Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 11, 2013 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'UBCP | ' |
Entity Common Stock, Shares Outstanding | ' | 5,362,807 |
Entity Registrant Name | 'UNITED BANCORP INC /OH/ | ' |
Entity Central Index Key | '0000731653 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and due from banks | $5,112 | $4,889 |
Interest-bearing demand deposits | 36,106 | 70,219 |
Cash and cash equivalents | 41,218 | 75,108 |
Available-for-sale securities | 27,844 | 34,853 |
Held-to-maturity securities | 2,294 | 2,768 |
Loans, net of allowance for loan losses of $2,965 and $2,708 at September 30, 2013 and December 31, 2012, respectively | 295,144 | 293,774 |
Premises and equipment | 10,954 | 10,385 |
Federal Home Loan Bank stock | 4,810 | 4,810 |
Foreclosed assets held for sale, net | 2,266 | 1,810 |
Intangible assets | 215 | 305 |
Accrued interest receivable | 997 | 1,076 |
Deferred income taxes | 1,304 | 887 |
Bank-owned life insurance | 12,226 | 11,034 |
Other assets | 809 | 1,544 |
Total assets | 400,081 | 438,354 |
Deposits | ' | ' |
Demand | 166,516 | 183,355 |
Savings | 68,334 | 67,236 |
Time | 82,634 | 99,825 |
Total deposits | 317,484 | 350,416 |
Short-term borrowings | 10,529 | 10,681 |
Federal Home Loan Bank advances | 27,146 | 32,439 |
Subordinated debentures | 4,000 | 4,000 |
Interest payable and other liabilities | 3,808 | 4,192 |
Total liabilities | 362,967 | 401,728 |
Stockholders' Equity | ' | ' |
Preferred stock, no par value, authorized 2,000,000 shares; no shares issued | 0 | 0 |
Common stock, $1 par value; authorized 10,000,000 shares; issued 2013 -5,375,304 shares, 2012 - 5,375,304 shares | 5,375 | 5,375 |
Additional paid-in capital | 17,656 | 17,425 |
Retained earnings | 19,430 | 18,544 |
Stock held by deferred compensation plan; 2013 -205,651 shares, 2012 - 195,965 shares | -1,860 | -1,778 |
Unearned ESOP compensation | -1,700 | -1,823 |
Accumulated other comprehensive loss | -1,687 | -1,087 |
Treasury stock, at cost 2013 -12,497 shares, 2012 - 2,496 shares | -100 | -30 |
Total stockholders’ equity | 37,114 | 36,626 |
Total liabilities and stockholders' equity | $400,081 | $438,354 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Loans, allowance for loan losses | $2,965 | $2,708 |
Preferred stock, no par value | $0 | $0 |
Preferred stock, authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $1 | $1 |
Common stock, authorized | 10,000,000 | 10,000,000 |
Common stock, issued | 5,375,304 | 5,375,304 |
Stock held by deferred compensation plan, shares | 205,651 | 195,965 |
Treasury stock, shares | 12,497 | 2,496 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Interest and dividend income | ' | ' | ' | ' |
Loans, including fees | $3,997 | $4,158 | $11,966 | $12,537 |
Taxable securities | 78 | 151 | 226 | 605 |
Non-taxable securities | 75 | 146 | 309 | 501 |
Federal funds sold | 33 | 23 | 109 | 51 |
Dividends on Federal Home Loan Bank stock and other | 50 | 70 | 163 | 175 |
Total interest and dividend income | 4,233 | 4,548 | 12,773 | 13,869 |
Deposits | ' | ' | ' | ' |
Demand | 25 | 28 | 79 | 89 |
Savings | 8 | 18 | 23 | 53 |
Time | 345 | 512 | 1,139 | 1,660 |
Borrowings | 372 | 394 | 1,134 | 1,176 |
Total interest expense | 750 | 952 | 2,375 | 2,978 |
Net interest income | 3,483 | 3,596 | 10,398 | 10,891 |
Provision for loan losses | 354 | 268 | 1,013 | 769 |
Net interest income after provision for loan losses | 3,129 | 3,328 | 9,385 | 10,122 |
Noninterest income | ' | ' | ' | ' |
Service charges on deposit accounts | 627 | 500 | 1,706 | 1,516 |
Realized gains on sales of loans | 5 | 5 | 55 | 14 |
Realized losses on sales of other real estate and repossessed assets | 0 | 0 | -15 | -6 |
BOLI benefit in excess of surrender value | 935 | 0 | 935 | 0 |
Other income | 224 | 218 | 647 | 616 |
Total noninterest income | 1,791 | 723 | 3,328 | 2,140 |
Noninterest expense | ' | ' | ' | ' |
Salaries and employee benefits | 1,971 | 1,713 | 5,386 | 5,035 |
Occupancy and equipment | 468 | 477 | 1,393 | 1,372 |
Professional services | 91 | 197 | 499 | 545 |
Insurance | 74 | 69 | 211 | 193 |
FDIC insurance | 75 | 73 | 231 | 215 |
Franchise and other taxes | 126 | 123 | 381 | 377 |
Advertising | 96 | 160 | 321 | 316 |
Stationery and office supplies | 46 | 61 | 136 | 173 |
Amortization of intangibles | 29 | 29 | 89 | 89 |
Provision for losses on foreclosed real estate | 220 | 26 | 230 | 78 |
Other expenses | 638 | 554 | 1,698 | 1,503 |
Total noninterest expense | 3,834 | 3,482 | 10,575 | 9,896 |
Income before federal income taxes | 1,086 | 569 | 2,138 | 2,366 |
Federal income taxes | 7 | 118 | 125 | 423 |
Net income | $1,079 | $451 | $2,013 | $1,943 |
EARNINGS PER COMMON SHARE | ' | ' | ' | ' |
Basic | $0.22 | $0.09 | $0.41 | $0.39 |
Diluted | $0.22 | $0.09 | $0.41 | $0.39 |
DIVIDENDS PER COMMON SHARE | $0.07 | $0.07 | $0.21 | $0.35 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net income | $1,079 | $451 | $2,013 | $1,943 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Unrealized holding (losses) gains on securities during theperiod, net of taxes of $(55), $(21)$(310) and $(49) for each respective period | -106 | -40 | -601 | -95 |
Comprehensive income | 973 | 411 | 1,412 | 1,848 |
Accumulated comprehensive loss | ($1,687) | ($1,015) | ($1,687) | ($1,015) |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Unrealized holding loss on securities during the period, net of tax benefits | ($55) | ($21) | ($310) | ($49) |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Operating Activities | ' | ' |
Net income | $2,013 | $1,943 |
Items not requiring (providing) cash | ' | ' |
Depreciation and amortization | 727 | 705 |
Amortization of intangible asset | 89 | 89 |
Expense related to share based compensation plans | 151 | 159 |
Provision for loan losses | 1,013 | 769 |
Provision for losses on foreclosed real estate | 230 | 78 |
Increase in value of bank-owned life insurance | -1,193 | -282 |
Amortization of discounts on securities, net | -23 | -50 |
Originations of loans held for sale | -2,038 | -771 |
Proceeds from sale of loans held for sale | 2,093 | 785 |
Realized gains on sales of loans | -55 | -14 |
Amortization of ESOP | 123 | 157 |
Realized losses on sales of other real estate and repossessed assets | 15 | 6 |
Amortization of mortgage servicing rights | 21 | 43 |
Net change in accrued interest receivable and other assets | 511 | 219 |
Net change in accrued expenses and other liabilities | -258 | -431 |
Net cash provided by operating activities | 3,419 | 3,405 |
Investing Activities | ' | ' |
Maturities, prepayments and calls | 24,104 | 92,246 |
Purchases | -18,000 | -48,957 |
Maturities, prepayments and calls | 490 | 955 |
Net change in loans | -3,158 | -3,239 |
Purchases of premises and equipment | -1,296 | -1,355 |
Proceeds from sale of other real estate and repossessed assets | 128 | 467 |
Net cash provided by investing activities | 2,268 | 40,117 |
Financing Activities | ' | ' |
Net change in deposits | -32,932 | 41,444 |
Net change in short-term borrowings | -152 | 3,738 |
Net change in long-term borrowings | -5,293 | -325 |
Shares purchased for deferred compensation plan | 0 | 53 |
Treasury stock purchases | -70 | 0 |
Cash dividends paid on common stock | -1,130 | -1,877 |
Net cash provided by (used in) financing activities | -39,577 | 43,033 |
(Decrease)/Increase in Cash and Cash Equivalents | -33,890 | 86,555 |
Cash and Cash Equivalents, Beginning of Period | 75,108 | 15,681 |
Cash and Cash Equivalents, End of Period | 41,218 | 102,236 |
Supplemental Cash Flows Information | ' | ' |
Interest paid on deposits and borrowings | 2,421 | 3,015 |
Federal income taxes paid | 583 | 485 |
Supplemental Disclosure of Non-Cash Investing and Financing Activities | ' | ' |
Transfers from loans to foreclosed assets held for sale | $830 | $462 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||
Summary of Significant Accounting Policies | ' | |||||||||||||
Note 1: | Summary of Significant Accounting Policies | |||||||||||||
These interim financial statements are prepared without audit and reflect all adjustments which, in the opinion of management, are necessary to present fairly the financial position of United Bancorp, Inc. (“Company”) at September 30, 2013, and its results of operations and cash flows for the interim periods presented. All such adjustments are normal and recurring in nature. The accompanying condensed consolidated financial statements have been prepared in accordance with the instructions for Form 10-Q and, therefore, do not purport to contain all the necessary financial disclosures required by accounting principles generally accepted in the United States of America that might otherwise be necessary in the circumstances and should be read in conjunction with the Company’s consolidated financial statements and related notes for the year ended December 31, 2012 included in its Annual Report on Form 10-K. Reference is made to the accounting policies of the Company described in the Notes to the Consolidated Financial Statements contained in its Annual Report on Form 10-K. The results of operations for the three months and nine months ended September 30, 2013, are not necessarily indicative of the results to be expected for the full year. The condensed consolidated balance sheet of the Company as of December 31, 2012 has been derived from the audited consolidated balance sheet of the Company as of that date. | ||||||||||||||
Principles of Consolidation | ||||||||||||||
The consolidated financial statements include the accounts of United Bancorp, Inc. (“United” or “the Company”) and its wholly-owned subsidiary, The Citizens Savings Bank of Martins Ferry, Ohio (“the Bank” or “Citizens”). The Bank operates two divisions, The Community Bank, a division of The Citizens Savings Bank and The Citizens Bank, a division of The Citizens Savings Bank. All intercompany transactions and balances have been eliminated in consolidation. | ||||||||||||||
Nature of Operations | ||||||||||||||
The Company’s revenues, operating income, and assets are almost exclusively derived from banking. Accordingly, all of the Company’s banking operations are considered by management to be aggregated in one reportable operating segment. Customers are mainly located in Athens, Belmont, Carroll, Fairfield, Harrison, Hocking, Jefferson, and Tuscarawas Counties and the surrounding localities in northeastern, east-central and southeastern Ohio, and include a wide range of individuals, businesses and other organizations. The Citizens Bank division conducts its business through its main office in Martins Ferry, Ohio and twelve branches in Bridgeport, Colerain, Dellroy, Dillonvale, Dover, Jewett, New Philadelphia, St. Clairsville East, St. Clairsville West, Sherrodsville, Strasburg, and Tiltonsville, Ohio. The Community Bank division conducts its business through its main office in Lancaster, Ohio and seven offices in Amesville, Glouster, Lancaster, and Nelsonville, Ohio. The Company’s primary deposit products are checking, savings, and term certificate accounts, and its primary lending products are residential mortgage, commercial, and installment loans. Substantially all loans are secured by specific items of collateral including business assets, consumer assets and real estate and are not considered “sub prime” type loans. The targeted lending areas of our Bank operations encompass four separate metropolitan areas, minimizing the risk to changes in economic conditions in the communities housing the Company’s 20 branch locations. | ||||||||||||||
The Company’s primary deposit products are checking, savings and term certificate accounts and its primary lending products are residential mortgage, commercial and installment loans. Substantially all loans are secured by specific items of collateral including business assets, consumer assets and real estate. Commercial loans are expected to be repaid from cash flow from operations of businesses. Real estate loans are secured by both residential and commercial real estate. Net interest income is affected by the relative amount of interest-earning assets and interest-bearing liabilities and the interest received or paid on these balances. The level of interest rates paid or received by the Company can be significantly influenced by a number of environmental factors, such as governmental monetary and fiscal policies, that are outside of management’s control. | ||||||||||||||
Use of Estimates | ||||||||||||||
To prepare financial statements in conformity with accounting principles generally accepted in the United States of America, management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided and future results could differ. The allowance for loan losses and fair values of financial instruments are particularly subject to change. | ||||||||||||||
Loans | ||||||||||||||
Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoffs are reported at their outstanding principal balances adjusted for unearned income, charge-offs, the allowance for loan losses, any unamortized deferred fees or costs on originated loans and unamortized premiums or discounts on purchased loans. | ||||||||||||||
For loans amortized at cost, interest income is accrued based on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, as well as premiums and discounts, are deferred and amortized as a level yield adjustment over the respective term of the loan. | ||||||||||||||
For all loan classes, the accrual of interest is discontinued at the time the loan is 90 days past due unless the credit is well-secured and in process of collection. Past due status is based on contractual terms of the loan. For all loan classes, the entire balance of the loan is considered past due if the minimum payment contractually required to be paid is not received by the contractual due date. For all loan classes, loans are placed on nonaccrual or charged off at an earlier date if collection of principal or interest is considered doubtful. | ||||||||||||||
Management’s general practice is to proactively charge down loans individually evaluated for impairment to the fair value of the underlying collateral. Consistent with regulatory guidance, charge-offs on all loan segments are taken when specific loans, or portions thereof, are considered uncollectible. The Company’s policy is to promptly charge these loans off in the period the uncollectible loss is reasonably determined. | ||||||||||||||
For all loan portfolio segments except residential and consumer loans, the Company promptly charges-off loans, or portions thereof, when available information confirms that specific loans are uncollectible based on information that includes, but is not limited to, (1) the deteriorating financial condition of the borrower, (2) declining collateral values, and/or (3) legal action, including bankruptcy, that impairs the borrower’s ability to adequately meet its obligations. For impaired loans that are considered to be solely collateral dependent, a partial charge-off is recorded when a loss has been confirmed by an updated appraisal or other appropriate valuation of the collateral. | ||||||||||||||
The Company charges-off residential and consumer loans when the Company reasonably determines the amount of the loss. The Company adheres to timeframes established by applicable regulatory guidance which provides for the charge-down of 1-4 family first and junior lien mortgages to the net realizable value less costs to sell when the loan is 120 days past due, charge-off of unsecured open-end loans when the loan is 120 days past due, and charge down to the net realizable value when other secured loans are 120 days past due. Loans at these respective delinquency thresholds for which the Company can clearly document that the loan is both well-secured and in the process of collection, such that collection will occur regardless of delinquency status, need not be charged off. | ||||||||||||||
For all classes, all interest accrued but not collected for loans that are placed on nonaccrual or charged off are reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Nonaccrual loans are returned to accrual status when, in the opinion of management, the financial position of the borrower indicates there is no longer any reasonable doubt as to the timely collection of interest or principal. The Company requires a period of satisfactory performance of not less than six months before returning a nonaccrual loan to accrual status. | ||||||||||||||
When cash payments are received on impaired loans in each loan class, the Company records the payment as interest income unless collection of the remaining recorded principal amount is doubtful, at which time payments are used to reduce the principal balance of the loan. Troubled debt restructured loans recognize interest income on an accrual basis at the renegotiated rate if the loan is in compliance with the modified terms, no principal reduction has been granted and the loan has demonstrated the ability to perform in accordance with the renegotiated terms for a period of at least six months. | ||||||||||||||
Allowance for Loan Losses | ||||||||||||||
The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to income. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. | ||||||||||||||
The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. | ||||||||||||||
The allowance consists of allocated and general components. The allocated component relates to loans that are classified as impaired. For those 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 general component covers non-impaired loans and is based on historical charge-off experience by segment. The historical loss experience is determined by portfolio segment and is based on the actual loss history experienced by the Company over the prior three years. Management believes the three year historical loss experience methodology is appropriate in the current economic environment. Other adjustments (qualitative/environmental considerations) for each segment may be added to the allowance for each loan segment after an assessment of internal or external influences on credit quality that are not fully reflected in the historical loss or risk rating data. | ||||||||||||||
A loan is considered 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 based on the loan’s current payment status and the borrower’s financial condition including available sources of cash flows. 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 loan 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 for non-homogenous type loans such as commercial, non-owner residential and construction loans by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price or the fair value of the collateral if the loan is collateral dependent. For impaired loans where the Company utilizes the discounted cash flows to determine the level of impairment, the Company includes the entire change in the present value of cash flows as bad debt expense. | ||||||||||||||
The fair values of collateral dependent impaired loans are based on independent appraisals of the collateral. In general, the Company acquires an updated appraisal upon identification of impairment and annually thereafter for commercial, commercial real estate and multi-family loans. If the most recent appraisal is over a year old, and a new appraisal is not performed, due to lack of comparable values or other reasons, the existing appraisal is utilized and discounted generally 10% -35% based on the age of the appraisal, condition of the subject property, and overall economic conditions. After determining the collateral value as described, the fair value is calculated based on the determined collateral value less selling expenses. The potential for outdated appraisal values is considered in our determination of the allowance for loan losses through our analysis of various trends and conditions including the local economy, trends in charge-offs and delinquencies, etc. and the related qualitative adjustments assigned by the Company. | ||||||||||||||
Segments of loans with similar risk characteristics are collectively evaluated for impairment based on the segment’s historical loss experience adjusted for changes in trends, conditions and other relevant factors that affect repayment of the loans. Accordingly, the Company does not separately identify individual consumer and residential loans for impairment measurements, unless such loans are the subject of a restructuring agreement due to financial difficulties of the borrower. | ||||||||||||||
In the course of working with borrowers, the Company may choose to restructure the contractual terms of certain loans. In this scenario, the Company attempts to work-out an alternative payment schedule with the borrower in order to optimize collectability of the loan. Any loans that are modified are reviewed by the Company to identify if a troubled debt restructuring (“TDR”) has occurred, which is when, for economic or legal reasons related to a borrower’s financial difficulties, the Company grants a concession to the borrower that it would not otherwise consider. Terms may be modified to fit the ability of the borrower to repay in line with its current financial status and the restructuring of the loan may include the transfer of assets from the borrower to satisfy the debt, a modification of loan terms, or a combination of the two. If such efforts by the Company do not result in a satisfactory arrangement, the loan is referred to legal counsel, at which time foreclosure proceedings are initiated. At any time prior to a sale of the property at foreclosure, the Company may terminate foreclosure proceedings if the borrower is able to work-out a satisfactory payment plan. | ||||||||||||||
It is the Company’s policy to have any restructured loans which are on nonaccrual status prior to being restructured remain on nonaccrual status until six months of satisfactory borrower performance at which time management would consider its return to accrual status. If a loan was accruing at the time of restructuring, the Company reviews the loan to determine if it is appropriate to continue the accrual of interest on the restructured loan. | ||||||||||||||
With regard to determination of the amount of the allowance for credit losses, trouble debt restructured loans are considered to be impaired. As a result, the determination of the amount of impaired loans for each portfolio segment within troubled debt restructurings is the same as detailed previously. | ||||||||||||||
Earnings Per Share | ||||||||||||||
Basic earnings per share represents income available to common stockholders divided by the weighted-average number of common shares outstanding during each period. Diluted earnings per share reflects additional potential common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. Potential common shares that may be issued by the Company relate to outstanding stock options and restricted stock awards and are determined using the treasury stock method. | ||||||||||||||
Treasury stock shares, deferred compensation shares and unearned ESOP shares are not deemed outstanding for earnings per share calculations. | ||||||||||||||
Three months ended | Nine months ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
(In thousands, except share and per share data) | ||||||||||||||
Basic | ||||||||||||||
Net income | $ | 1,079 | $ | 451 | $ | 2,013 | $ | 1,943 | ||||||
Dividends on non-vested | -12 | -12 | -37 | -62 | ||||||||||
restricted stock | ||||||||||||||
Net income allocated to | $ | 1,067 | $ | 439 | $ | 1,976 | $ | 1,881 | ||||||
stockholders | ||||||||||||||
Weighted average common | 4,804,957 | 4,784,815 | 4,805,811 | 4,778,577 | ||||||||||
shares outstanding | ||||||||||||||
Basic earnings per | $ | 0.22 | $ | 0.09 | $ | 0.41 | $ | 0.39 | ||||||
common share | ||||||||||||||
Diluted | ||||||||||||||
Net income allocated to | $ | 1,067 | $ | 439 | $ | 1,976 | $ | 1,881 | ||||||
stockholders | ||||||||||||||
Weighted average common | 4,804,957 | 4,784,815 | 4,805,811 | 4,778,577 | ||||||||||
shares outstanding for basic earnings per | ||||||||||||||
common share | ||||||||||||||
Add: Dilutive effects of | 59,664 | 69,826 | 59,664 | 70,602 | ||||||||||
assumed exercise of stock options and | ||||||||||||||
restricted stock | ||||||||||||||
Average shares and | 4,864,621 | 4,854,641 | 4,865,475 | 4,849,179 | ||||||||||
dilutive potential common shares | ||||||||||||||
Diluted earnings per | $ | 0.22 | $ | 0.09 | $ | 0.41 | $ | 0.39 | ||||||
common share | ||||||||||||||
Options to purchase 53,714 shares of common stock at a weighted-average exercise price of $10.34 per share were outstanding at both September 30, 2013 and 2012, but were not included in the computation of diluted earnings per share because the options’ exercise price was greater than the average market price of the common shares. | ||||||||||||||
Income Taxes | ||||||||||||||
The Company is subject to income taxes in the U.S. federal jurisdiction, as well as various state jurisdictions. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. With few exceptions, the Company is no longer subject to U.S. federal, state and local income tax examinations by tax authorities for the years before 2010. | ||||||||||||||
Recent Accounting Pronouncements | ||||||||||||||
FASB ASU 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. The ASU amends the guidance in the FASB Accounting Standards Codification (FASB ASC) Topic 220, entitled Comprehensive Income. The goal behind development of the ASU 2013-02 amendments is to improve the transparency of reporting reclassification out of accumulated other comprehensive income. For public companies, the ASU 2013-02 amendments are effective in reporting periods beginning after December 15, 2012. Earlier implementation of the guidance is allowed. The Company adopted FASB ASU 2013-02 as required, without a material effect on the Company’s financial condition or results of operations. | ||||||||||||||
Securities
Securities | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Trading Securities [Abstract] | ' | |||||||||||||||||||
Securities | ' | |||||||||||||||||||
Note 2: | Securities | |||||||||||||||||||
The amortized cost and approximate fair values, together with gross unrealized gains and losses of securities are as follows: | ||||||||||||||||||||
Amortized Cost | Gross | Gross | Approximate | |||||||||||||||||
Unrealized | Unrealized | Fair Value | ||||||||||||||||||
Gains | Losses | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Available-for-sale Securities: | ||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||
U.S. government agencies | $ | 21,000 | $ | – | $ | -626 | $ | 20,374 | ||||||||||||
State and political subdivisions | 7,226 | 217 | – | 7,443 | ||||||||||||||||
Equity securities | 4 | 23 | – | 27 | ||||||||||||||||
$ | 28,230 | $ | 240 | $ | -626 | $ | 27,844 | |||||||||||||
Available-for-sale Securities: | ||||||||||||||||||||
December 31, 2012: | ||||||||||||||||||||
U.S. government agencies | $ | 23,980 | $ | 93 | $ | -3 | $ | 24,070 | ||||||||||||
State and political subdivisions | 10,345 | 414 | – | 10,759 | ||||||||||||||||
Equity securities | 4 | 20 | – | 24 | ||||||||||||||||
$ | 34,329 | $ | 527 | $ | -3 | $ | 34,853 | |||||||||||||
Amortized Cost | Gross | Gross | Approximate | |||||||||||||||||
Unrealized | Unrealized | Fair Value | ||||||||||||||||||
Gains | Losses | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Held-to-maturity Securities: | ||||||||||||||||||||
September 30, 2013: | ||||||||||||||||||||
State and political subdivisions | $ | 2,294 | $ | 26 | $ | – | $ | 2,320 | ||||||||||||
December 31, 2012: | ||||||||||||||||||||
State and political subdivisions | $ | 2,768 | $ | 72 | $ | – | $ | 2,840 | ||||||||||||
The amortized cost and fair value of available-for-sale securities and held-to-maturity securities at September 30, 2013, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. | ||||||||||||||||||||
Available-for-sale | Held-to-maturity | |||||||||||||||||||
Amortized | Fair | Amortized | Fair | |||||||||||||||||
Cost | Value | Cost | Value | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Within one year | $ | 739 | $ | 741 | $ | 1,340 | $ | 1,347 | ||||||||||||
One to five years | 4,693 | 4,780 | 954 | 973 | ||||||||||||||||
Five to ten years | 16,794 | 16,466 | – | – | ||||||||||||||||
After ten years | 6,000 | 5,830 | – | – | ||||||||||||||||
Equity securities | 4 | 27 | – | – | ||||||||||||||||
Totals | $ | 28,230 | $ | 27,844 | $ | 2,294 | $ | 2,320 | ||||||||||||
The carrying value of securities pledged as collateral, to secure public deposits and for other purposes, was $30.1 million and $25.5 million at September 30, 2013 and December 31, 2012, respectively. | ||||||||||||||||||||
Certain investments in debt securities are reported in the financial statements at an amount less than their historical cost. The total fair value of these investments at September 30, 2013 and December 31, 2012, was $20.4 million and $3.0 million, which represented approximately 67.60% and 8.00%, respectively, of the Company’s available-for-sale and held-to-maturity investment portfolio. | ||||||||||||||||||||
Based on evaluation of available evidence, including recent changes in market interest rates, credit rating information and information obtained from regulatory filings, management believes the declines in fair value for these securities are temporary and are a result on an increase in longer term interest rates during third quarter of 2013. | ||||||||||||||||||||
Should the impairment of any of these securities become other-than-temporary, the cost basis of the investment will be reduced and the resulting loss recognized in net income in the period the other-than-temporary impairment is identified. | ||||||||||||||||||||
The following tables show the Company’s investments’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2013 and December 31, 2012: | ||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||
Description of | Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | ||||||||||||||
Securities | Losses | Losses | Losses | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
U.S. Government agencies | $ | – | $ | – | $ | 20,373 | $ | -626 | $ | 20,373 | $ | -626 | ||||||||
December 31, 2012 | ||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||
Description of | Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | ||||||||||||||
Securities | Losses | Losses | Losses | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
U.S. Government agencies | $ | 2,997 | $ | -3 | $ | – | $ | – | $ | 2,997 | $ | -3 | ||||||||
The unrealized losses on the Company’s investments in U.S. Government agency were caused primarily by interest rate changes. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than the amortized cost bases of the investments. Because the Company does not intend to sell the investments and it is not more likely than not the Company will be required to sell the investments before recovery of their amortized cost bases, which may be maturity, the Company does not consider those investments to be other-than-temporarily impaired at September 30, 2013 and December 31, 2012. | ||||||||||||||||||||
Loans_and_Allowance_for_Loan_L
Loans and Allowance for Loan Losses | 9 Months Ended | ||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||
Loans and Allowance For Loan Losses [Abstract] | ' | ||||||||||||||||||||||
Loans and Allowance for Loan Losses | ' | ||||||||||||||||||||||
Note 3: | Loans and Allowance for Loan Losses | ||||||||||||||||||||||
Categories of loans include: | |||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Commercial loans | $ | 53,993 | $ | 47,130 | |||||||||||||||||||
Commercial real estate | 136,225 | 144,144 | |||||||||||||||||||||
Residential real estate | 80,282 | 73,623 | |||||||||||||||||||||
Installment loans | 27,609 | 31,585 | |||||||||||||||||||||
Total gross loans | 298,109 | 296,482 | |||||||||||||||||||||
Less allowance for loan losses | -2,965 | -2,708 | |||||||||||||||||||||
Total loans | $ | 295,144 | $ | 293,774 | |||||||||||||||||||
The risk characteristics of each loan portfolio segment are as follows: | |||||||||||||||||||||||
Commercial | |||||||||||||||||||||||
Commercial loans are primarily based on the identified cash flows of the borrower and secondarily on the underlying collateral provided by the borrower. The cash flows of borrowers, however, may not be as expected and the collateral securing these loans may fluctuate in value. Most commercial loans are secured by the assets being financed or other business assets, such as accounts receivable or inventory, and may include a personal guarantee. Short-term loans may be made on an unsecured basis. In the case of loans secured by accounts receivable, the availability of funds for the repayment of these loans may be substantially dependent on the ability of the borrower to collect amounts due from its customers. | |||||||||||||||||||||||
Commercial Real Estate | |||||||||||||||||||||||
Commercial real estate loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Commercial real estate lending typically involves higher loan principal amounts and the repayment of these loans is generally dependent on the successful operation of the property securing the loan or the business conducted on the property securing the loan. Commercial real estate loans may be more adversely affected by conditions in the real estate markets or in the general economy. The characteristics of properties securing the Company’s commercial real estate portfolio are diverse, but with geographic location almost entirely in the Company’s market area. Management monitors and evaluates commercial real estate loans based on collateral, geography and risk grade criteria. In general, the Company avoids financing single purpose projects unless other underwriting factors are present to help mitigate risk. In addition, management tracks the level of owner-occupied commercial real estate versus nonowner-occupied loans. | |||||||||||||||||||||||
Residential and Consumer | |||||||||||||||||||||||
Residential and consumer loans consist of two segments - residential mortgage loans and personal loans. For residential mortgage loans that are secured by 1-4 family residences and are generally owner-occupied, the Company generally establishes a maximum loan-to-value ratio and requires private mortgage insurance if that ratio is exceeded. Home equity loans are typically secured by a subordinate interest in 1-4 family residences, and consumer personal loans are secured by consumer personal assets, such as automobiles or recreational vehicles. Some consumer personal loans are unsecured, such as small installment loans and certain lines of credit. Repayment of these loans is primarily dependent on the personal income of the borrowers, which can be impacted by economic conditions in their market areas, such as unemployment levels. Repayment can also be impacted by changes in property values on residential properties. Risk is mitigated by the fact that the loans are of smaller individual amounts and spread over a large number of borrowers. | |||||||||||||||||||||||
Allowance for Loan Losses and Recorded Investment in Loans | |||||||||||||||||||||||
As of and for the three and nine month periods ended September 30, 2013 | |||||||||||||||||||||||
Commercial | Commercial | Installment | Residential | Unallocated | Total | ||||||||||||||||||
Real Estate | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||
Balance, July 1, 2013 | $ | 1,191 | $ | 1,213 | $ | 181 | $ | 120 | $ | 563 | $ | 3,268 | |||||||||||
Provision charged to | -272 | 560 | 93 | 48 | -75 | 354 | |||||||||||||||||
expense | |||||||||||||||||||||||
Losses charged off | -520 | -10 | -110 | -44 | – | -684 | |||||||||||||||||
Recoveries | – | 4 | 21 | 2 | – | 27 | |||||||||||||||||
Balance, September 30, 2013 | $ | 399 | $ | 1,767 | $ | 185 | $ | 126 | $ | 488 | $ | 2,965 | |||||||||||
Balance, January 1, 2013 | $ | 598 | $ | 1,347 | $ | 200 | $ | 116 | $ | 447 | $ | 2,708 | |||||||||||
Provision charged to | 319 | 456 | 131 | 66 | 41 | 1,013 | |||||||||||||||||
expense | |||||||||||||||||||||||
Losses charged off | -520 | -47 | -271 | -59 | – | -897 | |||||||||||||||||
Recoveries | 2 | 11 | 125 | 3 | – | 141 | |||||||||||||||||
Balance, September 30, 2013 | $ | 399 | $ | 1,767 | $ | 185 | $ | 126 | $ | 488 | $ | 2,965 | |||||||||||
Ending balance: individually | $ | 244 | $ | 1,376 | $ | – | $ | – | $ | – | $ | 1,620 | |||||||||||
evaluated for impairment | |||||||||||||||||||||||
Ending balance: collectively | $ | 155 | $ | 391 | $ | 185 | $ | 126 | $ | 488 | $ | 1,345 | |||||||||||
evaluated for impairment | |||||||||||||||||||||||
Loans: | |||||||||||||||||||||||
Ending balance: individually | $ | 609 | $ | 6,103 | $ | – | $ | – | $ | – | $ | 6,712 | |||||||||||
evaluated for impairment | |||||||||||||||||||||||
Ending balance: collectively | $ | 53,384 | $ | 130,122 | $ | 27,609 | $ | 80,282 | $ | – | $ | 291,397 | |||||||||||
evaluated for impairment | |||||||||||||||||||||||
Allowance for Loan Losses for the three and nine month periods ended September 30, 2012 | |||||||||||||||||||||||
Commercial | Commercial | Installment | Residential | Unallocated | Total | ||||||||||||||||||
Real Estate | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Balance, July 1, 2012 | $ | 418 | $ | 1,622 | $ | 226 | $ | 99 | $ | 284 | $ | 2,649 | |||||||||||
Provision charged to | 46 | 168 | 43 | 67 | -56 | 268 | |||||||||||||||||
expense | |||||||||||||||||||||||
Losses charged off | -67 | -49 | -86 | -55 | – | -257 | |||||||||||||||||
Recoveries | 83 | 7 | 22 | 1 | – | 113 | |||||||||||||||||
Balance, September 30, 2012 | $ | 480 | $ | 1,748 | $ | 205 | $ | 112 | $ | 228 | $ | 2,773 | |||||||||||
Balance, January 1, 2012 | $ | 183 | $ | 2,321 | $ | 235 | $ | 95 | $ | 87 | $ | 2,921 | |||||||||||
Provision charged to | 275 | 222 | 33 | 98 | 141 | 769 | |||||||||||||||||
expense | |||||||||||||||||||||||
Losses charged off | -67 | -804 | -206 | -84 | – | -1,161 | |||||||||||||||||
Recoveries | 89 | 9 | 143 | 3 | – | 244 | |||||||||||||||||
Balance, September 30, 2012 | $ | 480 | $ | 1,748 | $ | 205 | $ | 112 | $ | 228 | $ | 2,773 | |||||||||||
Allowance for Loan Losses and Recorded Investment in Loans | |||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||
Commercial | Commercial | Installment | Residential | Unallocated | Total | ||||||||||||||||||
Real Estate | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||
Ending balance: individually | $ | 458 | $ | 916 | $ | – | $ | – | $ | – | $ | 1,374 | |||||||||||
evaluated for impairment | |||||||||||||||||||||||
Ending balance: collectively | $ | 140 | $ | 431 | $ | 200 | $ | 116 | $ | 447 | $ | 1,334 | |||||||||||
evaluated for impairment | |||||||||||||||||||||||
Loans: | |||||||||||||||||||||||
Ending balance: individually | $ | 1,015 | $ | 5,943 | $ | – | $ | – | $ | – | $ | 6,958 | |||||||||||
evaluated for impairment | |||||||||||||||||||||||
Ending balance: collectively | $ | 46,115 | $ | 138,201 | $ | 31,585 | $ | 73,623 | $ | – | $ | 289,524 | |||||||||||
evaluated for impairment | |||||||||||||||||||||||
The following tables show the portfolio quality indicators. | |||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||
Loan Class | Commercial | Commercial | Residential | Installment | Total | ||||||||||||||||||
Real Estate | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Pass Grade | $ | 50,642 | $ | 125,959 | $ | 80,282 | $ | 27,609 | $ | 284,492 | |||||||||||||
Special Mention | 2,724 | 3,906 | – | – | 6,630 | ||||||||||||||||||
Substandard | 627 | 6,360 | – | – | 6,987 | ||||||||||||||||||
Doubtful | – | – | – | – | – | ||||||||||||||||||
$ | 53,993 | $ | 136,225 | $ | 80,282 | $ | 27,609 | $ | 298,109 | ||||||||||||||
December 31, 2012 | |||||||||||||||||||||||
Loan Class | Commercial | Commercial | Residential | Installment | Total | ||||||||||||||||||
Real Estate | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Pass Grade | $ | 43,364 | $ | 133,402 | $ | 73,623 | $ | 31,585 | $ | 281,974 | |||||||||||||
Special Mention | 2,698 | 3,005 | – | – | 5,703 | ||||||||||||||||||
Substandard | 1,068 | 7,737 | – | – | 8,805 | ||||||||||||||||||
Doubtful | – | – | – | – | – | ||||||||||||||||||
$ | 47,130 | $ | 144,144 | $ | 73,623 | $ | 31,585 | $ | 296,482 | ||||||||||||||
To facilitate the monitoring of credit quality within the loan portfolio, and for purposes of analyzing historical loss rates used in the determination of the ALLL, the Company utilizes the following categories of credit grades: pass, special mention, substandard, and doubtful. The four categories, which are derived from standard regulatory rating definitions, are assigned upon initial approval of credit to borrowers and updated periodically thereafter. Pass ratings, which are assigned to those borrowers that do not have identified potential or well defined weaknesses and for which there is a high likelihood of orderly repayment, are updated periodically based on the size and credit characteristics of the borrower. All other categories are updated on at least a quarterly basis. | |||||||||||||||||||||||
The Company assigns a special mention rating to loans that have potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may, at some future date, result in the deterioration of the repayment prospects for the loan or the Company’s credit position. | |||||||||||||||||||||||
The Company assigns a substandard rating to loans that are inadequately protected by the current sound worth and paying capacity of the borrower or of the collateral pledged. Substandard loans have well defined weaknesses or weaknesses that could jeopardize the orderly repayment of the debt. Loans and leases in this grade also are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies noted are not addressed and corrected. | |||||||||||||||||||||||
The Company assigns a doubtful rating to loans that have all the attributes of a substandard rating with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The possibility of loss is extremely high, but because of certain important and reasonable specific pending factors that may work to the advantage of and strengthen the credit quality of the loan or lease, its classification as an estimated loss is deferred until its more exact status may be determined. Pending factors may include a proposed merger or acquisition, liquidation proceeding, capital injection, perfecting liens on additional collateral or refinancing plans. | |||||||||||||||||||||||
The Company evaluates the loan risk grading system definitions and allowance for loan losses methodology on an ongoing basis. No significant changes were made to either during the past year to date period. | |||||||||||||||||||||||
Loan Portfolio Aging Analysis | |||||||||||||||||||||||
As of September 30, 2013 | |||||||||||||||||||||||
30-59 Days | 60-89 Days | Greater | Non | Total Past | Current | Total Loans | |||||||||||||||||
Past Due | Past Due | Than 90 | Accrual | Due and | Receivable | ||||||||||||||||||
and | and | Days and | Non Accrual | ||||||||||||||||||||
Accruing | Accruing | Accruing | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Commercial | $ | 427 | $ | 3 | $ | 84 | $ | 320 | $ | 834 | $ | 53,159 | $ | 53,993 | |||||||||
Commercial real | 217 | – | 105 | 760 | 1,082 | 135,143 | 136,225 | ||||||||||||||||
estate | |||||||||||||||||||||||
Installment | 92 | 55 | – | 85 | 232 | 25,662 | 27,609 | ||||||||||||||||
Residential | 281 | 17 | – | 1,649 | 1,947 | 80,050 | 80,282 | ||||||||||||||||
Total | $ | 1,017 | $ | 75 | $ | 189 | $ | 2,814 | $ | 4,095 | $ | 294,014 | $ | 298,109 | |||||||||
Loan Portfolio Aging Analysis | |||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||
30-59 Days | 60-89 Days | Greater | Non | Total Past | Current | Total Loans | |||||||||||||||||
Past Due | Past Due | Than 90 | Accrual | Due and | Receivable | ||||||||||||||||||
and | and | Days and | Non Accrual | ||||||||||||||||||||
Accruing | Accruing | Accruing | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Commercial | $ | 144 | $ | – | $ | 84 | $ | 541 | $ | 769 | $ | 46,361 | $ | 47,130 | |||||||||
Commercial real | 87 | – | – | 1,114 | 1,201 | 142,943 | 144,144 | ||||||||||||||||
estate | |||||||||||||||||||||||
Installment | 189 | 11 | – | 41 | 241 | 73,382 | 73,623 | ||||||||||||||||
Residential | 1,088 | 91 | – | 1,564 | 2,743 | 28,842 | 31,585 | ||||||||||||||||
Total | $ | 1,508 | $ | 102 | $ | 84 | $ | 3,260 | $ | 4,954 | $ | 291,528 | $ | 296,482 | |||||||||
A loan is considered impaired, in accordance with the impairment accounting guidance (ASC 310-10-35-16), when based on current information and events, it is probable the Company will be unable to collect all amounts due from the borrower in accordance with the contractual terms of the loan. Impaired loans include nonperforming commercial loans but also include loans modified in troubled debt restructurings where concessions have been granted to borrowers experiencing financial difficulties. These concessions could include a reduction in the interest rate on the loan, payment extensions, forgiveness of principal, forbearance or other actions intended to maximize collection. | |||||||||||||||||||||||
Impaired Loans | |||||||||||||||||||||||
As of September 30, 2013 | For the three months ended | For the nine months ended | |||||||||||||||||||||
September 30, 2013 | September 30, 2013 | ||||||||||||||||||||||
Recorded | Unpaid | Specific | Average | Interest | Average | Interest | |||||||||||||||||
Balance | Principal | Allowance | Investment in | Income | Investment in | Income | |||||||||||||||||
Balance | Impaired Loans | Recognized | Impaired Loans | Recognized | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Loans without a specific | |||||||||||||||||||||||
valuation allowance: | |||||||||||||||||||||||
Commercial | $ | 84 | $ | 84 | $ | – | $ | 84 | $ | – | $ | 84 | $ | 1 | |||||||||
Commercial real estate | 1,074 | 1,086 | – | 1,076 | 21 | 1,155 | 49 | ||||||||||||||||
Residential | – | – | – | – | – | – | – | ||||||||||||||||
Installment | – | – | – | – | – | – | – | ||||||||||||||||
1,158 | 1,170 | – | 1,160 | 21 | 1,239 | 50 | |||||||||||||||||
Loans with a specific | |||||||||||||||||||||||
valuation allowance: | |||||||||||||||||||||||
Commercial | 525 | 525 | 244 | 498 | 17 | 510 | 23 | ||||||||||||||||
Commercial real estate | 5,029 | 5,029 | 1,376 | 5,173 | 43 | 5,237 | 169 | ||||||||||||||||
Residential | – | – | – | – | – | – | – | ||||||||||||||||
Installment | – | – | – | – | – | – | – | ||||||||||||||||
5,554 | 5,554 | 1,620 | 5,671 | 60 | 5,747 | 192 | |||||||||||||||||
Total: | |||||||||||||||||||||||
Commercial | $ | 609 | $ | 609 | $ | 244 | $ | 582 | $ | 17 | $ | 594 | $ | 24 | |||||||||
Commercial real estate | $ | 6,103 | $ | 6,115 | $ | 1,376 | $ | 6,249 | $ | 64 | $ | 6,392 | $ | 218 | |||||||||
Residential | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | |||||||||
Installment | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | |||||||||
For the Three and Nine Months Ended September 30, 2013 and 2012 | |||||||||||||||||||||||
As of December 31, 2012 | For the three months ended | For the nine months ended | |||||||||||||||||||||
September 30, 2012 | September 30, 2012 | ||||||||||||||||||||||
Recorded | Unpaid | Specific | Average | Interest | Average | Interest | |||||||||||||||||
Balance | Principal | Allowance | Investment in | Income | Investment in | Income | |||||||||||||||||
Balance | Impaired Loans | Recognized | Impaired Loans | Recognized | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Loans without a | |||||||||||||||||||||||
specific valuation | |||||||||||||||||||||||
allowance: | |||||||||||||||||||||||
Commercial | $ | 361 | $ | 361 | $ | – | $ | 393 | $ | 5 | $ | 445 | $ | 23 | |||||||||
Commercial real estate | 1,546 | 1,546 | – | 2,160 | 78 | 2,404 | 164 | ||||||||||||||||
Residential | – | – | – | 19 | – | 19 | – | ||||||||||||||||
Installment | – | – | – | – | – | – | – | ||||||||||||||||
1,907 | 1,907 | – | 2,572 | 83 | 2,868 | 187 | |||||||||||||||||
Loans with a | |||||||||||||||||||||||
specific valuation | |||||||||||||||||||||||
allowance: | |||||||||||||||||||||||
Commercial | 654 | 654 | 458 | 664 | – | 545 | 11 | ||||||||||||||||
Commercial real estate | 4,397 | 4,397 | 916 | 4,362 | 8 | 4,651 | 107 | ||||||||||||||||
Residential | – | – | – | 40 | – | 40 | – | ||||||||||||||||
Installment | – | – | – | – | – | – | – | ||||||||||||||||
5,051 | 5,051 | 1,374 | 5,066 | 8 | 5,236 | 118 | |||||||||||||||||
Total: | |||||||||||||||||||||||
Commercial | $ | 1,015 | $ | 1,015 | $ | 458 | $ | 1,057 | $ | 5 | $ | 990 | $ | 34 | |||||||||
Commercial real estate | $ | 5,943 | $ | 5,943 | $ | 916 | $ | 6,522 | $ | 86 | $ | 7,055 | $ | 271 | |||||||||
Residential | $ | – | $ | – | $ | – | $ | 59 | $ | – | $ | 59 | $ | – | |||||||||
Installment | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | |||||||||
Interest income recognized on a cash basis was not materiality different than interest income recognized. | |||||||||||||||||||||||
For the TDRs noted in the tables below, the Company extended the maturity dates and granted interest rate concessions as part of each of those loan restructurings. The loans included in the tables are considered impaired and specific loss calculations are performed on the individual loans. In conjunction with the restructuring there were no amounts charged-off. | |||||||||||||||||||||||
Three Months ended September 30, 2013 | |||||||||||||||||||||||
Number of | Pre- Modification | Post-Modification | |||||||||||||||||||||
Contracts | Outstanding | Outstanding | |||||||||||||||||||||
Recorded | Recorded | ||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Commercial | – | $ | – | $ | – | ||||||||||||||||||
Commercial real estate | 2 | 2,887 | 2,887 | ||||||||||||||||||||
Residential | – | – | – | ||||||||||||||||||||
Installment | – | – | – | ||||||||||||||||||||
Three Months ended September 30, 2013 | |||||||||||||||||||||||
Interest | Term | Combination | Total | ||||||||||||||||||||
Only | Modification | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Commercial | $ | – | $ | – | $ | – | $ | – | |||||||||||||||
Commercial real estate | – | 2,887 | – | 2,887 | |||||||||||||||||||
Residential | – | – | – | – | |||||||||||||||||||
Consumer | – | – | – | – | |||||||||||||||||||
Nine Months ended September 30, 2013 | |||||||||||||||||||||||
Number of | Pre- Modification | Post-Modification | |||||||||||||||||||||
Contracts | Outstanding | Outstanding | |||||||||||||||||||||
Recorded | Recorded | ||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Commercial | – | $ | – | $ | – | ||||||||||||||||||
Commercial real estate | 3 | 3,320 | 3,320 | ||||||||||||||||||||
Residential | – | – | – | ||||||||||||||||||||
Installment | – | – | – | ||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||
Interest | Term | Combination | Total | ||||||||||||||||||||
Only | Modification | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Commercial | $ | – | $ | – | $ | – | $ | – | |||||||||||||||
Commercial real estate | – | 3,320 | – | 3,320 | |||||||||||||||||||
Residential | – | – | – | – | |||||||||||||||||||
Consumer | – | – | – | – | |||||||||||||||||||
For the Three and Nine Months Ended September 30, 2013 and 2012 | |||||||||||||||||||||||
Three Months ended September 30, 2012 | |||||||||||||||||||||||
Number of | Pre- Modification | Post-Modification | |||||||||||||||||||||
Contracts | Outstanding | Outstanding | |||||||||||||||||||||
Recorded | Recorded | ||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Commercial | 3 | $ | 152 | $ | 66 | ||||||||||||||||||
Commercial real estate | – | – | – | ||||||||||||||||||||
Residential | – | – | – | ||||||||||||||||||||
Installment | – | – | – | ||||||||||||||||||||
Three Months Ended September 30, 2012 | |||||||||||||||||||||||
Interest | Term | Combination | Total | ||||||||||||||||||||
Only | Modification | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Commercial | $ | – | $ | – | $ | 66 | $ | 66 | |||||||||||||||
Commercial real estate | – | – | – | – | |||||||||||||||||||
Residential | – | – | – | – | |||||||||||||||||||
Consumer | – | – | – | – | |||||||||||||||||||
Nine Months ended September 30, 2012 | |||||||||||||||||||||||
Number of | Pre- Modification | Post-Modification | |||||||||||||||||||||
Contracts | Outstanding | Outstanding | |||||||||||||||||||||
Recorded | Recorded | ||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Commercial | 3 | $ | 152 | $ | 66 | ||||||||||||||||||
Commercial real estate | 2 | 74 | 16 | ||||||||||||||||||||
Residential | – | – | – | ||||||||||||||||||||
Installment | – | – | – | ||||||||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||||
Interest | Term | Combination | Total | ||||||||||||||||||||
Only | Modification | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Commercial | $ | – | $ | – | $ | 66 | $ | 66 | |||||||||||||||
Commercial real estate | – | 16 | – | 16 | |||||||||||||||||||
Residential | – | – | – | – | |||||||||||||||||||
Consumer | – | – | – | – | |||||||||||||||||||
During the nine months ended September 30, 2013, troubled debt restructurings described above increased the allowance for loan losses by $69,000. During the nine months ended September 30, 2012, troubled debt restructurings described above increased the allowance for loan losses by $24,000. | |||||||||||||||||||||||
At September 30, 2013 and 2012 and for three and nine month periods then ended, there were no material defaults of any troubled debt restructurings that were modified in the last 12 months. The Company generally considers TDR’s that become 90 days or more past due under the modified terms as subsequently defaulted. | |||||||||||||||||||||||
Benefit_Plans
Benefit Plans | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Benefit Plans [Abstract] | ' | |||||||||||||
Benefit Plans | ' | |||||||||||||
Note 4: | Benefit Plans | |||||||||||||
Pension expense includes the following: | ||||||||||||||
Three months ended | Nine months ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
(In thousands) | ||||||||||||||
Service cost | $ | 90 | $ | 89 | $ | 270 | $ | 267 | ||||||
Interest cost | 41 | 45 | 123 | 135 | ||||||||||
Expected return on assets | -64 | -57 | -192 | -171 | ||||||||||
Amortization of prior | 43 | 43 | 129 | 129 | ||||||||||
service cost and net loss | ||||||||||||||
Pension expense | $ | 110 | $ | 120 | $ | 330 | $ | 360 | ||||||
Offbalancesheet_Activities
Off-balance-sheet Activities | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Off Balance Sheet Activities [Abstract] | ' | |||||||
Off-balance-sheet Activities | ' | |||||||
Note 5: | Off-balance-sheet Activities | |||||||
Some financial instruments, such as loan commitments, credit lines, letters of credit and overdraft protection, are issued to meet customer financing needs. These are agreements to provide credit or to support the credit of others, as long as conditions established in the contracts are met, and usually have expiration dates. Commitments may expire without being used. Off-balance-sheet risk to credit loss exists up to the face amount of these instruments, although material losses are not anticipated. The same credit policies are used to make such commitments as are used for loans, including obtaining collateral at exercise of the commitment. | ||||||||
A summary of the notional or contractual amounts of financial instruments with off-balance-sheet risk at the indicated dates is as follows: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Commercial loans unused lines of credit | $ | 12,429 | $ | 12,987 | ||||
Commitment to originate loans | 7,512 | 7,816 | ||||||
Consumer open end lines of credit | 35,048 | 32,419 | ||||||
Standby letters of credit | 150 | 150 | ||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Abstract] | ' | |||||||
Accumulated Other Comprehensive Loss | ' | |||||||
Note 6: | Accumulated Other Comprehensive Loss | |||||||
The components of accumulated other comprehensive loss, included in stockholders’ equity, are as follows: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Net unrealized gain on securities available-for-sale | $ | -386 | $ | 524 | ||||
Net unrealized loss for unfunded status of defined | -2,169 | -2,169 | ||||||
benefit plan liability | ||||||||
-2,555 | -1,645 | |||||||
Tax effect | 868 | 558 | ||||||
Net-of-tax amount | $ | -1,687 | $ | -1,087 | ||||
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||
Fair Value Measurements | ' | |||||||||||||
Note 7: | Fair Value Measurements | |||||||||||||
The Company 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 at the measurement date. The Company also utilizes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: | ||||||||||||||
Level 1 | Quoted prices in active markets for identical assets or liabilities | |||||||||||||
Level 2 | Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities | |||||||||||||
Level 3 | Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities | |||||||||||||
Following is a description of the valuation methodologies used for assets measured at fair value on a recurring basis and recognized in the accompanying consolidated balance sheets, as well as the general classification of such instruments pursuant to the valuation hierarchy. | ||||||||||||||
Available-for-sale Securities | ||||||||||||||
Where quoted market prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. The Company’s equity securities are classified within Level 1 of the hierarchy. If quoted market prices are not available, then fair values are estimated by using quoted prices of securities with similar characteristics or independent asset pricing services and pricing models, the inputs of which are market-based or independently sourced market parameters, including, but not limited to, yield curves, interest rates, volatilities, prepayments, defaults, cumulative loss projections and cash flows. Such securities are classified in Level 2 of the valuation hierarchy. | ||||||||||||||
The following table presents the fair value measurements of assets recognized in the accompanying consolidated balance sheets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at September 30, 2013 and December 31, 2012: | ||||||||||||||
Fair Value Measurements Using | ||||||||||||||
Fair Value | Quoted Prices | Significant | Significant | |||||||||||
in Active | Other | Unobservable | ||||||||||||
Markets for | Observable | Inputs | ||||||||||||
Identical | Inputs | (Level 3) | ||||||||||||
Assets | (Level 2) | |||||||||||||
(Level 1) | ||||||||||||||
(In thousands) | ||||||||||||||
30-Sep-13 | ||||||||||||||
U.S. government | $ | 20,374 | $ | – | $ | 20,374 | $ | – | ||||||
agencies | ||||||||||||||
State and political | 7,443 | – | 7,443 | – | ||||||||||
subdivisions | ||||||||||||||
Equity securities | 27 | 27 | – | – | ||||||||||
31-Dec-12 | ||||||||||||||
U.S. government | $ | 24,070 | $ | – | $ | 24,070 | $ | – | ||||||
agencies | ||||||||||||||
State and political | 10,759 | – | 10,759 | – | ||||||||||
subdivisions | ||||||||||||||
Equity securities | 24 | 24 | – | – | ||||||||||
Following is a description of the valuation methodologies used for assets measured at fair value on a nonrecurring basis and recognized in the accompanying consolidated balance sheets, as well as the general classification of such assets pursuant to the valuation hierarchy. For assets classified within Level 3 of the fair value hierarchy, the process used to develop the reported fair value is described below. | ||||||||||||||
Impaired Loans (Collateral Dependent) | ||||||||||||||
Collateral dependent impaired loans consisted primarily of loans secured by nonresidential real estate. Management has determined fair value measurements on impaired loans primarily through evaluations of appraisals performed. Due to the nature of the valuation inputs, impaired loans are classified within Level 3 of the hierarchy. | ||||||||||||||
The Company considers the appraisal or evaluation as the starting point for determining fair value and then considers other factors and events in the environment that may affect the fair value. Appraisals of the collateral underlying collateral-dependent loans are obtained when the loan is determined to be collateral-dependent and subsequently as deemed necessary by the Company’s Chief Lender. Appraisals are reviewed for accuracy and consistency by the Company’s Chief Lender. Appraisers are selected from the list of approved appraisers maintained by management. The appraised values are reduced by discounts to consider lack of marketability and estimated cost to sell if repayment or satisfaction of the loan is dependent on the sale of the collateral. These discounts and estimates are developed by the Company’s Chief Lender by comparison to historical results. | ||||||||||||||
Foreclosed Assets Held for Sale | ||||||||||||||
Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at fair value (based on current appraised value) at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. Management has determined fair value measurements on other real estate owned primarily through evaluations of appraisals performed, and current and past offers for the other real estate under evaluation. Due to the nature of the valuation inputs, foreclosed assets held for sale are classified within Level 3 of the hierarchy. | ||||||||||||||
Appraisals of OREO are obtained when the real estate is acquired and subsequently as deemed necessary by the Company’s Chief lender. Appraisals are reviewed for accuracy and consistency by the Company’s Chief Lender and are selected from the list of approved appraisers maintained by management. | ||||||||||||||
The following table presents the fair value measurements of assets recognized in the accompanying consolidated balance sheets measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fall at September 30, 2013 and December 31, 2012. | ||||||||||||||
Fair Value Measurements Using | ||||||||||||||
Fair Value | Quoted Prices | Significant | Significant | |||||||||||
in Active | Other | Unobservable | ||||||||||||
Markets for | Observable | Inputs | ||||||||||||
Identical | Inputs | (Level 3) | ||||||||||||
Assets | (Level 2) | |||||||||||||
(Level 1) | ||||||||||||||
(In thousands) | ||||||||||||||
30-Sep-13 | ||||||||||||||
Collateral dependent | $ | 1,113 | $ | – | $ | – | $ | 1,113 | ||||||
impaired loans | ||||||||||||||
Foreclosed assets | 736 | – | – | 736 | ||||||||||
held for sale | ||||||||||||||
31-Dec-12 | ||||||||||||||
Collateral dependent | $ | 3,573 | $ | – | $ | – | $ | 3,573 | ||||||
impaired loans | ||||||||||||||
Foreclosed assets | 736 | – | – | 736 | ||||||||||
held for sale | ||||||||||||||
Unobservable (Level 3) Inputs | ||||||||||||||
The following table presents quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements. | ||||||||||||||
Fair Value at | Valuation | Unobservable Inputs | Range | |||||||||||
9/30/13 | Technique | |||||||||||||
(In thousands) | ||||||||||||||
Foreclosed assets held for sale | $ | 736 | Market comparable properties | Selling costs | 10% – 15% | |||||||||
Collateral-dependent | $ | 1,113 | Market comparable properties | Marketability discount | 10% – 35% | |||||||||
impaired loans | ||||||||||||||
Fair Value at | Valuation | Unobservable Inputs | Range | |||||||||||
12/31/12 | Technique | |||||||||||||
(In thousands) | ||||||||||||||
Foreclosed assets held for | $ | 736 | Market comparable properties | Selling costs | 10% – 15% | |||||||||
sale | ||||||||||||||
Collateral-dependent | 3,573 | Market comparable properties | Marketability discount | 10% – 35% | ||||||||||
impaired loans | ||||||||||||||
There were no significant changes in the valuation techniques used during 2013. | ||||||||||||||
The following table presents estimated fair values of the Company’s financial instruments. The fair values of certain of these instruments were calculated by discounting expected cash flows, which involves significant judgments by management and uncertainties. Because no market exists for certain of these financial instruments and because management does not intend to sell these financial instruments, the Company does not know whether the fair values shown below represent values at which the respective financial instruments could be sold individually or in the aggregate. | ||||||||||||||
Fair Value Measurements Using | ||||||||||||||
Carrying | Quoted Prices | Significant | Significant | |||||||||||
Amount | in Active | Other | Unobservable | |||||||||||
Markets for | Observable | Inputs | ||||||||||||
Identical | Inputs | (Level 3) | ||||||||||||
Assets | (Level 2) | |||||||||||||
(Level 1) | ||||||||||||||
(In thousands) | ||||||||||||||
30-Sep-13 | ||||||||||||||
Financial assets | ||||||||||||||
Cash and cash equivalents | $ | 41,218 | $ | 41,218 | $ | – | $ | – | ||||||
Held-to-maturity securities | 2,294 | – | 2,320 | – | ||||||||||
Loans, net of allowance | 295,114 | – | – | 295,109 | ||||||||||
Federal Home Loan Bank stock | 4,810 | – | 4,810 | – | ||||||||||
Accrued interest receivable | 997 | – | 997 | – | ||||||||||
Financial liabilities | ||||||||||||||
Deposits | 317,484 | – | 306,582 | – | ||||||||||
Short term borrowings | 10,529 | – | 10,529 | – | ||||||||||
Federal Home Loan Bank | 27,146 | – | 29,295 | – | ||||||||||
Advances | ||||||||||||||
Subordinated debentures | 4,000 | – | 3,712 | – | ||||||||||
Interest payable | 147 | – | 147 | – | ||||||||||
Fair Value Measurements Using | ||||||||||||||
Carrying | Quoted Prices | Significant | Significant | |||||||||||
Amount | in Active | Other | Unobservable | |||||||||||
Markets for | Observable | Inputs | ||||||||||||
Identical | Inputs | (Level 3) | ||||||||||||
Assets | (Level 2) | |||||||||||||
(Level 1) | ||||||||||||||
(In thousands) | ||||||||||||||
December 31, 2012: | ||||||||||||||
Financial assets | ||||||||||||||
Cash and cash equivalents | $ | 75,108 | $ | 75,108 | $ | – | $ | – | ||||||
Held-to-maturity securities | 2,768 | – | 2,840 | – | ||||||||||
Loans, net of allowance | 293,774 | – | – | 295,134 | ||||||||||
Federal Home Loan Bank | 4,810 | – | 4,810 | – | ||||||||||
stock | ||||||||||||||
Accrued interest receivable | 1,076 | – | 1,076 | – | ||||||||||
Financial liabilities | ||||||||||||||
Deposits | 350,416 | – | 346,761 | – | ||||||||||
Short term borrowings | 10,681 | – | 10,681 | – | ||||||||||
Federal Home Loan Bank | 32,439 | – | 35,649 | – | ||||||||||
Advances | ||||||||||||||
Subordinated debentures | 4,000 | – | 3,712 | – | ||||||||||
Interest payable | 193 | – | 193 | – | ||||||||||
The following methods and assumptions were used to estimate the fair value of each class of financial instruments. | ||||||||||||||
Cash and Cash Equivalents, Accrued Interest Receivable and Federal Home Loan Bank Stock | ||||||||||||||
The carrying amounts approximate fair value. | ||||||||||||||
Held-to-maturity Securities | ||||||||||||||
Where quoted market prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. If quoted market prices are not available, then fair values are estimated using quoted prices of securities with similar characteristics or independent asset pricing services and pricing models, the inputs of which are market-based or independently sourced market parameters, including, but not limited to, yield curves, interest rates, volatilities, prepayments, defaults, cumulative loss projections and cash flows. Such securities are classified in Level 2 of the valuation hierarchy.In certain cases where Level 1 or Level 2 inputs are not available, securities are classified within Level 2 of the hierarchy.The Company has no securities classified as Level 3 of the hierarchy. | ||||||||||||||
Loans | ||||||||||||||
The fair value of loans is estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. Loans with similar characteristics were aggregated for purposes of the calculations. | ||||||||||||||
Deposits | ||||||||||||||
Deposits include demand deposits, savings accounts, NOW accounts and certain money market deposits. The carrying amount approximates fair value. The fair value of fixed-maturity time deposits is estimated using a discounted cash flow calculation that applies the rates currently offered for deposits of similar remaining maturities. | ||||||||||||||
Interest Payable | ||||||||||||||
The carrying amount approximates fair value. | ||||||||||||||
Short-term Borrowings, Federal Home Loan Bank Advances and Subordinated Debentures | ||||||||||||||
Rates currently available to the Company for debt with similar terms and remaining maturities are used to estimate the fair value of existing debt. | ||||||||||||||
Commitments to Originate Loans, Letters of Credit and Lines of Credit | ||||||||||||||
The fair value of commitments to originate loans is estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed-rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. The fair values of letters of credit and lines of credit are based on fees currently charged for similar agreements or on the estimated cost to terminate or otherwise settle the obligations with the counterparties at the reporting date. Fair values of commitments were not material at September 30, 2013 and December 31, 2012. | ||||||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||
Principles of Consolidation | ' | |||||||||||||
Principles of Consolidation | ||||||||||||||
The consolidated financial statements include the accounts of United Bancorp, Inc. (“United” or “the Company”) and its wholly-owned subsidiary, The Citizens Savings Bank of Martins Ferry, Ohio (“the Bank” or “Citizens”). The Bank operates two divisions, The Community Bank, a division of The Citizens Savings Bank and The Citizens Bank, a division of The Citizens Savings Bank. All intercompany transactions and balances have been eliminated in consolidation. | ||||||||||||||
Nature of Operations | ' | |||||||||||||
Nature of Operations | ||||||||||||||
The Company’s revenues, operating income, and assets are almost exclusively derived from banking. Accordingly, all of the Company’s banking operations are considered by management to be aggregated in one reportable operating segment. Customers are mainly located in Athens, Belmont, Carroll, Fairfield, Harrison, Hocking, Jefferson, and Tuscarawas Counties and the surrounding localities in northeastern, east-central and southeastern Ohio, and include a wide range of individuals, businesses and other organizations. The Citizens Bank division conducts its business through its main office in Martins Ferry, Ohio and twelve branches in Bridgeport, Colerain, Dellroy, Dillonvale, Dover, Jewett, New Philadelphia, St. Clairsville East, St. Clairsville West, Sherrodsville, Strasburg, and Tiltonsville, Ohio. The Community Bank division conducts its business through its main office in Lancaster, Ohio and seven offices in Amesville, Glouster, Lancaster, and Nelsonville, Ohio. The Company’s primary deposit products are checking, savings, and term certificate accounts, and its primary lending products are residential mortgage, commercial, and installment loans. Substantially all loans are secured by specific items of collateral including business assets, consumer assets and real estate and are not considered “sub prime” type loans. The targeted lending areas of our Bank operations encompass four separate metropolitan areas, minimizing the risk to changes in economic conditions in the communities housing the Company’s 20 branch locations. | ||||||||||||||
The Company’s primary deposit products are checking, savings and term certificate accounts and its primary lending products are residential mortgage, commercial and installment loans. Substantially all loans are secured by specific items of collateral including business assets, consumer assets and real estate. Commercial loans are expected to be repaid from cash flow from operations of businesses. Real estate loans are secured by both residential and commercial real estate. Net interest income is affected by the relative amount of interest-earning assets and interest-bearing liabilities and the interest received or paid on these balances. The level of interest rates paid or received by the Company can be significantly influenced by a number of environmental factors, such as governmental monetary and fiscal policies, that are outside of management’s control. | ||||||||||||||
Use of Estimates | ' | |||||||||||||
Use of Estimates | ||||||||||||||
To prepare financial statements in conformity with accounting principles generally accepted in the United States of America, management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided and future results could differ. The allowance for loan losses and fair values of financial instruments are particularly subject to change. | ||||||||||||||
Loans | ' | |||||||||||||
Loans | ||||||||||||||
Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoffs are reported at their outstanding principal balances adjusted for unearned income, charge-offs, the allowance for loan losses, any unamortized deferred fees or costs on originated loans and unamortized premiums or discounts on purchased loans. | ||||||||||||||
For loans amortized at cost, interest income is accrued based on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, as well as premiums and discounts, are deferred and amortized as a level yield adjustment over the respective term of the loan. | ||||||||||||||
For all loan classes, the accrual of interest is discontinued at the time the loan is 90 days past due unless the credit is well-secured and in process of collection. Past due status is based on contractual terms of the loan. For all loan classes, the entire balance of the loan is considered past due if the minimum payment contractually required to be paid is not received by the contractual due date. For all loan classes, loans are placed on nonaccrual or charged off at an earlier date if collection of principal or interest is considered doubtful. | ||||||||||||||
Management’s general practice is to proactively charge down loans individually evaluated for impairment to the fair value of the underlying collateral. Consistent with regulatory guidance, charge-offs on all loan segments are taken when specific loans, or portions thereof, are considered uncollectible. The Company’s policy is to promptly charge these loans off in the period the uncollectible loss is reasonably determined. | ||||||||||||||
For all loan portfolio segments except residential and consumer loans, the Company promptly charges-off loans, or portions thereof, when available information confirms that specific loans are uncollectible based on information that includes, but is not limited to, (1) the deteriorating financial condition of the borrower, (2) declining collateral values, and/or (3) legal action, including bankruptcy, that impairs the borrower’s ability to adequately meet its obligations. For impaired loans that are considered to be solely collateral dependent, a partial charge-off is recorded when a loss has been confirmed by an updated appraisal or other appropriate valuation of the collateral. | ||||||||||||||
The Company charges-off residential and consumer loans when the Company reasonably determines the amount of the loss. The Company adheres to timeframes established by applicable regulatory guidance which provides for the charge-down of 1-4 family first and junior lien mortgages to the net realizable value less costs to sell when the loan is 120 days past due, charge-off of unsecured open-end loans when the loan is 120 days past due, and charge down to the net realizable value when other secured loans are 120 days past due. Loans at these respective delinquency thresholds for which the Company can clearly document that the loan is both well-secured and in the process of collection, such that collection will occur regardless of delinquency status, need not be charged off. | ||||||||||||||
For all classes, all interest accrued but not collected for loans that are placed on nonaccrual or charged off are reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Nonaccrual loans are returned to accrual status when, in the opinion of management, the financial position of the borrower indicates there is no longer any reasonable doubt as to the timely collection of interest or principal. The Company requires a period of satisfactory performance of not less than six months before returning a nonaccrual loan to accrual status. | ||||||||||||||
When cash payments are received on impaired loans in each loan class, the Company records the payment as interest income unless collection of the remaining recorded principal amount is doubtful, at which time payments are used to reduce the principal balance of the loan. Troubled debt restructured loans recognize interest income on an accrual basis at the renegotiated rate if the loan is in compliance with the modified terms, no principal reduction has been granted and the loan has demonstrated the ability to perform in accordance with the renegotiated terms for a period of at least six months. | ||||||||||||||
Allowance for Loan Losses | ' | |||||||||||||
Allowance for Loan Losses | ||||||||||||||
The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to income. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. | ||||||||||||||
The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. | ||||||||||||||
The allowance consists of allocated and general components. The allocated component relates to loans that are classified as impaired. For those 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 general component covers non-impaired loans and is based on historical charge-off experience by segment. The historical loss experience is determined by portfolio segment and is based on the actual loss history experienced by the Company over the prior three years. Management believes the three year historical loss experience methodology is appropriate in the current economic environment. Other adjustments (qualitative/environmental considerations) for each segment may be added to the allowance for each loan segment after an assessment of internal or external influences on credit quality that are not fully reflected in the historical loss or risk rating data. | ||||||||||||||
A loan is considered 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 based on the loan’s current payment status and the borrower’s financial condition including available sources of cash flows. 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 loan 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 for non-homogenous type loans such as commercial, non-owner residential and construction loans by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price or the fair value of the collateral if the loan is collateral dependent. For impaired loans where the Company utilizes the discounted cash flows to determine the level of impairment, the Company includes the entire change in the present value of cash flows as bad debt expense. | ||||||||||||||
The fair values of collateral dependent impaired loans are based on independent appraisals of the collateral. In general, the Company acquires an updated appraisal upon identification of impairment and annually thereafter for commercial, commercial real estate and multi-family loans. If the most recent appraisal is over a year old, and a new appraisal is not performed, due to lack of comparable values or other reasons, the existing appraisal is utilized and discounted generally 10% -35% based on the age of the appraisal, condition of the subject property, and overall economic conditions. After determining the collateral value as described, the fair value is calculated based on the determined collateral value less selling expenses. The potential for outdated appraisal values is considered in our determination of the allowance for loan losses through our analysis of various trends and conditions including the local economy, trends in charge-offs and delinquencies, etc. and the related qualitative adjustments assigned by the Company. | ||||||||||||||
Segments of loans with similar risk characteristics are collectively evaluated for impairment based on the segment’s historical loss experience adjusted for changes in trends, conditions and other relevant factors that affect repayment of the loans. Accordingly, the Company does not separately identify individual consumer and residential loans for impairment measurements, unless such loans are the subject of a restructuring agreement due to financial difficulties of the borrower. | ||||||||||||||
In the course of working with borrowers, the Company may choose to restructure the contractual terms of certain loans. In this scenario, the Company attempts to work-out an alternative payment schedule with the borrower in order to optimize collectability of the loan. Any loans that are modified are reviewed by the Company to identify if a troubled debt restructuring (“TDR”) has occurred, which is when, for economic or legal reasons related to a borrower’s financial difficulties, the Company grants a concession to the borrower that it would not otherwise consider. Terms may be modified to fit the ability of the borrower to repay in line with its current financial status and the restructuring of the loan may include the transfer of assets from the borrower to satisfy the debt, a modification of loan terms, or a combination of the two. If such efforts by the Company do not result in a satisfactory arrangement, the loan is referred to legal counsel, at which time foreclosure proceedings are initiated. At any time prior to a sale of the property at foreclosure, the Company may terminate foreclosure proceedings if the borrower is able to work-out a satisfactory payment plan. | ||||||||||||||
It is the Company’s policy to have any restructured loans which are on nonaccrual status prior to being restructured remain on nonaccrual status until six months of satisfactory borrower performance at which time management would consider its return to accrual status. If a loan was accruing at the time of restructuring, the Company reviews the loan to determine if it is appropriate to continue the accrual of interest on the restructured loan. | ||||||||||||||
With regard to determination of the amount of the allowance for credit losses, trouble debt restructured loans are considered to be impaired. As a result, the determination of the amount of impaired loans for each portfolio segment within troubled debt restructurings is the same as detailed previously. | ||||||||||||||
Earnings Per Share | ' | |||||||||||||
Earnings Per Share | ||||||||||||||
Basic earnings per share represents income available to common stockholders divided by the weighted-average number of common shares outstanding during each period. Diluted earnings per share reflects additional potential common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. Potential common shares that may be issued by the Company relate to outstanding stock options and restricted stock awards and are determined using the treasury stock method. | ||||||||||||||
Treasury stock shares, deferred compensation shares and unearned ESOP shares are not deemed outstanding for earnings per share calculations. | ||||||||||||||
Three months ended | Nine months ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
(In thousands, except share and per share data) | ||||||||||||||
Basic | ||||||||||||||
Net income | $ | 1,079 | $ | 451 | $ | 2,013 | $ | 1,943 | ||||||
Dividends on non-vested | -12 | -12 | -37 | -62 | ||||||||||
restricted stock | ||||||||||||||
Net income allocated to | $ | 1,067 | $ | 439 | $ | 1,976 | $ | 1,881 | ||||||
stockholders | ||||||||||||||
Weighted average common | 4,804,957 | 4,784,815 | 4,805,811 | 4,778,577 | ||||||||||
shares outstanding | ||||||||||||||
Basic earnings per | $ | 0.22 | $ | 0.09 | $ | 0.41 | $ | 0.39 | ||||||
common share | ||||||||||||||
Diluted | ||||||||||||||
Net income allocated to | $ | 1,067 | $ | 439 | $ | 1,976 | $ | 1,881 | ||||||
stockholders | ||||||||||||||
Weighted average common | 4,804,957 | 4,784,815 | 4,805,811 | 4,778,577 | ||||||||||
shares outstanding for basic earnings per | ||||||||||||||
common share | ||||||||||||||
Add: Dilutive effects of | 59,664 | 69,826 | 59,664 | 70,602 | ||||||||||
assumed exercise of stock options and | ||||||||||||||
restricted stock | ||||||||||||||
Average shares and | 4,864,621 | 4,854,641 | 4,865,475 | 4,849,179 | ||||||||||
dilutive potential common shares | ||||||||||||||
Diluted earnings per | $ | 0.22 | $ | 0.09 | $ | 0.41 | $ | 0.39 | ||||||
common share | ||||||||||||||
Options to purchase 53,714 shares of common stock at a weighted-average exercise price of $10.34 per share were outstanding at both September 30, 2013 and 2012, but were not included in the computation of diluted earnings per share because the options’ exercise price was greater than the average market price of the common shares. | ||||||||||||||
Income Taxes | ' | |||||||||||||
Income Taxes | ||||||||||||||
The Company is subject to income taxes in the U.S. federal jurisdiction, as well as various state jurisdictions. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. With few exceptions, the Company is no longer subject to U.S. federal, state and local income tax examinations by tax authorities for the years before 2010. | ||||||||||||||
Recent Accounting Pronouncements | ' | |||||||||||||
Recent Accounting Pronouncements | ||||||||||||||
FASB ASU 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. The ASU amends the guidance in the FASB Accounting Standards Codification (FASB ASC) Topic 220, entitled Comprehensive Income. The goal behind development of the ASU 2013-02 amendments is to improve the transparency of reporting reclassification out of accumulated other comprehensive income. For public companies, the ASU 2013-02 amendments are effective in reporting periods beginning after December 15, 2012. Earlier implementation of the guidance is allowed. The Company adopted FASB ASU 2013-02 as required, without a material effect on the Company’s financial condition or results of operations. | ||||||||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||
Basic and Diluted Earnings Per Common Share | ' | |||||||||||||
Treasury stock shares, deferred compensation shares and unearned ESOP shares are not deemed outstanding for earnings per share calculations. | ||||||||||||||
Three months ended | Nine months ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
(In thousands, except share and per share data) | ||||||||||||||
Basic | ||||||||||||||
Net income | $ | 1,079 | $ | 451 | $ | 2,013 | $ | 1,943 | ||||||
Dividends on non-vested | -12 | -12 | -37 | -62 | ||||||||||
restricted stock | ||||||||||||||
Net income allocated to | $ | 1,067 | $ | 439 | $ | 1,976 | $ | 1,881 | ||||||
stockholders | ||||||||||||||
Weighted average common | 4,804,957 | 4,784,815 | 4,805,811 | 4,778,577 | ||||||||||
shares outstanding | ||||||||||||||
Basic earnings per | $ | 0.22 | $ | 0.09 | $ | 0.41 | $ | 0.39 | ||||||
common share | ||||||||||||||
Diluted | ||||||||||||||
Net income allocated to | $ | 1,067 | $ | 439 | $ | 1,976 | $ | 1,881 | ||||||
stockholders | ||||||||||||||
Weighted average common | 4,804,957 | 4,784,815 | 4,805,811 | 4,778,577 | ||||||||||
shares outstanding for basic earnings per | ||||||||||||||
common share | ||||||||||||||
Add: Dilutive effects of | 59,664 | 69,826 | 59,664 | 70,602 | ||||||||||
assumed exercise of stock options and | ||||||||||||||
restricted stock | ||||||||||||||
Average shares and | 4,864,621 | 4,854,641 | 4,865,475 | 4,849,179 | ||||||||||
dilutive potential common shares | ||||||||||||||
Diluted earnings per | $ | 0.22 | $ | 0.09 | $ | 0.41 | $ | 0.39 | ||||||
common share | ||||||||||||||
Securities_Tables
Securities (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Trading Securities [Abstract] | ' | |||||||||||||||||||
Amortized Cost and Approximate Fair Values, Together with Gross Unrealized Gains and Losses of Securities | ' | |||||||||||||||||||
The amortized cost and approximate fair values, together with gross unrealized gains and losses of securities are as follows: | ||||||||||||||||||||
Amortized Cost | Gross | Gross | Approximate | |||||||||||||||||
Unrealized | Unrealized | Fair Value | ||||||||||||||||||
Gains | Losses | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Available-for-sale Securities: | ||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||
U.S. government agencies | $ | 21,000 | $ | –– | $ | -626 | $ | 20,374 | ||||||||||||
State and political subdivisions | 7,226 | 217 | –– | 7,443 | ||||||||||||||||
Equity securities | 4 | 23 | –– | 27 | ||||||||||||||||
$ | 28,230 | $ | 240 | $ | -626 | $ | 27,844 | |||||||||||||
Available-for-sale Securities: | ||||||||||||||||||||
December 31, 2012: | ||||||||||||||||||||
U.S. government agencies | $ | 23,980 | $ | 93 | $ | -3 | $ | 24,070 | ||||||||||||
State and political subdivisions | 10,345 | 414 | –– | 10,759 | ||||||||||||||||
Equity securities | 4 | 20 | –– | 24 | ||||||||||||||||
$ | 34,329 | $ | 527 | $ | -3 | $ | 34,853 | |||||||||||||
Amortized Cost | Gross | Gross | Approximate | |||||||||||||||||
Unrealized | Unrealized | Fair Value | ||||||||||||||||||
Gains | Losses | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Held-to-maturity Securities: | ||||||||||||||||||||
September 30, 2013: | ||||||||||||||||||||
State and political subdivisions | $ | 2,294 | $ | 26 | $ | –– | $ | 2,320 | ||||||||||||
December 31, 2012: | ||||||||||||||||||||
State and political subdivisions | $ | 2,768 | $ | 72 | $ | –– | $ | 2,840 | ||||||||||||
Amortized Cost and Fair Value of Available-for-Sale Securities and Held-to-Maturity Securities, by Contractual Maturity | ' | |||||||||||||||||||
The amortized cost and fair value of available-for-sale securities and held-to-maturity securities at September 30, 2013, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. | ||||||||||||||||||||
Available-for-sale | Held-to-maturity | |||||||||||||||||||
Amortized | Fair | Amortized | Fair | |||||||||||||||||
Cost | Value | Cost | Value | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Within one year | $ | 739 | $ | 741 | $ | 1,340 | $ | 1,347 | ||||||||||||
One to five years | 4,693 | 4,780 | 954 | 973 | ||||||||||||||||
Five to ten years | 16,794 | 16,466 | –– | –– | ||||||||||||||||
After ten years | 6,000 | 5,830 | –– | –– | ||||||||||||||||
Equity securities | 4 | 27 | –– | –– | ||||||||||||||||
Totals | $ | 28,230 | $ | 27,844 | $ | 2,294 | $ | 2,320 | ||||||||||||
Investments' Gross Unrealized Losses and Fair Value, Aggregated by Investment Category and Length of Time that Individual Securities have been in Continuous Unrealized Loss Position | ' | |||||||||||||||||||
The following tables show the Company’s investments’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2013 and December 31, 2012: | ||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||
Description of | Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | ||||||||||||||
Securities | Losses | Losses | Losses | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
U.S. Government agencies | $ | – | $ | – | $ | 20,373 | $ | -626 | $ | 20,373 | $ | -626 | ||||||||
December 31, 2012 | ||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||
Description of | Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | ||||||||||||||
Securities | Losses | Losses | Losses | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
U.S. Government agencies | $ | 2,997 | $ | -3 | $ | – | $ | – | $ | 2,997 | $ | -3 | ||||||||
Loans_and_Allowance_for_Loan_L1
Loans and Allowance for Loan Losses (Tables) | 9 Months Ended | ||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||
Loans and Allowance For Loan Losses [Abstract] | ' | ||||||||||||||||||||||
Categories of Loans | ' | ||||||||||||||||||||||
Categories of loans include: | |||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Commercial loans | $ | 53,993 | $ | 47,130 | |||||||||||||||||||
Commercial real estate | 136,225 | 144,144 | |||||||||||||||||||||
Residential real estate | 80,282 | 73,623 | |||||||||||||||||||||
Installment loans | 27,609 | 31,585 | |||||||||||||||||||||
Total gross loans | 298,109 | 296,482 | |||||||||||||||||||||
Less allowance for loan losses | -2,965 | -2,708 | |||||||||||||||||||||
Total loans | $ | 295,144 | $ | 293,774 | |||||||||||||||||||
Allowance for Loan Losses and Recorded Investment in Loans | ' | ||||||||||||||||||||||
Allowance for Loan Losses and Recorded Investment in Loans | |||||||||||||||||||||||
As of and for the three and nine month periods ended September 30, 2013 | |||||||||||||||||||||||
Commercial | Commercial | Installment | Residential | Unallocated | Total | ||||||||||||||||||
Real Estate | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||
Balance, July 1, 2013 | $ | 1,191 | $ | 1,213 | $ | 181 | $ | 120 | $ | 563 | $ | 3,268 | |||||||||||
Provision charged to | -272 | 560 | 93 | 48 | -75 | 354 | |||||||||||||||||
expense | |||||||||||||||||||||||
Losses charged off | -520 | -10 | -110 | -44 | – | -684 | |||||||||||||||||
Recoveries | – | 4 | 21 | 2 | – | 27 | |||||||||||||||||
Balance, September 30, 2013 | $ | 399 | $ | 1,767 | $ | 185 | $ | 126 | $ | 488 | $ | 2,965 | |||||||||||
Balance, January 1, 2013 | $ | 598 | $ | 1,347 | $ | 200 | $ | 116 | $ | 447 | $ | 2,708 | |||||||||||
Provision charged to | 319 | 456 | 131 | 66 | 41 | 1,013 | |||||||||||||||||
expense | |||||||||||||||||||||||
Losses charged off | -520 | -47 | -271 | -59 | – | -897 | |||||||||||||||||
Recoveries | 2 | 11 | 125 | 3 | – | 141 | |||||||||||||||||
Balance, September 30, 2013 | $ | 399 | $ | 1,767 | $ | 185 | $ | 126 | $ | 488 | $ | 2,965 | |||||||||||
Ending balance: individually | $ | 244 | $ | 1,376 | $ | – | $ | – | $ | – | $ | 1,620 | |||||||||||
evaluated for impairment | |||||||||||||||||||||||
Ending balance: collectively | $ | 155 | $ | 391 | $ | 185 | $ | 126 | $ | 488 | $ | 1,345 | |||||||||||
evaluated for impairment | |||||||||||||||||||||||
Loans: | |||||||||||||||||||||||
Ending balance: individually | $ | 609 | $ | 6,103 | $ | – | $ | – | $ | – | $ | 6,712 | |||||||||||
evaluated for impairment | |||||||||||||||||||||||
Ending balance: collectively | $ | 53,384 | $ | 130,122 | $ | 27,609 | $ | 80,282 | $ | – | $ | 291,397 | |||||||||||
evaluated for impairment | |||||||||||||||||||||||
Allowance for Loan Losses for the three and nine month periods ended September 30, 2012 | |||||||||||||||||||||||
Commercial | Commercial | Installment | Residential | Unallocated | Total | ||||||||||||||||||
Real Estate | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Balance, July 1, 2012 | $ | 418 | $ | 1,622 | $ | 226 | $ | 99 | $ | 284 | $ | 2,649 | |||||||||||
Provision charged to | 46 | 168 | 43 | 67 | -56 | 268 | |||||||||||||||||
expense | |||||||||||||||||||||||
Losses charged off | -67 | -49 | -86 | -55 | – | -257 | |||||||||||||||||
Recoveries | 83 | 7 | 22 | 1 | – | 113 | |||||||||||||||||
Balance, September 30, 2012 | $ | 480 | $ | 1,748 | $ | 205 | $ | 112 | $ | 228 | $ | 2,773 | |||||||||||
Balance, January 1, 2012 | $ | 183 | $ | 2,321 | $ | 235 | $ | 95 | $ | 87 | $ | 2,921 | |||||||||||
Provision charged to | 275 | 222 | 33 | 98 | 141 | 769 | |||||||||||||||||
expense | |||||||||||||||||||||||
Losses charged off | -67 | -804 | -206 | -84 | – | -1,161 | |||||||||||||||||
Recoveries | 89 | 9 | 143 | 3 | – | 244 | |||||||||||||||||
Balance, September 30, 2012 | $ | 480 | $ | 1,748 | $ | 205 | $ | 112 | $ | 228 | $ | 2,773 | |||||||||||
Allowance for Loan Losses and Recorded Investment in Loans | |||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||
Commercial | Commercial | Installment | Residential | Unallocated | Total | ||||||||||||||||||
Real Estate | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||
Ending balance: individually | $ | 458 | $ | 916 | $ | – | $ | – | $ | – | $ | 1,374 | |||||||||||
evaluated for impairment | |||||||||||||||||||||||
Ending balance: collectively | $ | 140 | $ | 431 | $ | 200 | $ | 116 | $ | 447 | $ | 1,334 | |||||||||||
evaluated for impairment | |||||||||||||||||||||||
Loans: | |||||||||||||||||||||||
Ending balance: individually | $ | 1,015 | $ | 5,943 | $ | – | $ | – | $ | – | $ | 6,958 | |||||||||||
evaluated for impairment | |||||||||||||||||||||||
Ending balance: collectively | $ | 46,115 | $ | 138,201 | $ | 31,585 | $ | 73,623 | $ | – | $ | 289,524 | |||||||||||
evaluated for impairment | |||||||||||||||||||||||
Portfolio Quality Indicators | ' | ||||||||||||||||||||||
The following tables show the portfolio quality indicators. | |||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||
Loan Class | Commercial | Commercial | Residential | Installment | Total | ||||||||||||||||||
Real Estate | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Pass Grade | $ | 50,642 | $ | 125,959 | $ | 80,282 | $ | 27,609 | $ | 284,492 | |||||||||||||
Special Mention | 2,724 | 3,906 | – | – | 6,630 | ||||||||||||||||||
Substandard | 627 | 6,360 | – | – | 6,987 | ||||||||||||||||||
Doubtful | – | – | – | – | – | ||||||||||||||||||
$ | 53,993 | $ | 136,225 | $ | 80,282 | $ | 27,609 | $ | 298,109 | ||||||||||||||
December 31, 2012 | |||||||||||||||||||||||
Loan Class | Commercial | Commercial | Residential | Installment | Total | ||||||||||||||||||
Real Estate | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Pass Grade | $ | 43,364 | $ | 133,402 | $ | 73,623 | $ | 31,585 | $ | 281,974 | |||||||||||||
Special Mention | 2,698 | 3,005 | – | – | 5,703 | ||||||||||||||||||
Substandard | 1,068 | 7,737 | – | – | 8,805 | ||||||||||||||||||
Doubtful | – | – | – | – | – | ||||||||||||||||||
$ | 47,130 | $ | 144,144 | $ | 73,623 | $ | 31,585 | $ | 296,482 | ||||||||||||||
Loan Portfolio Aging Analysis | ' | ||||||||||||||||||||||
The Company evaluates the loan risk grading system definitions and allowance for loan losses methodology on an ongoing basis. No significant changes were made to either during the past year to date period. | |||||||||||||||||||||||
Loan Portfolio Aging Analysis | |||||||||||||||||||||||
As of September 30, 2013 | |||||||||||||||||||||||
30-59 Days | 60-89 Days | Greater | Non | Total Past | Current | Total Loans | |||||||||||||||||
Past Due | Past Due | Than 90 | Accrual | Due and | Receivable | ||||||||||||||||||
and | and | Days and | Non Accrual | ||||||||||||||||||||
Accruing | Accruing | Accruing | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Commercial | $ | 427 | $ | 3 | $ | 84 | $ | 320 | $ | 834 | $ | 53,159 | $ | 53,993 | |||||||||
Commercial real | 217 | – | 105 | 760 | 1,082 | 135,143 | 136,225 | ||||||||||||||||
estate | |||||||||||||||||||||||
Installment | 92 | 55 | – | 85 | 232 | 25,662 | 27,609 | ||||||||||||||||
Residential | 281 | 17 | – | 1,649 | 1,947 | 80,050 | 80,282 | ||||||||||||||||
Total | $ | 1,017 | $ | 75 | $ | 189 | $ | 2,814 | $ | 4,095 | $ | 294,014 | $ | 298,109 | |||||||||
Loan Portfolio Aging Analysis | |||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||
30-59 Days | 60-89 Days | Greater | Non | Total Past | Current | Total Loans | |||||||||||||||||
Past Due | Past Due | Than 90 | Accrual | Due and | Receivable | ||||||||||||||||||
and | and | Days and | Non Accrual | ||||||||||||||||||||
Accruing | Accruing | Accruing | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Commercial | $ | 144 | $ | – | $ | 84 | $ | 541 | $ | 769 | $ | 46,361 | $ | 47,130 | |||||||||
Commercial real | 87 | – | – | 1,114 | 1,201 | 142,943 | 144,144 | ||||||||||||||||
estate | |||||||||||||||||||||||
Installment | 189 | 11 | – | 41 | 241 | 73,382 | 73,623 | ||||||||||||||||
Residential | 1,088 | 91 | – | 1,564 | 2,743 | 28,842 | 31,585 | ||||||||||||||||
Total | $ | 1,508 | $ | 102 | $ | 84 | $ | 3,260 | $ | 4,954 | $ | 291,528 | $ | 296,482 | |||||||||
Impaired Loans | ' | ||||||||||||||||||||||
Impaired Loans | |||||||||||||||||||||||
As of September 30, 2013 | For the three months ended | For the nine months ended | |||||||||||||||||||||
September 30, 2013 | September 30, 2013 | ||||||||||||||||||||||
Recorded | Unpaid | Specific | Average | Interest | Average | Interest | |||||||||||||||||
Balance | Principal | Allowance | Investment in | Income | Investment in | Income | |||||||||||||||||
Balance | Impaired Loans | Recognized | Impaired Loans | Recognized | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Loans without a specific | |||||||||||||||||||||||
valuation allowance: | |||||||||||||||||||||||
Commercial | $ | 84 | $ | 84 | $ | – | $ | 84 | $ | – | $ | 84 | $ | 1 | |||||||||
Commercial real estate | 1,074 | 1,086 | – | 1,076 | 21 | 1,155 | 49 | ||||||||||||||||
Residential | – | – | – | – | – | – | – | ||||||||||||||||
Installment | – | – | – | – | – | – | – | ||||||||||||||||
1,158 | 1,170 | – | 1,160 | 21 | 1,239 | 50 | |||||||||||||||||
Loans with a specific | |||||||||||||||||||||||
valuation allowance: | |||||||||||||||||||||||
Commercial | 525 | 525 | 244 | 498 | 17 | 510 | 23 | ||||||||||||||||
Commercial real estate | 5,029 | 5,029 | 1,376 | 5,173 | 43 | 5,237 | 169 | ||||||||||||||||
Residential | – | – | – | – | – | – | – | ||||||||||||||||
Installment | – | – | – | – | – | – | – | ||||||||||||||||
5,554 | 5,554 | 1,620 | 5,671 | 60 | 5,747 | 192 | |||||||||||||||||
Total: | |||||||||||||||||||||||
Commercial | $ | 609 | $ | 609 | $ | 244 | $ | 582 | $ | 17 | $ | 594 | $ | 24 | |||||||||
Commercial real estate | $ | 6,103 | $ | 6,115 | $ | 1,376 | $ | 6,249 | $ | 64 | $ | 6,392 | $ | 218 | |||||||||
Residential | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | |||||||||
Installment | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | |||||||||
As of December 31, 2012 | For the three months ended | For the nine months ended | |||||||||||||||||||||
September 30, 2012 | September 30, 2012 | ||||||||||||||||||||||
Recorded | Unpaid | Specific | Average | Interest | Average | Interest | |||||||||||||||||
Balance | Principal | Allowance | Investment in | Income | Investment in | Income | |||||||||||||||||
Balance | Impaired Loans | Recognized | Impaired Loans | Recognized | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Loans without a | |||||||||||||||||||||||
specific valuation | |||||||||||||||||||||||
allowance: | |||||||||||||||||||||||
Commercial | $ | 361 | $ | 361 | $ | – | $ | 393 | $ | 5 | $ | 445 | $ | 23 | |||||||||
Commercial real estate | 1,546 | 1,546 | – | 2,160 | 78 | 2,404 | 164 | ||||||||||||||||
Residential | – | – | – | 19 | – | 19 | – | ||||||||||||||||
Installment | – | – | – | – | – | – | – | ||||||||||||||||
1,907 | 1,907 | – | 2,572 | 83 | 2,868 | 187 | |||||||||||||||||
Loans with a | |||||||||||||||||||||||
specific valuation | |||||||||||||||||||||||
allowance: | |||||||||||||||||||||||
Commercial | 654 | 654 | 458 | 664 | – | 545 | 11 | ||||||||||||||||
Commercial real estate | 4,397 | 4,397 | 916 | 4,362 | 8 | 4,651 | 107 | ||||||||||||||||
Residential | – | – | – | 40 | – | 40 | – | ||||||||||||||||
Installment | – | – | – | – | – | – | – | ||||||||||||||||
5,051 | 5,051 | 1,374 | 5,066 | 8 | 5,236 | 118 | |||||||||||||||||
Total: | |||||||||||||||||||||||
Commercial | $ | 1,015 | $ | 1,015 | $ | 458 | $ | 1,057 | $ | 5 | $ | 990 | $ | 34 | |||||||||
Commercial real estate | $ | 5,943 | $ | 5,943 | $ | 916 | $ | 6,522 | $ | 86 | $ | 7,055 | $ | 271 | |||||||||
Residential | $ | – | $ | – | $ | – | $ | 59 | $ | – | $ | 59 | $ | – | |||||||||
Installment | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | |||||||||
Troubled Debt Restructurings on Financing Receivables | ' | ||||||||||||||||||||||
For the TDRs noted in the tables below, the Company extended the maturity dates and granted interest rate concessions as part of each of those loan restructurings. The loans included in the tables are considered impaired and specific loss calculations are performed on the individual loans. In conjunction with the restructuring there were no amounts charged-off. | |||||||||||||||||||||||
Three Months ended September 30, 2013 | |||||||||||||||||||||||
Number of | Pre- Modification | Post-Modification | |||||||||||||||||||||
Contracts | Outstanding | Outstanding | |||||||||||||||||||||
Recorded | Recorded | ||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Commercial | – | $ | – | $ | – | ||||||||||||||||||
Commercial real estate | 2 | 2,887 | 2,887 | ||||||||||||||||||||
Residential | – | – | – | ||||||||||||||||||||
Installment | – | – | – | ||||||||||||||||||||
Three Months ended September 30, 2013 | |||||||||||||||||||||||
Interest | Term | Combination | Total | ||||||||||||||||||||
Only | Modification | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Commercial | $ | – | $ | – | $ | – | $ | – | |||||||||||||||
Commercial real estate | – | 2,887 | – | 2,887 | |||||||||||||||||||
Residential | – | – | – | – | |||||||||||||||||||
Consumer | – | – | – | – | |||||||||||||||||||
Nine Months ended September 30, 2013 | |||||||||||||||||||||||
Number of | Pre- Modification | Post-Modification | |||||||||||||||||||||
Contracts | Outstanding | Outstanding | |||||||||||||||||||||
Recorded | Recorded | ||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Commercial | – | $ | – | $ | – | ||||||||||||||||||
Commercial real estate | 3 | 3,320 | 3,320 | ||||||||||||||||||||
Residential | – | – | – | ||||||||||||||||||||
Installment | – | – | – | ||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||
Interest | Term | Combination | Total | ||||||||||||||||||||
Only | Modification | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Commercial | $ | – | $ | – | $ | – | $ | – | |||||||||||||||
Commercial real estate | – | 3,320 | – | 3,320 | |||||||||||||||||||
Residential | – | – | – | – | |||||||||||||||||||
Consumer | – | – | – | – | |||||||||||||||||||
Three Months ended September 30, 2012 | |||||||||||||||||||||||
Number of | Pre- Modification | Post-Modification | |||||||||||||||||||||
Contracts | Outstanding | Outstanding | |||||||||||||||||||||
Recorded | Recorded | ||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Commercial | 3 | $ | 152 | $ | 66 | ||||||||||||||||||
Commercial real estate | – | – | – | ||||||||||||||||||||
Residential | – | – | – | ||||||||||||||||||||
Installment | – | – | – | ||||||||||||||||||||
Three Months Ended September 30, 2012 | |||||||||||||||||||||||
Interest | Term | Combination | Total | ||||||||||||||||||||
Only | Modification | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Commercial | $ | – | $ | – | $ | 66 | $ | 66 | |||||||||||||||
Commercial real estate | – | – | – | – | |||||||||||||||||||
Residential | – | – | – | – | |||||||||||||||||||
Consumer | – | – | – | – | |||||||||||||||||||
Nine Months ended September 30, 2012 | |||||||||||||||||||||||
Number of | Pre- Modification | Post-Modification | |||||||||||||||||||||
Contracts | Outstanding | Outstanding | |||||||||||||||||||||
Recorded | Recorded | ||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Commercial | 3 | $ | 152 | $ | 66 | ||||||||||||||||||
Commercial real estate | 2 | 74 | 16 | ||||||||||||||||||||
Residential | – | – | – | ||||||||||||||||||||
Installment | – | – | – | ||||||||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||||
Interest | Term | Combination | Total | ||||||||||||||||||||
Only | Modification | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Commercial | $ | – | $ | – | $ | 66 | $ | 66 | |||||||||||||||
Commercial real estate | – | 16 | – | 16 | |||||||||||||||||||
Residential | – | – | – | – | |||||||||||||||||||
Consumer | – | – | – | – | |||||||||||||||||||
Benefit_Plans_Tables
Benefit Plans (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Benefit Plans [Abstract] | ' | |||||||||||||
Pension Expense | ' | |||||||||||||
Pension expense includes the following: | ||||||||||||||
Three months ended | Nine months ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
(In thousands) | ||||||||||||||
Service cost | $ | 90 | $ | 89 | $ | 270 | $ | 267 | ||||||
Interest cost | 41 | 45 | 123 | 135 | ||||||||||
Expected return on assets | -64 | -57 | -192 | -171 | ||||||||||
Amortization of prior | 43 | 43 | 129 | 129 | ||||||||||
service cost and net loss | ||||||||||||||
Pension expense | $ | 110 | $ | 120 | $ | 330 | $ | 360 | ||||||
Offbalancesheet_Activities_Tab
Off-balance-sheet Activities (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Off Balance Sheet Activities [Abstract] | ' | |||||||
Summary of the Notional or Contractual Amounts of Financial Instruments With Off-Balance-Sheet Risk | ' | |||||||
A summary of the notional or contractual amounts of financial instruments with off-balance-sheet risk at the indicated dates is as follows: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Commercial loans unused lines of credit | $ | 12,429 | $ | 12,987 | ||||
Commitment to originate loans | 7,512 | 7,816 | ||||||
Consumer open end lines of credit | 35,048 | 32,419 | ||||||
Standby letters of credit | 150 | 150 | ||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Abstract] | ' | |||||||
Components of Accumulated Other Comprehensive Loss included in Stockholders Equity | ' | |||||||
The components of accumulated other comprehensive loss, included in stockholders’ equity, are as follows: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Net unrealized gain on securities available-for-sale | $ | -386 | $ | 524 | ||||
Net unrealized loss for unfunded status of defined | -2,169 | -2,169 | ||||||
benefit plan liability | ||||||||
-2,555 | -1,645 | |||||||
Tax effect | 868 | 558 | ||||||
Net-of-tax amount | $ | -1,687 | $ | -1,087 | ||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||
Fair Value Measurements of Assets Recognized in Consolidated Balance Sheets Measured at Fair Value on Recurring Basis | ' | |||||||||||||
The following table presents the fair value measurements of assets recognized in the accompanying consolidated balance sheets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at September 30, 2013 and December 31, 2012: | ||||||||||||||
Fair Value Measurements Using | ||||||||||||||
Fair Value | Quoted Prices | Significant | Significant | |||||||||||
in Active | Other | Unobservable | ||||||||||||
Markets for | Observable | Inputs | ||||||||||||
Identical | Inputs | (Level 3) | ||||||||||||
Assets | (Level 2) | |||||||||||||
(Level 1) | ||||||||||||||
(In thousands) | ||||||||||||||
30-Sep-13 | ||||||||||||||
U.S. government | $ | 20,374 | $ | – | $ | 20,374 | $ | – | ||||||
agencies | ||||||||||||||
State and political | 7,443 | – | 7,443 | – | ||||||||||
subdivisions | ||||||||||||||
Equity securities | 27 | 27 | – | – | ||||||||||
31-Dec-12 | ||||||||||||||
U.S. government | $ | 24,070 | $ | – | $ | 24,070 | $ | – | ||||||
agencies | ||||||||||||||
State and political | 10,759 | – | 10,759 | – | ||||||||||
subdivisions | ||||||||||||||
Equity securities | 24 | 24 | – | – | ||||||||||
Fair Value Measurements of Assets Recognized in Consolidated Balance Sheets Measured at Fair Value on Nonrecurring Basis | ' | |||||||||||||
The following table presents the fair value measurements of assets recognized in the accompanying consolidated balance sheets measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fall at September 30, 2013 and December 31, 2012. | ||||||||||||||
Fair Value Measurements Using | ||||||||||||||
Fair Value | Quoted Prices | Significant | Significant | |||||||||||
in Active | Other | Unobservable | ||||||||||||
Markets for | Observable | Inputs | ||||||||||||
Identical | Inputs | (Level 3) | ||||||||||||
Assets | (Level 2) | |||||||||||||
(Level 1) | ||||||||||||||
(In thousands) | ||||||||||||||
30-Sep-13 | ||||||||||||||
Collateral dependent | $ | 1,113 | $ | – | $ | – | $ | 1,113 | ||||||
impaired loans | ||||||||||||||
Foreclosed assets | 736 | – | – | 736 | ||||||||||
held for sale | ||||||||||||||
31-Dec-12 | ||||||||||||||
Collateral dependent | $ | 3,573 | $ | – | $ | – | $ | 3,573 | ||||||
impaired loans | ||||||||||||||
Foreclosed assets | 736 | – | – | 736 | ||||||||||
held for sale | ||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | ' | |||||||||||||
The following table presents quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements. | ||||||||||||||
Fair Value at | Valuation | Unobservable Inputs | Range | |||||||||||
9/30/13 | Technique | |||||||||||||
(In thousands) | ||||||||||||||
Foreclosed assets held for sale | $ | 736 | Market comparable properties | Selling costs | 10% – 15% | |||||||||
Collateral-dependent | $ | 1,113 | Market comparable properties | Marketability discount | 10% – 35% | |||||||||
impaired loans | ||||||||||||||
Fair Value at | Valuation | Unobservable Inputs | Range | |||||||||||
12/31/12 | Technique | |||||||||||||
(In thousands) | ||||||||||||||
Foreclosed assets held for | $ | 736 | Market comparable properties | Selling costs | 10% – 15% | |||||||||
sale | ||||||||||||||
Collateral-dependent | 3,573 | Market comparable properties | Marketability discount | 10% – 35% | ||||||||||
impaired loans | ||||||||||||||
Estimated Fair Values of Company's Financial Instruments | ' | |||||||||||||
The following table presents estimated fair values of the Company’s financial instruments. The fair values of certain of these instruments were calculated by discounting expected cash flows, which involves significant judgments by management and uncertainties. Because no market exists for certain of these financial instruments and because management does not intend to sell these financial instruments, the Company does not know whether the fair values shown below represent values at which the respective financial instruments could be sold individually or in the aggregate. | ||||||||||||||
Fair Value Measurements Using | ||||||||||||||
Carrying | Quoted Prices | Significant | Significant | |||||||||||
Amount | in Active | Other | Unobservable | |||||||||||
Markets for | Observable | Inputs | ||||||||||||
Identical | Inputs | (Level 3) | ||||||||||||
Assets | (Level 2) | |||||||||||||
(Level 1) | ||||||||||||||
(In thousands) | ||||||||||||||
30-Sep-13 | ||||||||||||||
Financial assets | ||||||||||||||
Cash and cash equivalents | $ | 41,218 | $ | 41,218 | $ | – | $ | – | ||||||
Held-to-maturity securities | 2,294 | – | 2,320 | – | ||||||||||
Loans, net of allowance | 295,114 | – | – | 295,109 | ||||||||||
Federal Home Loan Bank stock | 4,810 | – | 4,810 | – | ||||||||||
Accrued interest receivable | 997 | – | 997 | – | ||||||||||
Financial liabilities | ||||||||||||||
Deposits | 317,484 | – | 306,582 | – | ||||||||||
Short term borrowings | 10,529 | – | 10,529 | – | ||||||||||
Federal Home Loan Bank | 27,146 | – | 29,295 | – | ||||||||||
Advances | ||||||||||||||
Subordinated debentures | 4,000 | – | 3,712 | – | ||||||||||
Interest payable | 147 | – | 147 | – | ||||||||||
Fair Value Measurements Using | ||||||||||||||
Carrying | Quoted Prices | Significant | Significant | |||||||||||
Amount | in Active | Other | Unobservable | |||||||||||
Markets for | Observable | Inputs | ||||||||||||
Identical | Inputs | (Level 3) | ||||||||||||
Assets | (Level 2) | |||||||||||||
(Level 1) | ||||||||||||||
(In thousands) | ||||||||||||||
December 31, 2012: | ||||||||||||||
Financial assets | ||||||||||||||
Cash and cash equivalents | $ | 75,108 | $ | 75,108 | $ | – | $ | – | ||||||
Held-to-maturity securities | 2,768 | – | 2,840 | – | ||||||||||
Loans, net of allowance | 293,774 | – | – | 295,134 | ||||||||||
Federal Home Loan Bank | 4,810 | – | 4,810 | – | ||||||||||
stock | ||||||||||||||
Accrued interest receivable | 1,076 | – | 1,076 | – | ||||||||||
Financial liabilities | ||||||||||||||
Deposits | 350,416 | – | 346,761 | – | ||||||||||
Short term borrowings | 10,681 | – | 10,681 | – | ||||||||||
Federal Home Loan Bank | 32,439 | – | 35,649 | – | ||||||||||
Advances | ||||||||||||||
Subordinated debentures | 4,000 | – | 3,712 | – | ||||||||||
Interest payable | 193 | – | 193 | – | ||||||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies- Additional Information (Detail) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Summary Of Significant Accounting Policies [Line Items] | ' | ' |
Number of branch locations | 20 | ' |
Number of stock options not considered in computing diluted earnings per share due to antidilutive nature | 53,714 | ' |
Weighted average price, option exercised | $10.34 | $10.34 |
Basic_and_Diluted_Earnings_Per
Basic and Diluted Earnings Per Common Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Basic | ' | ' | ' | ' |
Net income | $1,079 | $451 | $2,013 | $1,943 |
Dividends on non-vested restricted stock | -12 | -12 | -37 | -62 |
Net income allocated to stockholders | 1,067 | 439 | 1,976 | 1,881 |
Weighted average common shares outstanding | 4,804,957 | 4,784,815 | 4,805,811 | 4,778,577 |
Basic earnings per common share | $0.22 | $0.09 | $0.41 | $0.39 |
Diluted | ' | ' | ' | ' |
Net income allocated to stockholders | $1,067 | $439 | $1,976 | $1,881 |
Weighted average common shares outstanding for basic earnings per common share | 4,804,957 | 4,784,815 | 4,805,811 | 4,778,577 |
Add: Dilutive effects of assumed exercise of stock options and restricted stock | 59,664 | 69,826 | 59,664 | 70,602 |
Average shares and dilutive potential common shares | 4,864,621 | 4,854,641 | 4,865,475 | 4,849,179 |
Diluted earnings per common share | $0.22 | $0.09 | $0.41 | $0.39 |
Securities_Additional_Informat
Securities - Additional Information (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Schedule Of Marketable Securities [Line Items] | ' | ' |
Carrying value securities pledged as collateral | $30.10 | $25.50 |
Fair Value of Investment in debt securities | $20.40 | $3 |
Percentage of fair value of investment in debt | 67.60% | 8.00% |
Amortized_Cost_and_Approximate
Amortized Cost and Approximate Fair Values, Together with Gross Unrealized Gains and Losses of Securities (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Gain (Loss) on Investments [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost | $28,230 | $34,329 |
Available-for-sale Securities, Gross Unrealized Gains | 240 | 527 |
Available-for-sale Securities, Gross Unrealized Losses | -626 | -3 |
Available-for-sale securities | 27,844 | 34,853 |
Held-to-maturity Securities, Amortized Cost | 2,294 | 2,768 |
Held-to-maturity Securities, Fair Value | 2,320 | ' |
U.S. government agencies | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost | 21,000 | 23,980 |
Available-for-sale Securities, Gross Unrealized Gains | 0 | 93 |
Available-for-sale Securities, Gross Unrealized Losses | -626 | -3 |
Available-for-sale securities | 20,374 | 24,070 |
State and political subdivisions | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost | 7,226 | 10,345 |
Available-for-sale Securities, Gross Unrealized Gains | 217 | 414 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | 0 |
Available-for-sale securities | 7,443 | 10,759 |
Held-to-maturity Securities, Amortized Cost | 2,294 | 2,768 |
Held-to-maturity Securities, Gross Unrealized Gains | 26 | 72 |
Held-to-maturity Securities, Gross Unrealized Losses | 0 | 0 |
Held-to-maturity Securities, Fair Value | 2,320 | 2,840 |
Equity securities | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost | 4 | 4 |
Available-for-sale Securities, Gross Unrealized Gains | 23 | 20 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | 0 |
Available-for-sale securities | $27 | $24 |
Amortized_Cost_and_Fair_Value_
Amortized Cost and Fair Value of Available-for-Sale Securities and Held-to-Maturity Securities (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Available-for-sale, Amortized Cost | ' | ' |
Within one year | $739 | ' |
One to five years | 4,693 | ' |
Five to ten years | 16,794 | ' |
After ten years | 6,000 | ' |
Equity securities | 4 | ' |
Totals | 28,230 | 34,329 |
Available-for-sale, Fair Value | ' | ' |
Within one year | 741 | ' |
One to five years | 4,780 | ' |
Five to ten years | 16,466 | ' |
After ten years | 5,830 | ' |
Equity securities | 27 | ' |
Available-for-sale Securities, Approximate Fair Value | 27,844 | 34,853 |
Held-to-maturity, Amortized Cost | ' | ' |
Within one year | 1,340 | ' |
One to five years | 954 | ' |
Five to ten years | 0 | ' |
After ten years | 0 | ' |
Equity securities | 0 | ' |
Totals | 2,294 | 2,768 |
Held-to-maturity, Fair Value | ' | ' |
Within one year | 1,347 | ' |
One to five years | 973 | ' |
Five to ten years | 0 | ' |
After ten years | 0 | ' |
Equity securities | 0 | ' |
Held-to-maturity Securities, Approximate Fair Value | $2,320 | ' |
Gross_Unrealized_Losses_and_Fa
Gross Unrealized Losses and Fair Value, Aggregated by Investment Category and Length of Time that Individual Securities have been in a Continuous Unrealized Loss Position (Detail) (U.S. government agencies, USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
U.S. government agencies | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' |
Less than 12 Months Fair Value | $0 | $2,997 |
Less than 12 Months Unrealized Losses | 0 | -3 |
12 Months or More Fair Value | 20,373 | 0 |
12 Months or More Unrealized Losses | -626 | 0 |
Total Fair Value | 20,373 | 2,997 |
Total Unrealized Losses | ($626) | ($3) |
Recovered_Sheet1
Loans And Allowance For Loan Losses - Additional Information (Detail) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Allowance for loan and lease losses, period increase (decrease) | $69,000 | $24,000 |
Categories_of_Loan_Detail
Categories of Loan (Detail) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||||
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Commercial loans | $53,993 | ' | $47,130 | ' | ' | ' |
Commercial real estate | 136,225 | ' | 144,144 | ' | ' | ' |
Residential real estate | 80,282 | ' | 73,623 | ' | ' | ' |
Installment loans | 27,609 | ' | 31,585 | ' | ' | ' |
Total gross loans | 298,109 | ' | 296,482 | ' | ' | ' |
Less allowance for loan losses | -2,965 | -3,268 | -2,708 | -2,773 | -2,649 | -2,921 |
Total loans | $295,144 | ' | $293,774 | ' | ' | ' |
Allowance_for_Loan_Losses_and_
Allowance for Loan Losses and Recorded Investment in Loans (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Allowance for loan losses: | ' | ' | ' | ' | ' |
Balance, beginning of year | $3,268 | $2,649 | $2,708 | $2,921 | ' |
Provision charged to expense | 354 | 268 | 1,013 | 769 | ' |
Losses charged off | -684 | -257 | -897 | -1,161 | ' |
Recoveries | 27 | 113 | 141 | 244 | ' |
Balance, end of year | 2,965 | 2,773 | 2,965 | 2,773 | ' |
Ending balance: individually evaluated for impairment | 1,620 | ' | 1,620 | ' | 1,374 |
Ending balance: collectively evaluated for impairment | 1,345 | ' | 1,345 | ' | 1,334 |
Loans: | ' | ' | ' | ' | ' |
Ending balance: individually evaluated for impairment | 6,712 | ' | 6,712 | ' | 6,958 |
Ending balance: collectively evaluated for impairment | 291,397 | ' | 291,397 | ' | 289,524 |
Commercial | ' | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' |
Balance, beginning of year | 1,191 | 418 | 598 | 183 | ' |
Provision charged to expense | -272 | 46 | 319 | 275 | ' |
Losses charged off | -520 | -67 | -520 | -67 | ' |
Recoveries | 0 | 83 | 2 | 89 | ' |
Balance, end of year | 399 | 480 | 399 | 480 | ' |
Ending balance: individually evaluated for impairment | 244 | ' | 244 | ' | 458 |
Ending balance: collectively evaluated for impairment | 155 | ' | 155 | ' | 140 |
Loans: | ' | ' | ' | ' | ' |
Ending balance: individually evaluated for impairment | 609 | ' | 609 | ' | 1,015 |
Ending balance: collectively evaluated for impairment | 53,384 | ' | 53,384 | ' | 46,115 |
Commercial Real Estate | ' | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' |
Balance, beginning of year | 1,213 | 1,622 | 1,347 | 2,321 | ' |
Provision charged to expense | 560 | 168 | 456 | 222 | ' |
Losses charged off | -10 | -49 | -47 | -804 | ' |
Recoveries | 4 | 7 | 11 | 9 | ' |
Balance, end of year | 1,767 | 1,748 | 1,767 | 1,748 | ' |
Ending balance: individually evaluated for impairment | 1,376 | ' | 1,376 | ' | 916 |
Ending balance: collectively evaluated for impairment | 391 | ' | 391 | ' | 431 |
Loans: | ' | ' | ' | ' | ' |
Ending balance: individually evaluated for impairment | 6,103 | ' | 6,103 | ' | 5,943 |
Ending balance: collectively evaluated for impairment | 130,122 | ' | 130,122 | ' | 138,201 |
Installment | ' | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' |
Balance, beginning of year | 181 | 226 | 200 | 235 | ' |
Provision charged to expense | 93 | 43 | 131 | 33 | ' |
Losses charged off | -110 | -86 | -271 | -206 | ' |
Recoveries | 21 | 22 | 125 | 143 | ' |
Balance, end of year | 185 | 205 | 185 | 205 | ' |
Ending balance: individually evaluated for impairment | 0 | ' | 0 | ' | 0 |
Ending balance: collectively evaluated for impairment | 185 | ' | 185 | ' | 200 |
Loans: | ' | ' | ' | ' | ' |
Ending balance: individually evaluated for impairment | 0 | ' | 0 | ' | 0 |
Ending balance: collectively evaluated for impairment | 27,609 | ' | 27,609 | ' | 31,585 |
Residential | ' | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' |
Balance, beginning of year | 120 | 99 | 116 | 95 | ' |
Provision charged to expense | 48 | 67 | 66 | 98 | ' |
Losses charged off | -44 | -55 | -59 | -84 | ' |
Recoveries | 2 | 1 | 3 | 3 | ' |
Balance, end of year | 126 | 112 | 126 | 112 | ' |
Ending balance: individually evaluated for impairment | 0 | ' | 0 | ' | 0 |
Ending balance: collectively evaluated for impairment | 126 | ' | 126 | ' | 116 |
Loans: | ' | ' | ' | ' | ' |
Ending balance: individually evaluated for impairment | 0 | ' | 0 | ' | 0 |
Ending balance: collectively evaluated for impairment | 80,282 | ' | 80,282 | ' | 73,623 |
Unallocated | ' | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' |
Balance, beginning of year | 563 | 284 | 447 | 87 | ' |
Provision charged to expense | -75 | -56 | 41 | 141 | ' |
Losses charged off | 0 | 0 | 0 | 0 | ' |
Recoveries | 0 | 0 | 0 | 0 | ' |
Balance, end of year | 488 | 228 | 488 | 228 | ' |
Ending balance: individually evaluated for impairment | 0 | ' | 0 | ' | 0 |
Ending balance: collectively evaluated for impairment | 488 | ' | 488 | ' | 447 |
Loans: | ' | ' | ' | ' | ' |
Ending balance: individually evaluated for impairment | 0 | ' | 0 | ' | 0 |
Ending balance: collectively evaluated for impairment | $0 | ' | $0 | ' | $0 |
Portfolio_Quality_Indicators_D
Portfolio Quality Indicators (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Commercial | $53,993 | $47,130 |
Commercial Real Estate | 136,225 | 144,144 |
Residential | 80,282 | 73,623 |
Installment | 27,609 | 31,585 |
Total | 298,109 | 296,482 |
Pass Grade | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Commercial | 50,642 | 43,364 |
Commercial Real Estate | 125,959 | 133,402 |
Residential | 80,282 | 73,623 |
Installment | 27,609 | 31,585 |
Total | 284,492 | 281,974 |
Special Mention | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Commercial | 2,724 | 2,698 |
Commercial Real Estate | 3,906 | 3,005 |
Residential | 0 | 0 |
Installment | 0 | 0 |
Total | 6,630 | 5,703 |
Substandard | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Commercial | 627 | 1,068 |
Commercial Real Estate | 6,360 | 7,737 |
Residential | 0 | 0 |
Installment | 0 | 0 |
Total | 6,987 | 8,805 |
Doubtful | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Commercial | 0 | 0 |
Commercial Real Estate | 0 | 0 |
Residential | 0 | 0 |
Installment | 0 | 0 |
Total | $0 | $0 |
Loan_Portfolio_Aging_Analysis_
Loan Portfolio Aging Analysis (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due and Accruing | $1,017 | $1,508 |
60-89 Days Past Due and Accruing | 75 | 102 |
GreaterThan 90 Days and Accruing | 189 | 84 |
Non Accrual | 2,814 | 3,260 |
Total Past Due and Non Accrual | 4,095 | 4,954 |
Current | 294,014 | 291,528 |
Total Loans Receivable | 298,109 | 296,482 |
Commercial | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due and Accruing | 427 | 144 |
60-89 Days Past Due and Accruing | 3 | 0 |
GreaterThan 90 Days and Accruing | 84 | 84 |
Non Accrual | 320 | 541 |
Total Past Due and Non Accrual | 834 | 769 |
Current | 53,159 | 46,361 |
Total Loans Receivable | 53,993 | 47,130 |
Commercial Real Estate | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due and Accruing | 217 | 87 |
60-89 Days Past Due and Accruing | 0 | 0 |
GreaterThan 90 Days and Accruing | 105 | 0 |
Non Accrual | 760 | 1,114 |
Total Past Due and Non Accrual | 1,082 | 1,201 |
Current | 135,143 | 142,943 |
Total Loans Receivable | 136,225 | 144,144 |
Installment | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due and Accruing | 92 | 189 |
60-89 Days Past Due and Accruing | 55 | 11 |
GreaterThan 90 Days and Accruing | 0 | 0 |
Non Accrual | 85 | 41 |
Total Past Due and Non Accrual | 232 | 241 |
Current | 25,662 | 73,382 |
Total Loans Receivable | 27,609 | 73,623 |
Residential | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due and Accruing | 281 | 1,088 |
60-89 Days Past Due and Accruing | 17 | 91 |
GreaterThan 90 Days and Accruing | 0 | 0 |
Non Accrual | 1,649 | 1,564 |
Total Past Due and Non Accrual | 1,947 | 2,743 |
Current | 80,050 | 28,842 |
Total Loans Receivable | $80,282 | $31,585 |
Impaired_Loans_Detail
Impaired Loans (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Commercial | ' | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' |
Recorded Balance | $609 | ' | $609 | ' | $1,015 |
Unpaid Principal Balance | 609 | ' | 609 | ' | 1,015 |
Specific Allowance | 244 | ' | 244 | ' | 458 |
Average Investment in Impaired Loans | 582 | 1,057 | 594 | 990 | ' |
Interest Income Recognized | 17 | 5 | 24 | 34 | ' |
Commercial Real Estate | ' | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' |
Recorded Balance | 6,103 | ' | 6,103 | ' | 5,943 |
Unpaid Principal Balance | 6,115 | ' | 6,115 | ' | 5,943 |
Specific Allowance | 1,376 | ' | 1,376 | ' | 916 |
Average Investment in Impaired Loans | 6,249 | 6,522 | 6,392 | 7,055 | ' |
Interest Income Recognized | 64 | 86 | 218 | 271 | ' |
Residential | ' | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' |
Recorded Balance | 0 | ' | 0 | ' | 0 |
Unpaid Principal Balance | 0 | ' | 0 | ' | 0 |
Specific Allowance | 0 | ' | 0 | ' | 0 |
Average Investment in Impaired Loans | 0 | 59 | 0 | 59 | ' |
Interest Income Recognized | 0 | 0 | 0 | 0 | ' |
Installment | ' | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' |
Recorded Balance | 0 | ' | 0 | ' | 0 |
Unpaid Principal Balance | 0 | ' | 0 | ' | 0 |
Specific Allowance | 0 | ' | 0 | ' | 0 |
Average Investment in Impaired Loans | 0 | 0 | 0 | 0 | ' |
Interest Income Recognized | 0 | 0 | 0 | 0 | ' |
Loans without a specific valuation allowance | ' | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' |
Recorded Balance | 1,158 | ' | 1,158 | ' | 1,907 |
Unpaid Principal Balance | 1,170 | ' | 1,170 | ' | 1,907 |
Specific Allowance | 0 | ' | 0 | ' | 0 |
Average Investment in Impaired Loans | 1,160 | 2,572 | 1,239 | 2,868 | ' |
Interest Income Recognized | 21 | 83 | 50 | 187 | ' |
Loans without a specific valuation allowance | Commercial | ' | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' |
Recorded Balance | 84 | ' | 84 | ' | 361 |
Unpaid Principal Balance | 84 | ' | 84 | ' | 361 |
Specific Allowance | 0 | ' | 0 | ' | 0 |
Average Investment in Impaired Loans | 84 | 393 | 84 | 445 | ' |
Interest Income Recognized | 0 | 5 | 1 | 23 | ' |
Loans without a specific valuation allowance | Commercial Real Estate | ' | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' |
Recorded Balance | 1,074 | ' | 1,074 | ' | 1,546 |
Unpaid Principal Balance | 1,086 | ' | 1,086 | ' | 1,546 |
Specific Allowance | 0 | ' | 0 | ' | 0 |
Average Investment in Impaired Loans | 1,076 | 2,160 | 1,155 | 2,404 | ' |
Interest Income Recognized | 21 | 78 | 49 | 164 | ' |
Loans without a specific valuation allowance | Residential | ' | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' |
Recorded Balance | 0 | ' | 0 | ' | 0 |
Unpaid Principal Balance | 0 | ' | 0 | ' | 0 |
Specific Allowance | 0 | ' | 0 | ' | 0 |
Average Investment in Impaired Loans | 0 | 19 | 0 | 19 | ' |
Interest Income Recognized | 0 | 0 | 0 | 0 | ' |
Loans without a specific valuation allowance | Installment | ' | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' |
Recorded Balance | 0 | ' | 0 | ' | 0 |
Unpaid Principal Balance | 0 | ' | 0 | ' | 0 |
Specific Allowance | 0 | ' | 0 | ' | 0 |
Average Investment in Impaired Loans | 0 | 0 | 0 | 0 | ' |
Interest Income Recognized | 0 | 0 | 0 | 0 | ' |
Loans with a specific valuation allowance | ' | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' |
Recorded Balance | 5,554 | ' | 5,554 | ' | 5,051 |
Unpaid Principal Balance | 5,554 | ' | 5,554 | ' | 5,051 |
Specific Allowance | 1,620 | ' | 1,620 | ' | 1,374 |
Average Investment in Impaired Loans | 5,671 | 5,066 | 5,747 | 5,236 | ' |
Interest Income Recognized | 60 | 8 | 192 | 118 | ' |
Loans with a specific valuation allowance | Commercial | ' | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' |
Recorded Balance | 525 | ' | 525 | ' | 654 |
Unpaid Principal Balance | 525 | ' | 525 | ' | 654 |
Specific Allowance | 244 | ' | 244 | ' | 458 |
Average Investment in Impaired Loans | 498 | 664 | 510 | 545 | ' |
Interest Income Recognized | 17 | 0 | 23 | 11 | ' |
Loans with a specific valuation allowance | Commercial Real Estate | ' | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' |
Recorded Balance | 5,029 | ' | 5,029 | ' | 4,397 |
Unpaid Principal Balance | 5,029 | ' | 5,029 | ' | 4,397 |
Specific Allowance | 1,376 | ' | 1,376 | ' | 916 |
Average Investment in Impaired Loans | 5,173 | 4,362 | 5,237 | 4,651 | ' |
Interest Income Recognized | 43 | 8 | 169 | 107 | ' |
Loans with a specific valuation allowance | Residential | ' | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' |
Recorded Balance | 0 | ' | 0 | ' | 0 |
Unpaid Principal Balance | 0 | ' | 0 | ' | 0 |
Specific Allowance | 0 | ' | 0 | ' | 0 |
Average Investment in Impaired Loans | 0 | 40 | 0 | 40 | ' |
Interest Income Recognized | 0 | 0 | 0 | 0 | ' |
Loans with a specific valuation allowance | Installment | ' | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' |
Recorded Balance | 0 | ' | 0 | ' | 0 |
Unpaid Principal Balance | 0 | ' | 0 | ' | 0 |
Specific Allowance | 0 | ' | 0 | ' | 0 |
Average Investment in Impaired Loans | 0 | 0 | 0 | 0 | ' |
Interest Income Recognized | $0 | $0 | $0 | $0 | ' |
Troubled_Debt_Restructuring_De
Troubled Debt Restructuring (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Commercial | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Contracts | 0 | 3 | 0 | 3 |
Pre- Modification Outstanding Recorded Investment | $0 | $152 | $0 | $152 |
Post-Modification Outstanding Recorded Investment | 0 | 66 | 0 | 66 |
Interest Only | 0 | 0 | 0 | 0 |
Term | 0 | 0 | 0 | 0 |
Combination | 0 | 66 | 0 | 66 |
Total Modification | 0 | 66 | 0 | 66 |
Commercial Real Estate | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Contracts | 2 | 0 | 3 | 2 |
Pre- Modification Outstanding Recorded Investment | 2,887 | 0 | 3,320 | 74 |
Post-Modification Outstanding Recorded Investment | 2,887 | 0 | 3,320 | 16 |
Interest Only | 0 | 0 | 0 | 0 |
Term | 2,887 | 0 | 3,320 | 16 |
Combination | 0 | 0 | 0 | 0 |
Total Modification | 2,887 | 0 | 2,887 | 0 |
Residential | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Contracts | 0 | 0 | 0 | 0 |
Pre- Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Interest Only | 0 | 0 | 0 | 0 |
Term | 0 | 0 | 0 | 0 |
Combination | 0 | 0 | 0 | 0 |
Total Modification | 0 | 0 | 0 | 0 |
Installment | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Contracts | 0 | 0 | 0 | 0 |
Pre- Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Consumer | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Interest Only | 0 | 0 | 0 | 0 |
Term | 0 | 0 | 0 | 0 |
Combination | 0 | 0 | 0 | 0 |
Total Modification | $0 | $0 | $0 | $0 |
Pension_Expense_Detail
Pension Expense (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Components of net periodic benefit cost | ' | ' | ' | ' |
Service cost | $90 | $89 | $270 | $267 |
Interest cost | 41 | 45 | 123 | 135 |
Expected return on assets | -64 | -57 | -192 | -171 |
Amortization of prior service cost and net loss | 43 | 43 | 129 | 129 |
Pension expense | $110 | $120 | $330 | $360 |
Notional_or_Contractual_Amount
Notional or Contractual Amounts Of Financial Statement with Off-Balance-Sheet Risk (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Asset | $2,013 | $2,012 |
Commercial loans unused lines of credit | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Asset | 12,429 | 12,987 |
Commitment to originate loans | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Asset | 7,512 | 7,816 |
Consumer open end lines of credit | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Asset | 35,048 | 32,419 |
Standby letters of credit | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Asset | $150 | $150 |
Components_of_Accumulated_Othe
Components of Accumulated Other Comprehensive Loss Included in Stockholders' Equity (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | |||
Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Net unrealized gain on securities available-for-sale | ($386) | ' | $524 |
Net unrealized loss for unfunded status of defined benefit plan liability | -2,169 | ' | -2,169 |
Accumulated other comprehensive income (Loss), before taxes, total | -2,555 | ' | -1,645 |
Tax effect | 868 | ' | 558 |
Net-of-tax amount | ($1,687) | ($1,087) | ($1,087) |
Fair_Value_Measurements_of_Ass
Fair Value Measurements of Assets Recognized in Consolidated Balance Sheets Measured at Fair Value on Recurring Basis (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
U.S. government agencies | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Fair value of asset, recurring basis | $20,374 | $24,070 |
State and political subdivisions | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Fair value of asset, recurring basis | 7,443 | 10,759 |
Equity securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Fair value of asset, recurring basis | 27 | 24 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring | U.S. government agencies | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Fair value of asset, recurring basis | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring | State and political subdivisions | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Fair value of asset, recurring basis | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring | Equity securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Fair value of asset, recurring basis | 27 | 24 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring | U.S. government agencies | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Fair value of asset, recurring basis | 20,374 | 24,070 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring | State and political subdivisions | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Fair value of asset, recurring basis | 7,443 | 10,759 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring | Equity securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Fair value of asset, recurring basis | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring | U.S. government agencies | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Fair value of asset, recurring basis | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring | State and political subdivisions | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Fair value of asset, recurring basis | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring | Equity securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Fair value of asset, recurring basis | $0 | $0 |
Fair_Value_Measurements_of_Ass1
Fair Value Measurements of Assets Recognized in Consolidated Balance Sheets Measured at Fair Value on Nonrecurring Basis (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Collateral dependent impaired loans | $1,113 | $3,573 |
Foreclosed assets held for sale | 736 | 736 |
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Collateral dependent impaired loans | 0 | 0 |
Foreclosed assets held for sale | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Collateral dependent impaired loans | 0 | 0 |
Foreclosed assets held for sale | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Collateral dependent impaired loans | 1,113 | 3,573 |
Foreclosed assets held for sale | $736 | $736 |
Quantitative_Information_About
Quantitative Information About Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Foreclosed Assets Held For Sale | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair Value | $736 | $736 |
Valuation Technique | 'Market comparable properties | 'Market comparable properties |
Unobservable Inputs | 'Selling costs | 'Selling costs |
Foreclosed Assets Held For Sale | Maximum | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Range (Weighted Average) | 15.00% | 15.00% |
Foreclosed Assets Held For Sale | Minimum | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Range (Weighted Average) | 10.00% | 10.00% |
Collateral Dependent Impaired Loans | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair Value | $1,113 | $3,573 |
Valuation Technique | 'Market comparable properties | 'Market comparable properties |
Unobservable Inputs | 'Marketability discount | 'Marketability discount |
Collateral Dependent Impaired Loans | Maximum | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Range (Weighted Average) | 35.00% | 35.00% |
Collateral Dependent Impaired Loans | Minimum | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Range (Weighted Average) | 10.00% | 10.00% |
Estimated_Fair_Values_of_Compa
Estimated Fair Values of Company's Financial Instruments (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Financial assets | ' | ' | ' | ' |
Cash and cash equivalents | $41,218 | $75,108 | $102,236 | $15,681 |
Held-to-maturity securities | 2,294 | 2,768 | ' | ' |
Loans, net of allowance | 295,144 | 293,774 | ' | ' |
Federal Home Loan Bank stock | 4,810 | 4,810 | ' | ' |
Accrued interest receivable | 997 | 1,076 | ' | ' |
Financial liabilities | ' | ' | ' | ' |
Deposits | 317,484 | 350,416 | ' | ' |
Short term borrowings | 10,529 | 10,681 | ' | ' |
Federal Home Loan Bank Advances | 27,146 | 32,439 | ' | ' |
Subordinated debentures | 4,000 | 4,000 | ' | ' |
Interest payable | 147 | 193 | ' | ' |
Financial assets, Fair Value | ' | ' | ' | ' |
Held-to-maturity securities | 2,294 | 2,768 | ' | ' |
Fair Value, Inputs, Level 1 | ' | ' | ' | ' |
Financial assets | ' | ' | ' | ' |
Held-to-maturity securities | 0 | 0 | ' | ' |
Financial assets, Fair Value | ' | ' | ' | ' |
Cash and cash equivalents | 41,218 | 75,108 | ' | ' |
Held-to-maturity securities | 0 | 0 | ' | ' |
Loans, net of allowance | 0 | 0 | ' | ' |
Federal Home Loan Bank stock | 0 | 0 | ' | ' |
Accrued interest receivable | 0 | 0 | ' | ' |
Financial liabilities, Fair Value | ' | ' | ' | ' |
Deposits | 0 | 0 | ' | ' |
Short-term borrowings | 0 | 0 | ' | ' |
Federal Home Loan Bank Advances | 0 | 0 | ' | ' |
Subordinated debentures | 0 | 0 | ' | ' |
Interest payable | 0 | 0 | ' | ' |
Fair Value, Inputs, Level 2 | ' | ' | ' | ' |
Financial assets | ' | ' | ' | ' |
Held-to-maturity securities | 2,320 | 2,840 | ' | ' |
Financial assets, Fair Value | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | ' | ' |
Held-to-maturity securities | 2,320 | 2,840 | ' | ' |
Loans, net of allowance | 0 | 0 | ' | ' |
Federal Home Loan Bank stock | 4,810 | 4,810 | ' | ' |
Accrued interest receivable | 997 | 1,076 | ' | ' |
Financial liabilities, Fair Value | ' | ' | ' | ' |
Deposits | 306,582 | 346,761 | ' | ' |
Short-term borrowings | 10,529 | 10,681 | ' | ' |
Federal Home Loan Bank Advances | 29,295 | 35,649 | ' | ' |
Subordinated debentures | 3,712 | 3,712 | ' | ' |
Interest payable | 147 | 193 | ' | ' |
Fair Value, Inputs, Level 3 | ' | ' | ' | ' |
Financial assets | ' | ' | ' | ' |
Held-to-maturity securities | 0 | 0 | ' | ' |
Financial assets, Fair Value | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | ' | ' |
Held-to-maturity securities | 0 | 0 | ' | ' |
Loans, net of allowance | 295,109 | 295,134 | ' | ' |
Federal Home Loan Bank stock | 0 | 0 | ' | ' |
Accrued interest receivable | 0 | 0 | ' | ' |
Financial liabilities, Fair Value | ' | ' | ' | ' |
Deposits | 0 | 0 | ' | ' |
Short-term borrowings | 0 | 0 | ' | ' |
Federal Home Loan Bank Advances | 0 | 0 | ' | ' |
Subordinated debentures | 0 | 0 | ' | ' |
Interest payable | $0 | $0 | ' | ' |