Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | May 09, 2017 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,017 | |
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 Common Stock, Shares Outstanding | 4,797,086 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Assets: | ||
Cash and due from banks | $ 8,762 | $ 9,464 |
Interest bearing deposits with banks | 31 | 95 |
Cash and cash equivalents | 8,793 | 9,559 |
Interest bearing time deposits with banks | 350 | 350 |
Securities available for sale | 156,831 | 150,488 |
Restricted investment in FHLB stock | 3,452 | 3,610 |
Investment in unconsolidated subsidiary | 4,734 | 4,703 |
Residential mortgage loans held for sale | 119 | |
Total loans | 383,702 | 378,297 |
Less: Allowance for loan losses | (2,805) | (2,723) |
Total loans, net of allowance for loan losses | 380,897 | 375,574 |
Premises and equipment, net | 6,952 | 6,857 |
Other real estate owned | 657 | 638 |
Bank owned life insurance and annuities | 14,709 | 14,631 |
Investment in low income housing partnership | 4,715 | 3,812 |
Core deposit and other intangible | 245 | 262 |
Goodwill | 5,448 | 5,448 |
Mortgage servicing rights | 206 | 205 |
Accrued interest receivable and other assets | 3,998 | 4,217 |
Total assets | 592,106 | 580,354 |
Liabilities: | ||
Non-interest bearing deposits | 110,342 | 104,006 |
Interest bearing deposits | 360,720 | 351,816 |
Total deposits | 471,062 | 455,822 |
Securities sold under agreements to repurchase | 3,669 | 4,496 |
Short-term borrowings | 25,000 | 27,700 |
Long-term debt | 25,000 | 25,000 |
Other interest bearing liabilities | 1,542 | 1,545 |
Accrued interest payable and other liabilities | 6,388 | 6,701 |
Total liabilities | 532,661 | 521,264 |
Stockholders' Equity: | ||
Common stock, par value $1.00 per share: Authorized 20,000,000 shares Issued - 4,809,650 shares at March 31, 2017; 4,805,000 shares at December 31, 2016 Outstanding - 4,762,493 shares at March 31, 2017; 4,755,630 shares at December 31, 2016 | 4,810 | 4,805 |
Surplus | 18,490 | 18,476 |
Retained earnings | 40,357 | 39,945 |
Accumulated other comprehensive loss | (3,326) | (3,209) |
Cost of common stock in Treasury: 47,157 shares at March 31, 2017; 49,370 shares at December 31, 2016 | (886) | (927) |
Total stockholders' equity | 59,445 | 59,090 |
Total liabilities and stockholders' equity | $ 592,106 | $ 580,354 |
Consolidated Statements of Fin3
Consolidated Statements of Financial Condition (Parenthetical) - $ / shares | Mar. 31, 2017 | Dec. 31, 2016 |
Consolidated Statements of Financial Condition [Abstract] | ||
Preferred stock, no par value | $ 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 | 4,809,650 | 4,805,000 |
Common Stock, Shares, Outstanding | 4,762,493 | 4,755,630 |
Treasury Stock, Shares | 47,157 | 49,370 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Interest income: | ||
Loans, including fees | $ 4,370 | $ 4,441 |
Taxable securities | 683 | 631 |
Tax-exempt securities | 114 | 112 |
Other interest income | 7 | 3 |
Total interest income | 5,174 | 5,187 |
Interest expense: | ||
Deposits | 469 | 439 |
Securities sold under agreements to repurchase | 3 | 1 |
Short-term borrowings | 62 | 42 |
Long-term debt | 85 | 69 |
Other interest bearing liabilities | 8 | 7 |
Total interest expense | 627 | 558 |
Net interest income | 4,547 | 4,629 |
Provision for loan losses | 105 | 121 |
Net interest income after provision for loan losses | 4,442 | 4,508 |
Non-interest income: | ||
Customer service fees | 433 | 387 |
Debit card fee income | 270 | 243 |
Earnings on bank-owned life insurance and annuities | 84 | 88 |
Trust fees | 84 | 80 |
Commissions from sales of non-deposit products | 47 | 70 |
Income from unconsolidated subsidiary | 47 | 40 |
Fees derived from loan activity | 45 | 53 |
Mortgage banking income | 33 | 35 |
Gain on sales and calls of securities | 504 | |
Gain on sales of loans | 113 | |
Other non-interest income | 69 | 70 |
Total non-interest income | 1,616 | 1,179 |
Non-interest expense: | ||
Employee compensation expense | 1,739 | 1,663 |
Employee benefits | 654 | 604 |
Occupancy | 295 | 283 |
Equipment | 155 | 165 |
Data processing expense | 417 | 452 |
Director compensation | 60 | 58 |
Professional fees | 142 | 151 |
Taxes, other than income | 134 | 94 |
FDIC Insurance premiums | 91 | 105 |
Loss on sales of other real estate owned | 13 | 3 |
Amortization of intangibles | 17 | 31 |
Amortization of investment in low-income housing partnership | 120 | 120 |
Merger and acquisition expense | 58 | |
Other non-interest expense | 432 | 353 |
Total non-interest expense | 4,269 | 4,140 |
Income before income taxes | 1,789 | 1,547 |
Income tax provision (benefit) | 330 | 255 |
Net income | $ 1,459 | $ 1,292 |
Earnings per share | ||
Basic | $ 0.31 | $ 0.27 |
Diluted | 0.31 | 0.27 |
Cash dividends declared per share | $ 0.22 | $ 0.22 |
Weighted average basic shares outstanding | 4,756,517 | 4,797,866 |
Weighted average diluted shares outstanding | 4,762,090 | 4,798,227 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Statement of Comprehensive Income [Abstract] | |||
Net income: Before Tax Amount | $ 1,789 | $ 1,547 | |
Net Income: Tax Effect | (330) | (255) | |
Net income: Net-of-Tax Amount | 1,459 | 1,292 | |
Other comprehensive income (loss): | |||
Unrealized holding gains arising during the period: Before Tax Amount | 258 | 1,766 | |
Unrealized holding gains arising during the period: Tax Effect | (88) | (600) | |
Unrealized holding gains arising during the period: Net-of-Tax Amount | 170 | 1,166 | |
Unrealized holding gains from unconsolidated subsidiary: Before Tax Amount | 9 | 4 | |
Unrealized holding gains from unconsolidated subsidiary: Net-of-Tax Amount | 9 | 4 | |
Less reclassification adjustment for gains included in net income: Before Tax Amount | [1],[2] | (504) | |
Less reclassification adjustment for: gains included in net income: Tax Effect | [1],[2] | 171 | |
Less reclassification adjustment for: gains included in net income: Net-of-Tax Amount | [1],[2] | (333) | |
Amortization of pension net actuarial cost: Before Tax Amount | [2],[3] | 56 | 62 |
Amortization of net pension actuarial loss: Tax Expense | [2],[3] | (19) | (21) |
Amortization of net pension actuarial cost: Net-of-Tax Amount | [2],[3] | 37 | 41 |
Other comprehensive (loss) income: Before Tax Amount | (181) | 1,832 | |
Other comprehensive (loss) income: Tax Effect | 64 | (621) | |
Other comprehensive (loss) income: Net-of-Tax Amount | (117) | 1,211 | |
Total comprehensive income: Before Tax Amount | 1,608 | 3,379 | |
Total comprehensive income: Tax Effect | (266) | (876) | |
Total comprehensive income: Net-of-Tax Amount | $ 1,342 | $ 2,503 | |
[1] | Amounts are included in gain on sales and 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, 2015 | $ 4,798 | $ 18,352 | $ 39,015 | $ (2,203) | $ 59,962 | |
Beginning balance, shares at Dec. 31, 2015 | 4,798,086 | |||||
Net income | 1,292 | 1,292 | ||||
Other comprehensive income (loss) | 1,211 | 1,211 | ||||
Cash dividends | (1,056) | (1,056) | ||||
Stock-based compensation activity | 16 | 16 | ||||
Purchase of treasury stock | $ (18) | (18) | ||||
Purchase of treasury stock, shares | (1,000) | |||||
Ending balance at Mar. 31, 2016 | $ 4,798 | 18,368 | 39,251 | (992) | (18) | 61,407 |
Ending balance, shares at Mar. 31, 2016 | 4,797,086 | |||||
Beginning balance at Dec. 31, 2016 | $ 4,805 | 18,476 | 39,945 | (3,209) | (927) | $ 59,090 |
Beginning balance, shares at Dec. 31, 2016 | 4,755,630 | 4,755,630 | ||||
Net income | 1,459 | $ 1,459 | ||||
Other comprehensive income (loss) | (117) | (117) | ||||
Cash dividends | (1,047) | (1,047) | ||||
Stock-based compensation activity | 21 | 21 | ||||
Treasury stock issued for stock plans | (2) | 41 | 39 | |||
Treasury stock issued for stock plans, shares | 2,213 | |||||
Common stock issued for stock plans | $ 5 | (5) | ||||
Common stock issued for stock plans, shares | 4,650 | |||||
Ending balance at Mar. 31, 2017 | $ 4,810 | $ 18,490 | $ 40,357 | $ (3,326) | $ (886) | $ 59,445 |
Ending balance, shares at Mar. 31, 2017 | 4,762,493 | 4,762,493 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Consolidated Statements of in Stockholders' Equity [Abstract] | ||
Cash Dividends at per share | $ 0.22 | $ 0.22 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Operating activities: | |||
Net income | $ 1,459 | $ 1,292 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for loan losses | 105 | 121 | $ 466 |
Depreciation | 156 | 147 | |
Net amortization of securities premiums | 156 | 193 | |
Net amortization of loan origination fees (costs) | 15 | (11) | |
Deferred net loan origination (costs) fees | (103) | 12 | |
Amortization of core deposit intangible | 17 | 31 | |
Amortization of investment in low income housing partnership | 120 | 120 | |
Net amortization of purchase fair value adjustments | (13) | 1 | |
Net realized gain on sales and calls of securities | (504) | ||
Net loss (gain) on sales of other real estate owned | 13 | 3 | |
Earnings on bank owned life insurance and annuities | (84) | (88) | |
Deferred income tax (credit) expense | (4) | 4 | |
Equity in earnings of unconsolidated subsidiary, net of dividends of $24 and $18 | (23) | (22) | |
Stock-based compensation expense | 21 | 16 | |
Gain from sale of student loans | (113) | ||
Mortgage loans originated for sale | (450) | (321) | |
Proceeds from mortgage loans sold to others | 363 | 484 | |
Mortgage banking income | (33) | (35) | |
Decrease in accrued interest receivable and other assets | 268 | 137 | |
Decrease in accrued interest payable and other liabilities | (246) | (533) | |
Net cash provided by operating activities | 1,233 | 1,438 | |
Investing activities: | |||
Purchases of: Securities available for sale | (15,814) | (3,051) | |
Purchases of: Premises and equipment | (251) | (346) | |
Purchases of: Bank owned life insurance and annuities | (7) | (12) | |
Gross proceeds from sales of securities | 6,578 | ||
Proceeds from: Maturities of and principal repayments on securities available for sale | 2,994 | 10,017 | |
Proceeds from: Redemption of FHLB stock | 158 | 398 | |
Proceeds from: Sale of student loans | 1,706 | ||
Proceeds from: Sale of other real estate owned | 339 | 33 | |
Proceeds from: Sale of other assets | 20 | ||
Investment in low income housing partnerships | (1,023) | ||
Net increase in loans | (5,696) | (1,547) | |
Net cash (used in) provided by investing activities | (12,702) | 7,198 | |
Financing activities: | |||
Net increase in deposits | 15,238 | 9,109 | |
Net decrease in short-term borrowings and securities sold under agreements to repurchase | (3,527) | (27,551) | |
Issuance of long-term debt | 10,000 | ||
Cash dividends | (1,047) | (1,056) | |
Purchase of treasury stock | (18) | ||
Common stock issued for employee stock plans | 39 | ||
Net cash provided by (used in) financing activities | 10,703 | (9,516) | |
Net decrease in cash and cash equivalents | (766) | (880) | |
Cash and cash equivalents at beginning of year | 9,559 | 10,458 | 10,458 |
Cash and cash equivalents at end of period | 8,793 | 9,578 | $ 9,559 |
Supplemental information: | |||
Interest paid | 676 | 561 | |
Supplemental schedule of noncash investing and financing activities: | |||
Transfer of loans to other real estate owned | $ 371 | $ 124 |
Consolidated Statements of Cas9
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Consolidated Statements of Cash Flows(Parenthetical) [Abstract] | ||
Equity method investment, dividends | $ 24 | $ 18 |
Basis of Presentation and Accou
Basis of Presentation and Accounting Policies | 3 Months Ended |
Mar. 31, 2017 | |
Basis of Presentation and Accounting Policies [Abstract] | |
Basis of Presentation and Accounting Policies | 1. Basis of Presentation and Accounting Policies The consolidated financial statements include the accounts of Juniata Valley Financial Corp. (the “Company”) and its wholly owned subsidiary, The Juniata Valley Bank (the “Bank” or “JVB”). All significant intercompany accounts and transactions have been eliminated. The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles (U.S. GAAP) for complete consolidated financial statements. In the opinion of management, all adjustments considered necessary for fair presentation have been included. Operating results for the three month period ended March 31, 2017 are not necessarily indicative of the results for the year ending December 31, 2017. For further information, refer to the consolidated financial statements and notes thereto included in Juniata Valley Financial Corp.’s Annual Report on Form 10-K for the year ended December 31, 2016. The Company has evaluated events and transactions occurring subsequent to the consolidated statement of financial condition date of March 31, 2017 for items that should potentially be recognized or disclosed in these consolidated financial statements. The evaluation was conducted through the date these consolidated financial statements were issued. |
Recent Accounting Standards Upd
Recent Accounting Standards Update (ASU) | 3 Months Ended |
Mar. 31, 2017 | |
Recent Accounting Standards Update (ASU) [Abstract] | |
Recent Accounting Standards Update (ASU) | 2. Recent Accounting Standards Updates (ASU) Accounting Standards Update 2017-08, Premium Amortization on Purchased Callable Debt Securities Issued: March 2017 Summary: ASU 2017-08 shortens the amortization period for premiums on purchased callable debt securities to the earliest call date, rather than amortizing over the full contractual term. The ASU does not change the accounting for securities held at a discount. Effective Date: The amendments are effective for public business entities for fiscal years beginning after December 15, 2019. This Update will have no impact on the Company’s consolidated financial position and results of operations. Accounting Standards Update 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost Issued: March 2017 Summary: ASU 2017-07 requires that an employer disaggregate the service cost component from the other components of net benefit cost. Effective Date: The amendments are effective for public business entities for fiscal years beginning after December 15, 2017. This Update will have no impact on the Company’s consolidated financial position and results of operations. Accounting Standards Update 2017-04, Simplifying the Test for Goodwill Impairment Issued: January 2017 Summary: ASU 2017-04 eliminates Step 2 of the goodwill impairment test. Effective Date: The amendments are effective for public business entities for fiscal years beginning after December 15, 2019. This Update will have no impact on the Company’s consolidated financial position and results of operations. 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 the Company’s 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 to be 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’s senior management is currently in the process of evaluating the impact of the amended guidance on its c onsolidated f inancial s tatements, 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, 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 has partnered with a software provider specializing in ALLL analysis 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 new standard to have a material impact on the Company’s financial position, results of operations or cash flows, as the Company has only operating lease obligations, which are minimal. 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 March 31, 2017, the cumulative effect adjustment to income before tax would have been $251,000 (see Note 5). The cumulative adjustment that will be recognized upon adoption of the amendments in this update 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 to 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. GA A P, the Company’s preliminary analysis suggests that the adoption of this amended guidance is not expected to have a material impact on its c onsolidated f inancial s tatements, 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 , on the consolidated financial statements . 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 | 3 Months Ended |
Mar. 31, 2017 | |
Merger [Abstract] | |
Merger | 3. 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 the 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. 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 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 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2017 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Accumulated Other Comprehensive Loss | 4 . Accumulated other Comprehensive loss Components of accumulated other comprehensive loss, net of tax consisted of the following (in thousands): 3/31/2017 12/31/2016 Unrealized gains (losses) on available for sale securities $ (1,021) $ (866) Unrecognized expense for defined benefit pension (2,305) (2,343) Accumulated other comprehensive loss $ (3,326) $ (3,209) |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 5 . 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: (Amounts, except earnings per share, in thousands) Three Months Three Months Ended Ended March 31, 2017 March 31, 2016 Net income $ 1,459 $ 1,292 Weighted-average common shares outstanding 4,757 4,798 Basic earnings per share $ 0.31 $ 0.27 Weighted-average common shares outstanding 4,757 4,798 Common stock equivalents due to effect of stock options 5 - Total weighted-average common shares and equivalents 4,762 4,798 Diluted earnings per share $ 0.31 $ 0.27 |
Securities
Securities | 3 Months Ended |
Mar. 31, 2017 | |
Securities [Abstract] | |
Securities | 6 . Securities The Company’s investment portfolio includes primarily bonds issued by U.S. Government sponsored agencies (approximately 23 % of the investment portfolio ), mortgage-backed securities issued by Government-sponsored agencies and backed by residential mortgages (approximately 59% ) and municipal bonds (approximately 17 %) as of March 31, 2017. 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 March 31, 2017 and December 31, 2016, 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. March 31, 2017 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 19,496 19,393 12 (115) After five years but within ten years 16,998 16,484 - (514) 36,494 35,877 12 (629) Obligations of state and political subdivisions Within one year 2,814 2,816 2 - After one year but within five years 13,240 13,295 70 (15) After five years but within ten years 10,920 10,674 27 (273) After ten years - - - - 26,974 26,785 99 (288) Mortgage-backed securities 93,916 92,921 121 (1,116) Equity securities 997 1,248 252 (1) Total $ 158,381 $ 156,831 $ 484 $ (2,034) 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) 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 $ 36,723,000 and $ 36,638,000 at March 31, 2017 and December 31, 2016, respectively . In addition to cash received from the scheduled maturities of securities, some investment securities available for sale are sold or called at current market values during the course of normal operations. The following chart summarizes proceeds received from sales or calls of investment securities transactions and the resulting realized gains and losses (in thousands): Three Months Ended March 31, 2017 2016 Gross proceeds from sales of securities $ 6,578 $ - Securities available for sale: Gross realized gains from sold and called securities $ 506 $ - Gross realized losses from sold and called securities (2) - 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. 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 March 31, 2017 and December 31, 2016 (in thousands): Unrealized Losses at March 31, 2017 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 $ 34,863 $ (629) $ - $ - $ 34,863 $ (629) Obligations of state and political subdivisions 13,359 (287) 301 (1) 13,660 (288) Mortgage-backed securities 79,932 (1,116) - - 79,932 (1,116) Debt securities 128,154 (2,032) 301 (1) 128,455 (2,033) Equity securities 4 (1) - - 4 (1) Total temporarily impaired securities $ 128,158 $ (2,033) $ 301 $ (1) $ 128,459 $ (2,034) 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 March 31, 2017, 22 U.S. Government agency and corporations securities had unrealized losses that, in the aggregate, did not exceed 1.0% of amortized cost. None of these securities have been in a continuous loss position for 12 months or more. At March 31, 2017, 23 obligations of state and political subdivisions had unrealized losses that, in the aggregate, did not exceed 1.0% of amortized cost. One of these securities has been in a continuous loss position for 12 months or more. At March 31, 2017, 38 mortgage-backed securities had an unrealized loss that did not exceed 1.0% 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) or Federal Home Loan Mortgage Corporation (FHLMC), 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 and are evaluated quarterly for evidence of other-than-temporary impairment. There were no equity securities that were in an unrealized loss position for 12 months or more as of March 31, 2017. Management has identified no other-than-temporary impairment as of, or for the periods ended March 31, 2017, March 31, 2016 and December 31, 2016, respectively, in the equity portfolio. Management continues to track the performance of each stock owned to determine if it is prudent to recognize any other-than-temporary impairment charges. The Company has the ability and intent to hold its equity securities until recovery of unrealized lo sses. |
Loans and Related Allowance for
Loans and Related Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2017 | |
Loans and Related Allowance for Credit Losses [Abstract] | |
Loans and Related Allowance for Loan Losses | 7 . Loans and Related Allowance for Credit Losses 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 timely 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 gains on sales of loans which is a component of non-interest income. 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. 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 Company’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 March 31 , 2017 was adequate. There are two components of the allowance: a specific component for loans that are deemed to be impaired; and a general component for contingencies. A loan is considered to be impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loans and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan by loan basis by the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s observable market price or the fair value of the collateral if the loan is collateral dependent. The estimated fair values of substantially all of the Company’s impaired loans are measured based on the estimated fair value of the loan’s collateral. For commercial loans secured with real estate, estimated fair values are determined primarily through third-party appraisals. When a real estate secured loan becomes impaired, a decision is made regarding whether an updated certified appraisal of the real estate is necessary. This decision is based on various considerations, including the age of the most recent appraisal, the loan-to-value ratio based on the current appraisal and the condition of the property. Appraised values may be discounted to arrive at the estimated selling price of the collateral, which is considered to be the estimated fair value. The discounts also include the estimated costs to sell the property. For commercial loans secured by non-real estate collateral, estimated fair values are determined based on the borrower’s financial statements, inventory reports, aging accounts receivable, equipment appraisals or invoices. Indications of value from these sources are generally discounted based on the age of the financial information or the quality of the assets. For such loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The Company generally does not separately identify individual consumer segment loans for impairment disclosures, unless such loans are subject to a restructuring agreement. Loans whose terms are modified are classified as troubled debt restructurings if the Company grants borrowers concessions and it is deemed that those borrowers are experiencing financial difficulty. Concessions granted under a troubled debt restructuring generally involve a below-market interest rate based on the loan’s risk characteristics or an extension of a loan’s stated maturity date. Nonaccrual troubled debt restructurings are restored to accrual status if principal and interest payments, under the modified terms, are current for a sustained period of time after modification. Loans classified as troubled debt restructurings are designated as impaired. The component of the allowance for contingencies relates to other loans that have been segmented into risk rated categories. The borrower’s overall financial condition, repayment sources, guarantors and value of collateral, if appropriate, are evaluated quarterly or when credit deficiencies arise, such as delinquent loan payments. Credit quality risk ratings include regulatory classifications of special mention, substandard, doubtful and loss. Loans classified as special mention have potential weaknesses that deserve management’s close attention. If uncorrected, the potential weaknesses may result in deterioration of the repayment prospects. Loans classified as substandard have one or more well-defined weaknesses that jeopardize the liquidation of the debt. Substandard loans include loans that are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans classified doubtful have all the weaknesses inherent in loans classified substandard with the added characteristic that collection or liquidation in full, on the basis of current conditions and facts, is highly improbable. Loans classified as a loss are considered uncollectible and are charged to the allowance for loan losses. Loans not classified are rated pass. Specific reserves may be established for larger, individual classified loans as a result of this evaluation, as discussed above. Remaining loans are categorized into large groups of smaller balance homogeneous loans and are collectively evaluated for impairment. This computation is generally based on historical loss experience adjusted for qualitative factors. The historical loss experience is averaged over a ten -year period for each of the portfolio segments. The ten-year timeframe was selected in order to capture activity over a wide range of economic conditions and has been consistently used by the Company for the past seven years. Qualitative risk factors are reviewed for relevancy each quarter and include: · National, regional and local economic and business conditions, as well as the condition of various market segments, including the underlying collateral for collateral dependent loans; · Nature and volume of the portfolio and terms of loans; · Experience, ability and depth of lending and credit management and staff; · Volume and severity of past due, classified and nonaccrual loans, as well as other loan modifications; · Existence and effect of any concentrations of credit and changes in the level of such concentrations; and · Effect of external factors, including competition. Each factor is assigned a value to reflect improving, stable or declining conditions based on management’s best judgment using relevant information available at the time of the evaluation. Adjustments to the factors are supported through documentation of changes in conditions in a narrative accompanying the allowance for loan loss calculation. Commercial, Financial and Agricultural Lending The Company originates commercial, financial and agricultural loans primarily to businesses located in its primary market area and surrounding areas. These loans are used for various business purposes, which include short-term loans and lines of credit to finance machinery and equipment purchases, inventory and accounts receivable. Generally, the maximum term for loans extended on machinery and equipment is shorter and does not exceed the projected useful life of such machinery and equipment. Most business lines of credit are written with a five year maturity, subject to an annual credit 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. Loan Portfolio Classification The following tables present the classes of the loan portfolio summarized by the aggregate pass rating and the classified ratings of special mention, substandard and doubtful within the Company’s internal risk rating system as of March 31, 2017 and December 31, 2016 (in thousands): As of March 31, 2017 Pass Special Mention Substandard Doubtful Total Commercial, financial and agricultural $ 39,305 $ 5,231 $ 984 $ 19 $ 45,539 Real estate - commercial 111,728 20,419 6,424 989 139,560 Real estate - construction 13,730 246 6,319 - 20,295 Real estate - mortgage 141,238 4,128 3,818 1,563 150,747 Obligations of states and political subdivisions 16,563 1,085 - - 17,648 Personal 9,857 47 9 - 9,913 Total $ 332,421 $ 31,156 $ 17,554 $ 2,571 $ 383,702 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 The Company has certain loans in its portfolio that are considered to be impaired. It is the policy of the Company to recognize income on impaired loans that have been transferred to nonaccrual status on a cash basis, only to the extent that it exceeds principal balance recovery. Until an impaired loan is placed on nonaccrual status, income is recognized on the accrual basis. Collateral analysis is performed on each impaired loan at least quarterly, and results are used to determine if a specific reserve is necessary to adjust the carrying value of each individual loan down to the estimated fair value. Generally, specific reserves are carried against impaired loans based upon estimated collateral value until a confirming loss event occurs or until termination of the credit is scheduled through liquidation of the collateral or foreclosure. Charge off will occur when a confirmed loss is identified. Professional appraisals of collateral, discounted for expected selling costs, appraisal age, economic conditions and other known factors are used to determine the charge-off amount. The following tables summarize information regarding impaired loans by portfolio class as of March 31, 2017 and December 31, 2016 (in thousands): As of March 31, 2017 As of December 31, 2016 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 $ 426 $ 430 $ - $ 436 $ 439 $ - Real estate - commercial 4,810 5,550 - 5,499 6,475 - Acquired with credit deterioration 215 263 - 641 730 - Real estate - construction 2,455 2,455 - 2,455 2,455 - Real estate - mortgage 2,845 4,374 - 3,345 5,020 - Acquired with credit deterioration 367 396 - 415 440 - With an allowance recorded: Commercial financial and agricultural $ 19 $ 19 $ 11 $ - $ - $ - Real estate - commercial 919 1,145 30 - - - Real estate - mortgage 676 676 66 712 712 56 Total: Commercial, financial and agricultural $ 445 $ 449 $ 11 $ 436 $ 439 $ - Real estate - commercial 5,729 6,695 30 5,499 6,475 - Acquired with credit deterioration 215 263 - 641 730 - Real estate - construction 2,455 2,455 - 2,455 2,455 - Real estate - mortgage 3,521 5,050 66 4,057 5,732 56 Acquired with credit deterioration 367 396 - 415 440 - $ 12,732 $ 15,308 $ 107 $ 13,503 $ 16,271 $ 56 Three Months Ended March 31, 2017 Three Months Ended March 31, 2016 Impaired loans 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 $ 431 $ 7 $ - $ 247 $ - $ - Real estate - commercial 5,155 75 - 1,834 9 - Acquired with credit deterioration 428 - 827 - - Real estate - construction 2,455 34 - - - - Real estate - mortgage 3,095 5 7 2,420 4 6 Acquired with credit deterioration 391 - - 627 - - With an allowance recorded: Commercial financial and agricultural $ 10 $ - $ - $ - $ - $ - Real estate - commercial 460 - - - - - Real estate - mortgage 694 - - 165 - - Total: Commercial, financial and agricultural $ 441 $ 7 $ - $ 247 $ - $ - Real estate - commercial 5,615 75 - 1,834 9 - Acquired with credit deterioration 428 - - 827 - - Real estate - construction 2,455 34 - - - - Real estate - mortgage 3,789 5 7 2,585 4 6 Acquired with credit deterioration 391 - - 627 - - $ 13,119 $ 121 $ 7 $ 6,120 $ 13 $ 6 The following table presents nonaccrual loans by classes of the loan portfolio as of March 31, 2017 and December 31, 2016 (in thousands): Nonaccrual loans: March 31, 2017 December 31, 2016 Real estate - commercial $ 1,013 $ 1,016 Real estate - mortgage 3,187 3,717 Personal 2 - Total $ 4,202 $ 4,733 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 March 31, 2017 and December 31, 2016 (in thousands): As of March 31, 2017 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 $ - 38 - $ 38 $ 45,501 $ 45,539 $ - Real estate - commercial - Real estate - commercial 706 - - 706 138,639 139,345 - Acquired with credit deterioration 182 - 33 215 - 215 33 Real estate - construction 515 66 - 581 19,714 20,295 - Real estate - mortgage - Real estate - mortgage 734 96 - 830 149,550 150,380 - Acquired with credit deterioration - - 137 137 230 367 137 Obligations of states and political subdivisions - - - - 17,648 17,648 - Personal 44 11 - 55 9,858 9,913 - Total $ 2,181 $ 211 $ 170 $ 2,562 $ 381,140 $ 383,702 $ 170 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 The following table summarizes information regarding troubled debt restructurings by loan portfolio class at March 31, 2017 and December 31, 2016, in thousands of dollars. Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Recorded Investment As of March 31, 2017 Accruing troubled debt restructurings: Real estate - mortgage 7 $ 369 $ 397 $ 334 Commercial, financial, agricultural 1 19 20 19 Non-accruing troubled debt restructurings: Real estate - mortgage 1 25 25 22 9 $ 413 $ 442 $ 375 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 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 March 31, 2017, there were specific reserves carried for one troubled debt restructured loan, in the amount of $11,000 . There were no defaults of troubled debt restructurings that took place during the three months ended March 31, 2017 or 2016 within 12 months of restructure. On December 31, 2016, there were no specific reserves carried for troubled debt restructured loans 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. There was one loan whose terms have been modified resulting in troubled debt restructurings during the three months ended March 31, 2017. There were no such restructurings during the three months ended March 31, 2016. Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Recorded Investment Three months ended March 31, 2017 Accruing troubled debt restructurings: Commercial, financial, agricultural 1 $ 19 $ 20 $ 19 1 $ 19 $ 20 $ 19 Consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process at March 31, 2017 and December 31, 2016 totaled $561,000 and $1,778,000 , respectively. The following tables summarize the activity in the allowance for loan losses and related investments in loans receivable (in thousands): As of, and for the periods ended, March 31, 2017 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, 2017 $ 318 $ 948 $ 231 $ 1,143 $ - $ 83 $ 2,723 Charge-offs - - - (64) - (6) (70) Recoveries - - - 44 - 3 47 Provisions 50 120 (105) 37 - 3 105 Ending balance, March 31, 2017 $ 368 $ 1,068 $ 126 $ 1,160 $ - $ 83 $ 2,805 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 $ 368 $ 1,068 $ 126 $ 1,160 $ - $ 83 $ 2,805 evaluated for impairment individually $ 11 $ 30 $ - $ 66 $ - $ - $ 107 collectively $ 357 $ 1,038 $ 126 $ 1,094 $ - $ 83 $ 2,698 Loans: Ending balance $ 45,539 $ 139,560 $ 20,295 $ 150,747 $ 17,648 $ 9,913 $ 383,702 evaluated for impairment individually $ 445 $ 5,729 $ 2,455 $ 3,521 $ - $ - $ 12,150 collectively $ 45,094 $ 133,616 $ 17,840 $ 146,859 $ 17,648 $ 9,913 $ 370,970 Ending balance: loans acquired with deteriorated credit quality - 215 - 367 - 582 As of, and for the periods ended, March 31, 2016 Allowance for loan losses: Commercial, financial and agricultural Real estate - commercial Real estate - construction Real estate - mortgage Obligations of states and political subdivisions Person |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2017 | |
Goodwill and Other Intangible Assets [Abstract] | |
Goodwill and Other Intangible Assets | 8 . Goodwill and other intangible assets Branch Acquisition On September 8, 2006 , the Company acquired a branch office in Richfield, PA. Goodwill at March 31, 2017 and December 31, 2016 was $2,046,000 . Core deposit intangible of $431,000 was fully am ortized as of December 31, 2016, and was $18,000 , net of amortization of $420,000 , at March 31, 2016. The core deposit intangible was amortized over a ten -year period on a straight line basis. Goodwill is not amortized, but is measured annually for impairment or more frequently if certain events occur which might indicate goodwill has been impaired. Core deposit amortization expense was $11,000 in the three months ending March 31, 2016. There was no impairment of goodwill during the three month periods ended March 31, 201 7 or 201 6 . FNBPA Acquisition On November 30, 2015 , the Company acquired FNBPA Bancorp, Inc. (“FNBPA”) and as a result, carries goodwill of $3,402,000 relating to the acquisition . 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. Amortization expense recognized in the three months ended March 31, 2017 and 2016 was $17,000 and $20,000 , respectively for intangibles related to the FNBPA acquisition. 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 January 1, 2016 4 2 402 Amortization expense recorded in the twelve months ended December 31, 2016 55 20 29 Unamortized balance as of December 31, 2016 244 18 $ - Amortization expense recorded in the three months ended March 31, 2017 12 5 Unamortized balance as of March 31, 2017 $ 232 $ 13 Scheduled remaining amortization expense for years ended: December 31, 2017 $ 37 $ 13 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 | 3 Months Ended |
Mar. 31, 2017 | |
Investment in Unconsolidated Subsidiary [Abstract] | |
Investment in Unconsolidated Subsidiary | 9 . Investment in Unconsolidated Subsidiary The Company owns 39.16 % of the outstanding common stock of Liverpool Community Bank (LCB), Liverpool, PA. This investment is accounted for under the equity method of accounting and is being carried at $ 4,734,000 as of March 31, 2017. 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 that would justify the current carrying value of the investment. There was no impairment of goodwill relating to LCB during the three month periods ended March 31, 2017 or 2016. |
Fair Value Measurement
Fair Value Measurement | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Measurement [Abstract] | |
Fair Value Measurement | 10 . 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 assets and liabilities measured at fair value, as well as the general classification of such assets and liabilities 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 and the Company’s creditworthiness, among other things, as well as unobservable parameters. Any such valuation adjustments are applied consistently over time. The Company’s valuation methodologies may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. While management believes the Company’s valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. Securities Available for Sale. Debt securities classified as available for sale are reported at fair value utilizing Level 2 inputs. For these securities, the Company obtains fair value measurement from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond’s terms and conditions, among other things. Equity securities classified as available for sale are reported at fair value using Level 1 and Level 2 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 March 31, 2017 and December 31, 2016, 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 three months ended March 31, 2017 or 2016. (Level 1) (Level 2) (Level 3) Quoted Prices in Significant Significant Active Markets Other Other March 31, for Identical Observable Unobservable 2017 Assets Inputs Inputs Measured at fair value on a recurring basis: Debt securities available-for-sale: Obligations of U.S. Government agencies and corporations $ 35,877 $ - $ 35,877 $ - Obligations of state and political subdivisions 26,785 - 26,785 - Mortgage-backed securities 92,921 - 92,921 - Equity securities available-for-sale 1,248 1,068 180 - Measured at fair value on a non-recurring basis: Impaired loans 2,669 - - 2,669 Other real estate owned 121 - - 121 Mortgage servicing rights 206 - - 206 (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 2,148 180 - 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 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: March 31, 2017 Fair Value Estimate Valuation Technique Unobservable Input Range Weighted Average Impaired loans $ 2,669 Appraisal of collateral (1) Appraisal and liquidation adjustments (2) 7% - 42% 9.1% Other real estate owned 121 Appraisal of collateral (1) Appraisal and liquidation adjustments (2) 23 - 72% 42% Mortgage servicing rights 206 Multiple of annual servicing fee Estimated pre-payment speed, based on rate and term 300% - 400% 369% 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% (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 reported 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 quarter 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) is 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 other interest bearing liabilities – The fair value is estimated using discounted cash flow analysis, based on incremental borrowing rates for similar types of arrangements. Commitments to extend credit and letters of credit – The fair value of commitments to extend credit is estimated using the fees currently charged to enter into similar agreements, taking into account market interest rates, the remaining terms and present credit-worthiness of the counterparties. The fair value of guarantees and letters of credit is based on fees currently charged for similar agreements. The estimated fair values of the Company’s financial instruments are as follows (in thousands): Financial Instruments (in thousands) March 31, 2017 December 31, 2016 Carrying Fair Carrying Fair Financial assets: Value Value Value Value Cash and due from banks $ 8,762 $ 8,762 $ 9,464 $ 9,464 Interest bearing deposits with banks 31 31 95 95 Interest bearing time deposits with banks 350 350 350 350 Securities 156,831 156,831 150,488 150,488 Restricted investment in FHLB stock 3,452 3,452 3,610 3,610 Loans held for sale 119 119 - - Loans, net of allowance for loan losses 380,897 371,297 375,574 366,660 Mortgage servicing rights 206 206 205 205 Accrued interest receivable 1,628 1,628 1,582 1,582 Financial liabilities: Non-interest bearing deposits 110,342 110,342 104,006 104,006 Interest bearing deposits 360,720 360,302 351,816 354,628 Securities sold under agreements to repurchase 3,669 3,669 4,496 4,496 Short-term borrowings 25,000 25,000 25,000 27,700 27,700 Long-term debt 25,000 24,924 25,000 24,963 Other interest bearing liabilities 1,542 1,545 1,545 1,549 Accrued interest payable 219 219 268 268 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 March 3 1 , 201 7 and December 31, 201 6 . This table excludes financial instruments for which the carrying amount approximates fair value (in thousands). (Level 1) (Level 2) (Level 3) Quoted Prices in Active Markets Significant Significant for Identical Other Other March 31, 2017 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 119 - - - - Loans, net of allowance for loan losses 380,897 371,297 - - 371,297 Financial instruments - Liabilities Interest bearing deposits 360,720 360,302 - 360,302 - Long-term debt 25,000 24,924 - 24,924 - Other interest bearing liabilities 1,542 1,545 - 1,545 - (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 - |
Defined Benefit Retirement Plan
Defined Benefit Retirement Plan | 3 Months Ended |
Mar. 31, 2017 | |
Defined Benefit Retirement Plan [Abstract] | |
Defined Benefit Retirement Plan | 1 1 . Defined Benefit Retirement Plan 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 with respect to the JVB Plan 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 has made no contributions in the first three months of 2017 and is not required to make a contribution in the remainder of 2017 ; however, it is considering doing so. Pension expense included the following components for the three month periods ended March 31, 2017 and 2016, with the 2016 year reclassified to include combined results for the JVB Plan and the former FNB Plan: (Dollars in thousands) Three Months Ended March 31, 2017 2016 Components of net periodic pension cost (income) Interest cost $ 161 $ 167 Expected return on plan assets (201) (199) Recognized net actuarial loss 56 62 Net periodic pension cost (income) $ 16 $ 30 Amortization of net actuarial loss recognized in other comprehensive income $ (56) $ (62) Total recognized in net periodic pension cost and other comprehensive income $ (40) $ (32) |
Commitments and Contingent Liab
Commitments and Contingent Liabilities and Guarantees | 3 Months Ended |
Mar. 31, 2017 | |
Commitments and Contingent Liabilities and Guarantees [Abstract] | |
Commitments and Contingent Liabilities | 12 . Commitments, Contingent Liabilities and Guarantees In the ordinary course of business, the Company makes commitments to extend credit to its customers through letters of credit, loan commitments and lines of credit. At March 31, 2017, the Company had $ 58,518,000 outstanding in loan commitments and other unused lines of credit extended to its customers as compared to $ 59,984,000 at December 31, 2016. The Company does not issue any guarantees that would require liability recognition or disclosure, other than its letters of credit. Letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Generally, financial and performance letters of credit have expiration dates within one year of issuance, while commercial letters of credit have longer term commitments. The credit risk involved in issuing letters of credit is essentially the same as the risks that are involved in extending loan facilities to customers. The Company generally holds collateral and/or personal guarantees supporting these commitments. The Company had outstanding $ 2,418,000 and $ 2,300,000 of financial and performance letters of credit commitments as of March 31, 2017 and December 31, 2016, respectively. Commercial letters of credit as of March 31, 201 7 and December 31, 201 6 totaled $12,650,000 . Management believes that the proceeds obtained through a liquidation of collateral and the enforcement of guarantees would be sufficient to cover the potential amount of future payments required under the corresponding guarantees. The amount of the liability as of March 31, 2017 for payments under letters of credit issued was not material. Because these instruments have fixed maturity dates, and because many of them will expire without being drawn upon, they do not generally present any significant liquidity risk. 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 March 31, 2017, $ 8,867,000 remained to be delivered on that commitment, $359,000 of which has been committed to borrowers. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | 13 . Subsequent Event s In April 2017 , the Board of Directors dec lared a dividend of $ 0.22 per share to shareholders of record on May 15, 2017 , payable on June 1, 2017 . |
Loans and Related Allowance f23
Loans and Related Allowance for Credit Losses (Policy) | 3 Months Ended |
Mar. 31, 2017 | |
Loans and Related Allowance for Credit Losses [Abstract] | |
Loans and Leases Receivable, Nonaccrual Loan and Lease Status | The Company has certain loans in its portfolio that are considered to be impaired. It is the policy of the Company to recognize income on impaired loans that have been transferred to nonaccrual status on a cash basis, only to the extent that it exceeds principal balance recovery. Until an impaired loan is placed on nonaccrual status, income is recognized on the accrual basis. Collateral analysis is performed on each impaired loan at least quarterly, and results are used to determine if a specific reserve is necessary to adjust the carrying value of each individual loan down to the estimated fair value. Generally, specific reserves are carried against impaired loans based upon estimated collateral value until a confirming loss event occurs or until termination of the credit is scheduled through liquidation of the collateral or foreclosure. Charge off will occur when a confirmed loss is identified. Professional appraisals of collateral, discounted for expected selling costs, appraisal age, economic conditions and other known factors are used to determine the charge-off amount. |
Merger (Tables)
Merger (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 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 |
Accumulated Other Comprehensi25
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Components of Accumulated Other Comprehensive Loss | Components of accumulated other comprehensive loss, net of tax consisted of the following (in thousands): 3/31/2017 12/31/2016 Unrealized gains (losses) on available for sale securities $ (1,021) $ (866) Unrecognized expense for defined benefit pension (2,305) (2,343) Accumulated other comprehensive loss $ (3,326) $ (3,209) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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: (Amounts, except earnings per share, in thousands) Three Months Three Months Ended Ended March 31, 2017 March 31, 2016 Net income $ 1,459 $ 1,292 Weighted-average common shares outstanding 4,757 4,798 Basic earnings per share $ 0.31 $ 0.27 Weighted-average common shares outstanding 4,757 4,798 Common stock equivalents due to effect of stock options 5 - Total weighted-average common shares and equivalents 4,762 4,798 Diluted earnings per share $ 0.31 $ 0.27 |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Securities [Abstract] | |
Securities Available for Sale | The amortized cost and fair value of securities as of March 31, 2017 and December 31, 2016, 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. March 31, 2017 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 19,496 19,393 12 (115) After five years but within ten years 16,998 16,484 - (514) 36,494 35,877 12 (629) Obligations of state and political subdivisions Within one year 2,814 2,816 2 - After one year but within five years 13,240 13,295 70 (15) After five years but within ten years 10,920 10,674 27 (273) After ten years - - - - 26,974 26,785 99 (288) Mortgage-backed securities 93,916 92,921 121 (1,116) Equity securities 997 1,248 252 (1) Total $ 158,381 $ 156,831 $ 484 $ (2,034) 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) |
Summary of Proceeds and Realized Gain/(Loss) | The following chart summarizes proceeds received from sales or calls of investment securities transactions and the resulting realized gains and losses (in thousands): Three Months Ended March 31, 2017 2016 Gross proceeds from sales of securities $ 6,578 $ - Securities available for sale: Gross realized gains from sold and called securities $ 506 $ - Gross realized losses from sold and called securities (2) - |
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 March 31, 2017 and December 31, 2016 (in thousands): Unrealized Losses at March 31, 2017 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 $ 34,863 $ (629) $ - $ - $ 34,863 $ (629) Obligations of state and political subdivisions 13,359 (287) 301 (1) 13,660 (288) Mortgage-backed securities 79,932 (1,116) - - 79,932 (1,116) Debt securities 128,154 (2,032) 301 (1) 128,455 (2,033) Equity securities 4 (1) - - 4 (1) Total temporarily impaired securities $ 128,158 $ (2,033) $ 301 $ (1) $ 128,459 $ (2,034) 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) |
Loans and Related Allowance f28
Loans and Related Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Loans and Related Allowance for Credit Losses [Abstract] | |
Classes of the Loan Portfolio Summarized by the Aggregate Risk Rating | The following tables present the classes of the loan portfolio summarized by the aggregate pass rating and the classified ratings of special mention, substandard and doubtful within the Company’s internal risk rating system as of March 31, 2017 and December 31, 2016 (in thousands): As of March 31, 2017 Pass Special Mention Substandard Doubtful Total Commercial, financial and agricultural $ 39,305 $ 5,231 $ 984 $ 19 $ 45,539 Real estate - commercial 111,728 20,419 6,424 989 139,560 Real estate - construction 13,730 246 6,319 - 20,295 Real estate - mortgage 141,238 4,128 3,818 1,563 150,747 Obligations of states and political subdivisions 16,563 1,085 - - 17,648 Personal 9,857 47 9 - 9,913 Total $ 332,421 $ 31,156 $ 17,554 $ 2,571 $ 383,702 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 |
Impaired Loans by Loan Portfolio Class | The following tables summarize information regarding impaired loans by portfolio class as of March 31, 2017 and December 31, 2016 (in thousands): As of March 31, 2017 As of December 31, 2016 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 $ 426 $ 430 $ - $ 436 $ 439 $ - Real estate - commercial 4,810 5,550 - 5,499 6,475 - Acquired with credit deterioration 215 263 - 641 730 - Real estate - construction 2,455 2,455 - 2,455 2,455 - Real estate - mortgage 2,845 4,374 - 3,345 5,020 - Acquired with credit deterioration 367 396 - 415 440 - With an allowance recorded: Commercial financial and agricultural $ 19 $ 19 $ 11 $ - $ - $ - Real estate - commercial 919 1,145 30 - - - Real estate - mortgage 676 676 66 712 712 56 Total: Commercial, financial and agricultural $ 445 $ 449 $ 11 $ 436 $ 439 $ - Real estate - commercial 5,729 6,695 30 5,499 6,475 - Acquired with credit deterioration 215 263 - 641 730 - Real estate - construction 2,455 2,455 - 2,455 2,455 - Real estate - mortgage 3,521 5,050 66 4,057 5,732 56 Acquired with credit deterioration 367 396 - 415 440 - $ 12,732 $ 15,308 $ 107 $ 13,503 $ 16,271 $ 56 Three Months Ended March 31, 2017 Three Months Ended March 31, 2016 Impaired loans 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 $ 431 $ 7 $ - $ 247 $ - $ - Real estate - commercial 5,155 75 - 1,834 9 - Acquired with credit deterioration 428 - 827 - - Real estate - construction 2,455 34 - - - - Real estate - mortgage 3,095 5 7 2,420 4 6 Acquired with credit deterioration 391 - - 627 - - With an allowance recorded: Commercial financial and agricultural $ 10 $ - $ - $ - $ - $ - Real estate - commercial 460 - - - - - Real estate - mortgage 694 - - 165 - - Total: Commercial, financial and agricultural $ 441 $ 7 $ - $ 247 $ - $ - Real estate - commercial 5,615 75 - 1,834 9 - Acquired with credit deterioration 428 - - 827 - - Real estate - construction 2,455 34 - - - - Real estate - mortgage 3,789 5 7 2,585 4 6 Acquired with credit deterioration 391 - - 627 - - $ 13,119 $ 121 $ 7 $ 6,120 $ 13 $ 6 |
Nonaccrual Loans by Classes of the Loan Portfolio | The following table presents nonaccrual loans by classes of the loan portfolio as of March 31, 2017 and December 31, 2016 (in thousands): Nonaccrual loans: March 31, 2017 December 31, 2016 Real estate - commercial $ 1,013 $ 1,016 Real estate - mortgage 3,187 3,717 Personal 2 - Total $ 4,202 $ 4,733 |
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 March 31, 2017 and December 31, 2016 (in thousands): As of March 31, 2017 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 $ - 38 - $ 38 $ 45,501 $ 45,539 $ - Real estate - commercial - Real estate - commercial 706 - - 706 138,639 139,345 - Acquired with credit deterioration 182 - 33 215 - 215 33 Real estate - construction 515 66 - 581 19,714 20,295 - Real estate - mortgage - Real estate - mortgage 734 96 - 830 149,550 150,380 - Acquired with credit deterioration - - 137 137 230 367 137 Obligations of states and political subdivisions - - - - 17,648 17,648 - Personal 44 11 - 55 9,858 9,913 - Total $ 2,181 $ 211 $ 170 $ 2,562 $ 381,140 $ 383,702 $ 170 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 |
Troubled Debt Restructurings on Financing Receivables | The following table summarizes information regarding troubled debt restructurings by loan portfolio class at March 31, 2017 and December 31, 2016, in thousands of dollars. Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Recorded Investment As of March 31, 2017 Accruing troubled debt restructurings: Real estate - mortgage 7 $ 369 $ 397 $ 334 Commercial, financial, agricultural 1 19 20 19 Non-accruing troubled debt restructurings: Real estate - mortgage 1 25 25 22 9 $ 413 $ 442 $ 375 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 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 March 31, 2017, there were specific reserves carried for one troubled debt restructured loan, in the amount of $11,000 . There were no defaults of troubled debt restructurings that took place during the three months ended March 31, 2017 or 2016 within 12 months of restructure. On December 31, 2016, there were no specific reserves carried for troubled debt restructured loans 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. There was one loan whose terms have been modified resulting in troubled debt restructurings during the three months ended March 31, 2017. There were no such restructurings during the three months ended March 31, 2016. Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Recorded Investment Three months ended March 31, 2017 Accruing troubled debt restructurings: Commercial, financial, agricultural 1 $ 19 $ 20 $ 19 1 $ 19 $ 20 $ 19 |
Allowance for Loan Losses and Recorded Investments in Loans Receivable | The following tables summarize the activity in the allowance for loan losses and related investments in loans receivable (in thousands): As of, and for the periods ended, March 31, 2017 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, 2017 $ 318 $ 948 $ 231 $ 1,143 $ - $ 83 $ 2,723 Charge-offs - - - (64) - (6) (70) Recoveries - - - 44 - 3 47 Provisions 50 120 (105) 37 - 3 105 Ending balance, March 31, 2017 $ 368 $ 1,068 $ 126 $ 1,160 $ - $ 83 $ 2,805 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 $ 368 $ 1,068 $ 126 $ 1,160 $ - $ 83 $ 2,805 evaluated for impairment individually $ 11 $ 30 $ - $ 66 $ - $ - $ 107 collectively $ 357 $ 1,038 $ 126 $ 1,094 $ - $ 83 $ 2,698 Loans: Ending balance $ 45,539 $ 139,560 $ 20,295 $ 150,747 $ 17,648 $ 9,913 $ 383,702 evaluated for impairment individually $ 445 $ 5,729 $ 2,455 $ 3,521 $ - $ - $ 12,150 collectively $ 45,094 $ 133,616 $ 17,840 $ 146,859 $ 17,648 $ 9,913 $ 370,970 Ending balance: loans acquired with deteriorated credit quality - 215 - 367 - 582 As of, and for the periods ended, March 31, 2016 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 - (32) - (18) - (4) (54) Recoveries - - - 1 - 8 9 Provisions 27 17 7 61 - 9 121 Ending balance, March 31, 2016 $ 291 $ 821 $ 198 $ 1,184 $ - $ 60 $ 2,554 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 $ 291 $ 821 $ 198 $ 1,184 $ - $ 60 $ 2,554 evaluated for impairment individually $ - $ - $ - $ 60 $ - $ - $ 60 collectively $ 291 $ 821 $ 198 $ 1,124 $ - $ 60 $ 2,494 Loans: Ending balance $ 36,387 $ 125,123 $ 27,483 $ 160,993 $ 20,771 $ 7,749 $ 378,506 evaluated for impairment individually $ 19 $ 1,816 $ - $ 2,533 $ - $ - $ 4,368 collectively $ 36,368 $ 122,488 $ 27,483 $ 157,837 $ 20,771 $ 7,749 $ 372,696 acquired with credit deterioration - 819 - 623 - - 1,442 As of December 31, 2016 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 |
Goodwill and Other Intangible29
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Goodwill and Other Intangible Assets [Abstract] | |
Amortization Schedule for Intangible Assets | Amortization expense recognized in the three months ended March 31, 2017 and 2016 was $17,000 and $20,000 , respectively for intangibles related to the FNBPA acquisition. 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 January 1, 2016 4 2 402 Amortization expense recorded in the twelve months ended December 31, 2016 55 20 29 Unamortized balance as of December 31, 2016 244 18 $ - Amortization expense recorded in the three months ended March 31, 2017 12 5 Unamortized balance as of March 31, 2017 $ 232 $ 13 Scheduled remaining amortization expense for years ended: December 31, 2017 $ 37 $ 13 December 31, 2018 44 - December 31, 2019 38 - December 31, 2020 33 - December 31, 2021 27 - After December 31, 2021 53 - |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017 and December 31, 2016, 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 three months ended March 31, 2017 or 2016. (Level 1) (Level 2) (Level 3) Quoted Prices in Significant Significant Active Markets Other Other March 31, for Identical Observable Unobservable 2017 Assets Inputs Inputs Measured at fair value on a recurring basis: Debt securities available-for-sale: Obligations of U.S. Government agencies and corporations $ 35,877 $ - $ 35,877 $ - Obligations of state and political subdivisions 26,785 - 26,785 - Mortgage-backed securities 92,921 - 92,921 - Equity securities available-for-sale 1,248 1,068 180 - Measured at fair value on a non-recurring basis: Impaired loans 2,669 - - 2,669 Other real estate owned 121 - - 121 Mortgage servicing rights 206 - - 206 (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 2,148 180 - 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 |
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: March 31, 2017 Fair Value Estimate Valuation Technique Unobservable Input Range Weighted Average Impaired loans $ 2,669 Appraisal of collateral (1) Appraisal and liquidation adjustments (2) 7% - 42% 9.1% Other real estate owned 121 Appraisal of collateral (1) Appraisal and liquidation adjustments (2) 23 - 72% 42% Mortgage servicing rights 206 Multiple of annual servicing fee Estimated pre-payment speed, based on rate and term 300% - 400% 369% 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% (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) March 31, 2017 December 31, 2016 Carrying Fair Carrying Fair Financial assets: Value Value Value Value Cash and due from banks $ 8,762 $ 8,762 $ 9,464 $ 9,464 Interest bearing deposits with banks 31 31 95 95 Interest bearing time deposits with banks 350 350 350 350 Securities 156,831 156,831 150,488 150,488 Restricted investment in FHLB stock 3,452 3,452 3,610 3,610 Loans held for sale 119 119 - - Loans, net of allowance for loan losses 380,897 371,297 375,574 366,660 Mortgage servicing rights 206 206 205 205 Accrued interest receivable 1,628 1,628 1,582 1,582 Financial liabilities: Non-interest bearing deposits 110,342 110,342 104,006 104,006 Interest bearing deposits 360,720 360,302 351,816 354,628 Securities sold under agreements to repurchase 3,669 3,669 4,496 4,496 Short-term borrowings 25,000 25,000 25,000 27,700 27,700 Long-term debt 25,000 24,924 25,000 24,963 Other interest bearing liabilities 1,542 1,545 1,545 1,549 Accrued interest payable 219 219 268 268 Off-balance sheet financial instruments: Commitments to extend credit - - - - Letters of credit - - - - |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | This table excludes financial instruments for which the carrying amount approximates fair value (in thousands). (Level 1) (Level 2) (Level 3) Quoted Prices in Active Markets Significant Significant for Identical Other Other March 31, 2017 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 119 - - - - Loans, net of allowance for loan losses 380,897 371,297 - - 371,297 Financial instruments - Liabilities Interest bearing deposits 360,720 360,302 - 360,302 - Long-term debt 25,000 24,924 - 24,924 - Other interest bearing liabilities 1,542 1,545 - 1,545 - (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 - |
Defined Benefit Retirement Pl31
Defined Benefit Retirement Plan (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
JVB Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Components of Net Periodic Pension Cost | Pension expense included the following components for the three month periods ended March 31, 2017 and 2016, with the 2016 year reclassified to include combined results for the JVB Plan and the former FNB Plan: (Dollars in thousands) Three Months Ended March 31, 2017 2016 Components of net periodic pension cost (income) Interest cost $ 161 $ 167 Expected return on plan assets (201) (199) Recognized net actuarial loss 56 62 Net periodic pension cost (income) $ 16 $ 30 Amortization of net actuarial loss recognized in other comprehensive income $ (56) $ (62) Total recognized in net periodic pension cost and other comprehensive income $ (40) $ (32) |
Recent Accounting Standards U32
Recent Accounting Standards Update (ASU) (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Accounting Standards Update 2016-01 [Member] | |
Amount of cumulative effect adjustment to income before tax if ASU 2016-01 become effective during current perio | $ 251,000 |
Merger (Narrative) (Details)
Merger (Narrative) (Details) | Nov. 30, 2015USD ($)$ / sharesshares | Dec. 31, 2016USD ($) | Mar. 31, 2017USD ($) |
Business Acquisition [Line Items] | |||
Goodwill acquired | $ 5,448,000 | $ 5,448,000 | |
FNBPA Bancorp, Inc [Member] | |||
Business Acquisition [Line Items] | |||
Acquisition date | 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 acquired | 3,335,000 | 3,402,000 | |
Goodwill adjustment | $ 67,000 | ||
Core deposit intangible assets acquired | $ 343,000 | ||
Intangible assets amortization period | 10 years | ||
Gross amortized cost basis | $ 47,797,000 | ||
Merger related costs | $ 1,637,000 |
Merger (Schedule of Purchase Pr
Merger (Schedule of Purchase Price Allocation) (Details) - USD ($) | Nov. 30, 2015 | Mar. 31, 2017 | Dec. 31, 2016 |
Adjustments to reflect assets acquired and liabilities assumed at fair value: | |||
Goodwill acquired | $ 5,448,000 | $ 5,448,000 | |
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 acquired | $ 3,335,000 | $ 3,402,000 | |
Number of shares issued upon the closing of acquisition | 607,815 |
Merger (Summary of the Estimate
Merger (Summary of the Estimated Fair Value of the Assets Acquired and Liabilities Assumed) (Details) - USD ($) | Nov. 30, 2015 | Mar. 31, 2017 | Dec. 31, 2016 |
FNBPA net assets acquired: | |||
Goodwill acquired | $ 5,448,000 | $ 5,448,000 | |
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 acquired | $ 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 |
Accumulated Other Comprehensi39
Accumulated Other Comprehensive Loss (Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Accumulated Other Comprehensive Loss [Abstract] | ||
Unrealized gains (losses) on available for sale securities | $ (1,021) | $ (866) |
Unrecognized expense for defined benefit pension | (2,305) | (2,343) |
Accumulated other comprehensive loss | $ (3,326) | $ (3,209) |
Earnings Per Share (Computation
Earnings Per Share (Computation of Basic and Diluted Earnings per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Earnings Per Share [Abstract] | ||
Net income | $ 1,459 | $ 1,292 |
Weighted-average common shares outstanding | 4,756,517 | 4,797,866 |
Basic earnings per share | $ 0.31 | $ 0.27 |
Common stock equivalents due to effect of stock options | 5,000 | |
Total weighted-average common shares and equivalents | 4,762,090 | 4,798,227 |
Diluted earnings per share | $ 0.31 | $ 0.27 |
Securities (Narrative) (Details
Securities (Narrative) (Details) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017USD ($)security | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($) | |
Schedule of Available-for-sale Securities [Line Items] | |||
Carrying value of pledged assets | $ 36,723,000 | $ 36,638,000 | |
Other than temporary impairment | 0 | $ 0 | 0 |
Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | $ 1,000 | 2,000 | |
Equity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Investment portfolio percentage | 1.00% | ||
Debt securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | $ 1,000 | 2,000 | |
Obligations of U.S. Government Agencies and Corporations [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Securities in unrealized loss position | security | 22 | ||
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] | |||
Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | $ 1,000 | $ 2,000 | |
Securities in unrealized loss positions for 12 months or more | security | 1 | ||
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 | 23.00% | ||
Mortgage-Backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Investment portfolio percentage | 59.00% | ||
Securities in unrealized loss position | security | 38 | ||
Percentage of securities depreciated from their amortized cost basis | 1.00% | ||
Municipal Bonds [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Investment portfolio percentage | 17.00% | ||
Debt instrument term | 5 years |
Securities (Securities Availabl
Securities (Securities Available for Sale) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost of AFS Securities, Total | $ 158,381 | $ 151,790 |
Fair Value of AFS Securities, Total | 156,831 | 150,488 |
Gross Unrealized Gains on AFS Securities, Total | 484 | 897 |
Gross Unrealized Losses on AFS Securities, Total | (2,034) | (2,199) |
Obligations of U.S. Government Agencies and Corporations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost of AFS Securities Maturing After One Year But Within Five Years | 19,496 | 19,495 |
Amortized Cost of AFS Securities Maturing After Five Years But Within Ten Years | 16,998 | 17,000 |
Amortized Cost of AFS Securities, Total | 36,494 | 36,495 |
Fair Value of AFS Securities Maturing After One Year But Within Five Years | 19,393 | 19,331 |
Fair Value of AFS Securities Maturing After Five Years But Within Ten Years | 16,484 | 16,468 |
Fair Value of AFS Securities, Total | 35,877 | 35,799 |
Gross Unrealized Gains on AFS Securities Maturing After One Year But Within Five Years | 12 | 13 |
Gross Unrealized Gains on AFS Securities, Total | 12 | 13 |
Gross Unrealized Losses on AFS Securities Maturing After One Year But Within Five Years | (115) | (177) |
Gross Unrealized Losses on AFS Securities Maturing After Five Years But Within Ten Years | (514) | (532) |
Gross Unrealized Losses on AFS Securities, Total | (629) | (709) |
Obligations of State and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost of AFS Securities Maturing Within One Year | 2,814 | 2,819 |
Amortized Cost of AFS Securities Maturing After One Year But Within Five Years | 13,240 | 13,268 |
Amortized Cost of AFS Securities Maturing After Five Years But Within Ten Years | 10,920 | 10,923 |
Amortized Cost of AFS Securities, Total | 26,974 | 27,010 |
Fair Value of AFS Securities Maturing Within One Year | 2,816 | 2,820 |
Fair Value of AFS Securities Maturing After One Year But Within Five Years | 13,295 | 13,240 |
Fair Value of AFS Securities Maturing After Five Years But Within Ten Years | 10,674 | 10,599 |
Fair Value of AFS Securities, Total | 26,785 | 26,659 |
Gross Unrealized Gains on AFS Securities Maturing Within One Year | 2 | 2 |
Gross Unrealized Gains on AFS Securities Maturing After One Year But Within Five Years | 70 | 39 |
Gross Unrealized Gains on AFS Securities Maturing After Five Years But Within Ten Years | 27 | 16 |
Gross Unrealized Gains on AFS Securities, Total | 99 | 57 |
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 | (15) | (67) |
Gross Unrealized Losses on AFS Securities Maturing After Five Years But Within Ten Years | (273) | (340) |
Gross Unrealized Losses on AFS Securities, Total | (288) | (408) |
Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost of AFS Securities Without Single Maturity Date | 93,916 | 86,670 |
Fair Value of AFS Securities Without Single Maturity Date | 92,921 | 85,702 |
Gross Unrealized Gains on AFS Securities Without Single Maturity Date | 121 | 114 |
Gross Unrealized Losses on AFS Securities Without Single Maturity Date | (1,116) | (1,082) |
Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost of AFS Securities Without Single Maturity Date | 997 | 1,615 |
Fair Value of AFS Securities Without Single Maturity Date | 1,248 | 2,328 |
Gross Unrealized Gains on AFS Securities Without Single Maturity Date | 252 | $ 713 |
Gross Unrealized Losses on AFS Securities Without Single Maturity Date | $ (1) |
Securities (Summary of Proceeds
Securities (Summary of Proceeds and Realized Gain/(Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Securities [Abstract] | ||
Gross proceeds from sales of securities | $ 6,578 | |
Gross realized gains from sold and called securities | 506 | |
Gross realized losses from sold and called securities | $ (2) |
Securities (Schedule of Unreali
Securities (Schedule of Unrealized Losses) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less Than 12 Months | $ 128,158 | $ 119,209 |
Gross unrealized Losses, Less Than 12 Months | (2,033) | (2,197) |
Fair Value, 12 Months or More | 301 | 300 |
Gross Unrealized Losses, 12 Months or More | (1) | (2) |
Fair Value, Total | 128,459 | 119,509 |
Unrealized Losses, Total | (2,034) | (2,199) |
Obligations of U.S. Government Agencies and Corporations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 34,863 | 32,783 |
Gross unrealized Losses, Less Than 12 Months | (629) | (709) |
Fair Value, Total | 34,863 | 32,783 |
Unrealized Losses, Total | (629) | (709) |
Obligations of State and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 13,359 | 17,437 |
Gross unrealized Losses, Less Than 12 Months | (287) | (406) |
Fair Value, 12 Months or More | 301 | 300 |
Gross Unrealized Losses, 12 Months or More | (1) | (2) |
Fair Value, Total | 13,660 | 17,737 |
Unrealized Losses, Total | (288) | (408) |
Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 79,932 | 68,989 |
Gross unrealized Losses, Less Than 12 Months | (1,116) | (1,082) |
Fair Value, Total | 79,932 | 68,989 |
Unrealized Losses, Total | (1,116) | (1,082) |
Debt securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 128,154 | 119,209 |
Gross unrealized Losses, Less Than 12 Months | (2,032) | (2,197) |
Fair Value, 12 Months or More | 301 | 300 |
Gross Unrealized Losses, 12 Months or More | (1) | (2) |
Fair Value, Total | 128,455 | 119,509 |
Unrealized Losses, Total | (2,033) | $ (2,199) |
Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 4 | |
Gross unrealized Losses, Less Than 12 Months | (1) | |
Fair Value, Total | 4 | |
Unrealized Losses, Total | $ (1) |
Loans and Related Allowance f45
Loans and Related Allowance for Credit Losses (Narrative) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Period for loan to be nonaccrual | 90 days | |
Period for average historical loss for each portfolio segments | 10 years | |
Period over which historical loss for portfolio segments has been used | 7 years | |
Business lines of credit, maturity period | 5 years | |
Period for loans to be considered for charge off | 120 days | |
Reserve allowance for troubled debt restructurings | $ 11,000 | |
Home Equity Lines of Credit [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Maximum terms offered to loans | 20 years | |
Maximum loan-to-value ratio | 90.00% | |
Fixed Rate and Adjustable Rate Mortgage Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Maximum terms offered to loans | 25 years | |
Home equity installment loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Maximum terms offered to loans | 15 years | |
Maximum loan-to-value ratio | 80.00% | |
Real Estate Portfolio Segment [Member] | Commercial Loan [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Maximum terms offered to loans | 20 years | |
Maximum loan-to-value ratio | 80.00% | |
Real Estate Portfolio Segment [Member] | Mortgage Loan [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Maximum loan-to-value ratio | 80.00% | |
Loan balance in the process of foreclosure | $ 561,000 | $ 1,778,000 |
Loans and Related Allowance f46
Loans and Related Allowance for Credit Losses (Classes of the Loan Portfolio Summarized by the Aggregate Risk Rating) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 |
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | $ 383,702 | $ 378,297 | $ 378,506 |
Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 332,421 | 326,119 | |
Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 31,156 | 30,654 | |
Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 17,554 | 18,905 | |
Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 2,571 | 2,619 | |
Commercial, Financial and Agricultural [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 45,539 | 40,827 | 36,387 |
Commercial, Financial and Agricultural [Member] | Commercial Portfolio Segment [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 39,305 | 34,510 | |
Commercial, Financial and Agricultural [Member] | Commercial Portfolio Segment [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 5,231 | 5,104 | |
Commercial, Financial and Agricultural [Member] | Commercial Portfolio Segment [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 984 | 1,213 | |
Commercial, Financial and Agricultural [Member] | Commercial Portfolio Segment [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 19 | ||
Commercial Loan [Member] | Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 139,560 | 123,711 | 125,123 |
Commercial Loan [Member] | Real Estate Portfolio Segment [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 111,728 | 100,153 | |
Commercial Loan [Member] | Real Estate Portfolio Segment [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 20,419 | 15,843 | |
Commercial Loan [Member] | Real Estate Portfolio Segment [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 6,424 | 6,726 | |
Commercial Loan [Member] | Real Estate Portfolio Segment [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 989 | 989 | |
Construction Loan [Member] | Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 20,295 | 35,206 | 27,483 |
Construction Loan [Member] | Real Estate Portfolio Segment [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 13,730 | 24,702 | |
Construction Loan [Member] | Real Estate Portfolio Segment [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 246 | 4,044 | |
Construction Loan [Member] | Real Estate Portfolio Segment [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 6,319 | 6,460 | |
Mortgage Loan [Member] | Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 150,747 | 154,905 | 160,993 |
Mortgage Loan [Member] | Real Estate Portfolio Segment [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 141,238 | 144,353 | |
Mortgage Loan [Member] | Real Estate Portfolio Segment [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 4,128 | 4,426 | |
Mortgage Loan [Member] | Real Estate Portfolio Segment [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 3,818 | 4,496 | |
Mortgage Loan [Member] | Real Estate Portfolio Segment [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,563 | 1,630 | |
Obligations of State and Political Subdivisions [Member] | Unallocated Financing Receivables [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 17,648 | 13,616 | 20,771 |
Obligations of State and Political Subdivisions [Member] | Unallocated Financing Receivables [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 16,563 | 12,431 | |
Obligations of State and Political Subdivisions [Member] | Unallocated Financing Receivables [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,085 | 1,185 | |
Personal Loan [Member] | Consumer Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 9,913 | 10,032 | $ 7,749 |
Personal Loan [Member] | Consumer Portfolio Segment [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 9,857 | 9,970 | |
Personal Loan [Member] | Consumer Portfolio Segment [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 47 | 52 | |
Personal Loan [Member] | Consumer Portfolio Segment [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | $ 9 | $ 10 |
Loans and Related Allowance f47
Loans and Related Allowance for Credit Losses (Impaired Loans by Loan Portfolio Class) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, Total | $ 12,732 | $ 13,503 |
Unpaid Principal Balance, Total | 15,308 | 16,271 |
Related Allowance, Total | 107 | 56 |
Commercial, Financial and Agricultural [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with No Allowance: Recorded Investment | 426 | 436 |
Impaired Loans with No Allowance: Unpaid Principal Balance | 430 | 439 |
Impaired Loans with Allowance: Recorded Investment | 19 | |
Impaired Loans with Allowance: Unpaid Principal Balance | 19 | |
Impaired Loans with Allowance: Related Allowance | 11 | |
Recorded Investment, Total | 445 | 436 |
Unpaid Principal Balance, Total | 449 | 439 |
Related Allowance, Total | 11 | |
Commercial Loan [Member] | Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with No Allowance: Recorded Investment | 4,810 | 5,499 |
Impaired Loans with No Allowance: Unpaid Principal Balance | 5,550 | 6,475 |
Impaired Loans with Allowance: Recorded Investment | 919 | |
Impaired Loans with Allowance: Unpaid Principal Balance | 1,145 | |
Impaired Loans with Allowance: Related Allowance | 30 | |
Recorded Investment, Total | 5,729 | 5,499 |
Unpaid Principal Balance, Total | 6,695 | 6,475 |
Related Allowance, Total | 30 | |
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 | 215 | 641 |
Impaired Loans with No Allowance: Unpaid Principal Balance | 263 | 730 |
Recorded Investment, Total | 215 | 641 |
Unpaid Principal Balance, Total | 263 | 730 |
Construction Loan [Member] | Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with No Allowance: Recorded Investment | 2,455 | 2,455 |
Impaired Loans with No Allowance: Unpaid Principal Balance | 2,455 | 2,455 |
Recorded Investment, Total | 2,455 | 2,455 |
Unpaid Principal Balance, Total | 2,455 | 2,455 |
Mortgage Loan [Member] | Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with No Allowance: Recorded Investment | 2,845 | 3,345 |
Impaired Loans with No Allowance: Unpaid Principal Balance | 4,374 | 5,020 |
Impaired Loans with Allowance: Recorded Investment | 676 | 712 |
Impaired Loans with Allowance: Unpaid Principal Balance | 676 | 712 |
Impaired Loans with Allowance: Related Allowance | 66 | 56 |
Recorded Investment, Total | 3,521 | 4,057 |
Unpaid Principal Balance, Total | 5,050 | 5,732 |
Related Allowance, Total | 66 | 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 | 367 | 415 |
Impaired Loans with No Allowance: Unpaid Principal Balance | 396 | 440 |
Recorded Investment, Total | 367 | 415 |
Unpaid Principal Balance, Total | $ 396 | $ 440 |
Loans and Related Allowance f48
Loans and Related Allowance for Credit Losses (Impaired Loans and Related Interest Income by Loan Portfolio Class) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment, Total | $ 13,119 | $ 6,120 |
Interest Income Recognized, Total | 121 | 13 |
Cash Basis Interest Income, Total | 7 | 6 |
Commercial, Financial and Agricultural [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with No Allowance: Average Recorded Investment | 431 | 247 |
Impaired Loans with No Allowance: Interest Income Recognized | 7 | |
Impaired Loans with Allowance: Average Recorded Investment | 10 | |
Average Recorded Investment, Total | 441 | 247 |
Interest Income Recognized, Total | 7 | |
Commercial Loan [Member] | Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with No Allowance: Average Recorded Investment | 5,155 | 1,834 |
Impaired Loans with No Allowance: Interest Income Recognized | 75 | 9 |
Impaired Loans with Allowance: Average Recorded Investment | 460 | |
Average Recorded Investment, Total | 5,615 | 1,834 |
Interest Income Recognized, Total | 75 | 9 |
Construction Loan [Member] | Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with No Allowance: Average Recorded Investment | 2,455 | |
Impaired Loans with No Allowance: Interest Income Recognized | 34 | |
Average Recorded Investment, Total | 2,455 | |
Interest Income Recognized, Total | 34 | |
Mortgage Loan [Member] | Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with No Allowance: Average Recorded Investment | 3,095 | 2,420 |
Impaired Loans with No Allowance: Interest Income Recognized | 5 | 4 |
Impaired Loans with No Allowance: Cash Basis Interest Income | 7 | 6 |
Impaired Loans with Allowance: Average Recorded Investment | 694 | 165 |
Average Recorded Investment, Total | 3,789 | 2,585 |
Interest Income Recognized, Total | 5 | 4 |
Cash Basis Interest Income, Total | 7 | 6 |
Acquired with Credit Deterioration [Member] | Commercial Loan [Member] | Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with No Allowance: Average Recorded Investment | 428 | 827 |
Average Recorded Investment, Total | 428 | 827 |
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 | 391 | 627 |
Average Recorded Investment, Total | $ 391 | $ 627 |
Loans and Related Allowance f49
Loans and Related Allowance for Credit Losses (Nonaccrual Loans by Classes of the Loan Portfolio) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Impaired [Line Items] | ||
Financing receivable, recorded investment, nonaccrual status | $ 4,202 | $ 4,733 |
Commercial Loan [Member] | Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing receivable, recorded investment, nonaccrual status | 1,013 | 1,016 |
Mortgage Loan [Member] | Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing receivable, recorded investment, nonaccrual status | 3,187 | $ 3,717 |
Personal Loan [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing receivable, recorded investment, nonaccrual status | $ 2 |
Loans and Related Allowance f50
Loans and Related Allowance for Credit Losses (Loan Portfolio Summarized by the Past Due Status) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | $ 2,562 | $ 2,402 | |
Current | 381,140 | 375,895 | |
Total loans | 383,702 | 378,297 | $ 378,506 |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 170 | 1,144 | |
Acquired with Credit Deterioration [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 582 | 1,056 | 1,442 |
30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 2,181 | 1,198 | |
60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 211 | 60 | |
Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 170 | 1,144 | |
Commercial, Financial and Agricultural [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 38 | 21 | |
Current | 45,501 | 40,806 | |
Total loans | 45,539 | 40,827 | 36,387 |
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 | ||
Commercial, Financial and Agricultural [Member] | Commercial Portfolio Segment [Member] | 60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 38 | ||
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] | Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 139,560 | 123,711 | 125,123 |
Commercial Loan [Member] | Real Estate Portfolio Segment [Member] | Acquired with Credit Deterioration [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 215 | 452 | |
Current | 189 | ||
Total loans | 215 | 641 | 819 |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 33 | 452 | |
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 | 706 | 55 | |
Current | 138,639 | 123,015 | |
Total loans | 139,345 | 123,070 | |
Commercial Loan [Member] | Real Estate Portfolio Segment [Member] | 30-59 Days Past Due [Member] | Acquired with Credit Deterioration [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 182 | ||
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 | 706 | 55 | |
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 | 33 | 452 | |
Construction Loan [Member] | Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 581 | 514 | |
Current | 19,714 | 34,692 | |
Total loans | 20,295 | 35,206 | 27,483 |
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 | 515 | 6 | |
Construction Loan [Member] | Real Estate Portfolio Segment [Member] | 60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 66 | ||
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 | 150,747 | 154,905 | 160,993 |
Mortgage Loan [Member] | Real Estate Portfolio Segment [Member] | Acquired with Credit Deterioration [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 137 | 138 | |
Current | 230 | 277 | |
Total loans | 367 | 415 | 623 |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 137 | 138 | |
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 | 830 | 1,194 | |
Current | 149,550 | 153,296 | |
Total loans | 150,380 | 154,490 | |
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 | 734 | 1,097 | |
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 | 96 | 57 | |
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 | 137 | 138 | |
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 | ||
Obligations of State and Political Subdivisions [Member] | Unallocated Financing Receivables [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 17,648 | 13,616 | |
Total loans | 17,648 | 13,616 | 20,771 |
Personal Loan [Member] | Consumer Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 55 | 28 | |
Current | 9,858 | 10,004 | |
Total loans | 9,913 | 10,032 | $ 7,749 |
Personal Loan [Member] | Consumer Portfolio Segment [Member] | 30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 44 | 25 | |
Personal Loan [Member] | Consumer Portfolio Segment [Member] | 60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | $ 11 | $ 3 |
Loans and Related Allowance f51
Loans and Related Allowance for Credit Losses (Troubled Debt Restructurings on Financing Receivables) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017USD ($)loan$ / shares | Dec. 31, 2016USD ($)loan | |
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | loan | 9 | 8 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 413 | $ 394 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | 442 | 422 |
Financing Receivable, Modifications, Recorded Investment | $ 375 | $ 363 |
Commercial, Financial and Agricultural [Member] | Commercial 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 | $ 19 | |
Financing Receivable, Modifications, Post-Modification Recorded Investment | 20 | |
Financing Receivable, Modifications, Recorded Investment | $ 19 | |
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 | 7 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 369 | $ 369 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | 397 | 397 |
Financing Receivable, Modifications, Recorded Investment | $ 334 | $ 340 |
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 | 1 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 25 | $ 25 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | 25 | 25 |
Financing Receivable, Modifications, Recorded Investment | $ 22 | $ 23 |
Restructured Loan [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | $ / shares | 1 | |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 19 | |
Financing Receivable, Modifications, Post-Modification Recorded Investment | 20 | |
Financing Receivable, Modifications, Recorded Investment | $ 19 | |
Restructured Loan [Member] | Commercial, Financial and Agricultural [Member] | Commercial Portfolio Segment [Member] | Accruing Troubled Debt Restructurings [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | $ / shares | 1 | |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 19 | |
Financing Receivable, Modifications, Post-Modification Recorded Investment | 20 | |
Financing Receivable, Modifications, Recorded Investment | $ 19 |
Loans and Related Allowance f52
Loans and Related Allowance for Credit Losses (Allowance for Loan Losses and Related Investments in Loans Receivable) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning Balance | $ 2,723 | $ 2,478 | $ 2,478 |
Charge-offs | (70) | (54) | (279) |
Recoveries | 47 | 9 | 58 |
Provision for loan losses | 105 | 121 | 466 |
Allowance for loan losses: Ending balance | 2,805 | 2,554 | 2,723 |
Ending balance: individually evaluated for impairment | 107 | 60 | 56 |
Ending balance: collectively evaluated for impairment | 2,698 | 2,494 | 2,667 |
Loans: Ending Balance | 383,702 | 378,506 | 378,297 |
Ending balance: individually evaluated for impairment | 12,150 | 4,368 | 12,447 |
Ending balance: collectively evaluated for impairment | 370,970 | 372,696 | 364,794 |
Commercial, Financial and Agricultural [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning Balance | 318 | 264 | 264 |
Charge-offs | (4) | ||
Provision for loan losses | 50 | 27 | 58 |
Allowance for loan losses: Ending balance | 368 | 291 | 318 |
Ending balance: individually evaluated for impairment | 11 | ||
Ending balance: collectively evaluated for impairment | 357 | 291 | 318 |
Loans: Ending Balance | 45,539 | 36,387 | 40,827 |
Ending balance: individually evaluated for impairment | 445 | 19 | 436 |
Ending balance: collectively evaluated for impairment | 45,094 | 36,368 | 40,391 |
Commercial Loan [Member] | Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning Balance | 948 | 836 | 836 |
Charge-offs | (32) | (146) | |
Recoveries | 24 | ||
Provision for loan losses | 120 | 17 | 234 |
Allowance for loan losses: Ending balance | 1,068 | 821 | 948 |
Ending balance: individually evaluated for impairment | 30 | ||
Ending balance: collectively evaluated for impairment | 1,038 | 821 | 948 |
Loans: Ending Balance | 139,560 | 125,123 | 123,711 |
Ending balance: individually evaluated for impairment | 5,729 | 1,816 | 5,499 |
Ending balance: collectively evaluated for impairment | 133,616 | 122,488 | 117,571 |
Construction Loan [Member] | Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning Balance | 231 | 191 | 191 |
Provision for loan losses | (105) | 7 | 40 |
Allowance for loan losses: Ending balance | 126 | 198 | 231 |
Ending balance: collectively evaluated for impairment | 126 | 198 | 231 |
Loans: Ending Balance | 20,295 | 27,483 | 35,206 |
Ending balance: individually evaluated for impairment | 2,455 | 2,455 | |
Ending balance: collectively evaluated for impairment | 17,840 | 27,483 | 32,751 |
Mortgage Loan [Member] | Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning Balance | 1,143 | 1,140 | 1,140 |
Charge-offs | (64) | (18) | (103) |
Recoveries | 44 | 1 | 15 |
Provision for loan losses | 37 | 61 | 91 |
Allowance for loan losses: Ending balance | 1,160 | 1,184 | 1,143 |
Ending balance: individually evaluated for impairment | 66 | 60 | 56 |
Ending balance: collectively evaluated for impairment | 1,094 | 1,124 | 1,087 |
Loans: Ending Balance | 150,747 | 160,993 | 154,905 |
Ending balance: individually evaluated for impairment | 3,521 | 2,533 | 4,057 |
Ending balance: collectively evaluated for impairment | 146,859 | 157,837 | 150,433 |
Obligations of State and Political Subdivisions [Member] | Unallocated Financing Receivables [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans: Ending Balance | 17,648 | 20,771 | 13,616 |
Ending balance: collectively evaluated for impairment | 17,648 | 20,771 | 13,616 |
Personal Loan [Member] | Consumer Portfolio Segment [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning Balance | 83 | 47 | 47 |
Charge-offs | (6) | (4) | (26) |
Recoveries | 3 | 8 | 19 |
Provision for loan losses | 3 | 9 | 43 |
Allowance for loan losses: Ending balance | 83 | 60 | 83 |
Ending balance: collectively evaluated for impairment | 83 | 60 | 83 |
Loans: Ending Balance | 9,913 | 7,749 | 10,032 |
Ending balance: collectively evaluated for impairment | 9,913 | 7,749 | 10,032 |
Acquired with Credit Deterioration [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans: Ending Balance | 582 | 1,442 | 1,056 |
Acquired with Credit Deterioration [Member] | Commercial Loan [Member] | Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans: Ending Balance | 215 | 819 | 641 |
Acquired with Credit Deterioration [Member] | Mortgage Loan [Member] | Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans: Ending Balance | $ 367 | $ 623 | $ 415 |
Goodwill and Other Intangible53
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) | Nov. 30, 2015 | Sep. 08, 2006 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2016 |
Goodwill included in purchase price of the branch | $ 5,448,000 | $ 5,448,000 | ||||
Amortization of intangibles | 17,000 | $ 31,000 | ||||
Other intangible assets | 206,000 | 205,000 | ||||
Goodwill impairment loss | 0 | $ 0 | $ 0 | |||
Branch Office in Richfield, PA [Member] | ||||||
Acquisition date | Sep. 8, 2006 | |||||
Goodwill included in purchase price of the branch | 2,046,000 | |||||
Intangible assets included in purchase price | $ 431,000 | 18,000 | ||||
Intangible assets amortization period | 10 years | |||||
Amortization of intangibles | $ 11,000 | |||||
Core deposit intangible accumulated amortization | 420,000 | |||||
FNBPA Bancorp, Inc [Member] | ||||||
Acquisition date | 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 | |||||
Core deposit and other intangibles | $ 343,000 | |||||
Core deposit intangible accumulated amortization | $ 17,000 | $ 20,000 | ||||
Other Intangible Assets [Member] | FNBPA Bancorp, Inc [Member] | ||||||
Intangible assets included in purchase price | $ 40,000 | |||||
Intangible assets amortization period | 2 years |
Goodwill and Other Intangible54
Goodwill and Other Intangible Assets (Amortization Schedule for Intangible Assets) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Nov. 30, 2015 | Sep. 08, 2006 | |
Finite-Lived Intangible Assets [Line Items] | ||||||
Amortization of intangibles | $ 17,000 | $ 31,000 | ||||
FNBPA Bancorp, Inc [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Beginning Balance at Acquisition Date | $ 303,000 | |||||
FNBPA Bancorp, Inc [Member] | Core Deposits [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Beginning Balance at Acquisition Date | 303,000 | |||||
Amortization of intangibles | 12,000 | $ 55,000 | $ 4,000 | |||
Unamortized balance as of March 31, 2017 | 232,000 | 244,000 | ||||
Scheduled remaining amortization expense for years ended: | ||||||
December 31, 2017 | 37,000 | |||||
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 | 5,000 | 20,000 | 2,000 | |||
Unamortized balance as of March 31, 2017 | 13,000 | 18,000 | ||||
Scheduled remaining amortization expense for years ended: | ||||||
December 31, 2017 | $ 13,000 | |||||
Branch Office in Richfield, PA [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Beginning Balance at Acquisition Date | 18,000 | $ 431,000 | ||||
Amortization of intangibles | $ 11,000 | |||||
Branch Office in Richfield, PA [Member] | Core Deposits [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Beginning Balance at Acquisition Date | $ 431,000 | |||||
Amortization of intangibles | $ 29,000 | $ 402,000 |
Investment in Unconsolidated 55
Investment in Unconsolidated Subsidiary (Narrative) (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2016 | |
Schedule of Equity Method Investments [Line Items] | ||||
Investment in unconsolidated subsidiary | $ 4,734,000 | $ 4,703,000 | ||
Goodwill impairment loss | $ 0 | $ 0 | $ 0 | |
Liverpool Community Bank [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percentage of outstanding stock purchased in Liverpool Community Bank | 39.16% |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Measurements by Level of Valuation Inputs) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Securities available for sale | $ 156,831 | $ 150,488 | |
Impaired loans | 12,732 | 13,503 | |
Other real estate owned | 657 | 638 | |
Fair value assets, level 1 to level 2 transfer amount | 0 | $ 0 | |
Obligations of U.S. Government Agencies and Corporations [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Securities available for sale | 35,877 | 35,799 | |
Obligations of State and Political Subdivisions [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Securities available for sale | 26,785 | 26,659 | |
Fair Value, Measurements, Recurring [Member] | Obligations of U.S. Government Agencies and Corporations [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Securities available for sale | 35,877 | 35,799 | |
Fair Value, Measurements, Recurring [Member] | Obligations of State and Political Subdivisions [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Securities available for sale | 26,785 | 26,659 | |
Fair Value, Measurements, Recurring [Member] | Mortgage-Backed Securities [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Securities available for sale | 92,921 | 85,702 | |
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Securities available for sale | 1,248 | 2,328 | |
Fair Value, Measurements, Recurring [Member] | (Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | Equity Securities [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Securities available for sale | 1,068 | 2,148 | |
Fair Value, Measurements, Recurring [Member] | (Level 2) Significant Other Observable Inputs [Member] | Obligations of U.S. Government Agencies and Corporations [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Securities available for sale | 35,877 | 35,799 | |
Fair Value, Measurements, Recurring [Member] | (Level 2) Significant Other Observable Inputs [Member] | Obligations of State and Political Subdivisions [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Securities available for sale | 26,785 | 26,659 | |
Fair Value, Measurements, Recurring [Member] | (Level 2) Significant Other Observable Inputs [Member] | Mortgage-Backed Securities [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Securities available for sale | 92,921 | 85,702 | |
Fair Value, Measurements, Recurring [Member] | (Level 2) Significant Other Observable Inputs [Member] | Equity Securities [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Securities available for sale | 180 | 180 | |
Measured at Fair Value on a Non-Recurring Basis [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Impaired loans | 2,669 | 2,563 | |
Other real estate owned | 121 | 358 | |
Mortgage servicing rights | 206 | 205 | |
Measured at Fair Value on a Non-Recurring Basis [Member] | (Level 3) Significant Other Unobservable Inputs [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Impaired loans | 2,669 | 2,563 | |
Other real estate owned | 121 | 358 | |
Mortgage servicing rights | $ 206 | $ 205 |
Fair Value Measurements (Quanti
Fair Value Measurements (Quantitative Information for Assets Measured at Fair Value) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Impaired loans | $ 12,732 | $ 13,503 |
Other real estate owned | 657 | 638 |
Impaired Loans [Member] | Appraisal of Collateral [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Impaired loans | $ 2,669 | $ 2,563 |
Weighted average volatility rate | 9.10% | 8.90% |
Other Real Estate Owned [Member] | Appraisal of Collateral [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other real estate owned | $ 121 | $ 358 |
Weighted average volatility rate | 42.00% | 46.00% |
Mortgage Servicing Rights [Member] | Multiple of Annual Servicing Fee [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage servicing rights | $ 206 | $ 205 |
Weighted average volatility rate | 369.00% | 368.00% |
Minimum [Member] | Impaired Loans [Member] | Appraisal of Collateral [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Range | 7.00% | 7.00% |
Minimum [Member] | Other Real Estate Owned [Member] | Appraisal of Collateral [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Range | 23.00% | 30.00% |
Minimum [Member] | Mortgage Servicing Rights [Member] | Multiple of Annual Servicing Fee [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Range | 300.00% | 300.00% |
Maximum [Member] | Impaired Loans [Member] | Appraisal of Collateral [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Range | 42.00% | 58.00% |
Maximum [Member] | Other Real Estate Owned [Member] | Appraisal of Collateral [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Range | 72.00% | 72.00% |
Maximum [Member] | Mortgage Servicing Rights [Member] | Multiple of Annual Servicing Fee [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Range | 400.00% | 400.00% |
Fair Value Measurements (Estima
Fair Value Measurements (Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest bearing deposits with banks | $ 31 | $ 95 |
Interest bearing time deposits with banks | 350 | 350 |
Investment securities available for sale | 156,831 | 150,488 |
Restricted investment in FHLB stock | 3,452 | 3,610 |
Non-interest bearing deposits | 110,342 | 104,006 |
Interest bearing deposits | 360,720 | 351,816 |
Long-term debt | 25,000 | 25,000 |
Other interest bearing liabilities | 1,542 | 1,545 |
Carrying Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | 8,762 | 9,464 |
Interest bearing deposits with banks | 31 | 95 |
Interest bearing time deposits with banks | 350 | 350 |
Investment securities available for sale | 156,831 | 150,488 |
Restricted investment in FHLB stock | 3,452 | 3,610 |
Loans held for sale | 119 | |
Loans, net of allowance for loan losses | 380,897 | 375,574 |
Mortgage servicing rights | 206 | 205 |
Accrued interest receivable | 1,628 | 1,582 |
Non-interest bearing deposits | 110,342 | 104,006 |
Interest bearing deposits | 360,720 | 351,816 |
Securities sold under agreements to repurchase | 3,669 | 4,496 |
Short-term borrowings | 25,000 | 27,700 |
Long-term debt | 25,000 | 25,000 |
Other interest bearing liabilities | 1,542 | 1,545 |
Accrued interest payable | 219 | 268 |
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 | 8,762 | 9,464 |
Interest bearing deposits with banks | 31 | 95 |
Interest bearing time deposits with banks | 350 | 350 |
Investment securities available for sale | 156,831 | 150,488 |
Restricted investment in FHLB stock | 3,452 | 3,610 |
Loans held for sale | 119 | |
Loans, net of allowance for loan losses | 371,297 | 366,660 |
Mortgage servicing rights | 206 | 205 |
Accrued interest receivable | 1,628 | 1,582 |
Non-interest bearing deposits | 110,342 | 104,006 |
Interest bearing deposits | 360,302 | 354,628 |
Securities sold under agreements to repurchase | 3,669 | 4,496 |
Short-term borrowings | 25,000 | 27,700 |
Long-term debt | 24,924 | 24,963 |
Other interest bearing liabilities | 1,545 | 1,549 |
Accrued interest payable | 219 | 268 |
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 | Mar. 31, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest bearing time deposits with banks | $ 350 | $ 350 |
Interest bearing deposits | 360,720 | 351,816 |
Long-term debt | 25,000 | 25,000 |
Other interest bearing liabilities | 1,542 | 1,545 |
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 | 119 | |
Loans, net of allowance for loan losses | 380,897 | 375,574 |
Interest bearing deposits | 360,720 | 351,816 |
Long-term debt | 25,000 | 25,000 |
Other interest bearing liabilities | 1,542 | 1,545 |
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 | 119 | |
Loans, net of allowance for loan losses | 371,297 | 366,660 |
Interest bearing deposits | 360,302 | 354,628 |
Long-term debt | 24,924 | 24,963 |
Other interest bearing liabilities | 1,545 | 1,549 |
Fair Value [Member] | (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 |
Interest bearing deposits | 360,302 | 354,628 |
Long-term debt | 24,924 | 24,963 |
Other interest bearing liabilities | 1,545 | 1,549 |
Fair Value [Member] | (Level 3) Significant Other Unobservable Inputs [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans, net of allowance for loan losses | $ 371,297 | $ 366,660 |
Defined Benefit Retirement Pl60
Defined Benefit Retirement Plan (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2007 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Benefits paid | $ 0 | |
JVB Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of vested benefit | 100.00% |
Defined Benefit Retirement Pl61
Defined Benefit Retirement Plan (Components of Net Periodic Pension Cost) (Details) - JVB Plan [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Interest cost | $ 161 | $ 167 |
Expected return on plan assets | (201) | (199) |
Recognized net actuarial loss | 56 | 62 |
Net periodic benefit cost | 16 | 30 |
Amortization of net actuarial loss recognized in other comprehensive income | (56) | (62) |
Total recognized in net periodic benefit cost and other comprehensive loss (income) | $ (40) | $ (32) |
Commitments and Contingent Li62
Commitments and Contingent Liabilities and Guarantees (Narrative) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Loss Contingencies [Line Items] | ||
Letter of Credit expiration period | 1 year | |
Commitments to Borrowers [Member] | ||
Loss Contingencies [Line Items] | ||
Remaining commitment amount | $ 359,000 | |
Commitments to Grant Loans [Member] | ||
Loss Contingencies [Line Items] | ||
Outstanding loans commitments and other unused lines of credit | 58,518,000 | $ 59,984,000 |
Outstanding Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Outstanding loans commitments and other unused lines of credit | 2,418,000 | 2,300,000 |
Loan origination commitments [Member] | ||
Loss Contingencies [Line Items] | ||
Outstanding loans commitments and other unused lines of credit | 8,867,000 | |
Original Commitment [Member] | ||
Loss Contingencies [Line Items] | ||
Outstanding loans commitments and other unused lines of credit | 10,000,000 | |
Commercial Letter Of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Outstanding loans commitments and other unused lines of credit | $ 12,650,000 | $ 12,650,000 |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) - Subsequent Event [Member] | Apr. 30, 2017$ / shares |
Subsequent Event [Line Items] | |
Dividends payable per share | $ 0.22 |
Dividends payable, date declared | Apr. 30, 2016 |
Dividends payable, date of record | May 15, 2017 |
Dividends payable, date to be paid | Jun. 1, 2017 |