Document_and_Entity_Informatio
Document and Entity Information (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Apr. 30, 2015 | Jun. 30, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | OLD POINT FINANCIAL CORP | ||
Entity Central Index Key | 740971 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $49,311,653 | ||
Entity Common Stock, Shares Outstanding | 4,959,009 | ||
Document Fiscal Year Focus | 2015 | ||
Document Fiscal Period Focus | Q1 | ||
Document Type | 10-Q | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Mar-15 |
Consolidated_Balance_Sheets_un
Consolidated Balance Sheets (unaudited) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Assets | ||
Cash and due from banks | $27,044 | $31,081 |
Interest-bearing due from banks | 697 | 833 |
Federal funds sold | 2,130 | 1,391 |
Cash and cash equivalents | 29,871 | 33,305 |
Securities available-for-sale, at fair value | 136,387 | 139,346 |
Securities held-to-maturity | 88,289 | 90,089 |
Restricted securities | 2,304 | 2,293 |
Loans, net of allowance for loan losses | 547,824 | 528,919 |
Premises and equipment, net | 42,419 | 42,075 |
Bank-owned life insurance | 23,746 | 23,525 |
Foreclosed assets, net of valuation allowance | 5,085 | 5,106 |
Other assets | 11,753 | 11,622 |
Total assets | 887,678 | 876,280 |
Deposits: | ||
Noninterest-bearing deposits | 192,596 | 186,280 |
Savings deposits | 309,788 | 307,078 |
Time deposits | 225,942 | 223,296 |
Total deposits | 728,326 | 716,654 |
Federal Funds Purchased | 0 | 0 |
Overnight repurchase agreements | 35,547 | 37,404 |
Term repurchase agreements | 412 | 412 |
Federal Home Loan Bank advances | 30,000 | 30,000 |
Accrued expenses and other liabilities | 3,855 | 3,313 |
Total liabilities | 798,140 | 787,783 |
Commitments and contingencies | 0 | 0 |
Stockholders' equity: | ||
Common stock | 24,795 | 24,795 |
Additional paid-in capital | 16,392 | 16,392 |
Retained earnings | 54,012 | 53,203 |
Accumulated other comprehensive loss, net | -5,661 | -5,893 |
Total stockholders' equity | 89,538 | 88,497 |
Total liabilities and stockholders' equity | $887,678 | $876,280 |
Consolidated_Balance_Sheets_un1
Consolidated Balance Sheets (unaudited) (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Assets | ||
Securities held-to-maturity, fair value | $92,422 | $94,406 |
Allowance for loan losses | 7,411 | 7,075 |
Foreclosed assets, valuation allowance | $2,113 | $2,908 |
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 | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Interest and Dividend Income: | ||
Interest and fees on loans | $6,355 | $5,993 |
Interest on due from banks | 7 | 3 |
Interest on federal funds sold | 0 | 5 |
Interest on securities: | ||
Taxable | 686 | 1,005 |
Tax-exempt | 423 | 429 |
Dividends and interest on all other securities | 33 | 31 |
Total interest and dividend income | 7,504 | 7,466 |
Interest Expense: | ||
Interest on savings deposits | 52 | 71 |
Interest on time deposits | 528 | 649 |
Interest on federal funds purchased, securities sold under agreements to repurchase and other borrowings | 8 | 9 |
Interest on Federal Home Loan Bank advances | 305 | 302 |
Total interest expense | 893 | 1,031 |
Net interest income | 6,611 | 6,435 |
Provision for loan losses | 275 | 250 |
Net interest income, after provision for loan losses | 6,336 | 6,185 |
Noninterest Income: | ||
Income from fiduciary activities | 980 | 955 |
Service charges on deposit accounts | 982 | 974 |
Other service charges, commissions and fees | 1,005 | 952 |
Income from bank-owned life insurance | 221 | 216 |
Other operating income | 89 | 65 |
Total noninterest income | 3,277 | 3,162 |
Noninterest Expense: | ||
Salaries and employee benefits | 5,049 | 4,853 |
Occupancy and equipment | 1,327 | 1,114 |
Data processing | 358 | 423 |
FDIC insurance | 147 | 184 |
Customer development | 154 | 192 |
Legal and audit expense | 114 | 124 |
Other outside service fees | 114 | 119 |
Employee professional development | 131 | 168 |
Postage and courier expense | 86 | 121 |
Advertising | 86 | 124 |
Stationery and supplies | 88 | 119 |
Bad checks and other losses | 137 | 115 |
Capital stock tax | 114 | 134 |
Loss on write-down/sale of foreclosed assets | 69 | 83 |
Other operating expense | 313 | 390 |
Total noninterest expense | 8,287 | 8,263 |
Income before income taxes | 1,326 | 1,084 |
Income tax expense | 121 | 107 |
Net income | $1,205 | $977 |
Basic Earnings per Share: | ||
Average shares outstanding (in shares) | 4,959,009 | 4,959,009 |
Net income per share of common stock (in dollars per share) | $0.24 | $0.20 |
Diluted Earnings per Share: | ||
Average shares outstanding (in shares) | 4,959,009 | 4,959,009 |
Net income per share of common stock (in dollars per share) | $0.24 | $0.20 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Consolidated Statements of Comprehensive Income (Loss) (unaudited) [Abstract] | ||
Net income | $1,205 | $977 |
Other comprehensive (loss), net of tax: | ||
Unrealized gains (losses) on securities, net of reclassification adjustment | 91 | 1,552 |
Amortization of loss on securities transferred from held to maturity | 141 | 126 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 0 | 0 |
Other Comprehensive Income (Loss), Net of Tax, Total | 232 | 1,678 |
Comprehensive income (loss) | $1,437 | $2,655 |
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, 2013 | $24,795 | $16,392 | $50,376 | ($10,802) | $80,761 |
Balance (in shares) at Dec. 31, 2013 | 4,959,009 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 0 | 0 | 977 | 0 | 977 |
Net change for quarter | 0 | 0 | 0 | 1,678 | 1,678 |
Cash dividends | 0 | 0 | -297 | 0 | -297 |
Balance at Mar. 31, 2014 | 24,795 | 16,392 | 51,056 | -9,124 | 83,119 |
Balance (in shares) at Mar. 31, 2014 | 4,959,009 | ||||
Balance at Dec. 31, 2014 | 24,795 | 16,392 | 53,203 | -5,893 | 88,497 |
Balance (in shares) at Dec. 31, 2014 | 4,959,009 | 4,959,009 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 0 | 0 | 1,205 | 0 | 1,205 |
Net change for quarter | 0 | 0 | 0 | 232 | 232 |
Cash dividends | 0 | 0 | -396 | 0 | -396 |
Balance at Mar. 31, 2015 | $24,795 | $16,392 | $54,012 | ($5,661) | $89,538 |
Balance (in shares) at Mar. 31, 2015 | 4,959,009 | 4,959,009 |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Stockholders' Equity (unaudited) (Parenthetical) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Consolidated Statements of Changes in Stockholders' Equity (unaudited) [Abstract] | ||
Cash dividends (in dollars per share) | $0.08 | $0.06 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $1,205 | $977 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 628 | 486 |
Provision for loan losses | 275 | 250 |
Net amortization of securities | 536 | 560 |
Gain (Loss) on Disposition of Property Plant Equipment | 1 | 0 |
Net loss on write-down/sale of foreclosed assets | 69 | 83 |
Income from bank owned life insurance | -221 | -216 |
Deferred tax (benefit) expense | 6 | 0 |
(Increase) decrease in other assets | -257 | 5 |
Increase in other liabilities | 542 | 726 |
Net cash provided by (used in) operating activities | 2,784 | 2,871 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchases of available-for-sale securities | -21,362 | -1,031 |
Proceeds from sales of restricted securities | -11 | 310 |
Proceeds from Maturities, Prepayments and Calls of Available-for-sale Securities | 20,690 | 170 |
Proceeds from sale of available-for-sale securities | 1,155 | 1,000 |
Paydowns on available-for-sale securities | 2,367 | 2,445 |
Paydowns on held-to-maturity securities | 1,725 | 1,261 |
Decrease in loans made to customers | -19,634 | -9,586 |
Proceeds from sales of foreclosed assets | 406 | 573 |
Purchases of premises and equipment | -973 | -2,212 |
Net cash provided by (used in) investing activities | -15,637 | -7,070 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Increase in noninterest-bearing deposits | 6,316 | 1,915 |
Increase in savings deposits | 2,710 | 9,249 |
Increase (decrease) in time deposits | 2,646 | -13,081 |
Decrease in federal funds purchased, repurchase agreements and other borrowings | -1,857 | 4,635 |
Cash dividends paid on common stock | -396 | -297 |
Net cash provided by (used in) financing activities | 9,419 | 2,421 |
Net increase (decrease) in cash and cash equivalents | -3,434 | -1,778 |
Cash and cash equivalents at beginning of period | 33,305 | 31,325 |
Cash and cash equivalents at end of period | 29,871 | 29,547 |
Cash payments for: | ||
Interest | 887 | 1,062 |
Income tax | 0 | 0 |
SUPPLEMENTAL SCHEDULE OF NONCASH TRANSACTIONS | ||
Unrealized gain (loss) on securities available-for-sale | 138 | 2,351 |
Loans transferred to foreclosed assets | 454 | 480 |
Real Estate Owned, Transfer from Real Estate Owned | 0 | 481 |
Equity securities transferred from other assets to available-for-sale | 0 | 100 |
Amortization of Unrealized Gain or Loss on Securities Transferred from AFS to HTM | $214 | $191 |
General
General | 3 Months Ended |
Mar. 31, 2015 | |
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 positions at March, 31, 2015 and December, 31, 2014 and the statements of income, comprehensive income, changes in stockholders' equity and cash flows for the three months ended March 31, 2015 and 2014. 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 2014 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. | |
PRINCIPLES OF CONSOLIDATION | |
The Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries, The Old Point National Bank of Phoebus (the Bank) and Old Point Trust & Financial Services N.A. (Trust). All significant intercompany balances and transactions have been eliminated in consolidation. The Company consolidates subsidiaries in which it holds, directly or indirectly, more than 50 percent of the voting rights or where it exercises control. Entities where the Company holds 20 to 50 percent of the voting rights, or has the ability to exercise significant influence, or both, are accounted for under the equity method. As discussed below, the Company consolidates entities deemed to be variable interest entities (VIEs) when it is determined to be the primary beneficiary. | |
NATURE OF OPERATIONS | |
Old Point Financial Corporation is a holding company that conducts substantially all of its operations through two subsidiaries, The Old Point National Bank of Phoebus and Old Point Trust & Financial Services, N.A. The Bank serves individual and commercial customers, the majority of which are in Hampton Roads, Virginia. As of March 31, 2015, the Bank had 18 branch offices. The Bank offers a full range of deposit and loan products to its retail and commercial customers. Trust offers a full range of services for individuals and businesses. Products and services include retirement planning, estate planning, financial planning, estate and trust administration, retirement plan administration, tax services and investment management services. | |
VARIABLE INTEREST ENTITIES | |
A legal entity is referred to as a VIE if any of the following conditions exist, which are outlined in the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) variable interest accounting guidance (FASB ASC 810-10-15-14): (1) the total equity investment at risk is insufficient to permit the legal entity to finance its activities without additional subordinated financial support from other parties, or (2) the entity has equity investors that cannot make significant decisions about the entity's operations or that do not absorb their proportionate share of the expected losses or receive the expected returns of the entity. |
Securities
Securities | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||
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) | |||||||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||
Obligations of U.S. Government agencies | $ | 100 | $ | 0 | $ | (1 | ) | $ | 99 | ||||||||||||||||||||
Obligations of state and political subdivisions | 29,380 | 644 | (6 | ) | 30,018 | ||||||||||||||||||||||||
Mortgage-backed securities | 58,809 | 3,496 | 0 | 62,305 | |||||||||||||||||||||||||
Total | $ | 88,289 | $ | 4,140 | $ | (7 | ) | $ | 92,422 | ||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||
Obligations of U.S. Government agencies | $ | 100 | $ | 0 | $ | (3 | ) | $ | 97 | ||||||||||||||||||||
Obligations of state and political subdivisions | 29,529 | 449 | (18 | ) | 29,960 | ||||||||||||||||||||||||
Mortgage-backed securities | 60,460 | 3,889 | 0 | 64,349 | |||||||||||||||||||||||||
Total | $ | 90,089 | $ | 4,338 | $ | (21 | ) | $ | 94,406 | ||||||||||||||||||||
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) | |||||||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 6,500 | $ | 0 | $ | 0 | $ | 6,500 | |||||||||||||||||||||
Obligations of U.S. Government agencies | 17,987 | 3 | (149 | ) | 17,841 | ||||||||||||||||||||||||
Obligations of state and political subdivisions | 48,968 | 823 | (242 | ) | 49,549 | ||||||||||||||||||||||||
Mortgage-backed securities | 59,086 | 90 | (494 | ) | 58,682 | ||||||||||||||||||||||||
Money market investments | 629 | 0 | 0 | 629 | |||||||||||||||||||||||||
Corporate bonds | 3,097 | 12 | (4 | ) | 3,105 | ||||||||||||||||||||||||
Other marketable equity securities | 100 | 0 | (19 | ) | 81 | ||||||||||||||||||||||||
Total | $ | 136,367 | $ | 928 | $ | (908 | ) | $ | 136,387 | ||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 20,000 | $ | 0 | $ | 0 | $ | 20,000 | |||||||||||||||||||||
Obligations of U.S. Government agencies | 4,768 | 2 | (152 | ) | 4,618 | ||||||||||||||||||||||||
Obligations of state and political subdivisions | 49,783 | 698 | (235 | ) | 50,246 | ||||||||||||||||||||||||
Mortgage-backed securities | 61,296 | 34 | (442 | ) | 60,888 | ||||||||||||||||||||||||
Money market investments | 719 | 0 | 0 | 719 | |||||||||||||||||||||||||
Corporate bonds | 2,798 | 3 | (11 | ) | 2,790 | ||||||||||||||||||||||||
Other marketable equity securities | 100 | 0 | (15 | ) | 85 | ||||||||||||||||||||||||
Total | $ | 139,464 | $ | 737 | $ | (855 | ) | $ | 139,346 | ||||||||||||||||||||
There were no gains or losses recorded on the sale of available-for-sale securities in the three months ended March 31, 2015 or 2014. | |||||||||||||||||||||||||||||
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 months ended March 31, 2015 or the year ended December 31, 2014. | |||||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||
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: | |||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 0 | $ | 6,500 | $ | 0 | $ | 0 | $ | 0 | $ | 6,500 | 1 | ||||||||||||||||
Obligations of U.S. Government agencies | 0 | 13,500 | 149 | 4,038 | 149 | 17,538 | 2 | ||||||||||||||||||||||
Obligations of state and political subdivisions | 102 | 7,322 | 140 | 4,002 | 242 | 11,324 | 22 | ||||||||||||||||||||||
Mortgage-backed securities | 494 | 47,000 | 0 | 0 | 494 | 47,000 | 6 | ||||||||||||||||||||||
Corporate bonds | 1 | 297 | 3 | 497 | 4 | 794 | 7 | ||||||||||||||||||||||
Other marketable equity securities | 0 | 0 | 19 | 81 | 19 | 81 | 1 | ||||||||||||||||||||||
Total securities available-for-sale | $ | 597 | $ | 74,619 | $ | 311 | $ | 8,618 | $ | 908 | $ | 83,237 | 39 | ||||||||||||||||
Securities Held-to-Maturity | |||||||||||||||||||||||||||||
Obligations of U.S. Government agencies | $ | 0 | $ | 0 | $ | 1 | $ | 99 | $ | 1 | $ | 99 | 1 | ||||||||||||||||
Obligations of state and political subdivisions | 2 | 904 | 4 | 539 | 6 | 1,443 | 3 | ||||||||||||||||||||||
Total securities held-to-maturity | $ | 2 | $ | 904 | $ | 5 | $ | 638 | $ | 7 | $ | 1,542 | 4 | ||||||||||||||||
Total securities | $ | 599 | $ | 75,523 | $ | 316 | $ | 9,256 | $ | 915 | $ | 84,779 | 43 | ||||||||||||||||
31-Dec-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: | |||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 0 | $ | 20,000 | $ | 0 | $ | 0 | $ | 0 | $ | 20,000 | 1 | ||||||||||||||||
Obligations of U.S. Government agencies | 0 | 0 | 152 | 4,316 | 152 | 4,316 | 1 | ||||||||||||||||||||||
Obligations of state and political subdivisions | 2 | 604 | 233 | 11,951 | 235 | 12,555 | 24 | ||||||||||||||||||||||
Mortgage-backed securities | 62 | 16,589 | 380 | 32,104 | 442 | 48,693 | 6 | ||||||||||||||||||||||
Corporate bonds | 3 | 1,096 | 8 | 792 | 11 | 1,888 | 14 | ||||||||||||||||||||||
Other marketable equity securities | 15 | 85 | 0 | 0 | 15 | 85 | 1 | ||||||||||||||||||||||
Total securities available-for-sale | $ | 82 | $ | 38,374 | $ | 773 | $ | 49,163 | $ | 855 | $ | 87,537 | 47 | ||||||||||||||||
Securities Held-to-Maturity | |||||||||||||||||||||||||||||
Obligations of U.S. Government agencies | $ | 0 | $ | 0 | $ | 3 | $ | 97 | $ | 3 | $ | 97 | 1 | ||||||||||||||||
Obligations of state and political subdivisions | 2 | 1,261 | 16 | 1,203 | 18 | 2,464 | 6 | ||||||||||||||||||||||
Total securities held-to-maturity | $ | 2 | $ | 1,261 | $ | 19 | $ | 1,300 | $ | 21 | $ | 2,561 | 7 | ||||||||||||||||
Total securities | $ | 84 | $ | 39,635 | $ | 792 | $ | 50,463 | $ | 876 | $ | 90,098 | 54 | ||||||||||||||||
Certain investments within the Company's portfolio had unrealized losses at March 31, 2015 and December 31, 2014, 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 March 31, 2015 or December 31, 2014. | |||||||||||||||||||||||||||||
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 | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||
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: | |||||||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||||||||||||||
Residential 1-4 family | $ | 94,275 | $ | 91,318 | |||||||||||||||||||||||||
Commercial | 280,445 | 287,531 | |||||||||||||||||||||||||||
Construction | 14,023 | 9,082 | |||||||||||||||||||||||||||
Second mortgages | 14,591 | 13,403 | |||||||||||||||||||||||||||
Equity lines of credit | 45,426 | 43,662 | |||||||||||||||||||||||||||
Total mortgage loans on real estate | 448,760 | 444,996 | |||||||||||||||||||||||||||
Commercial loans | 41,600 | 37,698 | |||||||||||||||||||||||||||
Consumer loans | 35,522 | 30,493 | |||||||||||||||||||||||||||
Other | 29,353 | 22,807 | |||||||||||||||||||||||||||
Total loans | 555,235 | 535,994 | |||||||||||||||||||||||||||
Less: Allowance for loan losses | (7,411 | ) | (7,075 | ) | |||||||||||||||||||||||||
Loans, net of allowance and deferred fees (1) | $ | 547,824 | $ | 528,919 | |||||||||||||||||||||||||
(1) Deferred loan fees totaled $476 thousand and $473 thousand at March 31, 2015 and December 31, 2014, respectively. | |||||||||||||||||||||||||||||
Overdrawn deposit accounts are reclassified as loans and included in the Other category in the table above. Overdrawn deposit accounts totaled $511 thousand and $541 thousand at March 31, 2015 and December 31, 2014, 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 March 31, 2015 | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Pass | OAEM | Substandard | Total | ||||||||||||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||||||||||||||
Residential 1-4 family | $ | 92,599 | $ | 0 | $ | 1,676 | $ | 94,275 | |||||||||||||||||||||
Commercial | 265,125 | 10,505 | 4,815 | 280,445 | |||||||||||||||||||||||||
Construction | 12,976 | 0 | 1,047 | 14,023 | |||||||||||||||||||||||||
Second mortgages | 14,234 | 0 | 357 | 14,591 | |||||||||||||||||||||||||
Equity lines of credit | 44,615 | 0 | 811 | 45,426 | |||||||||||||||||||||||||
Total mortgage loans on real estate | 429,549 | 10,505 | 8,706 | 448,760 | |||||||||||||||||||||||||
Commercial loans | 38,340 | 1,669 | 1,591 | 41,600 | |||||||||||||||||||||||||
Consumer loans | 35,494 | 0 | 28 | 35,522 | |||||||||||||||||||||||||
Other | 29,353 | 0 | 0 | 29,353 | |||||||||||||||||||||||||
Total | $ | 532,736 | $ | 12,174 | $ | 10,325 | $ | 555,235 | |||||||||||||||||||||
Credit Quality Information | |||||||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Pass | OAEM | Substandard | Total | ||||||||||||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||||||||||||||
Residential 1-4 family | $ | 89,480 | $ | 0 | $ | 1,838 | $ | 91,318 | |||||||||||||||||||||
Commercial | 272,654 | 10,602 | 4,275 | 287,531 | |||||||||||||||||||||||||
Construction | 8,026 | 0 | 1,056 | 9,082 | |||||||||||||||||||||||||
Second mortgages | 13,306 | 0 | 97 | 13,403 | |||||||||||||||||||||||||
Equity lines of credit | 42,976 | 0 | 686 | 43,662 | |||||||||||||||||||||||||
Total mortgage loans on real estate | 426,442 | 10,602 | 7,952 | 444,996 | |||||||||||||||||||||||||
Commercial loans | 36,007 | 1,669 | 22 | 37,698 | |||||||||||||||||||||||||
Consumer loans | 30,463 | 0 | 30 | 30,493 | |||||||||||||||||||||||||
Other | 22,807 | 0 | 0 | 22,807 | |||||||||||||||||||||||||
Total | $ | 515,719 | $ | 12,271 | $ | 8,004 | $ | 535,994 | |||||||||||||||||||||
As of March 31, 2015 and December 31, 2014 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 March 31, 2015 | |||||||||||||||||||||||||||||
30 - 59 | 60 - 89 | 90 or More | Total Past | Total | Total | Recorded Investment | |||||||||||||||||||||||
Days Past | Days Past | Days Past | Due | Current | Loans | >90 Days Past Due and Accruing | |||||||||||||||||||||||
Due | Due | Due | Loans (1) | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||||||||||||||
Residential 1-4 family | $ | 595 | $ | 100 | $ | 219 | $ | 914 | $ | 93,361 | $ | 94,275 | $ | 0 | |||||||||||||||
Commercial | 266 | 0 | 0 | 266 | 280,179 | 280,445 | 0 | ||||||||||||||||||||||
Construction | 181 | 0 | 494 | 675 | 13,348 | 14,023 | 0 | ||||||||||||||||||||||
Second mortgages | 0 | 0 | 247 | 247 | 14,344 | 14,591 | 0 | ||||||||||||||||||||||
Equity lines of credit | 93 | 0 | 0 | 93 | 45,333 | 45,426 | 0 | ||||||||||||||||||||||
Total mortgage loans on real estate | 1,135 | 100 | 960 | 2,195 | 446,565 | 448,760 | 0 | ||||||||||||||||||||||
Commercial loans | 330 | 0 | 0 | 330 | 41,270 | 41,600 | 0 | ||||||||||||||||||||||
Consumer loans | 385 | 451 | 1,386 | 2,222 | 33,300 | 35,522 | 1,386 | ||||||||||||||||||||||
Other | 48 | 10 | 6 | 64 | 29,289 | 29,353 | 6 | ||||||||||||||||||||||
Total | $ | 1,898 | $ | 561 | $ | 2,352 | $ | 4,811 | $ | 550,424 | $ | 555,235 | $ | 1,392 | |||||||||||||||
(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 federal government. The past due portion of these guaranteed loans totaled $2.2 million at March 31, 2015. | |||||||||||||||||||||||||||||
Age Analysis of Past Due Loans as of December 31, 2014 | |||||||||||||||||||||||||||||
30 - 59 | 60 - 89 | 90 or More | Total Past | Total | Total | Recorded Investment | |||||||||||||||||||||||
Days Past | Days Past | Days Past | Due | Current | Loans | >90 Days Past Due and Accruing | |||||||||||||||||||||||
Due | Due | Due | Loans (1) | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||||||||||||||
Residential 1-4 family | $ | 1,043 | $ | 55 | $ | 792 | $ | 1,890 | $ | 89,428 | $ | 91,318 | $ | 0 | |||||||||||||||
Commercial | 31 | 0 | 432 | 463 | 287,068 | 287,531 | 0 | ||||||||||||||||||||||
Construction | 0 | 0 | 499 | 499 | 8,583 | 9,082 | 0 | ||||||||||||||||||||||
Second mortgages | 81 | 32 | 168 | 281 | 13,122 | 13,403 | 107 | ||||||||||||||||||||||
Equity lines of credit | 49 | 0 | 0 | 49 | 43,613 | 43,662 | 0 | ||||||||||||||||||||||
Total mortgage loans on real estate | 1,204 | 87 | 1,891 | 3,182 | 441,814 | 444,996 | 107 | ||||||||||||||||||||||
Commercial loans | 195 | 0 | 10 | 205 | 37,493 | 37,698 | 10 | ||||||||||||||||||||||
Consumer loans | 1,099 | 323 | 1,019 | 2,441 | 28,052 | 30,493 | 1,019 | ||||||||||||||||||||||
Other | 51 | 3 | 5 | 59 | 22,748 | 22,807 | 5 | ||||||||||||||||||||||
Total | $ | 2,549 | $ | 413 | $ | 2,925 | $ | 5,887 | $ | 530,107 | $ | 535,994 | $ | 1,141 | |||||||||||||||
(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 federal government. The past due portion of these guaranteed loans totaled $2.4 million at December 31, 2014. | |||||||||||||||||||||||||||||
NONACCRUAL LOANS | |||||||||||||||||||||||||||||
The Company generally places commercial loans (including construction loans and commercial loans secured and not secured by real estate) 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 consumer loans secured by real estate (including residential 1 - 4 family mortgages, second mortgages, and equity lines of credit) are not required to be placed in nonaccrual status. Although consumer loans and consumer loans secured by real estate are not required to be placed in nonaccrual status, the Company may elect to place these loans in nonaccrual status, if necessary to avoid a material overstatement of interest income. Generally, consumer loans secured by real estate are placed in nonaccrual status only when payments are 120 days past due. | |||||||||||||||||||||||||||||
Generally, consumer loans not secured by real estate are placed in nonaccrual status only when part of the principal has been charged off. If a charge-off has not occurred sooner for other reasons, a consumer loan not secured by real estate will generally be placed in nonaccrual status when payments are 120 days past due. These loans are charged off or written down to the net realizable value of the collateral when deemed uncollectible, when classified as a "loss," when repayment is unreasonably protracted, when bankruptcy has been initiated, or when the loan is 120 days or more past due unless the credit is well-secured and in the process of collection. | |||||||||||||||||||||||||||||
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, loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured, or when the borrower has resumed paying the full amount of the scheduled contractual interest and principal payments for at least six months. | |||||||||||||||||||||||||||||
The following table presents loans in nonaccrual status by class of loan as of the dates indicated: | |||||||||||||||||||||||||||||
Nonaccrual Loans by Class | |||||||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Mortgage loans on real estate | |||||||||||||||||||||||||||||
Residential 1-4 family | $ | 397 | $ | 924 | |||||||||||||||||||||||||
Commercial | 3,640 | 4,086 | |||||||||||||||||||||||||||
Construction | 494 | 499 | |||||||||||||||||||||||||||
Second mortgages | 247 | 61 | |||||||||||||||||||||||||||
Total mortgage loans on real estate | 4,778 | 5,570 | |||||||||||||||||||||||||||
Commercial loans | 0 | 0 | |||||||||||||||||||||||||||
Total | $ | 4,778 | $ | 5,570 | |||||||||||||||||||||||||
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: | |||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Interest income that would have been recorded under original loan terms | $ | 73 | $ | 213 | |||||||||||||||||||||||||
Actual interest income recorded for the period | 63 | 112 | |||||||||||||||||||||||||||
Reduction in interest income on nonaccrual loans | $ | 10 | $ | 101 | |||||||||||||||||||||||||
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. There were no troubled debts restructured in the three months ended March 31, 2015. | |||||||||||||||||||||||||||||
Troubled Debt Restructurings by Class | |||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2014 | |||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||
Number of | Recorded | Recorded | Current Investment on | ||||||||||||||||||||||||||
Modifications | Investment | Investment | 31-Mar-14 | ||||||||||||||||||||||||||
Prior to | After | ||||||||||||||||||||||||||||
Modification | Modification | ||||||||||||||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||||||||||||||
Residential 1-4 family | 1 | $ | 276 | $ | 276 | $ | 275 | ||||||||||||||||||||||
Construction | 1 | 103 | 103 | 103 | |||||||||||||||||||||||||
Second mortgages | 1 | 89 | 89 | 89 | |||||||||||||||||||||||||
Total | 3 | $ | 468 | $ | 468 | $ | 467 | ||||||||||||||||||||||
All loans restructured in the first three months of 2014 were given below-market rates for debt with similar risk characteristics. At March 31, 2015 and December 31, 2014, the Company had no outstanding commitments to disburse additional funds on any TDR. Also at March 31, 2015 and December 31, 2014, the Company had $99 thousand and $446 thousand in loans secured by 1 - 4 family residential real estate that were in the process of foreclosure. | |||||||||||||||||||||||||||||
The following table 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 nonaccrual 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. In the first quarter of 2015, there were no defaulting TDRs where the default occurred within twelve months of restructuring. | |||||||||||||||||||||||||||||
Restructurings that Subsequently Defaulted | |||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2014 | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Recorded Investment in Defaulting Loans | |||||||||||||||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||||||||||||||
Residential 1-4 family | $94 | ||||||||||||||||||||||||||||
The TDR in the table above is factored into the determination of the allowance for loan losses as of the period indicated. This loan is 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 when 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 March 31, 2015 | For the three months ended | ||||||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||
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 | $ | 2,224 | $ | 1,831 | $ | 360 | $ | 89 | $ | 2,203 | $ | 26 | |||||||||||||||||
Commercial | 11,269 | 4,291 | 5,291 | 137 | 9,653 | 121 | |||||||||||||||||||||||
Construction | 596 | 66 | 528 | 265 | 598 | 1 | |||||||||||||||||||||||
Second mortgages | 603 | 379 | 195 | 7 | 605 | 3 | |||||||||||||||||||||||
Total mortgage loans on real estate | $ | 14,692 | $ | 6,567 | $ | 6,374 | $ | 498 | $ | 13,059 | $ | 151 | |||||||||||||||||
Commercial loans | 1,500 | 1,369 | 132 | 3 | 1,637 | 23 | |||||||||||||||||||||||
Consumer loans | 13 | 13 | 0 | 0 | 13 | 0 | |||||||||||||||||||||||
Total | $ | 16,205 | $ | 7,949 | $ | 6,506 | $ | 501 | $ | 14,709 | $ | 174 | |||||||||||||||||
Impaired Loans by Class | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
As of December 31, 2014 | For the year ended December 31, 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 | $ | 2,898 | $ | 2,083 | $ | 646 | $ | 91 | $ | 4,099 | $ | 126 | |||||||||||||||||
Commercial | 11,766 | 4,729 | 5,322 | 163 | 10,669 | 449 | |||||||||||||||||||||||
Construction | 1,157 | 623 | 534 | 270 | 2,431 | 55 | |||||||||||||||||||||||
Second mortgages | 506 | 195 | 282 | 178 | 470 | 25 | |||||||||||||||||||||||
Total mortgage loans on real estate | $ | 16,327 | $ | 7,630 | $ | 6,784 | $ | 702 | $ | 17,669 | $ | 655 | |||||||||||||||||
Commercial loans | 0 | 0 | 0 | 0 | 37 | 0 | |||||||||||||||||||||||
Consumer loans | 14 | 14 | 0 | 0 | 26 | 1 | |||||||||||||||||||||||
Total | $ | 16,341 | $ | 7,644 | $ | 6,784 | $ | 702 | $ | 17,732 | $ | 656 | |||||||||||||||||
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 probable 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).  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 real estate, 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. | ||||||||||||||||||||||||||||
Each segment of the portfolio is pooled 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. A historical loss percentage is then calculated by migration analysis and applied to each pool. 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 information regarding trends (or migrations) in a particular loan segment. At December 31, 2014 and March 31, 2015, management used twelve-quarter migration periods. | |||||||||||||||||||||||||||||
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 $7.4 million adequate to cover loan losses inherent in the loan portfolio at March 31, 2015. | |||||||||||||||||||||||||||||
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 three months ended | Commercial | Real Estate - | Real Estate - | Consumer | Other | Total | |||||||||||||||||||||||
31-Mar-15 | Construction | Mortgage | |||||||||||||||||||||||||||
Allowance for Loan Losses: | |||||||||||||||||||||||||||||
Balance at the beginning of period | $ | 595 | $ | 703 | $ | 5,347 | $ | 219 | $ | 211 | $ | 7,075 | |||||||||||||||||
Charge-offs | 0 | 0 | (14 | ) | (28 | ) | (38 | ) | (80 | ) | |||||||||||||||||||
Recoveries | 9 | 0 | 107 | 10 | 15 | 141 | |||||||||||||||||||||||
Provision for loan losses | 82 | 193 | (158 | ) | 109 | 49 | 275 | ||||||||||||||||||||||
Ending balance | $ | 686 | $ | 896 | $ | 5,282 | $ | 310 | $ | 237 | $ | 7,411 | |||||||||||||||||
Ending balance individually evaluated for impairment | $ | 3 | $ | 265 | $ | 233 | $ | 0 | $ | 0 | $ | 501 | |||||||||||||||||
Ending balance collectively evaluated for impairment | 683 | 631 | 5,049 | 310 | 237 | 6,910 | |||||||||||||||||||||||
Ending balance | $ | 686 | $ | 896 | $ | 5,282 | $ | 310 | $ | 237 | $ | 7,411 | |||||||||||||||||
Loan Balances: | |||||||||||||||||||||||||||||
Ending balance individually evaluated for impairment | $ | 1,501 | $ | 594 | $ | 12,347 | $ | 13 | $ | 0 | $ | 14,455 | |||||||||||||||||
Ending balance collectively evaluated for impairment | 40,099 | 13,429 | 422,390 | 35,509 | 29,353 | 540,780 | |||||||||||||||||||||||
Ending balance | $ | 41,600 | $ | 14,023 | $ | 434,737 | $ | 35,522 | $ | 29,353 | $ | 555,235 | |||||||||||||||||
For the year ended December 31, 2014 | Commercial | Real Estate - | Real Estate - | Consumer | Other | Total | |||||||||||||||||||||||
Construction | Mortgage | ||||||||||||||||||||||||||||
Allowance for Loan Losses: | |||||||||||||||||||||||||||||
Balance at the beginning of period | $ | 350 | $ | 662 | $ | 5,357 | $ | 294 | $ | 168 | $ | 6,831 | |||||||||||||||||
Charge-offs | (286 | ) | (51 | ) | (563 | ) | (163 | ) | (175 | ) | (1,238 | ) | |||||||||||||||||
Recoveries | 55 | 173 | 524 | 64 | 66 | 882 | |||||||||||||||||||||||
Provision for loan losses | 476 | (81 | ) | 29 | 24 | 152 | 600 | ||||||||||||||||||||||
Ending balance | $ | 595 | $ | 703 | $ | 5,347 | $ | 219 | $ | 211 | $ | 7,075 | |||||||||||||||||
Ending balance individually evaluated for impairment | $ | 0 | $ | 270 | $ | 432 | $ | 0 | $ | 0 | $ | 702 | |||||||||||||||||
Ending balance collectively evaluated for impairment | 595 | 433 | 4,915 | 219 | 211 | 6,373 | |||||||||||||||||||||||
Ending balance | $ | 595 | $ | 703 | $ | 5,347 | $ | 219 | $ | 211 | $ | 7,075 | |||||||||||||||||
Loan Balances: | |||||||||||||||||||||||||||||
Ending balance individually evaluated for impairment | $ | 0 | $ | 1,157 | $ | 13,257 | $ | 14 | $ | 0 | $ | 14,428 | |||||||||||||||||
Ending balance collectively evaluated for impairment | 37,698 | 7,925 | 422,657 | 30,479 | 22,807 | 521,566 | |||||||||||||||||||||||
Ending balance | $ | 37,698 | $ | 9,082 | $ | 435,914 | $ | 30,493 | $ | 22,807 | $ | 535,994 |
LowIncome_Housing_Tax_Credits
Low-Income Housing Tax Credits | 3 Months Ended |
Mar. 31, 2015 | |
Investments in Affordable Housing Projects [Abstract] | |
Low-Income Housing Tax Credits [Text Block] | Note 4. Low-Income Housing Tax Credits |
The Company was invested in 4 separate housing equity funds at March 31, 2015 and 3 separate funds at December 31, 2014. The general purpose of these funds is to encourage and assist participants in investing in low-income residential rental properties located in the Commonwealth of Virginia; develop and implement strategies to maintain projects as low-income housing; deliver Federal Low Income Housing Credits to investors; allocate tax losses and other possible tax benefits to investors; and to preserve and protect project assets. | |
The investments in these funds were recorded as other assets on the consolidated balance sheets and were $663 thousand and $722 thousand at March 31, 2015 and December 31, 2014, respectively. The expected terms of these investments and the related tax benefits run through 2030. During the quarters ended March 31, 2015 and 2014, the Company recognized tax credits and other tax benefits related to these investments of $118 thousand and $65 thousand, respectively. Total projected tax credits to be received for 2015 are $328 thousand, which is based on the most recent quarterly estimates received from the funds. Additional capital calls expected for the funds totaled $3.7 million and $2.7 million at March 31, 2015 and December 31, 2014, respectively. |
ShareBased_Compensation
Share-Based Compensation | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Share-Based Compensation [Abstract] | |||||||||||||||||
Share-Based Compensation | Note 5. 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 three months months of 2015. | |||||||||||||||||
On March 9, 2008, the Company's 1998 Stock Option Plan expired. Options to purchase 78,085 shares of common stock were outstanding under the Company's 1998 Stock Option Plan at March 31, 2015. 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 three months ended March 31, 2015 is summarized below: | |||||||||||||||||
Shares | Weighted | Weighted | Aggregate | ||||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | (in thousands) | |||||||||||||||
Life | |||||||||||||||||
(in years) | |||||||||||||||||
Options outstanding, January 1, 2015 | 81,210 | $ | 20.05 | ||||||||||||||
Granted | 0 | 0 | |||||||||||||||
Exercised | 0 | 0 | |||||||||||||||
Canceled or expired | (3,125 | ) | 20.05 | ||||||||||||||
Options outstanding, March 31, 2015 | 78,085 | $ | 20.05 | 2.55 | $ | 0 | |||||||||||
Options exercisable, March 31, 2015 | 78,085 | $ | 20.05 | 2.55 | $ | 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 March 31, 2015. This amount changes based on changes in the market value of the Company's common stock. As of March 31, 2015, 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 three months ended March 31, 2015. | |||||||||||||||||
As of March 31, 2015, all outstanding stock options were fully vested and there was no unrecognized stock-based compensation expense. |
Pension_Plan
Pension Plan | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Pension Plan [Abstract] | |||||||||
Pension Plan | Note 6. 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 March 31, | 2015 | 2014 | |||||||
(in thousands) | |||||||||
Interest cost | $ | 66 | $ | 68 | |||||
Expected return on plan assets | (89 | ) | (91 | ) | |||||
Amortization of net loss | 99 | 55 | |||||||
Net periodic pension plan cost | $ | 76 | $ | 32 | |||||
At March 31, 2015, management had not yet determined the amount, if any, that the Company will contribute to the plan in the year ending December 31, 2015. |
Stockholders_Equity_and_Earnin
Stockholders' Equity and Earnings per Common Share | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Stockholders' Equity and Earnings Per Common Share [Abstract] | |||||||||||||||||
Stockholders' Equity and Earnings Per Common Share | Note 7. 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 March 31, | Affected Line Item on | ||||||||||||||||
2015 | 2014 | Consolidated Statement of Income | |||||||||||||||
Securities transferred to held-to-maturity | Â Â Â | ||||||||||||||||
Amortization of unrealized loss | $ | (214 | ) | $ | (191 | ) | Interest on securities (taxable) | ||||||||||
Tax benefit | (73 | ) | (65 | ) | Income tax expense | ||||||||||||
$ | (141 | ) | $ | (126 | ) | 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) | |||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||
Balance at beginning of period | $ | (78 | ) | $ | (3,386 | ) | $ | (2,429 | ) | $ | (5,893 | ) | |||||
Net change for the period | 91 | 141 | 0 | 232 | |||||||||||||
Balance at end of period | $ | 13 | $ | (3,245 | ) | $ | (2,429 | ) | $ | (5,661 | ) | ||||||
Three Months Ended March 31, 2014 | |||||||||||||||||
Balance at beginning of period | $ | (5,317 | ) | $ | (3,937 | ) | $ | (1,548 | ) | $ | (10,802 | ) | |||||
Net change for the period | 1,552 | 126 | 0 | 1,678 | |||||||||||||
Balance at end of period | $ | (3,765 | ) | $ | (3,811 | ) | $ | (1,548 | ) | $ | (9,124 | ) | |||||
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. | |||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||
Pretax | Tax | Net-of-Tax | |||||||||||||||
(in thousands) | |||||||||||||||||
Unrealized gains on available-for-sale securities | $ | 138 | $ | 47 | $ | 91 | |||||||||||
Amortization of unrealized loss on securities transferred to held-to-maturity | 214 | 73 | 141 | ||||||||||||||
Total change in accumulated other comprehensive loss | $ | 352 | $ | 120 | $ | 232 | |||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||
Pretax | Tax Expense | Net-of-Tax | |||||||||||||||
(Benefit) | |||||||||||||||||
(in thousands) | |||||||||||||||||
Unrealized gains on available-for-sale securities | $ | 2,351 | $ | 799 | $ | 1,552 | |||||||||||
Amortization of unrealized loss on securities transferred to held-to-maturity | 191 | 65 | 126 | ||||||||||||||
Total change in accumulated other comprehensive loss | $ | 2,542 | $ | 864 | $ | 1,678 | |||||||||||
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 78 thousand and 151 thousand potential common shares attributable to outstanding stock options in the diluted earnings per share calculation for the first three months months of 2015 and 2014, respectively, because they were antidilutive. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2015 | |
Recent Accounting Pronouncements [Abstract] | |
Recent Accounting Pronouncements | Note 8. 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 adoption of the new guidance did not have a material impact on the Company's 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 adoption of the new guidance did not have a material impact on the Company's 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 adoption of the new guidance did not have a material impact on the Company's 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. | |
In August 2014, the FASB issued ASU No. 2014-14, "Receivables – Troubled Debt Restructurings by Creditors (Subtopic 310-40): Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure". The amendments in this ASU apply to creditors that hold government-guaranteed mortgage loans and is intended to eliminate the diversity in practice related to the classification of these guaranteed loans upon foreclosure. The new guidance stipulates that a mortgage loan be derecognized and a separate other receivable be recognized upon foreclosure if (1) the loan has a government guarantee that is not separable from the loan prior to foreclosure, (2) at the time of foreclosure, the creditor has the intent to convey the real estate property to the guarantor and make a claim on the guarantee, and the creditor has the ability to recover under that claim, and (3) at the time of foreclosure, any amount of the claim that is determined on the basis of the fair value of the real estate is fixed. Upon foreclosure, the other receivable should be measured on the amount of the loan balance (principal and interest) expected to be recovered from the guarantor. The amendments in this ASU are effective for annual periods and interim periods within those annual periods beginning after December 15, 2014. Entities may adopt the amendments on a prospective basis or modified retrospective basis as of the beginning of the annual period of adoption; however, the entity must apply the same method of transition as elected under ASU 2014-04. Early adoption is permitted provided the entity has already adopted ASU 2014-04. The adoption of the new guidance did not have a material impact on the Company's consolidated financial statements. | |
In August 2014, the FASB issued ASU No. 2014-15, "Presentation of Financial Statements – Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern". This update is intended to provide guidance about management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. Management is required under the new guidance to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date the financial statements are issued when preparing financial statements for each interim and annual reporting period. If conditions or events are identified, the ASU specifies the process that must be followed by management and also clarifies the timing and content of going concern footnote disclosures in order to reduce diversity in practice. The amendments in this ASU are effective for annual periods and interim periods within those annual periods beginning after December 15, 2016. Early adoption is permitted. The Company does not expect the adoption of ASU 2014-15 to have a material impact on its consolidated financial statements. | |
In November 2014, the FASB issued ASU No. 2014-16, "Derivatives and Hedging (Topic 815): Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity". The amendments in this ASU do not change the current criteria in U.S. GAAP for determining when separation of certain embedded derivative features in a hybrid financial instrument is required. The amendments clarify how current U.S. GAAP should be interpreted in evaluating the economic characteristics and risks of a host contract in a hybrid financial instrument that is issued in the form of a share. Specifically, the amendments clarify that an entity should consider all relevant terms and features, including the embedded derivative feature being evaluated for bifurcation, in evaluating the nature of the host contract. Furthermore, the amendments clarify that no single term or feature would necessarily determine the economic characteristics and risks of the host contract. Rather, the nature of the host contract depends upon the economic characteristics and risks of the entire hybrid financial instrument. The amendments in this ASU also clarify that, in evaluating the nature of a host contract, an entity should assess the substance of the relevant terms and features (i.e., the relative strength of the debt-like or equity-like terms and features given the facts and circumstances) when considering how to weight those terms and features. The amendments in this ASU are effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption, including adoption in an interim period, is permitted. The Company does not expect the adoption of ASU 2014-16 to have a material impact on its consolidated financial statements. | |
In January 2015, the FASB issued ASU No. 2015-01, "Income Statement—Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items". The amendments in this ASU eliminate from U.S. GAAP the concept of extraordinary items. Subtopic 225-20, Income Statement - Extraordinary and Unusual Items, required that an entity separately classify, present, and disclose extraordinary events and transactions. Presently, an event or transaction is presumed to be an ordinary and usual activity of the reporting entity unless evidence clearly supports its classification as an extraordinary item. If an event or transaction meets the criteria for extraordinary classification, an entity is required to segregate the extraordinary item from the results of ordinary operations and show the item separately in the income statement, net of tax, after income from continuing operations. The entity also is required to disclose applicable income taxes and either present or disclose earnings-per-share data applicable to the extraordinary item. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The Company does not expect the adoption of ASU 2015-01 to have a material impact on its consolidated financial statements. | |
In February 2015, the FASB issued ASU No. 2015-02, "Consolidation (Topic 810): Amendments to the Consolidation Analysis." The amendments in this ASU are intended to improve targeted areas of consolidation guidance for legal entities such as limited partnerships, limited liability corporations, and securitization structures (collateralized debt obligations, collateralized loan obligations, and mortgage-backed security transactions). In addition to reducing the number of consolidation models from four to two, the new standard simplifies the FASB Accounting Standards Codification and improves current GAAP by placing more emphasis on risk of loss when determining a controlling financial interest, reducing the frequency of the application of related-party guidance when determining a controlling financial interest in a variable interest entity (VIE), and changing consolidation conclusions for public and private companies in several industries that typically make use of limited partnerships or VIEs. The amendments in this ASU are effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. ASU 2015-02 may be applied retrospectively in previously issued financial statements for one or more years with a cumulative-effect adjustment to retained earnings as of the beginning of the first year restated. The Company does not expect the adoption of ASU 2015-02 to have a material impact on its consolidated financial statements. | |
In April 2015, the FASB issued ASU No. 2015-03, "Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs." The amendments in this ASU are intended to simplify the presentation of debt issuance costs. These amendments require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. The amendments in this ASU are effective for public business entities for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted for financial statements that have not been previously issued. The Company does not expect the adoption of ASU 2015-03 to have a material impact on its consolidated financial statements. | |
In April 2015, the FASB issued ASU No. 2015-05, "Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Fees Paid in a Cloud Computing Arrangement." The amendments in this ASU provide guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The amendments do not change the accounting for a customer's accounting for service contracts. As a result of the amendments, all software licenses within the scope of Subtopic 350-40 will be accounted for consistent with other licenses of intangible assets. The amendments in this ASU are effective for public business entities for annual periods, including interim periods within those annual periods, beginning after December 15, 2015. Early adoption is permitted. An entity can elect to adopt the amendments either: (1) prospectively to all arrangements entered into or materially modified after the effective date; or (2) retrospectively. The Company does not expect the adoption of ASU 2015-03 to have a material impact on its consolidated financial statements. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Fair Value Measurements [Abstract] | |||||||||||||||||
Fair Value Measurements | Note 9. 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 March 31, 2015 Using | |||||||||||||||||
(in thousands) | |||||||||||||||||
Balance | Quoted Prices in | Significant Other | Significant | ||||||||||||||
Active Markets | Observable Inputs | Unobservable | |||||||||||||||
for Identical Assets | (Level 2) | Inputs | |||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||
Available-for-sale securities | |||||||||||||||||
U.S. Treasury securities | $ | 6,500 | $ | 0 | $ | 6,500 | $ | 0 | |||||||||
Obligations of U.S. Government agencies | 17,841 | 0 | 17,841 | 0 | |||||||||||||
Obligations of state and political subdivisions | 49,549 | 0 | 49,549 | 0 | |||||||||||||
Mortgage-backed securities | 58,682 | 0 | 58,682 | 0 | |||||||||||||
Money market investments | 629 | 0 | 629 | 0 | |||||||||||||
Corporate bonds | 3,105 | 0 | 3,105 | 0 | |||||||||||||
Other marketable equity securities | 81 | 0 | 81 | 0 | |||||||||||||
Total available-for-sale securities | $ | 136,387 | $ | 0 | $ | 136,387 | $ | 0 | |||||||||
Fair Value Measurements at December 31, 2014 Using | |||||||||||||||||
(in thousands) | |||||||||||||||||
Balance | Quoted Prices in | Significant Other | Significant | ||||||||||||||
Active Markets | Observable Inputs | Unobservable | |||||||||||||||
for Identical Assets | (Level 2) | Inputs | |||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||
Available-for-sale securities | |||||||||||||||||
U.S. Treasury securities | $ | 20,000 | $ | 0 | $ | 20,000 | $ | $0 | |||||||||
Obligations of U.S. Government agencies | 4,618 | 0 | 4,618 | 0 | |||||||||||||
Obligations of state and political subdivisions | 50,246 | 0 | 50,246 | 0 | |||||||||||||
Mortgage-backed securities | 60,888 | 0 | 60,888 | 0 | |||||||||||||
Money market investments | 719 | 0 | 719 | 0 | |||||||||||||
Corporate bonds | 2,790 | 0 | 2,790 | 0 | |||||||||||||
Other marketable equity securities | 85 | 0 | 85 | 0 | |||||||||||||
Total available-for-sale securities | $ | 139,346 | $ | 0 | $ | 139,346 | $ | $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 when due. 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 gain or 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 March 31, 2015 Using | |||||||||||||||||
(in thousands) | |||||||||||||||||
Fair Value | Quoted Prices in | Significant Other | Significant | ||||||||||||||
Active Markets | Observable Inputs | Unobservable | |||||||||||||||
for Identical Assets | (Level 2) | Inputs | |||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||
Impaired loans | |||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||
Residential 1-4 family | $ | 115 | $ | 0 | $ | 0 | $ | 115 | |||||||||
Commercial | 1,973 | 0 | 0 | 1,973 | |||||||||||||
Construction | 263 | 0 | 0 | 263 | |||||||||||||
Second mortgages | 40 | 0 | 0 | 40 | |||||||||||||
Total | $ | 2,391 | $ | 0 | $ | 0 | $ | 2,391 | |||||||||
Other real estate owned | |||||||||||||||||
Residential 1-4 family | $ | 1,337 | $ | 0 | $ | 0 | $ | 1,337 | |||||||||
Commercial | 1,154 | 0 | 0 | 1,154 | |||||||||||||
Construction | 1,708 | 0 | 0 | 1,708 | |||||||||||||
Total | $ | 4,199 | $ | 0 | $ | 0 | $ | 4,199 | |||||||||
Carrying Value at December 31, 2014 Using | |||||||||||||||||
(in thousands) | |||||||||||||||||
Fair Value | Quoted Prices in | Significant Other | Significant | ||||||||||||||
Active Markets for Identical Assets | Observable Inputs | Unobservable | |||||||||||||||
(Level 1) | (Level 2) | Inputs | |||||||||||||||
(Level 3) | |||||||||||||||||
Impaired loans | |||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||
Residential 1-4 family | $ | 399 | $ | 0 | $ | 0 | $ | 399 | |||||||||
Commercial | 1,973 | 0 | 0 | 1,973 | |||||||||||||
Construction | 264 | 0 | 0 | 264 | |||||||||||||
Second mortgages | 104 | 0 | 0 | 104 | |||||||||||||
Total | $ | 2,740 | $ | 0 | $ | 0 | $ | 2,740 | |||||||||
Other real estate owned | |||||||||||||||||
Residential 1-4 family | $ | 884 | $ | 0 | $ | 0 | $ | 884 | |||||||||
Commercial | 1,198 | 0 | 0 | 1,198 | |||||||||||||
Construction | 2,139 | 0 | 0 | 2,139 | |||||||||||||
Total | $ | 4,221 | $ | 0 | $ | 0 | $ | 4,221 | |||||||||
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 | |||||||||||||||||
Fair Value at | Valuation Techniques | Unobservable Input | Range (Weighted Average) | ||||||||||||||
31-Mar-15 | |||||||||||||||||
(dollars in thousands) | |||||||||||||||||
Impaired loans | |||||||||||||||||
Residential 1-4 family real estate | $ | 115 | Market comparables | Selling costs | 7.25 | % | |||||||||||
   | Liquidation discount | 4 | % | ||||||||||||||
Commercial real estate | $ | 1,973 | Market comparables | Selling costs | 7.25 | % | |||||||||||
   | Liquidation discount | 4 | % | ||||||||||||||
Construction | $ | 263 | Market comparables | Selling costs | 0.00% - 7.25% (1.38 | %) | |||||||||||
   | Liquidation discount | 4.00% - 41.93% (34.69 | %) | ||||||||||||||
Second mortgages | $ | 40 | Market comparables | Selling costs | 7.25 | % | |||||||||||
   | Liquidation discount | 4 | % | ||||||||||||||
Other real estate owned | |||||||||||||||||
Residential 1-4 family | $ | 1,337 | Market comparables | Selling costs | 7.25 | % | |||||||||||
   | Liquidation discount | 4.00% - 10.00% (6.75 | %) | ||||||||||||||
Commercial | $ | 1,154 | Market comparables | Selling costs | 7.25 | % | |||||||||||
   | Liquidation discount | 4 | % | ||||||||||||||
Construction | $ | 1,708 | Market comparables | Selling costs | 7.25 | % | |||||||||||
   | Liquidation discount | 0.00% - 4.00% (2.96 | %) | ||||||||||||||
Quantitative Information About Level 3 Fair Value Measurements | |||||||||||||||||
Fair Value at | Valuation Techniques | Unobservable Input | Range (Weighted Average) | ||||||||||||||
31-Dec-14 | |||||||||||||||||
(dollars in thousands) | |||||||||||||||||
Impaired loans | |||||||||||||||||
Residential 1-4 family real estate | $ | 399 | Market comparables | Selling costs | 7.25 | % | |||||||||||
   | Liquidation discount | 4 | % | ||||||||||||||
Commercial real estate | $ | 1,973 | Market comparables | Selling costs | 7.25 | % | |||||||||||
   | Liquidation discount | 4 | % | ||||||||||||||
Construction | $ | 264 | Market comparables | Selling costs | 0.00% - 7.25% (1.18 | %) | |||||||||||
   | Liquidation discount | 4.00% - 28.71% (24.70 | %) | ||||||||||||||
Second mortgages | $ | 104 | Market comparables | Selling costs | 7.25 | % | |||||||||||
   | Liquidation discount | 4 | % | ||||||||||||||
Other real estate owned | |||||||||||||||||
Residential 1-4 family | $ | 884 | Market comparables | Selling costs | 7.25 | % | |||||||||||
   | Liquidation discount | 4.00% - 10.00% (8.09 | %) | ||||||||||||||
Commercial | $ | 1,198 | Market comparables | Selling costs | 7.25 | % | |||||||||||
   | Liquidation discount | 4.00% - 10.00% (5.91 | %) | ||||||||||||||
Construction | $ | 2,139 | Market comparables | Selling costs | 7.25% - 11.25% (7.38 | %) | |||||||||||
   | Liquidation discount | 0.00% - 10.00% (2.68 | %) | ||||||||||||||
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. 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. 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. 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 March 31, 2015 and December 31, 2014, 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 March 31, 2015 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 | $ | 29,871 | $ | 29,871 | $ | 0 | $ | 0 | |||||||||
Securities available-for-sale | 136,387 | 0 | 136,387 | 0 | |||||||||||||
Securities held-to-maturity | 88,289 | 0 | 92,422 | 0 | |||||||||||||
Restricted securities | 2,304 | 0 | 2,304 | 0 | |||||||||||||
Loans, net of allowances for loan losses | 547,824 | 0 | 0 | 552,243 | |||||||||||||
Bank owned life insurance | 23,746 | 0 | 23,746 | 0 | |||||||||||||
Accrued interest receivable | 2,600 | 0 | 2,600 | 0 | |||||||||||||
Liabilities | |||||||||||||||||
Deposits | $ | 728,326 | $ | 0 | $ | 729,141 | $ | 0 | |||||||||
Overnight repurchase agreements | 35,547 | 0 | 35,547 | 0 | |||||||||||||
Term repurchase agreements | 412 | 0 | 411 | 0 | |||||||||||||
Federal Home Loan Bank advances | 30,000 | 0 | 31,318 | 0 | |||||||||||||
Accrued interest payable | 261 | 0 | 261 | 0 | |||||||||||||
Fair Value Measurements at December 31, 2014 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 | $ | 33,305 | $ | 33,305 | $ | 0 | $ | 0 | |||||||||
Securities available-for-sale | 139,346 | 0 | 139,346 | 0 | |||||||||||||
Securities held-to-maturity | 90,089 | 0 | 94,406 | 0 | |||||||||||||
Restricted securities | 2,293 | 0 | 2,293 | 0 | |||||||||||||
Loans, net of allowances for loan losses | 528,919 | 0 | 0 | 527,138 | |||||||||||||
Bank owned life insurance | 23,525 | 0 | 23,525 | 0 | |||||||||||||
Accrued interest receivable | 2,695 | 0 | 2,695 | 0 | |||||||||||||
Liabilities | |||||||||||||||||
Deposits | $ | 716,654 | $ | 0 | $ | 717,260 | $ | 0 | |||||||||
Overnight repurchase agreements | 37,404 | 0 | 37,404 | 0 | |||||||||||||
Term repurchase agreements | 412 | 0 | 410 | 0 | |||||||||||||
Federal Home Loan Bank advances | 30,000 | 0 | 31,536 | 0 | |||||||||||||
Accrued interest payable | 255 | 0 | 255 | 0 |
Segment_Reporting
Segment Reporting | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||
Segment Reporting | Note 10. 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 months ended March 31, 2015 and 2014 follows: | |||||||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Bank | Trust | Unconsolidated | Eliminations | Consolidated | |||||||||||||||||
Parent | |||||||||||||||||||||
Revenues | |||||||||||||||||||||
Interest and dividend income | $ | 7,491 | $ | 13 | $ | 1,268 | $ | (1,268 | ) | $ | 7,504 | ||||||||||
Income from fiduciary activities | 0 | 980 | 0 | 0 | 980 | ||||||||||||||||
Other income | 2,051 | 261 | 50 | (65 | ) | 2,297 | |||||||||||||||
Total operating income | 9,542 | 1,254 | 1,318 | (1,333 | ) | 10,781 | |||||||||||||||
Expenses | |||||||||||||||||||||
Interest expense | 893 | 0 | 0 | 0 | 893 | ||||||||||||||||
Provision for loan losses | 275 | 0 | 0 | 0 | 275 | ||||||||||||||||
Salaries and employee benefits | 4,309 | 627 | 113 | 0 | 5,049 | ||||||||||||||||
Other expenses | 3,035 | 236 | 32 | (65 | ) | 3,238 | |||||||||||||||
Total operating expenses | 8,512 | 863 | 145 | (65 | ) | 9,455 | |||||||||||||||
Income before taxes | 1,030 | 391 | 1,173 | (1,268 | ) | 1,326 | |||||||||||||||
Income tax expense (benefit) | 20 | 133 | (32 | ) | 0 | 121 | |||||||||||||||
Net income | $ | 1,010 | $ | 258 | $ | 1,205 | $ | (1,268 | ) | $ | 1,205 | ||||||||||
Capital expenditures | $ | 318 | $ | 15 | $ | 0 | $ | 0 | $ | 333 | |||||||||||
Total assets | $ | 882,771 | $ | 5,848 | $ | 89,543 | $ | (90,484 | ) | $ | 887,678 | ||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Bank | Trust | Unconsolidated | Eliminations | Consolidated | |||||||||||||||||
Parent | |||||||||||||||||||||
Revenues | |||||||||||||||||||||
Interest and dividend income | $ | 7,454 | $ | 12 | $ | 1,052 | $ | (1,052 | ) | $ | 7,466 | ||||||||||
Income from fiduciary activities | 0 | 955 | 0 | 0 | 955 | ||||||||||||||||
Other income | 1,986 | 236 | 50 | (65 | ) | 2,207 | |||||||||||||||
Total operating income | 9,440 | 1,203 | 1,102 | (1,117 | ) | 10,628 | |||||||||||||||
Expenses | |||||||||||||||||||||
Interest expense | 1,031 | 0 | 0 | 0 | 1,031 | ||||||||||||||||
Provision for loan losses | 250 | 0 | 0 | 0 | 250 | ||||||||||||||||
Salaries and employee benefits | 4,098 | 645 | 110 | 0 | 4,853 | ||||||||||||||||
Other expenses | 3,165 | 257 | 53 | (65 | ) | 3,410 | |||||||||||||||
Total operating expenses | 8,544 | 902 | 163 | (65 | ) | 9,544 | |||||||||||||||
Income before taxes | 896 | 301 | 939 | (1,052 | ) | 1,084 | |||||||||||||||
Income tax expense (benefit) | 43 | 102 | (38 | ) | 0 | 107 | |||||||||||||||
Net income | $ | 853 | $ | 199 | $ | 977 | $ | (1,052 | ) | $ | 977 | ||||||||||
Capital expenditures | $ | 308 | $ | 7 | $ | 0 | $ | 0 | $ | 315 | |||||||||||
Total assets | $ | 865,222 | $ | 5,710 | $ | 83,120 | $ | (83,962 | ) | $ | 870,090 | ||||||||||
The accounting policies of the segments are the same as those described in the summary of significant accounting policies reported in the Company's 2014 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 | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | Note 11. Commitments and Contingencies |
There have been no material changes in the Company's commitments and contingencies from those disclosed in the Company's 2014 annual report on Form 10-K. |
Securities_Tables
Securities (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||
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) | |||||||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||
Obligations of U.S. Government agencies | $ | 100 | $ | 0 | $ | (1 | ) | $ | 99 | ||||||||||||||||||||
Obligations of state and political subdivisions | 29,380 | 644 | (6 | ) | 30,018 | ||||||||||||||||||||||||
Mortgage-backed securities | 58,809 | 3,496 | 0 | 62,305 | |||||||||||||||||||||||||
Total | $ | 88,289 | $ | 4,140 | $ | (7 | ) | $ | 92,422 | ||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||
Obligations of U.S. Government agencies | $ | 100 | $ | 0 | $ | (3 | ) | $ | 97 | ||||||||||||||||||||
Obligations of state and political subdivisions | 29,529 | 449 | (18 | ) | 29,960 | ||||||||||||||||||||||||
Mortgage-backed securities | 60,460 | 3,889 | 0 | 64,349 | |||||||||||||||||||||||||
Total | $ | 90,089 | $ | 4,338 | $ | (21 | ) | $ | 94,406 | ||||||||||||||||||||
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) | |||||||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 6,500 | $ | 0 | $ | 0 | $ | 6,500 | |||||||||||||||||||||
Obligations of U.S. Government agencies | 17,987 | 3 | (149 | ) | 17,841 | ||||||||||||||||||||||||
Obligations of state and political subdivisions | 48,968 | 823 | (242 | ) | 49,549 | ||||||||||||||||||||||||
Mortgage-backed securities | 59,086 | 90 | (494 | ) | 58,682 | ||||||||||||||||||||||||
Money market investments | 629 | 0 | 0 | 629 | |||||||||||||||||||||||||
Corporate bonds | 3,097 | 12 | (4 | ) | 3,105 | ||||||||||||||||||||||||
Other marketable equity securities | 100 | 0 | (19 | ) | 81 | ||||||||||||||||||||||||
Total | $ | 136,367 | $ | 928 | $ | (908 | ) | $ | 136,387 | ||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 20,000 | $ | 0 | $ | 0 | $ | 20,000 | |||||||||||||||||||||
Obligations of U.S. Government agencies | 4,768 | 2 | (152 | ) | 4,618 | ||||||||||||||||||||||||
Obligations of state and political subdivisions | 49,783 | 698 | (235 | ) | 50,246 | ||||||||||||||||||||||||
Mortgage-backed securities | 61,296 | 34 | (442 | ) | 60,888 | ||||||||||||||||||||||||
Money market investments | 719 | 0 | 0 | 719 | |||||||||||||||||||||||||
Corporate bonds | 2,798 | 3 | (11 | ) | 2,790 | ||||||||||||||||||||||||
Other marketable equity securities | 100 | 0 | (15 | ) | 85 | ||||||||||||||||||||||||
Total | $ | 139,464 | $ | 737 | $ | (855 | ) | $ | 139,346 | ||||||||||||||||||||
There were no gains or losses recorded on the sale of available-for-sale securities in the three months ended March 31, 2015 or 2014. | |||||||||||||||||||||||||||||
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. | ||||||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||
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: | |||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 0 | $ | 6,500 | $ | 0 | $ | 0 | $ | 0 | $ | 6,500 | 1 | ||||||||||||||||
Obligations of U.S. Government agencies | 0 | 13,500 | 149 | 4,038 | 149 | 17,538 | 2 | ||||||||||||||||||||||
Obligations of state and political subdivisions | 102 | 7,322 | 140 | 4,002 | 242 | 11,324 | 22 | ||||||||||||||||||||||
Mortgage-backed securities | 494 | 47,000 | 0 | 0 | 494 | 47,000 | 6 | ||||||||||||||||||||||
Corporate bonds | 1 | 297 | 3 | 497 | 4 | 794 | 7 | ||||||||||||||||||||||
Other marketable equity securities | 0 | 0 | 19 | 81 | 19 | 81 | 1 | ||||||||||||||||||||||
Total securities available-for-sale | $ | 597 | $ | 74,619 | $ | 311 | $ | 8,618 | $ | 908 | $ | 83,237 | 39 | ||||||||||||||||
Securities Held-to-Maturity | |||||||||||||||||||||||||||||
Obligations of U.S. Government agencies | $ | 0 | $ | 0 | $ | 1 | $ | 99 | $ | 1 | $ | 99 | 1 | ||||||||||||||||
Obligations of state and political subdivisions | 2 | 904 | 4 | 539 | 6 | 1,443 | 3 | ||||||||||||||||||||||
Total securities held-to-maturity | $ | 2 | $ | 904 | $ | 5 | $ | 638 | $ | 7 | $ | 1,542 | 4 | ||||||||||||||||
Total securities | $ | 599 | $ | 75,523 | $ | 316 | $ | 9,256 | $ | 915 | $ | 84,779 | 43 | ||||||||||||||||
31-Dec-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: | |||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 0 | $ | 20,000 | $ | 0 | $ | 0 | $ | 0 | $ | 20,000 | 1 | ||||||||||||||||
Obligations of U.S. Government agencies | 0 | 0 | 152 | 4,316 | 152 | 4,316 | 1 | ||||||||||||||||||||||
Obligations of state and political subdivisions | 2 | 604 | 233 | 11,951 | 235 | 12,555 | 24 | ||||||||||||||||||||||
Mortgage-backed securities | 62 | 16,589 | 380 | 32,104 | 442 | 48,693 | 6 | ||||||||||||||||||||||
Corporate bonds | 3 | 1,096 | 8 | 792 | 11 | 1,888 | 14 | ||||||||||||||||||||||
Other marketable equity securities | 15 | 85 | 0 | 0 | 15 | 85 | 1 | ||||||||||||||||||||||
Total securities available-for-sale | $ | 82 | $ | 38,374 | $ | 773 | $ | 49,163 | $ | 855 | $ | 87,537 | 47 | ||||||||||||||||
Securities Held-to-Maturity | |||||||||||||||||||||||||||||
Obligations of U.S. Government agencies | $ | 0 | $ | 0 | $ | 3 | $ | 97 | $ | 3 | $ | 97 | 1 | ||||||||||||||||
Obligations of state and political subdivisions | 2 | 1,261 | 16 | 1,203 | 18 | 2,464 | 6 | ||||||||||||||||||||||
Total securities held-to-maturity | $ | 2 | $ | 1,261 | $ | 19 | $ | 1,300 | $ | 21 | $ | 2,561 | 7 | ||||||||||||||||
Total securities | $ | 84 | $ | 39,635 | $ | 792 | $ | 50,463 | $ | 876 | $ | 90,098 | 54 |
Loans_and_the_Allowance_for_Lo1
Loans and the Allowance for Loan Losses (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||||||||||||||
Residential 1-4 family | $ | 94,275 | $ | 91,318 | |||||||||||||||||||||||||
Commercial | 280,445 | 287,531 | |||||||||||||||||||||||||||
Construction | 14,023 | 9,082 | |||||||||||||||||||||||||||
Second mortgages | 14,591 | 13,403 | |||||||||||||||||||||||||||
Equity lines of credit | 45,426 | 43,662 | |||||||||||||||||||||||||||
Total mortgage loans on real estate | 448,760 | 444,996 | |||||||||||||||||||||||||||
Commercial loans | 41,600 | 37,698 | |||||||||||||||||||||||||||
Consumer loans | 35,522 | 30,493 | |||||||||||||||||||||||||||
Other | 29,353 | 22,807 | |||||||||||||||||||||||||||
Total loans | 555,235 | 535,994 | |||||||||||||||||||||||||||
Less: Allowance for loan losses | (7,411 | ) | (7,075 | ) | |||||||||||||||||||||||||
Loans, net of allowance and deferred fees (1) | $ | 547,824 | $ | 528,919 | |||||||||||||||||||||||||
(1) Deferred loan fees totaled $476 thousand and $473 thousand at March 31, 2015 and December 31, 2014, respectively. | |||||||||||||||||||||||||||||
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 March 31, 2015 | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Pass | OAEM | Substandard | Total | ||||||||||||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||||||||||||||
Residential 1-4 family | $ | 92,599 | $ | 0 | $ | 1,676 | $ | 94,275 | |||||||||||||||||||||
Commercial | 265,125 | 10,505 | 4,815 | 280,445 | |||||||||||||||||||||||||
Construction | 12,976 | 0 | 1,047 | 14,023 | |||||||||||||||||||||||||
Second mortgages | 14,234 | 0 | 357 | 14,591 | |||||||||||||||||||||||||
Equity lines of credit | 44,615 | 0 | 811 | 45,426 | |||||||||||||||||||||||||
Total mortgage loans on real estate | 429,549 | 10,505 | 8,706 | 448,760 | |||||||||||||||||||||||||
Commercial loans | 38,340 | 1,669 | 1,591 | 41,600 | |||||||||||||||||||||||||
Consumer loans | 35,494 | 0 | 28 | 35,522 | |||||||||||||||||||||||||
Other | 29,353 | 0 | 0 | 29,353 | |||||||||||||||||||||||||
Total | $ | 532,736 | $ | 12,174 | $ | 10,325 | $ | 555,235 | |||||||||||||||||||||
Credit Quality Information | |||||||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Pass | OAEM | Substandard | Total | ||||||||||||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||||||||||||||
Residential 1-4 family | $ | 89,480 | $ | 0 | $ | 1,838 | $ | 91,318 | |||||||||||||||||||||
Commercial | 272,654 | 10,602 | 4,275 | 287,531 | |||||||||||||||||||||||||
Construction | 8,026 | 0 | 1,056 | 9,082 | |||||||||||||||||||||||||
Second mortgages | 13,306 | 0 | 97 | 13,403 | |||||||||||||||||||||||||
Equity lines of credit | 42,976 | 0 | 686 | 43,662 | |||||||||||||||||||||||||
Total mortgage loans on real estate | 426,442 | 10,602 | 7,952 | 444,996 | |||||||||||||||||||||||||
Commercial loans | 36,007 | 1,669 | 22 | 37,698 | |||||||||||||||||||||||||
Consumer loans | 30,463 | 0 | 30 | 30,493 | |||||||||||||||||||||||||
Other | 22,807 | 0 | 0 | 22,807 | |||||||||||||||||||||||||
Total | $ | 515,719 | $ | 12,271 | $ | 8,004 | $ | 535,994 | |||||||||||||||||||||
As of March 31, 2015 and December 31, 2014 the Company did not have any loans internally classified as Loss or Doubtful. | |||||||||||||||||||||||||||||
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 March 31, 2015 | |||||||||||||||||||||||||||||
30 - 59 | 60 - 89 | 90 or More | Total Past | Total | Total | Recorded Investment | |||||||||||||||||||||||
Days Past | Days Past | Days Past | Due | Current | Loans | >90 Days Past Due and Accruing | |||||||||||||||||||||||
Due | Due | Due | Loans (1) | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||||||||||||||
Residential 1-4 family | $ | 595 | $ | 100 | $ | 219 | $ | 914 | $ | 93,361 | $ | 94,275 | $ | 0 | |||||||||||||||
Commercial | 266 | 0 | 0 | 266 | 280,179 | 280,445 | 0 | ||||||||||||||||||||||
Construction | 181 | 0 | 494 | 675 | 13,348 | 14,023 | 0 | ||||||||||||||||||||||
Second mortgages | 0 | 0 | 247 | 247 | 14,344 | 14,591 | 0 | ||||||||||||||||||||||
Equity lines of credit | 93 | 0 | 0 | 93 | 45,333 | 45,426 | 0 | ||||||||||||||||||||||
Total mortgage loans on real estate | 1,135 | 100 | 960 | 2,195 | 446,565 | 448,760 | 0 | ||||||||||||||||||||||
Commercial loans | 330 | 0 | 0 | 330 | 41,270 | 41,600 | 0 | ||||||||||||||||||||||
Consumer loans | 385 | 451 | 1,386 | 2,222 | 33,300 | 35,522 | 1,386 | ||||||||||||||||||||||
Other | 48 | 10 | 6 | 64 | 29,289 | 29,353 | 6 | ||||||||||||||||||||||
Total | $ | 1,898 | $ | 561 | $ | 2,352 | $ | 4,811 | $ | 550,424 | $ | 555,235 | $ | 1,392 | |||||||||||||||
(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 federal government. The past due portion of these guaranteed loans totaled $2.2 million at March 31, 2015. | |||||||||||||||||||||||||||||
Age Analysis of Past Due Loans as of December 31, 2014 | |||||||||||||||||||||||||||||
30 - 59 | 60 - 89 | 90 or More | Total Past | Total | Total | Recorded Investment | |||||||||||||||||||||||
Days Past | Days Past | Days Past | Due | Current | Loans | >90 Days Past Due and Accruing | |||||||||||||||||||||||
Due | Due | Due | Loans (1) | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||||||||||||||
Residential 1-4 family | $ | 1,043 | $ | 55 | $ | 792 | $ | 1,890 | $ | 89,428 | $ | 91,318 | $ | 0 | |||||||||||||||
Commercial | 31 | 0 | 432 | 463 | 287,068 | 287,531 | 0 | ||||||||||||||||||||||
Construction | 0 | 0 | 499 | 499 | 8,583 | 9,082 | 0 | ||||||||||||||||||||||
Second mortgages | 81 | 32 | 168 | 281 | 13,122 | 13,403 | 107 | ||||||||||||||||||||||
Equity lines of credit | 49 | 0 | 0 | 49 | 43,613 | 43,662 | 0 | ||||||||||||||||||||||
Total mortgage loans on real estate | 1,204 | 87 | 1,891 | 3,182 | 441,814 | 444,996 | 107 | ||||||||||||||||||||||
Commercial loans | 195 | 0 | 10 | 205 | 37,493 | 37,698 | 10 | ||||||||||||||||||||||
Consumer loans | 1,099 | 323 | 1,019 | 2,441 | 28,052 | 30,493 | 1,019 | ||||||||||||||||||||||
Other | 51 | 3 | 5 | 59 | 22,748 | 22,807 | 5 | ||||||||||||||||||||||
Total | $ | 2,549 | $ | 413 | $ | 2,925 | $ | 5,887 | $ | 530,107 | $ | 535,994 | $ | 1,141 | |||||||||||||||
(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 federal government. The past due portion of these guaranteed loans totaled $2.4 million at December 31, 2014. | |||||||||||||||||||||||||||||
Nonaccrual Loans | The following table presents loans in nonaccrual status by class of loan as of the dates indicated: | ||||||||||||||||||||||||||||
Nonaccrual Loans by Class | |||||||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Mortgage loans on real estate | |||||||||||||||||||||||||||||
Residential 1-4 family | $ | 397 | $ | 924 | |||||||||||||||||||||||||
Commercial | 3,640 | 4,086 | |||||||||||||||||||||||||||
Construction | 494 | 499 | |||||||||||||||||||||||||||
Second mortgages | 247 | 61 | |||||||||||||||||||||||||||
Total mortgage loans on real estate | 4,778 | 5,570 | |||||||||||||||||||||||||||
Commercial loans | 0 | 0 | |||||||||||||||||||||||||||
Total | $ | 4,778 | $ | 5,570 | |||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Interest income that would have been recorded under original loan terms | $ | 73 | $ | 213 | |||||||||||||||||||||||||
Actual interest income recorded for the period | 63 | 112 | |||||||||||||||||||||||||||
Reduction in interest income on nonaccrual loans | $ | 10 | $ | 101 | |||||||||||||||||||||||||
Troubled Debt Restructurings by Class | The following table presents TDRs during the period indicated, by class of loan. There were no troubled debts restructured in the three months ended March 31, 2015. | ||||||||||||||||||||||||||||
Troubled Debt Restructurings by Class | |||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2014 | |||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||
Number of | Recorded | Recorded | Current Investment on | ||||||||||||||||||||||||||
Modifications | Investment | Investment | 31-Mar-14 | ||||||||||||||||||||||||||
Prior to | After | ||||||||||||||||||||||||||||
Modification | Modification | ||||||||||||||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||||||||||||||
Residential 1-4 family | 1 | $ | 276 | $ | 276 | $ | 275 | ||||||||||||||||||||||
Construction | 1 | 103 | 103 | 103 | |||||||||||||||||||||||||
Second mortgages | 1 | 89 | 89 | 89 | |||||||||||||||||||||||||
Total | 3 | $ | 468 | $ | 468 | $ | 467 | ||||||||||||||||||||||
Defaulting Troubled Debt Restructurings | The following table 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 nonaccrual 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. In the first quarter of 2015, there were no defaulting TDRs where the default occurred within twelve months of restructuring. | ||||||||||||||||||||||||||||
Restructurings that Subsequently Defaulted | |||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2014 | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Recorded Investment in Defaulting Loans | |||||||||||||||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||||||||||||||
Residential 1-4 family | $94 | ||||||||||||||||||||||||||||
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 March 31, 2015 | For the three months ended | ||||||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||
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 | $ | 2,224 | $ | 1,831 | $ | 360 | $ | 89 | $ | 2,203 | $ | 26 | |||||||||||||||||
Commercial | 11,269 | 4,291 | 5,291 | 137 | 9,653 | 121 | |||||||||||||||||||||||
Construction | 596 | 66 | 528 | 265 | 598 | 1 | |||||||||||||||||||||||
Second mortgages | 603 | 379 | 195 | 7 | 605 | 3 | |||||||||||||||||||||||
Total mortgage loans on real estate | $ | 14,692 | $ | 6,567 | $ | 6,374 | $ | 498 | $ | 13,059 | $ | 151 | |||||||||||||||||
Commercial loans | 1,500 | 1,369 | 132 | 3 | 1,637 | 23 | |||||||||||||||||||||||
Consumer loans | 13 | 13 | 0 | 0 | 13 | 0 | |||||||||||||||||||||||
Total | $ | 16,205 | $ | 7,949 | $ | 6,506 | $ | 501 | $ | 14,709 | $ | 174 | |||||||||||||||||
Impaired Loans by Class | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
As of December 31, 2014 | For the year ended December 31, 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 | $ | 2,898 | $ | 2,083 | $ | 646 | $ | 91 | $ | 4,099 | $ | 126 | |||||||||||||||||
Commercial | 11,766 | 4,729 | 5,322 | 163 | 10,669 | 449 | |||||||||||||||||||||||
Construction | 1,157 | 623 | 534 | 270 | 2,431 | 55 | |||||||||||||||||||||||
Second mortgages | 506 | 195 | 282 | 178 | 470 | 25 | |||||||||||||||||||||||
Total mortgage loans on real estate | $ | 16,327 | $ | 7,630 | $ | 6,784 | $ | 702 | $ | 17,669 | $ | 655 | |||||||||||||||||
Commercial loans | 0 | 0 | 0 | 0 | 37 | 0 | |||||||||||||||||||||||
Consumer loans | 14 | 14 | 0 | 0 | 26 | 1 | |||||||||||||||||||||||
Total | $ | 16,341 | $ | 7,644 | $ | 6,784 | $ | 702 | $ | 17,732 | $ | 656 | |||||||||||||||||
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 three months ended | Commercial | Real Estate - | Real Estate - | Consumer | Other | Total | |||||||||||||||||||||||
31-Mar-15 | Construction | Mortgage | |||||||||||||||||||||||||||
Allowance for Loan Losses: | |||||||||||||||||||||||||||||
Balance at the beginning of period | $ | 595 | $ | 703 | $ | 5,347 | $ | 219 | $ | 211 | $ | 7,075 | |||||||||||||||||
Charge-offs | 0 | 0 | (14 | ) | (28 | ) | (38 | ) | (80 | ) | |||||||||||||||||||
Recoveries | 9 | 0 | 107 | 10 | 15 | 141 | |||||||||||||||||||||||
Provision for loan losses | 82 | 193 | (158 | ) | 109 | 49 | 275 | ||||||||||||||||||||||
Ending balance | $ | 686 | $ | 896 | $ | 5,282 | $ | 310 | $ | 237 | $ | 7,411 | |||||||||||||||||
Ending balance individually evaluated for impairment | $ | 3 | $ | 265 | $ | 233 | $ | 0 | $ | 0 | $ | 501 | |||||||||||||||||
Ending balance collectively evaluated for impairment | 683 | 631 | 5,049 | 310 | 237 | 6,910 | |||||||||||||||||||||||
Ending balance | $ | 686 | $ | 896 | $ | 5,282 | $ | 310 | $ | 237 | $ | 7,411 | |||||||||||||||||
Loan Balances: | |||||||||||||||||||||||||||||
Ending balance individually evaluated for impairment | $ | 1,501 | $ | 594 | $ | 12,347 | $ | 13 | $ | 0 | $ | 14,455 | |||||||||||||||||
Ending balance collectively evaluated for impairment | 40,099 | 13,429 | 422,390 | 35,509 | 29,353 | 540,780 | |||||||||||||||||||||||
Ending balance | $ | 41,600 | $ | 14,023 | $ | 434,737 | $ | 35,522 | $ | 29,353 | $ | 555,235 | |||||||||||||||||
For the year ended December 31, 2014 | Commercial | Real Estate - | Real Estate - | Consumer | Other | Total | |||||||||||||||||||||||
Construction | Mortgage | ||||||||||||||||||||||||||||
Allowance for Loan Losses: | |||||||||||||||||||||||||||||
Balance at the beginning of period | $ | 350 | $ | 662 | $ | 5,357 | $ | 294 | $ | 168 | $ | 6,831 | |||||||||||||||||
Charge-offs | (286 | ) | (51 | ) | (563 | ) | (163 | ) | (175 | ) | (1,238 | ) | |||||||||||||||||
Recoveries | 55 | 173 | 524 | 64 | 66 | 882 | |||||||||||||||||||||||
Provision for loan losses | 476 | (81 | ) | 29 | 24 | 152 | 600 | ||||||||||||||||||||||
Ending balance | $ | 595 | $ | 703 | $ | 5,347 | $ | 219 | $ | 211 | $ | 7,075 | |||||||||||||||||
Ending balance individually evaluated for impairment | $ | 0 | $ | 270 | $ | 432 | $ | 0 | $ | 0 | $ | 702 | |||||||||||||||||
Ending balance collectively evaluated for impairment | 595 | 433 | 4,915 | 219 | 211 | 6,373 | |||||||||||||||||||||||
Ending balance | $ | 595 | $ | 703 | $ | 5,347 | $ | 219 | $ | 211 | $ | 7,075 | |||||||||||||||||
Loan Balances: | |||||||||||||||||||||||||||||
Ending balance individually evaluated for impairment | $ | 0 | $ | 1,157 | $ | 13,257 | $ | 14 | $ | 0 | $ | 14,428 | |||||||||||||||||
Ending balance collectively evaluated for impairment | 37,698 | 7,925 | 422,657 | 30,479 | 22,807 | 521,566 | |||||||||||||||||||||||
Ending balance | $ | 37,698 | $ | 9,082 | $ | 435,914 | $ | 30,493 | $ | 22,807 | $ | 535,994 |
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Share-Based Compensation [Abstract] | |||||||||||||||||
Stock option plan activity | Stock option activity for the three months ended March 31, 2015 is summarized below: | ||||||||||||||||
Shares | Weighted | Weighted | Aggregate | ||||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | (in thousands) | |||||||||||||||
Life | |||||||||||||||||
(in years) | |||||||||||||||||
Options outstanding, January 1, 2015 | 81,210 | $ | 20.05 | ||||||||||||||
Granted | 0 | 0 | |||||||||||||||
Exercised | 0 | 0 | |||||||||||||||
Canceled or expired | (3,125 | ) | 20.05 | ||||||||||||||
Options outstanding, March 31, 2015 | 78,085 | $ | 20.05 | 2.55 | $ | 0 | |||||||||||
Options exercisable, March 31, 2015 | 78,085 | $ | 20.05 | 2.55 | $ | 0 |
Pension_Plan_Tables
Pension Plan (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
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 March 31, | 2015 | 2014 | |||||||
(in thousands) | |||||||||
Interest cost | $ | 66 | $ | 68 | |||||
Expected return on plan assets | (89 | ) | (91 | ) | |||||
Amortization of net loss | 99 | 55 | |||||||
Net periodic pension plan cost | $ | 76 | $ | 32 |
Stockholders_Equity_and_Earnin1
Stockholders' Equity and Earnings per Common Share (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
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 March 31, | Affected Line Item on | ||||||||||||||||
2015 | 2014 | Consolidated Statement of Income | |||||||||||||||
Securities transferred to held-to-maturity | Â Â Â | ||||||||||||||||
Amortization of unrealized loss | $ | (214 | ) | $ | (191 | ) | Interest on securities (taxable) | ||||||||||
Tax benefit | (73 | ) | (65 | ) | Income tax expense | ||||||||||||
$ | (141 | ) | $ | (126 | ) | 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) | |||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||
Balance at beginning of period | $ | (78 | ) | $ | (3,386 | ) | $ | (2,429 | ) | $ | (5,893 | ) | |||||
Net change for the period | 91 | 141 | 0 | 232 | |||||||||||||
Balance at end of period | $ | 13 | $ | (3,245 | ) | $ | (2,429 | ) | $ | (5,661 | ) | ||||||
Three Months Ended March 31, 2014 | |||||||||||||||||
Balance at beginning of period | $ | (5,317 | ) | $ | (3,937 | ) | $ | (1,548 | ) | $ | (10,802 | ) | |||||
Net change for the period | 1,552 | 126 | 0 | 1,678 | |||||||||||||
Balance at end of period | $ | (3,765 | ) | $ | (3,811 | ) | $ | (1,548 | ) | $ | (9,124 | ) | |||||
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. | ||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||
Pretax | Tax | Net-of-Tax | |||||||||||||||
(in thousands) | |||||||||||||||||
Unrealized gains on available-for-sale securities | $ | 138 | $ | 47 | $ | 91 | |||||||||||
Amortization of unrealized loss on securities transferred to held-to-maturity | 214 | 73 | 141 | ||||||||||||||
Total change in accumulated other comprehensive loss | $ | 352 | $ | 120 | $ | 232 | |||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||
Pretax | Tax Expense | Net-of-Tax | |||||||||||||||
(Benefit) | |||||||||||||||||
(in thousands) | |||||||||||||||||
Unrealized gains on available-for-sale securities | $ | 2,351 | $ | 799 | $ | 1,552 | |||||||||||
Amortization of unrealized loss on securities transferred to held-to-maturity | 191 | 65 | 126 | ||||||||||||||
Total change in accumulated other comprehensive loss | $ | 2,542 | $ | 864 | $ | 1,678 |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
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 March 31, 2015 Using | |||||||||||||||||
(in thousands) | |||||||||||||||||
Balance | Quoted Prices in | Significant Other | Significant | ||||||||||||||
Active Markets | Observable Inputs | Unobservable | |||||||||||||||
for Identical Assets | (Level 2) | Inputs | |||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||
Available-for-sale securities | |||||||||||||||||
U.S. Treasury securities | $ | 6,500 | $ | 0 | $ | 6,500 | $ | 0 | |||||||||
Obligations of U.S. Government agencies | 17,841 | 0 | 17,841 | 0 | |||||||||||||
Obligations of state and political subdivisions | 49,549 | 0 | 49,549 | 0 | |||||||||||||
Mortgage-backed securities | 58,682 | 0 | 58,682 | 0 | |||||||||||||
Money market investments | 629 | 0 | 629 | 0 | |||||||||||||
Corporate bonds | 3,105 | 0 | 3,105 | 0 | |||||||||||||
Other marketable equity securities | 81 | 0 | 81 | 0 | |||||||||||||
Total available-for-sale securities | $ | 136,387 | $ | 0 | $ | 136,387 | $ | 0 | |||||||||
Fair Value Measurements at December 31, 2014 Using | |||||||||||||||||
(in thousands) | |||||||||||||||||
Balance | Quoted Prices in | Significant Other | Significant | ||||||||||||||
Active Markets | Observable Inputs | Unobservable | |||||||||||||||
for Identical Assets | (Level 2) | Inputs | |||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||
Available-for-sale securities | |||||||||||||||||
U.S. Treasury securities | $ | 20,000 | $ | 0 | $ | 20,000 | $ | $0 | |||||||||
Obligations of U.S. Government agencies | 4,618 | 0 | 4,618 | 0 | |||||||||||||
Obligations of state and political subdivisions | 50,246 | 0 | 50,246 | 0 | |||||||||||||
Mortgage-backed securities | 60,888 | 0 | 60,888 | 0 | |||||||||||||
Money market investments | 719 | 0 | 719 | 0 | |||||||||||||
Corporate bonds | 2,790 | 0 | 2,790 | 0 | |||||||||||||
Other marketable equity securities | 85 | 0 | 85 | 0 | |||||||||||||
Total available-for-sale securities | $ | 139,346 | $ | 0 | $ | 139,346 | $ | $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 March 31, 2015 Using | |||||||||||||||||
(in thousands) | |||||||||||||||||
Fair Value | Quoted Prices in | Significant Other | Significant | ||||||||||||||
Active Markets | Observable Inputs | Unobservable | |||||||||||||||
for Identical Assets | (Level 2) | Inputs | |||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||
Impaired loans | |||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||
Residential 1-4 family | $ | 115 | $ | 0 | $ | 0 | $ | 115 | |||||||||
Commercial | 1,973 | 0 | 0 | 1,973 | |||||||||||||
Construction | 263 | 0 | 0 | 263 | |||||||||||||
Second mortgages | 40 | 0 | 0 | 40 | |||||||||||||
Total | $ | 2,391 | $ | 0 | $ | 0 | $ | 2,391 | |||||||||
Other real estate owned | |||||||||||||||||
Residential 1-4 family | $ | 1,337 | $ | 0 | $ | 0 | $ | 1,337 | |||||||||
Commercial | 1,154 | 0 | 0 | 1,154 | |||||||||||||
Construction | 1,708 | 0 | 0 | 1,708 | |||||||||||||
Total | $ | 4,199 | $ | 0 | $ | 0 | $ | 4,199 | |||||||||
Carrying Value at December 31, 2014 Using | |||||||||||||||||
(in thousands) | |||||||||||||||||
Fair Value | Quoted Prices in | Significant Other | Significant | ||||||||||||||
Active Markets for Identical Assets | Observable Inputs | Unobservable | |||||||||||||||
(Level 1) | (Level 2) | Inputs | |||||||||||||||
(Level 3) | |||||||||||||||||
Impaired loans | |||||||||||||||||
Mortgage loans on real estate: | |||||||||||||||||
Residential 1-4 family | $ | 399 | $ | 0 | $ | 0 | $ | 399 | |||||||||
Commercial | 1,973 | 0 | 0 | 1,973 | |||||||||||||
Construction | 264 | 0 | 0 | 264 | |||||||||||||
Second mortgages | 104 | 0 | 0 | 104 | |||||||||||||
Total | $ | 2,740 | $ | 0 | $ | 0 | $ | 2,740 | |||||||||
Other real estate owned | |||||||||||||||||
Residential 1-4 family | $ | 884 | $ | 0 | $ | 0 | $ | 884 | |||||||||
Commercial | 1,198 | 0 | 0 | 1,198 | |||||||||||||
Construction | 2,139 | 0 | 0 | 2,139 | |||||||||||||
Total | $ | 4,221 | $ | 0 | $ | 0 | $ | 4,221 | |||||||||
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 | |||||||||||||||||
Fair Value at | Valuation Techniques | Unobservable Input | Range (Weighted Average) | ||||||||||||||
31-Mar-15 | |||||||||||||||||
(dollars in thousands) | |||||||||||||||||
Impaired loans | |||||||||||||||||
Residential 1-4 family real estate | $ | 115 | Market comparables | Selling costs | 7.25 | % | |||||||||||
   | Liquidation discount | 4 | % | ||||||||||||||
Commercial real estate | $ | 1,973 | Market comparables | Selling costs | 7.25 | % | |||||||||||
   | Liquidation discount | 4 | % | ||||||||||||||
Construction | $ | 263 | Market comparables | Selling costs | 0.00% - 7.25% (1.38 | %) | |||||||||||
   | Liquidation discount | 4.00% - 41.93% (34.69 | %) | ||||||||||||||
Second mortgages | $ | 40 | Market comparables | Selling costs | 7.25 | % | |||||||||||
   | Liquidation discount | 4 | % | ||||||||||||||
Other real estate owned | |||||||||||||||||
Residential 1-4 family | $ | 1,337 | Market comparables | Selling costs | 7.25 | % | |||||||||||
   | Liquidation discount | 4.00% - 10.00% (6.75 | %) | ||||||||||||||
Commercial | $ | 1,154 | Market comparables | Selling costs | 7.25 | % | |||||||||||
   | Liquidation discount | 4 | % | ||||||||||||||
Construction | $ | 1,708 | Market comparables | Selling costs | 7.25 | % | |||||||||||
   | Liquidation discount | 0.00% - 4.00% (2.96 | %) | ||||||||||||||
Quantitative Information About Level 3 Fair Value Measurements | |||||||||||||||||
Fair Value at | Valuation Techniques | Unobservable Input | Range (Weighted Average) | ||||||||||||||
31-Dec-14 | |||||||||||||||||
(dollars in thousands) | |||||||||||||||||
Impaired loans | |||||||||||||||||
Residential 1-4 family real estate | $ | 399 | Market comparables | Selling costs | 7.25 | % | |||||||||||
   | Liquidation discount | 4 | % | ||||||||||||||
Commercial real estate | $ | 1,973 | Market comparables | Selling costs | 7.25 | % | |||||||||||
   | Liquidation discount | 4 | % | ||||||||||||||
Construction | $ | 264 | Market comparables | Selling costs | 0.00% - 7.25% (1.18 | %) | |||||||||||
   | Liquidation discount | 4.00% - 28.71% (24.70 | %) | ||||||||||||||
Second mortgages | $ | 104 | Market comparables | Selling costs | 7.25 | % | |||||||||||
   | Liquidation discount | 4 | % | ||||||||||||||
Other real estate owned | |||||||||||||||||
Residential 1-4 family | $ | 884 | Market comparables | Selling costs | 7.25 | % | |||||||||||
   | Liquidation discount | 4.00% - 10.00% (8.09 | %) | ||||||||||||||
Commercial | $ | 1,198 | Market comparables | Selling costs | 7.25 | % | |||||||||||
   | Liquidation discount | 4.00% - 10.00% (5.91 | %) | ||||||||||||||
Construction | $ | 2,139 | Market comparables | Selling costs | 7.25% - 11.25% (7.38 | %) | |||||||||||
   | Liquidation discount | 0.00% - 10.00% (2.68 | %) | ||||||||||||||
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 March 31, 2015 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 | $ | 29,871 | $ | 29,871 | $ | 0 | $ | 0 | |||||||||
Securities available-for-sale | 136,387 | 0 | 136,387 | 0 | |||||||||||||
Securities held-to-maturity | 88,289 | 0 | 92,422 | 0 | |||||||||||||
Restricted securities | 2,304 | 0 | 2,304 | 0 | |||||||||||||
Loans, net of allowances for loan losses | 547,824 | 0 | 0 | 552,243 | |||||||||||||
Bank owned life insurance | 23,746 | 0 | 23,746 | 0 | |||||||||||||
Accrued interest receivable | 2,600 | 0 | 2,600 | 0 | |||||||||||||
Liabilities | |||||||||||||||||
Deposits | $ | 728,326 | $ | 0 | $ | 729,141 | $ | 0 | |||||||||
Overnight repurchase agreements | 35,547 | 0 | 35,547 | 0 | |||||||||||||
Term repurchase agreements | 412 | 0 | 411 | 0 | |||||||||||||
Federal Home Loan Bank advances | 30,000 | 0 | 31,318 | 0 | |||||||||||||
Accrued interest payable | 261 | 0 | 261 | 0 | |||||||||||||
Fair Value Measurements at December 31, 2014 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 | $ | 33,305 | $ | 33,305 | $ | 0 | $ | 0 | |||||||||
Securities available-for-sale | 139,346 | 0 | 139,346 | 0 | |||||||||||||
Securities held-to-maturity | 90,089 | 0 | 94,406 | 0 | |||||||||||||
Restricted securities | 2,293 | 0 | 2,293 | 0 | |||||||||||||
Loans, net of allowances for loan losses | 528,919 | 0 | 0 | 527,138 | |||||||||||||
Bank owned life insurance | 23,525 | 0 | 23,525 | 0 | |||||||||||||
Accrued interest receivable | 2,695 | 0 | 2,695 | 0 | |||||||||||||
Liabilities | |||||||||||||||||
Deposits | $ | 716,654 | $ | 0 | $ | 717,260 | $ | 0 | |||||||||
Overnight repurchase agreements | 37,404 | 0 | 37,404 | 0 | |||||||||||||
Term repurchase agreements | 412 | 0 | 410 | 0 | |||||||||||||
Federal Home Loan Bank advances | 30,000 | 0 | 31,536 | 0 | |||||||||||||
Accrued interest payable | 255 | 0 | 255 | 0 |
Segment_Reporting_Tables
Segment Reporting (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
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 months ended March 31, 2015 and 2014 follows: | ||||||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Bank | Trust | Unconsolidated | Eliminations | Consolidated | |||||||||||||||||
Parent | |||||||||||||||||||||
Revenues | |||||||||||||||||||||
Interest and dividend income | $ | 7,491 | $ | 13 | $ | 1,268 | $ | (1,268 | ) | $ | 7,504 | ||||||||||
Income from fiduciary activities | 0 | 980 | 0 | 0 | 980 | ||||||||||||||||
Other income | 2,051 | 261 | 50 | (65 | ) | 2,297 | |||||||||||||||
Total operating income | 9,542 | 1,254 | 1,318 | (1,333 | ) | 10,781 | |||||||||||||||
Expenses | |||||||||||||||||||||
Interest expense | 893 | 0 | 0 | 0 | 893 | ||||||||||||||||
Provision for loan losses | 275 | 0 | 0 | 0 | 275 | ||||||||||||||||
Salaries and employee benefits | 4,309 | 627 | 113 | 0 | 5,049 | ||||||||||||||||
Other expenses | 3,035 | 236 | 32 | (65 | ) | 3,238 | |||||||||||||||
Total operating expenses | 8,512 | 863 | 145 | (65 | ) | 9,455 | |||||||||||||||
Income before taxes | 1,030 | 391 | 1,173 | (1,268 | ) | 1,326 | |||||||||||||||
Income tax expense (benefit) | 20 | 133 | (32 | ) | 0 | 121 | |||||||||||||||
Net income | $ | 1,010 | $ | 258 | $ | 1,205 | $ | (1,268 | ) | $ | 1,205 | ||||||||||
Capital expenditures | $ | 318 | $ | 15 | $ | 0 | $ | 0 | $ | 333 | |||||||||||
Total assets | $ | 882,771 | $ | 5,848 | $ | 89,543 | $ | (90,484 | ) | $ | 887,678 | ||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Bank | Trust | Unconsolidated | Eliminations | Consolidated | |||||||||||||||||
Parent | |||||||||||||||||||||
Revenues | |||||||||||||||||||||
Interest and dividend income | $ | 7,454 | $ | 12 | $ | 1,052 | $ | (1,052 | ) | $ | 7,466 | ||||||||||
Income from fiduciary activities | 0 | 955 | 0 | 0 | 955 | ||||||||||||||||
Other income | 1,986 | 236 | 50 | (65 | ) | 2,207 | |||||||||||||||
Total operating income | 9,440 | 1,203 | 1,102 | (1,117 | ) | 10,628 | |||||||||||||||
Expenses | |||||||||||||||||||||
Interest expense | 1,031 | 0 | 0 | 0 | 1,031 | ||||||||||||||||
Provision for loan losses | 250 | 0 | 0 | 0 | 250 | ||||||||||||||||
Salaries and employee benefits | 4,098 | 645 | 110 | 0 | 4,853 | ||||||||||||||||
Other expenses | 3,165 | 257 | 53 | (65 | ) | 3,410 | |||||||||||||||
Total operating expenses | 8,544 | 902 | 163 | (65 | ) | 9,544 | |||||||||||||||
Income before taxes | 896 | 301 | 939 | (1,052 | ) | 1,084 | |||||||||||||||
Income tax expense (benefit) | 43 | 102 | (38 | ) | 0 | 107 | |||||||||||||||
Net income | $ | 853 | $ | 199 | $ | 977 | $ | (1,052 | ) | $ | 977 | ||||||||||
Capital expenditures | $ | 308 | $ | 7 | $ | 0 | $ | 0 | $ | 315 | |||||||||||
Total assets | $ | 865,222 | $ | 5,710 | $ | 83,120 | $ | (83,962 | ) | $ | 870,090 | ||||||||||
The accounting policies of the segments are the same as those described in the summary of significant accounting policies reported in the Company's 2014 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 $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Security | Security | |
Amortized cost and fair value of securities held-to-maturity [Abstract] | ||
Amortized Cost | $88,289 | $90,089 |
Gross Unrealized Gains | 4,140 | 4,338 |
Gross Unrealized Losses | -7 | -21 |
Securities held-to-maturity, fair value | 92,422 | 94,406 |
Amortized cost and fair value of securities available-for-sale [Abstract] | ||
Amortized Cost | 136,367 | 139,464 |
Gross Unrealized Gains | 928 | 737 |
Gross Unrealized Losses | -908 | -855 |
Securities available-for-sale, at fair value | 136,387 | 139,346 |
Securities Available-for-Sale, Gross Unrealized Losses [Abstract] | ||
Less Than Twelve Months | 597 | 82 |
More Than Twelve Months | 311 | 773 |
Total | 908 | 855 |
Securities Available-for-Sale, Fair Value [Abstract] | ||
Less than Twelve Months | 74,619 | 38,374 |
More Than Twelve Months | 8,618 | 49,163 |
Total | 83,237 | 87,537 |
Securities Held-to-Maturity, Gross Unrealized Losses [Abstract] | ||
Less Than Twelve Months | 2 | 2 |
More Than Twelve Months | 5 | 19 |
Total | 7 | 21 |
Securities Held-to-Maturity, Fair Value [Abstract] | ||
Less than Twelve Months | 904 | 1,261 |
More Than Twelve Months | 638 | 1,300 |
Total | 1,542 | 2,561 |
Available for Sale and Held to Maturity Securities Continuous Unrealized Loss Position Accumulated Losses [Abstract] | ||
Available For Sale And Held To Maturity Securities Continuous Unrealized Loss Position Less Than 12 Months Accumulated Losses | 599 | 84 |
Available For Sale And Held To Maturity Securities Continuous Unrealized Loss Position 12 Months Or Longer Accumulated Losses | 316 | 792 |
Available For Sale And Held To Maturity Securities Continuous Unrealized Loss Position Aggregate Losses | 915 | 876 |
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 | 75,523 | 39,635 |
Available For Sale And Held To Maturity Securities Continuous Unrealized Loss Position 12 Months Or Longer Fair Value | 9,256 | 50,463 |
Available For Sale And Held To Maturity Securities Continuous Unrealized Loss Position Fair Value | 84,779 | 90,098 |
Available-for-sale securities with continuous unrealized loss position, number of securities [Abstract] | ||
Cause | caused by increases in market interest rates. | |
Number of Securities | 39 | 47 |
Held-to-maturity securities with continuous unrealized loss position, number of securities [Abstract] | ||
Number of Securities | 4 | 7 |
Available for sale and held to maturity securities, Number of positions | 43 | 54 |
US Treasury securities [Member] | ||
Amortized cost and fair value of securities available-for-sale [Abstract] | ||
Amortized Cost | 6,500 | 20,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Securities available-for-sale, at fair value | 6,500 | 20,000 |
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 | 6,500 | 20,000 |
More Than Twelve Months | 0 | 0 |
Total | 6,500 | 20,000 |
Available-for-sale securities with continuous unrealized loss position, number of securities [Abstract] | ||
Number of Securities | 1 | 1 |
Obligations of U.S. Government agencies [Member] | ||
Amortized cost and fair value of securities available-for-sale [Abstract] | ||
Amortized Cost | 17,987 | 4,768 |
Gross Unrealized Gains | 3 | 2 |
Gross Unrealized Losses | -149 | -152 |
Securities available-for-sale, at fair value | 17,841 | 4,618 |
Securities Available-for-Sale, Gross Unrealized Losses [Abstract] | ||
Less Than Twelve Months | 0 | 0 |
More Than Twelve Months | 149 | 152 |
Total | 149 | 152 |
Securities Available-for-Sale, Fair Value [Abstract] | ||
Less than Twelve Months | 13,500 | 0 |
More Than Twelve Months | 4,038 | 4,316 |
Total | 17,538 | 4,316 |
Securities Held-to-Maturity, Gross Unrealized Losses [Abstract] | ||
Less Than Twelve Months | 0 | 0 |
More Than Twelve Months | 1 | 3 |
Total | 1 | 3 |
Securities Held-to-Maturity, Fair Value [Abstract] | ||
Less than Twelve Months | 0 | 0 |
More Than Twelve Months | 99 | 97 |
Total | 99 | 97 |
Available-for-sale securities with continuous unrealized loss position, number of securities [Abstract] | ||
Number of Securities | 2 | 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 | 48,968 | 49,783 |
Gross Unrealized Gains | 823 | 698 |
Gross Unrealized Losses | -242 | -235 |
Securities available-for-sale, at fair value | 49,549 | 50,246 |
Securities Available-for-Sale, Gross Unrealized Losses [Abstract] | ||
Less Than Twelve Months | 102 | 2 |
More Than Twelve Months | 140 | 233 |
Total | 242 | 235 |
Securities Available-for-Sale, Fair Value [Abstract] | ||
Less than Twelve Months | 7,322 | 604 |
More Than Twelve Months | 4,002 | 11,951 |
Total | 11,324 | 12,555 |
Securities Held-to-Maturity, Gross Unrealized Losses [Abstract] | ||
Less Than Twelve Months | 2 | 2 |
More Than Twelve Months | 4 | 16 |
Total | 6 | 18 |
Securities Held-to-Maturity, Fair Value [Abstract] | ||
Less than Twelve Months | 904 | 1,261 |
More Than Twelve Months | 539 | 1,203 |
Total | 1,443 | 2,464 |
Available-for-sale securities with continuous unrealized loss position, number of securities [Abstract] | ||
Number of Securities | 22 | 24 |
Held-to-maturity securities with continuous unrealized loss position, number of securities [Abstract] | ||
Number of Securities | 3 | 6 |
Mortgage-backed securities [Member] | ||
Amortized cost and fair value of securities available-for-sale [Abstract] | ||
Amortized Cost | 59,086 | 61,296 |
Gross Unrealized Gains | 90 | 34 |
Gross Unrealized Losses | -494 | -442 |
Securities available-for-sale, at fair value | 58,682 | 60,888 |
Securities Available-for-Sale, Gross Unrealized Losses [Abstract] | ||
Less Than Twelve Months | 494 | 62 |
More Than Twelve Months | 0 | 380 |
Total | 494 | 442 |
Securities Available-for-Sale, Fair Value [Abstract] | ||
Less than Twelve Months | 47,000 | 16,589 |
More Than Twelve Months | 0 | 32,104 |
Total | 47,000 | 48,693 |
Available-for-sale securities with continuous unrealized loss position, number of securities [Abstract] | ||
Number of Securities | 6 | 6 |
Money market investments [Member] | ||
Amortized cost and fair value of securities available-for-sale [Abstract] | ||
Amortized Cost | 629 | 719 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Securities available-for-sale, at fair value | 629 | 719 |
Corporate bonds [Member] | ||
Amortized cost and fair value of securities available-for-sale [Abstract] | ||
Amortized Cost | 3,097 | 2,798 |
Gross Unrealized Gains | 12 | 3 |
Gross Unrealized Losses | -4 | -11 |
Securities available-for-sale, at fair value | 3,105 | 2,790 |
Securities Available-for-Sale, Gross Unrealized Losses [Abstract] | ||
Less Than Twelve Months | 1 | 3 |
More Than Twelve Months | 3 | 8 |
Total | 4 | 11 |
Securities Available-for-Sale, Fair Value [Abstract] | ||
Less than Twelve Months | 297 | 1,096 |
More Than Twelve Months | 497 | 792 |
Total | 794 | 1,888 |
Available-for-sale securities with continuous unrealized loss position, number of securities [Abstract] | ||
Number of Securities | 7 | 14 |
Common Stock [Member] | ||
Amortized cost and fair value of securities available-for-sale [Abstract] | ||
Amortized Cost | 100 | 100 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | -19 | -15 |
Securities available-for-sale, at fair value | 81 | 85 |
Securities Available-for-Sale, Gross Unrealized Losses [Abstract] | ||
Less Than Twelve Months | 0 | 15 |
More Than Twelve Months | 19 | 0 |
Total | 19 | 15 |
Securities Available-for-Sale, Fair Value [Abstract] | ||
Less than Twelve Months | 0 | 85 |
More Than Twelve Months | 81 | 0 |
Total | 81 | 85 |
Available-for-sale securities with continuous unrealized loss position, number of securities [Abstract] | ||
Number of Securities | 1 | 1 |
Obligations of U.S. Government agencies [Member] | ||
Amortized cost and fair value of securities held-to-maturity [Abstract] | ||
Amortized Cost | 100 | 100 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | -1 | -3 |
Securities held-to-maturity, fair value | 99 | 97 |
Obligations of states and political subdivisions [Member] | ||
Amortized cost and fair value of securities held-to-maturity [Abstract] | ||
Amortized Cost | 29,380 | 29,529 |
Gross Unrealized Gains | 644 | 449 |
Gross Unrealized Losses | -6 | -18 |
Securities held-to-maturity, fair value | 30,018 | 29,960 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Amortized cost and fair value of securities held-to-maturity [Abstract] | ||
Amortized Cost | 58,809 | 60,460 |
Gross Unrealized Gains | 3,496 | 3,889 |
Gross Unrealized Losses | 0 | 0 |
Securities held-to-maturity, fair value | $62,305 | $64,349 |
Loans_and_the_Allowance_for_Lo2
Loans and the Allowance for Loan Losses (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | $555,235 | $535,994 |
Less: Allowance for loan losses | -7,411 | -7,075 |
Loans, net of allowance and deferred fees | 547,824 | 528,919 |
Bank overdrafts | 511 | 541 |
Loans and Leases Receivable, Deferred Income, Total | 476 | 473 |
Total Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 448,760 | 444,996 |
Residential 1-4 Family [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 94,275 | 91,318 |
Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 280,445 | 287,531 |
Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 14,023 | 9,082 |
Second Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 14,591 | 13,403 |
Equity Line of Credit [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 45,426 | 43,662 |
Commercial Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 41,600 | 37,698 |
Consumer Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 35,522 | 30,493 |
Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | $29,353 | $22,807 |
Loans_and_the_Allowance_for_Lo3
Loans and the Allowance for Loan Losses, Credit Quality (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan receivables, gross carrying amount | $555,235 | $535,994 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan receivables, gross carrying amount | 532,736 | 515,719 |
OAEM [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan receivables, gross carrying amount | 12,174 | 12,271 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan receivables, gross carrying amount | 10,325 | 8,004 |
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 | 448,760 | 444,996 |
Total Mortgage Loans on Real Estate [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan receivables, gross carrying amount | 429,549 | 426,442 |
Total Mortgage Loans on Real Estate [Member] | OAEM [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan receivables, gross carrying amount | 10,505 | 10,602 |
Total Mortgage Loans on Real Estate [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan receivables, gross carrying amount | 8,706 | 7,952 |
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 | 94,275 | 91,318 |
Residential 1-4 Family [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan receivables, gross carrying amount | 92,599 | 89,480 |
Residential 1-4 Family [Member] | OAEM [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan receivables, gross carrying amount | 0 | 0 |
Residential 1-4 Family [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan receivables, gross carrying amount | 1,676 | 1,838 |
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 | 280,445 | 287,531 |
Commercial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan receivables, gross carrying amount | 265,125 | 272,654 |
Commercial [Member] | OAEM [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan receivables, gross carrying amount | 10,505 | 10,602 |
Commercial [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan receivables, gross carrying amount | 4,815 | 4,275 |
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 | 14,023 | 9,082 |
Construction [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan receivables, gross carrying amount | 12,976 | 8,026 |
Construction [Member] | OAEM [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan receivables, gross carrying amount | 0 | 0 |
Construction [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan receivables, gross carrying amount | 1,047 | 1,056 |
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 | 14,591 | 13,403 |
Second Mortgages [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan receivables, gross carrying amount | 14,234 | 13,306 |
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 | 357 | 97 |
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 | 45,426 | 43,662 |
Equity Line of Credit [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan receivables, gross carrying amount | 44,615 | 42,976 |
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 | 811 | 686 |
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 | 41,600 | 37,698 |
Commercial Loans [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan receivables, gross carrying amount | 38,340 | 36,007 |
Commercial Loans [Member] | OAEM [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan receivables, gross carrying amount | 1,669 | 1,669 |
Commercial Loans [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan receivables, gross carrying amount | 1,591 | 22 |
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 | 35,522 | 30,493 |
Consumer Loans [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan receivables, gross carrying amount | 35,494 | 30,463 |
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 | 28 | 30 |
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 | 29,353 | 22,807 |
Other [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan receivables, gross carrying amount | 29,353 | 22,807 |
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 | ||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | ||
Loans, Aging [Abstract] | |||||
30 to 59 Days Past Due | $1,898 | $2,549 | |||
60 to 89 Days Past Due | 561 | 413 | |||
90 or More Days Past Due | 2,352 | 2,925 | |||
Total Past Due | 4,811 | 5,887 | |||
Total Current Loans | 550,424 | [1] | 530,107 | [1] | |
Ending balance | 555,235 | 535,994 | |||
Recorded Investment > 90 Days Past Due and Accruing | 1,392 | 1,141 | |||
Loans in nonaccrual status by class of loan [Abstract] | |||||
Loans in nonaccrual status | 4,778 | 5,570 | |||
Interest income that would have been recorded under original loan terms [Abstract] | |||||
Interest income that would have been recorded under original loan terms | 73 | 213 | |||
Actual interest income recorded for the period | 63 | 112 | |||
Reduction in interest income on non accrual loans | 10 | 101 | |||
Total Mortgage Loans on Real Estate [Member] | |||||
Loans, Aging [Abstract] | |||||
30 to 59 Days Past Due | 1,135 | 1,204 | |||
60 to 89 Days Past Due | 100 | 87 | |||
90 or More Days Past Due | 960 | 1,891 | |||
Total Past Due | 2,195 | 3,182 | |||
Total Current Loans | 446,565 | [1] | 441,814 | [1] | |
Ending balance | 448,760 | 444,996 | |||
Recorded Investment > 90 Days Past Due and Accruing | 0 | 107 | |||
Loans in nonaccrual status by class of loan [Abstract] | |||||
Loans in nonaccrual status | 4,778 | 5,570 | |||
Residential 1-4 Family [Member] | |||||
Loans, Aging [Abstract] | |||||
30 to 59 Days Past Due | 595 | 1,043 | |||
60 to 89 Days Past Due | 100 | 55 | |||
90 or More Days Past Due | 219 | 792 | |||
Total Past Due | 914 | 1,890 | |||
Total Current Loans | 93,361 | [1] | 89,428 | [1] | |
Ending balance | 94,275 | 91,318 | |||
Recorded Investment > 90 Days Past Due and Accruing | 0 | 0 | |||
Loans in nonaccrual status by class of loan [Abstract] | |||||
Loans in nonaccrual status | 397 | 924 | |||
Commercial [Member] | |||||
Loans, Aging [Abstract] | |||||
30 to 59 Days Past Due | 266 | 31 | |||
60 to 89 Days Past Due | 0 | 0 | |||
90 or More Days Past Due | 0 | 432 | |||
Total Past Due | 266 | 463 | |||
Total Current Loans | 280,179 | [1] | 287,068 | [1] | |
Ending balance | 280,445 | 287,531 | |||
Recorded Investment > 90 Days Past Due and Accruing | 0 | 0 | |||
Loans in nonaccrual status by class of loan [Abstract] | |||||
Loans in nonaccrual status | 3,640 | 4,086 | |||
Construction [Member] | |||||
Loans, Aging [Abstract] | |||||
30 to 59 Days Past Due | 181 | 0 | |||
60 to 89 Days Past Due | 0 | 0 | |||
90 or More Days Past Due | 494 | 499 | |||
Total Past Due | 675 | 499 | |||
Total Current Loans | 13,348 | [1] | 8,583 | [1] | |
Ending balance | 14,023 | 9,082 | |||
Recorded Investment > 90 Days Past Due and Accruing | 0 | 0 | |||
Loans in nonaccrual status by class of loan [Abstract] | |||||
Loans in nonaccrual status | 494 | 499 | |||
Second Mortgages [Member] | |||||
Loans, Aging [Abstract] | |||||
30 to 59 Days Past Due | 0 | 81 | |||
60 to 89 Days Past Due | 0 | 32 | |||
90 or More Days Past Due | 247 | 168 | |||
Total Past Due | 247 | 281 | |||
Total Current Loans | 14,344 | [1] | 13,122 | [1] | |
Ending balance | 14,591 | 13,403 | |||
Recorded Investment > 90 Days Past Due and Accruing | 0 | 107 | |||
Loans in nonaccrual status by class of loan [Abstract] | |||||
Loans in nonaccrual status | 247 | 61 | |||
Equity Line of Credit [Member] | |||||
Loans, Aging [Abstract] | |||||
30 to 59 Days Past Due | 93 | 49 | |||
60 to 89 Days Past Due | 0 | 0 | |||
90 or More Days Past Due | 0 | 0 | |||
Total Past Due | 93 | 49 | |||
Total Current Loans | 45,333 | [1] | 43,613 | [1] | |
Ending balance | 45,426 | 43,662 | |||
Recorded Investment > 90 Days Past Due and Accruing | 0 | 0 | |||
Loans in nonaccrual status by class of loan [Abstract] | |||||
Loans in nonaccrual status | 0 | 0 | |||
Commercial Loans [Member] | |||||
Loans, Aging [Abstract] | |||||
30 to 59 Days Past Due | 330 | 195 | |||
60 to 89 Days Past Due | 0 | 0 | |||
90 or More Days Past Due | 0 | 10 | |||
Total Past Due | 330 | 205 | |||
Total Current Loans | 41,270 | [1] | 37,493 | [1] | |
Ending balance | 41,600 | 37,698 | |||
Recorded Investment > 90 Days Past Due and Accruing | 0 | 10 | |||
Loans in nonaccrual status by class of loan [Abstract] | |||||
Loans in nonaccrual status | 0 | 0 | |||
Consumer Loans [Member] | |||||
Loans, Aging [Abstract] | |||||
30 to 59 Days Past Due | 385 | 1,099 | |||
60 to 89 Days Past Due | 451 | 323 | |||
90 or More Days Past Due | 1,386 | 1,019 | |||
Total Past Due | 2,222 | 2,441 | |||
Total Current Loans | 33,300 | [1] | 28,052 | [1] | |
Ending balance | 35,522 | 30,493 | |||
Recorded Investment > 90 Days Past Due and Accruing | 1,386 | 1,019 | |||
Loans in nonaccrual status by class of loan [Abstract] | |||||
Loans in nonaccrual status | 0 | 0 | |||
Other [Member] | |||||
Loans, Aging [Abstract] | |||||
30 to 59 Days Past Due | 48 | 51 | |||
60 to 89 Days Past Due | 10 | 3 | |||
90 or More Days Past Due | 6 | 5 | |||
Total Past Due | 64 | 59 | |||
Total Current Loans | 29,289 | [1] | 22,748 | [1] | |
Ending balance | 29,353 | 22,807 | |||
Recorded Investment > 90 Days Past Due and Accruing | 6 | 5 | |||
Loans in nonaccrual status by class of loan [Abstract] | |||||
Loans in nonaccrual status | 0 | 0 | |||
Guaranteed Student Loans [Member] | |||||
Loans, Aging [Abstract] | |||||
Total Past Due | $2,207 | $2,414 | |||
[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 | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Modification | Contract | |
Contract | Modification | |
Financing Receivable, Modifications [Line Items] | ||
Number of Modifications | 0 | 3 |
Recorded Investment Prior to Modification | $0 | $468 |
Recorded Investment After Modification | 0 | 468 |
Current Investment | 0 | 467 |
Loans restructured and given below market rates | 0 | 3 |
Principal forgiveness on all loans | 0 | 0 |
Number of TDR loans that subsequently defaulted | 0 | 1 |
Unfunded Commitments on TDRs | 0 | 0 |
Mortgage Loans in Process of Foreclosure, Amount | 99 | 446 |
Recorded Investment in Defaulting Loans | 0 | 94 |
Total Mortgage Loans on Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Modifications | 0 | 3 |
Recorded Investment Prior to Modification | 0 | 468 |
Recorded Investment After Modification | 0 | 468 |
Current Investment | 0 | 467 |
Recorded Investment in Defaulting Loans | 0 | 94 |
Residential 1-4 Family [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Modifications | 0 | 1 |
Recorded Investment Prior to Modification | 0 | 276 |
Recorded Investment After Modification | 0 | 276 |
Current Investment | 0 | 275 |
Recorded Investment in Defaulting Loans | 0 | 94 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Modifications | 0 | |
Recorded Investment Prior to Modification | 0 | |
Recorded Investment After Modification | 0 | |
Current Investment | 0 | |
Recorded Investment in Defaulting Loans | 0 | |
Construction [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Modifications | 0 | 1 |
Recorded Investment Prior to Modification | 0 | 103 |
Recorded Investment After Modification | 0 | 103 |
Current Investment | 0 | |
Recorded Investment in Defaulting Loans | 0 | |
Second Mortgage [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Modifications | 0 | 1 |
Recorded Investment Prior to Modification | 0 | 89 |
Recorded Investment After Modification | 0 | 89 |
Current Investment | 0 | |
Recorded Investment in Defaulting Loans | 0 | |
Equity lines of credit for TDR disclosure [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Modifications | 0 | |
Recorded Investment Prior to Modification | 0 | |
Recorded Investment After Modification | 0 | |
Recorded Investment in Defaulting Loans | 0 | |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Modifications | 0 | |
Recorded Investment Prior to Modification | 0 | |
Recorded Investment After Modification | 0 | |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Modifications | 0 | |
Recorded Investment Prior to Modification | 0 | |
Recorded Investment After Modification | $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 | Mar. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | $16,205 | $16,341 |
Without Valuation Allowance | 7,949 | 7,644 |
With Valuation Allowance | 6,506 | 6,784 |
Associated Allowance | 501 | 702 |
Average Recorded Investment | 14,709 | 17,732 |
Interest Income Recognized | 174 | 656 |
Total Mortgage Loans on Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 14,692 | 16,327 |
Without Valuation Allowance | 6,567 | 7,630 |
With Valuation Allowance | 6,374 | 6,784 |
Associated Allowance | 498 | 702 |
Average Recorded Investment | 13,059 | 17,669 |
Interest Income Recognized | 151 | 655 |
Residential 1-4 Family [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 2,224 | 2,898 |
Without Valuation Allowance | 1,831 | 2,083 |
With Valuation Allowance | 360 | 646 |
Associated Allowance | 89 | 91 |
Average Recorded Investment | 2,203 | 4,099 |
Interest Income Recognized | 26 | 126 |
Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 11,269 | 11,766 |
Without Valuation Allowance | 4,291 | 4,729 |
With Valuation Allowance | 5,291 | 5,322 |
Associated Allowance | 137 | 163 |
Average Recorded Investment | 9,653 | 10,669 |
Interest Income Recognized | 121 | 449 |
Construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 596 | 1,157 |
Without Valuation Allowance | 66 | 623 |
With Valuation Allowance | 528 | 534 |
Associated Allowance | 265 | 270 |
Average Recorded Investment | 598 | 2,431 |
Interest Income Recognized | 1 | 55 |
Second Mortgages [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 603 | 506 |
Without Valuation Allowance | 379 | 195 |
With Valuation Allowance | 195 | 282 |
Associated Allowance | 7 | 178 |
Average Recorded Investment | 605 | 470 |
Interest Income Recognized | 3 | 25 |
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 | 0 |
Interest Income Recognized | 0 | 0 |
Commercial Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 1,500 | 0 |
Without Valuation Allowance | 1,369 | 0 |
With Valuation Allowance | 132 | 0 |
Associated Allowance | 3 | 0 |
Average Recorded Investment | 1,637 | 37 |
Interest Income Recognized | 23 | 0 |
Consumer Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 13 | 14 |
Without Valuation Allowance | 13 | 14 |
With Valuation Allowance | 0 | 0 |
Associated Allowance | 0 | 0 |
Average Recorded Investment | 13 | 26 |
Interest Income Recognized | 0 | 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 $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Allowance for loan losses by segment [Roll Forward] | ||
Beginning Balance | $7,075 | $6,831 |
Charges-offs | -80 | -1,238 |
Recoveries | 141 | 882 |
Provision for loan losses | 275 | 600 |
Ending balance | 7,411 | 7,075 |
Ending balances individually evaluated for impairment | 501 | 702 |
Ending balances collectively evaluated for impairment | 6,910 | 6,373 |
Ending balance | 7,411 | 7,075 |
Loan Balances [Abstract] | ||
Ending balance individually evaluated for impairment | 14,455 | 14,428 |
Ending balance collectively evaluated for impairment | 540,780 | 521,566 |
Ending balance | 555,235 | 535,994 |
Commercial [Member] | ||
Allowance for loan losses by segment [Roll Forward] | ||
Beginning Balance | 595 | 350 |
Charges-offs | 0 | -286 |
Recoveries | 9 | 55 |
Provision for loan losses | 82 | 476 |
Ending balance | 686 | 595 |
Ending balances individually evaluated for impairment | 3 | 0 |
Ending balances collectively evaluated for impairment | 683 | 595 |
Ending balance | 686 | 595 |
Loan Balances [Abstract] | ||
Ending balance individually evaluated for impairment | 1,501 | 0 |
Ending balance collectively evaluated for impairment | 40,099 | 37,698 |
Ending balance | 41,600 | 37,698 |
Real Estate - Construction [Member] | ||
Allowance for loan losses by segment [Roll Forward] | ||
Beginning Balance | 703 | 662 |
Charges-offs | 0 | -51 |
Recoveries | 0 | 173 |
Provision for loan losses | 193 | -81 |
Ending balance | 896 | 703 |
Ending balances individually evaluated for impairment | 265 | 270 |
Ending balances collectively evaluated for impairment | 631 | 433 |
Ending balance | 896 | 703 |
Loan Balances [Abstract] | ||
Ending balance individually evaluated for impairment | 594 | 1,157 |
Ending balance collectively evaluated for impairment | 13,429 | 7,925 |
Ending balance | 14,023 | 9,082 |
Real Estate - Mortgage [Member] | ||
Allowance for loan losses by segment [Roll Forward] | ||
Beginning Balance | 5,347 | 5,357 |
Charges-offs | -14 | -563 |
Recoveries | 107 | 524 |
Provision for loan losses | -158 | 29 |
Ending balance | 5,282 | 5,347 |
Ending balances individually evaluated for impairment | 233 | 432 |
Ending balances collectively evaluated for impairment | 5,049 | 4,915 |
Ending balance | 5,282 | 5,347 |
Loan Balances [Abstract] | ||
Ending balance individually evaluated for impairment | 12,347 | 13,257 |
Ending balance collectively evaluated for impairment | 422,390 | 422,657 |
Ending balance | 434,737 | 435,914 |
Consumer [Member] | ||
Allowance for loan losses by segment [Roll Forward] | ||
Beginning Balance | 219 | 294 |
Charges-offs | -28 | -163 |
Recoveries | 10 | 64 |
Provision for loan losses | 109 | 24 |
Ending balance | 310 | 219 |
Ending balances individually evaluated for impairment | 0 | 0 |
Ending balances collectively evaluated for impairment | 310 | 219 |
Ending balance | 310 | 219 |
Loan Balances [Abstract] | ||
Ending balance individually evaluated for impairment | 13 | 14 |
Ending balance collectively evaluated for impairment | 35,509 | 30,479 |
Ending balance | 35,522 | 30,493 |
Other [Member] | ||
Allowance for loan losses by segment [Roll Forward] | ||
Beginning Balance | 211 | 168 |
Charges-offs | -38 | -175 |
Recoveries | 15 | 66 |
Provision for loan losses | 49 | 152 |
Ending balance | 237 | 211 |
Ending balances individually evaluated for impairment | 0 | 0 |
Ending balances collectively evaluated for impairment | 237 | 211 |
Ending balance | 237 | 211 |
Loan Balances [Abstract] | ||
Ending balance individually evaluated for impairment | 0 | 0 |
Ending balance collectively evaluated for impairment | 29,353 | 22,807 |
Ending balance | $29,353 | $22,807 |
LowIncome_Housing_Tax_Credits_
Low-Income Housing Tax Credits (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Fund | Fund | |||
Investments in Affordable Housing Projects [Abstract] | ||||
Affordable Housing Program, Number of Investments | 4 | 3 | ||
Amortization Method Qualified Affordable Housing Project Investments | $663,249 | $721,999 | ||
Qualified Affordable Housing Project Investments, Commitment | 3,681,001 | 2,682,001 | ||
Affordable Housing Investment Commitments, Term Expiration Year | 2030 | |||
Expected Affordable Housing Tax Credits, Amount | 328,312 | |||
Affordable Housing Tax Credits and Other Tax Benefits, Amount | $118,420 | $64,778.59 |
ShareBased_Compensation_Detail
Share-Based Compensation (Details) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Share-Based Compensation [Abstract] | |
Options maximum term period | 10 years |
Shares [Roll Forward] | |
Options outstanding, beginning of period (in shares) | 81,210 |
Granted (in shares) | 0 |
Exercised (in shares) | 0 |
Canceled or expired (in shares) | -3,125 |
Options outstanding, end of period (in shares) | 78,085 |
Options exercisable, end of period (in shares) | 78,085 |
Weighted Average Exercise Price [Roll Forward] | |
Options outstanding, beginning of period (in dollars per share) | $20.05 |
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) | $20.05 |
Options exercisable, end of period (in dollars per share) | $20.05 |
Weighted Average Remaining Contractual Life (in years) [Abstract] | |
Options outstanding, end of period | 2 years 6 months 18 days |
Options exercisable, end of period | 2 years 6 months 18 days |
Aggregate Intrinsic Value [Abstract] | |
Options outstanding, end of period | $0 |
Options exercisable, end of period | 0 |
Unrecognized compensation expense related to nonvested options | $0 |
Pension_Plan_Details
Pension Plan (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Components of net periodic pension cost [Abstract] | ||
Interest cost | $66 | $68 |
Expected return on plan assets | -89 | -91 |
Amortization of net loss | 99 | 55 |
Net Periodic Pension Plan Cost | $76 | $32 |
Stockholders_Equity_and_Earnin2
Stockholders' Equity and Earnings per Common Share (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Available-for-sale securities [Abstract] | ||
Tax benefit | $121 | $107 |
Net income | 1,205 | 977 |
Other comprehensive income, pretax [Abstract] | ||
Unrealized holding gains (losses) arising during the period | 138 | 2,351 |
Less reclassification adjustment for gains recognized in income | 0 | 0 |
Net unrealized gains (losses) on securities | 138 | 2,351 |
Amortization | 214 | 191 |
Net effect of market adjustment on securities transferred to held-to-maturity | 214 | 191 |
Total change in other comprehensive income or loss | 352 | 2,542 |
Other comprehensive income tax expense (benefit) [Abstract] | ||
Unrealized holding losses arising during the period | 47 | 799 |
Tax effect | 0 | 0 |
Net unrealized losses on securities | 47 | 799 |
Amortization tax | 73 | 65 |
Net effect of market adjustment on securities transferred to held-to-maturity | 73 | 65 |
Other Comprehensive Income (Loss), Tax, Total | 120 | 864 |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Unrealized holding losses arising during the period | 91 | 1,552 |
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Net of Tax | 0 | 0 |
Net unrealized gains on securities | 91 | 1,552 |
Amortization net of tax | 141 | 126 |
Net effect of market adjustment on securities transferred to held-to-maturity | 141 | 126 |
Other Comprehensive Income (Loss), Net of Tax, Total | 232 | 1,678 |
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 | 91 | 1,552 |
Gain on Sale of Available-For-Sale Securities, Net [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Other comprehensive income, pretax [Abstract] | ||
Amortization | -214 | -191 |
Other comprehensive income tax expense (benefit) [Abstract] | ||
Amortization tax | -73 | -65 |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Amortization net of tax | ($141) | ($126) |
Stockholders_Equity_and_Earnin3
Stockholders' Equity and Earnings per Common Share, OCI by Component, Anti-Dilutive Securities (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Balance at beginning of period | ($5,893) | ($10,802) |
Net change for quarter | 232 | 1,678 |
Balance at end of period | -5,661 | -9,124 |
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) | 78 | 151 |
Unrealized Gains (Losses) on Securities [Member] | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Balance at beginning of period | -78 | -5,317 |
Net change for quarter | 91 | 1,552 |
Balance at end of period | 13 | -3,765 |
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 | -3,386 | -3,937 |
Net change for quarter | 141 | 126 |
Balance at end of period | -3,245 | -3,811 |
Defined Benefit Pension Plans [Member] | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Balance at beginning of period | -2,429 | -1,548 |
Net change for quarter | 0 | 0 |
Balance at end of period | ($2,429) | ($1,548) |
Fair_Value_Measurements_Recurr
Fair Value Measurements, Recurring and Nonrecurring Basis (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Assets measured at fair value on a recurring basis [Abstract] | ||
Available-for-sale securities | $136,387 | $139,346 |
US Treasury Securities [Member] | ||
Assets measured at fair value on a recurring basis [Abstract] | ||
Available-for-sale securities | 6,500 | 20,000 |
US Government Agencies Debt Securities [Member] | ||
Assets measured at fair value on a recurring basis [Abstract] | ||
Available-for-sale securities | 17,841 | 4,618 |
US States and Political Subdivisions Debt Securities [Member] | ||
Assets measured at fair value on a recurring basis [Abstract] | ||
Available-for-sale securities | 49,549 | 50,246 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Assets measured at fair value on a recurring basis [Abstract] | ||
Available-for-sale securities | 58,682 | 60,888 |
Money Market Funds [Member] | ||
Assets measured at fair value on a recurring basis [Abstract] | ||
Available-for-sale securities | 629 | 719 |
Corporate Bond Securities [Member] | ||
Assets measured at fair value on a recurring basis [Abstract] | ||
Available-for-sale securities | 3,105 | 2,790 |
Recurring [Member] | ||
Assets measured at fair value on a recurring basis [Abstract] | ||
Available-for-sale securities | 136,387 | 139,346 |
Recurring [Member] | US Treasury Securities [Member] | ||
Assets measured at fair value on a recurring basis [Abstract] | ||
Available-for-sale securities | 6,500 | 20,000 |
Recurring [Member] | US Government Agencies Debt Securities [Member] | ||
Assets measured at fair value on a recurring basis [Abstract] | ||
Available-for-sale securities | 17,841 | 4,618 |
Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Assets measured at fair value on a recurring basis [Abstract] | ||
Available-for-sale securities | 49,549 | 50,246 |
Recurring [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Assets measured at fair value on a recurring basis [Abstract] | ||
Available-for-sale securities | 58,682 | 60,888 |
Recurring [Member] | Money Market Funds [Member] | ||
Assets measured at fair value on a recurring basis [Abstract] | ||
Available-for-sale securities | 629 | 719 |
Recurring [Member] | Corporate Bond Securities [Member] | ||
Assets measured at fair value on a recurring basis [Abstract] | ||
Available-for-sale securities | 3,105 | 2,790 |
Recurring [Member] | Equity Securities [Member] | ||
Assets measured at fair value on a recurring basis [Abstract] | ||
Available-for-sale securities | 81 | 85 |
Nonrecurring [Member] | ||
Foreclosed assets [Abstract] | ||
Residential 1-4 family | 1,337 | 884 |
Commercial | 1,154 | 1,198 |
Construction | 1,708 | 2,139 |
Total | 4,199 | 4,221 |
Nonrecurring [Member] | Total Mortgage Loans on real estate [Member] | ||
Estimated fair value of assets on nonrecurring basis [Abstract] | ||
Impaired Loans | 2,391 | 2,740 |
Nonrecurring [Member] | Residential Mortgage [Member] | ||
Estimated fair value of assets on nonrecurring basis [Abstract] | ||
Impaired Loans | 115 | 399 |
Nonrecurring [Member] | Commercial Real Estate [Member] | ||
Estimated fair value of assets on nonrecurring basis [Abstract] | ||
Impaired Loans | 1,973 | 1,973 |
Nonrecurring [Member] | Construction Loans [Member] | ||
Estimated fair value of assets on nonrecurring basis [Abstract] | ||
Impaired Loans | 263 | 264 |
Nonrecurring [Member] | Second Mortgage [Member] | ||
Estimated fair value of assets on nonrecurring basis [Abstract] | ||
Impaired Loans | 40 | 104 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Recurring [Member] | ||
Assets measured at fair value on a recurring basis [Abstract] | ||
Available-for-sale securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Recurring [Member] | US Treasury Securities [Member] | ||
Assets measured at fair value on a recurring basis [Abstract] | ||
Available-for-sale securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Recurring [Member] | US Government Agencies Debt Securities [Member] | ||
Assets measured at fair value on a recurring basis [Abstract] | ||
Available-for-sale securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Assets measured at fair value on a recurring basis [Abstract] | ||
Available-for-sale securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Recurring [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Assets measured at fair value on a recurring basis [Abstract] | ||
Available-for-sale securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Recurring [Member] | Money Market Funds [Member] | ||
Assets measured at fair value on a recurring basis [Abstract] | ||
Available-for-sale securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Recurring [Member] | Corporate Bond Securities [Member] | ||
Assets measured at fair value on a recurring basis [Abstract] | ||
Available-for-sale securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Recurring [Member] | Equity Securities [Member] | ||
Assets measured at fair value on a recurring basis [Abstract] | ||
Available-for-sale securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Nonrecurring [Member] | ||
Foreclosed assets [Abstract] | ||
Residential 1-4 family | 0 | 0 |
Commercial | 0 | 0 |
Construction | 0 | 0 |
Total | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Nonrecurring [Member] | Total Mortgage Loans on real estate [Member] | ||
Estimated fair value of assets on nonrecurring basis [Abstract] | ||
Impaired Loans | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Nonrecurring [Member] | Residential Mortgage [Member] | ||
Estimated fair value of assets on nonrecurring basis [Abstract] | ||
Impaired Loans | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Nonrecurring [Member] | Commercial Real Estate [Member] | ||
Estimated fair value of assets on nonrecurring basis [Abstract] | ||
Impaired Loans | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Nonrecurring [Member] | Construction Loans [Member] | ||
Estimated fair value of assets on nonrecurring basis [Abstract] | ||
Impaired Loans | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Nonrecurring [Member] | Second Mortgage [Member] | ||
Estimated fair value of assets on nonrecurring basis [Abstract] | ||
Impaired Loans | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Recurring [Member] | ||
Assets measured at fair value on a recurring basis [Abstract] | ||
Available-for-sale securities | 136,387 | 139,346 |
Significant Other Observable Inputs (Level 2) [Member] | Recurring [Member] | US Treasury Securities [Member] | ||
Assets measured at fair value on a recurring basis [Abstract] | ||
Available-for-sale securities | 6,500 | 20,000 |
Significant Other Observable Inputs (Level 2) [Member] | Recurring [Member] | US Government Agencies Debt Securities [Member] | ||
Assets measured at fair value on a recurring basis [Abstract] | ||
Available-for-sale securities | 17,841 | 4,618 |
Significant Other Observable Inputs (Level 2) [Member] | Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Assets measured at fair value on a recurring basis [Abstract] | ||
Available-for-sale securities | 49,549 | 50,246 |
Significant Other Observable Inputs (Level 2) [Member] | Recurring [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Assets measured at fair value on a recurring basis [Abstract] | ||
Available-for-sale securities | 58,682 | 60,888 |
Significant Other Observable Inputs (Level 2) [Member] | Recurring [Member] | Money Market Funds [Member] | ||
Assets measured at fair value on a recurring basis [Abstract] | ||
Available-for-sale securities | 629 | 719 |
Significant Other Observable Inputs (Level 2) [Member] | Recurring [Member] | Corporate Bond Securities [Member] | ||
Assets measured at fair value on a recurring basis [Abstract] | ||
Available-for-sale securities | 3,105 | 2,790 |
Significant Other Observable Inputs (Level 2) [Member] | Recurring [Member] | Equity Securities [Member] | ||
Assets measured at fair value on a recurring basis [Abstract] | ||
Available-for-sale securities | 81 | 85 |
Significant Other Observable Inputs (Level 2) [Member] | Nonrecurring [Member] | ||
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] | Nonrecurring [Member] | Total Mortgage Loans on real estate [Member] | ||
Estimated fair value of assets on nonrecurring basis [Abstract] | ||
Impaired Loans | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Nonrecurring [Member] | Residential Mortgage [Member] | ||
Estimated fair value of assets on nonrecurring basis [Abstract] | ||
Impaired Loans | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Nonrecurring [Member] | Commercial Real Estate [Member] | ||
Estimated fair value of assets on nonrecurring basis [Abstract] | ||
Impaired Loans | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Nonrecurring [Member] | Construction Loans [Member] | ||
Estimated fair value of assets on nonrecurring basis [Abstract] | ||
Impaired Loans | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Nonrecurring [Member] | Second Mortgage [Member] | ||
Estimated fair value of assets on nonrecurring basis [Abstract] | ||
Impaired Loans | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Recurring [Member] | ||
Assets measured at fair value on a recurring basis [Abstract] | ||
Available-for-sale securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Recurring [Member] | US Treasury Securities [Member] | ||
Assets measured at fair value on a recurring basis [Abstract] | ||
Available-for-sale securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Recurring [Member] | US Government Agencies Debt Securities [Member] | ||
Assets measured at fair value on a recurring basis [Abstract] | ||
Available-for-sale securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Assets measured at fair value on a recurring basis [Abstract] | ||
Available-for-sale securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Recurring [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Assets measured at fair value on a recurring basis [Abstract] | ||
Available-for-sale securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Recurring [Member] | Money Market Funds [Member] | ||
Assets measured at fair value on a recurring basis [Abstract] | ||
Available-for-sale securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Recurring [Member] | Corporate Bond Securities [Member] | ||
Assets measured at fair value on a recurring basis [Abstract] | ||
Available-for-sale securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Recurring [Member] | Equity Securities [Member] | ||
Assets measured at fair value on a recurring basis [Abstract] | ||
Available-for-sale securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Nonrecurring [Member] | ||
Foreclosed assets [Abstract] | ||
Residential 1-4 family | 1,337 | 884 |
Commercial | 1,154 | 1,198 |
Construction | 1,708 | 2,139 |
Total | 4,199 | 4,221 |
Significant Unobservable Inputs (Level 3) [Member] | Nonrecurring [Member] | Total Mortgage Loans on real estate [Member] | ||
Estimated fair value of assets on nonrecurring basis [Abstract] | ||
Impaired Loans | 2,391 | 2,740 |
Significant Unobservable Inputs (Level 3) [Member] | Nonrecurring [Member] | Residential Mortgage [Member] | ||
Estimated fair value of assets on nonrecurring basis [Abstract] | ||
Impaired Loans | 115 | 399 |
Significant Unobservable Inputs (Level 3) [Member] | Nonrecurring [Member] | Commercial Real Estate [Member] | ||
Estimated fair value of assets on nonrecurring basis [Abstract] | ||
Impaired Loans | 1,973 | 1,973 |
Significant Unobservable Inputs (Level 3) [Member] | Nonrecurring [Member] | Construction Loans [Member] | ||
Estimated fair value of assets on nonrecurring basis [Abstract] | ||
Impaired Loans | 263 | 264 |
Significant Unobservable Inputs (Level 3) [Member] | Nonrecurring [Member] | Second Mortgage [Member] | ||
Estimated fair value of assets on nonrecurring basis [Abstract] | ||
Impaired Loans | $40 | $104 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Financial assets [Abstract] | ||
Securities available-for-sale, at fair value | 136,387 | 139,346 |
Securities held-to-maturity | 92,422 | 94,406 |
Carrying Value [Member] | ||
Financial assets [Abstract] | ||
Cash and Cash Equivalents | 29,871 | 33,305 |
Securities available-for-sale, at fair value | 136,387 | 139,346 |
Securities held-to-maturity | 88,289 | 90,089 |
Restricted securities | 2,304 | 2,293 |
Loans, net of allowances for loan losses | 547,824 | 528,919 |
Bank owned life insurance | 23,746 | 23,525 |
Accrued Interest Receivable | 2,600 | 2,695 |
Financial liabilities [Abstract] | ||
Deposits | 728,326 | 716,654 |
Overnight repurchase agreements | 35,547 | 37,404 |
Term repurchase agreements | 412 | 412 |
Federal Home Loan Bank advances | 30,000 | 30,000 |
Accrued interest payable | 261 | 255 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Financial assets [Abstract] | ||
Cash and Cash Equivalents | 29,871 | 33,305 |
Securities available-for-sale, at fair value | 0 | 0 |
Securities held-to-maturity | 0 | 0 |
Restricted securities | 0 | 0 |
Loans, net of allowances for loan losses | 0 | 0 |
Bank owned life insurance | 0 | 0 |
Accrued Interest Receivable | 0 | 0 |
Financial liabilities [Abstract] | ||
Deposits | 0 | 0 |
Overnight repurchase agreements | 0 | 0 |
Term repurchase agreements | 0 | 0 |
Federal Home Loan Bank advances | 0 | 0 |
Accrued interest payable | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Financial assets [Abstract] | ||
Cash and Cash Equivalents | 0 | 0 |
Securities available-for-sale, at fair value | 136,387 | 139,346 |
Securities held-to-maturity | 92,422 | 94,406 |
Restricted securities | 2,304 | 2,293 |
Loans, net of allowances for loan losses | 0 | 0 |
Bank owned life insurance | 23,746 | 23,525 |
Accrued Interest Receivable | 2,600 | 2,695 |
Financial liabilities [Abstract] | ||
Deposits | 729,141 | 717,260 |
Overnight repurchase agreements | 35,547 | 37,404 |
Term repurchase agreements | 411 | 410 |
Federal Home Loan Bank advances | 31,318 | 31,536 |
Accrued interest payable | 261 | 255 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Financial assets [Abstract] | ||
Cash and Cash Equivalents | 0 | 0 |
Securities available-for-sale, at fair value | 0 | 0 |
Securities held-to-maturity | 0 | 0 |
Restricted securities | 0 | 0 |
Loans, net of allowances for loan losses | 552,243 | 527,138 |
Bank owned life insurance | 0 | 0 |
Accrued Interest Receivable | 0 | 0 |
Financial liabilities [Abstract] | ||
Deposits | 0 | 0 |
Overnight repurchase agreements | 0 | 0 |
Term repurchase agreements | 0 | 0 |
Federal Home Loan Bank advances | 0 | 0 |
Accrued interest payable | 0 | 0 |
Impaired Loans, Residential 1-4 Family Real Estate [Member] | Market Comparables [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value | 115 | 399 |
Impaired Loans, Residential 1-4 Family Real Estate [Member] | Market Comparables [Member] | Minimum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Difference in comparables (in hundredths) | 4.00% | 4.00% |
Fair Value Inputs, Estimated Selling Costs | 7.25% | 7.25% |
Impaired Loans, Residential 1-4 Family Real Estate [Member] | Market Comparables [Member] | Maximum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Difference in comparables (in hundredths) | 4.00% | 4.00% |
Fair Value Inputs, Estimated Selling Costs | 7.25% | 7.25% |
Impaired Loans, Residential 1-4 Family Real Estate [Member] | Market Comparables [Member] | Average [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Difference in comparables (in hundredths) | 4.00% | 4.00% |
Fair Value Inputs, Estimated Selling Costs | 7.25% | 7.25% |
Impaired Loans, Commercial Real Estate [Member] | Market Comparables [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value | 1,973 | 1,973 |
Impaired Loans, Commercial Real Estate [Member] | Market Comparables [Member] | Minimum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Difference in comparables (in hundredths) | 4.00% | 4.00% |
Fair Value Inputs, Estimated Selling Costs | 7.25% | 7.25% |
Impaired Loans, Commercial Real Estate [Member] | Market Comparables [Member] | Maximum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Difference in comparables (in hundredths) | 4.00% | 4.00% |
Fair Value Inputs, Estimated Selling Costs | 7.25% | 7.25% |
Impaired Loans, Commercial Real Estate [Member] | Market Comparables [Member] | Average [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Difference in comparables (in hundredths) | 4.00% | 4.00% |
Fair Value Inputs, Estimated Selling Costs | 7.25% | 7.25% |
Impaired Loans, Construction Loans [Member] | Market Comparables [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value | 263 | 264 |
Impaired Loans, Construction Loans [Member] | Market Comparables [Member] | Minimum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Difference in comparables (in hundredths) | 4.00% | 4.00% |
Fair Value Inputs, Estimated Selling Costs | 0.00% | 0.00% |
Impaired Loans, Construction Loans [Member] | Market Comparables [Member] | Maximum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Difference in comparables (in hundredths) | 41.93% | 28.71% |
Fair Value Inputs, Estimated Selling Costs | 7.25% | 7.25% |
Impaired Loans, Construction Loans [Member] | Market Comparables [Member] | Average [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Difference in comparables (in hundredths) | 34.69% | 24.70% |
Fair Value Inputs, Estimated Selling Costs | 1.38% | 1.18% |
Impaired Loans, Second Mortgages [Member] | Market Comparables [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value | 40 | 104 |
Impaired Loans, Second Mortgages [Member] | Market Comparables [Member] | Minimum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Estimated Selling Costs | 7.25% | 7.25% |
Impaired Loans, Second Mortgages [Member] | Market Comparables [Member] | Maximum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Estimated Selling Costs | 7.25% | 7.25% |
Impaired Loans, Second Mortgages [Member] | Market Comparables [Member] | Average [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Estimated Selling Costs | 7.25% | 7.25% |
Foreclosed Assets, Residential 1-4 Family [Member] | Market Comparables [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value | 1,337 | 884 |
Foreclosed Assets, Residential 1-4 Family [Member] | Market Comparables [Member] | Minimum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Difference in comparables (in hundredths) | 4.00% | 4.00% |
Fair Value Inputs, Estimated Selling Costs | 7.25% | 7.25% |
Foreclosed Assets, Residential 1-4 Family [Member] | Market Comparables [Member] | Maximum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Difference in comparables (in hundredths) | 10.00% | 10.00% |
Fair Value Inputs, Estimated Selling Costs | 7.25% | 7.25% |
Foreclosed Assets, Residential 1-4 Family [Member] | Market Comparables [Member] | Average [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Difference in comparables (in hundredths) | 6.75% | 8.09% |
Fair Value Inputs, Estimated Selling Costs | 7.25% | 7.25% |
Foreclosed Assets, Commercial [Member] | Market Comparables [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value | 1,154 | 1,198 |
Foreclosed Assets, Commercial [Member] | Market Comparables [Member] | Minimum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Difference in comparables (in hundredths) | 4.00% | 4.00% |
Fair Value Inputs, Estimated Selling Costs | 7.25% | 7.25% |
Foreclosed Assets, Commercial [Member] | Market Comparables [Member] | Maximum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Difference in comparables (in hundredths) | 4.00% | 10.00% |
Fair Value Inputs, Estimated Selling Costs | 7.25% | 7.25% |
Foreclosed Assets, Commercial [Member] | Market Comparables [Member] | Average [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Difference in comparables (in hundredths) | 4.00% | 5.91% |
Fair Value Inputs, Estimated Selling Costs | 7.25% | 7.25% |
Foreclosed Assets, Construction [Member] | Market Comparables [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value | 1,708 | 2,139 |
Foreclosed Assets, Construction [Member] | Market Comparables [Member] | Minimum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Difference in comparables (in hundredths) | 0.00% | 0.00% |
Fair Value Inputs, Estimated Selling Costs | 7.25% | 7.25% |
Foreclosed Assets, Construction [Member] | Market Comparables [Member] | Maximum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Difference in comparables (in hundredths) | 4.00% | 10.00% |
Fair Value Inputs, Estimated Selling Costs | 7.25% | 11.25% |
Foreclosed Assets, Construction [Member] | Market Comparables [Member] | Average [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Difference in comparables (in hundredths) | 2.96% | 2.68% |
Fair Value Inputs, Estimated Selling Costs | 7.25% | 7.38% |
Segment_Reporting_Details
Segment Reporting (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
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 | $7,504 | $7,466 | |
Income from fiduciary activities | 980 | 955 | |
Other income | 2,297 | 2,207 | |
Total operating income | 10,781 | 10,628 | |
Expenses | |||
Interest expense | 893 | 1,031 | |
Provision for loan losses | 275 | 250 | |
Salaries and employee benefits | 5,049 | 4,853 | |
Other expenses | 3,238 | 3,410 | |
Total operating expenses | 9,455 | 9,544 | |
Income before income taxes | 1,326 | 1,084 | |
Income tax expense (benefit) | 121 | 107 | |
Net income | 1,205 | 977 | |
Property, Plant and Equipment, Additions | 333 | 315 | |
Total assets | 887,678 | 870,090 | 876,280 |
Bank [Member] | |||
Revenues | |||
Interest and dividend income | 7,491 | 7,454 | |
Income from fiduciary activities | 0 | 0 | |
Other income | 2,051 | 1,986 | |
Total operating income | 9,542 | 9,440 | |
Expenses | |||
Interest expense | 893 | 1,031 | |
Provision for loan losses | 275 | 250 | |
Salaries and employee benefits | 4,309 | 4,098 | |
Other expenses | 3,035 | 3,165 | |
Total operating expenses | 8,512 | 8,544 | |
Income before income taxes | 1,030 | 896 | |
Income tax expense (benefit) | 20 | 43 | |
Net income | 1,010 | 853 | |
Property, Plant and Equipment, Additions | 318 | 308 | |
Total assets | 882,771 | 865,222 | |
Trust [Member] | |||
Revenues | |||
Interest and dividend income | 13 | 12 | |
Income from fiduciary activities | 980 | 955 | |
Other income | 261 | 236 | |
Total operating income | 1,254 | 1,203 | |
Expenses | |||
Interest expense | 0 | 0 | |
Provision for loan losses | 0 | 0 | |
Salaries and employee benefits | 627 | 645 | |
Other expenses | 236 | 257 | |
Total operating expenses | 863 | 902 | |
Income before income taxes | 391 | 301 | |
Income tax expense (benefit) | 133 | 102 | |
Net income | 258 | 199 | |
Property, Plant and Equipment, Additions | 15 | 7 | |
Total assets | 5,848 | 5,710 | |
Unconsolidated Parent [Member] | |||
Revenues | |||
Interest and dividend income | 1,268 | 1,052 | |
Income from fiduciary activities | 0 | 0 | |
Other income | 50 | 50 | |
Total operating income | 1,318 | 1,102 | |
Expenses | |||
Interest expense | 0 | 0 | |
Provision for loan losses | 0 | 0 | |
Salaries and employee benefits | 113 | 110 | |
Other expenses | 32 | 53 | |
Total operating expenses | 145 | 163 | |
Income before income taxes | 1,173 | 939 | |
Income tax expense (benefit) | -32 | -38 | |
Net income | 1,205 | 977 | |
Property, Plant and Equipment, Additions | 0 | 0 | |
Total assets | 89,543 | 83,120 | |
Eliminations [Member] | |||
Revenues | |||
Interest and dividend income | -1,268 | -1,052 | |
Income from fiduciary activities | 0 | 0 | |
Other income | -65 | -65 | |
Total operating income | -1,333 | -1,117 | |
Expenses | |||
Interest expense | 0 | 0 | |
Provision for loan losses | 0 | 0 | |
Salaries and employee benefits | 0 | 0 | |
Other expenses | -65 | -65 | |
Total operating expenses | -65 | -65 | |
Income before income taxes | -1,268 | -1,052 | |
Income tax expense (benefit) | 0 | 0 | |
Net income | -1,268 | -1,052 | |
Property, Plant and Equipment, Additions | 0 | 0 | |
Total assets | ($90,484) | ($83,962) |