Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Aug. 09, 2019 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Entity Registrant Name | JUNIATA VALLEY FINANCIAL CORP | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0000714712 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 5,103,628 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and due from banks | $ 14,431 | $ 15,617 |
Interest bearing deposits with banks | 2,117 | 110 |
Federal funds sold | 9,000 | 729 |
Cash and cash equivalents | 25,548 | 16,456 |
Interest bearing time deposits with banks | 2,700 | 3,290 |
Equity securities | 1,133 | 1,118 |
Debt securities available for sale | 180,019 | 141,953 |
Interest bearing time deposits with banks | 3,098 | 2,441 |
Total loans | 407,451 | 417,631 |
Less: Allowance for loan losses | (3,015) | (3,034) |
Total loans, net of allowance for loan losses | 404,436 | 414,597 |
Premises and equipment, net | 8,518 | 8,744 |
Other real estate owned | 595 | 744 |
Bank owned life insurance and annuities | 16,095 | 15,938 |
Investment in low income housing partnerships | 4,235 | 4,545 |
Core deposit and other intangible assets | 361 | 405 |
Goodwill | 9,047 | 9,139 |
Mortgage servicing rights | 190 | 200 |
Accrued interest receivable and other assets | 6,089 | 5,666 |
Total assets | 662,064 | 625,236 |
Liabilities: | ||
Deposits: Non-interest bearing | 123,355 | 126,057 |
Deposits: Interest bearing | 411,020 | 395,665 |
Total deposits | 534,375 | 521,722 |
Securities sold under agreements to repurchase | 2,857 | 2,911 |
Short-term borrowings | 11,600 | |
Long-term debt | 45,000 | 15,000 |
Other interest bearing liabilities | 1,596 | 1,596 |
Accrued interest payable and other liabilities | 5,710 | 5,029 |
Total liabilities | 589,538 | 557,858 |
Stockholders' Equity: | ||
Preferred stock, no par value: Authorized - 500,000 shares, none issued | ||
Common stock, par value $1.00 per share: Authorized 20,000,000 shares Issued - 5,141,749 shares at June 30, 2019; 5,134,249 shares at December 31, 2018 Outstanding - 5,103,628 shares at June 30, 2019; 5,092,048 shares at December 31, 2018 | 5,142 | 5,134 |
Surplus | 24,858 | 24,821 |
Retained earnings | 43,539 | 42,525 |
Accumulated other comprehensive loss | (301) | (4,299) |
Cost of common stock in Treasury: 38,121 shares at June 30, 2019; 42,201 shares at December 31, 2018 | (712) | (803) |
Total stockholders' equity | 72,526 | 67,378 |
Total liabilities and stockholders' equity | $ 662,064 | $ 625,236 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parenthetical) - $ / shares | Jun. 30, 2019 | Dec. 31, 2018 |
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 | 5,141,749 | 5,134,249 |
Common Stock, Shares, Outstanding | 5,103,628 | 5,092,048 |
Treasury Stock, Shares | 38,121 | 42,201 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Interest income: | ||||
Loans, including fees | $ 5,611 | $ 5,041 | $ 10,866 | $ 9,592 |
Taxable securities | 940 | 765 | 1,789 | 1,540 |
Tax-exempt securities | 32 | 99 | 93 | 202 |
Other interest income | 129 | 39 | 182 | 49 |
Total interest income | 6,712 | 5,944 | 12,930 | 11,383 |
Interest expense: | ||||
Deposits | 973 | 745 | 1,836 | 1,339 |
Securities sold under agreements to repurchase | 10 | 17 | 21 | 32 |
Short-term borrowings | 1 | 59 | 14 | 143 |
Long-term debt | 165 | 60 | 326 | 153 |
Other interest bearing liabilities | 11 | 9 | 22 | 17 |
Total interest expense | 1,160 | 890 | 2,219 | 1,684 |
Net interest income | 5,552 | 5,054 | 10,711 | 9,699 |
Provision for loan losses | (459) | 41 | (444) | 199 |
Net interest income after provision for loan losses | 6,011 | 5,013 | 11,155 | 9,500 |
Non-interest income: | ||||
Earnings on bank-owned life insurance and annuities | 71 | 86 | 140 | 167 |
Income/gain from unconsolidated subsidiary | 227 | 296 | ||
Loss on sales and calls of securities | (56) | (15) | ||
Change in value of equity securities | 6 | 52 | 15 | 46 |
Other non-interest income | 75 | 83 | 160 | 158 |
Total non-interest income | 1,214 | 1,496 | 2,308 | 2,670 |
Non-interest expense: | ||||
Employee compensation expense | 2,068 | 1,933 | 4,036 | 3,725 |
Employee benefits | 857 | 523 | 1,598 | 1,087 |
Occupancy | 321 | 294 | 670 | 612 |
Equipment | 218 | 197 | 432 | 404 |
Data processing expense | 528 | 488 | 989 | 904 |
Director compensation | 54 | 53 | 105 | 107 |
Professional fees | 365 | 177 | 562 | 354 |
Taxes, other than income | 144 | 139 | 278 | 252 |
FDIC Insurance premiums | 51 | 79 | 107 | 149 |
Loss (gain) on sales of other real estate owned | 14 | (10) | 14 | (10) |
Amortization of intangible assets | 22 | 20 | 44 | 31 |
Amortization of investment in low-income housing partnerships | 200 | 200 | 400 | 400 |
Merger and acquisition expense | 376 | 440 | ||
Other non-interest expense | 452 | 437 | 894 | 856 |
Total non-interest expense | 5,294 | 4,906 | 10,129 | 9,311 |
Income before income taxes | 1,931 | 1,603 | 3,334 | 2,859 |
Income tax provision (benefit) | 86 | (372) | 76 | (443) |
Net income | $ 1,845 | $ 1,975 | $ 3,258 | $ 3,302 |
Earnings per share | ||||
Basic | $ 0.36 | $ 0.40 | $ 0.64 | $ 0.68 |
Diluted | $ 0.36 | $ 0.39 | $ 0.64 | $ 0.67 |
Weighted average basic shares outstanding | 5,101,751 | 4,987,137 | 5,098,460 | 4,879,361 |
Weighted average diluted shares outstanding | 5,121,273 | 5,008,218 | 5,119,030 | 4,898,248 |
Customer Service Fees [Member] | ||||
Non-interest income: | ||||
Non-interest income | $ 429 | $ 437 | $ 851 | $ 849 |
Debit Card fee Income [Member] | ||||
Non-interest income: | ||||
Non-interest income | 364 | 324 | 672 | 616 |
Trust Fees [Member] | ||||
Non-interest income: | ||||
Non-interest income | 91 | 123 | 190 | 225 |
Commissions from Sales of Non-Deposit Products [Member] | ||||
Non-interest income: | ||||
Non-interest income | 95 | 70 | 166 | 120 |
Fees Derived From Loan Activity [Member] | ||||
Non-interest income: | ||||
Non-interest income | 64 | 77 | 134 | 172 |
Mortgage Banking Income [Member] | ||||
Non-interest income: | ||||
Non-interest income | $ 19 | $ 17 | $ 36 | $ 36 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Statement of Comprehensive Income [Abstract] | |||||
Net income: Before Tax Amount | $ 1,931 | $ 1,603 | $ 3,334 | $ 2,859 | |
Net Income: Tax Effect | (86) | 372 | (76) | 443 | |
Net income: Net-of-Tax Amount | 1,845 | 1,975 | 3,258 | 3,302 | |
Other comprehensive income (loss): | |||||
Unrealized holding gains (losses) arising during the period: Before Tax Amount | 1,722 | (528) | 3,515 | (2,695) | |
Unrealized holding gains (losses) arising during the period: Tax Effect | (361) | 111 | (738) | 566 | |
Unrealized holding gains (losses) arising during the period: Net-of-Tax Amount | 1,361 | (417) | 2,777 | (2,129) | |
Unrealized holding gains from unconsolidated subsidiary: Before Tax Amount | 16 | 5 | |||
Unrealized holding gains from unconsolidated subsidiary: Net-of-Tax Amount | 16 | 5 | |||
Pension net gain: Before Tax Amount | 2,634 | 2,634 | |||
Pension net gain: Tax Effect | (553) | (553) | |||
Pension net gain: Net-of-Tax Amount | 2,081 | 2,081 | |||
Pension loss due to change in assumptions: Before Tax Amount | (1,478) | (1,478) | |||
Pension loss due to change in assumptions: Tax Effect | 310 | 310 | |||
Pension loss due to change in assumptions: Net-of-Tax Amount | (1,168) | (1,168) | |||
Less reclassification adjustment for losses included in net income for sales of debt securities: Before Tax Amount | [1],[2] | 56 | 15 | ||
Less reclassification adjustment for losses (gains) included in net income for sales of debt securities: Tax Effect | [1],[2] | (12) | (3) | ||
Less reclassification adjustment for losses (gains) included in net income for sales of debt securities: Net-of-Tax Amount | [1],[2] | 44 | 12 | ||
Amortization of pension net actuarial loss: Before Tax Amount | [2],[3] | 306 | 40 | 334 | 81 |
Amortization of net pension actuarial loss: Tax Effect | [2],[3] | (65) | (8) | (70) | (17) |
Amortization of net pension actuarial loss: Net-of-Tax Amount | [2],[3] | 241 | 32 | 264 | 64 |
Other comprehensive income (loss): Before Tax Amount | 3,184 | (472) | 5,061 | (2,594) | |
Other comprehensive income (loss): Tax Effect | (669) | 103 | (1,063) | 546 | |
Other comprehensive income (loss): Net-of-Tax Amount | 2,515 | (369) | 3,998 | (2,048) | |
Total comprehensive income: Before Tax Amount | 5,115 | 1,131 | 8,395 | 265 | |
Total comprehensive income: Tax Effect | (755) | 475 | (1,139) | 989 | |
Total comprehensive income: Net-of-Tax Amount | $ 4,360 | $ 1,606 | $ 7,256 | $ 1,254 | |
[1] | Amounts are included in (loss) 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 Income (Loss) [Member] | Treasury Stock [Member] | Total |
Beginning balance at Dec. 31, 2017 | $ 4,811 | $ 18,565 | $ 40,876 | $ (4,034) | $ (831) | $ 59,387 |
Beginning balance, shares at Dec. 31, 2017 | 4,767,656 | |||||
Net income | 3,302 | 3,302 | ||||
Other comprehensive income (loss) | (2,048) | (2,048) | ||||
Reclassification for ASU 2016-01 | 156 | (156) | ||||
Cash dividends at per share | (2,170) | (2,170) | ||||
Stock-based compensation | 39 | 39 | ||||
Purchase of treasury stock | (40) | (40) | ||||
Purchase of treasury stock, shares | (1,928) | |||||
Treasury stock issued for stock plans | (7) | 98 | 91 | |||
Treasury stock issued for stock plans, shares | 5,170 | |||||
Common stock issued for stock plans | $ 8 | 34 | 42 | |||
Common stock issued for stock plans, shares | 7,354 | |||||
Common stock issued for acquisition | $ 315 | 6,148 | 6,463 | |||
Common stock issued acquisition, shares | 315,284 | |||||
Ending balance at Jun. 30, 2018 | $ 5,134 | 24,779 | 42,164 | (6,238) | (773) | 65,066 |
Ending balance, shares at Jun. 30, 2018 | 5,093,536 | |||||
Beginning balance at Mar. 31, 2018 | $ 4,816 | 18,575 | 41,310 | (5,869) | (833) | 57,999 |
Beginning balance, shares at Mar. 31, 2018 | 4,772,948 | |||||
Net income | 1,975 | 1,975 | ||||
Other comprehensive income (loss) | (369) | (369) | ||||
Cash dividends at per share | (1,121) | (1,121) | ||||
Stock-based compensation | 21 | 21 | ||||
Treasury stock issued for stock plans | (4) | 60 | 56 | |||
Treasury stock issued for stock plans, shares | 3,170 | |||||
Common stock issued for stock plans | $ 3 | 39 | 42 | |||
Common stock issued for stock plans, shares | 2,134 | |||||
Common stock issued for acquisition | $ 315 | 6,148 | 6,463 | |||
Common stock issued acquisition, shares | 315,284 | |||||
Ending balance at Jun. 30, 2018 | $ 5,134 | 24,779 | 42,164 | (6,238) | (773) | 65,066 |
Ending balance, shares at Jun. 30, 2018 | 5,093,536 | |||||
Beginning balance at Dec. 31, 2018 | $ 5,134 | 24,821 | 42,525 | (4,299) | (803) | $ 67,378 |
Beginning balance, shares at Dec. 31, 2018 | 5,092,048 | 5,092,048 | ||||
Ending balance at Mar. 31, 2019 | $ 5,142 | 24,832 | 42,818 | (2,816) | (803) | $ 69,173 |
Ending balance, shares at Mar. 31, 2019 | 5,098,748 | |||||
Beginning balance at Dec. 31, 2018 | $ 5,134 | 24,821 | 42,525 | (4,299) | (803) | $ 67,378 |
Beginning balance, shares at Dec. 31, 2018 | 5,092,048 | 5,092,048 | ||||
Net income | 3,258 | $ 3,258 | ||||
Other comprehensive income (loss) | 3,998 | 3,998 | ||||
Cash dividends at per share | (2,244) | (2,244) | ||||
Stock-based compensation | 47 | 47 | ||||
Forfeiture of restricted stock, Shares | (800) | |||||
Treasury stock issued for stock plans | (2) | 91 | 89 | |||
Treasury stock issued for stock plans, shares | 4,880 | |||||
Common stock issued for stock plans | $ 8 | (8) | ||||
Common stock issued for stock plans, shares | 7,500 | |||||
Ending balance at Jun. 30, 2019 | $ 5,142 | 24,858 | 43,539 | (301) | (712) | $ 72,526 |
Ending balance, shares at Jun. 30, 2019 | 5,103,628 | 5,103,628 | ||||
Beginning balance at Mar. 31, 2019 | $ 5,142 | 24,832 | 42,818 | (2,816) | (803) | $ 69,173 |
Beginning balance, shares at Mar. 31, 2019 | 5,098,748 | |||||
Net income | 1,845 | 1,845 | ||||
Other comprehensive income (loss) | 2,515 | 2,515 | ||||
Cash dividends at per share | (1,124) | (1,124) | ||||
Stock-based compensation | 28 | 28 | ||||
Treasury stock issued for stock plans | (2) | 91 | 89 | |||
Treasury stock issued for stock plans, shares | 4,880 | |||||
Ending balance at Jun. 30, 2019 | $ 5,142 | $ 24,858 | $ 43,539 | $ (301) | $ (712) | $ 72,526 |
Ending balance, shares at Jun. 30, 2019 | 5,103,628 | 5,103,628 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Consolidated Statements of in Stockholders' Equity [Abstract] | ||||
Cash Dividends at per share | $ 0.22 | $ 0.22 | $ 0.44 | $ 0.44 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Operating activities: | |||||
Net income | $ 1,845 | $ 1,975 | $ 3,258 | $ 3,302 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Provision for loan losses | (459) | 41 | (444) | 199 | |
Depreciation | 396 | 403 | |||
Net amortization of securities premiums | 305 | 283 | |||
Net amortization of loan origination fees | 50 | 35 | |||
Deferred net loan origination costs | (161) | (197) | |||
Amortization of core deposit intangible asset | 22 | 20 | 44 | 31 | |
Amortization of investment in low income housing partnership | 200 | 200 | 400 | 400 | |
Net amortization of purchase fair value adjustments | (134) | (28) | |||
Net realized loss on sales and calls of available for sale securities | 56 | 15 | |||
Change in value of equity securities | (6) | (52) | (15) | (46) | |
Loss (gain) on sales of other real estate owned | 14 | (10) | 14 | (10) | |
Earnings on bank owned life insurance and annuities | (71) | (86) | (140) | (167) | |
Deferred income tax expense (benefit) | 132 | (514) | |||
Equity loss in from unconsolidated subsidiary, net of dividends of $0 and $75, respectively | 194 | ||||
Equity gain from acquisition of unconsolidated subsidiary | (415) | ||||
Stock-based compensation expense | 47 | 39 | |||
Proceeds from mortgage loans sold to others | 46 | 46 | |||
Mortgage banking income | (36) | (36) | |||
Increase in accrued interest receivable and other assets | (1,798) | (764) | |||
Increase (decrease) in accrued interest payable and other liabilities | 2,443 | (208) | |||
Net cash provided by operating activities | 4,463 | 2,562 | |||
Investing activities: | |||||
Purchases of: Securities available for sale | (54,716) | (4,119) | |||
Purchases of: FHLB stock | (657) | ||||
Purchases of: Premises and equipment | (170) | (66) | |||
Purchases of: Bank owned life insurance and annuities | (17) | (18) | |||
Proceeds from: Sales of securities available for sale | 0 | 0 | 11,107 | 4,285 | |
Proceeds from: Maturities of and principal repayments on securities available for sale | 8,753 | 6,324 | |||
Proceeds from: Redemption of FHLB stock | 730 | ||||
Sale of other real estate owned | 135 | 77 | |||
Sale of other assets | 13 | ||||
Net cash received from acquisition | 7,561 | ||||
Investment in low income housing partnerships | (90) | (100) | |||
Net decrease in interest bearing time deposits with banks | 590 | 245 | |||
Net decrease (increase) in loans | 10,847 | (6,447) | |||
Net cash (used in) provided by investing activities | (24,218) | 8,485 | |||
Financing activities: | |||||
Net increase in deposits | 12,656 | 18,721 | |||
Net decrease in short-term borrowings and securities sold under agreements to repurchase | (11,654) | (10,426) | |||
Issuance of long-term debt | 45,000 | ||||
Repayment of long-term debt | (15,000) | (10,000) | |||
Cash dividends | (2,244) | (2,170) | |||
Purchase of treasury stock | (40) | ||||
Treasury stock issued for employee stock plans | 89 | 91 | |||
Common stock issued for employee stock plans | 42 | ||||
Net cash provided by (used in) financing activities | 28,847 | (3,782) | |||
Net increase in cash and cash equivalents | 9,092 | 7,265 | |||
Cash and cash equivalents at beginning of year | 16,456 | 9,897 | $ 9,897 | ||
Cash and cash equivalents at end of period | $ 25,548 | $ 17,162 | 25,548 | 17,162 | $ 16,456 |
Supplemental information: | |||||
Interest paid | 2,058 | 1,686 | |||
Income tax paid | $ 18 | 14 | |||
Supplemental schedule of noncash investing and financing activities: | |||||
Transfer of loans to other real estate owned | 86 | ||||
Transfer of loans to repossessed vehicles | $ 12 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Consolidated Statements of Cash Flows [Abstract] | ||
Equity method investment, dividends | $ 0 | $ 75 |
Basis of Presentation and Accou
Basis of Presentation and Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
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” or “Juniata”) and its wholly owned subsidiary, The Juniata Valley Bank (the “Bank” or “JVB”). All significant intercompany accounts and transactions have been eliminated. On April 30, 2018, the Company, which previously owned 39.16% of Liverpool Community Bank (“Liverpool” or “LBC”), completed the acquisition of the remainder of Liverpool’s outstanding common stock. Liverpool was merged with and into the Bank. Refer to Note 3 for more information. The comparability of the results for the 2019 and 2018 periods was impacted by an adjustment related to the Liverpool acquisition on April 30, 2018. The previously reported net income for the three and six months ended June 30, 2018 of $1,569,000 and $2,896,000, respectively, was subsequently increased by $406,000 in the first quarter of 2019 due to the removal of a deferred tax liability related to Juniata’s previous 39.16% ownership in Liverpool upon its acquisition of Liverpool’s remaining shares on April 30, 2018. Therefore, periods presented for 2018 in the Consolidated Statements of Income, Comprehensive Income, Stockholders’ Equity, and Cash Flows have been updated to reflect this adjustment. The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete consolidated financial statements. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Actual results may differ from those estimates, and such differences could be material to the financial statements. In the opinion of management, all adjustments considered necessary for fair presentation have been included. Operating results for the three and six month periods ended June 30, 2019 are not necessarily indicative of the results for the year ending December 31, 2019. 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 (“Annual Report”) for the year ended December 31, 2018. The Company has evaluated events and transactions occurring subsequent to the consolidated statement of financial condition date of June 30, 2019 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 | 6 Months Ended |
Jun. 30, 2019 | |
Recent Accounting Standards Update [Abstract] | |
Recent Accounting Standards Update | 2. RECENT ACCOUNTING STANDARDS UPDATES (“ASU”) ASU 2018‑14, Compensation—Retirement Benefits—Defined Benefit Plans—General (Topic 715‑20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans Issued: August 2018 Summary: ASU 2018‑14 modifies the disclosure requirements under ASC 715‑20 for employers that sponsor defined benefit pension or other postretirement plans. Those modifications include the removal and addition of disclosure requirements as well as clarifying specific disclosure requirements. Effective Date: The amendments are effective for public business entities for fiscal years ending after December 15, 2020. For all other entities, the amendments are effective for annual reporting periods ending after December 15, 2021. Early adoption is permitted. This Update will have no impact on the Company’s consolidated financial position and results of operations because Juniata’s Board of Directors terminated the Company’s defined benefit retirement plan, The Juniata Valley Bank Retirement Plan, effective November 30, 2018. All participants have been properly notified and settlement of all obligations is expected to occur in the third quarter of 2019. See Note 12 for additional information. ASU 2018‑13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement Issued: August 2018 Summary: ASU 2018‑13 modifies the disclosure requirements for fair value measurements required under ASC 820. Those modifications include the removal and addition of disclosure requirements as well as clarifying specific disclosure requirements. Effective Date: The amendments become effective for all entities for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted upon issuance of this ASU. An entity is permitted to early adopt all disclosure requirements in the ASU or early adopt only the removed and modified disclosures and delay adoption of the additional disclosures until their effective date. This Update is not expected to have an impact on the Company’s consolidated financial position or results of operations. ASU 2017‑04, Simplifying the Test for Goodwill Impairment Issued: January 2017 Summary: ASU 2017‑04 eliminates the requirement of Step 2 in the current guidance to calculate the implied fair value of goodwill to measure a goodwill impairment charge. Instead, entities will record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value in Step 1 of the current guidance. Effective Date: The amendments are effective for public business entities for fiscal years beginning after December 15, 2019. The adoption of this Update is not expected to have an impact on the Company’s consolidated financial position and results of operations. ASU 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 debt securities. For an available for sale 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. In May 2019, the FASB issued ASU 2019-05, Financial Instruments-Credit Losses (Topic 326): Targeted Transition Relief. This ASU provides transition relief for ASU 2016-13 by providing entities with an alternative to irrevocably elect the fair value option for eligible financial assets measured at amortized cost upon adoption of the new credit losses standard. To be eligible for the transition election, the existing financial asset must be both within the scope of the new credit losses standard and eligible for applying the fair value option in ASC 825-10. The election must be applied on an instrument-by-instrument basis and is not available for either available-for-sale or held-to-maturity debt securities. For entities that have not yet adopted ASU 2016-13, the effective dates for ASU 2019-05 are the same as those in ASU 2016-13. For entities that have adopted ASU 2016-13, ASU 2019-05 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted once ASU 2016-13 has been adopted. Effective Date: ASU 2016-13 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 consolidated financial statements and disclosures, it expects the allowance for loan and lease losses (“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 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 taken steps to prepare for the implementation when it becomes effective by forming an internal taskforce, gathering pertinent data, participating in training courses, and partnering with a software provider that specializes in ALLL analysis, as well as assessing the sufficiency of data currently available through its core database. On July 17, 2019, FASB voted to delay the effective date of this ASU for smaller reporting companies until fiscal years beginning after December 15, 2022. As the Corporation is a smaller reporting company, the proposed delay would be applicable, if approved by FASB. |
Merger
Merger | 6 Months Ended |
Jun. 30, 2019 | |
Merger [Abstract] | |
Merger | 3. MERGER On April 30, 2018, the Company completed the acquisition of Liverpool Community Bank, a Pennsylvania state-chartered bank with one branch location in Liverpool, Perry County. Liverpool was merged with and into The Juniata Valley Bank. As of the merger date, Liverpool had assets of $45,360,000, loans of $32,091,000, and equity of $9,246,000. Prior to the acquisition, Juniata owned 1,214, or 39.16%, of the 3,100 outstanding common shares of Liverpool. The merger was accounted for using the acquisition method of accounting, in accordance with the provisions of ASC 805, Business Combinations. Juniata obtained control over Liverpool in a step acquisition by acquiring the previously unowned interest in Liverpool. As such, Juniata was required to remeasure its previously held equity interest in Liverpool at its acquisition date fair value and recognize the resulting gain in earnings. The purchase price for the step acquisition was calculated as the aggregate of the consideration transferred for the newly acquired interest (Step Two 60.84% interest) and the fair value of Juniata’s previously held equity interest (Step One 39.16% interest) in Liverpool. On April 30, 2018, Juniata’s Step One adjusted basis in Liverpool was $5,037,000, which included a $415,000 equity gain from the acquisition, in addition to Juniata’s basis in Liverpool of $4,622,000 prior to the recording of the equity gain. Liverpool shareholders (other than Juniata, whose Liverpool common stock owned of record or beneficially was cancelled) received either: (i) 202.6286 shares of common stock of Juniata or (ii) $4,050.00 in cash in exchange for each share of Liverpool common stock subject to the limitation that cash would be paid for no more than 20% and no less than 15% of Liverpool’s outstanding common stock. As a result, Juniata issued 315,284 shares of common stock with an acquisition date fair value of approximately $6,463,000, based on Juniata’s closing stock price of $20.50 on April 30, 2018, and cash of $1,362,000, including cash in lieu of fractional shares, for a total Step Two purchase price consideration of $7,825,000. The total purchase price of the merger, including both the Step One adjusted basis and Step Two purchase price consideration, was $12,862,000. The assets and liabilities of Liverpool were recorded on the consolidated balance sheet at their estimated fair value as of April 30, 2018, and its results of operations have been included in the consolidated income statement since such date. The purchase price included goodwill and a core deposit intangible of $3,691,000 and $289,000, respectively. The core deposit intangible is being amortized over a ten-year period using a sum of the year’s digits basis. The goodwill is not being amortized but is tested annually for impairment, or more frequently if circumstances require. ASC 805 allows for adjustments to the estimated fair value of assets and liabilities, and the resulting goodwill for a period of up to one year after the merger date for new information that becomes available reflecting circumstances at the merger date. During the six months ended June 30, 2019, Juniata recorded a ($92,000) adjustment to goodwill relating to the tax treatment of Liverpool’s acquired net operating loss resulting in goodwill related to the Liverpool acquisition of $3,599,000 as illustrated in the table below. Allocation of the purchase price was as follows: (Dollars in thousands) Recorded at Recorded at April 30, 2018 Change June 30, 2019 Step One Purchase Price Consideration April 30, 2018 JUVF basis in LCB (before gain) $ 4,622 $ — $ 4,622 Increase in Step One basis from equity gain in acquisition 415 — 415 Total Step One adjusted basis 5,037 — 5,037 Step Two Purchase Price Consideration Purchase price assigned to LCB common shares exchanged for 315,284 JUVF common shares $ 6,463 $ — $ 6,463 Purchase price assigned to LCB common shares exchanged for cash including cash in lieu of fractional shares 1,362 — 1,362 Total Step Two purchase price consideration 7,825 — 7,825 Total purchase price 12,862 — 12,862 LCB net assets acquired: Tangible common equity 9,246 — 9,246 Adjustments to reflect assets acquired and liabilities assumed at fair value: Total fair value adjustments (95) — (95) Associated deferred income taxes 20 92 112 Fair value adjustment to net assets acquired, net of tax (75) 92 17 Total LCB net assets acquired 9,171 92 9,263 Goodwill resulting from the merger $ 3,691 $ (92) $ 3,599 The following table summarizes the estimated fair value of the assets acquired and liabilities assumed. (Dollars in thousands) Recorded at Recorded at April 30, 2018 Change June 30, 2019 Total purchase price $ 12,862 $ — $ 12,862 Net assets acquired: Cash and cash equivalents 8,923 — 8,923 Investments in time deposits with banks 3,675 — 3,675 Loans 31,331 — 31,331 Premises and equipment 125 — 125 Accrued interest receivable 123 — 123 Core deposit and other intangibles 289 — 289 Bank owned life insurance 632 — 632 FHLB stock 124 — 124 Other assets 267 92 359 Deposits (36,052) — (36,052) Accrued interest payable (17) — (17) Other liabilities (249) — (249) 9,171 92 9,263 Goodwill $ 3,691 $ (92) $ 3,599 The fair value of the financial assets acquired included loans receivable with a gross amortized cost basis of $32,091,000. The table below illustrates the fair value adjustments made to the amortized cost basis of these loans receivable in order to present a fair value of the loans acquired. (Dollars in thousands) Gross amortized cost basis at April 30, 2018 $ 32,091 Market rate adjustment 272 Credit fair value adjustment on pools of homogeneous loans (496) Credit fair value adjustment on purchased credit impaired loans (622) Reversal of existing deferred fees and premiums 86 Fair value of purchased loans at April 30, 2018 $ 31,331 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. Summarized below is the acquired Liverpool purchased credit impaired loan portfolio as of April 30, 2018. (Dollars in thousands) Contractually required principal and interest at acquisition $ 2,022 Contractual cash flows not expected to be collected (nonaccretable discount) (1,273) Expected cash flows at acquisition 749 Interest component of expected cash flows (accretable discount) (177) Fair value of acquired loans $ 572 The following table presents unaudited pro forma information as if the merger between Juniata and Liverpool had been completed on January 1, 2017. The pro forma information does not necessarily reflect the results of operations that would have occurred had Juniata merged with Liverpool at the beginning of 2017. Due to Juniata’s former 39.16% ownership in Liverpool, the income previously recorded in the three and six months ended June 30, 2018 that was attributable to the partial ownership of Liverpool has been excluded, in addition to merger-related costs incurred in 2018 and the resulting tax impacts. Supplemental pro forma earnings for the three months ended June 30, 2018 were adjusted to exclude $227,000 of income/gain from unconsolidated subsidiary, $376,000 in merger-related expenses, and the resulting $31,000 tax benefit, as well as the $406,000 tax credit from the removal of a deferred tax liability related to Juniata’s previous 39.16% ownership in Liverpool. Supplemental pro forma earnings for the six months ended June 30, 2018 were adjusted to exclude $296,000 of income/gain from unconsolidated subsidiary, $440,000 in merger-related expenses, and the resulting tax benefit of $30,000, as well as the aforementioned $406,000 tax credit. A 21% tax rate was assumed. 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. (Dollars in thousands; except share data) Three Months Ended June 30, Six Months Ended June 30, 2018 2018 Net interest income after loan loss provision $ 5,487 $ 10,449 Noninterest income 1,312 2,460 Noninterest expense 4,649 9,111 Net income available to common shareholders 2,001 3,637 Net income per common share 0.39 0.71 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 6 Months Ended |
Jun. 30, 2019 | |
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: (Dollars in thousands) June 30, 2019 December 31, 2018 Unrealized gains (losses) on available for sale securities $ 174 $ (2,647) Defined benefit pension expense (475) (1,652) Accumulated other comprehensive loss $ (301) $ (4,299) |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2019 | |
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: (Dollars in thousands, except earnings per share data) Three Months Ended June 30, 2019 2018 Net income $ 1,845 $ 1,975 Weighted-average common shares outstanding 5,102 4,987 Basic earnings per share $ 0.36 $ 0.40 Weighted-average common shares outstanding $ 5,102 4,987 Common stock equivalents due to effect of stock options 20 21 Total weighted-average common shares and equivalents 5,122 5,008 Diluted earnings per share $ 0.36 $ 0.39 (Dollars in thousands, except earnings per share) Six months ended June 30, 2019 2018 Net income $ 3,258 $ 3,302 Weighted-average common shares outstanding 5,098 4,879 Basic earnings per share $ 0.64 $ 0.68 Weighted-average common shares outstanding 5,098 4,879 Common stock equivalents due to effect of stock options 21 19 Total weighted-average common shares and equivalents $ 5,119 $ 4,898 Diluted earnings per share $ 0.64 $ 0.67 |
Securities
Securities | 6 Months Ended |
Jun. 30, 2019 | |
Securities [Abstract] | |
Securities | 6. SECURITIES Equity Securities Equity securities owned by the Company consist of common stock of various financial services providers. Upon the adoption of ASU 2016‑01 on January 1, 2018, all of the Company’s equity securities were within the scope of ASC Topic 321, Investments – Equity Securities. Topic 321 requires all equity securities within its scope to be measured at fair value with changes in fair value recognized in net income. As of June 30, 2019, the Company had $1,133,000 in equity securities recorded at fair value and $1,118,000 in equity securities recorded at fair value at December 31, 2018. The Company recorded a net gain of $6,000 and $15,000 during the three and six months ended June 30, 2019 and a net gain of $52,000 and $46,000 during the three and six months ended June 30, 2018 on the consolidated statements of income as a result of the change in fair value of the Company’s equity securities. Debt Securities Available for Sale Debt securities classified as available for sale, which include marketable investment securities, are within the scope of ASC Topic 320, Investments – Debt Securities. Topic 320 requires all debt securities within its scope to be stated at fair value, with the unrealized gains and losses, net of tax, reported as a component of other comprehensive income (loss). Securities classified as available for sale are those securities that the Company intends to hold for an indefinite period of time but not necessarily to maturity. Any decision to sell a security classified as available for sale would be based on various factors, including significant movement in interest rates, changes in maturity mix of the Company’s assets and liabilities, liquidity needs, regulatory capital considerations and other similar factors. Interest and dividends are recognized as income when earned. Premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Gains or losses on the disposition of securities available for sale are based on the net proceeds and the adjusted carrying amount of the securities sold, determined on a specific identification basis. The Company’s available for sale investment portfolio includes primarily bonds issued by U.S. Government sponsored enterprises (approximately 13% of the investment portfolio), mortgage-backed securities issued by Government-sponsored entities and backed by residential mortgages (approximately 83%) and municipal bonds (approximately 4%) as of June 30, 2019. Most of the municipal bonds are general obligation bonds with maturities or pre-refunding dates within 5 years. The amortized cost and fair value of securities available for sale as of June 30, 2019 and December 31, 2018, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because the securities may be called or prepaid with or without prepayment penalties. (Dollars in thousands) June 30, 2019 Gross Gross Amortized Fair Unrealized Unrealized Debt Securities Available for Sale Cost Value Gains Losses Type and Maturity Obligations of U.S. Government sponsored enterprises After one year but within five years $ 21,998 $ 21,962 $ 1 $ (37) After five years but within ten years 2,000 2,001 1 — 23,998 23,963 2 (37) Obligations of state and political subdivisions Within one year 1,306 1,308 2 — After one year but within five years 2,777 2,784 8 (1) After five years but within ten years 2,226 2,229 3 — 6,309 6,321 13 (1) Mortgage-backed securities 149,499 149,735 791 (555) Total $ 179,806 $ 180,019 $ 806 $ (593) (Dollars in thousands) December 31, 2018 Gross Gross Amortized Fair Unrealized Unrealized Debt Securities Available for Sale Cost Value Gains Losses Type and Maturity Obligations of U.S. Government sponsored enterprises After one year but within five years $ 20,998 $ 20,355 $ — $ (643) After five years but within ten years 2,999 2,911 — (88) 23,997 23,266 — (731) Obligations of state and political subdivisions Within one year 826 826 — — After one year but within five years 14,751 14,686 13 (78) After five years but within ten years 2,779 2,669 — (110) 18,356 18,181 13 (188) Mortgage-backed securities 102,957 100,506 172 (2,623) Total $ 145,310 $ 141,953 $ 185 $ (3,542) 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 $53,645,000 and $50,157,000 at June 30, 2019 and December 31, 2018, respectively. In addition to cash received from the scheduled maturities of investment securities, some securities available for sale are sold or called at current market values during the course of normal operations. There were no securities sold or called during the three months ended June 30, 2019 or 2018. The following table summarizes proceeds received from sales or calls of available for sale investment securities transactions and the resulting realized gains and losses during the six months ended June 30, 2019 and 2018. (Dollars in thousands) Six Months Ended June 30, 2019 2018 Gross proceeds from sales and calls of securities $ 11,107 $ 4,285 Securities available for sale: Gross realized gains from sold and called securities $ 5 $ — Gross realized losses from sold and called securities (61) (15) Net losses from sales and calls of securities $ (56) $ (15) Topic 320 clarifies the interaction of the factors that should be considered when determining whether a debt security is other-than-temporarily impaired. 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. 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 income (loss). The following tables show gross unrealized losses and fair values of debt securities available for sale, aggregated by category and length of time the individual securities have been in a continuous unrealized loss position, at June 30, 2019 and December 31, 2018: Unrealized Losses at June 30, 2019 Less Than 12 Months 12 Months or More Total (Dollars in thousands) Number Number Number of Fair Unrealized of Fair Unrealized of Fair Unrealized Securities Value Losses Securities Value Losses Securities Value Losses Obligations of U.S. Government sponsored enterprises 1 $ 1,993 $ (7) 5 $ 8,470 $ (30) 6 $ 10,463 $ (37) Obligations of state and political subdivisions — — — 2 585 (1) 2 585 (1) Mortgage-backed securities 3 15,211 (10) 34 35,501 (545) 37 50,712 (555) Total temporarily impaired securities 4 $ 17,204 $ (17) 41 $ 44,556 $ (576) 45 $ 61,760 $ (593) Unrealized Losses at December 31, 2018 Less Than 12 Months 12 Months or More Total (Dollars in thousands) Number Number Number of Fair Unrealized of Fair Unrealized of Fair Unrealized Securities Value Losses Securities Value Losses Securities Value Losses Obligations of U.S. Government sponsored enterprises — $ — $ — 14 $ 23,267 $ (731) 14 $ 23,267 $ (731) Obligations of state and political subdivisions 8 5,055 (10) 13 8,242 (178) 21 13,297 (188) Mortgage-backed securities 3 6,726 (32) 43 77,170 (2,591) 46 83,896 (2,623) Total temporarily impaired securities 11 $ 11,781 $ (42) 70 $ 108,679 $ (3,500) 81 $ 120,460 $ (3,542) At June 30, 2019, six obligations of U.S. Government sponsored enterprises had unrealized losses. Five of these securities have been in a continuous loss position for 12 months or more. At June 30, 2019, two obligations of state and political subdivisions had unrealized losses. Both of these securities have been in a continuous loss position for 12 months or more. At June 30, 2019, thirty-seven mortgage-backed securities had an unrealized loss. Thirty-four of these securities have 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. Because 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 for the periods ended, June 30, 2019, June 30, 2018 and December 31, 2018, respectively. |
Loans and Related Allowance for
Loans and Related Allowance for Credit Losses | 6 Months Ended |
Jun. 30, 2019 | |
Loans and Related Allowance for Credit Losses [Abstract] | |
Loans and Related Allowance for Credit Losses | 7. LOANS AND RELATED ALLOWANCE FOR CREDIT LOSSES Loans that the Company originated and 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. Loans acquired through a business combination are discussed under the heading “Acquired Loans”. 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. Loans Held for Sale The Company has originated 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 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 mortgage banking income in the consolidated statements of income. Commercial, Financial and Agricultural Lending The Company originates commercial, financial and agricultural loans primarily to businesses located in its primary market area and surrounding areas. These loans are used for various business purposes, which include short-term loans and lines of credit to finance machinery and equipment purchases, inventory and accounts receivable. Generally, the maximum term for loans extended on machinery and equipment is shorter and does not exceed the projected useful life of such machinery and equipment. Most business lines of credit are written with a five year maturity, subject to an annual 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, and other methods. 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, and other resources. 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 95% 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. Allowance for Credit Losses The allowance for credit losses consists of the allowance for loan losses and the reserve for unfunded lending commitments. The allowance for loan losses (“allowance”) represents management’s estimate of probable incurred losses 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 probable incurred losses 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 incurred 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 a 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. Based on management’s comprehensive analysis of the loan portfolio, management believes the level of the allowance for loan losses as of June 30, 2019 was adequate. There are two components of the allowance: 1) specific allowances allocated to loans evaluated for impairment under ASC Section 310‑10‑35; and 2) allowances calculated for pools of loans evaluated collectively for impairment under ASC Subtopic 450‑20 (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, accounts receivable aging, 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 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 pooled loan contingencies relates to other loans that have been segmented into risk rated categories. In accordance with ASC Subtopic 450‑20, when measuring estimated credit losses, these loans are grouped into homogenous pools with similar characteristics and evaluated collectively considering both quantitative measures, such as historical loss, and qualitative measures, in the form of environmental adjustments. Some portfolio segments are further disaggregated and evaluated collectively for impairment based on "class segments," which are largely based on the type of collateral underlying each loan. For commercial, financial and agricultural loans, class segments include commercial loans secured by other-than real estate collateral. Real estate – commercial class segments include loans secured by farmland, multi-family properties, owner-occupied non-farm, non-residential properties and other nonfarm non-residential properties. Real estate – mortgage includes loans secured by first and junior liens on residential real estate. Construction loan class segments include loans secured by commercial real estate, loans to commercial borrowers secured by residential real estate and loans to individuals secured by residential real estate. Personal loan class segments include direct consumer installment loans, indirect automobile loans and other revolving and unsecured loans to individuals. Quantitative factor determination: An average annual loss rate is calculated for each pool through an analysis of historical losses over a five-year look-back period. Using data for each loan, a loss emergence period is determined within each segmented class pool. The loss emergence period reflects the approximate length of time from the point when a loss is incurred (the loss trigger event) to the point of loss confirmation (the date of eventual charge-off). The loss emergence period is applied to the average annual loss to produce the qualitative factor for each pooled class segment. Qualitative factor determination: Historical loss rates computed in the quantitative component reflects an estimate of the level of probable incurred losses in the portfolio based on historical experience. Management considers that the current conditions may deviate from those that prevailed over the historical look-back period. Thus, the quantitative rates are an imperfect estimate, necessitating an evaluation of qualitative considerations (i.e. environmental factors) to incorporate these risks. Management considered qualitative, environmental risk factors including: · National, regional and local economic and business conditions, and developments that affect the collectability of the portfolio, including the condition of various market segments; · Changes in the volume and severity of past due loans, the volume of nonaccrual loans, and the volume and severity of adversely classified loans; · Changes in the nature and volume of the portfolio and terms of loans; · Changes in the experience, ability and depth of lending and credit management and other relevant staff; · Existence and effect of any concentrations of credit and changes in the level of such concentrations; · Changes in the quality of the loan review system; · Changes in lending policies and procedures, including changes in underwriting standards and collection, charge-off and recovery practices; · Changes in the value of underlying collateral for collateral-dependent loans; and · Effect of external influences, including competition, legal and regulatory requirements. Within each loan segment, an analysis was performed over a ten-year look-back period to discover peak historical losses, and with this data, management established ranges of risk from minimal to very high, for each risk factor, to produce a supportable anchor for risk assignment. Based on the framework for risk factor evaluation and range of adjustments established through the anchoring process, a risk assessment and corresponding adjustment was assigned for each portfolio segment as of June 30, 2019. Adjustments to the factors are supported through documentation of changes in conditions in a narrative accompanying the allowance for loan loss calculation. The combination of quantitative and qualitative factors was applied to year-end balances in each pooled segment to establish the overall allowance. Acquired Loans Loans that Juniata acquires through business combinations are recorded at fair value with no carryover of the related allowance for loan losses. Fair value of the loans involves estimating the amount and timing of principal and interest cash flows expected to be collected on the loans and discounting those cash flows at a market rate of interest. Loans acquired through business combinations that meet the specific criteria of ASC 310-30 are individually evaluated each period to analyze expected cash flows. To the extent that the expected cash flows of a loan have decreased due to credit deterioration, an allowance is established. These loans are accounted for under the ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality. The excess of cash flows expected at acquisition over the estimated fair value is referred to as the accretable discount and is recognized into interest income over the remaining life of the loan. The difference between contractually required payments at acquisition and the cash flows expected to be collected at acquisition, is referred to as the nonaccretable discount. The nonaccretable discount includes estimated future credit losses expected to be incurred over the life of the loan. Subsequent decreases to the expected cash flows will require Juniata to evaluate the need for an additional allowance for credit losses. Subsequent improvement in expected cash flows will result in the reversal of a corresponding amount of the nonaccretable discount, which Juniata will then reclassify as an accretable discount that will be recognized into interest income over the remaining life of the loan. Loans acquired through business combinations that do not meet the specific criteria of ASC 310-30 are accounted for under ASC 310-20. These loans are initially recorded at fair value and include credit and interest rate marks associated with acquisition accounting adjustments. Purchase premiums or discounts are subsequently amortized as an adjustment to yield over the estimated contractual lives of the loans. There is no allowance for loan losses established at the acquisition date for acquired performing loans. An allowance for loan losses is recorded for any credit deterioration in these loans subsequent to acquisition. Acquired loans that met the criteria for impaired or nonaccrual of interest prior to the acquisition may be considered performing upon acquisition, regardless of whether the customer is contractually delinquent, if Juniata expects to fully collect the new carrying value (i.e. fair value) of the loans. As such, Juniata may no longer consider the loan to be nonaccrual or nonperforming, and may accrue interest on these loans, including the impact of any accretable discount. In addition, charge-offs on such loans would be first applied to the nonaccretable difference portion of the fair value adjustment. 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 June 30, 2019 and December 31, 2018. (Dollars in thousands) Special As of June 30, 2019 Pass Mention Substandard Doubtful Total Commercial, financial and agricultural $ 41,619 $ 2,965 $ 1,868 $ — $ 46,452 Real estate - commercial 122,200 6,235 7,716 52 136,203 Real estate - construction 35,882 296 1,654 — 37,832 Real estate - mortgage 153,450 214 1,963 134 155,761 Obligations of states and political subdivisions 21,385 — — — 21,385 Personal 9,804 — 14 — 9,818 Total $ 384,340 $ 9,710 $ 13,215 $ 186 $ 407,451 (Dollars in thousands) Special As of December 31, 2018 Pass Mention Substandard Doubtful Total Commercial, financial and agricultural $ 42,757 $ 2,992 $ 814 $ — $ 46,563 Real estate - commercial 125,352 8,590 6,459 894 141,295 Real estate - construction 34,131 — 2,528 29 36,688 Real estate - mortgage 160,774 24 2,569 181 163,548 Obligations of states and political subdivisions 19,129 — — — 19,129 Personal 10,389 — 19 — 10,408 Total $ 392,532 $ 11,606 $ 12,389 $ 1,104 $ 417,631 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 anticipated 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. Consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process at June 30, 2019 and December 31, 2018 totaled $405,000 and $94,000, respectively. Charge-offs 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 table summarizes information regarding impaired loans by portfolio class as of June 30, 2019 and December 31, 2018. (Dollars in thousands) As of June 30, 2019 As of December 31, 2018 Recorded Unpaid Principal Related Recorded Unpaid Principal Related Investment Balance Allowance Investment Balance Allowance Impaired loans With no related allowance recorded: Commercial, financial and agricultural $ 763 $ 764 $ — $ — $ — $ — Real estate - commercial 1,242 1,336 — 909 1,303 — Acquired with credit deterioration 385 412 — 544 592 — Real estate – construction — 1,074 — 27 1,123 — Real estate - mortgage 1,272 1,947 — 1,180 1,912 — Acquired with credit deterioration 776 887 — 971 1,061 — Personal 14 14 — 17 17 — Total: Commercial, financial and agricultural $ 763 $ 764 $ — $ — $ — $ — Real estate - commercial 1,242 1,336 — 909 1,303 — Acquired with credit deterioration 385 412 — 544 592 — Real estate - construction — 1,074 — 27 1,123 — Real estate – mortgage 1,272 1,947 — 1,180 1,912 — Acquired with credit deterioration 776 887 — 971 1,061 — Personal 14 14 — 17 17 — $ 4,452 $ 6,434 $ — $ 3,648 $ 6,008 $ — Average recorded investment of impaired loans and related interest income recognized for the three and six months ended June 30, 2019 and 2018 are summarized in the tables below. (Dollars in thousands) Three Months Ended June 30, 2019 Three Months Ended June 30, 2018 Average Interest Cash Basis Average Interest Cash Basis Recorded Income Interest Recorded Income Interest Investment Recognized Income Investment Recognized Income Impaired loans With no related allowance recorded: Commercial, financial and agricultural $ 382 $ 22 $ — $ 1 $ — $ — Real estate - commercial 1,228 32 — 906 — — Acquired with credit deterioration 458 — — 351 — — Real estate - construction — — — — — — Real estate - mortgage 1,291 4 11 2,034 5 1 Acquired with credit deterioration 860 — — 730 — — Personal 14 — — 9 — — Total: Commercial, financial and agricultural $ 382 $ 22 $ — $ 1 $ — $ — Real estate - commercial 1,228 32 — 906 — — Acquired with credit deterioration 458 — — 351 — — Real estate - mortgage 1,291 4 11 2,034 5 1 Acquired with credit deterioration 860 — — 730 — — Personal 14 — — 9 — — $ 4,233 $ 58 $ 11 $ 4,031 $ 5 $ 1 (Dollars in thousands) Six Months Ended June 30, 2019 Six Months Ended June 30, 2018 Average Interest Cash Basis Average Interest Cash Basis Recorded Income Interest Recorded Income Interest Investment Recognized Income Investment Recognized Income Impaired Loans With no related allowance recorded: Commercial, financial and agricultural $ 382 $ 22 $ — $ 234 $ — $ — Real estate - commercial 1,076 35 — 2,972 — — Acquired with credit deterioration 465 — — 362 — — Real estate - construction 14 — — — — — Real estate - mortgage 1,226 9 23 2,101 10 2 Acquired with credit deterioration 874 — — 734 — — Personal 16 — — 9 — — Total: Commercial, financial and agricultural $ 382 $ 22 $ — $ 234 $ — $ — Real estate - commercial 1,076 35 — 2,972 — — Acquired with credit deterioration 465 — — 362 — — Real estate - construction 14 — — — — — Real estate - mortgage 1,226 9 23 2,101 10 2 Acquired with credit deterioration 874 — — 734 — — Personal 16 — — 9 — $ 4,053 $ 66 $ 23 $ 6,412 $ 10 $ 2 The following table presents nonaccrual loans by classes of the loan portfolio as of June 30, 2019 and December 31, 2018. (Dollars in thousands) June 30, 2019 December 31, 2018 Nonaccrual loans: Real estate - commercial $ 52 $ 908 Real estate - construction — 29 Real estate - mortgage 858 753 Personal 14 17 Total $ 924 $ 1,707 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 tables present the classes of the loan portfolio summarized by the past due status as of June 30, 2019 and December 31, 2018. (Dollars in thousands) Loans Past Due Greater Greater than 90 30‑59 Days 60‑89 Days than 90 Total Past Days and Current Past Due Past Due Days Due Total Loans Accruing(1) As of June 30, 2019 Commercial, financial and agricultural $ 46,452 $ — $ — $ — $ — $ 46,452 $ — Real estate - commercial 135,431 — 335 52 387 135,818 — Real estate - construction 37,807 — 25 — 25 37,832 — Real estate - mortgage 153,495 805 192 493 1,490 154,985 — Obligations of states and political subdivisions 2 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2019 | |
Goodwill and Other Intangible Assets [Abstract] | |
Goodwill and Other Intangible Assets | 8. GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill On September 8, 2006, the Company acquired a branch office in Richfield, PA. Goodwill associated with this transaction is carried at $2,046,000. On November 30, 2015, the Company acquired FNBPA Bancorp, Inc. and as a result, carries goodwill of $3,402,000 relating to the acquisition. In addition, the Company acquired the remainder of the outstanding common stock of Liverpool Community Bank on April 30, 2018, and as a result, carries goodwill of $3,599,000 relating to the acquisition. Total goodwill at June 30, 2019 and December 31, 2018 was $9,047,000 and $9,139,000, respectively. Goodwill is not amortized but is tested annually for impairment or more frequently if certain events occur which might indicate goodwill has been impaired. There was no impairment of goodwill during the three or six month periods ended June 30, 2019 or 2018. Intangible Assets On November 30, 2015, a core deposit intangible in the amount of $303,000 associated with the FNBPA Bancorp, Inc. acquisition was recorded and is being amortized over a ten-year period using a sum of the year’s digits basis. Amortization expense recognized for the intangibles related to the FNBPA acquisition in the three and six months ended June 30, 2019 was $9,000 and $19,000, respectively. On April 30, 2018, a core deposit intangible in the amount of $289,000 associated with the Liverpool Community Bank acquisition was recorded and is being amortized over a ten-year period using a sum of the year’s digit basis. Amortization expense recognized for the intangible related to the Liverpool Community Bank acquisition in the three and six months ended June 30, 2019 was $13,000 and $25,000, resepectively. The following table shows the amortization schedule for each of the intangible assets recorded. (Dollars in thousands) FNBPA LCB Acquisition Acquisition Core Core Deposit Deposit Intangible Intangible Beginning Balance at Acquisition Date $ 303 $ 289 Amortization expense recorded prior to January 1, 2018 108 — Amortization expense recorded in the twelve months ended December 31, 2018 44 35 Unamortized balance as of December 31, 2018 151 254 Amortization expense recorded in the six months ended June 30, 2019 19 25 Unamortized balance as of June 30, 2019 $ 132 $ 229 Scheduled remaining amortization expense for years ended: December 31, 2019 $ 19 $ 24 December 31, 2020 33 44 December 31, 2021 27 39 December 31, 2022 22 33 December 31, 2023 16 28 After December 31, 2023 15 61 |
Unconsolidated Subsidiary
Unconsolidated Subsidiary | 6 Months Ended |
Jun. 30, 2019 | |
Unconsolidated Subsidiary [Abstract] | |
Unconsolidated Subsidiary | 9. UNCONSOLIDATED SUBSIDIARY The Company no longer has an investment in an unconsolidated subsidiary following its acquisition of the remainder of the outstanding common stock of Liverpool on April 30, 2018. Prior to the acquisition, the Company owned 39.16% of the outstanding common stock of Liverpool. The investment was accounted for under the equity method of accounting. The Company increased its investment in LCB for its share of earnings and decreased its investment by any dividends received from LCB. The investment was evaluated quarterly for impairment. There was no impairment of the investment relating to LCB prior to the acquisition on April 30, 2018. |
Borrowings
Borrowings | 6 Months Ended |
Jun. 30, 2019 | |
Borrowings [Abstract] | |
Borrowings | 10. BORROWINGS Borrowings consisted of the following as of June 30, 2019 and December 31, 2018. (Dollars in thousands) June 30, December 31, 2019 2019 Securities sold under agreements to repurchase $ 2,857 $ 2,911 Overnight advances with FHLB — 11,600 Long-term debt with FHLB 45,000 15,000 $ 47,857 $ 29,511 Long-term debt is comprised only of FHLB advances with an original maturity of one year or more. The following table summarizes the scheduled maturities of long-term debt as of June 30, 2019. (Dollars in thousands) Scheduled Weighted Average Year Maturities Interest Rate 2022 $ 5,000 2.74 % 2023 5,000 2.79 2024 20,000 2.42 2025 15,000 2.41 $ 45,000 2.49 % |
Fair Value Measurement
Fair Value Measurement | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Measurement [Abstract] | |
Fair Value Measurement | 11. 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. Equities Securities – The fair value of equity securities is based upon quoted prices in active markets and is reported using Level 1 inputs. Debt 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. 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 tables summarize financial assets and financial liabilities measured at fair value as of June 30, 2019 and December 31, 2018, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value. There were no transfers of assets between fair value Level 1 and Level 2 during the six months ended June 30, 2019 or 2018. (Level 1) (Level 2) (Level 3) Quoted Prices in Significant Significant Active Markets Other Other (Dollars in thousands) June 30, for Identical Observable Unobservable 2019 Assets Inputs Inputs Measured at fair value on a recurring basis: Debt securities available-for-sale: Obligations of U.S. Government agencies and corporations $ 23,963 $ — $ 23,963 $ — Obligations of state and political subdivisions 6,321 — 6,321 — Mortgage-backed securities 149,735 — 149,735 — Equity securities 1,133 1,133 — — Mortgage servicing rights 190 — — 190 Measured at fair value on a non-recurring basis: Impaired loans $ 186 $ — $ — $ 186 Other real estate owned 149 — — 149 (Level 1) (Level 2) (Level 3) Quoted Prices in Significant Significant Active Markets Other Other (Dollars in thousands) December 31, for Identical Observable Unobservable 2018 Assets Inputs Inputs Measured at fair value on a recurring basis: Debt securities available-for-sale: Obligations of U.S. Government agencies and corporations $ 23,266 $ — $ 23,266 $ — Obligations of state and political subdivisions 18,181 — 18,181 — Mortgage-backed securities 100,506 — 100,506 — Equity securities 1,118 1,118 — — Mortgage servicing rights 200 — — 200 Measured at fair value on a non-recurring basis: Impaired loans $ 1,104 $ — $ — $ 1,104 Other real estate owned 149 — — 149 The following tables present additional quantitative information about assets measured at fair value for which Level 3 inputs have been used to determine fair value: (Dollars in thousands) Fair Value Weighted June 30, 2019 Estimate Valuation Technique Unobservable Input Range Average Impaired loans $ 186 Appraisal of collateral (1) Appraisal and liquidation adjustments (2) 0% - 20% % 6 % Other real estate owned 149 Appraisal of collateral (1) Appraisal and liquidation adjustments (2) % 2 % Mortgage servicing rights 190 Multiple of annual servicing fee Estimated pre-payment speed, based on rate and term 300 - 400 % 369 % (Dollars in thousands) Fair Value Weighted December 31, 2018 Estimate Valuation Technique Unobservable Input Range Average Impaired loans $ 1,104 Appraisal of collateral (1) Appraisal and liquidation adjustments (2) 0% - 15 % 14 % Other real estate owned 149 Appraisal of collateral (1) Appraisal and liquidation adjustments (2) % 2 % Mortgage servicing rights 200 Multiple of annual servicing fee Estimated pre-payment speed, based on rate and term 300 - 400 % 369 % (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 discussion 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. The estimated fair values of the Company’s financial instruments are as follows: Financial Instruments (Dollars in thousands) June 30, 2019 December 31, 2018 Carrying Fair Carrying Fair Value Value Value Value Financial assets: Cash and due from banks $ 14,431 $ 14,431 $ 15,617 $ 15,617 Interest bearing deposits with banks 2,117 2,117 110 110 Federal funds sold 9,000 9,000 729 729 Interest bearing time deposits with banks 2,700 2,700 3,290 3,290 Securities 181,152 181,152 141,953 141,953 Restricted investment in bank stock 3,098 3,098 2,441 2,441 Loans, net of allowance for loan losses 404,436 405,018 414,597 415,195 Mortgage servicing rights 190 190 200 200 Accrued interest receivable 1,841 1,841 1,681 1,681 Financial liabilities: Non-interest bearing deposits $ 123,355 $ 123,355 $ 126,057 126,057 Interest bearing deposits 411,020 413,983 395,665 395,226 Securities sold under agreements to repurchase 2,857 2,857 2,911 2,911 Short-term borrowings — — 11,600 11,600 Long-term debt 45,000 45,605 15,000 14,958 Other interest bearing liabilities 1,596 1,597 1,596 1,597 Accrued interest payable 450 450 289 289 Off-balance sheet financial instruments: Commitments to extend credit $ — $ — $ — $ — Letters of credit — — — — The following tables present the carrying amount, fair value and placement in the fair value hierarchy of the Company’s financial instruments not previously disclosed as of June 30, 2019 and December 31, 2018. The tables exclude financial instruments for which the carrying amount approximates fair value. (Dollars in thousands) (Level 1) (Level 2) (Level 3) Quoted Prices in Significant Significant Active Markets Other Other Carrying for Identical Observable Unobservable Amount Fair Value Assets or Liabilities Inputs Inputs June 30, 2019 Financial instruments - Assets Interest bearing time deposits with banks $ 2,700 $ 2,700 $ — $ 2,700 $ — Loans, net of allowance for loan losses 404,436 405,018 — — 405,018 Financial instruments - Liabilities Interest bearing deposits $ 411,020 $ 413,983 $ — $ 413,983 $ — Long-term debt 45,000 45,605 — 45,605 — Other interest bearing liabilities 1,596 1,597 — 1,597 — (Dollars in thousands) (Level 1) (Level 2) (Level 3) Quoted Prices in Significant Significant Active Markets Other Other Carrying for Identical Observable Unobservable Amount Fair Value Assets or Liabilities Inputs Inputs December 31, 2018 Financial instruments - Assets Interest bearing time deposits with banks $ 3,290 $ 3,290 $ — $ 3,290 $ — Loans, net of allowance for loan losses 414,597 415,195 — — 415,195 Financial instruments - Liabilities Interest bearing deposits $ 395,665 $ 395,226 $ — $ 395,226 $ — Long-term debt 15,000 14,958 — 14,958 — Other interest bearing liabilities 1,596 1,597 — 1,597 — |
Defined Benefit Retirement Plan
Defined Benefit Retirement Plan | 6 Months Ended |
Jun. 30, 2019 | |
Defined Benefit Retirement Plan [Abstract] | |
Defined Benefit Retirement Plan | 12. DEFINED BENEFIT RETIREMENT PLAN The Company sponsored a defined benefit retirement plan, The Juniata Valley Bank Retirement Plan (“JVB Plan”), which covered 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 were 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, as of November 30, 2015, the Company assumed sponsorship of a second defined benefit retirement plan, the Retirement Plan for the First National Bank of Port Allegany (“FNB Plan”), which covered 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 was 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. In 2017, Juniata initiated a strategy to reduce the liability associated with its defined benefit pension plan. The first step of the initiative consisted of the purchase of a single premium group annuity for a group of Juniata’s retirees, transferring the associated pension liability to the issuer of the annuity. This step reduced Juniata’s overall pension liability by approximately 12%, which resulted in a pre-tax charge to earnings of $377,000 in the fourth quarter of 2017. This pre-tax charge represented an acceleration of pension expenses that would otherwise have impacted Juniata’s earnings in the future. The Company initiated and completed the second step of this strategy during the third quarter of 2018 by making a lump sum payment offer to a small group of terminated vested participants in the Company’s defined benefit plan. This second step further reduced Juniata’s remaining pension liability by approximately 9%, which resulted in a pre-tax charge to earnings of $210,000 in the third quarter of 2018. The pre-tax charge represented a further acceleration of pension expenses that would otherwise have impacted Juniata’s future earnings. The Company also made a $1,350,000 contribution to the defined benefit pension plan during the third quarter of 2018. Through the second quarters of 2018 and 2019, no contribution was made to the Plan. Juniata’s Board of Directors resolved to terminate the JVB Plan, effective November 30, 2018. All participants were properly notified. During the second quarter of 2019, JVB Plan participants elected preferences for receiving their vested benefit in the form of either lump sum payments or annuities. Those electing lump sums received payment in the second quarter, resulting in a pre-tax settlement charge of $278,000, which is included as a portion of the recognized net actuarial loss of $306,000 in the second quarter of 2019 and $334,000 in the six months ended June 30, 2019. As a result of the revaluation following the lump sum settlement, the JVB Plan liability was reduced by $1,156,000, and as of June 30, 2019, was overfunded by $782,000. The change in funded status was due to the higher than expected return on plan assets and a reduced projected benefit obligation following the lump sum payout. Annuities will be purchased in the third quarter of 2019 to provide vested benefits to all remaining participants. Pension expense included the following components for the three and six months ended June 30, 2019 and 2018: Three Months Ended Six Months Ended (Dollars in thousands) June 30, June 30, 2019 2018 2019 2018 Components of net periodic pension cost (benefit): Interest cost $ 125 $ 132 $ 250 $ 264 Expected return on plan assets (124) (192) (248) (384) Recognized net actuarial loss 306 40 334 81 Net periodic pension cost (benefit) 307 (20) 336 (39) Amortization of net actuarial loss recognized in other comprehensive income (306) (40) (334) (81) Total recognized in net periodic pension cost (benefit) and other comprehensive income $ 1 $ (60) $ 2 $ (120) |
Commitments and Contingent Liab
Commitments and Contingent Liabilities and Guarantees | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingent Liabilities and Guarantees [Abstract] | |
Commitments and Contingent Liabilities and Guarantees | 13. 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 June 30, 2019, the Company had $82,090,000 outstanding in loan commitments and other unused lines of credit extended to its customers as compared to $87,223,000 at December 31, 2018. 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 $2,087,000 and $2,749,000 of financial and performance letters of credit commitments as of June 30, 2019 and December 31, 2018, respectively. Commercial letters of credit as of June 30, 2019 and December 31, 2018 totaled $9,808,000 and $8,925,000, respectively. 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 June 30, 2019 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 sold qualifying residential mortgage loans to the FHLB as part of its Mortgage Partnership Finance Program (“Program”). Under the terms of the Program, there is limited recourse back to the Company for loans that do not perform in accordance with the terms of the loan agreement. Each loan sold under the Program is “credit enhanced” such that the individual loan’s rating is raised to “BBB”, as determined by the FHLB. The Program can be terminated by either the FHLB or the Company, without cause. The FHLB has no obligation to commit to purchase any mortgage loans through, or from, the Company. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2019 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | 14. REVENUE RECOGNITION As disclosed in Note 2, as of January 1, 2018, the Company adopted ASU 2014‑09, “Revenue from Contracts with Customers (Topic 606)”, as well as subsequent ASUs that modified Topic 606. The Company elected to apply the ASU and all related ASU’s using the modified retrospective approach applied to all contracts initiated on or after the effective date, and for contracts which have remaining obligations as of the effective date, while prior period results continue to be reported under legacy U.S. GAAP. Based on this assessment, the Company concluded that Topic 606 did not materially change the method by which the Company currently recognizes revenue for these revenue streams, which is by recognizing revenues as they are earned based upon contractual terms, as transactions occur, or as services are provided and collectability is reasonably assured. The Company generally acts in a principal capacity, on its own behalf, in most contracts with customers. In such transactions, revenue and related costs to provide these services are recognized on a gross basis in the financial statements. In some cases, the Company acts in an agent capacity, deriving revenue through assisting other entities in transactions with its customers. In such transactions, revenue and the related costs to provide the services are recognized on a net basis in the financial statements. These transactions primarily relate to non-deposit product commissions and fees derived from customer’s use of various interchange and ATM/debit card networks. All of the Company’s revenue from contracts with customers in the scope of Topic 606 are recognized within non-interest income on the consolidated statements of income, except for the gain/loss on the sale of other real estate owned, which is included in other non-interest expense. Revenue streams not within the scope of Topic 606 included in non-interest income on the consolidated statements of income include earnings on bank-owned life insurance and annuities, income from unconsolidated subsidiary, fees derived from loan activity, mortgage banking income, gain/loss on sales and calls of securities, and the change in value of equity securities. A description of the Company’s sources of revenue accounted for under Topic 606 are as follows: Customer Service Fees – fees mainly represent fees from deposit customers for transaction based, account maintenance, and overdraft services. Transaction based fees include, but are not limited to, stop payment and overdraft fees. These fees are recognized at the time of the transaction when the performance obligation has been fulfilled. Account maintenance fees and account analysis fees are earned over the course of a month, representing the period of the performance obligation, and are recognized monthly. Debit Card Fee Income – consists of interchange fees from cardholder transactions conducted through the card payment network. Cardholders use debit cards to conduct point-of-sale transactions that produce interchange fees. The Company acts in an agent capacity to offer processing services for debit cards to its customers. Fees are recognized with the processing of the transactions and netted against the related fees from such transactions. Trust Fees – include asset management and estate fees. Asset management fees are generally based on a fee schedule, based upon the market value of the assets under management, and recognized monthly when the service obligation is completed. Trust fees recognized during the three and six month periods ended June 30, 2019 totaled $89,000 and $179,000, respectively. Fees for estate management services are based on a specified fee schedule and generally recognized as the following performance obligations are fulfilled: (i) 25% of total estate fee recognized when all estate assets are collected and debts paid, (ii) 50% of the total fee is recognized when the inheritance tax return is filed, and (iii) remaining 25% is recognized when the first and final account is confirmed, settling the estate. Estate fees recognized during the three and six month periods ended June 30, 2019 totaled $2,000 and $11,000, respectively. Commissions From Sales Of Non-Deposit Products – include, but are not limited to, brokerage services, employer-based retirement solutions, individual retirement planning, insurance solutions, and fee-based investment advisory services. The Company acts in an agent capacity to offer these services to customers. Revenue is recognized, net of related fees, in the month in which the contract is fulfilled. Other Non-Interest Income – includes certain revenue streams within the scope of Topic 606 comprised primarily of ATM surcharges, commissions on check orders, and wire transfer fees. ATM surcharges are the result of customers conducting ATM transactions that generate fee income. All of these fees, as well as wire transfer fees, are transaction based and are recognized at the time of the transaction. In addition, the Company acts in an agent capacity to offer checks to its customers and recognizes commissions, net of related fees, when the contract is fulfilled. Gains/Losses On Sales Of Other Real Estate Owned – are recognized when control of the property transfers to the buyer, which generally occurs when the deed is executed. Contract Balances A contract asset balance occurs when an entity performs a service for a customer before the customer pays consideration (resulting in a contract receivable) or before payment is due (resulting in a contract asset). A contract liability balance is an entity’s obligation to transfer a service to a customer for which the entity has already received payment (or payment is due from the customer). The company’s non-interest revenue streams are largely based on transactional activity, or standard month-end revenue accruals such as asset management fees based on month-end market values. Consideration is often received immediately or shortly after the Company satisfies its performance obligation and revenue is recognized. The Company does not typically enter into longer-term revenue contracts with customer, and therefore, does not experience significant contract balances. Contract Acquisition Costs The Company expenses all contract acquisition costs as costs are incurred. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2019 | |
Leases | |
Leases | 15. LEASES A lease is defined as a contract, or part of a contract, that conveys the right to control the use of identified property, plan or equipment for a period of time in exchange for consideration. On January 1, 2019, the Company adopted ASU 2016‑02, Leases (Topic 842), and all subsequent ASUs that modified Topic 842 using the optional transition method. For the Company, Topic 842 affected the accounting treatment for its four operating lease agreements in which the Company is the lessee. The Company elected the package of practical expedients, which removed the requirements to reassess whether any expired or existing contracts contain leases, reassess the lease classification for any expired or existing leases, and reassess the initial direct costs for any existing leases. The Company also elected two other practical expedients allowing the combination of lease and nonlease components by class of underlying asset and using hindsight in determining the lease terms since most of the leases have an extension option. The four operating leases, one of which is with a related party, are comprised of real estate property for branch and office space with terms extending through 2029. Operating leases were previously not recognized on the Company’s consolidated statements of condition, but with the adoption of Topic 842, operating lease agreements are recognized on the consolidated statements of condition as a ROU asset and a corresponding lease liability. As of June 30, 2019, the Company had operating lease ROU assets totaling $510,000 included in other assets and operating lease liabilities totaling $513,000 included in other liabilities. The calculated amount of the ROU assets and lease liabilities are impacted by the length of the lease term and the discount rate used to calculate the present value of the minimum lease payments. The Company’s lease agreements often include one or more options to renew at the Company’s discretion. If at lease inception, the Company considers the exercising of a renewal option to be reasonably certain, the Company will include the extended term in the calculation of the ROU asset and lease liability. Topic 842 requires the use of the rate implicit in the lease as the discount rate if that rate is readily determinable. As this rate is rarely determinable, the Company utilized its incremental borrowing rate at lease inception, which is the rate the Company would have incurred to borrow on a collateralized basis over a similar term at an amount equal to the lease payments in a similar economic environment. Because the four operating leases existed prior to the adoption of Topic 842 on January 1, 2019, the incremental borrowing rate for the remaining lease term at January 1, 2019 was used. As of June 30, 2019, the weighted-average remaining operating lease term was 7.7 years, and the weighted-average discount rate was 5.45%. The Company elected, for the real estate class of underlying assets which is currently its only class, not to separate lease and nonlease components and to account for them as a single lease component. The Company has one operating lease agreement containing a monthly ATM surcharge, which is combined with the property rental payment as a result of electing the practical expedient. The Company’s total operating lease cost for the three and six months ended June 30, 2019 was $30,000 and $60,000, respectively. During the three and six months ended June 30, 2019, total operating lease payments made to a related party totaled $7,000 and $13,000, respectively. The future minimum payments for operating leases with initial or remaining terms of one year or more as of June 30, 2019 were as follows: (Dollars in thousands) Twelve Months Ended: June 30, 2020 $ 117 June 30, 2021 112 June 30, 2022 81 June 30, 2023 46 June 30, 2024 46 Thereafter 229 Total Future Minimum Lease Payments 631 Amounts Representing Interest (118) Present Value of Net Future Minimum Lease Payments $ 513 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 16. SUBSEQUENT EVENTS On July 16, 2019, the Board of Directors declared a cash dividend of $0.22 per share to shareholders of record on August 15, 2019, payable on August 30, 2019. |
Recent Accounting Standards U_2
Recent Accounting Standards Update (Policy) | 6 Months Ended |
Jun. 30, 2019 | |
Recent Accounting Standards Update [Abstract] | |
Adoption of New Accounting Standards | ASU 2018‑14, Compensation—Retirement Benefits—Defined Benefit Plans—General (Topic 715‑20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans Issued: August 2018 Summary: ASU 2018‑14 modifies the disclosure requirements under ASC 715‑20 for employers that sponsor defined benefit pension or other postretirement plans. Those modifications include the removal and addition of disclosure requirements as well as clarifying specific disclosure requirements. Effective Date: The amendments are effective for public business entities for fiscal years ending after December 15, 2020. For all other entities, the amendments are effective for annual reporting periods ending after December 15, 2021. Early adoption is permitted. This Update will have no impact on the Company’s consolidated financial position and results of operations because Juniata’s Board of Directors terminated the Company’s defined benefit retirement plan, The Juniata Valley Bank Retirement Plan, effective November 30, 2018. All participants have been properly notified and settlement of all obligations is expected to occur in the third quarter of 2019. See Note 12 for additional information. ASU 2018‑13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement Issued: August 2018 Summary: ASU 2018‑13 modifies the disclosure requirements for fair value measurements required under ASC 820. Those modifications include the removal and addition of disclosure requirements as well as clarifying specific disclosure requirements. Effective Date: The amendments become effective for all entities for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted upon issuance of this ASU. An entity is permitted to early adopt all disclosure requirements in the ASU or early adopt only the removed and modified disclosures and delay adoption of the additional disclosures until their effective date. This Update is not expected to have an impact on the Company’s consolidated financial position or results of operations. ASU 2017‑04, Simplifying the Test for Goodwill Impairment Issued: January 2017 Summary: ASU 2017‑04 eliminates the requirement of Step 2 in the current guidance to calculate the implied fair value of goodwill to measure a goodwill impairment charge. Instead, entities will record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value in Step 1 of the current guidance. Effective Date: The amendments are effective for public business entities for fiscal years beginning after December 15, 2019. The adoption of this Update is not expected to have an impact on the Company’s consolidated financial position and results of operations. ASU 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 debt securities. For an available for sale 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. In May 2019, the FASB issued ASU 2019-05, Financial Instruments-Credit Losses (Topic 326): Targeted Transition Relief. This ASU provides transition relief for ASU 2016-13 by providing entities with an alternative to irrevocably elect the fair value option for eligible financial assets measured at amortized cost upon adoption of the new credit losses standard. To be eligible for the transition election, the existing financial asset must be both within the scope of the new credit losses standard and eligible for applying the fair value option in ASC 825-10. The election must be applied on an instrument-by-instrument basis and is not available for either available-for-sale or held-to-maturity debt securities. For entities that have not yet adopted ASU 2016-13, the effective dates for ASU 2019-05 are the same as those in ASU 2016-13. For entities that have adopted ASU 2016-13, ASU 2019-05 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted once ASU 2016-13 has been adopted. Effective Date: ASU 2016-13 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 consolidated financial statements and disclosures, it expects the allowance for loan and lease losses (“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 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 taken steps to prepare for the implementation when it becomes effective by forming an internal taskforce, gathering pertinent data, participating in training courses, and partnering with a software provider that specializes in ALLL analysis, as well as assessing the sufficiency of data currently available through its core database. On July 17, 2019, FASB voted to delay the effective date of this ASU for smaller reporting companies until fiscal years beginning after December 15, 2022. As the Corporation is a smaller reporting company, the proposed delay would be applicable, if approved by FASB. |
Loans and Related Allowance f_2
Loans and Related Allowance for Credit Losses (Policy) | 6 Months Ended |
Jun. 30, 2019 | |
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 anticipated 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. Consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process at June 30, 2019 and December 31, 2018 totaled $405,000 and $94,000, respectively. Charge-offs 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) | 6 Months Ended |
Jun. 30, 2019 | |
Merger [Abstract] | |
Schedule of Purchase Price Allocation | Allocation of the purchase price was as follows: (Dollars in thousands) Recorded at Recorded at April 30, 2018 Change June 30, 2019 Step One Purchase Price Consideration April 30, 2018 JUVF basis in LCB (before gain) $ 4,622 $ — $ 4,622 Increase in Step One basis from equity gain in acquisition 415 — 415 Total Step One adjusted basis 5,037 — 5,037 Step Two Purchase Price Consideration Purchase price assigned to LCB common shares exchanged for 315,284 JUVF common shares $ 6,463 $ — $ 6,463 Purchase price assigned to LCB common shares exchanged for cash including cash in lieu of fractional shares 1,362 — 1,362 Total Step Two purchase price consideration 7,825 — 7,825 Total purchase price 12,862 — 12,862 LCB net assets acquired: Tangible common equity 9,246 — 9,246 Adjustments to reflect assets acquired and liabilities assumed at fair value: Total fair value adjustments (95) — (95) Associated deferred income taxes 20 92 112 Fair value adjustment to net assets acquired, net of tax (75) 92 17 Total LCB net assets acquired 9,171 92 9,263 Goodwill resulting from the merger $ 3,691 $ (92) $ 3,599 |
Summary of the Estimated Fair Value of the Assets Acquired and Liabilities Assumed | (Dollars in thousands) Recorded at Recorded at April 30, 2018 Change June 30, 2019 Total purchase price $ 12,862 $ — $ 12,862 Net assets acquired: Cash and cash equivalents 8,923 — 8,923 Investments in time deposits with banks 3,675 — 3,675 Loans 31,331 — 31,331 Premises and equipment 125 — 125 Accrued interest receivable 123 — 123 Core deposit and other intangibles 289 — 289 Bank owned life insurance 632 — 632 FHLB stock 124 — 124 Other assets 267 92 359 Deposits (36,052) — (36,052) Accrued interest payable (17) — (17) Other liabilities (249) — (249) 9,171 92 9,263 Goodwill $ 3,691 $ (92) $ 3,599 |
Schedule of Fair Value Adjustments for Acquired Loans | The table below illustrates the fair value adjustments made to the amortized cost basis of these loans receivable in order to present a fair value of the loans acquired. (Dollars in thousands) Gross amortized cost basis at April 30, 2018 $ 32,091 Market rate adjustment 272 Credit fair value adjustment on pools of homogeneous loans (496) Credit fair value adjustment on purchased credit impaired loans (622) Reversal of existing deferred fees and premiums 86 Fair value of purchased loans at April 30, 2018 $ 31,331 |
Schedule of Acquired Impaired Loans | Summarized below is the acquired Liverpool purchased credit impaired loan portfolio as of April 30, 2018. (Dollars in thousands) Contractually required principal and interest at acquisition $ 2,022 Contractual cash flows not expected to be collected (nonaccretable discount) (1,273) Expected cash flows at acquisition 749 Interest component of expected cash flows (accretable discount) (177) Fair value of acquired loans $ 572 |
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. (Dollars in thousands; except share data) Three Months Ended June 30, Six Months Ended June 30, 2018 2018 Net interest income after loan loss provision $ 5,487 $ 10,449 Noninterest income 1,312 2,460 Noninterest expense 4,649 9,111 Net income available to common shareholders 2,001 3,637 Net income per common share 0.39 0.71 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Components of Accumulated Other Comprehensive Loss | Components of accumulated other comprehensive loss, net of tax, consisted of the following: (Dollars in thousands) June 30, 2019 December 31, 2018 Unrealized gains (losses) on available for sale securities $ 174 $ (2,647) Defined benefit pension expense (475) (1,652) Accumulated other comprehensive loss $ (301) $ (4,299) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings per Share | (Dollars in thousands, except earnings per share data) Three Months Ended June 30, 2019 2018 Net income $ 1,845 $ 1,975 Weighted-average common shares outstanding 5,102 4,987 Basic earnings per share $ 0.36 $ 0.40 Weighted-average common shares outstanding $ 5,102 4,987 Common stock equivalents due to effect of stock options 20 21 Total weighted-average common shares and equivalents 5,122 5,008 Diluted earnings per share $ 0.36 $ 0.39 (Dollars in thousands, except earnings per share) Six months ended June 30, 2019 2018 Net income $ 3,258 $ 3,302 Weighted-average common shares outstanding 5,098 4,879 Basic earnings per share $ 0.64 $ 0.68 Weighted-average common shares outstanding 5,098 4,879 Common stock equivalents due to effect of stock options 21 19 Total weighted-average common shares and equivalents $ 5,119 $ 4,898 Diluted earnings per share $ 0.64 $ 0.67 |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Securities [Abstract] | |
Debt securities Available for Sale | The amortized cost and fair value of securities available for sale as of June 30, 2019 and December 31, 2018, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because the securities may be called or prepaid with or without prepayment penalties. (Dollars in thousands) June 30, 2019 Gross Gross Amortized Fair Unrealized Unrealized Debt Securities Available for Sale Cost Value Gains Losses Type and Maturity Obligations of U.S. Government sponsored enterprises After one year but within five years $ 21,998 $ 21,962 $ 1 $ (37) After five years but within ten years 2,000 2,001 1 — 23,998 23,963 2 (37) Obligations of state and political subdivisions Within one year 1,306 1,308 2 — After one year but within five years 2,777 2,784 8 (1) After five years but within ten years 2,226 2,229 3 — 6,309 6,321 13 (1) Mortgage-backed securities 149,499 149,735 791 (555) Total $ 179,806 $ 180,019 $ 806 $ (593) (Dollars in thousands) December 31, 2018 Gross Gross Amortized Fair Unrealized Unrealized Debt Securities Available for Sale Cost Value Gains Losses Type and Maturity Obligations of U.S. Government sponsored enterprises After one year but within five years $ 20,998 $ 20,355 $ — $ (643) After five years but within ten years 2,999 2,911 — (88) 23,997 23,266 — (731) Obligations of state and political subdivisions Within one year 826 826 — — After one year but within five years 14,751 14,686 13 (78) After five years but within ten years 2,779 2,669 — (110) 18,356 18,181 13 (188) Mortgage-backed securities 102,957 100,506 172 (2,623) Total $ 145,310 $ 141,953 $ 185 $ (3,542) |
Summary of Proceeds and Realized Gain/(Loss) | There were no securities sold or called during the three months ended June 30, 2019 or 2018. The following table summarizes proceeds received from sales or calls of available for sale investment securities transactions and the resulting realized gains and losses during the six months ended June 30, 2019 and 2018. (Dollars in thousands) Six Months Ended June 30, 2019 2018 Gross proceeds from sales and calls of securities $ 11,107 $ 4,285 Securities available for sale: Gross realized gains from sold and called securities $ 5 $ — Gross realized losses from sold and called securities (61) (15) Net losses from sales and calls of securities $ (56) $ (15) |
Schedule of Gross Unrealized Losses and Fair Value | The following tables show gross unrealized losses and fair values of debt securities available for sale, aggregated by category and length of time the individual securities have been in a continuous unrealized loss position, at June 30, 2019 and December 31, 2018: Unrealized Losses at June 30, 2019 Less Than 12 Months 12 Months or More Total (Dollars in thousands) Number Number Number of Fair Unrealized of Fair Unrealized of Fair Unrealized Securities Value Losses Securities Value Losses Securities Value Losses Obligations of U.S. Government sponsored enterprises 1 $ 1,993 $ (7) 5 $ 8,470 $ (30) 6 $ 10,463 $ (37) Obligations of state and political subdivisions — — — 2 585 (1) 2 585 (1) Mortgage-backed securities 3 15,211 (10) 34 35,501 (545) 37 50,712 (555) Total temporarily impaired securities 4 $ 17,204 $ (17) 41 $ 44,556 $ (576) 45 $ 61,760 $ (593) Unrealized Losses at December 31, 2018 Less Than 12 Months 12 Months or More Total (Dollars in thousands) Number Number Number of Fair Unrealized of Fair Unrealized of Fair Unrealized Securities Value Losses Securities Value Losses Securities Value Losses Obligations of U.S. Government sponsored enterprises — $ — $ — 14 $ 23,267 $ (731) 14 $ 23,267 $ (731) Obligations of state and political subdivisions 8 5,055 (10) 13 8,242 (178) 21 13,297 (188) Mortgage-backed securities 3 6,726 (32) 43 77,170 (2,591) 46 83,896 (2,623) Total temporarily impaired securities 11 $ 11,781 $ (42) 70 $ 108,679 $ (3,500) 81 $ 120,460 $ (3,542) |
Loans and Related Allowance f_3
Loans and Related Allowance for Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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 June 30, 2019 and December 31, 2018. (Dollars in thousands) Special As of June 30, 2019 Pass Mention Substandard Doubtful Total Commercial, financial and agricultural $ 41,619 $ 2,965 $ 1,868 $ — $ 46,452 Real estate - commercial 122,200 6,235 7,716 52 136,203 Real estate - construction 35,882 296 1,654 — 37,832 Real estate - mortgage 153,450 214 1,963 134 155,761 Obligations of states and political subdivisions 21,385 — — — 21,385 Personal 9,804 — 14 — 9,818 Total $ 384,340 $ 9,710 $ 13,215 $ 186 $ 407,451 (Dollars in thousands) Special As of December 31, 2018 Pass Mention Substandard Doubtful Total Commercial, financial and agricultural $ 42,757 $ 2,992 $ 814 $ — $ 46,563 Real estate - commercial 125,352 8,590 6,459 894 141,295 Real estate - construction 34,131 — 2,528 29 36,688 Real estate - mortgage 160,774 24 2,569 181 163,548 Obligations of states and political subdivisions 19,129 — — — 19,129 Personal 10,389 — 19 — 10,408 Total $ 392,532 $ 11,606 $ 12,389 $ 1,104 $ 417,631 |
Impaired Loans by Loan Portfolio Class | The following table summarizes information regarding impaired loans by portfolio class as of June 30, 2019 and December 31, 2018. (Dollars in thousands) As of June 30, 2019 As of December 31, 2018 Recorded Unpaid Principal Related Recorded Unpaid Principal Related Investment Balance Allowance Investment Balance Allowance Impaired loans With no related allowance recorded: Commercial, financial and agricultural $ 763 $ 764 $ — $ — $ — $ — Real estate - commercial 1,242 1,336 — 909 1,303 — Acquired with credit deterioration 385 412 — 544 592 — Real estate – construction — 1,074 — 27 1,123 — Real estate - mortgage 1,272 1,947 — 1,180 1,912 — Acquired with credit deterioration 776 887 — 971 1,061 — Personal 14 14 — 17 17 — Total: Commercial, financial and agricultural $ 763 $ 764 $ — $ — $ — $ — Real estate - commercial 1,242 1,336 — 909 1,303 — Acquired with credit deterioration 385 412 — 544 592 — Real estate - construction — 1,074 — 27 1,123 — Real estate – mortgage 1,272 1,947 — 1,180 1,912 — Acquired with credit deterioration 776 887 — 971 1,061 — Personal 14 14 — 17 17 — $ 4,452 $ 6,434 $ — $ 3,648 $ 6,008 $ — |
Average Recorded Investment of Impaired Loans and Related Interest Income by Loan Portfolio Class | Average recorded investment of impaired loans and related interest income recognized for the three and six months ended June 30, 2019 and 2018 are summarized in the tables below. (Dollars in thousands) Three Months Ended June 30, 2019 Three Months Ended June 30, 2018 Average Interest Cash Basis Average Interest Cash Basis Recorded Income Interest Recorded Income Interest Investment Recognized Income Investment Recognized Income Impaired loans With no related allowance recorded: Commercial, financial and agricultural $ 382 $ 22 $ — $ 1 $ — $ — Real estate - commercial 1,228 32 — 906 — — Acquired with credit deterioration 458 — — 351 — — Real estate - construction — — — — — — Real estate - mortgage 1,291 4 11 2,034 5 1 Acquired with credit deterioration 860 — — 730 — — Personal 14 — — 9 — — Total: Commercial, financial and agricultural $ 382 $ 22 $ — $ 1 $ — $ — Real estate - commercial 1,228 32 — 906 — — Acquired with credit deterioration 458 — — 351 — — Real estate - mortgage 1,291 4 11 2,034 5 1 Acquired with credit deterioration 860 — — 730 — — Personal 14 — — 9 — — $ 4,233 $ 58 $ 11 $ 4,031 $ 5 $ 1 (Dollars in thousands) Six Months Ended June 30, 2019 Six Months Ended June 30, 2018 Average Interest Cash Basis Average Interest Cash Basis Recorded Income Interest Recorded Income Interest Investment Recognized Income Investment Recognized Income Impaired Loans With no related allowance recorded: Commercial, financial and agricultural $ 382 $ 22 $ — $ 234 $ — $ — Real estate - commercial 1,076 35 — 2,972 — — Acquired with credit deterioration 465 — — 362 — — Real estate - construction 14 — — — — — Real estate - mortgage 1,226 9 23 2,101 10 2 Acquired with credit deterioration 874 — — 734 — — Personal 16 — — 9 — — Total: Commercial, financial and agricultural $ 382 $ 22 $ — $ 234 $ — $ — Real estate - commercial 1,076 35 — 2,972 — — Acquired with credit deterioration 465 — — 362 — — Real estate - construction 14 — — — — — Real estate - mortgage 1,226 9 23 2,101 10 2 Acquired with credit deterioration 874 — — 734 — — Personal 16 — — 9 — $ 4,053 $ 66 $ 23 $ 6,412 $ 10 $ 2 |
Nonaccrual Loans by Classes of the Loan Portfolio | The following table presents nonaccrual loans by classes of the loan portfolio as of June 30, 2019 and December 31, 2018. (Dollars in thousands) June 30, 2019 December 31, 2018 Nonaccrual loans: Real estate - commercial $ 52 $ 908 Real estate - construction — 29 Real estate - mortgage 858 753 Personal 14 17 Total $ 924 $ 1,707 |
Loan Portfolio Summarized by the Past Due Status | 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 tables present the classes of the loan portfolio summarized by the past due status as of June 30, 2019 and December 31, 2018. (Dollars in thousands) Loans Past Due Greater Greater than 90 30‑59 Days 60‑89 Days than 90 Total Past Days and Current Past Due Past Due Days Due Total Loans Accruing(1) As of June 30, 2019 Commercial, financial and agricultural $ 46,452 $ — $ — $ — $ — $ 46,452 $ — Real estate - commercial 135,431 — 335 52 387 135,818 — Real estate - construction 37,807 — 25 — 25 37,832 — Real estate - mortgage 153,495 805 192 493 1,490 154,985 — Obligations of states and political subdivisions 21,385 — — — — 21,385 — Personal 9,785 19 — 14 33 9,818 — Subtotal 404,355 824 552 559 1,935 406,290 — Loans acquired with credit deterioration Real estate - commercial 385 — — — — 385 — Real estate - mortgage 612 154 5 5 164 776 5 Subtotal 997 154 5 5 164 1,161 5 $ 405,352 $ 978 $ 557 $ 564 $ 2,099 $ 407,451 $ 5 (Dollars in thousands) Loans Past Due Greater Greater than 90 30‑59 Days 60‑89 Days than 90 Total Past Days and Current Past Due Past Due Days Due Total Loans Accruing(1) As of December 31, 2018 Commercial, financial and agricultural $ 46,557 $ 6 $ — $ — $ 6 $ 46,563 $ — Real estate - commercial 139,890 — — 1,214 1,214 141,104 306 Real estate - construction 36,627 32 — 29 61 36,688 — Real estate - mortgage 161,651 824 561 175 1,560 163,211 23 Obligations of states and political subdivisions 19,129 — — — — 19,129 — Personal 10,352 24 15 17 56 10,408 — Subtotal 414,206 886 576 1,435 2,897 417,103 329 Loans acquired with credit deterioration Real estate - commercial 51 140 — — 140 191 — Real estate - mortgage 71 259 — 7 266 337 7 Subtotal 122 399 — 7 406 528 7 $ 414,328 $ 1,285 $ 576 $ 1,442 $ 3,303 $ 417,631 $ 336 (1) These loans are guaranteed, or well-secured, and there is an effective means of collection in process. |
Troubled Debt Restructurings on Financing Receivables | The following tables summarize information regarding troubled debt restructurings by loan portfolio class at June 30, 2019 and December 31, 2018. (Dollars in thousands) Pre-Modification Post-Modification Number of Outstanding Outstanding Contracts Recorded Investment Recorded Investment Recorded Investment As of June 30, 2019 Accruing troubled debt restructurings: Real estate - commercial 1 $ 306 $ 326 $ 324 Real estate - mortgage 8 499 527 416 Non-accruing troubled debt restructurings: Real estate - mortgage 1 25 25 16 10 $ 830 $ 878 $ 756 (Dollars in thousands) Pre-Modification Post-Modification Number of Outstanding Outstanding Contracts Recorded Investment Recorded Investment Recorded Investment As of December 31, 2018 Accruing troubled debt restructurings: Real estate - mortgage 8 $ 522 $ 550 $ 428 Non-accruing troubled debt restructurings: Real estate - mortgage 1 25 25 17 9 $ 547 $ 575 $ 445 |
Summary of Loans Whose Terms Have Been Modified | The following table lists the loan whose terms were modified resulting in a troubled debt restructuring during the six months ended June 30, 2019. (Dollars in thousands) Pre-Modification Post-Modification Number of Outstanding Outstanding Contracts Recorded Investment Recorded Investment Recorded Investment Six months ended June 30, 2019 Accruing troubled debt restructurings: Real estate - commercial 1 $ 306 $ 326 $ 324 1 $ 306 $ 326 $ 324 The following tables list the loan whose terms were modified resulting in a troubled debt restructuring during the three and six month periods ended June 30, 2018. (Dollars in thousands) Pre-Modification Post-Modification Number of Outstanding Outstanding Contracts Recorded Investment Recorded Investment Recorded Investment Three months ended June 30, 2018 Accruing troubled debt restructurings: Real estate - mortgage 1 $ 153 $ 153 $ 153 1 $ 153 $ 153 $ 153 (Dollars in thousands) Pre-Modification Post-Modification Number of Outstanding Outstanding Contracts Recorded Investment Recorded Investment Recorded Investment Six months ended June 30, 2018 Accruing troubled debt restructurings: Real estate - mortgage 1 $ 153 $ 153 $ 153 1 $ 153 $ 153 $ 153 |
Allowance for Loan Losses and Recorded Investments in Loans Receivable | The following table presents the activity in the allowance for loan losses for the three and six months ended June 30, 2019 and 2018. (Dollars in thousands) Obligations Commercial, of states financial and Real estate- Real estate- and political Real estate- agricultural commercial construction subdivisions mortgage Personal Total Three Months Ended June 30, 2019 Balance, beginning of period $ 283 $ 1,043 $ 572 $ 21 $ 1,005 $ 70 $ 2,994 Provision for loan losses (10) (312) (177) 1 16 23 (459) Charge-offs — — — — (2) (26) (28) Recoveries 1 307 193 — — 7 508 Balance, end of period $ 274 $ 1,038 $ 588 $ 22 $ 1,019 $ 74 $ 3,015 June 30, 2018 Balance, beginning of period $ 319 $ 1,059 $ 340 $ — $ 1,259 $ 58 $ 3,035 Provision for loan losses 26 3 (13) — 14 11 41 Charge-offs — — — — (17) (12) (29) Recoveries 3 — — — 5 3 11 Balance, end of period $ 348 $ 1,062 $ 327 $ — $ 1,261 $ 60 $ 3,058 Six Months Ended June 30, 2019 Balance, beginning of period $ 275 $ 1,074 $ 558 $ 20 $ 1,035 $ 72 $ 3,034 Provision for loan losses (4) (335) (163) 2 28 28 (444) Charge-offs — (15) — — (49) (37) (101) Recoveries 3 314 193 — 5 11 526 Balance, end of period $ 274 $ 1,038 $ 588 $ 22 $ 1,019 $ 74 $ 3,015 June 30, 2018 Balance, beginning of period $ 273 $ 1,022 $ 288 $ — $ 1,285 $ 71 $ 2,939 Provision for loan losses 69 86 39 — (1) 6 199 Charge-offs — (51) — — (28) (23) (102) Recoveries 6 5 — — 5 6 22 Balance, end of period $ 348 $ 1,062 $ 327 $ — $ 1,261 $ 60 $ 3,058 The following table summarizes the ending loan balance individually evaluated for impairment based upon loan classification, as well as the related allowance for each at June 30, 2019 and December 31, 2018. (Dollars in thousands) Obligations Commercial, of states financial and Real estate- Real estate- and political Real estate- agricultural commercial construction subdivisions mortgage Personal Total June 30, 2019 Loans allocated by: individually evaluated for impairment $ 763 $ 1,242 $ — $ — $ 1,272 $ 14 $ 3,291 collectively evaluated for impairment 45,689 134,961 37,832 21,385 154,489 9,804 404,160 $ 46,452 $ 136,203 $ 37,832 $ 21,385 $ 155,761 $ 9,818 $ 407,451 Allowance for loan losses allocated by: individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — collectively evaluated for impairment 274 1,038 588 22 1,019 74 3,015 $ 274 $ 1,038 $ 588 $ 22 $ 1,019 $ 74 $ 3,015 December 31, 2018 Loans allocated by: individually evaluated for impairment $ — $ 909 $ 27 $ — $ 1,180 $ 17 $ 2,133 collectively evaluated for impairment 46,563 140,386 36,661 19,129 162,368 10,391 415,498 $ 46,563 $ 141,295 $ 36,688 $ 19,129 $ 163,548 $ 10,408 $ 417,631 Allowance for loan losses allocated by: individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — collectively evaluated for impairment 275 1,074 558 20 1,035 72 3,034 $ 275 $ 1,074 $ 558 $ 20 $ 1,035 $ 72 $ 3,034 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Goodwill and Other Intangible Assets [Abstract] | |
Amortization Schedule for Intangible Assets | The following table shows the amortization schedule for each of the intangible assets recorded. (Dollars in thousands) FNBPA LCB Acquisition Acquisition Core Core Deposit Deposit Intangible Intangible Beginning Balance at Acquisition Date $ 303 $ 289 Amortization expense recorded prior to January 1, 2018 108 — Amortization expense recorded in the twelve months ended December 31, 2018 44 35 Unamortized balance as of December 31, 2018 151 254 Amortization expense recorded in the six months ended June 30, 2019 19 25 Unamortized balance as of June 30, 2019 $ 132 $ 229 Scheduled remaining amortization expense for years ended: December 31, 2019 $ 19 $ 24 December 31, 2020 33 44 December 31, 2021 27 39 December 31, 2022 22 33 December 31, 2023 16 28 After December 31, 2023 15 61 |
Borrowings (Tables)
Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Borrowings [Abstract] | |
Short Term Borrowings | (Dollars in thousands) June 30, December 31, 2019 2019 Securities sold under agreements to repurchase $ 2,857 $ 2,911 Overnight advances with FHLB — 11,600 Long-term debt with FHLB 45,000 15,000 $ 47,857 $ 29,511 |
Summary of the Scheduled Maturities of Long-Term Debt | The following table summarizes the scheduled maturities of long-term debt as of June 30, 2019. (Dollars in thousands) Scheduled Weighted Average Year Maturities Interest Rate 2022 $ 5,000 2.74 % 2023 5,000 2.79 2024 20,000 2.42 2025 15,000 2.41 $ 45,000 2.49 % |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Measurement [Abstract] | |
Fair Value Measurements by Level of Valuation Inputs | The following tables summarize financial assets and financial liabilities measured at fair value as of June 30, 2019 and December 31, 2018, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value. There were no transfers of assets between fair value Level 1 and Level 2 during the six months ended June 30, 2019 or 2018. (Level 1) (Level 2) (Level 3) Quoted Prices in Significant Significant Active Markets Other Other (Dollars in thousands) June 30, for Identical Observable Unobservable 2019 Assets Inputs Inputs Measured at fair value on a recurring basis: Debt securities available-for-sale: Obligations of U.S. Government agencies and corporations $ 23,963 $ — $ 23,963 $ — Obligations of state and political subdivisions 6,321 — 6,321 — Mortgage-backed securities 149,735 — 149,735 — Equity securities 1,133 1,133 — — Mortgage servicing rights 190 — — 190 Measured at fair value on a non-recurring basis: Impaired loans $ 186 $ — $ — $ 186 Other real estate owned 149 — — 149 (Level 1) (Level 2) (Level 3) Quoted Prices in Significant Significant Active Markets Other Other (Dollars in thousands) December 31, for Identical Observable Unobservable 2018 Assets Inputs Inputs Measured at fair value on a recurring basis: Debt securities available-for-sale: Obligations of U.S. Government agencies and corporations $ 23,266 $ — $ 23,266 $ — Obligations of state and political subdivisions 18,181 — 18,181 — Mortgage-backed securities 100,506 — 100,506 — Equity securities 1,118 1,118 — — Mortgage servicing rights 200 — — 200 Measured at fair value on a non-recurring basis: Impaired loans $ 1,104 $ — $ — $ 1,104 Other real estate owned 149 — — 149 |
Quantitative Information for Assets Measured at Fair Value | The following tables present additional quantitative information about assets measured at fair value for which Level 3 inputs have been used to determine fair value: (Dollars in thousands) Fair Value Weighted June 30, 2019 Estimate Valuation Technique Unobservable Input Range Average Impaired loans $ 186 Appraisal of collateral (1) Appraisal and liquidation adjustments (2) 0% - 20% % 6 % Other real estate owned 149 Appraisal of collateral (1) Appraisal and liquidation adjustments (2) % 2 % Mortgage servicing rights 190 Multiple of annual servicing fee Estimated pre-payment speed, based on rate and term 300 - 400 % 369 % (Dollars in thousands) Fair Value Weighted December 31, 2018 Estimate Valuation Technique Unobservable Input Range Average Impaired loans $ 1,104 Appraisal of collateral (1) Appraisal and liquidation adjustments (2) 0% - 15 % 14 % Other real estate owned 149 Appraisal of collateral (1) Appraisal and liquidation adjustments (2) % 2 % Mortgage servicing rights 200 Multiple of annual servicing fee Estimated pre-payment speed, based on rate and term 300 - 400 % 369 % (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: Financial Instruments (Dollars in thousands) June 30, 2019 December 31, 2018 Carrying Fair Carrying Fair Value Value Value Value Financial assets: Cash and due from banks $ 14,431 $ 14,431 $ 15,617 $ 15,617 Interest bearing deposits with banks 2,117 2,117 110 110 Federal funds sold 9,000 9,000 729 729 Interest bearing time deposits with banks 2,700 2,700 3,290 3,290 Securities 181,152 181,152 141,953 141,953 Restricted investment in bank stock 3,098 3,098 2,441 2,441 Loans, net of allowance for loan losses 404,436 405,018 414,597 415,195 Mortgage servicing rights 190 190 200 200 Accrued interest receivable 1,841 1,841 1,681 1,681 Financial liabilities: Non-interest bearing deposits $ 123,355 $ 123,355 $ 126,057 126,057 Interest bearing deposits 411,020 413,983 395,665 395,226 Securities sold under agreements to repurchase 2,857 2,857 2,911 2,911 Short-term borrowings — — 11,600 11,600 Long-term debt 45,000 45,605 15,000 14,958 Other interest bearing liabilities 1,596 1,597 1,596 1,597 Accrued interest payable 450 450 289 289 Off-balance sheet financial instruments: Commitments to extend credit $ — $ — $ — $ — Letters of credit — — — — |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The tables exclude financial instruments for which the carrying amount approximates fair value. (Dollars in thousands) (Level 1) (Level 2) (Level 3) Quoted Prices in Significant Significant Active Markets Other Other Carrying for Identical Observable Unobservable Amount Fair Value Assets or Liabilities Inputs Inputs June 30, 2019 Financial instruments - Assets Interest bearing time deposits with banks $ 2,700 $ 2,700 $ — $ 2,700 $ — Loans, net of allowance for loan losses 404,436 405,018 — — 405,018 Financial instruments - Liabilities Interest bearing deposits $ 411,020 $ 413,983 $ — $ 413,983 $ — Long-term debt 45,000 45,605 — 45,605 — Other interest bearing liabilities 1,596 1,597 — 1,597 — (Dollars in thousands) (Level 1) (Level 2) (Level 3) Quoted Prices in Significant Significant Active Markets Other Other Carrying for Identical Observable Unobservable Amount Fair Value Assets or Liabilities Inputs Inputs December 31, 2018 Financial instruments - Assets Interest bearing time deposits with banks $ 3,290 $ 3,290 $ — $ 3,290 $ — Loans, net of allowance for loan losses 414,597 415,195 — — 415,195 Financial instruments - Liabilities Interest bearing deposits $ 395,665 $ 395,226 $ — $ 395,226 $ — Long-term debt 15,000 14,958 — 14,958 — Other interest bearing liabilities 1,596 1,597 — 1,597 — |
Defined Benefit Retirement Pl_2
Defined Benefit Retirement Plan (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
JVB Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Components of Net Periodic Pension Cost | Pension expense included the following components for the three and six months ended June 30, 2019 and 2018: Three Months Ended Six Months Ended (Dollars in thousands) June 30, June 30, 2019 2018 2019 2018 Components of net periodic pension cost (benefit): Interest cost $ 125 $ 132 $ 250 $ 264 Expected return on plan assets (124) (192) (248) (384) Recognized net actuarial loss 306 40 334 81 Net periodic pension cost (benefit) 307 (20) 336 (39) Amortization of net actuarial loss recognized in other comprehensive income (306) (40) (334) (81) Total recognized in net periodic pension cost (benefit) and other comprehensive income $ 1 $ (60) $ 2 $ (120) |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases | |
Summary of future minimum payments for operating leases | The future minimum payments for operating leases with initial or remaining terms of one year or more as of June 30, 2019 were as follows: (Dollars in thousands) Twelve Months Ended: June 30, 2020 $ 117 June 30, 2021 112 June 30, 2022 81 June 30, 2023 46 June 30, 2024 46 Thereafter 229 Total Future Minimum Lease Payments 631 Amounts Representing Interest (118) Present Value of Net Future Minimum Lease Payments $ 513 |
Basis of Presentation and Acc_2
Basis of Presentation and Accounting Policies (Narrative) (Details) - USD ($) | Apr. 30, 2018 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Apr. 29, 2018 |
Net income | $ 1,845,000 | $ 1,975,000 | $ 3,258,000 | $ 3,302,000 | |||
Previously Reported [Member] | |||||||
Net income | $ 1,569,000 | $ 2,896,000 | |||||
Subsequently increased [Member] | |||||||
Net income | $ 406,000 | ||||||
Liverpool Community Bank [Member] | |||||||
Percentage of equity interest in acquiree, before acquisition | 39.16% | ||||||
Business acquisition, name of acquired entity | Liverpool Community Bank | ||||||
Acquisition date | Apr. 30, 2018 |
Recent Accounting Standards U_3
Recent Accounting Standards Update (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Recent Accounting Standards Update [Abstract] | |
Practical expedients package | true |
Practical expedients, use of hindsight | true |
ROU asset | $ 510,000 |
Lease liability | $ 513,000 |
Merger (Narrative) (Details)
Merger (Narrative) (Details) - USD ($) | Apr. 30, 2018 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Apr. 29, 2018 |
Business Acquisition [Line Items] | ||||||
Fair value gain | $ 415,000 | |||||
Acquiree's common shares outstanding | 5,103,628 | 5,092,048 | ||||
Goodwill | $ 9,047,000 | $ 9,139,000 | ||||
Income/gain from unconsolidated subsidiary | $ 227,000 | 296,000 | ||||
Tax benefit from removal of deferred tax liability | 406,000 | |||||
Liverpool Community Bank [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Acquisition date | Apr. 30, 2018 | |||||
Business acquisition, name of acquired entity | Liverpool Community Bank | |||||
Total assets of acquiree | $ 45,360,000 | |||||
Loans receivables of acquiree | 32,091,000 | |||||
Equity of acquiree | $ 9,246,000 | $ 9,246,000 | ||||
Percentage of equity interest in acquiree, before acquisition | 39.16% | |||||
Percentage of equity interest acquired | 60.84% | |||||
Number of acquiree's common shares owned | 1,214 | |||||
Equity owned before acquisition | $ 4,622,000 | 4,622,000 | ||||
Juniata's basis in Liverpool | 5,037,000 | 5,037,000 | ||||
Fair value gain | $ 415,000 | 415,000 | ||||
Per share price of Liverpool shares | $ 4,050 | |||||
Acquiree's common shares outstanding | 3,100 | |||||
Number of Juniata's share for each Liverpool share | 202.6286 | |||||
Number of shares issued upon the closing of acquisition | 315,284 | |||||
Fair value of shares issued for acquisition | $ 6,463,000 | 6,463,000 | ||||
Closing stock price | $ 20.50 | |||||
Approximate cash transaction of business acquisition | $ 1,362,000 | 1,362,000 | ||||
Juniata's Step One adjusted basis in Liverpool | 12,862,000 | 12,862,000 | ||||
Step Two purchase price consideration | 7,825,000 | 7,825,000 | ||||
Goodwill | 3,691,000 | 3,599,000 | ||||
Goodwill adjustment related to merger | $ (92,000) | |||||
Core deposit intangible assets acquired | 289,000 | |||||
Intangible assets amortization period | 10 years | |||||
Gross amortized cost basis | $ 32,091,000 | |||||
Income/gain from unconsolidated subsidiary | 227,000 | 296,000 | ||||
Merger related costs | 376,000 | 440,000 | ||||
Merger related tax expense (benefit) | $ 31,000 | $ 30,000 | ||||
Federal statutory tax rate | 21.00% | |||||
Minimum [Member] | Liverpool Community Bank [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Percentage of outstanding common stock to be purchased for cash | 15.00% | |||||
Maximum [Member] | Liverpool Community Bank [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Percentage of outstanding common stock to be purchased for cash | 20.00% |
Merger (Schedule of Purchase Pr
Merger (Schedule of Purchase Price Allocation) (Details) - USD ($) | Apr. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 |
Business Acquisition [Line Items] | ||||
Increase in Step One basis from equity gain in acquisition | $ 415,000 | |||
Adjustments to reflect assets acquired and liabilities assumed at fair value: | ||||
Goodwill | $ 9,047,000 | $ 9,139,000 | ||
Liverpool Community Bank [Member] | ||||
Business Acquisition [Line Items] | ||||
April 30, 2018 JUVF basis in LCB (before gain) | $ 4,622,000 | 4,622,000 | ||
Increase in Step One basis from equity gain in acquisition | 415,000 | 415,000 | ||
Total Step One adjusted basis | 5,037,000 | 5,037,000 | ||
Purchase price assigned to LCB common shares exchanged for 315,284 JUVF common shares | 6,463,000 | 6,463,000 | ||
Purchase price assigned to LCB common shares exchanged for cash including cash in lieu of fractional shares | 1,362,000 | 1,362,000 | ||
Total Step Two purchase price consideration | 7,825,000 | 7,825,000 | ||
Total Step One adjusted basis | 12,862,000 | 12,862,000 | ||
Net assets acquired: | ||||
Tangible common equity | 9,246,000 | 9,246,000 | ||
Adjustments to reflect assets acquired and liabilities assumed at fair value: | ||||
Total fair value adjustments | (95,000) | |||
Associated deferred income taxes | 112,000 | |||
Fair value adjustments to net assets acquired, net of tax | 17,000 | |||
Total net assets acquired | 9,263,000 | |||
Goodwill | $ 3,691,000 | 3,599,000 | ||
Number of shares issued upon the closing of acquisition | 315,284 | |||
Liverpool Community Bank [Member] | Previously Reported [Member] | ||||
Business Acquisition [Line Items] | ||||
April 30, 2018 JUVF basis in LCB (before gain) | $ 4,622,000 | |||
Increase in Step One basis from equity gain in acquisition | 415,000 | |||
Total Step One adjusted basis | 5,037,000 | |||
Purchase price assigned to LCB common shares exchanged for 315,284 JUVF common shares | 6,463,000 | |||
Purchase price assigned to LCB common shares exchanged for cash including cash in lieu of fractional shares | 1,362,000 | |||
Total Step Two purchase price consideration | 7,825,000 | |||
Total Step One adjusted basis | 12,862,000 | |||
Net assets acquired: | ||||
Tangible common equity | 9,246,000 | |||
Adjustments to reflect assets acquired and liabilities assumed at fair value: | ||||
Total fair value adjustments | (95,000) | |||
Associated deferred income taxes | 20,000 | |||
Fair value adjustments to net assets acquired, net of tax | (75,000) | |||
Total net assets acquired | 9,171,000 | |||
Goodwill | $ 3,691,000 | |||
Liverpool Community Bank [Member] | Subsequently increased [Member] | ||||
Adjustments to reflect assets acquired and liabilities assumed at fair value: | ||||
Associated deferred income taxes | 92,000 | |||
Fair value adjustments to net assets acquired, net of tax | 92,000 | |||
Change | ||||
Change in total LCB net assets acquired | 92,000 | |||
Change in goodwill resulting from the merger | $ (92,000) |
Merger (Summary of the Estimate
Merger (Summary of the Estimated Fair Value of the Assets Acquired and Liabilities Assumed) (Details) - USD ($) | Apr. 30, 2018 | Jun. 30, 2019 | Dec. 31, 2018 |
Net assets acquired: | |||
Bank owned life insurance | $ 16,095,000 | $ 15,938,000 | |
Goodwill | 9,047,000 | $ 9,139,000 | |
Liverpool Community Bank [Member] | |||
Business Acquisition [Line Items] | |||
Total purchase price | $ 12,862,000 | 12,862,000 | |
Net assets acquired: | |||
Cash and cash equivalents | 8,923,000 | ||
Investments in time deposits with banks | 3,675,000 | ||
Loans | 31,331,000 | ||
Premises and equipment | 125,000 | ||
Accrued interest receivable | 123,000 | ||
Core deposit and other intangibles | 289,000 | ||
Bank owned life insurance | 632,000 | ||
FHLB Stock | 124,000 | ||
Other assets | 359,000 | ||
Deposits | (36,052,000) | ||
Accrued interest payable | (17,000) | ||
Other liabilities | (249,000) | ||
Total net assets acquired | 9,263,000 | ||
Goodwill | 3,691,000 | 3,599,000 | |
Liverpool Community Bank [Member] | Previously Reported [Member] | |||
Business Acquisition [Line Items] | |||
Total purchase price | 12,862,000 | ||
Net assets acquired: | |||
Cash and cash equivalents | 8,923,000 | ||
Investments in time deposits with banks | 3,675,000 | ||
Loans | 31,331,000 | ||
Premises and equipment | 125,000 | ||
Accrued interest receivable | 123,000 | ||
Core deposit and other intangibles | 289,000 | ||
Bank owned life insurance | 632,000 | ||
FHLB Stock | 124,000 | ||
Other assets | 267,000 | ||
Deposits | (36,052,000) | ||
Accrued interest payable | (17,000) | ||
Other liabilities | (249,000) | ||
Total net assets acquired | 9,171,000 | ||
Goodwill | $ 3,691,000 | ||
Liverpool Community Bank [Member] | Subsequently increased [Member] | |||
Change | |||
Change in other assets | 92,000 | ||
Change in total LCB net assets acquired | 92,000 | ||
Change in goodwill resulting from the merger | $ (92,000) |
Merger (Schedule of Fair Value
Merger (Schedule of Fair Value Adjustments for Acquired Loans) (Details) - Liverpool Community Bank [Member] | Apr. 30, 2018USD ($) |
Business Acquisition [Line Items] | |
Gross amortized cost basis at April 30, 2018 | $ 32,091,000 |
Market rate adjustment | 272,000 |
Credit fair value adjustment on pools of homogeneous loans | (496,000) |
Credit fair value adjustment on impaired loans | (622,000) |
Reversal of existing deferred fees and premiums | 86,000 |
Fair value of purchased loans at April 30, 2018 | $ 31,331,000 |
Merger (Schedule of Acquired Im
Merger (Schedule of Acquired Impaired Loans) (Details) - Liverpool Community Bank [Member] $ in Thousands | Apr. 30, 2018USD ($) |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |
Contractually required principal and interest at acquisition | $ 2,022 |
Contractual cash flows not expected to be collected (nonaccretable discount) | (1,273) |
Expected cash flows at acquisition | 749 |
Interest component of expected cash flows (accretable discount) | (177) |
Fair value of acquired loans | $ 572 |
Merger (Merger, Pro Forma Infor
Merger (Merger, Pro Forma Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2018 | Jun. 30, 2018 | |
Merger [Abstract] | ||
Net interest income after loan loss provision | $ 5,487 | $ 10,449 |
Noninterest income | 1,312 | 2,460 |
Noninterest expense | 4,649 | 9,111 |
Net income available to common shareholders | $ 2,001 | $ 3,637 |
Consolidated net income per common share | $ 0.39 | $ 0.71 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Accumulated Other Comprehensive Loss [Abstract] | ||
Unrealized gains (losses) on available for sale securities | $ (2,647) | |
Unrealized gains (losses) on available for sale securities | $ 174 | |
Defined benefit pension expense | (475) | (1,652) |
Accumulated other comprehensive loss | $ (301) | $ (4,299) |
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 | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 1,845 | $ 1,975 | $ 3,258 | $ 3,302 |
Weighted-average common shares outstanding | 5,101,751 | 4,987,137 | 5,098,460 | 4,879,361 |
Basic earnings per share | $ 0.36 | $ 0.40 | $ 0.64 | $ 0.68 |
Common stock equivalents due to effect of stock options | 20,000 | 21,000 | 21,000 | 19,000 |
Total weighted-average common shares and equivalents | 5,121,273 | 5,008,218 | 5,119,030 | 4,898,248 |
Diluted earnings per share | $ 0.36 | $ 0.39 | $ 0.64 | $ 0.67 |
Securities (Narrative) (Details
Securities (Narrative) (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2019USD ($)security | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)security | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($)security | |
Proceeds from: Sales of securities available for sale | $ 0 | $ 0 | $ 11,107,000 | $ 4,285,000 | |
Securities in unrealized loss position | security | 45 | 45 | 81 | ||
Equity securities | $ 1,133,000 | $ 1,133,000 | $ 1,118,000 | ||
Unrealized gain (loss) on equity securities | 6,000 | $ 52,000 | 15,000 | 46,000 | |
Equity Securities [Member] | |||||
Equity securities | $ 1,133,000 | $ 1,133,000 | $ 1,118,000 | ||
Obligations of U.S. Government sponsored enterprises [Member] | |||||
Securities in unrealized loss position | security | 6 | 6 | 14 | ||
Obligations of State and Political Subdivisions [Member] | |||||
Securities in unrealized loss position | security | 2 | 2 | 21 | ||
U.S. Government Sponsored Agencies [Member] | |||||
Investment portfolio percentage | 13.00% | 13.00% | |||
Carrying value of pledged assets | $ 53,645,000 | $ 53,645,000 | $ 50,157,000 | ||
Mortgage-Backed Securities [Member] | |||||
Investment portfolio percentage | 83.00% | 83.00% | |||
Securities in unrealized loss position | security | 37 | 37 | 46 | ||
Other than temporary impairment | $ 0 | $ 0 | $ 0 | ||
Municipal Bonds [Member] | |||||
Investment portfolio percentage | 4.00% | 4.00% | |||
Debt instrument term | 5 years |
Securities (Debt Securities Ava
Securities (Debt Securities Available for Sale) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost of AFS Securities, Total | $ 179,806 | $ 145,310 |
Fair Value of AFS Securities, Total | 180,019 | 141,953 |
Gross Unrealized Gains on AFS Securities, Total | 806 | 185 |
Gross Unrealized Losses on AFS Securities, Total | (593) | (3,542) |
Obligations of U.S. Government sponsored enterprises [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost of AFS Securities Maturing After One Year But Within Five Years | 21,998 | 20,998 |
Amortized Cost of AFS Securities Maturing After Five Years But Within Ten Years | 2,000 | 2,999 |
Amortized Cost of AFS Securities, Total | 23,998 | 23,997 |
Fair Value of AFS Securities Maturing After One Year But Within Five Years | 21,962 | 20,355 |
Fair Value of AFS Securities Maturing After Five Years But Within Ten Years | 2,001 | 2,911 |
Fair Value of AFS Securities, Total | 23,963 | 23,266 |
Gross Unrealized Gains on AFS Securities Maturing After One Year But Within Five Years | 1 | |
Gross Unrealized Gains on AFS Securities Maturing After Five Years But Within ten Years | 1 | |
Gross Unrealized Gains on AFS Securities, Total | 2 | |
Gross Unrealized Losses on AFS Securities Maturing After One Year But Within Five Years | (37) | (643) |
Gross Unrealized Losses on AFS Securities Maturing After Five Years But Within Ten Years | (88) | |
Gross Unrealized Losses on AFS Securities, Total | (37) | (731) |
Obligations of State and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost of AFS Securities Maturing Within One Year | 1,306 | 826 |
Amortized Cost of AFS Securities Maturing After One Year But Within Five Years | 2,777 | 14,751 |
Amortized Cost of AFS Securities Maturing After Five Years But Within Ten Years | 2,226 | 2,779 |
Amortized Cost of AFS Securities, Total | 6,309 | 18,356 |
Fair Value of AFS Securities Maturing Within One Year | 1,308 | 826 |
Fair Value of AFS Securities Maturing After One Year But Within Five Years | 2,784 | 14,686 |
Fair Value of AFS Securities Maturing After Five Years But Within Ten Years | 2,229 | 2,669 |
Fair Value of AFS Securities, Total | 6,321 | 18,181 |
Gross Unrealized Gains on AFS Securities Maturing Within One Year | 2 | |
Gross Unrealized Gains on AFS Securities Maturing After One Year But Within Five Years | 8 | 13 |
Gross Unrealized Gains on AFS Securities Maturing After Five Years But Within ten Years | 3 | |
Gross Unrealized Gains on AFS Securities, Total | 13 | 13 |
Gross Unrealized Losses on AFS Securities Maturing After One Year But Within Five Years | (1) | (78) |
Gross Unrealized Losses on AFS Securities Maturing After Five Years But Within Ten Years | (110) | |
Gross Unrealized Losses on AFS Securities, Total | (1) | (188) |
Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost of AFS Securities Without Single Maturity Date | 149,499 | 102,957 |
Fair Value of AFS Securities Without Single Maturity Date | 149,735 | 100,506 |
Gross Unrealized Gains on AFS Securities Without Single Maturity Date | 791 | 172 |
Gross Unrealized Losses on AFS Securities Without Single Maturity Date | $ (555) | $ (2,623) |
Securities (Summary of Proceeds
Securities (Summary of Proceeds and Realized Gain/(Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Securities [Abstract] | ||||
Reversal of existing deferred fees and premiums | $ 0 | $ 0 | $ 11,107 | $ 4,285 |
Gross realized gains from sold and called securities | 5 | |||
Gross realized losses from sold and called securities | (61) | (15) | ||
Net losses from sales and calls of securities | $ (56) | $ (15) |
Securities (Schedule of Unreali
Securities (Schedule of Unrealized Losses) (Details) $ in Thousands | Jun. 30, 2019USD ($)security | Dec. 31, 2018USD ($)security |
Schedule of Available-for-sale Securities [Line Items] | ||
Number of Securities, Less Than 12 Months | security | 4 | 11 |
Fair Value, Less Than 12 Months | $ 17,204 | $ 11,781 |
Unrealized Losses, Less Than 12 Months | $ (17) | $ (42) |
Number of Securities, Twelve Months or More | security | 41 | 70 |
Fair Value, 12 Months or More | $ 44,556 | $ 108,679 |
Unrealized Losses, 12 Months or More | $ (576) | $ (3,500) |
Number of Securities, Total | security | 45 | 81 |
Fair Value, Total | $ 61,760 | $ 120,460 |
Unrealized Losses, Total | $ (593) | $ (3,542) |
Obligations of U.S. Government sponsored enterprises [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of Securities, Less Than 12 Months | security | 1 | |
Fair Value, Less Than 12 Months | $ 1,993 | |
Unrealized Losses, Less Than 12 Months | $ (7) | |
Number of Securities, Twelve Months or More | security | 5 | 14 |
Fair Value, 12 Months or More | $ 8,470 | $ 23,267 |
Unrealized Losses, 12 Months or More | $ (30) | $ (731) |
Number of Securities, Total | security | 6 | 14 |
Fair Value, Total | $ 10,463 | $ 23,267 |
Unrealized Losses, Total | $ (37) | $ (731) |
Obligations of State and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of Securities, Less Than 12 Months | security | 8 | |
Fair Value, Less Than 12 Months | $ 5,055 | |
Unrealized Losses, Less Than 12 Months | $ (10) | |
Number of Securities, Twelve Months or More | security | 2 | 13 |
Fair Value, 12 Months or More | $ 585 | $ 8,242 |
Unrealized Losses, 12 Months or More | $ (1) | $ (178) |
Number of Securities, Total | security | 2 | 21 |
Fair Value, Total | $ 585 | $ 13,297 |
Unrealized Losses, Total | $ (1) | $ (188) |
Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of Securities, Less Than 12 Months | security | 3 | 3 |
Fair Value, Less Than 12 Months | $ 15,211 | $ 6,726 |
Unrealized Losses, Less Than 12 Months | $ (10) | $ (32) |
Number of Securities, Twelve Months or More | security | 34 | 43 |
Fair Value, 12 Months or More | $ 35,501 | $ 77,170 |
Unrealized Losses, 12 Months or More | $ (545) | $ (2,591) |
Number of Securities, Total | security | 37 | 46 |
Fair Value, Total | $ 50,712 | $ 83,896 |
Unrealized Losses, Total | $ (555) | $ (2,623) |
Loans and Related Allowance f_4
Loans and Related Allowance for Credit Losses (Narrative) (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Period for loan to be nonaccrual | 90 days | |
Business lines of credit, maturity period | 5 years | |
Period for loans to be considered for charge off | 120 days | |
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 | 95.00% | |
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 | $ 405,000 | $ 94,000 |
Loans and Related Allowance f_5
Loans and Related Allowance for Credit Losses (Classes of the Loan Portfolio Summarized by the Aggregate Risk Rating) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 407,451 | $ 417,631 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 384,340 | 392,532 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 9,710 | 11,606 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 13,215 | 12,389 |
Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 186 | 1,104 |
Commercial, Financial and Agricultural [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 46,452 | 46,563 |
Commercial, Financial and Agricultural [Member] | Commercial Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 41,619 | 42,757 |
Commercial, Financial and Agricultural [Member] | Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,965 | 2,992 |
Commercial, Financial and Agricultural [Member] | Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,868 | 814 |
Commercial Loan [Member] | Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 136,203 | 141,295 |
Commercial Loan [Member] | Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 122,200 | 125,352 |
Commercial Loan [Member] | Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 6,235 | 8,590 |
Commercial Loan [Member] | Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 7,716 | 6,459 |
Commercial Loan [Member] | Real Estate Portfolio Segment [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 52 | 894 |
Construction Loan [Member] | Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 37,832 | 36,688 |
Construction Loan [Member] | Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 35,882 | 34,131 |
Construction Loan [Member] | Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 296 | |
Construction Loan [Member] | Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,654 | 2,528 |
Construction Loan [Member] | Real Estate Portfolio Segment [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 29 | |
Mortgage Loan [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 155,761 | 163,548 |
Mortgage Loan [Member] | Consumer Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 153,450 | 160,774 |
Mortgage Loan [Member] | Consumer Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 214 | 24 |
Mortgage Loan [Member] | Consumer Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,963 | 2,569 |
Mortgage Loan [Member] | Consumer Portfolio Segment [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 134 | 181 |
Obligations of State and Political Subdivisions [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 21,385 | 19,129 |
Obligations of State and Political Subdivisions [Member] | Commercial Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 21,385 | 19,129 |
Personal Loan [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 9,818 | 10,408 |
Personal Loan [Member] | Consumer Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 9,804 | 10,389 |
Personal Loan [Member] | Consumer Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 14 | $ 19 |
Loans and Related Allowance f_6
Loans and Related Allowance for Credit Losses (Impaired Loans by Loan Portfolio Class) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, Total | $ 4,452 | $ 3,648 |
Unpaid Principal Balance, Total | 6,434 | 6,008 |
Commercial, Financial and Agricultural [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with No Allowance: Recorded Investment | 763 | |
Impaired Loans with No Allowance: Unpaid Principal Balance | 764 | |
Commercial Loan [Member] | Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with No Allowance: Recorded Investment | 1,242 | 909 |
Impaired Loans with No Allowance: Unpaid Principal Balance | 1,336 | 1,303 |
Recorded Investment, Total | 1,242 | 909 |
Unpaid Principal Balance, Total | 1,336 | 1,303 |
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 | 385 | 544 |
Impaired Loans with No Allowance: Unpaid Principal Balance | 412 | 592 |
Recorded Investment, Total | 385 | 544 |
Unpaid Principal Balance, Total | 412 | 592 |
Construction Loan [Member] | Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with No Allowance: Recorded Investment | 27 | |
Impaired Loans with No Allowance: Unpaid Principal Balance | 1,074 | 1,123 |
Recorded Investment, Total | 27 | |
Unpaid Principal Balance, Total | 1,074 | 1,123 |
Mortgage Loan [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with No Allowance: Recorded Investment | 1,272 | 1,180 |
Impaired Loans with No Allowance: Unpaid Principal Balance | 1,947 | 1,912 |
Recorded Investment, Total | 1,272 | 1,180 |
Unpaid Principal Balance, Total | 1,947 | 1,912 |
Mortgage Loan [Member] | Consumer Portfolio Segment [Member] | Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with No Allowance: Recorded Investment | 776 | 971 |
Impaired Loans with No Allowance: Unpaid Principal Balance | 887 | 1,061 |
Recorded Investment, Total | 776 | 971 |
Unpaid Principal Balance, Total | 887 | 1,061 |
Personal Loan [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with No Allowance: Recorded Investment | 14 | 17 |
Impaired Loans with No Allowance: Unpaid Principal Balance | 14 | 17 |
Recorded Investment, Total | 14 | 17 |
Unpaid Principal Balance, Total | $ 14 | $ 17 |
Loans and Related Allowance f_7
Loans and Related Allowance for Credit Losses (Impaired Loans and Related Interest Income by Loan Portfolio Class) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment, Total | $ 4,233 | $ 4,031 | $ 4,053 | $ 6,412 |
Interest Income Recognized, Total | 58 | 5 | 66 | 10 |
Cash Basis Interest Income, Total | 11 | 1 | 23 | 2 |
Commercial, Financial and Agricultural [Member] | Commercial Portfolio Segment [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Loans with No Allowance: Average Recorded Investment | 382 | 1 | 382 | 234 |
Impaired Loans with No Allowance: Interest Income Recognized | 22 | 22 | ||
Average Recorded Investment, Total | 382 | 1 | 382 | 234 |
Interest Income Recognized, Total | 22 | 22 | ||
Commercial Loan [Member] | Real Estate Portfolio Segment [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Loans with No Allowance: Average Recorded Investment | 1,228 | 906 | 1,076 | 2,972 |
Impaired Loans with No Allowance: Interest Income Recognized | 32 | 35 | ||
Average Recorded Investment, Total | 1,228 | 906 | 1,076 | 2,972 |
Interest Income Recognized, Total | 32 | 35 | ||
Construction Loan [Member] | Real Estate Portfolio Segment [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Loans with No Allowance: Average Recorded Investment | 14 | |||
Average Recorded Investment, Total | 14 | |||
Mortgage Loan [Member] | Consumer Portfolio Segment [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Loans with No Allowance: Average Recorded Investment | 1,291 | 2,034 | 1,226 | 2,101 |
Impaired Loans with No Allowance: Interest Income Recognized | 4 | 5 | 9 | 10 |
Impaired Loans with No Allowance: Cash Basis Interest Income | 11 | 1 | 23 | 2 |
Average Recorded Investment, Total | 1,291 | 2,034 | 1,226 | 2,101 |
Interest Income Recognized, Total | 4 | 5 | 9 | 10 |
Cash Basis Interest Income, Total | 11 | 1 | 23 | 2 |
Personal Loan [Member] | Consumer Portfolio Segment [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Loans with No Allowance: Average Recorded Investment | 14 | 9 | 16 | 9 |
Average Recorded Investment, Total | 14 | 9 | 16 | 9 |
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 | 458 | 351 | 465 | 362 |
Average Recorded Investment, Total | 458 | 351 | 465 | 362 |
Acquired with Credit Deterioration [Member] | Mortgage Loan [Member] | Consumer Portfolio Segment [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Loans with No Allowance: Average Recorded Investment | 860 | 730 | 874 | 734 |
Average Recorded Investment, Total | $ 860 | $ 730 | $ 874 | $ 734 |
Loans and Related Allowance f_8
Loans and Related Allowance for Credit Losses (Nonaccrual Loans by Classes of the Loan Portfolio) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Impaired [Line Items] | ||
Financing receivable, recorded investment, nonaccrual status | $ 924 | $ 1,707 |
Commercial Loan [Member] | Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing receivable, recorded investment, nonaccrual status | 52 | 908 |
Construction Loan [Member] | Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing receivable, recorded investment, nonaccrual status | 29 | |
Mortgage Loan [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing receivable, recorded investment, nonaccrual status | 858 | 753 |
Personal Loan [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing receivable, recorded investment, nonaccrual status | $ 14 | $ 17 |
Loans and Related Allowance f_9
Loans and Related Allowance for Credit Losses (Loan Portfolio Summarized by the Past Due Status) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 2,099 | $ 3,303 |
Current | 405,352 | 414,328 |
Total loans | 407,451 | 417,631 |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 5 | 336 |
Excluding Loans Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,935 | 2,897 |
Current | 404,355 | 414,206 |
Total loans | 406,290 | 417,103 |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 329 | |
Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 164 | 406 |
Current | 997 | 122 |
Total loans | 1,161 | 528 |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 5 | 7 |
30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 978 | 1,285 |
30-59 Days Past Due [Member] | Excluding Loans Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 824 | 886 |
30-59 Days Past Due [Member] | Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 154 | 399 |
60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 557 | 576 |
60-89 Days Past Due [Member] | Excluding Loans Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 552 | 576 |
60-89 Days Past Due [Member] | Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 5 | |
Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 564 | 1,442 |
Greater than 90 Days Past Due [Member] | Excluding Loans Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 559 | 1,435 |
Greater than 90 Days Past Due [Member] | Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 5 | 7 |
Commercial, Financial and Agricultural [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 46,452 | 46,563 |
Commercial, Financial and Agricultural [Member] | Commercial Portfolio Segment [Member] | Excluding Loans Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 6 | |
Current | 46,452 | 46,557 |
Total loans | 46,452 | 46,563 |
Commercial, Financial and Agricultural [Member] | Commercial Portfolio Segment [Member] | 30-59 Days Past Due [Member] | Excluding Loans Acquired with Credit Deterioration [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 | 136,203 | 141,295 |
Commercial Loan [Member] | Real Estate Portfolio Segment [Member] | Excluding Loans Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 387 | 1,214 |
Current | 135,431 | 139,890 |
Total loans | 135,818 | 141,104 |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 306 | |
Commercial Loan [Member] | Real Estate Portfolio Segment [Member] | Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 140 | |
Current | 385 | 51 |
Total loans | 385 | 191 |
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 | 140 | |
Commercial Loan [Member] | Real Estate Portfolio Segment [Member] | 60-89 Days Past Due [Member] | Excluding Loans Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 335 | |
Commercial Loan [Member] | Real Estate Portfolio Segment [Member] | Greater than 90 Days Past Due [Member] | Excluding Loans Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 52 | 1,214 |
Construction Loan [Member] | Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 37,832 | 36,688 |
Construction Loan [Member] | Real Estate Portfolio Segment [Member] | Excluding Loans Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 25 | 61 |
Current | 37,807 | 36,627 |
Total loans | 37,832 | 36,688 |
Construction Loan [Member] | Real Estate Portfolio Segment [Member] | 30-59 Days Past Due [Member] | Excluding Loans Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 32 | |
Construction Loan [Member] | Real Estate Portfolio Segment [Member] | 60-89 Days Past Due [Member] | Excluding Loans Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 25 | |
Construction Loan [Member] | Real Estate Portfolio Segment [Member] | Greater than 90 Days Past Due [Member] | Excluding Loans Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 29 | |
Mortgage Loan [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 155,761 | 163,548 |
Mortgage Loan [Member] | Consumer Portfolio Segment [Member] | Excluding Loans Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,490 | 1,560 |
Current | 153,495 | 161,651 |
Total loans | 154,985 | 163,211 |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 23 | |
Mortgage Loan [Member] | Consumer Portfolio Segment [Member] | Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 164 | 266 |
Current | 612 | 71 |
Total loans | 776 | 337 |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 5 | 7 |
Mortgage Loan [Member] | Consumer Portfolio Segment [Member] | 30-59 Days Past Due [Member] | Excluding Loans Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 805 | 824 |
Mortgage Loan [Member] | Consumer 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 | 154 | 259 |
Mortgage Loan [Member] | Consumer Portfolio Segment [Member] | 60-89 Days Past Due [Member] | Excluding Loans Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 192 | 561 |
Mortgage Loan [Member] | Consumer Portfolio Segment [Member] | 60-89 Days Past Due [Member] | Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 5 | |
Mortgage Loan [Member] | Consumer Portfolio Segment [Member] | Greater than 90 Days Past Due [Member] | Excluding Loans Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 493 | 175 |
Mortgage Loan [Member] | Consumer 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 | 5 | 7 |
Obligations of State and Political Subdivisions [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 21,385 | 19,129 |
Obligations of State and Political Subdivisions [Member] | Commercial Portfolio Segment [Member] | Excluding Loans Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 21,385 | 19,129 |
Total loans | 21,385 | 19,129 |
Personal Loan [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 9,818 | 10,408 |
Personal Loan [Member] | Consumer Portfolio Segment [Member] | Excluding Loans Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 33 | 56 |
Current | 9,785 | 10,352 |
Total loans | 9,818 | 10,408 |
Personal Loan [Member] | Consumer Portfolio Segment [Member] | 30-59 Days Past Due [Member] | Excluding Loans Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 19 | 24 |
Personal Loan [Member] | Consumer Portfolio Segment [Member] | 60-89 Days Past Due [Member] | Excluding Loans Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 15 | |
Personal Loan [Member] | Consumer Portfolio Segment [Member] | Greater than 90 Days Past Due [Member] | Excluding Loans Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 14 | $ 17 |
Loans and Related Allowance _10
Loans and Related Allowance for Credit Losses (Troubled Debt Restructurings on Financing Receivables) (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2018USD ($)contract | Jun. 30, 2019USD ($)contract | Jun. 30, 2018USD ($)contract | Dec. 31, 2018USD ($)contract | |
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contract | 10 | 9 | ||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 830,000 | $ 547,000 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 878,000 | 575,000 | ||
Financing Receivable, Modifications, Recorded Investment | 756,000 | $ 445,000 | ||
Commercial, Financial and Agricultural [Member] | Commercial Portfolio Segment [Member] | Non-Accruing Troubled Debt Restructurings [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Recorded Investment | $ 324,000 | |||
Commercial Loan [Member] | Real Estate Portfolio Segment [Member] | Accruing Troubled Debt Restructurings [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contract | 1 | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 306,000 | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 326,000 | |||
Financing Receivable, Modifications, Recorded Investment | $ 324,000 | |||
Mortgage Loan [Member] | Consumer Portfolio Segment [Member] | Accruing Troubled Debt Restructurings [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contract | 8 | 8 | ||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 499,000 | $ 522,000 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 527,000 | 550,000 | ||
Financing Receivable, Modifications, Recorded Investment | $ 416,000 | $ 428,000 | ||
Mortgage Loan [Member] | Consumer Portfolio Segment [Member] | Non-Accruing Troubled Debt Restructurings [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contract | 1 | 1 | ||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 25,000 | $ 25,000 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 25,000 | 25,000 | ||
Financing Receivable, Modifications, Recorded Investment | $ 16,000 | $ 17,000 | ||
Restructured Loan [Member] | Accruing Troubled Debt Restructurings [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contract | 1 | 1 | 1 | |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 153,000 | $ 306,000 | $ 153,000 | |
Financing Receivable, Modifications, Post-Modification Recorded Investment | 153,000 | 326,000 | 153,000 | |
Financing Receivable, Modifications, Recorded Investment | $ 153,000 | $ 324,000 | $ 153,000 | |
Restructured Loan [Member] | Commercial Loan [Member] | Commercial Portfolio Segment [Member] | Accruing Troubled Debt Restructurings [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contract | 1 | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 306,000 | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 326,000 | |||
Financing Receivable, Modifications, Recorded Investment | $ 324,000 | |||
Restructured Loan [Member] | Mortgage Loan [Member] | Consumer Portfolio Segment [Member] | Accruing Troubled Debt Restructurings [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contract | 1 | 1 | ||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 153,000 | $ 153,000 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 153,000 | 153,000 | ||
Financing Receivable, Modifications, Recorded Investment | $ 153,000 | $ 153,000 |
Loans and Related Allowance _11
Loans and Related Allowance for Credit Losses (Allowance for Loan Losses and Related Investments in Loans Receivable) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning Balance | $ 2,994 | $ 3,035 | $ 3,034 | $ 2,939 | |
Provision for loan losses | (459) | 41 | (444) | 199 | |
Charge-offs | (28) | (29) | (101) | (102) | |
Recoveries | 508 | 11 | 526 | 22 | |
Allowance for loan losses: Ending balance | 3,015 | 3,058 | 3,015 | 3,058 | |
Ending balance: individually evaluated for impairment | 3,291 | 3,291 | $ 2,133 | ||
Ending balance: collectively evaluated for impairment | 404,160 | 404,160 | 415,498 | ||
Financing receivable - Loans allocated | 407,451 | 407,451 | 417,631 | ||
Ending balance: collectively evaluated for impairment | 3,015 | 3,015 | 3,034 | ||
Financing receivable - Allowance for loan losses | 3,015 | 3,015 | 3,034 | ||
Commercial, Financial and Agricultural [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning Balance | 283 | 319 | 275 | 273 | |
Provision for loan losses | (10) | 26 | (4) | 69 | |
Recoveries | 1 | 3 | 3 | 6 | |
Allowance for loan losses: Ending balance | 274 | 348 | 274 | 348 | |
Ending balance: individually evaluated for impairment | 763 | 763 | |||
Ending balance: collectively evaluated for impairment | 45,689 | 45,689 | 46,563 | ||
Financing receivable - Loans allocated | 46,452 | 46,452 | 46,563 | ||
Ending balance: collectively evaluated for impairment | 274 | 274 | 275 | ||
Financing receivable - Allowance for loan losses | 274 | 274 | 275 | ||
Commercial Loan [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning Balance | 1,043 | 1,059 | 1,074 | 1,022 | |
Provision for loan losses | (312) | 3 | (335) | 86 | |
Charge-offs | (15) | (51) | |||
Recoveries | 307 | 314 | 5 | ||
Allowance for loan losses: Ending balance | 1,038 | 1,062 | 1,038 | 1,062 | |
Ending balance: individually evaluated for impairment | 1,242 | 1,242 | 909 | ||
Ending balance: collectively evaluated for impairment | 134,961 | 134,961 | 140,386 | ||
Financing receivable - Loans allocated | 136,203 | 136,203 | 141,295 | ||
Ending balance: collectively evaluated for impairment | 1,038 | 1,038 | 1,074 | ||
Financing receivable - Allowance for loan losses | 1,038 | 1,038 | 1,074 | ||
Construction Loan [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning Balance | 572 | 340 | 558 | 288 | |
Provision for loan losses | (177) | (13) | (163) | 39 | |
Recoveries | 193 | 193 | |||
Allowance for loan losses: Ending balance | 588 | 327 | 588 | 327 | |
Ending balance: individually evaluated for impairment | 27 | ||||
Ending balance: collectively evaluated for impairment | 37,832 | 37,832 | 36,661 | ||
Financing receivable - Loans allocated | 37,832 | 37,832 | 36,688 | ||
Ending balance: collectively evaluated for impairment | 588 | 588 | 558 | ||
Financing receivable - Allowance for loan losses | 588 | 588 | 558 | ||
Obligations of State and Political Subdivisions [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning Balance | 21 | 20 | |||
Provision for loan losses | 1 | 2 | |||
Allowance for loan losses: Ending balance | 22 | 22 | |||
Ending balance: collectively evaluated for impairment | 21,385 | 21,385 | 19,129 | ||
Financing receivable - Loans allocated | 21,385 | 21,385 | 19,129 | ||
Ending balance: collectively evaluated for impairment | 22 | 22 | 20 | ||
Financing receivable - Allowance for loan losses | 22 | 22 | 20 | ||
Mortgage Loan [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning Balance | 1,005 | 1,259 | 1,035 | 1,285 | |
Provision for loan losses | 16 | 14 | 28 | (1) | |
Charge-offs | (2) | (17) | (49) | (28) | |
Recoveries | 5 | 5 | 5 | ||
Allowance for loan losses: Ending balance | 1,019 | 1,261 | 1,019 | 1,261 | |
Mortgage Loan [Member] | Consumer Portfolio Segment [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Ending balance: individually evaluated for impairment | 1,272 | 1,272 | 1,180 | ||
Ending balance: collectively evaluated for impairment | 154,489 | 154,489 | 162,368 | ||
Financing receivable - Loans allocated | 155,761 | 155,761 | 163,548 | ||
Ending balance: collectively evaluated for impairment | 1,019 | 1,019 | 1,035 | ||
Financing receivable - Allowance for loan losses | 1,019 | 1,019 | 1,035 | ||
Personal Loan [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning Balance | 70 | 58 | 72 | 71 | |
Provision for loan losses | 23 | 11 | 28 | 6 | |
Charge-offs | (26) | (12) | (37) | (23) | |
Recoveries | 7 | 3 | 11 | 6 | |
Allowance for loan losses: Ending balance | 74 | $ 60 | 74 | $ 60 | |
Ending balance: individually evaluated for impairment | 14 | 14 | 17 | ||
Ending balance: collectively evaluated for impairment | 9,804 | 9,804 | 10,391 | ||
Financing receivable - Loans allocated | 9,818 | 9,818 | 10,408 | ||
Ending balance: collectively evaluated for impairment | 74 | 74 | 72 | ||
Financing receivable - Allowance for loan losses | $ 74 | $ 74 | $ 72 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) | Apr. 30, 2018 | Nov. 30, 2015 | Sep. 08, 2006 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 |
Goodwill included in acquisition price | $ 9,047,000 | $ 9,047,000 | $ 9,139,000 | |||||
Amortization of intangible assets | 22,000 | $ 20,000 | 44,000 | $ 31,000 | ||||
Goodwill impairment loss | 0 | $ 0 | 0 | $ 0 | ||||
Branch Office In Richfield Pa [Member] | ||||||||
Acquisition date | Sep. 8, 2006 | |||||||
Goodwill included in acquisition price | 2,046,000 | 2,046,000 | 2,046,000 | |||||
Fnbpa Bancorp Inc [Member] | ||||||||
Acquisition date | Nov. 30, 2015 | |||||||
Goodwill included in acquisition price | 3,402,000 | $ 3,402,000 | $ 3,402,000 | |||||
Intangible assets included in purchase price | $ 303,000 | |||||||
Intangible assets amortization period | 10 years | |||||||
Amortization of intangible assets | 9,000 | $ 19,000 | ||||||
Liverpool Community Bank [Member] | ||||||||
Acquisition date | Apr. 30, 2018 | |||||||
Goodwill included in acquisition price | $ 3,691,000 | 3,599,000 | 3,599,000 | |||||
Intangible assets included in purchase price | 289,000 | $ 289,000 | ||||||
Intangible assets amortization period | 10 years | |||||||
Amortization of intangible assets | $ 13,000 | $ 25,000 | ||||||
Core deposit and other intangibles | $ 289,000 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Amortization Schedule for Intangible Assets) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Apr. 30, 2018 | Nov. 30, 2015 | |
Finite-Lived Intangible Assets [Line Items] | ||||||||
Amortization of intangible assets | $ 22,000 | $ 20,000 | $ 44,000 | $ 31,000 | ||||
Fnbpa Bancorp Inc [Member] | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Beginning Balance at Acquisition Date | $ 303,000 | |||||||
Amortization of intangible assets | 9,000 | 19,000 | ||||||
Fnbpa Bancorp Inc [Member] | Core Deposits [Member] | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Beginning Balance at Acquisition Date | $ 303,000 | |||||||
Amortization of intangible assets | 19,000 | $ 44,000 | $ 108,000 | |||||
Unamortized balance | 132,000 | 132,000 | 151,000 | |||||
Scheduled remaining amortization expense for years ended: | ||||||||
December 31, 2019 | 19,000 | 19,000 | ||||||
December 31, 2020 | 33,000 | 33,000 | ||||||
December 31, 2021 | 27,000 | 27,000 | ||||||
December 31, 2022 | 22,000 | 22,000 | ||||||
December 31, 2023 | 16,000 | 16,000 | ||||||
After December 31, 2023 | 15,000 | 15,000 | ||||||
Liverpool Community Bank [Member] | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Beginning Balance at Acquisition Date | 289,000 | 289,000 | ||||||
Amortization of intangible assets | 13,000 | 25,000 | ||||||
Liverpool Community Bank [Member] | Core Deposits [Member] | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Beginning Balance at Acquisition Date | $ 289,000 | |||||||
Amortization of intangible assets | 25,000 | 35,000 | ||||||
Unamortized balance | 229,000 | 229,000 | $ 254,000 | |||||
Scheduled remaining amortization expense for years ended: | ||||||||
December 31, 2019 | 24,000 | 24,000 | ||||||
December 31, 2020 | 44,000 | 44,000 | ||||||
December 31, 2021 | 39,000 | 39,000 | ||||||
December 31, 2022 | 33,000 | 33,000 | ||||||
December 31, 2023 | 28,000 | 28,000 | ||||||
After December 31, 2023 | $ 61,000 | $ 61,000 |
Unconsolidated Subsidiary (Narr
Unconsolidated Subsidiary (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Apr. 29, 2018 | |
Schedule of Equity Method Investments [Line Items] | |||||
Goodwill impairment loss | $ 0 | $ 0 | $ 0 | $ 0 | |
Liverpool Community Bank [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Percentage of outstanding stock held in Liverpool Community Bank | 39.16% | ||||
Goodwill impairment loss | $ 0 |
Borrowings (Schedule of Borrowi
Borrowings (Schedule of Borrowings) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Total borrowings | $ 47,857 | $ 29,511 |
Securities Sold under Agreements to Repurchase [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Short-term borrowings | 2,857 | 2,911 |
Overnight Advances [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Short-term borrowings | 11,600 | |
Federal Home Loan Bank Advances [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Long-term debt with FHLB | $ 45,000 | $ 15,000 |
Borrowings (Summary of the Sche
Borrowings (Summary of the Scheduled Maturities of Long-Term Debt) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Year | ||
2022 | $ 5,000 | |
2023 | 5,000 | |
2024 | 20,000 | |
2025 | 15,000 | |
Long-term Debt, Total | $ 45,000 | $ 15,000 |
Federal Home Loan Bank, Advances, Maturities Summary, Average Interest Rate of Amounts Due [Abstract] | ||
2022 | 2.74% | |
2023 | 2.79% | |
2024 | 2.42% | |
2025 | 2.41% | |
Weighted average interest rate | 2.49% |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Measurements by Level of Valuation Inputs) (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities available for sale | $ 180,019,000 | $ 141,953,000 |
Impaired loans | 4,452,000 | 3,648,000 |
Other real estate owned | 595,000 | 744,000 |
Equity securities | 1,133,000 | 1,118,000 |
Fair value assets, level 1 to level 2 transfer amount | 0 | |
Obligations of U.S. Government sponsored enterprises [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities available for sale | 23,963,000 | 23,266,000 |
Obligations of State and Political Subdivisions [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities available for sale | 6,321,000 | 18,181,000 |
Equity Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities | 1,133,000 | 1,118,000 |
Fair Value Measurements Recurring [Member] | Obligations of U.S. Government sponsored enterprises [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities available for sale | 23,963,000 | 23,266,000 |
Fair Value Measurements Recurring [Member] | Obligations of State and Political Subdivisions [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities available for sale | 6,321,000 | 18,181,000 |
Fair Value Measurements Recurring [Member] | Mortgage-Backed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities available for sale | 149,735,000 | 100,506,000 |
Fair Value Measurements Recurring [Member] | Fair Value Inputs Level2 [Member] | Obligations of U.S. Government sponsored enterprises [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities available for sale | 23,963,000 | 23,266,000 |
Fair Value Measurements Recurring [Member] | Fair Value Inputs Level2 [Member] | Obligations of State and Political Subdivisions [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities available for sale | 6,321,000 | 18,181,000 |
Fair Value Measurements Recurring [Member] | Fair Value Inputs Level2 [Member] | Mortgage-Backed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities available for sale | 149,735,000 | 100,506,000 |
Fair Value Measurements Nonrecurring [Member] | Equity Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities | 1,133,000 | 1,118,000 |
Fair Value Measurements Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities | 1,133,000 | 1,118,000 |
Fair Value Measurements Nonrecurring [Member] | Impaired Financing Receivable [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Impaired loans | 186,000 | 1,104,000 |
Fair Value Measurements Nonrecurring [Member] | Impaired Financing Receivable [Member] | Fair Value Inputs Level3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Impaired loans | 186,000 | 1,104,000 |
Fair Value Measurements Nonrecurring [Member] | Real Estate Acquired Through Foreclosure [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other real estate owned | 149,000 | 149,000 |
Fair Value Measurements Nonrecurring [Member] | Real Estate Acquired Through Foreclosure [Member] | Fair Value Inputs Level3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other real estate owned | 149,000 | 149,000 |
Fair Value Measurements Nonrecurring [Member] | Mortgage Servicing Rights [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage servicing rights | 190,000 | 200,000 |
Fair Value Measurements Nonrecurring [Member] | Mortgage Servicing Rights [Member] | Fair Value Inputs Level3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage servicing rights | $ 190,000 | $ 200,000 |
Fair Value Measurements (Quanti
Fair Value Measurements (Quantitative Information for Assets Measured at Fair Value) (Details) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Impaired loans | $ 4,452,000 | $ 3,648,000 |
Other real estate owned | 595,000 | 744,000 |
Fair Value Inputs Level3 [Member] | Impaired Financing Receivable [Member] | Appraisal Of Collateral [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Impaired loans | $ 186,000 | $ 1,104,000 |
Impaired loans, measurement input | 0.06 | 0.14 |
Fair Value Inputs Level3 [Member] | Real Estate Acquired Through Foreclosure [Member] | Appraisal Of Collateral [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other real estate owned | $ 149,000 | $ 149,000 |
Other real estate owned, measurement input | 0.02 | 0.02 |
Fair Value Inputs Level3 [Member] | Mortgage Servicing Rights [Member] | Multiple Of Annual Servicing Fee [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage servicing rights | $ 190,000 | $ 200,000 |
Mortgage servicing rights, measurement input | 3.69 | 3.69 |
Fair Value Inputs Level3 [Member] | Minimum [Member] | Impaired Financing Receivable [Member] | Appraisal Of Collateral [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Impaired loans, measurement input | 0 | 0 |
Fair Value Inputs Level3 [Member] | Minimum [Member] | Mortgage Servicing Rights [Member] | Multiple Of Annual Servicing Fee [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage servicing rights, measurement input | 3 | 3 |
Fair Value Inputs Level3 [Member] | Maximum [Member] | Impaired Financing Receivable [Member] | Appraisal Of Collateral [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Impaired loans, measurement input | 0.20 | 0.15 |
Fair Value Inputs Level3 [Member] | Maximum [Member] | Mortgage Servicing Rights [Member] | Multiple Of Annual Servicing Fee [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage servicing rights, measurement input | 4 | 4 |
Fair Value Measurements (Estima
Fair Value Measurements (Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest bearing deposits with banks | $ 2,117 | $ 110 |
Federal funds sold | 9,000 | 729 |
Interest bearing time deposits with banks | 2,700 | 3,290 |
Equity securities | 1,133 | 1,118 |
Restricted investment in bank stock | 3,098 | 2,441 |
Deposits: Non-interest bearing | 123,355 | 126,057 |
Deposits: Interest bearing | 411,020 | 395,665 |
Long-term debt | 45,000 | 15,000 |
Other interest bearing liabilities | 1,596 | 1,596 |
Carrying Reported Amount Fair Value Disclosure [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | 14,431 | 15,617 |
Interest bearing deposits with banks | 2,117 | 110 |
Federal funds sold | 9,000 | 729 |
Interest bearing time deposits with banks | 2,700 | 3,290 |
Equity securities | 181,152 | 141,953 |
Restricted investment in bank stock | 3,098 | 2,441 |
Loans, net of allowance for loan losses | 404,436 | 414,597 |
Mortgage servicing rights | 190 | 200 |
Accrued interest receivable | 1,841 | 1,681 |
Deposits: Non-interest bearing | 123,355 | 126,057 |
Deposits: Interest bearing | 411,020 | 395,665 |
Securities sold under agreements to repurchase | 2,857 | 2,911 |
Short-term borrowings | 11,600 | |
Long-term debt | 45,000 | 15,000 |
Other interest bearing liabilities | 1,596 | 1,596 |
Accrued interest payable | 450 | 289 |
Commitments to extend credit | ||
Letters of credit | ||
Estimate Of Fair Value Fair Value Disclosure [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | 14,431 | 15,617 |
Interest bearing deposits with banks | 2,117 | 110 |
Federal funds sold | 9,000 | 729 |
Interest bearing time deposits with banks | 2,700 | 3,290 |
Equity securities | 181,152 | 141,953 |
Restricted investment in bank stock | 3,098 | 2,441 |
Loans, net of allowance for loan losses | 405,018 | 415,195 |
Mortgage servicing rights | 190 | 200 |
Accrued interest receivable | 1,841 | 1,681 |
Deposits: Non-interest bearing | 123,355 | 126,057 |
Deposits: Interest bearing | 413,983 | 395,226 |
Securities sold under agreements to repurchase | 2,857 | 2,911 |
Short-term borrowings | 11,600 | |
Long-term debt | 45,605 | 14,958 |
Other interest bearing liabilities | 1,597 | 1,597 |
Accrued interest payable | 450 | 289 |
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 | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest bearing time deposits with banks | $ 2,700 | $ 3,290 |
Deposits: Interest bearing | 411,020 | 395,665 |
Long-term debt | 45,000 | 15,000 |
Other interest bearing liabilities | 1,596 | 1,596 |
Carrying Reported Amount Fair Value Disclosure [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest bearing time deposits with banks | 2,700 | 3,290 |
Loans, net of allowance for loan losses | 404,436 | 414,597 |
Deposits: Interest bearing | 411,020 | 395,665 |
Long-term debt | 45,000 | 15,000 |
Other interest bearing liabilities | 1,596 | 1,596 |
Estimate Of Fair Value Fair Value Disclosure [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest bearing time deposits with banks | 2,700 | 3,290 |
Loans, net of allowance for loan losses | 405,018 | 415,195 |
Deposits: Interest bearing | 413,983 | 395,226 |
Long-term debt | 45,605 | 14,958 |
Other interest bearing liabilities | 1,597 | 1,597 |
Estimate Of Fair Value Fair Value Disclosure [Member] | Fair Value Inputs Level2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest bearing time deposits with banks | 2,700 | 3,290 |
Deposits: Interest bearing | 413,983 | 395,226 |
Long-term debt | 45,605 | 14,958 |
Other interest bearing liabilities | 1,597 | 1,597 |
Estimate Of Fair Value Fair Value Disclosure [Member] | Fair Value Inputs Level3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans, net of allowance for loan losses | $ 405,018 | $ 415,195 |
Defined Benefit Retirement Pl_3
Defined Benefit Retirement Plan (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2019 | Dec. 31, 2007 | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Percentage of increase (decrease) in pension liability | 9.00% | 12.00% | |||
Defined benefit plan, pre-tax settlement charge | $ 210,000 | $ 377,000 | |||
Contribution to the defined benefit pension plan | $ 1,350,000 | ||||
JVB Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, pre-tax settlement charge | $ 278,000 | ||||
Percentage of vested benefit | 100.00% | ||||
Net actuarial gain (loss) recognized in other comprehensive income | (306,000) | $ (334,000) | |||
Defined benefit plan, increase (decrease) in plan liability | (1,156,000) | ||||
Defined benefit plan overfunded amount | $ 782,000 | $ 782,000 |
Defined Benefit Retirement Pl_4
Defined Benefit Retirement Plan (Components of Net Periodic Pension Cost) (Details) - JVB Plan [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | $ 125 | $ 132 | $ 250 | $ 264 |
Expected return on plan assets | (124) | (192) | (248) | (384) |
Recognized net actuarial loss | 306 | 40 | 334 | 81 |
Net periodic pension cost (benefit) | 307 | (20) | 336 | (39) |
Amortization of net actuarial loss recognized in other comprehensive income | (306) | (40) | (334) | (81) |
Total recognized in net periodic benefit cost and other comprehensive loss (income) | $ 1 | $ (60) | $ 2 | $ (120) |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities and Guarantees (Narrative) (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Loss Contingencies [Line Items] | ||
Letter of Credit expiration period | 1 year | |
Commitments to Grant Loans [Member] | ||
Loss Contingencies [Line Items] | ||
Outstanding loans commitments and other unused lines of credit | $ 82,090,000 | $ 87,223,000 |
Outstanding Letters Of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Outstanding loans commitments and other unused lines of credit | 2,087,000 | 2,749,000 |
Commercial Letter Of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Outstanding loans commitments and other unused lines of credit | $ 9,808,000 | $ 8,925,000 |
Revenue Recognition (Narrative)
Revenue Recognition (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Asset Management Services [Member] | ||
Non-interest income | $ 89,000 | $ 179,000 |
Asset management services fees | 89,000 | 179,000 |
Estate Management Services [Member] | ||
Non-interest income | 2,000 | 11,000 |
Asset management services fees | $ 2,000 | $ 11,000 |
Percentage of total estate fee recognized when all estate assets are collected and debts paid | 25.00% | |
Percentage of total estate fee recognized when the inheritance tax return is filed | 50.00% | |
Percentage of total estate fee recognized when the first and final account is confirmed | 25.00% |
Leases - ROU Assets and Lease L
Leases - ROU Assets and Lease Liabilities (Details) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019USD ($) | Jun. 30, 2019USD ($) | |
Consolidated statements of condition classification of the Company's ROU assets and lease liabilities | ||
Practical expedients package | true | |
Practical expedients, use of hindsight | true | |
Operating lease ROU assets | $ 510,000 | $ 510,000 |
Operating lease ROU assets | us-gaap:OtherAssets | us-gaap:OtherAssets |
Operating lease liabilities | $ 513,000 | $ 513,000 |
Operating lease liabilities | us-gaap:OtherLiabilities | us-gaap:OtherLiabilities |
Options to renew | true | |
Weighted-average remaining operating lease term | 7 years 8 months 12 days | 7 years 8 months 12 days |
Weighted-average discount rate | 5.45% | 5.45% |
Total operating cost | $ 30,000 | $ 60,000 |
Total operating lease payment to related parties | $ 7,000 | $ 13,000 |
Leases - Future Minimum Payment
Leases - Future Minimum Payments for Operating Leases (Details) | Jun. 30, 2019USD ($) |
Operating Lease Liabilities, Payments Due [Abstract] | |
June 30, 2020 | $ 117,000 |
June 30, 2021 | 112,000 |
June 30, 2022 | 81,000 |
June 30, 2023 | 46,000 |
June 30, 2024 | 46,000 |
Thereafter | 229,000 |
Total Future Minimum Lease Payments | 631,000 |
Amounts Representing Interest | (118,000) |
Operating Lease, Liability | $ 513,000 |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) - Subsequent Event [Member] | Jul. 16, 2019$ / shares |
Subsequent Event [Line Items] | |
Dividends payable, date declared | Jul. 16, 2019 |
Dividends payable per share | $ 0.22 |
Dividends payable, date of record | Aug. 15, 2019 |
Dividends payable, date to be paid | Aug. 30, 2019 |