Document_and_Entity_Informatio
Document and Entity Information (USD $) | 6 Months Ended | ||
Jun. 30, 2014 | Jul. 31, 2014 | Jun. 30, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'Old Point Financial Corporation | ' | ' |
Entity Central Index Key | '0000740971 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Public Float | ' | ' | $41,326,701 |
Entity Common Stock, Shares Outstanding | ' | 4,959,009 | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q2 | ' | ' |
Document Type | '10-Q | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 30-Jun-14 | ' | ' |
Consolidated_Balance_Sheets_un
Consolidated Balance Sheets (unaudited) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and due from banks | $20,383 | $11,802 |
Interest-bearing due from banks | 507 | 18,045 |
Federal funds sold | 1,643 | 1,478 |
Cash and cash equivalents | 22,533 | 31,325 |
Securities available-for-sale, at fair value | 144,040 | 155,639 |
Securities held-to-maturity | 93,990 | 96,847 |
Restricted securities | 2,293 | 2,378 |
Loans, net of allowance for loan losses | 512,686 | 493,868 |
Premises and equipment, net | 42,599 | 40,546 |
Bank-owned life insurance | 23,107 | 22,673 |
Foreclosed assets, net of valuation allowance | 6,549 | 6,415 |
Other assets | 13,104 | 14,597 |
Total assets | 860,901 | 864,288 |
Deposits: | ' | ' |
Noninterest-bearing deposits | 185,277 | 182,513 |
Savings deposits | 292,481 | 286,085 |
Time deposits | 238,770 | 256,807 |
Total deposits | 716,528 | 725,405 |
Federal Funds Purchased | 0 | 0 |
Overnight repurchase agreements | 25,677 | 31,175 |
Term repurchase agreements | 412 | 411 |
Federal Home Loan Bank advances | 30,000 | 25,000 |
Accrued expenses and other liabilities | 2,297 | 1,536 |
Total liabilities | 774,914 | 783,527 |
Commitments and contingencies | 0 | 0 |
Stockholders' equity: | ' | ' |
Common stock | 24,795 | 24,795 |
Additional paid-in capital | 16,392 | 16,392 |
Retained earnings | 51,859 | 50,376 |
Accumulated other comprehensive loss, net | -7,059 | -10,802 |
Total stockholders' equity | 85,987 | 80,761 |
Total liabilities and stockholders' equity | $860,901 | $864,288 |
Consolidated_Balance_Sheets_un1
Consolidated Balance Sheets (unaudited) (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Assets | ' | ' |
Securities held-to-maturity, fair value | $97,091 | $97,453 |
Allowance for loan losses | 6,976 | 6,831 |
Foreclosed assets, valuation allowance | $2,700 | $2,775 |
Stockholders' equity: | ' | ' |
Common stock, par value (in dollars per share) | $5 | $5 |
Common stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Common stock, shares issued (in shares) | 4,959,009 | 4,959,009 |
Common stock, shares outstanding (in shares) | 4,959,009 | 4,959,009 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Interest and Dividend Income: | ' | ' | ' | ' |
Interest and fees on loans | $6,122 | $5,891 | $12,115 | $11,899 |
Interest on due from banks | 0 | 19 | 3 | 33 |
Interest on federal funds sold | 0 | 1 | 5 | 1 |
Interest on securities: | ' | ' | ' | ' |
Taxable | 962 | 1,252 | 1,967 | 2,576 |
Tax-exempt | 426 | 287 | 855 | 552 |
Dividends and interest on all other securities | 26 | 26 | 57 | 44 |
Total interest and dividend income | 7,536 | 7,476 | 15,002 | 15,105 |
Interest Expense: | ' | ' | ' | ' |
Interest on savings deposits | 52 | 69 | 123 | 156 |
Interest on time deposits | 595 | 796 | 1,244 | 1,650 |
Interest on federal funds purchased, securities sold under agreements to repurchase and other borrowings | 8 | 7 | 17 | 19 |
Interest on Federal Home Loan Bank advances | 307 | 305 | 609 | 607 |
Total interest expense | 962 | 1,177 | 1,993 | 2,432 |
Net interest income | 6,574 | 6,299 | 13,009 | 12,673 |
Provision for loan losses | 100 | 300 | 350 | 500 |
Net interest income, after provision for loan losses | 6,474 | 5,999 | 12,659 | 12,173 |
Noninterest Income: | ' | ' | ' | ' |
Income from fiduciary activities | 793 | 866 | 1,748 | 1,766 |
Service charges on deposit accounts | 1,056 | 1,036 | 2,030 | 2,033 |
Other service charges, commissions and fees | 1,041 | 912 | 1,993 | 1,771 |
Income from bank-owned life insurance | 217 | 217 | 433 | 432 |
Income from Old Point Mortgage | 6 | 218 | 31 | 304 |
Available-for-sale Securities, Gross Realized Gain (Loss) | -7 | -21 | -7 | -21 |
Other operating income | 47 | 57 | 87 | 113 |
Total noninterest income | 3,153 | 3,285 | 6,315 | 6,398 |
Noninterest Expense: | ' | ' | ' | ' |
Salaries and employee benefits | 4,981 | 4,805 | 9,834 | 9,726 |
Occupancy and equipment | 1,205 | 1,079 | 2,319 | 2,191 |
Data processing | 433 | 413 | 856 | 835 |
FDIC insurance | 183 | 174 | 367 | 357 |
Customer development | 207 | 205 | 399 | 411 |
Legal and audit expense | 153 | 124 | 277 | 235 |
Other outside service fees | 152 | 113 | 271 | 209 |
Employee professional development | 220 | 182 | 388 | 313 |
Postage and courier expense | 118 | 87 | 216 | 177 |
Advertising | 113 | 120 | 234 | 243 |
Stationery and supplies | 118 | 96 | 237 | 216 |
Bad checks and other losses | 127 | 124 | 251 | 247 |
Capital stock tax | 127 | 105 | 261 | 192 |
Loss on write-down/sale of foreclosed assets | -26 | 78 | 57 | 204 |
Other operating expense | 356 | 345 | 763 | 719 |
Total noninterest expense | 8,467 | 8,050 | 16,730 | 16,275 |
Income before income taxes | 1,160 | 1,234 | 2,244 | 2,296 |
Income tax expense | 59 | 219 | 166 | 380 |
Net income | $1,101 | $1,015 | $2,078 | $1,916 |
Basic Earnings per Share: | ' | ' | ' | ' |
Average shares outstanding (in shares) | 4,959,009 | 4,959,009 | 4,959,009 | 4,959,009 |
Net income per share of common stock (in dollars per share) | $0.22 | $0.21 | $0.42 | $0.39 |
Diluted Earnings per Share: | ' | ' | ' | ' |
Average shares outstanding (in shares) | 4,959,009 | 4,959,009 | 4,959,009 | 4,959,009 |
Net income per share of common stock (in dollars per share) | $0.22 | $0.21 | $0.42 | $0.39 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Consolidated Statements of Comprehensive Income (Loss) (unaudited) [Abstract] | ' | ' | ' | ' |
Net income | $1,101 | $1,015 | $2,078 | $1,916 |
Other comprehensive (loss), net of tax: | ' | ' | ' | ' |
Unrealized gains (losses) on securities, net of reclassification adjustment | 1,932 | -6,497 | 3,484 | -8,223 |
Amortization of loss on securities transferred from held to maturity | 133 | 0 | 259 | 0 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 0 | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Net of Tax, Total | 2,065 | -6,497 | 3,743 | -8,223 |
Comprehensive income (loss) | $3,166 | ($5,482) | $5,821 | ($6,307) |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (unaudited) (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
In Thousands, except Share data, unless otherwise specified | |||||
Balance at Dec. 31, 2012 | $24,795 | $16,392 | $48,305 | ($192) | $89,300 |
Balance (in shares) at Dec. 31, 2012 | 4,959,009 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Net income | 0 | 0 | 1,916 | 0 | 1,916 |
Net change for quarter | 0 | 0 | 0 | -8,223 | -8,223 |
Cash dividends | 0 | 0 | -496 | 0 | -496 |
Balance at Jun. 30, 2013 | 24,795 | 16,392 | 49,725 | -8,415 | 82,497 |
Balance (in shares) at Jun. 30, 2013 | 4,959,009 | ' | ' | ' | ' |
Balance at Dec. 31, 2013 | 24,795 | 16,392 | 50,376 | -10,802 | 80,761 |
Balance (in shares) at Dec. 31, 2013 | 4,959,009 | ' | ' | ' | 4,959,009 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Net income | 0 | 0 | 2,078 | 0 | 2,078 |
Net change for quarter | 0 | 0 | 0 | 3,743 | 3,743 |
Cash dividends | 0 | 0 | -595 | 0 | -595 |
Balance at Jun. 30, 2014 | $24,795 | $16,392 | $51,859 | ($7,059) | $85,987 |
Balance (in shares) at Jun. 30, 2014 | 4,959,009 | ' | ' | ' | 4,959,009 |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Stockholders' Equity (unaudited) (Parenthetical) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Consolidated Statements of Changes in Stockholders' Equity (unaudited) [Abstract] | ' | ' |
Cash dividends (in dollars per share) | $0.12 | $0.10 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' |
Net income | $2,078 | $1,916 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 1,030 | 980 |
Provision for loan losses | 350 | 500 |
Available-for-sale Securities, Gross Realized Gain (Loss) | 7 | 21 |
Net amortization of securities | 1,125 | 1,318 |
Gain (Loss) on Disposition of Property Plant Equipment | 0 | 16 |
Net loss on write-down/sale of foreclosed assets | 57 | 204 |
Income from bank owned life insurance | -433 | -432 |
Deferred tax (benefit) expense | 130 | -117 |
(Increase) decrease in other assets | -675 | -522 |
Increase in other liabilities | 761 | 807 |
Net cash provided by operating activities | 4,430 | 4,691 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' |
Purchases of available-for-sale securities | -2,275 | -11,377 |
Payments to Acquire Held-to-maturity Securities | 0 | -10,854 |
Proceeds from sales of restricted securities | 85 | 184 |
Proceeds from maturities and calls of securities | 170 | 10,490 |
Proceeds from sale of available-for-sale securities | 13,702 | 39,301 |
Paydowns on available-for-sale securities | 4,796 | 18,672 |
Paydowns on held-to-maturity securities | 2,701 | 0 |
Decrease in loans made to customers | -20,060 | 230 |
Proceeds from sales of foreclosed assets | 711 | 1,117 |
Purchases of premises and equipment | -3,083 | -4,483 |
Net cash provided by (used in) investing activities | -3,253 | 43,280 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' |
Increase in noninterest-bearing deposits | 2,764 | 1,099 |
Increase in savings deposits | 6,396 | 2,568 |
Increase (decrease) in time deposits | -18,037 | -27,115 |
Decrease in federal funds purchased, repurchase agreements and other borrowings | -5,497 | -11,173 |
Proceeds from Federal Home Loan Bank Borrowings | 10,000 | 0 |
Repayments of Federal Home Loan Bank Borrowings | -5,000 | 0 |
Cash dividends paid on common stock | -595 | -496 |
Net cash provided by (used in) financing activities | -9,969 | -35,117 |
Net increase in cash and cash equivalents | -8,792 | 12,854 |
Cash and cash equivalents at beginning of period | 31,325 | 42,317 |
Cash and cash equivalents at end of period | 22,533 | 55,171 |
Cash payments for: | ' | ' |
Interest | 2,054 | 2,505 |
Income tax | 360 | 450 |
SUPPLEMENTAL SCHEDULE OF NONCASH TRANSACTIONS | ' | ' |
Unrealized gain (loss) on securities available-for-sale | 5,278 | -12,459 |
Loans transferred to foreclosed assets | 892 | 866 |
Real Estate Transferred to Other Real Estate | 0 | 506 |
Equity securities transferred from other assets to available-for-sale | 100 | 0 |
Amortization of Unrealized Gain or Loss on Securities Transferred from AFS to HTM | $392 | $0 |
General
General | 6 Months Ended |
Jun. 30, 2014 | |
General [Abstract] | ' |
General | ' |
Note 1. General | |
The accompanying unaudited consolidated financial statements of Old Point Financial Corporation (the Company) and its subsidiaries have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information. All significant intercompany balances and transactions have been eliminated. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments and reclassifications of a normal and recurring nature considered necessary to present fairly the financial position at June 30, 2014, the statements of income and comprehensive income (loss) for the three and six months ended June 30, 2014 and 2013, and the statements of changes in stockholders' equity and cash flows for the six months ended June 30, 2014 and 2013. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the full year. | |
These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's 2013 annual report on Form 10-K. Certain previously reported amounts have been reclassified to conform to current period presentation, none of which were material in nature. |
Securities
Securities | 6 Months Ended | ||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||
Securities [Abstract] | ' | ||||||||||||||||||||||||||||
Securities | ' | ||||||||||||||||||||||||||||
Note 2. Securities | |||||||||||||||||||||||||||||
Amortized costs and fair values of securities held-to-maturity as of the dates indicated are as follows: | |||||||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||||||
Obligations of U.S. Government agencies | $ | 400 | $ | 0 | $ | (3 | ) | $ | 397 | ||||||||||||||||||||
Obligations of state and political subdivisions | 29,826 | 326 | (78 | ) | 30,074 | ||||||||||||||||||||||||
Mortgage-backed securities | 63,764 | 2,856 | 0 | 66,620 | |||||||||||||||||||||||||
Total | $ | 93,990 | $ | 3,182 | $ | (81 | ) | $ | 97,091 | ||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
Obligations of U.S. Government agencies | $ | 400 | $ | 1 | $ | (5 | ) | $ | 396 | ||||||||||||||||||||
Obligations of state and political subdivisions | 30,120 | 29 | (715 | ) | 29,434 | ||||||||||||||||||||||||
Mortgage-backed securities | 66,327 | 1,296 | 0 | 67,623 | |||||||||||||||||||||||||
Total | $ | 96,847 | $ | 1,326 | $ | (720 | ) | $ | 97,453 | ||||||||||||||||||||
Amortized costs and fair values of securities available-for-sale as of the dates indicated are as follows: | |||||||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||||||
Obligations of U.S. Government agencies | $ | 14,956 | $ | 260 | $ | (285 | ) | $ | 14,931 | ||||||||||||||||||||
Obligations of state and political subdivisions | 50,601 | 291 | (1,397 | ) | 49,495 | ||||||||||||||||||||||||
Mortgage-backed securities | 78,249 | 3 | (1,627 | ) | 76,625 | ||||||||||||||||||||||||
Money market investments | 614 | 0 | 0 | 614 | |||||||||||||||||||||||||
Corporate bonds | 2,298 | 4 | (11 | ) | 2,291 | ||||||||||||||||||||||||
Other marketable equity securities | 100 | 0 | (16 | ) | 84 | ||||||||||||||||||||||||
Total | $ | 146,818 | $ | 558 | $ | (3,336 | ) | $ | 144,040 | ||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
Obligations of U.S. Government agencies | $ | 15,189 | $ | 263 | $ | (428 | ) | $ | 15,024 | ||||||||||||||||||||
Obligations of state and political subdivisions | 51,032 | 86 | (4,018 | ) | 47,100 | ||||||||||||||||||||||||
Mortgage-backed securities | 94,685 | 0 | (3,935 | ) | 90,750 | ||||||||||||||||||||||||
Money market investments | 691 | 0 | 0 | 691 | |||||||||||||||||||||||||
Corporate bonds | 2,098 | 1 | (25 | ) | 2,074 | ||||||||||||||||||||||||
Total | $ | 163,695 | $ | 350 | $ | (8,406 | ) | $ | 155,639 | ||||||||||||||||||||
OTHER-THAN-TEMPORARILY IMPAIRED SECURITIES | |||||||||||||||||||||||||||||
Management assesses whether the Company intends to sell or it is more-likely-than-not that the Company will be required to sell a security before recovery of its amortized cost basis less any current-period credit losses. For debt securities that are considered other-than-temporarily impaired and that the Company does not intend to sell and will not be required to sell prior to recovery of the amortized cost basis, the Company separates the amount of the impairment into the amount that is credit related (credit loss component) and the amount due to all other factors. The credit loss component is recognized in earnings and is the difference between the security's amortized cost basis and the present value of its expected future cash flows. The remaining difference between the security's fair value and the present value of expected future cash flows is due to factors that are not credit related, which are recognized in other comprehensive income. | |||||||||||||||||||||||||||||
The present value of expected future cash flows is determined using the best-estimate cash flows discounted at the effective interest rate implicit to the security at the date of purchase or the current yield to accrete an asset-backed or floating rate security. The methodology and assumptions for establishing the best-estimate cash flows vary depending on the type of security. The asset-backed securities cash flow estimates are based on bond specific facts and circumstances that may include collateral characteristics, expectations of delinquency and default rates, loss severity and prepayment speeds, and structural support, including subordination and guarantees. | |||||||||||||||||||||||||||||
The Company has a process in place to identify debt securities that could potentially have a credit or interest-rate related impairment that is other-than-temporary. This process involves monitoring late payments, pricing levels, downgrades by rating agencies, key financial ratios, financial statements, revenue forecasts, and cash flow projections as indicators of credit issues. On a quarterly basis, management reviews all securities to determine whether an other-than-temporary decline in value exists and whether losses should be recognized. Management considers relevant facts and circumstances in evaluating whether a credit or interest rate-related impairment of a security is other-than-temporary. Relevant facts and circumstances considered include: (a) the extent and length of time the fair value has been below cost; (b) the reasons for the decline in value; (c) the financial position and access to capital of the issuer, including the current and future impact of any specific events; and (d) for fixed maturity securities, the Company's intent to sell a security or whether it is more-likely-than-not the Company will be required to sell the security before the recovery of its amortized cost which, in some cases, may extend to maturity, and for equity securities, the Company's ability and intent to hold the security for a period of time that allows for the recovery in value. | |||||||||||||||||||||||||||||
The Company has not recorded impairment charges through income on securities for the three or six months ended June 30, 2014 or the year ended December 31, 2013. | |||||||||||||||||||||||||||||
TEMPORARILY IMPAIRED SECURITIES | |||||||||||||||||||||||||||||
The following table shows the number of securities with unrealized losses, and the gross unrealized losses and fair value of the Company's investments with unrealized losses that are deemed to be temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of the dates indicated. | |||||||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||||||
Less Than Twelve Months | More Than Twelve Months | Total | |||||||||||||||||||||||||||
Gross | Fair | Gross | Fair | Gross | Fair | Number | |||||||||||||||||||||||
Unrealized | Value | Unrealized | Value | Unrealized | Value | of | |||||||||||||||||||||||
Losses | Losses | Losses | Securities | ||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||
Securities Available-for-Sale | |||||||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||||||
Obligations of U.S. Government agencies | $ | 0 | $ | 0 | $ | 285 | $ | 4,320 | $ | 285 | $ | 4,320 | 1 | ||||||||||||||||
Obligations of state and political subdivisions | 29 | 4,983 | 1,368 | 27,004 | 1,397 | 31,987 | 55 | ||||||||||||||||||||||
Mortgage-backed securities | 0 | 0 | 1,627 | 63,446 | 1,627 | 63,446 | 8 | ||||||||||||||||||||||
Corporate bonds | 2 | 398 | 9 | 791 | 11 | 1,189 | 10 | ||||||||||||||||||||||
Total debt securities | 31 | 5,381 | 3,289 | 95,561 | 3,320 | 100,942 | 74 | ||||||||||||||||||||||
Other marketable equity securities | 16 | 84 | 0 | 0 | 16 | 84 | 1 | ||||||||||||||||||||||
Total securities available-for-sale | $ | 47 | $ | 5,465 | $ | 3,289 | $ | 95,561 | $ | 3,336 | $ | 101,026 | 75 | ||||||||||||||||
Securities Held-to-Maturity | |||||||||||||||||||||||||||||
Obligations of U.S. Government agencies | $ | 0 | $ | 0 | $ | 3 | $ | 97 | $ | 3 | $ | 97 | 1 | ||||||||||||||||
Obligations of state and political subdivisions | 14 | 3,625 | 64 | 3,213 | 78 | 6,838 | 14 | ||||||||||||||||||||||
Total securities held-to-maturity | $ | 14 | $ | 3,625 | $ | 67 | $ | 3,310 | $ | 81 | $ | 6,935 | 15 | ||||||||||||||||
Total securities | $ | 61 | $ | 9,090 | $ | 3,356 | $ | 98,871 | $ | 3,417 | $ | 107,961 | 90 | ||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
Less Than Twelve Months | More Than Twelve Months | Total | |||||||||||||||||||||||||||
Gross | Fair | Gross | Fair | Gross | Fair | Number | |||||||||||||||||||||||
Unrealized | Value | Unrealized | Value | Unrealized | Value | of | |||||||||||||||||||||||
Losses | Losses | Losses | Securities | ||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||
Securities Available-for-Sale | |||||||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||||||
Obligations of U.S. Government agencies | $ | 0 | $ | 0 | $ | 428 | $ | 4,403 | $ | 428 | $ | 4,403 | 1 | ||||||||||||||||
Obligations of state and political subdivisions | 3,246 | 36,235 | 772 | 6,450 | 4,018 | 42,685 | 82 | ||||||||||||||||||||||
Mortgage-backed securities | 3,321 | 81,664 | 614 | 9,086 | 3,935 | 90,750 | 12 | ||||||||||||||||||||||
Corporate bonds | 19 | 1,279 | 6 | 295 | 25 | 1,574 | 12 | ||||||||||||||||||||||
Total securities available-for-sale | $ | 6,586 | $ | 119,178 | $ | 1,820 | $ | 20,234 | $ | 8,406 | $ | 139,412 | 107 | ||||||||||||||||
Securities Held-to-Maturity | |||||||||||||||||||||||||||||
Obligations of U.S. Government agencies | $ | 0 | $ | 0 | $ | 5 | $ | 95 | $ | 5 | $ | 95 | 1 | ||||||||||||||||
Obligations of state and political subdivisions | 715 | 23,765 | 0 | 0 | 715 | 23,765 | 50 | ||||||||||||||||||||||
Total securities held-to-maturity | $ | 715 | $ | 23,765 | $ | 5 | $ | 95 | $ | 720 | $ | 23,860 | 51 | ||||||||||||||||
Total securities | $ | 7,301 | $ | 142,943 | $ | 1,825 | $ | 20,329 | $ | 9,126 | $ | 163,272 | 158 | ||||||||||||||||
Certain investments within the Company's portfolio had unrealized losses at June 30, 2014 and December 31, 2013, as shown in the tables above. The unrealized losses were caused by increases in market interest rates. Because the Company does not intend to sell the investments and management believes it is unlikely that the Company will be required to sell the investments before recovery of their amortized cost basis, which may be maturity, the Company does not consider the investments to be other-than-temporarily impaired at June 30, 2014 or December 31, 2013. | |||||||||||||||||||||||||||||
Restricted Securities | |||||||||||||||||||||||||||||
The restricted security category is comprised of stock in the Federal Home Loan Bank of Atlanta (FHLB) and the Federal Reserve Bank (FRB). These stocks are classified as restricted securities because their ownership is restricted to certain types of entities and the securities lack a market. Therefore, FHLB and FRB stock is carried at cost and evaluated for impairment. When evaluating these stocks for impairment, their value is determined based on the ultimate recoverability of the par value rather than by recognizing temporary declines in value. Restricted stock is viewed as a long-term investment and management believes that the Company has the ability and the intent to hold this stock until its value is recovered. |
Loans_and_the_Allowance_for_Lo
Loans and the Allowance for Loan Losses | 6 Months Ended | ||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||
Loans and the Allowance for Loan Losses [Abstract] | ' | ||||||||||||||||||||||||||||
Loans and the Allowance for Loan Losses | ' | ||||||||||||||||||||||||||||
Note 3. Loans and the Allowance for Loan Losses | |||||||||||||||||||||||||||||
The following is a summary of the balances in each class of the Company's loan portfolio as of the dates indicated: | |||||||||||||||||||||||||||||
30-Jun-14 | 31-Dec-13 | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||||||||||||||
Residential 1-4 family | $ | 85,206 | $ | 84,500 | |||||||||||||||||||||||||
Commercial | 294,298 | 287,071 | |||||||||||||||||||||||||||
Construction | 14,100 | 14,505 | |||||||||||||||||||||||||||
Second mortgages | 12,756 | 13,232 | |||||||||||||||||||||||||||
Equity lines of credit | 38,255 | 32,163 | |||||||||||||||||||||||||||
Total mortgage loans on real estate | 444,615 | 431,471 | |||||||||||||||||||||||||||
Commercial loans | 34,973 | 30,702 | |||||||||||||||||||||||||||
Consumer loans | 18,625 | 19,791 | |||||||||||||||||||||||||||
Other | 21,449 | 18,735 | |||||||||||||||||||||||||||
Total loans | 519,662 | 500,699 | |||||||||||||||||||||||||||
Less: Allowance for loan losses | (6,976 | ) | (6,831 | ) | |||||||||||||||||||||||||
Loans, net of allowance and deferred fees | $ | 512,686 | $ | 493,868 | |||||||||||||||||||||||||
Overdrawn deposit accounts are reclassified as loans and included in the Other category in the table above. Overdrawn deposit accounts totaled $781 thousand and $641 thousand at June 30, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||||||||||
CREDIT QUALITY INFORMATION | |||||||||||||||||||||||||||||
The Company uses internally-assigned risk grades to estimate the capability of borrowers to repay the contractual obligations of their loan agreements as scheduled or at all. The Company's internal risk grade system is based on experiences with similarly graded loans. Credit risk grades are updated at least quarterly as additional information becomes available, at which time management analyzes the resulting scores to track loan performance. | |||||||||||||||||||||||||||||
The Company's internally assigned risk grades are as follows: | |||||||||||||||||||||||||||||
· | Pass: Loans are of acceptable risk. | ||||||||||||||||||||||||||||
· | Other Assets Especially Mentioned (OAEM): Loans have potential weaknesses that deserve management's close attention. | ||||||||||||||||||||||||||||
· | Substandard: Loans reflect significant deficiencies due to several adverse trends of a financial, economic or managerial nature. | ||||||||||||||||||||||||||||
· | Doubtful: Loans have all the weaknesses inherent in a substandard loan with added characteristics that make collection or liquidation in full based on currently existing facts, conditions and values highly questionable or improbable. | ||||||||||||||||||||||||||||
· | Loss: Loans have been charged off because they are considered uncollectible and of such little value that their continuance as bankable assets is not warranted. | ||||||||||||||||||||||||||||
The following table presents credit quality exposures by internally assigned risk ratings as of the dates indicated: | |||||||||||||||||||||||||||||
Credit Quality Information | |||||||||||||||||||||||||||||
As of June 30, 2014 | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Pass | OAEM | Substandard | Total | ||||||||||||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||||||||||||||
Residential 1-4 family | $ | 80,378 | $ | 0 | $ | 4,828 | $ | 85,206 | |||||||||||||||||||||
Commercial | 285,386 | 4,266 | 4,646 | 294,298 | |||||||||||||||||||||||||
Construction | 11,196 | 456 | 2,448 | 14,100 | |||||||||||||||||||||||||
Second mortgages | 12,517 | 0 | 239 | 12,756 | |||||||||||||||||||||||||
Equity lines of credit | 37,547 | 0 | 708 | 38,255 | |||||||||||||||||||||||||
Total mortgage loans on real estate | 427,024 | 4,722 | 12,869 | 444,615 | |||||||||||||||||||||||||
Commercial loans | 34,817 | 85 | 71 | 34,973 | |||||||||||||||||||||||||
Consumer loans | 18,557 | 0 | 68 | 18,625 | |||||||||||||||||||||||||
Other | 21,449 | 0 | 0 | 21,449 | |||||||||||||||||||||||||
Total | $ | 501,847 | $ | 4,807 | $ | 13,008 | $ | 519,662 | |||||||||||||||||||||
Credit Quality Information | |||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Pass | OAEM | Substandard | Total | ||||||||||||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||||||||||||||
Residential 1-4 family | $ | 78,612 | $ | 1,167 | $ | 4,721 | $ | 84,500 | |||||||||||||||||||||
Commercial | 274,749 | 5,693 | 6,629 | 287,071 | |||||||||||||||||||||||||
Construction | 10,319 | 640 | 3,546 | 14,505 | |||||||||||||||||||||||||
Second mortgages | 12,994 | 0 | 238 | 13,232 | |||||||||||||||||||||||||
Equity lines of credit | 31,690 | 0 | 473 | 32,163 | |||||||||||||||||||||||||
Total mortgage loans on real estate | 408,364 | 7,500 | 15,607 | 431,471 | |||||||||||||||||||||||||
Commercial loans | 30,164 | 319 | 219 | 30,702 | |||||||||||||||||||||||||
Consumer loans | 19,723 | 0 | 68 | 19,791 | |||||||||||||||||||||||||
Other | 18,735 | 0 | 0 | 18,735 | |||||||||||||||||||||||||
Total | $ | 476,986 | $ | 7,819 | $ | 15,894 | $ | 500,699 | |||||||||||||||||||||
As of June 30, 2014 and December 31, 2013 the Company did not have any loans internally classified as Loss or Doubtful. | |||||||||||||||||||||||||||||
AGE ANALYSIS OF PAST DUE LOANS BY CLASS | |||||||||||||||||||||||||||||
All classes of loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Interest and fees continue to accrue on past due loans until the date the loan is placed in nonaccrual status, if applicable. The following table includes an aging analysis of the recorded investment in past due loans as of the dates indicated. Also included in the table below are loans that are 90 days or more past due as to interest and principal and still accruing interest, because they are well-secured and in the process of collection. Loans in nonaccrual status that are also past due are included in the aging categories in the table below. | |||||||||||||||||||||||||||||
Age Analysis of Past Due Loans as of June 30, 2014 | |||||||||||||||||||||||||||||
30 - 59 | 60 - 89 | 90 or More | Total Past | Total | Total | Recorded | |||||||||||||||||||||||
Days Past | Days Past | Days Past | Due | Current | Loans | Investment | |||||||||||||||||||||||
Due | Due | Due | Loans (1) | > 90 Days | |||||||||||||||||||||||||
Past Due | |||||||||||||||||||||||||||||
and | |||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||||||||||||||
Residential 1-4 family | $ | 534 | $ | 61 | $ | 3,460 | $ | 4,055 | $ | 81,151 | $ | 85,206 | $ | 0 | |||||||||||||||
Commercial | 365 | 781 | 53 | 1,199 | 293,099 | 294,298 | 0 | ||||||||||||||||||||||
Construction | 456 | 0 | 2,448 | 2,904 | 11,196 | 14,100 | 67 | ||||||||||||||||||||||
Second mortgages | 3 | 5 | 33 | 41 | 12,715 | 12,756 | 33 | ||||||||||||||||||||||
Equity lines of credit | 0 | 0 | 20 | 20 | 38,235 | 38,255 | 20 | ||||||||||||||||||||||
Total mortgage loans on real estate | 1,358 | 847 | 6,014 | 8,219 | 436,396 | 444,615 | 120 | ||||||||||||||||||||||
Commercial loans | 18 | 0 | 10 | 28 | 34,945 | 34,973 | 10 | ||||||||||||||||||||||
Consumer loans | 461 | 582 | 905 | 1,948 | 16,677 | 18,625 | 861 | ||||||||||||||||||||||
Other | 41 | 11 | 5 | 57 | 21,392 | 21,449 | 5 | ||||||||||||||||||||||
Total | $ | 1,878 | $ | 1,440 | $ | 6,934 | $ | 10,252 | $ | 509,410 | $ | 519,662 | $ | 996 | |||||||||||||||
(1) For purposes of this table, Total Current Loans includes loans that are 1 - 29 days past due. | |||||||||||||||||||||||||||||
In the table above, the consumer category includes student loans with principal amounts that are 97 - 98% guaranteed by the government. The past due portion of these guaranteed loans totaled $1.9 million at June 30, 2014. | |||||||||||||||||||||||||||||
Age Analysis of Past Due Loans as of December 31, 2013 | |||||||||||||||||||||||||||||
30 - 59 | 60 - 89 | 90 or More | Total Past | Total | Total | Recorded | |||||||||||||||||||||||
Days Past | Days Past | Days Past | Due | Current | Loans | Investment | |||||||||||||||||||||||
Due | Due | Due | Loans (1) | > 90 Days | |||||||||||||||||||||||||
Past Due | |||||||||||||||||||||||||||||
and | |||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||||||||||||||
Residential 1-4 family | $ | 324 | $ | 82 | $ | 4,304 | $ | 4,710 | $ | 79,790 | $ | 84,500 | $ | 493 | |||||||||||||||
Commercial | 120 | 704 | 53 | 877 | 286,194 | 287,071 | 0 | ||||||||||||||||||||||
Construction | 0 | 0 | 2,545 | 2,545 | 11,960 | 14,505 | 0 | ||||||||||||||||||||||
Second mortgages | 0 | 10 | 34 | 44 | 13,188 | 13,232 | 34 | ||||||||||||||||||||||
Equity lines of credit | 139 | 0 | 0 | 139 | 32,024 | 32,163 | 0 | ||||||||||||||||||||||
Total mortgage loans on real estate | 583 | 796 | 6,936 | 8,315 | 423,156 | 431,471 | 527 | ||||||||||||||||||||||
Commercial loans | 15 | 80 | 0 | 95 | 30,607 | 30,702 | 0 | ||||||||||||||||||||||
Consumer loans | 929 | 5 | 5 | 939 | 18,852 | 19,791 | 5 | ||||||||||||||||||||||
Other | 51 | 15 | 14 | 80 | 18,655 | 18,735 | 14 | ||||||||||||||||||||||
Total | $ | 1,578 | $ | 896 | $ | 6,955 | $ | 9,429 | $ | 491,270 | $ | 500,699 | $ | 546 | |||||||||||||||
(1) For purposes of this table, Total Current Loans includes loans that are 1 - 29 days past due. | |||||||||||||||||||||||||||||
In the table above, the consumer category includes student loans with principal amounts that are 97 - 98% guaranteed by the government. The past due portion of these guaranteed loans totaled $744 thousand at December 31, 2013. | |||||||||||||||||||||||||||||
NONACCRUAL LOANS | |||||||||||||||||||||||||||||
The Company generally places non-consumer loans in nonaccrual status when the full and timely collection of interest or principal becomes uncertain, part of the principal balance has been charged off and no restructuring has occurred or the loan reaches 90 days past due, unless the credit is well-secured and in the process of collection. Under regulatory rules, consumer loans, which are loans to individuals for household, family and other personal expenditures, and loans secured by 1-4 family residential properties are not required to be placed in nonaccrual status. Although consumer loans and loans secured by 1-4 family residential property are not required to be placed in nonaccrual status, the Company may place a consumer loan or loan secured by 1-4 family residential property in nonaccrual status, if necessary to avoid a material overstatement of interest income. | |||||||||||||||||||||||||||||
Generally, consumer loans not secured by real estate are placed in nonaccrual status only when part of the principal has been charged off. These loans are charged off or written down to the net realizable value of the collateral when deemed uncollectible, due to bankruptcy or other factors, or when they are past due based on loan product, industry practice, terms and other factors. | |||||||||||||||||||||||||||||
When management places a loan in nonaccrual status, the accrued unpaid interest receivable is reversed against interest income and the loan is accounted for by the cash or cost recovery method, until it qualifies for return to accrual status or is charged off. Generally, management returns a loan to accrual status if (a) all delinquent interest and principal payments become current under the terms of the loan agreement or (b) the loan is both well-secured and in the process of collection and collectability is no longer doubtful. | |||||||||||||||||||||||||||||
The following table presents loans in nonaccrual status by class of loan as of the dates indicated: | |||||||||||||||||||||||||||||
Nonaccrual Loans by Class | |||||||||||||||||||||||||||||
30-Jun-14 | 31-Dec-13 | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Mortgage loans on real estate | |||||||||||||||||||||||||||||
Residential 1-4 family | $ | 3,717 | $ | 4,024 | |||||||||||||||||||||||||
Commercial | 4,442 | 4,606 | |||||||||||||||||||||||||||
Construction | 2,382 | 2,545 | |||||||||||||||||||||||||||
Total mortgage loans on real estate | 10,541 | 11,175 | |||||||||||||||||||||||||||
Commercial loans | 0 | 149 | |||||||||||||||||||||||||||
Consumer loans | 44 | 0 | |||||||||||||||||||||||||||
Total | $ | 10,585 | $ | 11,324 | |||||||||||||||||||||||||
The following table presents the interest income that the Company would have earned under the original terms of its nonaccrual loans and the actual interest recorded by the Company on nonaccrual loans for the periods presented: | |||||||||||||||||||||||||||||
Six Months Ended June 30, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Interest income that would have been recorded under original loan terms | $ | 369 | $ | 275 | |||||||||||||||||||||||||
Actual interest income recorded for the period | 170 | 51 | |||||||||||||||||||||||||||
Reduction in interest income on nonaccrual loans | $ | 199 | $ | 224 | |||||||||||||||||||||||||
TROUBLED DEBT RESTRUCTURINGS | |||||||||||||||||||||||||||||
The Company's loan portfolio includes certain loans that have been modified in a troubled debt restructuring (TDR), where economic concessions have been granted to borrowers who are experiencing financial difficulties. These concessions typically result from the Company's loss mitigation activities and could include reduction in the interest rate below current market rates for borrowers with similar risk profiles, payment extensions, forgiveness of principal, forbearance or other actions intended to maximize collection. The Company defines a TDR as nonperforming if the TDR is in nonaccrual status or is 90 days or more past due and still accruing interest at the report date. | |||||||||||||||||||||||||||||
When the Company modifies a loan, management evaluates any possible impairment as stated in the impaired loan section below. | |||||||||||||||||||||||||||||
The following table presents TDRs during the period indicated, by class of loan. The Company did not restructure any loans in the second quarter of 2014. | |||||||||||||||||||||||||||||
Troubled Debt Restructurings by Class | |||||||||||||||||||||||||||||
For the Three Months Ended June 30, 2013 | |||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||
Number of | Recorded | Recorded | Current Investment on June 30, 2013 | ||||||||||||||||||||||||||
Modifications | Investment | Investment | |||||||||||||||||||||||||||
Prior to | After | ||||||||||||||||||||||||||||
Modification | Modification | ||||||||||||||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||||||||||||||
Residential 1-4 family | 2 | $ | $285 | $ | $285 | $ | $284 | ||||||||||||||||||||||
Troubled Debt Restructurings by Class | |||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2014 | |||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||
Number of | Recorded | Recorded | Current | ||||||||||||||||||||||||||
Modifications | Investment | Investment | Investment on | ||||||||||||||||||||||||||
Prior to | After | 30-Jun-14 | |||||||||||||||||||||||||||
Modification | Modification | ||||||||||||||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||||||||||||||
Residential 1-4 family | 1 | $ | 276 | $ | 276 | $ | 272 | ||||||||||||||||||||||
Construction | 1 | 103 | 103 | 103 | |||||||||||||||||||||||||
Second mortgages | 1 | 89 | 89 | 88 | |||||||||||||||||||||||||
Total | 3 | $ | 468 | $ | 468 | $ | 463 | ||||||||||||||||||||||
Troubled Debt Restructurings by Class | |||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2013 | |||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||
Number of | Recorded | Recorded | Current Investment on June 30, 2013 | ||||||||||||||||||||||||||
Modifications | Investment | Investment | |||||||||||||||||||||||||||
Prior to | After | ||||||||||||||||||||||||||||
Modification | Modification | ||||||||||||||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||||||||||||||
Residential 1-4 family | 3 | $ | 676 | $ | 676 | $ | 673 | ||||||||||||||||||||||
Commercial | 1 | 207 | 207 | 203 | |||||||||||||||||||||||||
Total | 4 | $ | 883 | $ | 883 | $ | 876 | ||||||||||||||||||||||
All loans restructured in the first six months of 2014 and 2013 were given below-market rates for debt with similar risk characteristics. At June 30, 2014 and December 31, 2013, the Company had no outstanding commitments to disburse additional funds on any TDR. | |||||||||||||||||||||||||||||
The following tables presents TDRs for the periods indicated for which there was a payment default where the default occurred within twelve months of restructuring. The Company considers a TDR in default when any of the following occurs: the loan, as restructured, becomes 90 days or more past due; the loan is moved to non-accrual status following the restructure; the loan is restructured again under terms that would qualify it as a TDR if it were not already so classified; or any portion of the loan is charged off. For the three months ended June 30, 2014, there were no TDRs for which there was a payment default where the default occurred within twelve months of restructuring. | |||||||||||||||||||||||||||||
Restructurings that Subsequently Defaulted | |||||||||||||||||||||||||||||
For the Three Months Ended June 30, 2013 | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Recorded Investment in Defaulting Loans as of June 30, 2013 | |||||||||||||||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||||||||||||||
Residential 1-4 family | $ | 210 | |||||||||||||||||||||||||||
Restructurings that Subsequently Defaulted | |||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2014 | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Recorded Investment in Defaulting Loans as of June 30, 2014 | |||||||||||||||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||||||||||||||
Residential 1-4 family | $ | 94 | |||||||||||||||||||||||||||
Restructurings that Subsequently Defaulted | |||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2013 | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Recorded Investment in Defaulting Loans as of June 30, 2013 | |||||||||||||||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||||||||||||||
Residential 1-4 family | $ | 210 | |||||||||||||||||||||||||||
Commercial | 1,843 | ||||||||||||||||||||||||||||
Total | $ | 2,053 | |||||||||||||||||||||||||||
The TDRs in the tables above are factored into the determination of the allowance for loan losses as of the periods indicated. These loans are included in the impaired loan analysis, as discussed below. | |||||||||||||||||||||||||||||
IMPAIRED LOANS | |||||||||||||||||||||||||||||
A loan is considered impaired when, based on current information and events, it is probable that 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 and loans modified in a TDR. When management identifies a loan as impaired, the impairment is measured based on the present value of expected future cash flows, discounted at the loan's effective interest rate, except when the sole or remaining source of repayment for the loan is the operation or liquidation of the collateral. In these cases, management uses the current fair value of the collateral, less selling costs, when foreclosure is probable, instead of the discounted cash flows. If management determines that the value of the impaired loan is less than the recorded investment in the loan (net of previous charge-offs, deferred loan fees or costs and unamortized premium or discount), impairment is recognized through an allowance estimate or a charge-off to the allowance. | |||||||||||||||||||||||||||||
When the ultimate collectability of the total principal of an impaired loan is in doubt and the loan is in nonaccrual status, all payments are applied to principal under the cost-recovery method. For financial statement purposes, the recorded investment in the loan is the actual principal balance reduced by payments that would otherwise have been applied to interest. When reporting information on these loans to the applicable customers, the unpaid principal balance is reported as if payments were applied to principal and interest under the original terms of the loan agreements. Therefore, the unpaid principal balance reported to the customer would be higher than the recorded investment in the loan for financial statement purposes. When the ultimate collectability of the total principal of the impaired loan is not in doubt and the loan is in nonaccrual status, contractual interest is credited to interest income when received under the cash-basis method. | |||||||||||||||||||||||||||||
The following table includes the recorded investment and unpaid principal balances (a portion of which may have been charged off) for impaired loans with the associated allowance amount, if applicable, as of the dates presented. Also presented are the average recorded investments in the impaired loans and the related amount of interest recognized for the periods presented. The average balances are calculated based on daily average balances. | |||||||||||||||||||||||||||||
Impaired Loans by Class | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
As of June 30, 2014 | For the six months ended June 30, 2014 | ||||||||||||||||||||||||||||
Recorded Investment | |||||||||||||||||||||||||||||
Unpaid | Without | With | Associated | Average | Interest | ||||||||||||||||||||||||
Principal | Valuation | Valuation | Allowance | Recorded | Income | ||||||||||||||||||||||||
Balance | Allowance | Allowance | Investment | Recognized | |||||||||||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||||||||||||||
Residential 1-4 family | $ | 5,680 | $ | 4,464 | $ | 1,038 | $ | 137 | $ | 5,503 | $ | 60 | |||||||||||||||||
Commercial | 12,650 | 7,561 | 3,373 | 186 | 10,817 | 215 | |||||||||||||||||||||||
Construction | 3,706 | 0 | 2,941 | 380 | 2,778 | 21 | |||||||||||||||||||||||
Second mortgages | 455 | 271 | 153 | 117 | 460 | 11 | |||||||||||||||||||||||
Total mortgage loans on real estate | $ | 22,491 | $ | 12,296 | $ | 7,505 | $ | 820 | $ | 19,558 | $ | 307 | |||||||||||||||||
Commercial loans | 0 | 0 | 0 | 0 | 74 | 0 | |||||||||||||||||||||||
Consumer loans | 59 | 59 | 0 | 0 | 37 | 1 | |||||||||||||||||||||||
Total | $ | 22,550 | $ | 12,355 | $ | 7,505 | $ | 820 | $ | 19,669 | $ | 308 | |||||||||||||||||
Impaired Loans by Class | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
As of December 31, 2013 | For the year ended | ||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
Recorded Investment | |||||||||||||||||||||||||||||
Unpaid | Without | With | Associated | Average | Interest | ||||||||||||||||||||||||
Principal | Valuation | Valuation | Allowance | Recorded | Income | ||||||||||||||||||||||||
Balance | Allowance | Allowance | Investment | Recognized | |||||||||||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||||||||||||||
Residential 1-4 family | $ | 5,713 | $ | 1,542 | $ | 4,009 | $ | 1,383 | $ | 5,152 | $ | 102 | |||||||||||||||||
Commercial | 12,905 | 6,882 | 4,300 | 307 | 10,631 | 591 | |||||||||||||||||||||||
Construction | 3,309 | 2,545 | 0 | 0 | 2,798 | 0 | |||||||||||||||||||||||
Second mortgages | 374 | 296 | 47 | 3 | 462 | (19 | ) | ||||||||||||||||||||||
Equity lines of credit | 0 | 0 | 0 | 0 | 97 | 0 | |||||||||||||||||||||||
Total mortgage loans on real estate | $ | 22,301 | $ | 11,265 | $ | 8,356 | $ | 1,693 | $ | 19,140 | $ | 674 | |||||||||||||||||
Commercial loans | 150 | 149 | 0 | 0 | 44 | 6 | |||||||||||||||||||||||
Consumer loans | 15 | 0 | 15 | 0 | 17 | 1 | |||||||||||||||||||||||
Total | $ | 22,466 | $ | 11,414 | $ | 8,371 | $ | 1,693 | $ | 19,201 | $ | 681 | |||||||||||||||||
MONITORING OF LOANS AND EFFECT OF MONITORING FOR THE ALLOWANCE FOR LOAN LOSSES | |||||||||||||||||||||||||||||
Loan officers are responsible for continual portfolio analysis and prompt identification and reporting of problem loans, which includes assigning a risk grade to each applicable loan at its origination and revising such grade as the situation dictates. Loan officers maintain frequent contact with borrowers, which should enable the loan officer to identify potential problems before other personnel. In addition, meetings with loan officers and upper management are held to discuss problem loans and review risk grades. Nonetheless, in order to avoid over-reliance upon loan officers for problem loan identification, the Company's loan review system provides for review of loans and risk grades by individuals who are independent of the loan approval process. Risk grades and historical loss rates (determined by migration analysis) by risk grades are used as a component of the calculation of the allowance for loan losses. | |||||||||||||||||||||||||||||
ALLOWANCE FOR LOAN LOSSES | |||||||||||||||||||||||||||||
Management has an established methodology to determine the adequacy of the allowance for loan losses that assesses the risks and losses inherent in the loan portfolio. The Company segments the loan portfolio into categories as defined by Schedule RC-C of the Federal Financial Institutions Examination Council Consolidated Reports of Condition and Income Form 041 (Call Report).  Management believes that using the Call Report categories to segment loans for this purpose results in increased efficiency and accuracy in the determination of the adequacy of the allowance for loan losses.  For purposes of calculating the allowance for loan losses, loans are segmented into the following pools: commercial, real estate-construction, real estate-mortgage, consumer and other loans. The Company also sub-segments the real estate-mortgage segment into four classes: residential 1-4 family, commercial, second mortgages and equity lines of credit. The Company uses an internally developed risk evaluation model in the estimation of the credit risk process. The model and assumptions used to determine the allowance are independently validated and reviewed to ensure that the theoretical foundation, assumptions, data integrity, computational processes and reporting practices are appropriate and properly documented. | |||||||||||||||||||||||||||||
Each portfolio segment has risk characteristics as follows: | |||||||||||||||||||||||||||||
· | Commercial: Commercial loans carry risks associated with the successful operation of a business or project, in addition to other risks associated with the ownership of a business. The repayment of these loans may be dependent upon the profitability and cash flows of the business. In addition, there is risk associated with the value of collateral other than real estate which may depreciate over time and cannot be appraised with as much precision. | ||||||||||||||||||||||||||||
· | Real estate-construction: Construction loans carry risks that the project will not be finished according to schedule, the project will not be finished according to budget and the value of the collateral may at any point in time be less than the principal amount of the loan. Construction loans also bear the risk that the general contractor, who may or may not be the loan customer, may be unable to finish the construction project as planned because of financial pressure unrelated to the project. | ||||||||||||||||||||||||||||
· | Real estate-mortgage: Residential mortgage loans and equity lines of credit carry risks associated with the continued credit-worthiness of the borrower and changes in the value of the collateral. Commercial real estate loans carry risks associated with the successful operation of a business if owner occupied. If non-owner occupied, the repayment of these loans may be dependent upon the profitability and cash flow from rent receipts. | ||||||||||||||||||||||||||||
· | Consumer loans: Consumer loans carry risks associated with the continued credit-worthiness of the borrowers and the value of the collateral. Consumer loans are more likely than real estate loans to be immediately adversely affected by job loss, divorce, illness or personal bankruptcy. | ||||||||||||||||||||||||||||
· | Other loans: Other loans are loans to mortgage companies, loans for purchasing or carrying securities, and loans to insurance, investment and finance companies. These loans carry risks associated with the successful operation of a business. In addition, there is risk associated with the value of collateral other than real estate which may depreciate over time, depend on interest rates or fluctuate in active trading markets. | ||||||||||||||||||||||||||||
To assess the adequacy of the allowance for loan losses, the Company uses a software program that performs migration analysis on pooled segments by risk grade or by days past due.  Loans not secured by real estate and made to individuals for household, family and other personal expenditures are segmented into pools based on days past due, while all other loans, including loans to consumers that are secured by real estate, are segmented by risk grades.  The migration analysis applied to all pools is able to track the risk grading and historical performance of individual loans throughout a number of periods set by management, which provides management with more information regarding trends (or migrations) in a particular loan segment. Loans collectively evaluated for impairment are pooled, with a historical loss rate applied to each pool. For the December 31, 2013, March 31, 2014 and June 30, 2014 calculations, the historical loss was based on migration analysis of the past nine, ten and eleven quarters, respectively. | |||||||||||||||||||||||||||||
Management also provides an allocated component of the allowance for loans that are specifically identified that may be impaired, and are individually analyzed for impairment. An allocated allowance is established when the discounted value of expected future cash flows from the impaired loan (or the collateral value or observable market price of the impaired loan) is lower than the carrying value of that loan. | |||||||||||||||||||||||||||||
Based on credit risk assessments and management's analysis of qualitative factors, additional loss factors are applied to loan balances. These additional qualitative factors include: economic conditions, trends in growth, loan concentrations, changes in certain loans, changes in underwriting, changes in management and changes in the legal and regulatory environment. | |||||||||||||||||||||||||||||
ALLOWANCE FOR LOAN LOSSES BY SEGMENT | |||||||||||||||||||||||||||||
The total allowance reflects management's estimate of loan losses inherent in the loan portfolio at the balance sheet date. The Company considers the allowance for loan losses of $7.0 million adequate to cover loan losses inherent in the loan portfolio at June 30, 2014. | |||||||||||||||||||||||||||||
The following table presents, by portfolio segment, the changes in the allowance for loan losses and the recorded investment in loans for the periods presented. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. | |||||||||||||||||||||||||||||
ALLOWANCE FOR LOAN LOSSES AND RECORDED INVESTMENT IN LOANS | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
For the Six Months Ended | Commercial | Real Estate - | Real Estate - | Consumer | Other | Total | |||||||||||||||||||||||
30-Jun-14 | Construction | Mortgage | |||||||||||||||||||||||||||
Allowance for Loan Losses: | |||||||||||||||||||||||||||||
Balance at the beginning of period | $ | 350 | $ | 662 | $ | 5,357 | $ | 294 | $ | 168 | $ | 6,831 | |||||||||||||||||
Charge-offs | (139 | ) | 0 | (249 | ) | (93 | ) | (77 | ) | (558 | ) | ||||||||||||||||||
Recoveries | 28 | 5 | 253 | 35 | 32 | 353 | |||||||||||||||||||||||
Provision for loan losses | 260 | 483 | (502 | ) | (1 | ) | 110 | 350 | |||||||||||||||||||||
Ending balance | $ | 499 | $ | 1,150 | $ | 4,859 | $ | 235 | $ | 233 | $ | 6,976 | |||||||||||||||||
Ending balance individually evaluated for impairment | $ | 0 | $ | 380 | $ | 440 | $ | 0 | $ | 0 | $ | 820 | |||||||||||||||||
Ending balance collectively evaluated for impairment | 499 | 770 | 4,419 | 235 | 233 | 6,156 | |||||||||||||||||||||||
Ending balance | $ | 499 | $ | 1,150 | $ | 4,859 | $ | 235 | $ | 233 | $ | 6,976 | |||||||||||||||||
Loan Balances: | |||||||||||||||||||||||||||||
Ending balance individually evaluated for impairment | $ | 0 | $ | 2,941 | $ | 16,860 | $ | 59 | $ | 0 | $ | 19,860 | |||||||||||||||||
Ending balance collectively evaluated for impairment | 34,973 | 11,159 | 413,655 | 18,566 | 21,449 | 499,802 | |||||||||||||||||||||||
Ending balance | $ | 34,973 | $ | 14,100 | $ | 430,515 | $ | 18,625 | $ | 21,449 | $ | 519,662 | |||||||||||||||||
For the Year Ended | Commercial | Real Estate - | Real Estate - | Consumer | Other | Total | |||||||||||||||||||||||
31-Dec-13 | Construction | Mortgage | |||||||||||||||||||||||||||
Allowance for Loan Losses: | |||||||||||||||||||||||||||||
Balance at the beginning of period | $ | 677 | $ | 187 | $ | 6,179 | $ | 204 | $ | 77 | $ | 7,324 | |||||||||||||||||
Charge-offs | (200 | ) | (501 | ) | (1,548 | ) | (141 | ) | (316 | ) | (2,706 | ) | |||||||||||||||||
Recoveries | 76 | 6 | 513 | 111 | 207 | 913 | |||||||||||||||||||||||
Provision for loan losses | (203 | ) | 970 | 213 | 120 | 200 | 1,300 | ||||||||||||||||||||||
Ending balance | $ | 350 | $ | 662 | $ | 5,357 | $ | 294 | $ | 168 | $ | 6,831 | |||||||||||||||||
Ending balance individually evaluated for impairment | $ | 0 | $ | 0 | $ | 1,693 | $ | 0 | $ | 0 | $ | 1,693 | |||||||||||||||||
Ending balance collectively evaluated for impairment | 350 | 662 | 3,664 | 294 | 168 | 5,138 | |||||||||||||||||||||||
Ending balance | $ | 350 | $ | 662 | $ | 5,357 | $ | 294 | $ | 168 | $ | 6,831 | |||||||||||||||||
Loan Balances: | |||||||||||||||||||||||||||||
Ending balance individually evaluated for impairment | $ | 149 | $ | 2,545 | $ | 17,076 | $ | 15 | $ | 0 | $ | 19,785 | |||||||||||||||||
Ending balance collectively evaluated for impairment | 30,553 | 11,960 | 399,890 | 19,776 | 18,735 | 480,914 | |||||||||||||||||||||||
Ending balance | $ | 30,702 | $ | 14,505 | $ | 416,966 | $ | 19,791 | $ | 18,735 | $ | 500,699 |
ShareBased_Compensation
Share-Based Compensation | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Share-Based Compensation [Abstract] | ' | ||||||||||||||||
Share-Based Compensation | ' | ||||||||||||||||
Note 4. Share-Based Compensation | |||||||||||||||||
Share-based compensation arrangements include stock options, restricted stock awards, performance-based awards, stock appreciation rights and employee stock purchase plans. Accounting standards require all share-based payments to employees to be valued using a fair value method on the date of grant and to be expensed based on that fair value over the applicable vesting period. | |||||||||||||||||
Historically, the Company has only granted share-based compensation in the form of stock options. There were no options granted in the first six months of 2014. | |||||||||||||||||
On March 9, 2008, the Company's 1998 Stock Option Plan expired. Options to purchase 150,085 shares of common stock were outstanding under the Company's 1998 Stock Option Plan at June 30, 2014. The exercise price of each option equals the market price of the Company's common stock on the date of the grant and each option's maximum term is ten years. | |||||||||||||||||
Stock option activity for the six months ended June 30, 2014 is summarized below: | |||||||||||||||||
Shares | Weighted | Weighted | Aggregate | ||||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | (in thousands) | |||||||||||||||
Life | |||||||||||||||||
(in years) | |||||||||||||||||
Options outstanding, January 1, 2014 | 151,335 | $ | 21.66 | ||||||||||||||
Granted | 0 | 0 | |||||||||||||||
Exercised | 0 | 0 | |||||||||||||||
Canceled or expired | (1,250 | ) | 20.05 | ||||||||||||||
Options outstanding, June 30, 2014 | 150,085 | $ | 21.68 | 1.93 | $ | 0 | |||||||||||
Options exercisable, June 30, 2014 | 150,085 | $ | 21.68 | 1.93 | $ | 0 | |||||||||||
The aggregate intrinsic value of a stock option in the table above represents the total pre-tax intrinsic value (the amount by which the current market value of the underlying stock exceeds the exercise price of the option) that would have been received by the option holders had all option holders exercised their options on June 30, 2014. This amount changes based on changes in the market value of the Company's common stock. As of June 30, 2014, the outstanding options had no intrinsic value because the exercise prices of all outstanding options were above the market value of a share of the Company's common stock. | |||||||||||||||||
No options were exercised during the six months ended June 30, 2014. | |||||||||||||||||
As of June 30, 2014, all outstanding stock options were fully vested and there was no unrecognized stock-based compensation expense. |
Pension_Plan
Pension Plan | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Pension Plan [Abstract] | ' | ||||||||
Pension Plan | ' | ||||||||
Note 5. Pension Plan | |||||||||
The Company provides pension benefits for eligible participants through a non-contributory defined benefit pension plan. The plan was frozen effective September 30, 2006; therefore, no additional participants will be added to the plan. The components of net periodic pension plan cost are as follows for the periods indicated: | |||||||||
Three months ended June 30, | 2014 | 2013 | |||||||
(in thousands) | |||||||||
Interest cost | $ | 69 | $ | 63 | |||||
Expected return on plan assets | (91 | ) | (89 | ) | |||||
Amortization of net loss | 55 | 75 | |||||||
Net periodic pension plan cost | $ | 33 | $ | 49 | |||||
Six months ended June 30, | 2014 | 2013 | |||||||
(in thousands) | |||||||||
Interest cost | $ | 137 | $ | 126 | |||||
Expected return on plan assets | (182 | ) | (177 | ) | |||||
Amortization of net loss | 110 | 149 | |||||||
Net periodic pension plan cost | $ | 65 | $ | 98 | |||||
At June 30, 2014, management had not yet determined the amount, if any, that the Company will contribute to the plan in the year ending December 31, 2014. |
Stockholders_Equity_and_Earnin
Stockholders' Equity and Earnings per Common Share | 6 Months Ended | |||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||
Stockholders' Equity and Earnings Per Common Share [Abstract] | ' | |||||||||||||||||
Stockholders' Equity and Earnings Per Common Share | ' | |||||||||||||||||
Note 6. Stockholders' Equity and Earnings per Share | ||||||||||||||||||
STOCKHOLDERS' EQUITY – ACCUMULATED OTHER COMPREHENSIVE LOSS | ||||||||||||||||||
The following table presents information on amounts reclassified out of accumulated other comprehensive loss, by category, during the periods indicated: | ||||||||||||||||||
Three Months Ended | Six Months Ended | Affected Line Item on | ||||||||||||||||
June 30, | June 30, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | Consolidated Statements of Income | ||||||||||||||
(in thousands) | ||||||||||||||||||
Available-for-sale securities | Â Â Â Â Â Â | |||||||||||||||||
Realized losses on sales of securities | $ | (7 | ) | $ | (21 | ) | $ | (7 | ) | $ | (21 | ) | Loss on sale of available-for-sale securities, net | |||||
Tax benefit | (2 | ) | (7 | ) | (2 | ) | (7 | ) | Income tax benefit | |||||||||
$ | (5 | ) | $ | (14 | ) | $ | (5 | ) | $ | (14 | ) | Net of tax | ||||||
The following table presents the changes in accumulated other comprehensive loss, by category, net of tax, for the periods indicated: | ||||||||||||||||||
Unrealized Gains (Losses) on Securities | Unrealized Losses on Securities Transferred to Held-to-Maturity | Defined Benefit Pension Plans | Accumulated Other Comprehensive Loss | |||||||||||||||
(in thousands) | ||||||||||||||||||
Six Months Ended June 30, 2014 | ||||||||||||||||||
Balance at beginning of period | $ | (5,317 | ) | $ | (3,937 | ) | $ | (1,548 | ) | $ | (10,802 | ) | ||||||
Net change for the period | 3,484 | 259 | 0 | 3,743 | ||||||||||||||
Balance at end of period | $ | (1,833 | ) | $ | (3,678 | ) | $ | (1,548 | ) | $ | (7,059 | ) | ||||||
Six Months Ended June 30, 2013 | ||||||||||||||||||
Balance at beginning of period | $ | 1,992 | $ | 0 | $ | (2,184 | ) | $ | (192 | ) | ||||||||
Net change for the period | (8,223 | ) | 0 | 0 | (8,223 | ) | ||||||||||||
Balance at end of period | $ | (6,231 | ) | $ | 0 | $ | (2,184 | ) | $ | (8,415 | ) | |||||||
The following table presents the change in each component of accumulated other comprehensive loss on a pre-tax and after-tax basis for the periods indicated. | ||||||||||||||||||
Six Months Ended June 30, 2014 | ||||||||||||||||||
Pretax | Tax Expense (Benefit) | Net-of-Tax | ||||||||||||||||
(in thousands) | ||||||||||||||||||
Unrealized gains on available-for-sale securities | ||||||||||||||||||
Unrealized holding gains arising during the period | $ | 5,271 | $ | 1,792 | $ | 3,479 | ||||||||||||
Less reclassification adjustment for losses recognized in income | (7 | ) | (2 | ) | (5 | ) | ||||||||||||
Net unrealized gains on securities | 5,278 | 1,794 | 3,484 | |||||||||||||||
Market adjustment on securities transferred to held-to-maturity | ||||||||||||||||||
Amortization | 392 | 133 | 259 | |||||||||||||||
Total change in accumulated other comprehensive loss | $ | 5,670 | $ | 1,927 | $ | 3,743 | ||||||||||||
Six Months Ended June 30, 2013 | ||||||||||||||||||
Pretax | Tax Expense | Net-of-Tax | ||||||||||||||||
(Benefit) | ||||||||||||||||||
(in thousands) | ||||||||||||||||||
Unrealized losses on available-for-sale securities | ||||||||||||||||||
Unrealized holding losses arising during the period | $ | (12,480 | ) | $ | (4,243 | ) | $ | (8,237 | ) | |||||||||
Less reclassification adjustment for losses recognized in income | (21 | ) | (7 | ) | (14 | ) | ||||||||||||
Net unrealized losses on securities | (12,459 | ) | (4,236 | ) | (8,223 | ) | ||||||||||||
Total change in accumulated other comprehensive loss | $ | (12,459 | ) | $ | (4,236 | ) | $ | (8,223 | ) | |||||||||
EARNINGS PER COMMON SHARE | ||||||||||||||||||
Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed using the weighted average number of common shares outstanding during the period, including the effect of dilutive potential common shares attributable to outstanding stock options. The Company did not include an average of 151 thousand and 156 thousand potential common shares attributable to outstanding stock options in the diluted earnings per share calculation for the first six months of 2014 and 2013, respectively, because they were antidilutive. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2014 | |
Recent Accounting Pronouncements [Abstract] | ' |
Recent Accounting Pronouncements | ' |
Note 7. Recent Accounting Pronouncements | |
In January 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-01, "Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects (a consensus of the FASB Emerging Issues Task Force)." The amendments in this ASU permit reporting entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense (benefit). The amendments in this ASU should be applied retrospectively to all periods presented. A reporting entity that uses the effective yield method to account for its investments in qualified affordable housing projects before the date of adoption may continue to apply the effective yield method for those preexisting investments. The amendments in this ASU are effective for public business entities for annual periods and interim reporting periods within those annual periods, beginning after December 15, 2014. Early adoption is permitted. The Company is currently assessing the impact that ASU 2014-01 will have on its consolidated financial statements. | |
In January 2014, the FASB issued ASU 2014-04, "Receivables—Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure (a consensus of the FASB Emerging Issues Task Force)." The amendments in this ASU clarify that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. The amendments in this ASU are effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. The Company is currently assessing the impact that ASU 2014-04 will have on its consolidated financial statements. | |
In April 2014, the FASB issued ASU 2014-08, "Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." The amendments in this ASU change the criteria for reporting discontinued operations while enhancing disclosures in this area. Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. Those strategic shifts should have a major effect on the organization's operations and financial results and include disposals of a major geographic area, a major line of business, or a major equity method investment. The new guidance requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations. Additionally, the new guidance requires disclosure of the pre-tax income attributable to a disposal of a significant part of an organization that does not qualify for discontinued operations reporting. The amendments in the ASU are effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. Early adoption is permitted. The Company does not expect the adoption of ASU 2014-08 to have a material impact on its consolidated financial statements. | |
In June 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers: Topic 606". This ASU applies to any entity using U.S. GAAP that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. The guidance supersedes the revenue recognition requirements in Topic 605, "Revenue Recognition", most industry-specific guidance, and some cost guidance included in Subtopic 605-35, "Revenue Recognition—Construction-Type and Production-Type Contracts". 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. To be in alignment with the core principle, an entity must apply a five step process including: identification of the contract(s) with a customer, identification of performance obligations in the contract(s), determination of the transaction price, allocation of the transaction price to the performance obligations, and recognition of revenue when (or as) the entity satisfies a performance obligation. Additionally, the existing requirements for the recognition of a gain or loss on the transfer of nonfinancial assets that are not in a contract with a customer have also been amended to be consistent with the guidance on recognition and measurement. The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is not permitted. The Company is currently assessing the impact that ASU 2014-09 will have on its consolidated financial statements. | |
In June 2014, the FASB issued ASU No. 2014-11, "Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures". This ASU aligns the accounting for repurchase-to-maturity transactions and repurchase agreements executed as a repurchase financing with the accounting for other typical repurchase agreements. The new guidance eliminates sale accounting for repurchase-to-maturity transactions and supersedes the guidance under which a transfer of a financial asset and a contemporaneous repurchase financing could be accounted for on a combined basis as a forward agreement. The amendments in the ASU also require a new disclosure for transactions economically similar to repurchase agreements in which the transferor retains substantially all of the exposure to the economic return on the transferred financial assets throughout the term of the transaction. Additional disclosures will be required for the nature of collateral pledged in repurchase agreements and similar transactions accounted for as secured borrowings. The amendments in this ASU are effective for the first interim or annual period beginning after December 15, 2014; however, the disclosure for transactions accounted for as secured borrowings is required to be presented for annual periods beginning after December 15, 2014, and interim periods beginning after March 15, 2015. Early adoption is not permitted. The Company is currently assessing the impact that ASU 2014-11 will have on its consolidated financial statements. | |
In June 2014, the FASB issued ASU No. 2014-12, "Compensation – Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period". The new guidance applies to reporting entities that grant employees share-based payments in which the terms of the award allow a performance target to be achieved after the requisite service period. The amendments in the ASU require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. Existing guidance in "Compensation – Stock Compensation (Topic 718)", should be applied to account for these types of awards. The amendments in this ASU are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Early adoption is permitted and reporting entities may choose to apply the amendments in the ASU either on a prospective or retrospective basis. The Company is currently assessing the impact that ASU 2014-12 will have on its consolidated financial statements. |
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
Note 8. Fair Value Measurements | |||||||||||||||||
The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. In accordance with the "Fair Value Measurements and Disclosures" topics of FASB ASU 2010-06 and FASB ASU 2011-04, the fair value of a financial instrument is the price that would be received in the sale of an asset or transfer of a liability in an orderly transaction between market participants at the measurement date. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company's various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimate of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. | |||||||||||||||||
The fair value guidance provides a consistent definition of fair value, which focuses on exit price in an orderly transaction (that is, not a forced liquidation or distressed sale) between market participants at the measurement date under current market conditions. If there has been a significant decrease in the volume and level of activity for the asset or liability, a change in valuation technique or the use of multiple valuation techniques may be appropriate. In such instances, determining the price at which willing market participants would transact at the measurement date under current market conditions depends on the facts and circumstances and requires the use of significant judgment. The fair value can be a reasonable point within a range that is most representative of fair value under current market conditions. | |||||||||||||||||
In estimating the fair value of assets and liabilities, the Company relies mainly on two models. The first model, used by the Company's bond accounting service provider, determines the fair value of securities. Securities are priced based on an evaluation of observable market data, including benchmark yield curves, reported trades, broker/dealer quotes, and issuer spreads. Pricing is also impacted by credit information about the issuer, perceived market movements, and current news events impacting the individual sectors. For assets other than securities and for all liabilities, fair value is determined using the Company's asset/liability modeling software. The software uses current yields, anticipated yield changes, and estimated duration of assets and liabilities to calculate fair value. | |||||||||||||||||
In accordance with ASC 820, "Fair Value Measurements and Disclosures," the Company groups its financial assets and financial liabilities generally measured at fair value into three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. | |||||||||||||||||
Level 1 – | Valuation is based on quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 1 assets and liabilities generally include debt and equity securities that are traded in an active exchange market. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities. | ||||||||||||||||
Level 2 – | Valuation is based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. The valuation may be based on 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 asset or liability. | ||||||||||||||||
Level 3 – | Valuation is based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which determination of fair value requires significant management judgment or estimation. | ||||||||||||||||
An instrument's categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. | |||||||||||||||||
ASSETS MEASURED AT FAIR VALUE ON A RECURRING BASIS | |||||||||||||||||
Debt and equity securities with readily determinable fair values that are classified as "available-for-sale" are recorded at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income. Securities available-for-sale are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted market prices, when available (Level 1). If quoted market prices are not available, fair values are measured utilizing independent valuation techniques of identical or similar securities for which significant assumptions are derived primarily from or corroborated by observable market data. Third party vendors compile prices from various sources and may determine the fair value of identical or similar securities by using pricing models that consider observable market data (Level 2). In certain cases where there is limited activity or less transparency around inputs to the valuation, securities are classified within Level 3 of the valuation hierarchy. Currently, all of the Company's available-for-sale securities are considered to be Level 2 securities. | |||||||||||||||||
The following table presents the balances of certain assets measured at fair value on a recurring basis as of the dates indicated: | |||||||||||||||||
Fair Value Measurements at June 30, 2014 Using | |||||||||||||||||
(in thousands) | |||||||||||||||||
Description | Balance | Quoted Prices in | Significant | Significant | |||||||||||||
Active Markets | Other | Unobservable | |||||||||||||||
for Identical | Observable | Inputs | |||||||||||||||
Assets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Available-for-sale securities | |||||||||||||||||
Obligations of U.S. Government agencies | $ | 14,931 | $ | 0 | $ | 14,931 | $ | 0 | |||||||||
Obligations of state and political subdivisions | 49,495 | 0 | 49,495 | 0 | |||||||||||||
Mortgage-backed securities | 76,625 | 0 | 76,625 | 0 | |||||||||||||
Money market investments | 614 | 0 | 614 | 0 | |||||||||||||
Corporate bonds | 2,291 | 0 | 2,291 | 0 | |||||||||||||
Other marketable equity securities | 84 | 0 | 84 | 0 | |||||||||||||
Total available-for-sale securities | $ | 144,040 | $ | 0 | $ | 144,040 | $ | 0 | |||||||||
Fair Value Measurements at December 31, 2013 Using | |||||||||||||||||
(in thousands) | |||||||||||||||||
Description | Balance | Quoted Prices in | Significant | Significant | |||||||||||||
Active Markets | Other | Unobservable | |||||||||||||||
for Identical | Observable | Inputs | |||||||||||||||
Assets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Available-for-sale securities | |||||||||||||||||
Obligations of U.S. Government agencies | $ | 15,024 | $ | 0 | $ | 15,024 | $ | 0 | |||||||||
Obligations of state and political subdivisions | 47,100 | 0 | 47,100 | 0 | |||||||||||||
Mortgage-backed securities | 90,750 | 0 | 90,750 | 0 | |||||||||||||
Money market investments | 691 | 0 | 691 | 0 | |||||||||||||
Corporate bonds | 2,074 | 0 | 2,074 | 0 | |||||||||||||
Total available-for-sale securities | $ | 155,639 | $ | 0 | $ | 155,639 | $ | 0 | |||||||||
ASSETS MEASURED AT FAIR VALUE ON A NONRECURRING BASIS | |||||||||||||||||
Under certain circumstances, adjustments are made to the fair value for assets and liabilities although they are not measured at fair value on an ongoing basis. | |||||||||||||||||
Impaired loans | |||||||||||||||||
Loans are designated as impaired when, in the judgment of management based on current information and events, it is probable that all amounts due according to the contractual terms of the loan agreement will not be collected. The measurement of fair value and loss associated with impaired loans can be based on the observable market price of the loan, the fair value of the collateral securing the loan, or the present value of the loan's expected future cash flows. Collateral may be in the form of real estate or business assets including equipment, inventory, and accounts receivable, with the vast majority of the collateral in real estate. | |||||||||||||||||
The value of real estate collateral is determined utilizing an income, market, or cost valuation approach based on an appraisal conducted by an independent, licensed appraiser outside of the Company. In the case of loans with lower balances, the Company may obtain a real estate evaluation instead of an appraisal. Evaluations utilize many of the same techniques as appraisals, and are typically performed by independent appraisers. Once received, appraisals and evaluations are reviewed by trained staff independent of the lending function to verify consistency and reasonability. Appraisals and evaluations are based on significant unobservable inputs, including but not limited to: adjustments made to comparable properties, judgments about the condition of the subject property, the availability and suitability of comparable properties, capitalization rates, projected income of the subject or comparable properties, vacancy rates, projected depreciation rates, and the state of the local and regional economy. The Company may also elect to make additional reductions in the collateral value based on management's best judgment, which represents another source of unobservable inputs. Because of the subjective nature of collateral valuation, impaired loans are considered Level 3. | |||||||||||||||||
Impaired loans may be secured by collateral other than real estate. The value of business equipment is based upon an outside appraisal if deemed significant, or the net book value on the applicable business' financial statements if not considered significant using observable market data. Likewise, values for inventory and accounts receivable collateral are based on financial statement balances or aging reports (Level 3). If a loan is not collateral-dependent, its impairment may be measured based on the present value of expected future cash flows, discounted at the loan's effective interest rate. Because the loan is discounted at its effective rate of interest, rather than at a market rate, the loan is not considered to be held at fair value and is not included in the tables below. Collateral-dependent impaired loans allocated to the allowance for loan losses are measured at fair value on a nonrecurring basis. Any fair value adjustments are recorded in the period incurred as part of the provision for loan losses on the Consolidated Statements of Income. | |||||||||||||||||
Other Real Estate Owned (OREO) | |||||||||||||||||
Loans are transferred to OREO when the collateral securing them is foreclosed on. The measurement of loss associated with OREOs is based on the fair value of the collateral compared to the unpaid loan balance and anticipated costs to sell the property. If there is a contract for the sale of a property, and management reasonably believes the transaction will be consummated in accordance with the terms of the contract, fair value is based on the sale price in that contract (Level 1). If management has recent information about the sale of identical properties, such as when selling multiple condominium units on the same property, the remaining units would be valued based on the observed market data (Level 2). Lacking either a contract or such recent data, management would obtain an appraisal or evaluation of the value of the collateral as discussed above under Impaired Loans (Level 3). After the asset has been booked, a new appraisal or evaluation is obtained when management has reason to believe the fair value of the property may have changed and no later than two years after the last appraisal or evaluation was received. Any fair value adjustments to OREOs below the original book value are recorded in the period incurred and expensed against current earnings. | |||||||||||||||||
The following table presents the assets carried on the consolidated balance sheets for which a nonrecurring change in fair value has been recorded. Assets are shown by class of loan and by level in the fair value hierarchy, as of the dates indicated. Certain impaired loans are valued by the present value of the loan's expected future cash flows, discounted at the interest rate of the loan rather than at a market rate. These loans are not carried on the consolidated balance sheets at fair value and, as such, are not included in the table below. | |||||||||||||||||
Carrying Value at June 30, 2014 Using | |||||||||||||||||
(in thousands) | |||||||||||||||||
Fair Value | Quoted Prices in | Significant | Significant | ||||||||||||||
Active Markets | Other | Unobservable | |||||||||||||||
for Identical | Observable | Inputs | |||||||||||||||
Assets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Impaired loans | |||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||
Residential 1-4 family | $ | 744 | $ | 0 | $ | 0 | $ | 744 | |||||||||
Construction | 2,561 | 0 | 0 | 2,561 | |||||||||||||
Second mortgages | 37 | 0 | 0 | 37 | |||||||||||||
Total | $ | 3,342 | $ | 0 | $ | 0 | $ | 3,342 | |||||||||
Other real estate owned | |||||||||||||||||
Residential 1-4 family | $ | 1,261 | $ | 0 | $ | 0 | $ | 1,261 | |||||||||
Commercial | 1,735 | 0 | 0 | 1,735 | |||||||||||||
Construction | 2,670 | 0 | 0 | 2,670 | |||||||||||||
Total | $ | 5,666 | $ | 0 | $ | 0 | $ | 5,666 | |||||||||
Carrying Value at December 31, 2013 Using | |||||||||||||||||
(in thousands) | |||||||||||||||||
Fair Value | Quoted Prices in | Significant | Significant | ||||||||||||||
Active Markets for | Other | Unobservable | |||||||||||||||
Identical | Observable | Inputs | |||||||||||||||
Assets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Impaired loans | |||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||
Residential 1-4 family | $ | 2,455 | $ | 0 | $ | 0 | $ | 2,455 | |||||||||
Commercial | 800 | 0 | 0 | 800 | |||||||||||||
Second mortgages | 44 | 0 | 0 | 44 | |||||||||||||
Total | $ | 3,299 | $ | 0 | $ | 0 | $ | 3,299 | |||||||||
Other real estate owned | |||||||||||||||||
Residential 1-4 family | $ | 457 | $ | 0 | $ | 0 | $ | 457 | |||||||||
Commercial | 2,290 | 0 | 0 | 2,290 | |||||||||||||
Construction | 2,783 | 0 | 0 | 2,783 | |||||||||||||
Total | $ | 5,530 | $ | 0 | $ | 0 | $ | 5,530 | |||||||||
The following table displays quantitative information about Level 3 Fair Value Measurements as of the dates indicated: | |||||||||||||||||
Quantitative Information About Level 3 Fair Value Measurements | |||||||||||||||||
Description | Fair Value at June 30, 2014 (dollars in thousands) | Valuation Techniques | Unobservable Input | Range (Average) | |||||||||||||
Impaired loans | |||||||||||||||||
Residential 1-4 family real estate | $ | 744 | Market comparables | Selling costs | 0.00% - 7.25% (1.81 | %) | |||||||||||
   | Liquidation discount | 0.00% - 10.00% (3.75 | %) | ||||||||||||||
Construction | $ | 2,561 | Market comparables | Selling costs | 0.00% - 11.25% (3.75 | %) | |||||||||||
Second mortgages | $ | 37 | Market comparables | Selling costs | 0 | % | |||||||||||
Other real estate owned | |||||||||||||||||
Residential 1-4 family | $ | 1,261 | Market comparables | Selling costs | 6.00% - 10.00% (6.00 | %) | |||||||||||
Commercial | $ | 1,735 | Market comparables | Selling costs | 6.00% - 10.00% (6.00 | %) | |||||||||||
Construction | $ | 2,670 | Market comparables | Selling costs | 6.00% - 10.00% (6.00 | %) | |||||||||||
Quantitative Information About Level 3 Fair Value Measurements | |||||||||||||||||
Description | Fair Value at December 31, 2013 (dollars in thousands) | Valuation Techniques | Unobservable Input | Range (Average) | |||||||||||||
Impaired loans | |||||||||||||||||
Residential 1-4 family real estate | $ | 2,455 | Market comparables | Selling costs | 3.00% - 7.25% (6.39 | %) | |||||||||||
   | Liquidation discount | 0.00% - 90.00% (15.56 | %) | ||||||||||||||
Commercial real estate | $ | 800 | Market comparables | Selling costs | 7.25 | % | |||||||||||
Second mortgages | $ | 44 | Market comparables | Selling costs | 7.25 | % | |||||||||||
Other real estate owned | |||||||||||||||||
Residential 1-4 family | $ | 457 | Market comparables | Selling costs | 6.00% - 10.00% (6.00 | %) | |||||||||||
Commercial | $ | 2,290 | Market comparables | Selling costs | 6.00% - 10.00% (6.00 | %) | |||||||||||
Construction | $ | 2,783 | Market comparables | Selling costs | 6.00% - 10.00% (6.00 | %) | |||||||||||
ASC 825, "Financial Instruments," requires disclosure about fair value of financial instruments for interim periods and excludes certain financial instruments and all non-financial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company's assets. | |||||||||||||||||
The following methods and assumptions were used by the Company in estimating fair value disclosures for financial instruments: | |||||||||||||||||
CASH AND CASH EQUIVALENTS | |||||||||||||||||
The carrying amounts of cash and short-term instruments, including interest-bearing due from banks, approximate fair values. | |||||||||||||||||
RESTRICTED SECURITIES | |||||||||||||||||
The restricted security category is comprised of FHLB and FRB stock. These stocks are classified as restricted securities because their ownership is restricted to certain types of entities and they lack a market. When the FHLB or FRB repurchases stock, they repurchase at the stock's book value. Therefore, the carrying amounts of restricted securities approximate fair value. | |||||||||||||||||
LOANS RECEIVABLE | |||||||||||||||||
The fair value of a loan is based on its interest rate in relation to its risk profile, in comparison to what an investor could earn on a different investment with a similar risk profile. Variations in risk tolerance between lenders, and thus in risk pricing, can result in the same loan being priced differently at different institutions. A bank's experience with the type of lending (such as commercial real estate) can also impact its assessment of the riskiness of a loan. A comprehensive picture of competitors' rates in relation to borrower risk profiles is not available. Since the rate and risk profile are the primary factors in determining the fair value of a loan, both of which are unobservable in the market, the Company classifies loans as Level 3 in the fair value hierarchy. Instead, the Company uses a model which estimates market value based on the loan's interest rate (regardless of its risk level) and rates for debt of similar maturities where market data is available. Fair values for non-performing loans are estimated as described above. | |||||||||||||||||
BANK-OWNED LIFE INSURANCE | |||||||||||||||||
Bank-owned life insurance represents insurance policies on certain current and former officers of the Company. The cash value of the policies is estimated using information provided by the insurance carrier. The insurance carrier uses actuarial data to estimate the value of each policy, based on the age and health of the insured relative to other individuals about whom the carrier has information. Health information can be broken down into quantitative, observable inputs, such as smoking habits, blood pressure, and weight, which, along with the insured's age, can be compared to observable data the insurance carrier has available. The carrier can then estimate the cash value of each policy. Since the cash value represents the amount of cash the Company would receive when the policies are paid, the cash value closely approximates the fair value of the policies. Accordingly, bank-owned life insurance is classified as Level 2. | |||||||||||||||||
DEPOSIT LIABILITIES | |||||||||||||||||
The fair value of demand deposits, savings and certain money market deposits is the amount payable on demand at the reporting date. The fair value of certificates of deposits is estimated by discounting the future cash flows using the rates currently offered for deposits of similar remaining maturities. Information about the rates paid by other institutions for deposits of similar terms is readily available, and rates are mainly influenced by the term of the deposit itself. As a result, fair value calculations are based on observable inputs, and are classified as Level 2. | |||||||||||||||||
SHORT-TERM BORROWINGS | |||||||||||||||||
The carrying amounts of federal funds purchased, overnight repurchase agreements, and other short-term borrowings maturing within 90 days approximate their fair values. Since the contractual terms of these borrowings provide all information necessary to calculate the amounts that will be due at maturity, these liabilities are classified as Level 2. | |||||||||||||||||
LONG-TERM BORROWINGS | |||||||||||||||||
The fair values of the Company's long-term borrowings are estimated based on the current cost to repay the debt in full, discounted to current values and including any prepayment penalties that may apply. As the contractual terms of the borrowing provide all the necessary inputs for this calculation, long-term borrowings are classified as Level 2. | |||||||||||||||||
ACCRUED INTEREST | |||||||||||||||||
The calculation of accrued interest is based on readily observable information, such as the rate and term of the underlying asset or liability. Since these amounts are expected to be realized quickly (generally within 30 to 90 days), the carrying value approximates fair value and is classified as Level 2. | |||||||||||||||||
COMMITMENTS TO EXTEND CREDIT AND IRREVOCABLE LETTERS OF CREDIT | |||||||||||||||||
The fair value of commitments is estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present credit-worthiness 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 value of letters of credit is based on fees currently charged for similar agreements or on the estimated cost to terminate them or otherwise settle the obligations with the counterparties at the reporting date. At June 30, 2014 and December 31, 2013, the fair value of fees charged for loan commitments and irrevocable letters of credit was immaterial. | |||||||||||||||||
The estimated fair values, and related carrying or notional amounts, of the Company's financial instruments as of the dates indicated are as follows: | |||||||||||||||||
Fair Value Measurements at June 30, 2014 Using (in thousands) | |||||||||||||||||
Carrying Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Assets | |||||||||||||||||
Cash and cash equivalents | $ | 22,533 | $ | 22,533 | $ | 0 | $ | 0 | |||||||||
Securities available-for-sale | 144,040 | 0 | 144,040 | 0 | |||||||||||||
Securities held-to-maturity | 93,990 | 0 | 97,091 | 0 | |||||||||||||
Restricted securities | 2,293 | 0 | 2,293 | 0 | |||||||||||||
Loans, net of allowances for loan losses | 512,686 | 0 | 0 | 512,268 | |||||||||||||
Bank owned life insurance | 23,107 | 0 | 23,107 | 0 | |||||||||||||
Accrued interest receivable | 2,768 | 0 | 2,768 | 0 | |||||||||||||
Liabilities | |||||||||||||||||
Deposits | $ | 716,528 | $ | 0 | $ | 717,631 | $ | 0 | |||||||||
Overnight repurchase agreements | 25,677 | 0 | 25,677 | 0 | |||||||||||||
Term repurchase agreements | 412 | 0 | 411 | 0 | |||||||||||||
Federal Home Loan Bank advances | 30,000 | 0 | 32,092 | 0 | |||||||||||||
Accrued interest payable | 266 | 0 | 266 | 0 | |||||||||||||
Fair Value Measurements at December 31, 2013 Using | |||||||||||||||||
(in thousands) | |||||||||||||||||
Carrying | Quoted Prices in | Significant | Significant | ||||||||||||||
Value | Active Markets | Other | Unobservable | ||||||||||||||
for Identical | Observable | Inputs | |||||||||||||||
Assets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Assets | |||||||||||||||||
Cash and cash equivalents | $ | 31,325 | $ | 31,325 | $ | 0 | $ | 0 | |||||||||
Securities available-for-sale | 155,639 | 0 | 155,639 | 0 | |||||||||||||
Securities held-to-maturity | 96,847 | 0 | 97,453 | 0 | |||||||||||||
Restricted securities | 2,378 | 0 | 2,378 | 0 | |||||||||||||
Loans, net of allowances for loan losses | 493,868 | 0 | 0 | 494,714 | |||||||||||||
Bank owned life insurance | 22,673 | 0 | 22,673 | 0 | |||||||||||||
Accrued interest receivable | 2,754 | 0 | 2,754 | 0 | |||||||||||||
Liabilities | |||||||||||||||||
Deposits | $ | 725,405 | $ | 0 | $ | 728,011 | $ | 0 | |||||||||
Overnight repurchase agreements | 31,175 | 0 | 31,175 | 0 | |||||||||||||
Term repurchase agreements | 411 | 0 | 410 | 0 | |||||||||||||
Federal Home Loan Bank advances | 25,000 | 0 | 27,567 | 0 | |||||||||||||
Accrued interest payable | 327 | 0 | 327 | 0 | |||||||||||||
Segment_Reporting
Segment Reporting | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Segment Reporting | ' | ||||||||||||||||||||
Note 9. Segment Reporting | |||||||||||||||||||||
The Company operates in a decentralized fashion in three principal business segments: The Old Point National Bank of Phoebus (the Bank), Old Point Trust & Financial Services, N. A. (Trust), and the Company as a separate segment (for purposes of this Note, the Parent). Revenues from the Bank's operations consist primarily of interest earned on loans and investment securities and service charges on deposit accounts. Trust's operating revenues consist principally of income from fiduciary activities. The Parent's revenues are mainly interest and dividends received from the Bank and Trust companies. The Company has no other segments. | |||||||||||||||||||||
The Company's reportable segments are strategic business units that offer different products and services. They are managed separately because each segment appeals to different markets and, accordingly, requires different technologies and marketing strategies. | |||||||||||||||||||||
Information about reportable segments, and reconciliation of such information to the consolidated financial statements as of and for the three and six months ended June 30, 2014 and 2013 follows: | |||||||||||||||||||||
Three Months Ended June 30, 2014 | |||||||||||||||||||||
Bank | Trust | Unconsolidated | Eliminations | Consolidated | |||||||||||||||||
Parent | |||||||||||||||||||||
Revenues | |||||||||||||||||||||
Interest and dividend income | $ | 7,523 | $ | 13 | $ | 1,100 | $ | (1,100 | ) | $ | 7,536 | ||||||||||
Income from fiduciary activities | 0 | 793 | 0 | 0 | 793 | ||||||||||||||||
Other income | 2,126 | 250 | 50 | (66 | ) | 2,360 | |||||||||||||||
Total operating income | 9,649 | 1,056 | 1,150 | (1,166 | ) | 10,689 | |||||||||||||||
Expenses | |||||||||||||||||||||
Interest expense | 962 | 0 | 0 | 0 | 962 | ||||||||||||||||
Provision for loan losses | 100 | 0 | 0 | 0 | 100 | ||||||||||||||||
Salaries and employee benefits | 4,192 | 680 | 109 | 0 | 4,981 | ||||||||||||||||
Other expenses | 3,347 | 265 | (60 | ) | (66 | ) | 3,486 | ||||||||||||||
Total operating expenses | 8,601 | 945 | 49 | (66 | ) | 9,529 | |||||||||||||||
Income before taxes | 1,048 | 111 | 1,101 | (1,100 | ) | 1,160 | |||||||||||||||
Income tax expense (benefit) | 20 | 39 | 0 | 0 | 59 | ||||||||||||||||
Net income | $ | 1,028 | $ | 72 | $ | 1,101 | $ | (1,100 | ) | $ | 1,101 | ||||||||||
Total assets | $ | 855,989 | $ | 5,740 | $ | 85,989 | $ | (86,817 | ) | $ | 860,901 | ||||||||||
Three Months Ended June 30, 2013 | |||||||||||||||||||||
Bank | Trust | Unconsolidated | Eliminations | Consolidated | |||||||||||||||||
Parent | |||||||||||||||||||||
Revenues | |||||||||||||||||||||
Interest and dividend income | $ | 7,467 | $ | 10 | $ | 1,095 | $ | (1,096 | ) | $ | 7,476 | ||||||||||
Income from fiduciary activities | 0 | 866 | 0 | 0 | 866 | ||||||||||||||||
Other income | 2,300 | 134 | 50 | (65 | ) | 2,419 | |||||||||||||||
Total operating income | 9,767 | 1,010 | 1,145 | (1,161 | ) | 10,761 | |||||||||||||||
Expenses | |||||||||||||||||||||
Interest expense | 1,177 | 0 | 0 | 0 | 1,177 | ||||||||||||||||
Provision for loan losses | 300 | 0 | 0 | 0 | 300 | ||||||||||||||||
Salaries and employee benefits | 4,144 | 553 | 108 | 0 | 4,805 | ||||||||||||||||
Other expenses | 3,021 | 226 | 64 | (66 | ) | 3,245 | |||||||||||||||
Total operating expenses | 8,642 | 779 | 172 | (66 | ) | 9,527 | |||||||||||||||
Income before taxes | 1,125 | 231 | 973 | (1,095 | ) | 1,234 | |||||||||||||||
Income tax expense (benefit) | 182 | 79 | (42 | ) | 0 | 219 | |||||||||||||||
Net income | $ | 943 | $ | 152 | $ | 1,015 | $ | (1,095 | ) | $ | 1,015 | ||||||||||
Total assets | $ | 862,066 | $ | 5,502 | $ | 82,500 | $ | (83,187 | ) | $ | 866,881 | ||||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||||||
Bank | Trust | Unconsolidated | Eliminations | Consolidated | |||||||||||||||||
Parent | |||||||||||||||||||||
Revenues | |||||||||||||||||||||
Interest and dividend income | $ | 14,977 | $ | 25 | $ | 2,152 | $ | (2,152 | ) | $ | 15,002 | ||||||||||
Income from fiduciary activities | 0 | 1,748 | 0 | 0 | 1,748 | ||||||||||||||||
Other income | 4,112 | 486 | 100 | (131 | ) | 4,567 | |||||||||||||||
Total operating income | 19,089 | 2,259 | 2,252 | (2,283 | ) | 21,317 | |||||||||||||||
Expenses | |||||||||||||||||||||
Interest expense | 1,993 | 0 | 0 | 0 | 1,993 | ||||||||||||||||
Provision for loan losses | 350 | 0 | 0 | 0 | 350 | ||||||||||||||||
Salaries and employee benefits | 8,290 | 1,325 | 219 | 0 | 9,834 | ||||||||||||||||
Other expenses | 6,512 | 522 | (7 | ) | (131 | ) | 6,896 | ||||||||||||||
Total operating expenses | 17,145 | 1,847 | 212 | (131 | ) | 19,073 | |||||||||||||||
Income before taxes | 1,944 | 412 | 2,040 | (2,152 | ) | 2,244 | |||||||||||||||
Income tax expense (benefit) | 63 | 141 | (38 | ) | 0 | 166 | |||||||||||||||
Net income | $ | 1,881 | $ | 271 | $ | 2,078 | $ | (2,152 | ) | $ | 2,078 | ||||||||||
Total assets | $ | 855,989 | $ | 5,740 | $ | 85,989 | $ | (86,817 | ) | $ | 860,901 | ||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||||||
Bank | Trust | Unconsolidated | Eliminations | Consolidated | |||||||||||||||||
Parent | |||||||||||||||||||||
Revenues | |||||||||||||||||||||
Interest and dividend income | $ | 15,087 | $ | 19 | $ | 2,057 | $ | (2,058 | ) | $ | 15,105 | ||||||||||
Income from fiduciary activities | 0 | 1,766 | 0 | 0 | 1,766 | ||||||||||||||||
Other income | 4,418 | 245 | 100 | (131 | ) | 4,632 | |||||||||||||||
Total operating income | 19,505 | 2,030 | 2,157 | (2,189 | ) | 21,503 | |||||||||||||||
Expenses | |||||||||||||||||||||
Interest expense | 2,433 | 0 | 0 | (1 | ) | 2,432 | |||||||||||||||
Provision for loan losses | 500 | 0 | 0 | 0 | 500 | ||||||||||||||||
Salaries and employee benefits | 8,438 | 1,069 | 219 | 0 | 9,726 | ||||||||||||||||
Other expenses | 6,142 | 444 | 94 | (131 | ) | 6,549 | |||||||||||||||
Total operating expenses | 17,513 | 1,513 | 313 | (132 | ) | 19,207 | |||||||||||||||
Income before taxes | 1,992 | 517 | 1,844 | (2,057 | ) | 2,296 | |||||||||||||||
Income tax expense (benefit) | 277 | 175 | (72 | ) | 0 | 380 | |||||||||||||||
Net income | $ | 1,715 | $ | 342 | $ | 1,916 | $ | (2,057 | ) | $ | 1,916 | ||||||||||
Total assets | $ | 862,066 | $ | 5,502 | $ | 82,500 | $ | (83,187 | ) | $ | 866,881 | ||||||||||
The accounting policies of the segments are the same as those described in the summary of significant accounting policies reported in the Company's 2013 annual report on Form 10-K. The Company evaluates performance based on profit or loss from operations before income taxes, not including nonrecurring gains or losses. | |||||||||||||||||||||
Both the Parent and the Trust companies maintain deposit accounts with the Bank, on terms substantially similar to those available to other customers. These transactions are eliminated to reach consolidated totals. |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingencies [Abstract] | ' |
Commitments and Contingencies | ' |
Note 10. Commitments and Contingencies | |
There have been no material changes in the Company's commitments and contingencies from those disclosed in the Company's 2013 annual report on Form 10-K. During the second quarter of 2014 the Company completed construction on expanding a branch office into the Company's new corporate headquarters. |
Securities_Tables
Securities (Tables) | 6 Months Ended | ||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||
Securities [Abstract] | ' | ||||||||||||||||||||||||||||
Amortized costs and fair value of securities held-to-maturity | ' | ||||||||||||||||||||||||||||
Amortized costs and fair values of securities held-to-maturity as of the dates indicated are as follows: | |||||||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||||||
Obligations of U.S. Government agencies | $ | 400 | $ | 0 | $ | (3 | ) | $ | 397 | ||||||||||||||||||||
Obligations of state and political subdivisions | 29,826 | 326 | (78 | ) | 30,074 | ||||||||||||||||||||||||
Mortgage-backed securities | 63,764 | 2,856 | 0 | 66,620 | |||||||||||||||||||||||||
Total | $ | 93,990 | $ | 3,182 | $ | (81 | ) | $ | 97,091 | ||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
Obligations of U.S. Government agencies | $ | 400 | $ | 1 | $ | (5 | ) | $ | 396 | ||||||||||||||||||||
Obligations of state and political subdivisions | 30,120 | 29 | (715 | ) | 29,434 | ||||||||||||||||||||||||
Mortgage-backed securities | 66,327 | 1,296 | 0 | 67,623 | |||||||||||||||||||||||||
Total | $ | 96,847 | $ | 1,326 | $ | (720 | ) | $ | 97,453 | ||||||||||||||||||||
Amortized costs and fair value of securities available-for-sale | ' | ||||||||||||||||||||||||||||
Amortized costs and fair values of securities available-for-sale as of the dates indicated are as follows: | |||||||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||||||
Obligations of U.S. Government agencies | $ | 14,956 | $ | 260 | $ | (285 | ) | $ | 14,931 | ||||||||||||||||||||
Obligations of state and political subdivisions | 50,601 | 291 | (1,397 | ) | 49,495 | ||||||||||||||||||||||||
Mortgage-backed securities | 78,249 | 3 | (1,627 | ) | 76,625 | ||||||||||||||||||||||||
Money market investments | 614 | 0 | 0 | 614 | |||||||||||||||||||||||||
Corporate bonds | 2,298 | 4 | (11 | ) | 2,291 | ||||||||||||||||||||||||
Other marketable equity securities | 100 | 0 | (16 | ) | 84 | ||||||||||||||||||||||||
Total | $ | 146,818 | $ | 558 | $ | (3,336 | ) | $ | 144,040 | ||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
Obligations of U.S. Government agencies | $ | 15,189 | $ | 263 | $ | (428 | ) | $ | 15,024 | ||||||||||||||||||||
Obligations of state and political subdivisions | 51,032 | 86 | (4,018 | ) | 47,100 | ||||||||||||||||||||||||
Mortgage-backed securities | 94,685 | 0 | (3,935 | ) | 90,750 | ||||||||||||||||||||||||
Money market investments | 691 | 0 | 0 | 691 | |||||||||||||||||||||||||
Corporate bonds | 2,098 | 1 | (25 | ) | 2,074 | ||||||||||||||||||||||||
Total | $ | 163,695 | $ | 350 | $ | (8,406 | ) | $ | 155,639 | ||||||||||||||||||||
Available-for-sale securities and Held-to-maturity securities, continuous unrealized loss position | ' | ||||||||||||||||||||||||||||
The following table shows the number of securities with unrealized losses, and the gross unrealized losses and fair value of the Company's investments with unrealized losses that are deemed to be temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of the dates indicated. | |||||||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||||||
Less Than Twelve Months | More Than Twelve Months | Total | |||||||||||||||||||||||||||
Gross | Fair | Gross | Fair | Gross | Fair | Number | |||||||||||||||||||||||
Unrealized | Value | Unrealized | Value | Unrealized | Value | of | |||||||||||||||||||||||
Losses | Losses | Losses | Securities | ||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||
Securities Available-for-Sale | |||||||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||||||
Obligations of U.S. Government agencies | $ | 0 | $ | 0 | $ | 285 | $ | 4,320 | $ | 285 | $ | 4,320 | 1 | ||||||||||||||||
Obligations of state and political subdivisions | 29 | 4,983 | 1,368 | 27,004 | 1,397 | 31,987 | 55 | ||||||||||||||||||||||
Mortgage-backed securities | 0 | 0 | 1,627 | 63,446 | 1,627 | 63,446 | 8 | ||||||||||||||||||||||
Corporate bonds | 2 | 398 | 9 | 791 | 11 | 1,189 | 10 | ||||||||||||||||||||||
Total debt securities | 31 | 5,381 | 3,289 | 95,561 | 3,320 | 100,942 | 74 | ||||||||||||||||||||||
Other marketable equity securities | 16 | 84 | 0 | 0 | 16 | 84 | 1 | ||||||||||||||||||||||
Total securities available-for-sale | $ | 47 | $ | 5,465 | $ | 3,289 | $ | 95,561 | $ | 3,336 | $ | 101,026 | 75 | ||||||||||||||||
Securities Held-to-Maturity | |||||||||||||||||||||||||||||
Obligations of U.S. Government agencies | $ | 0 | $ | 0 | $ | 3 | $ | 97 | $ | 3 | $ | 97 | 1 | ||||||||||||||||
Obligations of state and political subdivisions | 14 | 3,625 | 64 | 3,213 | 78 | 6,838 | 14 | ||||||||||||||||||||||
Total securities held-to-maturity | $ | 14 | $ | 3,625 | $ | 67 | $ | 3,310 | $ | 81 | $ | 6,935 | 15 | ||||||||||||||||
Total securities | $ | 61 | $ | 9,090 | $ | 3,356 | $ | 98,871 | $ | 3,417 | $ | 107,961 | 90 | ||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
Less Than Twelve Months | More Than Twelve Months | Total | |||||||||||||||||||||||||||
Gross | Fair | Gross | Fair | Gross | Fair | Number | |||||||||||||||||||||||
Unrealized | Value | Unrealized | Value | Unrealized | Value | of | |||||||||||||||||||||||
Losses | Losses | Losses | Securities | ||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||
Securities Available-for-Sale | |||||||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||||||
Obligations of U.S. Government agencies | $ | 0 | $ | 0 | $ | 428 | $ | 4,403 | $ | 428 | $ | 4,403 | 1 | ||||||||||||||||
Obligations of state and political subdivisions | 3,246 | 36,235 | 772 | 6,450 | 4,018 | 42,685 | 82 | ||||||||||||||||||||||
Mortgage-backed securities | 3,321 | 81,664 | 614 | 9,086 | 3,935 | 90,750 | 12 | ||||||||||||||||||||||
Corporate bonds | 19 | 1,279 | 6 | 295 | 25 | 1,574 | 12 | ||||||||||||||||||||||
Total securities available-for-sale | $ | 6,586 | $ | 119,178 | $ | 1,820 | $ | 20,234 | $ | 8,406 | $ | 139,412 | 107 | ||||||||||||||||
Securities Held-to-Maturity | |||||||||||||||||||||||||||||
Obligations of U.S. Government agencies | $ | 0 | $ | 0 | $ | 5 | $ | 95 | $ | 5 | $ | 95 | 1 | ||||||||||||||||
Obligations of state and political subdivisions | 715 | 23,765 | 0 | 0 | 715 | 23,765 | 50 | ||||||||||||||||||||||
Total securities held-to-maturity | $ | 715 | $ | 23,765 | $ | 5 | $ | 95 | $ | 720 | $ | 23,860 | 51 | ||||||||||||||||
Total securities | $ | 7,301 | $ | 142,943 | $ | 1,825 | $ | 20,329 | $ | 9,126 | $ | 163,272 | 158 |
Loans_and_the_Allowance_for_Lo1
Loans and the Allowance for Loan Losses (Tables) | 6 Months Ended | ||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||
Loans and the Allowance for Loan Losses [Abstract] | ' | ||||||||||||||||||||||||||||
Outstanding Loans By Segment Type | ' | ||||||||||||||||||||||||||||
The following is a summary of the balances in each class of the Company's loan portfolio as of the dates indicated: | |||||||||||||||||||||||||||||
30-Jun-14 | 31-Dec-13 | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||||||||||||||
Residential 1-4 family | $ | 85,206 | $ | 84,500 | |||||||||||||||||||||||||
Commercial | 294,298 | 287,071 | |||||||||||||||||||||||||||
Construction | 14,100 | 14,505 | |||||||||||||||||||||||||||
Second mortgages | 12,756 | 13,232 | |||||||||||||||||||||||||||
Equity lines of credit | 38,255 | 32,163 | |||||||||||||||||||||||||||
Total mortgage loans on real estate | 444,615 | 431,471 | |||||||||||||||||||||||||||
Commercial loans | 34,973 | 30,702 | |||||||||||||||||||||||||||
Consumer loans | 18,625 | 19,791 | |||||||||||||||||||||||||||
Other | 21,449 | 18,735 | |||||||||||||||||||||||||||
Total loans | 519,662 | 500,699 | |||||||||||||||||||||||||||
Less: Allowance for loan losses | (6,976 | ) | (6,831 | ) | |||||||||||||||||||||||||
Loans, net of allowance and deferred fees | $ | 512,686 | $ | 493,868 | |||||||||||||||||||||||||
Credit Quality Information | ' | ||||||||||||||||||||||||||||
The following table presents credit quality exposures by internally assigned risk ratings as of the dates indicated: | |||||||||||||||||||||||||||||
Credit Quality Information | |||||||||||||||||||||||||||||
As of June 30, 2014 | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Pass | OAEM | Substandard | Total | ||||||||||||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||||||||||||||
Residential 1-4 family | $ | 80,378 | $ | 0 | $ | 4,828 | $ | 85,206 | |||||||||||||||||||||
Commercial | 285,386 | 4,266 | 4,646 | 294,298 | |||||||||||||||||||||||||
Construction | 11,196 | 456 | 2,448 | 14,100 | |||||||||||||||||||||||||
Second mortgages | 12,517 | 0 | 239 | 12,756 | |||||||||||||||||||||||||
Equity lines of credit | 37,547 | 0 | 708 | 38,255 | |||||||||||||||||||||||||
Total mortgage loans on real estate | 427,024 | 4,722 | 12,869 | 444,615 | |||||||||||||||||||||||||
Commercial loans | 34,817 | 85 | 71 | 34,973 | |||||||||||||||||||||||||
Consumer loans | 18,557 | 0 | 68 | 18,625 | |||||||||||||||||||||||||
Other | 21,449 | 0 | 0 | 21,449 | |||||||||||||||||||||||||
Total | $ | 501,847 | $ | 4,807 | $ | 13,008 | $ | 519,662 | |||||||||||||||||||||
Credit Quality Information | |||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Pass | OAEM | Substandard | Total | ||||||||||||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||||||||||||||
Residential 1-4 family | $ | 78,612 | $ | 1,167 | $ | 4,721 | $ | 84,500 | |||||||||||||||||||||
Commercial | 274,749 | 5,693 | 6,629 | 287,071 | |||||||||||||||||||||||||
Construction | 10,319 | 640 | 3,546 | 14,505 | |||||||||||||||||||||||||
Second mortgages | 12,994 | 0 | 238 | 13,232 | |||||||||||||||||||||||||
Equity lines of credit | 31,690 | 0 | 473 | 32,163 | |||||||||||||||||||||||||
Total mortgage loans on real estate | 408,364 | 7,500 | 15,607 | 431,471 | |||||||||||||||||||||||||
Commercial loans | 30,164 | 319 | 219 | 30,702 | |||||||||||||||||||||||||
Consumer loans | 19,723 | 0 | 68 | 19,791 | |||||||||||||||||||||||||
Other | 18,735 | 0 | 0 | 18,735 | |||||||||||||||||||||||||
Total | $ | 476,986 | $ | 7,819 | $ | 15,894 | $ | 500,699 | |||||||||||||||||||||
Past Due Loans | ' | ||||||||||||||||||||||||||||
All classes of loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Interest and fees continue to accrue on past due loans until the date the loan is placed in nonaccrual status, if applicable. The following table includes an aging analysis of the recorded investment in past due loans as of the dates indicated. Also included in the table below are loans that are 90 days or more past due as to interest and principal and still accruing interest, because they are well-secured and in the process of collection. Loans in nonaccrual status that are also past due are included in the aging categories in the table below. | |||||||||||||||||||||||||||||
Age Analysis of Past Due Loans as of June 30, 2014 | |||||||||||||||||||||||||||||
30 - 59 | 60 - 89 | 90 or More | Total Past | Total | Total | Recorded | |||||||||||||||||||||||
Days Past | Days Past | Days Past | Due | Current | Loans | Investment | |||||||||||||||||||||||
Due | Due | Due | Loans (1) | > 90 Days | |||||||||||||||||||||||||
Past Due | |||||||||||||||||||||||||||||
and | |||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||||||||||||||
Residential 1-4 family | $ | 534 | $ | 61 | $ | 3,460 | $ | 4,055 | $ | 81,151 | $ | 85,206 | $ | 0 | |||||||||||||||
Commercial | 365 | 781 | 53 | 1,199 | 293,099 | 294,298 | 0 | ||||||||||||||||||||||
Construction | 456 | 0 | 2,448 | 2,904 | 11,196 | 14,100 | 67 | ||||||||||||||||||||||
Second mortgages | 3 | 5 | 33 | 41 | 12,715 | 12,756 | 33 | ||||||||||||||||||||||
Equity lines of credit | 0 | 0 | 20 | 20 | 38,235 | 38,255 | 20 | ||||||||||||||||||||||
Total mortgage loans on real estate | 1,358 | 847 | 6,014 | 8,219 | 436,396 | 444,615 | 120 | ||||||||||||||||||||||
Commercial loans | 18 | 0 | 10 | 28 | 34,945 | 34,973 | 10 | ||||||||||||||||||||||
Consumer loans | 461 | 582 | 905 | 1,948 | 16,677 | 18,625 | 861 | ||||||||||||||||||||||
Other | 41 | 11 | 5 | 57 | 21,392 | 21,449 | 5 | ||||||||||||||||||||||
Total | $ | 1,878 | $ | 1,440 | $ | 6,934 | $ | 10,252 | $ | 509,410 | $ | 519,662 | $ | 996 | |||||||||||||||
(1) For purposes of this table, Total Current Loans includes loans that are 1 - 29 days past due. | |||||||||||||||||||||||||||||
In the table above, the consumer category includes student loans with principal amounts that are 97 - 98% guaranteed by the government. The past due portion of these guaranteed loans totaled $1.9 million at June 30, 2014. | |||||||||||||||||||||||||||||
Age Analysis of Past Due Loans as of December 31, 2013 | |||||||||||||||||||||||||||||
30 - 59 | 60 - 89 | 90 or More | Total Past | Total | Total | Recorded | |||||||||||||||||||||||
Days Past | Days Past | Days Past | Due | Current | Loans | Investment | |||||||||||||||||||||||
Due | Due | Due | Loans (1) | > 90 Days | |||||||||||||||||||||||||
Past Due | |||||||||||||||||||||||||||||
and | |||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||||||||||||||
Residential 1-4 family | $ | 324 | $ | 82 | $ | 4,304 | $ | 4,710 | $ | 79,790 | $ | 84,500 | $ | 493 | |||||||||||||||
Commercial | 120 | 704 | 53 | 877 | 286,194 | 287,071 | 0 | ||||||||||||||||||||||
Construction | 0 | 0 | 2,545 | 2,545 | 11,960 | 14,505 | 0 | ||||||||||||||||||||||
Second mortgages | 0 | 10 | 34 | 44 | 13,188 | 13,232 | 34 | ||||||||||||||||||||||
Equity lines of credit | 139 | 0 | 0 | 139 | 32,024 | 32,163 | 0 | ||||||||||||||||||||||
Total mortgage loans on real estate | 583 | 796 | 6,936 | 8,315 | 423,156 | 431,471 | 527 | ||||||||||||||||||||||
Commercial loans | 15 | 80 | 0 | 95 | 30,607 | 30,702 | 0 | ||||||||||||||||||||||
Consumer loans | 929 | 5 | 5 | 939 | 18,852 | 19,791 | 5 | ||||||||||||||||||||||
Other | 51 | 15 | 14 | 80 | 18,655 | 18,735 | 14 | ||||||||||||||||||||||
Total | $ | 1,578 | $ | 896 | $ | 6,955 | $ | 9,429 | $ | 491,270 | $ | 500,699 | $ | 546 | |||||||||||||||
(1) For purposes of this table, Total Current Loans includes loans that are 1 - 29 days past due. | |||||||||||||||||||||||||||||
In the table above, the consumer category includes student loans with principal amounts that are 97 - 98% guaranteed by the government. The past due portion of these guaranteed loans totaled $744 thousand at December 31, 2013. | |||||||||||||||||||||||||||||
Nonaccrual Loans | ' | ||||||||||||||||||||||||||||
The following table presents loans in nonaccrual status by class of loan as of the dates indicated: | |||||||||||||||||||||||||||||
Nonaccrual Loans by Class | |||||||||||||||||||||||||||||
30-Jun-14 | 31-Dec-13 | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Mortgage loans on real estate | |||||||||||||||||||||||||||||
Residential 1-4 family | $ | 3,717 | $ | 4,024 | |||||||||||||||||||||||||
Commercial | 4,442 | 4,606 | |||||||||||||||||||||||||||
Construction | 2,382 | 2,545 | |||||||||||||||||||||||||||
Total mortgage loans on real estate | 10,541 | 11,175 | |||||||||||||||||||||||||||
Commercial loans | 0 | 149 | |||||||||||||||||||||||||||
Consumer loans | 44 | 0 | |||||||||||||||||||||||||||
Total | $ | 10,585 | $ | 11,324 | |||||||||||||||||||||||||
Interest income that would have been recorded under original loan terms | ' | ||||||||||||||||||||||||||||
The following table presents the interest income that the Company would have earned under the original terms of its nonaccrual loans and the actual interest recorded by the Company on nonaccrual loans for the periods presented: | |||||||||||||||||||||||||||||
Six Months Ended June 30, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Interest income that would have been recorded under original loan terms | $ | 369 | $ | 275 | |||||||||||||||||||||||||
Actual interest income recorded for the period | 170 | 51 | |||||||||||||||||||||||||||
Reduction in interest income on nonaccrual loans | $ | 199 | $ | 224 | |||||||||||||||||||||||||
Troubled Debt Restructurings by Class | ' | ||||||||||||||||||||||||||||
The following table presents TDRs during the period indicated, by class of loan. The Company did not restructure any loans in the second quarter of 2014. | |||||||||||||||||||||||||||||
Troubled Debt Restructurings by Class | |||||||||||||||||||||||||||||
For the Three Months Ended June 30, 2013 | |||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||
Number of | Recorded | Recorded | Current Investment on June 30, 2013 | ||||||||||||||||||||||||||
Modifications | Investment | Investment | |||||||||||||||||||||||||||
Prior to | After | ||||||||||||||||||||||||||||
Modification | Modification | ||||||||||||||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||||||||||||||
Residential 1-4 family | 2 | $ | $285 | $ | $285 | $ | $284 | ||||||||||||||||||||||
Troubled Debt Restructurings by Class | |||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2014 | |||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||
Number of | Recorded | Recorded | Current | ||||||||||||||||||||||||||
Modifications | Investment | Investment | Investment on | ||||||||||||||||||||||||||
Prior to | After | 30-Jun-14 | |||||||||||||||||||||||||||
Modification | Modification | ||||||||||||||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||||||||||||||
Residential 1-4 family | 1 | $ | 276 | $ | 276 | $ | 272 | ||||||||||||||||||||||
Construction | 1 | 103 | 103 | 103 | |||||||||||||||||||||||||
Second mortgages | 1 | 89 | 89 | 88 | |||||||||||||||||||||||||
Total | 3 | $ | 468 | $ | 468 | $ | 463 | ||||||||||||||||||||||
Troubled Debt Restructurings by Class | |||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2013 | |||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||
Number of | Recorded | Recorded | Current Investment on June 30, 2013 | ||||||||||||||||||||||||||
Modifications | Investment | Investment | |||||||||||||||||||||||||||
Prior to | After | ||||||||||||||||||||||||||||
Modification | Modification | ||||||||||||||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||||||||||||||
Residential 1-4 family | 3 | $ | 676 | $ | 676 | $ | 673 | ||||||||||||||||||||||
Commercial | 1 | 207 | 207 | 203 | |||||||||||||||||||||||||
Total | 4 | $ | 883 | $ | 883 | $ | 876 | ||||||||||||||||||||||
Defaulting Troubled Debt Restructurings | ' | ||||||||||||||||||||||||||||
The following tables presents TDRs for the periods indicated for which there was a payment default where the default occurred within twelve months of restructuring. The Company considers a TDR in default when any of the following occurs: the loan, as restructured, becomes 90 days or more past due; the loan is moved to non-accrual status following the restructure; the loan is restructured again under terms that would qualify it as a TDR if it were not already so classified; or any portion of the loan is charged off. For the three months ended June 30, 2014, there were no TDRs for which there was a payment default where the default occurred within twelve months of restructuring. | |||||||||||||||||||||||||||||
Restructurings that Subsequently Defaulted | |||||||||||||||||||||||||||||
For the Three Months Ended June 30, 2013 | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Recorded Investment in Defaulting Loans as of June 30, 2013 | |||||||||||||||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||||||||||||||
Residential 1-4 family | $ | 210 | |||||||||||||||||||||||||||
Restructurings that Subsequently Defaulted | |||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2014 | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Recorded Investment in Defaulting Loans as of June 30, 2014 | |||||||||||||||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||||||||||||||
Residential 1-4 family | $ | 94 | |||||||||||||||||||||||||||
Restructurings that Subsequently Defaulted | |||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2013 | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Recorded Investment in Defaulting Loans as of June 30, 2013 | |||||||||||||||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||||||||||||||
Residential 1-4 family | $ | 210 | |||||||||||||||||||||||||||
Commercial | 1,843 | ||||||||||||||||||||||||||||
Total | $ | 2,053 | |||||||||||||||||||||||||||
Impaired Loans by Class | ' | ||||||||||||||||||||||||||||
The following table includes the recorded investment and unpaid principal balances (a portion of which may have been charged off) for impaired loans with the associated allowance amount, if applicable, as of the dates presented. Also presented are the average recorded investments in the impaired loans and the related amount of interest recognized for the periods presented. The average balances are calculated based on daily average balances. | |||||||||||||||||||||||||||||
Impaired Loans by Class | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
As of June 30, 2014 | For the six months ended June 30, 2014 | ||||||||||||||||||||||||||||
Recorded Investment | |||||||||||||||||||||||||||||
Unpaid | Without | With | Associated | Average | Interest | ||||||||||||||||||||||||
Principal | Valuation | Valuation | Allowance | Recorded | Income | ||||||||||||||||||||||||
Balance | Allowance | Allowance | Investment | Recognized | |||||||||||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||||||||||||||
Residential 1-4 family | $ | 5,680 | $ | 4,464 | $ | 1,038 | $ | 137 | $ | 5,503 | $ | 60 | |||||||||||||||||
Commercial | 12,650 | 7,561 | 3,373 | 186 | 10,817 | 215 | |||||||||||||||||||||||
Construction | 3,706 | 0 | 2,941 | 380 | 2,778 | 21 | |||||||||||||||||||||||
Second mortgages | 455 | 271 | 153 | 117 | 460 | 11 | |||||||||||||||||||||||
Total mortgage loans on real estate | $ | 22,491 | $ | 12,296 | $ | 7,505 | $ | 820 | $ | 19,558 | $ | 307 | |||||||||||||||||
Commercial loans | 0 | 0 | 0 | 0 | 74 | 0 | |||||||||||||||||||||||
Consumer loans | 59 | 59 | 0 | 0 | 37 | 1 | |||||||||||||||||||||||
Total | $ | 22,550 | $ | 12,355 | $ | 7,505 | $ | 820 | $ | 19,669 | $ | 308 | |||||||||||||||||
Impaired Loans by Class | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
As of December 31, 2013 | For the year ended | ||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
Recorded Investment | |||||||||||||||||||||||||||||
Unpaid | Without | With | Associated | Average | Interest | ||||||||||||||||||||||||
Principal | Valuation | Valuation | Allowance | Recorded | Income | ||||||||||||||||||||||||
Balance | Allowance | Allowance | Investment | Recognized | |||||||||||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||||||||||||||
Residential 1-4 family | $ | 5,713 | $ | 1,542 | $ | 4,009 | $ | 1,383 | $ | 5,152 | $ | 102 | |||||||||||||||||
Commercial | 12,905 | 6,882 | 4,300 | 307 | 10,631 | 591 | |||||||||||||||||||||||
Construction | 3,309 | 2,545 | 0 | 0 | 2,798 | 0 | |||||||||||||||||||||||
Second mortgages | 374 | 296 | 47 | 3 | 462 | (19 | ) | ||||||||||||||||||||||
Equity lines of credit | 0 | 0 | 0 | 0 | 97 | 0 | |||||||||||||||||||||||
Total mortgage loans on real estate | $ | 22,301 | $ | 11,265 | $ | 8,356 | $ | 1,693 | $ | 19,140 | $ | 674 | |||||||||||||||||
Commercial loans | 150 | 149 | 0 | 0 | 44 | 6 | |||||||||||||||||||||||
Consumer loans | 15 | 0 | 15 | 0 | 17 | 1 | |||||||||||||||||||||||
Total | $ | 22,466 | $ | 11,414 | $ | 8,371 | $ | 1,693 | $ | 19,201 | $ | 681 | |||||||||||||||||
Allowance for loan losses by segment | ' | ||||||||||||||||||||||||||||
The following table presents, by portfolio segment, the changes in the allowance for loan losses and the recorded investment in loans for the periods presented. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. | |||||||||||||||||||||||||||||
ALLOWANCE FOR LOAN LOSSES AND RECORDED INVESTMENT IN LOANS | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
For the Six Months Ended | Commercial | Real Estate - | Real Estate - | Consumer | Other | Total | |||||||||||||||||||||||
30-Jun-14 | Construction | Mortgage | |||||||||||||||||||||||||||
Allowance for Loan Losses: | |||||||||||||||||||||||||||||
Balance at the beginning of period | $ | 350 | $ | 662 | $ | 5,357 | $ | 294 | $ | 168 | $ | 6,831 | |||||||||||||||||
Charge-offs | (139 | ) | 0 | (249 | ) | (93 | ) | (77 | ) | (558 | ) | ||||||||||||||||||
Recoveries | 28 | 5 | 253 | 35 | 32 | 353 | |||||||||||||||||||||||
Provision for loan losses | 260 | 483 | (502 | ) | (1 | ) | 110 | 350 | |||||||||||||||||||||
Ending balance | $ | 499 | $ | 1,150 | $ | 4,859 | $ | 235 | $ | 233 | $ | 6,976 | |||||||||||||||||
Ending balance individually evaluated for impairment | $ | 0 | $ | 380 | $ | 440 | $ | 0 | $ | 0 | $ | 820 | |||||||||||||||||
Ending balance collectively evaluated for impairment | 499 | 770 | 4,419 | 235 | 233 | 6,156 | |||||||||||||||||||||||
Ending balance | $ | 499 | $ | 1,150 | $ | 4,859 | $ | 235 | $ | 233 | $ | 6,976 | |||||||||||||||||
Loan Balances: | |||||||||||||||||||||||||||||
Ending balance individually evaluated for impairment | $ | 0 | $ | 2,941 | $ | 16,860 | $ | 59 | $ | 0 | $ | 19,860 | |||||||||||||||||
Ending balance collectively evaluated for impairment | 34,973 | 11,159 | 413,655 | 18,566 | 21,449 | 499,802 | |||||||||||||||||||||||
Ending balance | $ | 34,973 | $ | 14,100 | $ | 430,515 | $ | 18,625 | $ | 21,449 | $ | 519,662 | |||||||||||||||||
For the Year Ended | Commercial | Real Estate - | Real Estate - | Consumer | Other | Total | |||||||||||||||||||||||
31-Dec-13 | Construction | Mortgage | |||||||||||||||||||||||||||
Allowance for Loan Losses: | |||||||||||||||||||||||||||||
Balance at the beginning of period | $ | 677 | $ | 187 | $ | 6,179 | $ | 204 | $ | 77 | $ | 7,324 | |||||||||||||||||
Charge-offs | (200 | ) | (501 | ) | (1,548 | ) | (141 | ) | (316 | ) | (2,706 | ) | |||||||||||||||||
Recoveries | 76 | 6 | 513 | 111 | 207 | 913 | |||||||||||||||||||||||
Provision for loan losses | (203 | ) | 970 | 213 | 120 | 200 | 1,300 | ||||||||||||||||||||||
Ending balance | $ | 350 | $ | 662 | $ | 5,357 | $ | 294 | $ | 168 | $ | 6,831 | |||||||||||||||||
Ending balance individually evaluated for impairment | $ | 0 | $ | 0 | $ | 1,693 | $ | 0 | $ | 0 | $ | 1,693 | |||||||||||||||||
Ending balance collectively evaluated for impairment | 350 | 662 | 3,664 | 294 | 168 | 5,138 | |||||||||||||||||||||||
Ending balance | $ | 350 | $ | 662 | $ | 5,357 | $ | 294 | $ | 168 | $ | 6,831 | |||||||||||||||||
Loan Balances: | |||||||||||||||||||||||||||||
Ending balance individually evaluated for impairment | $ | 149 | $ | 2,545 | $ | 17,076 | $ | 15 | $ | 0 | $ | 19,785 | |||||||||||||||||
Ending balance collectively evaluated for impairment | 30,553 | 11,960 | 399,890 | 19,776 | 18,735 | 480,914 | |||||||||||||||||||||||
Ending balance | $ | 30,702 | $ | 14,505 | $ | 416,966 | $ | 19,791 | $ | 18,735 | $ | 500,699 |
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Share-Based Compensation [Abstract] | ' | ||||||||||||||||
Stock option plan activity | ' | ||||||||||||||||
Stock option activity for the six months ended June 30, 2014 is summarized below: | |||||||||||||||||
Shares | Weighted | Weighted | Aggregate | ||||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | (in thousands) | |||||||||||||||
Life | |||||||||||||||||
(in years) | |||||||||||||||||
Options outstanding, January 1, 2014 | 151,335 | $ | 21.66 | ||||||||||||||
Granted | 0 | 0 | |||||||||||||||
Exercised | 0 | 0 | |||||||||||||||
Canceled or expired | (1,250 | ) | 20.05 | ||||||||||||||
Options outstanding, June 30, 2014 | 150,085 | $ | 21.68 | 1.93 | $ | 0 | |||||||||||
Options exercisable, June 30, 2014 | 150,085 | $ | 21.68 | 1.93 | $ | 0 |
Pension_Plan_Tables
Pension Plan (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Pension Plan [Abstract] | ' | ||||||||
Components of net periodic plan cost | ' | ||||||||
The Company provides pension benefits for eligible participants through a non-contributory defined benefit pension plan. The plan was frozen effective September 30, 2006; therefore, no additional participants will be added to the plan. The components of net periodic pension plan cost are as follows for the periods indicated: | |||||||||
Three months ended June 30, | 2014 | 2013 | |||||||
(in thousands) | |||||||||
Interest cost | $ | 69 | $ | 63 | |||||
Expected return on plan assets | (91 | ) | (89 | ) | |||||
Amortization of net loss | 55 | 75 | |||||||
Net periodic pension plan cost | $ | 33 | $ | 49 | |||||
Six months ended June 30, | 2014 | 2013 | |||||||
(in thousands) | |||||||||
Interest cost | $ | 137 | $ | 126 | |||||
Expected return on plan assets | (182 | ) | (177 | ) | |||||
Amortization of net loss | 110 | 149 | |||||||
Net periodic pension plan cost | $ | 65 | $ | 98 |
Stockholders_Equity_and_Earnin1
Stockholders' Equity and Earnings per Common Share (Tables) | 6 Months Ended | |||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||
Stockholders' Equity and Earnings Per Common Share [Abstract] | ' | |||||||||||||||||
Amounts reclassified out of accumulated other comprehensive income (loss), by category | ' | |||||||||||||||||
The following table presents information on amounts reclassified out of accumulated other comprehensive loss, by category, during the periods indicated: | ||||||||||||||||||
Three Months Ended | Six Months Ended | Affected Line Item on | ||||||||||||||||
June 30, | June 30, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | Consolidated Statements of Income | ||||||||||||||
(in thousands) | ||||||||||||||||||
Available-for-sale securities | Â Â Â Â Â Â | |||||||||||||||||
Realized losses on sales of securities | $ | (7 | ) | $ | (21 | ) | $ | (7 | ) | $ | (21 | ) | Loss on sale of available-for-sale securities, net | |||||
Tax benefit | (2 | ) | (7 | ) | (2 | ) | (7 | ) | Income tax benefit | |||||||||
$ | (5 | ) | $ | (14 | ) | $ | (5 | ) | $ | (14 | ) | Net of tax | ||||||
Other Comprehensive Income | ' | |||||||||||||||||
The following table presents the changes in accumulated other comprehensive loss, by category, net of tax, for the periods indicated: | ||||||||||||||||||
Unrealized Gains (Losses) on Securities | Unrealized Losses on Securities Transferred to Held-to-Maturity | Defined Benefit Pension Plans | Accumulated Other Comprehensive Loss | |||||||||||||||
(in thousands) | ||||||||||||||||||
Six Months Ended June 30, 2014 | ||||||||||||||||||
Balance at beginning of period | $ | (5,317 | ) | $ | (3,937 | ) | $ | (1,548 | ) | $ | (10,802 | ) | ||||||
Net change for the period | 3,484 | 259 | 0 | 3,743 | ||||||||||||||
Balance at end of period | $ | (1,833 | ) | $ | (3,678 | ) | $ | (1,548 | ) | $ | (7,059 | ) | ||||||
Six Months Ended June 30, 2013 | ||||||||||||||||||
Balance at beginning of period | $ | 1,992 | $ | 0 | $ | (2,184 | ) | $ | (192 | ) | ||||||||
Net change for the period | (8,223 | ) | 0 | 0 | (8,223 | ) | ||||||||||||
Balance at end of period | $ | (6,231 | ) | $ | 0 | $ | (2,184 | ) | $ | (8,415 | ) | |||||||
Component of other comprehensive income on a pre-tax and after-tax | ' | |||||||||||||||||
The following table presents the change in each component of accumulated other comprehensive loss on a pre-tax and after-tax basis for the periods indicated. | ||||||||||||||||||
Six Months Ended June 30, 2014 | ||||||||||||||||||
Pretax | Tax Expense (Benefit) | Net-of-Tax | ||||||||||||||||
(in thousands) | ||||||||||||||||||
Unrealized gains on available-for-sale securities | ||||||||||||||||||
Unrealized holding gains arising during the period | $ | 5,271 | $ | 1,792 | $ | 3,479 | ||||||||||||
Less reclassification adjustment for losses recognized in income | (7 | ) | (2 | ) | (5 | ) | ||||||||||||
Net unrealized gains on securities | 5,278 | 1,794 | 3,484 | |||||||||||||||
Market adjustment on securities transferred to held-to-maturity | ||||||||||||||||||
Amortization | 392 | 133 | 259 | |||||||||||||||
Total change in accumulated other comprehensive loss | $ | 5,670 | $ | 1,927 | $ | 3,743 | ||||||||||||
Six Months Ended June 30, 2013 | ||||||||||||||||||
Pretax | Tax Expense | Net-of-Tax | ||||||||||||||||
(Benefit) | ||||||||||||||||||
(in thousands) | ||||||||||||||||||
Unrealized losses on available-for-sale securities | ||||||||||||||||||
Unrealized holding losses arising during the period | $ | (12,480 | ) | $ | (4,243 | ) | $ | (8,237 | ) | |||||||||
Less reclassification adjustment for losses recognized in income | (21 | ) | (7 | ) | (14 | ) | ||||||||||||
Net unrealized losses on securities | (12,459 | ) | (4,236 | ) | (8,223 | ) | ||||||||||||
Total change in accumulated other comprehensive loss | $ | (12,459 | ) | $ | (4,236 | ) | $ | (8,223 | ) |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||||||
Assets measured at fair value on a recurring basis | ' | ||||||||||||||||
The following table presents the balances of certain assets measured at fair value on a recurring basis as of the dates indicated: | |||||||||||||||||
Fair Value Measurements at June 30, 2014 Using | |||||||||||||||||
(in thousands) | |||||||||||||||||
Description | Balance | Quoted Prices in | Significant | Significant | |||||||||||||
Active Markets | Other | Unobservable | |||||||||||||||
for Identical | Observable | Inputs | |||||||||||||||
Assets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Available-for-sale securities | |||||||||||||||||
Obligations of U.S. Government agencies | $ | 14,931 | $ | 0 | $ | 14,931 | $ | 0 | |||||||||
Obligations of state and political subdivisions | 49,495 | 0 | 49,495 | 0 | |||||||||||||
Mortgage-backed securities | 76,625 | 0 | 76,625 | 0 | |||||||||||||
Money market investments | 614 | 0 | 614 | 0 | |||||||||||||
Corporate bonds | 2,291 | 0 | 2,291 | 0 | |||||||||||||
Other marketable equity securities | 84 | 0 | 84 | 0 | |||||||||||||
Total available-for-sale securities | $ | 144,040 | $ | 0 | $ | 144,040 | $ | 0 | |||||||||
Fair Value Measurements at December 31, 2013 Using | |||||||||||||||||
(in thousands) | |||||||||||||||||
Description | Balance | Quoted Prices in | Significant | Significant | |||||||||||||
Active Markets | Other | Unobservable | |||||||||||||||
for Identical | Observable | Inputs | |||||||||||||||
Assets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Available-for-sale securities | |||||||||||||||||
Obligations of U.S. Government agencies | $ | 15,024 | $ | 0 | $ | 15,024 | $ | 0 | |||||||||
Obligations of state and political subdivisions | 47,100 | 0 | 47,100 | 0 | |||||||||||||
Mortgage-backed securities | 90,750 | 0 | 90,750 | 0 | |||||||||||||
Money market investments | 691 | 0 | 691 | 0 | |||||||||||||
Corporate bonds | 2,074 | 0 | 2,074 | 0 | |||||||||||||
Total available-for-sale securities | $ | 155,639 | $ | 0 | $ | 155,639 | $ | 0 | |||||||||
Assets measured at fair value on a nonrecurring basis | ' | ||||||||||||||||
The following table presents the assets carried on the consolidated balance sheets for which a nonrecurring change in fair value has been recorded. Assets are shown by class of loan and by level in the fair value hierarchy, as of the dates indicated. Certain impaired loans are valued by the present value of the loan's expected future cash flows, discounted at the interest rate of the loan rather than at a market rate. These loans are not carried on the consolidated balance sheets at fair value and, as such, are not included in the table below. | |||||||||||||||||
Carrying Value at June 30, 2014 Using | |||||||||||||||||
(in thousands) | |||||||||||||||||
Fair Value | Quoted Prices in | Significant | Significant | ||||||||||||||
Active Markets | Other | Unobservable | |||||||||||||||
for Identical | Observable | Inputs | |||||||||||||||
Assets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Impaired loans | |||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||
Residential 1-4 family | $ | 744 | $ | 0 | $ | 0 | $ | 744 | |||||||||
Construction | 2,561 | 0 | 0 | 2,561 | |||||||||||||
Second mortgages | 37 | 0 | 0 | 37 | |||||||||||||
Total | $ | 3,342 | $ | 0 | $ | 0 | $ | 3,342 | |||||||||
Other real estate owned | |||||||||||||||||
Residential 1-4 family | $ | 1,261 | $ | 0 | $ | 0 | $ | 1,261 | |||||||||
Commercial | 1,735 | 0 | 0 | 1,735 | |||||||||||||
Construction | 2,670 | 0 | 0 | 2,670 | |||||||||||||
Total | $ | 5,666 | $ | 0 | $ | 0 | $ | 5,666 | |||||||||
Carrying Value at December 31, 2013 Using | |||||||||||||||||
(in thousands) | |||||||||||||||||
Fair Value | Quoted Prices in | Significant | Significant | ||||||||||||||
Active Markets for | Other | Unobservable | |||||||||||||||
Identical | Observable | Inputs | |||||||||||||||
Assets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Impaired loans | |||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||
Residential 1-4 family | $ | 2,455 | $ | 0 | $ | 0 | $ | 2,455 | |||||||||
Commercial | 800 | 0 | 0 | 800 | |||||||||||||
Second mortgages | 44 | 0 | 0 | 44 | |||||||||||||
Total | $ | 3,299 | $ | 0 | $ | 0 | $ | 3,299 | |||||||||
Other real estate owned | |||||||||||||||||
Residential 1-4 family | $ | 457 | $ | 0 | $ | 0 | $ | 457 | |||||||||
Commercial | 2,290 | 0 | 0 | 2,290 | |||||||||||||
Construction | 2,783 | 0 | 0 | 2,783 | |||||||||||||
Total | $ | 5,530 | $ | 0 | $ | 0 | $ | 5,530 | |||||||||
Fair Value Inputs, Assets, Quantitative Information | ' | ||||||||||||||||
The following table displays quantitative information about Level 3 Fair Value Measurements as of the dates indicated: | |||||||||||||||||
Quantitative Information About Level 3 Fair Value Measurements | |||||||||||||||||
Description | Fair Value at June 30, 2014 (dollars in thousands) | Valuation Techniques | Unobservable Input | Range (Average) | |||||||||||||
Impaired loans | |||||||||||||||||
Residential 1-4 family real estate | $ | 744 | Market comparables | Selling costs | 0.00% - 7.25% (1.81 | %) | |||||||||||
   | Liquidation discount | 0.00% - 10.00% (3.75 | %) | ||||||||||||||
Construction | $ | 2,561 | Market comparables | Selling costs | 0.00% - 11.25% (3.75 | %) | |||||||||||
Second mortgages | $ | 37 | Market comparables | Selling costs | 0 | % | |||||||||||
Other real estate owned | |||||||||||||||||
Residential 1-4 family | $ | 1,261 | Market comparables | Selling costs | 6.00% - 10.00% (6.00 | %) | |||||||||||
Commercial | $ | 1,735 | Market comparables | Selling costs | 6.00% - 10.00% (6.00 | %) | |||||||||||
Construction | $ | 2,670 | Market comparables | Selling costs | 6.00% - 10.00% (6.00 | %) | |||||||||||
Quantitative Information About Level 3 Fair Value Measurements | |||||||||||||||||
Description | Fair Value at December 31, 2013 (dollars in thousands) | Valuation Techniques | Unobservable Input | Range (Average) | |||||||||||||
Impaired loans | |||||||||||||||||
Residential 1-4 family real estate | $ | 2,455 | Market comparables | Selling costs | 3.00% - 7.25% (6.39 | %) | |||||||||||
   | Liquidation discount | 0.00% - 90.00% (15.56 | %) | ||||||||||||||
Commercial real estate | $ | 800 | Market comparables | Selling costs | 7.25 | % | |||||||||||
Second mortgages | $ | 44 | Market comparables | Selling costs | 7.25 | % | |||||||||||
Other real estate owned | |||||||||||||||||
Residential 1-4 family | $ | 457 | Market comparables | Selling costs | 6.00% - 10.00% (6.00 | %) | |||||||||||
Commercial | $ | 2,290 | Market comparables | Selling costs | 6.00% - 10.00% (6.00 | %) | |||||||||||
Construction | $ | 2,783 | Market comparables | Selling costs | 6.00% - 10.00% (6.00 | %) | |||||||||||
Estimated fair values and related carrying or notional amounts of financial instruments | ' | ||||||||||||||||
The estimated fair values, and related carrying or notional amounts, of the Company's financial instruments as of the dates indicated are as follows: | |||||||||||||||||
Fair Value Measurements at June 30, 2014 Using (in thousands) | |||||||||||||||||
Carrying Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Assets | |||||||||||||||||
Cash and cash equivalents | $ | 22,533 | $ | 22,533 | $ | 0 | $ | 0 | |||||||||
Securities available-for-sale | 144,040 | 0 | 144,040 | 0 | |||||||||||||
Securities held-to-maturity | 93,990 | 0 | 97,091 | 0 | |||||||||||||
Restricted securities | 2,293 | 0 | 2,293 | 0 | |||||||||||||
Loans, net of allowances for loan losses | 512,686 | 0 | 0 | 512,268 | |||||||||||||
Bank owned life insurance | 23,107 | 0 | 23,107 | 0 | |||||||||||||
Accrued interest receivable | 2,768 | 0 | 2,768 | 0 | |||||||||||||
Liabilities | |||||||||||||||||
Deposits | $ | 716,528 | $ | 0 | $ | 717,631 | $ | 0 | |||||||||
Overnight repurchase agreements | 25,677 | 0 | 25,677 | 0 | |||||||||||||
Term repurchase agreements | 412 | 0 | 411 | 0 | |||||||||||||
Federal Home Loan Bank advances | 30,000 | 0 | 32,092 | 0 | |||||||||||||
Accrued interest payable | 266 | 0 | 266 | 0 | |||||||||||||
Fair Value Measurements at December 31, 2013 Using | |||||||||||||||||
(in thousands) | |||||||||||||||||
Carrying | Quoted Prices in | Significant | Significant | ||||||||||||||
Value | Active Markets | Other | Unobservable | ||||||||||||||
for Identical | Observable | Inputs | |||||||||||||||
Assets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Assets | |||||||||||||||||
Cash and cash equivalents | $ | 31,325 | $ | 31,325 | $ | 0 | $ | 0 | |||||||||
Securities available-for-sale | 155,639 | 0 | 155,639 | 0 | |||||||||||||
Securities held-to-maturity | 96,847 | 0 | 97,453 | 0 | |||||||||||||
Restricted securities | 2,378 | 0 | 2,378 | 0 | |||||||||||||
Loans, net of allowances for loan losses | 493,868 | 0 | 0 | 494,714 | |||||||||||||
Bank owned life insurance | 22,673 | 0 | 22,673 | 0 | |||||||||||||
Accrued interest receivable | 2,754 | 0 | 2,754 | 0 | |||||||||||||
Liabilities | |||||||||||||||||
Deposits | $ | 725,405 | $ | 0 | $ | 728,011 | $ | 0 | |||||||||
Overnight repurchase agreements | 31,175 | 0 | 31,175 | 0 | |||||||||||||
Term repurchase agreements | 411 | 0 | 410 | 0 | |||||||||||||
Federal Home Loan Bank advances | 25,000 | 0 | 27,567 | 0 | |||||||||||||
Accrued interest payable | 327 | 0 | 327 | 0 | |||||||||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Reconciliation of assets and revenues from segment to consolidated | ' | ||||||||||||||||||||
Information about reportable segments, and reconciliation of such information to the consolidated financial statements as of and for the three and six months ended June 30, 2014 and 2013 follows: | |||||||||||||||||||||
Three Months Ended June 30, 2014 | |||||||||||||||||||||
Bank | Trust | Unconsolidated | Eliminations | Consolidated | |||||||||||||||||
Parent | |||||||||||||||||||||
Revenues | |||||||||||||||||||||
Interest and dividend income | $ | 7,523 | $ | 13 | $ | 1,100 | $ | (1,100 | ) | $ | 7,536 | ||||||||||
Income from fiduciary activities | 0 | 793 | 0 | 0 | 793 | ||||||||||||||||
Other income | 2,126 | 250 | 50 | (66 | ) | 2,360 | |||||||||||||||
Total operating income | 9,649 | 1,056 | 1,150 | (1,166 | ) | 10,689 | |||||||||||||||
Expenses | |||||||||||||||||||||
Interest expense | 962 | 0 | 0 | 0 | 962 | ||||||||||||||||
Provision for loan losses | 100 | 0 | 0 | 0 | 100 | ||||||||||||||||
Salaries and employee benefits | 4,192 | 680 | 109 | 0 | 4,981 | ||||||||||||||||
Other expenses | 3,347 | 265 | (60 | ) | (66 | ) | 3,486 | ||||||||||||||
Total operating expenses | 8,601 | 945 | 49 | (66 | ) | 9,529 | |||||||||||||||
Income before taxes | 1,048 | 111 | 1,101 | (1,100 | ) | 1,160 | |||||||||||||||
Income tax expense (benefit) | 20 | 39 | 0 | 0 | 59 | ||||||||||||||||
Net income | $ | 1,028 | $ | 72 | $ | 1,101 | $ | (1,100 | ) | $ | 1,101 | ||||||||||
Total assets | $ | 855,989 | $ | 5,740 | $ | 85,989 | $ | (86,817 | ) | $ | 860,901 | ||||||||||
Three Months Ended June 30, 2013 | |||||||||||||||||||||
Bank | Trust | Unconsolidated | Eliminations | Consolidated | |||||||||||||||||
Parent | |||||||||||||||||||||
Revenues | |||||||||||||||||||||
Interest and dividend income | $ | 7,467 | $ | 10 | $ | 1,095 | $ | (1,096 | ) | $ | 7,476 | ||||||||||
Income from fiduciary activities | 0 | 866 | 0 | 0 | 866 | ||||||||||||||||
Other income | 2,300 | 134 | 50 | (65 | ) | 2,419 | |||||||||||||||
Total operating income | 9,767 | 1,010 | 1,145 | (1,161 | ) | 10,761 | |||||||||||||||
Expenses | |||||||||||||||||||||
Interest expense | 1,177 | 0 | 0 | 0 | 1,177 | ||||||||||||||||
Provision for loan losses | 300 | 0 | 0 | 0 | 300 | ||||||||||||||||
Salaries and employee benefits | 4,144 | 553 | 108 | 0 | 4,805 | ||||||||||||||||
Other expenses | 3,021 | 226 | 64 | (66 | ) | 3,245 | |||||||||||||||
Total operating expenses | 8,642 | 779 | 172 | (66 | ) | 9,527 | |||||||||||||||
Income before taxes | 1,125 | 231 | 973 | (1,095 | ) | 1,234 | |||||||||||||||
Income tax expense (benefit) | 182 | 79 | (42 | ) | 0 | 219 | |||||||||||||||
Net income | $ | 943 | $ | 152 | $ | 1,015 | $ | (1,095 | ) | $ | 1,015 | ||||||||||
Total assets | $ | 862,066 | $ | 5,502 | $ | 82,500 | $ | (83,187 | ) | $ | 866,881 | ||||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||||||
Bank | Trust | Unconsolidated | Eliminations | Consolidated | |||||||||||||||||
Parent | |||||||||||||||||||||
Revenues | |||||||||||||||||||||
Interest and dividend income | $ | 14,977 | $ | 25 | $ | 2,152 | $ | (2,152 | ) | $ | 15,002 | ||||||||||
Income from fiduciary activities | 0 | 1,748 | 0 | 0 | 1,748 | ||||||||||||||||
Other income | 4,112 | 486 | 100 | (131 | ) | 4,567 | |||||||||||||||
Total operating income | 19,089 | 2,259 | 2,252 | (2,283 | ) | 21,317 | |||||||||||||||
Expenses | |||||||||||||||||||||
Interest expense | 1,993 | 0 | 0 | 0 | 1,993 | ||||||||||||||||
Provision for loan losses | 350 | 0 | 0 | 0 | 350 | ||||||||||||||||
Salaries and employee benefits | 8,290 | 1,325 | 219 | 0 | 9,834 | ||||||||||||||||
Other expenses | 6,512 | 522 | (7 | ) | (131 | ) | 6,896 | ||||||||||||||
Total operating expenses | 17,145 | 1,847 | 212 | (131 | ) | 19,073 | |||||||||||||||
Income before taxes | 1,944 | 412 | 2,040 | (2,152 | ) | 2,244 | |||||||||||||||
Income tax expense (benefit) | 63 | 141 | (38 | ) | 0 | 166 | |||||||||||||||
Net income | $ | 1,881 | $ | 271 | $ | 2,078 | $ | (2,152 | ) | $ | 2,078 | ||||||||||
Total assets | $ | 855,989 | $ | 5,740 | $ | 85,989 | $ | (86,817 | ) | $ | 860,901 | ||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||||||
Bank | Trust | Unconsolidated | Eliminations | Consolidated | |||||||||||||||||
Parent | |||||||||||||||||||||
Revenues | |||||||||||||||||||||
Interest and dividend income | $ | 15,087 | $ | 19 | $ | 2,057 | $ | (2,058 | ) | $ | 15,105 | ||||||||||
Income from fiduciary activities | 0 | 1,766 | 0 | 0 | 1,766 | ||||||||||||||||
Other income | 4,418 | 245 | 100 | (131 | ) | 4,632 | |||||||||||||||
Total operating income | 19,505 | 2,030 | 2,157 | (2,189 | ) | 21,503 | |||||||||||||||
Expenses | |||||||||||||||||||||
Interest expense | 2,433 | 0 | 0 | (1 | ) | 2,432 | |||||||||||||||
Provision for loan losses | 500 | 0 | 0 | 0 | 500 | ||||||||||||||||
Salaries and employee benefits | 8,438 | 1,069 | 219 | 0 | 9,726 | ||||||||||||||||
Other expenses | 6,142 | 444 | 94 | (131 | ) | 6,549 | |||||||||||||||
Total operating expenses | 17,513 | 1,513 | 313 | (132 | ) | 19,207 | |||||||||||||||
Income before taxes | 1,992 | 517 | 1,844 | (2,057 | ) | 2,296 | |||||||||||||||
Income tax expense (benefit) | 277 | 175 | (72 | ) | 0 | 380 | |||||||||||||||
Net income | $ | 1,715 | $ | 342 | $ | 1,916 | $ | (2,057 | ) | $ | 1,916 | ||||||||||
Total assets | $ | 862,066 | $ | 5,502 | $ | 82,500 | $ | (83,187 | ) | $ | 866,881 | ||||||||||
The accounting policies of the segments are the same as those described in the summary of significant accounting policies reported in the Company's 2013 annual report on Form 10-K. The Company evaluates performance based on profit or loss from operations before income taxes, not including nonrecurring gains or losses. | |||||||||||||||||||||
Both the Parent and the Trust companies maintain deposit accounts with the Bank, on terms substantially similar to those available to other customers. These transactions are eliminated to reach consolidated totals. |
Securities_Details
Securities (Details) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Security | Security | |
Amortized cost and fair value of securities held-to-maturity [Abstract] | ' | ' |
Amortized Cost | $93,990 | $96,847 |
Gross Unrealized Gains | 3,182 | 1,326 |
Gross Unrealized Losses | -81 | -720 |
Securities held-to-maturity, fair value | 97,091 | 97,453 |
Amortized cost and fair value of securities available-for-sale [Abstract] | ' | ' |
Amortized Cost | 146,818 | 163,695 |
Gross Unrealized Gains | 558 | 350 |
Gross Unrealized Losses | -3,336 | -8,406 |
Securities available-for-sale, at fair value | 144,040 | 155,639 |
Securities Available-for-Sale, Gross Unrealized Losses [Abstract] | ' | ' |
Less Than Twelve Months | 47 | 6,586 |
More Than Twelve Months | 3,289 | 1,820 |
Total | 3,336 | 8,406 |
Securities Available-for-Sale, Fair Value [Abstract] | ' | ' |
Less than Twelve Months | 5,465 | 119,178 |
More Than Twelve Months | 95,561 | 20,234 |
Total | 101,026 | 139,412 |
Securities Held-to-Maturity, Gross Unrealized Losses [Abstract] | ' | ' |
Less Than Twelve Months | 14 | 715 |
More Than Twelve Months | 67 | 5 |
Total | 81 | 720 |
Securities Held-to-Maturity, Fair Value [Abstract] | ' | ' |
Less than Twelve Months | 3,625 | 23,765 |
More Than Twelve Months | 3,310 | 95 |
Total | 6,935 | 23,860 |
Available for Sale and Held to Maturity Securities Continuous Unrealized Loss Position Aggregate Losses [Abstract] | ' | ' |
Available For Sale And Held To Maturity Securities Continuous Unrealized Loss Position Less Than 12 Months Aggregate Losses | 61 | 7,301 |
Available For Sale And Held To Maturity Securities Continuous Unrealized Loss Position 12 Months Or Longer Aggregate Losses | 3,356 | 1,825 |
Available For Sale And Held To Maturity Securities Continuous Unrealized Loss Position Aggregate Losses | 3,417 | 9,126 |
Available For Sale And Held To Maturity Securities Continuous Unrealized Loss Position Fair Value [Abstract] | ' | ' |
Available For Sale And Held To Maturity Securities Continuous Unrealized Loss Position Less Than 12 Months Fair Value | 9,090 | 142,943 |
Available For Sale And Held To Maturity Securities Continuous Unrealized Loss Position 12 Months Or Longer Fair Value | 98,871 | 20,329 |
Available For Sale And Held To Maturity Securities Continuous Unrealized Loss Position Fair Value | 107,961 | 163,272 |
Available-for-sale securities with continuous unrealized loss position, number of securities [Abstract] | ' | ' |
Cause | 'caused by increases in market interest rates. | ' |
Number of Securities | 75 | 107 |
Held-to-maturity securities with continuous unrealized loss position, number of securities [Abstract] | ' | ' |
Number of Securities | 15 | 51 |
Available for sale and held to maturity securities, Number of positions | 90 | 158 |
US Treasury securities [Member] | ' | ' |
Amortized cost and fair value of securities available-for-sale [Abstract] | ' | ' |
Amortized Cost | 0 | 0 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Securities available-for-sale, at fair value | 0 | 0 |
Securities Available-for-Sale, Gross Unrealized Losses [Abstract] | ' | ' |
Less Than Twelve Months | 0 | 0 |
More Than Twelve Months | 0 | 0 |
Total | 0 | 0 |
Securities Available-for-Sale, Fair Value [Abstract] | ' | ' |
Less than Twelve Months | 0 | 0 |
More Than Twelve Months | 0 | 0 |
Total | 0 | 0 |
Available-for-sale securities with continuous unrealized loss position, number of securities [Abstract] | ' | ' |
Number of Securities | 0 | 0 |
Obligations of U.S. Government agencies [Member] | ' | ' |
Amortized cost and fair value of securities available-for-sale [Abstract] | ' | ' |
Amortized Cost | 14,956 | 15,189 |
Gross Unrealized Gains | 260 | 263 |
Gross Unrealized Losses | -285 | -428 |
Securities available-for-sale, at fair value | 14,931 | 15,024 |
Securities Available-for-Sale, Gross Unrealized Losses [Abstract] | ' | ' |
Less Than Twelve Months | 0 | 0 |
More Than Twelve Months | 285 | 428 |
Total | 285 | 428 |
Securities Available-for-Sale, Fair Value [Abstract] | ' | ' |
Less than Twelve Months | 0 | 0 |
More Than Twelve Months | 4,320 | 4,403 |
Total | 4,320 | 4,403 |
Securities Held-to-Maturity, Gross Unrealized Losses [Abstract] | ' | ' |
Less Than Twelve Months | 0 | 0 |
More Than Twelve Months | 3 | 5 |
Total | 3 | 5 |
Securities Held-to-Maturity, Fair Value [Abstract] | ' | ' |
Less than Twelve Months | 0 | 0 |
More Than Twelve Months | 97 | 95 |
Total | 97 | 95 |
Available-for-sale securities with continuous unrealized loss position, number of securities [Abstract] | ' | ' |
Number of Securities | 1 | 1 |
Held-to-maturity securities with continuous unrealized loss position, number of securities [Abstract] | ' | ' |
Number of Securities | 1 | 1 |
Obligations of states and political subdivisions [Member] | ' | ' |
Amortized cost and fair value of securities available-for-sale [Abstract] | ' | ' |
Amortized Cost | 50,601 | 51,032 |
Gross Unrealized Gains | 291 | 86 |
Gross Unrealized Losses | -1,397 | -4,018 |
Securities available-for-sale, at fair value | 49,495 | 47,100 |
Securities Available-for-Sale, Gross Unrealized Losses [Abstract] | ' | ' |
Less Than Twelve Months | 29 | 3,246 |
More Than Twelve Months | 1,368 | 772 |
Total | 1,397 | 4,018 |
Securities Available-for-Sale, Fair Value [Abstract] | ' | ' |
Less than Twelve Months | 4,983 | 36,235 |
More Than Twelve Months | 27,004 | 6,450 |
Total | 31,987 | 42,685 |
Securities Held-to-Maturity, Gross Unrealized Losses [Abstract] | ' | ' |
Less Than Twelve Months | 14 | 715 |
More Than Twelve Months | 64 | 0 |
Total | 78 | 715 |
Securities Held-to-Maturity, Fair Value [Abstract] | ' | ' |
Less than Twelve Months | 3,625 | 23,765 |
More Than Twelve Months | 3,213 | 0 |
Total | 6,838 | 23,765 |
Available-for-sale securities with continuous unrealized loss position, number of securities [Abstract] | ' | ' |
Number of Securities | 55 | 82 |
Held-to-maturity securities with continuous unrealized loss position, number of securities [Abstract] | ' | ' |
Number of Securities | 14 | 50 |
Mortgage-backed securities [Member] | ' | ' |
Amortized cost and fair value of securities available-for-sale [Abstract] | ' | ' |
Amortized Cost | 78,249 | 94,685 |
Gross Unrealized Gains | 3 | 0 |
Gross Unrealized Losses | -1,627 | -3,935 |
Securities available-for-sale, at fair value | 76,625 | 90,750 |
Securities Available-for-Sale, Gross Unrealized Losses [Abstract] | ' | ' |
Less Than Twelve Months | 0 | 3,321 |
More Than Twelve Months | 1,627 | 614 |
Total | 1,627 | 3,935 |
Securities Available-for-Sale, Fair Value [Abstract] | ' | ' |
Less than Twelve Months | 0 | 81,664 |
More Than Twelve Months | 63,446 | 9,086 |
Total | 63,446 | 90,750 |
Available-for-sale securities with continuous unrealized loss position, number of securities [Abstract] | ' | ' |
Number of Securities | 8 | 12 |
Money market investments [Member] | ' | ' |
Amortized cost and fair value of securities available-for-sale [Abstract] | ' | ' |
Amortized Cost | 614 | 691 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Securities available-for-sale, at fair value | 614 | 691 |
Corporate bonds [Member] | ' | ' |
Amortized cost and fair value of securities available-for-sale [Abstract] | ' | ' |
Amortized Cost | 2,298 | 2,098 |
Gross Unrealized Gains | 4 | 1 |
Gross Unrealized Losses | -11 | -25 |
Securities available-for-sale, at fair value | 2,291 | 2,074 |
Securities Available-for-Sale, Gross Unrealized Losses [Abstract] | ' | ' |
Less Than Twelve Months | 2 | 19 |
More Than Twelve Months | 9 | 6 |
Total | 11 | 25 |
Securities Available-for-Sale, Fair Value [Abstract] | ' | ' |
Less than Twelve Months | 398 | 1,279 |
More Than Twelve Months | 791 | 295 |
Total | 1,189 | 1,574 |
Available-for-sale securities with continuous unrealized loss position, number of securities [Abstract] | ' | ' |
Number of Securities | 10 | 12 |
Debt Securities [Member] | ' | ' |
Securities Available-for-Sale, Gross Unrealized Losses [Abstract] | ' | ' |
Less Than Twelve Months | 31 | 6,586 |
More Than Twelve Months | 3,289 | 1,820 |
Total | 3,320 | 8,406 |
Securities Available-for-Sale, Fair Value [Abstract] | ' | ' |
Less than Twelve Months | 5,381 | 119,178 |
More Than Twelve Months | 95,561 | 20,234 |
Total | 100,942 | 139,412 |
Available-for-sale securities with continuous unrealized loss position, number of securities [Abstract] | ' | ' |
Number of Securities | 74 | 107 |
Common Stock [Member] | ' | ' |
Amortized cost and fair value of securities available-for-sale [Abstract] | ' | ' |
Amortized Cost | 100 | ' |
Gross Unrealized Gains | 0 | ' |
Gross Unrealized Losses | -16 | ' |
Securities available-for-sale, at fair value | 84 | ' |
Securities Available-for-Sale, Gross Unrealized Losses [Abstract] | ' | ' |
Less Than Twelve Months | 16 | 0 |
More Than Twelve Months | 0 | 0 |
Total | 16 | 0 |
Securities Available-for-Sale, Fair Value [Abstract] | ' | ' |
Less than Twelve Months | 84 | 0 |
More Than Twelve Months | 0 | 0 |
Total | 84 | 0 |
Available-for-sale securities with continuous unrealized loss position, number of securities [Abstract] | ' | ' |
Number of Securities | 1 | 0 |
Obligations of U.S. Government agencies [Member] | ' | ' |
Amortized cost and fair value of securities held-to-maturity [Abstract] | ' | ' |
Amortized Cost | 400 | 400 |
Gross Unrealized Gains | 0 | 1 |
Gross Unrealized Losses | -3 | -5 |
Securities held-to-maturity, fair value | 397 | 396 |
Obligations of states and political subdivisions [Member] | ' | ' |
Amortized cost and fair value of securities held-to-maturity [Abstract] | ' | ' |
Amortized Cost | 29,826 | 30,120 |
Gross Unrealized Gains | 326 | 29 |
Gross Unrealized Losses | -78 | -715 |
Securities held-to-maturity, fair value | 30,074 | 29,434 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ' | ' |
Amortized cost and fair value of securities held-to-maturity [Abstract] | ' | ' |
Amortized Cost | 63,764 | 66,327 |
Gross Unrealized Gains | 2,856 | 1,296 |
Gross Unrealized Losses | 0 | 0 |
Securities held-to-maturity, fair value | $66,620 | $67,623 |
Loans_and_the_Allowance_for_Lo2
Loans and the Allowance for Loan Losses (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Loans | $519,662 | $500,699 |
Less: Allowance for loan losses | -6,976 | -6,831 |
Loans, net of allowance and deferred fees | 512,686 | 493,868 |
Bank overdrafts | 781 | 641 |
Total Mortgage Loans on Real Estate [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Loans | 444,615 | 431,471 |
Residential 1-4 Family [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Loans | 85,206 | 84,500 |
Commercial [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Loans | 294,298 | 287,071 |
Construction [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Loans | 14,100 | 14,505 |
Second Mortgages [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Loans | 12,756 | 13,232 |
Equity Line of Credit [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Loans | 38,255 | 32,163 |
Commercial Loans [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Loans | 34,973 | 30,702 |
Consumer Loans [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Loans | 18,625 | 19,791 |
Other [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Loans | $21,449 | $18,735 |
Loans_and_the_Allowance_for_Lo3
Loans and the Allowance for Loan Losses, Credit Quality (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | $519,662 | $500,699 |
Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 501,847 | 476,986 |
OAEM [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 4,807 | 7,819 |
Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 13,008 | 15,894 |
Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 0 | 0 |
Total Mortgage Loans on Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 444,615 | 431,471 |
Total Mortgage Loans on Real Estate [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 427,024 | 408,364 |
Total Mortgage Loans on Real Estate [Member] | OAEM [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 4,722 | 7,500 |
Total Mortgage Loans on Real Estate [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 12,869 | 15,607 |
Total Mortgage Loans on Real Estate [Member] | Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 0 | 0 |
Residential 1-4 Family [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 85,206 | 84,500 |
Residential 1-4 Family [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 80,378 | 78,612 |
Residential 1-4 Family [Member] | OAEM [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 0 | 1,167 |
Residential 1-4 Family [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 4,828 | 4,721 |
Residential 1-4 Family [Member] | Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 0 | 0 |
Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 294,298 | 287,071 |
Commercial [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 285,386 | 274,749 |
Commercial [Member] | OAEM [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 4,266 | 5,693 |
Commercial [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 4,646 | 6,629 |
Commercial [Member] | Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 0 | 0 |
Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 14,100 | 14,505 |
Construction [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 11,196 | 10,319 |
Construction [Member] | OAEM [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 456 | 640 |
Construction [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 2,448 | 3,546 |
Construction [Member] | Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 0 | 0 |
Second Mortgages [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 12,756 | 13,232 |
Second Mortgages [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 12,517 | 12,994 |
Second Mortgages [Member] | OAEM [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 0 | 0 |
Second Mortgages [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 239 | 238 |
Second Mortgages [Member] | Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 0 | 0 |
Equity Line of Credit [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 38,255 | 32,163 |
Equity Line of Credit [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 37,547 | 31,690 |
Equity Line of Credit [Member] | OAEM [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 0 | 0 |
Equity Line of Credit [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 708 | 473 |
Equity Line of Credit [Member] | Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 0 | 0 |
Commercial Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 34,973 | 30,702 |
Commercial Loans [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 34,817 | 30,164 |
Commercial Loans [Member] | OAEM [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 85 | 319 |
Commercial Loans [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 71 | 219 |
Commercial Loans [Member] | Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 0 | 0 |
Consumer Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 18,625 | 19,791 |
Consumer Loans [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 18,557 | 19,723 |
Consumer Loans [Member] | OAEM [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 0 | 0 |
Consumer Loans [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 68 | 68 |
Consumer Loans [Member] | Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 0 | 0 |
Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 21,449 | 18,735 |
Other [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 21,449 | 18,735 |
Other [Member] | OAEM [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 0 | 0 |
Other [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | 0 | 0 |
Other [Member] | Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan receivables, gross carrying amount | $0 | $0 |
Loans_and_the_Allowance_for_Lo4
Loans and the Allowance for Loan Losses, Past Due (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | |||
Loans, Aging [Abstract] | ' | ' | ' | ' | |||
30 to 59 Days Past Due | $1,878 | ' | $1,878 | $1,578 | |||
60 to 89 Days Past Due | 1,440 | ' | 1,440 | 896 | |||
90 or More Days Past Due | 6,934 | ' | 6,934 | 6,955 | |||
Total Past Due | 10,252 | ' | 10,252 | 9,429 | |||
Total Current Loans | 509,410 | [1] | ' | 509,410 | [1] | 491,270 | [1] |
Ending balance | 519,662 | ' | 519,662 | 500,699 | |||
Recorded Investment > 90 Days Past Due and Accruing | 996 | ' | 996 | 546 | |||
Loans in nonaccrual status by class of loan [Abstract] | ' | ' | ' | ' | |||
Loans in nonaccrual status | 10,585 | ' | 10,585 | 11,324 | |||
Interest income that would have been recorded under original loan terms [Abstract] | ' | ' | ' | ' | |||
Interest income that would have been recorded under original loan terms | 369 | 275 | ' | ' | |||
Actual interest income recorded for the period | 170 | 51 | ' | ' | |||
Reduction in interest income on non accrual loans | 199 | 224 | ' | ' | |||
Percent Guaranteed on Student Loans | ' | ' | '97 - 98% | '97 - 98% | |||
Total Mortgage Loans on Real Estate [Member] | ' | ' | ' | ' | |||
Loans, Aging [Abstract] | ' | ' | ' | ' | |||
30 to 59 Days Past Due | 1,358 | ' | 1,358 | 583 | |||
60 to 89 Days Past Due | 847 | ' | 847 | 796 | |||
90 or More Days Past Due | 6,014 | ' | 6,014 | 6,936 | |||
Total Past Due | 8,219 | ' | 8,219 | 8,315 | |||
Total Current Loans | 436,396 | [1] | ' | 436,396 | [1] | 423,156 | [1] |
Ending balance | 444,615 | ' | 444,615 | 431,471 | |||
Recorded Investment > 90 Days Past Due and Accruing | 120 | ' | 120 | 527 | |||
Loans in nonaccrual status by class of loan [Abstract] | ' | ' | ' | ' | |||
Loans in nonaccrual status | 10,541 | ' | 10,541 | 11,175 | |||
Residential 1-4 Family [Member] | ' | ' | ' | ' | |||
Loans, Aging [Abstract] | ' | ' | ' | ' | |||
30 to 59 Days Past Due | 534 | ' | 534 | 324 | |||
60 to 89 Days Past Due | 61 | ' | 61 | 82 | |||
90 or More Days Past Due | 3,460 | ' | 3,460 | 4,304 | |||
Total Past Due | 4,055 | ' | 4,055 | 4,710 | |||
Total Current Loans | 81,151 | [1] | ' | 81,151 | [1] | 79,790 | [1] |
Ending balance | 85,206 | ' | 85,206 | 84,500 | |||
Recorded Investment > 90 Days Past Due and Accruing | 0 | ' | 0 | 493 | |||
Loans in nonaccrual status by class of loan [Abstract] | ' | ' | ' | ' | |||
Loans in nonaccrual status | 3,717 | ' | 3,717 | 4,024 | |||
Commercial [Member] | ' | ' | ' | ' | |||
Loans, Aging [Abstract] | ' | ' | ' | ' | |||
30 to 59 Days Past Due | 365 | ' | 365 | 120 | |||
60 to 89 Days Past Due | 781 | ' | 781 | 704 | |||
90 or More Days Past Due | 53 | ' | 53 | 53 | |||
Total Past Due | 1,199 | ' | 1,199 | 877 | |||
Total Current Loans | 293,099 | [1] | ' | 293,099 | [1] | 286,194 | [1] |
Ending balance | 294,298 | ' | 294,298 | 287,071 | |||
Recorded Investment > 90 Days Past Due and Accruing | 0 | ' | 0 | 0 | |||
Loans in nonaccrual status by class of loan [Abstract] | ' | ' | ' | ' | |||
Loans in nonaccrual status | 4,442 | ' | 4,442 | 4,606 | |||
Construction [Member] | ' | ' | ' | ' | |||
Loans, Aging [Abstract] | ' | ' | ' | ' | |||
30 to 59 Days Past Due | 456 | ' | 456 | 0 | |||
60 to 89 Days Past Due | 0 | ' | 0 | 0 | |||
90 or More Days Past Due | 2,448 | ' | 2,448 | 2,545 | |||
Total Past Due | 2,904 | ' | 2,904 | 2,545 | |||
Total Current Loans | 11,196 | [1] | ' | 11,196 | [1] | 11,960 | [1] |
Ending balance | 14,100 | ' | 14,100 | 14,505 | |||
Recorded Investment > 90 Days Past Due and Accruing | 67 | ' | 67 | 0 | |||
Loans in nonaccrual status by class of loan [Abstract] | ' | ' | ' | ' | |||
Loans in nonaccrual status | 2,382 | ' | 2,382 | 2,545 | |||
Second Mortgages [Member] | ' | ' | ' | ' | |||
Loans, Aging [Abstract] | ' | ' | ' | ' | |||
30 to 59 Days Past Due | 3 | ' | 3 | 0 | |||
60 to 89 Days Past Due | 5 | ' | 5 | 10 | |||
90 or More Days Past Due | 33 | ' | 33 | 34 | |||
Total Past Due | 41 | ' | 41 | 44 | |||
Total Current Loans | 12,715 | [1] | ' | 12,715 | [1] | 13,188 | [1] |
Ending balance | 12,756 | ' | 12,756 | 13,232 | |||
Recorded Investment > 90 Days Past Due and Accruing | 33 | ' | 33 | 34 | |||
Loans in nonaccrual status by class of loan [Abstract] | ' | ' | ' | ' | |||
Loans in nonaccrual status | 0 | ' | 0 | 0 | |||
Equity Line of Credit [Member] | ' | ' | ' | ' | |||
Loans, Aging [Abstract] | ' | ' | ' | ' | |||
30 to 59 Days Past Due | 0 | ' | 0 | 139 | |||
60 to 89 Days Past Due | 0 | ' | 0 | 0 | |||
90 or More Days Past Due | 20 | ' | 20 | 0 | |||
Total Past Due | 20 | ' | 20 | 139 | |||
Total Current Loans | 38,235 | [1] | ' | 38,235 | [1] | 32,024 | [1] |
Ending balance | 38,255 | ' | 38,255 | 32,163 | |||
Recorded Investment > 90 Days Past Due and Accruing | 20 | ' | 20 | 0 | |||
Loans in nonaccrual status by class of loan [Abstract] | ' | ' | ' | ' | |||
Loans in nonaccrual status | 0 | ' | 0 | 0 | |||
Commercial Loans [Member] | ' | ' | ' | ' | |||
Loans, Aging [Abstract] | ' | ' | ' | ' | |||
30 to 59 Days Past Due | 18 | ' | 18 | 15 | |||
60 to 89 Days Past Due | 0 | ' | 0 | 80 | |||
90 or More Days Past Due | 10 | ' | 10 | 0 | |||
Total Past Due | 28 | ' | 28 | 95 | |||
Total Current Loans | 34,945 | [1] | ' | 34,945 | [1] | 30,607 | [1] |
Ending balance | 34,973 | ' | 34,973 | 30,702 | |||
Recorded Investment > 90 Days Past Due and Accruing | 10 | ' | 10 | 0 | |||
Loans in nonaccrual status by class of loan [Abstract] | ' | ' | ' | ' | |||
Loans in nonaccrual status | 0 | ' | 0 | 149 | |||
Consumer Loans [Member] | ' | ' | ' | ' | |||
Loans, Aging [Abstract] | ' | ' | ' | ' | |||
30 to 59 Days Past Due | 461 | ' | 461 | 929 | |||
60 to 89 Days Past Due | 582 | ' | 582 | 5 | |||
90 or More Days Past Due | 905 | ' | 905 | 5 | |||
Total Past Due | 1,948 | ' | 1,948 | 939 | |||
Total Current Loans | 16,677 | [1] | ' | 16,677 | [1] | 18,852 | [1] |
Ending balance | 18,625 | ' | 18,625 | 19,791 | |||
Recorded Investment > 90 Days Past Due and Accruing | 861 | ' | 861 | 5 | |||
Loans in nonaccrual status by class of loan [Abstract] | ' | ' | ' | ' | |||
Loans in nonaccrual status | 44 | ' | 44 | 0 | |||
Other [Member] | ' | ' | ' | ' | |||
Loans, Aging [Abstract] | ' | ' | ' | ' | |||
30 to 59 Days Past Due | 41 | ' | 41 | 51 | |||
60 to 89 Days Past Due | 11 | ' | 11 | 15 | |||
90 or More Days Past Due | 5 | ' | 5 | 14 | |||
Total Past Due | 57 | ' | 57 | 80 | |||
Total Current Loans | 21,392 | [1] | ' | 21,392 | [1] | 18,655 | [1] |
Ending balance | 21,449 | ' | 21,449 | 18,735 | |||
Recorded Investment > 90 Days Past Due and Accruing | 5 | ' | 5 | 14 | |||
Loans in nonaccrual status by class of loan [Abstract] | ' | ' | ' | ' | |||
Loans in nonaccrual status | 0 | ' | 0 | 0 | |||
Guaranteed Student Loans [Member] | ' | ' | ' | ' | |||
Loans, Aging [Abstract] | ' | ' | ' | ' | |||
Total Past Due | $1,856 | ' | $1,856 | $744 | |||
[1] | For purposes of this table, Total Current Loans includes loans that are 1 - 29 days past due. |
Loans_and_the_Allowance_for_Lo5
Loans and the Allowance for Loan Losses, Troubled Debt Restructuring (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Modification | Contract | Contract | Contract | |
Contract | ||||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Modifications | 0 | 2 | 3 | 4 |
Recorded Investment Prior to Modification | $0 | $285 | $468 | $883 |
Recorded Investment After Modification | 0 | 285 | 468 | 883 |
Current Investment | 463 | 876 | 463 | 876 |
Restructurings that Subsequently Defaulted [Abstract] | ' | ' | ' | ' |
Recorded Investment in Defaulting Loans | 0 | 210 | 94 | 2,053 |
Loans restructured and given below market rates | 3 | 4 | 3 | 4 |
Principal forgiveness on all loans | 0 | ' | ' | 0 |
Number of TDR loans that subsequently defaulted | 1 | 2 | ' | ' |
Unfunded Commitments on TDRs | 0 | 0 | 0 | 0 |
Total Mortgage Loans on Real Estate [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Modifications | 0 | 2 | ' | 2 |
Recorded Investment Prior to Modification | 0 | 285 | ' | 598 |
Recorded Investment After Modification | 0 | 285 | ' | 598 |
Current Investment | ' | 598 | ' | 598 |
Restructurings that Subsequently Defaulted [Abstract] | ' | ' | ' | ' |
Recorded Investment in Defaulting Loans | 0 | 210 | 94 | 2,053 |
Residential 1-4 Family [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Modifications | ' | ' | ' | 3 |
Recorded Investment Prior to Modification | ' | ' | ' | 676 |
Recorded Investment After Modification | ' | ' | ' | 676 |
Current Investment | ' | 673 | ' | 673 |
Restructurings that Subsequently Defaulted [Abstract] | ' | ' | ' | ' |
Recorded Investment in Defaulting Loans | 0 | 210 | 94 | 210 |
Commercial [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Modifications | ' | ' | ' | 1 |
Recorded Investment Prior to Modification | ' | ' | ' | 207 |
Recorded Investment After Modification | ' | ' | ' | 207 |
Current Investment | ' | 203 | ' | 203 |
Restructurings that Subsequently Defaulted [Abstract] | ' | ' | ' | ' |
Recorded Investment in Defaulting Loans | ' | 0 | ' | 1,843 |
Second Mortgage [Member] | ' | ' | ' | ' |
Restructurings that Subsequently Defaulted [Abstract] | ' | ' | ' | ' |
Recorded Investment in Defaulting Loans | ' | ' | ' | 0 |
Construction [Member] | ' | ' | ' | ' |
Restructurings that Subsequently Defaulted [Abstract] | ' | ' | ' | ' |
Recorded Investment in Defaulting Loans | ' | ' | ' | 0 |
Equity lines of credit for TDR disclosure [Member] | ' | ' | ' | ' |
Restructurings that Subsequently Defaulted [Abstract] | ' | ' | ' | ' |
Recorded Investment in Defaulting Loans | ' | ' | ' | $0 |
Loans_and_the_Allowance_for_Lo6
Loans and the Allowance for Loan Losses, Impaired Loans (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Principal Balance | $22,550 | $22,466 |
Without Valuation Allowance | 12,355 | 11,414 |
With Valuation Allowance | 7,505 | 8,371 |
Associated Allowance | 820 | 1,693 |
Average Recorded Investment | 19,669 | 19,201 |
Interest Income Recognized | 308 | 681 |
Total Mortgage Loans on Real Estate [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Principal Balance | 22,491 | 22,301 |
Without Valuation Allowance | 12,296 | 11,265 |
With Valuation Allowance | 7,505 | 8,356 |
Associated Allowance | 820 | 1,693 |
Average Recorded Investment | 19,558 | 19,140 |
Interest Income Recognized | 307 | 674 |
Residential 1-4 Family [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Principal Balance | 5,680 | 5,713 |
Without Valuation Allowance | 4,464 | 1,542 |
With Valuation Allowance | 1,038 | 4,009 |
Associated Allowance | 137 | 1,383 |
Average Recorded Investment | 5,503 | 5,152 |
Interest Income Recognized | 60 | 102 |
Commercial [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Principal Balance | 12,650 | 12,905 |
Without Valuation Allowance | 7,561 | 6,882 |
With Valuation Allowance | 3,373 | 4,300 |
Associated Allowance | 186 | 307 |
Average Recorded Investment | 10,817 | 10,631 |
Interest Income Recognized | 215 | 591 |
Construction [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Principal Balance | 3,706 | 3,309 |
Without Valuation Allowance | 0 | 2,545 |
With Valuation Allowance | 2,941 | 0 |
Associated Allowance | 380 | 0 |
Average Recorded Investment | 2,778 | 2,798 |
Interest Income Recognized | 21 | 0 |
Second Mortgages [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Principal Balance | 455 | 374 |
Without Valuation Allowance | 271 | 296 |
With Valuation Allowance | 153 | 47 |
Associated Allowance | 117 | 3 |
Average Recorded Investment | 460 | 462 |
Interest Income Recognized | 11 | -19 |
Equity Line of Credit [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Principal Balance | 0 | 0 |
Without Valuation Allowance | 0 | 0 |
With Valuation Allowance | 0 | 0 |
Associated Allowance | 0 | 0 |
Average Recorded Investment | 0 | 97 |
Interest Income Recognized | 0 | 0 |
Commercial Loans [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Principal Balance | 0 | 150 |
Without Valuation Allowance | 0 | 149 |
With Valuation Allowance | 0 | 0 |
Associated Allowance | 0 | 0 |
Average Recorded Investment | 74 | 44 |
Interest Income Recognized | 0 | 6 |
Consumer Loans [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Principal Balance | 59 | 15 |
Without Valuation Allowance | 59 | 0 |
With Valuation Allowance | 0 | 15 |
Associated Allowance | 0 | 0 |
Average Recorded Investment | 37 | 17 |
Interest Income Recognized | 1 | 1 |
Other [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Principal Balance | 0 | 0 |
Without Valuation Allowance | 0 | 0 |
With Valuation Allowance | 0 | 0 |
Associated Allowance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | $0 | $0 |
Loans_and_the_Allowance_for_Lo7
Loans and the Allowance for Loan Losses, Activity In Period (Details) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Allowance for loan losses by segment [Roll Forward] | ' | ' |
Beginning Balance | $6,831 | $7,324 |
Charges-offs | -558 | -2,706 |
Recoveries | 353 | 913 |
Provision for loan losses | 350 | 1,300 |
Ending balance | 6,976 | 6,831 |
Ending balances individually evaluated for impairment | 820 | 1,693 |
Ending balances collectively evaluated for impairment | 6,156 | 5,138 |
Ending balance | 6,976 | 6,831 |
Loan Balances [Abstract] | ' | ' |
Ending balance individually evaluated for impairment | 19,860 | 19,785 |
Ending balance collectively evaluated for impairment | 499,802 | 480,914 |
Ending balance | 519,662 | 500,699 |
Commercial [Member] | ' | ' |
Allowance for loan losses by segment [Roll Forward] | ' | ' |
Beginning Balance | 350 | 677 |
Charges-offs | -139 | -200 |
Recoveries | 28 | 76 |
Provision for loan losses | 260 | -203 |
Ending balance | 499 | 350 |
Ending balances individually evaluated for impairment | 0 | 0 |
Ending balances collectively evaluated for impairment | 499 | 350 |
Ending balance | 499 | 350 |
Loan Balances [Abstract] | ' | ' |
Ending balance individually evaluated for impairment | 0 | 149 |
Ending balance collectively evaluated for impairment | 34,973 | 30,553 |
Ending balance | 34,973 | 30,702 |
Real Estate - Construction [Member] | ' | ' |
Allowance for loan losses by segment [Roll Forward] | ' | ' |
Beginning Balance | 662 | 187 |
Charges-offs | 0 | -501 |
Recoveries | 5 | 6 |
Provision for loan losses | 483 | 970 |
Ending balance | 1,150 | 662 |
Ending balances individually evaluated for impairment | 380 | 0 |
Ending balances collectively evaluated for impairment | 770 | 662 |
Ending balance | 1,150 | 662 |
Loan Balances [Abstract] | ' | ' |
Ending balance individually evaluated for impairment | 2,941 | 2,545 |
Ending balance collectively evaluated for impairment | 11,159 | 11,960 |
Ending balance | 14,100 | 14,505 |
Real Estate - Mortgage [Member] | ' | ' |
Allowance for loan losses by segment [Roll Forward] | ' | ' |
Beginning Balance | 5,357 | 6,179 |
Charges-offs | -249 | -1,548 |
Recoveries | 253 | 513 |
Provision for loan losses | -502 | 213 |
Ending balance | 4,859 | 5,357 |
Ending balances individually evaluated for impairment | 440 | 1,693 |
Ending balances collectively evaluated for impairment | 4,419 | 3,664 |
Ending balance | 4,859 | 5,357 |
Loan Balances [Abstract] | ' | ' |
Ending balance individually evaluated for impairment | 16,860 | 17,076 |
Ending balance collectively evaluated for impairment | 413,655 | 399,890 |
Ending balance | 430,515 | 416,966 |
Consumer [Member] | ' | ' |
Allowance for loan losses by segment [Roll Forward] | ' | ' |
Beginning Balance | 294 | 204 |
Charges-offs | -93 | -141 |
Recoveries | 35 | 111 |
Provision for loan losses | -1 | 120 |
Ending balance | 235 | 294 |
Ending balances individually evaluated for impairment | 0 | 0 |
Ending balances collectively evaluated for impairment | 235 | 294 |
Ending balance | 235 | 294 |
Loan Balances [Abstract] | ' | ' |
Ending balance individually evaluated for impairment | 59 | 15 |
Ending balance collectively evaluated for impairment | 18,566 | 19,776 |
Ending balance | 18,625 | 19,791 |
Other [Member] | ' | ' |
Allowance for loan losses by segment [Roll Forward] | ' | ' |
Beginning Balance | 168 | 77 |
Charges-offs | -77 | -316 |
Recoveries | 32 | 207 |
Provision for loan losses | 110 | 200 |
Ending balance | 233 | 168 |
Ending balances individually evaluated for impairment | 0 | 0 |
Ending balances collectively evaluated for impairment | 233 | 168 |
Ending balance | 233 | 168 |
Loan Balances [Abstract] | ' | ' |
Ending balance individually evaluated for impairment | 0 | 0 |
Ending balance collectively evaluated for impairment | 21,449 | 18,735 |
Ending balance | $21,449 | $18,735 |
ShareBased_Compensation_Detail
Share-Based Compensation (Details) (USD $) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2014 | Jun. 30, 2014 | |
Share-Based Compensation [Abstract] | ' | ' |
Options maximum term period | ' | '10 years |
Shares [Roll Forward] | ' | ' |
Options outstanding, beginning of period (in shares) | ' | 151,335 |
Granted (in shares) | 0 | ' |
Exercised (in shares) | 0 | ' |
Canceled or expired (in shares) | -1,250 | ' |
Options outstanding, end of period (in shares) | 150,085 | 150,085 |
Options exercisable, end of period (in shares) | 150,085 | 150,085 |
Weighted Average Exercise Price [Roll Forward] | ' | ' |
Options outstanding, beginning of period (in dollars per share) | ' | $21.66 |
Granted (in dollars per share) | $0 | ' |
Exercised (in dollars per share) | $0 | ' |
Canceled or expired (in dollars per share) | $20.05 | ' |
Options outstanding, end of period (in dollars per share) | $21.68 | $21.68 |
Options exercisable, end of period (in dollars per share) | $21.68 | $21.68 |
Weighted Average Remaining Contractual Life (in years) [Abstract] | ' | ' |
Options outstanding, end of period | '1 year 11 months 5 days | ' |
Options exercisable, end of period | '1 year 11 months 5 days | ' |
Aggregate Intrinsic Value [Abstract] | ' | ' |
Options outstanding, end of period | $0 | $0 |
Options exercisable, end of period | 0 | 0 |
Unrecognized compensation expense related to nonvested options | $0 | $0 |
Pension_Plan_Details
Pension Plan (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Components of net periodic pension cost [Abstract] | ' | ' | ' | ' |
Interest cost | $69 | $63 | $137 | $126 |
Expected return on plan assets | -91 | -89 | -182 | -177 |
Amortization of net loss | 55 | 75 | 110 | 149 |
Net Periodic Pension Plan Cost | $33 | $49 | $65 | $98 |
Stockholders_Equity_and_Earnin2
Stockholders' Equity and Earnings per Common Share (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Available-for-sale securities [Abstract] | ' | ' | ' | ' |
Tax benefit | $59 | $219 | $166 | $380 |
Net income | 1,101 | 1,015 | 2,078 | 1,916 |
Other comprehensive income, pretax [Abstract] | ' | ' | ' | ' |
Unrealized holding gains (losses) arising during the period | ' | ' | 5,271 | -12,480 |
Less reclassification adjustment for gains recognized in income | ' | ' | -7 | -21 |
Net unrealized gains (losses) on securities | ' | ' | 5,278 | -12,459 |
Unrealized loss transferred | ' | ' | 0 | 0 |
Amortization | ' | ' | 392 | 0 |
Net effect of market adjustment on securities transferred to held-to-maturity | ' | ' | 392 | 0 |
Total change in other comprehensive income or loss | ' | ' | 5,670 | -12,459 |
Other comprehensive income tax expense (benefit) [Abstract] | ' | ' | ' | ' |
Unrealized holding losses arising during the period | ' | ' | 1,792 | -4,243 |
Tax effect | ' | ' | -2 | -7 |
Net unrealized losses on securities | ' | ' | 1,794 | -4,236 |
Unrealized loss transferred tax | ' | ' | 0 | 0 |
Amortization tax | ' | ' | 133 | 0 |
Net effect of market adjustment on securities transferred to held-to-maturity | ' | ' | 133 | 0 |
Other Comprehensive Income (Loss), Tax, Total | ' | ' | 1,927 | -4,236 |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' | ' |
Unrealized holding losses arising during the period | ' | ' | 3,479 | -8,237 |
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Net of Tax | ' | ' | -5 | -14 |
Net unrealized gains on securities | ' | ' | 3,484 | -8,223 |
Unrealized loss transferred net | ' | ' | 0 | 0 |
Amortization net of tax | ' | ' | 259 | 0 |
Net effect of market adjustment on securities transferred to held-to-maturity | ' | ' | 259 | 0 |
Other Comprehensive Income (Loss), Net of Tax, Total | 2,065 | -6,497 | 3,743 | -8,223 |
Gain on Sale of Available-For-Sale Securities, Net [Member] | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Net of Tax, Total | ' | ' | 3,484 | -8,223 |
Gain on Sale of Available-For-Sale Securities, Net [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' |
Available-for-sale securities [Abstract] | ' | ' | ' | ' |
Gain on sale of sale of available-for-sale securities, net | -7 | -21 | -7 | -21 |
Tax benefit | -2 | -7 | -2 | -7 |
Net income | ($5) | ($14) | ($5) | ($14) |
Stockholders_Equity_and_Earnin3
Stockholders' Equity and Earnings per Common Share, OCI by Component, Anti-Dilutive Securities (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | ($10,802) | ($192) |
Net change for quarter | 2,065 | -6,497 | 3,743 | -8,223 |
Balance at end of period | -7,059 | -8,415 | -7,059 | -8,415 |
Stock Options [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share (in shares) | ' | ' | 151 | 156 |
Unrealized Gains (Losses) on Securities [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | -5,317 | 1,992 |
Net change for quarter | ' | ' | 3,484 | -8,223 |
Balance at end of period | -1,833 | -6,231 | -1,833 | -6,231 |
Unrealized Losses on Securities Transferred to Held to Maturity [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | -3,937 | 0 |
Net change for quarter | ' | ' | 259 | 0 |
Balance at end of period | -3,678 | 0 | -3,678 | 0 |
Defined Benefit Pension Plans [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | -1,548 | -2,184 |
Net change for quarter | ' | ' | 0 | 0 |
Balance at end of period | ($1,548) | ($2,184) | ($1,548) | ($2,184) |
Fair_Value_Measurements_Recurr
Fair Value Measurements, Recurring and Nonrecurring Basis (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Available-for-sale securities [Abstract] | ' | ' |
Fair Value | $144,040 | $155,639 |
Recurring [Member] | ' | ' |
Available-for-sale securities [Abstract] | ' | ' |
Obligations of U.S. Government agencies | 14,931 | 15,024 |
Obligations of state and political subdivisions | 49,495 | 47,100 |
Mortgage-backed securities | 76,625 | 90,750 |
Money market investments | 614 | 691 |
Corporate Bonds | 2,291 | 2,074 |
Equity securities fair value disclosure | 84 | ' |
Fair Value | 144,040 | 155,639 |
Nonrecurring [Member] | ' | ' |
Mortgage loans on real estate: [Abstract] | ' | ' |
Residential 1-4 family | 744 | 2,455 |
Commercial | 0 | 800 |
Construction | 2,561 | 0 |
Second mortgages | 37 | 44 |
Total mortgage loans on real estate | 3,342 | 3,299 |
Foreclosed assets [Abstract] | ' | ' |
Residential 1-4 family | 1,261 | 457 |
Commercial | 1,735 | 2,290 |
Construction | 2,670 | 2,783 |
Total | 5,666 | 5,530 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Recurring [Member] | ' | ' |
Available-for-sale securities [Abstract] | ' | ' |
Obligations of U.S. Government agencies | 0 | 0 |
Obligations of state and political subdivisions | 0 | 0 |
Mortgage-backed securities | 0 | 0 |
Money market investments | 0 | 0 |
Corporate Bonds | 0 | 0 |
Equity securities fair value disclosure | 0 | ' |
Fair Value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Nonrecurring [Member] | ' | ' |
Mortgage loans on real estate: [Abstract] | ' | ' |
Residential 1-4 family | 0 | 0 |
Commercial | 0 | 0 |
Construction | 0 | 0 |
Second mortgages | 0 | 0 |
Total mortgage loans on real estate | 0 | 0 |
Foreclosed assets [Abstract] | ' | ' |
Residential 1-4 family | 0 | 0 |
Commercial | 0 | 0 |
Construction | 0 | 0 |
Total | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Recurring [Member] | ' | ' |
Available-for-sale securities [Abstract] | ' | ' |
Obligations of U.S. Government agencies | 14,931 | 15,024 |
Obligations of state and political subdivisions | 49,495 | 47,100 |
Mortgage-backed securities | 76,625 | 90,750 |
Money market investments | 614 | 691 |
Corporate Bonds | 2,291 | 2,074 |
Equity securities fair value disclosure | 84 | ' |
Fair Value | 144,040 | 155,639 |
Significant Other Observable Inputs (Level 2) [Member] | Nonrecurring [Member] | ' | ' |
Mortgage loans on real estate: [Abstract] | ' | ' |
Residential 1-4 family | 0 | 0 |
Commercial | 0 | 0 |
Construction | 0 | 0 |
Second mortgages | 0 | 0 |
Total mortgage loans on real estate | 0 | 0 |
Foreclosed assets [Abstract] | ' | ' |
Residential 1-4 family | 0 | 0 |
Commercial | 0 | 0 |
Construction | 0 | 0 |
Total | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Recurring [Member] | ' | ' |
Available-for-sale securities [Abstract] | ' | ' |
Obligations of U.S. Government agencies | 0 | 0 |
Obligations of state and political subdivisions | 0 | 0 |
Mortgage-backed securities | 0 | 0 |
Money market investments | 0 | 0 |
Corporate Bonds | 0 | 0 |
Equity securities fair value disclosure | 0 | ' |
Fair Value | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Nonrecurring [Member] | ' | ' |
Mortgage loans on real estate: [Abstract] | ' | ' |
Residential 1-4 family | 744 | 2,455 |
Commercial | 0 | 800 |
Construction | 2,561 | 0 |
Second mortgages | 37 | 44 |
Total mortgage loans on real estate | 3,342 | 3,299 |
Foreclosed assets [Abstract] | ' | ' |
Residential 1-4 family | 1,261 | 457 |
Commercial | 1,735 | 2,290 |
Construction | 2,670 | 2,783 |
Total | $5,666 | $5,530 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Carrying Value [Member] | Carrying Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Impaired Loans, Residential 1-4 Family Real Estate [Member] | Impaired Loans, Residential 1-4 Family Real Estate [Member] | Impaired Loans, Residential 1-4 Family Real Estate [Member] | Impaired Loans, Residential 1-4 Family Real Estate [Member] | Impaired Loans, Residential 1-4 Family Real Estate [Member] | Impaired Loans, Residential 1-4 Family Real Estate [Member] | Impaired Loans, Residential 1-4 Family Real Estate [Member] | Impaired Loans, Residential 1-4 Family Real Estate [Member] | Impaired Loans, Commercial Real Estate [Member] | Impaired Loans, Commercial Real Estate [Member] | Impaired Loans, Commercial Real Estate [Member] | Impaired Loans, Commercial Real Estate [Member] | Impaired Loans, Commercial Real Estate [Member] | Impaired Loans, Commercial Real Estate [Member] | Impaired Loans, Commercial Real Estate [Member] | Impaired Loans, Commercial Real Estate [Member] | Impaired Loans, Construction Loans [Member] | Impaired Loans, Construction Loans [Member] | Impaired Loans, Construction Loans [Member] | Impaired Loans, Construction Loans [Member] | Impaired Loans, Second Mortgages [Member] | Impaired Loans, Second Mortgages [Member] | Impaired Loans, Second Mortgages [Member] | Impaired Loans, Second Mortgages [Member] | Impaired Loans, Second Mortgages [Member] | Impaired Loans, Second Mortgages [Member] | Impaired Loans, Second Mortgages [Member] | Impaired Loans, Second Mortgages [Member] | Foreclosed Assets, Residential 1-4 Family [Member] | Foreclosed Assets, Residential 1-4 Family [Member] | Foreclosed Assets, Residential 1-4 Family [Member] | Foreclosed Assets, Residential 1-4 Family [Member] | Foreclosed Assets, Residential 1-4 Family [Member] | Foreclosed Assets, Residential 1-4 Family [Member] | Foreclosed Assets, Residential 1-4 Family [Member] | Foreclosed Assets, Residential 1-4 Family [Member] | Foreclosed Assets, Commercial [Member] | Foreclosed Assets, Commercial [Member] | Foreclosed Assets, Commercial [Member] | Foreclosed Assets, Commercial [Member] | Foreclosed Assets, Commercial [Member] | Foreclosed Assets, Commercial [Member] | Foreclosed Assets, Commercial [Member] | Foreclosed Assets, Commercial [Member] | Foreclosed Assets, Construction [Member] | Foreclosed Assets, Construction [Member] | Foreclosed Assets, Construction [Member] | Foreclosed Assets, Construction [Member] | Foreclosed Assets, Construction [Member] | Foreclosed Assets, Construction [Member] | Foreclosed Assets, Construction [Member] | Foreclosed Assets, Construction [Member] | ||
Market Comparables [Member] | Market Comparables [Member] | Market Comparables [Member] | Market Comparables [Member] | Market Comparables [Member] | Market Comparables [Member] | Market Comparables [Member] | Market Comparables [Member] | Market Comparables [Member] | Market Comparables [Member] | Market Comparables [Member] | Market Comparables [Member] | Market Comparables [Member] | Market Comparables [Member] | Market Comparables [Member] | Market Comparables [Member] | Market Comparables [Member] | Market Comparables [Member] | Market Comparables [Member] | Market Comparables [Member] | Market Comparables [Member] | Market Comparables [Member] | Market Comparables [Member] | Market Comparables [Member] | Market Comparables [Member] | Market Comparables [Member] | Market Comparables [Member] | Market Comparables [Member] | Market Comparables [Member] | Market Comparables [Member] | Market Comparables [Member] | Market Comparables [Member] | Market Comparables [Member] | Market Comparables [Member] | Market Comparables [Member] | Market Comparables [Member] | Market Comparables [Member] | Market Comparables [Member] | Market Comparables [Member] | Market Comparables [Member] | Market Comparables [Member] | Market Comparables [Member] | Market Comparables [Member] | Market Comparables [Member] | Market Comparables [Member] | Market Comparables [Member] | Market Comparables [Member] | Market Comparables [Member] | Market Comparables [Member] | Market Comparables [Member] | Market Comparables [Member] | Market Comparables [Member] | |||||||||||
Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Average [Member] | Average [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Average [Member] | Average [Member] | Minimum [Member] | Maximum [Member] | Average [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Average [Member] | Average [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Average [Member] | Average [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Average [Member] | Average [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Average [Member] | Average [Member] | ||||||||||||||||||||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $744 | $2,455 | ' | ' | ' | ' | ' | ' | $0 | $800 | ' | ' | ' | ' | ' | ' | $2,561 | ' | ' | ' | $37 | $44 | ' | ' | ' | ' | ' | ' | $1,261 | $457 | ' | ' | ' | ' | ' | ' | $1,735 | $2,290 | ' | ' | ' | ' | ' | ' | $2,670 | $2,783 | ' | ' | ' | ' | ' | ' |
Difference in comparables (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 0.00% | 10.00% | 90.00% | 3.75% | 15.56% | ' | ' | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | ' | 0.00% | 4.25% | 1.42% | ' | ' | ' | 0.00% | ' | 0.00% | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value Inputs, Estimated Selling Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 3.00% | 7.25% | 7.25% | 1.81% | 6.39% | ' | ' | 0.00% | 7.25% | 0.00% | 7.25% | 0.00% | 7.25% | ' | 0.00% | 11.25% | 3.75% | ' | ' | 0.00% | 7.25% | 0.00% | 7.25% | 0.00% | 7.25% | ' | ' | 6.00% | 6.00% | 10.00% | 10.00% | 6.00% | 6.00% | ' | ' | 6.00% | 6.00% | 10.00% | 10.00% | 6.00% | 6.00% | ' | ' | 6.00% | 6.00% | 10.00% | 10.00% | 6.00% | 6.00% |
Financial assets [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and Cash Equivalents | ' | ' | 22,533 | 31,325 | 22,533 | 31,325 | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Securities available-for-sale, at fair value | 144,040 | 155,639 | 144,040 | 155,639 | 0 | 0 | 144,040 | 155,639 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Securities held-to-maturity | 97,091 | 97,453 | 93,990 | 96,847 | 0 | 0 | 97,091 | 97,453 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted securities | ' | ' | 2,293 | 2,378 | 0 | 0 | 2,293 | 2,378 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans, net of allowances for loan losses | ' | ' | 512,686 | 493,868 | 0 | 0 | 0 | 0 | 512,268 | 494,714 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Bank owned life insurance | ' | ' | 23,107 | 22,673 | 0 | 0 | 23,107 | 22,673 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued Interest Receivable | ' | ' | 2,768 | 2,754 | 0 | 0 | 2,768 | 2,754 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial liabilities [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deposits | ' | ' | 716,528 | 725,405 | 0 | 0 | 717,631 | 728,011 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Overnight repurchase agreements | ' | ' | 25,677 | 31,175 | 0 | 0 | 25,677 | 31,175 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term repurchase agreements | ' | ' | 412 | 411 | 0 | 0 | 411 | 410 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal Home Loan Bank advances | ' | ' | 30,000 | 25,000 | 0 | 0 | 32,092 | 27,567 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued interest payable | ' | ' | $266 | $327 | $0 | $0 | $266 | $327 | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment_Reporting_Details
Segment Reporting (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Segment | |||||
Segment Reporting [Abstract] | ' | ' | ' | ' | ' |
Number of operating segments | ' | ' | 3 | ' | ' |
Description of operating segments | ' | ' | 'The Company's reportable segments are strategic business units that offer different products and services. They are managed separately because each segment appeals to different markets and, accordingly, requires different technologies and marketing strategies. | ' | ' |
Revenues | ' | ' | ' | ' | ' |
Interest and dividend income | $7,536 | $7,476 | $15,002 | $15,105 | ' |
Income from fiduciary activities | 793 | 866 | 1,748 | 1,766 | ' |
Other income | 2,360 | 2,419 | 4,567 | 4,632 | ' |
Total operating income | 10,689 | 10,761 | 21,317 | 21,503 | ' |
Expenses | ' | ' | ' | ' | ' |
Interest expense | 962 | 1,177 | 1,993 | 2,432 | ' |
Provision for loan losses | 100 | 300 | 350 | 500 | ' |
Salaries and employee benefits | 4,981 | 4,805 | 9,834 | 9,726 | ' |
Other expenses | 3,486 | 3,245 | 6,896 | 6,549 | ' |
Total operating expenses | 9,529 | 9,527 | 19,073 | 19,207 | ' |
Income before income taxes | 1,160 | 1,234 | 2,244 | 2,296 | ' |
Income tax expense (benefit) | 59 | 219 | 166 | 380 | ' |
Net income | 1,101 | 1,015 | 2,078 | 1,916 | ' |
Total assets | 860,901 | 866,881 | 860,901 | 866,881 | 864,288 |
Bank [Member] | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' |
Interest and dividend income | 7,523 | 7,467 | 14,977 | 15,087 | ' |
Income from fiduciary activities | 0 | 0 | 0 | 0 | ' |
Other income | 2,126 | 2,300 | 4,112 | 4,418 | ' |
Total operating income | 9,649 | 9,767 | 19,089 | 19,505 | ' |
Expenses | ' | ' | ' | ' | ' |
Interest expense | 962 | 1,177 | 1,993 | 2,433 | ' |
Provision for loan losses | 100 | 300 | 350 | 500 | ' |
Salaries and employee benefits | 4,192 | 4,144 | 8,290 | 8,438 | ' |
Other expenses | 3,347 | 3,021 | 6,512 | 6,142 | ' |
Total operating expenses | 8,601 | 8,642 | 17,145 | 17,513 | ' |
Income before income taxes | 1,048 | 1,125 | 1,944 | 1,992 | ' |
Income tax expense (benefit) | 20 | 182 | 63 | 277 | ' |
Net income | 1,028 | 943 | 1,881 | 1,715 | ' |
Total assets | 855,989 | 862,066 | 855,989 | 862,066 | ' |
Trust [Member] | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' |
Interest and dividend income | 13 | 10 | 25 | 19 | ' |
Income from fiduciary activities | 793 | 866 | 1,748 | 1,766 | ' |
Other income | 250 | 134 | 486 | 245 | ' |
Total operating income | 1,056 | 1,010 | 2,259 | 2,030 | ' |
Expenses | ' | ' | ' | ' | ' |
Interest expense | 0 | 0 | 0 | 0 | ' |
Provision for loan losses | 0 | 0 | 0 | 0 | ' |
Salaries and employee benefits | 680 | 553 | 1,325 | 1,069 | ' |
Other expenses | 265 | 226 | 522 | 444 | ' |
Total operating expenses | 945 | 779 | 1,847 | 1,513 | ' |
Income before income taxes | 111 | 231 | 412 | 517 | ' |
Income tax expense (benefit) | 39 | 79 | 141 | 175 | ' |
Net income | 72 | 152 | 271 | 342 | ' |
Total assets | 5,740 | 5,502 | 5,740 | 5,502 | ' |
Unconsolidated Parent [Member] | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' |
Interest and dividend income | 1,100 | 1,095 | 2,152 | 2,057 | ' |
Income from fiduciary activities | 0 | 0 | 0 | 0 | ' |
Other income | 50 | 50 | 100 | 100 | ' |
Total operating income | 1,150 | 1,145 | 2,252 | 2,157 | ' |
Expenses | ' | ' | ' | ' | ' |
Interest expense | 0 | 0 | 0 | 0 | ' |
Provision for loan losses | 0 | 0 | 0 | 0 | ' |
Salaries and employee benefits | 109 | 108 | 219 | 219 | ' |
Other expenses | -60 | 64 | -7 | 94 | ' |
Total operating expenses | 49 | 172 | 212 | 313 | ' |
Income before income taxes | 1,101 | 973 | 2,040 | 1,844 | ' |
Income tax expense (benefit) | 0 | -42 | -38 | -72 | ' |
Net income | 1,101 | 1,015 | 2,078 | 1,916 | ' |
Total assets | 85,989 | 82,500 | 85,989 | 82,500 | ' |
Eliminations [Member] | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' |
Interest and dividend income | -1,100 | -1,096 | -2,152 | -2,058 | ' |
Income from fiduciary activities | 0 | 0 | 0 | 0 | ' |
Other income | -66 | -65 | -131 | -131 | ' |
Total operating income | -1,166 | -1,161 | -2,283 | -2,189 | ' |
Expenses | ' | ' | ' | ' | ' |
Interest expense | 0 | 0 | 0 | -1 | ' |
Provision for loan losses | 0 | 0 | 0 | 0 | ' |
Salaries and employee benefits | 0 | 0 | 0 | 0 | ' |
Other expenses | -66 | -66 | -131 | -131 | ' |
Total operating expenses | -66 | -66 | -131 | -132 | ' |
Income before income taxes | -1,100 | -1,095 | -2,152 | -2,057 | ' |
Income tax expense (benefit) | 0 | 0 | 0 | 0 | ' |
Net income | -1,100 | -1,095 | -2,152 | -2,057 | ' |
Total assets | ($86,817) | ($83,187) | ($86,817) | ($83,187) | ' |