Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 04, 2014 | Jun. 30, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Entity Registrant Name | 'JUNIATA VALLEY FINANCIAL CORP | ' | ' |
Entity Central Index Key | '0000714712 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Public Float | ' | ' | $73,138,453 |
Entity Common Stock, Shares Outstanding | ' | 4,196,266 | ' |
Consolidated_Statements_of_Fin
Consolidated Statements of Financial Condition (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets: | ' | ' |
Cash and due from banks | $8,570 | $14,261 |
Interest bearing deposits with banks | 43 | 136 |
Cash and cash equivalents | 8,613 | 14,397 |
Interest bearing time deposits with banks | 249 | 847 |
Securities available for sale | 126,046 | 122,338 |
Restricted investment in Federal Home Loan Bank (FHLB) stock | 1,967 | 1,726 |
Investment in unconsolidated subsidiary | 4,172 | 4,000 |
Total loans | 277,798 | 277,500 |
Less: Allowance for loan losses | -2,287 | -3,281 |
Total loans, net of allowance for loan losses | 275,511 | 274,219 |
Premises and equipment, net | 6,330 | 6,472 |
Other real estate owned | 281 | 428 |
Bank owned life insurance and annuities | 14,848 | 14,402 |
Investment in low income housing project | 3,990 | 3,796 |
Core deposit intangible | 119 | 164 |
Goodwill | 2,046 | 2,046 |
Mortgage servicing rights | 167 | 98 |
Accrued interest receivable and other assets | 4,443 | 3,936 |
Total assets | 448,782 | 448,869 |
Liabilities: | ' | ' |
Non-interest bearing deposits | 74,611 | 71,318 |
Interest bearing deposits | 305,034 | 315,433 |
Total deposits | 379,645 | 386,751 |
Securities sold under agreements to repurchase | 5,397 | 3,836 |
Short-term borrowings | 8,400 | 1,600 |
Other interest bearing liabilities | 1,356 | 1,305 |
Accrued interest payable and other liabilities | 4,000 | 5,080 |
Total liabilities | 398,798 | 398,572 |
Stockholders' Equity: | ' | ' |
Common stock, par value $1.00 per share: Authorized - 20,000,000 shares Issued - 4,745,826 shares Outstanding - 4,196,266 shares at December 31, 2013; 4,218,361 shares at December 31, 2012 | 4,746 | 4,746 |
Surplus | 18,370 | 18,346 |
Retained earnings | 39,118 | 38,824 |
Accumulated other comprehensive loss | -1,659 | -1,419 |
Cost of common stock in Treasury: 549,560 shares at December 31, 2013; 527,465 shares at December 31, 2012 | -10,591 | -10,200 |
Total stockholders' equity | 49,984 | 50,297 |
Total liabilities and stockholders' equity | $448,782 | $448,869 |
Consolidated_Statements_of_Fin1
Consolidated Statements of Financial Condition(Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Consolidated Statements of Financial Condition [Abstract] | ' | ' |
Preferred Stock, Par or Stated Value Per Share | $0 | $0 |
Preferred Stock, Authorized | 500,000 | 500,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $1 | $1 |
Common Stock, Shares Authorized | 20,000,000 | 20,000,000 |
Common Stock, Shares Issued | 4,745,826 | 4,745,826 |
Common Stock, Shares, Outstanding | 4,196,266 | 4,218,361 |
Treasury Stock, Shares | 549,560 | 527,465 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Interest income: | ' | ' | ' |
Loans, including fees | $14,868 | $16,092 | $17,857 |
Taxable securities | 1,267 | 1,311 | 1,240 |
Tax-exempt securities | 583 | 738 | 901 |
Other interest income | 16 | 29 | 35 |
Total interest income | 16,734 | 18,170 | 20,033 |
Interest expense: | ' | ' | ' |
Deposits | 2,871 | 3,621 | 4,560 |
Securities sold under agreements to repurchase | 4 | 4 | 3 |
Short-term borrowings | 8 | 1 | 1 |
Other interest bearing liabilities | 17 | 22 | 27 |
Total interest expense | 2,900 | 3,648 | 4,591 |
Net interest income | 13,834 | 14,522 | 15,442 |
Provision for loan losses | 415 | 1,411 | 364 |
Net interest income after provision for loan losses | 13,419 | 13,111 | 15,078 |
Non-interest income: | ' | ' | ' |
Customer service fees | 1,290 | 1,282 | 1,346 |
Debit card fee income | 822 | 809 | 792 |
Earnings on bank-owned life insurance and annuities | 416 | 450 | 478 |
Trust fees | 355 | 379 | 388 |
Commissions from sales of non-deposit products | 375 | 353 | 273 |
Income from unconsolidated subsidiary | 237 | 249 | 263 |
Fees derived from loan activity | 165 | 197 | 152 |
Gain on sales of loans | 338 | 567 | ' |
(Loss) gain on calls of securities | -2 | 2 | 6 |
Gain from life insurance proceeds | ' | 53 | ' |
Other non-interest income | 237 | 251 | 248 |
Total non-interest income | 4,233 | 4,592 | 3,946 |
Non-interest expense: | ' | ' | ' |
Employee compensation expense | 5,413 | 5,190 | 5,258 |
Employee benefits | 1,615 | 2,096 | 1,686 |
Occupancy | 971 | 929 | 957 |
Equipment | 462 | 510 | 569 |
Data processing expense | 1,450 | 1,440 | 1,326 |
Director compensation | 223 | 234 | 284 |
Professional fees | 388 | 362 | 462 |
Taxes, other than income | 483 | 438 | 496 |
FDIC Insurance premiums | 331 | 327 | 369 |
(Gain) loss on sales of other real estate owned | -39 | 34 | -56 |
Amortization of intangibles | 45 | 45 | 45 |
Amortization of investment in low-income housing partnership | 448 | ' | ' |
Other non-interest expense | 1,356 | 1,472 | 1,406 |
Total non-interest expense | 13,146 | 13,077 | 12,802 |
Income before income taxes | 4,506 | 4,626 | 6,222 |
Provision for income taxes | 505 | 978 | 1,542 |
Net income | $4,001 | $3,648 | $4,680 |
Earnings per share | ' | ' | ' |
Basic earnings per share | $0.95 | $0.86 | $1.10 |
Diluted earnings per share | $0.95 | $0.86 | $1.10 |
Cash dividends declared per share | $0.88 | $0.88 | $0.86 |
Weighted average basic shares outstanding | 4,210,336 | 4,231,404 | 4,241,286 |
Weighted average diluted shares outstanding | 4,211,078 | 4,233,448 | 4,244,507 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Statement of Comprehensive Income [Abstract] | ' | ' | ' | |||
Net income: Before Tax Amount | $4,506 | $4,626 | $6,222 | |||
Net Income: Tax Effect | -505 | -978 | -1,542 | |||
Net income: Net-of-Tax Amount | 4,001 | 3,648 | 4,680 | |||
Other comprehensive income (loss): | ' | ' | ' | |||
Unrealized holding losses arising during the period: Before Tax Amount | -2,325 | -33 | 630 | |||
Unrealized holding losses arising during the period: Tax Effect | 791 | 11 | ' | |||
Unrealized holding losses arising during the period: Net-of-Tax Amount | -1,534 | -22 | 416 | |||
Unrealized holding losses from unconsolidated subsidiary: Before Tax Amount | -18 | ' | 12 | |||
Unrealized gains (losses) from unconsolidated subsidiary: Tax Expense | ' | ' | -214 | |||
Unrealized holding losses from unconsolidated subsidiary: Net-of-Tax Amount | -18 | ' | 12 | |||
Less reclassification adjustment for gains included in net income: Before Tax Amount | 2 | [1],[2] | -2 | [1],[2] | -6 | [1],[2] |
Less reclassification adjustment for: gains included in net income: Tax Effect | -1 | [1],[2] | 1 | [1],[2] | 2 | [1],[2] |
Less reclassification adjustment for: gains included in net income: Net-of-Tax Amount | 1 | [1],[2] | -1 | [1],[2] | -4 | [1],[2] |
Unrecognized pension net gain (loss): Before Tax Amount | 821 | [2],[3] | 1,633 | [2],[3] | -743 | [2],[3] |
Unrecognized pension net gain (loss): Tax Effect | -279 | [2],[3] | -555 | [2],[3] | 252 | [2],[3] |
Unrecognized pension net gain (loss): Net-of-Tax Amount | 542 | [2],[3] | 1,078 | [2],[3] | -491 | [2],[3] |
Unrecognized pension cost due to change in assumptions: Before Tax Amount | 962 | [2],[3] | -681 | [2],[3] | -1,247 | [2],[3] |
Unrecognized pension cost due to change in assumptions: Tax Effect | -327 | [2],[3] | 232 | [2],[3] | 424 | [2],[3] |
Unrecognized pension cost due to change in assumptions: Net-of-Tax Amount | 635 | [2],[3] | -449 | [2],[3] | -823 | [2],[3] |
Amortization of pension prior service cost: Before Tax Amount | -1 | [2],[3] | 56 | [2],[3] | -2 | [2],[3] |
Amortization of pension prior service cost: Tax Expense or Benefit | ' | -19 | [2],[3] | 1 | [2],[3] | |
Amortization of pension prior service cost: Net-of-Tax Amount | -1 | [2],[3] | 37 | [2],[3] | -1 | [2],[3] |
Amortization of pension net actuarial cost: Before Tax Amount | 203 | [2],[3] | 296 | [2],[3] | 152 | [2],[3] |
Amortization of net pension actuarial loss: Tax Expense | -68 | [2],[3] | -102 | [2],[3] | -52 | [2],[3] |
Amortization of net pension actuarial cost: Net-of-Tax Amount | 135 | [2],[3] | 194 | [2],[3] | 100 | [2],[3] |
Other comprehensive income: Before Tax Amount | -356 | 1,269 | -1,204 | |||
Other comprehensive income: Tax Effect | 116 | -432 | 413 | |||
Other comprehensive income: Net-of-Tax Amount | -240 | 837 | -791 | |||
Total comprehensive income: Before Tax Amount | 4,150 | 5,895 | 5,018 | |||
Total comprehensive income: Tax Expense | -389 | -1,410 | -1,129 | |||
Total comprehensive income: Net-of-Tax Amount | $3,761 | $4,485 | $3,889 | |||
[1] | Amounts are included in (loss) gain on calls of securities on the Consolidated Statements of Income as a separate element within total non-interest income. | |||||
[2] | Income tax amounts are included in the provision for income taxes on the Consolidated Statements of Income. | |||||
[3] | Amounts are included in the computation of net periodic benefit cost and are included in employee benefits expense on the Consolidated Statements of Income as a separate element within total non-interest expense. |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Common Stock [Member] | Surplus [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Treasury Stock [Member] | Total |
In Thousands, except Share data | ||||||
Balance at Dec. 31, 2010 | $4,746 | $18,354 | $37,868 | ($1,465) | ($9,527) | $49,976 |
Beginning balance, shares at Dec. 31, 2010 | 4,257,765 | ' | ' | ' | ' | ' |
Net income | ' | ' | 4,680 | ' | ' | 4,680 |
Other comprehensive loss (income) | ' | ' | ' | -791 | ' | -791 |
Cash dividends | ' | ' | -3,648 | ' | ' | -3,648 |
Stock-based compensation activity | ' | 26 | ' | ' | ' | 26 |
Purchase of treasury stock, at cost | ' | ' | ' | ' | -589 | -589 |
Purchase of treasury stock, shares | -33,850 | ' | ' | ' | ' | -33,850 |
Treasury stock issued for stock option and stock purchase plans | ' | -17 | ' | ' | 83 | 66 |
Treasury stock issued for stock option and stock purchase plans, shares | 4,303 | ' | ' | ' | ' | ' |
Balance at Dec. 31, 2011 | 4,746 | 18,363 | 38,900 | -2,256 | -10,033 | 49,720 |
Ending balance, shares at Dec. 31, 2011 | 4,228,218 | ' | ' | ' | ' | ' |
Net income | ' | ' | 3,648 | ' | ' | 3,648 |
Other comprehensive loss (income) | ' | ' | ' | 837 | ' | 837 |
Cash dividends | ' | ' | -3,724 | ' | ' | -3,724 |
Stock-based compensation activity | ' | 25 | ' | ' | ' | 25 |
Purchase of treasury stock, at cost | ' | ' | ' | ' | -360 | -360 |
Purchase of treasury stock, shares | -19,793 | ' | ' | ' | ' | -19,793 |
Treasury stock issued for stock option and stock purchase plans | ' | -42 | ' | ' | 193 | 151 |
Treasury stock issued for stock option and stock purchase plans, shares | 9,936 | ' | ' | ' | ' | ' |
Balance at Dec. 31, 2012 | 4,746 | 18,346 | 38,824 | -1,419 | -10,200 | 50,297 |
Ending balance, shares at Dec. 31, 2012 | 4,218,361 | ' | ' | ' | ' | 4,218,361 |
Net income | ' | ' | 4,001 | ' | ' | 4,001 |
Other comprehensive loss (income) | ' | ' | ' | -240 | ' | -240 |
Cash dividends | ' | ' | -3,707 | ' | ' | -3,707 |
Stock-based compensation activity | ' | 30 | ' | ' | ' | 30 |
Purchase of treasury stock, at cost | ' | ' | ' | ' | -445 | -445 |
Purchase of treasury stock, shares | -24,918 | ' | ' | ' | ' | -24,918 |
Treasury stock issued for stock option and stock purchase plans | ' | -6 | ' | ' | 54 | 48 |
Treasury stock issued for stock option and stock purchase plans, shares | 2,823 | ' | ' | ' | ' | ' |
Balance at Dec. 31, 2013 | $4,746 | $18,370 | $39,118 | ($1,659) | ($10,591) | $49,984 |
Ending balance, shares at Dec. 31, 2013 | 4,196,266 | ' | ' | ' | ' | 4,196,266 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating activities: | ' | ' | ' |
Net income | $4,001 | $3,648 | $4,680 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Provision for loan losses | 415 | 1,411 | 364 |
Depreciation | 497 | 524 | 581 |
Net amortization of securities premiums | 440 | 412 | 369 |
Net amortization of loan origination costs (fees) | 25 | -31 | 43 |
Deferred net loan origination fees (costs) | 15 | -32 | -9 |
Amortization of intangibles | 45 | 45 | 45 |
Amortization of investment in low income housing partnership | 448 | ' | ' |
Net realized loss (gain) on calls of securities | 2 | -2 | -6 |
Net (gain) loss on sales of other real estate owned | -39 | 34 | -56 |
Earnings on bank owned life insurance and annuities | -416 | -450 | -478 |
Deferred tax expense (benefit) | 662 | -64 | -20 |
Equity in earnings of unconsolidated subsidiary, net of dividends of $47, $45 and $29 | -190 | -204 | -234 |
Stock-based compensation expense | 30 | 25 | 26 |
Mortgage loans originated for sale | -8,173 | -11,057 | ' |
Proceeds from loans sold to others | 8,442 | 11,526 | ' |
Gains on sales of loans | -338 | -567 | ' |
Gain from life insurance proceeds | ' | -53 | ' |
Decrease in accrued interest receivable and other assets | 930 | 478 | 190 |
(Decrease) increase in accrued interest payable and other liabilities | -997 | 167 | 86 |
Net cash provided by operating activities | 5,799 | 5,810 | 5,581 |
Investing activities: | ' | ' | ' |
Purchases of: Securities available for sale | -45,446 | -87,319 | -87,131 |
Purchases of: FHLB stock | -241 | -26 | ' |
Purchases of: Premises and equipment | -355 | -286 | -224 |
Purchases of: Bank owned life insurance and annuities | -68 | -70 | -70 |
Proceeds from: Maturities of and principal repayments on securities available for sale | 38,973 | 75,816 | 56,034 |
Proceeds from: Redemption of FHLB stock | ' | ' | 388 |
Proceeds from: Bank owned life insurance and annuities | 8 | 13 | 23 |
Proceeds from: Proceeds from life insurance claim | ' | 200 | ' |
Proceeds from: Sale of other real estate owned | 780 | 988 | 612 |
Proceeds from: Sale of other assets | 18 | 2 | 9 |
Investment in low income housing partnership | -642 | -3,403 | ' |
Net decrease in interest bearing time deposits with banks | 598 | 249 | 249 |
Net (increase) decrease in loans | -2,359 | 10,160 | 7,537 |
Net cash used in investing activities | -8,734 | -3,676 | -22,573 |
Financing activities: | ' | ' | ' |
Net (decrease) increase in deposits | -7,106 | 86 | 9,875 |
Net increase in short-term borrowings and securities sold under agreements to repurchase | 8,361 | 1,936 | 186 |
Cash dividends | -3,707 | -3,724 | -3,648 |
Purchase of treasury stock | -445 | -360 | -589 |
Treasury stock issued for employee stock plans | 48 | 151 | 66 |
Net cash (used in) provided by financing activities | -2,849 | -1,911 | 5,890 |
Net (decrease) increase in cash and cash equivalents | -5,784 | 223 | -11,102 |
Cash and cash equivalents at beginning of year | 14,397 | 14,174 | 25,276 |
Cash and cash equivalents at end of year | 8,613 | 14,397 | 14,174 |
Supplemental information: | ' | ' | ' |
Interest paid | 2,967 | 3,715 | 4,669 |
Income taxes paid | 695 | 1,135 | 1,200 |
Supplemental schedule of noncash investing and financing activities: | ' | ' | ' |
Transfer of loans to other real estate owned | 594 | 1,023 | 571 |
Transfer of loans to other assets | $18 | ' | $22 |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows(Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Consolidated Statements of Cash Flows(Parenthetical) [Abstract] | ' | ' | ' |
Equity Method Investment, Dividends | $47 | $45 | $29 |
Nature_of_Operations
Nature of Operations | 12 Months Ended |
Dec. 31, 2013 | |
Nature of Operations [Abstract] | ' |
NATURE OF OPERATIONS | ' |
1. Nature Of Operations | |
Juniata Valley Financial Corp. (“Juniata” or the “Company”) is a bank holding company operating in central Pennsylvania, for the purpose of delivering financial services within its local market. Through its wholly-owned banking subsidiary, The Juniata Valley Bank (the “Bank”), Juniata provides retail and commercial banking and other financial services through 12 branch locations located in Juniata, Mifflin, Perry and Huntingdon Counties. Additionally, in Mifflin, Juniata and Centre Counties, the Company maintains three offices for loan production, trust services and wealth management sales. Each of the Company’s lines of business are part of the same reporting segment, whose operating results are regularly reviewed and managed by a centralized executive management group. As a result, the Company has only one reportable segment for financial reporting purposes. The Bank provides a full range of banking services including on-line banking, an automatic teller machine network, checking accounts, NOW accounts, savings accounts, money market accounts, fixed rate certificates of deposit, club accounts, secured and unsecured commercial and consumer loans, construction and mortgage loans, safe deposit facilities and credit loans with overdraft checking protection. The Bank also provides a variety of trust services. The Company has a contractual arrangement with a broker-dealer to allow the offering of annuities, mutual funds, stock and bond brokerage services and long-term care insurance to its local market. Most of the Company’s commercial customers are small and mid-sized businesses operating in the Bank’s local service area. The Bank operates under a state bank charter and is subject to regulation by the Pennsylvania Department of Banking and the Federal Deposit Insurance Corporation. Juniata is subject to regulation of the Board of Governors of the Federal Reserve Bank and the Pennsylvania Department of Banking. | |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Summary of Significant Accounting Policies [Abstract] | ' | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | |||
2. Summary of Significant Accounting Policies | ||||
The accounting policies of Juniata Valley Financial Corp. and its wholly owned subsidiary conform to accounting principles generally accepted in the United States of America (“GAAP”) and to general financial services industry practices. A summary of the more significant accounting policies applied in the preparation of the accompanying consolidated financial statements follows. | ||||
Principles of consolidation | ||||
The consolidated financial statements include the accounts of Juniata Valley Financial Corp. and its wholly owned subsidiary, The Juniata Valley Bank. All significant intercompany transactions and balances have been eliminated. | ||||
Use of estimates | ||||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, the valuation of deferred tax assets and the determination of other-than-temporary impairment on securities. | ||||
Basis of presentation | ||||
Certain amounts previously reported have been reclassified to conform to the consolidated financial statement presentation for 2013. The reclassification had no effect on net income. | ||||
Significant group concentrations of credit risk | ||||
Most of the Company’s activities are with customers located within the Juniata Valley region. Note 5 discusses the types of securities in which the Company invests. Note 6 discusses the types of lending in which the Company engages. | ||||
As of December 31, 2013, there were no concentrations of credit to any particular industry equaling more than 25% of total capital. The Bank’s business activities are geographically concentrated in the counties of Juniata, Mifflin, Perry, Huntingdon, Centre, Franklin and Snyder, Pennsylvania. The Bank has a diversified loan portfolio; however, a substantial portion of its debtors’ ability to honor their obligations is dependent upon the economy in central Pennsylvania. | ||||
Cash and cash equivalents | ||||
For purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks, interest bearing demand deposits with banks and federal funds sold. Generally, federal funds are sold for one-day periods. | ||||
Interest bearing time deposits with banks | ||||
Interest-bearing time deposits with banks consist of certificates of deposits in other banks with maturities within one year. | ||||
Securities | ||||
Securities classified as available for sale, which include marketable investment securities, are stated at fair value, with the unrealized gains and losses, net of tax, reported as a component of other comprehensive income (loss). Securities classified as available for sale are those securities that the Company intends to hold for an indefinite period of time but not necessarily to maturity. Any decision to sell a security classified as available for sale would be based on various factors, including significant movement in interest rates, changes in maturity mix of the Company’s assets and liabilities, liquidity needs, regulatory capital considerations and other similar factors. Investment securities that management has the positive intent and ability to hold until maturity regardless of changes in market conditions, liquidity needs or changes in general economic conditions are classified as held to maturity and are stated at cost, adjusted for amortization of premium and accretion of discount computed by the interest method over their contractual lives. Interest and dividends on investment securities available for sale and held to maturity are recognized as income when earned. Premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Gains or losses on the disposition of securities available for sale are based on the net proceeds and the adjusted carrying amount of the securities sold, determined on a specific identification basis. The Company has no securities classified as held to maturity at December 31, 2013 and 2012. | ||||
Accounting Standards Codification (ASC) Topic 320, Investments – Debt and Equity Securities, clarifies the interaction of the factors that should be considered when determining whether a debt security is other-than-temporarily impaired. For debt securities, management must assess whether (a) it has the intent to sell the security and (b) it is more likely than not that it will be required to sell the security prior to its anticipated recovery. These steps are taken before an assessment is made as to whether the entity will recover the cost basis of the investment. For equity securities, consideration is given to management’s intention and ability to hold the securities until recovery of unrealized losses in assessing potential other-than-temporary impairment. More specifically, factors considered to determine other-than-temporary impairment status for individual equity holdings include the length of time the stock has remained in an unrealized loss position, the percentage of unrealized loss compared to the carrying cost of the stock, dividend reduction or suspension, market analyst reviews and expectations, and other pertinent factors that would affect expectations for recovery or further decline. | ||||
In instances when a determination is made that an other-than-temporary impairment exists and the entity does not intend to sell the debt security and it is not more likely than not that it will be required to sell the debt security prior to its anticipated recovery, the other-than-temporary impairment is separated into the amount of the total other-than-temporary impairment related to a decrease in cash flows expected to be collected from the debt security (the credit loss) and the amount of the total other-than-temporary impairment related to all other factors. The amount of the total other-than-temporary impairment related to the credit loss is recognized in earnings. The amount of the total other-than-temporary impairment related to all other factors is recognized in other comprehensive (loss) income. | ||||
Management determines the appropriate classification of debt securities at the time of purchase and re-evaluates such designation as of each balance sheet date. | ||||
Restricted Investment in Federal Home Loan Bank Stock | ||||
The Bank owns restricted stock investments in the Federal Home Loan Bank. Federal law requires a member institution of the Federal Home Loan Bank to hold stock according to a predetermined formula. The stock is carried at cost. | ||||
Management evaluates the restricted stock for impairment on an annual basis. Management’s determination of whether these investments are impaired is based on management’s assessment of the ultimate recoverability of the cost of these investments rather than by recognizing temporary declines in value. The determination of whether a decline affects the ultimate recoverability of the cost of these investments is influenced by criteria such as (1) the significance of the decline in net assets of the FHLB as compared to the capital stock amount for the FHLB and the length of time this situation has persisted, (2) commitments by the FHLB to make payments required by law or regulation and the level of such payments in relation to the operating performance of the FHLB, and (3) the impact of legislative and regulatory changes on institutions and, accordingly, on the customer base of the FHLB. | ||||
Management believes no impairment charge was necessary related to the FHLB restricted stock during 2013, 2012 or 2011. | ||||
Loans | ||||
Loans that the Company has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at the outstanding unpaid principal balances, net of any deferred fees or costs and the allowance for loan losses. Interest income on all loans, other than nonaccrual loans, is accrued over the term of the loans based on the amount of principal outstanding. Unearned income is amortized to income over the life of the loans, using the interest method. | ||||
The loan portfolio is segmented into commercial and consumer loans. Commercial loans are comprised of the following classes of loans: (1) commercial, financial and agricultural, (2) commercial real estate, (3) real estate construction, a portion of (4) mortgage loans and (5) obligations of states and political subdivisions. Consumer loans are comprised of a portion of (4) mortgage loans and (6) personal loans. | ||||
Loans on which the accrual of interest has been discontinued are designated as non-accrual loans. Accrual of interest on loans is generally discontinued when the contractual payment of principal or interest has become 90 days past due or reasonable doubt exists as to the full, timely collection of principal or interest. However, it is the Company’s policy to continue to accrue interest on loans over 90 days past due as long as (1) they are guaranteed or well secured and (2) there is an effective means of collection in process. When a loan is placed on non-accrual status, all unpaid interest credited to income in the current year is reversed against current period income and unpaid interest accrued in prior years is charged against the allowance for loan losses. Interest received on nonaccrual loans generally is either applied against principal or reported as interest income, according to management’s judgment as to the collectability of principal. Generally, accruals are resumed on loans only when the obligation is brought fully current with respect to interest and principal, has performed in accordance with the contractual terms for a reasonable period of time and the ultimate collectability of the total contractual principal and interest is no longer in doubt. | ||||
The Company originates loans in the portfolio with the intent to hold them until maturity. At the time the Company no longer intends to hold loans to maturity based on asset/liability management practices, the Company transfers loans from its portfolio to held for sale at fair value. Any write-down recorded upon transfer is charged against the allowance for loan losses. Any write-downs recorded after the initial transfers are recorded as a charge to other non-interest expense. Gains or losses recognized upon sale are included in other non-interest income. | ||||
Loan origination fees and costs | ||||
Loan origination fees and related direct origination costs for a given loan are deferred and amortized over the life of the loan on a level-yield basis as an adjustment to interest income over the contractual life of the loan. As of December 31, 2013 and 2012, the amount of net unamortized origination fees carried as an adjustment to outstanding loan balances was $123,000 and $42,000, respectively. | ||||
Allowance for credit losses | ||||
The allowance for credit losses consists of the allowance for loan losses and the reserve for unfunded lending commitments. The allowance for loan losses (“allowance”) represents management’s estimate of losses inherent in the loan portfolio as of the consolidated statement of financial condition date and is recorded as a reduction to loans. The reserve for unfunded lending commitments represents management’s estimate of losses inherent in its unfunded lending commitments and is recorded in other liabilities on the consolidated statement of financial condition, when necessary. The amount of the reserve for unfunded lending commitments is not material to the consolidated financial statements. The allowance for loan losses is increased by the provision for loan losses, and decreased by charge-offs, net of recoveries. Loans deemed to be uncollectible are charged against the allowance for loan losses, and subsequent recoveries, if any, are credited to the allowance. | ||||
For financial reporting purposes, the provision for loan losses charged to current operating income is based on management's estimates, and actual losses may vary from estimates. These estimates are reviewed and adjusted at least quarterly and are reported in earnings in the periods in which they become known. | ||||
Loans included in any class are considered for charge-off when: | ||||
· | principal or interest has been in default for 120 days or more and for which no payment has been received during the previous four months; | |||
· | all collateral securing the loan has been liquidated and a deficiency balance remains; | |||
· | a bankruptcy notice is received for an unsecured loan; | |||
· | a confirming loss event has occurred; or | |||
· | the loan is deemed to be uncollectible for any other reason. | |||
The allowance for loan losses is maintained at a level considered adequate to offset probable losses on the Company’s existing loans. The analysis of the allowance for loan losses relies heavily on changes in observable trends that may indicate potential credit weaknesses. Management’s periodic evaluation of the adequacy of the allowance is based on the Bank’s past loan loss experience, known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay, the estimated value of any underlying collateral, composition of the loan portfolio, current economic conditions and other relevant factors. This evaluation is inherently subjective as it requires material estimates that may be susceptible to significant revision as more information becomes available. | ||||
In addition, regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses and may require the Company to recognize additions to the allowance for loan losses based on their judgments about information available to them at the time of their examination, which may not be currently available to management. Based on management’s comprehensive analysis of the loan portfolio, management believes the level of the allowance for loan losses as of December 31, 2013 was adequate. | ||||
There are two components of the allowance: a specific component for loans that are deemed to be impaired; and a general component for contingencies. | ||||
A loan is considered to be impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loans and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan by loan basis by the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s observable market price or the fair value of the collateral if the loan is collateral dependent. | ||||
The estimated fair values of substantially all of the Company’s impaired loans are measured based on the estimated fair value of the loan’s collateral. For commercial loans secured with real estate, estimated fair values are determined primarily through third-party appraisals. When a real estate secured loan becomes impaired, a decision is made regarding whether an updated certified appraisal of the real estate is necessary. This decision is based on various considerations, including the age of the most recent appraisal, the loan-to-value ratio based on the current appraisal and the condition of the property. Appraised values may be discounted to arrive at the estimated selling price of the collateral, which is considered to be the estimated fair value. The discounts also include the estimated costs to sell the property. For commercial loans secured by non-real estate collateral, estimated fair values are determined based on the borrower’s financial statements, inventory reports, aging accounts receivable, equipment appraisals or invoices. Indications of value from these sources are generally discounted based on the age of the financial information or the quality of the assets. For such loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The Company generally does not separately identify individual consumer segment loans for impairment disclosures, unless such loans are subject to a restructuring agreement. | ||||
Loans whose terms are modified are classified as troubled debt restructurings if the Company grants borrowers concessions and it is deemed that those borrowers are experiencing financial difficulty. Concessions granted under a troubled debt restructuring generally involve a below-market interest rate based on the loan’s risk characteristics or an extension of a loan’s stated maturity date. Nonaccrual troubled debt restructurings are restored to accrual status if principal and interest payments, under the modified terms, are current for a sustained period of time after modification. Loans classified as troubled debt restructurings are designated as impaired. | ||||
The component of the allowance for contingencies relates to other loans that have been segmented into risk rated categories. The borrower’s overall financial condition, repayment sources, guarantors and value of collateral, if appropriate, are evaluated quarterly or when credit deficiencies arise, such as delinquent loan payments. Credit quality risk ratings include regulatory classifications of special mention, substandard, doubtful and loss. Loans classified as special mention have potential weaknesses that deserve management’s close attention. If uncorrected, the potential weaknesses may result in deterioration of the repayment prospects. Loans classified as substandard have one or more well-defined weaknesses that jeopardize the liquidation of the debt. Substandard loans include loans that are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans classified doubtful have all the weaknesses inherent in loans classified substandard with the added characteristic that collection or liquidation in full, on the basis of current conditions and facts, is highly improbable. Loans classified as a loss are considered uncollectible and are charged to the allowance for loan losses. Loans not classified are rated pass. Specific reserves may be established for larger, individual classified loans as a result of this evaluation, as discussed above. Remaining loans are categorized into large groups of smaller balance homogeneous loans and are collectively evaluated for impairment. This computation is generally based on historical loss experience adjusted for qualitative factors. The historical loss experience is averaged over a ten-year period for each of the portfolio segments. The ten-year timeframe was selected in order to capture activity over a wide range of economic conditions and has been consistently used for the past seven years. The qualitative risk factors are reviewed for relevancy each quarter and include: | ||||
· | National, regional and local economic and business conditions, as well as the condition of various market segments, including the underlying collateral for collateral dependent loans; | |||
· | Nature and volume of the portfolio and terms of loans; | |||
· | Experience, ability and depth of lending and credit management and staff; | |||
· | Volume and severity of past due, classified and nonaccrual loans, as well as other loan modifications; | |||
· | Existence and effect of any concentrations of credit and changes in the level of such concentrations; and | |||
· | Effect of external factors, including competition. | |||
Each factor is assigned a value to reflect improving, stable or declining conditions based on management’s best judgment using relevant information available at the time of the evaluation. Adjustments to the factors are supported through documentation of changes in conditions in a narrative accompanying the allowance for loan loss calculation. | ||||
Commercial, Financial and Agricultural Lending | ||||
The Company originates commercial, financial and agricultural loans primarily to businesses located in its primary market area and surrounding areas. These loans are used for various business purposes, which include short-term loans and lines of credit to finance machinery and equipment purchases, inventory and accounts receivable. Generally, the maximum term for loans extended on machinery and equipment is shorter and does not exceed the projected useful life of such machinery and equipment. Most business lines of credit are written with a five year maturity, subject to an annual review. | ||||
Commercial loans are generally secured with short-term assets; however, in many cases, additional collateral, such as real estate, is provided as additional security for the loan. Loan-to-value maximum values have been established by the Company and are specific to the type of collateral. Collateral values may be determined using invoices, inventory reports, accounts receivable aging reports, collateral appraisals, etc. | ||||
In underwriting commercial loans, an analysis of the borrower’s character, capacity to repay the loan, the adequacy of the borrower’s capital and collateral, as well as an evaluation of conditions affecting the borrower, is performed. Analysis of the borrower’s past, present and future cash flows is also an important aspect of the Company’s analysis. | ||||
Concentration analysis assists in identifying industry specific risk inherent in commercial, financial and agricultural lending. Mitigants include the identification of secondary and tertiary sources of repayment and appropriate increases in oversight. | ||||
Commercial, financial and agricultural loans generally present a higher level of risk than certain other types of loans, particularly during slow economic conditions. | ||||
Commercial Real Estate Lending | ||||
The Company engages in commercial real estate lending in its primary market area and surrounding areas. The Company’s commercial real estate portfolio is secured primarily by residential housing, commercial buildings, raw land and hotels. Generally, commercial real estate loans have terms that do not exceed 20 years, have loan-to-value ratios of up to 80% of the appraised value of the property and are typically secured by personal guarantees of the borrowers. | ||||
As economic conditions deteriorate, the Company reduces its exposure in real estate loans with higher risk characteristics. In underwriting these loans, the Company performs a thorough analysis of the financial condition of the borrower, the borrower’s credit history, and the reliability and predictability of the cash flow generated by the property securing the loan. Appraisals on properties securing commercial real estate loans originated by the Company are performed by independent appraisers. | ||||
Commercial real estate loans generally present a higher level of risk than certain other types of loans, particularly during slow economic conditions. | ||||
Real Estate Construction Lending | ||||
The Company engages in real estate construction lending in its primary market area and surrounding areas. The Company’s real estate construction lending consists of commercial and residential site development loans, as well as commercial building construction and residential housing construction loans. | ||||
The Company’s commercial real estate construction loans are generally secured with the subject property, and advances are made in conformity with a pre-determined draw schedule supported by independent inspections. Terms of construction loans depend on the specifics of the project, such as estimated absorption rates, estimated time to complete, etc. | ||||
In underwriting commercial real estate construction loans, the Company performs a thorough analysis of the financial condition of the borrower, the borrower’s credit history, the reliability and predictability of the cash flow generated by the project using feasibility studies, market data, etc. Appraisals on properties securing commercial real estate loans originated by the Company are performed by independent appraisers. | ||||
Real estate construction loans generally present a higher level of risk than certain other types of loans, particularly during slow economic conditions. The difficulty of estimating total construction costs adds to the risk as well. | ||||
Mortgage Lending | ||||
The Company’s real estate mortgage portfolio is comprised of consumer residential mortgages and business loans secured by one-to-four family properties. One-to-four family residential mortgage loan originations, including home equity installment and home equity lines of credit loans, are generated by the Company’s marketing efforts, its present customers, walk-in customers and referrals. These loans originate primarily within the Company’s market area or with customers primarily from the market area. | ||||
The Company offers fixed-rate and adjustable rate mortgage loans with terms up to a maximum of 25-years for both permanent structures and those under construction. The Company’s one-to-four family residential mortgage originations are secured primarily by properties located in its primary market area and surrounding areas. The majority of the Company’s residential mortgage loans originate with a loan-to-value of 80% or less. Home equity installment loans are secured by the borrower’s primary residence with a maximum loan-to-value of 80% and a maximum term of 15 years. Home equity lines of credit are secured by the borrower’s primary residence with a maximum loan-to-value of 90% and a maximum term of 20 years. | ||||
In underwriting one-to-four family residential real estate loans, the Company evaluates the borrower’s ability to make monthly payments, the borrower’s repayment history and the value of the property securing the loan. The ability to repay is determined by the borrower’s employment history, current financial conditions, and credit background. The analysis is based primarily on the customer’s ability to repay and secondarily on the collateral or security. Most properties securing real estate loans made by the Company are appraised by independent fee appraisers. The Company generally requires mortgage loan borrowers to obtain an attorney’s title opinion or title insurance, and fire and property insurance (including flood insurance, if necessary) in an amount not less than the amount of the loan. The Company does not engage in sub-prime residential mortgage originations. | ||||
Residential mortgage loans and home equity loans generally present a lower level of risk than certain other types of consumer loans because they are secured by the borrower’s primary residence. Risk is increased when the Company is in a subordinate position for the loan collateral. | ||||
Obligations of States and Political Subdivisions | ||||
The Company lends to local municipalities and other tax-exempt organizations. These loans are primarily tax-anticipation notes and, as such, carry little risk. Historically, the Company has never had a loss on any loan of this type. | ||||
Personal Lending | ||||
The Company offers a variety of secured and unsecured personal loans, including vehicle loans, mobile home loans and loans secured by savings deposits as well as other types of personal loans. | ||||
Personal loan terms vary according to the type and value of collateral and creditworthiness of the borrower. In underwriting personal loans, a thorough analysis of the borrower’s willingness and financial ability to repay the loan as agreed is performed. The ability to repay is determined by the borrower’s employment history, current financial conditions and credit background. | ||||
Personal loans may entail greater credit risk than do residential mortgage loans, particularly in the case of personal loans which are unsecured or are secured by rapidly depreciable assets, such as automobiles or recreational equipment. In such cases, any repossessed collateral for a defaulted personal loan may not provide an adequate source of repayment of the outstanding loan balance as a result of the greater likelihood of damage, loss or depreciation. In addition, personal loan collections are dependent on the borrower’s continuing financial stability and, thus are more likely to be affected by adverse personal circumstances. Furthermore, the application of various federal and state laws, including bankruptcy and insolvency laws, may limit the amount which can be recovered on such loans. | ||||
Other real estate owned | ||||
Assets acquired in settlement of mortgage loan indebtedness are recorded as other real estate owned (OREO) at fair value less estimated costs to sell, establishing a new cost basis. Costs to maintain the assets and subsequent gains and losses attributable to their disposal are included in other expense as realized. No depreciation or amortization expense is recognized. At December 31, 2013 and 2012, the carrying value of other real estate owned was $281,000 and $428,000, respectively. | ||||
Goodwill and intangibles | ||||
Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired. Other intangible assets represent purchased assets that also lack physical substance but can be separately distinguished from goodwill because of contractual or other legal rights or because the asset is capable of being sold or exchanged either on its own or in combination with a related contract, asset or liability. It is the Company’s policy that goodwill be tested at least annually for impairment. | ||||
Mortgage servicing rights | ||||
The Company originates residential mortgage loans with the intent to sell. These individual loans are normally funded by the buyer immediately. The Company maintains servicing rights on these loans. | ||||
Mortgage servicing rights are recognized as an asset upon the sale of a mortgage loan. A portion of the cost of the loan is allocated to the servicing right based upon relative fair value. Servicing rights are intangible assets and are carried at estimated fair value. The carrying amount of mortgage servicing rights was $167,000 and $98,000 at December 31, 2013 and 2012, respectively. Adjustments to fair value are recorded as non-interest income and included in gain on sales of loans in the consolidated statements of income. | ||||
The Company retains the servicing rights on certain mortgage loans sold to the FHLB and receives mortgage banking fee income based upon the principal balance outstanding. Total loans serviced for the FHLB were $18,688,000 and $11,295,000 at December 31, 2013 and 2012, respectively. The mortgage loans sold to the FHLB and serviced by the Company are not reflected in the consolidated statements of financial condition. | ||||
Premises and equipment and depreciation | ||||
Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed principally using the straight-line method over the estimated useful lives of the related assets, which range from 3 to 10 years for furniture and equipment and 25 to 50 years for buildings. Expenditures for maintenance and repairs are charged against income as incurred. Costs of major additions and improvements are capitalized. Amortization of leasehold improvements is computed by straight line over the shorter of the assets’ useful life or the related lease term. | ||||
Trust assets and revenues | ||||
Assets held in a fiduciary capacity are not assets of the Bank or the Bank’s Trust Department and are, therefore, not included in the consolidated financial statements. Trust revenues are recorded on the accrual basis. | ||||
Bank owned life insurance, annuities and split-dollar arrangements | ||||
The cash surrender value of bank owned life insurance and annuities is carried as an asset, and changes in cash surrender value are recorded as non-interest income. | ||||
GAAP requires split-dollar life insurance arrangements to have a liability recognized related to the postretirement benefits covered by an endorsement split-dollar life insurance arrangement. The accrued benefit liability was $792,000 and $738,000 as of December 31, 2013 and 2012, respectively. Related expenses for 2013, 2012 and 2011 were $54,000, $29,000 and $49,000, respectively. | ||||
Investments in low-income housing partnerships | ||||
Juniata has invested as a limited partner in a partnership that provides low-income housing in Lewistown, Pennsylvania. The carrying value of the investment in the limited partnership was $3,990,000 at December 31, 2013 and $3,796,000 at December 31, 2012. The partnership anticipates receiving $575,000 annually in low-income housing tax credits over ten years, beginning in 2013. Amortization of the investment using the cost method is scheduled to occur over the same period as tax credits are earned. The maximum exposure to loss is limited to the carrying value of its investment at year-end. | ||||
Income taxes | ||||
The Company accounts for income taxes in accordance with income tax accounting guidance ASC Topic 740, Income Taxes. | ||||
Current income tax accounting guidance results in two components of income tax expense: current and deferred. Current income tax expense reflects taxes to be paid or refunded for the current period by applying the provisions of the enacted tax law to the taxable income or excess of deductions over revenues. The Company determines deferred income taxes using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is based on the tax effects of the differences between the book and tax bases of assets and liabilities, and enacted changes in tax rates and laws are recognized in the period in which they occur. | ||||
Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are reduced by a valuation allowance if, based on the weight of the evidence available, it is more likely than not that some portion or all of a deferred tax asset will not be realized. | ||||
The Company accounts for uncertain tax positions if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50 percent; the terms examined and upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more-likely-than-not recognition threshold considers the facts, circumstances and information available at the reporting date and is subject to management’s judgment. | ||||
The Company recognizes interest and penalties on income taxes, if any, as a component of income tax expense. | ||||
Advertising | ||||
The Company follows the policy of charging costs of advertising to expense as incurred. Advertising expenses were $207,000, $172,000 and $144,000 in 2013, 2012 and 2011, respectively. | ||||
Off-balance sheet financial instruments | ||||
In the ordinary course of business, the Bank has entered into off-balance sheet financial instruments consisting of commitments to extend credit and letters of credit. Such financial instruments are recorded on the consolidated statement of financial condition when they are funded. | ||||
Transfer of financial assets | ||||
Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. | ||||
Stock-based compensation | ||||
The Company sponsors a stock option plan for certain key officers. Compensation expense for stock options granted is measured using the fair value of the award on the grant date and is recognized over the vesting period. The Company recognized $30,000, $25,000 and $26,000 of expense for the years ended December 31, 2013, 2012 and 2011, respectively, for stock-based compensation. The stock-based compensation expense amounts were derived based on the fair value of options using the Black-Scholes option-pricing model. The following weighted average assumptions were used to value options granted in the periods indicated. | ||||
2013 | 2012 | 2011 | ||
Expected life of options | 7 years | 7 years | 7 years | |
Risk-free interest rate | 1.41% | 1.78% | 1.39% | |
Expected volatility | 21.57% | 22.12% | 21.91% | |
Expected dividend yield | 4.91% | 4.86% | 4.62% | |
Segment reporting | ||||
Management does not separately allocate expenses, including the cost of funding loan demand, between the commercial, retail and trust operations of the Company. As such, discrete financial information is not available, and segment reporting would not be meaningful. | ||||
Subsequent events | ||||
The Company has evaluated events and transactions occurring subsequent to the consolidated statement of financial condition date of December 31, 2013, for items that should potentially be recognized or disclosed in the consolidated financial statements. The evaluation was conducted through the date these consolidated financial statements were issued. | ||||
Recent_Accounting_Standards_Up
Recent Accounting Standards Update (ASU) | 12 Months Ended |
Dec. 31, 2013 | |
Recent Accounting Pronouncements [Abstract] | ' |
Recent Accounting Standards Update (ASU) | ' |
3. Recent Accounting Standards Update (ASU) | |
There were no new accounting pronouncements affecting the Company during the year ended December 31, 2013 that had not been adopted by the Company in previous periods. In addition, there are no recently issued accounting standards that are expected to have a material impact on the Company’s consolidated financial statements in future periods. | |
Restrictions_on_Cash_and_Due_f
Restrictions on Cash and Due from Banks | 12 Months Ended |
Dec. 31, 2013 | |
Restrictions on Cash and Due from Banks [Abstract] | ' |
RESTRICTIONS ON CASH AND DUE FROM BANKS | ' |
4. Restrictions on Cash and Due From Banks | |
The Bank is required to maintain cash reserve balances with the Federal Reserve Bank. The total required reserve balances were $362,000 and $225,000 as of December 31, 2013 and 2012, respectively. | |
Securities
Securities | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Securities [Abstract] | ' | ||||||||||||||||||
Securities | ' | ||||||||||||||||||
5.Securities | |||||||||||||||||||
The Company’s investment portfolio includes primarily bonds issued by U.S. Government sponsored agencies (approximately 62%) and municipalities (approximately 33%) as of December 31, 2013. Most of the municipal bonds are general obligation bonds with maturities or pre-refunding dates within 5 years. The remaining 5% of the portfolio includes mortgage-backed securities issued by Government-sponsored agencies and backed by residential mortgages and a group of equity investments in other financial institutions. | |||||||||||||||||||
The amortized cost and fair value of securities as of December 31, 2013 and 2012, by contractual maturity, are shown below (in thousands). Expected maturities may differ from contractual maturities because the securities may be called or prepaid with or without prepayment penalties. | |||||||||||||||||||
31-Dec-13 | |||||||||||||||||||
Securities Available for Sale | Gross | Gross | |||||||||||||||||
Amortized | Fair | Unrealized | Unrealized | ||||||||||||||||
Type and maturity | Cost | Value | Gains | Losses | |||||||||||||||
Obligations of Government agencies and corporations | |||||||||||||||||||
Within one year | $ | 4,177 | $ | 4,192 | $ | 15 | $ | - | |||||||||||
After one year but within five years | 48,011 | 47,578 | 203 | -636 | |||||||||||||||
After five years but within ten years | 27,615 | 26,508 | - | -1,107 | |||||||||||||||
79,803 | 78,278 | 218 | -1,743 | ||||||||||||||||
Obligations of state and political subdivisions | |||||||||||||||||||
Within one year | 8,260 | 8,314 | 55 | -1 | |||||||||||||||
After one year but within five years | 26,027 | 26,098 | 133 | -62 | |||||||||||||||
After five years but within ten years | 7,224 | 7,182 | 56 | -98 | |||||||||||||||
After ten years | 350 | 338 | - | -12 | |||||||||||||||
41,861 | 41,932 | 244 | -173 | ||||||||||||||||
Mortgage-backed securities | 4,465 | 4,469 | 7 | -3 | |||||||||||||||
Equity securities | 1,055 | 1,367 | 366 | -54 | |||||||||||||||
Total | $ | 127,184 | $ | 126,046 | $ | 835 | $ | -1,973 | |||||||||||
31-Dec-12 | |||||||||||||||||||
Securities Available for Sale | Gross | Gross | |||||||||||||||||
Amortized | Fair | Unrealized | Unrealized | ||||||||||||||||
Type and maturity | Cost | Value | Gains | Losses | |||||||||||||||
Obligations of Government agencies and corporations | |||||||||||||||||||
Within one year | $ | 7,908 | $ | 7,996 | $ | 88 | $ | - | |||||||||||
After one year but within five years | 42,253 | 42,796 | 543 | - | |||||||||||||||
After five years but within ten years | 22,004 | 22,025 | 53 | -32 | |||||||||||||||
72,165 | 72,817 | 684 | -32 | ||||||||||||||||
Obligations of state and political subdivisions | |||||||||||||||||||
Within one year | 10,448 | 10,505 | 57 | - | |||||||||||||||
After one year but within five years | 29,595 | 29,809 | 246 | -32 | |||||||||||||||
After five years but within ten years | 4,727 | 4,936 | 215 | -6 | |||||||||||||||
After ten years | 731 | 726 | - | -5 | |||||||||||||||
45,501 | 45,976 | 518 | -43 | ||||||||||||||||
Mortgage-backed securities | 2,502 | 2,526 | 24 | - | |||||||||||||||
Equity securities | 985 | 1,019 | 145 | -111 | |||||||||||||||
Total | $ | 121,153 | $ | 122,338 | $ | 1,371 | $ | -186 | |||||||||||
Certain obligations of the U.S. Government and state and political subdivisions are pledged to secure public deposits, securities sold under agreements to repurchase and for other purposes as required or permitted by law. The carrying value of the pledged assets was $31,921,000 and $30,785,000 at December 31, 2013 and 2012, respectively. | |||||||||||||||||||
In addition to cash received from the scheduled maturities of securities, some investment securities available for sale are sold at current market values during the course of normal operations. Following is a summary of proceeds received from all investment securities transactions and the resulting realized gains and losses (in thousands): | |||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
Gross proceeds from sales of securities | $ | - | $ | - | $ | - | |||||||||||||
Securities available for sale: | |||||||||||||||||||
Gross realized gains from called securities | $ | - | $ | 2 | $ | 6 | |||||||||||||
Gross realized losses from called securities | -2 | - | - | ||||||||||||||||
The following table shows gross unrealized losses and fair value, aggregated by category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2013 (in thousands): | |||||||||||||||||||
Unrealized Losses at December 31, 2013 | |||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||
Obligations of U.S. Government | |||||||||||||||||||
agencies and corporations | $ | 53,438 | $ | -1,664 | $ | 1,921 | $ | -79 | $ | 55,359 | $ | -1,743 | |||||||
Obligations of state and political | |||||||||||||||||||
subdivisions | 11,496 | -130 | 4,301 | -43 | 15,797 | -173 | |||||||||||||
Mortgage-backed securities | 308 | -3 | - | - | 308 | -3 | |||||||||||||
Debt securities | 65,242 | -1,797 | 6,222 | -122 | 71,464 | -1,919 | |||||||||||||
Equity securities | - | - | 266 | -54 | 266 | -54 | |||||||||||||
Total temporarily impaired securities | $ | 65,242 | $ | -1,797 | $ | 6,488 | $ | -176 | $ | 71,730 | $ | -1,973 | |||||||
At December 31, 2013, 45 U.S. Government and agency securities had unrealized losses that in the aggregate did not exceed 3% of amortized cost. One of these securities has been in a continuous loss position for 12 months or more. | |||||||||||||||||||
At December 31, 2013, 37 obligations of state and political subdivision bonds had unrealized losses that in the aggregate did not exceed 2% of amortized cost. Eight of these securities have been in a continuous loss position for 12 months or more. | |||||||||||||||||||
At December 31, 2013, one mortgage-backed security had an unrealized loss that did not exceed 1% of amortized cost. This security had not been in a continuous loss position for 12 months or more. | |||||||||||||||||||
The mortgage-backed securities in the Company’s portfolio are government sponsored enterprise (GSE) pass-through instruments issued by the Federal National Mortgage Association (FNMA), which guarantees the timely payment of principal on these investments. | |||||||||||||||||||
The unrealized losses noted above are considered to be temporary impairments. The decline in the values of the debt securities is due only to interest rate fluctuations, rather than erosion of issuer credit quality. As a result, the payment of contractual cash flows, including principal repayment, is not at risk. As the Company does not intend to sell the securities, does not believe the Company will be required to sell the securities before recovery and expects to recover the entire amortized cost basis, none of the debt securities are deemed to be other-than-temporarily impaired. | |||||||||||||||||||
Equity securities owned by the Company consist of common stock of various financial services providers (“Bank Stocks”) and are evaluated quarterly for evidence of other-than-temporary impairment. There were seven equity securities that were in an unrealized loss position on December 31, 2013, and have carried unrealized losses for 12 months or more. Individually, none of these seven equity securities have significant unrealized losses. Of the seven equity securities that have sustained unrealized losses for more than 12 months, all have increased in fair value during 2013, indicating the possibility of full recovery and therefore are deemed to be temporarily impaired. Management has identified no other-than-temporary impairment as of, or for the periods ended, December 31, 2013 and 2012 in the equity portfolio. Management continues to track the performance of each stock owned to determine if it is prudent to deem any further other-than-temporary impairment charges. The Company has the ability and intent to hold its equity securities until recovery of unrealized losses. | |||||||||||||||||||
The following table shows gross unrealized losses and fair value, aggregated by category and length of time that individual securities had been in a continuous unrealized loss position, at December 31, 2012 (in thousands): | |||||||||||||||||||
Unrealized Losses at December 31, 2012 | |||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||
Obligations of U.S. Government | |||||||||||||||||||
agencies and corporations | $ | 11,471 | $ | -32 | $ | - | $ | - | $ | 11,471 | $ | -32 | |||||||
Obligations of state and political | |||||||||||||||||||
subdivisions | 13,040 | -43 | - | - | 13,040 | -43 | |||||||||||||
Debt securities | 24,511 | -75 | - | - | 24,511 | -75 | |||||||||||||
Equity securities | 249 | -13 | 251 | -98 | 500 | -111 | |||||||||||||
Total temporarily impaired securities | $ | 24,760 | $ | -88 | $ | 251 | $ | -98 | $ | 25,011 | $ | -186 | |||||||
Loans_and_Related_Allowance_fo
Loans and Related Allowance for Loan Losses | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Loans and Related Allowance for Credit Losses [Abstract] | ' | |||||||||||||||||||||||||||
Loans and Related Allowance for Loan Losses | ' | |||||||||||||||||||||||||||
6. Loans and Related Allowance for Loan Losses | ||||||||||||||||||||||||||||
The following table presents the classes of the loan portfolio summarized by the aggregate pass rating and the classified ratings of special mention, substandard and doubtful within the Company’s internal risk rating system as of December 31, 2013 and December 31, 2012 (in thousands): | ||||||||||||||||||||||||||||
As of December 31, 2013 | Pass | Special Mention | Substandard | Doubtful | Total | |||||||||||||||||||||||
Commercial, financial and agricultural | $ | 20,388 | $ | 5,658 | $ | 235 | $ | - | $ | 26,281 | ||||||||||||||||||
Real estate - commercial | 56,867 | 11,706 | 5,620 | 278 | 74,471 | |||||||||||||||||||||||
Real estate - construction | 15,803 | 292 | 1,754 | 1,832 | 19,681 | |||||||||||||||||||||||
Real estate - mortgage | 130,706 | 3,995 | 4,272 | 1,486 | 140,459 | |||||||||||||||||||||||
Obligations of states and political subdivisions | 12,674 | 28 | - | 12,702 | ||||||||||||||||||||||||
Personal | 4,204 | - | - | 4,204 | ||||||||||||||||||||||||
Total | $ | 240,642 | $ | 21,679 | $ | 11,881 | $ | 3,596 | $ | 277,798 | ||||||||||||||||||
As of December 31, 2012 | Pass | Special Mention | Substandard | Doubtful | Total | |||||||||||||||||||||||
Commercial, financial and agricultural | $ | 17,570 | $ | 904 | $ | 822 | $ | - | $ | 19,296 | ||||||||||||||||||
Real estate - commercial | 55,198 | 8,939 | 5,010 | 40 | 69,187 | |||||||||||||||||||||||
Real estate - construction | 14,001 | 1,022 | 867 | 2,202 | 18,092 | |||||||||||||||||||||||
Real estate - mortgage | 144,179 | 3,864 | 2,350 | 2,729 | 153,122 | |||||||||||||||||||||||
Obligations of states and political subdivisions | 12,769 | - | - | - | 12,769 | |||||||||||||||||||||||
Personal | 5,024 | 10 | - | - | 5,034 | |||||||||||||||||||||||
Total | $ | 248,741 | $ | 14,739 | $ | 9,049 | $ | 4,971 | $ | 277,500 | ||||||||||||||||||
The Company has certain loans in its portfolio that are considered to be impaired. It is the policy of the Company to recognize income on impaired loans that have been transferred to nonaccrual status on a cash basis, only to the extent that it exceeds principal balance recovery. Until an impaired loan is placed on nonaccrual status, income is recognized on the accrual basis. A collateral analysis is performed on each impaired loan at least quarterly and results are used to determine if a specific reserve is necessary to adjust the carrying value of each individual loan down to the estimated fair value. Generally, specific reserves are carried against impaired loans based upon estimated collateral value until a confirming loss event occurs or until termination of the credit is scheduled through liquidation of the collateral or foreclosure. Charge off will occur when a confirmed loss is identified. Professional appraisals of collateral, discounted for expected selling costs, are used to determine the charge-off amount. The following tables summarize information regarding impaired loans by portfolio class as of December 31, 2013 and December 31, 2012 (in thousands): | ||||||||||||||||||||||||||||
As of December 31, 2013 | As of December 31, 2012 | |||||||||||||||||||||||||||
Impaired loans | Recorded Investment | Unpaid Principal Balance | Related Allowance | Recorded Investment | Unpaid Principal Balance | Related Allowance | ||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 94 | $ | 94 | $ | - | $ | 160 | $ | 160 | $ | - | ||||||||||||||||
Real estate - commercial | 2,017 | 2,142 | - | 2,672 | 2,672 | - | ||||||||||||||||||||||
Real estate - construction | 504 | 813 | - | 2,004 | 2,197 | - | ||||||||||||||||||||||
Real estate - mortgage | 3,353 | 4,751 | - | 487 | 523 | - | ||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||
Real estate - commercial | $ | 238 | $ | 238 | $ | 26 | $ | - | $ | - | $ | - | ||||||||||||||||
Real estate - construction | 1,478 | 1,502 | 93 | 198 | 198 | 91 | ||||||||||||||||||||||
Real estate - mortgage | 365 | 394 | 45 | 2,141 | 2,141 | 1,036 | ||||||||||||||||||||||
Total: | ||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 94 | $ | 94 | $ | - | $ | 160 | $ | 160 | $ | - | ||||||||||||||||
Real estate - commercial | 2,255 | 2,380 | 26 | 2,672 | 2,672 | - | ||||||||||||||||||||||
Real estate - construction | 1,982 | 2,315 | 93 | 2,202 | 2,395 | 91 | ||||||||||||||||||||||
Real estate - mortgage | 3,718 | 5,145 | 45 | 2,628 | 2,664 | 1,036 | ||||||||||||||||||||||
$ | 8,049 | $ | 9,934 | $ | 164 | $ | 7,662 | $ | 7,891 | $ | 1,127 | |||||||||||||||||
Year Ended December 31, 2013 | Year Ended December 31, 2012 | Year Ended December 31, 2011 | ||||||||||||||||||||||||||
Impaired loans | Average Recorded Investment | Interest Income Recognized | Cash Basis Interest Income | Average Recorded Investment | Interest Income Recognized | Cash Basis Interest Income | Average Recorded Investment | Interest Income Recognized | Cash Basis Interest Income | |||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 127 | $ | - | $ | - | $ | 199 | $ | 14 | $ | - | $ | 274 | $ | 19 | $ | - | ||||||||||
Real estate - commercial | 2,345 | 96 | 24 | 2,492 | 119 | 3 | 2,354 | 139 | 10 | |||||||||||||||||||
Real estate - construction | 1,254 | 2 | 6 | 1,362 | - | - | 485 | 42 | 14 | |||||||||||||||||||
Real estate - mortgage | 1,920 | 64 | 24 | 1,371 | - | - | 2,453 | 34 | 47 | |||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||
Real estate - commercial | $ | 119 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
Real estate - construction | 838 | - | - | 674 | - | 15 | 1,025 | - | - | |||||||||||||||||||
Real estate - mortgage | 1,253 | - | 7 | 2,503 | - | - | 2,051 | 65 | - | |||||||||||||||||||
Total: | ||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 127 | $ | - | $ | - | $ | 199 | $ | 14 | $ | - | $ | 274 | $ | 19 | $ | - | ||||||||||
Real estate - commercial | 2,464 | 96 | 24 | 2,492 | 119 | 3 | 2,354 | 139 | 10 | |||||||||||||||||||
Real estate - construction | 2,092 | 2 | 6 | 2,036 | - | 15 | 1,510 | 42 | 14 | |||||||||||||||||||
Real estate - mortgage | 3,173 | 64 | 31 | 3,874 | - | - | 4,504 | 99 | 47 | |||||||||||||||||||
$ | 7,856 | $ | 162 | $ | 61 | $ | 8,601 | $ | 133 | $ | 18 | $ | 8,642 | $ | 299 | $ | 71 | |||||||||||
The following table presents nonaccrual loans by classes of the loan portfolio as of December 31, 2013 and December 31, 2012 (in thousands): | ||||||||||||||||||||||||||||
Nonaccrual loans: | 31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 10 | $ | 20 | ||||||||||||||||||||||||
Real estate - commercial | 1,331 | 1,835 | ||||||||||||||||||||||||||
Real estate - construction | 1,982 | 2,376 | ||||||||||||||||||||||||||
Real estate - mortgage | 2,629 | 4,615 | ||||||||||||||||||||||||||
Total | $ | 5,952 | $ | 8,846 | ||||||||||||||||||||||||
Interest income not recorded based on the original contractual terms of the loans for nonaccrual loans was $490,000, $472,000 and $405,000 in 2013, 2012 and 2011, respectively. The aggregate amount of demand deposits that have been reclassified as loan balances at December 31, 2013 and 2012 were $41,000 and $620,000, respectively. | ||||||||||||||||||||||||||||
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 recorded payment is past due. The following table presents the classes of the loan portfolio summarized by the past due status as of December 31, 2013 and December 31, 2012 (in thousands): | ||||||||||||||||||||||||||||
As of December 31, 2013 | 30-59 Days Past Due | 60-89 Days Past Due | Greater than 90 Days | Total Past Due | Current | Total Loans | Loans Past Due greater than 90 Days and Accruing | |||||||||||||||||||||
Commercial, financial and agricultural | $ | 19 | $ | - | $ | 10 | $ | 29 | $ | 26,252 | $ | 26,281 | $ | - | ||||||||||||||
Real estate - commercial | 35 | 1,092 | 947 | 2,074 | 72,397 | 74,471 | 61 | |||||||||||||||||||||
Real estate - construction | 239 | 7 | 1,801 | 2,047 | 17,634 | 19,681 | - | |||||||||||||||||||||
Real estate - mortgage | 1,239 | 2,130 | 2,585 | 5,954 | 134,505 | 140,459 | 251 | |||||||||||||||||||||
Obligations of states and political subdivisions | - | - | - | - | 12,702 | 12,702 | - | |||||||||||||||||||||
Personal | 23 | 1 | 24 | 4,180 | 4,204 | - | ||||||||||||||||||||||
Total | $ | 1,555 | $ | 3,230 | $ | 5,343 | $ | 10,128 | $ | 267,670 | $ | 277,798 | $ | 312 | ||||||||||||||
As of December 31, 2012 | 30-59 Days Past Due | 60-89 Days Past Due | Greater than 90 Days | Total Past Due | Current | Total Loans | Loans Past Due greater than 90 Days and Accruing | |||||||||||||||||||||
Commercial, financial and agricultural | $ | 30 | $ | - | $ | 191 | $ | 221 | $ | 19,075 | $ | 19,296 | $ | 171 | ||||||||||||||
Real estate - commercial | 295 | 819 | 1,928 | 3,042 | 66,145 | 69,187 | 93 | |||||||||||||||||||||
Real estate - construction | 9 | 136 | 2,335 | 2,480 | 15,612 | 18,092 | 156 | |||||||||||||||||||||
Real estate - mortgage | 1,359 | 3,131 | 4,428 | 8,918 | 144,204 | 153,122 | 320 | |||||||||||||||||||||
Obligations of states and political subdivisions | - | - | - | - | 12,769 | 12,769 | - | |||||||||||||||||||||
Personal | 29 | 25 | 2 | 56 | 4,978 | 5,034 | 2 | |||||||||||||||||||||
Total | $ | 1,722 | $ | 4,111 | $ | 8,884 | $ | 14,717 | $ | 262,783 | $ | 277,500 | $ | 742 | ||||||||||||||
The following table summarizes information regarding troubled debt restructurings by loan portfolio class as of and for the year ended December 31, 2013, in thousands of dollars. There were no loans identified as troubled debt restructurings as of or for the year ended December 31, 2012. | ||||||||||||||||||||||||||||
Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Recorded Investment | |||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||
Accruing troubled debt restructurings: | ||||||||||||||||||||||||||||
Real estate - commercial | 1 | $ | 64 | $ | 61 | $ | 61 | |||||||||||||||||||||
Real estate - mortgage | 6 | 706 | 714 | 714 | ||||||||||||||||||||||||
7 | $ | 770 | $ | 775 | $ | 775 | ||||||||||||||||||||||
The Company’s troubled debt restructurings are also impaired loans, which may result in a specific allocation and subsequent charge-off if appropriate. As of December 31, 2013, there were no specific reserves or charge-offs relating to the troubled debt restructurings. The amended terms of the restructured loans vary, whereby interest rates have been reduced, principal payments have been reduced or deferred for a period of time and/or maturity dates have been extended. One restructured loan was delinquent in excess of 90 days with respect to the terms of the restructuring as of December 31, 2013. This loan has a balance of $61,000 and is in the process of foreclosure. | ||||||||||||||||||||||||||||
There were no loans modified resulting in troubled debt restructurings during 2012. There have been no defaults of troubled debt restructuring that took place during 2012 and 2013 within 12 months of restructure. | ||||||||||||||||||||||||||||
The following tables summarize the activity in the allowance for loan losses by loan class and loans by loan class, segregated into the amount required for loans individually evaluated for impairment and the amount required for loans collectively evaluated for impairment as of and for the years ended December 31, 2013, 2012 and 2011 (in thousands): | ||||||||||||||||||||||||||||
Allowance for loan losses: | Commercial, financial and agricultural | Real estate - commercial | Real estate - construction | Real estate - mortgage | Obligations of states and political subdivisions | Personal | Total | |||||||||||||||||||||
Beginning Balance, January 1, 2013 | $ | 179 | $ | 463 | $ | 202 | $ | 2,387 | $ | - | $ | 50 | $ | 3,281 | ||||||||||||||
Charge-offs | -4 | - | -117 | -1,281 | - | -29 | -1,431 | |||||||||||||||||||||
Recoveries | 13 | - | - | - | - | 9 | 22 | |||||||||||||||||||||
Provisions | 65 | 71 | 127 | 140 | - | 12 | 415 | |||||||||||||||||||||
Ending balance | $ | 253 | $ | 534 | $ | 212 | $ | 1,246 | $ | - | $ | 42 | $ | 2,287 | ||||||||||||||
As of December 31, 2013 | Commercial, financial and agricultural | Real estate - commercial | Real estate - construction | Real estate - mortgage | Obligations of states and political subdivisions | Personal | Total | |||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||
Ending balance | $ | 253 | $ | 534 | $ | 212 | $ | 1,246 | $ | - | $ | 42 | $ | 2,287 | ||||||||||||||
evaluated for impairment | ||||||||||||||||||||||||||||
individually | $ | - | $ | 26 | $ | 93 | $ | 45 | $ | - | $ | - | $ | 164 | ||||||||||||||
collectively | $ | 253 | $ | 508 | $ | 119 | $ | 1,201 | $ | - | $ | 42 | $ | 2,123 | ||||||||||||||
Loans: | ||||||||||||||||||||||||||||
Ending balance | $ | 26,281 | $ | 74,471 | $ | 19,681 | $ | 140,459 | $ | 12,702 | $ | 4,204 | $ | 277,798 | ||||||||||||||
evaluated for impairment | ||||||||||||||||||||||||||||
individually | $ | 94 | $ | 2,255 | $ | 1,982 | $ | 3,718 | $ | - | $ | - | $ | 8,049 | ||||||||||||||
collectively | $ | 26,187 | $ | 72,216 | $ | 17,699 | $ | 136,741 | $ | 12,702 | $ | 4,204 | $ | 269,749 | ||||||||||||||
Allowance for loan losses: | Commercial, financial and agricultural | Real estate - commercial | Real estate - construction | Real estate - mortgage | Obligations of states and political subdivisions | Personal | Total | |||||||||||||||||||||
Beginning Balance, January 1, 2012 | $ | 195 | $ | 455 | $ | 442 | $ | 1,771 | $ | - | $ | 68 | $ | 2,931 | ||||||||||||||
Charge-offs | -25 | - | -193 | -852 | - | -1 | -1,071 | |||||||||||||||||||||
Recoveries | 8 | - | - | - | - | 2 | 10 | |||||||||||||||||||||
Provisions | 1 | 8 | -47 | 1,468 | - | -19 | 1,411 | |||||||||||||||||||||
Ending balance | $ | 179 | $ | 463 | $ | 202 | $ | 2,387 | $ | - | $ | 50 | $ | 3,281 | ||||||||||||||
As of December 31, 2012 | Commercial, financial and agricultural | Real estate - commercial | Real estate - construction | Real estate - mortgage | Obligations of states and political subdivisions | Personal | Total | |||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||
Ending balance | $ | 179 | $ | 463 | $ | 202 | $ | 2,387 | $ | - | $ | 50 | $ | 3,281 | ||||||||||||||
evaluated for impairment | ||||||||||||||||||||||||||||
individually | $ | - | $ | - | $ | 91 | $ | 1,036 | $ | - | $ | - | $ | 1,127 | ||||||||||||||
collectively | $ | 179 | $ | 463 | $ | 111 | $ | 1,351 | $ | - | $ | 50 | $ | 2,154 | ||||||||||||||
Loans: | ||||||||||||||||||||||||||||
Ending balance | $ | 19,296 | $ | 69,187 | $ | 18,092 | $ | 153,122 | $ | 12,769 | $ | 5,034 | $ | 277,500 | ||||||||||||||
evaluated for impairment | ||||||||||||||||||||||||||||
individually | $ | 160 | $ | 2,672 | $ | 2,202 | $ | 2,628 | $ | - | $ | - | $ | 7,662 | ||||||||||||||
collectively | $ | 19,136 | $ | 66,515 | $ | 15,890 | $ | 150,494 | $ | 12,769 | $ | 5,034 | $ | 269,838 | ||||||||||||||
Allowance for loan losses: | Commercial, financial and agricultural | Real estate - commercial | Real estate - construction | Real estate - mortgage | Obligations of states and political subdivisions | Personal | Total | |||||||||||||||||||||
Beginning Balance, January 1, 2011 | $ | 163 | $ | 442 | $ | 336 | $ | 1,810 | $ | - | $ | 73 | $ | 2,824 | ||||||||||||||
Charge-offs | -18 | -37 | - | -205 | - | -22 | -282 | |||||||||||||||||||||
Recoveries | 2 | - | - | 10 | - | 13 | 25 | |||||||||||||||||||||
Provisions | 48 | 50 | 106 | 156 | - | 4 | 364 | |||||||||||||||||||||
Ending balance | $ | 195 | $ | 455 | $ | 442 | $ | 1,771 | $ | - | $ | 68 | $ | 2,931 | ||||||||||||||
As of December 31, 2011 | Commercial, financial and agricultural | Real estate - commercial | Real estate - construction | Real estate - mortgage | Obligations of states and political subdivisions | Personal | Total | |||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||
Ending balance | $ | 195 | $ | 455 | $ | 442 | $ | 1,771 | $ | - | $ | 68 | $ | 2,931 | ||||||||||||||
evaluated for impairment | ||||||||||||||||||||||||||||
individually | $ | - | $ | - | $ | 343 | $ | 432 | $ | - | $ | - | $ | 775 | ||||||||||||||
collectively | $ | 195 | $ | 455 | $ | 99 | $ | 1,339 | $ | - | $ | 68 | $ | 2,156 | ||||||||||||||
Loans, net of unearned interest: | ||||||||||||||||||||||||||||
Ending balance | $ | 19,417 | $ | 60,774 | $ | 17,508 | $ | 176,544 | $ | 8,780 | $ | 6,658 | $ | 289,681 | ||||||||||||||
evaluated for impairment | ||||||||||||||||||||||||||||
individually | $ | 238 | $ | 2,312 | $ | 1,870 | $ | 5,119 | $ | - | $ | - | $ | 9,539 | ||||||||||||||
collectively | $ | 19,179 | $ | 58,462 | $ | 15,638 | $ | 171,425 | $ | 8,780 | $ | 6,658 | $ | 280,142 | ||||||||||||||
Pledged_Assets
Pledged Assets | 12 Months Ended |
Dec. 31, 2013 | |
Pledged Assets [Abstract] | ' |
PLEDGED ASSETS | ' |
7. Pledged Assets | |
The Bank must maintain sufficient qualifying collateral with the Federal Home Loan Bank (FHLB), in order to secure borrowings. Therefore, a Master Collateral Agreement has been entered into which pledges all mortgage related assets as collateral for future borrowings. Mortgage related assets could include loans or investment securities. As of December 31, 2013, the amount of loans included in qualifying collateral was $190,905,000, for a collateral value of $135,454,000. No investment securities are included in qualifying collateral as of December 31, 2013. | |
Bank_Owned_Life_Insurance_and_
Bank Owned Life Insurance and Annuities | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Bank Owned Life Insurance and Annuities [Abstract] | ' | |||||||||||
BANK OWNED LIFE INSURANCE AND ANNUITIES | ' | |||||||||||
8. Bank Owned Life Insurance and Annuities | ||||||||||||
The Company holds bank-owned life insurance (BOLI), deferred annuities and payout annuities with a combined cash value of $14,848,000 and $14,402,000 at December 31, 2013 and 2012, respectively. As annuitants retire, the deferred annuities may be converted to payout annuities to create payment streams that match certain post-retirement liabilities. The cash surrender value on the BOLI and annuities increased by $446,000, $333,000 and $501,000 in 2013, 2012 and 2011, respectively, from earnings recorded as non-interest income and from premium payments, net of cash payments received. The contracts are owned by the Bank in various insurance companies. The crediting rate on the policies varies annually based on the insurance companies’ investment portfolio returns in their general fund and market conditions. Changes in cash value of BOLI and annuities in 2013 and 2012 are shown below (in thousands): | ||||||||||||
Life Insurance | Deferred Annuities | Payout Annuities | Total | |||||||||
Balance as of December 31, 2011 | $ | 13,718 | $ | 327 | $ | 24 | $ | 14,069 | ||||
Earnings | 409 | 13 | 1 | 423 | ||||||||
Premiums on existing policies | 56 | 14 | - | 70 | ||||||||
Annuity payments received | - | - | -13 | -13 | ||||||||
Net proceeds from life insurance claim | -147 | - | - | -147 | ||||||||
Balance as of December 31, 2012 | 14,036 | 354 | 12 | 14,402 | ||||||||
Earnings | 372 | 13 | 1 | 386 | ||||||||
Premiums on existing policies | 54 | 14 | - | 68 | ||||||||
Annuity payments received | - | - | -8 | -8 | ||||||||
Balance as of December 31, 2013 | $ | 14,462 | $ | 381 | $ | 5 | $ | 14,848 | ||||
Premises_and_Equipment
Premises and Equipment | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Premises and Equipment [Abstract] | ' | |||||
PREMISES AND EQUIPMENT | ' | |||||
9. Premises And Equipment | ||||||
Premises and equipment consist of the following (in thousands): | ||||||
December 31, | ||||||
2013 | 2012 | |||||
Land | $ | 1,066 | $ | 864 | ||
Buildings and improvements | 8,585 | 8,510 | ||||
Furniture, computer software and equipment | 4,601 | 4,523 | ||||
14,252 | 13,897 | |||||
Less: accumulated depreciation | -7,922 | -7,425 | ||||
$ | 6,330 | $ | 6,472 | |||
Depreciation expense on premises and equipment charged to operations was $497,000 in 2013, $524,000 in 2012 and $581,000 in 2011. | ||||||
Acquisition
Acquisition | 12 Months Ended |
Dec. 31, 2013 | |
Acquisition [Abstract] | ' |
Acquisition | ' |
10. Acquisition | |
On September 8, 2006, the Company completed its acquisition of a branch office in Richfield, PA. The acquisition included real estate, deposits and loans. The assets and liabilities of the acquired branch office were recorded on the consolidated statement of financial condition at their estimated fair values as of September 8, 2006, and its results of operations have been included in the consolidated statements of income since such date. | |
Included in the purchase price of the branch was goodwill and core deposit intangible of $2,046,000 and $449,000, respectively. The core deposit intangible is being amortized over a ten-year period on a straight line basis. The goodwill is not amortized, but is measured annually for impairment. Core deposit intangible amortization expense of $45,000 was recorded in each of the years 2013, 2012 and 2011. Intangible amortization expense projected for the succeeding five years beginning in 2014 is estimated to be $45,000 in 2014 and 2015 and $29,000 for 2016. | |
Investment_in_Unconsolidated_S
Investment in Unconsolidated Subsidiary | 12 Months Ended |
Dec. 31, 2013 | |
Investment in Unconsolidated Subsidiary [Abstract] | ' |
Investment in Unconsolidated Subsidiary | ' |
11. Investment in Unconsolidated Subsidiary | |
On September 1, 2006, the Company invested in Liverpool Community Bank (formerly known as The First National Bank of Liverpool) (“LCB”), Liverpool, PA, by purchasing 39.16% of its outstanding common stock. This investment is accounted for under the equity method of accounting. The investment is being carried at $4,172,000 as of December 31, 2013. The Company increases its investment in LCB for its share of earnings and decreases its investment by any dividends received from LCB. The investment is evaluated quarterly for impairment. A loss in value of the investment which is determined to be other than a temporary decline would be recognized as a loss in the period in which such determination is made. Evidence of a loss in value might include, but would not necessarily be limited to, absence of an ability to recover the carrying amount of the investment or inability of LCB to sustain an earnings capacity which would justify the current carrying value of the investment. | |
Deposits
Deposits | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Deposits [Abstract] | ' | |||||||
DEPOSITS | ' | |||||||
12. Deposits | ||||||||
Deposits consist of the following (in thousands): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Demand, non-interest bearing | $ | 74,611 | $ | 71,318 | ||||
NOW and Money Market | 89,867 | 90,349 | ||||||
Savings | 60,761 | 56,382 | ||||||
Time deposits, $100,000 or more | 30,995 | 33,007 | ||||||
Other time deposits | 123,411 | 135,695 | ||||||
$ | 379,645 | $ | 386,751 | |||||
Aggregate amount of scheduled maturities of time deposits as of December 31, 2013 include the following (in thousands): | ||||||||
Time Deposits | ||||||||
Maturing in: | $100,000 or more | Other | Total Time Deposits | |||||
2014 | $ | 14,526 | $ | 55,671 | $ | 70,197 | ||
2015 | 10,222 | 35,221 | 45,443 | |||||
2016 | 2,456 | 13,886 | 16,342 | |||||
2017 | 1,375 | 6,914 | 8,289 | |||||
2018 | 1,329 | 7,426 | 8,755 | |||||
Later | 1,087 | 4,293 | 5,380 | |||||
$ | 30,995 | $ | 123,411 | $ | 154,406 | |||
Borrowings
Borrowings | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Borrowings [Abstract] | ' | |||||||||||||||
BORROWINGS | ' | |||||||||||||||
13. Borrowings | ||||||||||||||||
Borrowings consist of the following (dollars in thousands): | ||||||||||||||||
31-Dec-13 | 31-Dec-12 | 31-Dec-11 | For the year 2013 | |||||||||||||
Outstanding Balance | Rate | Outstanding Balance | Rate | Outstanding Balance | Rate | Average Balance | Weighted Average Rate | |||||||||
Securities sold under agreements to repurchase | $ | 5,397 | 0.10% | $ | 3,836 | 0.10% | $ | 3,500 | 0.10% | $ | 4,332 | 0.10% | ||||
Short-term borrowings - Federal Home Loan Bank overnight advances | 8,400 | 0.25% | 1,600 | 0.25% | - | 3,200 | 0.25% | |||||||||
$ | 13,797 | 0.19% | $ | 5,436 | 0.14% | $ | 3,500 | 0.10% | $ | 7,532 | 0.16% | |||||
The maximum balance of short-term borrowings at any month-end during 2013 was $ 13,863,000. | ||||||||||||||||
The Bank has repurchase agreements with several of its depositors, under which customers’ funds are invested daily into an interest bearing account. These funds are carried by the Company as short-term debt. It is the Company’s policy to have repurchase agreements collateralized 100% by U.S. Government securities. As of December 31, 2013, the securities that serve as collateral for securities sold under agreements to repurchase had a fair value of $8,919,000. The interest rate paid on these funds is variable and subject to change daily. | ||||||||||||||||
The Bank’s maximum borrowing capacity with the Federal Home Loan Bank of Pittsburgh (“FHLB”) is $135,454,000, with a balance of $8,400,000 outstanding as of December 31, 2013. In order to borrow additional amounts in excess of $2,021,000, the FHLB would require the Bank to purchase additional FHLB Stock. The FHLB is a source of both short-term and long-term funding. The Bank must maintain sufficient qualifying collateral to secure all outstanding advances. | ||||||||||||||||
The Bank has entered into an agreement under which it can borrow up to $20,000,000 from the FHLB in their Open RepoPlus product. There were no borrowings under this agreement during the periods included in these consolidated financial statements. There is no expiration date on the current agreement. | ||||||||||||||||
Operating_Lease_Obligations
Operating Lease Obligations | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Operating Lease Obligations [Abstract] | ' | |||
OPERATING LEASE OBLIGATIONS | ' | |||
14. Operating Lease Obligations | ||||
The Company has entered into a number of arrangements that are classified as operating leases. The operating leases are for several branch and office locations. The majority of the branch and office location leases are renewable at the Company’s option. Future minimum lease commitments are based on current rental payments. Rental expense charged to operations, including license fees for branch offices, was $122,000, $114,000 and $108,000 in 2013, 2012 and 2011, respectively. | ||||
The following is a summary of future minimum rental payments for the next five years required under operating leases that have initial or remaining noncancellable lease terms in excess of one year as of December 31, 2013 (in thousands): | ||||
Years ending December 31, | ||||
2014 | $ | 121 | ||
2015 | 89 | |||
2016 | 83 | |||
2017 | 44 | |||
2018 | - | |||
2019 and beyond | - | |||
Total minimum payments required | $ | 337 | ||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Income Taxes [Abstract] | ' | ||||||||
INCOME TAXES | ' | ||||||||
15. Income Taxes | |||||||||
The components of income tax expense for the three years ended December 31 were (in thousands): | |||||||||
2013 | 2012 | 2011 | |||||||
Current tax (benefit) expense | $ | -157 | $ | 1,042 | $ | 1,562 | |||
Deferred tax expense (benefit) | 662 | -64 | -20 | ||||||
Total tax expense | $ | 505 | $ | 978 | $ | 1,542 | |||
Income tax expense (benefit) related to realized securities gains was $(1,000) in 2013, $1,000 in 2012 and $2,000 in 2011. | |||||||||
A reconciliation of the statutory income tax expense computed at 34% to the income tax expense included in the consolidated statements of income follows (dollars in thousands): | |||||||||
Years Ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
Income before income taxes | $ | 4,506 | $ | 4,626 | $ | 6,222 | |||
Effective tax rate | 34.0% | 34.0% | 34.0% | ||||||
Federal tax at statutory rate | 1,532 | 1,573 | 2,115 | ||||||
Tax-exempt interest | -354 | -431 | -439 | ||||||
Net earnings on BOLI | -108 | -148 | -133 | ||||||
Dividend from unconsolidated subsidiary | -13 | -12 | -8 | ||||||
Stock-based compensation | 10 | 2 | 7 | ||||||
Federal tax credits | -556 | - | - | ||||||
Other permanent differences | -6 | -6 | - | ||||||
Total tax expense | $ | 505 | $ | 978 | $ | 1,542 | |||
Effective tax rate | 11.2% | 21.1% | 24.8% | ||||||
Deductible temporary differences and taxable temporary differences gave rise to a net deferred tax asset for the Company as of December 31, 2013 and 2012. The components giving rise to the net deferred tax asset are detailed below (in thousands): | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Deferred Tax Assets | |||||||||
Allowance for loan losses | $ | 639 | $ | 1,000 | |||||
Deferred directors' compensation | 541 | 565 | |||||||
Employee and director benefits | 574 | 605 | |||||||
Qualified pension liability | - | 321 | |||||||
Unrealized losses on securities available for sale | 387 | - | |||||||
Unrealized loss from securities impairment | 221 | 221 | |||||||
Other | 109 | 160 | |||||||
Total deferred tax assets | 2,471 | 2,872 | |||||||
Deferred Tax Liabilities | |||||||||
Depreciation | -223 | -236 | |||||||
Equity income from unconsolidated subsidiary | -462 | -398 | |||||||
Qualified pension asset | -342 | - | |||||||
Loan origination costs | -287 | -223 | |||||||
Prepaid expense | -95 | -90 | |||||||
Unrealized gains on securities available for sale | - | -403 | |||||||
Annuity earnings | -63 | -58 | |||||||
Fair value of mortgage servicing rights | -57 | -33 | |||||||
Goodwill | -340 | -294 | |||||||
Total deferred tax liabilities | -1,869 | -1,735 | |||||||
Net deferred tax asset | |||||||||
included in other assets | $ | 602 | $ | 1,137 | |||||
The Company has concluded that the deferred tax assets are realizable (on a more likely than not basis) through the combination of future reversals of existing taxable temporary differences, certain tax planning strategies and expected future taxable income. | |||||||||
It is the Company’s policy to recognize interest and penalties on unrecognized tax benefits in income tax expense in the Consolidated Statements of Income. No significant income tax uncertainties were identified as a result of the Company’s evaluation of its income tax position. Therefore, the Company recognized no adjustment for unrecognized income tax benefits for the years ended December 31, 2013, 2012 and 2011. The Company is no longer subject to examination by taxing authorities for years before 2010. Tax years 2010 through the present, with limited exception, remain open to examination. | |||||||||
Stockholders_Equity_and_Regula
Stockholders' Equity and Regulatory Matters | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Stockholders' Equity And Regulatory Matters [Abstract] | ' | ||||||||||||||
STOCKHOLDERS' EQUITY AND REGULATORY MATTERS | ' | ||||||||||||||
16. Stockholders’ Equity and Regulatory Matters | |||||||||||||||
The Company is authorized to issue 500,000 shares of preferred stock with no par value. The Board has the ability to fix the voting, dividend, redemption and other rights of the preferred stock, which can be issued in one or more series. No shares of preferred stock have been issued. | |||||||||||||||
The Company has a dividend reinvestment and stock purchase plan. Under this plan, additional shares of Juniata Valley Financial Corp. stock may be purchased at the prevailing market prices with reinvested dividends and voluntary cash payments, within limits. To the extent that shares are not available in the open market, the Company has reserved common stock to be issued under the plan. Any adjustment in capitalization of the Company will result in a proportionate adjustment to the reserved shares for this plan. At December 31, 2013, 141,887 shares were available for issuance under the Dividend Reinvestment Plan. | |||||||||||||||
The Company periodically repurchases shares of its common stock under a share repurchase program approved by the Board of Directors. Repurchases have typically been through open market transactions and have complied with all regulatory restrictions on the timing and amount of such repurchases. Shares repurchased have been added to treasury stock and accounted for at cost. These shares may be reissued for stock option exercises, employee stock purchase plan purchases and to fulfill dividend reinvestment program needs. During 2013, 2012 and 2011, 24,918, 19,793 and 33,850 shares, respectively, were repurchased in conjunction with this program. Remaining shares authorized in the program were 43,475 as of December 31, 2013. | |||||||||||||||
The Company and the Bank are subject to risk-based capital standards by which bank holding companies and banks are evaluated in terms of capital adequacy. These regulatory capital requirements are administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of the Company’s and the Bank’s assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The Company’s and Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. | |||||||||||||||
Quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to each maintain minimum amounts and ratios (set forth in the table below) of Total and Tier I capital (as defined in the regulations) to risk-weighted assets (as defined in the regulations), and Tier I capital (as defined in the regulations) to average assets (as defined in the regulations). Management believes, as of December 31, 2013 and 2012, that the Company and the Bank met all capital adequacy requirements to which they were subject. | |||||||||||||||
As of December 31, 2013, the most recent notification from the regulatory banking agencies categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as “well capitalized”, the Bank must maintain minimum Total risk-based, Tier I risk-based and Tier I leverage ratios as set forth in the table. To the knowledge of management, there are no conditions or events since these notifications that have changed the Bank’s category. | |||||||||||||||
The table below provides a comparison of the Company’s and the Bank’s risk-based capital ratios and leverage ratios to the minimum regulatory requirements for the periods indicated (dollars in thousands). | |||||||||||||||
Juniata Valley Financial Corp. (Consolidated) | Minimum Requirement | ||||||||||||||
For Capital | |||||||||||||||
Actual | Adequacy Purposes | ||||||||||||||
Amount | Ratio | Amount | Ratio | ||||||||||||
As of December 31, 2013: | |||||||||||||||
Total Capital | $ | 51,888 | 17.97% | $ | 23,105 | 8.00% | |||||||||
(to Risk Weighted Assets) | |||||||||||||||
Tier 1 Capital | 49,461 | 17.13% | 11,553 | 4.00% | |||||||||||
(to Risk Weighted Assets) | |||||||||||||||
Tier 1 Capital | 49,461 | 11.04% | 17,915 | 4.00% | |||||||||||
(to Average Assets) | |||||||||||||||
As of December 31, 2012: | |||||||||||||||
Total Capital | $ | 52,803 | 18.28% | $ | 23,103 | 8.00% | |||||||||
(to Risk Weighted Assets) | |||||||||||||||
Tier 1 Capital | 49,506 | 17.14% | 11,552 | 4.00% | |||||||||||
(to Risk Weighted Assets) | |||||||||||||||
Tier 1 Capital | 49,506 | 10.96% | 18,074 | 4.00% | |||||||||||
(to Average Assets) | |||||||||||||||
Minimum Regulatory | |||||||||||||||
Requirements to be | |||||||||||||||
The Juniata Valley Bank | Minimum Requirement | "Well Capitalized" | |||||||||||||
For Capital | under Prompt | ||||||||||||||
Actual | Adequacy Purposes | Corrective Action Provisions | |||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||
As of December 31, 2013: | |||||||||||||||
Total Capital | $ | 46,530 | 16.35% | $ | 22,773 | 8.00% | $ | 28,467 | 10.00% | ||||||
(to Risk Weighted Assets) | |||||||||||||||
Tier 1 Capital | 44,185 | 15.52% | 11,387 | 4.00% | 17,080 | 6.00% | |||||||||
(to Risk Weighted Assets) | |||||||||||||||
Tier 1 Capital | 44,185 | 9.97% | 17,723 | 4.00% | 22,154 | 5.00% | |||||||||
(to Average Assets) | |||||||||||||||
As of December 31, 2012: | |||||||||||||||
Total Capital | $ | 47,812 | 16.79% | $ | 22,780 | 8.00% | $ | 28,475 | 10.00% | ||||||
(to Risk Weighted Assets) | |||||||||||||||
Tier 1 Capital | 44,519 | 15.63% | 11,390 | 4.00% | 17,085 | 6.00% | |||||||||
(to Risk Weighted Assets) | |||||||||||||||
Tier 1 Capital | 44,519 | 9.99% | 17,822 | 4.00% | 22,277 | 5.00% | |||||||||
(to Average Assets) | |||||||||||||||
Certain regulatory restrictions exist regarding the ability of the Bank to transfer funds to the Company in the form of cash dividends, loans or advances. At December 31, 2013, $39,118,000 of undistributed earnings of the Bank, included in the consolidated stockholders’ equity, was available for distribution to the Company as dividends without prior regulatory approval, subject to the regulatory capital requirements above. | |||||||||||||||
Calculation_of_Earnings_Per_Sh
Calculation of Earnings Per Share | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Calculation of Earnings Per Share [Abstract] | ' | ||||||||
CALCULATION OF EARNINGS PER SHARE | ' | ||||||||
17. Calculation Of Earnings Per Share | |||||||||
Basic earnings per share (EPS) is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. Potential common shares that may be issued by the Company relate solely to outstanding stock options and are determined using the treasury stock method. The following table sets forth the computation of basic and diluted earnings per share: | |||||||||
Years Ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
(Amounts, except earnings per share, in thousands) | |||||||||
Net income | $ | 4,001 | $ | 3,648 | $ | 4,680 | |||
Weighted-average common shares outstanding | 4,210 | 4,231 | 4,241 | ||||||
Basic earnings per share | $ | 0.95 | $ | 0.86 | $ | 1.10 | |||
Weighted-average common shares outstanding | 4,210 | 4,231 | 4,241 | ||||||
Common stock equivalents due to effect of stock options | 1 | 2 | 3 | ||||||
Total weighted-average common shares and equivalents | $ | 4,211 | $ | 4,233 | $ | 4,244 | |||
Diluted earnings per share | $ | 0.95 | $ | 0.86 | $ | 1.10 | |||
Anti-dilutive stock options outstanding | 78 | 79 | 60 | ||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accumulated Other Comprehensive Income [Abstract] | ' | ||||||||
ACCUMULATED OTHER COMPREHENSIVE LOSS | ' | ||||||||
18. Accumulated other Comprehensive loss | |||||||||
Components of accumulated other comprehensive loss, net of tax as of December 31 of each of the last three years consist of the following (in thousands): | |||||||||
12/31/13 | 12/31/12 | 12/31/11 | |||||||
Unrealized (losses) gains on available for sale securities | $ | -751 | $ | 800 | $ | 823 | |||
Unrecognized expense for defined benefit pension | -908 | -2,219 | -3,079 | ||||||
Accumulated other comprehensive loss | $ | -1,659 | $ | -1,419 | $ | -2,256 | |||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Fair Value Measurements [Abstract] | ' | |||||||||||
FAIR VALUE MEASUREMENT | ' | |||||||||||
19. Fair Value Measurement | ||||||||||||
Fair value measurement and disclosure guidance defines fair value as the price that would be received to sell an asset or transfer a liability in an orderly transaction (that is, not a forced liquidation or distressed sale) between market participants at the measurement date under current market conditions. Additional guidance is provided on determining when the volume and level of activity for the asset or liability has significantly decreased. The guidance also includes guidance on identifying circumstances when a transaction may not be considered orderly. | ||||||||||||
Fair value measurement and disclosure guidance provides a list of factors that a reporting entity should evaluate to determine whether there has been a significant decrease in the volume and level of activity for the asset or liability in relation to normal market activity for the asset or liability. When the reporting entity concludes there has been a significant decrease in the volume and level of activity for the asset or liability, further analysis of the information from that market is needed, and significant adjustments to the related prices may be necessary to estimate fair value in accordance with fair value measurement and disclosure guidance. | ||||||||||||
This guidance clarifies that, when there has been a significant decrease in the volume and level of activity for the asset or liability, some transactions may not be orderly. In those situations, the entity must evaluate the weight of the evidence to determine whether the transaction is orderly. The guidance provides a list of circumstances that may indicate that a transaction is not orderly. A transaction price that is not associated with an orderly transaction is given little, if any, weight when estimating fair value. | ||||||||||||
Fair value measurement and disclosure guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. The price in the principal (or most advantageous) market used to measure the fair value of the asset or liability is not adjusted for transaction costs. An orderly transaction is a transaction that assumes exposure to the market for a period prior to the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets and liabilities; it is not a forced transaction. Market participants are buyers and sellers in the principal market that are (i) independent, (ii) knowledgeable, (iii) able to transact and (iv) willing to transact. | ||||||||||||
Fair value measurement and disclosure guidance requires the use of valuation techniques that are consistent with the market approach, the income approach and/or the cost approach. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities. The income approach uses valuation techniques to convert future amounts, such as cash flows or earnings, to a single present amount on a discounted basis. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset (replacement cost). Valuation techniques should be consistently applied. Inputs to valuation techniques refer to the assumptions that market participants would use in pricing the asset or liability. Inputs may be observable, meaning those that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from independent sources, or unobservable, meaning those that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. In that regard, the guidance establishes a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: | ||||||||||||
Level 1 Inputs – Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. | ||||||||||||
Level 2 Inputs – Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatilities, prepayment speeds, credit risks, etc.) or inputs that are derived principally from or corroborated by market data by correlation or other means. | ||||||||||||
Level 3 Inputs – Unobservable inputs for determining the fair values of assets or liabilities that reflect an entity’s own assumptions about the assumptions that market participants would use in pricing the assets or liabilities. | ||||||||||||
An asset’s or liability’s placement in the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. | ||||||||||||
A description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. | ||||||||||||
In general, fair value is based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon internally developed models that primarily use, as inputs, observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include amounts to reflect counterparty credit quality, the Company’s creditworthiness, among other things, as well as unobservable parameters. Any such valuation adjustments are applied consistently over time. The Company’s valuation methodologies may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. While management believes the Company’s valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. | ||||||||||||
Securities Available for Sale. Debt securities classified as available for sale are reported at fair value utilizing Level 2 inputs. For these securities, the Company obtains fair value measurement from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond’s terms and conditions, among other things. Equity securities classified as available for sale are reported at fair value using Level 1 inputs. | ||||||||||||
Impaired Loans. Certain impaired loans are reported on a non-recurring basis at the fair value of the underlying collateral since repayment is expected solely from the 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. | ||||||||||||
Other Real Estate Owned. Certain assets included in other real estate owned are carried at fair value as a result of impairment and accordingly are presented as measured on a non-recurring basis. Values are estimated using Level 3 inputs, based on appraisals that consider the sales prices of property in the proximate vicinity. | ||||||||||||
Mortgage Servicing Rights. The fair value of servicing assets is based on the present value of estimated future cash flows on pools of mortgages stratified by rate and maturity date and are considered Level 3 inputs. | ||||||||||||
The following table summarizes financial assets and financial liabilities measured at fair value as of December 31, 2013 and December 31, 2012, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (in thousands). There were no transfers of assets between fair value Level 1 and Level 2 during the year ended December 31, 2013. | ||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||
Quoted Prices in | Significant | Significant | ||||||||||
Active Markets | Other | Other | ||||||||||
December 31, | for Identical | Observable | Unobservable | |||||||||
2013 | Assets | Inputs | Inputs | |||||||||
Measured at fair value on a recurring basis: | ||||||||||||
Debt securities available-for-sale: | ||||||||||||
Obligations of U.S. Government agencies and corporations | $ | 78,278 | $ | - | $ | 78,278 | $ | - | ||||
Obligations of state and political subdivisions | 41,932 | - | 41,932 | - | ||||||||
Mortgage-backed securities | 4,469 | - | 4,469 | - | ||||||||
Equity securities available-for-sale | 1,367 | 1,367 | - | - | ||||||||
Measured at fair value on a non-recurring basis: | ||||||||||||
Impaired loans | 3,300 | - | - | 3,300 | ||||||||
Other real estate owned | 50 | - | - | 50 | ||||||||
Mortgage servicing rights | 167 | - | - | 167 | ||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||
Quoted Prices in | Significant | Significant | ||||||||||
Active Markets | Other | Other | ||||||||||
December 31, | for Identical | Observable | Unobservable | |||||||||
2012 | Assets | Inputs | Inputs | |||||||||
Measured at fair value on a recurring basis: | ||||||||||||
Debt securities available-for-sale: | ||||||||||||
Obligations of U.S. Government agencies and corporations | $ | 72,817 | $ | - | $ | 72,817 | $ | - | ||||
Obligations of state and political subdivisions | 45,976 | - | 45,976 | - | ||||||||
Mortgage-backed securities | 2,526 | - | 2,526 | - | ||||||||
Equity securities available-for-sale | 1,019 | 1,019 | - | - | ||||||||
Measured at fair value on a non-recurring basis: | ||||||||||||
Impaired loans | 2,056 | - | - | 2,056 | ||||||||
Other real estate owned | 50 | - | - | 50 | ||||||||
Mortgage servicing rights | 98 | - | - | 98 | ||||||||
The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which Level 3 inputs have been used to determine fair value: | ||||||||||||
31-Dec-13 | Fair Value Estimate | Valuation Technique | Unobservable Input | Range | Weighted Average | |||||||
Impaired loans | $ | 3,300 | Appraisal of collateral (1) | Appraisal and liquidation adjustments (2) | (7)% - (10)% | -9.00% | ||||||
Other real estate owned | 50 | Appraisal of collateral (1) | Appraisal and liquidation adjustments (2) | 0% | 0% | |||||||
Mortgage servicing rights | 167 | Multiple of annual servicing fee | Estimated pre-payment speed, based on rate and term | 300% - 400% | 326% | |||||||
31-Dec-12 | Fair Value Estimate | Valuation Technique | Unobservable Input | Range | Weighted Average | |||||||
Impaired loans | $ | 2,056 | Appraisal of collateral (1) | Appraisal and liquidation adjustments (2) | (7)% - (10)% | -8.10% | ||||||
Other real estate owned | 50 | Appraisal of collateral (1) | Appraisal and liquidation adjustments (2) | 0% | 0% | |||||||
Mortgage servicing rights | 98 | Multiple of annual servicing fee | Estimated pre-payment speed, based on rate and term | 300% - 400% | 326% | |||||||
-1 | Fair value is generally determined through independent appraisals of the underlying collateral that generally include various level 3 inputs which are not identifiable. | |||||||||||
-2 | Appraisals may be adjusted downward by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. | |||||||||||
Fair Value of Financial Instruments | ||||||||||||
Management uses its best judgment in estimating the fair value of the Company’s financial instruments; however, there are inherent weaknesses in any estimation technique. Therefore, the fair value estimates herein are not necessarily indicative of the amounts the Company could have realized in sales transactions on the dates indicated. The estimated fair value amounts have been measured as of their respective year ends and have not been re-evaluated or updated for purposes of these consolidated financial statements subsequent to those respective dates. As such, the estimated fair values of these financial instruments subsequent to the respective reporting dates may be different from the amounts reported at each year end. | ||||||||||||
The information presented below should not be interpreted as an estimate of the fair value of the entire Company since a fair value calculation is provided only for a limited portion of the Company’s assets and liabilities. Due to a wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Company’s disclosures and those of other companies may not be meaningful. | ||||||||||||
The following describes the estimated fair value of the Company’s financial instruments as well as the significant methods and assumptions not previously disclosed used to determine these estimated fair values. | ||||||||||||
Carrying values approximate fair value for cash and due from banks, interest-bearing demand deposits with banks, restricted stock in the Federal Home Loan Bank, interest receivable, mortgage servicing rights, non-interest bearing demand deposits, securities sold under agreements to repurchase, short-term borrowings and interest payable. Other than cash and due from banks, which are considered Level 1 inputs and mortgage servicing rights, which are considered Level 3 inputs, these instruments are Level 2 inputs. | ||||||||||||
Interest bearing time deposits with banks - The estimated fair value is determined by discounting the contractual future cash flows, using the rates currently offered for deposits of similar remaining maturities. | ||||||||||||
Loans – For variable-rate loans that reprice frequently and which entail no significant changes in credit risk, carrying values approximated fair value. Substantially all commercial loans and real estate mortgages are variable rate loans. The fair value of other loans (i.e. consumer loans and fixed-rate real estate mortgages) are estimated by calculating the present value of the cash flow difference between the current rate and the market rate, for the average maturity, discounted quarterly at the market rate. | ||||||||||||
Fixed rate time deposits - The estimated fair value is determined by discounting the contractual future cash flows, using the rates currently offered for deposits of similar remaining maturities. | ||||||||||||
Other interest bearing liabilities – The fair value is estimated using discounted cash flow analysis, based on incremental borrowing rates for similar types of arrangements. | ||||||||||||
Commitments to extend credit and letters of credit – The fair value of commitments to extend credit is estimated using the fees currently charged to enter into similar agreements, taking into account market interest rates, the remaining terms and present credit-worthiness of the counterparties. The fair value of guarantees and letters of credit is based on fees currently charged for similar agreements. | ||||||||||||
The estimated fair values of the Company’s financial instruments are as follows (in thousands): | ||||||||||||
Financial Instruments | ||||||||||||
(in thousands) | ||||||||||||
31-Dec-13 | December 31, 2012 | |||||||||||
Carrying | Fair | Carrying | Fair | |||||||||
Financial assets: | Value | Value | Value | Value | ||||||||
Cash and due from banks | $ | 8,570 | $ | 8,570 | $ | 14,261 | $ | 14,261 | ||||
Interest bearing deposits with banks | 43 | 43 | 136 | 136 | ||||||||
Interest bearing time deposits with banks | 249 | 250 | 847 | 849 | ||||||||
Securities | 126,046 | 126,046 | 122,338 | 122,338 | ||||||||
Restricted investment in FHLB stock | 1,967 | 1,967 | 1,726 | 1,726 | ||||||||
Loans, net of allowance for loan losses | 275,511 | 282,226 | 274,219 | 286,467 | ||||||||
Mortgage servicing rights | 167 | 167 | 98 | 98 | ||||||||
Accrued interest receivable | 1,529 | 1,529 | 1,632 | 1,632 | ||||||||
Financial liabilities: | ||||||||||||
Non-interest bearing deposits | 74,611 | 74,611 | 71,318 | 71,318 | ||||||||
Interest bearing deposits | 305,034 | 308,414 | 315,433 | 319,946 | ||||||||
Securities sold under agreements to repurchase | 5,397 | 5,397 | 3,836 | 3,836 | ||||||||
Short-term borrowings | 8,400 | 8,400 | 1,600 | 1,600 | ||||||||
Other interest bearing liabilities | 1,356 | 1,358 | 1,305 | 1,315 | ||||||||
Accrued interest payable | 287 | 287 | 354 | 354 | ||||||||
Off-balance sheet financial instruments: | ||||||||||||
Commitments to extend credit | - | - | - | - | ||||||||
Letters of credit | - | - | - | - | ||||||||
The following presents the carrying amount, fair value and placement in the fair value hierarchy of the Company’s financial instruments not previously disclosed as of December 31, 2013 and December 31, 2012. This table excludes financial instruments for which the carrying amount approximates fair value. | ||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||
Quoted Prices in | ||||||||||||
Active Markets | Significant | Significant | ||||||||||
for Identical | Other | Other | ||||||||||
31-Dec-13 | Carrying Amount | Fair Value | Assets or Liabilities | Observable Inputs | Unobservable Inputs | |||||||
Financial instruments - Assets | ||||||||||||
Interest bearing time deposits with banks | $ 249 | $ 250 | $ - | $ 250 | $ - | |||||||
Loans, net of allowance for loan losses | 275,511 | 282,226 | - | - | 282,226 | |||||||
Financial instruments - Liabilities | ||||||||||||
Interest bearing deposits | 305,034 | 308,414 | - | 308,414 | - | |||||||
Other interest bearing liabilities | 1,356 | 1,358 | - | 1,358 | - | |||||||
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Employee Benefit Plans [Abstract] | ' | ||||||||||||||||
EMPLOYEE BENEFIT PLANS | ' | ||||||||||||||||
20. Employee Benefit Plans | |||||||||||||||||
Stock Option Plan | |||||||||||||||||
The 2000 Incentive Stock Option Plan expired in May 2010 and was replaced with the 2011 Stock Option Plan in May 2011 (collectively, the “Plans”). The 2011 Stock Option Plan has essentially the same structure as the 2000 plan. Under the provisions of the Plans, while active, options can be granted to officers and key employees of the Company. The Plans provide that the option price per share is not to be less than the fair market value of the stock on the day the option was granted, but in no event less than the par value of such stock. Options granted under the Plans are exercisable no earlier than one year after the date of grant and expire ten years after the date of the grant. | |||||||||||||||||
The Plans are administered by a committee of the Board of Directors, whose members are not eligible to receive options under the Plans. The Committee determines, among other things, which officers and key employees receive options, the number of shares to be subject to each option, the option price and the duration of the option. Options vest over three to five years and are exercisable at the grant price, which is at least the fair market value of the stock on the grant date. All options previously granted under the Plans are scheduled to expire through February 20, 2023. The aggregate number of shares that may be issued upon the exercise of options under the 2011 Stock Option Plan is set at 300,000 shares, and 247,300 shares were available for grant as of December 31, 2013. Total options outstanding at December 31, 2013 have exercise prices between $17.22 and $24.00, with a weighted average exercise price of $18.50 and a weighted average remaining contractual life of 6.7 years. | |||||||||||||||||
As of December 31, 2013, there was $57,000 of total unrecognized compensation cost related to nonvested share-based compensation arrangements granted under the Plans. That cost is expected to be recognized through 2018. | |||||||||||||||||
Cash received from option exercises under the Plans for the years ended December 31, 2013, 2012 and 2011 was $0, $104,000, and $27,000, respectively. | |||||||||||||||||
A summary of the status of the Plans as of December 31, 2013, 2012 and 2011, and changes during the years ending on those dates is presented below: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Shares | Weighted Average Exercise Price | Shares | Weighted Average Exercise Price | Shares | Weighted Average Exercise Price | ||||||||||||
Outstanding at beginning of year | 97,792 | $ | 19.04 | 90,474 | $ | 18.85 | 92,953 | $ | 18.83 | ||||||||
Granted | 21,800 | 17.65 | 19,150 | 18.00 | 16,050 | 17.75 | |||||||||||
Exercised | - | - | -7,207 | 14.47 | -1,890 | 14.37 | |||||||||||
Forfeited | -35,662 | 19.45 | -4,625 | 17.89 | -16,639 | 18.20 | |||||||||||
Outstanding at end of year | 83,930 | $ | 18.50 | 97,792 | $ | 19.04 | 90,474 | $ | 18.85 | ||||||||
Options exercisable at year-end | 43,079 | 68,361 | 67,685 | ||||||||||||||
Weighted-average fair value of | |||||||||||||||||
of options granted | |||||||||||||||||
during the year | $ | 1.75 | $ | 1.98 | $ | 1.91 | |||||||||||
Intrinsic value of options | |||||||||||||||||
exercised during the year | $ | - | $ | 24,444 | $ | 7,070 | |||||||||||
Intrinsic value of options | |||||||||||||||||
outstanding and exercisable at | |||||||||||||||||
31-Dec-13 | $ | 5,309 | |||||||||||||||
The following table summarizes characteristics of stock options as of December 31, 2013: | |||||||||||||||||
Outstanding | Exercisable | ||||||||||||||||
Grant Date | Exercise Price | Shares | Contractual Average Life (Years) | Shares | |||||||||||||
11/15/04 | 20.25 | 1,248 | 0.88 | 1,248 | |||||||||||||
10/18/05 | 24.00 | 2,662 | 1.46 | 2,662 | |||||||||||||
10/17/06 | 21.00 | 3,195 | 2.03 | 3,195 | |||||||||||||
10/16/07 | 20.05 | 5,623 | 3.2 | 5,623 | |||||||||||||
10/21/08 | 21.10 | 7,289 | 4.19 | 7,289 | |||||||||||||
10/20/09 | 17.22 | 11,213 | 5.15 | 10,211 | |||||||||||||
9/20/11 | 17.75 | 13,850 | 7.72 | 7,900 | |||||||||||||
3/20/12 | 18.00 | 17,050 | 8.22 | 4,951 | |||||||||||||
2/19/13 | 17.65 | 21,800 | 9.14 | - | |||||||||||||
83,930 | 43,079 | ||||||||||||||||
Defined Benefit Retirement Plan | |||||||||||||||||
The Company sponsors a defined benefit retirement plan which covers substantially all of its employees employed prior to December 31, 2007. As of January 1, 2008, the plan was amended to close the plan to new entrants. All active participants as of December 31, 2007 became 100% vested in their accrued benefit and, as long as they remained eligible, continued to accrue benefits until December 31, 2012. The benefits are based on years of service and the employee’s compensation. Effective December 31, 2012, the defined benefit retirement plan was amended to cease future service accruals after that date (frozen). The Company’s funding policy is to contribute annually no more than the maximum amount that can be deducted for federal income tax purposes. Contributions are intended to provide for benefits attributed to service through December 31, 2012. The Company does not expect to contribute to the defined benefit plan in 2014. | |||||||||||||||||
Management expects no expense to be recorded as net periodic expense in 2014 for the defined benefit plan, which includes expected amortization out of accumulated other comprehensive loss. The following table sets forth by level, within the fair value hierarchy, debt and equity instruments included in the defined benefit retirement’s plan assets at fair value as of December 31, 2013 and December 31, 2012 (in thousands). Assets included in the plan that are not valued in the hierarchy table consist of cash and cash equivalents, totaling $703,000 and $738,000, at December 31, 2013 and 2012, respectively. | |||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Quoted Prices in | Significant Other | Significant Other | |||||||||||||||
December 31, | Active Markets for | Observable | Unobservable | ||||||||||||||
2013 | Identical Assets | Inputs | Inputs | ||||||||||||||
Measured at fair value on a recurring basis: | |||||||||||||||||
U.S. Government and agency securities | $ | 739 | $ | - | $ | 739 | $ | - | |||||||||
Corporate bonds and notes | 2,987 | - | 2,987 | - | |||||||||||||
Mutual funds | |||||||||||||||||
Value funds | 2,120 | 2,120 | - | - | |||||||||||||
Blend funds | 1,522 | 1,522 | - | - | |||||||||||||
Growth funds | 1,867 | 1,867 | - | - | |||||||||||||
Common stocks | 4 | 4 | - | - | |||||||||||||
Money market funds | 172 | 172 | - | - | |||||||||||||
$ | 9,411 | $ | 5,685 | $ | 3,726 | $ | - | ||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Quoted Prices in | Significant Other | Significant Other | |||||||||||||||
December 31, | Active Markets for | Observable | Unobservable | ||||||||||||||
2012 | Identical Assets | Inputs | Inputs | ||||||||||||||
Measured at fair value on a recurring basis: | |||||||||||||||||
U.S. Government and agency securities | $ | 199 | $ | - | $ | 199 | $ | - | |||||||||
Corporate bonds and notes | 3,017 | - | 3,017 | - | |||||||||||||
Mutual funds | |||||||||||||||||
Value funds | 1,379 | 1,379 | - | - | |||||||||||||
Blend funds | 1,220 | 1,220 | - | - | |||||||||||||
Growth funds | 1,932 | 1,932 | - | - | |||||||||||||
Common stocks | 3 | 3 | - | - | |||||||||||||
Money market funds | 590 | 590 | - | - | |||||||||||||
$ | 8,340 | $ | 5,124 | $ | 3,216 | $ | - | ||||||||||
The measurement date for the defined benefit plan is December 31. Information pertaining to the activity in the defined benefit plan is as follows (in thousands): | |||||||||||||||||
Years ended December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Change in projected benefit obligation (PBO) | |||||||||||||||||
PBO at beginning of year | $ | 10,022 | $ | 10,438 | |||||||||||||
Service cost | - | 222 | |||||||||||||||
Interest cost | 395 | 451 | |||||||||||||||
Change in assumptions | -962 | 681 | |||||||||||||||
Curtailment adjustment | - | -1,393 | |||||||||||||||
Actuarial loss | 91 | 49 | |||||||||||||||
Benefits paid | -438 | -426 | |||||||||||||||
PBO at end of year | $ | 9,108 | $ | 10,022 | |||||||||||||
Change in plan assets | |||||||||||||||||
Fair value of plan assets at beginning of year | $ | 9,078 | $ | 8,625 | |||||||||||||
Actual return on plan assets, net of expenses | 1,474 | 879 | |||||||||||||||
Benefits paid | -438 | -426 | |||||||||||||||
Fair value of plan assets at end of year | $ | 10,114 | $ | 9,078 | |||||||||||||
Funded status, included in other assets (liabilities) | $ | 1,006 | $ | -944 | |||||||||||||
Amounts recognized in accumulated comprehensive loss | |||||||||||||||||
before income taxes consist of: | |||||||||||||||||
Unrecognized actual loss | $ | -1,377 | $ | -3,362 | |||||||||||||
Unrecognized net transition asset | 1 | 1 | |||||||||||||||
$ | -1,376 | $ | -3,361 | ||||||||||||||
Accumulated benefit obligation | $ | 9,108 | $ | 10,022 | |||||||||||||
Pension expense included the following components for the years ended December 31 (in thousands): | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Service cost during the year | $ | - | $ | 222 | $ | 192 | |||||||||||
Interest cost on projected benefit obligation | 395 | 451 | 479 | ||||||||||||||
Expected return on plan assets | -561 | -591 | -631 | ||||||||||||||
Net accretion (amortization) | -1 | 56 | -2 | ||||||||||||||
Recognized net actuarial loss | 203 | 296 | 152 | ||||||||||||||
Net periodic benefit cost | 36 | 434 | 190 | ||||||||||||||
Net loss (gain) | -1,782 | -952 | 1,990 | ||||||||||||||
Amortization of net loss | -203 | -296 | -152 | ||||||||||||||
Net amortization (accretion) | 1 | -56 | 2 | ||||||||||||||
Total recognized in other comprehensive loss (income) | $ | -1,984 | $ | -1,304 | $ | 1,840 | |||||||||||
Total recognized in net periodic benefit cost and other | |||||||||||||||||
comprehensive loss (income) | $ | -1,948 | $ | -870 | $ | 2,030 | |||||||||||
Assumptions used to determine benefit obligations were: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Discount rate | 4.75% | 4.00% | 4.40% | ||||||||||||||
Rate of compensation increase | N/A | N/A | 3.00 | ||||||||||||||
Assumptions used to determine the net periodic benefit cost were: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Discount rate | 4.00% | 4.40% | 5.50% | ||||||||||||||
Expected long-term return on plan assets | 6.35 | 7.00 | 7.00 | ||||||||||||||
Rate of compensation increase | N/A | 3.00 | 3.00 | ||||||||||||||
The investment strategy and investment policy for the retirement plan is to target the plan assets to contain 50% equity and 50% fixed income securities. The asset allocation as of December 31, 2013 was approximately 43% fixed income securities, 55% equities and 2% cash equivalents. | |||||||||||||||||
Future expected benefit payments (in thousands): | |||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | 2019-2023 | ||||||||||||
Estimated future benefit payments | $ | 450 | $ | 444 | $ | 447 | $ | 463 | $ | 510 | $ | 2,633 | |||||
Defined Contribution Plan | |||||||||||||||||
The Company has a Defined Contribution Plan under which employees, through payroll deductions, are able to defer portions of their compensation. The Company makes an annual non-elective fully vested contribution equal to 3% of compensation to each eligible participant. As of December 31, 2013, a liability of $172,000 was recorded to satisfy this obligation, and was credited to employees’ accounts by January 31, 2014. This liability at December 31, 2012 totaled $161,000 and was credited to employee accounts during 2013. Expense incurred under this plan was $175,000, $157,000 and $151,000 in 2013, 2012 and 2011, respectively. Effective January 1, 2013, the Company amended the Defined Contribution Plan to include an employer matching contribution for employees that elect to defer compensation into this program. The matching contribution in 2013 was $123,000. | |||||||||||||||||
Employee Stock Purchase Plan | |||||||||||||||||
The Company has an Employee Stock Purchase Plan under which employees, through payroll deductions, are able to purchase shares of Company stock annually. The option price of the stock purchases is between 95% and 100% of the fair market value of the stock on the offering termination date as determined annually by the Board of Directors. The maximum number of shares which employees may purchase under the Plan is 250,000; however, the annual issuance of shares may not exceed 5,000 shares plus any unissued shares from prior offerings. There were 2,823 shares issued in 2013, 2,729 shares issued in 2012 and 2,413 shares issued in 2011 under this plan. At December 31, 2013, there were 187,557 shares reserved for issuance under the Employee Stock Purchase Plan. | |||||||||||||||||
Supplemental Retirement Plans | |||||||||||||||||
The Company has non-qualified supplemental retirement plans for directors and key employees. At December 31, 2013 and 2012, the present value of the future liability was $533,000 and $627,000, respectively. For the years ended December 31, 2013, 2012 and 2011, $47,000, $56,000 and $73,000, respectively, was charged to expense in connection with these plans. The Company offsets the cost of these plans through the purchase of bank-owned life insurance and annuities. See Note 8. | |||||||||||||||||
Deferred Compensation Plans | |||||||||||||||||
The Company has entered into deferred compensation agreements with certain directors to provide each director an additional retirement benefit, or to provide their beneficiary a benefit, in the event of pre-retirement death. At December 31, 2013 and 2012, the present value of the future liability was $1,591,000 and $1,661,000, respectively. For the years ended December 31, 2013, 2012 and 2011, $47,000, $66,000 and $83,000, respectively, was charged to expense in connection with these plans. The Company offsets the cost of these plans through the purchase of bank-owned life insurance. See Note 8. | |||||||||||||||||
Salary Continuation Plans | |||||||||||||||||
The Company has non-qualified salary continuation plans for key employees. At December 31, 2013 and 2012, the present value of the future liability was $1,154,000 and $1,151,000, respectively. For the years ended December 31, 2013, 2012 and 2011, $97,000, $132,000 and $136,000, respectively, was charged to expense in connection with these plans. The Company offsets the cost of these plans through the purchase of bank-owned life insurance. See Note 8. | |||||||||||||||||
Financial_Instruments_with_Off
Financial Instruments with Off-Balance Sheet Risk | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Nature of Operations [Abstract] | ' | |||||
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK | ' | |||||
21. Financial Instruments With Off-Balance Sheet Risk | ||||||
The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments may include commitments to extend credit and letters of credit. These instruments involve, to varying degrees, elements of credit risk that are not recognized in the consolidated financial statements. | ||||||
Exposure to credit loss in the event of non-performance by the other party to the financial instrument for commitments to extend credit and letters of credit is represented by the contractual amount of those instruments. The Bank uses the same credit policies in making these commitments and conditional obligations as it does for on-balance sheet instruments. The Company controls the credit risk of its financial instruments through credit approvals, limits and monitoring procedures; however, it does not generally require collateral for such financial instruments since there is no principal credit risk. | ||||||
A summary of the Company’s financial instrument commitments is as follows (in thousands): | ||||||
December 31, | ||||||
2013 | 2012 | |||||
Commitments to grant loans | $ | 33,532 | $ | 31,918 | ||
Unfunded commitments under lines of credit | 7,457 | 11,246 | ||||
Outstanding letters of credit | 1,199 | 1,293 | ||||
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since portions of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Bank evaluates each customer's creditworthiness on a case-by-case basis. The amount of collateral obtained by the Bank upon extension of credit is based on management's credit evaluation of the counter-party. Collateral held varies but may include personal or commercial real estate, accounts receivable, inventory and equipment. | ||||||
Outstanding letters of credit are instruments issued by the Bank that guarantee the beneficiary payment by the Bank in the event of default by the Bank’s customer in the non-performance of an obligation or service. Most letters of credit are extended for one year periods. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. The Bank holds collateral supporting those commitments for which collateral is deemed necessary. The amount of the liability as of December 31, 2013 and 2012 for guarantees under letters of credit issued is not material. | ||||||
The maximum undiscounted exposure related to these guarantees at December 31, 2013 was $1,199,000, and the approximate value of underlying collateral upon liquidation that would be expected to cover this maximum potential exposure was $1,061,000. | ||||||
RelatedParty_Transactions
Related-Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related-Party Transactions [Abstract] | ' |
RELATED-PARTY TRANSACTIONS | ' |
22. Related-Party Transactions | |
The Bank has granted loans to certain of its executive officers, directors and their related interests. These loans were made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with unrelated persons and, in the opinion of management, do not involve more than normal risk of collection. The aggregate dollar amount of these loans was $1,892,000 and $2,370,000 at December 31, 2013 and 2012, respectively. During 2013, $281,000 of new loans were made and repayments totaled $759,000. None of these loans were past due, in non-accrual status or restructured at December 31, 2013 or 2012. | |
Commitments_and_Contingent_Lia
Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingent Liabilities [Abstract] | ' |
Commitments and Contingent Liabilities | ' |
23. Commitments And Contingent Liabilities | |
In 2009, the Company executed an agreement to obtain technology outsourcing services through an outside service bureau, and those services began in June 2010. The agreement provides for termination fees if the Company cancels the services prior to the end of the 8-year commitment period. The termination fee would be an amount equal to one hundred percent of the estimated remaining value of the terminated services if terminated in the first contract year, ninety percent of the estimated remaining value of the terminated services if terminated in the second contract year, eighty percent and seventy percent of the remaining value of the terminated services if terminated in the third and fourth contract years, respectively, and sixty percent of the remaining value of the terminated services if terminated in contract years five through eight. Termination fees are estimated to be approximately $1,663,000 at December 31, 2013. Since the Company does not expect to terminate these services prior to the end of the commitment period, no liability has been recorded at December 31, 2013. | |
The Company, from time to time, may be a defendant in legal proceedings relating to the conduct of its banking business. Most of such legal proceedings are a normal part of the banking business and, in management's opinion, the consolidated financial condition and results of operations of the Company would not be materially affected by the outcome of such legal proceedings. | |
Additionally, the Company has committed to fund and sell qualifying residential mortgage loans to the Federal Home Loan Bank of Pittsburgh in the total amount of $15,000,000. As of December 31, 2013, $14,211,000 remains to be delivered on that commitment, of which $160,000 has been committed to borrowers. | |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
24. Subsequent Events | |
In January 2014, the Board of Directors declared a dividend of $0.22 per share for the first quarter of 2014 to shareholders of record on February 14, payable on March 3, 2014. | |
Juniata_Valley_Financial_Corp_
Juniata Valley Financial Corp. (Parent Company Only) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Juniata Valley Financial Corp. (Parent Company Only) [Abstract] | ' | |||||||||
JUNIATA VALLEY FINANCIAL CORP. (PARENT COMPANY ONLY) | ' | |||||||||
25. Juniata Valley Financial Corp. (Parent Company Only) | ||||||||||
Financial information: | ||||||||||
CONDENSED BALANCE SHEETS | ||||||||||
(in thousands) | ||||||||||
December 31, | ||||||||||
2013 | 2012 | |||||||||
ASSETS: | ||||||||||
Cash and cash equivalents | $ | 365 | $ | 231 | ||||||
Investment in bank subsidiary | 44,589 | 45,285 | ||||||||
Investment in unconsolidated subsidiary | 4,172 | 4,000 | ||||||||
Investment securities available for sale | 1,127 | 954 | ||||||||
Other assets | 56 | 15 | ||||||||
TOTAL ASSETS | $ | 50,309 | $ | 50,485 | ||||||
LIABILITIES: | ||||||||||
Accounts payable and other liabilities | $ | 325 | $ | 188 | ||||||
STOCKHOLDERS' EQUITY | 49,984 | 50,297 | ||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 50,309 | $ | 50,485 | ||||||
CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | ||||||||||
(in thousands) | ||||||||||
Years Ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
INCOME: | ||||||||||
Interest and dividends on investment securities available for sale | $ | 28 | $ | 41 | $ | 44 | ||||
Dividends from bank subsidiary | 4,290 | 2,793 | 4,217 | |||||||
Income from unconsolidated subsidiary | 237 | 249 | 263 | |||||||
TOTAL INCOME | 4,555 | 3,083 | 4,524 | |||||||
EXPENSE: | ||||||||||
Non-interest expense | 140 | 80 | 140 | |||||||
TOTAL EXPENSE | 140 | 80 | 140 | |||||||
INCOME BEFORE INCOME TAXES AND EQUITY | ||||||||||
IN UNDISTRIBUTED NET (LOSS) INCOME OF SUBSIDIARY | 4,415 | 3,003 | 4,384 | |||||||
Income tax expense | 23 | 47 | 36 | |||||||
4,392 | 2,956 | 4,348 | ||||||||
Undistributed net (loss) income of subsidiary | -391 | 692 | 332 | |||||||
NET INCOME | $ | 4,001 | $ | 3,648 | $ | 4,680 | ||||
COMPREHENSIVE INCOME | $ | 3,761 | $ | 4,485 | $ | 3,889 | ||||
CONDENSED STATEMENTS OF CASH FLOWS | ||||||||||
(in thousands) | ||||||||||
Years Ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
Cash flows from operating activities: | ||||||||||
Net income | $ | 4,001 | $ | 3,648 | $ | 4,680 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||
Undistributed net loss (income) of subsidiary | 391 | -692 | -332 | |||||||
Net amortization of securities premiums | - | 2 | 2 | |||||||
Equity in earnings of unconsolidated subsidiary, net of dividends of $47, $45 and $29 | -190 | -204 | -234 | |||||||
(Increase) decrease in other assets | -42 | 12 | 2 | |||||||
Increase in taxes payable | 87 | 127 | 68 | |||||||
(Decrease) increase in accounts payable and other liabilities | -7 | -2 | 19 | |||||||
Net cash provided by operating activities | 4,240 | 2,891 | 4,205 | |||||||
Cash flows from investing activities: | ||||||||||
Purchases of available for sale securities | -252 | - | -50 | |||||||
Proceeds from the maturity of available for sale investment securities | 250 | 1,235 | - | |||||||
Net cash (used in) provided by investing activities | -2 | 1,235 | -50 | |||||||
Cash flows from financing activities: | ||||||||||
Cash dividends | -3,707 | -3,724 | -3,648 | |||||||
Purchase of treasury stock | -445 | -360 | -589 | |||||||
Treasury stock issued for dividend reinvestment and employee stock purchase plan | 48 | 151 | 66 | |||||||
Net cash used in financing activities | -4,104 | -3,933 | -4,171 | |||||||
Net increase (decrease) in cash and cash equivalents | 134 | 193 | -16 | |||||||
Cash and cash equivalents at beginning of year | 231 | 38 | 54 | |||||||
Cash and cash equivalents at end of year | $ | 365 | $ | 231 | $ | 38 | ||||
Quarterly_Results_of_Operation
Quarterly Results of Operations (Unaudited) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Quarterly Results of Operations (Unaudited) [Abstract] | ' | |||||||||||
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) | ' | |||||||||||
26. Quarterly Results Of Operations (Unaudited) | ||||||||||||
The unaudited quarterly results of operations for the years ended December 31, 2013 and 2012 follow (in thousands, except per-share data): | ||||||||||||
2013 Quarter ended | ||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | |||||||||
Total interest income | $ | 4,144 | 4,173 | 4,224 | 4,193 | |||||||
Total interest expense | 763 | 741 | 719 | 677 | ||||||||
Net interest income | 3,381 | 3,432 | 3,505 | 3,516 | ||||||||
Provision for loan losses | 80 | 86 | 100 | 149 | ||||||||
Gains from the sale of loans | 97 | 85 | 84 | 72 | ||||||||
Other income | 980 | 970 | 939 | 1,006 | ||||||||
Other expense | 3,035 | 3,330 | 3,349 | 3,432 | ||||||||
Income before income taxes | 1,343 | 1,071 | 1,079 | 1,013 | ||||||||
Income tax expense | 337 | 62 | 60 | 46 | ||||||||
Net income | $ | 1,006 | $ | 1,009 | $ | 1,019 | $ | 967 | ||||
Per-share data: | ||||||||||||
Basic earnings | $0.24 | $0.24 | $0.24 | $0.23 | ||||||||
Diluted earnings | 0.24 | 0.24 | 0.24 | 0.23 | ||||||||
Cash dividends | 0.22 | 0.22 | 0.22 | 0.22 | ||||||||
2012 Quarter ended | ||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | |||||||||
Total interest income | $ | 4,711 | $ | 4,605 | $ | 4,464 | $ | 4,390 | ||||
Total interest expense | 972 | 924 | 898 | 854 | ||||||||
Net interest income | 3,739 | 3,681 | 3,566 | 3,536 | ||||||||
Provision for loan losses | 1,108 | 69 | 60 | 174 | ||||||||
Gains from the sale of loans | 65 | 149 | 208 | 147 | ||||||||
Other income | 977 | 1,046 | 1,045 | 955 | ||||||||
Other expense | 3,245 | 3,220 | 3,273 | 3,339 | ||||||||
Income before income taxes | 428 | 1,587 | 1,486 | 1,125 | ||||||||
Income tax expense | 10 | 372 | 354 | 242 | ||||||||
Net income | $ | 418 | $ | 1,215 | $ | 1,132 | $ | 883 | ||||
Per-share data: | ||||||||||||
Basic earnings | $0.10 | $0.29 | $0.27 | $0.20 | ||||||||
Diluted earnings | 0.1 | 0.29 | 0.27 | 0.2 | ||||||||
Cash dividends | 0.22 | 0.22 | 0.22 | 0.22 | ||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policy) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Summary of Significant Accounting Policies [Abstract] | ' | |||
Principles of Consolidation | ' | |||
Principles of consolidation | ||||
The consolidated financial statements include the accounts of Juniata Valley Financial Corp. and its wholly owned subsidiary, The Juniata Valley Bank. All significant intercompany transactions and balances have been eliminated. | ||||
Use of Estimates | ' | |||
Use of estimates | ||||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, the valuation of deferred tax assets and the determination of other-than-temporary impairment on securities. | ||||
Basis of Presentation | ' | |||
Basis of presentation | ||||
Certain amounts previously reported have been reclassified to conform to the consolidated financial statement presentation for 2013. The reclassification had no effect on net income. | ||||
Significant Group Concentrations of Credit Risk | ' | |||
Significant group concentrations of credit risk | ||||
Most of the Company’s activities are with customers located within the Juniata Valley region. Note 5 discusses the types of securities in which the Company invests. Note 6 discusses the types of lending in which the Company engages. | ||||
As of December 31, 2013, there were no concentrations of credit to any particular industry equaling more than 25% of total capital. The Bank’s business activities are geographically concentrated in the counties of Juniata, Mifflin, Perry, Huntingdon, Centre, Franklin and Snyder, Pennsylvania. The Bank has a diversified loan portfolio; however, a substantial portion of its debtors’ ability to honor their obligations is dependent upon the economy in central Pennsylvania. | ||||
Cash and Cash Equivalents | ' | |||
Cash and cash equivalents | ||||
For purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks, interest bearing demand deposits with banks and federal funds sold. Generally, federal funds are sold for one-day periods. | ||||
Interest Bearing Time Deposits with Banks | ' | |||
Interest bearing time deposits with banks | ||||
Interest-bearing time deposits with banks consist of certificates of deposits in other banks with maturities within one year. | ||||
Securities | ' | |||
Securities | ||||
Securities classified as available for sale, which include marketable investment securities, are stated at fair value, with the unrealized gains and losses, net of tax, reported as a component of other comprehensive income (loss). Securities classified as available for sale are those securities that the Company intends to hold for an indefinite period of time but not necessarily to maturity. Any decision to sell a security classified as available for sale would be based on various factors, including significant movement in interest rates, changes in maturity mix of the Company’s assets and liabilities, liquidity needs, regulatory capital considerations and other similar factors. Investment securities that management has the positive intent and ability to hold until maturity regardless of changes in market conditions, liquidity needs or changes in general economic conditions are classified as held to maturity and are stated at cost, adjusted for amortization of premium and accretion of discount computed by the interest method over their contractual lives. Interest and dividends on investment securities available for sale and held to maturity are recognized as income when earned. Premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Gains or losses on the disposition of securities available for sale are based on the net proceeds and the adjusted carrying amount of the securities sold, determined on a specific identification basis. The Company has no securities classified as held to maturity at December 31, 2013 and 2012. | ||||
Accounting Standards Codification (ASC) Topic 320, Investments – Debt and Equity Securities, clarifies the interaction of the factors that should be considered when determining whether a debt security is other-than-temporarily impaired. For debt securities, management must assess whether (a) it has the intent to sell the security and (b) it is more likely than not that it will be required to sell the security prior to its anticipated recovery. These steps are taken before an assessment is made as to whether the entity will recover the cost basis of the investment. For equity securities, consideration is given to management’s intention and ability to hold the securities until recovery of unrealized losses in assessing potential other-than-temporary impairment. More specifically, factors considered to determine other-than-temporary impairment status for individual equity holdings include the length of time the stock has remained in an unrealized loss position, the percentage of unrealized loss compared to the carrying cost of the stock, dividend reduction or suspension, market analyst reviews and expectations, and other pertinent factors that would affect expectations for recovery or further decline. | ||||
In instances when a determination is made that an other-than-temporary impairment exists and the entity does not intend to sell the debt security and it is not more likely than not that it will be required to sell the debt security prior to its anticipated recovery, the other-than-temporary impairment is separated into the amount of the total other-than-temporary impairment related to a decrease in cash flows expected to be collected from the debt security (the credit loss) and the amount of the total other-than-temporary impairment related to all other factors. The amount of the total other-than-temporary impairment related to the credit loss is recognized in earnings. The amount of the total other-than-temporary impairment related to all other factors is recognized in other comprehensive (loss) income. | ||||
Management determines the appropriate classification of debt securities at the time of purchase and re-evaluates such designation as of each balance sheet date. | ||||
Restricted Investment in FHLB Stock | ' | |||
Restricted Investment in Federal Home Loan Bank Stock | ||||
The Bank owns restricted stock investments in the Federal Home Loan Bank. Federal law requires a member institution of the Federal Home Loan Bank to hold stock according to a predetermined formula. The stock is carried at cost. | ||||
Management evaluates the restricted stock for impairment on an annual basis. Management’s determination of whether these investments are impaired is based on management’s assessment of the ultimate recoverability of the cost of these investments rather than by recognizing temporary declines in value. The determination of whether a decline affects the ultimate recoverability of the cost of these investments is influenced by criteria such as (1) the significance of the decline in net assets of the FHLB as compared to the capital stock amount for the FHLB and the length of time this situation has persisted, (2) commitments by the FHLB to make payments required by law or regulation and the level of such payments in relation to the operating performance of the FHLB, and (3) the impact of legislative and regulatory changes on institutions and, accordingly, on the customer base of the FHLB. | ||||
Management believes no impairment charge was necessary related to the FHLB restricted stock during 2013, 2012 or 2011. | ||||
Loans | ' | |||
Loans | ||||
Loans that the Company has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at the outstanding unpaid principal balances, net of any deferred fees or costs and the allowance for loan losses. Interest income on all loans, other than nonaccrual loans, is accrued over the term of the loans based on the amount of principal outstanding. Unearned income is amortized to income over the life of the loans, using the interest method. | ||||
The loan portfolio is segmented into commercial and consumer loans. Commercial loans are comprised of the following classes of loans: (1) commercial, financial and agricultural, (2) commercial real estate, (3) real estate construction, a portion of (4) mortgage loans and (5) obligations of states and political subdivisions. Consumer loans are comprised of a portion of (4) mortgage loans and (6) personal loans. | ||||
Loans on which the accrual of interest has been discontinued are designated as non-accrual loans. Accrual of interest on loans is generally discontinued when the contractual payment of principal or interest has become 90 days past due or reasonable doubt exists as to the full, timely collection of principal or interest. However, it is the Company’s policy to continue to accrue interest on loans over 90 days past due as long as (1) they are guaranteed or well secured and (2) there is an effective means of collection in process. When a loan is placed on non-accrual status, all unpaid interest credited to income in the current year is reversed against current period income and unpaid interest accrued in prior years is charged against the allowance for loan losses. Interest received on nonaccrual loans generally is either applied against principal or reported as interest income, according to management’s judgment as to the collectability of principal. Generally, accruals are resumed on loans only when the obligation is brought fully current with respect to interest and principal, has performed in accordance with the contractual terms for a reasonable period of time and the ultimate collectability of the total contractual principal and interest is no longer in doubt. | ||||
The Company originates loans in the portfolio with the intent to hold them until maturity. At the time the Company no longer intends to hold loans to maturity based on asset/liability management practices, the Company transfers loans from its portfolio to held for sale at fair value. Any write-down recorded upon transfer is charged against the allowance for loan losses. Any write-downs recorded after the initial transfers are recorded as a charge to other non-interest expense. Gains or losses recognized upon sale are included in other non-interest income. | ||||
Loan Origination Fees and Costs | ' | |||
Loan origination fees and costs | ||||
Loan origination fees and related direct origination costs for a given loan are deferred and amortized over the life of the loan on a level-yield basis as an adjustment to interest income over the contractual life of the loan. As of December 31, 2013 and 2012, the amount of net unamortized origination fees carried as an adjustment to outstanding loan balances was $123,000 and $42,000, respectively. | ||||
Allowance for Credit Losses | ' | |||
Allowance for credit losses | ||||
The allowance for credit losses consists of the allowance for loan losses and the reserve for unfunded lending commitments. The allowance for loan losses (“allowance”) represents management’s estimate of losses inherent in the loan portfolio as of the consolidated statement of financial condition date and is recorded as a reduction to loans. The reserve for unfunded lending commitments represents management’s estimate of losses inherent in its unfunded lending commitments and is recorded in other liabilities on the consolidated statement of financial condition, when necessary. The amount of the reserve for unfunded lending commitments is not material to the consolidated financial statements. The allowance for loan losses is increased by the provision for loan losses, and decreased by charge-offs, net of recoveries. Loans deemed to be uncollectible are charged against the allowance for loan losses, and subsequent recoveries, if any, are credited to the allowance. | ||||
For financial reporting purposes, the provision for loan losses charged to current operating income is based on management's estimates, and actual losses may vary from estimates. These estimates are reviewed and adjusted at least quarterly and are reported in earnings in the periods in which they become known. | ||||
Loans included in any class are considered for charge-off when: | ||||
· | principal or interest has been in default for 120 days or more and for which no payment has been received during the previous four months; | |||
· | all collateral securing the loan has been liquidated and a deficiency balance remains; | |||
· | a bankruptcy notice is received for an unsecured loan; | |||
· | a confirming loss event has occurred; or | |||
· | the loan is deemed to be uncollectible for any other reason. | |||
The allowance for loan losses is maintained at a level considered adequate to offset probable losses on the Company’s existing loans. The analysis of the allowance for loan losses relies heavily on changes in observable trends that may indicate potential credit weaknesses. Management’s periodic evaluation of the adequacy of the allowance is based on the Bank’s past loan loss experience, known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay, the estimated value of any underlying collateral, composition of the loan portfolio, current economic conditions and other relevant factors. This evaluation is inherently subjective as it requires material estimates that may be susceptible to significant revision as more information becomes available. | ||||
In addition, regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses and may require the Company to recognize additions to the allowance for loan losses based on their judgments about information available to them at the time of their examination, which may not be currently available to management. Based on management’s comprehensive analysis of the loan portfolio, management believes the level of the allowance for loan losses as of December 31, 2013 was adequate. | ||||
There are two components of the allowance: a specific component for loans that are deemed to be impaired; and a general component for contingencies. | ||||
A loan is considered to be impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loans and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan by loan basis by the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s observable market price or the fair value of the collateral if the loan is collateral dependent. | ||||
The estimated fair values of substantially all of the Company’s impaired loans are measured based on the estimated fair value of the loan’s collateral. For commercial loans secured with real estate, estimated fair values are determined primarily through third-party appraisals. When a real estate secured loan becomes impaired, a decision is made regarding whether an updated certified appraisal of the real estate is necessary. This decision is based on various considerations, including the age of the most recent appraisal, the loan-to-value ratio based on the current appraisal and the condition of the property. Appraised values may be discounted to arrive at the estimated selling price of the collateral, which is considered to be the estimated fair value. The discounts also include the estimated costs to sell the property. For commercial loans secured by non-real estate collateral, estimated fair values are determined based on the borrower’s financial statements, inventory reports, aging accounts receivable, equipment appraisals or invoices. Indications of value from these sources are generally discounted based on the age of the financial information or the quality of the assets. For such loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The Company generally does not separately identify individual consumer segment loans for impairment disclosures, unless such loans are subject to a restructuring agreement. | ||||
Loans whose terms are modified are classified as troubled debt restructurings if the Company grants borrowers concessions and it is deemed that those borrowers are experiencing financial difficulty. Concessions granted under a troubled debt restructuring generally involve a below-market interest rate based on the loan’s risk characteristics or an extension of a loan’s stated maturity date. Nonaccrual troubled debt restructurings are restored to accrual status if principal and interest payments, under the modified terms, are current for a sustained period of time after modification. Loans classified as troubled debt restructurings are designated as impaired. | ||||
The component of the allowance for contingencies relates to other loans that have been segmented into risk rated categories. The borrower’s overall financial condition, repayment sources, guarantors and value of collateral, if appropriate, are evaluated quarterly or when credit deficiencies arise, such as delinquent loan payments. Credit quality risk ratings include regulatory classifications of special mention, substandard, doubtful and loss. Loans classified as special mention have potential weaknesses that deserve management’s close attention. If uncorrected, the potential weaknesses may result in deterioration of the repayment prospects. Loans classified as substandard have one or more well-defined weaknesses that jeopardize the liquidation of the debt. Substandard loans include loans that are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans classified doubtful have all the weaknesses inherent in loans classified substandard with the added characteristic that collection or liquidation in full, on the basis of current conditions and facts, is highly improbable. Loans classified as a loss are considered uncollectible and are charged to the allowance for loan losses. Loans not classified are rated pass. Specific reserves may be established for larger, individual classified loans as a result of this evaluation, as discussed above. Remaining loans are categorized into large groups of smaller balance homogeneous loans and are collectively evaluated for impairment. This computation is generally based on historical loss experience adjusted for qualitative factors. The historical loss experience is averaged over a ten-year period for each of the portfolio segments. The ten-year timeframe was selected in order to capture activity over a wide range of economic conditions and has been consistently used for the past seven years. The qualitative risk factors are reviewed for relevancy each quarter and include: | ||||
· | National, regional and local economic and business conditions, as well as the condition of various market segments, including the underlying collateral for collateral dependent loans; | |||
· | Nature and volume of the portfolio and terms of loans; | |||
· | Experience, ability and depth of lending and credit management and staff; | |||
· | Volume and severity of past due, classified and nonaccrual loans, as well as other loan modifications; | |||
· | Existence and effect of any concentrations of credit and changes in the level of such concentrations; and | |||
· | Effect of external factors, including competition. | |||
Each factor is assigned a value to reflect improving, stable or declining conditions based on management’s best judgment using relevant information available at the time of the evaluation. Adjustments to the factors are supported through documentation of changes in conditions in a narrative accompanying the allowance for loan loss calculation. | ||||
Commercial, Financial and Agricultural Lending | ||||
The Company originates commercial, financial and agricultural loans primarily to businesses located in its primary market area and surrounding areas. These loans are used for various business purposes, which include short-term loans and lines of credit to finance machinery and equipment purchases, inventory and accounts receivable. Generally, the maximum term for loans extended on machinery and equipment is shorter and does not exceed the projected useful life of such machinery and equipment. Most business lines of credit are written with a five year maturity, subject to an annual review. | ||||
Commercial loans are generally secured with short-term assets; however, in many cases, additional collateral, such as real estate, is provided as additional security for the loan. Loan-to-value maximum values have been established by the Company and are specific to the type of collateral. Collateral values may be determined using invoices, inventory reports, accounts receivable aging reports, collateral appraisals, etc. | ||||
In underwriting commercial loans, an analysis of the borrower’s character, capacity to repay the loan, the adequacy of the borrower’s capital and collateral, as well as an evaluation of conditions affecting the borrower, is performed. Analysis of the borrower’s past, present and future cash flows is also an important aspect of the Company’s analysis. | ||||
Concentration analysis assists in identifying industry specific risk inherent in commercial, financial and agricultural lending. Mitigants include the identification of secondary and tertiary sources of repayment and appropriate increases in oversight. | ||||
Commercial, financial and agricultural loans generally present a higher level of risk than certain other types of loans, particularly during slow economic conditions. | ||||
Commercial Real Estate Lending | ||||
The Company engages in commercial real estate lending in its primary market area and surrounding areas. The Company’s commercial real estate portfolio is secured primarily by residential housing, commercial buildings, raw land and hotels. Generally, commercial real estate loans have terms that do not exceed 20 years, have loan-to-value ratios of up to 80% of the appraised value of the property and are typically secured by personal guarantees of the borrowers. | ||||
As economic conditions deteriorate, the Company reduces its exposure in real estate loans with higher risk characteristics. In underwriting these loans, the Company performs a thorough analysis of the financial condition of the borrower, the borrower’s credit history, and the reliability and predictability of the cash flow generated by the property securing the loan. Appraisals on properties securing commercial real estate loans originated by the Company are performed by independent appraisers. | ||||
Commercial real estate loans generally present a higher level of risk than certain other types of loans, particularly during slow economic conditions. | ||||
Real Estate Construction Lending | ||||
The Company engages in real estate construction lending in its primary market area and surrounding areas. The Company’s real estate construction lending consists of commercial and residential site development loans, as well as commercial building construction and residential housing construction loans. | ||||
The Company’s commercial real estate construction loans are generally secured with the subject property, and advances are made in conformity with a pre-determined draw schedule supported by independent inspections. Terms of construction loans depend on the specifics of the project, such as estimated absorption rates, estimated time to complete, etc. | ||||
In underwriting commercial real estate construction loans, the Company performs a thorough analysis of the financial condition of the borrower, the borrower’s credit history, the reliability and predictability of the cash flow generated by the project using feasibility studies, market data, etc. Appraisals on properties securing commercial real estate loans originated by the Company are performed by independent appraisers. | ||||
Real estate construction loans generally present a higher level of risk than certain other types of loans, particularly during slow economic conditions. The difficulty of estimating total construction costs adds to the risk as well. | ||||
Mortgage Lending | ||||
The Company’s real estate mortgage portfolio is comprised of consumer residential mortgages and business loans secured by one-to-four family properties. One-to-four family residential mortgage loan originations, including home equity installment and home equity lines of credit loans, are generated by the Company’s marketing efforts, its present customers, walk-in customers and referrals. These loans originate primarily within the Company’s market area or with customers primarily from the market area. | ||||
The Company offers fixed-rate and adjustable rate mortgage loans with terms up to a maximum of 25-years for both permanent structures and those under construction. The Company’s one-to-four family residential mortgage originations are secured primarily by properties located in its primary market area and surrounding areas. The majority of the Company’s residential mortgage loans originate with a loan-to-value of 80% or less. Home equity installment loans are secured by the borrower’s primary residence with a maximum loan-to-value of 80% and a maximum term of 15 years. Home equity lines of credit are secured by the borrower’s primary residence with a maximum loan-to-value of 90% and a maximum term of 20 years. | ||||
In underwriting one-to-four family residential real estate loans, the Company evaluates the borrower’s ability to make monthly payments, the borrower’s repayment history and the value of the property securing the loan. The ability to repay is determined by the borrower’s employment history, current financial conditions, and credit background. The analysis is based primarily on the customer’s ability to repay and secondarily on the collateral or security. Most properties securing real estate loans made by the Company are appraised by independent fee appraisers. The Company generally requires mortgage loan borrowers to obtain an attorney’s title opinion or title insurance, and fire and property insurance (including flood insurance, if necessary) in an amount not less than the amount of the loan. The Company does not engage in sub-prime residential mortgage originations. | ||||
Residential mortgage loans and home equity loans generally present a lower level of risk than certain other types of consumer loans because they are secured by the borrower’s primary residence. Risk is increased when the Company is in a subordinate position for the loan collateral. | ||||
Obligations of States and Political Subdivisions | ||||
The Company lends to local municipalities and other tax-exempt organizations. These loans are primarily tax-anticipation notes and, as such, carry little risk. Historically, the Company has never had a loss on any loan of this type. | ||||
Personal Lending | ||||
The Company offers a variety of secured and unsecured personal loans, including vehicle loans, mobile home loans and loans secured by savings deposits as well as other types of personal loans. | ||||
Personal loan terms vary according to the type and value of collateral and creditworthiness of the borrower. In underwriting personal loans, a thorough analysis of the borrower’s willingness and financial ability to repay the loan as agreed is performed. The ability to repay is determined by the borrower’s employment history, current financial conditions and credit background. | ||||
Personal loans may entail greater credit risk than do residential mortgage loans, particularly in the case of personal loans which are unsecured or are secured by rapidly depreciable assets, such as automobiles or recreational equipment. In such cases, any repossessed collateral for a defaulted personal loan may not provide an adequate source of repayment of the outstanding loan balance as a result of the greater likelihood of damage, loss or depreciation. In addition, personal loan collections are dependent on the borrower’s continuing financial stability and, thus are more likely to be affected by adverse personal circumstances. Furthermore, the application of various federal and state laws, including bankruptcy and insolvency laws, may limit the amount which can be recovered on such loans. | ||||
Other Real Estate Owned | ' | |||
Other real estate owned | ||||
Assets acquired in settlement of mortgage loan indebtedness are recorded as other real estate owned (OREO) at fair value less estimated costs to sell, establishing a new cost basis. Costs to maintain the assets and subsequent gains and losses attributable to their disposal are included in other expense as realized. No depreciation or amortization expense is recognized. At December 31, 2013 and 2012, the carrying value of other real estate owned was $281,000 and $428,000, respectively. | ||||
Goodwill and Intangibles | ' | |||
Goodwill and intangibles | ||||
Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired. Other intangible assets represent purchased assets that also lack physical substance but can be separately distinguished from goodwill because of contractual or other legal rights or because the asset is capable of being sold or exchanged either on its own or in combination with a related contract, asset or liability. It is the Company’s policy that goodwill be tested at least annually for impairment. | ||||
Mortgage Servicing Rights | ' | |||
Mortgage servicing rights | ||||
The Company originates residential mortgage loans with the intent to sell. These individual loans are normally funded by the buyer immediately. The Company maintains servicing rights on these loans. | ||||
Mortgage servicing rights are recognized as an asset upon the sale of a mortgage loan. A portion of the cost of the loan is allocated to the servicing right based upon relative fair value. Servicing rights are intangible assets and are carried at estimated fair value. The carrying amount of mortgage servicing rights was $167,000 and $98,000 at December 31, 2013 and 2012, respectively. Adjustments to fair value are recorded as non-interest income and included in gain on sales of loans in the consolidated statements of income. | ||||
The Company retains the servicing rights on certain mortgage loans sold to the FHLB and receives mortgage banking fee income based upon the principal balance outstanding. Total loans serviced for the FHLB were $18,688,000 and $11,295,000 at December 31, 2013 and 2012, respectively. The mortgage loans sold to the FHLB and serviced by the Company are not reflected in the consolidated statements of financial condition. | ||||
Premises, Equipment and Depreciation | ' | |||
Premises and equipment and depreciation | ||||
Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed principally using the straight-line method over the estimated useful lives of the related assets, which range from 3 to 10 years for furniture and equipment and 25 to 50 years for buildings. Expenditures for maintenance and repairs are charged against income as incurred. Costs of major additions and improvements are capitalized. Amortization of leasehold improvements is computed by straight line over the shorter of the assets’ useful life or the related lease term. | ||||
Trust Assets and Revenues | ' | |||
Trust assets and revenues | ||||
Assets held in a fiduciary capacity are not assets of the Bank or the Bank’s Trust Department and are, therefore, not included in the consolidated financial statements. Trust revenues are recorded on the accrual basis. | ||||
Bank Owned Life Insurance, Annuities and Split-dollar Arrangements | ' | |||
Bank owned life insurance, annuities and split-dollar arrangements | ||||
The cash surrender value of bank owned life insurance and annuities is carried as an asset, and changes in cash surrender value are recorded as non-interest income. | ||||
GAAP requires split-dollar life insurance arrangements to have a liability recognized related to the postretirement benefits covered by an endorsement split-dollar life insurance arrangement. The accrued benefit liability was $792,000 and $738,000 as of December 31, 2013 and 2012, respectively. Related expenses for 2013, 2012 and 2011 were $54,000, $29,000 and $49,000, respectively. | ||||
Investments in Low-income Housing Partnerships | ' | |||
Investments in low-income housing partnerships | ||||
Juniata has invested as a limited partner in a partnership that provides low-income housing in Lewistown, Pennsylvania. The carrying value of the investment in the limited partnership was $3,990,000 at December 31, 2013 and $3,796,000 at December 31, 2012. The partnership anticipates receiving $575,000 annually in low-income housing tax credits over ten years, beginning in 2013. Amortization of the investment using the cost method is scheduled to occur over the same period as tax credits are earned. The maximum exposure to loss is limited to the carrying value of its investment at year-end. | ||||
Income Taxes | ' | |||
Income taxes | ||||
The Company accounts for income taxes in accordance with income tax accounting guidance ASC Topic 740, Income Taxes. | ||||
Current income tax accounting guidance results in two components of income tax expense: current and deferred. Current income tax expense reflects taxes to be paid or refunded for the current period by applying the provisions of the enacted tax law to the taxable income or excess of deductions over revenues. The Company determines deferred income taxes using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is based on the tax effects of the differences between the book and tax bases of assets and liabilities, and enacted changes in tax rates and laws are recognized in the period in which they occur. | ||||
Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are reduced by a valuation allowance if, based on the weight of the evidence available, it is more likely than not that some portion or all of a deferred tax asset will not be realized. | ||||
The Company accounts for uncertain tax positions if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50 percent; the terms examined and upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more-likely-than-not recognition threshold considers the facts, circumstances and information available at the reporting date and is subject to management’s judgment. | ||||
The Company recognizes interest and penalties on income taxes, if any, as a component of income tax expense. | ||||
Advertising | ' | |||
Advertising | ||||
The Company follows the policy of charging costs of advertising to expense as incurred. Advertising expenses were $207,000, $172,000 and $144,000 in 2013, 2012 and 2011, respectively. | ||||
Off-balance Sheet Financial Instruments | ' | |||
Off-balance sheet financial instruments | ||||
In the ordinary course of business, the Bank has entered into off-balance sheet financial instruments consisting of commitments to extend credit and letters of credit. Such financial instruments are recorded on the consolidated statement of financial condition when they are funded. | ||||
Transfer of Financial Assets | ' | |||
Transfer of financial assets | ||||
Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. | ||||
Stock-based Compensation | ' | |||
Stock-based compensation | ||||
The Company sponsors a stock option plan for certain key officers. Compensation expense for stock options granted is measured using the fair value of the award on the grant date and is recognized over the vesting period. The Company recognized $30,000, $25,000 and $26,000 of expense for the years ended December 31, 2013, 2012 and 2011, respectively, for stock-based compensation. The stock-based compensation expense amounts were derived based on the fair value of options using the Black-Scholes option-pricing model. The following weighted average assumptions were used to value options granted in the periods indicated. | ||||
2013 | 2012 | 2011 | ||
Expected life of options | 7 years | 7 years | 7 years | |
Risk-free interest rate | 1.41% | 1.78% | 1.39% | |
Expected volatility | 21.57% | 22.12% | 21.91% | |
Expected dividend yield | 4.91% | 4.86% | 4.62% | |
Segment Reporting | ' | |||
Segment reporting | ||||
Management does not separately allocate expenses, including the cost of funding loan demand, between the commercial, retail and trust operations of the Company. As such, discrete financial information is not available, and segment reporting would not be meaningful. | ||||
Subsequent Events | ' | |||
Subsequent events | ||||
The Company has evaluated events and transactions occurring subsequent to the consolidated statement of financial condition date of December 31, 2013, for items that should potentially be recognized or disclosed in the consolidated financial statements. The evaluation was conducted through the date these consolidated financial statements were issued. | ||||
Borrowings_Policy
Borrowings (Policy) | 12 Months Ended |
Dec. 31, 2013 | |
Borrowings [Abstract] | ' |
Repurchase Agreements, Policy | ' |
The Bank has repurchase agreements with several of its depositors, under which customers’ funds are invested daily into an interest bearing account. These funds are carried by the Company as short-term debt. It is the Company’s policy to have repurchase agreements collateralized 100% by U.S. Government securities | |
Employee_Benefit_Plans_Policy
Employee Benefit Plans (Policy) | 12 Months Ended |
Dec. 31, 2013 | |
Employee Benefit Plans [Abstract] | ' |
Defined Benefit Retirement Plan | ' |
The Company sponsors a defined benefit retirement plan which covers substantially all of its employees employed prior to December 31, 2007. As of January 1, 2008, the plan was amended to close the plan to new entrants. All active participants as of December 31, 2007 became 100% vested in their accrued benefit and, as long as they remained eligible, continued to accrue benefits until December 31, 2012. The benefits are based on years of service and the employee’s compensation. Effective December 31, 2012, the defined benefit retirement plan was amended to cease future service accruals after that date (frozen). The Company’s funding policy is to contribute annually no more than the maximum amount that can be deducted for federal income tax purposes. Contributions are intended to provide for benefits attributed to service through December 31, 2012. The Company does not expect to contribute to the defined benefit plan in 2014. | |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Summary of Significant Accounting Policies [Abstract] | ' | |||
Disclosure of Share-based Compensation Arrangements, Assumptions Used | ' | |||
The following weighted average assumptions were used to value options granted in the periods indicated. | ||||
2013 | 2012 | 2011 | ||
Expected life of options | 7 years | 7 years | 7 years | |
Risk-free interest rate | 1.41% | 1.78% | 1.39% | |
Expected volatility | 21.57% | 22.12% | 21.91% | |
Expected dividend yield | 4.91% | 4.86% | 4.62% | |
Securities_Tables
Securities (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Securities [Abstract] | ' | ||||||||||||||||||
Securities Available for Sale | ' | ||||||||||||||||||
The amortized cost and fair value of securities as of December 31, 2013 and 2012, by contractual maturity, are shown below (in thousands). Expected maturities may differ from contractual maturities because the securities may be called or prepaid with or without prepayment penalties. | |||||||||||||||||||
31-Dec-13 | |||||||||||||||||||
Securities Available for Sale | Gross | Gross | |||||||||||||||||
Amortized | Fair | Unrealized | Unrealized | ||||||||||||||||
Type and maturity | Cost | Value | Gains | Losses | |||||||||||||||
Obligations of Government agencies and corporations | |||||||||||||||||||
Within one year | $ | 4,177 | $ | 4,192 | $ | 15 | $ | - | |||||||||||
After one year but within five years | 48,011 | 47,578 | 203 | -636 | |||||||||||||||
After five years but within ten years | 27,615 | 26,508 | - | -1,107 | |||||||||||||||
79,803 | 78,278 | 218 | -1,743 | ||||||||||||||||
Obligations of state and political subdivisions | |||||||||||||||||||
Within one year | 8,260 | 8,314 | 55 | -1 | |||||||||||||||
After one year but within five years | 26,027 | 26,098 | 133 | -62 | |||||||||||||||
After five years but within ten years | 7,224 | 7,182 | 56 | -98 | |||||||||||||||
After ten years | 350 | 338 | - | -12 | |||||||||||||||
41,861 | 41,932 | 244 | -173 | ||||||||||||||||
Mortgage-backed securities | 4,465 | 4,469 | 7 | -3 | |||||||||||||||
Equity securities | 1,055 | 1,367 | 366 | -54 | |||||||||||||||
Total | $ | 127,184 | $ | 126,046 | $ | 835 | $ | -1,973 | |||||||||||
31-Dec-12 | |||||||||||||||||||
Securities Available for Sale | Gross | Gross | |||||||||||||||||
Amortized | Fair | Unrealized | Unrealized | ||||||||||||||||
Type and maturity | Cost | Value | Gains | Losses | |||||||||||||||
Obligations of Government agencies and corporations | |||||||||||||||||||
Within one year | $ | 7,908 | $ | 7,996 | $ | 88 | $ | - | |||||||||||
After one year but within five years | 42,253 | 42,796 | 543 | - | |||||||||||||||
After five years but within ten years | 22,004 | 22,025 | 53 | -32 | |||||||||||||||
72,165 | 72,817 | 684 | -32 | ||||||||||||||||
Obligations of state and political subdivisions | |||||||||||||||||||
Within one year | 10,448 | 10,505 | 57 | - | |||||||||||||||
After one year but within five years | 29,595 | 29,809 | 246 | -32 | |||||||||||||||
After five years but within ten years | 4,727 | 4,936 | 215 | -6 | |||||||||||||||
After ten years | 731 | 726 | - | -5 | |||||||||||||||
45,501 | 45,976 | 518 | -43 | ||||||||||||||||
Mortgage-backed securities | 2,502 | 2,526 | 24 | - | |||||||||||||||
Equity securities | 985 | 1,019 | 145 | -111 | |||||||||||||||
Total | $ | 121,153 | $ | 122,338 | $ | 1,371 | $ | -186 | |||||||||||
Summary of Proceeds and Realized Gain/(Loss) | ' | ||||||||||||||||||
Following is a summary of proceeds received from all investment securities transactions and the resulting realized gains and losses (in thousands): | |||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
Gross proceeds from sales of securities | $ | - | $ | - | $ | - | |||||||||||||
Securities available for sale: | |||||||||||||||||||
Gross realized gains from called securities | $ | - | $ | 2 | $ | 6 | |||||||||||||
Gross realized losses from called securities | -2 | - | - | ||||||||||||||||
Schedule of Unrealized Losses | ' | ||||||||||||||||||
The following table shows gross unrealized losses and fair value, aggregated by category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2013 (in thousands): | |||||||||||||||||||
Unrealized Losses at December 31, 2013 | |||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||
Obligations of U.S. Government | |||||||||||||||||||
agencies and corporations | $ | 53,438 | $ | -1,664 | $ | 1,921 | $ | -79 | $ | 55,359 | $ | -1,743 | |||||||
Obligations of state and political | |||||||||||||||||||
subdivisions | 11,496 | -130 | 4,301 | -43 | 15,797 | -173 | |||||||||||||
Mortgage-backed securities | 308 | -3 | - | - | 308 | -3 | |||||||||||||
Debt securities | 65,242 | -1,797 | 6,222 | -122 | 71,464 | -1,919 | |||||||||||||
Equity securities | - | - | 266 | -54 | 266 | -54 | |||||||||||||
Total temporarily impaired securities | $ | 65,242 | $ | -1,797 | $ | 6,488 | $ | -176 | $ | 71,730 | $ | -1,973 | |||||||
The following table shows gross unrealized losses and fair value, aggregated by category and length of time that individual securities had been in a continuous unrealized loss position, at December 31, 2012 (in thousands): | |||||||||||||||||||
Unrealized Losses at December 31, 2012 | |||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||
Obligations of U.S. Government | |||||||||||||||||||
agencies and corporations | $ | 11,471 | $ | -32 | $ | - | $ | - | $ | 11,471 | $ | -32 | |||||||
Obligations of state and political | |||||||||||||||||||
subdivisions | 13,040 | -43 | - | - | 13,040 | -43 | |||||||||||||
Debt securities | 24,511 | -75 | - | - | 24,511 | -75 | |||||||||||||
Equity securities | 249 | -13 | 251 | -98 | 500 | -111 | |||||||||||||
Total temporarily impaired securities | $ | 24,760 | $ | -88 | $ | 251 | $ | -98 | $ | 25,011 | $ | -186 | |||||||
Loans_and_Related_Allowance_fo1
Loans and Related Allowance for Credit Losses (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Loans and Related Allowance for Credit Losses [Abstract] | ' | |||||||||||||||||||||||||||
Classes of the Loan Portfolio Summarized by the Aggregate Risk Rating | ' | |||||||||||||||||||||||||||
The following table presents the classes of the loan portfolio summarized by the aggregate pass rating and the classified ratings of special mention, substandard and doubtful within the Company’s internal risk rating system as of December 31, 2013 and December 31, 2012 (in thousands): | ||||||||||||||||||||||||||||
As of December 31, 2013 | Pass | Special Mention | Substandard | Doubtful | Total | |||||||||||||||||||||||
Commercial, financial and agricultural | $ | 20,388 | $ | 5,658 | $ | 235 | $ | - | $ | 26,281 | ||||||||||||||||||
Real estate - commercial | 56,867 | 11,706 | 5,620 | 278 | 74,471 | |||||||||||||||||||||||
Real estate - construction | 15,803 | 292 | 1,754 | 1,832 | 19,681 | |||||||||||||||||||||||
Real estate - mortgage | 130,706 | 3,995 | 4,272 | 1,486 | 140,459 | |||||||||||||||||||||||
Obligations of states and political subdivisions | 12,674 | 28 | - | 12,702 | ||||||||||||||||||||||||
Personal | 4,204 | - | - | 4,204 | ||||||||||||||||||||||||
Total | $ | 240,642 | $ | 21,679 | $ | 11,881 | $ | 3,596 | $ | 277,798 | ||||||||||||||||||
As of December 31, 2012 | Pass | Special Mention | Substandard | Doubtful | Total | |||||||||||||||||||||||
Commercial, financial and agricultural | $ | 17,570 | $ | 904 | $ | 822 | $ | - | $ | 19,296 | ||||||||||||||||||
Real estate - commercial | 55,198 | 8,939 | 5,010 | 40 | 69,187 | |||||||||||||||||||||||
Real estate - construction | 14,001 | 1,022 | 867 | 2,202 | 18,092 | |||||||||||||||||||||||
Real estate - mortgage | 144,179 | 3,864 | 2,350 | 2,729 | 153,122 | |||||||||||||||||||||||
Obligations of states and political subdivisions | 12,769 | - | - | - | 12,769 | |||||||||||||||||||||||
Personal | 5,024 | 10 | - | - | 5,034 | |||||||||||||||||||||||
Total | $ | 248,741 | $ | 14,739 | $ | 9,049 | $ | 4,971 | $ | 277,500 | ||||||||||||||||||
Impaired Loans by Loan Portfolio Class | ' | |||||||||||||||||||||||||||
The following tables summarize information regarding impaired loans by portfolio class as of December 31, 2013 and December 31, 2012 (in thousands): | ||||||||||||||||||||||||||||
As of December 31, 2013 | As of December 31, 2012 | |||||||||||||||||||||||||||
Impaired loans | Recorded Investment | Unpaid Principal Balance | Related Allowance | Recorded Investment | Unpaid Principal Balance | Related Allowance | ||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 94 | $ | 94 | $ | - | $ | 160 | $ | 160 | $ | - | ||||||||||||||||
Real estate - commercial | 2,017 | 2,142 | - | 2,672 | 2,672 | - | ||||||||||||||||||||||
Real estate - construction | 504 | 813 | - | 2,004 | 2,197 | - | ||||||||||||||||||||||
Real estate - mortgage | 3,353 | 4,751 | - | 487 | 523 | - | ||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||
Real estate - commercial | $ | 238 | $ | 238 | $ | 26 | $ | - | $ | - | $ | - | ||||||||||||||||
Real estate - construction | 1,478 | 1,502 | 93 | 198 | 198 | 91 | ||||||||||||||||||||||
Real estate - mortgage | 365 | 394 | 45 | 2,141 | 2,141 | 1,036 | ||||||||||||||||||||||
Total: | ||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 94 | $ | 94 | $ | - | $ | 160 | $ | 160 | $ | - | ||||||||||||||||
Real estate - commercial | 2,255 | 2,380 | 26 | 2,672 | 2,672 | - | ||||||||||||||||||||||
Real estate - construction | 1,982 | 2,315 | 93 | 2,202 | 2,395 | 91 | ||||||||||||||||||||||
Real estate - mortgage | 3,718 | 5,145 | 45 | 2,628 | 2,664 | 1,036 | ||||||||||||||||||||||
$ | 8,049 | $ | 9,934 | $ | 164 | $ | 7,662 | $ | 7,891 | $ | 1,127 | |||||||||||||||||
Year Ended December 31, 2013 | Year Ended December 31, 2012 | Year Ended December 31, 2011 | ||||||||||||||||||||||||||
Impaired loans | Average Recorded Investment | Interest Income Recognized | Cash Basis Interest Income | Average Recorded Investment | Interest Income Recognized | Cash Basis Interest Income | Average Recorded Investment | Interest Income Recognized | Cash Basis Interest Income | |||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 127 | $ | - | $ | - | $ | 199 | $ | 14 | $ | - | $ | 274 | $ | 19 | $ | - | ||||||||||
Real estate - commercial | 2,345 | 96 | 24 | 2,492 | 119 | 3 | 2,354 | 139 | 10 | |||||||||||||||||||
Real estate - construction | 1,254 | 2 | 6 | 1,362 | - | - | 485 | 42 | 14 | |||||||||||||||||||
Real estate - mortgage | 1,920 | 64 | 24 | 1,371 | - | - | 2,453 | 34 | 47 | |||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||
Real estate - commercial | $ | 119 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
Real estate - construction | 838 | - | - | 674 | - | 15 | 1,025 | - | - | |||||||||||||||||||
Real estate - mortgage | 1,253 | - | 7 | 2,503 | - | - | 2,051 | 65 | - | |||||||||||||||||||
Total: | ||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 127 | $ | - | $ | - | $ | 199 | $ | 14 | $ | - | $ | 274 | $ | 19 | $ | - | ||||||||||
Real estate - commercial | 2,464 | 96 | 24 | 2,492 | 119 | 3 | 2,354 | 139 | 10 | |||||||||||||||||||
Real estate - construction | 2,092 | 2 | 6 | 2,036 | - | 15 | 1,510 | 42 | 14 | |||||||||||||||||||
Real estate - mortgage | 3,173 | 64 | 31 | 3,874 | - | - | 4,504 | 99 | 47 | |||||||||||||||||||
$ | 7,856 | $ | 162 | $ | 61 | $ | 8,601 | $ | 133 | $ | 18 | $ | 8,642 | $ | 299 | $ | 71 | |||||||||||
Nonaccrual Loans by Classes of the Loan Portfolio | ' | |||||||||||||||||||||||||||
The following table presents nonaccrual loans by classes of the loan portfolio as of December 31, 2013 and December 31, 2012 (in thousands): | ||||||||||||||||||||||||||||
Nonaccrual loans: | 31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 10 | $ | 20 | ||||||||||||||||||||||||
Real estate - commercial | 1,331 | 1,835 | ||||||||||||||||||||||||||
Real estate - construction | 1,982 | 2,376 | ||||||||||||||||||||||||||
Real estate - mortgage | 2,629 | 4,615 | ||||||||||||||||||||||||||
Total | $ | 5,952 | $ | 8,846 | ||||||||||||||||||||||||
Loan Portfolio Summarized by the Past Due Status | ' | |||||||||||||||||||||||||||
The following table presents the classes of the loan portfolio summarized by the past due status as of December 31, 2013 and December 31, 2012 (in thousands): | ||||||||||||||||||||||||||||
As of December 31, 2013 | 30-59 Days Past Due | 60-89 Days Past Due | Greater than 90 Days | Total Past Due | Current | Total Loans | Loans Past Due greater than 90 Days and Accruing | |||||||||||||||||||||
Commercial, financial and agricultural | $ | 19 | $ | - | $ | 10 | $ | 29 | $ | 26,252 | $ | 26,281 | $ | - | ||||||||||||||
Real estate - commercial | 35 | 1,092 | 947 | 2,074 | 72,397 | 74,471 | 61 | |||||||||||||||||||||
Real estate - construction | 239 | 7 | 1,801 | 2,047 | 17,634 | 19,681 | - | |||||||||||||||||||||
Real estate - mortgage | 1,239 | 2,130 | 2,585 | 5,954 | 134,505 | 140,459 | 251 | |||||||||||||||||||||
Obligations of states and political subdivisions | - | - | - | - | 12,702 | 12,702 | - | |||||||||||||||||||||
Personal | 23 | 1 | 24 | 4,180 | 4,204 | - | ||||||||||||||||||||||
Total | $ | 1,555 | $ | 3,230 | $ | 5,343 | $ | 10,128 | $ | 267,670 | $ | 277,798 | $ | 312 | ||||||||||||||
As of December 31, 2012 | 30-59 Days Past Due | 60-89 Days Past Due | Greater than 90 Days | Total Past Due | Current | Total Loans | Loans Past Due greater than 90 Days and Accruing | |||||||||||||||||||||
Commercial, financial and agricultural | $ | 30 | $ | - | $ | 191 | $ | 221 | $ | 19,075 | $ | 19,296 | $ | 171 | ||||||||||||||
Real estate - commercial | 295 | 819 | 1,928 | 3,042 | 66,145 | 69,187 | 93 | |||||||||||||||||||||
Real estate - construction | 9 | 136 | 2,335 | 2,480 | 15,612 | 18,092 | 156 | |||||||||||||||||||||
Real estate - mortgage | 1,359 | 3,131 | 4,428 | 8,918 | 144,204 | 153,122 | 320 | |||||||||||||||||||||
Obligations of states and political subdivisions | - | - | - | - | 12,769 | 12,769 | - | |||||||||||||||||||||
Personal | 29 | 25 | 2 | 56 | 4,978 | 5,034 | 2 | |||||||||||||||||||||
Total | $ | 1,722 | $ | 4,111 | $ | 8,884 | $ | 14,717 | $ | 262,783 | $ | 277,500 | $ | 742 | ||||||||||||||
Troubled Debt Restructurings on Financing Receivables | ' | |||||||||||||||||||||||||||
The following table summarizes information regarding troubled debt restructurings by loan portfolio class as of and for the year ended December 31, 2013, in thousands of dollars. There were no loans identified as troubled debt restructurings as of or for the year ended December 31, 2012. | ||||||||||||||||||||||||||||
Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Recorded Investment | |||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||
Accruing troubled debt restructurings: | ||||||||||||||||||||||||||||
Real estate - commercial | 1 | $ | 64 | $ | 61 | $ | 61 | |||||||||||||||||||||
Real estate - mortgage | 6 | 706 | 714 | 714 | ||||||||||||||||||||||||
7 | $ | 770 | $ | 775 | $ | 775 | ||||||||||||||||||||||
Allowance for Loan Losses and Recorded Investments in Loans Receivable | ' | |||||||||||||||||||||||||||
The following tables summarize the activity in the allowance for loan losses by loan class and loans by loan class, segregated into the amount required for loans individually evaluated for impairment and the amount required for loans collectively evaluated for impairment as of and for the years ended December 31, 2013, 2012 and 2011 (in thousands): | ||||||||||||||||||||||||||||
Allowance for loan losses: | Commercial, financial and agricultural | Real estate - commercial | Real estate - construction | Real estate - mortgage | Obligations of states and political subdivisions | Personal | Total | |||||||||||||||||||||
Beginning Balance, January 1, 2013 | $ | 179 | $ | 463 | $ | 202 | $ | 2,387 | $ | - | $ | 50 | $ | 3,281 | ||||||||||||||
Charge-offs | -4 | - | -117 | -1,281 | - | -29 | -1,431 | |||||||||||||||||||||
Recoveries | 13 | - | - | - | - | 9 | 22 | |||||||||||||||||||||
Provisions | 65 | 71 | 127 | 140 | - | 12 | 415 | |||||||||||||||||||||
Ending balance | $ | 253 | $ | 534 | $ | 212 | $ | 1,246 | $ | - | $ | 42 | $ | 2,287 | ||||||||||||||
As of December 31, 2013 | Commercial, financial and agricultural | Real estate - commercial | Real estate - construction | Real estate - mortgage | Obligations of states and political subdivisions | Personal | Total | |||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||
Ending balance | $ | 253 | $ | 534 | $ | 212 | $ | 1,246 | $ | - | $ | 42 | $ | 2,287 | ||||||||||||||
evaluated for impairment | ||||||||||||||||||||||||||||
individually | $ | - | $ | 26 | $ | 93 | $ | 45 | $ | - | $ | - | $ | 164 | ||||||||||||||
collectively | $ | 253 | $ | 508 | $ | 119 | $ | 1,201 | $ | - | $ | 42 | $ | 2,123 | ||||||||||||||
Loans: | ||||||||||||||||||||||||||||
Ending balance | $ | 26,281 | $ | 74,471 | $ | 19,681 | $ | 140,459 | $ | 12,702 | $ | 4,204 | $ | 277,798 | ||||||||||||||
evaluated for impairment | ||||||||||||||||||||||||||||
individually | $ | 94 | $ | 2,255 | $ | 1,982 | $ | 3,718 | $ | - | $ | - | $ | 8,049 | ||||||||||||||
collectively | $ | 26,187 | $ | 72,216 | $ | 17,699 | $ | 136,741 | $ | 12,702 | $ | 4,204 | $ | 269,749 | ||||||||||||||
Allowance for loan losses: | Commercial, financial and agricultural | Real estate - commercial | Real estate - construction | Real estate - mortgage | Obligations of states and political subdivisions | Personal | Total | |||||||||||||||||||||
Beginning Balance, January 1, 2012 | $ | 195 | $ | 455 | $ | 442 | $ | 1,771 | $ | - | $ | 68 | $ | 2,931 | ||||||||||||||
Charge-offs | -25 | - | -193 | -852 | - | -1 | -1,071 | |||||||||||||||||||||
Recoveries | 8 | - | - | - | - | 2 | 10 | |||||||||||||||||||||
Provisions | 1 | 8 | -47 | 1,468 | - | -19 | 1,411 | |||||||||||||||||||||
Ending balance | $ | 179 | $ | 463 | $ | 202 | $ | 2,387 | $ | - | $ | 50 | $ | 3,281 | ||||||||||||||
As of December 31, 2012 | Commercial, financial and agricultural | Real estate - commercial | Real estate - construction | Real estate - mortgage | Obligations of states and political subdivisions | Personal | Total | |||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||
Ending balance | $ | 179 | $ | 463 | $ | 202 | $ | 2,387 | $ | - | $ | 50 | $ | 3,281 | ||||||||||||||
evaluated for impairment | ||||||||||||||||||||||||||||
individually | $ | - | $ | - | $ | 91 | $ | 1,036 | $ | - | $ | - | $ | 1,127 | ||||||||||||||
collectively | $ | 179 | $ | 463 | $ | 111 | $ | 1,351 | $ | - | $ | 50 | $ | 2,154 | ||||||||||||||
Loans: | ||||||||||||||||||||||||||||
Ending balance | $ | 19,296 | $ | 69,187 | $ | 18,092 | $ | 153,122 | $ | 12,769 | $ | 5,034 | $ | 277,500 | ||||||||||||||
evaluated for impairment | ||||||||||||||||||||||||||||
individually | $ | 160 | $ | 2,672 | $ | 2,202 | $ | 2,628 | $ | - | $ | - | $ | 7,662 | ||||||||||||||
collectively | $ | 19,136 | $ | 66,515 | $ | 15,890 | $ | 150,494 | $ | 12,769 | $ | 5,034 | $ | 269,838 | ||||||||||||||
Allowance for loan losses: | Commercial, financial and agricultural | Real estate - commercial | Real estate - construction | Real estate - mortgage | Obligations of states and political subdivisions | Personal | Total | |||||||||||||||||||||
Beginning Balance, January 1, 2011 | $ | 163 | $ | 442 | $ | 336 | $ | 1,810 | $ | - | $ | 73 | $ | 2,824 | ||||||||||||||
Charge-offs | -18 | -37 | - | -205 | - | -22 | -282 | |||||||||||||||||||||
Recoveries | 2 | - | - | 10 | - | 13 | 25 | |||||||||||||||||||||
Provisions | 48 | 50 | 106 | 156 | - | 4 | 364 | |||||||||||||||||||||
Ending balance | $ | 195 | $ | 455 | $ | 442 | $ | 1,771 | $ | - | $ | 68 | $ | 2,931 | ||||||||||||||
As of December 31, 2011 | Commercial, financial and agricultural | Real estate - commercial | Real estate - construction | Real estate - mortgage | Obligations of states and political subdivisions | Personal | Total | |||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||
Ending balance | $ | 195 | $ | 455 | $ | 442 | $ | 1,771 | $ | - | $ | 68 | $ | 2,931 | ||||||||||||||
evaluated for impairment | ||||||||||||||||||||||||||||
individually | $ | - | $ | - | $ | 343 | $ | 432 | $ | - | $ | - | $ | 775 | ||||||||||||||
collectively | $ | 195 | $ | 455 | $ | 99 | $ | 1,339 | $ | - | $ | 68 | $ | 2,156 | ||||||||||||||
Loans, net of unearned interest: | ||||||||||||||||||||||||||||
Ending balance | $ | 19,417 | $ | 60,774 | $ | 17,508 | $ | 176,544 | $ | 8,780 | $ | 6,658 | $ | 289,681 | ||||||||||||||
evaluated for impairment | ||||||||||||||||||||||||||||
individually | $ | 238 | $ | 2,312 | $ | 1,870 | $ | 5,119 | $ | - | $ | - | $ | 9,539 | ||||||||||||||
collectively | $ | 19,179 | $ | 58,462 | $ | 15,638 | $ | 171,425 | $ | 8,780 | $ | 6,658 | $ | 280,142 | ||||||||||||||
Bank_Owned_Life_Insurance_and_1
Bank Owned Life Insurance and Annuities (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Bank Owned Life Insurance and Annuities [Abstract] | ' | |||||||||||
Summary of Changes in Cash Value of BOLI and Annuities | ' | |||||||||||
Changes in cash value of BOLI and annuities in 2013 and 2012 are shown below (in thousands): | ||||||||||||
Life Insurance | Deferred Annuities | Payout Annuities | Total | |||||||||
Balance as of December 31, 2011 | $ | 13,718 | $ | 327 | $ | 24 | $ | 14,069 | ||||
Earnings | 409 | 13 | 1 | 423 | ||||||||
Premiums on existing policies | 56 | 14 | - | 70 | ||||||||
Annuity payments received | - | - | -13 | -13 | ||||||||
Net proceeds from life insurance claim | -147 | - | - | -147 | ||||||||
Balance as of December 31, 2012 | 14,036 | 354 | 12 | 14,402 | ||||||||
Earnings | 372 | 13 | 1 | 386 | ||||||||
Premiums on existing policies | 54 | 14 | - | 68 | ||||||||
Annuity payments received | - | - | -8 | -8 | ||||||||
Balance as of December 31, 2013 | $ | 14,462 | $ | 381 | $ | 5 | $ | 14,848 | ||||
Premises_and_Equipment_Tables
Premises and Equipment (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Premises and Equipment [Abstract] | ' | |||||
Premises and Equipment | ' | |||||
Premises and equipment consist of the following (in thousands): | ||||||
December 31, | ||||||
2013 | 2012 | |||||
Land | $ | 1,066 | $ | 864 | ||
Buildings and improvements | 8,585 | 8,510 | ||||
Furniture, computer software and equipment | 4,601 | 4,523 | ||||
14,252 | 13,897 | |||||
Less: accumulated depreciation | -7,922 | -7,425 | ||||
$ | 6,330 | $ | 6,472 | |||
Deposits_Tables
Deposits (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Deposits [Abstract] | ' | |||||||
Schedule of Deposits | ' | |||||||
Deposits consist of the following (in thousands): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Demand, non-interest bearing | $ | 74,611 | $ | 71,318 | ||||
NOW and Money Market | 89,867 | 90,349 | ||||||
Savings | 60,761 | 56,382 | ||||||
Time deposits, $100,000 or more | 30,995 | 33,007 | ||||||
Other time deposits | 123,411 | 135,695 | ||||||
$ | 379,645 | $ | 386,751 | |||||
Schedule of Maturities of Time Deposits | ' | |||||||
Aggregate amount of scheduled maturities of time deposits as of December 31, 2013 include the following (in thousands): | ||||||||
Time Deposits | ||||||||
Maturing in: | $100,000 or more | Other | Total Time Deposits | |||||
2014 | $ | 14,526 | $ | 55,671 | $ | 70,197 | ||
2015 | 10,222 | 35,221 | 45,443 | |||||
2016 | 2,456 | 13,886 | 16,342 | |||||
2017 | 1,375 | 6,914 | 8,289 | |||||
2018 | 1,329 | 7,426 | 8,755 | |||||
Later | 1,087 | 4,293 | 5,380 | |||||
$ | 30,995 | $ | 123,411 | $ | 154,406 | |||
Borrowings_Tables
Borrowings (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Borrowings [Abstract] | ' | |||||||||||||||
Schedule of Borrowings | ' | |||||||||||||||
Borrowings consist of the following (dollars in thousands): | ||||||||||||||||
31-Dec-13 | 31-Dec-12 | 31-Dec-11 | For the year 2013 | |||||||||||||
Outstanding Balance | Rate | Outstanding Balance | Rate | Outstanding Balance | Rate | Average Balance | Weighted Average Rate | |||||||||
Securities sold under agreements to repurchase | $ | 5,397 | 0.10% | $ | 3,836 | 0.10% | $ | 3,500 | 0.10% | $ | 4,332 | 0.10% | ||||
Short-term borrowings - Federal Home Loan Bank overnight advances | 8,400 | 0.25% | 1,600 | 0.25% | - | 3,200 | 0.25% | |||||||||
$ | 13,797 | 0.19% | $ | 5,436 | 0.14% | $ | 3,500 | 0.10% | $ | 7,532 | 0.16% | |||||
Operating_Lease_Obligations_Ta
Operating Lease Obligations (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Operating Lease Obligations [Abstract] | ' | |||
Schedule of Future Minimum Rental Payments | ' | |||
The following is a summary of future minimum rental payments for the next five years required under operating leases that have initial or remaining noncancellable lease terms in excess of one year as of December 31, 2013 (in thousands): | ||||
Years ending December 31, | ||||
2014 | $ | 121 | ||
2015 | 89 | |||
2016 | 83 | |||
2017 | 44 | |||
2018 | - | |||
2019 and beyond | - | |||
Total minimum payments required | $ | 337 | ||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Income Taxes [Abstract] | ' | ||||||||
Components of Income Tax Expense | ' | ||||||||
The components of income tax expense for the three years ended December 31 were (in thousands): | |||||||||
2013 | 2012 | 2011 | |||||||
Current tax (benefit) expense | $ | -157 | $ | 1,042 | $ | 1,562 | |||
Deferred tax expense (benefit) | 662 | -64 | -20 | ||||||
Total tax expense | $ | 505 | $ | 978 | $ | 1,542 | |||
Effective Income Tax Rate Reconciliation | ' | ||||||||
A reconciliation of the statutory income tax expense computed at 34% to the income tax expense included in the consolidated statements of income follows (dollars in thousands): | |||||||||
Years Ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
Income before income taxes | $ | 4,506 | $ | 4,626 | $ | 6,222 | |||
Effective tax rate | 34.0% | 34.0% | 34.0% | ||||||
Federal tax at statutory rate | 1,532 | 1,573 | 2,115 | ||||||
Tax-exempt interest | -354 | -431 | -439 | ||||||
Net earnings on BOLI | -108 | -148 | -133 | ||||||
Dividend from unconsolidated subsidiary | -13 | -12 | -8 | ||||||
Stock-based compensation | 10 | 2 | 7 | ||||||
Federal tax credits | -556 | - | - | ||||||
Other permanent differences | -6 | -6 | - | ||||||
Total tax expense | $ | 505 | $ | 978 | $ | 1,542 | |||
Effective tax rate | 11.2% | 21.1% | 24.8% | ||||||
Schedule of Deferred Tax Assets and Liabilities | ' | ||||||||
The components giving rise to the net deferred tax asset are detailed below (in thousands): | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Deferred Tax Assets | |||||||||
Allowance for loan losses | $ | 639 | $ | 1,000 | |||||
Deferred directors' compensation | 541 | 565 | |||||||
Employee and director benefits | 574 | 605 | |||||||
Qualified pension liability | - | 321 | |||||||
Unrealized losses on securities available for sale | 387 | - | |||||||
Unrealized loss from securities impairment | 221 | 221 | |||||||
Other | 109 | 160 | |||||||
Total deferred tax assets | 2,471 | 2,872 | |||||||
Deferred Tax Liabilities | |||||||||
Depreciation | -223 | -236 | |||||||
Equity income from unconsolidated subsidiary | -462 | -398 | |||||||
Qualified pension asset | -342 | - | |||||||
Loan origination costs | -287 | -223 | |||||||
Prepaid expense | -95 | -90 | |||||||
Unrealized gains on securities available for sale | - | -403 | |||||||
Annuity earnings | -63 | -58 | |||||||
Fair value of mortgage servicing rights | -57 | -33 | |||||||
Goodwill | -340 | -294 | |||||||
Total deferred tax liabilities | -1,869 | -1,735 | |||||||
Net deferred tax asset | |||||||||
included in other assets | $ | 602 | $ | 1,137 | |||||
Recovered_Sheet1
Stockholders' Equity And Regulatory Matters (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Stockholders' Equity And Regulatory Matters [Abstract] | ' | ||||||||||||||
Schedule of Compliance with Regulatory Capital Requirements | ' | ||||||||||||||
The table below provides a comparison of the Company’s and the Bank’s risk-based capital ratios and leverage ratios to the minimum regulatory requirements for the periods indicated (dollars in thousands). | |||||||||||||||
Juniata Valley Financial Corp. (Consolidated) | Minimum Requirement | ||||||||||||||
For Capital | |||||||||||||||
Actual | Adequacy Purposes | ||||||||||||||
Amount | Ratio | Amount | Ratio | ||||||||||||
As of December 31, 2013: | |||||||||||||||
Total Capital | $ | 51,888 | 17.97% | $ | 23,105 | 8.00% | |||||||||
(to Risk Weighted Assets) | |||||||||||||||
Tier 1 Capital | 49,461 | 17.13% | 11,553 | 4.00% | |||||||||||
(to Risk Weighted Assets) | |||||||||||||||
Tier 1 Capital | 49,461 | 11.04% | 17,915 | 4.00% | |||||||||||
(to Average Assets) | |||||||||||||||
As of December 31, 2012: | |||||||||||||||
Total Capital | $ | 52,803 | 18.28% | $ | 23,103 | 8.00% | |||||||||
(to Risk Weighted Assets) | |||||||||||||||
Tier 1 Capital | 49,506 | 17.14% | 11,552 | 4.00% | |||||||||||
(to Risk Weighted Assets) | |||||||||||||||
Tier 1 Capital | 49,506 | 10.96% | 18,074 | 4.00% | |||||||||||
(to Average Assets) | |||||||||||||||
Minimum Regulatory | |||||||||||||||
Requirements to be | |||||||||||||||
The Juniata Valley Bank | Minimum Requirement | "Well Capitalized" | |||||||||||||
For Capital | under Prompt | ||||||||||||||
Actual | Adequacy Purposes | Corrective Action Provisions | |||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||
As of December 31, 2013: | |||||||||||||||
Total Capital | $ | 46,530 | 16.35% | $ | 22,773 | 8.00% | $ | 28,467 | 10.00% | ||||||
(to Risk Weighted Assets) | |||||||||||||||
Tier 1 Capital | 44,185 | 15.52% | 11,387 | 4.00% | 17,080 | 6.00% | |||||||||
(to Risk Weighted Assets) | |||||||||||||||
Tier 1 Capital | 44,185 | 9.97% | 17,723 | 4.00% | 22,154 | 5.00% | |||||||||
(to Average Assets) | |||||||||||||||
As of December 31, 2012: | |||||||||||||||
Total Capital | $ | 47,812 | 16.79% | $ | 22,780 | 8.00% | $ | 28,475 | 10.00% | ||||||
(to Risk Weighted Assets) | |||||||||||||||
Tier 1 Capital | 44,519 | 15.63% | 11,390 | 4.00% | 17,085 | 6.00% | |||||||||
(to Risk Weighted Assets) | |||||||||||||||
Tier 1 Capital | 44,519 | 9.99% | 17,822 | 4.00% | 22,277 | 5.00% | |||||||||
(to Average Assets) | |||||||||||||||
Calculation_of_Earnings_Per_Sh1
Calculation of Earnings Per Share (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Calculation of Earnings Per Share [Abstract] | ' | ||||||||
Computation of Basic and Diluted Earnings per Share | ' | ||||||||
The following table sets forth the computation of basic and diluted earnings per share: | |||||||||
Years Ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
(Amounts, except earnings per share, in thousands) | |||||||||
Net income | $ | 4,001 | $ | 3,648 | $ | 4,680 | |||
Weighted-average common shares outstanding | 4,210 | 4,231 | 4,241 | ||||||
Basic earnings per share | $ | 0.95 | $ | 0.86 | $ | 1.10 | |||
Weighted-average common shares outstanding | 4,210 | 4,231 | 4,241 | ||||||
Common stock equivalents due to effect of stock options | 1 | 2 | 3 | ||||||
Total weighted-average common shares and equivalents | $ | 4,211 | $ | 4,233 | $ | 4,244 | |||
Diluted earnings per share | $ | 0.95 | $ | 0.86 | $ | 1.10 | |||
Anti-dilutive stock options outstanding | 78 | 79 | 60 | ||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accumulated Other Comprehensive Income [Abstract] | ' | ||||||||
Components of Accumulated Other Comprehensive Loss | ' | ||||||||
Components of accumulated other comprehensive loss, net of tax as of December 31 of each of the last three years consist of the following (in thousands): | |||||||||
12/31/13 | 12/31/12 | 12/31/11 | |||||||
Unrealized (losses) gains on available for sale securities | $ | -751 | $ | 800 | $ | 823 | |||
Unrecognized expense for defined benefit pension | -908 | -2,219 | -3,079 | ||||||
Accumulated other comprehensive loss | $ | -1,659 | $ | -1,419 | $ | -2,256 | |||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Fair Value Measurements [Abstract] | ' | |||||||||||
Fair Value Measurements by Level of Valuation Inputs | ' | |||||||||||
The following table summarizes financial assets and financial liabilities measured at fair value as of December 31, 2013 and December 31, 2012, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (in thousands). There were no transfers of assets between fair value Level 1 and Level 2 during the year ended December 31, 2013. | ||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||
Quoted Prices in | Significant | Significant | ||||||||||
Active Markets | Other | Other | ||||||||||
December 31, | for Identical | Observable | Unobservable | |||||||||
2013 | Assets | Inputs | Inputs | |||||||||
Measured at fair value on a recurring basis: | ||||||||||||
Debt securities available-for-sale: | ||||||||||||
Obligations of U.S. Government agencies and corporations | $ | 78,278 | $ | - | $ | 78,278 | $ | - | ||||
Obligations of state and political subdivisions | 41,932 | - | 41,932 | - | ||||||||
Mortgage-backed securities | 4,469 | - | 4,469 | - | ||||||||
Equity securities available-for-sale | 1,367 | 1,367 | - | - | ||||||||
Measured at fair value on a non-recurring basis: | ||||||||||||
Impaired loans | 3,300 | - | - | 3,300 | ||||||||
Other real estate owned | 50 | - | - | 50 | ||||||||
Mortgage servicing rights | 167 | - | - | 167 | ||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||
Quoted Prices in | Significant | Significant | ||||||||||
Active Markets | Other | Other | ||||||||||
December 31, | for Identical | Observable | Unobservable | |||||||||
2012 | Assets | Inputs | Inputs | |||||||||
Measured at fair value on a recurring basis: | ||||||||||||
Debt securities available-for-sale: | ||||||||||||
Obligations of U.S. Government agencies and corporations | $ | 72,817 | $ | - | $ | 72,817 | $ | - | ||||
Obligations of state and political subdivisions | 45,976 | - | 45,976 | - | ||||||||
Mortgage-backed securities | 2,526 | - | 2,526 | - | ||||||||
Equity securities available-for-sale | 1,019 | 1,019 | - | - | ||||||||
Measured at fair value on a non-recurring basis: | ||||||||||||
Impaired loans | 2,056 | - | - | 2,056 | ||||||||
Other real estate owned | 50 | - | - | 50 | ||||||||
Mortgage servicing rights | 98 | - | - | 98 | ||||||||
Quantitative Information for Assets Measured at Fair Value | ' | |||||||||||
The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which Level 3 inputs have been used to determine fair value: | ||||||||||||
31-Dec-13 | Fair Value Estimate | Valuation Technique | Unobservable Input | Range | Weighted Average | |||||||
Impaired loans | $ | 3,300 | Appraisal of collateral (1) | Appraisal and liquidation adjustments (2) | (7)% - (10)% | -9.00% | ||||||
Other real estate owned | 50 | Appraisal of collateral (1) | Appraisal and liquidation adjustments (2) | 0% | 0% | |||||||
Mortgage servicing rights | 167 | Multiple of annual servicing fee | Estimated pre-payment speed, based on rate and term | 300% - 400% | 326% | |||||||
31-Dec-12 | Fair Value Estimate | Valuation Technique | Unobservable Input | Range | Weighted Average | |||||||
Impaired loans | $ | 2,056 | Appraisal of collateral (1) | Appraisal and liquidation adjustments (2) | (7)% - (10)% | -8.10% | ||||||
Other real estate owned | 50 | Appraisal of collateral (1) | Appraisal and liquidation adjustments (2) | 0% | 0% | |||||||
Mortgage servicing rights | 98 | Multiple of annual servicing fee | Estimated pre-payment speed, based on rate and term | 300% - 400% | 326% | |||||||
-1 | Fair value is generally determined through independent appraisals of the underlying collateral that generally include various level 3 inputs which are not identifiable. | |||||||||||
-2 | Appraisals may be adjusted downward by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. | |||||||||||
Estimated Fair Values of Financial Instruments | ' | |||||||||||
The estimated fair values of the Company’s financial instruments are as follows (in thousands): | ||||||||||||
Financial Instruments | ||||||||||||
(in thousands) | ||||||||||||
31-Dec-13 | December 31, 2012 | |||||||||||
Carrying | Fair | Carrying | Fair | |||||||||
Financial assets: | Value | Value | Value | Value | ||||||||
Cash and due from banks | $ | 8,570 | $ | 8,570 | $ | 14,261 | $ | 14,261 | ||||
Interest bearing deposits with banks | 43 | 43 | 136 | 136 | ||||||||
Interest bearing time deposits with banks | 249 | 250 | 847 | 849 | ||||||||
Securities | 126,046 | 126,046 | 122,338 | 122,338 | ||||||||
Restricted investment in FHLB stock | 1,967 | 1,967 | 1,726 | 1,726 | ||||||||
Loans, net of allowance for loan losses | 275,511 | 282,226 | 274,219 | 286,467 | ||||||||
Mortgage servicing rights | 167 | 167 | 98 | 98 | ||||||||
Accrued interest receivable | 1,529 | 1,529 | 1,632 | 1,632 | ||||||||
Financial liabilities: | ||||||||||||
Non-interest bearing deposits | 74,611 | 74,611 | 71,318 | 71,318 | ||||||||
Interest bearing deposits | 305,034 | 308,414 | 315,433 | 319,946 | ||||||||
Securities sold under agreements to repurchase | 5,397 | 5,397 | 3,836 | 3,836 | ||||||||
Short-term borrowings | 8,400 | 8,400 | 1,600 | 1,600 | ||||||||
Other interest bearing liabilities | 1,356 | 1,358 | 1,305 | 1,315 | ||||||||
Accrued interest payable | 287 | 287 | 354 | 354 | ||||||||
Off-balance sheet financial instruments: | ||||||||||||
Commitments to extend credit | - | - | - | - | ||||||||
Letters of credit | - | - | - | - | ||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | |||||||||||
The following presents the carrying amount, fair value and placement in the fair value hierarchy of the Company’s financial instruments not previously disclosed as of December 31, 2013 and December 31, 2012. This table excludes financial instruments for which the carrying amount approximates fair value. | ||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||
Quoted Prices in | ||||||||||||
Active Markets | Significant | Significant | ||||||||||
for Identical | Other | Other | ||||||||||
31-Dec-13 | Carrying Amount | Fair Value | Assets or Liabilities | Observable Inputs | Unobservable Inputs | |||||||
Financial instruments - Assets | ||||||||||||
Interest bearing time deposits with banks | $ 249 | $ 250 | $ - | $ 250 | $ - | |||||||
Loans, net of allowance for loan losses | 275,511 | 282,226 | - | - | 282,226 | |||||||
Financial instruments - Liabilities | ||||||||||||
Interest bearing deposits | 305,034 | 308,414 | - | 308,414 | - | |||||||
Other interest bearing liabilities | 1,356 | 1,358 | - | 1,358 | - | |||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||
Quoted Prices in | ||||||||||||
Active Markets | Significant | Significant | ||||||||||
for Identical | Other | Other | ||||||||||
31-Dec-12 | Carrying Amount | Fair Value | Assets or Liabilities | Observable Inputs | Unobservable Inputs | |||||||
Financial instruments - Assets | ||||||||||||
Interest bearing time deposits with banks | $ 847 | $ 849 | $ - | $ 849 | $ - | |||||||
Loans, net of allowance for loan losses | 274,219 | 286,467 | - | - | 286,467 | |||||||
Financial instruments - Liabilities | ||||||||||||
Interest bearing deposits | 315,433 | 319,946 | - | 319,946 | - | |||||||
Other interest bearing liabilities | 1,305 | 1,315 | - | 1,315 | - | |||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Employee Benefit Plans [Abstract] | ' | ||||||||||||||||
Schedule of Stock Option Activity | ' | ||||||||||||||||
A summary of the status of the Plans as of December 31, 2013, 2012 and 2011, and changes during the years ending on those dates is presented below: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Shares | Weighted Average Exercise Price | Shares | Weighted Average Exercise Price | Shares | Weighted Average Exercise Price | ||||||||||||
Outstanding at beginning of year | 97,792 | $ | 19.04 | 90,474 | $ | 18.85 | 92,953 | $ | 18.83 | ||||||||
Granted | 21,800 | 17.65 | 19,150 | 18.00 | 16,050 | 17.75 | |||||||||||
Exercised | - | - | -7,207 | 14.47 | -1,890 | 14.37 | |||||||||||
Forfeited | -35,662 | 19.45 | -4,625 | 17.89 | -16,639 | 18.20 | |||||||||||
Outstanding at end of year | 83,930 | $ | 18.50 | 97,792 | $ | 19.04 | 90,474 | $ | 18.85 | ||||||||
Options exercisable at year-end | 43,079 | 68,361 | 67,685 | ||||||||||||||
Weighted-average fair value of | |||||||||||||||||
of options granted | |||||||||||||||||
during the year | $ | 1.75 | $ | 1.98 | $ | 1.91 | |||||||||||
Intrinsic value of options | |||||||||||||||||
exercised during the year | $ | - | $ | 24,444 | $ | 7,070 | |||||||||||
Intrinsic value of options | |||||||||||||||||
outstanding and exercisable at | |||||||||||||||||
31-Dec-13 | $ | 5,309 | |||||||||||||||
Schedule of Stock Option Information by Grant Date | ' | ||||||||||||||||
The following table summarizes characteristics of stock options as of December 31, 2013: | |||||||||||||||||
Outstanding | Exercisable | ||||||||||||||||
Grant Date | Exercise Price | Shares | Contractual Average Life (Years) | Shares | |||||||||||||
11/15/04 | 20.25 | 1,248 | 0.88 | 1,248 | |||||||||||||
10/18/05 | 24.00 | 2,662 | 1.46 | 2,662 | |||||||||||||
10/17/06 | 21.00 | 3,195 | 2.03 | 3,195 | |||||||||||||
10/16/07 | 20.05 | 5,623 | 3.2 | 5,623 | |||||||||||||
10/21/08 | 21.10 | 7,289 | 4.19 | 7,289 | |||||||||||||
10/20/09 | 17.22 | 11,213 | 5.15 | 10,211 | |||||||||||||
9/20/11 | 17.75 | 13,850 | 7.72 | 7,900 | |||||||||||||
3/20/12 | 18.00 | 17,050 | 8.22 | 4,951 | |||||||||||||
2/19/13 | 17.65 | 21,800 | 9.14 | - | |||||||||||||
83,930 | 43,079 | ||||||||||||||||
Schedule of Allocation of Plan Assets | ' | ||||||||||||||||
The following table sets forth by level, within the fair value hierarchy, debt and equity instruments included in the defined benefit retirement’s plan assets at fair value as of December 31, 2013 and December 31, 2012 (in thousands). Assets included in the plan that are not valued in the hierarchy table consist of cash and cash equivalents, totaling $703,000 and $738,000, at December 31, 2013 and 2012, respectively. | |||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Quoted Prices in | Significant Other | Significant Other | |||||||||||||||
December 31, | Active Markets for | Observable | Unobservable | ||||||||||||||
2013 | Identical Assets | Inputs | Inputs | ||||||||||||||
Measured at fair value on a recurring basis: | |||||||||||||||||
U.S. Government and agency securities | $ | 739 | $ | - | $ | 739 | $ | - | |||||||||
Corporate bonds and notes | 2,987 | - | 2,987 | - | |||||||||||||
Mutual funds | |||||||||||||||||
Value funds | 2,120 | 2,120 | - | - | |||||||||||||
Blend funds | 1,522 | 1,522 | - | - | |||||||||||||
Growth funds | 1,867 | 1,867 | - | - | |||||||||||||
Common stocks | 4 | 4 | - | - | |||||||||||||
Money market funds | 172 | 172 | - | - | |||||||||||||
$ | 9,411 | $ | 5,685 | $ | 3,726 | $ | - | ||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Quoted Prices in | Significant Other | Significant Other | |||||||||||||||
December 31, | Active Markets for | Observable | Unobservable | ||||||||||||||
2012 | Identical Assets | Inputs | Inputs | ||||||||||||||
Measured at fair value on a recurring basis: | |||||||||||||||||
U.S. Government and agency securities | $ | 199 | $ | - | $ | 199 | $ | - | |||||||||
Corporate bonds and notes | 3,017 | - | 3,017 | - | |||||||||||||
Mutual funds | |||||||||||||||||
Value funds | 1,379 | 1,379 | - | - | |||||||||||||
Blend funds | 1,220 | 1,220 | - | - | |||||||||||||
Growth funds | 1,932 | 1,932 | - | - | |||||||||||||
Common stocks | 3 | 3 | - | - | |||||||||||||
Money market funds | 590 | 590 | - | - | |||||||||||||
$ | 8,340 | $ | 5,124 | $ | 3,216 | $ | - | ||||||||||
Schedule of Net Funded Status | ' | ||||||||||||||||
The measurement date for the defined benefit plan is December 31. Information pertaining to the activity in the defined benefit plan is as follows (in thousands): | |||||||||||||||||
Years ended December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Change in projected benefit obligation (PBO) | |||||||||||||||||
PBO at beginning of year | $ | 10,022 | $ | 10,438 | |||||||||||||
Service cost | - | 222 | |||||||||||||||
Interest cost | 395 | 451 | |||||||||||||||
Change in assumptions | -962 | 681 | |||||||||||||||
Curtailment adjustment | - | -1,393 | |||||||||||||||
Actuarial loss | 91 | 49 | |||||||||||||||
Benefits paid | -438 | -426 | |||||||||||||||
PBO at end of year | $ | 9,108 | $ | 10,022 | |||||||||||||
Change in plan assets | |||||||||||||||||
Fair value of plan assets at beginning of year | $ | 9,078 | $ | 8,625 | |||||||||||||
Actual return on plan assets, net of expenses | 1,474 | 879 | |||||||||||||||
Benefits paid | -438 | -426 | |||||||||||||||
Fair value of plan assets at end of year | $ | 10,114 | $ | 9,078 | |||||||||||||
Funded status, included in other assets (liabilities) | $ | 1,006 | $ | -944 | |||||||||||||
Amounts recognized in accumulated comprehensive loss | |||||||||||||||||
before income taxes consist of: | |||||||||||||||||
Unrecognized actual loss | $ | -1,377 | $ | -3,362 | |||||||||||||
Unrecognized net transition asset | 1 | 1 | |||||||||||||||
$ | -1,376 | $ | -3,361 | ||||||||||||||
Accumulated benefit obligation | $ | 9,108 | $ | 10,022 | |||||||||||||
Components of Net Periodic Pension Cost | ' | ||||||||||||||||
Pension expense included the following components for the years ended December 31 (in thousands): | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Service cost during the year | $ | - | $ | 222 | $ | 192 | |||||||||||
Interest cost on projected benefit obligation | 395 | 451 | 479 | ||||||||||||||
Expected return on plan assets | -561 | -591 | -631 | ||||||||||||||
Net accretion (amortization) | -1 | 56 | -2 | ||||||||||||||
Recognized net actuarial loss | 203 | 296 | 152 | ||||||||||||||
Net periodic benefit cost | 36 | 434 | 190 | ||||||||||||||
Net loss (gain) | -1,782 | -952 | 1,990 | ||||||||||||||
Amortization of net loss | -203 | -296 | -152 | ||||||||||||||
Net amortization (accretion) | 1 | -56 | 2 | ||||||||||||||
Total recognized in other comprehensive loss (income) | $ | -1,984 | $ | -1,304 | $ | 1,840 | |||||||||||
Total recognized in net periodic benefit cost and other | |||||||||||||||||
comprehensive loss (income) | $ | -1,948 | $ | -870 | $ | 2,030 | |||||||||||
Schedule of Assumptions Used | ' | ||||||||||||||||
Assumptions used to determine benefit obligations were: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Discount rate | 4.75% | 4.00% | 4.40% | ||||||||||||||
Rate of compensation increase | N/A | N/A | 3.00 | ||||||||||||||
Assumptions used to determine the net periodic benefit cost were: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Discount rate | 4.00% | 4.40% | 5.50% | ||||||||||||||
Expected long-term return on plan assets | 6.35 | 7.00 | 7.00 | ||||||||||||||
Rate of compensation increase | N/A | 3.00 | 3.00 | ||||||||||||||
Schedule of Expected Benefit Payments | ' | ||||||||||||||||
Future expected benefit payments (in thousands): | |||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | 2019-2023 | ||||||||||||
Estimated future benefit payments | $ | 450 | $ | 444 | $ | 447 | $ | 463 | $ | 510 | $ | 2,633 | |||||
Recovered_Sheet2
Financial Instruments With Off-Balance Sheet Risk (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Nature of Operations [Abstract] | ' | |||||
Summary of Financial Instrument Commitments | ' | |||||
A summary of the Company’s financial instrument commitments is as follows (in thousands): | ||||||
December 31, | ||||||
2013 | 2012 | |||||
Commitments to grant loans | $ | 33,532 | $ | 31,918 | ||
Unfunded commitments under lines of credit | 7,457 | 11,246 | ||||
Outstanding letters of credit | 1,199 | 1,293 | ||||
Juniata_Valley_Financial_Corp_1
Juniata Valley Financial Corp. (Parent Company Only) (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Juniata Valley Financial Corp. (Parent Company Only) [Abstract] | ' | |||||||||
Condensed Balance Sheet | ' | |||||||||
CONDENSED BALANCE SHEETS | ||||||||||
(in thousands) | ||||||||||
December 31, | ||||||||||
2013 | 2012 | |||||||||
ASSETS: | ||||||||||
Cash and cash equivalents | $ | 365 | $ | 231 | ||||||
Investment in bank subsidiary | 44,589 | 45,285 | ||||||||
Investment in unconsolidated subsidiary | 4,172 | 4,000 | ||||||||
Investment securities available for sale | 1,127 | 954 | ||||||||
Other assets | 56 | 15 | ||||||||
TOTAL ASSETS | $ | 50,309 | $ | 50,485 | ||||||
LIABILITIES: | ||||||||||
Accounts payable and other liabilities | $ | 325 | $ | 188 | ||||||
STOCKHOLDERS' EQUITY | 49,984 | 50,297 | ||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 50,309 | $ | 50,485 | ||||||
Condensed Income Statement | ' | |||||||||
CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | ||||||||||
(in thousands) | ||||||||||
Years Ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
INCOME: | ||||||||||
Interest and dividends on investment securities available for sale | $ | 28 | $ | 41 | $ | 44 | ||||
Dividends from bank subsidiary | 4,290 | 2,793 | 4,217 | |||||||
Income from unconsolidated subsidiary | 237 | 249 | 263 | |||||||
TOTAL INCOME | 4,555 | 3,083 | 4,524 | |||||||
EXPENSE: | ||||||||||
Non-interest expense | 140 | 80 | 140 | |||||||
TOTAL EXPENSE | 140 | 80 | 140 | |||||||
INCOME BEFORE INCOME TAXES AND EQUITY | ||||||||||
IN UNDISTRIBUTED NET (LOSS) INCOME OF SUBSIDIARY | 4,415 | 3,003 | 4,384 | |||||||
Income tax expense | 23 | 47 | 36 | |||||||
4,392 | 2,956 | 4,348 | ||||||||
Undistributed net (loss) income of subsidiary | -391 | 692 | 332 | |||||||
NET INCOME | $ | 4,001 | $ | 3,648 | $ | 4,680 | ||||
COMPREHENSIVE INCOME | $ | 3,761 | $ | 4,485 | $ | 3,889 | ||||
Condensed Cash Flow Statement | ' | |||||||||
CONDENSED STATEMENTS OF CASH FLOWS | ||||||||||
(in thousands) | ||||||||||
Years Ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
Cash flows from operating activities: | ||||||||||
Net income | $ | 4,001 | $ | 3,648 | $ | 4,680 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||
Undistributed net loss (income) of subsidiary | 391 | -692 | -332 | |||||||
Net amortization of securities premiums | - | 2 | 2 | |||||||
Equity in earnings of unconsolidated subsidiary, net of dividends of $47, $45 and $29 | -190 | -204 | -234 | |||||||
(Increase) decrease in other assets | -42 | 12 | 2 | |||||||
Increase in taxes payable | 87 | 127 | 68 | |||||||
(Decrease) increase in accounts payable and other liabilities | -7 | -2 | 19 | |||||||
Net cash provided by operating activities | 4,240 | 2,891 | 4,205 | |||||||
Cash flows from investing activities: | ||||||||||
Purchases of available for sale securities | -252 | - | -50 | |||||||
Proceeds from the maturity of available for sale investment securities | 250 | 1,235 | - | |||||||
Net cash (used in) provided by investing activities | -2 | 1,235 | -50 | |||||||
Cash flows from financing activities: | ||||||||||
Cash dividends | -3,707 | -3,724 | -3,648 | |||||||
Purchase of treasury stock | -445 | -360 | -589 | |||||||
Treasury stock issued for dividend reinvestment and employee stock purchase plan | 48 | 151 | 66 | |||||||
Net cash used in financing activities | -4,104 | -3,933 | -4,171 | |||||||
Net increase (decrease) in cash and cash equivalents | 134 | 193 | -16 | |||||||
Cash and cash equivalents at beginning of year | 231 | 38 | 54 | |||||||
Cash and cash equivalents at end of year | $ | 365 | $ | 231 | $ | 38 | ||||
Quarterly_Results_of_Operation1
Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Quarterly Results of Operations (Unaudited) [Abstract] | ' | |||||||||||
Schedule of Quarterly Financial Information | ' | |||||||||||
The unaudited quarterly results of operations for the years ended December 31, 2013 and 2012 follow (in thousands, except per-share data): | ||||||||||||
2013 Quarter ended | ||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | |||||||||
Total interest income | $ | 4,144 | 4,173 | 4,224 | 4,193 | |||||||
Total interest expense | 763 | 741 | 719 | 677 | ||||||||
Net interest income | 3,381 | 3,432 | 3,505 | 3,516 | ||||||||
Provision for loan losses | 80 | 86 | 100 | 149 | ||||||||
Gains from the sale of loans | 97 | 85 | 84 | 72 | ||||||||
Other income | 980 | 970 | 939 | 1,006 | ||||||||
Other expense | 3,035 | 3,330 | 3,349 | 3,432 | ||||||||
Income before income taxes | 1,343 | 1,071 | 1,079 | 1,013 | ||||||||
Income tax expense | 337 | 62 | 60 | 46 | ||||||||
Net income | $ | 1,006 | $ | 1,009 | $ | 1,019 | $ | 967 | ||||
Per-share data: | ||||||||||||
Basic earnings | $0.24 | $0.24 | $0.24 | $0.23 | ||||||||
Diluted earnings | 0.24 | 0.24 | 0.24 | 0.23 | ||||||||
Cash dividends | 0.22 | 0.22 | 0.22 | 0.22 | ||||||||
2012 Quarter ended | ||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | |||||||||
Total interest income | $ | 4,711 | $ | 4,605 | $ | 4,464 | $ | 4,390 | ||||
Total interest expense | 972 | 924 | 898 | 854 | ||||||||
Net interest income | 3,739 | 3,681 | 3,566 | 3,536 | ||||||||
Provision for loan losses | 1,108 | 69 | 60 | 174 | ||||||||
Gains from the sale of loans | 65 | 149 | 208 | 147 | ||||||||
Other income | 977 | 1,046 | 1,045 | 955 | ||||||||
Other expense | 3,245 | 3,220 | 3,273 | 3,339 | ||||||||
Income before income taxes | 428 | 1,587 | 1,486 | 1,125 | ||||||||
Income tax expense | 10 | 372 | 354 | 242 | ||||||||
Net income | $ | 418 | $ | 1,215 | $ | 1,132 | $ | 883 | ||||
Per-share data: | ||||||||||||
Basic earnings | $0.10 | $0.29 | $0.27 | $0.20 | ||||||||
Diluted earnings | 0.1 | 0.29 | 0.27 | 0.2 | ||||||||
Cash dividends | 0.22 | 0.22 | 0.22 | 0.22 | ||||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Narrative) (Details) (USD $) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
security | security | Leasehold Improvements [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Investment in Federal Home Loan Bank Stock [Member] | Investment in Federal Home Loan Bank Stock [Member] | Investment in Federal Home Loan Bank Stock [Member] | Real Estate - Commercial [Member] | Real Estate - Mortgage [Member] | Real Estate - Mortgage [Member] | Home Equity Installments [Member] | Home Equity Lines of Credit [Member] | Home equity installment loans [Member] | Home equity lines of credit [Member] | ||
Furniture and Equipment [Member] | Building [Member] | Furniture and Equipment [Member] | Building [Member] | Maximum [Member] | |||||||||||||||
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of total capital | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity of interest-bearing time deposits | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage servicing rights | $167,000 | $98,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Held-to-maturity securities, number of holdings | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Securities impairment charge | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' |
Net unamortized origination fees | 123,000 | 42,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Usual period of lines of credit for commercial, financial and agricultural lending | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan period for lending | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '20 years | ' | '25 years | '15 years | '20 years | ' | ' |
Maximum loan-to-value ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80.00% | 80.00% | ' | ' | ' | 80.00% | 90.00% |
Other real estate owned | 281,000 | 428,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-accrual loan status period | '90 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans consideration write off period in default. | '120 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage banking and servicing | 18,688,000 | 11,295,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimate useful life of property and equipment | ' | ' | ' | ' | ' | '3 years | '25 years | '10 years | '50 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimate useful life of property and equipment, description | ' | ' | ' | 'shorter of the assets' useful life or the related lease term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment in low-income housing limited partnership | 3,990,000 | 3,796,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income tax credits | 575,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income tax credits and adjustments period | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued benefit liability | 792,000 | 738,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other postretirement benefit | 54,000 | 29,000 | 49,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advertising expense | 207,000 | 172,000 | 144,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation expense | $30,000 | $25,000 | $26,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Disclosure of Share-based Compensation Arrangements, Assumptions Used) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Summary of Significant Accounting Policies [Abstract] | ' | ' | ' |
Expected life of options | '7 years | '7 years | '7 years |
Risk-free interest rate | 1.41% | 1.78% | 1.39% |
Expected volatility | 21.57% | 22.12% | 21.91% |
Expected dividend yield | 4.91% | 4.86% | 4.62% |
Recovered_Sheet3
Restrictions on Cash and Due From Banks (Narrative) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Restrictions on Cash and Due from Banks [Abstract] | ' | ' |
Restricted Cash and Cash Equivalents | $362,000 | $225,000 |
Securities_Narrative_Details
Securities (Narrative) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Debt instrument term | '5 years | ' |
Carrying value of pledged assets | $31,921 | $30,785 |
Available-for-sale, securities in unrealized loss positions | 'Individually, none of these seven equity securities have significant unrealized losses. Of the seven equity securities that have sustained unrealized losses for more than 12 months, all have increased in fair value during 2013, indicating the possibility of full recovery and therefore are deemed to be temporarily impaired. Management has identified no other-than-temporary impairment as of, or for the periods ended, December 31, 2013 and 2012 in the equity portfolio | ' |
Equity securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Securities in unrealized loss position | 7 | ' |
Obligations of U.S. Government agencies and corporations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Investment Portfolio Percentage | 62.00% | ' |
Securities in unrealized loss position | 45 | ' |
Securities in Unrealized Loss Positions for 12 Months or More | 1 | ' |
Percentage of securities depreciated from their amortized cost basis | 3.00% | ' |
Obligations of State and Political Subdivisions [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Investment Portfolio Percentage | 33.00% | ' |
Securities in unrealized loss position | 37 | ' |
Securities in Unrealized Loss Positions for 12 Months or More | 8 | ' |
Percentage of securities depreciated from their amortized cost basis | 2.00% | ' |
Mortgage-backed securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Investment Portfolio Percentage | 5.00% | ' |
Securities in unrealized loss position | 1 | ' |
Percentage of securities depreciated from their amortized cost basis | 1.00% | ' |
Securities_Securities_Availabl
Securities (Securities Available for Sale) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost of AFS Securities, Total | $127,184 | $121,153 |
Fair Value of AFS Securities, Total | 126,046 | 122,338 |
Gross Unrealized Gains on AFS Securities, Total | 835 | 1,371 |
Gross Unrealized Losses on AFS Securities, Total | -1,973 | -186 |
Obligations of U.S. Government agencies and corporations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost of AFS Securities Maturing Within One Year | 4,177 | 7,908 |
Amortized Cost of AFS Securities Maturing After One Year But Within Five Years | 48,011 | 42,253 |
Amortized Cost of AFS Securities Maturing After Five Years But Within Ten Years | 27,615 | 22,004 |
Amortized Cost of AFS Securities, Total | 79,803 | 72,165 |
Fair Value of AFS Securities Maturing Within One Year | 4,192 | 7,996 |
Fair Value of AFS Securities Maturing After One Year But Within Five Years | 47,578 | 42,796 |
Fair Value of AFS Securities Maturing After Five Years But Within Ten Years | 26,508 | 22,025 |
Fair Value of AFS Securities, Total | 78,278 | 72,817 |
Gross Unrealized Gains on AFS Securities Maturing Within One Year | 15 | 88 |
Gross Unrealized Gains on AFS Securities Maturing After One Year But Within Five Years | 203 | 543 |
Gross Unrealized Gains on AFS Securities Maturing After Five Years But Within Ten Years | ' | 53 |
Gross Unrealized Gains on AFS Securities, Total | 218 | 684 |
Gross Unrealized Losses on AFS Securities Maturing After One Year But Within Five Years | -636 | ' |
Gross Unrealized Losses on AFS Securities Maturing After Five Years But Within Ten Years | -1,107 | -32 |
Gross Unrealized Losses on AFS Securities, Total | -1,743 | -32 |
Obligations of State and Political Subdivisions [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost of AFS Securities Maturing Within One Year | 8,260 | 10,448 |
Amortized Cost of AFS Securities Maturing After One Year But Within Five Years | 26,027 | 29,595 |
Amortized Cost of AFS Securities Maturing After Five Years But Within Ten Years | 7,224 | 4,727 |
Amortized Cost of AFS Securities Maturing After Ten Years | 350 | 731 |
Amortized Cost of AFS Securities, Total | 41,861 | 45,501 |
Fair Value of AFS Securities Maturing Within One Year | 8,314 | 10,505 |
Fair Value of AFS Securities Maturing After One Year But Within Five Years | 26,098 | 29,809 |
Fair Value of AFS Securities Maturing After Five Years But Within Ten Years | 7,182 | 4,936 |
Fair Value of AFS Securities Maturing After Ten Years | 338 | 726 |
Fair Value of AFS Securities, Total | 41,932 | 45,976 |
Gross Unrealized Gains on AFS Securities Maturing Within One Year | 55 | 57 |
Gross Unrealized Gains on AFS Securities Maturing After One Year But Within Five Years | 133 | 246 |
Gross Unrealized Gains on AFS Securities Maturing After Five Years But Within Ten Years | 56 | 215 |
Gross Unrealized Gains on AFS Securities, Total | 244 | 518 |
Gross Unrealized Losses on AFS Securities Maturing Within One Year | -1 | ' |
Gross Unrealized Losses on AFS Securities Maturing After One Year But Within Five Years | -62 | -32 |
Gross Unrealized Losses on AFS Securities Maturing After Five Years But Within Ten Years | -98 | -6 |
Gross Unrealized Losses on AFS Securities Maturing After Ten Years | -12 | -5 |
Gross Unrealized Losses on AFS Securities, Total | -173 | -43 |
Mortgage-backed securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost of AFS Securities Without Single Maturity Date | 4,465 | 2,502 |
Fair Value of AFS Securities Without Single Maturity Date | 4,469 | 2,526 |
Gross Unrealized Gains on AFS Securities Without Single Maturity Date | 7 | 24 |
Gross Unrealized Losses on AFS Securities Without Single Maturity Date | -3 | ' |
Equity securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost of AFS Securities Without Single Maturity Date | 1,055 | 985 |
Fair Value of AFS Securities Without Single Maturity Date | 1,367 | 1,019 |
Gross Unrealized Gains on AFS Securities Without Single Maturity Date | 366 | 145 |
Gross Unrealized Losses on AFS Securities Without Single Maturity Date | -54 | -111 |
Parent Company [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair Value of AFS Securities, Total | $1,127 | $954 |
Securities_Summary_of_Proceeds
Securities (Summary of Proceeds and Realized Gain/(Loss)) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Securities [Abstract] | ' | ' | ' |
Gross proceeds from sales of securities | ' | ' | ' |
Gross realized gains from called securities | ' | 2 | 6 |
Gross realized losses from called securities | ($2) | ' | ' |
Securities_Schedule_of_Unreali
Securities (Schedule of Unrealized Losses) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair Value, Less Than 12 Months | $65,242 | $24,760 |
Gross unrealized Losses, Less Than 12 Months | -1,797 | -88 |
Fair Value, 12 Months or More | 6,488 | 251 |
Gross Unrealized Losses, 12 Months or More | -176 | -98 |
Fair Value, Total | 71,730 | 25,011 |
Unrealized Losses, Total | -1,973 | -186 |
Obligations of U.S. Government agencies and corporations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair Value, Less Than 12 Months | 53,438 | 11,471 |
Gross unrealized Losses, Less Than 12 Months | -1,664 | -32 |
Fair Value, 12 Months or More | 1,921 | ' |
Gross Unrealized Losses, 12 Months or More | -79 | ' |
Fair Value, Total | 55,359 | 11,471 |
Unrealized Losses, Total | -1,743 | -32 |
Obligations of State and Political Subdivisions [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair Value, Less Than 12 Months | 11,496 | 13,040 |
Gross unrealized Losses, Less Than 12 Months | -130 | -43 |
Fair Value, 12 Months or More | 4,301 | ' |
Gross Unrealized Losses, 12 Months or More | -43 | ' |
Fair Value, Total | 15,797 | 13,040 |
Unrealized Losses, Total | -173 | -43 |
Mortgage Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair Value, Less Than 12 Months | 308 | ' |
Gross unrealized Losses, Less Than 12 Months | -3 | ' |
Fair Value, Total | 308 | ' |
Unrealized Losses, Total | -3 | ' |
Debt securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair Value, Less Than 12 Months | 65,242 | 24,511 |
Gross unrealized Losses, Less Than 12 Months | -1,797 | -75 |
Fair Value, 12 Months or More | 6,222 | ' |
Gross Unrealized Losses, 12 Months or More | -122 | ' |
Fair Value, Total | 71,464 | 24,511 |
Unrealized Losses, Total | -1,919 | -75 |
Equity securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair Value, Less Than 12 Months | ' | 249 |
Gross unrealized Losses, Less Than 12 Months | ' | -13 |
Fair Value, 12 Months or More | 266 | 251 |
Gross Unrealized Losses, 12 Months or More | -54 | -98 |
Fair Value, Total | 266 | 500 |
Unrealized Losses, Total | ($54) | ($111) |
Loans_and_Related_Allowance_fo2
Loans and Related Allowance for Loan Losses (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
loan | loan | ||
Loans and Related Allowance for Credit Losses [Abstract] | ' | ' | ' |
Interest loss on nonaccrual loans | $490,000 | $472,000 | $405,000 |
Aggregate amount of demand deposits reclassified as loan balances | 41,000 | 620,000 | ' |
Loan balance in the process of foreclosure | $61,000 | ' | ' |
Number of troubled debt restructurings | 7 | 0 | ' |
Loans_and_Related_Allowance_fo3
Loans and Related Allowance for Loan Losses (Classes of the Loan Portfolio Summarized by the Aggregate Risk Rating) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Loans: Ending Balance | $277,798 | $277,500 | $289,681 |
Commercial, Financial and Agricultural [Member] | ' | ' | ' |
Loans: Ending Balance | 26,281 | 19,296 | 19,417 |
Real Estate - Commercial [Member] | ' | ' | ' |
Loans: Ending Balance | 74,471 | 69,187 | 60,774 |
Real Estate - Construction [Member] | ' | ' | ' |
Loans: Ending Balance | 19,681 | 18,092 | 17,508 |
Real Estate - Mortgage [Member] | ' | ' | ' |
Loans: Ending Balance | 140,459 | 153,122 | 176,544 |
Obligations of State and Political Subdivisions [Member] | ' | ' | ' |
Loans: Ending Balance | 12,702 | 12,769 | 8,780 |
Personal [Member] | ' | ' | ' |
Loans: Ending Balance | 4,204 | 5,034 | 6,658 |
Pass [Member] | ' | ' | ' |
Loans: Ending Balance | 240,642 | 248,741 | ' |
Pass [Member] | Commercial, Financial and Agricultural [Member] | ' | ' | ' |
Loans: Ending Balance | 20,388 | 17,570 | ' |
Pass [Member] | Real Estate - Commercial [Member] | ' | ' | ' |
Loans: Ending Balance | 56,867 | 55,198 | ' |
Pass [Member] | Real Estate - Construction [Member] | ' | ' | ' |
Loans: Ending Balance | 15,803 | 14,001 | ' |
Pass [Member] | Real Estate - Mortgage [Member] | ' | ' | ' |
Loans: Ending Balance | 130,706 | 144,179 | ' |
Pass [Member] | Obligations of State and Political Subdivisions [Member] | ' | ' | ' |
Loans: Ending Balance | 12,674 | 12,769 | ' |
Pass [Member] | Personal [Member] | ' | ' | ' |
Loans: Ending Balance | 4,204 | 5,024 | ' |
Special Mention [Member] | ' | ' | ' |
Loans: Ending Balance | 21,679 | 14,739 | ' |
Special Mention [Member] | Commercial, Financial and Agricultural [Member] | ' | ' | ' |
Loans: Ending Balance | 5,658 | 904 | ' |
Special Mention [Member] | Real Estate - Commercial [Member] | ' | ' | ' |
Loans: Ending Balance | 11,706 | 8,939 | ' |
Special Mention [Member] | Real Estate - Construction [Member] | ' | ' | ' |
Loans: Ending Balance | 292 | 1,022 | ' |
Special Mention [Member] | Real Estate - Mortgage [Member] | ' | ' | ' |
Loans: Ending Balance | 3,995 | 3,864 | ' |
Special Mention [Member] | Obligations of State and Political Subdivisions [Member] | ' | ' | ' |
Loans: Ending Balance | 28 | ' | ' |
Special Mention [Member] | Personal [Member] | ' | ' | ' |
Loans: Ending Balance | ' | 10 | ' |
Substandard [Member] | ' | ' | ' |
Loans: Ending Balance | 11,881 | 9,049 | ' |
Substandard [Member] | Commercial, Financial and Agricultural [Member] | ' | ' | ' |
Loans: Ending Balance | 235 | 822 | ' |
Substandard [Member] | Real Estate - Commercial [Member] | ' | ' | ' |
Loans: Ending Balance | 5,620 | 5,010 | ' |
Substandard [Member] | Real Estate - Construction [Member] | ' | ' | ' |
Loans: Ending Balance | 1,754 | 867 | ' |
Substandard [Member] | Real Estate - Mortgage [Member] | ' | ' | ' |
Loans: Ending Balance | 4,272 | 2,350 | ' |
Doubtful [Member] | ' | ' | ' |
Loans: Ending Balance | 3,596 | 4,971 | ' |
Doubtful [Member] | Real Estate - Commercial [Member] | ' | ' | ' |
Loans: Ending Balance | 278 | 40 | ' |
Doubtful [Member] | Real Estate - Construction [Member] | ' | ' | ' |
Loans: Ending Balance | 1,832 | 2,202 | ' |
Doubtful [Member] | Real Estate - Mortgage [Member] | ' | ' | ' |
Loans: Ending Balance | $1,486 | $2,729 | ' |
Loans_and_Related_Allowance_fo4
Loans and Related Allowance for Loan Losses (Impaired Loans by Loan Portfolio Class) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Investment, Total | $8,049 | $7,662 |
Unpaid Principal Balance, Total | 9,934 | 7,891 |
Related Allowance, Total | 164 | 1,127 |
Commercial, Financial and Agricultural [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired Loans with No Allowance: Recorded Investment | 94 | 160 |
Impaired Loans with No Allowance: Unpaid Principal Balance | 94 | 160 |
Recorded Investment, Total | 94 | 160 |
Unpaid Principal Balance, Total | 94 | 160 |
Real Estate - Commercial [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired Loans with No Allowance: Recorded Investment | 2,017 | 2,672 |
Impaired Loans with No Allowance: Unpaid Principal Balance | 2,142 | 2,672 |
Impaired Loans with Allowance: Recorded Investment | 238 | ' |
Impaired Loans with Allowance: Unpaid Principal Balance | 238 | ' |
Impaired Loans with Allowance: Related Allowance | 26 | ' |
Recorded Investment, Total | 2,255 | 2,672 |
Unpaid Principal Balance, Total | 2,380 | 2,672 |
Related Allowance, Total | 26 | ' |
Real Estate - Construction [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired Loans with No Allowance: Recorded Investment | 504 | 2,004 |
Impaired Loans with No Allowance: Unpaid Principal Balance | 813 | 2,197 |
Impaired Loans with Allowance: Recorded Investment | 1,478 | 198 |
Impaired Loans with Allowance: Unpaid Principal Balance | 1,502 | 198 |
Impaired Loans with Allowance: Related Allowance | 93 | 91 |
Recorded Investment, Total | 1,982 | 2,202 |
Unpaid Principal Balance, Total | 2,315 | 2,395 |
Related Allowance, Total | 93 | 91 |
Real Estate - Mortgage [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired Loans with No Allowance: Recorded Investment | 3,353 | 487 |
Impaired Loans with No Allowance: Unpaid Principal Balance | 4,751 | 523 |
Impaired Loans with Allowance: Recorded Investment | 365 | 2,141 |
Impaired Loans with Allowance: Unpaid Principal Balance | 394 | 2,141 |
Impaired Loans with Allowance: Related Allowance | 45 | 1,036 |
Recorded Investment, Total | 3,718 | 2,628 |
Unpaid Principal Balance, Total | 5,145 | 2,664 |
Related Allowance, Total | $45 | $1,036 |
Loans_and_Related_Allowance_fo5
Loans and Related Allowance for Loan Losses (Average of Impaired Loans and Related Interest Income by Loan Portfolio Class) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Average Recorded Investment, Total | $7,856 | $8,601 | $8,642 |
Interest Income Recognized, Total | 162 | 133 | 299 |
Cash Basis Interest Income, Total | 61 | 18 | 71 |
Commercial, Financial and Agricultural [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Impaired Loans with No Allowance: Average Recorded Investment | 127 | 199 | 274 |
Impaired Loans with No Allowance: Interest Income Recognized | ' | 14 | 19 |
Average Recorded Investment, Total | 127 | 199 | 274 |
Interest Income Recognized, Total | ' | 14 | 19 |
Real Estate - Commercial [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Impaired Loans with No Allowance: Average Recorded Investment | 2,345 | 2,492 | 2,354 |
Impaired Loans with No Allowance: Interest Income Recognized | 96 | 119 | 139 |
Impaired Loans with No Allowance: Cash Basis Interest Income | 24 | 3 | 10 |
Impaired Loans with Allowance: Average Recorded Investment | 119 | ' | ' |
Average Recorded Investment, Total | 2,464 | 2,492 | 2,354 |
Interest Income Recognized, Total | 96 | 119 | 139 |
Cash Basis Interest Income, Total | 24 | 3 | 10 |
Real Estate - Construction [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Impaired Loans with No Allowance: Average Recorded Investment | 1,254 | 1,362 | 485 |
Impaired Loans with No Allowance: Interest Income Recognized | 2 | ' | 42 |
Impaired Loans with No Allowance: Cash Basis Interest Income | 6 | ' | 14 |
Impaired Loans with Allowance: Average Recorded Investment | 838 | 674 | 1,025 |
Impaired Loans with Allowance: Cash Basis Interest Income | ' | 15 | ' |
Average Recorded Investment, Total | 2,092 | 2,036 | 1,510 |
Interest Income Recognized, Total | 2 | ' | 42 |
Cash Basis Interest Income, Total | 6 | 15 | 14 |
Real Estate - Mortgage [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Impaired Loans with No Allowance: Average Recorded Investment | 1,920 | 1,371 | 2,453 |
Impaired Loans with No Allowance: Interest Income Recognized | 64 | ' | 34 |
Impaired Loans with No Allowance: Cash Basis Interest Income | 24 | ' | 47 |
Impaired Loans with Allowance: Average Recorded Investment | 1,253 | 2,503 | 2,051 |
Impaired Loans with Allowance: Interest Income Recognized | ' | ' | 65 |
Impaired Loans with Allowance: Cash Basis Interest Income | 7 | ' | ' |
Average Recorded Investment, Total | 3,173 | 3,874 | 4,504 |
Interest Income Recognized, Total | 64 | ' | 99 |
Cash Basis Interest Income, Total | $31 | ' | $47 |
Loans_and_Related_Allowance_fo6
Loans and Related Allowance for Loan Losses (Nonaccrual Loans by Classes of the Loan Portfolio) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Financing Receivable, Recorded Investment, Nonaccrual Status | $5,952 | $8,846 |
Commercial, Financial and Agricultural [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Financing Receivable, Recorded Investment, Nonaccrual Status | 10 | 20 |
Real Estate - Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,331 | 1,835 |
Real Estate - Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,982 | 2,376 |
Real Estate - Mortgage [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Financing Receivable, Recorded Investment, Nonaccrual Status | $2,629 | $4,615 |
Loans_and_Related_Allowance_fo7
Loans and Related Allowance for Loan Losses (Loan Portfolio Summarized by the Past Due Status) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Financing Receivable, Recorded Investment, 30 to 59 Days Past Due | $1,555 | $1,722 | ' |
Financing Receivable, Recorded Investment, 60 to 89 Days Past Due | 3,230 | 4,111 | ' |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 5,343 | 8,884 | ' |
Financing Receivable, Recorded Investment, Past Due, Total | 10,128 | 14,717 | ' |
Financing Receivable, Recorded Investment, Current | 267,670 | 262,783 | ' |
Total loans | 277,798 | 277,500 | 289,681 |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 312 | 742 | ' |
Commercial, Financial and Agricultural [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Financing Receivable, Recorded Investment, 30 to 59 Days Past Due | 19 | 30 | ' |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 10 | 191 | ' |
Financing Receivable, Recorded Investment, Past Due, Total | 29 | 221 | ' |
Financing Receivable, Recorded Investment, Current | 26,252 | 19,075 | ' |
Total loans | 26,281 | 19,296 | 19,417 |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | ' | 171 | ' |
Real Estate - Commercial [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Financing Receivable, Recorded Investment, 30 to 59 Days Past Due | 35 | 295 | ' |
Financing Receivable, Recorded Investment, 60 to 89 Days Past Due | 1,092 | 819 | ' |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 947 | 1,928 | ' |
Financing Receivable, Recorded Investment, Past Due, Total | 2,074 | 3,042 | ' |
Financing Receivable, Recorded Investment, Current | 72,397 | 66,145 | ' |
Total loans | 74,471 | 69,187 | 60,774 |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 61 | 93 | ' |
Real Estate - Construction [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Financing Receivable, Recorded Investment, 30 to 59 Days Past Due | 239 | 9 | ' |
Financing Receivable, Recorded Investment, 60 to 89 Days Past Due | 7 | 136 | ' |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 1,801 | 2,335 | ' |
Financing Receivable, Recorded Investment, Past Due, Total | 2,047 | 2,480 | ' |
Financing Receivable, Recorded Investment, Current | 17,634 | 15,612 | ' |
Total loans | 19,681 | 18,092 | 17,508 |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | ' | 156 | ' |
Real Estate - Mortgage [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Financing Receivable, Recorded Investment, 30 to 59 Days Past Due | 1,239 | 1,359 | ' |
Financing Receivable, Recorded Investment, 60 to 89 Days Past Due | 2,130 | 3,131 | ' |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 2,585 | 4,428 | ' |
Financing Receivable, Recorded Investment, Past Due, Total | 5,954 | 8,918 | ' |
Financing Receivable, Recorded Investment, Current | 134,505 | 144,204 | ' |
Total loans | 140,459 | 153,122 | 176,544 |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 251 | 320 | ' |
Obligations of State and Political Subdivisions [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Financing Receivable, Recorded Investment, Current | 12,702 | 12,769 | ' |
Total loans | 12,702 | 12,769 | 8,780 |
Personal [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Financing Receivable, Recorded Investment, 30 to 59 Days Past Due | 23 | 29 | ' |
Financing Receivable, Recorded Investment, 60 to 89 Days Past Due | 1 | 25 | ' |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | ' | 2 | ' |
Financing Receivable, Recorded Investment, Past Due, Total | 24 | 56 | ' |
Financing Receivable, Recorded Investment, Current | 4,180 | 4,978 | ' |
Total loans | 4,204 | 5,034 | 6,658 |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | ' | $2 | ' |
Loans_and_Related_Allowance_fo8
Loans and Related Allowance for Loan Losses (Troubled Debt Restructurings on Financing Receivables) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
loan | loan | |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable, Modifications, Number of Contracts | 7 | 0 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $770 | ' |
Financing Receivable, Modifications, Post-Modification Recorded Investment | 775 | ' |
Financing Receivable, Modifications, Recorded Investment | 775 | ' |
Real Estate - Commercial [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable, Modifications, Number of Contracts | 1 | ' |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 64 | ' |
Financing Receivable, Modifications, Post-Modification Recorded Investment | 61 | ' |
Financing Receivable, Modifications, Recorded Investment | 61 | ' |
Real Estate - Mortgage [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable, Modifications, Number of Contracts | 6 | ' |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 706 | ' |
Financing Receivable, Modifications, Post-Modification Recorded Investment | 714 | ' |
Financing Receivable, Modifications, Recorded Investment | $714 | ' |
Loans_and_Related_Allowance_fo9
Loans and Related Allowance for Loan Losses (Allowance for Loan Losses and Recorded Investments in Loans Receivable) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance | ' | ' | ' | $3,281 | ' | ' | ' | $2,931 | $3,281 | $2,931 | $2,824 |
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -1,431 | -1,071 | -282 |
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 22 | 10 | 25 |
Provisions | 149 | 100 | 86 | 80 | 174 | 60 | 69 | 1,108 | 415 | 1,411 | 364 |
Allowance for credit losses: Ending balance | 2,287 | ' | ' | ' | 3,281 | ' | ' | ' | 2,287 | 3,281 | 2,931 |
Ending balance: individually evaluated for impairment | 164 | ' | ' | ' | 1,127 | ' | ' | ' | 164 | 1,127 | 775 |
Ending balance: collectively evaluated for impairment | 2,123 | ' | ' | ' | 2,154 | ' | ' | ' | 2,123 | 2,154 | 2,156 |
Loans: Ending Balance | 277,798 | ' | ' | ' | 277,500 | ' | ' | ' | 277,798 | 277,500 | 289,681 |
Ending balance: individually evaluated for impairment | 8,049 | ' | ' | ' | 7,662 | ' | ' | ' | 8,049 | 7,662 | 9,539 |
Ending balance: collectively evaluated for impairment | 269,749 | ' | ' | ' | 269,838 | ' | ' | ' | 269,749 | 269,838 | 280,142 |
Commercial, Financial and Agricultural [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance | ' | ' | ' | 179 | ' | ' | ' | 195 | 179 | 195 | 163 |
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -4 | -25 | -18 |
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 13 | 8 | 2 |
Provisions | ' | ' | ' | ' | ' | ' | ' | ' | 65 | 1 | 48 |
Allowance for credit losses: Ending balance | 253 | ' | ' | ' | 179 | ' | ' | ' | 253 | 179 | 195 |
Ending balance: collectively evaluated for impairment | 253 | ' | ' | ' | 179 | ' | ' | ' | 253 | 179 | 195 |
Loans: Ending Balance | 26,281 | ' | ' | ' | 19,296 | ' | ' | ' | 26,281 | 19,296 | 19,417 |
Ending balance: individually evaluated for impairment | 94 | ' | ' | ' | 160 | ' | ' | ' | 94 | 160 | 238 |
Ending balance: collectively evaluated for impairment | 26,187 | ' | ' | ' | 19,136 | ' | ' | ' | 26,187 | 19,136 | 19,179 |
Real Estate - Commercial [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance | ' | ' | ' | 463 | ' | ' | ' | 455 | 463 | 455 | 442 |
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -37 |
Provisions | ' | ' | ' | ' | ' | ' | ' | ' | 71 | 8 | 50 |
Allowance for credit losses: Ending balance | 534 | ' | ' | ' | 463 | ' | ' | ' | 534 | 463 | 455 |
Ending balance: individually evaluated for impairment | 26 | ' | ' | ' | ' | ' | ' | ' | 26 | ' | ' |
Ending balance: collectively evaluated for impairment | 508 | ' | ' | ' | 463 | ' | ' | ' | 508 | 463 | 455 |
Loans: Ending Balance | 74,471 | ' | ' | ' | 69,187 | ' | ' | ' | 74,471 | 69,187 | 60,774 |
Ending balance: individually evaluated for impairment | 2,255 | ' | ' | ' | 2,672 | ' | ' | ' | 2,255 | 2,672 | 2,312 |
Ending balance: collectively evaluated for impairment | 72,216 | ' | ' | ' | 66,515 | ' | ' | ' | 72,216 | 66,515 | 58,462 |
Real Estate - Construction [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance | ' | ' | ' | 202 | ' | ' | ' | 442 | 202 | 442 | 336 |
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -117 | -193 | ' |
Provisions | ' | ' | ' | ' | ' | ' | ' | ' | 127 | -47 | 106 |
Allowance for credit losses: Ending balance | 212 | ' | ' | ' | 202 | ' | ' | ' | 212 | 202 | 442 |
Ending balance: individually evaluated for impairment | 93 | ' | ' | ' | 91 | ' | ' | ' | 93 | 91 | 343 |
Ending balance: collectively evaluated for impairment | 119 | ' | ' | ' | 111 | ' | ' | ' | 119 | 111 | 99 |
Loans: Ending Balance | 19,681 | ' | ' | ' | 18,092 | ' | ' | ' | 19,681 | 18,092 | 17,508 |
Ending balance: individually evaluated for impairment | 1,982 | ' | ' | ' | 2,202 | ' | ' | ' | 1,982 | 2,202 | 1,870 |
Ending balance: collectively evaluated for impairment | 17,699 | ' | ' | ' | 15,890 | ' | ' | ' | 17,699 | 15,890 | 15,638 |
Real Estate - Mortgage [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance | ' | ' | ' | 2,387 | ' | ' | ' | 1,771 | 2,387 | 1,771 | 1,810 |
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -1,281 | -852 | -205 |
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10 |
Provisions | ' | ' | ' | ' | ' | ' | ' | ' | 140 | 1,468 | 156 |
Allowance for credit losses: Ending balance | 1,246 | ' | ' | ' | 2,387 | ' | ' | ' | 1,246 | 2,387 | 1,771 |
Ending balance: individually evaluated for impairment | 45 | ' | ' | ' | 1,036 | ' | ' | ' | 45 | 1,036 | 432 |
Ending balance: collectively evaluated for impairment | 1,201 | ' | ' | ' | 1,351 | ' | ' | ' | 1,201 | 1,351 | 1,339 |
Loans: Ending Balance | 140,459 | ' | ' | ' | 153,122 | ' | ' | ' | 140,459 | 153,122 | 176,544 |
Ending balance: individually evaluated for impairment | 3,718 | ' | ' | ' | 2,628 | ' | ' | ' | 3,718 | 2,628 | 5,119 |
Ending balance: collectively evaluated for impairment | 136,741 | ' | ' | ' | 150,494 | ' | ' | ' | 136,741 | 150,494 | 171,425 |
Obligations of State and Political Subdivisions [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans: Ending Balance | 12,702 | ' | ' | ' | 12,769 | ' | ' | ' | 12,702 | 12,769 | 8,780 |
Ending balance: collectively evaluated for impairment | 12,702 | ' | ' | ' | 12,769 | ' | ' | ' | 12,702 | 12,769 | 8,780 |
Personal [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance | ' | ' | ' | 50 | ' | ' | ' | 68 | 50 | 68 | 73 |
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -29 | -1 | -22 |
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 9 | 2 | 13 |
Provisions | ' | ' | ' | ' | ' | ' | ' | ' | 12 | -19 | 4 |
Allowance for credit losses: Ending balance | 42 | ' | ' | ' | 50 | ' | ' | ' | 42 | 50 | 68 |
Ending balance: collectively evaluated for impairment | 42 | ' | ' | ' | 50 | ' | ' | ' | 42 | 50 | 68 |
Loans: Ending Balance | 4,204 | ' | ' | ' | 5,034 | ' | ' | ' | 4,204 | 5,034 | 6,658 |
Ending balance: collectively evaluated for impairment | $4,204 | ' | ' | ' | $5,034 | ' | ' | ' | $4,204 | $5,034 | $6,658 |
Pledged_Assets_Narrative_Detai
Pledged Assets (Narrative) (Details) (USD $) | Dec. 31, 2013 |
Pledged Assets [Abstract] | ' |
Loans pledged as collateral | $190,905,000 |
Loans pledged as collateral, fair value | 135,454,000 |
Securities pledged as collateral | $0 |
Bank_Owned_Life_Insurance_and_2
Bank Owned Life Insurance and Annuities (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Bank Owned Life Insurance and Annuities [Abstract] | ' | ' | ' |
Bank owned life insurance and annuities, cash value | $14,848 | $14,402 | $14,069 |
Increase in cash surrender value of bank-owned life insurance | $446 | $333 | $501 |
Bank_Owned_Life_Insurance_and_3
Bank Owned Life Insurance and Annuities (Summary of Changes in Cash Value of BOLI and Annuities) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Balance | $14,402 | $14,069 | ' |
Earnings | 386 | 423 | ' |
Premiums on existing policies | 68 | 70 | 70 |
Annuity payments received | -8 | -13 | -23 |
Proceeds from life insurance claim | ' | -147 | ' |
Balance | 14,848 | 14,402 | 14,069 |
Life Insurance Product Line [Member] | ' | ' | ' |
Balance | 14,036 | 13,718 | ' |
Earnings | 372 | 409 | ' |
Premiums on existing policies | 54 | 56 | ' |
Proceeds from life insurance claim | ' | -147 | ' |
Balance | 14,462 | 14,036 | ' |
Deferred Annuities [Member] | ' | ' | ' |
Balance | 354 | 327 | ' |
Earnings | 13 | 13 | ' |
Premiums on existing policies | 14 | 14 | ' |
Balance | 381 | 354 | ' |
Payout Annuities [Member] | ' | ' | ' |
Balance | 12 | 24 | ' |
Earnings | 1 | 1 | ' |
Annuity payments received | -8 | -13 | ' |
Balance | $5 | $12 | ' |
Premises_And_Equipment_Narrati
Premises And Equipment (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Premises and Equipment [Abstract] | ' | ' | ' |
Depreciation | $497 | $524 | $581 |
Premises_And_Equipment_Premise
Premises And Equipment (Premises and Equipment) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Premises and equipment, gross | $14,252 | $13,897 |
Less: accumulated depreciation and amortization | -7,922 | -7,425 |
Premises and equipment, net | 6,330 | 6,472 |
Land [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Premises and equipment, gross | 1,066 | 864 |
Building and improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Premises and equipment, gross | 8,585 | 8,510 |
Furniture, computer software and equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Premises and equipment, gross | $4,601 | $4,523 |
Acquisition_Narrative_Details
Acquisition (Narrative) (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2006 |
Acquisition [Abstract] | ' | ' | ' | ' | ' |
Acquisition of branch office in Richfield, PA, acquisition date | ' | 8-Sep-06 | ' | ' | ' |
Goodwill included in purchase price of the branch | $2,046 | $2,046 | ' | ' | $2,046 |
Core deposit intangible included in purchase price of the branch | ' | ' | ' | ' | 449 |
Core deposit intangible amortization period | ' | '10 years | ' | ' | ' |
Amortization of intangibles | 45 | 45 | 45 | 45 | ' |
Core deposit intangible amortization expense | ' | 45 | ' | ' | ' |
Core deposit intangible amortization expense, year one | ' | 45 | ' | ' | ' |
Core deposit intangible amortization expense, year two | ' | $29 | ' | ' | ' |
Investment_in_Unconsolidated_S1
Investment in Unconsolidated Subsidiary (Narrative) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Investment in Unconsolidated Subsidiary [Abstract] | ' | ' |
Ownership percentage in Liverpool Community Bank | 39.16% | ' |
Investment in unconsolidated subsidiary | $4,172 | $4,000 |
Deposits_Schedule_of_Deposits_
Deposits (Schedule of Deposits) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deposits [Abstract] | ' | ' |
Demand, non-interest bearing | $74,611 | $71,318 |
NOW and Money Market | 89,867 | 90,349 |
Savings | 60,761 | 56,382 |
Time deposits, $100,000 or more | 30,995 | 33,007 |
Other time deposits | 123,411 | 135,695 |
Total deposits | $379,645 | $386,751 |
Deposits_Schedule_of_Maturitie
Deposits (Schedule of Maturities of Time Deposits) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Time Deposits $100,000 or More [Member] | ' |
2013 | $14,526 |
2014 | 10,222 |
2015 | 2,456 |
2016 | 1,375 |
2017 | 1,329 |
Later | 1,087 |
Time Deposits, $100,000 or More | 30,995 |
Time Deposits Less Than $100,000 [Member] | ' |
2013 | 55,671 |
2014 | 35,221 |
2015 | 13,886 |
2016 | 6,914 |
2017 | 7,426 |
Later | 4,293 |
Time Deposits, Other | 123,411 |
Certificates of Deposit [Member] | ' |
2013 | 70,197 |
2014 | 45,443 |
2015 | 16,342 |
2016 | 8,289 |
2017 | 8,755 |
Later | 5,380 |
Total CD's | $154,406 |
Borrowings_Narrative_Details
Borrowings (Narrative) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Short-term Debt [Line Items] | ' | ' |
Maximum balance of short-term borrowings | $13,863 | ' |
Percentage of repurchase agreements collateralized by Government securities | 100.00% | ' |
Carrying value of pledged assets | 31,921 | 30,785 |
Maximum borrowing capacity with the Federal Home Loan Bank of Pittsburgh ("FHLB") | 135,454 | ' |
Amount outstanding with Federal Home Loan Bank ("FHLB") | 8,400 | ' |
Maximum borrowing capacity under the credit facility without the purchase of additional stock | 2,021 | ' |
Line of credit facility, revolving line of credit, maximum borrowing capacity | ' | 20,000 |
Securities Sold under Agreements to Repurchase [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Carrying value of pledged assets | $8,919 | ' |
Borrowings_Schedule_of_Borrowi
Borrowings (Schedule of Borrowings) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Short-term Debt [Line Items] | ' | ' | ' |
Short-term borrowings, Outstanding Balance | $13,797 | $5,436 | $3,500 |
Rate | 0.19% | 0.14% | 0.10% |
Short-term borrowings, Average Balance | 7,532 | ' | ' |
Weighted Average Rate | 0.16% | ' | ' |
Securities Sold under Agreements to Repurchase [Member] | ' | ' | ' |
Short-term Debt [Line Items] | ' | ' | ' |
Short-term borrowings, Outstanding Balance | 5,397 | 3,836 | 3,500 |
Rate | 0.10% | 0.10% | 0.10% |
Short-term borrowings, Average Balance | 4,332 | ' | ' |
Weighted Average Rate | 0.10% | ' | ' |
Federal Home Loan Bank Advances [Member] | ' | ' | ' |
Short-term Debt [Line Items] | ' | ' | ' |
Short-term borrowings, Outstanding Balance | 8,400 | 1,600 | ' |
Rate | 0.25% | 0.25% | ' |
Short-term borrowings, Average Balance | $3,200 | ' | ' |
Weighted Average Rate | 0.25% | ' | ' |
Operating_Lease_Obligations_Na
Operating Lease Obligations (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating Lease Obligations [Abstract] | ' | ' | ' |
Rental expense including license fees | $122 | $114 | $108 |
Operating_Lease_Obligations_Sc
Operating Lease Obligations (Schedule of Future Minimum Rental Payments) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Operating Lease Obligations [Abstract] | ' |
2014 | $121 |
2015 | 89 |
2016 | 83 |
2017 | 44 |
2018 | ' |
2019 and beyond | ' |
Total minimum payments required | $337 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Taxes [Abstract] | ' | ' | ' |
Income tax expense (benefits) related to realized securities gains | ($1) | $1 | $2 |
Federal statutory income tax rate | 34.00% | 34.00% | 34.00% |
Adjustments to unrecognized tax benefits | $0 | $0 | $0 |
Income_Taxes_Components_of_Inc
Income Taxes (Components of Income Tax Expense) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Taxes [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current tax (benefit) expense | ' | ' | ' | ' | ' | ' | ' | ' | ($157) | $1,042 | $1,562 |
Deferred tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 662 | -64 | -20 |
Total tax expense | $46 | $60 | $62 | $337 | $242 | $354 | $372 | $10 | $505 | $978 | $1,542 |
Income_Taxes_Effective_Income_
Income Taxes (Effective Income Tax Rate Reconciliation) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Taxes [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income before income taxes | $1,013 | $1,079 | $1,071 | $1,343 | $1,125 | $1,486 | $1,587 | $428 | $4,506 | $4,626 | $6,222 |
Effective tax rate | ' | ' | ' | ' | ' | ' | ' | ' | 34.00% | 34.00% | 34.00% |
Federal tax at statutory rate | ' | ' | ' | ' | ' | ' | ' | ' | 1,532 | 1,573 | 2,115 |
Tax-exempt interest | ' | ' | ' | ' | ' | ' | ' | ' | -354 | -431 | -439 |
Net earnings on BOLI | ' | ' | ' | ' | ' | ' | ' | ' | -108 | -148 | -133 |
Dividend from unconsolidated subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | -13 | -12 | -8 |
Stock-based compensation | ' | ' | ' | ' | ' | ' | ' | ' | 10 | 2 | 7 |
Federal tax credits | ' | ' | ' | ' | ' | ' | ' | ' | -556 | ' | ' |
Other permanent differences | ' | ' | ' | ' | ' | ' | ' | ' | -6 | -6 | ' |
Total tax expense | $46 | $60 | $62 | $337 | $242 | $354 | $372 | $10 | $505 | $978 | $1,542 |
Effective tax rate | ' | ' | ' | ' | ' | ' | ' | ' | 11.20% | 21.10% | 24.80% |
Income_Taxes_Schedule_of_Defer
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred Tax Assets | ' | ' |
Allowance for loan losses | $639 | $1,000 |
Deferred directors' compensation | 541 | 565 |
Employee and director benefits | 574 | 605 |
Qualified pension liability | ' | 321 |
Unrealized losses on securities available for sale | 387 | ' |
Unrealized loss from securities impairment | 221 | 221 |
Other | 109 | 160 |
Total deferred tax assets | 2,471 | 2,872 |
Deferred Tax Liabilities | ' | ' |
Depreciation | -223 | -236 |
Equity income from unconsolidated subsidiary | -462 | -398 |
Qualified pension asset | -342 | ' |
Loan origination costs | -287 | -223 |
Prepaid expense | -95 | -90 |
Unrealized gains on securities available for sale | ' | -403 |
Annuity earnings | -63 | -58 |
Fair value of mortgage servicing rights | -57 | -33 |
Goodwill | -340 | -294 |
Total deferred tax liabilities | -1,869 | -1,735 |
Net deferred tax asset included in other assets | $602 | $1,137 |
Stockholders_Equity_And_Regula1
Stockholders' Equity And Regulatory Matters (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stockholders' Equity And Regulatory Matters [Abstract] | ' | ' | ' |
Preferred Stock, Authorized | 500,000 | 500,000 | ' |
Preferred Stock Par Value | $0 | $0 | ' |
Preferred Stock, Issued | 0 | 0 | ' |
Shares Available For Issuance Under Dividend Reinvestment Plan | 141,887 | ' | ' |
Common Shares Repurchased Under Repurchase Program | 24,918 | 19,793 | 33,850 |
Remaining Number of Shares Authorized Under Repurchase Program | 43,475 | ' | ' |
Undistributed Earnings of Subsidiary, Available for Distribution | $39,118 | ' | ' |
Stockholders_Equity_And_Regula2
Stockholders' Equity And Regulatory Matters (Schedule of Compliance with Regulatory Capital Requirements) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Capital | $51,888 | $52,803 |
Capital Required for Capital Adequacy | 23,105 | 23,103 |
Capital to Risk Weighted Assets | 17.97% | 18.28% |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% |
Tier One Risk Based Capital | 49,461 | 49,506 |
Tier One Risk Based Capital Required for Capital Adequacy | 11,553 | 11,552 |
Tier One Risk Based Capital to Risk Weighted Assets | 17.13% | 17.14% |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 4.00% | 4.00% |
Tier One Leverage Capital | 49,461 | 49,506 |
Tier One Leverage Capital Required for Capital Adequacy | 17,915 | 18,074 |
Tier One Leverage Capital to Average Assets | 11.04% | 10.96% |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% |
The Juniata Valley Bank [Member] | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Capital | 46,530 | 47,812 |
Capital Required for Capital Adequacy | 22,773 | 22,780 |
Capital Required to be Well Capitalized | 28,467 | 28,475 |
Capital to Risk Weighted Assets | 16.35% | 16.79% |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% |
Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | 10.00% |
Tier One Risk Based Capital | 44,185 | 44,519 |
Tier One Risk Based Capital Required for Capital Adequacy | 11,387 | 11,390 |
Tier One Risk Based Capital Required to be Well Capitalized | 17,080 | 17,085 |
Tier One Risk Based Capital to Risk Weighted Assets | 15.52% | 15.63% |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 4.00% | 4.00% |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 6.00% | 6.00% |
Tier One Leverage Capital | 44,185 | 44,519 |
Tier One Leverage Capital Required for Capital Adequacy | 17,723 | 17,822 |
Tier One Leverage Capital Required to be Well Capitalized | $22,154 | $22,277 |
Tier One Leverage Capital to Average Assets | 9.97% | 9.99% |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 5.00% | 5.00% |
Calculation_of_Earnings_Per_Sh2
Calculation of Earnings Per Share (Earnings Per Share) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Calculation of Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | $967 | $1,019 | $1,009 | $1,006 | $883 | $1,132 | $1,215 | $418 | $4,001 | $3,648 | $4,680 |
Weighted-average common shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 4,210,336 | 4,231,404 | 4,241,286 |
Basic earnings per share | $0.23 | $0.24 | $0.24 | $0.24 | $0.20 | $0.27 | $0.29 | $0.10 | $0.95 | $0.86 | $1.10 |
Common stock equivalents due to effect of stock options | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | 2,000 | 3,000 |
Total weighted-average common shares and equivalents | ' | ' | ' | ' | ' | ' | ' | ' | 4,211,078 | 4,233,448 | 4,244,507 |
Diluted earnings per share | $0.23 | $0.24 | $0.24 | $0.24 | $0.20 | $0.27 | $0.29 | $0.10 | $0.95 | $0.86 | $1.10 |
Anit-dilutive stock options outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 78 | 79 | 60 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Accumulated Other Comprehensive Loss) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Accumulated Other Comprehensive Income [Abstract] | ' | ' | ' |
Unrealized gains on available for sale securities | ($751) | $800 | $823 |
Unrecognized expense for defined benefit pension | -908 | -2,219 | -3,079 |
Accumulated other comprehensive loss | ($1,659) | ($1,419) | ($2,256) |
Fair_Value_Measurements_Fair_V
Fair Value Measurements (Fair Value Measurements by Level of Valuation Inputs) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Securities available for sale | $126,046 | $122,338 |
Impaired loans | 8,049 | 7,662 |
Other real estate owned | 281 | 428 |
Obligations of U.S. Government agencies and corporations [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Securities available for sale | 78,278 | 72,817 |
Obligations of State and Political Subdivisions [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Securities available for sale | 41,932 | 45,976 |
Parent Company [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Securities available for sale | 1,127 | 954 |
Measured at Fair Value on a Recurring Basis [Member] | Obligations of U.S. Government agencies and corporations [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Securities available for sale | 78,278 | 72,817 |
Measured at Fair Value on a Recurring Basis [Member] | Obligations of State and Political Subdivisions [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Securities available for sale | 41,932 | 45,976 |
Measured at Fair Value on a Recurring Basis [Member] | Mortgage-backed securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Securities available for sale | 4,469 | 2,526 |
Measured at Fair Value on a Recurring Basis [Member] | Equity securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Securities available for sale | 1,367 | 1,019 |
Measured at Fair Value on a Recurring Basis [Member] | (Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | Equity securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Securities available for sale | 1,367 | 1,019 |
Measured at Fair Value on a Recurring Basis [Member] | (Level 2) Significant Other Observable Inputs [Member] | Obligations of U.S. Government agencies and corporations [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Securities available for sale | 78,278 | 72,817 |
Measured at Fair Value on a Recurring Basis [Member] | (Level 2) Significant Other Observable Inputs [Member] | Obligations of State and Political Subdivisions [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Securities available for sale | 41,932 | 45,976 |
Measured at Fair Value on a Recurring Basis [Member] | (Level 2) Significant Other Observable Inputs [Member] | Mortgage-backed securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Securities available for sale | 4,469 | 2,526 |
Measured at Fair Value on a Non-Recurring Basis [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Impaired loans | 3,300 | 2,056 |
Other real estate owned | 50 | 50 |
Mortgage servicing rights | 167 | 98 |
Measured at Fair Value on a Non-Recurring Basis [Member] | (Level 3) Significant Other Unobservable Inputs [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Impaired loans | 3,300 | 2,056 |
Other real estate owned | 50 | 50 |
Mortgage servicing rights | 167 | 98 |
Impaired Loans [Member] | Measured at Fair Value on a Non-Recurring Basis [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Impaired loans | 3,300 | 2,056 |
Other Real Estate Owned [Member] | Measured at Fair Value on a Non-Recurring Basis [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Other real estate owned | 50 | 50 |
Mortgage Servicing Rights [Member] | Measured at Fair Value on a Non-Recurring Basis [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Mortgage servicing rights | $167 | $98 |
Fair_Value_Measurements_Quanti
Fair Value Measurements (Quantitative Information for Assets Measured at Fair Value) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Impaired loans | $8,049 | $7,662 | ||
Other real estate owned | 281 | 428 | ||
Measured at Fair Value on a Non-Recurring Basis [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Impaired loans | 3,300 | 2,056 | ||
Other real estate owned | 50 | 50 | ||
Mortgage servicing rights | 167 | 98 | ||
Measured at Fair Value on a Non-Recurring Basis [Member] | Impaired Loans [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Impaired loans | 3,300 | 2,056 | ||
Valuation Technique | 'Appraisal of collateral (1) | [1] | 'Appraisal of collateral (1) | [1] |
Unobservable Inputs | 'Appraisal and liquidation adjustments (2) | [2] | 'Appraisal and liquidation adjustments (2) | [2] |
Weighted Average Volatility Rate | -9.00% | -8.10% | ||
Measured at Fair Value on a Non-Recurring Basis [Member] | Other Real Estate Owned [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Other real estate owned | 50 | 50 | ||
Valuation Technique | 'Appraisal of collateral (1) | [1] | 'Appraisal of collateral (1) | [1] |
Unobservable Inputs | 'Appraisal and liquidation adjustments (2) | [2] | 'Appraisal and liquidation adjustments (2) | |
Range | 0.00% | 0.00% | ||
Weighted Average Volatility Rate | 0.00% | 0.00% | ||
Measured at Fair Value on a Non-Recurring Basis [Member] | Mortgage Servicing Rights [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Mortgage servicing rights | $167 | $98 | ||
Valuation Technique | 'Multiple of annual servicing fee | 'Multiple of annual servicing fee | ||
Unobservable Inputs | 'Estimated pre-payment speed, based on rate and term | 'Estimated pre-payment speed, based on rate and term | [2] | |
Weighted Average Volatility Rate | 326.00% | 326.00% | ||
Measured at Fair Value on a Non-Recurring Basis [Member] | Minimum [Member] | Impaired Loans [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Range | -7.00% | -7.00% | ||
Measured at Fair Value on a Non-Recurring Basis [Member] | Minimum [Member] | Mortgage Servicing Rights [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Range | 300.00% | 300.00% | ||
Measured at Fair Value on a Non-Recurring Basis [Member] | Maximum [Member] | Impaired Loans [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Range | -10.00% | -10.00% | ||
Measured at Fair Value on a Non-Recurring Basis [Member] | Maximum [Member] | Mortgage Servicing Rights [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Range | 400.00% | 400.00% | ||
[1] | Fair value is generally determined through independent appraisals of the underlying collateral that generally include various level 3 inputs which are not identifiable. | |||
[2] | Appraisals may be adjusted downward by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. |
Fair_Value_Measurements_Estima
Fair Value Measurements (Estimated Fair Values of Financial Instruments) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Interest bearing deposits with banks | $43 | $136 | ' |
Interest bearing time deposits with banks | 249 | 847 | ' |
Investment securities available for sale | 126,046 | 122,338 | ' |
Restricted investment in Federal Home Loan Bank (FHLB) stock | 1,967 | 1,726 | ' |
Non-interest bearing deposits | 74,611 | 71,318 | ' |
Interest bearing deposits | 305,034 | 315,433 | ' |
Short-term borrowings | 13,797 | 5,436 | 3,500 |
Other interest bearing liabilities | 1,356 | 1,305 | ' |
Carrying Value [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Cash and due from banks | 8,570 | 14,261 | ' |
Interest bearing deposits with banks | 43 | 136 | ' |
Interest bearing time deposits with banks | 249 | 847 | ' |
Investment securities available for sale | 126,046 | 122,338 | ' |
Restricted investment in Federal Home Loan Bank (FHLB) stock | 1,967 | 1,726 | ' |
Total loans, net of allowance for loan losses | 275,511 | 274,219 | ' |
Mortgage servicing rights | 167 | 98 | ' |
Accrued interest receivable | 1,529 | 1,632 | ' |
Non-interest bearing deposits | 74,611 | 71,318 | ' |
Interest bearing deposits | 305,034 | 315,433 | ' |
Securities sold under agreements to repurchase | 5,397 | 3,836 | ' |
Short-term borrowings | 8,400 | 1,600 | ' |
Other interest bearing liabilities | 1,356 | 1,305 | ' |
Accrued interest payable | 287 | 354 | ' |
Fair Value [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Cash and due from banks | 8,570 | 14,261 | ' |
Interest bearing deposits with banks | 43 | 136 | ' |
Interest bearing time deposits with banks | 250 | 849 | ' |
Investment securities available for sale | 126,046 | 122,338 | ' |
Restricted investment in Federal Home Loan Bank (FHLB) stock | 1,967 | 1,726 | ' |
Total loans, net of allowance for loan losses | 282,226 | 286,467 | ' |
Mortgage servicing rights | 167 | 98 | ' |
Accrued interest receivable | 1,529 | 1,632 | ' |
Non-interest bearing deposits | 74,611 | 71,318 | ' |
Interest bearing deposits | 308,414 | 319,946 | ' |
Securities sold under agreements to repurchase | 5,397 | 3,836 | ' |
Short-term borrowings | 8,400 | 1,600 | ' |
Other interest bearing liabilities | 1,358 | 1,315 | ' |
Accrued interest payable | $287 | $354 | ' |
Fair_Value_Measurements_Schedu
Fair Value Measurements (Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Interest bearing time deposits with banks | $249 | $847 |
Interest bearing deposits | 305,034 | 315,433 |
Other interest bearing liabilities | 1,356 | 1,305 |
Carrying Value [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Interest bearing time deposits with banks | 249 | 847 |
Loans, net of allowance for loan losses | 275,511 | 274,219 |
Interest bearing deposits | 305,034 | 315,433 |
Other interest bearing liabilities | 1,356 | 1,305 |
Fair Value [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Interest bearing time deposits with banks | 250 | 849 |
Loans, net of allowance for loan losses | 282,226 | 286,467 |
Interest bearing deposits | 308,414 | 319,946 |
Other interest bearing liabilities | 1,358 | 1,315 |
(Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Interest bearing time deposits with banks | ' | ' |
Loans, net of allowance for loan losses | ' | ' |
Interest bearing deposits | ' | ' |
Other interest bearing liabilities | ' | ' |
(Level 2) Significant Other Observable Inputs [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Interest bearing time deposits with banks | 250 | 849 |
Interest bearing deposits | 308,414 | 319,946 |
Other interest bearing liabilities | 1,358 | 1,315 |
(Level 3) Significant Other Unobservable Inputs [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Loans, net of allowance for loan losses | $282,226 | $286,467 |
Employee_Benefit_Plans_Narrati
Employee Benefit Plans (Narrative) (Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2007 | Dec. 31, 2010 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Weighted average exercise price | $18.50 | $19.04 | $18.85 | ' | $18.83 |
Compensation costs not yet recognized | $57,000 | ' | ' | ' | ' |
Cash received from option exercises | 0 | 104,000 | 27,000 | ' | ' |
Plan assets not included in hierarchy | 9,411,000 | 8,340,000 | ' | ' | ' |
Employer's safe harbor contribution rate | 3.00% | ' | ' | ' | ' |
Employer's safe harbor contribution payable | 172,000 | ' | ' | ' | ' |
Prior year contribution payable credited in current year | ' | 161,000 | ' | ' | ' |
Defined contribution plan, cost recognized | 175,000 | 157,000 | 151,000 | ' | ' |
Maximum number of share per year in addition to prior unissued shares | 'the annual issuance of shares may not exceed 5,000 shares plus any unissued shares from prior offerings | ' | ' | ' | ' |
Shares issued during period under employee stock purchase plans | 2,823 | 2,729 | 2,413 | ' | ' |
Present value of future plan liability | 533,000 | 627,000 | ' | ' | ' |
Supplemental retirement plans, cost recognized during period | 47,000 | 56,000 | 73,000 | ' | ' |
Deferred compensation liability | 1,591,000 | 1,661,000 | ' | ' | ' |
Deferred compensation, compensation expense | 47,000 | 66,000 | 83,000 | ' | ' |
Salary continuation liability | 1,154,000 | 1,151,000 | ' | ' | ' |
Salary continuation period expense | 97,000 | 132,000 | 136,000 | ' | ' |
Percentage of vested benefit | ' | ' | ' | 100.00% | ' |
Employer contribution | 123,000 | ' | ' | ' | ' |
Equity securities [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Target allocation | '50% | ' | ' | ' | ' |
Actual allocation | 43.00% | ' | ' | ' | ' |
Fixed Income Securities [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Target allocation | '50% | ' | ' | ' | ' |
Actual allocation | 55.00% | ' | ' | ' | ' |
Employee Stock Option [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Award expiration period | '10 years | ' | ' | ' | ' |
Shares authorized under share-based payment awards | 300,000 | ' | ' | ' | ' |
Shares granted, exercisable period | '1 year | ' | ' | ' | ' |
Shares available for grant | 247,300 | ' | ' | ' | ' |
Exercise price, lower range limit | $17.22 | ' | ' | ' | ' |
Exercise price, upper range limit | $24 | ' | ' | ' | ' |
Weighted average exercise price | $18.50 | ' | ' | ' | ' |
Weighted average remaining contractual life | '6 years 8 months 12 days | ' | ' | ' | ' |
Cash and Cash Equivalents [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Plan assets not included in hierarchy | $703,000 | $738,000 | $738,000 | ' | ' |
Actual allocation | 2.00% | ' | ' | ' | ' |
Employee Stock Purchase Plan [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Shares authorized under share-based payment awards | 250,000 | ' | ' | ' | ' |
Shares available for grant | 187,557 | ' | ' | ' | ' |
Minimum [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Option price as a percentage of fair value | ' | 95.00% | ' | ' | ' |
Minimum [Member] | Employee Stock Option [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Award vesting period | '3 years | ' | ' | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Compensation cost not yet recognized, period for recognition | '5 years | ' | ' | ' | ' |
Option price as a percentage of fair value | ' | 100.00% | ' | ' | ' |
Maximum [Member] | Employee Stock Option [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Award vesting period | '5 years | ' | ' | ' | ' |
Award expiration date | 20-Feb-23 | ' | ' | ' | ' |
Employee_Benefit_Plans_Schedul
Employee Benefit Plans (Schedule of Stock Option Activity) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Employee Benefit Plans [Abstract] | ' | ' | ' |
Outstanding at beginning of year, Shares | 97,792 | 90,474 | 92,953 |
Granted, Shares | 21,800 | 19,150 | 16,050 |
Exercised, Shares | ' | -7,207 | -1,890 |
Forfeited, Shares | -35,662 | -4,625 | -16,639 |
Outstanding at end of year, Shares | 83,930 | 97,792 | 90,474 |
Options exercisable at year-end, Shares | 43,079 | 68,361 | 67,685 |
Outstanding at beginning of year, Weighted average exercise price | $19.04 | $18.85 | $18.83 |
Granted, Weighted average exercise price | $17.65 | $18 | $17.75 |
Exercised, Weighted average exercise price | ' | $14.47 | $14.37 |
Forfeited, Weighted average exercise price | $19.45 | $17.89 | $18.20 |
Outstanding at end of year, Weighted average exercise price | $18.50 | $19.04 | $18.85 |
Weighted-average fair value of options granted during the year | $1.75 | $1.98 | $1.91 |
Intrinsic value of options exercised during the year | ' | $24,444 | $7,070 |
Intrinsic value of options outstanding and exercisable at December 31, 2013 | $5,309 | ' | ' |
Employee_Benefit_Plans_Schedul1
Employee Benefit Plans (Schedule of Stock Option Information by Grant Date) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Granted, Weighted average exercise price | $17.65 | $18 | $17.75 | ' |
Shares outstanding | 83,930 | 97,792 | 90,474 | 92,953 |
Shares Exercisable | 43,079 | ' | ' | ' |
Grant Date - 11/15/2004 [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Granted, Weighted average exercise price | $20.25 | ' | ' | ' |
Shares outstanding | 1,248 | ' | ' | ' |
Contractual average life (years) | '10 months 17 days | ' | ' | ' |
Shares Exercisable | 1,248 | ' | ' | ' |
Grant Date - 10/18/2005 [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Granted, Weighted average exercise price | $24 | ' | ' | ' |
Shares outstanding | 2,662 | ' | ' | ' |
Contractual average life (years) | '1 year 5 months 16 days | ' | ' | ' |
Shares Exercisable | 2,662 | ' | ' | ' |
Grant Date - 10/17/2006 [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Granted, Weighted average exercise price | $21 | ' | ' | ' |
Shares outstanding | 3,195 | ' | ' | ' |
Contractual average life (years) | '2 years 11 days | ' | ' | ' |
Shares Exercisable | 3,195 | ' | ' | ' |
Grant Date - 10/16/2007 [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Granted, Weighted average exercise price | $20.05 | ' | ' | ' |
Shares outstanding | 5,623 | ' | ' | ' |
Contractual average life (years) | '3 years 2 months 12 days | ' | ' | ' |
Shares Exercisable | 5,623 | ' | ' | ' |
Grant Date - 10/21/2008 [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Granted, Weighted average exercise price | $21.10 | ' | ' | ' |
Shares outstanding | 7,289 | ' | ' | ' |
Contractual average life (years) | '4 years 2 months 9 days | ' | ' | ' |
Shares Exercisable | 7,289 | ' | ' | ' |
Grant Date - 10/20/2009 [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Granted, Weighted average exercise price | $17.22 | ' | ' | ' |
Shares outstanding | 11,213 | ' | ' | ' |
Contractual average life (years) | '5 years 1 month 24 days | ' | ' | ' |
Shares Exercisable | 10,211 | ' | ' | ' |
Grant Date - 9/20/2011 [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Granted, Weighted average exercise price | $17.75 | ' | ' | ' |
Shares outstanding | 13,850 | ' | ' | ' |
Contractual average life (years) | '7 years 8 months 19 days | ' | ' | ' |
Shares Exercisable | 7,900 | ' | ' | ' |
Grant Date - 3/20/2012 [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Granted, Weighted average exercise price | $18 | ' | ' | ' |
Shares outstanding | 17,050 | ' | ' | ' |
Contractual average life (years) | '8 years 2 months 19 days | ' | ' | ' |
Shares Exercisable | 4,951 | ' | ' | ' |
Grant Date - 2/19/2013 [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Granted, Weighted average exercise price | $17.65 | ' | ' | ' |
Shares outstanding | 21,800 | ' | ' | ' |
Contractual average life (years) | '9 years 1 month 21 days | ' | ' | ' |
Employee_Benefit_Plans_Schedul2
Employee Benefit Plans (Schedule of Allocation of Plan Assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets not included in hierarchy | $9,411,000 | $8,340,000 |
Obligations of U.S. Government agencies and corporations [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets not included in hierarchy | 739,000 | 199,000 |
Corporate notes [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets not included in hierarchy | 2,987,000 | 3,017,000 |
Value funds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets not included in hierarchy | 2,120,000 | 1,379,000 |
Blend funds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets not included in hierarchy | 1,522,000 | 1,220,000 |
Growth funds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets not included in hierarchy | 1,867,000 | 1,932,000 |
Common Stock [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets not included in hierarchy | 4,000 | 3,000 |
Money Market Funds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets not included in hierarchy | 172,000 | 590,000 |
(Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets not included in hierarchy | 5,685,000 | 5,124,000 |
(Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | Value funds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets not included in hierarchy | 2,120,000 | 1,379,000 |
(Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | Blend funds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets not included in hierarchy | 1,522,000 | 1,220,000 |
(Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | Growth funds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets not included in hierarchy | 1,867,000 | 1,932,000 |
(Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | Common Stock [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets not included in hierarchy | 4,000 | 3,000 |
(Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | Money Market Funds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets not included in hierarchy | 172,000 | 590,000 |
(Level 2) Significant Other Observable Inputs [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets not included in hierarchy | 3,726,000 | 3,216,000 |
(Level 2) Significant Other Observable Inputs [Member] | Obligations of U.S. Government agencies and corporations [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets not included in hierarchy | 739,000 | 199,000 |
(Level 2) Significant Other Observable Inputs [Member] | Corporate notes [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets not included in hierarchy | $2,987,000 | $3,017,000 |
Employee_Benefit_Plans_Schedul3
Employee Benefit Plans (Schedule of Net Funded Status) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Employee Benefit Plans [Abstract] | ' | ' | ' |
PBO at beginning of year | $10,022,000 | $10,438,000 | ' |
Service cost | ' | 222,000 | 192,000 |
Interest cost | 395,000 | 451,000 | 479,000 |
Change in assumptions | -962,000 | 681,000 | ' |
Curtailment adjustment | ' | -1,393,000 | ' |
Actuarial (gain) loss | 91,000 | 49,000 | ' |
Benefits paid | -438,000 | -426,000 | ' |
PBO at end of year | 9,108,000 | 10,022,000 | 10,438,000 |
Fair value of plan assets at beginning of year | 9,078,000 | 8,625,000 | ' |
Actual return on plan assets, net of expenses | 1,474,000 | 879,000 | ' |
Employer contribution | 123,000 | ' | ' |
Fair value of plan assets at end of year | 10,114,000 | 9,078,000 | 8,625,000 |
Funded status, included in other assets (liabilities) | 1,006,000 | -944,000 | ' |
Unrecognized actual loss | -1,377,000 | -3,362,000 | ' |
Unrecognized net transition asset | 1,000 | 1,000 | ' |
Amounts recognized in accumulated comprehensive income | -1,376,000 | -3,361,000 | ' |
Accumulated benefit obligation | $9,108,000 | $10,022,000 | ' |
Employee_Benefit_Plans_Compone
Employee Benefit Plans (Components of Net Periodic Pension Cost) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Employee Benefit Plans [Abstract] | ' | ' | ' |
Service cost during the year | ' | $222 | $192 |
Interest cost on projected benefit obligation | 395 | 451 | 479 |
Expected return on plan assets | -561 | -591 | -631 |
Net amortization | -1 | 56 | -2 |
Recognized net actuarial loss | 203 | 296 | 152 |
Net periodic benefit cost | 36 | 434 | 190 |
Net loss (gain) | -1,782 | -952 | 1,990 |
Amortization of net loss | -203 | -296 | -152 |
Net amortization (accretion) | 1 | -56 | 2 |
Total recognized in other comprehensive loss (income) | -1,984 | -1,304 | 1,840 |
Total recognized in net periodic benefit cost and other comprehensive loss (income) | ($1,948) | ($870) | $2,030 |
Employee_Benefit_Plans_Schedul4
Employee Benefit Plans (Schedule of Assumptions Used) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Employee Benefit Plans [Abstract] | ' | ' | ' |
Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.75% | 4.00% | 4.40% |
Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | ' | ' | 3.00% |
Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.00% | 4.40% | 5.50% |
Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 6.35% | 7.00% | 7.00% |
Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | ' | 3.00% | 3.00% |
Employee_Benefit_Plans_Schedul5
Employee Benefit Plans (Schedule of Expected Benefit Payments) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Employee Benefit Plans [Abstract] | ' |
2014 | $450 |
2015 | 444 |
2016 | 447 |
2017 | 463 |
2018 | 510 |
2019-2023 | $2,633 |
Financial_Instruments_With_Off1
Financial Instruments With Off-Balance Sheet Risk (Narrative) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Nature of Operations [Abstract] | ' | ' |
Maximum undiscounted exposure | $1,199,000 | ' |
Underlying collateral upon liquidation | $1,061,000 | $1,061,000 |
Financial_Instruments_With_Off2
Financial Instruments With Off-Balance Sheet Risk (Summary of Financial Instrument Commitments) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Commitments to Grant Loans and Unfunded Commitments Under Lines of Credit [Member] | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | $33,532 | $31,918 |
Unfunded Commitments Under Lines of Credit [Member] | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 7,457 | 11,246 |
Outstanding letters of Credit [Member] | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | $1,199 | $1,293 |
RelatedParty_Transactions_Narr
Related-Party Transactions (Narrative) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2012 | Dec. 31, 2013 | |
Related-Party Transactions [Abstract] | ' | ' |
Related Party Transaction, Arms Length, Basis of Transactions | 'These loans were made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with unrelated persons and, in the opinion of management, do not involve more than normal risk of collection. | ' |
Due from Related Parties | $2,370,000 | $1,892,000 |
Due from Related Parties, New Loans in Period | ' | 281,000 |
Due from Related Parties, Repayments in Period | $759,000 | ' |
Commitments_and_Contingent_Lia1
Commitments and Contingent Liabilities (Narrative) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2009 | Dec. 31, 2013 | |
Loss Contingencies [Line Items] | ' | ' |
Commitment period | '8-year | ' |
Estimated contract termination fees | ' | $1,663,000 |
Provision for loss on contract | ' | 0 |
Supply Commitment [Member] | Federal Home Loan Bank of Pittsburgh [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Commitment to fund and sell qualifying residential mortgage | ' | 15,000,000 |
Remaining commitment amount | ' | 14,211,000 |
Commitments to Borrowers [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Remaining commitment amount | ' | $160,000 |
First Contract Year [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Percentage of estimated remaining value of the commitment, if terminated | 100.00% | ' |
Second Contract Year [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Percentage of estimated remaining value of the commitment, if terminated | 90.00% | ' |
Third Contract Year [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Percentage of estimated remaining value of the commitment, if terminated | 80.00% | ' |
Fourth Contract Year [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Percentage of estimated remaining value of the commitment, if terminated | 70.00% | ' |
Contract Years Five Through Eight [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Percentage of estimated remaining value of the commitment, if terminated | 60.00% | ' |
Subsequent_Events_Narrative_De
Subsequent Events (Narrative) (Details) (Subsequent Event [Member], USD $) | 1 Months Ended | 12 Months Ended |
Jan. 31, 2014 | Dec. 31, 2013 | |
Subsequent Event [Member] | ' | ' |
Subsequent Event [Line Items] | ' | ' |
Dividends payable per share | $0.22 | ' |
Dividends payable, date declared | ' | 15-Jan-14 |
Dividends payable, date of record | 15-Feb-14 | ' |
Dividends payable, date to be paid | 3-Mar-14 | ' |
Juniata_Valley_Financial_Corp_2
Juniata Valley Financial Corp. (Parent Company Only) (Schedule of Condensed Balance Sheets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Cash and cash equivalents | $8,613 | $14,397 |
Investment in unconsolidated subsidiary | 4,172 | 4,000 |
Investment securities available for sale | 126,046 | 122,338 |
TOTAL ASSETS | 448,782 | 448,869 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 448,782 | 448,869 |
Parent Company [Member] | ' | ' |
Cash and cash equivalents | 365 | 231 |
Investment in bank subsidiary | 44,589 | 45,285 |
Investment in unconsolidated subsidiary | 4,172 | 4,000 |
Investment securities available for sale | 1,127 | 954 |
Other Assets | 56 | 15 |
TOTAL ASSETS | 50,309 | 50,485 |
Accounts payable and other liabilities | 325 | 188 |
STOCKHOLDERS' EQUITY | 49,984 | 50,297 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $50,309 | $50,485 |
Juniata_Valley_Financial_Corp_3
Juniata Valley Financial Corp. (Parent Company Only) (Schedule of Condensed Statements of Income) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income from unconsolidated subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | $237 | $249 | $263 |
Non-interest expense | 3,432 | 3,349 | 3,330 | 3,035 | 3,339 | 3,273 | 3,220 | 3,245 | 13,146 | 13,077 | 12,802 |
Income Tax Expense (Benefit) | 46 | 60 | 62 | 337 | 242 | 354 | 372 | 10 | 505 | 978 | 1,542 |
Net income | 967 | 1,019 | 1,009 | 1,006 | 883 | 1,132 | 1,215 | 418 | 4,001 | 3,648 | 4,680 |
COMPREHENSIVE INCOME | ' | ' | ' | ' | ' | ' | ' | ' | 3,761 | 4,485 | 3,889 |
Parent Company [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest and dividends on investment securities available for sale | ' | ' | ' | ' | ' | ' | ' | ' | 28 | 41 | 44 |
Dividends from bank subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | 4,290 | 2,793 | 4,217 |
Income from unconsolidated subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | 237 | 249 | 263 |
TOTAL INCOME | ' | ' | ' | ' | ' | ' | ' | ' | 4,555 | 3,083 | 4,524 |
Non-interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 140 | 80 | 140 |
TOTAL EXPENSE | ' | ' | ' | ' | ' | ' | ' | ' | 140 | 80 | 140 |
INCOME BEFORE INCOME TAXES (BENEFIT) AND EQUITY IN UNDISTRIBUTED NET INCOME OF SUBSIDIARY | ' | ' | ' | ' | ' | ' | ' | ' | 4,415 | 3,003 | 4,384 |
Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 23 | 47 | 36 |
INCOME BEFORE EQUITY IN UNDISTRIBUTED NET INCOME OF SUBSIDIARY | ' | ' | ' | ' | ' | ' | ' | ' | 4,392 | 2,956 | 4,348 |
Undistributed net income of subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | -391 | 692 | 332 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 4,001 | 3,648 | 4,680 |
COMPREHENSIVE INCOME | ' | ' | ' | ' | ' | ' | ' | ' | $3,761 | $4,485 | $3,889 |
Juniata_Valley_Financial_Corp_4
Juniata Valley Financial Corp. (Parent Company Only) (Schedule of Condensed Statements of Cash Flows) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net income | $4,001 | $3,648 | $4,680 |
Net amortization of securities premiums | 440 | 412 | 369 |
Realized losses on sales of investment securities | -2 | 2 | 6 |
Equity in earnings of unconsolidated subsidiary, net of dividends of $47, $45 and $29 | -190 | -204 | -234 |
Net cash provided by operating activities | 5,799 | 5,810 | 5,581 |
Purchases of: Securities available for sale | -45,446 | -87,319 | -87,131 |
Proceeds from the maturity and principal repayments of available for sale investment securities | 38,973 | 75,816 | 56,034 |
Proceeds from the maturity of interest bearing time deposits | 598 | 249 | 249 |
Net cash (used in) provided by investing activities | -8,734 | -3,676 | -22,573 |
Cash dividends | -3,707 | -3,724 | -3,648 |
Purchase of treasury stock | -445 | -360 | -589 |
Treasury stock issued for dividend reinvestment and employee stock purchase plan | 48 | 151 | 66 |
Net cash used in financing activities | -2,849 | -1,911 | 5,890 |
Net (decrease) increase in cash and cash equivalents | -5,784 | 223 | -11,102 |
Cash and cash equivalents at beginning of year | 14,397 | 14,174 | 25,276 |
Cash and cash equivalents at end of year | 8,613 | 14,397 | 14,174 |
Parent Company [Member] | ' | ' | ' |
Net income | 4,001 | 3,648 | 4,680 |
Undistributed net income of subsidiary | 391 | -692 | -332 |
Net amortization of securities premiums | ' | 2 | 2 |
Equity in earnings of unconsolidated subsidiary, net of dividends of $47, $45 and $29 | -190 | -204 | -234 |
(Increase) decrease in other assets | -42 | 12 | 2 |
Increase (decrease) in taxes payable | 87 | 127 | 68 |
Increase (decrease) in accounts payable and other liabilities | -7 | -2 | 19 |
Net cash provided by operating activities | 4,240 | 2,891 | 4,205 |
Purchases of: Securities available for sale | -252 | ' | -50 |
Proceeds from the maturity and principal repayments of available for sale investment securities | 250 | 1,235 | ' |
Net cash (used in) provided by investing activities | -2 | 1,235 | -50 |
Cash dividends | -3,707 | -3,724 | -3,648 |
Purchase of treasury stock | -445 | -360 | -589 |
Treasury stock issued for dividend reinvestment and employee stock purchase plan | 48 | 151 | 66 |
Net cash used in financing activities | -4,104 | -3,933 | -4,171 |
Net (decrease) increase in cash and cash equivalents | 134 | 193 | -16 |
Cash and cash equivalents at beginning of year | 231 | 38 | 54 |
Cash and cash equivalents at end of year | $365 | $231 | $38 |
Quarterly_Results_of_Operation2
Quarterly Results of Operations (Unaudited) (Quarterly Results of Operations) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Results of Operations (Unaudited) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total interest income | $4,193 | $4,224 | $4,173 | $4,144 | $4,390 | $4,464 | $4,605 | $4,711 | $16,734 | $18,170 | $20,033 |
Total interest expense | 677 | 719 | 741 | 763 | 854 | 898 | 924 | 972 | 2,900 | 3,648 | 4,591 |
Net interest income | 3,516 | 3,505 | 3,432 | 3,381 | 3,536 | 3,566 | 3,681 | 3,739 | 13,834 | 14,522 | 15,442 |
Provision for loan losses | 149 | 100 | 86 | 80 | 174 | 60 | 69 | 1,108 | 415 | 1,411 | 364 |
Gains from the sale of assets | 72 | 84 | 85 | 97 | 147 | 208 | 149 | 65 | ' | ' | ' |
Other income | 1,006 | 939 | 970 | 980 | 955 | 1,045 | 1,046 | 977 | 4,233 | 4,592 | 3,946 |
Other expense | 3,432 | 3,349 | 3,330 | 3,035 | 3,339 | 3,273 | 3,220 | 3,245 | 13,146 | 13,077 | 12,802 |
Income before income taxes | 1,013 | 1,079 | 1,071 | 1,343 | 1,125 | 1,486 | 1,587 | 428 | 4,506 | 4,626 | 6,222 |
Income Tax Expense (Benefit) | 46 | 60 | 62 | 337 | 242 | 354 | 372 | 10 | 505 | 978 | 1,542 |
Net income | $967 | $1,019 | $1,009 | $1,006 | $883 | $1,132 | $1,215 | $418 | $4,001 | $3,648 | $4,680 |
Per-share data: Basic earnings | $0.23 | $0.24 | $0.24 | $0.24 | $0.20 | $0.27 | $0.29 | $0.10 | $0.95 | $0.86 | $1.10 |
Per-share data: Diluted earnings | $0.23 | $0.24 | $0.24 | $0.24 | $0.20 | $0.27 | $0.29 | $0.10 | $0.95 | $0.86 | $1.10 |
Per-share data: Cash dividends | $0.22 | $0.22 | $0.22 | $0.22 | $0.22 | $0.22 | $0.22 | $0.22 | $0.88 | $0.88 | $0.86 |