Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Mar. 04, 2017 | Jun. 30, 2016 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,016 | ||
Entity Registrant Name | JUNIATA VALLEY FINANCIAL CORP | ||
Entity Central Index Key | 714,712 | ||
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 | $ 82,624,552 | ||
Entity Common Stock, Shares Outstanding | 4,757,193 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Assets: | ||
Cash and due from banks | $ 9,464 | $ 10,385 |
Interest bearing deposits with banks | 95 | 73 |
Cash and cash equivalents | 9,559 | 10,458 |
Interest bearing time deposits with banks | 350 | 350 |
Securities available for sale | 150,488 | 152,327 |
Restricted investment in FHLB stock | 3,610 | 3,509 |
Investment in unconsolidated subsidiary | 4,703 | 4,553 |
Residential mortgage loans held for sale | 125 | |
Student loans held for sale | 1,683 | |
Total loans | 378,297 | 377,043 |
Less: Allowance for loan losses | (2,723) | (2,478) |
Total loans, net of allowance for loan losses | 375,574 | 374,565 |
Premises and equipment, net | 6,857 | 6,909 |
Other real estate owned | 638 | 617 |
Bank owned life insurance and annuities | 14,631 | 14,905 |
Investment in low income housing partnership | 3,812 | 3,368 |
Core deposit and other intangible | 262 | 366 |
Goodwill | 5,448 | 5,381 |
Mortgage servicing rights | 205 | 205 |
Accrued interest receivable and other assets | 4,217 | 4,607 |
Total assets | 580,354 | 583,928 |
Liabilities: | ||
Non-interest bearing deposits | 104,006 | 106,667 |
Interest bearing deposits | 351,816 | 350,459 |
Total deposits | 455,822 | 457,126 |
Securities sold under agreements to repurchase | 4,496 | 4,996 |
Short-term borrowings | 27,700 | 30,061 |
Long-term debt | 25,000 | 22,500 |
Other interest bearing liabilities | 1,545 | 1,471 |
Accrued interest payable and other liabilities | 6,701 | 7,812 |
Total liabilities | 521,264 | 523,966 |
Stockholders' Equity: | ||
Preferred stock, no par value: Authorized - 500,000 shares, none issued | ||
Common stock, par value $1.00 per share: Authorized - 20,000,000 shares Issued - 4,805,000 shares at December 31, 2016; 4,798,086 shares at December 31, 2015 Outstanding - 4,755,630 shares at December 31, 2016; 4,798,086 shares at December 31, 2015 | 4,805 | 4,798 |
Surplus | 18,476 | 18,352 |
Retained earnings | 39,945 | 39,015 |
Accumulated other comprehensive loss | (3,209) | (2,203) |
Cost of common stock in Treasury: 49,370 shares at December 31, 2016 | (927) | |
Total stockholders' equity | 59,090 | 59,962 |
Total liabilities and stockholders' equity | $ 580,354 | $ 583,928 |
Consolidated Statements of Fin3
Consolidated Statements of Financial Condition (Parenthetical) - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 |
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 | 4,805,000 | 4,798,086 |
Common Stock, Shares, Outstanding | 4,755,630 | 4,798,086 |
Treasury Stock, Shares | 49,370 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Interest income: | |||
Loans, including fees | $ 17,559 | $ 14,645 | $ 14,465 |
Taxable securities | 2,475 | 2,267 | 1,950 |
Tax-exempt securities | 418 | 465 | 513 |
Other interest income | 17 | 2 | 4 |
Total interest income | 20,469 | 17,379 | 16,932 |
Interest expense: | |||
Deposits | 1,811 | 1,677 | 2,356 |
Securities sold under agreements to repurchase | 5 | 5 | 4 |
Short-term borrowings | 94 | 63 | 15 |
Long-term debt | 328 | 275 | 207 |
Other interest bearing liabilities | 30 | 22 | 16 |
Total interest expense | 2,268 | 2,042 | 2,598 |
Net interest income | 18,201 | 15,337 | 14,334 |
Provision for loan losses | 466 | 502 | 357 |
Net interest income after provision for loan losses | 17,735 | 14,835 | 13,977 |
Non-interest income: | |||
Customer service fees | 1,736 | 1,563 | 1,278 |
Debit card fee income | 1,044 | 866 | 847 |
Earnings on bank-owned life insurance and annuities | 371 | 378 | 391 |
Trust fees | 454 | 396 | 438 |
Commissions from sales of non-deposit products | 223 | 347 | 352 |
Income from unconsolidated subsidiary | 222 | 238 | 236 |
Fees derived from loan activity | 232 | 187 | 202 |
Mortgage banking income | 158 | 190 | 214 |
Gain (loss) on sales and calls of securities | 218 | 13 | 9 |
Gain on sales of loans | 113 | ||
Gain from life insurance proceeds | 364 | 98 | 165 |
Other non-interest income | 283 | 229 | 202 |
Total non-interest income | 5,418 | 4,505 | 4,334 |
Non-interest expense: | |||
Employee compensation expense | 6,883 | 6,095 | 5,876 |
Employee benefits | 2,301 | 1,816 | 1,444 |
Occupancy | 1,137 | 1,039 | 993 |
Equipment | 661 | 519 | 470 |
Data processing expense | 1,807 | 1,589 | 1,545 |
Director compensation | 238 | 192 | 205 |
Professional fees | 539 | 430 | 396 |
Taxes, other than income | 437 | 368 | 340 |
FDIC Insurance premiums | 375 | 318 | 310 |
(Gain) loss on sales of other real estate owned | 150 | (14) | 22 |
Amortization of intangibles | 105 | 51 | 45 |
Amortization of investment in low-income housing partnership | 479 | 479 | 479 |
Merger and acquisition expense | 347 | 1,806 | |
Other non-interest expense | 1,719 | 1,511 | 1,445 |
Total non-interest expense | 17,178 | 16,199 | 13,570 |
Income before income taxes | 5,975 | 3,141 | 4,741 |
Provision for income taxes | 819 | 83 | 525 |
Net income | $ 5,156 | $ 3,058 | $ 4,216 |
Earnings per share | |||
Basic | $ 1.07 | $ 0.72 | $ 1.01 |
Diluted | 1.07 | 0.72 | 1.01 |
Cash dividends declared per share | $ 0.88 | $ 0.88 | $ 0.88 |
Weighted average basic shares outstanding | 4,801,245 | 4,240,319 | 4,192,761 |
Weighted average diluted shares outstanding | 4,802,175 | 4,241,265 | 4,193,129 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Statement of Comprehensive Income [Abstract] | ||||
Net income: Before Tax Amount | $ 5,975 | $ 3,141 | $ 4,741 | |
Net Income: Tax Effect | (819) | (83) | (525) | |
Net income: Net-of-Tax Amount | 5,156 | 3,058 | 4,216 | |
Other comprehensive income (loss): | ||||
Unrealized holding losses arising during the period: Before Tax Amount | (1,215) | (291) | 1,582 | |
Unrealized holding losses arising during the period: Tax Effect | 413 | 99 | (539) | |
Unrealized holding losses arising during the period: Net-of-Tax Amount | (802) | (192) | 1,043 | |
Unrealized holding losses from unconsolidated subsidiary: Before Tax Amount | (17) | 1 | 10 | |
Unrealized holding losses from unconsolidated subsidiary: Net-of-Tax Amount | (17) | 1 | 10 | |
Less reclassification adjustment for gains included in net income: Before Tax Amount | [1],[2] | (218) | (13) | (9) |
Less reclassification adjustment for: gains included in net income: Tax Effect | [1],[2] | 74 | 4 | 3 |
Less reclassification adjustment for: gains included in net income: Net-of-Tax Amount | [1],[2] | (144) | (9) | (6) |
Unrecognized pension net gain (loss): Before Tax Amount | [2],[3] | (9) | (571) | (144) |
Unrecognized pension net gain (loss): Tax Effect | [2],[3] | 3 | 194 | 49 |
Unrecognized pension net gain (loss): Net-of-Tax Amount | [2],[3] | (6) | (377) | (95) |
Unrecognized pension cost due to change in assumptions: Before Tax Amount | [2],[3] | (305) | 623 | (2,297) |
Unrecognized pension cost due to change in assumptions: Tax Effect | [2],[3] | 104 | (212) | 781 |
Unrecognized pension cost due to change in assumptions: Net-of-Tax Amount | [2],[3] | (201) | 411 | (1,516) |
Amortization of pension net actuarial cost: Before Tax Amount | [2],[3] | 248 | 242 | 40 |
Amortization of net pension actuarial loss: Tax Expense | [2],[3] | (84) | (82) | (14) |
Amortization of net pension actuarial cost: Net-of-Tax Amount | [2],[3] | 164 | 160 | 26 |
Other comprehensive loss: Before Tax Amount | (1,516) | (9) | (818) | |
Other comprehensive loss: Tax Effect | 510 | 3 | 280 | |
Other comprehensive loss: Net-of-Tax Amount | (1,006) | (6) | (538) | |
Total comprehensive income: Before Tax Amount | 4,459 | 3,132 | 3,923 | |
Total comprehensive income: Tax Expense | (309) | (80) | (245) | |
Total comprehensive income: Net-of-Tax Amount | $ 4,150 | $ 3,052 | $ 3,678 | |
[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 Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Surplus [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Treasury Stock [Member] | Total |
Beginning balance at Dec. 31, 2013 | $ 4,746 | $ 18,370 | $ 39,118 | $ (1,659) | $ (10,591) | $ 49,984 |
Beginning balance, shares at Dec. 31, 2013 | 4,196,266 | |||||
Net income | 4,216 | 4,216 | ||||
Other comprehensive income (loss) | (538) | (538) | ||||
Cash dividends | (3,690) | (3,690) | ||||
Stock-based compensation activity | 47 | 47 | ||||
Purchase of treasury stock, at cost | $ (222) | |||||
Purchase of treasury stock, shares | (12,322) | |||||
Stock issued for stock option and stock plans | (8) | $ 67 | $ 59 | |||
Stock issued for stock option and stock purchase plans, shares | 3,497 | 3,497 | ||||
Ending balance at Dec. 31, 2014 | $ 4,746 | 18,409 | 39,644 | (2,197) | (10,746) | $ 49,856 |
Ending balance, shares at Dec. 31, 2014 | 4,187,441 | |||||
Net income | 3,058 | 3,058 | ||||
Other comprehensive income (loss) | (6) | (6) | ||||
Cash dividends | (3,687) | (3,687) | ||||
Stock-based compensation activity | 57 | 57 | ||||
Purchase of treasury stock, at cost | $ (63) | |||||
Purchase of treasury stock, shares | (3,504) | |||||
Stock issued for stock option and stock plans | (12) | $ 122 | $ 110 | |||
Stock issued for stock option and stock purchase plans, shares | 6,334 | 3,242 | ||||
Common stock issued to FNBPA stockholders | $ 52 | (102) | 10,687 | $ 10,637 | ||
Common stock issued to FNBPA stockholders, shares | 607,815 | |||||
Ending balance at Dec. 31, 2015 | $ 4,798 | 18,352 | 39,015 | (2,203) | $ 59,962 | |
Ending balance, shares at Dec. 31, 2015 | 4,798,086 | 4,798,086 | ||||
Net income | 5,156 | $ 5,156 | ||||
Other comprehensive income (loss) | (1,006) | (1,006) | ||||
Cash dividends | (4,226) | (4,226) | ||||
Stock-based compensation activity | 67 | 67 | ||||
Purchase of treasury stock, at cost | $ (927) | |||||
Purchase of treasury stock, shares | (49,370) | |||||
Stock issued for stock option and stock plans | $ 7 | 57 | $ 64 | |||
Stock issued for stock option and stock purchase plans, shares | 6,914 | 3,764 | ||||
Ending balance at Dec. 31, 2016 | $ 4,805 | $ 18,476 | $ 39,945 | $ (3,209) | $ (927) | $ 59,090 |
Ending balance, shares at Dec. 31, 2016 | 4,755,630 | 4,755,630 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity(Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Consolidated Statements of in Stockholders' Equity [Abstract] | |||
Cash Dividends at per share | $ 0.88 | $ 0.88 | $ 0.88 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating activities: | |||
Net income | $ 5,156 | $ 3,058 | $ 4,216 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for loan losses | 466 | 502 | 357 |
Depreciation | 595 | 506 | 494 |
Net amortization of securities premiums | 740 | 764 | 634 |
Net amortization of loan origination costs (fees) | 63 | 68 | 13 |
Deferred net loan origination (costs) fees | (124) | (139) | 142 |
Amortization of core deposit intangible | 105 | 51 | 45 |
Amortization of investment in low income housing partnership | 479 | 479 | 479 |
Net amortization of purchase fair value adjustments | (9) | (3) | |
Net realized gain on sales and calls of securities | (218) | (13) | (9) |
Net loss (gain) on sales of other real estate owned | 148 | (14) | 22 |
Earnings on bank owned life insurance and annuities | (371) | (378) | (391) |
Deferred tax expense (benefit) | 320 | (66) | 194 |
Equity in earnings of unconsolidated subsidiary, net of dividends of $55, $55 and $48 | (167) | (183) | (188) |
Stock-based compensation expense | 67 | 57 | 47 |
Mortgage loans originated for sale | (1,582) | (3,385) | (3,759) |
Proceeds from loans sold to others | 1,822 | 3,438 | 3,949 |
Gains on sales of loans | (228) | (190) | (214) |
Gain from life insurance proceeds | (364) | (98) | (165) |
Decrease (increase) in accrued interest receivable and other assets | 461 | 292 | (41) |
(Decrease) increase in accrued interest payable and other liabilities | (1,056) | 497 | 83 |
Net cash provided by operating activities | 6,303 | 5,243 | 5,908 |
Investing activities: | |||
Purchases of: Securities available for sale | (48,195) | (67,047) | (66,451) |
Purchases of: FHLB stock | (111) | (704) | (759) |
Purchases of: Premises and equipment | (542) | (463) | (697) |
Purchases of: Bank owned life insurance and annuities | (53) | (54) | (60) |
Proceeds from: Sales of securities available for sale | 4,304 | 53,213 | 14,631 |
Proceeds from: Maturities of and principal repayments on securities available for sale | 43,835 | 39,776 | 35,911 |
Proceeds from: Sale of student loans | 1,796 | ||
Proceeds from: Bank owned life insurance and annuities | 34 | 5 | |
Proceeds from: Proceeds from life insurance claims | 1,016 | 357 | 615 |
Proceeds from: Sale of other real estate owned | 144 | 644 | 396 |
Proceeds from: Sale of other assets | 20 | ||
Net cash received from acquisition of FNBPA | 1,244 | ||
Investment in low income housing partnerships | (923) | (336) | |
Net decrease in interest bearing time deposits with banks | 249 | ||
Net increase in loans | (1,750) | (38,004) | (17,891) |
Net cash used in investing activities | (459) | (11,004) | (34,387) |
Financing activities: | |||
Net (decrease) increase in deposits | (1,293) | (1,421) | 1,239 |
Net (decrease) increase in short-term borrowings and securities sold under agreements to repurchase | (2,861) | 14,513 | 6,747 |
Issuance of long-term debt | 10,000 | 22,500 | |
Repayment of long-term debt | (7,500) | ||
Cash dividends | (4,226) | (3,687) | (3,690) |
Purchase of treasury stock | (927) | (63) | (222) |
Common stock issued for employee stock plans | 64 | 110 | 59 |
Net cash (used in) provided by financing activities | (6,743) | 9,452 | 26,633 |
Net (decrease) increase in cash and cash equivalents | (899) | 3,691 | (1,846) |
Cash and cash equivalents at beginning of year | 10,458 | 6,767 | 8,613 |
Cash and cash equivalents at end of year | 9,559 | 10,458 | 6,767 |
Supplemental information: | |||
Interest paid | 2,237 | 2,105 | 2,584 |
Income taxes paid | 200 | 100 | 50 |
Supplemental schedule of noncash investing and financing activities: | |||
Transfer of loans to other real estate owned | 313 | 901 | $ 369 |
Transfer of loans to other assets | 20 | ||
Securities sold settling after year-end | $ 104 | ||
Assets acquired: | |||
Interest bearing time deposits with banks | 350 | ||
Securities | 35,458 | ||
Loans | 47,055 | ||
Property and equipment | 419 | ||
Accrued interest receivable | 550 | ||
Core deposit and other intangible assets | 343 | ||
Deferred income taxes | 732 | ||
Other real estate owned | 114 | ||
Other assets | 31 | ||
Assets acquired, total | 85,052 | ||
Liabilities assumed: | |||
Deposits | 77,665 | ||
Pension liability | 1,248 | ||
Accrued interest payable and other liabilities | 81 | ||
Liabilities assumed, total | $ 78,994 |
Consolidated Statements of Cas9
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Consolidated Statements of Cash Flows(Parenthetical) [Abstract] | |||
Equity method investment, dividends | $ 55 | $ 55 | $ 48 |
Nature of Operations
Nature of Operations | 12 Months Ended |
Dec. 31, 2016 | |
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 15 branch locations located in Juniata, Mifflin, Perry , McKean, Potter 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 and mobile banking, an automatic teller machine network, checking accounts, identity protection products for consumers, 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 by the Board of Governors of the Federal Reserve Bank and the Pennsylvania Department of Banking and Securities . |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
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 determination of other-than-temporary impairment on securities , impairment of goodwill and the value of assets acquired and liabilities assumed in business combinations . Basis of presentation Certain amounts previously reported have been reclassified to conform to the consolidated financial statement presentation for 2016 . 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 and the JVB Northern Tier regions. Note 6 discusses the types of securities in which the Company invests. Note 7 discusses the types of lending in which the Company engages. As of December 31, 2016, credit exposure to lessors of residential buildings and dwellings represented 61.6% of capital and credit exposure to lessors of non-residential buildings represented 32.6% of capital. Otherwise, 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, McKean, Potter 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 five years . 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 had no securities classified as held to maturity at December 31, 201 6 and 201 5 . 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 201 6 , 201 5 or 201 4 . 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, 201 6 and 201 5 , the amount of net unamortized origination fees carried as an adjustment to outstanding loan balances was $ 103,000 and $ 152,000 , 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, 201 6 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 analysis, 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. Acquired Loans Loans that Juniata acquires through business combinations are recorded at fair value with no carryover of the related allowance for loan losses. Fair value of the loans involves estimating the amount and timing of principal and interest cash flows expected to be collected on the loans and discounting those cash flows at a market rate of interest. The excess of cash flows expected at acquisition over the estimated fair value is referred to as the accretable discount and is recognized into interest income over the remaining life of the loan. The difference between contractually required payments at acquisition and the cash flows expected to be collected at acquisition is referred to as the nonaccretable discount. The nonaccretable discount includes estimated future credit losses expected to be incurred over the life of the loan. Subsequent decreases to the expected cash flows will require Juniata to evaluate the need for an additional allowance for credit losses. Subsequent improvement in expected cash flows will result in the reversal of a corresponding amount of the nonaccretable discount which Juniata will then reclassify as accretable discount that will be recognized into interest income over the remaining life of the loan. Acquired loans that met the criteria for impaired or nonaccrual of interest prior to the acquisition may be considered performing upon acquisition, regardless of whether the customer is contractually delinquent , if Juniata expects to fully collect the new carrying value (i.e. fair value) of the loans. As such, Juniata may no longer consider the loan to be nonaccrual or nonperforming and may accrue interest on these loans, including the impact of any accretable discount. In addition, charge-offs on such loans would be first applied to the nonaccretable difference portion of the fair value adjustment. Loans acquired through business combinations that do not meet the specific criteria of ASC 310-30, but for which a discount is attributable at least in part to credit quality, are also accounted for in accordance with this guidance. As a result, related discounts are recognized subsequently through accretion based on the contractual cash flows of the acquired loans. Loans Held for Sale The Company also 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. Adjustments to fair value are recorded as non-interest income and included in gain on sales of loans in the consolidated statements of income. In a business combination, the Company may acquire loans which it intends to sell. These loans are assigned a fair value by obtaining actual bids on the loans and adjusting for contingencies in the bids. These loans are carried at lower of cost or market value until sold, adjusted periodically if conditions change before the subsequent sale. Adjustments to fair value and gains or losses recognized upon sale are included in gains on sales of loans which is a component of non-interest income. 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 l |
Recent Accounting Standards Upd
Recent Accounting Standards Update (ASU) | 12 Months Ended |
Dec. 31, 2016 | |
Recent Accounting Standards Update (ASU) [Abstract] | |
Recent Accounting Standards Update (ASU) | 3. Recent Accounting Standards Update (ASU) Accounting Standards Update 2016-15, Classification of Certain Cash Receipts and Cash Payments Issued: August 2016 Summary: ASU 2016-15 clarifies how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The amendments are intended to reduce diversity in practice. Effective Date: The amendments are effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. This Update will have no impact on its consolidated financial position and results of operations. Accounting Standards Update 2016-13 , Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Issued: June 2016 Summary: ASU 2016-13 requires credit losses on most financial assets measured at amortized cost and certain other instruments to be measured using an expected credit loss model (referred to as the current expected credit loss (CECL) model). Under this model, entities will estimate credit losses over the entire contractual term of the instrument (considering estimated prepayments, but not expected extensions or modifications unless reasonable expectation of a troubled debt restructuring exists) from the date of initial recognition of that instrument. The ASU also replaces the current accounting model for purchased credit impaired loans and debt securities. The allowance for credit losses for purchased financial assets with a more-than insignificant amount of credit deterioration since origination (“PCD assets”), should be determined in a similar manner to other financial assets measured on an amortized cost basis. However, upon initial recognition, the allowance for credit losses is added to the purchase price (“gross up approach”) to determine the initial amortized cost basis. The subsequent accounting for PCD financial assets is the same expected loss model described above. Further, the ASU made certain targeted amendments to the existing impairment model for available-for-sale (AFS) debt securities. For an AFS debt security for which there is neither the intent nor a more-likely-than-not requirement to sell, an entity will record credit losses as an allowance rather than a write-down of the amortized cost basis. Effective Date: The new standard is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. While the Company is currently in the process of evaluating the impact of the amended guidance on its Consolidated Financial Statements, it currently expects the ALLL to increase upon adoption given that the allowance will be required to cover the full remaining expected life of the portfolio upon adoption, rather than the incurred loss model under current U.S. GAAP. The extent of this increase is still being evaluated and will depend on economic conditions and the composition of the Company’s loan portfolio at the time of adoption. In preparation, the Company’s senior level management is evaluating a potential software provider and is assessing the sufficiency of data currently available through its core database. Accounting Standards Update 2016-02 , Leases Issued: February 2016 Summary: The new standard establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. Effective Date: The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company has determined that the provisions of ASU 2016-02 will result in an increase in assets to recognize the present value of the lease obligations with a corresponding increase in liabilities, however, the Company does not expect this to have a material impact on the Company’s financial position, results of operations or cash flows, as it has only operating lease obligations, which are minimal. Current operating lease obligations are discussed in Note 15. Accounting Standards Update 2016-01, Measurement of Financial Instruments Issued: January 2016 Summary: The amendments in this Update require all equity investments to be measured at fair value with changes in the fair value recognized through net income (other than those accounted for under equity method of accounting or those that result in consolidation of the investee). The amendments in this Update also require an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. In addition the amendments in this Update eliminate the requirement to disclose the fair value of financial instruments measured at amortized cost for entities that are not public business entities and the requirement to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet for public business entities. Effective Date: For public entities, the amendments in the Update are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company currently holds a small portfolio of equity investments for which the fair value fluctuates with market activity. Had ASU 2016-01 become effective on January 1, 2017, the cumulative effect adjustment to income before tax would have been $713,000 (see Note 6). The cumulative adjustment that will be recognized upon adoption in the first quarter of 2018 will be dependent upon the size of the equity portfolio and the market values at that time. Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606) Issued: May 2014 Summary: The amendments in this Update establish a comprehensive revenue recognition standard for virtually all industries under U.S. GAAP, including those that previously followed industry-specific guidance such as the real estate, construction and software industries. The revenue standard’s core principle is built on the contract between a vendor and a customer for the provision of goods and services. It attempts to depict the exchange of rights and obligations between the parties in the pattern of revenue recognition based on the consideration to which the vendor is entitled. To accomplish this objective, the standard requires five basic steps: (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when (or as) the entity satisfies a performance obligation. Effective Date and Transition: Public entities will apply the new standard for annual reports beginning after December 15, 2016, including interim periods therein. Three basic transition methods are available – full retrospective, retrospective with certain practical expedients, and a cumulative effect approach. Under the third alternative, an entity would apply the new revenue standard only to contracts that are incomplete under legacy U.S. GAAP at the date of initial application (e.g. January 1, 2017) and recognize the cumulative effect of the new standard as an adjustment to the opening balance of retained earnings. That is, prior years would not be restated and additional disclosures would be required to enable users of the financial statements to understand the impact of adopting the new standard in the current year compared to prior years that are presented under legacy U.S. GAAP. Early adoption is prohibited under U.S. GAAP. The Company is evaluating the effects this Update will have on the Company’s consolidated financial condition or results of operations. Accounting Standards Update 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date Issued: August 2015 Summary: ASU 2015-14 defers the effective date of the new revenue recognition standard by one year. As such, it now takes effect for public entities in fiscal years beginning after December 15, 2017. All other entities have an additional year. However, early adoption is permitted for any entity that chooses to adopt the new standard as of the original effective date. Early adoption is permitted only as of annual reporting periods beginning after December 15, 2016, including interim periods within that year . Because the amended guidance does not apply to revenue associated with financial instruments, including loans and securities that are accounted for under other U.S. GAP, the Company’s preliminary analysis suggests that the adoption of this amended guidance is not expected to have a material impact on its Consolidated Financial Statements, although the Company will also be subject to expanded disclosure requirements upon adoption and the Company’s recognition processes for wealth and asset management revenue, banking revenue and card and processing revenue may be affected. However, there are certain areas of the amended guidance, such as credit card interchange fees programs, which are subject to interpretation and for which the Company has not made final conclusions regarding the applicability and the related impact, if any. Accordingly, the results of the Company’s materiality analysis, as well as its selected adoption method, may change as these conclusions are reached. |
Merger
Merger | 12 Months Ended |
Dec. 31, 2016 | |
Merger [Abstract] | |
Merger | 4. MERGER On November 30, 2015 , Juniata consummated the merger with FNBPA Bancorp, Inc. (“FNBPA”), a Pennsylvania corporation. FNBPA merged with, and into Juniata, with Juniata continuing as the surviving entity. Simultaneously with the consummation of the foregoing merger, First National Bank of Port Allegany (“FNB”), a national banking association and a wholly-owned subsidiary of FNBPA, merged with and into t he Bank. As part of this transaction, FNBPA shareholders received either 2.7813 shares of Juniata’s common stock or $50.34 in cash in exchange for each share of FNBPA common stock. As a result, Juniata issued 607,815 shares of common stock with an acquisition date fair value of approximately $10,637,000 , based on Juniata’s closing stock price of $17.50 on November 30, 2015, and cash of $2,208,000 , including cash in lieu of fractional shares. The fair value of total consideration paid was $12,845,000 . The assets and liabilities of FNB and FNBPA were recorded on the consolidated balances sheet at their estimated fair value as of November 30, 2015, and their results of operations have been included in the consolidated income statement since such date. Included in the purchase price was goodwill and a core deposit intangible of $3,335,000 and $343,000 , respectively. The core deposit intangible will be amortized over a ten -year period using a sum of the year’s digits basis. The goodwill will not be amortized, but will be measured annually for impairment or more frequently if circumstances require. Core deposit intangible amortization expense projected for the succeeding five years beginning 2017 is estimated to be $49,000 , $44,000 , $38,000 , $33,000 and $27,000 per year, respectively, and $53,000 in total for years after 2021. The allocation of the purchase price is as follows, in thousands of dollars: Purchase price assigned to FNBPA common shares $ 10,637 exchanged for 607,815 Juniata common shares Purchase price assigned to FNBPA common shares exchanged for cash 2,208 Total purchase price 12,845 FNBPA net assets acquired: Tangible common equity 9,854 Adjustments to reflect assets acquired and liabilities assumed at fair value: Total fair value adjustments (523) Associated deferred income taxes 179 Fair value adjustment to net assets acquired, net of tax (344) Total FNBPA net assets acquired 9,510 Goodwill resulting from the merger $ 3,335 The following table summarizes the estimated fair value of the assets acquired and liabilities assumed, in thousands of dollars. Total purchase price $ 12,845 Net assets acquired Cash and cash equivalents 3,452 Interest-bearing time deposits 350 Investment securities 35,458 Loans 47,055 Premises and equipment 419 Accrued interest receivable 550 Core deposit and other intangibles 343 Other real estate owned 114 Other assets 763 Deposits (77,665) Accrued interest payable (13) Other liabilities (1,316) 9,510 Goodwill $ 3,335 As of November 30, 2015, the merger date, goodwill was recorded at $3,335,000 . ASC 805 allows for adjustments to goodwill for a period of up to one year after the merger date for information that becomes available that reflects circumstances at the merger date. During 2016, such information became available and goodwill was adjusted by $67,000 , to $3,402,000 , to reflect the adjustments to fair value of two assets. The fair value of the financial assets acquired included loans receivable with a gross amortized cost basis of $47,797,000 . The table below illustrates the fair value adjustments made to the amortized cost basis in order to present a fair value of the loans acquired , in thousands of dollars. Gross amortized cost basis at November 30, 2015 $ 47,797 Market rate adjustment (110) Credit fair value adjustment on pools of homogeneous loans (73) Credit fair value adjustment on impaired loans (559) Fair value of purchased loans at November 30, 2015 $ 47,055 The market rate adjustment represents the movement in market interest rates, irrespective of credit adjustments, compared to the stated rates of the acquired loans. The credit adjustment made on pools of homogeneous loans represents the changes in credit quality of the underlying borrowers from the loan inception to the acquisition date. The credit adjustment on impaired loans is derived in accordance with ASC 310-30 and represents the portion of the loan balances that has been deemed uncollectible based on the Company’s expectations of future cash flows for each respective loan. The information about the acquired FNBPA impaired loan portfolio as of November 30, 2015 is as follows, in thousands of dollars. Contractually required principal and interest at acquisition $ 2,488 Contractual cash flows not expected to be collected (nonaccretable discount) (1,427) Expected cash flows at acquisition 1,061 Interest component of expected cash flows (accretable discount) (157) Fair value of acquired loans $ 904 The following table presents unaudited pro forma information , in thousands, as if the merger between Juniata and FNBPA had been completed on January 1, 2014. The pro forma information does not necessarily reflect the results of operations that would have occurred had Juniata merged with FNBPA at the beginning of 2014. Supplemental pro forma earnings for 2015 were adjusted to exclude $1,637,000 of merger related costs (exclusive of the corresponding tax impact) incurred in 2015; the results for 2014 were adjusted to include these charges. The pro forma financial information does not include the impact of possible business model changes, nor does it consider any potential impacts of current market conditions or revenues, expense efficiencies or other factors. Years Ended December 31, 2015 2014 Consolidated n et interest income after loan loss provision $ 17,731 $ 17,089 Consolidated n oninterest income 4,841 4,745 Consolidated oninterest expense 17,124 18,358 Consolidated n et income 4,862 3,353 Consolidated et income per common share $ 1.01 $ 0.70 The amount of total revenue, consisting of interest income plus noninterest income, as well as the net income specifically related to FNBPA for the period beginning December 1, 2015, included in the consolidated statements of income of Juniata for the year ended December 31, 2015, was $242,000 and $61,000 , respectively. |
Restrictions on Cash and Due fr
Restrictions on Cash and Due from Banks | 12 Months Ended |
Dec. 31, 2016 | |
Restrictions on Cash and Due from Banks [Abstract] | |
Restrictions on Cash and Due from Banks | 5 . Restrictions on Cash and Due From Banks The Bank is required to maintain cash reserve balances with the Federal Reserve Bank if vault cash is insufficient to cover the reserve requirement . A s of December 31, 201 6 and 201 5 , respectively , no reserves were required to be held at the Federal Reserve Bank . |
Securities
Securities | 12 Months Ended |
Dec. 31, 2016 | |
Securities [Abstract] | |
Securities | 6. Securities The Company’s investment portfolio includes primarily mortgage-backed securities issued by U.S. Government sponsored agencies and backed by residential mortgages (approximately 57 %), bonds issued by U.S. Government sponsored agencies (approximately 24% ) and municipalities (approximately 18 %) as of December 31, 2016. Most of the municipal bonds are general obligation bonds with maturities or pre-refunding dates within 5 years. The remaining 1 % of the portfolio includes a group of equity investments in other financial institutions. The amortized cost and fair value of securities as of December 31, 2016 and 2015, 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. December 31, 2016 Securities Available for Sale Gross Gross Amortized Fair Unrealized Unrealized Type and maturity Cost Value Gains Losses Obligations of U.S. Government agencies and corporations Within one year $ - $ - $ - $ - After one year but within five years 19,495 19,331 13 (177) After five years but within ten years 17,000 16,468 - (532) 36,495 35,799 13 (709) Obligations of state and political subdivisions Within one year 2,819 2,820 2 (1) After one year but within five years 13,268 13,240 39 (67) After five years but within ten years 10,923 10,599 16 (340) After ten years - - - - 27,010 26,659 57 (408) Mortgage-backed securities 86,670 85,702 114 (1,082) Equity securities 1,615 2,328 713 - Total $ 151,790 $ 150,488 $ 897 $ (2,199) December 31, 2015 Securities Available for Sale Gross Gross Amortized Fair Unrealized Unrealized Type and maturity Cost Value Gains Losses Obligations of U.S. Government agencies and corporations Within one year $ 1,000 $ 1,003 $ 3 $ - After one year but within five years 24,489 24,264 19 (244) After five years but within ten years 7,495 7,465 7 (37) 32,984 32,732 29 (281) Obligations of state and political subdivisions Within one year 5,756 5,771 15 - After one year but within five years 16,070 16,151 101 (20) After five years but within ten years 7,204 7,282 78 - After ten years 330 331 1 - 29,360 29,535 195 (20) Mortgage-backed securities 88,159 87,741 213 (631) Equity securities 1,692 2,319 645 (18) Total $ 152,195 $ 152,327 $ 1,082 $ (950) 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 $ 36,638,000 and $ 45,101,000 at December 31, 2016 and 2015, 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, 2016 2015 2014 Gross proceeds from sales of securities $ 4,304 $ 53,213 $ 14,631 Securities available for sale: Gross realized gains from sold and called securities $ 139 $ 83 $ 43 Gross realized losses from sold and called securities (21) (70) (34) Gross gains from business combinations 100 - - 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, 2016 (in thousands): Unrealized Losses at December 31, 2016 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 $ 32,783 $ (709) $ - $ - $ 32,783 $ (709) Obligations of state and political subdivisions 17,437 (406) 300 (2) 17,737 (408) Mortgage-backed securities 68,989 (1,082) - - 68,989 (1,082) Debt securities 119,209 (2,197) 300 (2) 119,509 (2,199) Total temporarily impaired securities $ 119,209 $ (2,197) $ 300 $ (2) $ 119,509 $ (2,199) At December 31, 2016, 21 U.S. Government and agency securities had unrealized losses that, in the aggregate, did not exceed 1% of amortized cost. None of these securities have been in a continuous loss position for 12 months or more. At December 31, 2016, 38 obligations of state and political subdivision bonds had unrealized losses that, in the aggregate, did not exceed 1% of amortized cost. One of these securities has been in a continuous loss position for 12 months or more. At December 31, 2016, 34 mortgage-backed securities had an unrealized loss that did not exceed 1% of amortized cost. None of these securities has 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 was one equity security that was in an unrealized loss position on December 31, 2016, and has carried an unrealized loss for 12 months or more, with the unrealized loss at December 31, 2016 less than $1,000 . Management has identified no other-than-temporary impairment as of, or for the years ended, December 31, 2016, 2015 and 2014 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, 2015 (in thousands): Unrealized Losses at December 31, 2015 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 $ 10,887 $ (102) $ 12,814 $ (179) $ 23,701 $ (281) Obligations of state and political subdivisions 7,469 (13) 692 (7) 8,161 (20) Mortgage-backed securities 57,454 (631) - - 57,454 (631) Debt securities 75,810 (746) 13,506 (186) 89,316 (932) Equity securities 62 (3) 75 (15) 137 (18) Total temporarily impaired securities $ 75,872 $ (749) $ 13,581 $ (201) $ 89,453 $ (950) |
Loans and Related Allowance for
Loans and Related Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2016 | |
Loans and Related Allowance for Loan Losses [Abstract] | |
Loans and Related Allowance for Loan Losses | 7 . 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, 201 6 and December 31, 201 5 (in thousands): As of December 31, 2016 Pass Special Mention Substandard Doubtful Total Commercial, financial and agricultural $ 34,510 $ 5,104 $ 1,213 $ - $ 40,827 Real estate - commercial 100,153 15,843 6,726 989 123,711 Real estate - construction 24,702 4,044 6,460 - 35,206 Real estate - mortgage 144,353 4,426 4,496 1,630 154,905 Obligations of states and political subdivisions 12,431 1,185 - 13,616 Personal 9,970 52 10 - 10,032 Total $ 326,119 $ 30,654 $ 18,905 $ 2,619 $ 378,297 As of December 31, 2015 Pass Special Mention Substandard Doubtful Total Commercial, financial and agricultural $ 30,814 $ 1,853 $ 1,504 $ - $ 34,171 Real estate - commercial 106,629 16,067 3,274 1,243 127,213 Real estate - construction 16,351 7,024 3,297 - 26,672 Real estate - mortgage 152,161 6,595 4,656 1,205 164,617 Obligations of states and political subdivisions 17,069 455 - 17,524 Personal 6,787 56 3 - 6,846 Total $ 329,811 $ 32,050 $ 12,734 $ 2,448 $ 377,043 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. 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. Consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process at December 31, 201 6 and December 31, 2015 totaled $1,778,000 and $382,000 , respectively. 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, 201 6 and December 31, 201 5 (in thousands): As of December 31, 2016 As of December 31, 2015 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 $ 436 $ 439 $ - $ 475 $ 475 $ - Real estate - commercial 5,499 6,475 - 1,851 2,024 - Acquired with credit deterioration 641 730 - 834 893 - Real estate - construction 2,455 2,455 - - - - Real estate - mortgage 3,345 5,020 - 2,636 4,127 - Acquired with credit deterioration 415 440 - 630 642 - With an allowance recorded: Real estate - mortgage $ 712 $ 712 $ 56 $ - $ - $ - Total: Commercial, financial and agricultural $ 436 $ 439 $ - $ 475 $ 475 $ - Real estate - commercial 5,499 6,475 - 1,851 2,024 - Acquired with credit deterioration 641 730 - 834 893 - Real estate - construction 2,455 2,455 - - - - Real estate - mortgage 4,057 5,732 56 2,636 4,127 - Acquired with credit deterioration 415 440 - 630 642 - $ 13,503 $ 16,271 $ 56 $ 6,426 $ 8,161 $ - Year Ended December 31, 2016 Year Ended December 31, 2015 Year Ended December 31, 2014 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 $ 456 $ 29 $ - $ 238 $ 25 $ - $ 48 $ 1 $ 2 Real estate - commercial 3,675 331 - 2,058 45 27 2,141 62 49 Acquired with credit deterioration 738 - - 417 - - - - - Real estate - construction 1,228 136 - 168 - - 420 - - Real estate - mortgage 2,991 28 37 2,846 27 36 3,205 76 71 Acquired with credit deterioration 523 - - 53 - - - - - With an allowance recorded: Real estate - commercial - - - - - - 119 Real estate - construction - - - - - - 739 - - Real estate - mortgage 356 - - 448 - - 631 - 5 Total: Commercial, financial and agricultural 456 29 - 238 25 - 48 $ 1 $ 2 Real estate - commercial 3,675 331 - 2,058 45 27 2,260 62 49 Acquired with credit deterioration 738 - - 417 - - - - - Real estate - construction 1,228 136 - 168 - - 1,159 - - Real estate - mortgage 3,347 28 37 3,294 27 36 3,836 76 76 Acquired with credit deterioration 523 - - 53 - - - - - $ 9,967 $ 524 $ 37 $ 6,228 $ 97 $ 63 $ 7,303 $ 139 $ 127 The following table presents nonaccrual loans by classes of the loan portfolio as of December 31, 2016 and December 31, 2015 (in thousands): Nonaccrual loans: December 31, 2016 December 31, 2015 Real estate - commercial $ 1,016 $ 1,286 Real estate - mortgage 3,717 2,402 Total $ 4,733 $ 3,688 Interest income not recorded based on the original contractual terms of the loans for nonaccrual loans was $ 281, 000 , $ 239,000 and $ 382,000 in 2016, 2015 and 2014, respectively. The aggregate amount of demand deposits that have been reclassified as loan balances at December 31, 2016 and 2015 were $ 39,000 and $ 146,000 , 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, 201 6 and December 31, 201 5 (in thousands): As of December 31, 2016 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 $ 15 - 6 $ 21 $ 40,806 $ 40,827 $ 6 Real estate - commercial Real estate - commercial 55 - - 55 123,015 123,070 - Acquired with credit deterioration - - 452 452 189 641 452 Real estate - construction 6 - 508 514 34,692 35,206 508 Real estate - mortgage Real estate - mortgage 1,097 57 40 1,194 153,296 154,490 40 Acquired with credit deterioration - - 138 138 277 415 138 Obligations of states and political subdivisions - - - - 13,616 13,616 - Personal 25 3 - 28 10,004 10,032 - Total $ 1,198 $ 60 $ 1,144 $ 2,402 $ 375,895 $ 378,297 $ 1,144 As of December 31, 2015 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 $ 92 - - $ 92 $ 34,079 $ 34,171 $ - Real estate - commercial Real estate - commercial 112 124 1,243 1,479 124,900 126,379 - Acquired with credit deterioration - 175 443 618 216 834 443 Real estate - construction - - - - 26,672 26,672 - Real estate - mortgage - Real estate - mortgage 1,038 761 1,669 3,468 160,519 163,987 - Acquired with credit deterioration - 61 119 180 450 630 119 Obligations of states and political subdivisions - - - - 17,524 17,524 - Personal 56 48 2 106 6,740 6,846 2 Total $ 1,298 $ 1,169 $ 3,476 $ 5,943 $ 371,100 $ 377,043 $ 564 The following table summarizes information regarding troubled debt restructurings by loan portfolio class as of and for the years ended December 31, 201 6 and 201 5 , in thousands of dollars. Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Recorded Investment As of December 31, 2016 Accruing troubled debt restructurings: Real estate - mortgage 7 $ 369 $ 397 $ 340 Non-accruing troubled debt restructurings: Real estate - mortgage 1 25 25 23 8 $ 394 $ 422 $ 363 As of December 31, 2015 Accruing troubled debt restructurings: Real estate - commercial 1 $ 148 $ 148 $ 142 Real estate - mortgage 6 254 282 234 7 $ 402 $ 430 $ 376 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, 2016, there were no specific reserves and no 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. As of December 31, 2016, one restructured loan with a balance of $44,000 was in default because it was delinquent in excess of 30 days with respect to the terms of the restructuring. There have been no defaults of troubled debt restructurings that took place during 2016, 2015 or 2014 within 12 months of restructure. The following table summarizes loans whose terms have been modified, resulting in troubled debt restructurings during 2016, in thousands of dollars. There were no loans whose terms have been modified resulting in troubled debt restructurings during 2015. Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Recorded Investment Year ended December 31, 2016 Accruing troubled debt restructurings: Real estate - mortgage 3 $ 189 $ 189 $ 186 3 $ 189 $ 189 $ 186 The following tables summarize loans and the activity in the allowance for loan losses 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, 201 6 , 201 5 and 201 4 (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, 2016 $ 264 $ 836 $ 191 $ 1,140 $ - $ 47 $ 2,478 Charge-offs (4) (146) - (103) - (26) (279) Recoveries - 24 - 15 - 19 58 Provisions 58 234 40 91 - 43 466 Ending balance, December 31, 2016 $ 318 $ 948 $ 231 $ 1,143 $ - $ 83 $ 2,723 As of December 31, 2016 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 $ 318 $ 948 $ 231 $ 1,143 $ - $ 83 $ 2,723 evaluated for impairment individually $ - $ - $ - $ 56 $ - $ - $ 56 collectively $ 318 $ 948 $ 231 $ 1,087 $ - $ 83 $ 2,667 Loans: Ending balance $ 40,827 $ 123,711 $ 35,206 $ 154,905 $ 13,616 $ 10,032 $ 378,297 evaluated for impairment individually $ 436 $ 5,499 $ 2,455 $ 4,057 $ - $ - $ 12,447 collectively $ 40,391 $ 117,571 $ 32,751 $ 150,433 $ 13,616 $ 10,032 $ 364,794 Ending balance: loans acquired with deteriorated credit quality $ - 641 $ - $ 415 $ $ - $ 1,056 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, 2015 $ 222 $ 665 $ 155 $ 1,300 $ - $ 38 $ 2,380 Charge-offs (11) (66) (24) (305) - (9) (415) Recoveries 7 - - 1 - 3 11 Provisions 46 237 60 144 - 15 502 Ending balance, December 31, 2015 $ 264 $ 836 $ 191 $ 1,140 $ - $ 47 $ 2,478 As of December 31, 2015 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 $ 264 $ 836 $ 191 $ 1,140 $ - $ 47 $ 2,478 evaluated for impairment individually $ - $ - $ - $ - $ - $ - $ - collectively $ 264 $ 836 $ 191 $ 1,140 $ - $ 47 $ 2,478 Loans: Ending balance $ 34,171 $ 127,213 $ 26,672 $ 164,617 $ 17,524 $ 6,846 $ 377,043 evaluated for impairment individually $ 475 $ 1,851 $ - $ 2,636 $ - $ - $ 4,962 collectively $ 33,696 $ 124,528 $ 26,672 $ 161,351 $ 17,524 $ 6,846 $ 370,617 acquired with credit deterioration $ - 834 $ - $ 630 $ $ - $ 1,464 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, 2014 $ 253 $ 534 $ 212 $ 1,246 $ - $ 42 $ 2,287 Charge-offs (20) (92) (18) (125) - (20) (275) Recoveries 4 5 - - - 2 11 Provisions (15) 218 (39) 179 - 14 357 Ending balance, December 31, 2014 $ 222 $ 665 $ 155 $ 1,300 $ - $ 38 $ 2,380 As of December 31, 2014 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 $ 222 $ 665 $ 155 $ 1,300 $ - $ 38 $ 2,380 evaluated for impairment individually $ - $ - $ - $ 150 $ - $ - $ 150 collectively $ 222 $ 665 $ 155 $ 1,150 $ - $ 38 $ 2,230 Loans: Ending balance $ 23,738 $ 90,000 $ 20,713 $ 140,676 $ 15,730 $ 4,044 $ 294,901 evaluated for impairment individually $ 1 $ 2,264 $ 336 $ 3,952 $ - $ - $ 6,553 collectively $ 23,737 $ 87,736 $ 20,377 $ 136,724 $ 15,730 $ 4,044 $ 288,348 |
Pledged Assets
Pledged Assets | 12 Months Ended |
Dec. 31, 2016 | |
Pledged Assets [Abstract] | |
Pledged Assets | 8 . 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. Mo rtgage related assets could include loans or investment securities. As of December 31, 2016, the amount of loans included in qualifying collateral was $ 229,352,000 , for a collateral value of $ 165,283,000 . No investment securities are included in qualifying collateral as of December 31, 201 6 . |
Bank Owned Life Insurance and A
Bank Owned Life Insurance and Annuities | 12 Months Ended |
Dec. 31, 2016 | |
Bank Owned Life Insurance and Annuities [Abstract] | |
Bank Owned Life Insurance and Annuities | 9. Bank Owned Life Insurance and Annuities The Company holds b ank-owned life insurance (BOLI) and deferred annuities with a combined cash value of $ 14,631,000 and $ 14,905,000 at December 31, 201 6 and 201 5 , 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 decreased in 2016 by $274,000 , the net change resulting from proceeds from life insurance claim payments, premium payments and earnings recorded as non-interest income. The net increase in cash surrender value on the BOLI and annuities was $ 98,000 and $ 411,000 in 201 5 and 201 4, respectively . 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 2016 and 2015 are shown below (in thousands): Life Insurance Deferred Annuities Total Balance as of January 1, 2015 $ 14,397 $ 410 $ 14,807 Earnings 321 16 337 Premiums on existing policies 41 13 54 Annuity payments received - (34) (34) Net proceeds from life insurance claim (259) - (259) Balance as of December 31, 2015 14,500 405 14,905 Earnings 309 15 324 Premiums on existing policies 40 13 53 Net proceeds from life insurance claim (651) - (651) Balance as of December 31, 2016 $ 14,198 $ 433 $ 14,631 |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Premises and Equipment [Abstract] | |
Premises and Equipment | 10 . Premises And Equipment Premises and equipment consist of the following (in thousands): December 31, 2016 2015 Land $ 1,126 $ 1,126 Buildings and improvements 9,460 9,226 Furniture, computer software and equipment 5,166 4,901 15,752 15,253 Less: accumulated depreciation (8,895) (8,344) $ 6,857 $ 6,909 Depreciation expense on premises and equipment charged to operations was $ 595, 000 in 2016 , $ 506,000 in 2015 and $ 494,000 in 2014 . |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Other Intangible Assets [Abstract] | |
Goodwill and Other Intangible Assets | 11 . Goodwill and other intangible assets Branch Acquisition On September 8, 2006 , the Company acquired a branch office in Richfield, PA. Goodwill at December 31, 201 6 and 201 5 was $ 2,046,000 . Core deposit intangible of $431,000 was fully amortized as of December 31, 2016 and was $ 29,000 net of amortization of $402,000 at December 31, 2015. The core deposit intangible was being amortized over a ten -year period on a straight line basis. Goodwill is not amortized, but is measured annually for impairment. FNBPA Acquisition On November 30, 2015 , the Company completed its acquisition of FNBPA and, as a result, recorded goodwill of $3,335,000 . In 2016, an adjustment was made to increase goodwill to $3,402,000 . Core deposit intangible in the amount of $303,000 was recorded and is being amortized over a ten -year period using a sum of the year’s digits basis. Other intangible assets were identified and recorded as of November 30, 2015, in the amount of $40,000 and are being amortized on a straight line basis over two years, through November 30, 2017. The following table shows the amortization schedule for each of the intangible assets recorded. FNBPA FNBPA Branch Acquisition Acquisition Acquisition Core Other Core Deposit Intangible Deposit Intangible Assets Intangible Beginning Balance at Acquisition Date $ 303 $ 40 $ 431 Amortization expense recorded prior to December 31, 2013 - - 312 Amortization expense recorded in Years ended: December 31, 2014 - - 45 December 31, 2015 4 2 45 December 31, 2016 55 20 29 Unamortized balance as of December 31, 2016 244 18 - Scheduled Amortization expense for years ended: December 31, 2017 49 18 December 31, 2018 44 - December 31, 2019 38 - December 31, 2020 33 - December 31, 2021 27 - After December 31, 2021 53 - |
Investment in Unconsolidated Su
Investment in Unconsolidated Subsidiary | 12 Months Ended |
Dec. 31, 2016 | |
Investment in Unconsolidated Subsidiary [Abstract] | |
Investment in Unconsolidated Subsidiary | 12 . 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, Pennsylvania , by purchasing 39.16 % of its outstanding common stock. This investment is accounted for under the equity method of accounting. The investment was carried at $4,703,000 and $4,553,000 as of December 31, 201 6 and 2015, respectively. 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, 2016 | |
Deposits [Abstract] | |
Deposits | 13 . Deposits Deposits consist of the following (in thousands): December 31, 2016 2015 Demand, non-interest bearing $ 104,006 $ 106,667 Interest-bearing demand and money market 118,429 114,406 Savings 95,449 94,923 Time deposits, $250,000 or more 5,773 5,222 Other time deposits 132,165 135,908 $ 455,822 $ 457,126 Aggregate amount of scheduled maturities of time deposits as of December 31, 201 6 include the following (in thousands): Time Deposits Maturing in: $250,000 or more Other Total Time Deposits 2017 $ 351 $ 47,907 $ 48,258 2018 862 16,390 17,252 2019 1,705 17,258 18,963 2020 513 25,416 25,929 2021 808 13,069 13,877 Later 1,534 12,125 13,659 $ 5,773 $ 132,165 $ 137,938 |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2016 | |
Borrowings [Abstract] | |
Borrowings | 14 . Borrowings Short term borrowings as of December 31, 2016, 2015 and 2014 and the related maximum amounts outstanding at the end of any month in each of the three years then ended are presented below (dollars in thousands). December 31, Maximum Outstanding at Any Month End 2016 2015 2014 2016 2015 2014 Securities sold under agreements to repurchase $ 4,496 $ 4,996 $ 4,594 $ 6,018 $ 5,106 $ 5,197 Short-term borrowings with Federal Home Loan Bank Overnight advances 27,700 30,061 9,700 32,300 35,234 9,700 Mid-term repo - - 6,250 - 6,250 6,250 $ 32,196 $ 35,057 $ 20,544 The following table presents supplemental information related to short-term borrowings (dollars in thousands). Securities sold under agreements to repurchase Short-term borrowings with Federal Home Loan Bank 2016 2015 2014 2016 2015 2014 Amount outstanding as of December 31 $ 4,496 $ 4,996 $ 4,594 $ 27,700 $ 30,061 $ 15,950 Weighted average interest rate as of December 31 0.18% 0.10% 0.10% 0.74% 0.44% 0.32% Average amount outstanding during the year 4,712 4,716 4,265 15,696 16,309 4,998 Weighted average interest rate during the year 0.11% 0.10% 0.10% 0.60% 0.38% 0.31% Long-term debt is comprised only of FHLB advances with an original maturity of one year or more. Outstanding balances were $25,000,000 and $22,500,000 as of December 31, 2016 and 2015, respectively. The following table summarizes the scheduled maturities of long-term debt as of December 31, 2016 (in thousands). Year Weighted Average Interest Rate 2017 $ 6,250 1.10% 2018 10,000 1.33% 2019 8,750 1.57% 2020 - 2021 - Thereafter - $ 25,000 1.36% 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, 2016 , the securities that serve as collateral for securities sold under agreements to repurchase had a fair value of $ 7,880,000 . 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 $ 165,283,000 , with a balance of $ 52,700,000 outstanding as of December 31, 201 6 . In order to borrow additional amounts, 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 outstan ding advances. Qualifying collateral is defined by the FHLB and includes outstanding balances of the Company’s real estate loans, excluding loans with certain risk mitigants, including delinquencies and loans made to insiders, borrowers with low credit scores or loans with high loan-to-value ratios. |
Operating Lease Obligations
Operating Lease Obligations | 12 Months Ended |
Dec. 31, 2016 | |
Operating Lease Obligations [Abstract] | |
Operating Lease Obligations | 15. 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 $ 142, 000 , $ 127,000 and $ 124,000 in 2016, 2015 and 2014, 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, 201 6 (in thousands): Years ending December 31, 2017 $ 145 2018 84 2019 78 2020 60 2021 63 2022 and beyond 5 Total minimum payments required $ 435 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Taxes [Abstract] | |
Income Taxes | 16 . Income Taxes The components of income tax expense for the three years ended December 31 were (in thousands): 2016 2015 2014 Current tax expense $ 499 $ 149 $ 331 Deferred tax expense (benefit) 320 (66) 194 Total tax expense $ 819 $ 83 $ 525 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, 2016 2015 2014 Income before income taxes $ 5,975 $ 3,141 $ 4,741 Statutory tax rate 34.0% 34.0% 34.0% Federal tax at statutory rate 2,032 1,068 1,612 Tax-exempt interest (427) (391) (358) Net earnings on BOLI (84) (99) (93) Gain from life insurance proceeds (124) (34) (56) Dividend from unconsolidated subsidiary (15) (15) (13) Stock-based compensation 23 20 16 Federal tax credits (572) (570) (575) Merger and acquisition expenses - 115 - Other permanent differences (14) (11) (8) Total tax expense $ 819 $ 83 $ 525 Effective tax rate 13.7% 2.6% 11.1% Deductible temporary differences and taxable temporary differences gave rise to a net deferred tax asset for the Company as of December 31, 2016 and 2015 . The components giving rise to the net deferred tax asset are detailed below (in thousands): December 31, 2016 2015 Deferred Tax Assets Allowance for loan losses $ 413 $ 489 Deferred directors' compensation 534 511 Employee and director benefits 535 534 Qualified pension liability 847 785 Unrealized losses on securities available for sale 429 - Unrealized loss from securities impairment 106 236 Investment in low income housing project 159 96 Fair value adjustments to acquired assets and liabilities 277 493 Tax credit carryforward 209 80 Valuation reserves on other real estate owned 70 24 Other 83 80 Total deferred tax assets 3,662 3,328 Deferred Tax Liabilities Depreciation (272) (288) Equity income from unconsolidated subsidiary (645) (589) Loan origination costs (440) (412) Prepaid expense (386) (284) Unrealized gains on securities available for sale - (58) Annuity earnings (79) (73) Fair value of mortgage servicing rights (70) (70) Intangible assets (42) (67) Goodwill (479) (433) Total deferred tax liabilities (2,413) (2,274) Net deferred tax asset included in other assets $ 1,249 $ 1,054 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, 2016 , 2015 and 2014 . The Company is no longer subject to examination by taxing authorities for years before 2013 . Tax years 20 13 through the present, with limited exception, remain open to examination . |
Stockholders' Equity and Regula
Stockholders' Equity and Regulatory Matters | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity and Regulatory Matters [Abstract] | |
Stockholders' Equity and Regulatory Matters | 17 . 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. A ny adjustment in capitalization of the Company will result in a proportionate adjustment to the reserved shares for this plan. At December 31, 2016, 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, stock awards, employee stock purchase pl an purchases, to fulfill dividend reinvestment program needs and to supply shares needed for exchange in an acquisition. During 201 6 , 201 5 and 201 4 , 49,370 , 3,504 and 12,322 shares, respectively, were repurchased in conjunction with this program. Remaining shares authorized in the program were 178,279 as of December 31, 2016 . On November 30, 2015, 555,555 treasury shares were reissued to former FNBPA shareholders in conjunction with the acquisition of FNBPA. 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 result in 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. The requirements were revised and became effective on a phased-in basis beginning January 1, 2015 and include the establishment of a Common Equity Tier I level. Juniata’s and the Bank’s Total, Tier I and Common Equity 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) are set forth in the table below. The new risk-based capital rules require that banks and holding companies maintain a “capital conservation buffer” of 250 basis points in excess of the “minimum capital ratio”. The minimum capital ratio is equal to the prompt corrective action adequately capitalized threshold ratio. The capital conservation buffer will be phased in over four years beginning on January 1, 2016, with a maximum buffer of 0.625% of risk weighted assets for 2016, 1.25% for 2017, 1.875% for 2018 and 2.5% for 2019 and thereafter. Failure to maintain the required capital conservation buffer will result in limitations on capital distributions and on discretionary bonuses to executive officers. Management believes, as of December 31, 2016 and 2015, that the Company and the Bank met all capital adequacy requirements to which they were subject. As of December 31, 2016 , 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 , Common Equity 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 as of the dates indicated (dollars in thousands). Minimum Minimum Requirement Capital Juniata Valley Financial Corp. (Consolidated) For Capital Adequacy Adequacy With Capital Actual Purposes Buffer Amount Ratio Amount Ratio Amount Ratio As of December 31, 2016: Total Capital $ 58,375 15.34% $ 30,442 8.00% $ 32,820 8.625% (to Risk Weighted Assets) Tier 1 Capital 55,331 14.54% 22,831 6.00% 25,210 6.625% (to Risk Weighted Assets) Common Equity Tier 1 Capital 55,331 14.54% 17,124 4.50% 19,502 5.125% (to Risk Weighted Assets) Tier 1 Capital 55,331 9.68% 22,872 4.00% 22,872 4.000% (to Average Assets) Leverage As of December 31, 2015: Total Capital $ 57,098 15.03% $ 30,385 8.00% N/A N/A (to Risk Weighted Assets) Tier 1 Capital 54,338 14.31% 22,789 6.00% N/A N/A (to Risk Weighted Assets) Common Equity Tier 1 Capital 54,338 14.31% 17,092 4.50% N/A N/A (to Risk Weighted Assets) Tier 1 Capital 54,338 11.23% 19,352 4.00% N/A N/A (to Average Assets) Leverage Minimum Regulatory Minimum Minimum Requirements to be Requirement Capital "Well Capitalized" The Juniata Valley Bank For Capital Adequacy under Prompt Adequacy With Capital Corrective Actual Purposes Buffer Action Provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio As of December 31, 2016: Total Capital $ 51,102 13.60% $ 30,053 8.00% $ 32,401 8.625% $ 37,566 10.00% (to Risk Weighted Assets) Tier 1 Capital 48,217 12.84% 15,026 4.00% 24,888 6.625% 30,053 8.00% (to Risk Weighted Assets) Common Equity Tier 1 Capital 48,217 12.84% 16,905 4.50% 19,253 5.125% 24,418 6.50% (to Risk Weighted Assets) Tier 1 Capital 48,217 8.39% 22,991 4.00% 22,991 4.000% 28,739 5.00% (to Average Assets) Leverage As of December 31, 2015: Total Capital $ 51,491 14.11% $ 29,186 8.00% N/A N/A $ 36,482 10.00% (to Risk Weighted Assets) Tier 1 Capital 48,861 13.39% 14,593 4.00% N/A N/A 29,186 8.00% (to Risk Weighted Assets) Common Equity Tier 1 Capital 48,861 13.39% 16,417 4.50% N/A N/A 23,713 6.50% (to Risk Weighted Assets) Tier 1 Capital 48,861 10.21% 19,146 4.00% N/A N/A 23,932 5.00% (to Average Assets) Leverage 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, 2016, $ 33,218,000 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 Sha
Calculation of Earnings Per Share | 12 Months Ended |
Dec. 31, 2016 | |
Calculation of Earnings Per Share [Abstract] | |
Calculation of Earnings Per Share | 18 . 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, 2016 2015 2014 (Amounts, except earnings per share, in thousands) Net income $ 5,156 $ 3,058 $ 4,216 Weighted-average common shares outstanding 4,801 4,240 4,193 Basic earnings per share $ 1.07 $ 0.72 $ 1.01 Weighted-average common shares outstanding 4,801 4,240 4,193 Common stock equivalents due to effect of stock options 1 1 - Total weighted-average common shares and equivalents $ 4,802 $ 4,241 $ 4,193 Diluted earnings per share $ 1.07 $ 0.72 $ 1.01 Anti-dilutive stock options outstanding 401 103 100 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2016 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Accumulated Other Comprehensive Loss | 19 . 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): 12/31/2016 12/31/2015 12/31/2014 Unrealized gains (losses) on available for sale securities $ (866) $ 96 $ 296 Unrecognized expense for defined benefit pension (2,343) (2,299) (2,493) Accumulated other comprehensive loss $ (3,209) $ (2,203) $ (2,197) |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Measurement [Abstract] | |
Fair Value Measurement | 20 . 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 debt securities’ 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, 2016 and December 31, 201 5 , 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 years ended December 31, 201 6 or 201 5 . (Level 1) (Level 2) (Level 3) Quoted Prices in Significant Significant Active Markets Other Other December 31, for Identical Observable Unobservable 2016 Assets Inputs Inputs Measured at fair value on a recurring basis: Debt securities available-for-sale: Obligations of U.S. Government agencies and corporations $ 35,799 $ - $ 35,799 $ - Obligations of state and political subdivisions 26,659 - 26,659 - Mortgage-backed securities 85,702 - 85,702 - Equity securities available-for-sale 2,328 2,328 - - Measured at fair value on a non-recurring basis: Impaired loans 2,563 - - 2,563 Other real estate owned 358 - - 358 Mortgage servicing rights 205 - - 205 (Level 1) (Level 2) (Level 3) Quoted Prices in Significant Significant Active Markets Other Other December 31, for Identical Observable Unobservable 2015 Assets Inputs Inputs Measured at fair value on a recurring basis: Debt securities available-for-sale: Obligations of U.S. Government agencies and corporations $ 32,732 $ - $ 32,732 $ - Obligations of state and political subdivisions 29,535 - 29,535 - Mortgage-backed securities 87,741 - 87,741 - Equity securities available-for-sale 2,319 2,319 - - Measured at fair value on a non-recurring basis: Impaired loans 2,232 - - 2,232 Other real estate owned 150 - - 150 Mortgage servicing rights 205 - - 205 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 (in thousands) : December 31, 2016 Fair Value Estimate Valuation Technique Unobservable Input Range Weighted Average Impaired loans $ 2,563 Appraisal of collateral (1) Appraisal and liquidation adjustments (2) 7% - 58% 8.9% Other real estate owned 358 Appraisal of collateral (1) Appraisal and liquidation adjustments (2) 30 - 72% 46% Mortgage servicing rights 205 Multiple of annual servicing fee Estimated pre-payment speed, based on rate and term 300% - 400% 368% December 31, 2015 Fair Value Estimate Valuation Technique Unobservable Input Range Weighted Average Impaired loans $ 2,232 Appraisal of collateral (1) Appraisal and liquidation adjustments (2) 7% - 37% 16.1% Other real estate owned 150 Appraisal of collateral (1) Appraisal and liquidation adjustments (2) 32% 32% Mortgage servicing rights 205 Multiple of annual servicing fee Estimated pre-payment speed, based on rate and term 300% - 400% 364% (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, loans held for sale, interest receivable, mortgage servicing rights, non-interest bearing 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 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. Long-term debt and o ther interest beari ng liabilities – The fair values are 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) December 31, 2016 December 31, 2015 Carrying Fair Carrying Fair Financial assets: Value Value Value Value Cash and due from banks $ 9,464 $ 9,464 $ 10,385 $ 10,385 Interest bearing deposits with banks 95 95 73 73 Interest bearing time deposits with banks 350 350 350 350 Securities 150,488 150,488 152,327 152,327 Restricted investment in FHLB stock 3,610 3,610 3,509 3,509 Loans held for sale - - 1,808 1,808 Loans, net of allowance for loan losses 375,574 366,660 374,565 373,078 Mortgage servicing rights 205 205 205 205 Accrued interest receivable 1,582 1,582 1,806 1,806 Financial liabilities: Non-interest bearing deposits 104,006 104,006 106,667 106,667 Interest bearing deposits 351,816 354,628 350,459 352,859 Securities sold under agreements to repurchase 4,496 4,496 4,996 4,996 Short-term borrowings 27,700 27,700 30,061 30,061 Long-term debt 25,000 24,963 22,500 22,482 Other interest bearing liabilities 1,545 1,549 1,471 1,476 Accrued interest payable 268 268 238 238 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, 201 6 and December 31, 201 5, in thousands . 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 December 31, 2016 Carrying Amount Fair Value Assets or Liabilities Observable Inputs Unobservable Inputs Financial instruments - Assets Interest bearing time deposits with banks $ 350 $ 350 $ - $ 350 $ - Loans, net of allowance for loan losses 375,574 366,660 - - 366,660 Financial instruments - Liabilities Interest bearing deposits 351,816 354,628 - 354,628 - Long-term debt 25,000 24,963 - 24,963 - Other interest bearing liabilities 1,545 1,549 - 1,549 - (Level 1) (Level 2) (Level 3) Quoted Prices in Active Markets Significant Significant for Identical Other Other December 31, 2015 Carrying Amount Fair Value Assets or Liabilities Observable Inputs Unobservable Inputs Financial instruments - Assets Interest bearing time deposits with banks $ 350 $ 350 $ - $ 350 $ - Loans held for sale 1,808 1,808 - 1,808 - Loans, net of allowance for loan losses 374,565 373,078 - - 373,078 Financial instruments - Liabilities Interest bearing deposits 350,459 352,859 - 352,859 - Long-term debt 22,500 22,482 - 22,482 - Other interest bearing liabilities 1,471 1,476 - 1,476 - |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2016 | |
Employee Benefit Plans [Abstract] | |
Employee Benefit Plans | 21. Employee Benefit Plans Long-Term Incentive Plan The Company maintains the 2016 Long-Term Incentive Plan (the “Plan”), that amended and restated the former 2011 Stock Option Plan (the “2011 Plan”) . The Plan continues in effect any outstanding awards under the 2011 Plan in accordance with the terms and conditions governing such awards immediately prior to the effective date of the Plan but expanded the types of awards authorized to include, among others, restricted stock. Under the provisions of the Plan, while active, options and other types of stock compensation can be granted to officers and key employees of the Company, as well as Directors. The Plan is administered by a committee of the Board of Directors. The Committee determines, among other things, which officers and key employees receive stock compensation, the number of shares to be subject to each award, the option price, the duration of the option and the restricted period, as appropriate. The aggregate number of shares that may be issued upon the exercise of options under the Plan is 300,000 shares, and 174,825 shares were available for grant as of December 31, 2016. During 2016, certain officers and key employees were issued restricted stock awards totaling 3,150 shares of Company stock. The awards carry a three -year restriction, until 2019. A recipient of the restricted shares will forfeit those shares in their entirety if employment is terminated prior to the vesting date for reasons other than retirement, death or disability. On the date of the awards, the fair value of the Company stock was $17.49 per share. No stock options were awarded in 2016. Options granted prior to 2016 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. The Plan provides 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 Plan are exercisable no earlier than one year after the date of grant and expire ten years after the date of the grant. All options previously granted under the Plans are scheduled to expire through February 17, 2025 . Total options outstanding at December 31, 2016 have exercise prices between $ 17.22 and $ 21.10 , with a weighted average exercise price of $ 17.97 and a weighted average remaining contractual life of 6.0 years. As of December 31, 2016, there was $ 73,000 of total unrecognized compensation cost related to nonvested share-based compensation arrangements granted under the Plan. That cost is expected to be recognized through 2020 . Cash received from option exercises under the Plans for the year ended December 31 , 2015 was $53,000 . No options were exercised in 2014 or 2016. A summary of the status of the outstanding stock options as of December 31, 2016, 2015 and 2014, and changes during the years ending on those dates is presented below: 2016 2015 2014 Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Outstanding at beginning of year 142,524 $ 18.07 109,816 $ 18.13 83,930 $ 18.50 Granted - - 35,800 17.80 33,525 17.72 Exercised - - (3,092) 17.22 - - Forfeited (3,369) 22.36 - - (7,639) 20.44 Outstanding at end of year 139,155 $ 17.97 142,524 $ 18.07 109,816 $ 18.13 Options exercisable at year-end 97,584 70,920 51,396 Weighted-average fair value of of options granted during the year $ 1.90 $ 1.96 Intrinsic value of options exercised during the year $ 866 $ - Intrinsic value of options outstanding and exercisable at December 31, 2016 $ 20,017 The following table summarizes characteristics of stock options as of December 31, 2016: Outstanding Exercisable Grant Date Exercise Price Shares Contractual Average Life (Years) Shares 10/16/2007 20.05 4,425 0.79 4,425 10/21/2008 21.10 6,100 1.80 6,100 10/20/2009 17.22 6,605 2.80 6,605 9/20/2011 17.75 13,850 4.72 13,850 3/20/2012 18.00 17,050 5.22 15,950 2/19/2013 17.65 21,800 6.14 18,160 2/18/2014 17.72 33,525 7.13 21,225 2/17/2015 17.80 35,800 8.13 11,269 139,155 97,584 Defined Benefit Retirement Plans The Company sponsors a defined benefit retirement plan (The Juniata Valley Bank Retirement Plan (“JVB Plan”)) which covers substantially all of its employees employed prior to December 31, 2007. As of January 1, 2008, the JVB 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 JVB Plan was amended to cease future service accruals after that date ( i.e., it was frozen). As a result of the FNBPA acquisition, the Company assumed sponsorship of a second defined benefit retirement plan (Retirement Plan for the First National Bank of Port Allegany (“FNB Plan”)) as of November 30, 2015, which covers substantially all former FNBPA employees that were employed prior to September 30, 2008. The FNBPA Plan was amended as of December 31, 2015 to cease future service accruals to previously unfrozen participants and is now considered to be “frozen”. Effective December 31, 2016, the FNB Plan was merged into the JVB Plan, which was amended to provide the same benefits to the class of participants previously included in the FNB Plan. 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 JVB Plan in 201 7 . Management expects to record a $150,000 net periodic expense in 2017 for the JVB 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 JVB Plan’s assets at fair value as of December 31, 2016 and December 31, 2015 (in thousands). Assets included in the JVB Plan that are not valued in the hierarchy table consist of cash and cash equivalents, totaling $ 179,000 and $250,000 , at December 31, 2016 and 2015, respectively. (Level 1) (Level 2) (Level 3) Quoted Prices in Significant Other Significant Other December 31, Active Markets for Observable Unobservable 2016 Identical Assets Inputs Inputs Measured at fair value on a recurring basis: U.S. Government and agency securities $ 102 $ - $ 102 $ - Corporate bonds and notes 3,501 - 3,501 - Mutual funds Value funds 3,066 3,066 - - Blend funds 3,411 3,411 - - Growth funds 2,590 2,590 - - Money market funds 991 991 - - $ 13,661 $ 10,058 $ 3,603 $ - (Level 1) (Level 2) (Level 3) Quoted Prices in Significant Other Significant Other December 31, Active Markets for Observable Unobservable 2015 Identical Assets Inputs Inputs Measured at fair value on a recurring basis: U.S. Government and agency securities $ 325 $ - $ 325 $ - Corporate bonds and notes 4,156 - 4,156 - Mutual funds Value funds 1,878 1,878 - - Blend funds 1,433 1,433 - - Growth funds 1,500 1,500 - - Money market funds 172 172 - - $ 9,464 $ 4,983 $ 4,481 $ - The measurement date for the JVB Plan is December 31. Information pertaining to the activity in the defined benefit plan is as follows (in thousands): Years ended December 31, 2016 2015 Change in projected benefit obligation (PBO) PBO at beginning of year $ 10,863 $ 11,473 Assumption of liability from FNB Plan 5,061 - Interest cost 666 450 Change in assumptions 305 (623) Actuarial loss 114 37 Benefits paid (677) (474) PBO at end of year $ 16,332 $ 10,863 Change in plan assets Fair value of plan assets at beginning of year $ 9,713 $ 10,130 Transfer of FNB Plan assets 3,903 - Actual return on plan assets, net of expenses 901 57 Benefits paid (677) (474) Fair value of plan assets at end of year $ 13,840 $ 9,713 Funded status, included in other (liabilities) assets $ (2,492) $ (1,150) Amounts recognized in accumulated comprehensive loss before income taxes consist of: Unrecognized actual loss $ (3,550) $ (3,483) Accumulated benefit obligation $ 16,332 $ 10,863 For the year ended December 31, 2015, the mortality assumptions were derived using the Adjusted RP-2014 White Collar Mortality Table. Incorporated into the most recent table are rates projected generationally using Scale MP-2015 to reflect mortality improvement. The impact on the benefit obligation for the mortality assumption change in 2015 was a decrease in the projected benefit obligation of $623,000 . For the year ended December 31, 2016, the mortality assumptions were derived using the Adjusted RP-2014 White Collar Mortality Table. Incorporated into the table are rates projected generationally using Scale MP-2016 to reflect mortality improvement. The impact on the benefit obligation for the mortality assumption change in 2016 was an increase in the projected benefit obligation of $305,000 . Pension expense for the JVB Plan included the following components for the years ended December 31 (in thousands): 2016 2015 2014 Interest cost on projected benefit obligation $ 666 $ 450 $ 426 Expected return on plan assets (795) (592) (518) Recognized net actuarial loss 248 242 40 Net periodic benefit cost 119 100 (52) Net loss (gain) 173 (52) 2,441 Amortization of net loss (248) (242) (40) Net amortization (accretion) - - - Total recognized in other comprehensive loss (income) $ (75) $ (294) $ 2,401 Total recognized in net periodic benefit cost and other comprehensive loss (income) $ 44 $ (194) $ 2,349 Assumptions used to determine benefit obligations were: 2016 2015 2014 Discount rate 4.00% 4.25% 4.00% Rate of compensation increase N/A N/A N/A Assumptions used to determine the net periodic benefit cost were: 2016 2015 2014 Discount rate 4.25% 4.00% 4.75% Expected long-term return on plan assets 6.00 6.00 5.25 Rate of compensation increase N/A N/A N/A The following table sets forth by level, within the fair value hierarchy, debt and equity instruments included in the FNB Plan’s assets at fair value as of December 31, 2015 (in thousands). (Level 1) (Level 2) (Level 3) Quoted Prices in Significant Other Significant Other December 31, Active Markets for Observable Unobservable 2015 Identical Assets Inputs Inputs Measured at fair value on a recurring basis: Mutual funds Aggressive growth funds $ 1,003 $ 1,003 $ - $ - Growth funds 589 589 - - Growth and income funds 1,433 1,433 - - Income 878 878 - - $ 3,903 $ 3,903 $ - $ - The measurement date for the FNB Plan was December 31. Information pertaining to the activity in the defined benefit plan in 2015 is as follows (in thousands): 2015 Change in projected benefit obligation (PBO) PBO at December 1, 2015 $ 5,249 Service cost 3 Interest cost 18 Change in assumptions (87) Curtailment gain ( $108 ) net of actuarial loss $2 (106) Benefits paid (16) PBO at end of year $ 5,061 Change in plan assets Fair value of plan assets at December 1, 2015 $ 4,001 Actual return on plan assets, net of expenses (82) Benefits paid (16) Fair value of plan assets at end of year $ 3,903 Funded status, included in other (liabilities) assets $ (1,158) Accumulated benefit obligation $ 5,061 For the year ended December 31, 2015, the mortality assumptions were derived using the Adjusted RP-2014 White Collar Mortality Table. Incorporated into the most recent table are rates projected generationally using Scale MP-2015 to reflect mortality improvement. Pension expense for the FNB Plan included the following components for the year ended December 31 (in thousands): 2015 Service cost during the year $ 3 Interest cost on projected benefit obligation 18 Expected return on plan assets (23) Net periodic benefit gain (2) Total recognized in net periodic benefit cost and other comprehensive income $ (2) Assumptions used to determine benefit obligations were: 2015 Discount rate 4.25% Rate of compensation increase N/A Assumptions used to determine the net periodic benefit cost were: 2015 Discount rate 4.00% Expected long-term return on plan assets 6.00 Rate of compensation increase N/A The investment strategy and investment policy for the JVB Plan is to target the plan assets to contain 60% equity and 40% fixed income securities. The asset allocation as of December 31, 2016 was approximately 33% fixed income securities, 66% equities and 1% cash equivalents in the JVB Plan. Future expected benefit payments (in thousands): 2017 2018 2019 2020 2021 2022-2026 Estimated future benefit payments $ 671 $ 712 $ 797 $ 813 $ 827 $ 4,338 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, 201 6, a liability of $ 214,000 was recorded to satisfy this obligation, and was credited to employees’ accounts by January 31, 201 7 . This liability at December 31, 201 5 totaled $ 192,000 and was credited to employee accounts during 201 6 . Expense incurred under this plan was $ 211,000 , $ 192,000 and $ 180,000 in 201 6 , 201 5 and 201 4 , respectively. The Defined Contribution Plan also include s an employer matching contribution for employees that elect to defer compensation into this program. The matching contribution in 201 6, 2015 and 201 4 was $179,000 , $162,000 and $147,000 , respectively. 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 3,764 shares issued in 2016, 3,242 shares issued in 2015 and 3,497 shares issued in 2014 under this plan. At December 31, 2016, there were 177,054 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, 201 6 and 201 5 , the present value of the future liability associated with these plans was $ 323, 000 and $ 392,000 , respectively. For the years ended December 31, 201 6 , 201 5 and 2014, $ 30, 000 , $ 34,000 and $ 39,000 , 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 9. 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, 2016 and 2015, the present value of the future liability was $ 1,570, 000 and $ 1,504,000 , respectively. For the years ended December 31, 2016, 2015 and 2014, $ 32, 000 , $ 30,000 and $ 33,000 , 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 9. Salary Continuation Plans The Company has non- qualified salary continuation plans for key employees. At December 31, 2016 and 2015, the present value of the future liability was $ 1,251, 000 and $ 1,178,000 , respectively. For the years ended December 31, 2016, 2015 and 2014, $ 185, 000 , $ 119,000 and $ 118,000 , 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 9. |
Financial Instruments with Off-
Financial Instruments with Off-Balance Sheet Risk | 12 Months Ended |
Dec. 31, 2016 | |
Financial Instruments with off-Balance Sheet Risk [Abstract] | |
Financial Instruments with Off-Balance Sheet Risk | 22 . 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, 2016 2015 Commitments to grant loans $ 56,095 $ 42,619 Unfunded commitments under lines of credit 3,889 4,661 Outstanding letters of credit 2,300 2,586 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, 2016 and 2015 for guarantees under letters of credit issued is not material. The maximum undiscounted exposure related to these guarantees at December 31, 2016 was $ 2,300,000 , and the approximate value of underlying collateral upon liquidation that would be expected to cover this maximum potential exposure was $11,851,000 . |
Related-Party Transactions
Related-Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Related-Party Transactions [Abstract] | |
Related-Party Transactions | 23 . 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 $ 6,443, 000 and $ 4,749,000 at December 31, 2016 and 2015, respectively. During 2016, $ 12,273, 000 of new loans were made and repayments totaled $ 10,579, 000 . None of these loans were past due, in non-accrual status or restructured at December 31, 201 6 or 201 5 . |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingent Liabilities [Abstract] | |
Commitments and Contingent Liabilities | 24 . 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 p ercent 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 $475,000 at December 31, 2016. 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, 2016. 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 $10,000,000 . As of December 31, 2016, $5,978,000 remains to be delivered on that commitment, of which $112,000 has been committed to borrowers. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | 25 . Subsequent Events In January 201 7 , the Board of Directors declared a dividend of $0.22 per share to shareholders of record on February 15 , payable on March 1, 2017 . |
Juniata Valley Financial Corp.
Juniata Valley Financial Corp. (Parent Company Only) | 12 Months Ended |
Dec. 31, 2016 | |
Juniata Valley Financial Corp. (Parent Company Only) [Abstract] | |
Juniata Valley Financial Corp. (Parent Company Only) | 2 6 . Juniata Valley Financial Corp. (Parent Company Only) Financial information: CONDENSED BALANCE SHEETS (in thousands) December 31, 2016 2015 ASSETS Cash and cash equivalents $ 96 $ 89 Investment in bank subsidiary 52,674 54,279 Investment in unconsolidated subsidiary 4,703 4,553 Investment securities available for sale 1,841 1,399 Other assets 469 143 TOTAL ASSETS $ 59,783 $ 60,463 LIABILITIES Accounts payable and other liabilities $ 693 $ 501 STOCKHOLDERS' EQUITY 59,090 59,962 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 59,783 $ 60,463 CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (in thousands) Years Ended December 31, 2016 2015 2014 INCOME Interest and dividends on investment securities available for sale $ 59 $ 34 $ 32 Dividends from bank subsidiary 5,624 3,900 3,691 Income from unconsolidated subsidiary 222 238 236 Gain on sale of securities 166 19 - Other non-interest income - 1 1 TOTAL INCOME 6,071 4,192 3,960 EXPENSE Merger-related expenses 66 279 - Other non-interest expense 157 131 132 TOTAL EXPENSE 223 410 132 INCOME BEFORE INCOME TAXES AND EQUITY IN UNDISTRIBUTED NET INCOME OF SUBSIDIARY 5,848 3,782 3,828 Income tax expense 47 27 25 5,801 3,755 3,803 Undistributed net income (loss) of subsidiary (645) (697) 413 NET INCOME $ 5,156 $ 3,058 $ 4,216 COMPREHENSIVE INCOME $ 4,150 $ 3,052 $ 3,678 CONDENSED STATEMENTS OF CASH FLOWS (in thousands) Years Ended December 31, 2016 2015 2014 Cash flows from operating activities: Net income $ 5,156 $ 3,058 $ 4,216 Adjustments to reconcile net income to net cash provided by operating activities: Undistributed net loss (income) of subsidiary 645 697 (413) Realized gains on sales of investment securities (166) (19) - Equity in earnings of unconsolidated subsidiary, net of dividends of $55 , $55 and $48 (167) (183) (188) Stock-based compensation expense 67 57 47 Increase in other assets (413) (112) (87) Increase in taxes payable 191 72 65 Increase (decrease) in accounts payable and other liabilities 1 14 (20) Net cash provided by operating activities 5,314 3,584 3,620 Cash flows from investing activities: Purchases of available for sale securities (470) - - Proceeds from the sale of available for sale securities 252 9 - Net cash received from acquisition - 4 - Net cash (used in) provided by investing activities (218) 13 - Cash flows from financing activities: Cash dividends (4,226) (3,687) (3,690) Purchase of treasury stock (927) (63) (222) Common stock issued for stock plans 64 110 59 Net cash used in financing activities (5,089) (3,640) (3,853) Net increase (decrease) in cash and cash equivalents 7 (43) (233) Cash and cash equivalents at beginning of year 89 132 365 Cash and cash equivalents at end of year $ 96 $ 89 $ 132 |
Quarterly Results of Operations
Quarterly Results of Operations (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Results of Operations (Unaudited) [Abstract] | |
Quarterly Results of Operations (Unaudited) | 27 . Quarterly Results Of Operations (Unaudited) The unaudited quarterly results of operations for the years ended December 31, 201 6 and 201 5 follow (in thousands, except per-share data): 2016 Quarter ended March 31 June 30 September 30 December 31 Total interest income $ 5,187 $ 5,077 $ 5,049 $ 5,156 Total interest expense 558 546 561 603 Net interest income 4,629 4,531 4,488 4,553 Provision for loan losses 121 113 132 100 Securities gains - 128 6 84 Other income 1,179 1,217 1,565 1,239 Merger and acquisition expense 58 314 - (25) Other expense 4,082 4,172 4,330 4,247 Income before income taxes 1,547 1,277 1,597 1,554 Income tax expense 255 162 150 252 Net income $ 1,292 $ 1,115 $ 1,447 $ 1,302 Per-share data: Basic earnings $.27 $.23 $.30 $.27 Diluted earnings .27 .23 .30 .27 Cash dividends .22 .22 .22 .22 2015 Quarter ended March 31 June 30 September 30 December 31 Total interest income $ 4,226 $ 4,220 $ 4,282 $ 4,651 Total interest expense 565 496 479 502 Net interest income 3,661 3,724 3,803 4,149 Provision for loan losses 50 112 140 200 Securities gains (losses) (17) 1 19 10 Other income 1,017 1,129 1,175 1,171 Merger and acquisition expense 10 48 153 1,595 Other expense 3,594 3,573 3,549 3,677 Income before income taxes 1,007 1,121 1,155 (142) Income tax expense (benefit) 83 120 146 (266) Net income $ 924 $ 1,001 $ 1,009 $ 124 Per-share data: Basic earnings $.22 $.24 $.24 $.02 Diluted earnings .22 .24 .24 .02 Cash dividends .22 .22 .22 .22 |
Summary of Significant Accoun37
Summary of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2016 | |
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 determination of other-than-temporary impairment on securities , impairment of goodwill and the value of assets acquired and liabilities assumed in business combinations . |
Basis of Presentation | Basis of presentation Certain amounts previously reported have been reclassified to conform to the consolidated financial statement presentation for 2016 . 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 and the JVB Northern Tier regions. Note 6 discusses the types of securities in which the Company invests. Note 7 discusses the types of lending in which the Company engages. As of December 31, 2016, credit exposure to lessors of residential buildings and dwellings represented 61.6% of capital and credit exposure to lessors of non-residential buildings represented 32.6% of capital. Otherwise, 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, McKean, Potter 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 five years . |
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 had no securities classified as held to maturity at December 31, 201 6 and 201 5 . 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 201 6 , 201 5 or 201 4 . |
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, 201 6 and 201 5 , the amount of net unamortized origination fees carried as an adjustment to outstanding loan balances was $ 103,000 and $ 152,000 , 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, 201 6 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 analysis, 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. Acquired Loans Loans that Juniata acquires through business combinations are recorded at fair value with no carryover of the related allowance for loan losses. Fair value of the loans involves estimating the amount and timing of principal and interest cash flows expected to be collected on the loans and discounting those cash flows at a market rate of interest. The excess of cash flows expected at acquisition over the estimated fair value is referred to as the accretable discount and is recognized into interest income over the remaining life of the loan. The difference between contractually required payments at acquisition and the cash flows expected to be collected at acquisition is referred to as the nonaccretable discount. The nonaccretable discount includes estimated future credit losses expected to be incurred over the life of the loan. Subsequent decreases to the expected cash flows will require Juniata to evaluate the need for an additional allowance for credit losses. Subsequent improvement in expected cash flows will result in the reversal of a corresponding amount of the nonaccretable discount which Juniata will then reclassify as accretable discount that will be recognized into interest income over the remaining life of the loan. Acquired loans that met the criteria for impaired or nonaccrual of interest prior to the acquisition may be considered performing upon acquisition, regardless of whether the customer is contractually delinquent , if Juniata expects to fully collect the new carrying value (i.e. fair value) of the loans. As such, Juniata may no longer consider the loan to be nonaccrual or nonperforming and may accrue interest on these loans, including the impact of any accretable discount. In addition, charge-offs on such loans would be first applied to the nonaccretable difference portion of the fair value adjustment. Loans acquired through business combinations that do not meet the specific criteria of ASC 310-30, but for which a discount is attributable at least in part to credit quality, are also accounted for in accordance with this guidance. As a result, related discounts are recognized subsequently through accretion based on the contractual cash flows of the acquired loans. Loans Held for Sale The Company also 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. Adjustments to fair value are recorded as non-interest income and included in gain on sales of loans in the consolidated statements of income. In a business combination, the Company may acquire loans which it intends to sell. These loans are assigned a fair value by obtaining actual bids on the loans and adjusting for contingencies in the bids. These loans are carried at lower of cost or market value until sold, adjusted periodically if conditions change before the subsequent sale. Adjustments to fair value and gains or losses recognized upon sale are included in gains on sales of loans which is a component of non-interest income. 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, 2016 and 201 5 , the carrying value of other real estate owned was $638, 000 and $ 617,000 , respectively. |
Goodwill and Intangibles | Goodwill and intangibles The Company accounts for its business combinations using the purchase accounting method. Purchase accounting requires the total purchase price to be allocated to the estimated fair values of assets acquired and liabilities assumed, including certain intangible assets that must be recognized. Typically, this allocation results in the purchase price exceeding the fair value of net assets acquired, which is recorded as goodwill. Core deposit intangibles are a measure of the value of checking, money market and savings deposits acquired in business combinations accounted for under the purchase method. Core deposit intangibles and other identified intangibles with finite useful lives are amortized over their estimated useful lives. Goodwill and other intangible assets are tested for impairment annually or when circumstances arise indicating impairment may have occurred. In determining whether impairment has occurred, management considers a number of factors including, but not limited to, the market value of the Company’s stock, operating results, business plans, economic projections, anticipated future cash flows and current market data. There are inherent uncertainties related to these factors and management’s judgment in applying them to the analysis of impairment. Changes in economic and operating conditions, as well as other factors, could result in impairment in future periods. Any impairment losses arising from such testing would be reported in the Consolidated Statements of Income as a separate line item within operations. There were no impairment losses recognized as a result of periodic impairment testing in each of the three years ended December 31, 2016. |
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 $205,000 at December 31, 2016 and 2015 . 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 $21,705,000 and $21,841,000 at December 31, 2016 and 2015, 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 on a straight line basis 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 $ 949, 000 and $ 887,000 as of December 31, 201 6 and 201 5 , respectively. Related expenses for 201 6 , 201 5 and 201 4 were $ 61, 000 , $ 29,000 and $ 66,000 , 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 $3,812,000 at December 31, 201 6 and $3,368,000 at December 31, 201 5 . The partnership anticipates receiving $572,000 annually in low-income housing tax credits over ten years, which began 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 $ 243, 000 , $ 222,000 and $ 169,000 in 201 6 , 201 5 and 201 4 , 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 compensation plan for certain key officers which allows, among other stock-based compensation methods, for stock options and restricted stock awards . Prior to 2016, stock options were used exclusively for long-term compensation, but in 2016 restricted shares awards were used. Compensation expense for stock options granted and restricted stock awarded is measured using the fair value of the award on the grant date and is recognized over the vesting period. The Company recognized $ 67,000 , $ 57,000 and $47,000 of expense for the years ended December 31, 2016, 2015 and 2014, respectively, for stock-based compensation. The stock-based compensation expense amounts for stock options 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. 2015 2014 Expected life of options 7.4 years 7 years Risk-free interest rate 1.95% 2.14% Expected volatility 21.42% 21.39% Expected dividend yield 4.87% 4.83% |
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, 201 6 , 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, 2016 | |
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 |
Summary of Significant Accoun39
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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. 2015 2014 Expected life of options 7.4 years 7 years Risk-free interest rate 1.95% 2.14% Expected volatility 21.42% 21.39% Expected dividend yield 4.87% 4.83% |
Merger (Tables)
Merger (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Merger [Abstract] | |
Schedule of Purchase Price Allocation | The allocation of the purchase price is as follows, in thousands of dollars: Purchase price assigned to FNBPA common shares $ 10,637 exchanged for 607,815 Juniata common shares Purchase price assigned to FNBPA common shares exchanged for cash 2,208 Total purchase price 12,845 FNBPA net assets acquired: Tangible common equity 9,854 Adjustments to reflect assets acquired and liabilities assumed at fair value: Total fair value adjustments (523) Associated deferred income taxes 179 Fair value adjustment to net assets acquired, net of tax (344) Total FNBPA net assets acquired 9,510 Goodwill resulting from the merger $ 3,335 |
Summary of the Estimated Fair Value of the Assets Acquired and Liabilities Assumed | The following table summarizes the estimated fair value of the assets acquired and liabilities assumed, in thousands of dollars. Total purchase price $ 12,845 Net assets acquired Cash and cash equivalents 3,452 Interest-bearing time deposits 350 Investment securities 35,458 Loans 47,055 Premises and equipment 419 Accrued interest receivable 550 Core deposit and other intangibles 343 Other real estate owned 114 Other assets 763 Deposits (77,665) Accrued interest payable (13) Other liabilities (1,316) 9,510 Goodwill $ 3,335 |
Schedule of Fair Value Adjustments for Acquired Loans | The table below illustrates the fair value adjustments made to the amortized cost basis in order to present a fair value of the loans acquired , in thousands of dollars. Gross amortized cost basis at November 30, 2015 $ 47,797 Market rate adjustment (110) Credit fair value adjustment on pools of homogeneous loans (73) Credit fair value adjustment on impaired loans (559) Fair value of purchased loans at November 30, 2015 $ 47,055 |
Schedule of Acquired Impaired Loans | The information about the acquired FNBPA impaired loan portfolio as of November 30, 2015 is as follows, in thousands of dollars. Contractually required principal and interest at acquisition $ 2,488 Contractual cash flows not expected to be collected (nonaccretable discount) (1,427) Expected cash flows at acquisition 1,061 Interest component of expected cash flows (accretable discount) (157) Fair value of acquired loans $ 904 |
Merger, Pro Forma Information | The pro forma financial information does not include the impact of possible business model changes, nor does it consider any potential impacts of current market conditions or revenues, expense efficiencies or other factors. Years Ended December 31, 2015 2014 Consolidated n et interest income after loan loss provision $ 17,731 $ 17,089 Consolidated n oninterest income 4,841 4,745 Consolidated oninterest expense 17,124 18,358 Consolidated n et income 4,862 3,353 Consolidated et income per common share $ 1.01 $ 0.70 |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Securities [Abstract] | |
Securities Available for Sale | The amortized cost and fair value of securities as of December 31, 2016 and 2015, 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. December 31, 2016 Securities Available for Sale Gross Gross Amortized Fair Unrealized Unrealized Type and maturity Cost Value Gains Losses Obligations of U.S. Government agencies and corporations Within one year $ - $ - $ - $ - After one year but within five years 19,495 19,331 13 (177) After five years but within ten years 17,000 16,468 - (532) 36,495 35,799 13 (709) Obligations of state and political subdivisions Within one year 2,819 2,820 2 (1) After one year but within five years 13,268 13,240 39 (67) After five years but within ten years 10,923 10,599 16 (340) After ten years - - - - 27,010 26,659 57 (408) Mortgage-backed securities 86,670 85,702 114 (1,082) Equity securities 1,615 2,328 713 - Total $ 151,790 $ 150,488 $ 897 $ (2,199) December 31, 2015 Securities Available for Sale Gross Gross Amortized Fair Unrealized Unrealized Type and maturity Cost Value Gains Losses Obligations of U.S. Government agencies and corporations Within one year $ 1,000 $ 1,003 $ 3 $ - After one year but within five years 24,489 24,264 19 (244) After five years but within ten years 7,495 7,465 7 (37) 32,984 32,732 29 (281) Obligations of state and political subdivisions Within one year 5,756 5,771 15 - After one year but within five years 16,070 16,151 101 (20) After five years but within ten years 7,204 7,282 78 - After ten years 330 331 1 - 29,360 29,535 195 (20) Mortgage-backed securities 88,159 87,741 213 (631) Equity securities 1,692 2,319 645 (18) Total $ 152,195 $ 152,327 $ 1,082 $ (950) |
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, 2016 2015 2014 Gross proceeds from sales of securities $ 4,304 $ 53,213 $ 14,631 Securities available for sale: Gross realized gains from sold and called securities $ 139 $ 83 $ 43 Gross realized losses from sold and called securities (21) (70) (34) Gross gains from business combinations 100 - - |
Schedule of Gross Unrealized Losses and Fair Value | 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, 2016 (in thousands): Unrealized Losses at December 31, 2016 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 $ 32,783 $ (709) $ - $ - $ 32,783 $ (709) Obligations of state and political subdivisions 17,437 (406) 300 (2) 17,737 (408) Mortgage-backed securities 68,989 (1,082) - - 68,989 (1,082) Debt securities 119,209 (2,197) 300 (2) 119,509 (2,199) Total temporarily impaired securities $ 119,209 $ (2,197) $ 300 $ (2) $ 119,509 $ (2,199) 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, 2015 (in thousands): Unrealized Losses at December 31, 2015 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 $ 10,887 $ (102) $ 12,814 $ (179) $ 23,701 $ (281) Obligations of state and political subdivisions 7,469 (13) 692 (7) 8,161 (20) Mortgage-backed securities 57,454 (631) - - 57,454 (631) Debt securities 75,810 (746) 13,506 (186) 89,316 (932) Equity securities 62 (3) 75 (15) 137 (18) Total temporarily impaired securities $ 75,872 $ (749) $ 13,581 $ (201) $ 89,453 $ (950) |
Loans and Related Allowance f42
Loans and Related Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 201 6 and December 31, 201 5 (in thousands): As of December 31, 2016 Pass Special Mention Substandard Doubtful Total Commercial, financial and agricultural $ 34,510 $ 5,104 $ 1,213 $ - $ 40,827 Real estate - commercial 100,153 15,843 6,726 989 123,711 Real estate - construction 24,702 4,044 6,460 - 35,206 Real estate - mortgage 144,353 4,426 4,496 1,630 154,905 Obligations of states and political subdivisions 12,431 1,185 - 13,616 Personal 9,970 52 10 - 10,032 Total $ 326,119 $ 30,654 $ 18,905 $ 2,619 $ 378,297 As of December 31, 2015 Pass Special Mention Substandard Doubtful Total Commercial, financial and agricultural $ 30,814 $ 1,853 $ 1,504 $ - $ 34,171 Real estate - commercial 106,629 16,067 3,274 1,243 127,213 Real estate - construction 16,351 7,024 3,297 - 26,672 Real estate - mortgage 152,161 6,595 4,656 1,205 164,617 Obligations of states and political subdivisions 17,069 455 - 17,524 Personal 6,787 56 3 - 6,846 Total $ 329,811 $ 32,050 $ 12,734 $ 2,448 $ 377,043 |
Impaired Loans by Loan Portfolio Class | The following tables summarize information regarding impaired loans by portfolio class as of December 31, 201 6 and December 31, 201 5 (in thousands): As of December 31, 2016 As of December 31, 2015 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 $ 436 $ 439 $ - $ 475 $ 475 $ - Real estate - commercial 5,499 6,475 - 1,851 2,024 - Acquired with credit deterioration 641 730 - 834 893 - Real estate - construction 2,455 2,455 - - - - Real estate - mortgage 3,345 5,020 - 2,636 4,127 - Acquired with credit deterioration 415 440 - 630 642 - With an allowance recorded: Real estate - mortgage $ 712 $ 712 $ 56 $ - $ - $ - Total: Commercial, financial and agricultural $ 436 $ 439 $ - $ 475 $ 475 $ - Real estate - commercial 5,499 6,475 - 1,851 2,024 - Acquired with credit deterioration 641 730 - 834 893 - Real estate - construction 2,455 2,455 - - - - Real estate - mortgage 4,057 5,732 56 2,636 4,127 - Acquired with credit deterioration 415 440 - 630 642 - $ 13,503 $ 16,271 $ 56 $ 6,426 $ 8,161 $ - Year Ended December 31, 2016 Year Ended December 31, 2015 Year Ended December 31, 2014 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 $ 456 $ 29 $ - $ 238 $ 25 $ - $ 48 $ 1 $ 2 Real estate - commercial 3,675 331 - 2,058 45 27 2,141 62 49 Acquired with credit deterioration 738 - - 417 - - - - - Real estate - construction 1,228 136 - 168 - - 420 - - Real estate - mortgage 2,991 28 37 2,846 27 36 3,205 76 71 Acquired with credit deterioration 523 - - 53 - - - - - With an allowance recorded: Real estate - commercial - - - - - - 119 Real estate - construction - - - - - - 739 - - Real estate - mortgage 356 - - 448 - - 631 - 5 Total: Commercial, financial and agricultural 456 29 - 238 25 - 48 $ 1 $ 2 Real estate - commercial 3,675 331 - 2,058 45 27 2,260 62 49 Acquired with credit deterioration 738 - - 417 - - - - - Real estate - construction 1,228 136 - 168 - - 1,159 - - Real estate - mortgage 3,347 28 37 3,294 27 36 3,836 76 76 Acquired with credit deterioration 523 - - 53 - - - - - $ 9,967 $ 524 $ 37 $ 6,228 $ 97 $ 63 $ 7,303 $ 139 $ 127 |
Nonaccrual Loans by Classes of the Loan Portfolio | The following table presents nonaccrual loans by classes of the loan portfolio as of December 31, 2016 and December 31, 2015 (in thousands): Nonaccrual loans: December 31, 2016 December 31, 2015 Real estate - commercial $ 1,016 $ 1,286 Real estate - mortgage 3,717 2,402 Total $ 4,733 $ 3,688 |
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, 201 6 and December 31, 201 5 (in thousands): As of December 31, 2016 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 $ 15 - 6 $ 21 $ 40,806 $ 40,827 $ 6 Real estate - commercial Real estate - commercial 55 - - 55 123,015 123,070 - Acquired with credit deterioration - - 452 452 189 641 452 Real estate - construction 6 - 508 514 34,692 35,206 508 Real estate - mortgage Real estate - mortgage 1,097 57 40 1,194 153,296 154,490 40 Acquired with credit deterioration - - 138 138 277 415 138 Obligations of states and political subdivisions - - - - 13,616 13,616 - Personal 25 3 - 28 10,004 10,032 - Total $ 1,198 $ 60 $ 1,144 $ 2,402 $ 375,895 $ 378,297 $ 1,144 As of December 31, 2015 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 $ 92 - - $ 92 $ 34,079 $ 34,171 $ - Real estate - commercial Real estate - commercial 112 124 1,243 1,479 124,900 126,379 - Acquired with credit deterioration - 175 443 618 216 834 443 Real estate - construction - - - - 26,672 26,672 - Real estate - mortgage - Real estate - mortgage 1,038 761 1,669 3,468 160,519 163,987 - Acquired with credit deterioration - 61 119 180 450 630 119 Obligations of states and political subdivisions - - - - 17,524 17,524 - Personal 56 48 2 106 6,740 6,846 2 Total $ 1,298 $ 1,169 $ 3,476 $ 5,943 $ 371,100 $ 377,043 $ 564 |
Troubled Debt Restructurings on Financing Receivables | The following table summarizes information regarding troubled debt restructurings by loan portfolio class as of and for the years ended December 31, 201 6 and 201 5 , in thousands of dollars. Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Recorded Investment As of December 31, 2016 Accruing troubled debt restructurings: Real estate - mortgage 7 $ 369 $ 397 $ 340 Non-accruing troubled debt restructurings: Real estate - mortgage 1 25 25 23 8 $ 394 $ 422 $ 363 As of December 31, 2015 Accruing troubled debt restructurings: Real estate - commercial 1 $ 148 $ 148 $ 142 Real estate - mortgage 6 254 282 234 7 $ 402 $ 430 $ 376 |
Allowance for Loan Losses and Recorded Investments in Loans Receivable | The following tables summarize loans and the activity in the allowance for loan losses 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, 201 6 , 201 5 and 201 4 (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, 2016 $ 264 $ 836 $ 191 $ 1,140 $ - $ 47 $ 2,478 Charge-offs (4) (146) - (103) - (26) (279) Recoveries - 24 - 15 - 19 58 Provisions 58 234 40 91 - 43 466 Ending balance, December 31, 2016 $ 318 $ 948 $ 231 $ 1,143 $ - $ 83 $ 2,723 As of December 31, 2016 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 $ 318 $ 948 $ 231 $ 1,143 $ - $ 83 $ 2,723 evaluated for impairment individually $ - $ - $ - $ 56 $ - $ - $ 56 collectively $ 318 $ 948 $ 231 $ 1,087 $ - $ 83 $ 2,667 Loans: Ending balance $ 40,827 $ 123,711 $ 35,206 $ 154,905 $ 13,616 $ 10,032 $ 378,297 evaluated for impairment individually $ 436 $ 5,499 $ 2,455 $ 4,057 $ - $ - $ 12,447 collectively $ 40,391 $ 117,571 $ 32,751 $ 150,433 $ 13,616 $ 10,032 $ 364,794 Ending balance: loans acquired with deteriorated credit quality $ - 641 $ - $ 415 $ $ - $ 1,056 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, 2015 $ 222 $ 665 $ 155 $ 1,300 $ - $ 38 $ 2,380 Charge-offs (11) (66) (24) (305) - (9) (415) Recoveries 7 - - 1 - 3 11 Provisions 46 237 60 144 - 15 502 Ending balance, December 31, 2015 $ 264 $ 836 $ 191 $ 1,140 $ - $ 47 $ 2,478 As of December 31, 2015 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 $ 264 $ 836 $ 191 $ 1,140 $ - $ 47 $ 2,478 evaluated for impairment individually $ - $ - $ - $ - $ - $ - $ - collectively $ 264 $ 836 $ 191 $ 1,140 $ - $ 47 $ 2,478 Loans: Ending balance $ 34,171 $ 127,213 $ 26,672 $ 164,617 $ 17,524 $ 6,846 $ 377,043 evaluated for impairment individually $ 475 $ 1,851 $ - $ 2,636 $ - $ - $ 4,962 collectively $ 33,696 $ 124,528 $ 26,672 $ 161,351 $ 17,524 $ 6,846 $ 370,617 acquired with credit deterioration $ - 834 $ - $ 630 $ $ - $ 1,464 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, 2014 $ 253 $ 534 $ 212 $ 1,246 $ - $ 42 $ 2,287 Charge-offs (20) (92) (18) (125) - (20) (275) Recoveries 4 5 - - - 2 11 Provisions (15) 218 (39) 179 - 14 357 Ending balance, December 31, 2014 $ 222 $ 665 $ 155 $ 1,300 $ - $ 38 $ 2,380 As of December 31, 2014 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 $ 222 $ 665 $ 155 $ 1,300 $ - $ 38 $ 2,380 evaluated for impairment individually $ - $ - $ - $ 150 $ - $ - $ 150 collectively $ 222 $ 665 $ 155 $ 1,150 $ - $ 38 $ 2,230 Loans: Ending balance $ 23,738 $ 90,000 $ 20,713 $ 140,676 $ 15,730 $ 4,044 $ 294,901 evaluated for impairment individually $ 1 $ 2,264 $ 336 $ 3,952 $ - $ - $ 6,553 collectively $ 23,737 $ 87,736 $ 20,377 $ 136,724 $ 15,730 $ 4,044 $ 288,348 |
Restructured Loan [Member] | |
Troubled Debt Restructurings on Financing Receivables | The following table summarizes loans whose terms have been modified, resulting in troubled debt restructurings during 2016, in thousands of dollars. There were no loans whose terms have been modified resulting in troubled debt restructurings during 2015. Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Recorded Investment Year ended December 31, 2016 Accruing troubled debt restructurings: Real estate - mortgage 3 $ 189 $ 189 $ 186 3 $ 189 $ 189 $ 186 |
Bank Owned Life Insurance and43
Bank Owned Life Insurance and Annuities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 2016 and 2015 are shown below (in thousands): Life Insurance Deferred Annuities Total Balance as of January 1, 2015 $ 14,397 $ 410 $ 14,807 Earnings 321 16 337 Premiums on existing policies 41 13 54 Annuity payments received - (34) (34) Net proceeds from life insurance claim (259) - (259) Balance as of December 31, 2015 14,500 405 14,905 Earnings 309 15 324 Premiums on existing policies 40 13 53 Net proceeds from life insurance claim (651) - (651) Balance as of December 31, 2016 $ 14,198 $ 433 $ 14,631 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Premises and Equipment [Abstract] | |
Premises and Equipment | Premises and equipment consist of the following (in thousands): December 31, 2016 2015 Land $ 1,126 $ 1,126 Buildings and improvements 9,460 9,226 Furniture, computer software and equipment 5,166 4,901 15,752 15,253 Less: accumulated depreciation (8,895) (8,344) $ 6,857 $ 6,909 |
Goodwill and Other Intangible45
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Other Intangible Assets [Abstract] | |
Amortization Schedule for Intangible Assets | The following table shows the amortization schedule for each of the intangible assets recorded. FNBPA FNBPA Branch Acquisition Acquisition Acquisition Core Other Core Deposit Intangible Deposit Intangible Assets Intangible Beginning Balance at Acquisition Date $ 303 $ 40 $ 431 Amortization expense recorded prior to December 31, 2013 - - 312 Amortization expense recorded in Years ended: December 31, 2014 - - 45 December 31, 2015 4 2 45 December 31, 2016 55 20 29 Unamortized balance as of December 31, 2016 244 18 - Scheduled Amortization expense for years ended: December 31, 2017 49 18 December 31, 2018 44 - December 31, 2019 38 - December 31, 2020 33 - December 31, 2021 27 - After December 31, 2021 53 - |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Deposits [Abstract] | |
Schedule of Deposits | Deposits consist of the following (in thousands): December 31, 2016 2015 Demand, non-interest bearing $ 104,006 $ 106,667 Interest-bearing demand and money market 118,429 114,406 Savings 95,449 94,923 Time deposits, $250,000 or more 5,773 5,222 Other time deposits 132,165 135,908 $ 455,822 $ 457,126 |
Schedule of Maturities of Time Deposits | Aggregate amount of scheduled maturities of time deposits as of December 31, 201 6 include the following (in thousands): Time Deposits Maturing in: $250,000 or more Other Total Time Deposits 2017 $ 351 $ 47,907 $ 48,258 2018 862 16,390 17,252 2019 1,705 17,258 18,963 2020 513 25,416 25,929 2021 808 13,069 13,877 Later 1,534 12,125 13,659 $ 5,773 $ 132,165 $ 137,938 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Borrowings [Abstract] | |
Short Term Borrowings | Short term borrowings as of December 31, 2016, 2015 and 2014 and the related maximum amounts outstanding at the end of any month in each of the three years then ended are presented below (dollars in thousands). December 31, Maximum Outstanding at Any Month End 2016 2015 2014 2016 2015 2014 Securities sold under agreements to repurchase $ 4,496 $ 4,996 $ 4,594 $ 6,018 $ 5,106 $ 5,197 Short-term borrowings with Federal Home Loan Bank Overnight advances 27,700 30,061 9,700 32,300 35,234 9,700 Mid-term repo - - 6,250 - 6,250 6,250 $ 32,196 $ 35,057 $ 20,544 The following table presents supplemental information related to short-term borrowings (dollars in thousands). Securities sold under agreements to repurchase Short-term borrowings with Federal Home Loan Bank 2016 2015 2014 2016 2015 2014 Amount outstanding as of December 31 $ 4,496 $ 4,996 $ 4,594 $ 27,700 $ 30,061 $ 15,950 Weighted average interest rate as of December 31 0.18% 0.10% 0.10% 0.74% 0.44% 0.32% Average amount outstanding during the year 4,712 4,716 4,265 15,696 16,309 4,998 Weighted average interest rate during the year 0.11% 0.10% 0.10% 0.60% 0.38% 0.31% |
Summary of the Scheduled Maturities of Long-Term Debt | The following table summarizes the scheduled maturities of long-term debt as of December 31, 2016 (in thousands). Year Weighted Average Interest Rate 2017 $ 6,250 1.10% 2018 10,000 1.33% 2019 8,750 1.57% 2020 - 2021 - Thereafter - $ 25,000 1.36% |
Operating Lease Obligations (Ta
Operating Lease Obligations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 201 6 (in thousands): Years ending December 31, 2017 $ 145 2018 84 2019 78 2020 60 2021 63 2022 and beyond 5 Total minimum payments required $ 435 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Taxes [Abstract] | |
Components of Income Tax Expense | The components of income tax expense for the three years ended December 31 were (in thousands): 2016 2015 2014 Current tax expense $ 499 $ 149 $ 331 Deferred tax expense (benefit) 320 (66) 194 Total tax expense $ 819 $ 83 $ 525 |
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, 2016 2015 2014 Income before income taxes $ 5,975 $ 3,141 $ 4,741 Statutory tax rate 34.0% 34.0% 34.0% Federal tax at statutory rate 2,032 1,068 1,612 Tax-exempt interest (427) (391) (358) Net earnings on BOLI (84) (99) (93) Gain from life insurance proceeds (124) (34) (56) Dividend from unconsolidated subsidiary (15) (15) (13) Stock-based compensation 23 20 16 Federal tax credits (572) (570) (575) Merger and acquisition expenses - 115 - Other permanent differences (14) (11) (8) Total tax expense $ 819 $ 83 $ 525 Effective tax rate 13.7% 2.6% 11.1% |
Schedule of Deferred Tax Assets and Liabilities | The components giving rise to the net deferred tax asset are detailed below (in thousands): December 31, 2016 2015 Deferred Tax Assets Allowance for loan losses $ 413 $ 489 Deferred directors' compensation 534 511 Employee and director benefits 535 534 Qualified pension liability 847 785 Unrealized losses on securities available for sale 429 - Unrealized loss from securities impairment 106 236 Investment in low income housing project 159 96 Fair value adjustments to acquired assets and liabilities 277 493 Tax credit carryforward 209 80 Valuation reserves on other real estate owned 70 24 Other 83 80 Total deferred tax assets 3,662 3,328 Deferred Tax Liabilities Depreciation (272) (288) Equity income from unconsolidated subsidiary (645) (589) Loan origination costs (440) (412) Prepaid expense (386) (284) Unrealized gains on securities available for sale - (58) Annuity earnings (79) (73) Fair value of mortgage servicing rights (70) (70) Intangible assets (42) (67) Goodwill (479) (433) Total deferred tax liabilities (2,413) (2,274) Net deferred tax asset included in other assets $ 1,249 $ 1,054 |
Stockholders' Equity and Regu50
Stockholders' Equity and Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 as of the dates indicated (dollars in thousands). Minimum Minimum Requirement Capital Juniata Valley Financial Corp. (Consolidated) For Capital Adequacy Adequacy With Capital Actual Purposes Buffer Amount Ratio Amount Ratio Amount Ratio As of December 31, 2016: Total Capital $ 58,375 15.34% $ 30,442 8.00% $ 32,820 8.625% (to Risk Weighted Assets) Tier 1 Capital 55,331 14.54% 22,831 6.00% 25,210 6.625% (to Risk Weighted Assets) Common Equity Tier 1 Capital 55,331 14.54% 17,124 4.50% 19,502 5.125% (to Risk Weighted Assets) Tier 1 Capital 55,331 9.68% 22,872 4.00% 22,872 4.000% (to Average Assets) Leverage As of December 31, 2015: Total Capital $ 57,098 15.03% $ 30,385 8.00% N/A N/A (to Risk Weighted Assets) Tier 1 Capital 54,338 14.31% 22,789 6.00% N/A N/A (to Risk Weighted Assets) Common Equity Tier 1 Capital 54,338 14.31% 17,092 4.50% N/A N/A (to Risk Weighted Assets) Tier 1 Capital 54,338 11.23% 19,352 4.00% N/A N/A (to Average Assets) Leverage Minimum Regulatory Minimum Minimum Requirements to be Requirement Capital "Well Capitalized" The Juniata Valley Bank For Capital Adequacy under Prompt Adequacy With Capital Corrective Actual Purposes Buffer Action Provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio As of December 31, 2016: Total Capital $ 51,102 13.60% $ 30,053 8.00% $ 32,401 8.625% $ 37,566 10.00% (to Risk Weighted Assets) Tier 1 Capital 48,217 12.84% 15,026 4.00% 24,888 6.625% 30,053 8.00% (to Risk Weighted Assets) Common Equity Tier 1 Capital 48,217 12.84% 16,905 4.50% 19,253 5.125% 24,418 6.50% (to Risk Weighted Assets) Tier 1 Capital 48,217 8.39% 22,991 4.00% 22,991 4.000% 28,739 5.00% (to Average Assets) Leverage As of December 31, 2015: Total Capital $ 51,491 14.11% $ 29,186 8.00% N/A N/A $ 36,482 10.00% (to Risk Weighted Assets) Tier 1 Capital 48,861 13.39% 14,593 4.00% N/A N/A 29,186 8.00% (to Risk Weighted Assets) Common Equity Tier 1 Capital 48,861 13.39% 16,417 4.50% N/A N/A 23,713 6.50% (to Risk Weighted Assets) Tier 1 Capital 48,861 10.21% 19,146 4.00% N/A N/A 23,932 5.00% (to Average Assets) Leverage |
Calculation of Earnings Per S51
Calculation of Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 2015 2014 (Amounts, except earnings per share, in thousands) Net income $ 5,156 $ 3,058 $ 4,216 Weighted-average common shares outstanding 4,801 4,240 4,193 Basic earnings per share $ 1.07 $ 0.72 $ 1.01 Weighted-average common shares outstanding 4,801 4,240 4,193 Common stock equivalents due to effect of stock options 1 1 - Total weighted-average common shares and equivalents $ 4,802 $ 4,241 $ 4,193 Diluted earnings per share $ 1.07 $ 0.72 $ 1.01 Anti-dilutive stock options outstanding 401 103 100 |
Accumulated Other Comprehensi52
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accumulated Other Comprehensive Loss [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): 12/31/2016 12/31/2015 12/31/2014 Unrealized gains (losses) on available for sale securities $ (866) $ 96 $ 296 Unrecognized expense for defined benefit pension (2,343) (2,299) (2,493) Accumulated other comprehensive loss $ (3,209) $ (2,203) $ (2,197) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Measurement [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, 2016 and December 31, 201 5 , 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 years ended December 31, 201 6 or 201 5 . (Level 1) (Level 2) (Level 3) Quoted Prices in Significant Significant Active Markets Other Other December 31, for Identical Observable Unobservable 2016 Assets Inputs Inputs Measured at fair value on a recurring basis: Debt securities available-for-sale: Obligations of U.S. Government agencies and corporations $ 35,799 $ - $ 35,799 $ - Obligations of state and political subdivisions 26,659 - 26,659 - Mortgage-backed securities 85,702 - 85,702 - Equity securities available-for-sale 2,328 2,328 - - Measured at fair value on a non-recurring basis: Impaired loans 2,563 - - 2,563 Other real estate owned 358 - - 358 Mortgage servicing rights 205 - - 205 (Level 1) (Level 2) (Level 3) Quoted Prices in Significant Significant Active Markets Other Other December 31, for Identical Observable Unobservable 2015 Assets Inputs Inputs Measured at fair value on a recurring basis: Debt securities available-for-sale: Obligations of U.S. Government agencies and corporations $ 32,732 $ - $ 32,732 $ - Obligations of state and political subdivisions 29,535 - 29,535 - Mortgage-backed securities 87,741 - 87,741 - Equity securities available-for-sale 2,319 2,319 - - Measured at fair value on a non-recurring basis: Impaired loans 2,232 - - 2,232 Other real estate owned 150 - - 150 Mortgage servicing rights 205 - - 205 |
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 (in thousands) : December 31, 2016 Fair Value Estimate Valuation Technique Unobservable Input Range Weighted Average Impaired loans $ 2,563 Appraisal of collateral (1) Appraisal and liquidation adjustments (2) 7% - 58% 8.9% Other real estate owned 358 Appraisal of collateral (1) Appraisal and liquidation adjustments (2) 30 - 72% 46% Mortgage servicing rights 205 Multiple of annual servicing fee Estimated pre-payment speed, based on rate and term 300% - 400% 368% December 31, 2015 Fair Value Estimate Valuation Technique Unobservable Input Range Weighted Average Impaired loans $ 2,232 Appraisal of collateral (1) Appraisal and liquidation adjustments (2) 7% - 37% 16.1% Other real estate owned 150 Appraisal of collateral (1) Appraisal and liquidation adjustments (2) 32% 32% Mortgage servicing rights 205 Multiple of annual servicing fee Estimated pre-payment speed, based on rate and term 300% - 400% 364% (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) December 31, 2016 December 31, 2015 Carrying Fair Carrying Fair Financial assets: Value Value Value Value Cash and due from banks $ 9,464 $ 9,464 $ 10,385 $ 10,385 Interest bearing deposits with banks 95 95 73 73 Interest bearing time deposits with banks 350 350 350 350 Securities 150,488 150,488 152,327 152,327 Restricted investment in FHLB stock 3,610 3,610 3,509 3,509 Loans held for sale - - 1,808 1,808 Loans, net of allowance for loan losses 375,574 366,660 374,565 373,078 Mortgage servicing rights 205 205 205 205 Accrued interest receivable 1,582 1,582 1,806 1,806 Financial liabilities: Non-interest bearing deposits 104,006 104,006 106,667 106,667 Interest bearing deposits 351,816 354,628 350,459 352,859 Securities sold under agreements to repurchase 4,496 4,496 4,996 4,996 Short-term borrowings 27,700 27,700 30,061 30,061 Long-term debt 25,000 24,963 22,500 22,482 Other interest bearing liabilities 1,545 1,549 1,471 1,476 Accrued interest payable 268 268 238 238 Off-balance sheet financial instruments: Commitments to extend credit - - - - Letters of credit - - - - |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | 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, 201 6 and December 31, 201 5, in thousands . 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 December 31, 2016 Carrying Amount Fair Value Assets or Liabilities Observable Inputs Unobservable Inputs Financial instruments - Assets Interest bearing time deposits with banks $ 350 $ 350 $ - $ 350 $ - Loans, net of allowance for loan losses 375,574 366,660 - - 366,660 Financial instruments - Liabilities Interest bearing deposits 351,816 354,628 - 354,628 - Long-term debt 25,000 24,963 - 24,963 - Other interest bearing liabilities 1,545 1,549 - 1,549 - (Level 1) (Level 2) (Level 3) Quoted Prices in Active Markets Significant Significant for Identical Other Other December 31, 2015 Carrying Amount Fair Value Assets or Liabilities Observable Inputs Unobservable Inputs Financial instruments - Assets Interest bearing time deposits with banks $ 350 $ 350 $ - $ 350 $ - Loans held for sale 1,808 1,808 - 1,808 - Loans, net of allowance for loan losses 374,565 373,078 - - 373,078 Financial instruments - Liabilities Interest bearing deposits 350,459 352,859 - 352,859 - Long-term debt 22,500 22,482 - 22,482 - Other interest bearing liabilities 1,471 1,476 - 1,476 - |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Stock Option Activity | A summary of the status of the outstanding stock options as of December 31, 2016, 2015 and 2014, and changes during the years ending on those dates is presented below: 2016 2015 2014 Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Outstanding at beginning of year 142,524 $ 18.07 109,816 $ 18.13 83,930 $ 18.50 Granted - - 35,800 17.80 33,525 17.72 Exercised - - (3,092) 17.22 - - Forfeited (3,369) 22.36 - - (7,639) 20.44 Outstanding at end of year 139,155 $ 17.97 142,524 $ 18.07 109,816 $ 18.13 Options exercisable at year-end 97,584 70,920 51,396 Weighted-average fair value of of options granted during the year $ 1.90 $ 1.96 Intrinsic value of options exercised during the year $ 866 $ - Intrinsic value of options outstanding and exercisable at December 31, 2016 $ 20,017 |
Schedule of Stock Option Information by Grant Date | The following table summarizes characteristics of stock options as of December 31, 2016: Outstanding Exercisable Grant Date Exercise Price Shares Contractual Average Life (Years) Shares 10/16/2007 20.05 4,425 0.79 4,425 10/21/2008 21.10 6,100 1.80 6,100 10/20/2009 17.22 6,605 2.80 6,605 9/20/2011 17.75 13,850 4.72 13,850 3/20/2012 18.00 17,050 5.22 15,950 2/19/2013 17.65 21,800 6.14 18,160 2/18/2014 17.72 33,525 7.13 21,225 2/17/2015 17.80 35,800 8.13 11,269 139,155 97,584 |
JVB Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
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 JVB Plan’s assets at fair value as of December 31, 2016 and December 31, 2015 (in thousands). Assets included in the JVB Plan that are not valued in the hierarchy table consist of cash and cash equivalents, totaling $ 179,000 and $250,000 , at December 31, 2016 and 2015, respectively. (Level 1) (Level 2) (Level 3) Quoted Prices in Significant Other Significant Other December 31, Active Markets for Observable Unobservable 2016 Identical Assets Inputs Inputs Measured at fair value on a recurring basis: U.S. Government and agency securities $ 102 $ - $ 102 $ - Corporate bonds and notes 3,501 - 3,501 - Mutual funds Value funds 3,066 3,066 - - Blend funds 3,411 3,411 - - Growth funds 2,590 2,590 - - Money market funds 991 991 - - $ 13,661 $ 10,058 $ 3,603 $ - (Level 1) (Level 2) (Level 3) Quoted Prices in Significant Other Significant Other December 31, Active Markets for Observable Unobservable 2015 Identical Assets Inputs Inputs Measured at fair value on a recurring basis: U.S. Government and agency securities $ 325 $ - $ 325 $ - Corporate bonds and notes 4,156 - 4,156 - Mutual funds Value funds 1,878 1,878 - - Blend funds 1,433 1,433 - - Growth funds 1,500 1,500 - - Money market funds 172 172 - - $ 9,464 $ 4,983 $ 4,481 $ - |
Schedule of Net Funded Status | The measurement date for the JVB Plan is December 31. Information pertaining to the activity in the defined benefit plan is as follows (in thousands): Years ended December 31, 2016 2015 Change in projected benefit obligation (PBO) PBO at beginning of year $ 10,863 $ 11,473 Assumption of liability from FNB Plan 5,061 - Interest cost 666 450 Change in assumptions 305 (623) Actuarial loss 114 37 Benefits paid (677) (474) PBO at end of year $ 16,332 $ 10,863 Change in plan assets Fair value of plan assets at beginning of year $ 9,713 $ 10,130 Transfer of FNB Plan assets 3,903 - Actual return on plan assets, net of expenses 901 57 Benefits paid (677) (474) Fair value of plan assets at end of year $ 13,840 $ 9,713 Funded status, included in other (liabilities) assets $ (2,492) $ (1,150) Amounts recognized in accumulated comprehensive loss before income taxes consist of: Unrecognized actual loss $ (3,550) $ (3,483) Accumulated benefit obligation $ 16,332 $ 10,863 |
Components of Net Periodic Pension Cost | Pension expense for the JVB Plan included the following components for the years ended December 31 (in thousands): 2016 2015 2014 Interest cost on projected benefit obligation $ 666 $ 450 $ 426 Expected return on plan assets (795) (592) (518) Recognized net actuarial loss 248 242 40 Net periodic benefit cost 119 100 (52) Net loss (gain) 173 (52) 2,441 Amortization of net loss (248) (242) (40) Net amortization (accretion) - - - Total recognized in other comprehensive loss (income) $ (75) $ (294) $ 2,401 Total recognized in net periodic benefit cost and other comprehensive loss (income) $ 44 $ (194) $ 2,349 |
Schedule of Assumptions Used | Assumptions used to determine benefit obligations were: 2016 2015 2014 Discount rate 4.00% 4.25% 4.00% Rate of compensation increase N/A N/A N/A Assumptions used to determine the net periodic benefit cost were: 2016 2015 2014 Discount rate 4.25% 4.00% 4.75% Expected long-term return on plan assets 6.00 6.00 5.25 Rate of compensation increase N/A N/A N/A |
Schedule of Expected Benefit Payments | Future expected benefit payments (in thousands): 2017 2018 2019 2020 2021 2022-2026 Estimated future benefit payments $ 671 $ 712 $ 797 $ 813 $ 827 $ 4,338 |
FNB Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
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 FNB Plan’s assets at fair value as of December 31, 2015 (in thousands). (Level 1) (Level 2) (Level 3) Quoted Prices in Significant Other Significant Other December 31, Active Markets for Observable Unobservable 2015 Identical Assets Inputs Inputs Measured at fair value on a recurring basis: Mutual funds Aggressive growth funds $ 1,003 $ 1,003 $ - $ - Growth funds 589 589 - - Growth and income funds 1,433 1,433 - - Income 878 878 - - $ 3,903 $ 3,903 $ - $ - |
Schedule of Net Funded Status | The measurement date for the FNB Plan was December 31. Information pertaining to the activity in the defined benefit plan in 2015 is as follows (in thousands): 2015 Change in projected benefit obligation (PBO) PBO at December 1, 2015 $ 5,249 Service cost 3 Interest cost 18 Change in assumptions (87) Curtailment gain ( $108 ) net of actuarial loss $2 (106) Benefits paid (16) PBO at end of year $ 5,061 Change in plan assets Fair value of plan assets at December 1, 2015 $ 4,001 Actual return on plan assets, net of expenses (82) Benefits paid (16) Fair value of plan assets at end of year $ 3,903 Funded status, included in other (liabilities) assets $ (1,158) Accumulated benefit obligation $ 5,061 |
Components of Net Periodic Pension Cost | Pension expense for the FNB Plan included the following components for the year ended December 31 (in thousands): 2015 Service cost during the year $ 3 Interest cost on projected benefit obligation 18 Expected return on plan assets (23) Net periodic benefit gain (2) Total recognized in net periodic benefit cost and other comprehensive income $ (2) |
Schedule of Assumptions Used | Assumptions used to determine benefit obligations were: 2015 Discount rate 4.25% Rate of compensation increase N/A Assumptions used to determine the net periodic benefit cost were: 2015 Discount rate 4.00% Expected long-term return on plan assets 6.00 Rate of compensation increase N/A |
Financial Instruments with Of55
Financial Instruments with Off-Balance Sheet Risk (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Financial Instruments with off-Balance Sheet Risk [Abstract] | |
Summary of Financial Instrument Commitments | A summary of the Company’s financial instrument commitments is as follows (in thousands): December 31, 2016 2015 Commitments to grant loans $ 56,095 $ 42,619 Unfunded commitments under lines of credit 3,889 4,661 Outstanding letters of credit 2,300 2,586 |
Juniata Valley Financial Corp56
Juniata Valley Financial Corp. (Parent Company Only) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Juniata Valley Financial Corp. (Parent Company Only) [Abstract] | |
Condensed Balance Sheet | CONDENSED BALANCE SHEETS (in thousands) December 31, 2016 2015 ASSETS Cash and cash equivalents $ 96 $ 89 Investment in bank subsidiary 52,674 54,279 Investment in unconsolidated subsidiary 4,703 4,553 Investment securities available for sale 1,841 1,399 Other assets 469 143 TOTAL ASSETS $ 59,783 $ 60,463 LIABILITIES Accounts payable and other liabilities $ 693 $ 501 STOCKHOLDERS' EQUITY 59,090 59,962 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 59,783 $ 60,463 |
Condensed Income Statement | CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (in thousands) Years Ended December 31, 2016 2015 2014 INCOME Interest and dividends on investment securities available for sale $ 59 $ 34 $ 32 Dividends from bank subsidiary 5,624 3,900 3,691 Income from unconsolidated subsidiary 222 238 236 Gain on sale of securities 166 19 - Other non-interest income - 1 1 TOTAL INCOME 6,071 4,192 3,960 EXPENSE Merger-related expenses 66 279 - Other non-interest expense 157 131 132 TOTAL EXPENSE 223 410 132 INCOME BEFORE INCOME TAXES AND EQUITY IN UNDISTRIBUTED NET INCOME OF SUBSIDIARY 5,848 3,782 3,828 Income tax expense 47 27 25 5,801 3,755 3,803 Undistributed net income (loss) of subsidiary (645) (697) 413 NET INCOME $ 5,156 $ 3,058 $ 4,216 COMPREHENSIVE INCOME $ 4,150 $ 3,052 $ 3,678 |
Condensed Cash Flow Statement | CONDENSED STATEMENTS OF CASH FLOWS (in thousands) Years Ended December 31, 2016 2015 2014 Cash flows from operating activities: Net income $ 5,156 $ 3,058 $ 4,216 Adjustments to reconcile net income to net cash provided by operating activities: Undistributed net loss (income) of subsidiary 645 697 (413) Realized gains on sales of investment securities (166) (19) - Equity in earnings of unconsolidated subsidiary, net of dividends of $55 , $55 and $48 (167) (183) (188) Stock-based compensation expense 67 57 47 Increase in other assets (413) (112) (87) Increase in taxes payable 191 72 65 Increase (decrease) in accounts payable and other liabilities 1 14 (20) Net cash provided by operating activities 5,314 3,584 3,620 Cash flows from investing activities: Purchases of available for sale securities (470) - - Proceeds from the sale of available for sale securities 252 9 - Net cash received from acquisition - 4 - Net cash (used in) provided by investing activities (218) 13 - Cash flows from financing activities: Cash dividends (4,226) (3,687) (3,690) Purchase of treasury stock (927) (63) (222) Common stock issued for stock plans 64 110 59 Net cash used in financing activities (5,089) (3,640) (3,853) Net increase (decrease) in cash and cash equivalents 7 (43) (233) Cash and cash equivalents at beginning of year 89 132 365 Cash and cash equivalents at end of year $ 96 $ 89 $ 132 |
Quarterly Results of Operatio57
Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Results of Operations (Unaudited) [Abstract] | |
Schedule of Quarterly Financial Information | The unaudited quarterly results of operations for the years ended December 31, 201 6 and 201 5 follow (in thousands, except per-share data): 2016 Quarter ended March 31 June 30 September 30 December 31 Total interest income $ 5,187 $ 5,077 $ 5,049 $ 5,156 Total interest expense 558 546 561 603 Net interest income 4,629 4,531 4,488 4,553 Provision for loan losses 121 113 132 100 Securities gains - 128 6 84 Other income 1,179 1,217 1,565 1,239 Merger and acquisition expense 58 314 - (25) Other expense 4,082 4,172 4,330 4,247 Income before income taxes 1,547 1,277 1,597 1,554 Income tax expense 255 162 150 252 Net income $ 1,292 $ 1,115 $ 1,447 $ 1,302 Per-share data: Basic earnings $.27 $.23 $.30 $.27 Diluted earnings .27 .23 .30 .27 Cash dividends .22 .22 .22 .22 2015 Quarter ended March 31 June 30 September 30 December 31 Total interest income $ 4,226 $ 4,220 $ 4,282 $ 4,651 Total interest expense 565 496 479 502 Net interest income 3,661 3,724 3,803 4,149 Provision for loan losses 50 112 140 200 Securities gains (losses) (17) 1 19 10 Other income 1,017 1,129 1,175 1,171 Merger and acquisition expense 10 48 153 1,595 Other expense 3,594 3,573 3,549 3,677 Income before income taxes 1,007 1,121 1,155 (142) Income tax expense (benefit) 83 120 146 (266) Net income $ 924 $ 1,001 $ 1,009 $ 124 Per-share data: Basic earnings $.22 $.24 $.24 $.02 Diluted earnings .22 .24 .24 .02 Cash dividends .22 .22 .22 .22 |
Nature of Operations (Narrative
Nature of Operations (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2016segment | |
Nature of Operations [Abstract] | |
Number of reportable segment | 1 |
Summary of Significant Accoun59
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Summary of Significant Accounting Policies [Line Items] | |||
Concentration of credit, benchmark description | Otherwise, there were no concentrations of credit to any particular industry equaling more than 25% of total capital. | ||
Maturity of interest-bearing time deposits | 5 years | ||
Mortgage servicing rights | $ 205,000 | $ 205,000 | |
Potential effect of ASU update to income before income taxes | 713,000 | ||
Held-to-maturity securities | 0 | 0 | |
Net unamortized origination fees | $ 103,000 | 152,000 | |
Usual period of lines of credit for commercial, financial and agricultural lending | 5 years | ||
Other real estate owned | $ 638,000 | 617,000 | |
Goodwill impairment loss | 0 | 0 | $ 0 |
Mortgage banking and servicing for FHLB | 21,705,000 | 21,841,000 | |
Investment in low-income housing limited partnership | $ 3,812,000 | 3,368,000 | |
Average historical loss period | 10 years | ||
Income tax credits over ten years | $ 572,000 | ||
Income tax credits and adjustments period | 10 years | ||
Accrued benefit liability | $ 949,000 | 887,000 | |
Other postretirement benefit | 61,000 | 29,000 | 66,000 |
Advertising expense | 243,000 | 222,000 | 169,000 |
Share-based compensation expense | $ 67,000 | 57,000 | 47,000 |
Leasehold Improvements [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Estimated useful life of property and equipment, description | shorter of the assets' useful life or the related lease term | ||
Minimum [Member] | Furniture and Equipment [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Estimated useful life of property and equipment | 3 years | ||
Minimum [Member] | Building [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Estimated useful life of property and equipment | 25 years | ||
Maximum [Member] | Furniture and Equipment [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Estimated useful life of property and equipment | 10 years | ||
Maximum [Member] | Building [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Estimated useful life of property and equipment | 50 years | ||
Investment in Federal Home Loan Bank Stock [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Securities impairment charge | $ 0 | $ 0 | $ 0 |
Residential Portfolio Segment [Member] | Credit Exposure [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Percentage of capital representing credit exposure to lessors | 61.60% | ||
Residential Portfolio Segment [Member] | Mortgage Loan [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Maximum loan-to-value ratio | 80.00% | ||
Residential Portfolio Segment [Member] | Home Equity Lines of Credit [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Maximum loan-to-value ratio | 90.00% | ||
Residential Portfolio Segment [Member] | Home Equity Lines of Credit [Member] | Maximum [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Loan period for lending | 20 years | ||
Residential Portfolio Segment [Member] | Home Equity Installments [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Maximum loan-to-value ratio | 80.00% | ||
Residential Portfolio Segment [Member] | Home Equity Installments [Member] | Maximum [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Loan period for lending | 15 years | ||
Non-Residential Portfolio [Member] | Credit Exposure [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Percentage of capital representing credit exposure to lessors | 32.60% |
Summary of Significant Accoun60
Summary of Significant Accounting Policies (Disclosure of Share-based Compensation Arrangements, Assumptions Used) (Details) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Summary of Significant Accounting Policies [Abstract] | ||
Expected life of options | 7 years 4 months 24 days | 7 years |
Risk-free interest rate | 1.95% | 2.14% |
Expected volatility | 21.42% | 21.39% |
Expected dividend yield | 4.87% | 4.83% |
Merger (Narrative) (Details)
Merger (Narrative) (Details) | Dec. 01, 2015USD ($) | Nov. 30, 2015USD ($)$ / sharesshares | Sep. 08, 2006 | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Business Acquisition [Line Items] | |||||
Goodwill resulting from the merger | $ 3,402,000 | ||||
FNBPA Bancorp, Inc [Member] | |||||
Business Acquisition [Line Items] | |||||
Acquisition date | Nov. 30, 2015 | Nov. 30, 2015 | |||
Number of Juniata's share for each FNBPA share | 2.7813 | ||||
Per share price of FNBPA shares | $ / shares | $ 50.34 | ||||
Number of shares issued upon the closing of acquisition | shares | 607,815 | ||||
Fair value of shares issued for acquisition | $ 10,637,000 | ||||
Closing stock price | $ / shares | $ 17.50 | ||||
Cash paid for acquisition | $ 2,208,000 | ||||
Fair value of total consideration paid for acquisition | 12,845,000 | ||||
Goodwill resulting from the merger | 3,335,000 | 3,402,000 | |||
Goodwill adjustment | $ 67,000 | ||||
Core deposit intangible assets acquired | $ 343,000 | ||||
Intangible assets amortization period | 10 years | ||||
Core deposit intangible amortization expense | $ 49,000 | ||||
Intangible assets amortization expense, year two | 44,000 | ||||
Intangible assets amortization expense, year three | 38,000 | ||||
Intangible assets amortization expense, year four | 33,000 | ||||
Intangible assets amortization expense, year five | 27,000 | ||||
Intangible assets amortization expense, after year 2021 | 53,000 | ||||
Gross amortized cost basis | 47,797,000 | ||||
Merger related costs | $ 1,637,000 | ||||
Amount of total revenue | $ 242,000 | $ 61,000 |
Merger (Schedule of Purchase Pr
Merger (Schedule of Purchase Price Allocation) (Details) - USD ($) | Nov. 30, 2015 | Dec. 31, 2016 |
Adjustments to reflect assets acquired and liabilities assumed at fair value: | ||
Goodwill resulting from the merger | $ 3,402,000 | |
FNBPA Bancorp, Inc [Member] | ||
Business Acquisition [Line Items] | ||
Purchase price assigned to FNBPA common shares exchanged for 607,815 Juniata common shares | $ 10,637,000 | |
Purchase price assigned to FNBPA common shares exchanged for cash | 2,208,000 | |
Total purchase price | 12,845,000 | |
FNBPA net assets acquired: | ||
Tangible common equity | 9,854,000 | |
Adjustments to reflect assets acquired and liabilities assumed at fair value: | ||
Total fair value adjustments | (523,000) | |
Associated deferred income taxes | 179,000 | |
Fair value adjustment to net assets acquired, net of tax | (344,000) | |
Total FNBPA net assets acquired | 9,510,000 | |
Goodwill resulting from the merger | $ 3,335,000 | $ 3,402,000 |
Merger (Summary of the Estimate
Merger (Summary of the Estimated Fair Value of the Assets Acquired and Liabilities Assumed) (Details) - USD ($) | Nov. 30, 2015 | Dec. 31, 2016 |
FNBPA net assets acquired: | ||
Goodwill resulting from the merger | $ 3,402,000 | |
FNBPA Bancorp, Inc [Member] | ||
Business Acquisition [Line Items] | ||
Total purchase price | $ 12,845,000 | |
FNBPA net assets acquired: | ||
Cash and cash equivalents | 3,452,000 | |
Interest-bearing time deposits | 350,000 | |
Investment securities | 35,458,000 | |
Loans | 47,055,000 | |
Premises and equipment | 419,000 | |
Accrued interest receivable | 550,000 | |
Core deposit and other intangibles | 343,000 | |
Other real estate owned | 114,000 | |
Other assets | 763,000 | |
Deposits | (77,665,000) | |
Accrued interest payable | (13,000) | |
Other liabilities | (1,316,000) | |
Total FNBPA net assets acquired | 9,510,000 | |
Goodwill resulting from the merger | $ 3,335,000 | $ 3,402,000 |
Merger (Schedule of Fair Value
Merger (Schedule of Fair Value Adjustments for Acquired Loans) (Details) - FNBPA Bancorp, Inc [Member] $ in Thousands | Nov. 30, 2015USD ($) |
Business Acquisition [Line Items] | |
Gross amortized cost basis at November 30, 2015 | $ 47,797 |
Market rate adjustment | (110) |
Credit fair value adjustment on pools of homogeneous loans | (73) |
Credit fair value adjustment on impaired loans | (559) |
Fair value of purchased loans at November 30, 2015 | $ 47,055 |
Merger (Schedule of Acquired Im
Merger (Schedule of Acquired Impaired Loans) (Details) - FNBPA Bancorp, Inc [Member] $ in Thousands | Nov. 30, 2015USD ($) |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |
Contractually required principal and interest at acquisition | $ 2,488 |
Contractual cash flows not expected to be collected (nonaccretable discount) | (1,427) |
Expected cash flows at acquisition | 1,061 |
Interest component of expected cash flows (accretable discount | (157) |
Fair value of acquired loans | $ 904 |
Merger (Merger, Pro Forma Infor
Merger (Merger, Pro Forma Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Merger [Abstract] | ||
Consolidated net interest income after loan loss provision | $ 17,731 | $ 17,089 |
Consolidated noninterest income | 4,841 | 4,745 |
Consolidated noninterest expense | 17,124 | 18,358 |
Consolidated net income | $ 4,862 | $ 3,353 |
Consolidated net income per common share | $ 1.01 | $ 0.70 |
Securities (Narrative) (Details
Securities (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2016USD ($)security | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Schedule of Available-for-sale Securities [Line Items] | |||
Carrying value of pledged assets | $ 36,638,000 | $ 45,101,000 | |
Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | $ 2,000 | 201,000 | |
Available-for-sale, securities in unrealized loss positions | Management has identified no other-than-temporary impairment as of, or for the years ended, December 31, 2016, 2015 and 2014 in the equity portfolio | ||
Equity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Investment portfolio percentage | 1.00% | ||
Securities in unrealized loss position | security | 1 | ||
Other than temporary impairment | $ 0 | 0 | $ 0 |
Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 15,000 | ||
Equity Securities [Member] | Maximum [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 1,000 | ||
Debt securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | $ 2,000 | 186,000 | |
Obligations of U.S. Government Agencies and Corporations [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Securities in unrealized loss position | security | 21 | ||
Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 179,000 | ||
Obligations of U.S. Government Agencies and Corporations [Member] | Maximum [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Percentage of securities depreciated from their amortized cost basis | 1.00% | ||
Obligations of State and Political Subdivisions [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Investment portfolio percentage | 18.00% | ||
Securities in unrealized loss position | security | 38 | ||
Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | $ 2,000 | $ 7,000 | |
Securities in unrealized loss positions for 12 months or more | security | 1 | ||
Obligations of State and Political Subdivisions [Member] | Maximum [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Percentage of securities depreciated from their amortized cost basis | 1.00% | ||
U.S. Government Sponsored Agencies [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Investment portfolio percentage | 24.00% | ||
Mortgage-Backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Investment portfolio percentage | 57.00% | ||
Securities in unrealized loss position | security | 34 | ||
Available-for-sale, securities in unrealized loss positions | 0 | ||
Mortgage-Backed Securities [Member] | Maximum [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Percentage of securities depreciated from their amortized cost basis | 1.00% | ||
Municipal Bonds [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Debt instrument term | 5 years |
Securities (Securities Availabl
Securities (Securities Available for Sale) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost of AFS Securities, Total | $ 151,790 | $ 152,195 |
Fair Value of AFS Securities, Total | 150,488 | 152,327 |
Gross Unrealized Gains on AFS Securities, Total | 897 | 1,082 |
Gross Unrealized Losses on AFS Securities, Total | (2,199) | (950) |
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 | 1,000 | |
Amortized Cost of AFS Securities Maturing After One Year But Within Five Years | 19,495 | 24,489 |
Amortized Cost of AFS Securities Maturing After Five Years But Within Ten Years | 17,000 | 7,495 |
Amortized Cost of AFS Securities, Total | 36,495 | 32,984 |
Fair Value of AFS Securities Maturing Within One Year | 1,003 | |
Fair Value of AFS Securities Maturing After One Year But Within Five Years | 19,331 | 24,264 |
Fair Value of AFS Securities Maturing After Five Years But Within Ten Years | 16,468 | 7,465 |
Fair Value of AFS Securities, Total | 35,799 | 32,732 |
Gross Unrealized Gains on AFS Securities Maturing Within One Year | 3 | |
Gross Unrealized Gains on AFS Securities Maturing After One Year But Within Five Years | 13 | 19 |
Gross Unrealized Gains on AFS Securities Maturing After Five Years But Within Ten Years | 7 | |
Gross Unrealized Gains on AFS Securities, Total | 13 | 29 |
Gross Unrealized Losses on AFS Securities Maturing After One Year But Within Five Years | (177) | (244) |
Gross Unrealized Losses on AFS Securities Maturing After Five Years But Within Ten Years | (532) | (37) |
Gross Unrealized Losses on AFS Securities, Total | (709) | (281) |
Obligations of State and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost of AFS Securities Maturing Within One Year | 2,819 | 5,756 |
Amortized Cost of AFS Securities Maturing After One Year But Within Five Years | 13,268 | 16,070 |
Amortized Cost of AFS Securities Maturing After Five Years But Within Ten Years | 10,923 | 7,204 |
Amortized Cost of AFS Securities Maturing After Ten Years | 330 | |
Amortized Cost of AFS Securities, Total | 27,010 | 29,360 |
Fair Value of AFS Securities Maturing Within One Year | 2,820 | 5,771 |
Fair Value of AFS Securities Maturing After One Year But Within Five Years | 13,240 | 16,151 |
Fair Value of AFS Securities Maturing After Five Years But Within Ten Years | 10,599 | 7,282 |
Fair Value of AFS Securities Maturing After Ten Years | 331 | |
Fair Value of AFS Securities, Total | 26,659 | 29,535 |
Gross Unrealized Gains on AFS Securities Maturing Within One Year | 2 | 15 |
Gross Unrealized Gains on AFS Securities Maturing After One Year But Within Five Years | 39 | 101 |
Gross Unrealized Gains on AFS Securities Maturing After Five Years But Within Ten Years | 16 | 78 |
Gross Unrealized Gains on AFS Securities Maturing After Ten Years | 1 | |
Gross Unrealized Gains on AFS Securities, Total | 57 | 195 |
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 | (67) | (20) |
Gross Unrealized Losses on AFS Securities Maturing After Five Years But Within Ten Years | (340) | |
Gross Unrealized Losses on AFS Securities, Total | (408) | (20) |
Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost of AFS Securities Without Single Maturity Date | 86,670 | 88,159 |
Fair Value of AFS Securities, Total | 85,702 | 87,741 |
Fair Value of AFS Securities Without Single Maturity Date | 85,702 | 87,741 |
Gross Unrealized Gains on AFS Securities Without Single Maturity Date | 114 | 213 |
Gross Unrealized Losses on AFS Securities Without Single Maturity Date | (1,082) | (631) |
Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost of AFS Securities Without Single Maturity Date | 1,615 | 1,692 |
Fair Value of AFS Securities, Total | 2,328 | 2,319 |
Fair Value of AFS Securities Without Single Maturity Date | 2,328 | 2,319 |
Gross Unrealized Gains on AFS Securities Without Single Maturity Date | 713 | 645 |
Gross Unrealized Losses on AFS Securities Without Single Maturity Date | (18) | |
Parent Company [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value of AFS Securities, Total | $ 1,841 | $ 1,399 |
Securities (Summary of Proceeds
Securities (Summary of Proceeds and Realized Gain/(Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Securities [Abstract] | |||
Gross proceeds from sales of securities | $ 4,304 | $ 53,213 | $ 14,631 |
Gross realized gains from sold and called securities | 139 | 83 | 43 |
Gross realized losses from sold and called securities | (21) | $ (70) | $ (34) |
Gross gains from business combinations | $ 100 |
Securities (Schedule of Unreali
Securities (Schedule of Unrealized Losses) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less Than 12 Months | $ 119,209 | $ 75,872 |
Gross unrealized Losses, Less Than 12 Months | (2,197) | (749) |
Fair Value, 12 Months or More | 300 | 13,581 |
Gross Unrealized Losses, 12 Months or More | (2) | (201) |
Fair Value, Total | 119,509 | 89,453 |
Unrealized Losses, Total | (2,199) | (950) |
Obligations of U.S. Government Agencies and Corporations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 32,783 | 10,887 |
Gross unrealized Losses, Less Than 12 Months | (709) | (102) |
Fair Value, 12 Months or More | 12,814 | |
Gross Unrealized Losses, 12 Months or More | (179) | |
Fair Value, Total | 32,783 | 23,701 |
Unrealized Losses, Total | (709) | (281) |
Obligations of State and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 17,437 | 7,469 |
Gross unrealized Losses, Less Than 12 Months | (406) | (13) |
Fair Value, 12 Months or More | 300 | 692 |
Gross Unrealized Losses, 12 Months or More | (2) | (7) |
Fair Value, Total | 17,737 | 8,161 |
Unrealized Losses, Total | (408) | (20) |
Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 68,989 | 57,454 |
Gross unrealized Losses, Less Than 12 Months | (1,082) | (631) |
Fair Value, Total | 68,989 | 57,454 |
Unrealized Losses, Total | (1,082) | (631) |
Debt securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 119,209 | 75,810 |
Gross unrealized Losses, Less Than 12 Months | (2,197) | (746) |
Fair Value, 12 Months or More | 300 | 13,506 |
Gross Unrealized Losses, 12 Months or More | (2) | (186) |
Fair Value, Total | 119,509 | 89,316 |
Unrealized Losses, Total | $ (2,199) | (932) |
Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 62 | |
Gross unrealized Losses, Less Than 12 Months | (3) | |
Fair Value, 12 Months or More | 75 | |
Gross Unrealized Losses, 12 Months or More | (15) | |
Fair Value, Total | 137 | |
Unrealized Losses, Total | $ (18) |
Loans and Related Allowance f71
Loans and Related Allowance for Loan Losses (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2016USD ($)loan | Dec. 31, 2015USD ($)loan | Dec. 31, 2014USD ($) | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Period for loan to be nonaccrual | 90 days | ||
Interest income on nonaccrual loans | $ 281,000 | $ 239,000 | $ 382,000 |
Aggregate amount of demand deposits reclassified as loan balances | $ 39,000 | $ 146,000 | |
Number of troubled debt restructurings | loan | 8 | 7 | |
Real Estate Portfolio Segment [Member] | Mortgage Loan [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Restructured loan balance in default status | $ 44,000 | ||
Loan balance in the process of foreclosure | $ 1,778,000 | $ 382,000 |
Loans and Related Allowance f72
Loans and Related Allowance for Loan Losses (Classes of the Loan Portfolio Summarized by the Aggregate Risk Rating) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | $ 378,297 | $ 377,043 | $ 294,901 |
Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 326,119 | 329,811 | |
Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 30,654 | 32,050 | |
Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 18,905 | 12,734 | |
Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 2,619 | 2,448 | |
Commercial, Financial and Agricultural [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 40,827 | 34,171 | 23,738 |
Commercial, Financial and Agricultural [Member] | Commercial Portfolio Segment [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 34,510 | 30,814 | |
Commercial, Financial and Agricultural [Member] | Commercial Portfolio Segment [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 5,104 | 1,853 | |
Commercial, Financial and Agricultural [Member] | Commercial Portfolio Segment [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,213 | 1,504 | |
Commercial Loan [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 90,000 | ||
Commercial Loan [Member] | Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 123,711 | 127,213 | |
Commercial Loan [Member] | Real Estate Portfolio Segment [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 100,153 | 106,629 | |
Commercial Loan [Member] | Real Estate Portfolio Segment [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 15,843 | 16,067 | |
Commercial Loan [Member] | Real Estate Portfolio Segment [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 6,726 | 3,274 | |
Commercial Loan [Member] | Real Estate Portfolio Segment [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 989 | 1,243 | |
Construction Loan [Member] | Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 35,206 | 26,672 | 20,713 |
Construction Loan [Member] | Real Estate Portfolio Segment [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 24,702 | 16,351 | |
Construction Loan [Member] | Real Estate Portfolio Segment [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 4,044 | 7,024 | |
Construction Loan [Member] | Real Estate Portfolio Segment [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 6,460 | 3,297 | |
Mortgage Loan [Member] | Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 154,905 | 164,617 | 140,676 |
Mortgage Loan [Member] | Real Estate Portfolio Segment [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 144,353 | 152,161 | |
Mortgage Loan [Member] | Real Estate Portfolio Segment [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 4,426 | 6,595 | |
Mortgage Loan [Member] | Real Estate Portfolio Segment [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 4,496 | 4,656 | |
Mortgage Loan [Member] | Real Estate Portfolio Segment [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,630 | 1,205 | |
Obligations of State and Political Subdivisions [Member] | Unallocated Financing Receivables [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 13,616 | 17,524 | 15,730 |
Obligations of State and Political Subdivisions [Member] | Unallocated Financing Receivables [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 12,431 | 17,069 | |
Obligations of State and Political Subdivisions [Member] | Unallocated Financing Receivables [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,185 | 455 | |
Personal Loan [Member] | Consumer Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 10,032 | 6,846 | $ 4,044 |
Personal Loan [Member] | Consumer Portfolio Segment [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 9,970 | 6,787 | |
Personal Loan [Member] | Consumer Portfolio Segment [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 52 | 56 | |
Personal Loan [Member] | Consumer Portfolio Segment [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | $ 10 | $ 3 |
Loans and Related Allowance f73
Loans and Related Allowance for Loan Losses (Impaired Loans by Loan Portfolio Class) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, Total | $ 13,503 | $ 6,426 |
Unpaid Principal Balance, Total | 16,271 | 8,161 |
Related Allowance, Total | 56 | |
Commercial, Financial and Agricultural [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with No Allowance: Recorded Investment | 436 | 475 |
Impaired Loans with No Allowance: Unpaid Principal Balance | 439 | 475 |
Recorded Investment, Total | 436 | 475 |
Unpaid Principal Balance, Total | 439 | 475 |
Commercial Loan [Member] | Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with No Allowance: Recorded Investment | 5,499 | 1,851 |
Impaired Loans with No Allowance: Unpaid Principal Balance | 6,475 | 2,024 |
Recorded Investment, Total | 5,499 | 1,851 |
Unpaid Principal Balance, Total | 6,475 | 2,024 |
Commercial Loan [Member] | Real Estate Portfolio Segment [Member] | Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with No Allowance: Recorded Investment | 641 | 834 |
Impaired Loans with No Allowance: Unpaid Principal Balance | 730 | 893 |
Construction Loan [Member] | Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with No Allowance: Recorded Investment | 2,455 | |
Impaired Loans with No Allowance: Unpaid Principal Balance | 2,455 | |
Recorded Investment, Total | 2,455 | |
Unpaid Principal Balance, Total | 2,455 | |
Mortgage Loan [Member] | Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with No Allowance: Recorded Investment | 3,345 | 2,636 |
Impaired Loans with No Allowance: Unpaid Principal Balance | 5,020 | 4,127 |
Impaired Loans with Allowance: Recorded Investment | 712 | |
Impaired Loans with Allowance: Unpaid Principal Balance | 712 | |
Impaired Loans with Allowance: Related Allowance | 56 | |
Recorded Investment, Total | 4,057 | 2,636 |
Unpaid Principal Balance, Total | 5,732 | 4,127 |
Related Allowance, Total | 56 | |
Mortgage Loan [Member] | Real Estate Portfolio Segment [Member] | Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with No Allowance: Recorded Investment | 415 | 630 |
Impaired Loans with No Allowance: Unpaid Principal Balance | 440 | 642 |
Recorded Investment, Total | 415 | 630 |
Unpaid Principal Balance, Total | $ 440 | $ 642 |
Loans and Related Allowance f74
Loans and Related Allowance for Loan Losses (Impaired Loans and Related Interest Income by Loan Portfolio Class) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment, Total | $ 9,967 | $ 6,228 | $ 7,303 |
Interest Income Recognized, Total | 524 | 97 | 139 |
Cash Basis Interest Income, Total | 37 | 63 | 127 |
Commercial, Financial and Agricultural [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Loans with No Allowance: Average Recorded Investment | 456 | 238 | 48 |
Impaired Loans with No Allowance: Interest Income Recognized | 29 | 25 | 1 |
Impaired Loans with No Allowance: Cash Basis Interest Income | 2 | ||
Average Recorded Investment, Total | 456 | 238 | 48 |
Interest Income Recognized, Total | 29 | 25 | 1 |
Cash Basis Interest Income, Total | 2 | ||
Commercial Loan [Member] | Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Loans with No Allowance: Average Recorded Investment | 3,675 | 2,058 | 2,141 |
Impaired Loans with No Allowance: Interest Income Recognized | 331 | 45 | 62 |
Impaired Loans with No Allowance: Cash Basis Interest Income | 27 | 49 | |
Impaired Loans with Allowance: Average Recorded Investment | 119 | ||
Average Recorded Investment, Total | 3,675 | 2,058 | 2,260 |
Interest Income Recognized, Total | 331 | 45 | 62 |
Cash Basis Interest Income, Total | 27 | 49 | |
Construction Loan [Member] | Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Loans with No Allowance: Average Recorded Investment | 1,228 | 168 | 420 |
Impaired Loans with No Allowance: Interest Income Recognized | 136 | ||
Impaired Loans with Allowance: Average Recorded Investment | 739 | ||
Average Recorded Investment, Total | 1,228 | 168 | 1,159 |
Interest Income Recognized, Total | 136 | ||
Mortgage Loan [Member] | Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Loans with No Allowance: Average Recorded Investment | 2,991 | 2,846 | 3,205 |
Impaired Loans with No Allowance: Interest Income Recognized | 28 | 27 | 76 |
Impaired Loans with No Allowance: Cash Basis Interest Income | 37 | 36 | 71 |
Impaired Loans with Allowance: Average Recorded Investment | 356 | 448 | 631 |
Impaired Loans with Allowance: Cash Basis Interest Income | 5 | ||
Average Recorded Investment, Total | 3,347 | 3,294 | 3,836 |
Interest Income Recognized, Total | 28 | 27 | 76 |
Cash Basis Interest Income, Total | 37 | 36 | $ 76 |
Acquired with Credit Deterioration [Member] | Commercial Loan [Member] | Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment, Total | 738 | 417 | |
Acquired with Credit Deterioration [Member] | Construction Loan [Member] | Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Loans with No Allowance: Average Recorded Investment | 738 | 417 | |
Acquired with Credit Deterioration [Member] | Mortgage Loan [Member] | Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Loans with No Allowance: Average Recorded Investment | 523 | 53 | |
Average Recorded Investment, Total | $ 523 | $ 53 |
Loans and Related Allowance f75
Loans and Related Allowance for Loan Losses (Nonaccrual Loans by Classes of the Loan Portfolio) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Impaired [Line Items] | ||
Financing receivable, recorded investment, nonaccrual status | $ 4,733 | $ 3,688 |
Commercial Loan [Member] | Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing receivable, recorded investment, nonaccrual status | 1,016 | 1,286 |
Mortgage Loan [Member] | Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing receivable, recorded investment, nonaccrual status | $ 3,717 | $ 2,402 |
Loans and Related Allowance f76
Loans and Related Allowance for Loan Losses (Loan Portfolio Summarized by the Past Due Status) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | $ 2,402 | $ 5,943 | |
Current | 375,895 | 371,100 | |
Total loans | 378,297 | 377,043 | $ 294,901 |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 1,144 | 564 | |
Acquired with Credit Deterioration [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 1,056 | ||
30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,198 | 1,298 | |
60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 60 | 1,169 | |
Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,144 | 3,476 | |
Commercial, Financial and Agricultural [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 21 | 92 | |
Current | 40,806 | 34,079 | |
Total loans | 40,827 | 34,171 | 23,738 |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 6 | ||
Commercial, Financial and Agricultural [Member] | Commercial Portfolio Segment [Member] | 30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 15 | 92 | |
Commercial, Financial and Agricultural [Member] | Commercial Portfolio Segment [Member] | Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 6 | ||
Commercial Loan [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 90,000 | ||
Commercial Loan [Member] | Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 123,711 | 127,213 | |
Commercial Loan [Member] | Real Estate Portfolio Segment [Member] | Acquired with Credit Deterioration [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 452 | 618 | |
Current | 189 | 216 | |
Total loans | 641 | 834 | |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 452 | 443 | |
Commercial Loan [Member] | Real Estate Portfolio Segment [Member] | Acquired Without Deteriorated Credit Quality [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 55 | 1,479 | |
Current | 123,015 | 124,900 | |
Total loans | 123,070 | 126,379 | |
Commercial Loan [Member] | Real Estate Portfolio Segment [Member] | 30-59 Days Past Due [Member] | Acquired Without Deteriorated Credit Quality [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 55 | 112 | |
Commercial Loan [Member] | Real Estate Portfolio Segment [Member] | 60-89 Days Past Due [Member] | Acquired with Credit Deterioration [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 175 | ||
Commercial Loan [Member] | Real Estate Portfolio Segment [Member] | 60-89 Days Past Due [Member] | Acquired Without Deteriorated Credit Quality [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 124 | ||
Commercial Loan [Member] | Real Estate Portfolio Segment [Member] | Greater than 90 Days Past Due [Member] | Acquired with Credit Deterioration [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 452 | 443 | |
Commercial Loan [Member] | Real Estate Portfolio Segment [Member] | Greater than 90 Days Past Due [Member] | Acquired Without Deteriorated Credit Quality [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,243 | ||
Construction Loan [Member] | Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 514 | ||
Current | 34,692 | 26,672 | |
Total loans | 35,206 | 26,672 | 20,713 |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 508 | ||
Construction Loan [Member] | Real Estate Portfolio Segment [Member] | 30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 6 | ||
Construction Loan [Member] | Real Estate Portfolio Segment [Member] | Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 508 | ||
Mortgage Loan [Member] | Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 154,905 | 164,617 | 140,676 |
Mortgage Loan [Member] | Real Estate Portfolio Segment [Member] | Acquired with Credit Deterioration [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 138 | 180 | |
Current | 277 | 450 | |
Total loans | 415 | 630 | |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 138 | 119 | |
Mortgage Loan [Member] | Real Estate Portfolio Segment [Member] | Acquired Without Deteriorated Credit Quality [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,194 | 3,468 | |
Current | 153,296 | 160,519 | |
Total loans | 154,490 | 163,987 | |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 40 | ||
Mortgage Loan [Member] | Real Estate Portfolio Segment [Member] | 30-59 Days Past Due [Member] | Acquired Without Deteriorated Credit Quality [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,097 | 1,038 | |
Mortgage Loan [Member] | Real Estate Portfolio Segment [Member] | 60-89 Days Past Due [Member] | Acquired with Credit Deterioration [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 61 | ||
Mortgage Loan [Member] | Real Estate Portfolio Segment [Member] | 60-89 Days Past Due [Member] | Acquired Without Deteriorated Credit Quality [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 57 | 761 | |
Mortgage Loan [Member] | Real Estate Portfolio Segment [Member] | Greater than 90 Days Past Due [Member] | Acquired with Credit Deterioration [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 138 | 119 | |
Mortgage Loan [Member] | Real Estate Portfolio Segment [Member] | Greater than 90 Days Past Due [Member] | Acquired Without Deteriorated Credit Quality [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 40 | 1,669 | |
Obligations of State and Political Subdivisions [Member] | Unallocated Financing Receivables [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 13,616 | 17,524 | |
Total loans | 13,616 | 17,524 | 15,730 |
Personal Loan [Member] | Consumer Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 28 | 106 | |
Current | 10,004 | 6,740 | |
Total loans | 10,032 | 6,846 | $ 4,044 |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 2 | ||
Personal Loan [Member] | Consumer Portfolio Segment [Member] | 30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 25 | 56 | |
Personal Loan [Member] | Consumer Portfolio Segment [Member] | 60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | $ 3 | 48 | |
Personal Loan [Member] | Consumer Portfolio Segment [Member] | Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | $ 2 |
Loans and Related Allowance f77
Loans and Related Allowance for Loan Losses (Troubled Debt Restructurings on Financing Receivables) (Details) contract in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($)contractloan | Dec. 31, 2015USD ($)loan | |
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | loan | 8 | 7 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 394 | $ 402 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | 422 | 430 |
Financing Receivable, Modifications, Recorded Investment | $ 363 | $ 376 |
Commercial Loan [Member] | Real Estate Portfolio Segment [Member] | Accruing Troubled Debt Restructurings [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | loan | 1 | |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 148 | |
Financing Receivable, Modifications, Post-Modification Recorded Investment | 148 | |
Financing Receivable, Modifications, Recorded Investment | $ 142 | |
Mortgage Loan [Member] | Real Estate Portfolio Segment [Member] | Accruing Troubled Debt Restructurings [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | loan | 7 | 6 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 369 | $ 254 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | 397 | 282 |
Financing Receivable, Modifications, Recorded Investment | $ 340 | $ 234 |
Mortgage Loan [Member] | Real Estate Portfolio Segment [Member] | Non-Accruing Troubled Debt Restructurings [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | loan | 1 | |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 25 | |
Financing Receivable, Modifications, Post-Modification Recorded Investment | 25 | |
Financing Receivable, Modifications, Recorded Investment | $ 23 | |
Restructured Loan [Member] | Accruing Troubled Debt Restructurings [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | contract | 3 | |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 189 | |
Financing Receivable, Modifications, Post-Modification Recorded Investment | 189 | |
Financing Receivable, Modifications, Recorded Investment | $ 186 | |
Restructured Loan [Member] | Mortgage Loan [Member] | Real Estate Portfolio Segment [Member] | Accruing Troubled Debt Restructurings [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | contract | 3 | |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 189 | |
Financing Receivable, Modifications, Post-Modification Recorded Investment | 189 | |
Financing Receivable, Modifications, Recorded Investment | $ 186 |
Loans and Related Allowance f78
Loans and Related Allowance for Loan Losses (Allowance for Loan Losses and Related Investments in Loans Receivable) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning Balance | $ 2,478 | $ 2,380 | $ 2,478 | $ 2,380 | $ 2,287 | ||||||
Charge-offs | (279) | (415) | (275) | ||||||||
Recoveries | 58 | 11 | 11 | ||||||||
Provision for loan losses | $ 100 | $ 132 | $ 113 | 121 | $ 200 | $ 140 | $ 112 | 50 | 466 | 502 | 357 |
Allowance for loan losses: Ending balance | 2,723 | 2,478 | 2,723 | 2,478 | 2,380 | ||||||
Ending balance: individually evaluated for impairment | 56 | 56 | 150 | ||||||||
Ending balance: collectively evaluated for impairment | 2,667 | 2,478 | 2,667 | 2,478 | 2,230 | ||||||
Loans: Ending Balance | 378,297 | 377,043 | 378,297 | 377,043 | 294,901 | ||||||
Ending balance: individually evaluated for impairment | 12,447 | 4,962 | 12,447 | 4,962 | 6,553 | ||||||
Ending balance: collectively evaluated for impairment | 364,794 | 370,617 | 364,794 | 370,617 | 288,348 | ||||||
Commercial, Financial and Agricultural [Member] | Commercial Portfolio Segment [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning Balance | 264 | 222 | 264 | 222 | 253 | ||||||
Charge-offs | (4) | (11) | (20) | ||||||||
Recoveries | 7 | 4 | |||||||||
Provision for loan losses | 58 | 46 | (15) | ||||||||
Allowance for loan losses: Ending balance | 318 | 264 | 318 | 264 | 222 | ||||||
Ending balance: collectively evaluated for impairment | 318 | 264 | 318 | 264 | 222 | ||||||
Loans: Ending Balance | 40,827 | 34,171 | 40,827 | 34,171 | 23,738 | ||||||
Ending balance: individually evaluated for impairment | 436 | 475 | 436 | 475 | 1 | ||||||
Ending balance: collectively evaluated for impairment | 40,391 | 33,696 | 40,391 | 33,696 | 23,737 | ||||||
Commercial Loan [Member] | Commercial Portfolio Segment [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning Balance | 665 | 665 | 534 | ||||||||
Charge-offs | (92) | ||||||||||
Recoveries | 5 | ||||||||||
Provision for loan losses | 218 | ||||||||||
Allowance for loan losses: Ending balance | 665 | ||||||||||
Ending balance: collectively evaluated for impairment | 665 | ||||||||||
Loans: Ending Balance | 90,000 | ||||||||||
Ending balance: individually evaluated for impairment | 2,264 | ||||||||||
Ending balance: collectively evaluated for impairment | 87,736 | ||||||||||
Commercial Loan [Member] | Real Estate Portfolio Segment [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning Balance | 836 | 665 | 836 | 665 | |||||||
Charge-offs | (146) | (66) | |||||||||
Recoveries | 24 | ||||||||||
Provision for loan losses | 234 | 237 | |||||||||
Allowance for loan losses: Ending balance | 948 | 836 | 948 | 836 | 665 | ||||||
Ending balance: collectively evaluated for impairment | 948 | 836 | 948 | 836 | |||||||
Loans: Ending Balance | 123,711 | 127,213 | 123,711 | 127,213 | |||||||
Ending balance: individually evaluated for impairment | 5,499 | 1,851 | 5,499 | 1,851 | |||||||
Ending balance: collectively evaluated for impairment | 117,571 | 124,528 | 117,571 | 124,528 | |||||||
Construction Loan [Member] | Real Estate Portfolio Segment [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning Balance | 191 | 155 | 191 | 155 | 212 | ||||||
Charge-offs | (24) | (18) | |||||||||
Provision for loan losses | 40 | 60 | (39) | ||||||||
Allowance for loan losses: Ending balance | 231 | 191 | 231 | 191 | 155 | ||||||
Ending balance: collectively evaluated for impairment | 231 | 191 | 231 | 191 | 155 | ||||||
Loans: Ending Balance | 35,206 | 26,672 | 35,206 | 26,672 | 20,713 | ||||||
Ending balance: individually evaluated for impairment | 2,455 | 2,455 | 336 | ||||||||
Ending balance: collectively evaluated for impairment | 32,751 | 26,672 | 32,751 | 26,672 | 20,377 | ||||||
Mortgage Loan [Member] | Real Estate Portfolio Segment [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning Balance | 1,140 | 1,300 | 1,140 | 1,300 | 1,246 | ||||||
Charge-offs | (103) | (305) | (125) | ||||||||
Recoveries | 15 | 1 | |||||||||
Provision for loan losses | 91 | 144 | 179 | ||||||||
Allowance for loan losses: Ending balance | 1,143 | 1,140 | 1,143 | 1,140 | 1,300 | ||||||
Ending balance: individually evaluated for impairment | 56 | 56 | 150 | ||||||||
Ending balance: collectively evaluated for impairment | 1,087 | 1,140 | 1,087 | 1,140 | 1,150 | ||||||
Loans: Ending Balance | 154,905 | 164,617 | 154,905 | 164,617 | 140,676 | ||||||
Ending balance: individually evaluated for impairment | 4,057 | 2,636 | 4,057 | 2,636 | 3,952 | ||||||
Ending balance: collectively evaluated for impairment | 150,433 | 161,351 | 150,433 | 161,351 | 136,724 | ||||||
Obligations of State and Political Subdivisions [Member] | Unallocated Financing Receivables [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Loans: Ending Balance | 13,616 | 17,524 | 13,616 | 17,524 | 15,730 | ||||||
Ending balance: collectively evaluated for impairment | 13,616 | 17,524 | 13,616 | 17,524 | 15,730 | ||||||
Personal Loan [Member] | Consumer Portfolio Segment [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning Balance | $ 47 | $ 38 | 47 | 38 | 42 | ||||||
Charge-offs | (26) | (9) | (20) | ||||||||
Recoveries | 19 | 3 | 2 | ||||||||
Provision for loan losses | 43 | 15 | 14 | ||||||||
Allowance for loan losses: Ending balance | 83 | 47 | 83 | 47 | 38 | ||||||
Ending balance: collectively evaluated for impairment | 83 | 47 | 83 | 47 | 38 | ||||||
Loans: Ending Balance | 10,032 | 6,846 | 10,032 | 6,846 | 4,044 | ||||||
Ending balance: collectively evaluated for impairment | 10,032 | 6,846 | 10,032 | 6,846 | $ 4,044 | ||||||
Acquired with Credit Deterioration [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Loans: Ending Balance | 1,056 | 1,056 | |||||||||
Ending balance: individually evaluated for impairment | 1,464 | 1,464 | |||||||||
Acquired with Credit Deterioration [Member] | Commercial Loan [Member] | Real Estate Portfolio Segment [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Loans: Ending Balance | 641 | 834 | 641 | 834 | |||||||
Ending balance: individually evaluated for impairment | 834 | 834 | |||||||||
Acquired with Credit Deterioration [Member] | Mortgage Loan [Member] | Real Estate Portfolio Segment [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Loans: Ending Balance | $ 415 | 630 | $ 415 | 630 | |||||||
Ending balance: individually evaluated for impairment | $ 630 | $ 630 |
Pledged Assets (Narrative) (Det
Pledged Assets (Narrative) (Details) | Dec. 31, 2016USD ($) |
Pledged Assets [Abstract] | |
Loans pledged as collateral | $ 229,352,000 |
Loans pledged as collateral, fair value | 165,283,000 |
Securities pledged as collateral | $ 0 |
Bank Owned Life Insurance and80
Bank Owned Life Insurance and Annuities (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Bank Owned Life Insurance and Annuities [Abstract] | |||
Bank owned life insurance and annuities, cash value | $ 14,631 | $ 14,905 | $ 14,807 |
Increase in cash surrender value of bank-owned life insurance | $ (274) | $ 98 | $ 411 |
Bank Owned Life Insurance and81
Bank Owned Life Insurance and Annuities (Summary of Changes in Cash Value of BOLI and Annuities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Balance | $ 14,905 | $ 14,807 | |
Earnings | 324 | 337 | |
Premiums on existing policies | 53 | 54 | $ 60 |
Annuity payments received | (34) | (5) | |
Net proceeds from life insurance claim | (651) | (259) | |
Balance | 14,631 | 14,905 | 14,807 |
Life Insurance [Member] | |||
Balance | 14,500 | 14,397 | |
Earnings | 309 | 321 | |
Premiums on existing policies | 40 | 41 | |
Net proceeds from life insurance claim | (651) | (259) | |
Balance | 14,198 | 14,500 | 14,397 |
Deferred Annuities [Member] | |||
Balance | 405 | 410 | |
Earnings | 15 | 16 | |
Premiums on existing policies | 13 | 13 | |
Annuity payments received | (34) | ||
Balance | $ 433 | $ 405 | $ 410 |
Premises and Equipment (Narrati
Premises and Equipment (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Premises and Equipment [Abstract] | |||
Depreciation | $ 595 | $ 506 | $ 494 |
Premises and Equipment (Premise
Premises and Equipment (Premises and Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $ 15,752 | $ 15,253 |
Less: accumulated depreciation | (8,895) | (8,344) |
Premises and equipment, net | 6,857 | 6,909 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 1,126 | 1,126 |
Building and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 9,460 | 9,226 |
Furniture, Computer Software and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $ 5,166 | $ 4,901 |
Goodwill and Other Intangible84
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) | Nov. 30, 2015 | Sep. 08, 2006 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Goodwill included in purchase price of the branch | $ 3,402,000 | |||||
Intangible assets included in purchase price | 29,000 | |||||
Amortization of intangibles | 105,000 | $ 51,000 | $ 45,000 | |||
Other intangible assets | 205,000 | 205,000 | ||||
Branch Office in Richfield, PA [Member] | ||||||
Acquisition date | Sep. 8, 2006 | |||||
Goodwill included in purchase price of the branch | $ 2,046,000 | 2,046,000 | ||||
Intangible assets included in purchase price | $ 431,000 | |||||
Intangible assets amortization period | 10 years | |||||
Amortization of intangibles | $ 29,000 | 45,000 | $ 45,000 | $ 312,000 | ||
Core deposit intangible accumulated amortization | $ 402,000 | |||||
FNBPA Bancorp, Inc [Member] | ||||||
Acquisition date | Nov. 30, 2015 | Nov. 30, 2015 | ||||
Goodwill included in purchase price of the branch | $ 3,335,000 | $ 3,402,000 | ||||
Intangible assets included in purchase price | $ 303,000 | |||||
Intangible assets amortization period | 10 years | |||||
December 31, 2017 | $ 49,000 | |||||
Intangible assets amortization expense, year two | 44,000 | |||||
Intangible assets amortization expense, year three | 38,000 | |||||
Intangible assets amortization expense, year four | 33,000 | |||||
Intangible assets amortization expense, year five | 27,000 | |||||
Intangible assets amortization expense, after year 2021 | 53,000 | |||||
Other intangible assets | 40,000 | |||||
Core deposit and other intangibles | 343,000 | |||||
Core deposit intangible amortization expense | $ 49,000 | |||||
Other Intangible Assets [Member] | FNBPA Bancorp, Inc [Member] | ||||||
Intangible assets amortization period | 2 years |
Goodwill and Other Intangible85
Goodwill and Other Intangible Assets (Amortization Schedule for Intangible Assets) (Details) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Nov. 30, 2015 | Sep. 08, 2006 | |
Finite-Lived Intangible Assets [Line Items] | ||||||
Beginning Balance at Acquisition Date | $ 29,000 | |||||
Amortization of intangibles | 105,000 | $ 51,000 | $ 45,000 | |||
FNBPA Bancorp, Inc [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Beginning Balance at Acquisition Date | $ 303,000 | |||||
Scheduled Amortization expense for years ended: | ||||||
December 31, 2017 | 49,000 | |||||
December 31, 2018 | 44,000 | |||||
December 31, 2019 | 38,000 | |||||
December 31, 2020 | 33,000 | |||||
December 31, 2021 | 27,000 | |||||
After December 31, 2021 | 53,000 | |||||
FNBPA Bancorp, Inc [Member] | Core Deposits [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Beginning Balance at Acquisition Date | 303,000 | |||||
Amortization of intangibles | 55,000 | 4,000 | ||||
Unamortized balance as of December 31, 2016 | 244,000 | |||||
Scheduled Amortization expense for years ended: | ||||||
December 31, 2017 | 49,000 | |||||
December 31, 2018 | 44,000 | |||||
December 31, 2019 | 38,000 | |||||
December 31, 2020 | 33,000 | |||||
December 31, 2021 | 27,000 | |||||
After December 31, 2021 | 53,000 | |||||
FNBPA Bancorp, Inc [Member] | Other Intangible Assets [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Beginning Balance at Acquisition Date | $ 40,000 | |||||
Amortization of intangibles | 20,000 | 2,000 | ||||
Unamortized balance as of December 31, 2016 | 18,000 | |||||
Scheduled Amortization expense for years ended: | ||||||
December 31, 2017 | 18,000 | |||||
Branch Office in Richfield, PA [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Beginning Balance at Acquisition Date | $ 431,000 | |||||
Amortization of intangibles | $ 29,000 | $ 45,000 | $ 45,000 | $ 312,000 |
Investment in Unconsolidated 86
Investment in Unconsolidated Subsidiary (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Equity Method Investments [Line Items] | ||
Investment in unconsolidated subsidiary | $ 4,703 | $ 4,553 |
Liverpool Community Bank [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage of outstanding stock purchased in Liverpool Community Bank | 39.16% | |
Investment in unconsolidated subsidiary | $ 4,703 | $ 4,553 |
Deposits (Schedule of Deposits)
Deposits (Schedule of Deposits) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deposits [Abstract] | ||
Demand, non-interest bearing | $ 104,006 | $ 106,667 |
Interest-bearing demand and money market | 118,429 | 114,406 |
Savings | 95,449 | 94,923 |
Time deposits, 250,000 or more | 5,773 | 5,222 |
Other time deposits | 132,165 | 135,908 |
Total deposits | $ 455,822 | $ 457,126 |
Deposits (Schedule of Maturitie
Deposits (Schedule of Maturities of Time Deposits) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Time Deposits 250000 or More [Member] | |
2,017 | $ 351 |
2,018 | 862 |
2,019 | 1,705 |
2,020 | 513 |
2,021 | 808 |
Later | 1,534 |
Time deposits, $100,000 or more | 5,773 |
Other [Member] | |
2,017 | 47,907 |
2,018 | 16,390 |
2,019 | 17,258 |
2,020 | 25,416 |
2,021 | 13,069 |
Later | 12,125 |
Time deposits, other | 132,165 |
Certificates of Deposit [Member] | |
2,017 | 48,258 |
2,018 | 17,252 |
2,019 | 18,963 |
2,020 | 25,929 |
2,021 | 13,877 |
Later | 13,659 |
Total time deposits | $ 137,938 |
Borrowings (Narrative) (Details
Borrowings (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Short-term Debt [Line Items] | ||
Percentage of repurchase agreements collateralized by Government securities | 100.00% | |
Carrying value of pledged assets | $ 36,638 | $ 45,101 |
Maximum borrowing capacity with the Federal Home Loan Bank of Pittsburgh ("FHLB") | 165,283 | |
Amount outstanding with Federal Home Loan Bank ("FHLB") | 52,700 | |
Long-term debt | 25,000 | $ 22,500 |
Securities Sold under Agreements to Repurchase [Member] | ||
Short-term Debt [Line Items] | ||
Carrying value of pledged assets | $ 7,880 |
Borrowings (Schedule of Borrowi
Borrowings (Schedule of Borrowings) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
Short-term borrowings with Federal Home Loan Bank | $ 32,196 | $ 35,057 | $ 20,544 |
Securities Sold under Agreements to Repurchase [Member] | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
Short-term borrowings with Federal Home Loan Bank | 4,496 | 4,996 | 4,594 |
Maximum outstanding at any month end | $ 6,018 | $ 5,106 | $ 5,197 |
Weighted average interest rate as of December 31 | 0.18% | 0.10% | 0.10% |
Average amount outstanding during the year | $ 4,712 | $ 4,716 | $ 4,265 |
Weighted average interest rate during the year | 0.11% | 0.10% | 0.10% |
Overnight Advances [Member] | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
Short-term borrowings with Federal Home Loan Bank | $ 27,700 | $ 30,061 | $ 9,700 |
Maximum outstanding at any month end | 32,300 | 35,234 | 9,700 |
Mid-Term Repo [Member] | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
Short-term borrowings with Federal Home Loan Bank | 6,250 | ||
Maximum outstanding at any month end | 6,250 | 6,250 | |
Short-term borrowings with Federal Home Loan Bank [Member] | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
Short-term borrowings with Federal Home Loan Bank | $ 27,700 | $ 30,061 | $ 15,950 |
Weighted average interest rate as of December 31 | 0.74% | 0.44% | 0.32% |
Average amount outstanding during the year | $ 15,696 | $ 16,309 | $ 4,998 |
Weighted average interest rate during the year | 0.60% | 0.38% | 0.31% |
Borrowings (Summary of the Sche
Borrowings (Summary of the Scheduled Maturities of Long-Term Debt) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Year | ||
2,017 | $ 6,250 | |
2,018 | 10,000 | |
2,019 | 8,750 | |
2,020 | ||
2,021 | ||
Thereafter | ||
Long-term debt, total | $ 25,000 | $ 22,500 |
Weighted Average Interest Rate | ||
2,017 | 1.10% | |
2,018 | 1.33% | |
2,019 | 1.57% | |
2,020 | ||
2,021 | ||
Thereafter | ||
Weighted average interest rate | 1.36% |
Operating Lease Obligations (Na
Operating Lease Obligations (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Lease Obligations [Abstract] | |||
Rental expense including license fees | $ 142 | $ 127 | $ 124 |
Operating Lease Obligations (Sc
Operating Lease Obligations (Schedule of Future Minimum Rental Payments) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Operating Lease Obligations [Abstract] | |
2,017 | $ 145 |
2,018 | 84 |
2,019 | 78 |
2,020 | 60 |
2,021 | 63 |
2022 and beyond | 5 |
Total minimum payments required | $ 435 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Abstract] | |||
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 ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Abstract] | |||||||||||
Current tax (benefit) expense | $ 499 | $ 149 | $ 331 | ||||||||
Deferred tax expense (benefit) | 320 | (66) | 194 | ||||||||
Total tax expense | $ 252 | $ 150 | $ 162 | $ 255 | $ (266) | $ 146 | $ 120 | $ 83 | $ 819 | $ 83 | $ 525 |
Income Taxes (Effective Income
Income Taxes (Effective Income Tax Rate Reconciliation) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Abstract] | |||||||||||
Income before income taxes | $ 1,554,000 | $ 1,597,000 | $ 1,277,000 | $ 1,547,000 | $ (142,000) | $ 1,155,000 | $ 1,121,000 | $ 1,007,000 | $ 5,975,000 | $ 3,141,000 | $ 4,741,000 |
Effective tax rate | 34.00% | 34.00% | 34.00% | ||||||||
Federal tax at statutory rate | $ 2,032,000 | $ 1,068,000 | $ 1,612,000 | ||||||||
Tax-exempt interest | (427,000) | (391,000) | (358,000) | ||||||||
Net earnings on BOLI | (84,000) | (99,000) | (93,000) | ||||||||
Gain from life insurance proceeds | (124,000) | (34,000) | (56,000) | ||||||||
Dividend from unconsolidated subsidiary | (15,000) | (15,000) | (13,000) | ||||||||
Stock-based compensation | 23,000 | 20,000 | 16,000 | ||||||||
Federal tax credits | (572,000) | (570,000) | (575,000) | ||||||||
Merger and acquisition expenses | 115,000 | ||||||||||
Other permanent differences | (14,000) | (11,000) | (8,000) | ||||||||
Total tax expense | $ 252,000 | $ 150,000 | $ 162,000 | $ 255,000 | $ (266,000) | $ 146,000 | $ 120,000 | $ 83,000 | $ 819,000 | $ 83,000 | $ 525,000 |
Effective tax rate | 13.70% | 2.60% | 11.10% |
Income Taxes (Schedule of Defer
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred Tax Assets | ||
Allowance for loan losses | $ 413 | $ 489 |
Deferred directors' compensation | 534 | 511 |
Employee and director benefits | 535 | 534 |
Qualified pension liability | 847 | 785 |
Unrealized losses on securities available for sale | 429 | |
Unrealized loss from securities impairment | 106 | 236 |
Investment in low income housing project | 159 | 96 |
Fair value adjustments to acquired assets and liabilities | 277 | 493 |
Tax credit carryforward | 209 | 80 |
Valuation reserves on other real estate owned | 70 | 24 |
Other | 83 | 80 |
Total deferred tax assets | 3,662 | 3,328 |
Deferred Tax Liabilities | ||
Depreciation | (272) | (288) |
Equity income from unconsolidated subsidiary | (645) | (589) |
Loan origination costs | (440) | (412) |
Prepaid expense | (386) | (284) |
Unrealized gains on securities available for sale | (58) | |
Annuity earnings | (79) | (73) |
Fair value of mortgage servicing rights | (70) | (70) |
Intangible assets | (42) | (67) |
Goodwill | (479) | (433) |
Total deferred tax liabilities | (2,413) | (2,274) |
Net deferred tax asset included in other assets | $ 1,249 | $ 1,054 |
Stockholders' Equity and Regu98
Stockholders' Equity and Regulatory Matters (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Nov. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
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 | |||
Remaining Number of Shares Authorized Under Repurchase Program | 178,279 | |||
Undistributed Earnings of Subsidiary, Available for Distribution | $ 33,218 | |||
Shares issued during period under employee stock purchase plans | 555,555 | 3,764 | 3,242 | 3,497 |
Treasury Stock [Member] | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Common Shares Repurchased Under Repurchase Program | 49,370 | 3,504 | 12,322 |
Stockholders' Equity and Regu99
Stockholders' Equity and Regulatory Matters (Schedule of Compliance with Regulatory Capital Requirements) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital, Amount | $ 58,375 | $ 57,098 |
Total Capital, Ratio | 15.34% | 15.03% |
Total Capital, Minimum Requirement for Capital Adequacy Purposes, Amount | $ 30,442 | $ 30,385 |
Total Capital, Minimum Requirement for Capital Adequacy Purposes, Ratio | 8.00% | 8.00% |
Total Capital, Minimum Capital Adequacy With Capital Buffer, Amount | $ 32,820 | |
Total Capital, Minimum Capital Adequacy With Capital Buffer, Ratio | 8.625% | |
Tier 1 Capital, Amount | $ 55,331 | $ 54,338 |
Tier 1 Capital, Ratio | 14.54% | 14.31% |
Tier 1 Capital, Minimum Requirement for Capital Adequacy Purposes, Amount | $ 22,831 | $ 22,789 |
Tier 1 Capital, Minimum Requirement for Capital Adequacy Purposes, Ratio | 6.00% | 6.00% |
Tier One Risk Based Capital Minimum Capital Adequacy With Capital Buffer, Amount | $ 25,210 | |
Tier One Risk Based Capital Minimum Capital Adequacy With Capital Buffer, Ratio | 6.625% | |
Common Equity Tier 1 Capital, Amount | $ 55,331 | $ 54,338 |
Common Equity Tier 1 Capital, Ratio | 14.54% | 14.31% |
Common Equity Tier 1 Capital, Minimum Requirement for Capital Adequacy Purposes, Amount | $ 17,124 | $ 17,092 |
Common Equity Tier 1 Capital, Minimum Requirement for Capital Adequacy Purposes, Ratio | 4.50% | 4.50% |
Common Equity Tier 1 Capital, Minimum Capital Adequacy With Capital Buffer, Amount | $ 19,502 | |
Common Equity Tier 1 Capital, Minimum Capital Adequacy With Capital Buffer, Ratio | 5.125% | |
Tier 1, Leverage Capital to Average Assets, Amount | $ 55,331 | $ 54,338 |
Tier 1, Leverage Capital to Average Assets, Ratio | 9.68% | 11.23% |
Tier 1, Leverage Capital to Average Assets, Minimum Requirement for Capital Adequacy Purposes, Amount | $ 22,872 | $ 19,352 |
Tier 1, Leverage Capital to Average Assets, Minimum Requirement for Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Tier 1, Leverage Capital to Average Assets, Minimum Capital Adequacy With Capital Buffer, Amount | $ 22,872 | |
Tier 1, Leverage Capital to Average Assets, Minimum Capital Adequacy With Capital Buffer, Ratio | 4.00% | |
The Juniata Valley Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital, Amount | $ 51,102 | $ 51,491 |
Total Capital, Ratio | 13.60% | 14.11% |
Total Capital, Minimum Requirement for Capital Adequacy Purposes, Amount | $ 30,053 | $ 29,186 |
Total Capital, Minimum Requirement for Capital Adequacy Purposes, Ratio | 8.00% | 8.00% |
Total Capital, Minimum Regulatory Requirements to be "Well Capitalized", Amount | $ 37,566 | $ 36,482 |
Total Capital, Minimum Regulatory Requirements to be "Well Capitalized", Ratio | 10.00% | 10.00% |
Total Capital, Minimum Capital Adequacy With Capital Buffer, Amount | $ 32,401 | |
Total Capital, Minimum Capital Adequacy With Capital Buffer, Ratio | 8.625% | |
Tier 1 Capital, Amount | $ 48,217 | $ 48,861 |
Tier 1 Capital, Ratio | 12.84% | 13.39% |
Tier 1 Capital, Minimum Requirement for Capital Adequacy Purposes, Amount | $ 15,026 | $ 14,593 |
Tier 1 Capital, Minimum Requirement for Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Tier 1 Capital, Minimum Regulatory Requirements to be "Well Capitalized", Amount | $ 30,053 | $ 29,186 |
Tier 1 Capital, Minimum Regulatory Requirements to be "Well Capitalized", Ratio | 8.00% | 8.00% |
Tier One Risk Based Capital Minimum Capital Adequacy With Capital Buffer, Amount | $ 24,888 | |
Tier One Risk Based Capital Minimum Capital Adequacy With Capital Buffer, Ratio | 6.625% | |
Common Equity Tier 1 Capital, Amount | $ 48,217 | $ 48,861 |
Common Equity Tier 1 Capital, Ratio | 12.84% | 13.39% |
Common Equity Tier 1 Capital, Minimum Requirement for Capital Adequacy Purposes, Amount | $ 16,905 | $ 16,417 |
Common Equity Tier 1 Capital, Minimum Requirement for Capital Adequacy Purposes, Ratio | 4.50% | 4.50% |
Common Equity Tier 1 Capital, Minimum Regulatory Requirements to be "Well Capitalized", Amount | $ 24,418 | $ 23,713 |
Common Equity Tier 1 Capital, Minimum Regulatory Requirements to be "Well Capitalized", Ratio | 6.50% | 6.50% |
Common Equity Tier 1 Capital, Minimum Capital Adequacy With Capital Buffer, Amount | $ 19,253 | |
Common Equity Tier 1 Capital, Minimum Capital Adequacy With Capital Buffer, Ratio | 5.125% | |
Tier 1, Leverage Capital to Average Assets, Amount | $ 48,217 | $ 48,861 |
Tier 1, Leverage Capital to Average Assets, Ratio | 8.39% | 10.21% |
Tier 1, Leverage Capital to Average Assets, Minimum Requirement for Capital Adequacy Purposes, Amount | $ 22,991 | $ 19,146 |
Tier 1, Leverage Capital to Average Assets, Minimum Requirement for Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Tier 1, Leverage Capital to Average Assets, Minimum Regulatory Requirements to be "Well Capitalized", Amount | $ 28,739 | $ 23,932 |
Tier 1, Leverage Capital to Average Assets, Minimum Regulatory Requirements to be "Well Capitalized", Ratio | 5.00% | 5.00% |
Tier 1, Leverage Capital to Average Assets, Minimum Capital Adequacy With Capital Buffer, Amount | $ 22,991 | |
Tier 1, Leverage Capital to Average Assets, Minimum Capital Adequacy With Capital Buffer, Ratio | 4.00% |
Calculation of Earnings Per 100
Calculation of Earnings Per Share (Computation of Basic and Diluted Earnings per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Calculation of Earnings Per Share [Abstract] | |||||||||||
Net income | $ 1,302 | $ 1,447 | $ 1,115 | $ 1,292 | $ 124 | $ 1,009 | $ 1,001 | $ 924 | $ 5,156 | $ 3,058 | $ 4,216 |
Weighted-average common shares outstanding | 4,801,245 | 4,240,319 | 4,192,761 | ||||||||
Basic earnings per share | $ 0.27 | $ 0.30 | $ 0.23 | $ 0.27 | $ 0.02 | $ 0.24 | $ 0.24 | $ 0.22 | $ 1.07 | $ 0.72 | $ 1.01 |
Common stock equivalents due to effect of stock options | 1,000 | 1,000 | |||||||||
Total weighted-average common shares and equivalents | 4,802,175 | 4,241,265 | 4,193,129 | ||||||||
Diluted earnings per share | $ 0.27 | $ 0.30 | $ 0.23 | $ 0.27 | $ 0.02 | $ 0.24 | $ 0.24 | $ 0.22 | $ 1.07 | $ 0.72 | $ 1.01 |
Anti-dilutive stock options outstanding | 401,000 | 103,000 | 100,000 |
Accumulated Other Comprehens101
Accumulated Other Comprehensive Loss (Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Accumulated Other Comprehensive Loss [Abstract] | |||
Unrealized gains (losses) on available for sale securities | $ (866) | $ 96 | $ 296 |
Unrecognized expense for defined benefit pension | (2,343) | (2,299) | (2,493) |
Accumulated other comprehensive loss | $ (3,209) | $ (2,203) | $ (2,197) |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Measurements by Level of Valuation Inputs) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | $ 150,488 | $ 152,327 |
Impaired loans | 13,503 | 6,426 |
Other real estate owned | 638 | 617 |
Obligations of U.S. Government Agencies and Corporations [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | 35,799 | 32,732 |
Obligations of State and Political Subdivisions [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | 26,659 | 29,535 |
Mortgage-Backed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | 85,702 | 87,741 |
Equity Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | 2,328 | 2,319 |
(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 | 2,328 | 2,319 |
(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 | 35,799 | 32,732 |
(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 | 26,659 | 29,535 |
(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 | 85,702 | 87,741 |
Impaired Loans [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Impaired loans | 2,563 | 2,232 |
Impaired Loans [Member] | (Level 3) Significant Other Unobservable Inputs [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Impaired loans | 2,563 | 2,232 |
Other Real Estate Owned [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other real estate owned | 358 | 150 |
Other Real Estate Owned [Member] | (Level 3) Significant Other Unobservable Inputs [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other real estate owned | 358 | 150 |
Mortgage Servicing Rights [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage servicing rights | 205 | 205 |
Mortgage Servicing Rights [Member] | (Level 3) Significant Other Unobservable Inputs [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage servicing rights | $ 205 | $ 205 |
Fair Value Measurements (Quanti
Fair Value Measurements (Quantitative Information for Assets Measured at Fair Value) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Impaired loans | $ 13,503 | $ 6,426 | |
Other real estate owned | 638 | 617 | |
Impaired Loans [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Impaired loans | 2,563 | 2,232 | |
Other Real Estate Owned [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Other real estate owned | 358 | $ 150 | |
Range | 32.00% | ||
Weighted average volatility rate | 32.00% | ||
Mortgage Servicing Rights [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Mortgage servicing rights | 205 | $ 205 | |
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 | $ 2,563 | $ 2,232 | |
Valuation Technique | [1] | Appraisal of collateral (1) | |
Unobservable Inputs | [2] | Appraisal and liquidation adjustments (2) | |
Weighted average volatility rate | 16.10% | 16.10% | |
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 | $ 358 | ||
Valuation Technique | [1] | Appraisal of collateral (1) | |
Unobservable Inputs | [2] | Appraisal and liquidation adjustments (2) | |
Weighted average volatility rate | 46.00% | ||
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 | $ 205 | $ 205 | |
Valuation Technique | Multiple of annual servicing fee | ||
Unobservable Inputs | Estimated pre-payment speed, based on rate and term | ||
Weighted average volatility rate | 368.00% | 364.00% | |
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] | Other Real Estate Owned [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Range | 30.00% | ||
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 | 58.00% | 37.00% | |
Measured at Fair Value on a Non-Recurring Basis [Member] | Maximum [Member] | Other Real Estate Owned [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Range | 72.00% | ||
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 ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Interest bearing deposits with banks | $ 95 | $ 73 | |
Interest bearing time deposits with banks | 350 | 350 | |
Investment securities available for sale | 150,488 | 152,327 | |
Restricted investment in FHLB stock | 3,610 | 3,509 | |
Non-interest bearing deposits | 104,006 | 106,667 | |
Interest bearing deposits | 351,816 | 350,459 | |
Short-term borrowings with Federal Home Loan Bank | 32,196 | 35,057 | $ 20,544 |
Long-term debt | 25,000 | 22,500 | |
Other interest bearing liabilities | 1,545 | 1,471 | |
Carrying Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and due from banks | 9,464 | 10,385 | |
Interest bearing deposits with banks | 95 | 73 | |
Interest bearing time deposits with banks | 350 | 350 | |
Investment securities available for sale | 150,488 | 152,327 | |
Restricted investment in FHLB stock | 3,610 | 3,509 | |
Loans held for sale | 1,808 | ||
Loans, net of allowance for loan losses | 375,574 | 374,565 | |
Mortgage servicing rights | 205 | 205 | |
Accrued interest receivable | 1,582 | 1,806 | |
Non-interest bearing deposits | 104,006 | 106,667 | |
Interest bearing deposits | 351,816 | 350,459 | |
Securities sold under agreements to repurchase | 4,496 | 4,996 | |
Short-term borrowings with Federal Home Loan Bank | 27,700 | 30,061 | |
Long-term debt | 25,000 | 22,500 | |
Other interest bearing liabilities | 1,545 | 1,471 | |
Accrued interest payable | 268 | 238 | |
Commitments to extend credit | |||
Letters of credit | |||
Fair Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and due from banks | 9,464 | 10,385 | |
Interest bearing deposits with banks | 95 | 73 | |
Interest bearing time deposits with banks | 350 | 350 | |
Investment securities available for sale | 150,488 | 152,327 | |
Restricted investment in FHLB stock | 3,610 | 3,509 | |
Loans held for sale | 1,808 | ||
Loans, net of allowance for loan losses | 366,660 | 373,078 | |
Mortgage servicing rights | 205 | 205 | |
Accrued interest receivable | 1,582 | 1,806 | |
Non-interest bearing deposits | 104,006 | 106,667 | |
Interest bearing deposits | 354,628 | 352,859 | |
Securities sold under agreements to repurchase | 4,496 | 4,996 | |
Short-term borrowings with Federal Home Loan Bank | 27,700 | 30,061 | |
Long-term debt | 24,963 | 22,482 | |
Other interest bearing liabilities | 1,549 | 1,476 | |
Accrued interest payable | 268 | 238 | |
Commitments to extend credit | |||
Letters of credit |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest bearing time deposits with banks | $ 350 | $ 350 |
Interest bearing deposits | 351,816 | 350,459 |
Long-term debt | 25,000 | 22,500 |
Other interest bearing liabilities | 1,545 | 1,471 |
(Level 2) Significant Other Observable Inputs [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest bearing time deposits with banks | 350 | 350 |
Loans held for sale | 1,808 | |
Interest bearing deposits | 354,628 | 352,859 |
Long-term debt | 24,963 | 22,482 |
Other interest bearing liabilities | 1,549 | 1,476 |
(Level 3) Significant Other Unobservable Inputs [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans, net of allowance for loan losses | 366,660 | 373,078 |
Carrying Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest bearing time deposits with banks | 350 | 350 |
Loans held for sale | 1,808 | |
Loans, net of allowance for loan losses | 375,574 | 374,565 |
Interest bearing deposits | 351,816 | 350,459 |
Long-term debt | 25,000 | 22,500 |
Other interest bearing liabilities | 1,545 | 1,471 |
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest bearing time deposits with banks | 350 | 350 |
Loans held for sale | 1,808 | |
Loans, net of allowance for loan losses | 366,660 | 373,078 |
Interest bearing deposits | 354,628 | 352,859 |
Long-term debt | 24,963 | 22,482 |
Other interest bearing liabilities | $ 1,549 | $ 1,476 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) | Nov. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2007 | Dec. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ||||||
Weighted average exercise price | $ 17.97 | $ 18.07 | $ 18.13 | $ 18.50 | ||
Compensation costs not yet recognized | $ 73,000 | |||||
Employer's matching contribution | 179,000 | $ 162,000 | $ 147,000 | |||
Cash received from option exercises | 0 | 53,000 | 0 | |||
Debt and equity instruments included in the Plan assets | $ 13,661,000 | 9,464,000 | ||||
Employer's safe harbor contribution rate | 3.00% | |||||
Employer's safe harbor contribution payable | $ 214,000 | |||||
Prior year contribution payable credited in current year | 192,000 | |||||
Defined contribution plan, cost recognized | $ 211,000 | $ 192,000 | $ 180,000 | |||
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 | 555,555 | 3,764 | 3,242 | 3,497 | ||
Deferred compensation liability | $ 1,570,000 | $ 1,504,000 | ||||
Deferred compensation, compensation expense | 32,000 | 30,000 | $ 33,000 | |||
Salary continuation liability | 1,251,000 | 1,178,000 | ||||
Salary continuation period expense | 185,000 | 119,000 | 118,000 | |||
Supplemental Employee Retirement Plan [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Present value of future plan liability | 323,000 | 392,000 | ||||
Supplemental retirement plans, cost recognized during period | $ 30,000 | 34,000 | $ 39,000 | |||
Equity Securities [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Target allocation | 60% | |||||
Actual allocation | 33.00% | |||||
Fixed Income Securities [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Target allocation | 40% | |||||
Actual allocation | 66.00% | |||||
Employee Stock Option [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Shares authorized under share-based payment awards | 300,000 | |||||
Shares available for grant | 174,825 | |||||
Exercise price, lower range limit | $ 17.22 | |||||
Exercise price, upper range limit | 21.10 | |||||
Weighted average exercise price | $ 17.97 | |||||
Weighted average remaining contractual life | 6 years | |||||
Restricted Stock [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Award vesting period | 3 years | |||||
Fair value of stock | $ 17.49 | |||||
Shares issued during period under employee stock purchase plans | 3,150 | |||||
Cash and Cash Equivalents [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Actual allocation | 1.00% | |||||
Employee Stock Purchase Plan [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Shares authorized under share-based payment awards | 250,000 | |||||
Shares available for grant | 177,054 | |||||
JVB Plan [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Estimated net period benefit cost to be recorded next year | $ 150,000 | |||||
Increase in benefit obligation | 305,000 | 623,000 | ||||
Percentage of vested benefit | 100.00% | |||||
JVB Plan [Member] | Cash and Cash Equivalents [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Debt and equity instruments included in the Plan assets | $ 179,000 | 250,000 | ||||
FNB Plan [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Debt and equity instruments included in the Plan assets | $ 3,903,000 | |||||
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 | Feb. 17, 2025 | |||||
Maximum [Member] | Employee Stock Purchase Plan [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Maximum number of share per year in addition to prior unissued shares | 5,000 |
Employee Benefit Plans (Schedul
Employee Benefit Plans (Schedule of Stock Option Activity) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Employee Benefit Plans [Abstract] | |||
Outstanding at beginning of year, Shares | 142,524 | 109,816 | 83,930 |
Granted, Shares | 35,800 | 33,525 | |
Exercised, Shares | (3,092) | ||
Forfeited, Shares | (3,369) | (7,639) | |
Outstanding at end of year, Shares | 139,155 | 142,524 | 109,816 |
Options exercisable at year-end, Shares | 97,584 | 70,920 | 51,396 |
Outstanding at beginning of year, Weighted average exercise price | $ 18.07 | $ 18.13 | $ 18.50 |
Granted, Weighted average exercise price | 17.80 | 17.72 | |
Exercised, Weighted average exercise price | 17.22 | ||
Forfeited, Weighted average exercise price | 22.36 | 20.44 | |
Outstanding at end of year, Weighted average exercise price | $ 17.97 | 18.07 | 18.13 |
Weighted-average fair value of options granted during the year | $ 1.90 | $ 1.96 | |
Intrinsic value of options exercised during the year | $ 866 | ||
Intrinsic value of options outstanding and exercisable at December 31, 2016 | $ 20,017 |
Employee Benefit Plans (Sche108
Employee Benefit Plans (Schedule of Stock Option Information by Grant Date) (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted, Weighted average exercise price | $ 17.80 | $ 17.72 | ||
Shares outstanding | 139,155 | 142,524 | 109,816 | 83,930 |
Shares Exercisable | 97,584 | |||
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 | 4,425 | |||
Contractual average life (years) | 9 months 15 days | |||
Shares Exercisable | 4,425 | |||
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 | 6,100 | |||
Contractual average life (years) | 1 year 9 months 18 days | |||
Shares Exercisable | 6,100 | |||
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 | 6,605 | |||
Contractual average life (years) | 2 years 9 months 18 days | |||
Shares Exercisable | 6,605 | |||
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) | 4 years 8 months 19 days | |||
Shares Exercisable | 13,850 | |||
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) | 5 years 2 months 19 days | |||
Shares Exercisable | 15,950 | |||
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) | 6 years 1 month 21 days | |||
Shares Exercisable | 18,160 | |||
Grant Date - 2/18/2014 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted, Weighted average exercise price | $ 17.72 | |||
Shares outstanding | 33,525 | |||
Contractual average life (years) | 7 years 1 month 17 days | |||
Shares Exercisable | 21,225 | |||
Grant Date - 2/17/2015 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted, Weighted average exercise price | $ 17.80 | |||
Shares outstanding | 35,800 | |||
Contractual average life (years) | 8 years 1 month 17 days | |||
Shares Exercisable | 11,269 |
Employee Benefit Plans (Sche109
Employee Benefit Plans (Schedule of Allocation of Plan Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plan Disclosure [Line Items] | ||
Debt and equity instruments included in the Plan assets | $ 13,661 | $ 9,464 |
U.S. Government and Agency Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Debt and equity instruments included in the Plan assets | 102 | 325 |
Corporate Bonds and Notes [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Debt and equity instruments included in the Plan assets | 3,501 | 4,156 |
Value Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Debt and equity instruments included in the Plan assets | 3,066 | 1,878 |
Blend Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Debt and equity instruments included in the Plan assets | 3,411 | 1,433 |
Growth Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Debt and equity instruments included in the Plan assets | 2,590 | 1,500 |
Money Market Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Debt and equity instruments included in the Plan assets | 991 | 172 |
(Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Debt and equity instruments included in the Plan assets | 10,058 | 4,983 |
(Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | Value Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Debt and equity instruments included in the Plan assets | 3,066 | 1,878 |
(Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | Blend Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Debt and equity instruments included in the Plan assets | 3,411 | 1,433 |
(Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | Growth Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Debt and equity instruments included in the Plan assets | 2,590 | 1,500 |
(Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | Money Market Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Debt and equity instruments included in the Plan assets | 991 | 172 |
(Level 2) Significant Other Observable Inputs [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Debt and equity instruments included in the Plan assets | 3,603 | 4,481 |
(Level 2) Significant Other Observable Inputs [Member] | U.S. Government and Agency Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Debt and equity instruments included in the Plan assets | 102 | 325 |
(Level 2) Significant Other Observable Inputs [Member] | Corporate Bonds and Notes [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Debt and equity instruments included in the Plan assets | 3,501 | 4,156 |
(Level 3) Significant Other Unobservable Inputs [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Debt and equity instruments included in the Plan assets | ||
(Level 3) Significant Other Unobservable Inputs [Member] | U.S. Government and Agency Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Debt and equity instruments included in the Plan assets | ||
(Level 3) Significant Other Unobservable Inputs [Member] | Corporate Bonds and Notes [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Debt and equity instruments included in the Plan assets | ||
(Level 3) Significant Other Unobservable Inputs [Member] | Value Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Debt and equity instruments included in the Plan assets | ||
(Level 3) Significant Other Unobservable Inputs [Member] | Blend Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Debt and equity instruments included in the Plan assets | ||
(Level 3) Significant Other Unobservable Inputs [Member] | Growth Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Debt and equity instruments included in the Plan assets | ||
(Level 3) Significant Other Unobservable Inputs [Member] | Money Market Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Debt and equity instruments included in the Plan assets | ||
FNB Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Debt and equity instruments included in the Plan assets | 3,903 | |
FNB Plan [Member] | Aggressive Growth Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Debt and equity instruments included in the Plan assets | 1,003 | |
FNB Plan [Member] | Growth Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Debt and equity instruments included in the Plan assets | 589 | |
FNB Plan [Member] | Growth and Income Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Debt and equity instruments included in the Plan assets | 1,433 | |
FNB Plan [Member] | Income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Debt and equity instruments included in the Plan assets | 878 | |
FNB Plan [Member] | (Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Debt and equity instruments included in the Plan assets | 3,903 | |
FNB Plan [Member] | (Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | Aggressive Growth Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Debt and equity instruments included in the Plan assets | 1,003 | |
FNB Plan [Member] | (Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | Growth Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Debt and equity instruments included in the Plan assets | 589 | |
FNB Plan [Member] | (Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | Growth and Income Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Debt and equity instruments included in the Plan assets | 1,433 | |
FNB Plan [Member] | (Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | Income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Debt and equity instruments included in the Plan assets | $ 878 |
Employee Benefit Plans (Sche110
Employee Benefit Plans (Schedule of Net Funded Status) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
JVB Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
PBO at beginning of year | $ 10,863 | $ 11,473 | ||
Assumption of liability from FNB Plan | 5,061 | |||
Interest cost | 666 | 450 | $ 426 | |
Change in assumptions | 305 | (623) | ||
Actuarial (gain) loss | 114 | 37 | ||
Benefits paid | (677) | (474) | ||
PBO at end of year | $ 10,863 | 16,332 | 10,863 | 11,473 |
Fair value of plan assets at beginning of year | 9,713 | 10,130 | ||
Transfer of FNB Plan assets | 3,903 | |||
Actual return on plan assets, net of expenses | 901 | 57 | ||
Fair value of plan assets at end of year | 9,713 | 13,840 | 9,713 | $ 10,130 |
Funded status, included in other (liabilities) assets | (1,150) | (2,492) | (1,150) | |
Unrecognized actual loss | (3,483) | (3,550) | (3,483) | |
Accumulated benefit obligation | 10,863 | 16,332 | 10,863 | |
FNB Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
PBO at beginning of year | 5,249 | 5,061 | ||
Service cost | 3 | 3 | ||
Interest cost | 18 | 18 | ||
Change in assumptions | (87) | |||
Curtailment gain, net of actuarial loss | (106) | |||
Curtailment (gain) loss recognized | (108) | |||
Actuarial (gain) loss | (2) | |||
Benefits paid | (16) | |||
PBO at end of year | 5,061 | 5,061 | ||
Fair value of plan assets at beginning of year | 4,001 | $ 3,903 | ||
Actual return on plan assets, net of expenses | (82) | |||
Fair value of plan assets at end of year | 3,903 | 3,903 | ||
Funded status, included in other (liabilities) assets | (1,158) | (1,158) | ||
Accumulated benefit obligation | $ 5,061 | $ 5,061 |
Employee Benefit Plans (Compone
Employee Benefit Plans (Components of Net Periodic Pension Cost) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Defined Benefit Plan Disclosure [Line Items] | |||||
Net loss (gain) | [1],[2] | $ 9 | $ 571 | $ 144 | |
JVB Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Interest cost on projected benefit obligation | 666 | 450 | 426 | ||
Expected return on plan assets | (795) | (592) | (518) | ||
Recognized net actuarial loss | 248 | 242 | 40 | ||
Net periodic benefit cost | 119 | 100 | (52) | ||
Net loss (gain) | 173 | (52) | 2,441 | ||
Amortization of net loss | (248) | (242) | (40) | ||
Total recognized in other comprehensive loss (income) | (75) | (294) | 2,401 | ||
Total recognized in net periodic benefit cost and other comprehensive loss (income) | $ 44 | (194) | $ 2,349 | ||
FNB Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost during the year | $ 3 | 3 | |||
Interest cost on projected benefit obligation | $ 18 | 18 | |||
Expected return on plan assets | (23) | ||||
Net periodic benefit cost | (2) | ||||
Total recognized in net periodic benefit cost and other comprehensive loss (income) | $ (2) | ||||
[1] | 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. | ||||
[2] | Income tax amounts are included in the provision for income taxes on the Consolidated Statements of Income. |
Employee Benefit Plans (Sche112
Employee Benefit Plans (Schedule of Assumptions Used) (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Assumptions used calculating net periodic benefit cost, discount rate | 4.25% | 4.00% | 4.75% |
Assumptions used calculating net periodic benefit cost, expected long-term return on plan assets | 6.00% | 6.00% | 5.25% |
JVB Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assumptions used calculating benefit obligation, discount rate | 4.00% | 4.25% | 4.00% |
FNB Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assumptions used calculating benefit obligation, discount rate | 4.25% | ||
Assumptions used calculating net periodic benefit cost, discount rate | 4.00% | ||
Assumptions used calculating net periodic benefit cost, expected long-term return on plan assets | 6.00% |
Employee Benefit Plans (Sche113
Employee Benefit Plans (Schedule of Expected Benefit Payments) (Details) - JVB Plan [Member] $ in Thousands | Dec. 31, 2016USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2,017 | $ 671 |
2,018 | 712 |
2,019 | 797 |
2,020 | 813 |
2,021 | 827 |
2022-2026 | $ 4,338 |
Financial Instruments with O114
Financial Instruments with Off-Balance Sheet Risk (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Financial Instruments with off-Balance Sheet Risk [Abstract] | |
Maximum undiscounted exposure | $ 2,300,000 |
Underlying collateral upon liquidation | $ 11,851,000 |
Financial Instruments with O115
Financial Instruments with Off-Balance Sheet Risk (Summary of Financial Instrument Commitments) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Commitments to Grant Loans [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Outstanding letters of credit | $ 56,095 | $ 42,619 |
Unfunded Commitments Under Lines of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Outstanding letters of credit | 3,889 | 4,661 |
Outstanding Letters of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Outstanding letters of credit | $ 2,300 | $ 2,586 |
Related-Party Transactions (Nar
Related-Party Transactions (Narrative) (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Related-Party Transactions [Abstract] | ||
Due from related parties | $ 6,443,000 | $ 4,749,000 |
Due from related parties, new loans in period | 12,273,000 | |
Due from related parties, repayments in period | $ 10,579,000 |
Commitments and Contingent L117
Commitments and Contingent Liabilities (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2009 | |
Loss Contingencies [Line Items] | ||
Commitment period | 8 years | |
Estimated contract termination fees | $ 475,000 | |
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 | 10,000,000 | |
Remaining commitment amount | 5,978,000 | |
Commitments to Borrowers [Member] | Federal Home Loan Bank of Pittsburgh [Member] | ||
Loss Contingencies [Line Items] | ||
Remaining commitment amount | $ 112,000 | |
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) (
Subsequent Events (Narrative) (Details) - Subsequent Event [Member] | 1 Months Ended |
Jan. 31, 2017$ / shares | |
Subsequent Event [Line Items] | |
Dividends payable per share | $ 0.22 |
Dividends payable, date declared | Jan. 15, 2017 |
Dividends payable, date of record | Feb. 16, 2017 |
Dividends payable, date to be paid | Mar. 1, 2017 |
Juniata Valley Financial Cor119
Juniata Valley Financial Corp. (Parent Company Only) (Schedule of Condensed Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Cash and cash equivalents | $ 9,559 | $ 10,458 | ||
Investment in unconsolidated subsidiary | 4,703 | 4,553 | ||
Investment securities available for sale | 150,488 | 152,327 | ||
Total assets | 580,354 | 583,928 | ||
Stockholders' equity | 59,090 | 59,962 | $ 49,856 | $ 49,984 |
Total liabilities and stockholders' equity | 580,354 | 583,928 | ||
Parent Company [Member] | ||||
Cash and cash equivalents | 96 | 89 | ||
Investment in bank subsidiary | 52,674 | 54,279 | ||
Investment in unconsolidated subsidiary | 4,703 | 4,553 | ||
Investment securities available for sale | 1,841 | 1,399 | ||
Other assets | 469 | 143 | ||
Total assets | 59,783 | 60,463 | ||
Accounts payable and other liabilities | 693 | 501 | ||
Stockholders' equity | 59,090 | 59,962 | ||
Total liabilities and stockholders' equity | $ 59,783 | $ 60,463 |
Juniata Valley Financial Cor120
Juniata Valley Financial Corp. (Parent Company Only) (Schedule of Condensed Statements of Income and Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income from unconsolidated subsidiary | $ 222 | $ 238 | $ 236 | ||||||||
Gain on the sale of securities | 218 | 13 | 9 | ||||||||
Other non-interest income | 283 | 229 | 202 | ||||||||
Merger-related expenses | $ (25) | $ 314 | $ 58 | $ 1,595 | $ 153 | $ 48 | $ 10 | 347 | 1,806 | ||
Other non-interest expense | 4,247 | $ 4,330 | 4,172 | 4,082 | 3,677 | 3,549 | 3,573 | 3,594 | 17,178 | 16,199 | 13,570 |
Provision for income taxes | 252 | 150 | 162 | 255 | (266) | 146 | 120 | 83 | 819 | 83 | 525 |
Net income | $ 1,302 | $ 1,447 | $ 1,115 | $ 1,292 | $ 124 | $ 1,009 | $ 1,001 | $ 924 | 5,156 | 3,058 | 4,216 |
Comprehensive income | 4,150 | 3,052 | 3,678 | ||||||||
Parent Company [Member] | |||||||||||
Interest and dividends on investment securities available for sale | 59 | 34 | 32 | ||||||||
Dividends from bank subsidiary | 5,624 | 3,900 | 3,691 | ||||||||
Income from unconsolidated subsidiary | 222 | 238 | 236 | ||||||||
Gain on the sale of securities | 166 | 19 | |||||||||
Other non-interest income | 1 | 1 | |||||||||
Total income | 6,071 | 4,192 | 3,960 | ||||||||
Merger-related expenses | 66 | 279 | |||||||||
Other non-interest expense | 157 | 131 | 132 | ||||||||
Total expense | 223 | 410 | 132 | ||||||||
Income before income taxes (benefit) and equity in undistributed net income of subsidiary | 5,848 | 3,782 | 3,828 | ||||||||
Provision for income taxes | 47 | 27 | 25 | ||||||||
Income before equity in undistributed net income of subsidiary | 5,801 | 3,755 | 3,803 | ||||||||
Undistributed net income of subsidiary | (645) | (697) | 413 | ||||||||
Net income | 5,156 | 3,058 | 4,216 | ||||||||
Comprehensive income | $ 4,150 | $ 3,052 | $ 3,678 |
Juniata Valley Financial Cor121
Juniata Valley Financial Corp. (Parent Company Only) (Schedule of Condensed Statements of Cash Flows) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net income | $ 1,302 | $ 1,447 | $ 1,115 | $ 1,292 | $ 124 | $ 1,009 | $ 1,001 | $ 924 | $ 5,156 | $ 3,058 | $ 4,216 |
Net amortization of securities premiums | 740 | 764 | 634 | ||||||||
Net realized gain on sales and calls of securities | (218) | (13) | (9) | ||||||||
Equity in earnings of unconsolidated subsidiary, net of dividends of $55, $55 and $48 | (167) | (183) | (188) | ||||||||
Stock-based compensation expense | 67 | 57 | 47 | ||||||||
Net cash provided by operating activities | 6,303 | 5,243 | 5,908 | ||||||||
Purchases of: Securities available for sale | (48,195) | (67,047) | (66,451) | ||||||||
Proceeds from the maturity and principal repayments of available for sale investment securities | 43,835 | 39,776 | 35,911 | ||||||||
Proceeds from the maturity of interest bearing time deposits | 249 | ||||||||||
Net cash received from acquisition | 1,244 | ||||||||||
Net cash used in investing activities | (459) | (11,004) | (34,387) | ||||||||
Cash dividends | (4,226) | (3,687) | (3,690) | ||||||||
Purchase of treasury stock | (927) | (63) | (222) | ||||||||
Treasury stock issued for dividend reinvestment and employee stock purchase plan | 64 | 110 | 59 | ||||||||
Net cash (used in) provided by financing activities | (6,743) | 9,452 | 26,633 | ||||||||
Net (decrease) increase in cash and cash equivalents | (899) | 3,691 | (1,846) | ||||||||
Cash and cash equivalents at beginning of year | 10,458 | 6,767 | 10,458 | 6,767 | 8,613 | ||||||
Cash and cash equivalents at end of year | 9,559 | 10,458 | 9,559 | 10,458 | 6,767 | ||||||
Equity method investment, dividends | 55 | 55 | 48 | ||||||||
Parent Company [Member] | |||||||||||
Net income | 5,156 | 3,058 | 4,216 | ||||||||
Undistributed net loss (income) of subsidiary | 645 | 697 | (413) | ||||||||
Net realized gain on sales and calls of securities | (166) | (19) | |||||||||
Equity in earnings of unconsolidated subsidiary, net of dividends of $55, $55 and $48 | (167) | (183) | (188) | ||||||||
Stock-based compensation expense | 67 | 57 | 47 | ||||||||
(Increase) decrease in other assets | (413) | (112) | (87) | ||||||||
Increase (decrease) in taxes payable | 191 | 72 | 65 | ||||||||
Increase (decrease) in accounts payable and other liabilities | 1 | 14 | (20) | ||||||||
Net cash provided by operating activities | 5,314 | 3,584 | 3,620 | ||||||||
Purchases of: Securities available for sale | (470) | ||||||||||
Proceeds from the sale of available for sale securities | 252 | 9 | |||||||||
Net cash received from acquisition | 4 | ||||||||||
Net cash used in investing activities | (218) | 13 | |||||||||
Cash dividends | (4,226) | (3,687) | (3,690) | ||||||||
Purchase of treasury stock | (927) | (63) | (222) | ||||||||
Treasury stock issued for dividend reinvestment and employee stock purchase plan | 64 | 110 | 59 | ||||||||
Net cash (used in) provided by financing activities | (5,089) | (3,640) | (3,853) | ||||||||
Net (decrease) increase in cash and cash equivalents | 7 | (43) | (233) | ||||||||
Cash and cash equivalents at beginning of year | $ 89 | $ 132 | 89 | 132 | 365 | ||||||
Cash and cash equivalents at end of year | $ 96 | $ 89 | 96 | 89 | 132 | ||||||
Equity method investment, dividends | $ 55 | $ 55 | $ 48 |
Quarterly Results of Operati122
Quarterly Results of Operations (Unaudited) (Quarterly Results of Operations) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Results of Operations (Unaudited) [Abstract] | |||||||||||
Total interest income | $ 5,156 | $ 5,049 | $ 5,077 | $ 5,187 | $ 4,651 | $ 4,282 | $ 4,220 | $ 4,226 | $ 20,469 | $ 17,379 | $ 16,932 |
Total interest expense | 603 | 561 | 546 | 558 | 502 | 479 | 496 | 565 | 2,268 | 2,042 | 2,598 |
Net interest income | 4,553 | 4,488 | 4,531 | 4,629 | 4,149 | 3,803 | 3,724 | 3,661 | 18,201 | 15,337 | 14,334 |
Provision for loan losses | 100 | 132 | 113 | 121 | 200 | 140 | 112 | 50 | 466 | 502 | 357 |
Securities gains | 84 | 6 | 128 | 10 | 19 | 1 | (17) | ||||
Other income | 1,239 | 1,565 | 1,217 | 1,179 | 1,171 | 1,175 | 1,129 | 1,017 | 5,418 | 4,505 | 4,334 |
Merger and acquisition expense | (25) | 314 | 58 | 1,595 | 153 | 48 | 10 | 347 | 1,806 | ||
Other expense | 4,247 | 4,330 | 4,172 | 4,082 | 3,677 | 3,549 | 3,573 | 3,594 | 17,178 | 16,199 | 13,570 |
Income before income taxes | 1,554 | 1,597 | 1,277 | 1,547 | (142) | 1,155 | 1,121 | 1,007 | 5,975 | 3,141 | 4,741 |
Provision for income taxes | 252 | 150 | 162 | 255 | (266) | 146 | 120 | 83 | 819 | 83 | 525 |
Net income | $ 1,302 | $ 1,447 | $ 1,115 | $ 1,292 | $ 124 | $ 1,009 | $ 1,001 | $ 924 | $ 5,156 | $ 3,058 | $ 4,216 |
Basic earnings per share | $ 0.27 | $ 0.30 | $ 0.23 | $ 0.27 | $ 0.02 | $ 0.24 | $ 0.24 | $ 0.22 | $ 1.07 | $ 0.72 | $ 1.01 |
Diluted earnings per share | 0.27 | 0.30 | 0.23 | 0.27 | 0.02 | 0.24 | 0.24 | 0.22 | 1.07 | 0.72 | 1.01 |
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 | $ 0.88 |