Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Aug. 05, 2015 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | UNITED BANCORP INC /OH/ | |
Entity Central Index Key | 731,653 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | UBCP | |
Entity Common Stock, Shares Outstanding | 5,377,454 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Assets | ||
Cash and due from banks | $ 5,346 | $ 5,170 |
Interest-bearing demand deposits | 19,945 | 33,994 |
Cash and cash equivalents | 25,291 | 39,164 |
Available-for-sale securities | 39,565 | 19,348 |
Held-to-maturity securities | 235 | 450 |
Loans, net of allowance for loan losses of $2,697 and $2,400 at June 30, 2015 and December 31, 2014, respectively | 309,225 | 313,354 |
Premises and equipment | 10,511 | 10,071 |
Federal Home Loan Bank stock | 4,210 | 4,210 |
Foreclosed assets held for sale, net | 1,107 | 1,140 |
Intangible assets | 7 | 66 |
Accrued interest receivable | 792 | 829 |
Deferred income taxes | 516 | 493 |
Bank-owned life insurance | 13,423 | 10,747 |
Other assets | 1,855 | 1,940 |
Total assets | 406,737 | 401,812 |
Deposits | ||
Demand | 187,326 | 183,550 |
Savings | 73,537 | 71,319 |
Time | 62,579 | 67,812 |
Total deposits | 323,442 | 322,681 |
Short-term borrowings | 9,028 | 5,098 |
Federal Home Loan Bank advances | 26,635 | 26,719 |
Subordinated debentures | 4,124 | 4,124 |
Interest payable and other liabilities | 2,454 | 2,800 |
Total liabilities | 365,683 | 361,422 |
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 2015 -5,385,304 shares, 2014 - 5,385,304 shares | 5,385 | 5,385 |
Additional paid-in capital | 18,104 | 18,044 |
Retained earnings | 21,008 | 20,478 |
Stock held by deferred compensation plan; 2015 -229,171 shares, 2014 - 230,446 shares | (2,013) | (2,044) |
Unearned ESOP compensation | (1,372) | (1,467) |
Accumulated other comprehensive income | 5 | 57 |
Treasury stock, at cost 2015 -7,850 shares, 2014 - 7,850 shares | (63) | (63) |
Total stockholders' equity | 41,054 | 40,390 |
Total liabilities and stockholders' equity | $ 406,737 | $ 401,812 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Loans, allowance for loan losses | $ 2,697 | $ 2,400 |
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 | 5,385,304 | 5,385,304 |
Stock held by deferred compensation plan, shares | 229,171 | 230,446 |
Treasury stock, shares | 7,850 | 7,850 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Interest and dividend income | ||||
Loans, including fees | $ 3,822 | $ 3,924 | $ 7,504 | $ 7,817 |
Taxable securities | 98 | 69 | 162 | 140 |
Non-taxable securities | 39 | 65 | 86 | 134 |
Federal funds sold | 20 | 23 | 37 | 34 |
Dividends on Federal Home Loan Bank stock and other | 61 | 53 | 110 | 106 |
Total interest and dividend income | 4,040 | 4,134 | 7,899 | 8,231 |
Deposits | ||||
Demand | 28 | 27 | 55 | 52 |
Savings | 8 | 8 | 16 | 16 |
Time | 226 | 265 | 456 | 539 |
Borrowings | 320 | 320 | 636 | 639 |
Total interest expense | 582 | 620 | 1,163 | 1,246 |
Net interest income | 3,458 | 3,514 | 6,736 | 6,985 |
Provision for Loan Losses | 145 | 216 | 261 | 432 |
Net interest income after provision for loan losses | 3,313 | 3,298 | 6,475 | 6,553 |
Noninterest income | ||||
Service charges on deposit accounts | 711 | 702 | 1,410 | 1,329 |
Realized gains on sales of loans | 18 | 12 | 29 | 16 |
Realized gain on sales of available-for-sale securities | 11 | 0 | 31 | 0 |
Realized gains on sales of real estate and other repossessed assets | 2 | 0 | 2 | 0 |
BOLI benefit in excess of surrender value | 0 | 35 | 0 | 35 |
Other income | 193 | 210 | 405 | 417 |
Total noninterest income | 935 | 959 | 1,877 | 1,797 |
Noninterest expense | ||||
Salaries and employee benefits | 1,575 | 1,602 | 3,170 | 3,262 |
Net occupancy and equipment expense | 503 | 500 | 994 | 1,018 |
Provision for impairment on foreclosed real estate | 0 | 0 | 0 | 162 |
Professional services | 177 | 210 | 368 | 428 |
Insurance | 59 | 74 | 126 | 148 |
Deposit insurance premiums | 51 | 72 | 114 | 137 |
Franchise and other taxes | 73 | 70 | 140 | 124 |
Advertising | 85 | 121 | 169 | 227 |
Stationery and office supplies | 32 | 51 | 77 | 92 |
Amortization of intangibles | 29 | 29 | 59 | 59 |
Net realized loss on sale of other real estate and repossessions | 0 | 0 | 0 | 6 |
Other expenses | 528 | 570 | 1,029 | 1,123 |
Total noninterest expense | 3,112 | 3,299 | 6,246 | 6,786 |
Income before federal income taxes | 1,136 | 958 | 2,106 | 1,564 |
Federal income taxes | 331 | 242 | 607 | 364 |
Net income | $ 805 | $ 716 | $ 1,499 | $ 1,200 |
EARNINGS PER COMMON SHARE | ||||
Basic | $ 0.16 | $ 0.14 | $ 0.30 | $ 0.24 |
Diluted | 0.16 | 0.14 | 0.30 | 0.24 |
DIVIDENDS PER COMMON SHARE | $ 0.09 | $ 0.08 | $ 0.18 | $ 0.16 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Net income | $ 805 | $ 716 | $ 1,499 | $ 1,200 |
Other comprehensive income(loss), net of tax: | ||||
Reclassification adjustment for realized gains on available-for-sale securities included in net income, net of tax of ($4), $0, ($11), $0 | (7) | 0 | (20) | 0 |
Unrealized holding gains (losses) on securities during the period, net of taxes (benefits) of $(26), $99, $(17) and $174 for each respective period | (50) | 193 | (32) | 336 |
Comprehensive income | $ 748 | $ 909 | $ 1,447 | $ 1,536 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | $ (4) | $ 0 | $ (11) | $ 0 |
Unrealized holding gain on securities during the period, net of tax benefits | $ (26) | $ 99 | $ (17) | $ 174 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Operating Activities | ||
Net income | $ 1,499 | $ 1,200 |
Items not requiring (providing) cash | ||
Amortization (accretion) of premiums and discounts on securities, net | 0 | 2 |
Depreciation and amortization | 479 | 490 |
Amortization of intangible asset | 59 | 59 |
Gain on sale of available-for-sale securities | (31) | 0 |
Expense related to share based compensation plans | 91 | 83 |
Expense related to ESOP | 94 | 96 |
Provision for loan losses | 261 | 432 |
Provision for losses on foreclosed real estate | 0 | 162 |
Gain on sale of loans | (29) | (16) |
Proceeds from sale of loans | 1,967 | 921 |
Loans originated for sale | (1,938) | (905) |
(Gain) loss on sale of foreclosed assets | (2) | 5 |
Amortization of mortgage servicing rights | 7 | 9 |
Net change in accrued interest receivable and other assets | 144 | (619) |
Increase in value of bank-owned life insurance | (176) | (44) |
Net change in accrued expenses and other liabilities | (348) | (607) |
Changes in | ||
Net cash provided by operating activities | 2,077 | 1,268 |
Securities available for sale: | ||
Maturities, prepayments and calls | 11,342 | 5,458 |
Purchases | (31,983) | (3,000) |
Securities held to maturity: | ||
Maturities, prepayments and calls | 215 | 119 |
Proceeds from sale of available-for-sale securities | 383 | 0 |
Net change in loans | 3,839 | (5,910) |
Mandatory redemption of Federal Home Loan Bank Stock | 0 | 600 |
Purchase of insurance product | (2,500) | |
Purchases of premises and equipment | (920) | (196) |
Proceeds from sale of foreclosed assets | 35 | 458 |
Net cash used in investing activities | (19,589) | (2,471) |
Financing Activities | ||
Net change in deposits | 761 | 8,912 |
Net change in short-term borrowings | 3,930 | 831 |
Repayments of long-term borrowings | (84) | (151) |
Treasury stock activity | 0 | 14 |
Cash dividends paid on common stock | (968) | (860) |
Net cash provided by financing activities | 3,639 | 8,746 |
(Decrease) increase in Cash and Cash Equivalents | (13,873) | 7,543 |
Cash and Cash Equivalents, Beginning of Period | 39,164 | 23,474 |
Cash and Cash Equivalents, End of Period | 25,291 | 31,017 |
Supplemental Cash Flows Information | ||
Interest paid on deposits and borrowings | 1,171 | 1,356 |
Federal income taxes paid | 471 | 580 |
Supplemental Disclosure of Non-Cash Investing and Financing Activities | ||
Transfers from loans to foreclosed assets held for sale | 0 | 195 |
Vesting of restricted stock | $ 39 | $ 203 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1: Summary of Significant Accounting Policies These interim financial statements are prepared without audit and reflect all adjustments which, in the opinion of management, are necessary to present fairly the financial position of United Bancorp, Inc. (“Company”) at June 30, 2015, and its results of operations and cash flows for the interim periods presented. All such adjustments are normal and recurring in nature. The accompanying condensed consolidated financial statements have been prepared in accordance with the instructions for Form 10-Q and, therefore, do not purport to contain all the necessary financial disclosures required by accounting principles generally accepted in the United States of America that might otherwise be necessary in the circumstances and should be read in conjunction with the Company’s consolidated financial statements and related notes for the year ended December 31, 2014 included in its Annual Report on Form 10-K. Reference is made to the accounting policies of the Company described in the Notes to the Consolidated Financial Statements contained in its Annual Report on Form 10-K. The results of operations for the three months and six months ended June 30, 2015, are not necessarily indicative of the results to be expected for the full year. The condensed consolidated balance sheet of the Company as of December 31, 2014 has been derived from the audited consolidated balance sheet of the Company as of that date. The consolidated financial statements include the accounts of United Bancorp, Inc. (“United” or “the Company”) and its wholly-owned subsidiary, The Citizens Savings Bank of Martins Ferry, Ohio (“the Bank” or “Citizens”). The Bank operates two divisions, The Community Bank, a division of The Citizens Savings Bank and The Citizens Bank, a division of The Citizens Savings Bank. All intercompany transactions and balances have been eliminated in consolidation. 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, 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 offices in Bridgeport, Colerain, Dellroy, Dillonvale, Dover, Jewett, New Philadelphia, St. Clairsville East, St. Clairsville West, Sherrodsville, Strasburg, and Tiltonsville, Ohio. The Community Bank division conducts its business through its two offices in Lancaster, Ohio and offices in Amesville, Glouster, and Nelsonville, Ohio. The Company’s primary deposit products are checking, savings, and term certificate accounts, and its primary lending products are residential mortgage, commercial, and installment loans. Substantially all loans are secured by specific items of collateral including business assets, consumer assets and real estate and are not considered “sub prime” type loans. The targeted lending areas of our Bank operations encompass four separate metropolitan areas, minimizing the risk to changes in economic conditions in the communities housing the Company’s branch locations. Commercial loans are expected to be repaid from cash flow from operations of businesses. Real estate loans are secured by both residential and commercial real estate. Net interest income is affected by the relative amount of interest-earning assets and interest-bearing liabilities and the interest received or paid on these balances. The level of interest rates paid or received by the Company can be significantly influenced by a number of environmental factors, such as governmental monetary and fiscal policies, that are outside of management’s control. To prepare financial statements in conformity with accounting principles generally accepted in the United States of America, management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided and future results could differ. The allowance for loan losses and fair values of financial instruments are particularly subject to change. Loans 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. The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to income. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance consists of allocated and general components. The allocated component relates to loans that are classified as impaired. For those loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers non-impaired loans and is based on historical charge-off experience by segment. The historical loss experience is determined by portfolio segment and is based on the actual loss history experienced by the Company over the prior three years. Management believes the three year historical loss experience methodology is appropriate in the current economic environment. 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. 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. Three months ended Six months ended June 30, June 30, 2015 2014 2015 2014 (In thousands, except share and per share data) Basic Net income $ 805 $ 716 $ 1,499 $ 1,200 Dividends on non-vested restricted stock (14) (13) (28) (28) Net income allocated to stockholders $ 791 $ 703 $ 1,471 $ 1,172 Weighted average common shares outstanding 4,854,020 4,851,805 4,854,684 4,832,847 Basic earnings per common share $ 0.16 $ 0.14 $ 0.30 $ 0.24 Diluted Net income allocated to stockholders $ 791 $ 703 $ 1,471 $ 1,172 Weighted average common shares outstanding for basic earnings per common share 4,854,020 4,851,805 4,854,684 4,832,847 Add: Dilutive effects of assumed exercise of stock options and restricted stock 84,522 80,215 84,522 80,215 Average shares and dilutive potential common shares 4,938,542 4,932,020 4,939,206 4,913,062 Diluted earnings per common share $ 0.16 $ 0.14 $ 0.30 $ 0.24 Options to purchase 53,714 10.34 The Company is subject to income taxes in the U.S. federal jurisdiction, as well as various state jurisdictions. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. With few exceptions, the Company is no longer subject to U.S. federal, state and local income tax examinations by tax authorities for the years before 2011. In May 2014, the FASB issued ASU No. 2014-09 Revenue from Contracts with Customers (Topic 606) (ASU 2014-09). This update to the ASC is the culmination of efforts by the FASB and the International Accounting Standards Board (IASB) to develop a common revenue standard for U.S. GAAP and International Financial Reporting Standards (IFRS). ASU 2014-09 supersedes Topic 605 Revenue Recognition and most industry-specific guidance. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance in ASU 2014-09 describes a 5-step process entities can apply to achieve the core principle of revenue recognition and requires disclosures sufficient to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers and the significant judgments used in determining that information. The amendments in ASU 2014-09 are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period and early application is not allowed. The Company is currently evaluating the effects of ASU 2014-09 on its financial statements and disclosures, if any. ASU No. 2014-11, Transfer and Servicing (Topic) 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures ASU No. 2014-11 was issued in June 2014 and requires two accounting changes: The accounting for repurchase-to-maturity transactions is changed to secured borrowings accounting, and for repurchase financing arrangements, separate accounting is required for a transfer of a financial asset executed contemporaneously with a repurchase agreement with the same counterparty, which results in secured borrowing accounting. Additional disclosures are required. ASU No. 2014-11 was effective for first interim or annual reporting period beginning after December 15, 2014. In addition, for public companies, the disclosure for certain transactions accounted for as a sale is effective for the first interim or annual period beginning on or after December 15, 2014, and the disclosure for transactions accounted for as secured borrowings is required fro annual periods beginning after December 15, 2014, and interim periods beginning after March 15, 2015. The Company adopted ASU 2014-11 as required, without a material impact on the Company’s financial position or results of operations. |
Securities
Securities | 6 Months Ended |
Jun. 30, 2015 | |
Trading Securities [Abstract] | |
Securities | Note 2: Securities Amortized Cost Gross Gross Approximate (In thousands) Available-for-sale Securities: June 30, 2015: U.S. government agencies $ 35,998 $ 18 $ (89) $ 35,927 State and political subdivisions 3,586 52 3,638 $ 39,584 $ 70 $ (89) $ 39,565 Available-for-sale Securities: December 31, 2014: U.S. government agencies $ 14,443 $ 4 $ (67) $ 14,380 State and political subdivisions 4,841 105 4,946 Equity securities 4 18 22 $ 19,288 $ 127 $ (67) $ 19,348 Amortized Cost Gross Gross Approximate (In thousands) Held-to-maturity Securities: June 30, 2015: State and political subdivisions $ 235 $ 1 $ $ 236 December 31, 2014: State and political subdivisions $ 450 $ 1 $ $ 451 Available-for-sale Held-to-maturity Amortized Fair Amortized Fair (In thousands) Within one year $ 830 $ 840 $ 235 $ 236 One to five years 37,262 37,217 Five to ten years 1,492 1,508 Totals $ 39,584 $ 39,565 $ 235 $ 236 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 June 30, 2015 and December 31, 2014, was $ 26.9 7.1 67.6 35.7 Based on evaluation of available evidence, including recent changes in market interest rates, credit rating information and information obtained from regulatory filings, management believes the declines in fair value for these securities are temporary and are a result on an general increase in longer term interest rates. Should the impairment of any of these securities become other-than-temporary, the cost basis of the investment will be reduced and the resulting loss recognized in net income in the period the other-than-temporary impairment is identified. June 30, 2015 Less than 12 Months 12 Months or More Total Description of Unrealized Unrealized Unrealized Securities Fair Value Losses Fair Value Losses Fair Value Losses (In thousands) U.S. Government agencies $ 26,909 $ (89) $ $ $ 26,909 $ (89) December 31, 2014 Less than 12 Months 12 Months or More Total Description of Unrealized Unrealized Unrealized Securities Fair Value Losses Fair Value Losses Fair Value Losses (In thousands) U.S. Government agencies $ 1,141 $ (2) $ 5,935 $ (65) $ 7,076 $ (67) The unrealized losses on the Company’s investments in U.S. Government agencies were caused primarily by interest rate changes. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than the amortized cost bases of the investments. Because the Company does not intend to sell the investments and it is not more likely than not the Company will be required to sell the investments before recovery of their amortized cost bases, which may be maturity, the Company does not consider those investments to be other-than-temporarily impaired at June 30, 2015 and December 31, 2014. For the six months ended June 30, 2015, proceeds from the sale of investment securities available-for-sale were $ 383 31,000 For the three months ended June 30, 2015, proceeds from the sale of investment securities available-for-sale were $ 13 11,000 3,000 4,000 |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 6 Months Ended |
Jun. 30, 2015 | |
Loans and Allowance For Loan Losses [Abstract] | |
Loans and Allowance for Loan Losses | Note 3: Loans and Allowance for Loan Losses June 30, December 31, 2015 2014 (In thousands) Commercial loans $ 57,478 $ 52,286 Commercial real estate 152,264 158,314 Residential real estate 82,857 83,870 Installment loans 19,323 21,284 Total gross loans 311,922 315,754 Less allowance for loan losses (2,697) (2,400) Total loans $ 309,225 $ 313,354 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. As of and for the three and six month period ended June 30, 2015 Commercial Commercial Real Estate Installment Residential Unallocated Total (In thousands) Allowance for loan losses: Balance, April 1, 2015 $ 238 $ 1,119 $ 91 $ 171 $ 887 $ 2,506 Provision charged to expense (11) (351) 71 79 357 145 Losses charged off (40) (40) Recoveries 7 3 10 66 86 Balance, June 30, 2015 $ 234 $ 771 $ 172 $ 276 $ 1,244 $ 2,697 Balance, January 1, 2015 $ 254 $ 1,116 $ 92 $ 147 $ 791 $ 2,400 Provision charged to expense (46) (352) 66 140 453 261 Losses charged off (93) (93) Recoveries 26 7 14 82 129 Balance, June 30, 2015 $ 234 $ 771 $ 172 $ 276 $ 1,244 $ 2,697 Ending balance: individually evaluated for impairment $ 86 $ 377 $ $ $ $ 463 Ending balance: collectively evaluated for impairment $ 148 $ 394 $ 172 $ 276 $ 1,244 $ 2,234 Loans: Ending balance: individually evaluated for impairment $ 98 $ 1,947 $ $ $ $ 2,045 Ending balance: collectively evaluated for impairment $ 57,380 $ 150,317 $ 19,323 $ 82,857 $ $ 309,877 Allowance for Loan Losses and Recorded Investment in Loans As of and for the three and six month period ended June 30, 2014 Commercial Commercial Real Estate Installment Residential Unallocated Total (In thousands) Allowance for loan losses: Balance, April 1, 2014 $ 1,054 $ 1,080 $ 237 $ 90 $ 577 $ 3,038 Provision charged to expense (570) 749 (31) 60 8 216 Losses charged off (13) (81) (61) (155) Recoveries 1 9 21 2 33 Balance, June 30, 2014 $ 472 $ 1,838 $ 146 $ 91 $ 585 $ 3,132 Balance, January 1, 2014 $ 412 $ 1,609 $ 141 $ 90 $ 642 $ 2,894 Provision charged to expense 83 216 121 69 (57) 432 Losses charged off (25) (178) (71) (274) Recoveries 2 13 62 3 80 Balance, June 30, 2014 $ 472 $ 1,838 $ 146 $ 91 $ 585 $ 3,132 Ending balance: individually evaluated for impairment $ 323 $ 1,353 $ $ $ $ 1,676 Ending balance: collectively evaluated for impairment $ 149 $ 485 $ 146 $ 91 $ 585 $ 1,456 Loans: Ending balance: individually evaluated for impairment $ 515 $ 6,143 $ $ $ $ 6,658 Ending balance: collectively evaluated for impairment $ 48,394 $ 153,047 $ 24,135 $ 83,163 $ $ 308,739 Allowance for Loan Losses and Recorded Investment in Loans As of December 31, 2014 Commercial Commercial Real Estate Installment Residential Unallocated Total (In thousands) Allowance for loan losses: Ending balance: individually evaluated for impairment $ 92 $ 622 $ $ $ $ 714 Ending balance: collectively evaluated for impairment $ 162 $ 494 $ 147 $ 92 $ 791 $ 1,686 Loans: Ending balance: individually evaluated for impairment $ 112 $ 1,756 $ $ $ $ 1,868 Ending balance: collectively evaluated for impairment $ 52,174 $ 156,558 $ 21,284 $ 83,870 $ $ 313,886 June 30, 2015 Commercial Loan Class Commercial Real Estate Residential Installment Total (In thousands) Pass Grade $ 57,334 $ 146,421 $ 82,857 $ 19,323 $ 305,935 Special Mention 42 1,028 1,070 Substandard 102 4,815 4,917 Doubtful $ 57,478 $ 152,264 $ 82,857 $ 19,323 $ 311,922 December 31, 2014 Commercial Loan Class Commercial Real Estate Residential Installment Total (In thousands) Pass Grade $ 51,895 $ 151,535 $ 83,870 $ 21,284 $ 308,584 Special Mention 265 1,980 2,245 Substandard 126 4,799 4,925 Doubtful $ 52,286 $ 158,314 $ 83,870 $ 21,284 $ 315,754 To facilitate the monitoring of credit quality within the loan portfolio, and for purposes of analyzing historical loss rates used in the determination of the ALLL, the Company utilizes the following categories of credit grades: pass, special mention, substandard, and doubtful. The four categories, which are derived from standard regulatory rating definitions, are assigned upon initial approval of credit to borrowers and updated periodically thereafter. Pass ratings, which are assigned to those borrowers that do not have identified potential or well defined weaknesses and for which there is a high likelihood of orderly repayment, are updated periodically based on the size and credit characteristics of the borrower. All other categories are updated on at least a quarterly basis. The Company assigns a special mention rating to loans that have potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may, at some future date, result in the deterioration of the repayment prospects for the loan or the Company’s credit position. The Company assigns a substandard rating to loans that are inadequately protected by the current sound worth and paying capacity of the borrower or of the collateral pledged. Substandard loans have well defined weaknesses or weaknesses that could jeopardize the orderly repayment of the debt. Loans and leases in this grade also are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies noted are not addressed and corrected. The Company assigns a doubtful rating to loans that have all the attributes of a substandard rating with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The possibility of loss is extremely high, but because of certain important and reasonable specific pending factors that may work to the advantage of and strengthen the credit quality of the loan or lease, its classification as an estimated loss is deferred until its more exact status may be determined. Pending factors may include a proposed merger or acquisition, liquidation proceeding, capital injection, perfecting liens on additional collateral or refinancing plans. The Company evaluates the loan risk grading system definitions and allowance for loan losses methodology on an ongoing basis. No significant changes were made to either during the past year to date period. As of June 30, 2015 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 $ 101 $ $ 130 $ 64 $ 295 $ 57,183 $ 57,478 Commercial real estate 528 407 935 151,329 152,264 Residential 598 32 789 1,419 81,438 82,857 Installment 152 4 264 420 18,483 19,323 Total $ 1,379 $ 36 $ 130 $ 1,524 $ 3,069 $ 308,853 $ 311,922 Loan Portfolio Aging Analysis As of December 31, 2014 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 $ $ $ $ 46 $ 46 $ 52,240 $ 52,286 Commercial real estate 394 127 247 768 157,546 158,314 Residential 292 17 658 967 82,903 83,870 Installment 70 11 7 88 21,196 21,284 Total $ 756 $ 28 $ 127 $ 958 $ 1,869 $ 313,885 $ 315,754 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. For the three months ended For the six months ended As of June 30, 2015 June 30, 2015 June 30, 2015 Unpaid Average Interest Average Interest Recorded Principal Specific Investment in Income Investment in Income Balance Balance Allowance Impaired Loans Recognized Impaired Loans Recognized (In thousands) Loans without a specific valuation allowance: Commercial $ $ $ $ $ $ $ Commercial real estate 1,064 1,064 1,493 17 1,500 26 Residential Installment 1,064 1,064 1,493 17 1,500 26 Loans with a specific valuation allowance: Commercial 98 98 86 100 2 102 4 Commercial real estate 883 883 377 928 3 945 18 Residential Installment 981 981 463 1,028 5 1,047 22 Total: Commercial $ 98 $ 98 $ 86 $ 100 $ 2 $ 102 $ 4 Commercial real estate $ 1,947 $ 1,947 $ 377 $ 2,421 $ 20 $ 2,445 $ 44 Residential $ $ $ $ $ $ $ Installment $ $ $ $ $ $ $ Impaired Loans For the three months ended For the six months ended As of December 31, 2014 June 30, 2014 June 30, 2014 Unpaid Average Interest Average Interest Recorded Principal Specific Investment in Income Investment in Income Balance Balance Allowance Impaired Loans Recognized Impaired Loans Recognized (In thousands) Loans without a specific valuation allowance: Commercial $ 7 $ 7 $ $ 96 $ 1 $ 97 $ 1 Commercial real estate 794 1,144 684 6 691 14 Residential Installment 801 1,151 780 7 788 15 Loans with a specific valuation allowance: Commercial 105 105 92 422 2 439 4 Commercial real estate 962 962 622 5,547 78 4,706 121 Residential Installment 1,067 1,067 714 5,969 80 5,145 125 Total: Commercial $ 112 $ 112 $ 92 $ 518 $ 3 $ 536 $ 5 Commercial real estate $ 1,756 $ 2,106 $ 622 $ 6,231 $ 84 $ 5,397 $ 135 Residential $ $ $ $ $ $ $ Installment $ $ $ $ $ $ $ Interest income recognized on a cash basis was not materiality different than interest income recognized. For the TDRs noted in the tables below, the Company extended the maturity dates and granted interest rate concessions as part of each of those loan restructurings. The loans included in the tables are considered impaired and specific loss calculations are performed on the individual loans. Three Months ended June 30, 2014 Pre- Modification Post-Modification Outstanding Outstanding Number of Recorded Recorded Contracts Investment Investment (In thousands) Commercial $ $ Commercial real estate Residential Installment Three Months Ended June 30, 2014 Interest Total Only Term Combination Modification (In thousands) Commercial $ $ $ $ Commercial real estate Residential Consumer Six Months ended June 30, 2014 Pre- Modification Post-Modification Outstanding Outstanding Number of Recorded Recorded Contracts Investment Investment (In thousands) Commercial $ $ Commercial real estate 2 155 68 Residential Installment Six Months Ended June 30, 2014 Interest Total Only Term Combination Modification (In thousands) Commercial $ $ $ $ Commercial real estate 68 68 Residential Consumer During the three and six the months ended June 30, 2015, the Company did have any loans classified as troubled debt restructurings. During the six months ended June 30, 2014, troubled debt restructurings described above increased the allowance for loan losses by $ 87,000 At June 30, 2015 and 2014 and for three and six month periods then ended, there were no material defaults of any troubled debt restructurings that were modified in the last 12 months. The Company generally considers TDR’s that become 90 days or more past due under the modified terms as subsequently defaulted. |
Benefit Plans
Benefit Plans | 6 Months Ended |
Jun. 30, 2015 | |
Benefit Plans [Abstract] | |
Benefit Plans | Note 4: Benefit Plans Pension expense includes the following: Three months ended Six months ended June 30, June 30, 2015 2014 2015 2014 (In thousands) Service cost $ 85 $ 74 $ 170 $ 148 Interest cost 48 35 96 70 Expected return on assets (94) (83) (188) (166) Amortization of prior service cost and net loss (12) (15) (24) (30) Pension expense $ 27 $ 11 $ 54 $ 22 |
Off-balance-sheet Activities
Off-balance-sheet Activities | 6 Months Ended |
Jun. 30, 2015 | |
Off Balance Sheet Activities [Abstract] | |
Off-balance-sheet Activities | Note 5: Off-balance-sheet Activities Some financial instruments, such as loan commitments, credit lines, letters of credit and overdraft protection, are issued to meet customer financing needs. These are agreements to provide credit or to support the credit of others, as long as conditions established in the contracts are met, and usually have expiration dates. Commitments may expire without being used. Off-balance-sheet risk to credit loss exists up to the face amount of these instruments, although material losses are not anticipated. The same credit policies are used to make such commitments as are used for loans, including obtaining collateral at exercise of the commitment. A summary of the notional or contractual amounts of financial instruments with off-balance-sheet risk at the indicated dates is as follows: June 30, December 31, 2015 2014 (In thousands) Commercial loans unused lines of credit $ 16,127 $ 13,950 Commitment to originate loans 9,152 9,228 Consumer open end lines of credit 36,293 35,604 Standby letters of credit 220 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 6 Months Ended |
Jun. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Abstract] | |
Accumulated Other Comprehensive Income | Note 6: Accumulated Other Comprehensive Loss June 30, December 31, 2015 2014 (In thousands) Net unrealized gain (loss) on securities available-for-sale $ (19) $ 60 Net unrealized gain for funded status of defined benefit plan liability 25 25 6 85 Tax effect 1 28 Net-of-tax amount $ 5 $ 57 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 7: Fair Value Measurements The Company defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company also utilizes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level 1 Quoted prices in active markets for identical assets or liabilities Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities Following is a description of the valuation methodologies used for assets measured at fair value on a recurring basis and recognized in the accompanying consolidated balance sheets, as well as the general classification of such instruments pursuant to the valuation hierarchy. Available-for-sale Securities Where quoted market prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. The Company’s equity securities are classified within Level 1 of the hierarchy. If quoted market prices are not available, then fair values are estimated by using quoted prices of securities with similar characteristics or independent asset pricing services and pricing models, the inputs of which are market-based or independently sourced market parameters, including, but not limited to, yield curves, interest rates, volatilities, prepayments, defaults, cumulative loss projections and cash flows. Such securities are classified in Level 2 of the valuation hierarchy. The following table presents the fair value measurements of assets recognized in the accompanying consolidated balance sheets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at June 30, 2015 and December 31, 2014: Fair Value Measurements Using Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) (In thousands) June 30, 2015 U.S. government agencies $ 35,927 $ $ 35,927 $ State and political subdivisions 3,638 3,638 December 31, 2014 U.S. government agencies $ 14,380 $ $ 14,380 $ State and political subdivisions 4,946 4,946 Equity securities 22 22 Following is a description of the valuation methodologies used for assets measured at fair value on a nonrecurring basis and recognized in the accompanying consolidated balance sheets, as well as the general classification of such assets pursuant to the valuation hierarchy. For assets classified within Level 3 of the fair value hierarchy, the process used to develop the reported fair value is described below. Impaired Loans (Collateral Dependent) Collateral dependent impaired loans consisted primarily of loans secured by nonresidential real estate. Management has determined fair value measurements on impaired loans primarily through evaluations of appraisals performed. Due to the nature of the valuation inputs, impaired loans are classified within Level 3 of the hierarchy. The Company considers the appraisal or evaluation as the starting point for determining fair value and then considers other factors and events in the environment that may affect the fair value. Appraisals of the collateral underlying collateral-dependent loans are obtained when the loan is determined to be collateral-dependent and subsequently as deemed necessary by the Company’s Chief Lender. Appraisals are reviewed for accuracy and consistency by the Company’s Chief Lender. Appraisers are selected from the list of approved appraisers maintained by management. The appraised values are reduced by discounts to consider lack of marketability and estimated cost to sell if repayment or satisfaction of the loan is dependent on the sale of the collateral. These discounts and estimates are developed by the Company’s Chief Lender by comparison to historical results. Foreclosed Assets Held for Sale Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at fair value (based on current appraised value) at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. Management has determined fair value measurements on other real estate owned primarily through evaluations of appraisals performed, and current and past offers for the other real estate under evaluation. Due to the nature of the valuation inputs, foreclosed assets held for sale are classified within Level 3 of the hierarchy. Appraisals of OREO are obtained when the real estate is acquired and subsequently as deemed necessary by the Company’s Chief lender. Appraisals are reviewed for accuracy and consistency by the Company’s Chief Lender and are selected from the list of approved appraisers maintained by management. The following table presents the fair value measurements of assets recognized in the accompanying consolidated balance sheets measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fall at June 30, 2015 and December 31, 2014. Fair Value Measurements Using Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Fair Assets Inputs Inputs Value (Level 1) (Level 2) (Level 3) (In thousands) June 30, 2015 Collateral dependent impaired loans $ 519 $ $ $ 519 December 31, 2014 Collateral dependent impaired loans $ 301 $ $ $ 301 Foreclosed assets held for sale 991 991 Unobservable (Level 3) Inputs The following table presents quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements. Fair Value at Valuation Unobservable Inputs Range (In thousands) Collateral-dependent impaired loans $ 519 Market comparable Marketability discount Not available Fair Value at Valuation 12/31/14 Technique Unobservable Inputs Range (In thousands) Collateral-dependent impaired loans 301 Market comparable properties Marketability discount Not available Foreclosed assets held for sale $ 991 Market comparable properties Selling costs 10% 35% There were no significant changes in the valuation techniques used during 2015. 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) June 30, 2015 Financial assets Cash and cash equivalents $ 25,291 $ 25,291 $ $ Held-to-maturity securities 235 236 Loans, net of allowance 309,225 307,513 Federal Home Loan Bank stock 4,210 4,210 Accrued interest receivable 792 792 Financial liabilities Deposits 323,442 308,801 Short term borrowings 9,028 9,028 Federal Home Loan Bank Advances 26,635 27,891 Subordinated debentures 4,124 3,962 Interest payable 127 127 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) December 31, 2014 Financial assets $ 39,164 $ 39,164 $ $ Cash and cash equivalents Held-to-maturity securities 450 451 Loans, net of allowance 313,354 312,014 Federal Home Loan Bank stock 4,210 4,210 Accrued interest receivable 829 829 Financial liabilities Deposits 322,681 309,186 Short term borrowings 5,098 5,098 Federal Home Loan Bank Advances 26,719 26,703 Subordinated debentures 4,124 3,962 Interest payable 135 135 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 June 30, 2015 and December 31, 2014. |
Repurchase Agreements
Repurchase Agreements | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure of Repurchase Agreements [Abstract] | |
Disclosure of Repurchase Agreements | Note 8: Repurchase Agreements Securities sold under agreements to repurchase (“repurchase agreements”) with customers represent funds deposited by customers, generally on an overnight basis that are collateralized by investment securities owned by the Company. At June 30, 2015 and December 31, 2014, repurchase agreement borrowings totaled $ 9,028 5,098 Remaining Contractual Maturity of the Agreement (In thousands) Overnight and Greater than 90 June 30, 2015 Continuous Up to 30 Days 30-90 Days Days Total Repurchase Agreement U.S. government agencies $ 13,000 $ $ $ $ 13,000 State and political subdivisions 998 998 Total $ 13,998 $ $ $ $ 13,998 These borrowings were collateralized with U.S. government and agency securities with a carrying value of $ 14 |
Summary of Significant Accoun16
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of United Bancorp, Inc. (“United” or “the Company”) and its wholly-owned subsidiary, The Citizens Savings Bank of Martins Ferry, Ohio (“the Bank” or “Citizens”). The Bank operates two divisions, The Community Bank, a division of The Citizens Savings Bank and The Citizens Bank, a division of The Citizens Savings Bank. All intercompany transactions and balances have been eliminated in consolidation. |
Nature of Operations | Nature of Operations The Company’s revenues, operating income, and assets are almost exclusively derived from banking. Accordingly, all of the Company’s banking operations are considered by management to be aggregated in one reportable operating segment. Customers are mainly located in Athens, Belmont, Carroll, Fairfield, Harrison, 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 offices in Bridgeport, Colerain, Dellroy, Dillonvale, Dover, Jewett, New Philadelphia, St. Clairsville East, St. Clairsville West, Sherrodsville, Strasburg, and Tiltonsville, Ohio. The Community Bank division conducts its business through its two offices in Lancaster, Ohio and offices in Amesville, Glouster, and Nelsonville, Ohio. The Company’s primary deposit products are checking, savings, and term certificate accounts, and its primary lending products are residential mortgage, commercial, and installment loans. Substantially all loans are secured by specific items of collateral including business assets, consumer assets and real estate and are not considered “sub prime” type loans. The targeted lending areas of our Bank operations encompass four separate metropolitan areas, minimizing the risk to changes in economic conditions in the communities housing the Company’s branch locations. Commercial loans are expected to be repaid from cash flow from operations of businesses. Real estate loans are secured by both residential and commercial real estate. Net interest income is affected by the relative amount of interest-earning assets and interest-bearing liabilities and the interest received or paid on these balances. The level of interest rates paid or received by the Company can be significantly influenced by a number of environmental factors, such as governmental monetary and fiscal policies, that are outside of management’s control. |
Use of Estimates | Use of Estimates To prepare financial statements in conformity with accounting principles generally accepted in the United States of America, management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided and future results could differ. The allowance for loan losses and fair values of financial instruments are particularly subject to change. |
Loans | Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoffs are reported at their outstanding principal balances adjusted for unearned income, charge-offs, the allowance for loan losses, any unamortized deferred fees or costs on originated loans and unamortized premiums or discounts on purchased loans. For loans amortized at cost, interest income is accrued based on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, as well as premiums and discounts, are deferred and amortized as a level yield adjustment over the respective term of the loan. For all loan classes, the accrual of interest is discontinued at the time the loan is 90 days past due unless the credit is well-secured and in process of collection. Past due status is based on contractual terms of the loan. For all loan classes, the entire balance of the loan is considered past due if the minimum payment contractually required to be paid is not received by the contractual due date. For all loan classes, loans are placed on nonaccrual or charged off at an earlier date if collection of principal or interest is considered doubtful. Management’s general practice is to proactively charge down loans individually evaluated for impairment to the fair value of the underlying collateral. Consistent with regulatory guidance, charge-offs on all loan segments are taken when specific loans, or portions thereof, are considered uncollectible. The Company’s policy is to promptly charge these loans off in the period the uncollectible loss is reasonably determined. For all loan portfolio segments except residential and consumer loans, the Company promptly charges-off loans, or portions thereof, when available information confirms that specific loans are uncollectible based on information that includes, but is not limited to, (1) the deteriorating financial condition of the borrower, (2) declining collateral values, and/or (3) legal action, including bankruptcy, that impairs the borrower’s ability to adequately meet its obligations. For impaired loans that are considered to be solely collateral dependent, a partial charge-off is recorded when a loss has been confirmed by an updated appraisal or other appropriate valuation of the collateral. The Company charges-off residential and consumer loans when the Company reasonably determines the amount of the loss. The Company adheres to timeframes established by applicable regulatory guidance which provides for the charge-down of 1-4 family first and junior lien mortgages to the net realizable value less costs to sell when the loan is 120 days past due, charge-off of unsecured open-end loans when the loan is 120 days past due, and charge down to the net realizable value when other secured loans are 120 days past due. Loans at these respective delinquency thresholds for which the Company can clearly document that the loan is both well-secured and in the process of collection, such that collection will occur regardless of delinquency status, need not be charged off. For all classes, all interest accrued but not collected for loans that are placed on nonaccrual or charged off are reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Nonaccrual loans are returned to accrual status when, in the opinion of management, the financial position of the borrower indicates there is no longer any reasonable doubt as to the timely collection of interest or principal. The Company requires a period of satisfactory performance of not less than six months before returning a nonaccrual loan to accrual status. When cash payments are received on impaired loans in each loan class, the Company records the payment as interest income unless collection of the remaining recorded principal amount is doubtful, at which time payments are used to reduce the principal balance of the loan. Troubled debt restructured loans recognize interest income on an accrual basis at the renegotiated rate if the loan is in compliance with the modified terms, no principal reduction has been granted and the loan has demonstrated the ability to perform in accordance with the renegotiated terms for a period of at least six months. |
Allowance for Loan Losses | Allowance for Loan Losses The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to income. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance consists of allocated and general components. The allocated component relates to loans that are classified as impaired. For those loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers non-impaired loans and is based on historical charge-off experience by segment. The historical loss experience is determined by portfolio segment and is based on the actual loss history experienced by the Company over the prior three years. Management believes the three year historical loss experience methodology is appropriate in the current economic environment. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due based on the loan’s current payment status and the borrower’s financial condition including available sources of cash flows. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan-by-loan basis for non-homogenous type loans such as commercial, non-owner residential and construction loans by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price or the fair value of the collateral if the loan is collateral dependent. For impaired loans where the Company utilizes the discounted cash flows to determine the level of impairment, the Company includes the entire change in the present value of cash flows as bad debt expense. The fair values of collateral dependent impaired loans are based on independent appraisals of the collateral. In general, the Company acquires an updated appraisal upon identification of impairment and annually thereafter for commercial, commercial real estate and multi-family loans. If the most recent appraisal is over a year old, and a new appraisal is not performed, due to lack of comparable values or other reasons, the existing appraisal is utilized and discounted generally 10% - 35% based on the age of the appraisal, condition of the subject property, and overall economic conditions. After determining the collateral value as described, the fair value is calculated based on the determined collateral value less selling expenses. The potential for outdated appraisal values is considered in our determination of the allowance for loan losses through our analysis of various trends and conditions including the local economy, trends in charge-offs and delinquencies, etc. and the related qualitative adjustments assigned by the Company. Segments of loans with similar risk characteristics are collectively evaluated for impairment based on the segment’s historical loss experience adjusted for changes in trends, conditions and other relevant factors that affect repayment of the loans. Accordingly, the Company does not separately identify individual consumer and residential loans for impairment measurements, unless such loans are the subject of a restructuring agreement due to financial difficulties of the borrower. In the course of working with borrowers, the Company may choose to restructure the contractual terms of certain loans. In this scenario, the Company attempts to work-out an alternative payment schedule with the borrower in order to optimize collectability of the loan. Any loans that are modified are reviewed by the Company to identify if a troubled debt restructuring (“TDR”) has occurred, which is when, for economic or legal reasons related to a borrower’s financial difficulties, the Company grants a concession to the borrower that it would not otherwise consider. Terms may be modified to fit the ability of the borrower to repay in line with its current financial status and the restructuring of the loan may include the transfer of assets from the borrower to satisfy the debt, a modification of loan terms, or a combination of the two. If such efforts by the Company do not result in a satisfactory arrangement, the loan is referred to legal counsel, at which time foreclosure proceedings are initiated. At any time prior to a sale of the property at foreclosure, the Company may terminate foreclosure proceedings if the borrower is able to work-out a satisfactory payment plan. It is the Company’s policy to have any restructured loans which are on nonaccrual status prior to being restructured remain on nonaccrual status until six months of satisfactory borrower performance at which time management would consider its return to accrual status. If a loan was accruing at the time of restructuring, the Company reviews the loan to determine if it is appropriate to continue the accrual of interest on the restructured loan. With regard to determination of the amount of the allowance for credit losses, trouble debt restructured loans are considered to be impaired. As a result, the determination of the amount of impaired loans for each portfolio segment within troubled debt restructurings is the same as detailed previously. |
Earnings Per Share | Earnings Per Share Basic earnings per share represents income available to common stockholders divided by the weighted-average number of common shares outstanding during each period. Diluted earnings per share reflects additional potential common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. Potential common shares that may be issued by the Company relate to outstanding stock options and restricted stock awards and are determined using the treasury stock method. Three months ended Six months ended June 30, June 30, 2015 2014 2015 2014 (In thousands, except share and per share data) Basic Net income $ 805 $ 716 $ 1,499 $ 1,200 Dividends on non-vested restricted stock (14) (13) (28) (28) Net income allocated to stockholders $ 791 $ 703 $ 1,471 $ 1,172 Weighted average common shares outstanding 4,854,020 4,851,805 4,854,684 4,832,847 Basic earnings per common share $ 0.16 $ 0.14 $ 0.30 $ 0.24 Diluted Net income allocated to stockholders $ 791 $ 703 $ 1,471 $ 1,172 Weighted average common shares outstanding for basic earnings per common share 4,854,020 4,851,805 4,854,684 4,832,847 Add: Dilutive effects of assumed exercise of stock options and restricted stock 84,522 80,215 84,522 80,215 Average shares and dilutive potential common shares 4,938,542 4,932,020 4,939,206 4,913,062 Diluted earnings per common share $ 0.16 $ 0.14 $ 0.30 $ 0.24 Options to purchase 53,714 10.34 |
Income Taxes | Income Taxes The Company is subject to income taxes in the U.S. federal jurisdiction, as well as various state jurisdictions. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. With few exceptions, the Company is no longer subject to U.S. federal, state and local income tax examinations by tax authorities for the years before 2011. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09 Revenue from Contracts with Customers (Topic 606) (ASU 2014-09). This update to the ASC is the culmination of efforts by the FASB and the International Accounting Standards Board (IASB) to develop a common revenue standard for U.S. GAAP and International Financial Reporting Standards (IFRS). ASU 2014-09 supersedes Topic 605 Revenue Recognition and most industry-specific guidance. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance in ASU 2014-09 describes a 5-step process entities can apply to achieve the core principle of revenue recognition and requires disclosures sufficient to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers and the significant judgments used in determining that information. The amendments in ASU 2014-09 are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period and early application is not allowed. The Company is currently evaluating the effects of ASU 2014-09 on its financial statements and disclosures, if any. ASU No. 2014-11, Transfer and Servicing (Topic) 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures ASU No. 2014-11 was issued in June 2014 and requires two accounting changes: The accounting for repurchase-to-maturity transactions is changed to secured borrowings accounting, and for repurchase financing arrangements, separate accounting is required for a transfer of a financial asset executed contemporaneously with a repurchase agreement with the same counterparty, which results in secured borrowing accounting. Additional disclosures are required. ASU No. 2014-11 was effective for first interim or annual reporting period beginning after December 15, 2014. In addition, for public companies, the disclosure for certain transactions accounted for as a sale is effective for the first interim or annual period beginning on or after December 15, 2014, and the disclosure for transactions accounted for as secured borrowings is required fro annual periods beginning after December 15, 2014, and interim periods beginning after March 15, 2015. The Company adopted ASU 2014-11 as required, without a material impact on the Company’s financial position or results of operations. |
Summary of Significant Accoun17
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Treasury stock shares, deferred compensation shares and unearned ESOP shares are not deemed outstanding for earnings per share calculations. Three months ended Six months ended June 30, June 30, 2015 2014 2015 2014 (In thousands, except share and per share data) Basic Net income $ 805 $ 716 $ 1,499 $ 1,200 Dividends on non-vested restricted stock (14) (13) (28) (28) Net income allocated to stockholders $ 791 $ 703 $ 1,471 $ 1,172 Weighted average common shares outstanding 4,854,020 4,851,805 4,854,684 4,832,847 Basic earnings per common share $ 0.16 $ 0.14 $ 0.30 $ 0.24 Diluted Net income allocated to stockholders $ 791 $ 703 $ 1,471 $ 1,172 Weighted average common shares outstanding for basic earnings per common share 4,854,020 4,851,805 4,854,684 4,832,847 Add: Dilutive effects of assumed exercise of stock options and restricted stock 84,522 80,215 84,522 80,215 Average shares and dilutive potential common shares 4,938,542 4,932,020 4,939,206 4,913,062 Diluted earnings per common share $ 0.16 $ 0.14 $ 0.30 $ 0.24 |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Trading Securities [Abstract] | |
Amortized Cost and Approximate Fair Values, Together with Gross Unrealized Gains and Losses of Securities | The amortized cost and approximate fair values, together with gross unrealized gains and losses of securities are as follows: Amortized Cost Gross Gross Approximate (In thousands) Available-for-sale Securities: June 30, 2015: U.S. government agencies $ 35,998 $ 18 $ (89) $ 35,927 State and political subdivisions 3,586 52 3,638 $ 39,584 $ 70 $ (89) $ 39,565 Available-for-sale Securities: December 31, 2014: U.S. government agencies $ 14,443 $ 4 $ (67) $ 14,380 State and political subdivisions 4,841 105 4,946 Equity securities 4 18 22 $ 19,288 $ 127 $ (67) $ 19,348 Amortized Cost Gross Gross Approximate (In thousands) Held-to-maturity Securities: June 30, 2015: State and political subdivisions $ 235 $ 1 $ $ 236 December 31, 2014: State and political subdivisions $ 450 $ 1 $ $ 451 |
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 June 30, 2015, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Available-for-sale Held-to-maturity Amortized Fair Amortized Fair (In thousands) Within one year $ 830 $ 840 $ 235 $ 236 One to five years 37,262 37,217 Five to ten years 1,492 1,508 Totals $ 39,584 $ 39,565 $ 235 $ 236 |
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 June 30, 2015 and December 31, 2014: June 30, 2015 Less than 12 Months 12 Months or More Total Description of Unrealized Unrealized Unrealized Securities Fair Value Losses Fair Value Losses Fair Value Losses (In thousands) U.S. Government agencies $ 26,909 $ (89) $ $ $ 26,909 $ (89) December 31, 2014 Less than 12 Months 12 Months or More Total Description of Unrealized Unrealized Unrealized Securities Fair Value Losses Fair Value Losses Fair Value Losses (In thousands) U.S. Government agencies $ 1,141 $ (2) $ 5,935 $ (65) $ 7,076 $ (67) |
Loans and Allowance for Loan 19
Loans and Allowance for Loan Losses (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Loans and Allowance For Loan Losses [Abstract] | |
Categories of Loans | Categories of loans include: June 30, December 31, 2015 2014 (In thousands) Commercial loans $ 57,478 $ 52,286 Commercial real estate 152,264 158,314 Residential real estate 82,857 83,870 Installment loans 19,323 21,284 Total gross loans 311,922 315,754 Less allowance for loan losses (2,697) (2,400) Total loans $ 309,225 $ 313,354 |
Allowance for Loan Losses and Recorded Investment in Loans | Allowance for Loan Losses and Recorded Investment in Loans As of and for the three and six month period ended June 30, 2015 Commercial Commercial Real Estate Installment Residential Unallocated Total (In thousands) Allowance for loan losses: Balance, April 1, 2015 $ 238 $ 1,119 $ 91 $ 171 $ 887 $ 2,506 Provision charged to expense (11) (351) 71 79 357 145 Losses charged off (40) (40) Recoveries 7 3 10 66 86 Balance, June 30, 2015 $ 234 $ 771 $ 172 $ 276 $ 1,244 $ 2,697 Balance, January 1, 2015 $ 254 $ 1,116 $ 92 $ 147 $ 791 $ 2,400 Provision charged to expense (46) (352) 66 140 453 261 Losses charged off (93) (93) Recoveries 26 7 14 82 129 Balance, June 30, 2015 $ 234 $ 771 $ 172 $ 276 $ 1,244 $ 2,697 Ending balance: individually evaluated for impairment $ 86 $ 377 $ $ $ $ 463 Ending balance: collectively evaluated for impairment $ 148 $ 394 $ 172 $ 276 $ 1,244 $ 2,234 Loans: Ending balance: individually evaluated for impairment $ 98 $ 1,947 $ $ $ $ 2,045 Ending balance: collectively evaluated for impairment $ 57,380 $ 150,317 $ 19,323 $ 82,857 $ $ 309,877 Allowance for Loan Losses and Recorded Investment in Loans As of and for the three and six month period ended June 30, 2014 Commercial Commercial Real Estate Installment Residential Unallocated Total (In thousands) Allowance for loan losses: Balance, April 1, 2014 $ 1,054 $ 1,080 $ 237 $ 90 $ 577 $ 3,038 Provision charged to expense (570) 749 (31) 60 8 216 Losses charged off (13) (81) (61) (155) Recoveries 1 9 21 2 33 Balance, June 30, 2014 $ 472 $ 1,838 $ 146 $ 91 $ 585 $ 3,132 Balance, January 1, 2014 $ 412 $ 1,609 $ 141 $ 90 $ 642 $ 2,894 Provision charged to expense 83 216 121 69 (57) 432 Losses charged off (25) (178) (71) (274) Recoveries 2 13 62 3 80 Balance, June 30, 2014 $ 472 $ 1,838 $ 146 $ 91 $ 585 $ 3,132 Ending balance: individually evaluated for impairment $ 323 $ 1,353 $ $ $ $ 1,676 Ending balance: collectively evaluated for impairment $ 149 $ 485 $ 146 $ 91 $ 585 $ 1,456 Loans: Ending balance: individually evaluated for impairment $ 515 $ 6,143 $ $ $ $ 6,658 Ending balance: collectively evaluated for impairment $ 48,394 $ 153,047 $ 24,135 $ 83,163 $ $ 308,739 Allowance for Loan Losses and Recorded Investment in Loans As of December 31, 2014 Commercial Commercial Real Estate Installment Residential Unallocated Total (In thousands) Allowance for loan losses: Ending balance: individually evaluated for impairment $ 92 $ 622 $ $ $ $ 714 Ending balance: collectively evaluated for impairment $ 162 $ 494 $ 147 $ 92 $ 791 $ 1,686 Loans: Ending balance: individually evaluated for impairment $ 112 $ 1,756 $ $ $ $ 1,868 Ending balance: collectively evaluated for impairment $ 52,174 $ 156,558 $ 21,284 $ 83,870 $ $ 313,886 |
Portfolio Quality Indicators | The following tables show the portfolio quality indicators. June 30, 2015 Commercial Loan Class Commercial Real Estate Residential Installment Total (In thousands) Pass Grade $ 57,334 $ 146,421 $ 82,857 $ 19,323 $ 305,935 Special Mention 42 1,028 1,070 Substandard 102 4,815 4,917 Doubtful $ 57,478 $ 152,264 $ 82,857 $ 19,323 $ 311,922 December 31, 2014 Commercial Loan Class Commercial Real Estate Residential Installment Total (In thousands) Pass Grade $ 51,895 $ 151,535 $ 83,870 $ 21,284 $ 308,584 Special Mention 265 1,980 2,245 Substandard 126 4,799 4,925 Doubtful $ 52,286 $ 158,314 $ 83,870 $ 21,284 $ 315,754 |
Loan Portfolio Aging Analysis | Loan Portfolio Aging Analysis As of June 30, 2015 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 $ 101 $ $ 130 $ 64 $ 295 $ 57,183 $ 57,478 Commercial real estate 528 407 935 151,329 152,264 Residential 598 32 789 1,419 81,438 82,857 Installment 152 4 264 420 18,483 19,323 Total $ 1,379 $ 36 $ 130 $ 1,524 $ 3,069 $ 308,853 $ 311,922 Loan Portfolio Aging Analysis As of December 31, 2014 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 $ $ $ $ 46 $ 46 $ 52,240 $ 52,286 Commercial real estate 394 127 247 768 157,546 158,314 Residential 292 17 658 967 82,903 83,870 Installment 70 11 7 88 21,196 21,284 Total $ 756 $ 28 $ 127 $ 958 $ 1,869 $ 313,885 $ 315,754 |
Impaired Loans | Impaired Loans For the three months ended For the six months ended As of June 30, 2015 June 30, 2015 June 30, 2015 Unpaid Average Interest Average Interest Recorded Principal Specific Investment in Income Investment in Income Balance Balance Allowance Impaired Loans Recognized Impaired Loans Recognized (In thousands) Loans without a specific valuation allowance: Commercial $ $ $ $ $ $ $ Commercial real estate 1,064 1,064 1,493 17 1,500 26 Residential Installment 1,064 1,064 1,493 17 1,500 26 Loans with a specific valuation allowance: Commercial 98 98 86 100 2 102 4 Commercial real estate 883 883 377 928 3 945 18 Residential Installment 981 981 463 1,028 5 1,047 22 Total: Commercial $ 98 $ 98 $ 86 $ 100 $ 2 $ 102 $ 4 Commercial real estate $ 1,947 $ 1,947 $ 377 $ 2,421 $ 20 $ 2,445 $ 44 Residential $ $ $ $ $ $ $ Installment $ $ $ $ $ $ $ Impaired Loans For the three months ended For the six months ended As of December 31, 2014 June 30, 2014 June 30, 2014 Unpaid Average Interest Average Interest Recorded Principal Specific Investment in Income Investment in Income Balance Balance Allowance Impaired Loans Recognized Impaired Loans Recognized (In thousands) Loans without a specific valuation allowance: Commercial $ 7 $ 7 $ $ 96 $ 1 $ 97 $ 1 Commercial real estate 794 1,144 684 6 691 14 Residential Installment 801 1,151 780 7 788 15 Loans with a specific valuation allowance: Commercial 105 105 92 422 2 439 4 Commercial real estate 962 962 622 5,547 78 4,706 121 Residential Installment 1,067 1,067 714 5,969 80 5,145 125 Total: Commercial $ 112 $ 112 $ 92 $ 518 $ 3 $ 536 $ 5 Commercial real estate $ 1,756 $ 2,106 $ 622 $ 6,231 $ 84 $ 5,397 $ 135 Residential $ $ $ $ $ $ $ Installment $ $ $ $ $ $ $ |
Troubled Debt Restructurings on Financing Receivables | In conjunction with the restructuring there were no amounts charged-off. Three Months ended June 30, 2014 Pre- Modification Post-Modification Outstanding Outstanding Number of Recorded Recorded Contracts Investment Investment (In thousands) Commercial $ $ Commercial real estate Residential Installment Three Months Ended June 30, 2014 Interest Total Only Term Combination Modification (In thousands) Commercial $ $ $ $ Commercial real estate Residential Consumer Six Months ended June 30, 2014 Pre- Modification Post-Modification Outstanding Outstanding Number of Recorded Recorded Contracts Investment Investment (In thousands) Commercial $ $ Commercial real estate 2 155 68 Residential Installment Six Months Ended June 30, 2014 Interest Total Only Term Combination Modification (In thousands) Commercial $ $ $ $ Commercial real estate 68 68 Residential Consumer |
Benefit Plans (Tables)
Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Benefit Plans [Abstract] | |
Pension Expense | Pension expense includes the following: Three months ended Six months ended June 30, June 30, 2015 2014 2015 2014 (In thousands) Service cost $ 85 $ 74 $ 170 $ 148 Interest cost 48 35 96 70 Expected return on assets (94) (83) (188) (166) Amortization of prior service cost and net loss (12) (15) (24) (30) Pension expense $ 27 $ 11 $ 54 $ 22 |
Off-balance-sheet Activities (T
Off-balance-sheet Activities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Off Balance Sheet Activities [Abstract] | |
Summary of the Notional or Contractual Amounts of Financial Instruments With Off-Balance-Sheet Risk | A summary of the notional or contractual amounts of financial instruments with off-balance-sheet risk at the indicated dates is as follows: June 30, December 31, 2015 2014 (In thousands) Commercial loans unused lines of credit $ 16,127 $ 13,950 Commitment to originate loans 9,152 9,228 Consumer open end lines of credit 36,293 35,604 Standby letters of credit 220 |
Accumulated Other Comprehensi22
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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: June 30, December 31, 2015 2014 (In thousands) Net unrealized gain (loss) on securities available-for-sale $ (19) $ 60 Net unrealized gain for funded status of defined benefit plan liability 25 25 6 85 Tax effect 1 28 Net-of-tax amount $ 5 $ 57 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements of Assets Recognized in Consolidated Balance Sheets Measured at Fair Value on Recurring Basis | The following table presents the fair value measurements of assets recognized in the accompanying consolidated balance sheets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at June 30, 2015 and December 31, 2014: Fair Value Measurements Using Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) (In thousands) June 30, 2015 U.S. government agencies $ 35,927 $ $ 35,927 $ State and political subdivisions 3,638 3,638 December 31, 2014 U.S. government agencies $ 14,380 $ $ 14,380 $ State and political subdivisions 4,946 4,946 Equity securities 22 22 |
Fair Value Measurements of Assets Recognized in Consolidated Balance Sheets Measured at Fair Value on Nonrecurring Basis | The following table presents the fair value measurements of assets recognized in the accompanying consolidated balance sheets measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fall at June 30, 2015 and December 31, 2014. Fair Value Measurements Using Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Fair Assets Inputs Inputs Value (Level 1) (Level 2) (Level 3) (In thousands) June 30, 2015 Collateral dependent impaired loans $ 519 $ $ $ 519 December 31, 2014 Collateral dependent impaired loans $ 301 $ $ $ 301 Foreclosed assets held for sale 991 991 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following table presents quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements. Fair Value at Valuation Unobservable Inputs Range (In thousands) Collateral-dependent impaired loans $ 519 Market comparable Marketability discount Not available Fair Value at Valuation 12/31/14 Technique Unobservable Inputs Range (In thousands) Collateral-dependent impaired loans 301 Market comparable properties Marketability discount Not available Foreclosed assets held for sale $ 991 Market comparable properties Selling costs 10% 35% |
Estimated Fair Values of Company's Financial Instruments | The following table presents estimated fair values of the Company’s financial instruments. The fair values of certain of these instruments were calculated by discounting expected cash flows, which involves significant judgments by management and uncertainties. Because no market exists for certain of these financial instruments and because management does not intend to sell these financial instruments, the Company does not know whether the fair values shown below represent values at which the respective financial instruments could be sold individually or in the aggregate. Fair Value Measurements Using 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) June 30, 2015 Financial assets Cash and cash equivalents $ 25,291 $ 25,291 $ $ Held-to-maturity securities 235 236 Loans, net of allowance 309,225 307,513 Federal Home Loan Bank stock 4,210 4,210 Accrued interest receivable 792 792 Financial liabilities Deposits 323,442 308,801 Short term borrowings 9,028 9,028 Federal Home Loan Bank Advances 26,635 27,891 Subordinated debentures 4,124 3,962 Interest payable 127 127 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) December 31, 2014 Financial assets $ 39,164 $ 39,164 $ $ Cash and cash equivalents Held-to-maturity securities 450 451 Loans, net of allowance 313,354 312,014 Federal Home Loan Bank stock 4,210 4,210 Accrued interest receivable 829 829 Financial liabilities Deposits 322,681 309,186 Short term borrowings 5,098 5,098 Federal Home Loan Bank Advances 26,719 26,703 Subordinated debentures 4,124 3,962 Interest payable 135 135 |
Repurchase Agreements (Tables)
Repurchase Agreements (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure of Repurchase Agreements [Abstract] | |
Schedule of Repurchase Agreements | Remaining Contractual Maturity of the Agreement (In thousands) Overnight and Greater than 90 June 30, 2015 Continuous Up to 30 Days 30-90 Days Days Total Repurchase Agreement U.S. government agencies $ 13,000 $ $ $ $ 13,000 State and political subdivisions 998 998 Total $ 13,998 $ $ $ $ 13,998 |
Summary of Significant Accoun25
Summary of Significant Accounting Policies - Additional Information (Detail) | 6 Months Ended | |
Jun. 30, 2015$ / sharesshares | Jun. 30, 2014$ / sharesshares | |
Summary Of Significant Accounting Policies [Line Items] | ||
Number of stock options not considered in computing diluted earnings per share due to antidilutive nature | 53,714 | 53,714 |
Weighted average price, option exercised | $ / shares | $ 10.34 | $ 10.34 |
Number of operating divisions | 2 | |
Number of reportable operating segment | 1 |
Basic and Diluted Earnings Per
Basic and Diluted Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Basic | ||||
Net income | $ 805 | $ 716 | $ 1,499 | $ 1,200 |
Dividends on non-vested restricted stock | (14) | (13) | (28) | (28) |
Net income allocated to stockholders | $ 791 | $ 703 | $ 1,471 | $ 1,172 |
Weighted average common shares outstanding | 4,854,020 | 4,851,805 | 4,854,684 | 4,832,847 |
Basic earnings per common share | $ 0.16 | $ 0.14 | $ 0.30 | $ 0.24 |
Diluted | ||||
Net income allocated to stockholders | $ 791 | $ 703 | $ 1,471 | $ 1,172 |
Weighted average common shares outstanding for basic earnings per common share | 4,854,020 | 4,851,805 | 4,854,684 | 4,832,847 |
Add: Dilutive effects of assumed exercise of stock options and restricted stock | 84,522 | 80,215 | 84,522 | 80,215 |
Average shares and dilutive potential common shares | 4,938,542 | 4,932,020 | 4,939,206 | 4,913,062 |
Diluted earnings per common share | $ 0.16 | $ 0.14 | $ 0.30 | $ 0.24 |
Securities - Additional Informa
Securities - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Schedule Of Marketable Securities [Line Items] | |||||
Fair Value of Investment in debt securities | $ 26,900,000 | $ 26,900,000 | $ 7,100,000 | ||
Percentage of fair value of investment in debt | 67.60% | 67.60% | 35.70% | ||
Proceeds from sale of available-for-sale securities | $ 13,000 | $ 0 | $ 383,000 | $ 0 | |
Available-for-sale securities realized gains | 11,000 | 31,000 | |||
Available-for-sale securities realized losses | 0 | 0 | |||
Available-for-sale Securities | |||||
Schedule Of Marketable Securities [Line Items] | |||||
Income Taxes Paid, Net, Total | $ 3,000 | $ 4,000 |
Amortized Cost and Approximate
Amortized Cost and Approximate Fair Values, Together with Gross Unrealized Gains and Losses of Securities (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Gain (Loss) on Investments [Line Items] | ||
Available-for-sale Securities, Amortized Cost | $ 39,584 | $ 19,288 |
Available-for-sale Securities, Gross Unrealized Gains | 70 | 127 |
Available-for-sale Securities, Gross Unrealized Losses | (89) | (67) |
Available-for-sale securities, Fair Value | 39,565 | 19,348 |
Held-to-maturity Securities, Amortized Cost | 235 | 450 |
Held-to-maturity Securities, Fair Value | 236 | |
U.S. government agencies | ||
Gain (Loss) on Investments [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 35,998 | 14,443 |
Available-for-sale Securities, Gross Unrealized Gains | 18 | 4 |
Available-for-sale Securities, Gross Unrealized Losses | (89) | (67) |
Available-for-sale securities, Fair Value | 35,927 | 14,380 |
State and political subdivisions | ||
Gain (Loss) on Investments [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 3,586 | 4,841 |
Available-for-sale Securities, Gross Unrealized Gains | 52 | 105 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | 0 |
Available-for-sale securities, Fair Value | 3,638 | 4,946 |
Held-to-maturity Securities, Amortized Cost | 235 | 450 |
Held-to-maturity Securities, Gross Unrealized Gains | 1 | 1 |
Held-to-maturity Securities, Gross Unrealized Losses | 0 | 0 |
Held-to-maturity Securities, Fair Value | $ 236 | 451 |
Equity securities | ||
Gain (Loss) on Investments [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 4 | |
Available-for-sale Securities, Gross Unrealized Gains | 18 | |
Available-for-sale Securities, Gross Unrealized Losses | 0 | |
Available-for-sale securities, Fair Value | $ 22 |
Amortized Cost and Fair Value o
Amortized Cost and Fair Value of Available-for-Sale Securities and Held-to-Maturity Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Available-for-sale, Amortized Cost | ||
Within one year | $ 830 | |
One to five years | 37,262 | |
Five to ten years | 1,492 | |
Totals | 39,584 | $ 19,288 |
Available-for-sale, Fair Value | ||
Within one year | 840 | |
One to five years | 37,217 | |
Five to ten years | 1,508 | |
Totals | 39,565 | 19,348 |
Held-to-maturity, Amortized Cost | ||
Within one year | 235 | |
One to five years | 0 | |
Five to ten years | 0 | |
Totals | 235 | $ 450 |
Held-to-maturity, Fair Value | ||
Within one year | 236 | |
One to five years | 0 | |
Five to ten years | 0 | |
Totals | $ 236 |
Gross Unrealized Losses and Fai
Gross Unrealized Losses and Fair Value, Aggregated by Investment Category and Length of Time that Individual Securities have been in a Continuous Unrealized Loss Position (Detail) - U.S. government agencies - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Gain (Loss) on Investments [Line Items] | ||
Less than 12 Months, Fair Value | $ 26,909 | $ 1,141 |
Less than 12 Months, Unrealized Losses | (89) | (2) |
12 Months or More, Fair Value | 0 | 5,935 |
12 Months or More, Unrealized Losses | 0 | (65) |
Total, Fair Value | 26,909 | 7,076 |
Total, Unrealized Losses | $ (89) | $ (67) |
Loans and Allowance for Loan 31
Loans and Allowance for Loan Losses - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2014USD ($) | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Allowance for loan and lease losses, period increase (decrease) | $ 87,000 |
Categories of Loan (Detail)
Categories of Loan (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Accounts Notes And Loans Receivable [Line Items] | ||||||
Commercial loans | $ 57,478 | $ 52,286 | ||||
Commercial real estate | 152,264 | 158,314 | ||||
Residential real estate | 82,857 | 83,870 | ||||
Installment loans | 19,323 | 21,284 | ||||
Total gross loans | 311,922 | 315,754 | ||||
Less allowance for loan losses | (2,697) | $ (2,506) | (2,400) | $ (3,132) | $ (3,038) | $ (2,894) |
Total loans | $ 309,225 | $ 313,354 |
Allowance for Loan Losses and R
Allowance for Loan Losses and Recorded Investment in Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Allowance for loan losses: | |||||
Beginning Balance | $ 2,506 | $ 3,038 | $ 2,400 | $ 2,894 | |
Provision charged to expense | 145 | 216 | 261 | 432 | |
Losses charged off | (40) | (155) | (93) | (274) | |
Recoveries | 86 | 33 | 129 | 80 | |
Ending Balance | 2,697 | 3,132 | 2,697 | 3,132 | |
Ending balance: individually evaluated for impairment | 463 | 1,676 | 463 | 1,676 | $ 714 |
Ending balance: collectively evaluated for impairment | 2,234 | 1,456 | 2,234 | 1,456 | 1,686 |
Loans: | |||||
Ending balance: individually evaluated for impairment | 2,045 | 6,658 | 2,045 | 6,658 | 1,868 |
Ending balance: collectively evaluated for impairment | 309,877 | 308,739 | 309,877 | 308,739 | 313,886 |
Commercial | |||||
Allowance for loan losses: | |||||
Beginning Balance | 238 | 1,054 | 254 | 412 | |
Provision charged to expense | (11) | (570) | (46) | 83 | |
Losses charged off | 0 | (13) | 0 | (25) | |
Recoveries | 7 | 1 | 26 | 2 | |
Ending Balance | 234 | 472 | 234 | 472 | |
Ending balance: individually evaluated for impairment | 86 | 323 | 86 | 323 | 92 |
Ending balance: collectively evaluated for impairment | 148 | 149 | 148 | 149 | 162 |
Loans: | |||||
Ending balance: individually evaluated for impairment | 98 | 515 | 98 | 515 | 112 |
Ending balance: collectively evaluated for impairment | 57,380 | 48,394 | 57,380 | 48,394 | 52,174 |
Commercial Real Estate | |||||
Allowance for loan losses: | |||||
Beginning Balance | 1,119 | 1,080 | 1,116 | 1,609 | |
Provision charged to expense | (351) | 749 | (352) | 216 | |
Losses charged off | 0 | 0 | 0 | 0 | |
Recoveries | 3 | 9 | 7 | 13 | |
Ending Balance | 771 | 1,838 | 771 | 1,838 | |
Ending balance: individually evaluated for impairment | 377 | 1,353 | 377 | 1,353 | 622 |
Ending balance: collectively evaluated for impairment | 394 | 485 | 394 | 485 | 494 |
Loans: | |||||
Ending balance: individually evaluated for impairment | 1,947 | 6,143 | 1,947 | 6,143 | 1,756 |
Ending balance: collectively evaluated for impairment | 150,317 | 153,047 | 150,317 | 153,047 | 156,558 |
Installment | |||||
Allowance for loan losses: | |||||
Beginning Balance | 91 | 237 | 92 | 141 | |
Provision charged to expense | 71 | (31) | 66 | 121 | |
Losses charged off | 0 | (81) | 0 | (178) | |
Recoveries | 10 | 21 | 14 | 62 | |
Ending Balance | 172 | 146 | 172 | 146 | |
Ending balance: individually evaluated for impairment | 0 | 0 | 0 | 0 | 0 |
Ending balance: collectively evaluated for impairment | 172 | 146 | 172 | 146 | 147 |
Loans: | |||||
Ending balance: individually evaluated for impairment | 0 | 0 | 0 | 0 | 0 |
Ending balance: collectively evaluated for impairment | 19,323 | 24,135 | 19,323 | 24,135 | 21,284 |
Residential | |||||
Allowance for loan losses: | |||||
Beginning Balance | 171 | 90 | 147 | 90 | |
Provision charged to expense | 79 | 60 | 140 | 69 | |
Losses charged off | (40) | (61) | (93) | (71) | |
Recoveries | 66 | 2 | 82 | 3 | |
Ending Balance | 276 | 91 | 276 | 91 | |
Ending balance: individually evaluated for impairment | 0 | 0 | 0 | 0 | 0 |
Ending balance: collectively evaluated for impairment | 276 | 91 | 276 | 91 | 92 |
Loans: | |||||
Ending balance: individually evaluated for impairment | 0 | 0 | 0 | 0 | 0 |
Ending balance: collectively evaluated for impairment | 82,857 | 83,163 | 82,857 | 83,163 | 83,870 |
Unallocated | |||||
Allowance for loan losses: | |||||
Beginning Balance | 887 | 577 | 791 | 642 | |
Provision charged to expense | 357 | 8 | 453 | (57) | |
Losses charged off | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Ending Balance | 1,244 | 585 | 1,244 | 585 | |
Ending balance: individually evaluated for impairment | 0 | 0 | 0 | 0 | 0 |
Ending balance: collectively evaluated for impairment | 1,244 | 585 | 1,244 | 585 | 791 |
Loans: | |||||
Ending balance: individually evaluated for impairment | 0 | 0 | 0 | 0 | 0 |
Ending balance: collectively evaluated for impairment | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Portfolio Quality Indicators (D
Portfolio Quality Indicators (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment [Line Items] | ||
Commercial | $ 57,478 | $ 52,286 |
Commercial Real Estate | 152,264 | 158,314 |
Residential | 82,857 | 83,870 |
Installment | 19,323 | 21,284 |
Total | 311,922 | 315,754 |
Pass Grade | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Commercial | 57,334 | 51,895 |
Commercial Real Estate | 146,421 | 151,535 |
Residential | 82,857 | 83,870 |
Installment | 19,323 | 21,284 |
Total | 305,935 | 308,584 |
Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Commercial | 42 | 265 |
Commercial Real Estate | 1,028 | 1,980 |
Residential | 0 | 0 |
Installment | 0 | 0 |
Total | 1,070 | 2,245 |
Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Commercial | 102 | 126 |
Commercial Real Estate | 4,815 | 4,799 |
Residential | 0 | 0 |
Installment | 0 | 0 |
Total | 4,917 | 4,925 |
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 ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non Accrual | $ 1,524 | $ 958 |
Total Past Due and Non Accrual | 3,069 | 1,869 |
Current | 308,853 | 313,885 |
Total Loans Receivable | 311,922 | 315,754 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due and Non Accrual | 1,379 | 756 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due and Non Accrual | 36 | 28 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due and Non Accrual | 130 | 127 |
Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non Accrual | 64 | 46 |
Total Past Due and Non Accrual | 295 | 46 |
Current | 57,183 | 52,240 |
Total Loans Receivable | 57,478 | 52,286 |
Commercial | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due and Non Accrual | 101 | 0 |
Commercial | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due and Non Accrual | 0 | 0 |
Commercial | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due and Non Accrual | 130 | 0 |
Commercial Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non Accrual | 407 | 247 |
Total Past Due and Non Accrual | 935 | 768 |
Current | 151,329 | 157,546 |
Total Loans Receivable | 152,264 | 158,314 |
Commercial Real Estate | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due and Non Accrual | 528 | 394 |
Commercial Real Estate | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due and Non Accrual | 0 | 0 |
Commercial Real Estate | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due and Non Accrual | 0 | 127 |
Residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non Accrual | 789 | 658 |
Total Past Due and Non Accrual | 1,419 | 967 |
Current | 81,438 | 82,903 |
Total Loans Receivable | 82,857 | 83,870 |
Residential | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due and Non Accrual | 598 | 292 |
Residential | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due and Non Accrual | 32 | 17 |
Residential | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due and Non Accrual | 0 | 0 |
Installment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non Accrual | 264 | 7 |
Total Past Due and Non Accrual | 420 | 88 |
Current | 18,483 | 21,196 |
Total Loans Receivable | 19,323 | 21,284 |
Installment | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due and Non Accrual | 152 | 70 |
Installment | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due and Non Accrual | 4 | 11 |
Installment | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due and Non Accrual | $ 0 | $ 0 |
Impaired Loans (Detail)
Impaired Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Commercial | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Balance | $ 98 | $ 98 | $ 112 | ||
Unpaid Principal Balance | 98 | 98 | 112 | ||
Specific Allowance | 86 | 86 | 92 | ||
Average Investment in Impaired Loans | 100 | $ 518 | 102 | $ 536 | |
Interest Income Recognized | 2 | 3 | 4 | 5 | |
Commercial real estate | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Balance | 1,947 | 1,947 | 1,756 | ||
Unpaid Principal Balance | 1,947 | 1,947 | 2,106 | ||
Specific Allowance | 377 | 377 | 622 | ||
Average Investment in Impaired Loans | 2,421 | 6,231 | 2,445 | 5,397 | |
Interest Income Recognized | 20 | 84 | 44 | 135 | |
Residential | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Balance | 0 | 0 | 0 | ||
Unpaid Principal Balance | 0 | 0 | 0 | ||
Specific Allowance | 0 | 0 | 0 | ||
Average Investment in Impaired Loans | 0 | 0 | 0 | 0 | |
Interest Income Recognized | 0 | 0 | 0 | 0 | |
Installment | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Balance | 0 | 0 | 0 | ||
Unpaid Principal Balance | 0 | 0 | 0 | ||
Specific Allowance | 0 | 0 | 0 | ||
Average Investment in Impaired Loans | 0 | 0 | 0 | 0 | |
Interest Income Recognized | 0 | 0 | 0 | 0 | |
Loans without a specific valuation allowance | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Balance | 1,064 | 1,064 | 801 | ||
Unpaid Principal Balance | 1,064 | 1,064 | 1,151 | ||
Specific Allowance | 0 | 0 | 0 | ||
Average Investment in Impaired Loans | 1,493 | 780 | 1,500 | 788 | |
Interest Income Recognized | 17 | 7 | 26 | 15 | |
Loans without a specific valuation allowance | Commercial | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Balance | 0 | 0 | 7 | ||
Unpaid Principal Balance | 0 | 0 | 7 | ||
Specific Allowance | 0 | 0 | 0 | ||
Average Investment in Impaired Loans | 0 | 96 | 0 | 97 | |
Interest Income Recognized | 0 | 1 | 0 | 1 | |
Loans without a specific valuation allowance | Commercial real estate | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Balance | 1,064 | 1,064 | 794 | ||
Unpaid Principal Balance | 1,064 | 1,064 | 1,144 | ||
Specific Allowance | 0 | 0 | 0 | ||
Average Investment in Impaired Loans | 1,493 | 684 | 1,500 | 691 | |
Interest Income Recognized | 17 | 6 | 26 | 14 | |
Loans without a specific valuation allowance | Residential | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Balance | 0 | 0 | 0 | ||
Unpaid Principal Balance | 0 | 0 | 0 | ||
Specific Allowance | 0 | 0 | 0 | ||
Average Investment in Impaired Loans | 0 | 0 | 0 | 0 | |
Interest Income Recognized | 0 | 0 | 0 | 0 | |
Loans without a specific valuation allowance | Installment | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Balance | 0 | 0 | 0 | ||
Unpaid Principal Balance | 0 | 0 | 0 | ||
Specific Allowance | 0 | 0 | 0 | ||
Average Investment in Impaired Loans | 0 | 0 | 0 | 0 | |
Interest Income Recognized | 0 | 0 | 0 | 0 | |
Loans with a specific valuation allowance | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Balance | 981 | 981 | 1,067 | ||
Unpaid Principal Balance | 981 | 981 | 1,067 | ||
Specific Allowance | 463 | 463 | 714 | ||
Average Investment in Impaired Loans | 1,028 | 5,969 | 1,047 | 5,145 | |
Interest Income Recognized | 5 | 80 | 22 | 125 | |
Loans with a specific valuation allowance | Commercial | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Balance | 98 | 98 | 105 | ||
Unpaid Principal Balance | 98 | 98 | 105 | ||
Specific Allowance | 86 | 86 | 92 | ||
Average Investment in Impaired Loans | 100 | 422 | 102 | 439 | |
Interest Income Recognized | 2 | 2 | 4 | 4 | |
Loans with a specific valuation allowance | Commercial real estate | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Balance | 883 | 883 | 962 | ||
Unpaid Principal Balance | 883 | 883 | 962 | ||
Specific Allowance | 377 | 377 | 622 | ||
Average Investment in Impaired Loans | 928 | 5,547 | 945 | 4,706 | |
Interest Income Recognized | 3 | 78 | 18 | 121 | |
Loans with a specific valuation allowance | Residential | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Balance | 0 | 0 | 0 | ||
Unpaid Principal Balance | 0 | 0 | 0 | ||
Specific Allowance | 0 | 0 | 0 | ||
Average Investment in Impaired Loans | 0 | 0 | 0 | 0 | |
Interest Income Recognized | 0 | 0 | 0 | 0 | |
Loans with a specific valuation allowance | Installment | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Balance | 0 | 0 | 0 | ||
Unpaid Principal Balance | 0 | 0 | 0 | ||
Specific Allowance | 0 | 0 | $ 0 | ||
Average Investment in Impaired Loans | 0 | 0 | 0 | 0 | |
Interest Income Recognized | $ 0 | $ 0 | $ 0 | $ 0 |
Troubled Debt Restructuring (De
Troubled Debt Restructuring (Detail) - Jun. 30, 2014 $ in Thousands | USD ($)Contracts | USD ($)Contracts |
Commercial | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contracts | 0 | 0 |
Pre- Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment | 0 | 0 |
Interest Only | 0 | 0 |
Term | 0 | 0 |
Combination | 0 | 0 |
Total Modification | $ 0 | $ 0 |
Commercial real estate | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contracts | 0 | 2 |
Pre- Modification Outstanding Recorded Investment | $ 0 | $ 155 |
Post-Modification Outstanding Recorded Investment | 0 | 68 |
Interest Only | 0 | 0 |
Term | 0 | 68 |
Combination | 0 | 0 |
Total Modification | $ 68 | $ 68 |
Residential | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contracts | 0 | 0 |
Pre- Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment | 0 | 0 |
Interest Only | 0 | 0 |
Term | 0 | 0 |
Combination | 0 | 0 |
Total Modification | $ 0 | $ 0 |
Installment | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contracts | 0 | 0 |
Pre- Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment | 0 | 0 |
Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
Interest Only | 0 | 0 |
Term | 0 | 0 |
Combination | 0 | 0 |
Total Modification | $ 0 | $ 0 |
Pension Expense (Detail)
Pension Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Components of net periodic benefit cost | ||||
Service cost | $ 85 | $ 74 | $ 170 | $ 148 |
Interest cost | 48 | 35 | 96 | 70 |
Expected return on assets | (94) | (83) | (188) | (166) |
Amortization of prior service cost and net loss | (12) | (15) | (24) | (30) |
Pension expense | $ 27 | $ 11 | $ 54 | $ 22 |
Notional or Contractual Amounts
Notional or Contractual Amounts of Financial Instruments with Off-Balance-Sheet Risk (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Commercial loans unused lines of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Asset | $ 16,127 | $ 13,950 |
Commitment to originate loans | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Asset | 9,152 | 9,228 |
Consumer open end lines of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Asset | 36,293 | 35,604 |
Standby letters of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Asset | $ 0 | $ 220 |
Components of Accumulated Other
Components of Accumulated Other Comprehensive Loss Included in Stockholders' Equity (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Other Comprehensive Income (Loss) [Line Items] | ||
Net unrealized gain (loss) on securities available-for-sale | $ (19) | $ 60 |
Net unrealized gain for funded status of defined benefit plan liability | 25 | 25 |
Accumulated other comprehensive income (Loss), before taxes, total | 6 | 85 |
Tax effect | 1 | 28 |
Net-of-tax amount | $ 5 | $ 57 |
Fair Value Measurements of Asse
Fair Value Measurements of Assets Recognized in Consolidated Balance Sheets Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
U.S. government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value of asset, recurring basis | $ 35,927 | $ 14,380 |
State and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value of asset, recurring basis | 3,638 | 4,946 |
Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value of asset, recurring basis | 22 | |
Fair Value, Inputs, Level 1 | 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 | 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 | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value of asset, recurring basis | 22 | |
Fair Value, Inputs, Level 2 | U.S. government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value of asset, recurring basis | 35,927 | 14,380 |
Fair Value, Inputs, Level 2 | State and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value of asset, recurring basis | 3,638 | 4,946 |
Fair Value, Inputs, Level 2 | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value of asset, recurring basis | 0 | |
Fair Value, Inputs, Level 3 | 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 | 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 | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value of asset, recurring basis | $ 0 |
Fair Value Measurements of As42
Fair Value Measurements of Assets Recognized in Consolidated Balance Sheets Measured at Fair Value on Nonrecurring Basis (Detail) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent impaired loans | $ 519 | $ 301 |
Foreclosed assets held for sale | 991 | |
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 | |
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 | |
Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent impaired loans | $ 519 | 301 |
Foreclosed assets held for sale | $ 991 |
Quantitative Information About
Quantitative Information About Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Foreclosed Assets Held For Sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 991 | |
Valuation Technique | Market comparable properties | |
Unobservable Inputs | Selling costs | |
Foreclosed Assets Held For Sale | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range | 35.00% | |
Foreclosed Assets Held For Sale | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range | 10.00% | |
Collateral Dependent Impaired Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 519 | $ 301 |
Valuation Technique | Market comparable properties | Market comparable properties |
Unobservable Inputs | Marketability discount | Marketability discount |
Estimated Fair Values of Compan
Estimated Fair Values of Company's Financial Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Financial assets | ||||
Cash and cash equivalents | $ 25,291 | $ 39,164 | $ 31,017 | $ 23,474 |
Held-to-maturity securities | 235 | 450 | ||
Loans, net of allowance | 309,225 | 313,354 | ||
Federal Home Loan Bank stock | 4,210 | 4,210 | ||
Accrued interest receivable | 792 | 829 | ||
Financial liabilities | ||||
Deposits | 323,442 | 322,681 | ||
Short term borrowings | 9,028 | 5,098 | ||
Federal Home Loan Bank advances | 26,635 | 26,719 | ||
Subordinated debentures | 4,124 | 4,124 | ||
Interest payable | 127 | 135 | ||
Fair Value, Inputs, Level 1 | ||||
Financial assets | ||||
Cash and cash equivalents | 25,291 | 0 | ||
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 | 236 | 451 | ||
Loans, net of allowance | 0 | 0 | ||
Federal Home Loan Bank stock | 4,210 | 4,210 | ||
Accrued interest receivable | 792 | 829 | ||
Financial liabilities | ||||
Deposits | 308,801 | 309,186 | ||
Short term borrowings | 9,028 | 5,098 | ||
Federal Home Loan Bank advances | 27,891 | 26,703 | ||
Subordinated debentures | 3,962 | 3,962 | ||
Interest payable | 127 | 135 | ||
Fair Value, Inputs, Level 3 | ||||
Financial assets | ||||
Cash and cash equivalents | 0 | 0 | ||
Held-to-maturity securities | 0 | 0 | ||
Loans, net of allowance | 307,513 | 312,014 | ||
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 |
Repurchase Agreements (Details)
Repurchase Agreements (Details) $ in Thousands | Jun. 30, 2015USD ($) |
Secured Borrowings, Gross Including Not Subject to Master Netting Arrangement, Total | $ 13,998 |
US Government Corporations and Agencies Securities [Member] | |
Secured Borrowings, Gross Including Not Subject to Master Netting Arrangement, Total | 13,000 |
U S States and Political Subdivisions [Member] | |
Secured Borrowings, Gross Including Not Subject to Master Netting Arrangement, Total | 998 |
Maturity Overnight [Member] | |
Secured Borrowings, Gross Including Not Subject to Master Netting Arrangement, Total | 13,998 |
Maturity Overnight [Member] | US Government Corporations and Agencies Securities [Member] | |
Secured Borrowings, Gross Including Not Subject to Master Netting Arrangement, Total | 13,000 |
Maturity Overnight [Member] | U S States and Political Subdivisions [Member] | |
Secured Borrowings, Gross Including Not Subject to Master Netting Arrangement, Total | 998 |
Maturity Less than 30 Days [Member] | |
Secured Borrowings, Gross Including Not Subject to Master Netting Arrangement, Total | 0 |
Maturity Less than 30 Days [Member] | US Government Corporations and Agencies Securities [Member] | |
Secured Borrowings, Gross Including Not Subject to Master Netting Arrangement, Total | 0 |
Maturity Less than 30 Days [Member] | U S States and Political Subdivisions [Member] | |
Secured Borrowings, Gross Including Not Subject to Master Netting Arrangement, Total | 0 |
Maturity 30 to 90 Days [Member] | |
Secured Borrowings, Gross Including Not Subject to Master Netting Arrangement, Total | 0 |
Maturity 30 to 90 Days [Member] | US Government Corporations and Agencies Securities [Member] | |
Secured Borrowings, Gross Including Not Subject to Master Netting Arrangement, Total | 0 |
Maturity 30 to 90 Days [Member] | U S States and Political Subdivisions [Member] | |
Secured Borrowings, Gross Including Not Subject to Master Netting Arrangement, Total | 0 |
Maturity Greater than 90 Days [Member] | |
Secured Borrowings, Gross Including Not Subject to Master Netting Arrangement, Total | 0 |
Maturity Greater than 90 Days [Member] | US Government Corporations and Agencies Securities [Member] | |
Secured Borrowings, Gross Including Not Subject to Master Netting Arrangement, Total | 0 |
Maturity Greater than 90 Days [Member] | U S States and Political Subdivisions [Member] | |
Secured Borrowings, Gross Including Not Subject to Master Netting Arrangement, Total | $ 0 |
Repurchase Agreements (Details
Repurchase Agreements (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Short-term Debt, Total | $ 9,028 | $ 5,098 |
Secured Borrowings, Gross Including Not Subject to Master Netting Arrangement, Total | 13,998 | |
US Government Corporations and Agencies Securities | ||
Secured Borrowings, Gross Including Not Subject to Master Netting Arrangement, Total | $ 13,000 |