Level 3 [Member] | Commercial Construction [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans | [1] | 358 | 559 |
Level 3 [Member] | Consumer: Home Equity [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans | [1] | 6 | |
Level 3 [Member] | Consumer: Other [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans | [1] | $ 104 | $ 103 |
Level 3 [Member] | Minimum [Member] | Other Real Estate Owned [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Disposal costs | [2] | (8.00%) | |
Level 3 [Member] | Minimum [Member] | Residential Mortgage [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Appraisal adjustments | [1],[2] | 0.00% | 0.00% |
Disposal costs | [1],[2] | (8.00%) | (8.00%) |
Level 3 [Member] | Minimum [Member] | Commercial Mortgage [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Appraisal adjustments | [1],[2] | 0.00% | |
Disposal costs | [1],[2] | (13.00%) | |
Level 3 [Member] | Minimum [Member] | Commercial Term [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Appraisal adjustments | [1],[2] | (72.00%) | (72.00%) |
Disposal costs | [1],[2] | (11.00%) | (11.00%) |
Level 3 [Member] | Minimum [Member] | Commercial Construction [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Appraisal adjustments | [1],[2] | (20.00%) | 0.00% |
Disposal costs | [1],[2] | (8.00%) | (8.00%) |
Level 3 [Member] | Minimum [Member] | Consumer: Home Equity [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Appraisal adjustments | [1],[2] | 0.00% | |
Disposal costs | [1],[2] | (8.00%) | |
Level 3 [Member] | Minimum [Member] | Consumer: Other [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Appraisal adjustments | [1],[2] | 0.00% | 0.00% |
Disposal costs | [1],[2] | (8.00%) | (8.00%) |
Level 3 [Member] | Maximum [Member] | Other Real Estate Owned [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Disposal costs | [2] | (8.00%) | |
Level 3 [Member] | Maximum [Member] | Residential Mortgage [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Appraisal adjustments | [1],[2] | 0.00% | 0.00% |
Disposal costs | [1],[2] | (8.00%) | (8.00%) |
Level 3 [Member] | Maximum [Member] | Commercial Mortgage [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Appraisal adjustments | [1],[2] | 0.00% | |
Disposal costs | [1],[2] | (13.00%) | |
Level 3 [Member] | Maximum [Member] | Commercial Term [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Appraisal adjustments | [1],[2] | (72.00%) | (72.00%) |
Disposal costs | [1],[2] | (11.00%) | (11.00%) |
Level 3 [Member] | Maximum [Member] | Commercial Construction [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Appraisal adjustments | [1],[2] | (20.00%) | 0.00% |
Disposal costs | [1],[2] | (8.00%) | (8.00%) |
Level 3 [Member] | Maximum [Member] | Consumer: Home Equity [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Appraisal adjustments | [1],[2] | 0.00% | |
Disposal costs | [1],[2] | (8.00%) | |
Level 3 [Member] | Maximum [Member] | Consumer: Other [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Appraisal adjustments | [1],[2] | 0.00% | 0.00% |
Disposal costs | [1],[2] | (8.00%) | (8.00%) |
Level 3 [Member] | Weighted Average [Member] | Other Real Estate Owned [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Disposal costs | [2] | (8.00%) | |
Level 3 [Member] | Weighted Average [Member] | Residential Mortgage [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Appraisal adjustments | [1],[2] | 0.00% | 0.00% |
Disposal costs | [1],[2] | (8.00%) | (8.00%) |
Level 3 [Member] | Weighted Average [Member] | Commercial Mortgage [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Appraisal adjustments | [1],[2] | 0.00% | |
Disposal costs | [1],[2] | (13.00%) | |
Level 3 [Member] | Weighted Average [Member] | Commercial Term [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Appraisal adjustments | [1],[2] | (72.00%) | (72.00%) |
Disposal costs | [1],[2] | (11.00%) | (11.00%) |
Level 3 [Member] | Weighted Average [Member] | Commercial Construction [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Appraisal adjustments | [1],[2] | (20.00%) | 0.00% |
Disposal costs | [1],[2] | (8.00%) | (8.00%) |
Level 3 [Member] | Weighted Average [Member] | Consumer: Home Equity [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Appraisal adjustments | [1],[2] | 0.00% | |
Disposal costs | [1],[2] | (8.00%) | |
Level 3 [Member] | Weighted Average [Member] | Consumer: Other [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Appraisal adjustments | [1],[2] | 0.00% | 0.00% |
Disposal costs | [1],[2] | (8.00%) | (8.00%) |
[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 Instr55
Fair Value Of Financial Instruments (Carrying Amounts and Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities, Fair Value | $ 141,373 | $ 152,379 |
Held to Maturity Securities | 65,650 | 67,829 |
Loans held-for-sale | 359 | |
Time deposits | 71,264 | 66,018 |
Brokered deposits | 18,498 | 18,488 |
Subordinated debt | 9,750 | 9,750 |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 38,740 | 21,119 |
Available-for-sale securities, Fair Value | 141,373 | 152,379 |
Held to Maturity Securities | 65,650 | 67,829 |
Restricted stock | 3,166 | 3,447 |
Loans, net of allowance, including impaired | 484,194 | 476,823 |
Accrued interest receivable | 2,569 | 2,410 |
Non-interest-bearing deposits | 131,951 | 125,581 |
Interest-bearing deposits | 415,342 | 396,188 |
Time deposits | 71,264 | 66,018 |
Brokered deposits | 18,498 | 18,488 |
Repurchase agreements | 21,661 | 32,416 |
FHLBP advances | 20,000 | 30,000 |
Junior subordinated debentures and other borrowings | 9,279 | 9,279 |
Subordinated debt | 9,750 | 9,750 |
Accrued interest payable | 313 | 345 |
Estimated Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 38,740 | 21,119 |
Available-for-sale securities, Fair Value | 141,373 | 152,379 |
Held to Maturity Securities | 66,797 | 68,431 |
Restricted stock | 3,166 | 3,447 |
Loans, net of allowance, including impaired | 468,013 | 461,925 |
Accrued interest receivable | 2,569 | 2,410 |
Non-interest-bearing deposits | 131,951 | 125,581 |
Interest-bearing deposits | 415,342 | 396,188 |
Time deposits | 71,098 | 65,697 |
Brokered deposits | 18,566 | 18,327 |
Repurchase agreements | 21,661 | 32,416 |
FHLBP advances | 20,172 | 30,210 |
Junior subordinated debentures and other borrowings | 8,243 | 7,889 |
Subordinated debt | 9,304 | 9,999 |
Accrued interest payable | 313 | 345 |
Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 38,740 | 21,119 |
Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities, Fair Value | 141,373 | 152,379 |
Held to Maturity Securities | 64,797 | 66,431 |
Restricted stock | 3,166 | 3,447 |
Accrued interest receivable | 2,569 | 2,410 |
Non-interest-bearing deposits | 131,951 | 125,581 |
Interest-bearing deposits | 415,342 | 396,188 |
Time deposits | 71,098 | 65,697 |
Brokered deposits | 18,566 | 18,327 |
Repurchase agreements | 21,661 | 32,416 |
FHLBP advances | 20,172 | 30,210 |
Junior subordinated debentures and other borrowings | 8,243 | 7,889 |
Subordinated debt | 9,304 | 9,999 |
Accrued interest payable | 313 | 345 |
Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held to Maturity Securities | 2,000 | 2,000 |
Loans, net of allowance, including impaired | $ 468,013 | $ 461,925 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ / shares in Units, shares in Thousands | Aug. 04, 2011 | Dec. 31, 2010 | Mar. 31, 2016 | Dec. 31, 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 | |||
Noncumulative Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred stock shares issued and sold to the Treasury | 13 | |||
Liquidation preference per share | $ 1,000 | |||
Aggregate proceeds from shares issued | $ 13,000,000 | |||
Principal amount paid related to CPP shares | 11,750,000 | |||
Dividends paid related to CPP shares | $ 128,900 |