Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Document Information [Line Items] | ' |
Document Type | '10-K |
Amendment Flag | 'false |
Document Period End Date | 31-Dec-13 |
Document Fiscal Year Focus | '2013 |
Document Fiscal Period Focus | 'FY |
Trading Symbol | 'UBCP |
Entity Common Stock, Shares Outstanding | 0 |
Entity Registrant Name | 'UNITED BANCORP INC /OH/ |
Entity Central Index Key | '0000731653 |
Current Fiscal Year End Date | '--12-31 |
Entity Well-known Seasoned Issuer | 'No |
Entity Voluntary Filers | 'No |
Entity Current Reporting Status | 'Yes |
Entity Filer Category | 'Smaller Reporting Company |
Entity Public Float | $0 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and due from banks | $5,328 | $4,889 |
Interest-bearing demand deposits | 18,146 | 70,219 |
Cash and cash equivalents | 23,474 | 75,108 |
Available-for-sale securities | 26,564 | 34,853 |
Held-to-maturity securities | 955 | 2,768 |
Loans, net of allowance for loan losses of $2,894 and $2,708 at December 31, 2013 and 2012, respectively | 306,608 | 293,774 |
Premises and equipment | 10,723 | 10,385 |
Federal Home Loan Bank stock | 4,810 | 4,810 |
Foreclosed assets held for sale, net | 2,202 | 1,810 |
Intangible assets | 186 | 305 |
Accrued interest receivable | 1,022 | 1,076 |
Deferred federal income taxes | 744 | 887 |
Bank-owned life insurance | 10,511 | 11,034 |
Other assets | 1,243 | 1,544 |
Total assets | 389,042 | 438,354 |
Deposits | ' | ' |
Demand | 164,747 | 183,355 |
Savings | 67,588 | 67,236 |
Time | 78,306 | 99,825 |
Total deposits | 310,641 | 350,416 |
Short-term borrowings | 5,746 | 10,681 |
Federal Home Loan Bank advances | 26,991 | 32,439 |
Subordinated debentures | 4,000 | 4,000 |
Interest payable and other liabilities | 2,793 | 4,192 |
Total liabilities | 350,171 | 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 | 17,750 | 17,425 |
Retained earnings | 19,600 | 18,544 |
Stock held by deferred compensation plan; 2013 - 213,805 shares, 2012 - 195,965 shares | -1,904 | -1,778 |
Unearned ESOP compensation | -1,658 | -1,823 |
Accumulated other comprehensive loss | -191 | -1,087 |
Treasury stock, at cost 2013 - 12,496 shares, 2012 - 2,496 shares | -101 | -30 |
Total stockholders’ equity | 38,871 | 36,626 |
Total liabilities and stockholders’ equity | $389,042 | $438,354 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Loans, allowance for loan losses | $2,894 | $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 | 213,805 | 195,965 |
Treasury stock, shares | 12,496 | 2,496 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Interest and Dividend Income | ' | ' |
Loans | $15,992 | $16,776 |
Securities | ' | ' |
Taxable | 294 | 708 |
Tax-exempt | 391 | 640 |
Federal funds sold | 129 | 106 |
Dividends on Federal Home Loan Bank and other stock | 219 | 232 |
Total interest and dividend income | 17,025 | 18,462 |
Interest Expense | ' | ' |
Deposits | 1,572 | 2,299 |
Borrowings | 1,461 | 1,562 |
Total interest expense | 3,033 | 3,861 |
Net Interest Income | 13,992 | 14,601 |
Provision for Loan Losses | 1,241 | 1,128 |
Net Interest Income After Provision for Loan Losses | 12,751 | 13,473 |
Noninterest Income | ' | ' |
Customer service fees | 2,354 | 2,060 |
Net gains on loan sales | 58 | 32 |
Earnings on bank-owned life insurance | 437 | 445 |
BOLI benefit in excess of surrender value | 935 | 0 |
Other | 428 | 406 |
Total noninterest income | 4,212 | 2,943 |
Noninterest expense | ' | ' |
Salaries and employee benefits | 7,077 | 6,849 |
Net occupancy and equipment expense | 1,882 | 1,860 |
Professional fees | 843 | 826 |
Insurance | 284 | 251 |
Deposit insurance premiums | 296 | 288 |
Franchise and other taxes | 504 | 513 |
Marketing expense | 403 | 394 |
Printing and office supplies | 197 | 233 |
Amortization of intangible assets | 119 | 119 |
Provision for losses on foreclosed real estate | 240 | 83 |
Loss on sale of real estate and other repossessed assets | 13 | 6 |
Other | 2,137 | 2,050 |
Total noninterest expense | 13,995 | 13,472 |
Income Before Income Taxes and Equity in Undistributed Income of Subsidiary | 2,968 | 2,944 |
Provision for Federal Income Taxes | 356 | 546 |
Net income | $2,612 | $2,398 |
Basic Earnings Per Share | $0.53 | $0.49 |
Diluted Earnings Per Share | $0.53 | $0.48 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Net income | $2,612 | $2,398 |
Other comprehensive income (loss), net of tax | ' | ' |
Unrealized holding (losses) on available-for-sale securities during the period, net of tax benefits of $(395) and $(75) for each respective period | -765 | -145 |
Change in funded status of defined benefit plan, net of taxes of $797 and tax benefit of $(68) for each respective period | 1,547 | -134 |
Amortization of net loss included in net periodic pension cost, net of tax of $54 and $52 for each respective period | 10 | 10 |
Amortization of prior service included in net periodic pension expense, net of tax of $5 for each respective period | 104 | 102 |
Comprehensive income | $3,508 | $2,231 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Unrealized holding loss on securities during the period, net of tax benefits | ($395) | ($75) |
Other comprehensive income loss change in unfunded status of defined benefit plan liability, tax | 797 | -68 |
Amortization of prior service included in net periodic pension expense, net of tax | 5 | 5 |
Other comprehensive income loss amortization of net loss included in net periodic pension cost, tax | $54 | $52 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock | Additional Paid-in Capital | Treasury Stock and Deferred Compensation | Shares Acquired By ESOP | Retained Earnings | Accumulated Other Comprehensive Income Loss |
In Thousands | |||||||
Balance at Dec. 31, 2011 | $36,182 | $5,360 | $17,391 | ($1,967) | ($2,081) | $18,399 | ($920) |
Net income | 2,398 | 0 | 0 | 0 | 0 | 2,398 | 0 |
Other comprehensive income | -167 | 0 | 0 | 0 | ' | 0 | -167 |
Cash dividends - per share | -2,253 | 0 | 0 | 0 | 0 | -2,253 | 0 |
Shares purchased for deferred compensation plan | 121 | 0 | 145 | -24 | 0 | 0 | 0 |
Shares distributed from deferred compensation plan | 0 | 0 | -246 | 246 | 0 | 0 | 0 |
Expense related to share-based compensation plans | 213 | 0 | 213 | 0 | 0 | 0 | 0 |
Purchase of treasury stock | -63 | 0 | 0 | -63 | 0 | 0 | 0 |
Issuance of restricted stock | 0 | 15 | -15 | 0 | 0 | 0 | 0 |
Amortization of ESOP | 195 | 0 | -63 | 0 | 258 | 0 | 0 |
Balance at Dec. 31, 2012 | 36,626 | 5,375 | 17,425 | -1,808 | -1,823 | 18,544 | -1,087 |
Net income | 2,612 | 0 | 0 | 0 | 0 | 2,612 | 0 |
Other comprehensive income | 896 | 0 | 0 | 0 | ' | 0 | 896 |
Cash dividends - per share | -1,556 | 0 | 0 | 0 | 0 | -1,556 | 0 |
Shares purchased for deferred compensation plan | 0 | 0 | 127 | -127 | 0 | 0 | 0 |
Expense related to share-based compensation plans | 198 | 0 | 198 | 0 | 0 | 0 | 0 |
Purchase of treasury stock | -70 | 0 | 0 | -70 | 0 | 0 | 0 |
Amortization of ESOP | 165 | 0 | 0 | 0 | 165 | 0 | 0 |
Balance at Dec. 31, 2013 | $38,871 | $5,375 | $17,750 | ($2,005) | ($1,658) | $19,600 | ($191) |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Cash dividends, per share | $0.29 | $0.42 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Operating Activities | ' | ' |
Net income | $2,612 | $2,398 |
Items not requiring (providing) cash | ' | ' |
Depreciation and amortization | 981 | 946 |
Amortization of intangible assets | 119 | 119 |
Provision for loan losses | 1,241 | 1,128 |
Provision for losses on foreclosed real estate | 240 | 83 |
Amortization of premiums and discounts on securities-net | -21 | -59 |
Amortization of mortgage servicing rights | 24 | 56 |
Deferred income taxes | -327 | -111 |
Originations of loans held for sale | -2,304 | -1,696 |
Proceeds from sale of loans held for sale | 2,362 | 1,728 |
Net gains on sales of loans | -58 | -32 |
Amortization of ESOP | 165 | 195 |
Expense related to share-based compensation plans | 198 | 213 |
Loss on sale of real estate and other repossessed assets | 13 | 6 |
Changes in | ' | ' |
Bank-owned life insurance | 523 | -362 |
Accrued interest receivable | 54 | 334 |
Other assets | 943 | 599 |
Interest payable and other liabilities | 405 | 54 |
Net cash provided by operating activities | 7,170 | 5,599 |
Investing Activities | ' | ' |
Purchases of available-for-sale securities | -18,000 | -51,958 |
Proceeds from maturities of available-for-sale securities | 25,127 | 98,921 |
Proceeds from maturities of held-to-maturity securities | 1,834 | 1,705 |
Net change in loans | -14,846 | -13,818 |
Purchases of premises and equipment | -1,318 | -1,527 |
Proceeds from sales of foreclosed assets | 185 | 622 |
Net cash (used in) provided by investing activities | -7,018 | 33,945 |
Financing Activities | ' | ' |
Net (decrease) increase in deposits | -39,776 | 21,876 |
Net change in Federal Home Loan Bank advances and short term | -10,384 | 202 |
Cash dividends paid | -1,556 | -2,253 |
Purchase of treasury stock | -70 | -63 |
Shares purchased for deferred compensation plan | 0 | 121 |
Net cash (used in) provided by financing activities | -51,786 | 19,883 |
(Decrease) increase in Cash and Cash Equivalents | -51,634 | 59,427 |
Cash and Cash Equivalents, Beginning of Year | 75,108 | 15,681 |
Cash and Cash Equivalents, End of Year | 23,474 | 75,108 |
Supplemental Cash Flows Information | ' | ' |
Interest paid on deposits and borrowings | 3,082 | 3,902 |
Federal income taxes paid | 613 | 480 |
Supplemental Disclosure of Non-Cash Investing Activities | ' | ' |
Transfers from loans to foreclosed assets held for sale | 830 | 475 |
Unrealized losses on securities designated as available for sale, net of related tax effects | ($765) | ($145) |
Nature_of_Operations_and_Summa
Nature of Operations and Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Accounting Policies [Abstract] | ' | ||||||||||
Nature of Operations and Summary of Significant Accounting Policies | ' | ||||||||||
Note 1: | Nature of Operations and Summary of Significant Accounting Policies | ||||||||||
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 in 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 branches in Bridgeport, Colerain, Dellroy, Dillonvale, Dover, Jewett, New Philadelphia, St. Clairsville East, Saint Clairsville West, Sherrodsville, Strasburg and Tiltonsville, Ohio. The Community Bank division conducts its business through its main office in Lancaster, Ohio and branches 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. 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 policy, that are outside of management’s control. | |||||||||||
Use of Estimates | |||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||
Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses and the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans. In connection with the determination of the allowance for loan losses and the valuation of foreclosed assets held for sale, management obtains independent appraisals for significant properties. | |||||||||||
Cash Equivalents | |||||||||||
The Company considers all liquid investments with original maturities of three months or less to be cash equivalents. At December 31, 2013 and 2012, cash equivalents consisted primarily of due from accounts with the Federal Reserve and other correspondent Banks. | |||||||||||
Currently, the FDIC’s insurance limits are $250,000. At December 31, 2013 and 2012, none of the Company’s cash accounts exceeded the federally insured limit of $250,000. | |||||||||||
Securities | |||||||||||
Certain debt securities that management has the positive intent and ability to hold to maturity are classified as “held to maturity” and recorded at amortized cost. Securities not classified as held to maturity, including equity securities with readily determinable fair values, are classified as “available for sale” and recorded at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income. Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. | |||||||||||
For debt securities with fair value below amortized cost, when the Company does not intend to sell a debt security, and it is more likely than not the Company will not have to sell the security before recovery of its cost basis, it recognizes the credit component of an other-than-temporary impairment of a debt security in earnings and the remaining portion in other comprehensive income. For held-to-maturity debt securities, the amount of an other-than-temporary impairment recorded in other comprehensive income for the noncredit portion of a previous other-than-temporary impairment is amortized prospectively over the remaining life of the security on the basis of the timing of future estimated cash flows of the security. | |||||||||||
Loans Held for Sale | |||||||||||
Mortgage loans originated and intended for sale in the secondary market are carried at the lower of cost or fair value in the aggregate. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. At December 31, 2013 and 2012, the Company did not have any loans held for sale. | |||||||||||
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 uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. | |||||||||||
The allowance for loan losses is evaluated on a monthly basis by Bank 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. | |||||||||||
Premises and Equipment | |||||||||||
Depreciable assets are stated at cost less accumulated depreciation. Depreciation is charged to expense using the straight-line method over the estimated useful lives of the assets. An accelerated method is used for tax purposes. | |||||||||||
Federal Home Loan Bank Stock | |||||||||||
Federal Home Loan Bank stock is a required investment for institutions that are members of the Federal Home Loan Bank system. The required investment in the common stock is based on a predetermined formula, carried at cost and evaluated for impairment. | |||||||||||
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, less costs to sell, 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. Revenue and expenses from operations and changes in the valuation allowance are included in net income or expense from foreclosed assets. | |||||||||||
Bank-Owned Life Insurance | |||||||||||
The Company and the Bank have purchased life insurance policies on certain key executives. Company and bank-owned life insurance is recorded at its cash surrender value, or the amount that can be realized. | |||||||||||
Intangible Asset | |||||||||||
In conjunction with an acquisition, the Company recorded a core deposit intangible asset of approximately $812,000. This asset was recorded at fair value and is being amortized over a seven year period using the straight line method. The carrying amount and accumulated amortization of the core deposit intangible asset at December 31, 2013 and 2012 was: | |||||||||||
Gross | 2013 | 2012 | |||||||||
Carrying | Accumulated | Accumulated | |||||||||
Amount | Amortization | Amortization | |||||||||
(In thousands) | |||||||||||
Core deposits | $ | 812 | $ | 626 | $ | 507 | |||||
Amortization expense was $119,000 for both the years ended December 31, 2013 and 2012. Estimated amortization expense is $119,000 in 2014 and $67,000 in 2015. | |||||||||||
Treasury Stock | |||||||||||
Common shares repurchased are recorded at cost. Cost of shares retired or reissued is determined using the weighted average cost. | |||||||||||
Stock Options and Restricted Stock Awards | |||||||||||
The Company has a share-based employee compensation plan, which is described more fully in Note 14. | |||||||||||
Income Taxes | |||||||||||
The Company accounts for income taxes in accordance with income tax accounting guidance (ASC 740, Income Taxes). The income tax accounting guidance results in two components of income tax expense: current and deferred. Current income tax expense reflects taxes to be paid or refunded for the current period by applying the provisions of the enacted tax law to the taxable income or excess of deductions over revenues. The Company determines deferred income taxes using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is based on the tax effects of the differences between the book and tax bases of assets and liabilities, and enacted changes in tax rates and laws are recognized in the period in which they occur. | |||||||||||
Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are reduced by a valuation allowance if based on the weight of evidence available it is more likely than not that some portion or all of a deferred tax asset will not be realized. | |||||||||||
Uncertain tax positions are recognized if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50 percent; the terms examined and upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more-likely-than-not recognition threshold considers the facts, circumstances and information available at the reporting date and is subject to management’s judgment. At December 31, 2013, the Company had no uncertain tax positions. | |||||||||||
The Company recognizes interest and penalties on income taxes as a component of income tax expense. | |||||||||||
The Company files consolidated income tax returns with its subsidiary. With a few exceptions, the Company is no longer subject to the examination by tax authorities for years before 2010. | |||||||||||
Deferred Compensation Plan | |||||||||||
Directors have the option to defer all or a portion of fees for their services into a deferred stock compensation plan that invests in common shares of the Company. Officers of the Company have the option to defer up to 50% of their annual incentive award into this plan. The plan does not permit diversification and must be settled by the delivery of a fixed number of shares of the Company stock. The stock held in the plan is included in equity as deferred shares and is accounted for in a manner similar to treasury stock. Subsequent changes in the fair value of the Company’s stock are not recognized. The deferred compensation obligation is also classified as an equity instrument and changes in the fair value of the amount owed to the participant are not recognized. | |||||||||||
Stockholders’ Equity and Dividend Restrictions | |||||||||||
The Bank is subject to certain restrictions on the amount of dividends that it may declare without prior regulatory approval. Generally, the Bank’s payment of dividends is limited to net income for the current year plus the two preceding calendar years, less capital distributions paid over the comparable time period. Dividend payments to the stockholders may be legally paid from additional paid-in capital or retained earnings. | |||||||||||
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. | |||||||||||
Comprehensive Income | |||||||||||
Comprehensive income consists of net income and other comprehensive income, net of applicable income taxes. Other comprehensive income includes unrealized appreciation (depreciation) on available-for-sale securities and changes in the funded status of the defined benefit pension plan. | |||||||||||
Advertising | |||||||||||
Advertising costs are expensed as incurred. | |||||||||||
Restriction_on_Cash_and_Due_Fr
Restriction on Cash and Due From Banks | 12 Months Ended | ||
Dec. 31, 2013 | |||
Cash and Cash Equivalents [Abstract] | ' | ||
Restriction On Cash And Due From Banks [Text Block] | ' | ||
Note 2: | Restriction on Cash and Due From Banks | ||
The Company is required to maintain reserve funds in cash and/or on deposit with the Federal Reserve Bank. The reserve required at December 31, 2013 and 2012, was $3.3 million and $5.3 million, respectively. | |||
Securities
Securities | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Trading Securities [Abstract] | ' | |||||||||||||||||||
Securities | ' | |||||||||||||||||||
Note 3: | Securities | |||||||||||||||||||
The amortized cost and approximate fair values, together with gross unrealized gains and losses of securities are as follows: | ||||||||||||||||||||
Gross | Gross | |||||||||||||||||||
Amortized | Unrealized | Unrealized | Approximate | |||||||||||||||||
Cost | Gains | Losses | Fair Value | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Available-for-sale Securities: | ||||||||||||||||||||
December 31, 2013: | ||||||||||||||||||||
U.S. government agencies | $ | 21,000 | $ | –– | $ | -849 | $ | 20,151 | ||||||||||||
State and political subdivisions | 6,196 | 191 | –– | 6,387 | ||||||||||||||||
Equity securities | 4 | 22 | –– | 26 | ||||||||||||||||
$ | 27,200 | $ | 213 | $ | -849 | $ | 26,564 | |||||||||||||
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 | |||||||||||||
Gross | Gross | |||||||||||||||||||
Amortized | Unrealized | Unrealized | Approximate | |||||||||||||||||
Cost | Gains | Losses | Fair Value | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Held-to-maturity Securities: | ||||||||||||||||||||
December 31, 2013: | ||||||||||||||||||||
State and political subdivisions | $ | 955 | $ | 15 | $ | –– | $ | 970 | ||||||||||||
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 December 31, 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. Maturities for mortgage-backed securities are presented in the table below based on their projected maturities. | ||||||||||||||||||||
Available-for-sale | Held-to-maturity | |||||||||||||||||||
Amortized | Fair | Amortized | Fair | |||||||||||||||||
Cost | Value | Cost | Value | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Within one year | $ | –– | $ | –– | $ | 386 | $ | 399 | ||||||||||||
One to five years | 6,402 | 6,418 | 569 | 571 | ||||||||||||||||
Five to ten years | 14,794 | 14,520 | –– | –– | ||||||||||||||||
After ten years | 6,000 | 5,600 | –– | –– | ||||||||||||||||
27,196 | 26,538 | 955 | 970 | |||||||||||||||||
Equity securities | 4 | 26 | –– | –– | ||||||||||||||||
Totals | $ | 27,200 | $ | 26,564 | $ | 955 | $ | 970 | ||||||||||||
The carrying value of securities pledged as collateral, to secure public deposits and for other purposes, was $19.6 million and $25.5 million at December 31, 2013 and 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 December 31, 2013 and 2012, was $20.2 million and $3.0 million, which represented approximately 73.2% and 8.0%, 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. | ||||||||||||||||||||
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 December 31, 2013 and 2012: | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||
Description of | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||
Securities | Value | Losses | Value | Losses | Value | Losses | ||||||||||||||
(In thousands) | ||||||||||||||||||||
US Government agencies | $ | 20,151 | $ | -849 | $ | –– | $ | –– | $ | 20,151 | $ | -849 | ||||||||
Total temporarily impaired securities | $ | 20,151 | $ | -849 | $ | –– | $ | –– | $ | 20,151 | $ | -849 | ||||||||
U. S. Government Agencies | ||||||||||||||||||||
The unrealized losses on the Company’s investments in direct obligations of U. S. government agencies were caused by interest rate increases. 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 December 31, 2013. | ||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||
Description of | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||
Securities | Value | Losses | Value | Losses | Value | Losses | ||||||||||||||
(In thousands) | ||||||||||||||||||||
US Government agencies | $ | 2,997 | $ | -3 | $ | –– | $ | –– | $ | 2,997 | $ | -3 | ||||||||
Total temporarily impaired securities | $ | 2,997 | $ | -3 | $ | –– | $ | –– | $ | 2,997 | $ | -3 | ||||||||
The contractual terms of those investments in an unrealized loss position 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 December 31, 2013. | ||||||||||||||||||||
Loans_and_Allowance_for_Loan_L
Loans and Allowance for Loan Losses | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
Loans and Allowance For Loan Losses [Abstract] | ' | ||||||||||||||||||||||
Loans and Allowance for Loan Losses | ' | ||||||||||||||||||||||
Note 4: | Loans and Allowance for Loan Losses | ||||||||||||||||||||||
Categories of loans at December 31, include: | |||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Commercial loans | $ | 55,136 | $ | 47,130 | |||||||||||||||||||
Commercial real estate | 144,972 | 144,144 | |||||||||||||||||||||
Residential real estate | 82,832 | 73,623 | |||||||||||||||||||||
Installment loans | 26,562 | 31,585 | |||||||||||||||||||||
Total gross loans | 309,502 | 296,482 | |||||||||||||||||||||
Less allowance for loan losses | -2,894 | -2,708 | |||||||||||||||||||||
Total loans | $ | 306,608 | $ | 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. | |||||||||||||||||||||||
The following tables present the balance in the allowance for loan losses and the recorded investment in loans based on portfolio segment and impairment method as of December 31, 2013 and 2012: | |||||||||||||||||||||||
2013 | |||||||||||||||||||||||
Commercial | |||||||||||||||||||||||
Commercial | Real Estate | Installment | Residential | Unallocated | Total | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||
Balance, beginning of year | $ | 598 | $ | 1,347 | $ | 200 | $ | 116 | $ | 447 | $ | 2,708 | |||||||||||
Provision charged to | 457 | 378 | 183 | 28 | 195 | 1,241 | |||||||||||||||||
expense | |||||||||||||||||||||||
Losses charged off | -645 | -130 | -399 | -59 | –– | -1,233 | |||||||||||||||||
Recoveries | 2 | 14 | 157 | 5 | –– | 178 | |||||||||||||||||
Balance, end of year | $ | 412 | $ | 1,609 | $ | 141 | $ | 90 | $ | 642 | $ | 2,894 | |||||||||||
Ending balance: individually | $ | 238 | $ | 1,151 | $ | –– | $ | –– | $ | –– | $ | 1,389 | |||||||||||
evaluated for impairment | |||||||||||||||||||||||
Ending balance: collectively | $ | 174 | $ | 458 | $ | 141 | $ | 90 | $ | 642 | $ | 1,505 | |||||||||||
evaluated for impairment | |||||||||||||||||||||||
Loans: | |||||||||||||||||||||||
Ending balance: individually | $ | 655 | $ | 5,675 | $ | –– | $ | –– | $ | –– | $ | 6,330 | |||||||||||
evaluated for impairment | |||||||||||||||||||||||
Ending balance: collectively | $ | 54,481 | $ | 139,297 | $ | 26,562 | $ | 82,832 | $ | –– | $ | 303,172 | |||||||||||
evaluated for impairment | |||||||||||||||||||||||
2012 | |||||||||||||||||||||||
Commercial | |||||||||||||||||||||||
Commercial | Real Estate | Installment | Residential | Unallocated | Total | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||
Balance, beginning of year | $ | 183 | $ | 2,321 | $ | 235 | $ | 95 | $ | 87 | $ | 2,921 | |||||||||||
Provision charged to | 392 | 183 | 86 | 107 | 360 | 1,128 | |||||||||||||||||
expense | |||||||||||||||||||||||
Losses charged off | -67 | -1,166 | -310 | -90 | –– | -1,633 | |||||||||||||||||
Recoveries | 90 | 9 | 189 | 4 | –– | 292 | |||||||||||||||||
Balance, end of year | $ | 598 | $ | 1,347 | $ | 200 | $ | 116 | $ | 447 | $ | 2,708 | |||||||||||
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 | |||||||||||||||||||||||
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 following table shows the portfolio quality indicators as of December 31, 2013: | |||||||||||||||||||||||
Commercial | |||||||||||||||||||||||
Loan Class | Commercial | Real Estate | Residential | Installment | Total | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Pass Grade | $ | 51,739 | $ | 135,739 | $ | 82,832 | $ | 26,562 | $ | 296,872 | |||||||||||||
Special Mention | 2,727 | 2,848 | –– | –– | 5,575 | ||||||||||||||||||
Substandard | 670 | 6,385 | –– | –– | 7,055 | ||||||||||||||||||
Doubtful | –– | –– | –– | –– | –– | ||||||||||||||||||
$ | 55,136 | $ | 144,972 | $ | 82,832 | $ | 26,562 | $ | 309,502 | ||||||||||||||
The following table shows the portfolio quality indicators as of December 31, 2012: | |||||||||||||||||||||||
Commercial | |||||||||||||||||||||||
Loan Class | Commercial | Real Estate | Residential | Installment | Total | ||||||||||||||||||
(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 | ||||||||||||||
The Company evaluates the loan risk grading system definitions and allowance for loan losses methodology on an ongoing basis. During 2012, a single out of area loan relationship accounted for $1,032,000 of the net loan amount charged off. Excluding this individual loan loss, the net loan amounts charged off during 2012 were $309,000. This relationship is not deemed to be representative of the risk profile of our loan portfolio and therefore the impact of the charge-off was excluded from our allowance for loan loss methodology for 2012. No significant methodology changes were made during 2013. The impact of this change in methodology did not have a material impact on the level of loan loss reserve at December 31, 2013 and 2012. | |||||||||||||||||||||||
The following table shows the loan portfolio aging analysis of the recorded investment in loans as of December 31, 2013: | |||||||||||||||||||||||
30-59 Days | 60-89 Days | Greater | |||||||||||||||||||||
Past Due | Past Due | Than 90 | Total Past | ||||||||||||||||||||
and | and | Days and | Non | Due and | Total Loans | ||||||||||||||||||
Accruing | Accruing | Accruing | Accrual | Non Accrual | Current | Receivable | |||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Commercial | $ | 38 | $ | –– | $ | 84 | $ | 641 | $ | 763 | $ | 54,373 | $ | 55,136 | |||||||||
Commercial real | –– | –– | 105 | 953 | 1,058 | 143,914 | 144,972 | ||||||||||||||||
estate | |||||||||||||||||||||||
Installment | 101 | 67 | –– | 34 | 202 | 26,360 | 26,562 | ||||||||||||||||
Residential | 233 | 56 | –– | 1,252 | 1,541 | 81,291 | 82,832 | ||||||||||||||||
Total | $ | 372 | $ | 123 | $ | 189 | $ | 2,880 | $ | 3,564 | $ | 305,938 | $ | 309,502 | |||||||||
The following table shows the loan portfolio aging analysis of the recorded investment in loans as of December 31, 2012: | |||||||||||||||||||||||
30-59 Days | 60-89 Days | Greater | |||||||||||||||||||||
Past Due | Past Due | Than 90 | Total Past | ||||||||||||||||||||
and | and | Days and | Non | Due and | Total Loans | ||||||||||||||||||
Accruing | Accruing | Accruing | Accrual | Non Accrual | Current | Receivable | |||||||||||||||||
(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 | 31,344 | 31,585 | ||||||||||||||||
Residential | 1,088 | 91 | –– | 1,564 | 2,743 | 70,880 | 73,623 | ||||||||||||||||
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. | |||||||||||||||||||||||
The following table presents impaired loans for the year ended December 31, 2013: | |||||||||||||||||||||||
Average | |||||||||||||||||||||||
Unpaid | Investment in | Interest | |||||||||||||||||||||
Recorded | Principal | Specific | Impaired | Income | |||||||||||||||||||
Balance | Balance | Allowance | Loans | Recognized | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Loans without a specific | |||||||||||||||||||||||
valuation allowance: | |||||||||||||||||||||||
Commercial | $ | 136 | $ | 136 | $ | –– | $ | 116 | $ | 2 | |||||||||||||
Commercial real estate | 888 | 888 | –– | 894 | 53 | ||||||||||||||||||
1,024 | 1,024 | –– | 1,010 | 57 | |||||||||||||||||||
Loans with a specific | |||||||||||||||||||||||
valuation allowance: | |||||||||||||||||||||||
Commercial | 519 | 519 | 238 | 521 | 27 | ||||||||||||||||||
Commercial real estate | 4,787 | 4,787 | 1,151 | 4,991 | 203 | ||||||||||||||||||
5,306 | 5,306 | 1,389 | 5,512 | 230 | |||||||||||||||||||
Total: | |||||||||||||||||||||||
Commercial | $ | 655 | $ | 655 | $ | 238 | $ | 637 | $ | 29 | |||||||||||||
Commercial Real Estate | $ | 5,675 | $ | 5,675 | $ | 1,151 | $ | 5,885 | $ | 256 | |||||||||||||
The following table presents impaired loans for the year ended December 31, 2012: | |||||||||||||||||||||||
Average | |||||||||||||||||||||||
Unpaid | Investment in | Interest | |||||||||||||||||||||
Recorded | Principal | Specific | Impaired | Income | |||||||||||||||||||
Balance | Balance | Allowance | Loans | Recognized | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Loans without a specific | |||||||||||||||||||||||
valuation allowance: | |||||||||||||||||||||||
Commercial | $ | 361 | $ | 361 | $ | –– | $ | 465 | $ | 16 | |||||||||||||
Commercial real estate | 1,546 | 1,546 | –– | 2,717 | 50 | ||||||||||||||||||
Consumer | –– | –– | –– | 10 | –– | ||||||||||||||||||
Residential | –– | –– | –– | –– | –– | ||||||||||||||||||
1,907 | 1,907 | –– | 3,192 | 66 | |||||||||||||||||||
Loans with a specific | |||||||||||||||||||||||
valuation allowance: | |||||||||||||||||||||||
Commercial | 654 | 654 | 458 | 740 | 13 | ||||||||||||||||||
Commercial real estate | 4,397 | 4,397 | 916 | 4,267 | 230 | ||||||||||||||||||
Consumer | –– | –– | –– | 28 | –– | ||||||||||||||||||
Residential | –– | –– | –– | 3 | –– | ||||||||||||||||||
5,051 | 5,051 | 1,374 | 5,038 | 243 | |||||||||||||||||||
Total: | |||||||||||||||||||||||
Commercial | $ | 1,015 | $ | 1,015 | $ | 458 | $ | 1,205 | $ | 29 | |||||||||||||
Commercial Real Estate | $ | 5,943 | $ | 5,943 | $ | 916 | $ | 6,984 | $ | 280 | |||||||||||||
Consumer | $ | –– | $ | –– | $ | –– | $ | 38 | $ | –– | |||||||||||||
Residential | $ | –– | $ | –– | $ | –– | $ | 3 | $ | –– | |||||||||||||
At December 31, 2013 and 2012, the Company had certain loans that were modified in troubled debt restructurings and impaired. The modification of terms of such loans included one or a combination of the following: an extension of maturity, a reduction of the stated interest rate or a permanent reduction of the recorded investment in the loan. | |||||||||||||||||||||||
The following tables present information regarding troubled debt restructurings by class and by type of modification for the years ended December 31, 2013 and 2012: | |||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||
Pre-Modification | Post-Modification | ||||||||||||||||||||||
Outstanding | Outstanding | ||||||||||||||||||||||
Number of | Recorded | Recorded | |||||||||||||||||||||
Contracts | Investment | Investment | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Commercial real estate | 4 | $ | 3,243 | $ | 3,243 | ||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||
Interest | Total | ||||||||||||||||||||||
Only | Term | Combination | Modification | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Commercial real estate | $ | 1,010 | $ | 356 | $ | 1,877 | $ | 3,243 | |||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||
Pre-Modification | Post-Modification | ||||||||||||||||||||||
Outstanding | Outstanding | ||||||||||||||||||||||
Number of | Recorded | Recorded | |||||||||||||||||||||
Contracts | Investment | Investment | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Commercial | 3 | $ | 152 | $ | 68 | ||||||||||||||||||
Commercial real estate | 3 | 464 | 339 | ||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||
Interest | Total | ||||||||||||||||||||||
Only | Term | Combination | Modification | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Commercial | $ | –– | $ | –– | $ | 68 | $ | 68 | |||||||||||||||
Commercial real estate | –– | 339 | –– | 339 | |||||||||||||||||||
During 2013 and 2012, the troubled debt restructurings described above increased the allowance for loan losses by $76,000 and $209,000. | |||||||||||||||||||||||
At December 31, 2013 and 2012 and for the years 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. | |||||||||||||||||||||||
Premises_and_Equipment
Premises and Equipment | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Premises and Equipment | ' | |||||||
Note 5: | Premises and Equipment | |||||||
Major classifications of premises and equipment, stated at cost, are as follows: | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Land, buildings and improvements | $ | 14,882 | $ | 13,873 | ||||
Leasehold improvements | — | 264 | ||||||
Furniture and equipment | 10,616 | 10,075 | ||||||
Computer software | 1,987 | 1,977 | ||||||
27,485 | 26,189 | |||||||
Less accumulated depreciation | -16,762 | -15,804 | ||||||
Net premises and equipment | $ | 10,723 | $ | 10,385 | ||||
Time_Deposits
Time Deposits | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Banking and Thrift [Abstract] | ' | ||||
Time Deposits | ' | ||||
Note 6: | Time Deposits | ||||
Time deposits in denominations of $100,000 or more were $19.2 million at December 31, 2013 and $27.5 million at December 31, 2012. | |||||
At December 31, 2013, the scheduled maturities of time deposits are as follows: | |||||
Due during the year ending December 31, | (In thousands) | ||||
2014 | $ | 34,874 | |||
2015 | 19,499 | ||||
2016 | 10,680 | ||||
2017 | 5,254 | ||||
2018 | 5,934 | ||||
Thereafter | 2,065 | ||||
$ | 78,306 | ||||
Borrowings
Borrowings | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Borrowings | ' | ||||||||
Note 7: | Borrowings | ||||||||
At December 31, advances from the Federal Home Loan Bank were as follows: | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Maturities January 2014 through August 2025, primarily at fixed rates | $ | 26,991 | $ | — | |||||
ranging from 3.08% to 6.65%, averaging 3.83% | |||||||||
Maturities September 2013 through August 2025, primarily at fixed | — | 32,429 | |||||||
rates ranging from 3.08% to 6.65%, averaging 4.95% | |||||||||
$ | 26,991 | $ | 32,439 | ||||||
At December 31, 2013 required annual principal payments on Federal Home Loan Bank advances were as follows: | |||||||||
For the year ending December 31, | (In thousands) | ||||||||
2014 | $ | 265 | |||||||
2015 | 171 | ||||||||
2016 | 6,165 | ||||||||
2017 | 20,127 | ||||||||
2018 | 118 | ||||||||
Thereafter | 145 | ||||||||
$ | 26,991 | ||||||||
At December 31, 2013 and 2012, as a member of the Federal Home Loan Bank system the Bank had the ability to obtain up to $52.9 million and $30.1 million, respectively, in additional borrowings based on securities and certain loans pledged to the FHLB. At December 31, 2013 and 2012, the Bank had approximately $115.2 million and $110.7 million, respectively of one- to four-family residential real estate and commercial real estate loans pledged as collateral for borrowings. Also at December 31, 2013 and 2012, the Company and the Bank have cash management lines of credit with various correspondent banks (excluding FHLB cash management lines of credit) enabling additional borrowings of up to $15.0 million. | |||||||||
Short-term borrowings include approximately $5.7 million and $10.7 million at December 31, 2013 and 2012, respectively, of securities sold under agreements to repurchase. | |||||||||
Securities sold under agreements to repurchase are financing arrangements whereby the Company sells securities and agrees to repurchase the identical securities at the maturities of the agreements at specified prices. Physical control is maintained for all securities sold under repurchase agreements. Information concerning securities sold under agreements to repurchase is summarized as follows: | |||||||||
2013 | 2012 | ||||||||
(Dollars in thousands) | |||||||||
Balance outstanding at year end | $ | 5,746 | $ | 10,681 | |||||
Average daily balance during the year | $ | 11,328 | $ | 11,525 | |||||
Average interest rate during the year | 0.12 | % | 0.15 | % | |||||
Maximum month-end balance during the year | $ | 15,141 | $ | 13,706 | |||||
Weighted-average interest rate at year end | 0.12 | % | 0.15 | % | |||||
Securities with an approximate carrying value of $8.3 million and $9.2 million at December 31, 2013 and 2012, respectively, were pledged as collateral for repurchase borrowings. | |||||||||
Subordinated_Debentures
Subordinated Debentures | 12 Months Ended | ||
Dec. 31, 2013 | |||
Brokers and Dealers [Abstract] | ' | ||
Subordinated Debentures | ' | ||
Note 8: | Subordinated Debentures | ||
In 2005, a Delaware statutory business trust owned by the Company, United Bancorp Statutory Trust I (“Trust I” or the “Trust”), issued $4.0 million of mandatorily redeemable debt securities. The sale proceeds were utilized to purchase $4.0 million of the Company’s subordinated debentures which mature in 2035. The Company’s subordinated debentures are the sole asset of Trust I. The Company’s investment in Trust I is not consolidated herein as the Company is not deemed the primary beneficiary of the Trust. However, the $4.0 million of mandatorily redeemable debt securities issued by the Trust are includible for regulatory purposes as a component of the Company’s Tier I Capital. Interest on the Company’s subordinated debentures is fixed at 6.25% through 2015 and then beginning in January 2016 the interest rate is a variable rate per annum, reset quarterly, equal to three month LIBOR plus 1.35% and is payable quarterly. Currently the three month LIBOR rate is approximately 0.24%. | |||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Income Tax Disclosure [Abstract] | ' | |||||||
Income Taxes | ' | |||||||
Note 9: | Income Taxes | |||||||
The provision for income taxes includes these components: | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Taxes currently payable | $ | 683 | $ | 435 | ||||
Deferred income taxes (benefit) | -327 | 111 | ||||||
Income tax expense | $ | 356 | $ | 546 | ||||
A reconciliation of income tax expense at the statutory rate to the Company’s actual income tax expense is shown below: | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Computed at the statutory rate (34%) | $ | 1,009 | $ | 1,001 | ||||
(Decrease) increase resulting from | ||||||||
Tax exempt interest | -148 | -231 | ||||||
Earnings on bank-owned life insurance - net | -472 | -156 | ||||||
Other | -33 | -68 | ||||||
Actual tax expense | $ | 356 | $ | 546 | ||||
The tax effects of temporary differences related to deferred taxes shown on the balance sheets were: | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Deferred tax assets | ||||||||
Allowance for loan losses | $ | 506 | $ | 371 | ||||
Stock based compensation | 350 | 333 | ||||||
Allowance for losses on foreclosed real estate | 101 | 101 | ||||||
Deferred compensation | 696 | 655 | ||||||
Employee benefit expense | –– | 553 | ||||||
Intangible assets | 116 | 54 | ||||||
Non-accrual loan interest | 87 | 58 | ||||||
Unrealized losses on securities available for sale | 218 | –– | ||||||
Alternative minimum taxes | 18 | 79 | ||||||
Total deferred tax assets | 2,092 | 2,204 | ||||||
Deferred tax liabilities | ||||||||
Depreciation | -256 | -277 | ||||||
Deferred loan costs, net | -238 | -234 | ||||||
Accretion | -3 | -8 | ||||||
FHLB stock dividends | -583 | -583 | ||||||
Mortgage servicing rights | -30 | -38 | ||||||
Employee benefit expense | -238 | –– | ||||||
Unrealized gains on securities available for sale | –– | -177 | ||||||
Total deferred tax liabilities | -1,348 | -1,317 | ||||||
Net deferred tax asset | $ | 744 | $ | 887 | ||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Abstract] | ' | |||||||
Accumulated Other Comprehensive Loss | ' | |||||||
Note 10: | Accumulated Other Comprehensive Loss | |||||||
The components of accumulated other comprehensive loss, included in stockholders’ equity, are as follows: | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Net unrealized (loss) gain on securities available-for-sale | $ | -636 | $ | 524 | ||||
Net unrealized gain (loss) for funded (unfunded) status of | 346 | -2,169 | ||||||
defined benefit plan liability | ||||||||
-290 | -1,645 | |||||||
Tax effect | 99 | 558 | ||||||
Net-of-tax amount | $ | -191 | $ | -1,087 | ||||
Regulatory_Matters
Regulatory Matters | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Banking and Thrift [Abstract] | ' | |||||||||||||||||
Regulatory Matters | ' | |||||||||||||||||
Note 11: | Regulatory Matters | |||||||||||||||||
The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory–and possibly additional discretionary–actions by regulators that, if undertaken, could have a direct material effect on the Company’s and the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Furthermore, the Company and the Bank’s regulators could require adjustments to regulatory capital not reflected in these financial statements. | ||||||||||||||||||
Quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios (set forth in the table below) of total and Tier I capital (as defined in the regulations) to risk-weighted assets (as defined), and of Tier I capital (as defined) to average assets (as defined). Management believes, as of December 31, 2011, that the Company and the Bank meet all capital adequacy requirements to which they are subject. | ||||||||||||||||||
As of December 31, 2013, the most recent notification from Federal Deposit Insurance Corporation categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well-capitalized, the Bank must maintain capital ratios as set forth in the table. There are no conditions or events since that notification that management believes have changed the Bank’s category. | ||||||||||||||||||
The Company’s and Bank’s actual capital amounts and ratios are presented in the following table. | ||||||||||||||||||
To Be Well Capitalized | ||||||||||||||||||
For Capital Adequacy | Under Prompt Corrective | |||||||||||||||||
Actual | Purposes | Action Provisions | ||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||
(Dollars in thousands) | ||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||
Total Capital | ||||||||||||||||||
(to Risk-Weighted Assets) | ||||||||||||||||||
Consolidated | $ | 45,772 | 15.1 | % | $ | 24,321 | 8 | % | N/A | N/A | ||||||||
Citizens | 41,219 | 13.6 | 24,168 | 8 | $ | 30,210 | 10 | % | ||||||||||
Tier I Capital | ||||||||||||||||||
(to Risk-Weighted Assets) | ||||||||||||||||||
Consolidated | $ | 42,868 | 14.1 | % | $ | 12,161 | 4 | % | N/A | N/A | ||||||||
Citizens | 38,315 | 12.7 | 12,084 | 4 | $ | 18,126 | 6 | % | ||||||||||
Tier I Capital | ||||||||||||||||||
(to Average Assets) | ||||||||||||||||||
Consolidated | $ | 42,868 | 10.3 | % | $ | 16,688 | 4 | % | N/A | N/A | ||||||||
Citizens | 38,315 | 9.7 | 15,808 | 4 | $ | 19,760 | 5 | % | ||||||||||
As of December 31, 2012 | ||||||||||||||||||
Total Capital | ||||||||||||||||||
(to Risk-Weighted Assets) | ||||||||||||||||||
Consolidated | $ | 44,113 | 14.9 | % | $ | 23,748 | 8 | % | N/A | N/A | ||||||||
Citizens | 40,584 | 13.7 | 23,680 | 8 | $ | 29,601 | 10 | % | ||||||||||
Tier I Capital | ||||||||||||||||||
(to Risk-Weighted Assets) | ||||||||||||||||||
Consolidated | $ | 41,396 | 14 | % | $ | 11,874 | 4 | % | N/A | N/A | ||||||||
Citizens | 37,867 | 12.8 | 11,840 | 4 | $ | 17,760 | 6 | % | ||||||||||
Tier I Capital | ||||||||||||||||||
(to Average Assets) | ||||||||||||||||||
Consolidated | $ | 41,396 | 9.6 | % | $ | 17,342 | 4 | % | N/A | N/A | ||||||||
Citizens | 37,867 | 8.5 | 17,889 | 4 | $ | 22,361 | 5 | % | ||||||||||
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Related Party Transactions [Abstract] | ' | |||||||
Related Party Transactions | ' | |||||||
Note 12: | Related Party Transactions | |||||||
At December 31, 2013 and 2012, the Bank had loan commitments outstanding to executive officers, directors, significant stockholders and their affiliates (related parties). In management’s opinion, such loans and other extensions of credit and deposits were made in the ordinary course of business and were made on substantially the same terms (including interest rates and collateral) as those prevailing at the time for comparable transactions with other persons. Further, in management’s opinion, these loans did not involve more than normal risk of collectibility or present other unfavorable features. Such loans are summarized below. | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Aggregate balance – January 1 | $ | 5,194 | $ | 7,633 | ||||
New loans | 619 | 496 | ||||||
Repayments | -553 | -2,935 | ||||||
Aggregate balance – December 31 | $ | 5,260 | $ | 5,194 | ||||
Deposits from related parties held by the Bank at December 31, 2013 and 2012, totaled $1.5 million and $32.7 million, respectively. | ||||||||
Benefit_Plans
Benefit Plans | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Benefit Plans [Abstract] | ' | |||||||||||||
Benefit Plans | ' | |||||||||||||
Note 13: Benefit Plans | ||||||||||||||
Pension and Other Postretirement Benefit Plans | ||||||||||||||
The Company has a noncontributory defined benefit pension plan covering all employees who meet the eligibility requirements. The Company’s funding policy is to make the minimum annual contribution that is required by applicable regulations, plus such amounts as the Company may determine to be appropriate from time to time. The Company expects to contribute $250,000 to the plan in 2014. | ||||||||||||||
The Company uses a December 31 measurement date for the plan. Effective January 1, 2014, the Company amended the plan so that benefits earned under the Final Average Earnings plan design are frozen and all employees will earn future benefits under the Career Average Earnings plan design. As a result of the plan formula change, the Projected Benefit Obligation is equal to the Accumulated Benefit Obligation as of December 31, 2013. Information about the plan’s funded status and pension cost follows: | ||||||||||||||
Pension Benefits | ||||||||||||||
2013 | 2012 | |||||||||||||
(In thousands) | ||||||||||||||
Change in benefit obligation | ||||||||||||||
Beginning of year | $ | -4,831 | $ | -4,163 | ||||||||||
Service cost | -356 | -357 | ||||||||||||
Interest cost | -172 | -179 | ||||||||||||
Plan Amendment | 1,113 | –– | ||||||||||||
Actuarial gain (loss) | 807 | -364 | ||||||||||||
Benefits paid | 193 | 232 | ||||||||||||
End of year | -3,246 | -4,831 | ||||||||||||
Change in fair value of plan assets | ||||||||||||||
Beginning of year | 3,206 | 2,813 | ||||||||||||
Actual return on plan assets | 684 | 390 | ||||||||||||
Employer contribution | 250 | 235 | ||||||||||||
Benefits paid | -193 | -232 | ||||||||||||
End of year | 3,947 | 3,206 | ||||||||||||
Funded status at end of year | $ | 701 | $ | -1,626 | ||||||||||
Amounts recognized in accumulated other comprehensive loss not yet recognized as components of net periodic benefit cost consist of: | ||||||||||||||
Pension Benefits | ||||||||||||||
2013 | 2012 | |||||||||||||
(In thousands) | ||||||||||||||
Unamortized net loss | $ | 766 | $ | 2,154 | ||||||||||
Unamortized prior service (credit) cost | -1,112 | 15 | ||||||||||||
$ | -346 | $ | 2,169 | |||||||||||
The estimated net loss and prior service credit for the defined benefit pension plan that will be amortized from accumulated other comprehensive income as a credit into net periodic benefit cost over the next fiscal year is approximately $59,000. The accumulated benefit obligation for the defined benefit pension plan was $3.2 million and $3.3 million at December 31, 2013 and 2012, respectively. | ||||||||||||||
Information for the pension plan with respect to accumulated benefit obligation and plan assets is as follows: | ||||||||||||||
December 31, | ||||||||||||||
2013 | 2012 | |||||||||||||
(In thousands) | ||||||||||||||
Projected benefit obligation | $ | 3,246 | $ | 4,831 | ||||||||||
Accumulated benefit obligation | $ | 3,246 | $ | 3,298 | ||||||||||
Fair value of plan assets | $ | 3,947 | $ | 3,205 | ||||||||||
December 31, | ||||||||||||||
2013 | 2012 | |||||||||||||
(In thousands) | ||||||||||||||
Components of net periodic benefit cost | ||||||||||||||
Service cost | $ | 351 | $ | 357 | ||||||||||
Interest cost | 172 | 179 | ||||||||||||
Expected return on plan assets | -258 | -227 | ||||||||||||
Amortization of prior service cost | 15 | 15 | ||||||||||||
Amortization of net loss | 158 | 154 | ||||||||||||
Net periodic benefit cost | $ | 438 | $ | 478 | ||||||||||
Significant assumptions include: | ||||||||||||||
Pension Benefits | ||||||||||||||
2013 | 2012 | |||||||||||||
Weighted-average assumptions used to determine | ||||||||||||||
benefit obligation: | ||||||||||||||
Discount rate | 4.34 | % | 3.61 | % | ||||||||||
Rate of compensation increase | 3 | % | 3 | % | ||||||||||
Weighted-average assumptions used to determine | ||||||||||||||
benefit cost: | ||||||||||||||
Discount rate | 3.61 | % | 4.4 | % | ||||||||||
Expected return on plan assets | 8 | % | 8 | % | ||||||||||
Rate of compensation increase | 3 | % | 3 | % | ||||||||||
The Company has estimated the long-term rate of return on plan assets based primarily on historical returns on plan assets, adjusted for changes in target portfolio allocations and recent changes in long-term interest rates based on publicly available information. The long-term rate of return did not change from 2012 to 2013. | ||||||||||||||
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid as of December 31, 2013: | ||||||||||||||
Pension | ||||||||||||||
Benefits | ||||||||||||||
(In thousands) | ||||||||||||||
2014 | $ | 91 | ||||||||||||
2015 | 97 | |||||||||||||
2016 | 318 | |||||||||||||
2017 | 377 | |||||||||||||
2018 | 304 | |||||||||||||
201-2023 | 1,816 | |||||||||||||
Total | $ | 3,003 | ||||||||||||
Plan assets are held by an outside trustee which invests the plan assets in accordance with the provisions of the plan agreement. All equity and fixed income investments are held in various mutual funds with quoted market prices. Mutual fund equity securities primarily include investment funds that are comprised of large-cap, mid-cap and international companies. Fixed income mutual funds primarily include investments in corporate bonds, mortgage-backed securities and U.S. Treasuries. Other types of investments include a prime money market fund. | ||||||||||||||
The asset allocation strategy of the plan is designed to allow flexibility in the determination of the appropriate investment allocations between equity and fixed income investments. This strategy is designed to help achieve the actuarial long term rate on plan assets of 8%. The target asset allocation percentages for both 2013 and 2012 are as follows: | ||||||||||||||
Large-Cap stocks | Not to exceed 60% | |||||||||||||
SMID-Cap stocks | Not to exceed 20% | |||||||||||||
International equity securities | Not to exceed 15% | |||||||||||||
Fixed income investments | Not to exceed 40% | |||||||||||||
Alternative investments | Not to exceed 20% | |||||||||||||
At December 31, 2013 and 2012, the fair value of plan assets as a percentage of the total was invested in the following: | ||||||||||||||
December 31, | ||||||||||||||
2013 | 2012 | |||||||||||||
Equity securities | 78 | % | 76.4 | % | ||||||||||
Debt securities | 21.9 | 23 | ||||||||||||
Cash and cash equivalents | 0.1 | 0.6 | ||||||||||||
100 | % | 100 | % | |||||||||||
Pension Plan Assets | ||||||||||||||
Following is a description of the valuation methodologies used for pension plan assets measured at fair value on a recurring basis, as well as the general classification of pension plan assets pursuant to the valuation hierarchy. | ||||||||||||||
Where quoted market prices are available in an active market, plan assets are classified within Level 1 of the valuation hierarchy. Level 1 plan assets include investments in mutual funds that involve equity, bond and money market investments. All of the Plan’s assets are classified as Level 1. If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of plan assets with similar characteristics or discounted cash flows. In certain cases where Level 1 or Level 2 inputs are not available, plan assets are classified within Level 3 of the hierarchy. At December 31, 2013 and 2012, the Plan did not contain Level 2 or Level 3 investments. | ||||||||||||||
The fair values of Company’s pension plan assets at December 31, by asset category are as follows: | ||||||||||||||
December 31, 2013 | ||||||||||||||
Fair Value Measurements Using | ||||||||||||||
Quoted Prices | Significant | |||||||||||||
in Active | Other | Significant | ||||||||||||
Markets for | Observable | Unobservable | ||||||||||||
Identical Assets | Inputs | Inputs | ||||||||||||
Asset Category | Total Fair Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||
(In thousands) | ||||||||||||||
Mutual money market | $ | 32 | $ | 32 | $ | –– | $ | –– | ||||||
Mutual funds – equities | ||||||||||||||
International | 312 | 312 | –– | –– | ||||||||||
Large Cap | 1,589 | 1,589 | –– | –– | ||||||||||
Small and Mid Cap | 1,148 | 1,148 | –– | –– | ||||||||||
Mutual funds – fixed income | ||||||||||||||
Core bond | 751 | 751 | –– | –– | ||||||||||
High yield corporate | 115 | 115 | –– | –– | ||||||||||
Total | $ | 3,947 | $ | 3,947 | $ | –– | $ | –– | ||||||
December 31, 2012 | ||||||||||||||
Fair Value Measurements Using | ||||||||||||||
Quoted Prices | Significant | |||||||||||||
In Active | Other | Significant | ||||||||||||
Markets for | Observable | Unobservable | ||||||||||||
Identical Assets | Inputs | Inputs | ||||||||||||
Asset Category | Total Fair Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||
(In thousands) | ||||||||||||||
Mutual money market | $ | 16 | $ | 16 | $ | –– | $ | –– | ||||||
Mutual funds – equities | ||||||||||||||
International | 240 | 240 | –– | –– | ||||||||||
Real estate | 33 | 33 | –– | –– | ||||||||||
Large Cap | 1,279 | 1,279 | –– | –– | ||||||||||
Small and Mid Cap | 873 | 873 | –– | –– | ||||||||||
Commodities | 29 | 29 | ||||||||||||
Mutual funds – fixed income | ||||||||||||||
Core bond | 639 | 639 | –– | –– | ||||||||||
High yield corporate | 96 | 96 | –– | –– | ||||||||||
Total | $ | 3,205 | $ | 3,205 | $ | –– | $ | –– | ||||||
Employee Stock Ownership Plan | ||||||||||||||
The Company has an Employee Stock Ownership Plan (“ESOP”) with an integrated 401(k) plan covering substantially all employees of the Company. The ESOP acquired 354,551 shares of Company common stock at $9.64 per share in 2005 with funds provided by a loan from the Company. Accordingly, $3.4 million of common stock acquired by the ESOP was shown as a reduction of stockholders’ equity. Shares are released to participants proportionately as the loan is repaid. Dividends on allocated shares are recorded as dividends and charged to retained earnings. Compensation expense is recorded equal to the fair market value of the stock when contributions, which are determined annually by the Board of Directors of the Company, are made to the ESOP. The Company’s 401(k) matching percentage was 50% of the employees’ first 6% of contributions for 2013 and 2012. | ||||||||||||||
ESOP and 401(k) expense for the years ended December 31, 2013 and 2012 was approximately $165,000 and $195,000, respectively. | ||||||||||||||
Share information for the ESOP is as follows at December 31, 2013 and 2012: | ||||||||||||||
2013 | 2012 | |||||||||||||
Allocated shares at beginning of the year | $ | 148,295 | $ | 124,660 | ||||||||||
Shares released for allocation during the year | 23,635 | 23,635 | ||||||||||||
Shares distributed due to retirement/diversification | -3,207 | -14,748 | ||||||||||||
Unearned shares | 165,446 | 189,082 | ||||||||||||
Total ESOP shares | 334,169 | 322,629 | ||||||||||||
Fair value of unearned shares at December 31 | $ | 1,329,000 | $ | 1,184,000 | ||||||||||
At December 31, 2013, the fair value of the 168,723 allocated shares held by the ESOP was approximately $1,355,000. | ||||||||||||||
SplitDollar Life Insurance Arrangements | ||||||||||||||
The Company has split-dollar life insurance arrangements with its executive officers and certain directors that provide certain death benefits to the executive’s beneficiaries upon his or her death. The agreements provide a pre- and post-retirement death benefit payable to the beneficiaries of the executive in the event of the executive’s death. The Company has purchased life insurance policies on the lives of all participants covered by these agreements in amounts sufficient to provide the sums necessary to pay the beneficiaries, and the Company pays all premiums due on the policies. In the case of an early separation from the Company, the nonvested executive portion of the death benefit is retained by the Company. The accumulated post retirement benefit obligation was $1.3 million at December 31, 2013 and 2012. | ||||||||||||||
Stock_Option_and_Restricted_St
Stock Option and Restricted Stock Plans | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Stock Option and Restricted Stock Plans [Abstract] | ' | |||||||||||
Stock Option and Restricted Stock Plans | ' | |||||||||||
Note 14: Stock Option and Restricted Stock Plans | ||||||||||||
The Company’s Employee Share Option Plan (the “1996 Plan”), which was stockholder approved, permitted the grant of share options to its employees. During 2008, the Company’s stockholders authorized the adoption of the United Bancorp, Inc. 2008 Stock Incentive Plan (the “2008 Plan”). No more than 500,000 shares of the Company’s common stock may be issued under the 2008 Plan. The shares that may be issued may be authorized but unissued shares or treasury shares. The 2008 Plan permits the grant of incentive awards in the form of options, stock appreciation rights, restricted share and share unit awards, and performance share awards. The 2008 Plan contains annual limits on certain types of awards to individual participants. In any calendar year, no participant may be granted awards covering more than 25,000 shares. | ||||||||||||
The Company believes that such awards better align the interests of its employees with those of its stockholders. Stock options are generally granted with an exercise price, and restricted stock awards are valued, equal to the market price of the Company’s stock at the date of grant; stock option awards generally vest within 9.25 years of continuous service and have a 9.5 year contractual term. Restricted stock awards generally vest over a 9.5 year contractual term, or over the period to retirement, whichever is shorter. Restricted stock awards have no post-vesting restrictions. Stock options and restricted stock awards provide for accelerated vesting if there is a change in control (as defined in the Plans). | ||||||||||||
The fair value of each option award was estimated on the date of grant using the Black-Scholes option valuation model. There were no stock options granted in 2013 and 2012. | ||||||||||||
A summary of option activity under the Plan as of December 31, 2013, and changes during the year then ended, is presented below: | ||||||||||||
Weighted- | ||||||||||||
Average | ||||||||||||
Weighted- | Remaining | |||||||||||
Average | Contractual | Aggregate | ||||||||||
Shares | Exercise Price | Term (Years) | Intrinsic Value | |||||||||
Outstanding, beginning of year | 53,714 | $ | 10.34 | |||||||||
Granted | — | — | ||||||||||
Exercised | — | — | ||||||||||
Forfeited or expired | — | — | ||||||||||
Outstanding, end of year | 53,714 | $ | 10.34 | 1.2 | $ | — | ||||||
Exercisable, end of year | — | $ | — | — | $ | — | ||||||
A summary of the status of the Company’s nonvested restricted shares as of December 31, 2013, and changes during the year then ended, is presented below: | ||||||||||||
Weighted- | ||||||||||||
Average | ||||||||||||
Grant-Date | ||||||||||||
Shares | Fair Value | |||||||||||
Nonvested, beginning of year | 175,000 | $ | 8.44 | |||||||||
Granted | — | — | ||||||||||
Vested | — | — | ||||||||||
Forfeited | — | — | ||||||||||
Nonvested, end of year | 175,000 | $ | 8.44 | |||||||||
Total compensation cost recognized in the income statement for share-based payment arrangements during the years ended December 31, 2013 and 2012 was $188,000 and $213,000, respectively. The recognized tax benefits related thereto were $64,000 and $72,000, for the years ended December 31, 2013 and 2012, respectively. | ||||||||||||
As of December 31, 2013 and 2012, there was $738,000 and $926,000, respectively, of total unrecognized compensation cost related to nonvested share-based compensation arrangements granted under the Plan. That cost is expected to be recognized over a weighted-average period of 5.2 years. | ||||||||||||
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Earnings Per Share [Abstract] | ' | |||||||||
Earnings Per Share | ' | |||||||||
Note 15: | Earnings Per Share | |||||||||
Earnings per share (EPS) were computed as follows: | ||||||||||
Year Ended December 31, 2013 | ||||||||||
Weighted- | ||||||||||
Net | Average | Per Share | ||||||||
Income | Shares | Amount | ||||||||
(In thousands) | ||||||||||
Net income | $ | 2,612 | ||||||||
Dividends on non-vested restricted stock | -51 | |||||||||
Net income allocated to stockholders | 2,561 | |||||||||
Basic earnings per share | ||||||||||
Income available to common stockholders | — | 4,808,820 | $ | 0.53 | ||||||
Effect of dilutive securities | ||||||||||
Restricted stock awards | –– | 62,358 | ||||||||
Diluted earnings per share | ||||||||||
Income available to common stockholders and | $ | 2,561 | 4,871,179 | $ | 0.53 | |||||
assumed conversions | ||||||||||
Options to purchase 53,714 shares of common stock at an average exercise price of $10.34 per share were outstanding at December 31, 2013, 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. | ||||||||||
Year Ended December 31, 2012 | ||||||||||
Weighted- | ||||||||||
Net | Average | Per Share | ||||||||
Income | Shares | Amount | ||||||||
(In thousands) | ||||||||||
Net income | $ | 2,398 | ||||||||
Dividends on non-vested restricted stock | -74 | |||||||||
Net income allocated to stockholders | 2,324 | |||||||||
Basic earnings per share | ||||||||||
Income available to common stockholders | — | 4,780,866 | $ | 0.49 | ||||||
Effect of dilutive securities | ||||||||||
Restricted stock awards | –– | 65,381 | ||||||||
Diluted earnings per share | ||||||||||
Income available to common stockholders | $ | 2,324 | 4,846,247 | $ | 0.48 | |||||
and assumed conversions | ||||||||||
Options to purchase 53,714 shares of common stock at an average exercise price of $10.34 per share were outstanding at December 31, 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. | ||||||||||
Disclosures_about_Fair_Value_o
Disclosures about Fair Value of Financial Instruments and Other Assets and Liabilities | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||
Disclosures about Fair Value of Financial Instruments and Other Assets and Liabilities | ' | ||||||||||||||
Note 16: | Disclosures about Fair Value of Financial Instruments and Other Assets and Liabilities | ||||||||||||||
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 balance sheets, as well as the general classification of such assets 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. 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 tables present the fair value measurements of assets recognized in the accompanying 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 December 31, 2013 and 2012: | |||||||||||||||
December 31, 2013 | |||||||||||||||
Fair Value Measurements Using | |||||||||||||||
Quoted Prices in | Significant | ||||||||||||||
Active Markets | Other | Significant | |||||||||||||
for Identical | Observable | Unobservable | |||||||||||||
Fair | Assets | Inputs | Inputs | ||||||||||||
Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
(In thousands) | |||||||||||||||
U.S government agencies | $ | 20,151 | $ | –– | $ | 20,151 | $ | –– | |||||||
State and political subdivisions | 6,387 | –– | 6,387 | –– | |||||||||||
Equity securities | 26 | 26 | –– | –– | |||||||||||
December 31, 2012 | |||||||||||||||
Fair Value Measurements Using | |||||||||||||||
Quoted Prices in | Significant | ||||||||||||||
Active Markets | Other | Significant | |||||||||||||
for Identical | Observable | Unobservable | |||||||||||||
Fair | Assets | Inputs | Inputs | ||||||||||||
Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
(In thousands) | |||||||||||||||
U.S government agencies | $ | 24,070 | $ | –– | $ | 24,070 | $ | –– | |||||||
State and political subdivisions | 10,759 | –– | 10,759 | –– | |||||||||||
Equity securities | 24 | 24 | –– | –– | |||||||||||
Following is a description of the valuation methodologies used for instruments measured at fair value on a non-recurring basis and recognized in the accompanying balance sheets, as well as the general classification of such instruments pursuant to the valuation hierarchy. | |||||||||||||||
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 other real estate owned (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 tables present the fair value measurements of assets recognized in the accompanying balance sheets measured at fair value on a non-recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at December 31, 2013 and 2012: | |||||||||||||||
December 31, 2013 | |||||||||||||||
Fair Value Measurements Using | |||||||||||||||
Quoted Prices in | Significant | ||||||||||||||
Active Markets | Other | Significant | |||||||||||||
for Identical | Observable | Unobservable | |||||||||||||
Fair | Assets | Inputs | Inputs | ||||||||||||
Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
(In thousands) | |||||||||||||||
Collateral dependent impaired loans | $ | 1,096 | $ | –– | $ | –– | $ | 1,096 | |||||||
Foreclosed assets held for sale | 695 | –– | –– | 695 | |||||||||||
December 31, 2012 | |||||||||||||||
Fair Value Measurements Using | |||||||||||||||
Quoted Prices in | Significant | ||||||||||||||
Active Markets | Other | Significant | |||||||||||||
for Identical | Observable | Unobservable | |||||||||||||
Fair | Assets | Inputs | Inputs | ||||||||||||
Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
(In thousands) | |||||||||||||||
Collateral dependent impaired loans | $ | 3,573 | $ | –– | $ | –– | $ | 3,573 | |||||||
Foreclosed assets held for sale | 736 | –– | –– | 736 | |||||||||||
Unobservable (Level 3) Inputs | |||||||||||||||
The following tables present quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements. | |||||||||||||||
Fair Value at | Valuation | ||||||||||||||
12/31/13 | Technique | Unobservable Inputs | Range | ||||||||||||
(In thousands) | |||||||||||||||
Foreclosed assets held for sale | $ | 695 | Market comparable properties | Comparability adjustments | Not available | ||||||||||
Collateral-dependent impaired loans | 1,096 | Market comparable properties | Marketability discount | 10% – 35% | |||||||||||
Fair Value at | Valuation | ||||||||||||||
12/31/12 | Technique | Unobservable Inputs | Range | ||||||||||||
(In thousands) | |||||||||||||||
Foreclosed assets held for sale | $ | 736 | Market comparable properties | Comparability adjustments | Not available | ||||||||||
Collateral-dependent impaired loans | 3,573 | Market comparable properties | Marketability discount | 10% – 35% | |||||||||||
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. Fair value is the estimated amount at which financial assets or liabilities could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. 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 | |||||||||||||||
Quoted Prices | |||||||||||||||
In Active | Significant | ||||||||||||||
Markets for | Other | Significant | |||||||||||||
Identical | Observable | Unobservable | |||||||||||||
Carrying | Assets | Inputs | Inputs | ||||||||||||
Amount | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
(In thousands) | |||||||||||||||
31-Dec-13 | |||||||||||||||
Financial assets | |||||||||||||||
Cash and cash equivalents | $ | 23,474 | $ | 23,474 | $ | –– | $ | –– | |||||||
Held-to-maturity securities | 955 | –– | 970 | –– | |||||||||||
Loans, net of allowance | 306,608 | –– | –– | 306,181 | |||||||||||
Federal Home Loan Bank stock | 4,810 | –– | 4,810 | –– | |||||||||||
Accrued interest receivable | 1,022 | –– | 1,022 | –– | |||||||||||
Financial liabilities | |||||||||||||||
Deposits | 310,641 | –– | 296,300 | –– | |||||||||||
Short term borrowings | 5,746 | –– | 5,746 | –– | |||||||||||
Federal Home Loan Bank advances | 26,991 | –– | 28,998 | –– | |||||||||||
Subordinated debentures | 4,000 | –– | 3,729 | –– | |||||||||||
Interest payable | 144 | –– | 144 | –– | |||||||||||
The classification of the assets and liabilities pursuant to the valuation hierarchy as of December 31, 2012 in the following table have not been audited. The fair value has been derived from the December 31, 2012 audited consolidated financial statements. | |||||||||||||||
Fair Value Measurements Using | |||||||||||||||
Quoted Prices | |||||||||||||||
in Active | Significant | ||||||||||||||
Markets for | Other | Significant | |||||||||||||
Identical | Observable | Unobservable | |||||||||||||
Carrying | Assets | Inputs | Inputs | ||||||||||||
Amount | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
(In thousands) | |||||||||||||||
31-Dec-12 | |||||||||||||||
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 stock | 4,810 | –– | 4,810 | –– | |||||||||||
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 advances | 32,439 | –– | 35,649 | –– | |||||||||||
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 December 31, 2013 and 2012. | |||||||||||||||
Significant_Estimates_and_Conc
Significant Estimates and Concentrations | 12 Months Ended | ||
Dec. 31, 2013 | |||
Significant Estimates And Concentrations Abstract [Abstract] | ' | ||
Concentration And Credit Risk | ' | ||
Note 17: | Significant Estimates and Concentrations | ||
Accounting principles generally accepted in the United States of America require disclosure of certain significant estimates and current vulnerabilities due to certain concentrations. Estimates related to the allowance for loan losses are reflected in the footnote regarding loans. Current vulnerabilities due to certain concentrations of credit risk are discussed in the footnote on commitments and credit risk. | |||
Commitments_and_Credit_Risk
Commitments and Credit Risk | 12 Months Ended | ||
Dec. 31, 2013 | |||
Commitments and Contingencies Disclosure [Abstract] | ' | ||
Commitments and Credit Risk | ' | ||
Note 18: | Commitments and Credit Risk | ||
At December 31, 2013 and 2012, total commercial and commercial real estate loans made up 64.7% and 64.5%, respectively, of the loan portfolio. Installment loans account for 8.6% and 10.7%, respectively, of the loan portfolio. Real estate loans comprise 26.7% and 24.8% of the loan portfolio as of December 31, 2013 and 2012, respectively, and primarily include first mortgage loans on residential properties and home equity lines of credit. | |||
Included in cash and due from banks as of December 31, 2013 and 2012, is $18.3 million and $69.8 million, respectively, of deposits with the Federal Reserve Bank of Cleveland. | |||
Commitments to Originate Loans | |||
Commitments to originate loans are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since a portion of the commitments may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Each customer’s creditworthiness is evaluated on a case-by-case basis. The amount of collateral obtained, if deemed necessary, is based on management’s credit evaluation of the counterparty. Collateral held varies, but may include accounts receivable, inventory, property, plant and equipment, commercial real estate and residential real estate. | |||
At December 31, 2013 and 2012, the Company had outstanding commitments to originate variable rate loans aggregating approximately $7.3 million and $7.8 million, respectively. The commitments extended over varying periods of time with the majority being disbursed within a one-year period. | |||
Mortgage loans in the process of origination represent amounts that the Company plans to fund within a normal period of 60 to 90 days, some of which are intended for sale to investors in the secondary market. The Company did not have any mortgage loans in the process of origination which are intended for sale at December 31, 2013 or 2012. | |||
Standby Letters of Credit | |||
Standby letters of credit are irrevocable conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Financial standby letters of credit are primarily issued to support public and private borrowing arrangements, including commercial paper, bond financing and similar transactions. Performance standby letters of credit are issued to guarantee performance of certain customers under non-financial contractual obligations. The credit risk involved in issuing standby letters of credit is essentially the same as that involved in extending loans to customers. Fees for letters of credit are initially recorded by the Company as deferred revenue and are included in earnings at the termination of the respective agreements. Should the Company be obligated to perform under the standby letters of credit, the Company may seek recourse from the customer for reimbursement of amounts paid. | |||
The Company had total outstanding standby letters of credit amounting to $120,000 and $150,000, at December 31, 2013 and 2012, respectively, with terms not exceeding nine months. At both December 31, 2013 and 2012, the Company had no deferred revenue under standby letter of credit agreements. | |||
Lines of Credit and Other | |||
Lines of credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Lines of credit generally have fixed expiration dates. Since a portion of the line may expire without being drawn upon, the total unused lines do not necessarily represent future cash requirements. Each customer’s creditworthiness is evaluated on a case-by-case basis. The amount of collateral obtained, if deemed necessary, is based on management’s credit evaluation of the counterparty. Collateral held varies but may include accounts receivable, inventory, property, plant and equipment, commercial real estate and residential real estate. Management uses the same credit policies in granting lines of credit as it does for on-balance-sheet instruments. | |||
At December 31, 2013, the Company had granted unused lines of credit to borrowers aggregating approximately $11.5 million and $35.3 million for commercial lines and open-end consumer lines, respectively. At December 31, 2012, the Company had granted unused lines of credit to borrowers aggregating approximately $13.0 million and $32.4 million for commercial lines and open-end consumer lines, respectively. | |||
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 12 Months Ended | ||
Dec. 31, 2013 | |||
Accounting Changes and Error Corrections [Abstract] | ' | ||
Recent Accounting Pronouncements | ' | ||
Note 19: | Recent Accounting Pronouncements | ||
Accounting Standards Update ("ASU") No. 2013-01, "Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities" ASU No. 2013-01 was issued in January 2013 and clarifies that the scope of ASU No. 2011-11, "Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities," applies to derivatives accounted for in accordance with Topic 815, Derivatives and Hedging, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with applicable accounting guidance or subject to an enforceable master netting arrangement or similar agreement. ASU No. 2013-01 is to be applied retrospectively and was effective for fiscal years beginning on or after January 1, 2013, and interim periods within those annual periods. The adoption of this guidance, which involves disclosure only, will not impact the Company’s results of operations or financial position. The Company currently does not net its financial instruments on its balance sheets. | |||
ASU No. 2013-04, "Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date" ASU No. 2013-04 was issued in February 2013 and requires an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of the guidance is fixed at the reporting date as the sum of (a) the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and (b) any additional amount the reporting entity expects to pay on behalf of its co-obligors. The entity is also required to disclose information about the obligation, including its nature and amount. ASU No. 2013-04 is effective for public companies for fiscal years, and interim periods within those years, beginning after December 15, 2013. The ASU is effective for nonpublic companies for fiscal years, and interim periods within those years, beginning after December 15, 2014. The adoption of this guidance is not anticipated to have a material impact on the Company’s results of operations or financial position. | |||
ASU No. 2013-10, "Derivatives and Hedging (Topic 815): Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes" ASU No. 2013-10 was issued in July 2013 and permits the Fed Funds Effective Swap Rate to be used as a U.S. benchmark interest rate for hedge accounting purposes in addition to interest rates on U.S. Treasury obligations and LIBOR. The update also removes a restriction on using different benchmark rates for similar hedges. ASU No. 2013-10 is effective prospectively for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. The adoption of this guidance will not impact the Company’s results of operations or financial position. The Company currently does not use hedged transactions as part of its asset/liability management activities. | |||
ASU No. 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists” ASU No. 2013-11 was issued in July 2013 and requires an entity to present an unrecognized tax benefit, or a portion of an unrecognized tax benefit, as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except as follows. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. No new recurring disclosures are required. ASU No. 2013-11 is effective for public companies for fiscal years, and interim periods within those years, beginning after December 15, 2013 and are to be applied prospectively to all unrecognized tax benefits that exist at the effective date. The adoption of ASU No. 2013-11 is not expected to have a material impact on the Company’s results of operations or financial position. | |||
ASU No. 2014-01, “Investments-Equity and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects” ASU 2014-01 permits reporting entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method is certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense (benefit). The amendments in this Update are effective for public business entities for annual periods and interim reporting periods within those annual periods, beginning after December 15, 2014, and interim periods within annual reporting periods beginning after December 15, 2015. Early adoption is permitted. The adoption of ASU No. 2014-01 is not expected to have a material impact of the Company’s results of operation of financial position. | |||
Condensed_Financial_Informatio
Condensed Financial Information (Parent Company Only) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||
Condensed Financial Information (Parent Company Only) | ' | |||||||
Note 20: | Condensed Financial Information (Parent Company Only) | |||||||
Presented below is condensed financial information as to financial position, results of operations and cash flows of the Company: | ||||||||
Condensed Balance Sheets | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Assets | ||||||||
Cash and cash equivalents | $ | 2,117 | $ | 1,438 | ||||
Investment in the Bank | 38,089 | 38,529 | ||||||
Corporate owned life insurance | 307 | 291 | ||||||
Other assets | 2,374 | 1,996 | ||||||
Total assets | $ | 42,887 | $ | 42,254 | ||||
Liabilities and Stockholders’ Equity | ||||||||
Subordinated debentures | $ | 4,000 | $ | 4,000 | ||||
Other liabilities | 16 | 1,628 | ||||||
Stockholders’ equity | 38,871 | 36,626 | ||||||
Total liabilities and stockholders’ equity | $ | 42,887 | $ | 42,254 | ||||
Condensed Statements of Income and Comprehensive Income | ||||||||
Years Ended December 31, | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Operating Income | ||||||||
Dividends from subsidiary | $ | 3,697 | $ | 3,511 | ||||
Interest and dividend income from securities and federal funds | 16 | 19 | ||||||
Total operating income | 3,713 | 3,530 | ||||||
General, Administrative and Other Expenses | 1,982 | 2,027 | ||||||
Income Before Income Taxes and Equity in Undistributed | 1,731 | 1,503 | ||||||
Income of Subsidiary | ||||||||
Income Tax Benefits | 555 | 614 | ||||||
Income Before Equity in Undistributed Income of Subsidiary | 2,286 | 2,117 | ||||||
Equity in Undistributed Income of Subsidiary | 326 | 281 | ||||||
Net Income | $ | 2,612 | $ | 2,398 | ||||
Comprehensive Income | $ | 3,508 | $ | 2,231 | ||||
Condensed Statements of Cash Flows | ||||||||
Years Ended December 31, | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Operating Activities | ||||||||
Net income | $ | 2,612 | $ | 2,398 | ||||
Items not requiring (providing) cash | ||||||||
Depreciation and amortization | 12 | 12 | ||||||
Equity in undistributed income of subsidiary | -326 | -281 | ||||||
Amortization of ESOP and share-based compensation plans | 364 | 408 | ||||||
Net change in other assets and other liabilities | -357 | -724 | ||||||
Net cash provided by operating activities | 2,305 | 1,813 | ||||||
Financing Activities | ||||||||
Dividends paid to stockholders | -1,556 | -2,253 | ||||||
Purchase of treasury stock | -70 | -63 | ||||||
Shares purchased for deferred compensation plan | –– | 121 | ||||||
Net cash used in financing activities | -1,626 | -2,195 | ||||||
Net Change in Cash and Cash Equivalents | 679 | -382 | ||||||
Cash and Cash Equivalents at Beginning of Year | 1,438 | 1,820 | ||||||
Cash and Cash Equivalents at End of Year | $ | 2,117 | $ | 1,438 | ||||
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||
Quarterly Financial Data (Unaudited) | ' | |||||||||||||
Note 21: | Quarterly Financial Data (Unaudited) | |||||||||||||
The following tables summarize the Company’s quarterly results of operations for the years ended December 31, 2013 and 2012. | ||||||||||||||
Three Months Ended | ||||||||||||||
2013:00:00 | March 31, | June 30, | September 30, | December 31, | ||||||||||
(In thousands, except per share data) | ||||||||||||||
Total interest income | $ | 4,319 | $ | 4,222 | $ | 4,233 | $ | 4,251 | ||||||
Total interest expense | 830 | 795 | 750 | 658 | ||||||||||
Net interest income | 3,489 | 3,427 | 3,483 | 3,593 | ||||||||||
Provision for loan losses | 319 | 340 | 354 | 228 | ||||||||||
Other income | 740 | 795 | 1,791 | 886 | ||||||||||
General, administrative and other expense | 3,408 | 3,332 | 3,834 | 3,421 | ||||||||||
Income before income taxes | 502 | 550 | 1,086 | 830 | ||||||||||
Federal income taxes | 37 | 81 | 7 | 231 | ||||||||||
Net income | $ | 465 | $ | 469 | $ | 1,079 | $ | 599 | ||||||
Earnings per share | ||||||||||||||
Basic | $ | 0.09 | $ | 0.1 | $ | 0.22 | $ | 0.12 | ||||||
Diluted | $ | 0.09 | $ | 0.1 | $ | 0.22 | $ | 0.12 | ||||||
Three Months Ended | ||||||||||||||
2012:00:00 | March 31, | June 30, | September 30, | December 31, | ||||||||||
(In thousands, except per share data) | ||||||||||||||
Total interest income | $ | 4,691 | $ | 4,630 | $ | 4,548 | $ | 4,593 | ||||||
Total interest expense | 1,032 | 994 | 952 | 883 | ||||||||||
Net interest income | 3,659 | 3,636 | 3,596 | 3,710 | ||||||||||
Provision for loan losses | 333 | 168 | 268 | 359 | ||||||||||
Other income | 732 | 691 | 723 | 797 | ||||||||||
Gain on sale of securities - net | –– | –– | –– | –– | ||||||||||
General, administrative and other expense | 3,226 | 3,194 | 3,482 | 3,570 | ||||||||||
Income before income taxes | 832 | 965 | 569 | 578 | ||||||||||
Federal income taxes | 71 | 234 | 118 | 123 | ||||||||||
Net income | $ | 761 | $ | 731 | $ | 451 | $ | 455 | ||||||
Earnings per share | ||||||||||||||
Basic | $ | 0.15 | $ | 0.15 | $ | 0.09 | $ | 0.1 | ||||||
Diluted | $ | 0.15 | $ | 0.15 | $ | 0.09 | $ | 0.09 | ||||||
Nature_of_Operations_and_Summa1
Nature of Operations and Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||
Dec. 31, 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 in 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 branches in Bridgeport, Colerain, Dellroy, Dillonvale, Dover, Jewett, New Philadelphia, St. Clairsville East, Saint Clairsville West, Sherrodsville, Strasburg and Tiltonsville, Ohio. The Community Bank division conducts its business through its main office in Lancaster, Ohio and branches 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. 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 policy, that are outside of management’s control. | |||||||||||
Use of Estimates | ' | ||||||||||
Use of Estimates | |||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||
Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses and the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans. In connection with the determination of the allowance for loan losses and the valuation of foreclosed assets held for sale, management obtains independent appraisals for significant properties. | |||||||||||
Cash Equivalents | ' | ||||||||||
Cash Equivalents | |||||||||||
The Company considers all liquid investments with original maturities of three months or less to be cash equivalents. At December 31, 2013 and 2012, cash equivalents consisted primarily of due from accounts with the Federal Reserve and other correspondent Banks. | |||||||||||
Currently, the FDIC’s insurance limits are $250,000. At December 31, 2013 and 2012, none of the Company’s cash accounts exceeded the federally insured limit of $250,000. | |||||||||||
Securities | ' | ||||||||||
Securities | |||||||||||
Certain debt securities that management has the positive intent and ability to hold to maturity are classified as “held to maturity” and recorded at amortized cost. Securities not classified as held to maturity, including equity securities with readily determinable fair values, are classified as “available for sale” and recorded at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income. Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. | |||||||||||
For debt securities with fair value below amortized cost, when the Company does not intend to sell a debt security, and it is more likely than not the Company will not have to sell the security before recovery of its cost basis, it recognizes the credit component of an other-than-temporary impairment of a debt security in earnings and the remaining portion in other comprehensive income. For held-to-maturity debt securities, the amount of an other-than-temporary impairment recorded in other comprehensive income for the noncredit portion of a previous other-than-temporary impairment is amortized prospectively over the remaining life of the security on the basis of the timing of future estimated cash flows of the security. | |||||||||||
Loans Held for Sale | ' | ||||||||||
Loans Held for Sale | |||||||||||
Mortgage loans originated and intended for sale in the secondary market are carried at the lower of cost or fair value in the aggregate. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. At December 31, 2013 and 2012, the Company did not have any loans held for sale. | |||||||||||
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 uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. | |||||||||||
The allowance for loan losses is evaluated on a monthly basis by Bank 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. | |||||||||||
Premises and Equipment | ' | ||||||||||
Premises and Equipment | |||||||||||
Depreciable assets are stated at cost less accumulated depreciation. Depreciation is charged to expense using the straight-line method over the estimated useful lives of the assets. An accelerated method is used for tax purposes. | |||||||||||
Federal Home Loan Bank Stock | ' | ||||||||||
Federal Home Loan Bank Stock | |||||||||||
Federal Home Loan Bank stock is a required investment for institutions that are members of the Federal Home Loan Bank system. The required investment in the common stock is based on a predetermined formula, carried at cost and evaluated for impairment. | |||||||||||
Foreclosed Assets Held for Sale | ' | ||||||||||
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, less costs to sell, 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. Revenue and expenses from operations and changes in the valuation allowance are included in net income or expense from foreclosed assets. | |||||||||||
Bank-Owned Life Insurance | ' | ||||||||||
Bank-Owned Life Insurance | |||||||||||
The Company and the Bank have purchased life insurance policies on certain key executives. Company and bank-owned life insurance is recorded at its cash surrender value, or the amount that can be realized. | |||||||||||
Intangible Asset | ' | ||||||||||
Intangible Asset | |||||||||||
In conjunction with an acquisition, the Company recorded a core deposit intangible asset of approximately $812,000. This asset was recorded at fair value and is being amortized over a seven year period using the straight line method. The carrying amount and accumulated amortization of the core deposit intangible asset at December 31, 2013 and 2012 was: | |||||||||||
Gross | 2013 | 2012 | |||||||||
Carrying | Accumulated | Accumulated | |||||||||
Amount | Amortization | Amortization | |||||||||
(In thousands) | |||||||||||
Core deposits | $ | 812 | $ | 626 | $ | 507 | |||||
Amortization expense was $119,000 for both the years ended December 31, 2013 and 2012. Estimated amortization expense is $119,000 in 2014 and $67,000 in 2015. | |||||||||||
Treasury Stock | ' | ||||||||||
Treasury Stock | |||||||||||
Common shares repurchased are recorded at cost. Cost of shares retired or reissued is determined using the weighted average cost. | |||||||||||
Stock Options and Restricted Stock Awards | ' | ||||||||||
Stock Options and Restricted Stock Awards | |||||||||||
The Company has a share-based employee compensation plan, which is described more fully in Note 14. | |||||||||||
Income Taxes | ' | ||||||||||
Income Taxes | |||||||||||
The Company accounts for income taxes in accordance with income tax accounting guidance (ASC 740, Income Taxes). The income tax accounting guidance results in two components of income tax expense: current and deferred. Current income tax expense reflects taxes to be paid or refunded for the current period by applying the provisions of the enacted tax law to the taxable income or excess of deductions over revenues. The Company determines deferred income taxes using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is based on the tax effects of the differences between the book and tax bases of assets and liabilities, and enacted changes in tax rates and laws are recognized in the period in which they occur. | |||||||||||
Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are reduced by a valuation allowance if based on the weight of evidence available it is more likely than not that some portion or all of a deferred tax asset will not be realized. | |||||||||||
Uncertain tax positions are recognized if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50 percent; the terms examined and upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more-likely-than-not recognition threshold considers the facts, circumstances and information available at the reporting date and is subject to management’s judgment. At December 31, 2013, the Company had no uncertain tax positions. | |||||||||||
The Company recognizes interest and penalties on income taxes as a component of income tax expense. | |||||||||||
The Company files consolidated income tax returns with its subsidiary. With a few exceptions, the Company is no longer subject to the examination by tax authorities for years before 2010. | |||||||||||
Deferred Compensation Plan | ' | ||||||||||
Deferred Compensation Plan | |||||||||||
Directors have the option to defer all or a portion of fees for their services into a deferred stock compensation plan that invests in common shares of the Company. Officers of the Company have the option to defer up to 50% of their annual incentive award into this plan. The plan does not permit diversification and must be settled by the delivery of a fixed number of shares of the Company stock. The stock held in the plan is included in equity as deferred shares and is accounted for in a manner similar to treasury stock. Subsequent changes in the fair value of the Company’s stock are not recognized. The deferred compensation obligation is also classified as an equity instrument and changes in the fair value of the amount owed to the participant are not recognized. | |||||||||||
Stockholders' Equity and Dividend Restrictions | ' | ||||||||||
Stockholders’ Equity and Dividend Restrictions | |||||||||||
The Bank is subject to certain restrictions on the amount of dividends that it may declare without prior regulatory approval. Generally, the Bank’s payment of dividends is limited to net income for the current year plus the two preceding calendar years, less capital distributions paid over the comparable time period. Dividend payments to the stockholders may be legally paid from additional paid-in capital or retained earnings. | |||||||||||
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. | |||||||||||
Comprehensive Income | ' | ||||||||||
Comprehensive Income | |||||||||||
Comprehensive income consists of net income and other comprehensive income, net of applicable income taxes. Other comprehensive income includes unrealized appreciation (depreciation) on available-for-sale securities and changes in the funded status of the defined benefit pension plan. | |||||||||||
Advertising | ' | ||||||||||
Advertising | |||||||||||
Advertising costs are expensed as incurred. | |||||||||||
Nature_of_Operations_and_Summa2
Nature of Operations and Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Accounting Policies [Abstract] | ' | ||||||||||
Carrying Amount and Accumulated Amortization of the Core Deposit Intangible Asset | ' | ||||||||||
The carrying amount and accumulated amortization of the core deposit intangible asset at December 31, 2013 and 2012 was: | |||||||||||
Gross | 2013 | 2012 | |||||||||
Carrying | Accumulated | Accumulated | |||||||||
Amount | Amortization | Amortization | |||||||||
(In thousands) | |||||||||||
Core deposits | $ | 812 | $ | 626 | $ | 507 | |||||
Securities_Tables
Securities (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 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: | ||||||||||||||||||||
Gross | Gross | |||||||||||||||||||
Amortized | Unrealized | Unrealized | Approximate | |||||||||||||||||
Cost | Gains | Losses | Fair Value | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Available-for-sale Securities: | ||||||||||||||||||||
December 31, 2013: | ||||||||||||||||||||
U.S. government agencies | $ | 21,000 | $ | –– | $ | -849 | $ | 20,151 | ||||||||||||
State and political subdivisions | 6,196 | 191 | –– | 6,387 | ||||||||||||||||
Equity securities | 4 | 22 | –– | 26 | ||||||||||||||||
$ | 27,200 | $ | 213 | $ | -849 | $ | 26,564 | |||||||||||||
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 | |||||||||||||
Gross | Gross | |||||||||||||||||||
Amortized | Unrealized | Unrealized | Approximate | |||||||||||||||||
Cost | Gains | Losses | Fair Value | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Held-to-maturity Securities: | ||||||||||||||||||||
December 31, 2013: | ||||||||||||||||||||
State and political subdivisions | $ | 955 | $ | 15 | $ | –– | $ | 970 | ||||||||||||
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 December 31, 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. Maturities for mortgage-backed securities are presented in the table below based on their projected maturities. | ||||||||||||||||||||
Available-for-sale | Held-to-maturity | |||||||||||||||||||
Amortized | Fair | Amortized | Fair | |||||||||||||||||
Cost | Value | Cost | Value | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Within one year | $ | –– | $ | –– | $ | 386 | $ | 399 | ||||||||||||
One to five years | 6,402 | 6,418 | 569 | 571 | ||||||||||||||||
Five to ten years | 14,794 | 14,520 | –– | –– | ||||||||||||||||
After ten years | 6,000 | 5,600 | –– | –– | ||||||||||||||||
27,196 | 26,538 | 955 | 970 | |||||||||||||||||
Equity securities | 4 | 26 | –– | –– | ||||||||||||||||
Totals | $ | 27,200 | $ | 26,564 | $ | 955 | $ | 970 | ||||||||||||
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 December 31, 2013 and 2012: | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||
Description of | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||
Securities | Value | Losses | Value | Losses | Value | Losses | ||||||||||||||
(In thousands) | ||||||||||||||||||||
US Government agencies | $ | 20,151 | $ | -849 | $ | –– | $ | –– | $ | 20,151 | $ | -849 | ||||||||
Total temporarily impaired securities | $ | 20,151 | $ | -849 | $ | –– | $ | –– | $ | 20,151 | $ | -849 | ||||||||
December 31, 2012 | ||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||
Description of | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||
Securities | Value | Losses | Value | Losses | Value | Losses | ||||||||||||||
(In thousands) | ||||||||||||||||||||
US Government agencies | $ | 2,997 | $ | -3 | $ | –– | $ | –– | $ | 2,997 | $ | -3 | ||||||||
Total temporarily impaired securities | $ | 2,997 | $ | -3 | $ | –– | $ | –– | $ | 2,997 | $ | -3 | ||||||||
Loans_and_Allowance_for_Loan_L1
Loans and Allowance for Loan Losses (Tables) | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
Loans and Allowance For Loan Losses [Abstract] | ' | ||||||||||||||||||||||
Categories of Loans | ' | ||||||||||||||||||||||
Categories of loans at December 31, include: | |||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Commercial loans | $ | 55,136 | $ | 47,130 | |||||||||||||||||||
Commercial real estate | 144,972 | 144,144 | |||||||||||||||||||||
Residential real estate | 82,832 | 73,623 | |||||||||||||||||||||
Installment loans | 26,562 | 31,585 | |||||||||||||||||||||
Total gross loans | 309,502 | 296,482 | |||||||||||||||||||||
Less allowance for loan losses | -2,894 | -2,708 | |||||||||||||||||||||
Total loans | $ | 306,608 | $ | 293,774 | |||||||||||||||||||
Allowance for Loan Losses and Recorded Investment in Loans | ' | ||||||||||||||||||||||
The following tables present the balance in the allowance for loan losses and the recorded investment in loans based on portfolio segment and impairment method as of December 31, 2013 and 2012: | |||||||||||||||||||||||
2013 | |||||||||||||||||||||||
Commercial | |||||||||||||||||||||||
Commercial | Real Estate | Installment | Residential | Unallocated | Total | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||
Balance, beginning of year | $ | 598 | $ | 1,347 | $ | 200 | $ | 116 | $ | 447 | $ | 2,708 | |||||||||||
Provision charged to | 457 | 378 | 183 | 28 | 195 | 1,241 | |||||||||||||||||
expense | |||||||||||||||||||||||
Losses charged off | -645 | -130 | -399 | -59 | –– | -1,233 | |||||||||||||||||
Recoveries | 2 | 14 | 157 | 5 | –– | 178 | |||||||||||||||||
Balance, end of year | $ | 412 | $ | 1,609 | $ | 141 | $ | 90 | $ | 642 | $ | 2,894 | |||||||||||
Ending balance: individually | $ | 238 | $ | 1,151 | $ | –– | $ | –– | $ | –– | $ | 1,389 | |||||||||||
evaluated for impairment | |||||||||||||||||||||||
Ending balance: collectively | $ | 174 | $ | 458 | $ | 141 | $ | 90 | $ | 642 | $ | 1,505 | |||||||||||
evaluated for impairment | |||||||||||||||||||||||
Loans: | |||||||||||||||||||||||
Ending balance: individually | $ | 655 | $ | 5,675 | $ | –– | $ | –– | $ | –– | $ | 6,330 | |||||||||||
evaluated for impairment | |||||||||||||||||||||||
Ending balance: collectively | $ | 54,481 | $ | 139,297 | $ | 26,562 | $ | 82,832 | $ | –– | $ | 303,172 | |||||||||||
evaluated for impairment | |||||||||||||||||||||||
2012 | |||||||||||||||||||||||
Commercial | |||||||||||||||||||||||
Commercial | Real Estate | Installment | Residential | Unallocated | Total | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||
Balance, beginning of year | $ | 183 | $ | 2,321 | $ | 235 | $ | 95 | $ | 87 | $ | 2,921 | |||||||||||
Provision charged to | 392 | 183 | 86 | 107 | 360 | 1,128 | |||||||||||||||||
expense | |||||||||||||||||||||||
Losses charged off | -67 | -1,166 | -310 | -90 | –– | -1,633 | |||||||||||||||||
Recoveries | 90 | 9 | 189 | 4 | –– | 292 | |||||||||||||||||
Balance, end of year | $ | 598 | $ | 1,347 | $ | 200 | $ | 116 | $ | 447 | $ | 2,708 | |||||||||||
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 table shows the portfolio quality indicators as of December 31, 2013: | |||||||||||||||||||||||
Commercial | |||||||||||||||||||||||
Loan Class | Commercial | Real Estate | Residential | Installment | Total | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Pass Grade | $ | 51,739 | $ | 135,739 | $ | 82,832 | $ | 26,562 | $ | 296,872 | |||||||||||||
Special Mention | 2,727 | 2,848 | –– | –– | 5,575 | ||||||||||||||||||
Substandard | 670 | 6,385 | –– | –– | 7,055 | ||||||||||||||||||
Doubtful | –– | –– | –– | –– | –– | ||||||||||||||||||
$ | 55,136 | $ | 144,972 | $ | 82,832 | $ | 26,562 | $ | 309,502 | ||||||||||||||
The following table shows the portfolio quality indicators as of December 31, 2012: | |||||||||||||||||||||||
Commercial | |||||||||||||||||||||||
Loan Class | Commercial | Real Estate | Residential | Installment | Total | ||||||||||||||||||
(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 following table shows the loan portfolio aging analysis of the recorded investment in loans as of December 31, 2013: | |||||||||||||||||||||||
30-59 Days | 60-89 Days | Greater | |||||||||||||||||||||
Past Due | Past Due | Than 90 | Total Past | ||||||||||||||||||||
and | and | Days and | Non | Due and | Total Loans | ||||||||||||||||||
Accruing | Accruing | Accruing | Accrual | Non Accrual | Current | Receivable | |||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Commercial | $ | 38 | $ | –– | $ | 84 | $ | 641 | $ | 763 | $ | 54,373 | $ | 55,136 | |||||||||
Commercial real | –– | –– | 105 | 953 | 1,058 | 143,914 | 144,972 | ||||||||||||||||
estate | |||||||||||||||||||||||
Installment | 101 | 67 | –– | 34 | 202 | 26,360 | 26,562 | ||||||||||||||||
Residential | 233 | 56 | –– | 1,252 | 1,541 | 81,291 | 82,832 | ||||||||||||||||
Total | $ | 372 | $ | 123 | $ | 189 | $ | 2,880 | $ | 3,564 | $ | 305,938 | $ | 309,502 | |||||||||
The following table shows the loan portfolio aging analysis of the recorded investment in loans as of December 31, 2012: | |||||||||||||||||||||||
30-59 Days | 60-89 Days | Greater | |||||||||||||||||||||
Past Due | Past Due | Than 90 | Total Past | ||||||||||||||||||||
and | and | Days and | Non | Due and | Total Loans | ||||||||||||||||||
Accruing | Accruing | Accruing | Accrual | Non Accrual | Current | Receivable | |||||||||||||||||
(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 | 31,344 | 31,585 | ||||||||||||||||
Residential | 1,088 | 91 | –– | 1,564 | 2,743 | 70,880 | 73,623 | ||||||||||||||||
Total | $ | 1,508 | $ | 102 | $ | 84 | $ | 3,260 | $ | 4,954 | $ | 291,528 | $ | 296,482 | |||||||||
Impaired Loans | ' | ||||||||||||||||||||||
The following table presents impaired loans for the year ended December 31, 2013: | |||||||||||||||||||||||
Average | |||||||||||||||||||||||
Unpaid | Investment in | Interest | |||||||||||||||||||||
Recorded | Principal | Specific | Impaired | Income | |||||||||||||||||||
Balance | Balance | Allowance | Loans | Recognized | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Loans without a specific | |||||||||||||||||||||||
valuation allowance: | |||||||||||||||||||||||
Commercial | $ | 136 | $ | 136 | $ | –– | $ | 116 | $ | 2 | |||||||||||||
Commercial real estate | 888 | 888 | –– | 894 | 53 | ||||||||||||||||||
1,024 | 1,024 | –– | 1,010 | 57 | |||||||||||||||||||
Loans with a specific | |||||||||||||||||||||||
valuation allowance: | |||||||||||||||||||||||
Commercial | 519 | 519 | 238 | 521 | 27 | ||||||||||||||||||
Commercial real estate | 4,787 | 4,787 | 1,151 | 4,991 | 203 | ||||||||||||||||||
5,306 | 5,306 | 1,389 | 5,512 | 230 | |||||||||||||||||||
Total: | |||||||||||||||||||||||
Commercial | $ | 655 | $ | 655 | $ | 238 | $ | 637 | $ | 29 | |||||||||||||
Commercial Real Estate | $ | 5,675 | $ | 5,675 | $ | 1,151 | $ | 5,885 | $ | 256 | |||||||||||||
The following table presents impaired loans for the year ended December 31, 2012: | |||||||||||||||||||||||
Average | |||||||||||||||||||||||
Unpaid | Investment in | Interest | |||||||||||||||||||||
Recorded | Principal | Specific | Impaired | Income | |||||||||||||||||||
Balance | Balance | Allowance | Loans | Recognized | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Loans without a specific | |||||||||||||||||||||||
valuation allowance: | |||||||||||||||||||||||
Commercial | $ | 361 | $ | 361 | $ | –– | $ | 465 | $ | 16 | |||||||||||||
Commercial real estate | 1,546 | 1,546 | –– | 2,717 | 50 | ||||||||||||||||||
Consumer | –– | –– | –– | 10 | –– | ||||||||||||||||||
Residential | –– | –– | –– | –– | –– | ||||||||||||||||||
1,907 | 1,907 | –– | 3,192 | 66 | |||||||||||||||||||
Loans with a specific | |||||||||||||||||||||||
valuation allowance: | |||||||||||||||||||||||
Commercial | 654 | 654 | 458 | 740 | 13 | ||||||||||||||||||
Commercial real estate | 4,397 | 4,397 | 916 | 4,267 | 230 | ||||||||||||||||||
Consumer | –– | –– | –– | 28 | –– | ||||||||||||||||||
Residential | –– | –– | –– | 3 | –– | ||||||||||||||||||
5,051 | 5,051 | 1,374 | 5,038 | 243 | |||||||||||||||||||
Total: | |||||||||||||||||||||||
Commercial | $ | 1,015 | $ | 1,015 | $ | 458 | $ | 1,205 | $ | 29 | |||||||||||||
Commercial Real Estate | $ | 5,943 | $ | 5,943 | $ | 916 | $ | 6,984 | $ | 280 | |||||||||||||
Consumer | $ | –– | $ | –– | $ | –– | $ | 38 | $ | –– | |||||||||||||
Residential | $ | –– | $ | –– | $ | –– | $ | 3 | $ | –– | |||||||||||||
Troubled Debt Restructurings on Financing Receivables | ' | ||||||||||||||||||||||
The following tables present information regarding troubled debt restructurings by class and by type of modification for the years ended December 31, 2013 and 2012: | |||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||
Pre-Modification | Post-Modification | ||||||||||||||||||||||
Outstanding | Outstanding | ||||||||||||||||||||||
Number of | Recorded | Recorded | |||||||||||||||||||||
Contracts | Investment | Investment | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Commercial real estate | 4 | $ | 3,243 | $ | 3,243 | ||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||
Interest | Total | ||||||||||||||||||||||
Only | Term | Combination | Modification | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Commercial real estate | $ | 1,010 | $ | 356 | $ | 1,877 | $ | 3,243 | |||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||
Pre-Modification | Post-Modification | ||||||||||||||||||||||
Outstanding | Outstanding | ||||||||||||||||||||||
Number of | Recorded | Recorded | |||||||||||||||||||||
Contracts | Investment | Investment | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Commercial | 3 | $ | 152 | $ | 68 | ||||||||||||||||||
Commercial real estate | 3 | 464 | 339 | ||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||
Interest | Total | ||||||||||||||||||||||
Only | Term | Combination | Modification | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Commercial | $ | –– | $ | –– | $ | 68 | $ | 68 | |||||||||||||||
Commercial real estate | –– | 339 | –– | 339 | |||||||||||||||||||
Premises_and_Equipment_Tables
Premises and Equipment (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment | ' | |||||||
Major classifications of premises and equipment, stated at cost, are as follows: | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Land, buildings and improvements | $ | 14,882 | $ | 13,873 | ||||
Leasehold improvements | — | 264 | ||||||
Furniture and equipment | 10,616 | 10,075 | ||||||
Computer software | 1,987 | 1,977 | ||||||
27,485 | 26,189 | |||||||
Less accumulated depreciation | -16,762 | -15,804 | ||||||
Net premises and equipment | $ | 10,723 | $ | 10,385 | ||||
Time_Deposits_Tables
Time Deposits (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Time Deposits [Abstract] | ' | ||||
Scheduled Of Maturities Of Time Deposits | ' | ||||
At December 31, 2013, the scheduled maturities of time deposits are as follows: | |||||
Due during the year ending December 31, | (In thousands) | ||||
2014 | $ | 34,874 | |||
2015 | 19,499 | ||||
2016 | 10,680 | ||||
2017 | 5,254 | ||||
2018 | 5,934 | ||||
Thereafter | 2,065 | ||||
$ | 78,306 | ||||
Borrowings_Tables
Borrowings (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Advances from the Federal Home Loan Bank | ' | ||||||||
At December 31, advances from the Federal Home Loan Bank were as follows: | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Maturities January 2014 through August 2025, primarily at fixed rates | $ | 26,991 | $ | — | |||||
ranging from 3.08% to 6.65%, averaging 3.83% | |||||||||
Maturities September 2013 through August 2025, primarily at fixed | — | 32,429 | |||||||
rates ranging from 3.08% to 6.65%, averaging 4.95% | |||||||||
$ | 26,991 | $ | 32,439 | ||||||
Required Annual Principal Payments on Federal Home Loan Bank Advances | ' | ||||||||
At December 31, 2013 required annual principal payments on Federal Home Loan Bank advances were as follows: | |||||||||
For the year ending December 31, | (In thousands) | ||||||||
2014 | $ | 265 | |||||||
2015 | 171 | ||||||||
2016 | 6,165 | ||||||||
2017 | 20,127 | ||||||||
2018 | 118 | ||||||||
Thereafter | 145 | ||||||||
$ | 26,991 | ||||||||
Summary of Information Concerning Securities Sold Under Agreements to Repurchase | ' | ||||||||
Information concerning securities sold under agreements to repurchase is summarized as follows: | |||||||||
2013 | 2012 | ||||||||
(Dollars in thousands) | |||||||||
Balance outstanding at year end | $ | 5,746 | $ | 10,681 | |||||
Average daily balance during the year | $ | 11,328 | $ | 11,525 | |||||
Average interest rate during the year | 0.12 | % | 0.15 | % | |||||
Maximum month-end balance during the year | $ | 15,141 | $ | 13,706 | |||||
Weighted-average interest rate at year end | 0.12 | % | 0.15 | % | |||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Income Tax Disclosure [Abstract] | ' | |||||||
Components Of Income Tax Expense | ' | |||||||
The provision for income taxes includes these components: | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Taxes currently payable | $ | 683 | $ | 435 | ||||
Deferred income taxes (benefit) | -327 | 111 | ||||||
Income tax expense | $ | 356 | $ | 546 | ||||
Reconciliation of Income Tax Expense at the Statutory Rate to the Company’s Actual Income Tax Expense | ' | |||||||
A reconciliation of income tax expense at the statutory rate to the Company’s actual income tax expense is shown below: | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Computed at the statutory rate (34%) | $ | 1,009 | $ | 1,001 | ||||
(Decrease) increase resulting from | ||||||||
Tax exempt interest | -148 | -231 | ||||||
Earnings on bank-owned life insurance - net | -472 | -156 | ||||||
Other | -33 | -68 | ||||||
Actual tax expense | $ | 356 | $ | 546 | ||||
Tax Effects of Temporary Differences Related to Deferred Taxes Shown on the Balance Sheets | ' | |||||||
The tax effects of temporary differences related to deferred taxes shown on the balance sheets were: | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Deferred tax assets | ||||||||
Allowance for loan losses | $ | 506 | $ | 371 | ||||
Stock based compensation | 350 | 333 | ||||||
Allowance for losses on foreclosed real estate | 101 | 101 | ||||||
Deferred compensation | 696 | 655 | ||||||
Employee benefit expense | –– | 553 | ||||||
Intangible assets | 116 | 54 | ||||||
Non-accrual loan interest | 87 | 58 | ||||||
Unrealized losses on securities available for sale | 218 | –– | ||||||
Alternative minimum taxes | 18 | 79 | ||||||
Total deferred tax assets | 2,092 | 2,204 | ||||||
Deferred tax liabilities | ||||||||
Depreciation | -256 | -277 | ||||||
Deferred loan costs, net | -238 | -234 | ||||||
Accretion | -3 | -8 | ||||||
FHLB stock dividends | -583 | -583 | ||||||
Mortgage servicing rights | -30 | -38 | ||||||
Employee benefit expense | -238 | –– | ||||||
Unrealized gains on securities available for sale | –– | -177 | ||||||
Total deferred tax liabilities | -1,348 | -1,317 | ||||||
Net deferred tax asset | $ | 744 | $ | 887 | ||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended | |||||||
Dec. 31, 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: | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Net unrealized (loss) gain on securities available-for-sale | $ | -636 | $ | 524 | ||||
Net unrealized gain (loss) for funded (unfunded) status of | 346 | -2,169 | ||||||
defined benefit plan liability | ||||||||
-290 | -1,645 | |||||||
Tax effect | 99 | 558 | ||||||
Net-of-tax amount | $ | -191 | $ | -1,087 | ||||
Regulatory_Matters_Tables
Regulatory Matters (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Banking and Thrift [Abstract] | ' | |||||||||||||||||
Summary of Company's and Bank's Actual Capital Amounts and Ratios | ' | |||||||||||||||||
The Company’s and Bank’s actual capital amounts and ratios are presented in the following table. | ||||||||||||||||||
To Be Well Capitalized | ||||||||||||||||||
For Capital Adequacy | Under Prompt Corrective | |||||||||||||||||
Actual | Purposes | Action Provisions | ||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||
(Dollars in thousands) | ||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||
Total Capital | ||||||||||||||||||
(to Risk-Weighted Assets) | ||||||||||||||||||
Consolidated | $ | 45,772 | 15.1 | % | $ | 24,321 | 8 | % | N/A | N/A | ||||||||
Citizens | 41,219 | 13.6 | 24,168 | 8 | $ | 30,210 | 10 | % | ||||||||||
Tier I Capital | ||||||||||||||||||
(to Risk-Weighted Assets) | ||||||||||||||||||
Consolidated | $ | 42,868 | 14.1 | % | $ | 12,161 | 4 | % | N/A | N/A | ||||||||
Citizens | 38,315 | 12.7 | 12,084 | 4 | $ | 18,126 | 6 | % | ||||||||||
Tier I Capital | ||||||||||||||||||
(to Average Assets) | ||||||||||||||||||
Consolidated | $ | 42,868 | 10.3 | % | $ | 16,688 | 4 | % | N/A | N/A | ||||||||
Citizens | 38,315 | 9.7 | 15,808 | 4 | $ | 19,760 | 5 | % | ||||||||||
As of December 31, 2012 | ||||||||||||||||||
Total Capital | ||||||||||||||||||
(to Risk-Weighted Assets) | ||||||||||||||||||
Consolidated | $ | 44,113 | 14.9 | % | $ | 23,748 | 8 | % | N/A | N/A | ||||||||
Citizens | 40,584 | 13.7 | 23,680 | 8 | $ | 29,601 | 10 | % | ||||||||||
Tier I Capital | ||||||||||||||||||
(to Risk-Weighted Assets) | ||||||||||||||||||
Consolidated | $ | 41,396 | 14 | % | $ | 11,874 | 4 | % | N/A | N/A | ||||||||
Citizens | 37,867 | 12.8 | 11,840 | 4 | $ | 17,760 | 6 | % | ||||||||||
Tier I Capital | ||||||||||||||||||
(to Average Assets) | ||||||||||||||||||
Consolidated | $ | 41,396 | 9.6 | % | $ | 17,342 | 4 | % | N/A | N/A | ||||||||
Citizens | 37,867 | 8.5 | 17,889 | 4 | $ | 22,361 | 5 | % | ||||||||||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Related Party Transactions [Abstract] | ' | |||||||
Summary of Loans Outstanding | ' | |||||||
Such loans are summarized below. | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Aggregate balance – January 1 | $ | 5,194 | $ | 7,633 | ||||
New loans | 619 | 496 | ||||||
Repayments | -553 | -2,935 | ||||||
Aggregate balance – December 31 | $ | 5,260 | $ | 5,194 | ||||
Benefit_Plans_Tables
Benefit Plans (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Benefit Plans [Abstract] | ' | |||||||||||||
Information About the Plan's Funded Status and Pension Cost | ' | |||||||||||||
Information about the plan’s funded status and pension cost follows: | ||||||||||||||
Pension Benefits | ||||||||||||||
2013 | 2012 | |||||||||||||
(In thousands) | ||||||||||||||
Change in benefit obligation | ||||||||||||||
Beginning of year | $ | -4,831 | $ | -4,163 | ||||||||||
Service cost | -356 | -357 | ||||||||||||
Interest cost | -172 | -179 | ||||||||||||
Plan Amendment | 1,113 | –– | ||||||||||||
Actuarial gain (loss) | 807 | -364 | ||||||||||||
Benefits paid | 193 | 232 | ||||||||||||
End of year | -3,246 | -4,831 | ||||||||||||
Change in fair value of plan assets | ||||||||||||||
Beginning of year | 3,206 | 2,813 | ||||||||||||
Actual return on plan assets | 684 | 390 | ||||||||||||
Employer contribution | 250 | 235 | ||||||||||||
Benefits paid | -193 | -232 | ||||||||||||
End of year | 3,947 | 3,206 | ||||||||||||
Funded status at end of year | $ | 701 | $ | -1,626 | ||||||||||
Components of Net Periodic Benefit Cost | ' | |||||||||||||
Amounts recognized in accumulated other comprehensive loss not yet recognized as components of net periodic benefit cost consist of: | ||||||||||||||
Pension Benefits | ||||||||||||||
2013 | 2012 | |||||||||||||
(In thousands) | ||||||||||||||
Unamortized net loss | $ | 766 | $ | 2,154 | ||||||||||
Unamortized prior service (credit) cost | -1,112 | 15 | ||||||||||||
$ | -346 | $ | 2,169 | |||||||||||
Information For the Pension Plan With Respect To Accumulated Benefit Obligation And Plan Assets | ' | |||||||||||||
Information for the pension plan with respect to accumulated benefit obligation and plan assets is as follows: | ||||||||||||||
December 31, | ||||||||||||||
2013 | 2012 | |||||||||||||
(In thousands) | ||||||||||||||
Projected benefit obligation | $ | 3,246 | $ | 4,831 | ||||||||||
Accumulated benefit obligation | $ | 3,246 | $ | 3,298 | ||||||||||
Fair value of plan assets | $ | 3,947 | $ | 3,205 | ||||||||||
Pension Expense | ' | |||||||||||||
December 31, | ||||||||||||||
2013 | 2012 | |||||||||||||
(In thousands) | ||||||||||||||
Components of net periodic benefit cost | ||||||||||||||
Service cost | $ | 351 | $ | 357 | ||||||||||
Interest cost | 172 | 179 | ||||||||||||
Expected return on plan assets | -258 | -227 | ||||||||||||
Amortization of prior service cost | 15 | 15 | ||||||||||||
Amortization of net loss | 158 | 154 | ||||||||||||
Net periodic benefit cost | $ | 438 | $ | 478 | ||||||||||
Summary of Significant Assumptions | ' | |||||||||||||
Significant assumptions include: | ||||||||||||||
Pension Benefits | ||||||||||||||
2013 | 2012 | |||||||||||||
Weighted-average assumptions used to determine | ||||||||||||||
benefit obligation: | ||||||||||||||
Discount rate | 4.34 | % | 3.61 | % | ||||||||||
Rate of compensation increase | 3 | % | 3 | % | ||||||||||
Weighted-average assumptions used to determine | ||||||||||||||
benefit cost: | ||||||||||||||
Discount rate | 3.61 | % | 4.4 | % | ||||||||||
Expected return on plan assets | 8 | % | 8 | % | ||||||||||
Rate of compensation increase | 3 | % | 3 | % | ||||||||||
Summary of Benefit Payments | ' | |||||||||||||
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid as of December 31, 2013: | ||||||||||||||
Pension | ||||||||||||||
Benefits | ||||||||||||||
(In thousands) | ||||||||||||||
2014 | $ | 91 | ||||||||||||
2015 | 97 | |||||||||||||
2016 | 318 | |||||||||||||
2017 | 377 | |||||||||||||
2018 | 304 | |||||||||||||
201-2023 | 1,816 | |||||||||||||
Total | $ | 3,003 | ||||||||||||
Target Asset Allocation Percentages | ' | |||||||||||||
The target asset allocation percentages for both 2013 and 2012 are as follows: | ||||||||||||||
Large-Cap stocks | Not to exceed 60 | % | ||||||||||||
SMID-Cap stocks | Not to exceed 20 | % | ||||||||||||
International equity securities | Not to exceed 15 | % | ||||||||||||
Fixed income investments | Not to exceed 40 | % | ||||||||||||
Alternative investments | Not to exceed 20 | % | ||||||||||||
Investment of Fair Value of Plan Assets as a Percentage of the Total | ' | |||||||||||||
At December 31, 2013 and 2012, the fair value of plan assets as a percentage of the total was invested in the following: | ||||||||||||||
December 31, | ||||||||||||||
2013 | 2012 | |||||||||||||
Equity securities | 78 | % | 76.4 | % | ||||||||||
Debt securities | 21.9 | 23 | ||||||||||||
Cash and cash equivalents | 0.1 | 0.6 | ||||||||||||
100 | % | 100 | % | |||||||||||
Fair Values of Company's Pension Plan By Asset Category | ' | |||||||||||||
The fair values of Company’s pension plan assets at December 31, by asset category are as follows: | ||||||||||||||
December 31, 2013 | ||||||||||||||
Fair Value Measurements Using | ||||||||||||||
Quoted Prices | Significant | |||||||||||||
in Active | Other | Significant | ||||||||||||
Markets for | Observable | Unobservable | ||||||||||||
Identical Assets | Inputs | Inputs | ||||||||||||
Asset Category | Total Fair Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||
(In thousands) | ||||||||||||||
Mutual money market | $ | 32 | $ | 32 | $ | –– | $ | –– | ||||||
Mutual funds – equities | ||||||||||||||
International | 312 | 312 | –– | –– | ||||||||||
Large Cap | 1,589 | 1,589 | –– | –– | ||||||||||
Small and Mid Cap | 1,148 | 1,148 | –– | –– | ||||||||||
Mutual funds – fixed income | ||||||||||||||
Core bond | 751 | 751 | –– | –– | ||||||||||
High yield corporate | 115 | 115 | –– | –– | ||||||||||
Total | $ | 3,947 | $ | 3,947 | $ | –– | $ | –– | ||||||
December 31, 2012 | ||||||||||||||
Fair Value Measurements Using | ||||||||||||||
Quoted Prices | Significant | |||||||||||||
In Active | Other | Significant | ||||||||||||
Markets for | Observable | Unobservable | ||||||||||||
Identical Assets | Inputs | Inputs | ||||||||||||
Asset Category | Total Fair Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||
(In thousands) | ||||||||||||||
Mutual money market | $ | 16 | $ | 16 | $ | –– | $ | –– | ||||||
Mutual funds – equities | ||||||||||||||
International | 240 | 240 | –– | –– | ||||||||||
Real estate | 33 | 33 | –– | –– | ||||||||||
Large Cap | 1,279 | 1,279 | –– | –– | ||||||||||
Small and Mid Cap | 873 | 873 | –– | –– | ||||||||||
Commodities | 29 | 29 | ||||||||||||
Mutual funds – fixed income | ||||||||||||||
Core bond | 639 | 639 | –– | –– | ||||||||||
High yield corporate | 96 | 96 | –– | –– | ||||||||||
Total | $ | 3,205 | $ | 3,205 | $ | –– | $ | –– | ||||||
Share Information for the ESOP | ' | |||||||||||||
Share information for the ESOP is as follows at December 31, 2013 and 2012: | ||||||||||||||
2013 | 2012 | |||||||||||||
Allocated shares at beginning of the year | $ | 148,295 | $ | 124,660 | ||||||||||
Shares released for allocation during the year | 23,635 | 23,635 | ||||||||||||
Shares distributed due to retirement/diversification | -3,207 | -14,748 | ||||||||||||
Unearned shares | 165,446 | 189,082 | ||||||||||||
Total ESOP shares | 334,169 | 322,629 | ||||||||||||
Fair value of unearned shares at December 31 | $ | 1,329,000 | $ | 1,184,000 | ||||||||||
Stock_Option_and_Restricted_St1
Stock Option and Restricted Stock Plans (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Stock Option and Restricted Stock Plans [Abstract] | ' | |||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | ' | |||||||||||
A summary of option activity under the Plan as of December 31, 2013, and changes during the year then ended, is presented below: | ||||||||||||
Weighted- | ||||||||||||
Average | ||||||||||||
Weighted- | Remaining | |||||||||||
Average | Contractual | Aggregate | ||||||||||
Shares | Exercise Price | Term (Years) | Intrinsic Value | |||||||||
Outstanding, beginning of year | 53,714 | $ | 10.34 | |||||||||
Granted | — | — | ||||||||||
Exercised | — | — | ||||||||||
Forfeited or expired | — | — | ||||||||||
Outstanding, end of year | 53,714 | $ | 10.34 | 1.2 | $ | — | ||||||
Exercisable, end of year | — | $ | — | — | $ | — | ||||||
Schedule of Nonvested Restricted Stock Units Activity | ' | |||||||||||
A summary of the status of the Company’s nonvested restricted shares as of December 31, 2013, and changes during the year then ended, is presented below: | ||||||||||||
Weighted- | ||||||||||||
Average | ||||||||||||
Grant-Date | ||||||||||||
Shares | Fair Value | |||||||||||
Nonvested, beginning of year | 175,000 | $ | 8.44 | |||||||||
Granted | — | — | ||||||||||
Vested | — | — | ||||||||||
Forfeited | — | — | ||||||||||
Nonvested, end of year | 175,000 | $ | 8.44 | |||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Earnings Per Share [Abstract] | ' | |||||||||
Schedule of Earnings Per Share, Basic and Diluted | ' | |||||||||
Earnings per share (EPS) were computed as follows: | ||||||||||
Year Ended December 31, 2013 | ||||||||||
Weighted- | ||||||||||
Net | Average | Per Share | ||||||||
Income | Shares | Amount | ||||||||
(In thousands) | ||||||||||
Net income | $ | 2,612 | ||||||||
Dividends on non-vested restricted stock | -51 | |||||||||
Net income allocated to stockholders | 2,561 | |||||||||
Basic earnings per share | ||||||||||
Income available to common stockholders | — | 4,808,820 | $ | 0.53 | ||||||
Effect of dilutive securities | ||||||||||
Restricted stock awards | –– | 62,358 | ||||||||
Diluted earnings per share | ||||||||||
Income available to common stockholders and | $ | 2,561 | 4,871,179 | $ | 0.53 | |||||
assumed conversions | ||||||||||
Year Ended December 31, 2012 | ||||||||||
Weighted- | ||||||||||
Net | Average | Per Share | ||||||||
Income | Shares | Amount | ||||||||
(In thousands) | ||||||||||
Net income | $ | 2,398 | ||||||||
Dividends on non-vested restricted stock | -74 | |||||||||
Net income allocated to stockholders | 2,324 | |||||||||
Basic earnings per share | ||||||||||
Income available to common stockholders | — | 4,780,866 | $ | 0.49 | ||||||
Effect of dilutive securities | ||||||||||
Restricted stock awards | –– | 65,381 | ||||||||
Diluted earnings per share | ||||||||||
Income available to common stockholders | $ | 2,324 | 4,846,247 | $ | 0.48 | |||||
and assumed conversions | ||||||||||
Disclosures_about_Fair_Value_o1
Disclosures about Fair Value of Financial Instruments and Other Assets and Liabilities (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||
Fair Value Measurements of Assets Recognized in Consolidated Balance Sheets Measured at Fair Value on Recurring Basis | ' | ||||||||||||||
The following tables present the fair value measurements of assets recognized in the accompanying 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 December 31, 2013 and 2012: | |||||||||||||||
December 31, 2013 | |||||||||||||||
Fair Value Measurements Using | |||||||||||||||
Quoted Prices in | Significant | ||||||||||||||
Active Markets | Other | Significant | |||||||||||||
for Identical | Observable | Unobservable | |||||||||||||
Fair | Assets | Inputs | Inputs | ||||||||||||
Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
(In thousands) | |||||||||||||||
U.S government agencies | $ | 20,151 | $ | –– | $ | 20,151 | $ | –– | |||||||
State and political subdivisions | 6,387 | –– | 6,387 | –– | |||||||||||
Equity securities | 26 | 26 | –– | –– | |||||||||||
December 31, 2012 | |||||||||||||||
Fair Value Measurements Using | |||||||||||||||
Quoted Prices in | Significant | ||||||||||||||
Active Markets | Other | Significant | |||||||||||||
for Identical | Observable | Unobservable | |||||||||||||
Fair | Assets | Inputs | Inputs | ||||||||||||
Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
(In thousands) | |||||||||||||||
U.S government agencies | $ | 24,070 | $ | –– | $ | 24,070 | $ | –– | |||||||
State and political subdivisions | 10,759 | –– | 10,759 | –– | |||||||||||
Equity securities | 24 | 24 | –– | –– | |||||||||||
Fair Value Measurements of Assets Recognized in Consolidated Balance Sheets Measured at Fair Value on Nonrecurring Basis | ' | ||||||||||||||
The following tables present the fair value measurements of assets recognized in the accompanying balance sheets measured at fair value on a non-recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at December 31, 2013 and 2012: | |||||||||||||||
December 31, 2013 | |||||||||||||||
Fair Value Measurements Using | |||||||||||||||
Quoted Prices in | Significant | ||||||||||||||
Active Markets | Other | Significant | |||||||||||||
for Identical | Observable | Unobservable | |||||||||||||
Fair | Assets | Inputs | Inputs | ||||||||||||
Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
(In thousands) | |||||||||||||||
Collateral dependent impaired loans | $ | 1,096 | $ | –– | $ | –– | $ | 1,096 | |||||||
Foreclosed assets held for sale | 695 | –– | –– | 695 | |||||||||||
December 31, 2012 | |||||||||||||||
Fair Value Measurements Using | |||||||||||||||
Quoted Prices in | Significant | ||||||||||||||
Active Markets | Other | Significant | |||||||||||||
for Identical | Observable | Unobservable | |||||||||||||
Fair | Assets | Inputs | Inputs | ||||||||||||
Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
(In thousands) | |||||||||||||||
Collateral dependent impaired loans | $ | 3,573 | $ | –– | $ | –– | $ | 3,573 | |||||||
Foreclosed assets held for sale | 736 | –– | –– | 736 | |||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | ' | ||||||||||||||
The following tables present quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements. | |||||||||||||||
Fair Value at | Valuation | ||||||||||||||
12/31/13 | Technique | Unobservable Inputs | Range | ||||||||||||
(In thousands) | |||||||||||||||
Foreclosed assets held for sale | $ | 695 | Market comparable properties | Comparability adjustments | Not available | ||||||||||
Collateral-dependent impaired loans | 1,096 | Market comparable properties | Marketability discount | 10% – 35% | |||||||||||
Fair Value at | Valuation | ||||||||||||||
12/31/12 | Technique | Unobservable Inputs | Range | ||||||||||||
(In thousands) | |||||||||||||||
Foreclosed assets held for sale | $ | 736 | Market comparable properties | Comparability adjustments | Not available | ||||||||||
Collateral-dependent impaired loans | 3,573 | Market comparable properties | Marketability discount | 10% – 35% | |||||||||||
Estimated Fair Values of Company's Financial Instruments | ' | ||||||||||||||
Fair Value Measurements Using | |||||||||||||||
Quoted Prices | |||||||||||||||
In Active | Significant | ||||||||||||||
Markets for | Other | Significant | |||||||||||||
Identical | Observable | Unobservable | |||||||||||||
Carrying | Assets | Inputs | Inputs | ||||||||||||
Amount | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
(In thousands) | |||||||||||||||
31-Dec-13 | |||||||||||||||
Financial assets | |||||||||||||||
Cash and cash equivalents | $ | 23,474 | $ | 23,474 | $ | –– | $ | –– | |||||||
Held-to-maturity securities | 955 | –– | 970 | –– | |||||||||||
Loans, net of allowance | 306,608 | –– | –– | 306,181 | |||||||||||
Federal Home Loan Bank stock | 4,810 | –– | 4,810 | –– | |||||||||||
Accrued interest receivable | 1,022 | –– | 1,022 | –– | |||||||||||
Financial liabilities | |||||||||||||||
Deposits | 310,641 | –– | 296,300 | –– | |||||||||||
Short term borrowings | 5,746 | –– | 5,746 | –– | |||||||||||
Federal Home Loan Bank advances | 26,991 | –– | 28,998 | –– | |||||||||||
Subordinated debentures | 4,000 | –– | 3,729 | –– | |||||||||||
Interest payable | 144 | –– | 144 | –– | |||||||||||
The classification of the assets and liabilities pursuant to the valuation hierarchy as of December 31, 2012 in the following table have not been audited. The fair value has been derived from the December 31, 2012 audited consolidated financial statements. | |||||||||||||||
Fair Value Measurements Using | |||||||||||||||
Quoted Prices | |||||||||||||||
in Active | Significant | ||||||||||||||
Markets for | Other | Significant | |||||||||||||
Identical | Observable | Unobservable | |||||||||||||
Carrying | Assets | Inputs | Inputs | ||||||||||||
Amount | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
(In thousands) | |||||||||||||||
31-Dec-12 | |||||||||||||||
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 stock | 4,810 | –– | 4,810 | –– | |||||||||||
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 advances | 32,439 | –– | 35,649 | –– | |||||||||||
Subordinated debentures | 4,000 | –– | 3,712 | –– | |||||||||||
Interest payable | 193 | –– | 193 | –– | |||||||||||
Condensed_Financial_Informatio1
Condensed Financial Information (Parent Company Only) (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||
Condensed Balance Sheet | ' | |||||||
Presented below is condensed financial information as to financial position, results of operations and cash flows of the Company: | ||||||||
Condensed Balance Sheets | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Assets | ||||||||
Cash and cash equivalents | $ | 2,117 | $ | 1,438 | ||||
Investment in the Bank | 38,089 | 38,529 | ||||||
Corporate owned life insurance | 307 | 291 | ||||||
Other assets | 2,374 | 1,996 | ||||||
Total assets | $ | 42,887 | $ | 42,254 | ||||
Liabilities and Stockholders’ Equity | ||||||||
Subordinated debentures | $ | 4,000 | $ | 4,000 | ||||
Other liabilities | 16 | 1,628 | ||||||
Stockholders’ equity | 38,871 | 36,626 | ||||||
Total liabilities and stockholders’ equity | $ | 42,887 | $ | 42,254 | ||||
Condensed Statements of Income | ' | |||||||
Condensed Statements of Income and Comprehensive Income | ||||||||
Years Ended December 31, | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Operating Income | ||||||||
Dividends from subsidiary | $ | 3,697 | $ | 3,511 | ||||
Interest and dividend income from securities and federal funds | 16 | 19 | ||||||
Total operating income | 3,713 | 3,530 | ||||||
General, Administrative and Other Expenses | 1,982 | 2,027 | ||||||
Income Before Income Taxes and Equity in Undistributed | 1,731 | 1,503 | ||||||
Income of Subsidiary | ||||||||
Income Tax Benefits | 555 | 614 | ||||||
Income Before Equity in Undistributed Income of Subsidiary | 2,286 | 2,117 | ||||||
Equity in Undistributed Income of Subsidiary | 326 | 281 | ||||||
Net Income | $ | 2,612 | $ | 2,398 | ||||
Comprehensive Income | $ | 3,508 | $ | 2,231 | ||||
Condensed Statements of Cash Flows | ' | |||||||
Condensed Statements of Cash Flows | ||||||||
Years Ended December 31, | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Operating Activities | ||||||||
Net income | $ | 2,612 | $ | 2,398 | ||||
Items not requiring (providing) cash | ||||||||
Depreciation and amortization | 12 | 12 | ||||||
Equity in undistributed income of subsidiary | -326 | -281 | ||||||
Amortization of ESOP and share-based compensation plans | 364 | 408 | ||||||
Net change in other assets and other liabilities | -357 | -724 | ||||||
Net cash provided by operating activities | 2,305 | 1,813 | ||||||
Financing Activities | ||||||||
Dividends paid to stockholders | -1,556 | -2,253 | ||||||
Purchase of treasury stock | -70 | -63 | ||||||
Shares purchased for deferred compensation plan | –– | 121 | ||||||
Net cash used in financing activities | -1,626 | -2,195 | ||||||
Net Change in Cash and Cash Equivalents | 679 | -382 | ||||||
Cash and Cash Equivalents at Beginning of Year | 1,438 | 1,820 | ||||||
Cash and Cash Equivalents at End of Year | $ | 2,117 | $ | 1,438 | ||||
Quarterly_Financial_Data_Table
Quarterly Financial Data (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||
Schedule Of Quarterly Financial Information | ' | |||||||||||||
The following tables summarize the Company’s quarterly results of operations for the years ended December 31, 2013 and 2012. | ||||||||||||||
Three Months Ended | ||||||||||||||
2013:00:00 | March 31, | June 30, | September 30, | December 31, | ||||||||||
(In thousands, except per share data) | ||||||||||||||
Total interest income | $ | 4,319 | $ | 4,222 | $ | 4,233 | $ | 4,251 | ||||||
Total interest expense | 830 | 795 | 750 | 658 | ||||||||||
Net interest income | 3,489 | 3,427 | 3,483 | 3,593 | ||||||||||
Provision for loan losses | 319 | 340 | 354 | 228 | ||||||||||
Other income | 740 | 795 | 1,791 | 886 | ||||||||||
General, administrative and other expense | 3,408 | 3,332 | 3,834 | 3,421 | ||||||||||
Income before income taxes | 502 | 550 | 1,086 | 830 | ||||||||||
Federal income taxes | 37 | 81 | 7 | 231 | ||||||||||
Net income | $ | 465 | $ | 469 | $ | 1,079 | $ | 599 | ||||||
Earnings per share | ||||||||||||||
Basic | $ | 0.09 | $ | 0.1 | $ | 0.22 | $ | 0.12 | ||||||
Diluted | $ | 0.09 | $ | 0.1 | $ | 0.22 | $ | 0.12 | ||||||
Three Months Ended | ||||||||||||||
2012:00:00 | March 31, | June 30, | September 30, | December 31, | ||||||||||
(In thousands, except per share data) | ||||||||||||||
Total interest income | $ | 4,691 | $ | 4,630 | $ | 4,548 | $ | 4,593 | ||||||
Total interest expense | 1,032 | 994 | 952 | 883 | ||||||||||
Net interest income | 3,659 | 3,636 | 3,596 | 3,710 | ||||||||||
Provision for loan losses | 333 | 168 | 268 | 359 | ||||||||||
Other income | 732 | 691 | 723 | 797 | ||||||||||
Gain on sale of securities - net | –– | –– | –– | –– | ||||||||||
General, administrative and other expense | 3,226 | 3,194 | 3,482 | 3,570 | ||||||||||
Income before income taxes | 832 | 965 | 569 | 578 | ||||||||||
Federal income taxes | 71 | 234 | 118 | 123 | ||||||||||
Net income | $ | 761 | $ | 731 | $ | 451 | $ | 455 | ||||||
Earnings per share | ||||||||||||||
Basic | $ | 0.15 | $ | 0.15 | $ | 0.09 | $ | 0.1 | ||||||
Diluted | $ | 0.15 | $ | 0.15 | $ | 0.09 | $ | 0.09 | ||||||
Nature_of_Operations_and_Summa3
Nature of Operations and Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Summary Of Significant Accounting Policies [Line Items] | ' | ' |
Accounts Payable, Interest-bearing | $250,000 | $250,000 |
Amortization Of Intangible Assets | 119,000 | 119,000 |
Maximum Deferrable Under Annual Incentive Award Percent | 50.00% | ' |
Finite Lived Intangible Assets Amortization Period | '7 years | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 250,000 | ' |
Number of operating divisions | 2 | ' |
Number of reportable operating segment | 1 | ' |
Core Deposits | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' |
Amortization Of Intangible Assets | 119,000 | 119,000 |
Finite-Lived Intangible Assets, Gross | 812,000 | ' |
Finite Lived Intangible Assets Amortization Period | '0 years | ' |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 119,000 | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | $67,000 | ' |
Carrying_Amount_and_Accumulate
Carrying Amount and Accumulated Amortization of Core Deposit Intangible Asset (Detail) (Core Deposits, USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Core Deposits | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount, core deposits | $812 | ' |
Accumulated amortization, core deposits | $626 | $507 |
Recovered_Sheet1
Restriction On Cash And Due From Banks - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Restricted Cash and Cash Equivalents | $3.30 | $5.30 |
Securities_Additional_Informat
Securities - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Schedule Of Marketable Securities [Line Items] | ' | ' |
Carrying value securities pledged as collateral | $19.60 | $25.50 |
Fair Value of Investment in debt securities | $20.20 | $3 |
Percentage of fair value of investment in debt | 73.20% | 8.00% |
Amortized_Cost_and_Approximate
Amortized Cost and Approximate Fair Values, Together with Gross Unrealized Gains and Losses of Securities (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Gain (Loss) on Investments [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost | $27,200 | $34,329 |
Available-for-sale Securities, Gross Unrealized Gains | 213 | 527 |
Available-for-sale Securities, Gross Unrealized Losses | -849 | -3 |
Available-for-sale securities | 26,564 | 34,853 |
Held-to-maturity Securities, Amortized Cost | 955 | 2,768 |
Held-to-maturity Securities, Fair Value | 970 | ' |
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 | -849 | -3 |
Available-for-sale securities | 20,151 | 24,070 |
State and political subdivisions | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost | 6,196 | 10,345 |
Available-for-sale Securities, Gross Unrealized Gains | 191 | 414 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | 0 |
Available-for-sale securities | 6,387 | 10,759 |
Held-to-maturity Securities, Amortized Cost | 955 | 2,768 |
Held-to-maturity Securities, Gross Unrealized Gains | 15 | 72 |
Held-to-maturity Securities, Gross Unrealized Losses | 0 | 0 |
Held-to-maturity Securities, Fair Value | 970 | 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 | 22 | 20 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | 0 |
Available-for-sale securities | $26 | $24 |
Amortized_Cost_and_Fair_Value_
Amortized Cost and Fair Value of Available-for-Sale Securities and Held-to-Maturity Securities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Available-for-sale, Amortized Cost | ' | ' |
Within one year | $0 | ' |
One to five years | 6,402 | ' |
Five to ten years | 14,794 | ' |
After ten years | 6,000 | ' |
Available-for-sale Securities, Amortized Cost | 27,196 | ' |
Equity securities | 4 | ' |
Totals | 27,200 | 34,329 |
Available-for-sale, Fair Value | ' | ' |
Within one year | 0 | ' |
One to five years | 6,418 | ' |
Five to ten years | 14,520 | ' |
After ten years | 5,600 | ' |
Available-for-sale Securities, Fair Value | 26,538 | ' |
Equity securities | 26 | ' |
Totals | 26,564 | 34,853 |
Held-to-maturity, Amortized Cost | ' | ' |
Within one year | 386 | ' |
One to five years | 569 | ' |
Five to ten years | 0 | ' |
After ten years | 0 | ' |
Held-to-maturity Securities, Amortized Cost | 955 | ' |
Equity securities | 0 | ' |
Totals | 955 | 2,768 |
Held-to-maturity, Fair Value | ' | ' |
Within one year | 399 | ' |
One to five years | 571 | ' |
Five to ten years | 0 | ' |
After ten years | 0 | ' |
Held-to-maturity Securities, Fair Value | 970 | ' |
Equity securities | 0 | ' |
Totals | $970 | ' |
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) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Gain (Loss) on Investments [Line Items] | ' | ' |
Less than 12 Months Fair Value | $20,151 | $2,997 |
Less than 12 Months Unrealized Losses | -849 | -3 |
12 Months or More Fair Value | 0 | 0 |
12 Months or More Unrealized Losses | 0 | 0 |
Total Fair Value | 20,151 | 2,997 |
Total Unrealized Losses | -849 | -3 |
U.S. government agencies | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' |
Less than 12 Months Fair Value | 20,151 | 2,997 |
Less than 12 Months Unrealized Losses | -849 | -3 |
12 Months or More Fair Value | 0 | 0 |
12 Months or More Unrealized Losses | 0 | 0 |
Total Fair Value | 20,151 | 2,997 |
Total Unrealized Losses | ($849) | ($3) |
Recovered_Sheet2
Loans And Allowance For Loan Losses - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Allowance for loan and lease losses, period increase (decrease) | $76,000 | $209,000 |
Individual loan loss net loan amounts charged off | ' | 309,000 |
Single out of area loan relationship accounted of net loan amount charged off | ' | $1,032,000 |
Categories_of_Loan_Detail
Categories of Loan (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' |
Commercial loans | $55,136 | $47,130 | ' |
Commercial real estate | 144,972 | 144,144 | ' |
Residential real estate | 82,832 | 73,623 | ' |
Installment loans | 26,562 | 31,585 | ' |
Total gross loans | 309,502 | 296,482 | ' |
Less allowance for loan losses | -2,894 | -2,708 | -2,921 |
Total loans | $306,608 | $293,774 | ' |
Allowance_for_Loan_Losses_and_
Allowance for Loan Losses and Recorded Investment in Loans (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance for loan losses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, beginning of year | ' | ' | ' | $2,708 | ' | ' | ' | $2,921 | $2,708 | $2,921 |
Provision charged to expense | 228 | 354 | 340 | 319 | 359 | 268 | 168 | 333 | 1,241 | 1,128 |
Losses charged off | ' | ' | ' | ' | ' | ' | ' | ' | -1,233 | -1,633 |
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 178 | 292 |
Balance, end of year | 2,894 | ' | ' | ' | 2,708 | ' | ' | ' | 2,894 | 2,708 |
Ending balance: individually evaluated for impairment | 1,389 | ' | ' | ' | 1,374 | ' | ' | ' | 1,389 | 1,374 |
Ending balance: collectively evaluated for impairment | 1,505 | ' | ' | ' | 1,334 | ' | ' | ' | 1,505 | 1,334 |
Loans: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending balance: individually evaluated for impairment | 6,330 | ' | ' | ' | 6,958 | ' | ' | ' | 6,330 | 6,958 |
Ending balance: collectively evaluated for impairment | 303,172 | ' | ' | ' | 289,524 | ' | ' | ' | 303,172 | 289,524 |
Commercial | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, beginning of year | ' | ' | ' | 598 | ' | ' | ' | 183 | 598 | 183 |
Provision charged to expense | ' | ' | ' | ' | ' | ' | ' | ' | 457 | 392 |
Losses charged off | ' | ' | ' | ' | ' | ' | ' | ' | -645 | -67 |
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 90 |
Balance, end of year | 412 | ' | ' | ' | 598 | ' | ' | ' | 412 | 598 |
Ending balance: individually evaluated for impairment | 238 | ' | ' | ' | 458 | ' | ' | ' | 238 | 458 |
Ending balance: collectively evaluated for impairment | 174 | ' | ' | ' | 140 | ' | ' | ' | 174 | 140 |
Loans: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending balance: individually evaluated for impairment | 655 | ' | ' | ' | 1,015 | ' | ' | ' | 655 | 1,015 |
Ending balance: collectively evaluated for impairment | 54,481 | ' | ' | ' | 46,115 | ' | ' | ' | 54,481 | 46,115 |
Commercial Real Estate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, beginning of year | ' | ' | ' | 1,347 | ' | ' | ' | 2,321 | 1,347 | 2,321 |
Provision charged to expense | ' | ' | ' | ' | ' | ' | ' | ' | 378 | 183 |
Losses charged off | ' | ' | ' | ' | ' | ' | ' | ' | -130 | -1,166 |
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 14 | 9 |
Balance, end of year | 1,609 | ' | ' | ' | 1,347 | ' | ' | ' | 1,609 | 1,347 |
Ending balance: individually evaluated for impairment | 1,151 | ' | ' | ' | 916 | ' | ' | ' | 1,151 | 916 |
Ending balance: collectively evaluated for impairment | 458 | ' | ' | ' | 431 | ' | ' | ' | 458 | 431 |
Loans: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending balance: individually evaluated for impairment | 5,675 | ' | ' | ' | 5,943 | ' | ' | ' | 5,675 | 5,943 |
Ending balance: collectively evaluated for impairment | 139,297 | ' | ' | ' | 138,201 | ' | ' | ' | 139,297 | 138,201 |
Installment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, beginning of year | ' | ' | ' | 200 | ' | ' | ' | 235 | 200 | 235 |
Provision charged to expense | ' | ' | ' | ' | ' | ' | ' | ' | 183 | 86 |
Losses charged off | ' | ' | ' | ' | ' | ' | ' | ' | -399 | -310 |
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 157 | 189 |
Balance, end of year | 141 | ' | ' | ' | 200 | ' | ' | ' | 141 | 200 |
Ending balance: individually evaluated for impairment | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 |
Ending balance: collectively evaluated for impairment | 141 | ' | ' | ' | 200 | ' | ' | ' | 141 | 200 |
Loans: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending balance: individually evaluated for impairment | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 |
Ending balance: collectively evaluated for impairment | 26,562 | ' | ' | ' | 31,585 | ' | ' | ' | 26,562 | 31,585 |
Residential | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, beginning of year | ' | ' | ' | 116 | ' | ' | ' | 95 | 116 | 95 |
Provision charged to expense | ' | ' | ' | ' | ' | ' | ' | ' | 28 | 107 |
Losses charged off | ' | ' | ' | ' | ' | ' | ' | ' | -59 | -90 |
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 5 | 4 |
Balance, end of year | 90 | ' | ' | ' | 116 | ' | ' | ' | 90 | 116 |
Ending balance: individually evaluated for impairment | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 |
Ending balance: collectively evaluated for impairment | 90 | ' | ' | ' | 116 | ' | ' | ' | 90 | 116 |
Loans: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending balance: individually evaluated for impairment | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 |
Ending balance: collectively evaluated for impairment | 82,832 | ' | ' | ' | 73,623 | ' | ' | ' | 82,832 | 73,623 |
Unallocated | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, beginning of year | ' | ' | ' | 447 | ' | ' | ' | 87 | 447 | 87 |
Provision charged to expense | ' | ' | ' | ' | ' | ' | ' | ' | 195 | 360 |
Losses charged off | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Balance, end of year | 642 | ' | ' | ' | 447 | ' | ' | ' | 642 | 447 |
Ending balance: individually evaluated for impairment | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 |
Ending balance: collectively evaluated for impairment | 642 | ' | ' | ' | 447 | ' | ' | ' | 642 | 447 |
Loans: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending balance: individually evaluated for impairment | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 |
Ending balance: collectively evaluated for impairment | $0 | ' | ' | ' | $0 | ' | ' | ' | $0 | $0 |
Portfolio_Quality_Indicators_D
Portfolio Quality Indicators (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Commercial | $55,136 | $47,130 |
Commercial Real Estate | 144,972 | 144,144 |
Residential | 82,832 | 73,623 |
Installment | 26,562 | 31,585 |
Total | 309,502 | 296,482 |
Pass Grade | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Commercial | 51,739 | 43,364 |
Commercial Real Estate | 135,739 | 133,402 |
Residential | 82,832 | 73,623 |
Installment | 26,562 | 31,585 |
Total | 296,872 | 281,974 |
Special Mention | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Commercial | 2,727 | 2,698 |
Commercial Real Estate | 2,848 | 3,005 |
Residential | 0 | 0 |
Installment | 0 | 0 |
Total | 5,575 | 5,703 |
Substandard | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Commercial | 670 | 1,068 |
Commercial Real Estate | 6,385 | 7,737 |
Residential | 0 | 0 |
Installment | 0 | 0 |
Total | 7,055 | 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 $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due and Accruing | $372 | $1,508 |
60-89 Days Past Due and Accruing | 123 | 102 |
GreaterThan 90 Days and Accruing | 189 | 84 |
Non Accrual | 2,880 | 3,260 |
Total Past Due and Non Accrual | 3,564 | 4,954 |
Current | 305,938 | 291,528 |
Total Loans Receivable | 309,502 | 296,482 |
Commercial | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due and Accruing | 38 | 144 |
60-89 Days Past Due and Accruing | 0 | 0 |
GreaterThan 90 Days and Accruing | 84 | 84 |
Non Accrual | 641 | 541 |
Total Past Due and Non Accrual | 763 | 769 |
Current | 54,373 | 46,361 |
Total Loans Receivable | 55,136 | 47,130 |
Commercial Real Estate | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due and Accruing | 0 | 87 |
60-89 Days Past Due and Accruing | 0 | 0 |
GreaterThan 90 Days and Accruing | 105 | 0 |
Non Accrual | 953 | 1,114 |
Total Past Due and Non Accrual | 1,058 | 1,201 |
Current | 143,914 | 142,943 |
Total Loans Receivable | 144,972 | 144,144 |
Installment | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due and Accruing | 101 | 189 |
60-89 Days Past Due and Accruing | 67 | 11 |
GreaterThan 90 Days and Accruing | 0 | 0 |
Non Accrual | 34 | 41 |
Total Past Due and Non Accrual | 202 | 241 |
Current | 26,360 | 31,344 |
Total Loans Receivable | 26,562 | 31,585 |
Residential | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due and Accruing | 233 | 1,088 |
60-89 Days Past Due and Accruing | 56 | 91 |
GreaterThan 90 Days and Accruing | 0 | 0 |
Non Accrual | 1,252 | 1,564 |
Total Past Due and Non Accrual | 1,541 | 2,743 |
Current | 81,291 | 70,880 |
Total Loans Receivable | $82,832 | $73,623 |
Impaired_Loans_Detail
Impaired Loans (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Commercial | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Balance | $655 | $1,015 |
Unpaid Principal Balance | 655 | 1,015 |
Specific Allowance | 238 | 458 |
Average Investment in Impaired Loans | 637 | 1,205 |
Interest Income Recognized | 29 | 29 |
Commercial Real Estate | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Balance | 5,675 | 5,943 |
Unpaid Principal Balance | 5,675 | 5,943 |
Specific Allowance | 1,151 | 916 |
Average Investment in Impaired Loans | 5,885 | 6,984 |
Interest Income Recognized | 256 | 280 |
Consumer | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Balance | ' | 0 |
Unpaid Principal Balance | ' | 0 |
Specific Allowance | ' | 0 |
Average Investment in Impaired Loans | ' | 38 |
Interest Income Recognized | ' | 0 |
Residential | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Balance | ' | 0 |
Unpaid Principal Balance | ' | 0 |
Specific Allowance | ' | 0 |
Average Investment in Impaired Loans | ' | 3 |
Interest Income Recognized | ' | 0 |
Loans without a specific valuation allowance | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Balance | 1,024 | 1,907 |
Unpaid Principal Balance | 1,024 | 1,907 |
Specific Allowance | 0 | 0 |
Average Investment in Impaired Loans | 1,010 | 3,192 |
Interest Income Recognized | 57 | 66 |
Loans without a specific valuation allowance | Commercial | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Balance | 136 | 361 |
Unpaid Principal Balance | 136 | 361 |
Specific Allowance | 0 | 0 |
Average Investment in Impaired Loans | 116 | 465 |
Interest Income Recognized | 2 | 16 |
Loans without a specific valuation allowance | Commercial Real Estate | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Balance | 888 | 1,546 |
Unpaid Principal Balance | 888 | 1,546 |
Specific Allowance | 0 | 0 |
Average Investment in Impaired Loans | 894 | 2,717 |
Interest Income Recognized | 53 | 50 |
Loans without a specific valuation allowance | Consumer | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Balance | ' | 0 |
Unpaid Principal Balance | ' | 0 |
Specific Allowance | ' | 0 |
Average Investment in Impaired Loans | ' | 10 |
Interest Income Recognized | ' | 0 |
Loans without a specific valuation allowance | Residential | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Balance | ' | 0 |
Unpaid Principal Balance | ' | 0 |
Specific Allowance | ' | 0 |
Average Investment in Impaired Loans | ' | 0 |
Interest Income Recognized | ' | 0 |
Loans with a specific valuation allowance | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Balance | 5,306 | 5,051 |
Unpaid Principal Balance | 5,306 | 5,051 |
Specific Allowance | 1,389 | 1,374 |
Average Investment in Impaired Loans | 5,512 | 5,038 |
Interest Income Recognized | 230 | 243 |
Loans with a specific valuation allowance | Commercial | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Balance | 519 | 654 |
Unpaid Principal Balance | 519 | 654 |
Specific Allowance | 238 | 458 |
Average Investment in Impaired Loans | 521 | 740 |
Interest Income Recognized | 27 | 13 |
Loans with a specific valuation allowance | Commercial Real Estate | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Balance | 4,787 | 4,397 |
Unpaid Principal Balance | 4,787 | 4,397 |
Specific Allowance | 1,151 | 916 |
Average Investment in Impaired Loans | 4,991 | 4,267 |
Interest Income Recognized | 203 | 230 |
Loans with a specific valuation allowance | Consumer | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Balance | ' | 0 |
Unpaid Principal Balance | ' | 0 |
Specific Allowance | ' | 0 |
Average Investment in Impaired Loans | ' | 28 |
Interest Income Recognized | ' | 0 |
Loans with a specific valuation allowance | Residential | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Balance | ' | 0 |
Unpaid Principal Balance | ' | 0 |
Specific Allowance | ' | 0 |
Average Investment in Impaired Loans | ' | 3 |
Interest Income Recognized | ' | $0 |
Troubled_Debt_Restructuring_De
Troubled Debt Restructuring (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Commercial | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Contracts | ' | 3 |
Pre- Modification Outstanding Recorded Investment | ' | $152 |
Post-Modification Outstanding Recorded Investment | ' | 68 |
Interest Only | ' | 0 |
Term | ' | 0 |
Combination | ' | 68 |
Total Modification | ' | 68 |
Commercial Real Estate | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Contracts | 4 | 3 |
Pre- Modification Outstanding Recorded Investment | 3,243 | 464 |
Post-Modification Outstanding Recorded Investment | 3,243 | 339 |
Interest Only | 1,010 | 0 |
Term | 356 | 339 |
Combination | 1,877 | 0 |
Total Modification | $3,243 | $339 |
Premises_and_Equipment_Detail
Premises and Equipment (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | $27,485 | $26,189 |
Less accumulated depreciation | -16,762 | -15,804 |
Net premises and equipment | 10,723 | 10,385 |
Land, buildings and improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 14,882 | 13,873 |
Leasehold improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 0 | 264 |
Furniture and equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 10,616 | 10,075 |
Computer software | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | $1,987 | $1,977 |
Time_Deposits_Additioanal_Info
Time Deposits - Additioanal Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Time Deposits [Line Items] | ' | ' |
Time Deposits, $100,000 or More | $19.20 | $27.50 |
Maturities_of_Time_Deposits_De
Maturities of Time Deposits (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Time Deposits [Line Items] | ' |
2014 | $34,874 |
2015 | 19,499 |
2016 | 10,680 |
2017 | 5,254 |
2018 | 5,934 |
Thereafter | 2,065 |
Time deposits maturities, after next twelve months | $78,306 |
Borrowing_Additional_Informati
Borrowing - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Short-term Debt [Line Items] | ' | ' |
Federal home loan bank additional borrowings capacity | $52,900,000 | $30,100,000 |
Loans Pledged as Collateral | 115,200,000 | 110,700,000 |
Cash management lines of credit, additional borrowings | 15,000,000 | 15,000,000 |
Securities Sold under Agreements to Repurchase | 5,746,000 | 10,681,000 |
Security owned and pledged as collateral, fair value | $8,300,000 | $9,200,000 |
Federal Home Loan one | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Federal home loan bank, advances, branch of FHLB bank, interest rate, range from | 3.80% | ' |
Federal home loan bank, advances, branch of FHLB bank, interest rate, range to | 6.65% | ' |
Federal home loan bank, advances, branch of FHLB bank, weighted average interest rate | 3.83% | ' |
Federal Home Loan two | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Federal home loan bank, advances, branch of FHLB bank, interest rate, range from | ' | 3.08% |
Federal home loan bank, advances, branch of FHLB bank, interest rate, range to | ' | 6.65% |
Federal home loan bank, advances, branch of FHLB bank, weighted average interest rate | ' | 4.95% |
Advances_of_Federal_Home_Loan_
Advances of Federal Home Loan Bank (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Short-term Debt [Line Items] | ' | ' |
Advances from federal home loan banks | $26,991 | $32,439 |
Federal Home Loan one | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Advances from federal home loan banks | 26,991 | 0 |
Federal Home Loan two | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Advances from federal home loan banks | $0 | $32,429 |
Annual_Principal_Payments_on_F
Annual Principal Payments on Federal Home Loan Bank Advances (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Short-term Debt [Line Items] | ' | ' |
2014 | $265 | ' |
2015 | 171 | ' |
2016 | 6,165 | ' |
2017 | 20,127 | ' |
2018 | 118 | ' |
Thereafter | 145 | ' |
Federal home loan bank, advances | $26,991 | $32,439 |
Securities_Sold_Under_Agreemen
Securities Sold Under Agreements to Repurchase (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Short-term Debt [Line Items] | ' | ' |
Balance outstanding at year end | $5,746 | $10,681 |
Average daily balance during the year | 11,328 | 11,525 |
Average interest rate during the year | 0.12% | 0.15% |
Maximum month-end balance during the year | $15,141 | $13,706 |
Weighted-average interest rate at year end | 0.12% | 0.15% |
Subordinated_Debentures_Additi
Subordinated Debentures - Additional Information (Detail) (Subordinated Debentures, USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2005 |
Subordinated Debentures | ' |
Subordinated Borrowing [Line Items] | ' |
Proceeds from Issuance of Subordinated Long-term Debt | $4 |
Debt instrument maturity date year | '2035 |
Debt Instrument, Interest Rate, Stated Percentage | 6.25% |
Mandatorily redeemable debt securities | $4 |
Subordinated debenture variable interest rate | 1.35% |
Libor rate | 0.24% |
Income_Taxes_Additioanal_Infor
Income Taxes - Additioanal Information (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Income Tax Contingency [Line Items] | ' |
Statutory rate | 34.00% |
Components_of_Provision_for_In
Components of Provision for Income Taxes (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Taxes [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Taxes currently payable | ' | ' | ' | ' | ' | ' | ' | ' | $683 | $435 |
Deferred income taxes (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | -327 | -111 |
Income tax expense | $231 | $7 | $81 | $37 | $123 | $118 | $234 | $71 | $356 | $546 |
Reconciliation_of_Income_Tax_E
Reconciliation of Income Tax Expense at the Statutory Rate to the Company's Actual Income Tax Expense (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Taxes [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Computed at the statutory rate (34%) | ' | ' | ' | ' | ' | ' | ' | ' | $1,009 | $1,001 |
(Decrease) increase resulting from Tax exempt interest | ' | ' | ' | ' | ' | ' | ' | ' | -148 | -231 |
Earnings on bank-owned life insurance - net | ' | ' | ' | ' | ' | ' | ' | ' | -472 | -156 |
Other | ' | ' | ' | ' | ' | ' | ' | ' | -33 | -68 |
Actual tax expense | $231 | $7 | $81 | $37 | $123 | $118 | $234 | $71 | $356 | $546 |
Tax_Effects_of_Temporary_Diffe
Tax Effects of Temporary Differences Related to Deferred Taxes (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets | ' | ' |
Allowance for loan losses | $506 | $371 |
Stock based compensation | 350 | 333 |
Allowance for losses on foreclosed real estate | 101 | 101 |
Deferred compensation | 696 | 655 |
Employee benefit expense | 0 | 553 |
Intangible assets | 116 | 54 |
Non-accrual loan interest | 87 | 58 |
Unrealized losses on securities available for sale | 218 | 0 |
Alternative minimum taxes | 18 | 79 |
Total deferred tax assets | 2,092 | 2,204 |
Deferred tax liabilities | ' | ' |
Depreciation | -256 | -277 |
Deferred loan costs, net | -238 | -234 |
Accretion | -3 | -8 |
FHLB stock dividends | -583 | -583 |
Mortgage servicing rights | -30 | -38 |
Employee benefit expense | -238 | 0 |
Unrealized gains on securities available for sale | 0 | -177 |
Total deferred tax liabilities | -1,348 | -1,317 |
Net deferred tax asset | $744 | $887 |
Components_of_Accumulated_Othe
Components of Accumulated Other Comprehensive Loss Included in Stockholders' Equity (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Net unrealized (loss) gain on securities available-for-sale | ($636) | $524 |
Net unrealized gain (loss) for funded (unfunded) status of defined benefit plan liability | 346 | -2,169 |
Accumulated other comprehensive income (Loss), before taxes, total | -290 | -1,645 |
Tax effect | 99 | 558 |
Net-of-tax amount | ($191) | ($1,087) |
Summary_of_Companys_and_Banks_
Summary of Company's and Bank's Actual Capital Amounts and Ratios (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Consolidated Entities [Member] | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Total Capital, Actual Amount | $45,772 | $44,113 |
Total Capital, Actual Ratio | 15.10% | 14.90% |
Total Capital, For Capital Adequacy Purposes Amount | 24,321 | 23,748 |
Total Capital, For Capital Adequacy Purposes Ratio | 8.00% | 8.00% |
Total Capital, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | ' | ' |
Total Capital, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | ' | ' |
Tier I Capital, Actual Amount | 42,868 | 41,396 |
Tier I Capital, Actual Ratio | 14.10% | 14.00% |
Tier I Capital, For Capital Adequacy Purposes Amount | 12,161 | 11,874 |
Tier I Capital, For Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Total Capital, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | ' | ' |
Total Capital, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | ' | ' |
Tier I Capital (to Average Assets), Actual Amount | 42,868 | 41,396 |
Tier I Capital (to Average Assets), Actual Ratio | 10.30% | 9.60% |
Tier I Capital (to Average Assets), For Capital Adequacy Purposes Amount | 16,688 | 17,342 |
Tier I Capital (to Average Assets), For Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Tier I Capital (to Average Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | ' | ' |
Tier I Capital (to Average Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | ' | ' |
Citizens [Member] | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Total Capital, Actual Amount | 41,219 | 40,584 |
Total Capital, Actual Ratio | 13.60% | 13.70% |
Total Capital, For Capital Adequacy Purposes Amount | 24,168 | 23,680 |
Total Capital, For Capital Adequacy Purposes Ratio | 8.00% | 8.00% |
Total Capital, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 30,210 | 29,601 |
Total Capital, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 10.00% | 10.00% |
Tier I Capital, Actual Amount | 38,315 | 37,867 |
Tier I Capital, Actual Ratio | 12.70% | 12.80% |
Tier I Capital, For Capital Adequacy Purposes Amount | 12,084 | 11,840 |
Tier I Capital, For Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Total Capital, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 18,126 | 17,760 |
Total Capital, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 6.00% | 6.00% |
Tier I Capital (to Average Assets), Actual Amount | 38,315 | 37,867 |
Tier I Capital (to Average Assets), Actual Ratio | 9.70% | 8.50% |
Tier I Capital (to Average Assets), For Capital Adequacy Purposes Amount | 15,808 | 17,889 |
Tier I Capital (to Average Assets), For Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Tier I Capital (to Average Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $19,760 | $22,361 |
Tier I Capital (to Average Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 5.00% | 5.00% |
Related_Party_Transactions_Add
Related Party Transactions - Additional information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Related Party Transaction [Line Items] | ' | ' |
Related Party Deposit Liabilities | $1.50 | $32.70 |
Related_Party_Transactions_Det
Related Party Transactions (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Related Party Transaction [Line Items] | ' | ' |
Aggregate balance | $5,194 | $7,633 |
New loans | 619 | 496 |
Repayments | -553 | -2,935 |
Aggregate balance | $5,260 | $5,194 |
Benefit_Plans_Additional_Infor
Benefit Plans - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Employer contribution | $250,000 | $235,000 |
Estimated net loss and prior service cost for the defined benefit pension plan | 59,000 | ' |
Accumulated benefit obligation for the defined benefit pension plan | 3,246,000 | 3,298,000 |
Share-based compensation arrangement by share-based payment award, shares purchased for award | 354,551 | ' |
Share-based compensation arrangement by share-based payment award, per share weighted average price of shares purchased | $9.64 | ' |
Stockholders' equity, period increase (decrease) | 3,400,000 | ' |
Employee stock ownership plan (ESOP), compensation expense | 165,000 | 195,000 |
Employee stock ownership plan ESOP allocated shares Fair value | 1,355,000 | ' |
Employee Stock Ownership Plan (ESOP), Number of Allocated Shares | 168,723 | ' |
Defined benefit postretirement life insurance | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Accumulated benefit obligation | $1,300,000 | $1,300,000 |
Information_About_the_Plans_Fu
Information About the Plan's Funded Status and Pension Cost (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Change in benefit obligation | ' | ' |
Beginning of year | ($4,831) | ($4,163) |
Service cost | -351 | -357 |
Interest cost | -172 | -179 |
Plan Amendment | 1,113 | 0 |
Actuarial gain (loss) | 807 | -364 |
Benefits paid | 193 | 232 |
End of year | -3,246 | -4,831 |
Change in fair value of plan assets | ' | ' |
Beginning of year | 3,206 | 2,813 |
Actual return on plan assets | 684 | 390 |
Employer contribution | 250 | 235 |
Benefits paid | -193 | -232 |
End of year | 3,947 | 3,206 |
Funded status at end of year | $701 | ($1,626) |
Components_of_Net_Periodic_Ben
Components of Net Periodic Benefit Cost (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Defined Benefit Plan Accumulated Other Comprehensive Income Loss After Tax [Line Items] | ' | ' |
Unamortized net loss | $766 | $2,154 |
Unamortized prior service (credit) cost | -1,112 | 15 |
Defined benefit plan, accumulated other comprehensive income (Loss), after tax | ($346) | $2,169 |
Information_For_the_Pension_Pl
Information For the Pension Plan With Respect To Accumulated Benefit Obligation and Plan Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Defined Benefit Plan Pension Plans With Accumulated Benefit Obligations In Excess Of Plan Asset [Line Items] | ' | ' |
Projected benefit obligation | $3,246 | $4,831 |
Accumulated benefit obligation | 3,246 | 3,298 |
Fair value of plan assets | $3,947 | $3,205 |
Pension_Expense_Detail
Pension Expense (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Components of net periodic benefit cost | ' | ' |
Service cost | $351 | $357 |
Interest cost | 172 | 179 |
Expected return on plan assets | -258 | -227 |
Amortization of prior service cost | 15 | 15 |
Amortization of net loss | 158 | 154 |
Net periodic benefit cost | $438 | $478 |
Summary_of_Significant_Assumpt
Summary of Significant Assumptions (Detail) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Weighted-average assumptions used to determine benefit obligation: | ' | ' |
Discount rate | 4.34% | 3.61% |
Rate of compensation increase | 3.00% | 3.00% |
Weighted-average assumptions used to determine benefit cost: | ' | ' |
Discount rate | 3.61% | 4.40% |
Expected return on plan assets | 8.00% | 8.00% |
Rate of compensation increase | 3.00% | 3.00% |
Summary_of_Benefit_Payments_De
Summary of Benefit Payments (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Defined Benefit Plan Expected Future Benefit Payments Fiscal Year Maturity [Line Items] | ' |
2014 | $91 |
2015 | 97 |
2016 | 318 |
2017 | 377 |
2018 | 304 |
201-2023 | 1,816 |
Total | $3,003 |
Target_Asset_Allocation_Percen
Target Asset Allocation Percentages (Detail) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Large-Cap stocks | ' | ' |
Defined Benefit Plan Plan Assets At Fair Value Valuation Techniques And Inputs [Line Items] | ' | ' |
Defined Benefit Plan, Target Allocation Percentage | 'Not to exceed 60% | 'Not to exceed 60% |
SMID-Cap stocks | ' | ' |
Defined Benefit Plan Plan Assets At Fair Value Valuation Techniques And Inputs [Line Items] | ' | ' |
Defined Benefit Plan, Target Allocation Percentage | 'Not to exceed 20% | 'Not to exceed 20% |
International equity securities | ' | ' |
Defined Benefit Plan Plan Assets At Fair Value Valuation Techniques And Inputs [Line Items] | ' | ' |
Defined Benefit Plan, Target Allocation Percentage | 'Not to exceed 15% | 'Not to exceed 15% |
Fixed income investments | ' | ' |
Defined Benefit Plan Plan Assets At Fair Value Valuation Techniques And Inputs [Line Items] | ' | ' |
Defined Benefit Plan, Target Allocation Percentage | 'Not to exceed 40% | 'Not to exceed 40% |
Alternative investments | ' | ' |
Defined Benefit Plan Plan Assets At Fair Value Valuation Techniques And Inputs [Line Items] | ' | ' |
Defined Benefit Plan, Target Allocation Percentage | 'Not to exceed 20% | 'Not to exceed 20% |
Investment_of_Fair_Value_of_Pl
Investment of Fair Value of Plan Assets as a Percentage of the Total (Detail) | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Funded Percentage [Line Items] | ' | ' |
Fair value of plan assets as a percentage of the total was invested | 100.00% | 100.00% |
Equity Securities [Member] | ' | ' |
Defined Benefit Plan Funded Percentage [Line Items] | ' | ' |
Fair value of plan assets as a percentage of the total was invested | 78.00% | 76.40% |
Debt Securities [Member] | ' | ' |
Defined Benefit Plan Funded Percentage [Line Items] | ' | ' |
Fair value of plan assets as a percentage of the total was invested | 21.90% | 23.00% |
Cash and Cash Equivalents [Member] | ' | ' |
Defined Benefit Plan Funded Percentage [Line Items] | ' | ' |
Fair value of plan assets as a percentage of the total was invested | 0.10% | 0.60% |
Fair_Values_of_Companys_Pensio
Fair Values of Company's Pension Plan By Asset Category (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Schedule Of Fair Value Of Plan Assets [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | $3,947 | $3,206 | $2,813 |
Total Fair Value | ' | ' | ' |
Schedule Of Fair Value Of Plan Assets [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 3,947 | 3,205 | ' |
Total Fair Value | Mutual money market | ' | ' | ' |
Schedule Of Fair Value Of Plan Assets [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 32 | 16 | ' |
Total Fair Value | International | ' | ' | ' |
Schedule Of Fair Value Of Plan Assets [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 312 | 240 | ' |
Total Fair Value | Real Estate | ' | ' | ' |
Schedule Of Fair Value Of Plan Assets [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | ' | 33 | ' |
Total Fair Value | Large Cap | ' | ' | ' |
Schedule Of Fair Value Of Plan Assets [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 1,589 | 1,279 | ' |
Total Fair Value | Small And Mid Cap | ' | ' | ' |
Schedule Of Fair Value Of Plan Assets [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 1,148 | 873 | ' |
Total Fair Value | Commodities | ' | ' | ' |
Schedule Of Fair Value Of Plan Assets [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | ' | 29 | ' |
Total Fair Value | Core Bond | ' | ' | ' |
Schedule Of Fair Value Of Plan Assets [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 751 | 639 | ' |
Total Fair Value | High Yield Corporate | ' | ' | ' |
Schedule Of Fair Value Of Plan Assets [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 115 | 96 | ' |
Fair Value, Inputs, Level 1 | ' | ' | ' |
Schedule Of Fair Value Of Plan Assets [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 3,947 | 3,205 | ' |
Fair Value, Inputs, Level 1 | Mutual money market | ' | ' | ' |
Schedule Of Fair Value Of Plan Assets [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 32 | 16 | ' |
Fair Value, Inputs, Level 1 | International | ' | ' | ' |
Schedule Of Fair Value Of Plan Assets [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 312 | 240 | ' |
Fair Value, Inputs, Level 1 | Real Estate | ' | ' | ' |
Schedule Of Fair Value Of Plan Assets [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | ' | 33 | ' |
Fair Value, Inputs, Level 1 | Large Cap | ' | ' | ' |
Schedule Of Fair Value Of Plan Assets [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 1,589 | 1,279 | ' |
Fair Value, Inputs, Level 1 | Small And Mid Cap | ' | ' | ' |
Schedule Of Fair Value Of Plan Assets [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 1,148 | 873 | ' |
Fair Value, Inputs, Level 1 | Commodities | ' | ' | ' |
Schedule Of Fair Value Of Plan Assets [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | ' | 29 | ' |
Fair Value, Inputs, Level 1 | Core Bond | ' | ' | ' |
Schedule Of Fair Value Of Plan Assets [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 751 | 639 | ' |
Fair Value, Inputs, Level 1 | High Yield Corporate | ' | ' | ' |
Schedule Of Fair Value Of Plan Assets [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 115 | 96 | ' |
Fair Value, Inputs, Level 2 | ' | ' | ' |
Schedule Of Fair Value Of Plan Assets [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Fair Value, Inputs, Level 2 | Mutual money market | ' | ' | ' |
Schedule Of Fair Value Of Plan Assets [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Fair Value, Inputs, Level 2 | International | ' | ' | ' |
Schedule Of Fair Value Of Plan Assets [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Fair Value, Inputs, Level 2 | Real Estate | ' | ' | ' |
Schedule Of Fair Value Of Plan Assets [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | ' | 0 | ' |
Fair Value, Inputs, Level 2 | Large Cap | ' | ' | ' |
Schedule Of Fair Value Of Plan Assets [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Fair Value, Inputs, Level 2 | Small And Mid Cap | ' | ' | ' |
Schedule Of Fair Value Of Plan Assets [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Fair Value, Inputs, Level 2 | Commodities | ' | ' | ' |
Schedule Of Fair Value Of Plan Assets [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | ' | 0 | ' |
Fair Value, Inputs, Level 2 | Core Bond | ' | ' | ' |
Schedule Of Fair Value Of Plan Assets [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Fair Value, Inputs, Level 2 | High Yield Corporate | ' | ' | ' |
Schedule Of Fair Value Of Plan Assets [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Fair Value, Inputs, Level 3 | ' | ' | ' |
Schedule Of Fair Value Of Plan Assets [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Fair Value, Inputs, Level 3 | Mutual money market | ' | ' | ' |
Schedule Of Fair Value Of Plan Assets [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Fair Value, Inputs, Level 3 | International | ' | ' | ' |
Schedule Of Fair Value Of Plan Assets [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Fair Value, Inputs, Level 3 | Real Estate | ' | ' | ' |
Schedule Of Fair Value Of Plan Assets [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | ' | 0 | ' |
Fair Value, Inputs, Level 3 | Large Cap | ' | ' | ' |
Schedule Of Fair Value Of Plan Assets [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Fair Value, Inputs, Level 3 | Small And Mid Cap | ' | ' | ' |
Schedule Of Fair Value Of Plan Assets [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Fair Value, Inputs, Level 3 | Commodities | ' | ' | ' |
Schedule Of Fair Value Of Plan Assets [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | ' | 0 | ' |
Fair Value, Inputs, Level 3 | Core Bond | ' | ' | ' |
Schedule Of Fair Value Of Plan Assets [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' |
Fair Value, Inputs, Level 3 | High Yield Corporate | ' | ' | ' |
Schedule Of Fair Value Of Plan Assets [Line Items] | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | $0 | $0 | ' |
Share_Information_for_the_ESOP
Share Information for the ESOP (Detail) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ' | ' |
Allocated shares at beginning of the year | 148,295 | 124,660 |
Shares released for allocation during the year | 23,635 | 23,635 |
Shares distributed due to retirement/diversification | -3,207 | -14,748 |
Unearned shares | 165,446 | 189,082 |
Total ESOP shares | 334,169 | 148,295 |
Fair value of unearned shares at December 31 | $1,329,000 | $1,184,000 |
Stock_Option_and_Restricted_St2
Stock Option and Restricted Stock Plans - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2008 | |
Stock Incentive Plan | |||
Number of shares authorized under plan | ' | ' | 500,000 |
Maximum number of shares shares base stock option award granted to per employee | ' | ' | 25,000 |
Stock option awards vest period | '9 years 3 months | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Award Contractual Period | '9 years 6 months | ' | ' |
Allocated Share-based Compensation Expense | $188,000 | $213,000 | ' |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 64,000 | 72,000 | ' |
Total unrecognized compensation cost related to nonvested share-based compensation arrangements granted under the Plan | $738,000 | $926,000 | ' |
Total unrecognized compensation cost related to nonvested share-based compensatiocost is expected to be recognized over a weighted-average period | '5 years 2 months 12 days | ' | ' |
A_Summary_of_Option_Activity_U
A Summary of Option Activity Under Plan (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Shares | ' |
Outstanding, beginning of year | 53,714 |
Granted | 0 |
Exercised | 0 |
Forfeited or expired | 0 |
Outstanding, end of year | 53,714 |
Exercisable, end of year | 0 |
Weighted - Average Exercise Price | ' |
Outstanding, beginning of year | $10.34 |
Granted | $0 |
Exercised | $0 |
Forfeited or expired | $0 |
Outstanding, end of year | $10.34 |
Exercisable, end of year | $0 |
Weighted - Average Remaining Contractual Term (Years) | ' |
Outstanding, end of year | '1 year 2 months 12 days |
Exercisable, end of year | '0 years |
Aggregate Intrinsic Value | ' |
Outstanding, end of year | $0 |
Exercisable, end of year | $0 |
A_Summary_of_Status_Companys_N
A Summary of Status Company's Nonvested Restricted Shares (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Shares | ' |
Nonvested, beginning of year | 175,000 |
Granted | 0 |
Vested | 0 |
Forfeited | 0 |
Nonvested, end of year | 175,000 |
Weighted - Average Grant-Date Fair Value | ' |
Nonvested, beginning of year | $8.44 |
Granted | $0 |
Vested | $0 |
Forfeited | $0 |
Nonvested, end of year | $8.44 |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Antidilutive securities excluded from computation of earnings per share, amount | 53,714 | 53,714 |
Share-based compensation arrangement by share-based payment award, options, outstanding, Period Increase (decrease), weighted average exercise price | $10.34 | $10.34 |
Earnings_Per_Share_Detail
Earnings Per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | $599 | $1,079 | $469 | $465 | $455 | $451 | $731 | $761 | $2,612 | $2,398 |
Dividends on non-vested restricted stock | ' | ' | ' | ' | ' | ' | ' | ' | -51 | -74 |
Net income allocated to stockholders | ' | ' | ' | ' | ' | ' | ' | ' | 2,561 | 2,324 |
Basic earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income available to common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | 4,808,820 | 4,780,866 |
Basic earnings per common share | $0.12 | $0.22 | $0.10 | $0.09 | $0.10 | $0.09 | $0.15 | $0.15 | $0.53 | $0.49 |
Effect of dilutive securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dilutive Securities, Effect on Basic Earnings Per Share, Total | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Restricted stock awards | ' | ' | ' | ' | ' | ' | ' | ' | 62,358 | 65,381 |
Diluted earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income available to common stockholders and assumed conversions | ' | ' | ' | ' | ' | ' | ' | ' | $2,561 | $2,324 |
Weighted Average Number of Shares Outstanding, Diluted, Total | ' | ' | ' | ' | ' | ' | ' | ' | 4,871,179 | 4,846,247 |
Earnings Per Share, Diluted, Total | $0.12 | $0.22 | $0.10 | $0.09 | $0.09 | $0.09 | $0.15 | $0.15 | $0.53 | $0.48 |
Fair_Value_Measurements_of_Ass
Fair Value Measurements of Assets Recognized in Consolidated Balance Sheets Measured at Fair Value on Recurring Basis (Detail) (USD $) | Dec. 31, 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 | $20,151 | $24,070 |
State and political subdivisions | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Fair value of asset, recurring basis | 6,387 | 10,759 |
Equity securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Fair value of asset, recurring basis | 26 | 24 |
Fair Value, Inputs, Level 1 | 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 | 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 | Fair Value, Measurements, Recurring | Equity securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Fair value of asset, recurring basis | 26 | 24 |
Fair Value, Inputs, Level 2 | 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 | 20,151 | 24,070 |
Fair Value, Inputs, Level 2 | 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 | 6,387 | 10,759 |
Fair Value, Inputs, Level 2 | 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 | 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 | 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 | 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 $) | Dec. 31, 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 | $1,096 | $3,573 |
Foreclosed assets held for sale | 695 | 736 |
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 1 | ' | ' |
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 | ' | ' |
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 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Collateral dependent impaired loans | 1,096 | 3,573 |
Foreclosed assets held for sale | $695 | $736 |
Quantitative_Information_About
Quantitative Information About Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Foreclosed Assets Held For Sale | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair Value | $695 | $736 |
Valuation Technique | 'Market comparable properties | 'Market comparable properties |
Unobservable Inputs | 'Comparability adjustments | 'Comparability adjustments |
Collateral Dependent Impaired Loans | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair Value | $1,096 | $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 $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Financial assets | ' | ' | ' |
Cash and cash equivalents | $23,474 | $75,108 | $15,681 |
Held-to-maturity securities | 955 | 2,768 | ' |
Loans, net of allowance | 306,608 | 293,774 | ' |
Federal Home Loan Bank stock | 4,810 | 4,810 | ' |
Accrued interest receivable | 1,022 | 1,076 | ' |
Financial liabilities | ' | ' | ' |
Deposits | 310,641 | 350,416 | ' |
Short term borrowings | 5,746 | 10,681 | ' |
Federal Home Loan Bank Advances | 26,991 | 32,439 | ' |
Subordinated debentures | 4,000 | 4,000 | ' |
Interest payable | 144 | 193 | ' |
Fair Value, Inputs, Level 1 | ' | ' | ' |
Financial assets | ' | ' | ' |
Cash and cash equivalents | 23,474 | 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 | ' | ' | ' |
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 | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | ' |
Held-to-maturity securities | 970 | 2,840 | ' |
Loans, net of allowance | 0 | 0 | ' |
Federal Home Loan Bank stock | 4,810 | 4,810 | ' |
Accrued interest receivable | 1,022 | 1,076 | ' |
Financial liabilities | ' | ' | ' |
Deposits | 296,300 | 346,761 | ' |
Short term borrowings | 5,746 | 10,681 | ' |
Federal Home Loan Bank Advances | 28,998 | 35,649 | ' |
Subordinated debentures | 3,729 | 3,712 | ' |
Interest payable | 144 | 193 | ' |
Fair Value, Inputs, Level 3 | ' | ' | ' |
Financial assets | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | ' |
Held-to-maturity securities | 0 | 0 | ' |
Loans, net of allowance | 306,181 | 295,134 | ' |
Federal Home Loan Bank stock | 0 | 0 | ' |
Accrued interest receivable | 0 | 0 | ' |
Financial liabilities | ' | ' | ' |
Deposits | 0 | 0 | ' |
Short term borrowings | 0 | 0 | ' |
Federal Home Loan Bank Advances | 0 | 0 | ' |
Subordinated debentures | 0 | 0 | ' |
Interest payable | $0 | $0 | ' |
Commitments_and_Credit_Risk_Ad
Commitments and Credit Risk - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Commitments and Credit Risk [Line Items] | ' | ' |
Loans and Leases Receivable, Commitments, Variable Rates | $7,300,000 | $7,800,000 |
Standby letters of credit | ' | ' |
Commitments and Credit Risk [Line Items] | ' | ' |
Letters of Credit Outstanding, Amount | 120,000 | 150,000 |
Commercial Real Estate Other Receivable | ' | ' |
Commitments and Credit Risk [Line Items] | ' | ' |
Concentration risk percentage credit risk loan products | 64.70% | 64.50% |
Installment laons | ' | ' |
Commitments and Credit Risk [Line Items] | ' | ' |
Concentration risk percentage credit risk loan products | 8.60% | 10.70% |
Real estate loans | ' | ' |
Commitments and Credit Risk [Line Items] | ' | ' |
Concentration risk percentage credit risk loan products | 26.70% | 24.80% |
Deposits with Federal Reserve Bank of Cleveland | 18,300,000 | 69,800,000 |
Minimum | ' | ' |
Commitments and Credit Risk [Line Items] | ' | ' |
Time to fund mortgage loan | '60 days | ' |
Maximum | ' | ' |
Commitments and Credit Risk [Line Items] | ' | ' |
Time to fund mortgage loan | '90 days | ' |
Commercial Lines | ' | ' |
Commitments and Credit Risk [Line Items] | ' | ' |
Lines Of credit granted | 11,500,000 | 13,000,000 |
Consumer lines | ' | ' |
Commitments and Credit Risk [Line Items] | ' | ' |
Lines Of credit granted | $35,300,000 | $32,400,000 |
Condensed_Balance_sheet_Detail
Condensed Balance sheet (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Assets | ' | ' | ' |
Cash and cash equivalents | $23,474 | $75,108 | $15,681 |
Bank-owned life insurance | 10,511 | 11,034 | ' |
Other assets | 1,243 | 1,544 | ' |
Total assets | 389,042 | 438,354 | ' |
Liabilities and Stockholders' Equity | ' | ' | ' |
Subordinated debentures | 4,000 | 4,000 | ' |
Stockholders' equity | 38,871 | 36,626 | 36,182 |
Total liabilities and stockholders’ equity | 389,042 | 438,354 | ' |
Parent Company | ' | ' | ' |
Assets | ' | ' | ' |
Cash and cash equivalents | 2,117 | 1,438 | 1,820 |
Investment in the Bank | 38,089 | 38,529 | ' |
Bank-owned life insurance | 307 | 291 | ' |
Other assets | 2,374 | 1,996 | ' |
Total assets | 42,887 | 42,254 | ' |
Liabilities and Stockholders' Equity | ' | ' | ' |
Subordinated debentures | 4,000 | 4,000 | ' |
Other liabilities | 16 | 1,628 | ' |
Stockholders' equity | 38,871 | 36,626 | ' |
Total liabilities and stockholders’ equity | $42,887 | $42,254 | ' |
Condensed_Statements_of_Income
Condensed Statements of Income and Comprehensive Income (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
General, Administrative and Other Expenses | $3,421 | $3,834 | $3,332 | $3,408 | $3,570 | $3,482 | $3,194 | $3,226 | ' | ' |
Income Before Income Taxes and Equity in Undistributed Income of Subsidiary | 830 | 1,086 | 550 | 502 | 578 | 569 | 965 | 832 | 2,968 | 2,944 |
Income Tax Benefits | 231 | 7 | 81 | 37 | 123 | 118 | 234 | 71 | 356 | 546 |
Net Income | 599 | 1,079 | 469 | 465 | 455 | 451 | 731 | 761 | 2,612 | 2,398 |
Comprehensive Income | ' | ' | ' | ' | ' | ' | ' | ' | 3,508 | 2,231 |
Parent Company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends from subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | 3,697 | 3,511 |
Interest and dividend income from securities and federal funds | ' | ' | ' | ' | ' | ' | ' | ' | 16 | 19 |
Total operating income | ' | ' | ' | ' | ' | ' | ' | ' | 3,713 | 3,530 |
General, Administrative and Other Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 1,982 | 2,027 |
Income Before Income Taxes and Equity in Undistributed Income of Subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | 1,731 | 1,503 |
Income Tax Benefits | ' | ' | ' | ' | ' | ' | ' | ' | 555 | 614 |
Income Before Equity in Undistributed Income of Subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | 2,286 | 2,117 |
Equity in Undistributed Income of Subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | 326 | 281 |
Net Income | ' | ' | ' | ' | ' | ' | ' | ' | 2,612 | 2,398 |
Comprehensive Income | ' | ' | ' | ' | ' | ' | ' | ' | $3,508 | $2,231 |
Condensed_Statements_of_Cash_F
Condensed Statements of Cash Flows (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Operating Activities | ' | ' |
Net income | $2,612 | $2,398 |
Items not requiring (providing) cash | ' | ' |
Depreciation and amortization | 981 | 946 |
Amortization of ESOP and share-based compensation plans | 198 | 213 |
Net change in other assets and other liabilities | 7,170 | 5,599 |
Net cash provided by operating activities | -943 | -599 |
Financing Activities | ' | ' |
Purchase of treasury stock | -70 | -63 |
Net cash used in financing activities | -51,786 | 19,883 |
Net Change in Cash and Cash Equivalents | -51,634 | 59,427 |
Cash and Cash Equivalents, Beginning of Year | 75,108 | 15,681 |
Cash and Cash Equivalents, End of Year | 23,474 | 75,108 |
Parent Company | ' | ' |
Operating Activities | ' | ' |
Net income | 2,612 | 2,398 |
Items not requiring (providing) cash | ' | ' |
Depreciation and amortization | 12 | 12 |
Equity in undistributed income of subsidiary | -326 | -281 |
Amortization of ESOP and share-based compensation plans | 364 | 408 |
Net change in other assets and other liabilities | -357 | -724 |
Net cash provided by operating activities | 2,305 | 1,813 |
Financing Activities | ' | ' |
Dividends paid to stockholders | -1,556 | -2,253 |
Purchase of treasury stock | -70 | -63 |
Shares purchased for deferred compensation plan | 0 | 121 |
Net cash used in financing activities | -1,626 | -2,195 |
Net Change in Cash and Cash Equivalents | 679 | -382 |
Cash and Cash Equivalents, Beginning of Year | 1,438 | 1,820 |
Cash and Cash Equivalents, End of Year | $2,117 | $1,438 |
Summarize_the_Companys_Quarter
Summarize the Company's Quarterly Results of Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Data [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total interest income | $4,251 | $4,233 | $4,222 | $4,319 | $4,593 | $4,548 | $4,630 | $4,691 | ' | ' |
Total interest expense | 658 | 750 | 795 | 830 | 883 | 952 | 994 | 1,032 | 3,033 | 3,861 |
Net interest income | 3,593 | 3,483 | 3,427 | 3,489 | 3,710 | 3,596 | 3,636 | 3,659 | 13,992 | 14,601 |
Provision for loan losses | 228 | 354 | 340 | 319 | 359 | 268 | 168 | 333 | 1,241 | 1,128 |
Other income | 886 | 1,791 | 795 | 740 | 797 | 723 | 691 | 732 | 428 | 406 |
Gain on sale of securities - net | ' | ' | ' | ' | 0 | 0 | 0 | 0 | ' | ' |
General, administrative and other expense | 3,421 | 3,834 | 3,332 | 3,408 | 3,570 | 3,482 | 3,194 | 3,226 | ' | ' |
Income before income taxes | 830 | 1,086 | 550 | 502 | 578 | 569 | 965 | 832 | 2,968 | 2,944 |
Federal income taxes | 231 | 7 | 81 | 37 | 123 | 118 | 234 | 71 | 356 | 546 |
Net income | $599 | $1,079 | $469 | $465 | $455 | $451 | $731 | $761 | $2,612 | $2,398 |
Earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | $0.12 | $0.22 | $0.10 | $0.09 | $0.10 | $0.09 | $0.15 | $0.15 | $0.53 | $0.49 |
Diluted | $0.12 | $0.22 | $0.10 | $0.09 | $0.09 | $0.09 | $0.15 | $0.15 | $0.53 | $0.48 |