Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 31, 2016 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | OLD POINT FINANCIAL CORP | |
Entity Central Index Key | 740,971 | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | No | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 4,959,009 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 |
Consolidated Balance Sheets (un
Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and due from banks | $ 59,551 | $ 33,514 |
Interest-bearing due from banks | 13,951 | 1,064 |
Federal funds sold | 1,391 | 2,412 |
Cash and cash equivalents | 74,893 | 36,990 |
Securities available-for-sale, at fair value | 162,219 | 214,192 |
Restricted securities | 1,820 | 2,016 |
Loans, net of allowance for loan losses | 586,140 | 560,737 |
Premises and equipment, net | 39,834 | 41,282 |
Bank-owned life insurance | 25,058 | 24,411 |
Foreclosed assets, net of valuation allowance | 1,141 | 2,741 |
Other assets | 14,651 | 14,418 |
Total assets | 905,756 | 896,787 |
Deposits: | ||
Noninterest-bearing deposits | 226,020 | 215,090 |
Savings deposits | 325,188 | 321,370 |
Time deposits | 213,289 | 210,011 |
Total deposits | 764,497 | 746,471 |
Overnight repurchase agreements | 18,239 | 25,950 |
Federal Home Loan Bank advances | 20,000 | 25,000 |
Accrued expenses and other liabilities | 6,553 | 6,190 |
Total liabilities | 809,289 | 803,611 |
Stockholders' equity: | ||
Common stock | 24,795 | 24,795 |
Additional paid-in capital | 16,392 | 16,392 |
Retained earnings | 56,565 | 55,151 |
Accumulated other comprehensive loss, net | (1,285) | (3,162) |
Total stockholders' equity | 96,467 | 93,176 |
Total liabilities and stockholders' equity | $ 905,756 | $ 896,787 |
Consolidated Balance Sheets (u3
Consolidated Balance Sheets (unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Assets | ||
Allowance for loan losses | $ 7,780 | $ 7,738 |
Foreclosed assets, valuation allowance | $ 1,051 | $ 2,549 |
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 Inco
Consolidated Statements of Income (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Interest and Dividend Income: | ||||
Interest and fees on loans | $ 6,646 | $ 6,565 | $ 19,619 | $ 19,405 |
Interest on due from banks | 25 | 1 | 30 | 11 |
Interest on federal funds sold | 2 | 0 | 4 | 1 |
Interest on securities: | ||||
Taxable | 357 | 597 | 1,376 | 1,898 |
Tax-exempt | 371 | 413 | 1,131 | 1,251 |
Dividends and interest on all other securities | 35 | 33 | 76 | 97 |
Total interest and dividend income | 7,436 | 7,609 | 22,236 | 22,663 |
Interest Expense: | ||||
Interest on savings deposits | 56 | 60 | 165 | 169 |
Interest on time deposits | 538 | 539 | 1,572 | 1,611 |
Interest on federal funds purchased, securities sold under agreements to repurchase and other borrowings | 6 | 7 | 20 | 23 |
Interest on Federal Home Loan Bank advances | 33 | 309 | 177 | 923 |
Total interest expense | 633 | 915 | 1,934 | 2,726 |
Net interest income | 6,803 | 6,694 | 20,302 | 19,937 |
Provision for loan losses | (100) | (50) | 1,300 | 250 |
Net interest income, after provision for loan losses | 6,903 | 6,744 | 19,002 | 19,687 |
Noninterest Income: | ||||
Income from fiduciary activities | 858 | 846 | 2,636 | 2,740 |
Service charges on deposit accounts | 1,039 | 1,032 | 3,035 | 3,008 |
Other service charges, commissions and fees | 968 | 1,031 | 3,019 | 3,094 |
Income from bank-owned life insurance | 215 | 221 | 647 | 664 |
Income from Old Point Mortgage | 187 | 50 | 276 | 208 |
Gain on sale of available-for-sale securities, net | 7 | 0 | 522 | 0 |
Other operating income | 53 | 43 | 143 | 145 |
Total noninterest income | 3,327 | 3,223 | 10,278 | 9,859 |
Noninterest Expense: | ||||
Salaries and employee benefits | 5,063 | 5,510 | 15,107 | 15,616 |
Occupancy and equipment | 1,373 | 1,335 | 4,121 | 3,966 |
Data processing | 419 | 421 | 1,276 | 1,186 |
FDIC insurance | 66 | 154 | 387 | 454 |
Customer development | 146 | 154 | 450 | 469 |
Legal and audit expense | 372 | 237 | 869 | 511 |
Other outside service fees | 200 | 186 | 561 | 495 |
Employee professional development | 147 | 146 | 474 | 439 |
Bad checks and other losses | 131 | 101 | 301 | 380 |
Capital stock tax | 128 | 113 | 390 | 338 |
Prepayment fee on Federal Home Loan Bank Advance | 0 | 0 | 391 | 0 |
Gain (loss) on write-down/sale of foreclosed assets | 45 | 166 | 153 | 238 |
Other operating expense | 599 | 628 | 1,785 | 1,840 |
Total noninterest expense | 8,689 | 9,151 | 26,265 | 25,932 |
Income before income taxes | 1,541 | 816 | 3,015 | 3,614 |
Income tax expense | 212 | (24) | 113 | 290 |
Net income | $ 1,329 | $ 840 | $ 2,902 | $ 3,324 |
Basic Earnings per Share: | ||||
Average shares outstanding (in shares) | 4,959,009 | 4,959,009 | 4,959,009 | 4,959,009 |
Net income per share of common stock (in dollars per share) | $ 0.27 | $ 0.17 | $ 0.59 | $ 0.67 |
Diluted Earnings per Share: | ||||
Average shares outstanding (in shares) | 4,959,009 | 4,959,009 | 4,959,009 | 4,959,009 |
Net income per share of common stock (in dollars per share) | $ 0.27 | $ 0.17 | $ 0.59 | $ 0.67 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Consolidated Statements of Comprehensive Income (Loss) (unaudited) [Abstract] | ||||
Net income | $ 1,329 | $ 840 | $ 2,902 | $ 3,324 |
Other comprehensive (loss), net of tax: | ||||
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | (299) | 702 | 1,877 | (209) |
Net effect of market adjustment on securities transferred to available-for-sale, net | 0 | 160 | 0 | 471 |
Other Comprehensive Income (Loss), Net of Tax, Total | (299) | 862 | 1,877 | 262 |
Comprehensive income (loss) | $ 1,030 | $ 1,702 | $ 4,779 | $ 3,586 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
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 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | $ 0 | 0 | 3,324 | 0 | 3,324 |
Net change for quarter | 0 | 0 | 0 | 262 | 262 |
Cash dividends | 0 | 0 | (1,239) | 0 | (1,239) |
Balance at Sep. 30, 2015 | $ 24,795 | 16,392 | 55,288 | (5,631) | 90,844 |
Balance (in shares) at Sep. 30, 2015 | 4,959,009 | ||||
Balance at Dec. 31, 2015 | $ 24,795 | 16,392 | 55,151 | (3,162) | $ 93,176 |
Balance (in shares) at Dec. 31, 2015 | 4,959,009 | 4,959,009 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | $ 0 | 0 | 2,902 | 0 | $ 2,902 |
Net change for quarter | 0 | 0 | 0 | 1,877 | 1,877 |
Cash dividends | 0 | 0 | (1,488) | 0 | (1,488) |
Balance at Sep. 30, 2016 | $ 24,795 | $ 16,392 | $ 56,565 | $ (1,285) | $ 96,467 |
Balance (in shares) at Sep. 30, 2016 | 4,959,009 | 4,959,009 |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Stockholders' Equity (unaudited) (Parenthetical) - $ / shares | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Consolidated Statements of Changes in Stockholders' Equity (unaudited) [Abstract] | ||
Cash dividends (in dollars per share) | $ 0.30 | $ 0.25 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 2,902 | $ 3,324 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 2,034 | 1,883 |
Provision for loan losses | 1,300 | 250 |
Available-for-sale Securities, Gross Realized Gain (Loss) | (522) | 0 |
Net amortization of securities | 1,595 | 1,667 |
Gain (Loss) on Disposition of Property Plant Equipment | (3) | 2 |
Gain (loss) on write-down/sale of foreclosed assets | 153 | 238 |
Income from bank owned life insurance | (647) | (664) |
Deferred tax (benefit) expense | (256) | 567 |
(Increase) decrease in other assets | (942) | (4,618) |
Increase (decrease) in other liabilities | 363 | 4,426 |
Net cash provided by (used in) operating activities | 5,977 | 7,075 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchases of available-for-sale securities | (104,082) | (63,718) |
Proceeds from redemption (cash used in purchases) of restricted securities | 196 | 277 |
Proceeds from Maturities, Prepayments and Calls of Available-for-sale Securities | 42,330 | 60,690 |
Proceeds from maturities and calls of held-to-maturity securities | 0 | 300 |
Proceeds from sale of available-for-sale securities | 106,761 | 3,259 |
Paydowns on available-for-sale securities | 8,734 | 7,503 |
Paydowns on held-to-maturity securities | 0 | 6,202 |
Payments to Acquire Loans and Leases Held-for-investment | 0 | (14,315) |
(Increase) decrease in loans made to customers | (26,703) | (20,607) |
Proceeds from sales of foreclosed assets | 1,625 | 1,382 |
Foreclosed Assets Other Additions | (52) | 0 |
Purchases of premises and equipment | (710) | (1,204) |
Net cash provided by (used in) investing activities | 28,099 | (20,231) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Increase (decrease) in noninterest-bearing deposits | 10,930 | 10,043 |
Increase (decrease) in savings deposits | 3,818 | 7,224 |
Increase (decrease) in time deposits | 3,278 | (4,794) |
Increase (decrease) in federal funds purchased, repurchase agreements and other borrowings | (7,711) | (11,574) |
Proceeds from Federal Home Loan Bank Borrowings | 55,000 | 20,000 |
Repayments of Federal Home Loan Bank Borrowings | (60,000) | (25,000) |
Cash dividends paid on common stock | (1,488) | (1,239) |
Net cash provided by (used in) financing activities | 3,827 | (5,340) |
Net increase (decrease) in cash and cash equivalents | 37,903 | (18,496) |
Cash and cash equivalents at beginning of period | 36,990 | 33,305 |
Cash and cash equivalents at end of period | 74,893 | 14,809 |
Cash payments for: | ||
Interest | 1,948 | 2,740 |
Income tax | 0 | 200 |
SUPPLEMENTAL SCHEDULE OF NONCASH TRANSACTIONS | ||
Unrealized holding gains (losses) arising during the period | 2,844 | (316) |
Loans transferred to foreclosed assets | 0 | 553 |
Former bank building transferred from fixed assets to other real estate owned | 127 | 0 |
Amortization of Unrealized Gain or Loss on Securities Transferred from AFS to HTM | $ 0 | $ 714 |
General
General | 9 Months Ended |
Sep. 30, 2016 | |
General [Abstract] | |
General | Note 1. General The accompanying unaudited consolidated financial statements of Old Point Financial Corporation (the Company) and its subsidiaries have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information. All significant intercompany balances and transactions have been eliminated. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments and reclassifications of a normal and recurring nature considered necessary to present fairly the financial position at September 30, 2016 and December 31, 2015, the statements of income and comprehensive income for the three and nine months ended September 30, 2016 and 2015, and the statements of changes in stockholders' equity and cash flows for the nine months ended September 30, 2016 and 2015. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the full year. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's 2015 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 September 30, 2016, 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 | 9 Months Ended |
Sep. 30, 2016 | |
Securities [Abstract] | |
Securities | Note 2. Securities Amortized costs and fair values of securities available-for-sale as of the dates indicated are as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) September 30, 2016 Obligations of U.S. Government agencies $ 4,016 $ 1 $ (13 ) $ 4,004 Obligations of state and political subdivisions 69,846 1,559 (4 ) 71,401 Mortgage-backed securities 82,124 429 (49 ) 82,504 Money market investments 564 0 0 564 Corporate bonds and other securities 3,598 17 (4 ) 3,611 Other marketable equity securities 100 35 0 135 Total $ 160,248 $ 2,041 $ (70 ) $ 162,219 December 31, 2015 Obligations of U.S. Government agencies $ 24,353 $ 1 $ (114 ) $ 24,240 Obligations of state and political subdivisions 77,223 1,323 (113 ) 78,433 Mortgage-backed securities 109,360 0 (1,964 ) 107,396 Money market investments 631 0 0 631 Corporate bonds and other securities 3,397 4 (8 ) 3,393 Other marketable equity securities 100 0 (1 ) 99 Total $ 215,064 $ 1,328 $ (2,200 ) $ 214,192 The following table summarizes realized gains and losses on the sale of investment securities during the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Securities Available-for-sale Realized gains on sales of securities $ 24 $ 0 $ 578 $ 0 Realized losses on sales of securities (17 ) 0 (56 ) 0 Net realized gain $ 7 $ 0 $ 522 $ 0 OTHER-THAN-TEMPORARILY IMPAIRED SECURITIES Management assesses whether the Company intends to sell or it is more-likely-than-not that the Company will be required to sell a security before recovery of its amortized cost basis less any current-period credit losses. For debt securities that are considered other-than-temporarily impaired and that the Company does not intend to sell and will not be required to sell prior to recovery of the amortized cost basis, the Company separates the amount of the impairment into the amount that is credit related (credit loss component) and the amount due to all other factors. The credit loss component is recognized in earnings and is the difference between the security's amortized cost basis and the present value of its expected future cash flows. The remaining difference between the security's fair value and the present value of expected future cash flows is due to factors that are not credit related, which are recognized in other comprehensive income. The present value of expected future cash flows is determined using the best-estimate cash flows discounted at the effective interest rate implicit to the security at the date of purchase or the current yield to accrete an asset-backed or floating rate security. The methodology and assumptions for establishing the best-estimate cash flows vary depending on the type of security. The asset-backed securities cash flow estimates are based on bond specific facts and circumstances that may include collateral characteristics, expectations of delinquency and default rates, loss severity and prepayment speeds, and structural support, including subordination and guarantees. The Company has a process in place to identify debt securities that could potentially have a credit or interest-rate related impairment that is other-than-temporary. This process involves monitoring late payments, pricing levels, downgrades by rating agencies, key financial ratios, financial statements, revenue forecasts, and cash flow projections as indicators of credit issues. On a quarterly basis, management reviews all securities to determine whether an other-than-temporary decline in value exists and whether losses should be recognized. Management considers relevant facts and circumstances in evaluating whether a credit or interest-rate related impairment of a security is other-than-temporary. Relevant facts and circumstances considered include: (a) the extent and length of time the fair value has been below cost; (b) the reasons for the decline in value; (c) the financial position and access to capital of the issuer, including the current and future impact of any specific events; and (d) for fixed maturity securities, the Company's intent to sell a security or whether it is more-likely-than-not the Company will be required to sell the security before the recovery of its amortized cost which, in some cases, may extend to maturity, and for equity securities, the Company's ability and intent to hold the security for a period of time that allows for the recovery in value. The Company has not recorded impairment charges through income on securities for the three or nine months ended September 30, 2016 or 2015. 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: September 30, 2016 Less Than Twelve Months More Than Twelve Months Total Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Number of Securities (dollars in thousands) Securities Available-for-Sale Obligations of U.S. Government agencies $ 13 $ 3,703 $ 0 $ 0 $ 13 $ 3,703 3 Obligations of state and political subdivisions 4 1,314 0 0 4 1,314 3 Mortgage-backed securities 49 16,717 0 0 49 16,717 4 Corporate bonds 3 797 1 99 4 896 7 Total securities available-for-sale $ 69 $ 22,531 $ 1 $ 99 $ 70 $ 22,630 17 December 31, 2015 Less Than Twelve Months More Than Twelve Months Total Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Number of Securities (dollars in thousands) Securities Available-for-Sale Obligations of U.S. Government agencies $ 0 $ 0 $ 114 $ 3,940 $ 114 $ 3,940 2 Obligations of state and political subdivisions 42 4,177 71 3,545 113 7,722 13 Mortgage-backed securities 848 62,698 1,116 44,698 1,964 107,396 13 Corporate bonds 6 2,091 2 198 8 2,289 16 Other marketable equity securities 1 99 0 0 1 99 1 Total securities available-for-sale $ 897 $ 69,065 $ 1,303 $ 52,381 $ 2,200 $ 121,446 45 Certain investments within the Company's portfolio had unrealized losses at September 30, 2016 and December 31, 2015, 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 September 30, 2016 or December 31, 2015. 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 Loa
Loans and the Allowance for Loan Losses | 9 Months Ended |
Sep. 30, 2016 | |
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: September 30, 2016 December 31, 2015 (in thousands) Mortgage loans on real estate: Residential 1-4 family $ 97,278 $ 96,997 Commercial 286,759 277,758 Construction 22,679 19,685 Second mortgages 16,895 15,148 Equity lines of credit 47,439 47,256 Total mortgage loans on real estate 471,050 456,844 Commercial loans 47,239 43,197 Consumer loans 49,628 50,427 Other 26,003 18,007 Total loans, net of deferred fees (1) 593,920 568,475 Less: Allowance for loan losses (7,780 ) (7,738 ) Loans, net of allowance and deferred fees (1) $ 586,140 $ 560,737 (1) Deferred loan fees totaled $480 thousand and $407 thousand at September 30, 2016 and December 31, 2015, respectively. Overdrawn deposit accounts are reclassified as loans and included in the Other category in the table above. Overdrawn deposit accounts totaled $707 thousand and $648 thousand at September 30, 2016 and December 31, 2015, 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: · Other Assets Especially Mentioned (OAEM): · Substandard: · Doubtful: · Loss: The following table presents credit quality exposures by internally assigned risk ratings as of the dates indicated: Credit Quality Information As of September 30, 2016 (in thousands) Pass OAEM Substandard Total Mortgage loans on real estate: Residential 1-4 family $ 94,209 $ 1,020 $ 2,049 $ 97,278 Commercial 267,661 6,834 12,264 286,759 Construction 21,776 162 741 22,679 Second mortgages 16,197 490 208 16,895 Equity lines of credit 47,083 213 143 47,439 Total mortgage loans on real estate 446,926 8,719 15,405 471,050 Commercial loans 43,230 2,611 1,398 47,239 Consumer loans 49,389 0 239 49,628 Other 26,003 0 0 26,003 Total $ 565,548 $ 11,330 $ 17,042 $ 593,920 Credit Quality Information As of December 31, 2015 (in thousands) Pass OAEM Substandard Total Mortgage loans on real estate: Residential 1-4 family $ 94,576 $ 0 $ 2,421 $ 96,997 Commercial 261,749 7,394 8,615 277,758 Construction 18,931 0 754 19,685 Second mortgages 14,835 0 313 15,148 Equity lines of credit 47,161 0 95 47,256 Total mortgage loans on real estate 437,252 7,394 12,198 456,844 Commercial loans 40,268 467 2,462 43,197 Consumer loans 50,327 0 100 50,427 Other 18,007 0 0 18,007 Total $ 545,854 $ 7,861 $ 14,760 $ 568,475 As of September 30, 2016 and December 31, 2015, 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 September 30, 2016 30 - 59 Days Past Due 60 - 89 Days Past Due 90 or More Days Past Due Total Past Due Total Current Loans (1) Total Loans Recorded Investment > 90 Days Past Due and Accruing (in thousands) Mortgage loans on real estate: Residential 1-4 family $ 304 $ 562 $ 826 $ 1,692 $ 95,586 $ 97,278 $ 0 Commercial 795 124 108 1,027 285,732 286,759 0 Construction 0 456 0 456 22,223 22,679 0 Second mortgages 195 0 77 272 16,623 16,895 0 Equity lines of credit 359 0 50 409 47,030 47,439 50 Total mortgage loans on real estate 1,653 1,142 1,061 3,856 467,194 471,050 50 Commercial loans 0 6 86 92 47,147 47,239 0 Consumer loans 1,981 824 2,647 5,452 44,176 49,628 2,566 Other 48 7 4 59 25,944 26,003 4 Total $ 3,682 $ 1,979 $ 3,798 $ 9,459 $ 584,461 $ 593,920 $ 2,620 (1) In the table above, the consumer category includes student loans with principal and interest amounts that are 97 - 98% guaranteed by the federal government. The past due principal portion of these guaranteed loans totaled $4.3 million at September 30, 2016. Age Analysis of Past Due Loans as of December 31, 2015 30 - 59 Days Past Due 60 - 89 Days Past Due 90 or More Days Past Due Total Past Due Total Current Loans (1) Total Loans Recorded Investment > 90 Days Past Due and Accruing (in thousands) Mortgage loans on real estate: Residential 1-4 family $ 309 $ 1,042 $ 275 $ 1,626 $ 95,371 $ 96,997 $ 0 Commercial 1,266 31 23 1,320 276,438 277,758 23 Construction 161 0 0 161 19,524 19,685 0 Second mortgages 21 39 165 225 14,923 15,148 0 Equity lines of credit 170 0 0 170 47,086 47,256 0 Total mortgage loans on real estate 1,927 1,112 463 3,502 453,342 456,844 23 Commercial loans 500 88 232 820 42,377 43,197 164 Consumer loans 1,673 1,350 3,163 6,186 44,241 50,427 3,163 Other 64 3 6 73 17,934 18,007 6 Total $ 4,164 $ 2,553 $ 3,864 $ 10,581 $ 557,894 $ 568,475 $ 3,356 (1) In the table above, the consumer category includes student loans with principal and interest amounts that are 97 - 98% guaranteed by the federal government. The past due principal portion of these guaranteed loans totaled $5.7 million at December 31, 2015. Although the portion of the student loan portfolio that is 90 days or more past due would normally be considered impaired, the Company does not include these loans in its impairment analysis. Because the federal government has provided guarantees of repayment of these student loans in an amount ranging from 97% to 98% 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 basis 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 September 30, 2016 December 31, 2015 (in thousands) Mortgage loans on real estate Residential 1-4 family $ 1,587 $ 1,457 Commercial 6,366 2,623 Second mortgages 129 226 Equity lines of credit 93 0 Total mortgage loans on real estate 8,175 4,306 Commercial loans 196 276 Consumer loans 179 0 Total $ 8,550 $ 4,582 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: Nine Months Ended September 30, 2016 2015 (in thousands) Interest income that would have been recorded under original loan terms $ 232 $ 90 Actual interest income recorded for the period 182 65 Reduction in interest income on nonaccrual loans $ 50 $ 25 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. Troubled Debt Restructurings by Class For the Three Months Ended September 30, 2016 (dollars in thousands) Number of Modifications Recorded Investment Prior to Modification Recorded Investment After Modification Current Investment on September 30, 2016 Mortgage loans on real estate: Residential 1-4 family 4 $ 1,002 $ 1,002 $ 1,002 Commercial 1 150 150 150 Second mortgages 1 53 53 53 Equity lines of credit 1 93 93 93 Total mortgage loans on real estate 7 1,298 1,298 1,298 Consumer loans 2 8 8 8 Total 9 $ 1,306 $ 1,306 $ 1,306 Troubled Debt Restructurings by Class For the Three Months Ended September 30, 2015 (dollars in thousands) Number of Modifications Recorded Investment Prior to Modification Recorded Investment After Modification Current Investment on September 30, 2015 Mortgage loans on real estate: Commercial 1 $ 194 $ 194 $ 0 Construction 1 435 435 410 Second mortgages 1 61 61 61 Total 3 $ 690 $ 690 $ 664 Troubled Debt Restructurings by Class For the Nine Months Ended September 30, 2016 (dollars in thousands) Number of Modifications Recorded Investment Prior to Modification Recorded Investment After Modification Current Investment on September 30, 2016 Mortgage loans on real estate: Residential 1-4 family 4 $ 1,002 $ 1,002 $ 1,002 Commercial 1 150 150 150 Second mortgages 1 53 53 53 Equity lines of credit 1 93 93 93 Total mortgage loans on real estate 7 1,298 1,298 1,298 Commercial loans 1 152 152 109 Consumer loans 2 8 8 8 Total 10 $ 1,458 $ 1,458 $ 1,415 Troubled Debt Restructurings by Class For the Nine Months Ended September 30, 2015 (dollars in thousands) Number of Modifications Recorded Investment Prior to Modification Recorded Investment After Modification Current Investment on September 30, 2015 Mortgage loans on real estate: Commercial 1 $ 194 $ 194 $ 193 Construction 1 435 435 410 Second mortgages 1 61 61 61 Total 3 $ 690 $ 690 $ 664 Two of the loans restructured in the first nine months of 2016 were given below-market rates for debt with similar risk characteristics. Eight of the loans, which were part of a single borrowing relationship, were given terms not otherwise offered to borrowers with similar risk characteristics. Two of the loans restructured in the first nine months of 2015 were given below-market rates for debt with similar risk characteristics, while one loan was granted terms that the Company would not otherwise extend to borrowers with similar risk characteristics. At September 30, 2016 and December 31, 2015, the Company had no outstanding commitments to disburse additional funds on any TDR. At December 31, 2015, the Company had $53 thousand in loans secured by residential 1 - 4 family real estate that were in the process of foreclosure. There were no loans secured by residential 1 - 4 family real estate in the process of foreclosure at September 30, 2016. In the three and nine months ended September 30, 2016 and 2015, there were no defaulting TDRs 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. All TDRs are factored into the determination of the allowance for loan losses and 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 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 a specific allocation in the allowance 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 September 30, 2016 For the nine months ended September 30, 2016 Recorded Investment Unpaid Principal Balance Without Valuation Allowance With Valuation Allowance Associated Allowance Average Recorded Investment Interest Income Recognized Mortgage loans on real estate: Residential 1-4 family $ 3,351 $ 2,474 $ 762 $ 75 $ 2,833 $ 101 Commercial 13,992 9,409 3,756 304 10,645 418 Construction 623 533 96 34 454 32 Second mortgages 530 401 52 5 522 21 Equity lines of credit 93 93 0 0 31 2 Total mortgage loans on real estate $ 18,589 $ 12,910 $ 4,666 $ 418 $ 14,485 $ 574 Commercial loans 1,061 196 777 180 772 57 Consumer loans 178 81 97 35 64 6 Total $ 19,828 $ 13,187 $ 5,540 $ 633 $ 15,321 $ 637 Impaired Loans by Class (in thousands) As of December 31, 2015 For the Year Ended December 31, 2015 Recorded Investment Unpaid Principal Balance Without Valuation Allowance With Valuation Allowance Associated Allowance Average Recorded Investment Interest Income Recognized Mortgage loans on real estate: Residential 1-4 family $ 2,994 $ 1,530 $ 1,261 $ 146 $ 2,267 $ 132 Commercial 10,203 6,166 3,208 608 9,305 473 Construction 99 0 99 36 465 5 Second mortgages 535 499 0 0 571 21 Total mortgage loans on real estate $ 13,831 $ 8,195 $ 4,568 $ 790 $ 12,608 $ 631 Commercial loans 330 207 68 8 952 28 Consumer loans 12 12 0 0 13 1 Total $ 14,173 $ 8,414 $ 4,636 $ 798 $ 13,573 $ 660 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. Consumer 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, 2015 and September 30, 2016, m anagement used twelve-quarter migration periods. Management also provides an allocated component of the allowance for loans that are specifically identified 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 losses inherent in the loan portfolio at the balance sheet date. The Company considers the allowance for loan losses of $7.8 million adequate to cover loan losses inherent in the loan portfolio at September 30, 2016. 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 Nine Months Ended September 30, 2016 Commercial Real Estate - Construction Real Estate - Mortgage (1) Consumer Other Total Allowance for Loan Losses: Balance at the beginning of period $ 633 $ 985 $ 5,628 $ 279 $ 213 $ 7,738 Charge-offs (915 ) 0 (393 ) (132 ) (99 ) (1,539 ) Recoveries 33 3 192 23 30 281 Provision for loan losses 1,209 93 (305 ) 175 128 1,300 Ending balance $ 960 $ 1,081 $ 5,122 $ 345 $ 272 $ 7,780 Ending balance individually evaluated for impairment $ 180 $ 34 $ 384 $ 35 $ 0 $ 633 Ending balance collectively evaluated for impairment 780 1,047 4,738 310 272 7,147 Ending balance $ 960 $ 1,081 $ 5,122 $ 345 $ 272 $ 7,780 Loan Balances: Ending balance individually evaluated for impairment $ 973 $ 629 $ 16,947 $ 178 $ 0 $ 18,727 Ending balance collectively evaluated for impairment 46,266 22,050 431,424 49,450 26,003 575,193 Ending balance $ 47,239 $ 22,679 $ 448,371 $ 49,628 $ 26,003 $ 593,920 For the Year Ended December 31, 2015 Commercial Real Estate - Construction Real Estate - Mortgage (1) Consumer Other Total Allowance for Loan Losses: Balance at the beginning of period $ 595 $ 703 $ 5,347 $ 219 $ 211 $ 7,075 Charge-offs (293 ) 0 (321 ) (92 ) (191 ) (897 ) Recoveries 50 1 393 39 52 535 Provision for loan losses 281 281 209 113 141 1,025 Ending balance $ 633 $ 985 $ 5,628 $ 279 $ 213 $ 7,738 Ending balance individually evaluated for impairment $ 8 $ 36 $ 754 $ 0 $ 0 $ 798 Ending balance collectively evaluated for impairment 625 949 4,874 279 213 6,940 Ending balance $ 633 $ 985 $ 5,628 $ 279 $ 213 $ 7,738 Loan Balances: Ending balance individually evaluated for impairment $ 275 $ 99 $ 12,664 $ 12 $ 0 $ 13,050 Ending balance collectively evaluated for impairment 42,922 19,586 424,495 50,415 18,007 555,425 Ending balance $ 43,197 $ 19,685 $ 437,159 $ 50,427 $ 18,007 $ 568,475 (1) CHANGES IN ACCOUNTING METHODOLOGY Historical loss rates calculated by migration analysis are determined by the performance of a loan over a period of time (the migration period). This migration period can be lengthened or shortened based on management's assessment of the most appropriate length of time over which to analyze losses in the loan portfolio. The Company can also calculate multiple migration periods, allowing management to assess the migration of loans based on more than one starting point. In the third quarter of 2016, management made the following changes to its method for calculating the allowance: · The number of migration periods was changed from one to four. Each migration period remains at twelve quarters, the length of the migration period used by the Company in prior periods. This change reduced the provision for loan losses by $293 thousand. · The Company further sub-segmented its pool of consumer loans not secured by real estate to separate a pool of loans that share characteristics with each other that are not shared with other consumer loans. The new sub-segment is comprised of loans purchased from a single source for which management does not expect any charge-offs against the allowance. Accordingly, beginning with the third quarter of 2016, the historic loss factor does not apply to this group of loans. In addition, management determined that some of the qualitative factors that had previously been applied to these loans when they were grouped with all other consumer loans were no longer appropriate once these loans were separated into a new sub-segment. Creating this new sub-segment, which includes no anticipated losses, and applying the relevant qualitative factors to it reduced the provision for loan losses by $491 thousand. · As part of the process to determine whether a new sub-segment was appropriate, management analyzed the qualitative factors applied to each segment of the portfolio. Based on this analysis, management changed its qualitative factor adjustments on the Company's student loan portfolio to better reflect those factors that could potentially have an impact on the portfolio. This change reduced the provision for loan losses by $63 thousand. The following table represents the effect on the loan loss provision as a result of these changes in methodology. It compares the methodology actually used for the nine months ended September 30, 2016 to that used in prior periods. Calculated Provision Based on Current Quarter Methodology Calculated Provision Based on Prior Quarter Methodology Difference (in thousands) Portfolio Segment: Commercial $ 1,209 $ 1,491 $ (282 ) Real estate - construction 93 (5 ) 98 Real estate - mortgage (305 ) (195 ) (110 ) Consumer loans 175 729 (554 ) Other 128 127 1 Total $ 1,300 $ 2,147 $ (847 ) The allowance for loan losses was 1.31% of total loans at September 30, 2016, compared to 1.33% at June 30, 2016 and 1.36% at December 31, 2015. |
Low-Income Housing Tax Credits
Low-Income Housing Tax Credits | 9 Months Ended |
Sep. 30, 2016 | |
Investments in Affordable Housing Projects [Abstract] | |
Low-Income Housing Tax Credits | Note 4. Low-Income Housing Tax Credits The Company was invested in 4 separate housing equity funds at both September 30, 2016 and December 31, 2015. 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 preserve and protect project assets. The investments in these funds were recorded as other assets on the consolidated balance sheets and were $4.0 million and $4.2 million at September 30, 2016 and December 31, 2015, respectively. The expected terms of these investments and the related tax benefits run through 2032. Total projected tax credits to be received for 2016 are $398 thousand, which is based on the most recent quarterly estimates received from the funds. Additional capital calls expected for the funds totaled $3.0 million at both September 30, 2016 and December 31, 2015, and are recorded in accrued expenses and other liabilities on the corresponding consolidated balance sheet. The table below summarizes the tax credits and other tax benefits recognized by the Company and related to these investments, as of the periods indicated: Nine Months Ended September 30, 2016 2015 2016 2015 $ 126 $ 95 $ 348 $ 316 |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Sep. 30, 2016 | |
Share-Based Compensation [Abstract] | |
Share-Based Compensation | Note 5. Share-Based Compensation The Company has adopted an employee stock purchase plan and offers share-based compensation through its equity compensation plans. Share-based compensation arrangements include stock options, restricted and unrestricted stock awards, restricted stock units, performance-based awards and stock appreciation rights. 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 nine months of 2016. The Company's 1998 Stock Option Plan, pursuant to which stock options could be granted to key employees and non-employee directors, expired on March 9, 2008. Stock options that were outstanding on March 9, 2008 remained outstanding in accordance with their terms, but no new awards could be granted under the plan after March 9, 2008. Options to purchase 67,480 shares of common stock were outstanding under the Company's 1998 Stock Option Plan at September 30, 2016. 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 nine months ended September 30, 2016 is summarized below: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in years) Aggregate Intrinsic Value (in thousands) Options outstanding, January 1, 2016 74,960 $ 20.05 Granted 0 0 Exercised 0 0 Canceled or expired (7,480 ) 20.05 Options outstanding, September 30, 2016 67,480 $ 20.05 1.04 $ 41 Options exercisable, September 30, 2016 67,480 $ 20.05 1.04 $ 41 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 fair 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 September 30, 2016. This amount changes based on changes in the fair value of the Company's common stock. No options were exercised during the nine months ended September 30, 2016. As of September 30, 2016, all outstanding stock options were fully vested and there was no unrecognized stock-based compensation expense. At the Company's 2016 Annual Meeting of Stockholders held on May 24, 2016, stockholders approved the Old Point Financial Corporation 2016 Incentive Stock Plan (Incentive Stock Plan). The Incentive Stock Plan provides for the grant to key employees and non-employee directors of awards that may include one or more of the following: stock options, restricted stock, restricted stock units, stock appreciation rights, stock awards, and performance units (collectively, the awards). No awards may be granted under the Incentive Stock Plan after May 23, 2026. Complete details of the Incentive Stock Plan are contained in Appendix A of the Proxy Statement for the Company's 2016 Annual Meeting of Stockholders. As of September 30, 2016, there were no awards outstanding under the plan. Also at the Company's 2016 Annual Meeting of Stockholders held on May 24, 2016, stockholders approved an Employee Stock Purchase Plan (ESPP). The ESPP provides a means for employees of the Company and employees of the Company's subsidiaries to authorize payroll deductions on a voluntary basis to be used for the periodic purchase of shares of the Company's common stock. Under the ESPP, eligible employees will be able to purchase shares of the Company's common stock at a price equal to at least 85% of the fair market value of the common stock at the end of the applicable offering period. The maximum number of shares that may be purchased under the ESPP is 250,000 shares. Complete details of the ESPP are contained in Appendix B of the Proxy Statement for the Company's 2016 Annual Meeting of Stockholders. The first offering period began on September 1, 2016 and will end on November 30, 2016; accordingly, as of September 30, 2016, no shares have been issued under the plan. |
Pension Plan
Pension Plan | 9 Months Ended |
Sep. 30, 2016 | |
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 September 30, 2016 2015 (in thousands) Interest cost $ 70 $ 65 Expected return on plan assets (98 ) (91 ) Amortization of net loss 140 98 Net periodic pension plan cost $ 112 $ 72 Nine months ended September 30, 2016 2015 (in thousands) Interest cost $ 210 $ 196 Expected return on plan assets (294 ) (270 ) Amortization of net loss 420 295 Net periodic pension plan cost $ 336 $ 221 At September 30, 2016, management had not yet determined the amount, if any, that the Company will contribute to the plan in the year ending December 31, 2016. |
Stockholders' Equity and Earnin
Stockholders' Equity and Earnings per Common Share | 9 Months Ended |
Sep. 30, 2016 | |
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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Affected Line Item on Consolidated Statements of Income (in thousands) Available-for-sale securities Realized gains (losses) on sales of securities $ $7 $ $0 $ $522 $ $0 Gain on sale of available-for-sale securities, net Tax effect 2 0 177 0 Income tax expense $ $5 $ $0 $ $345 $ $0 The following table presents the changes in accumulated other comprehensive Income (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 Income (Loss) (in thousands) Nine Months Ended September 30, 2016 Balance at beginning of period $ (576 ) $ 0 $ (2,586 ) $ (3,162 ) Net change for the period 1,877 0 0 1,877 Balance at end of period $ 1,301 $ 0 $ (2,586 ) $ (1,285 ) Nine Months Ended September 30, 2015 Balance at beginning of period $ (78 ) $ (3,386 ) $ (2,429 ) $ (5,893 ) Net change for the period (209 ) 471 0 262 Balance at end of period $ (287 ) $ (2,915 ) $ (2,429 ) $ (5,631 ) The following table presents the change in each component of accumulated other comprehensive Income (loss) on a pre-tax and after-tax basis for the periods indicated. Nine Months Ended September 30, 2016 Pretax Tax Net-of-Tax (in thousands) Unrealized gains on available-for-sale securities: Unrealized holding gains arising during the period $ 3,366 $ 1,144 $ 2,222 Reclassification adjustment for gains recognized in income (522 ) (177 ) (345 ) Net unrealized gains on securities 2,844 967 1,877 Total change in accumulated other comprehensive loss $ 2,844 $ 967 $ 1,877 Nine Months Ended September 30, 2015 Pretax Tax Net-of-Tax (in thousands) Unrealized losses on available-for-sale securities: Unrealized holding losses arising during the period $ (316 ) $ (107 ) $ (209 ) Unrealized losses on securities transferred from available-for-sale to held-to-maturity: Amortization 714 243 471 Net change $ 398 $ 136 $ 262 EARNINGS PER COMMON SHARE Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed using the weighted average number of common shares outstanding during the period, including the effect of dilutive potential common shares attributable to outstanding stock options. The Company did not include an average of 69 thousand and 77 thousand potential common shares attributable to outstanding stock options in the diluted earnings per share calculation for the first nine months of 2016 and 2015, respectively, because they were antidilutive. Antidilutive shares were 67 thousand and 76 thousand for the third quarters of 2016 and 2015, respectively. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2016 | |
Recent Accounting Pronouncements [Abstract] | |
Recent Accounting Pronouncements | Note 8. Recent Accounting Pronouncements 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 January 2016, the FASB issued ASU 2016-01, "Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities". The amendments in ASU 2016-01, among other things: 1) Requires equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. 2) Requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. 3) Requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (i.e., securities or loans and receivables). 4) Eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost. The amendments in this ASU are effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company is currently assessing the impact that ASU 2016-01 will have on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)". Among other things, in the amendments in ASU 2016-02, lessees will be required to recognize the following for all leases (with the exception of short-term leases) at the commencement date: (1) A lease liability, which is a lessee's obligation to make lease payments arising from a lease, measured on a discounted basis; and (2) A right-of-use asset, which is an asset that represents the lessee's right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged. Certain targeted improvements were made to align, where necessary, lessor accounting with the lessee accounting model and Topic 606, Revenue from Contracts with Customers. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted upon issuance. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees and lessors may not apply a full retrospective transition approach. The Company is currently assessing the impact that ASU 2016-02 will have on its consolidated financial statements. During March 2016, the FASB issued ASU No. 2016-05, "Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships". The amendments in this ASU clarify that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument does not, in and of itself, require dedesignation of that hedging relationship provided that all other hedge accounting criteria remain intact. The amendments are effective for public business entities for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The Company does not expect the adoption of ASU 2016-05 to have a material impact on its consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-07, "Investments – Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting". The amendments in this ASU eliminate the requirement that when an investment qualifies for use of the equity method as a result of an increase in the level of ownership interest or degree of influence, an investor must adjust the investment, results of operations, and retained earnings retroactively on a step-by-step basis as if the equity method had been in effect during all previous periods that the investment had been held. The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor's previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. Therefore, upon qualifying for the equity method of accounting, no retroactive adjustment of the investment is required. In addition, the amendments in this ASU require that an entity that has an available-for-sale equity security that becomes qualified for the equity method of accounting recognize through earnings the unrealized holding gain or loss in accumulated other comprehensive income at the date the investment becomes qualified for use of the equity method. The amendments are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. The amendments should be applied prospectively upon their effective date to increases in the level of ownership interest or degree of influence that result in the adoption of the equity method. Early Adoption is permitted. The Company does not expect the adoption of ASU 2016-07 to have a material impact on its consolidated financial statements. During March 2016, the FASB issued ASU No. 2016-09, "Compensation – Stock Compensation (Topic 718): Improvements to Employee Shares-Based Payment Accounting". The amendments in this ASU simplify several aspects of the accounting for share-based payment award transactions including: (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows. The amendments are effective for public companies for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The Company is currently assessing the impact that ASU 2016-09 will have on its consolidated financial statements. During June 2016, the FASB issued ASU No. 2016-13, "Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments". The amendments in this ASU, among other things, require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. In addition, the ASU amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. The amendments in this ASU are effective for Securities and Exchange Commission (SEC) filers for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. For public companies that are not SEC filers, the amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The Company is currently assessing the impact that ASU 2016-13 will have on its consolidated financial statements. During August 2016, the FASB issued ASU No. 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments", to address diversity in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The amendments are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The amendments should be applied using a retrospective transition method to each period presented. If retrospective application is impractical for some of the issues addressed by the update, the amendments for those issues would be applied prospectively as of the earliest date practicable. Early adoption is permitted, including adoption in an interim period. The Company does not expect the adoption of ASU 2016-15 to have a material impact on its consolidated financial statements. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2016 | |
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 September 30, 2016 Using Balance Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (in thousands) Available-for-sale securities Obligations of U.S. Government agencies $ 4,004 $ 0 $ 4,004 $ 0 Obligations of state and political subdivisions 71,401 0 71,401 0 Mortgage-backed securities 82,504 0 82,504 0 Money market investments 564 0 564 0 Corporate bonds 3,611 0 3,611 0 Other marketable equity securities 135 0 135 0 Total available-for-sale securities $ 162,219 $ 0 $ 162,219 $ 0 Fair Value Measurements at December 31, 2015 Using Balance Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (in thousands) Available-for-sale securities Obligations of U.S. Government agencies $ 24,240 $ 0 $ 24,240 $ 0 Obligations of state and political subdivisions 78,433 0 78,433 0 Mortgage-backed securities 107,396 0 107,396 0 Money market investments 631 0 631 0 Corporate bonds 3,393 0 3,393 0 Other marketable equity securities 99 0 99 0 Total available-for-sale securities $ 214,192 $ 0 $ 214,192 $ 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 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. 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 discounted 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 loan's effective interest rate 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 September 30, 2016 Using Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (in thousands) Impaired loans Mortgage loans on real estate: Residential 1-4 family $ 540 $ 0 $ 0 $ 540 Commercial 1,030 0 0 1,030 Construction 62 0 0 62 Second mortgages 47 0 0 47 Total mortgage loans on real estate 1,679 0 0 1,679 Consumer loans 62 0 0 62 Commercial loans 597 0 0 597 Total $ 2,338 $ 0 $ 0 $ 2,338 Other real estate owned Residential 1-4 family $ 74 $ 0 $ 0 $ 74 Construction 940 0 0 940 Total $ 1,014 $ 0 $ 0 $ 1,014 Carrying Value at December 31, 2015 Using Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (in thousands) Impaired loans Mortgage loans on real estate: Residential 1-4 family $ 952 $ 0 $ 0 $ 952 Commercial 267 0 0 267 Construction 62 0 0 62 Total $ 1,281 $ 0 $ 0 $ 1,281 Other real estate owned Residential 1-4 family $ 724 $ 0 $ 0 $ 724 Commercial 927 0 0 927 Construction 1,090 0 0 1,090 Total $ 2,741 $ 0 $ 0 $ 2,741 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 September 30, 2016 (dollars in thousands) Valuation Techniques Unobservable Input Range (Weighted Average) Impaired loans Residential 1-4 family real estate $ 540 Market comparables Selling costs 7.25 % Liquidation discount 4.00 % Commercial real estate $ 1,030 Market comparables Selling costs 7.25 % Liquidation discount 4.00 % Construction $ 62 Market comparables Selling costs 7.25 % Liquidation discount 4.00 % Second mortgages $ 47 Market comparables Selling costs 0.00 % Liquidation discount 0.00 % Commercial not secured by real estate $ 597 Market comparables Liquidation discount 38.58 % Consumer loans 62 Market comparables Selling costs 10 % Liquidation discount 10 % Other real estate owned Residential 1-4 family $ 74 Market comparables Selling costs 7.25 % Liquidation discount 4.00 % Construction $ 940 Market comparables Selling costs 7.25 % Liquidation discount 0.00 % Quantitative Information About Level 3 Fair Value Measurements Fair Value at December 31, 2015 (dollars in thousands) Valuation Techniques Unobservable Input Range (Weighted Average) Impaired loans Residential 1-4 family real estate $ 952 Market comparables Selling costs 7.25 % Liquidation discount 0.00% - 4.00% (3.75 %) Commercial real estate $ 267 Market comparables Selling costs 7.25 % Liquidation discount 4.00 % Construction $ 62 Market comparables Selling costs 7.25 % Liquidation discount 4.00 % Other real estate owned Residential 1-4 family $ 724 Market comparables Selling costs 7.25 % Liquidation discount 4.00% - 7.17% (4.79 %) Commercial $ 927 Market comparables Selling costs 7.25 % Liquidation discount 4.00% - 24.70% (11.77 %) Construction $ 1,090 Market comparables Selling costs 6.72 % Liquidation discount 33.05 % 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 deposit 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 September 30, 2016 and December 31, 2015, 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 September 30, 2016 Using Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (in thousands) Assets Cash and cash equivalents $ 74,893 $ 74,893 $ 0 $ 0 Securities available-for-sale 162,219 0 162,219 0 Restricted securities 1,820 0 1,820 0 Loans, net of allowances for loan losses 586,140 0 0 591,152 Bank-owned life insurance 25,058 0 25,058 0 Accrued interest receivable 2,856 0 2,856 0 Liabilities Deposits $ 764,497 $ 0 $ 765,073 $ 0 Overnight repurchase agreements 18,239 0 18,239 0 Federal Home Loan Bank advances 20,000 0 20,008 0 Accrued interest payable 228 0 228 0 Fair Value Measurements at December 31, 2015 Using Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (in thousands) Assets Cash and cash equivalents $ 36,990 $ 36,990 $ 0 $ 0 Securities available-for-sale 214,192 0 214,192 0 Restricted securities 2,016 0 2,016 0 Loans, net of allowances for loan losses 560,737 0 0 559,488 Bank-owned life insurance 24,411 0 24,411 0 Accrued interest receivable 3,059 0 3,059 0 Liabilities Deposits $ 746,471 $ 0 $ 746,740 $ 0 Overnight repurchase agreements 25,950 0 25,950 0 Federal Home Loan Bank advances 25,000 0 25,501 0 Accrued interest payable 241 0 241 0 |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2016 | |
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 fees and dividends received from the Bank and Trust companies. The Company has no other segments. The Company's reportable segments are strategic business units that offer different products and services. They are managed separately because each segment appeals to different markets and, accordingly, requires different technologies and marketing strategies. Information about reportable segments, and reconciliation of such information to the consolidated financial statements as of and for the three and nine months ended September 30, 2016 and 2015 follows: Three Months Ended September 30, 2016 Bank Trust Parent Eliminations Consolidated (in thousands) Revenues Interest and dividend income $ 7,420 $ 16 $ 1,572 $ (1,572 ) $ 7,436 Income from fiduciary activities 0 858 0 0 858 Other income 2,277 207 50 (65 ) 2,469 Total operating income 9,697 1,081 1,622 (1,637 ) 10,763 Expenses Interest expense 633 0 0 0 633 Provision for (recovery of) loan losses (100 ) 0 0 0 (100 ) Salaries and employee benefits 4,296 665 102 0 5,063 Other expenses 3,114 262 315 (65 ) 3,626 Total operating expenses 7,943 927 417 (65 ) 9,222 Income before taxes 1,754 154 1,205 (1,572 ) 1,541 Income tax expense (benefit) 284 53 (125 ) 0 212 Net income $ 1,470 $ 101 $ 1,330 $ (1,572 ) $ 1,329 Capital expenditures $ 234 $ 0 $ 0 $ 0 $ 234 Total assets $ 900,160 $ 5,814 $ 96,467 $ (96,685 ) $ 905,756 Three Months Ended September 30, 2015 Bank Trust Parent Eliminations Consolidated (in thousands) Revenues Interest and dividend income $ 7,596 $ 13 $ 947 $ (947 ) $ 7,609 Income from fiduciary activities 0 846 0 0 846 Other income 2,125 267 50 (65 ) 2,377 Total operating income 9,721 1,126 997 (1,012 ) 10,832 Expenses Interest expense 915 0 0 0 915 Provision for (recovery of) loan losses (50 ) 0 0 0 (50 ) Salaries and employee benefits 4,680 716 114 0 5,510 Other expenses 3,328 279 99 (65 ) 3,641 Total operating expenses 8,873 995 213 (65 ) 10,016 Income before taxes 848 131 784 (947 ) 816 Income tax expense (benefit) (13 ) 45 (56 ) 0 (24 ) Net income $ 861 $ 86 $ 840 $ (947 ) $ 840 Capital expenditures $ 154 $ 2 $ 0 $ 0 $ 156 Total assets $ 873,986 $ 5,805 $ 90,866 $ (91,705 ) $ 878,952 Nine Months Ended September 30, 2016 Bank Trust Parent Eliminations Consolidated (in thousands) Revenues Interest and dividend income $ 22,191 $ 45 $ 3,443 $ (3,443 ) $ 22,236 Income from fiduciary activities 0 2,636 0 0 2,636 Other income 6,954 734 150 (196 ) 7,642 Total operating income 29,145 3,415 3,593 (3,639 ) 32,514 Expenses Interest expense 1,934 0 0 0 1,934 Provision for loan losses 1,300 0 0 0 1,300 Salaries and employee benefits 12,782 2,022 303 0 15,107 Other expenses 9,913 774 667 (196 ) 11,158 Total operating expenses 25,929 2,796 970 (196 ) 29,499 Income before taxes 3,216 619 2,623 (3,443 ) 3,015 Income tax expense (benefit) 181 211 (279 ) 0 113 Net income $ 3,035 $ 408 $ 2,902 $ (3,443 ) $ 2,902 Capital expenditures $ 706 $ 4 $ 0 $ 0 $ 710 Total assets $ 900,160 $ 5,814 $ 96,467 $ (96,685 ) $ 905,756 Nine Months Ended September 30, 2015 Bank Trust Parent Eliminations Consolidated (in thousands) Revenues Interest and dividend income $ 22,624 $ 39 $ 3,590 $ (3,590 ) $ 22,663 Income from fiduciary activities 0 2,740 0 0 2,740 Other income 6,387 778 150 (196 ) 7,119 Total operating income 29,011 3,557 3,740 (3,786 ) 32,522 Expenses Interest expense 2,726 0 0 0 2,726 Provision for loan losses 250 0 0 0 250 Salaries and employee benefits 13,263 2,014 339 0 15,616 Other expenses 9,526 771 215 (196 ) 10,316 Total operating expenses 25,765 2,785 554 (196 ) 28,908 Income before taxes 3,246 772 3,186 (3,590 ) 3,614 Income tax expense (benefit) 165 263 (138 ) 0 290 Net income $ 3,081 $ 509 $ 3,324 $ (3,590 ) $ 3,324 Capital expenditures $ 1,183 $ 21 $ 0 $ 0 $ 1,204 Total assets $ 873,986 $ 5,805 $ 90,866 $ (91,705 ) $ 878,952 The accounting policies of the segments are the same as those described in the summary of significant accounting policies reported in the Company's 2015 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 | 9 Months Ended |
Sep. 30, 2016 | |
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 2015 annual report on Form 10-K. |
General (Policies)
General (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
General [Abstract] | |
PRINCIPLES OF CONSOLIDATION | 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 | 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 September 30, 2016, 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 | 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. |
Recent Accounting Pronounceme21
Recent Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Recent Accounting Pronouncements [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | 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 January 2016, the FASB issued ASU 2016-01, "Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities". The amendments in ASU 2016-01, among other things: 1) Requires equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. 2) Requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. 3) Requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (i.e., securities or loans and receivables). 4) Eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost. The amendments in this ASU are effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company is currently assessing the impact that ASU 2016-01 will have on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)". Among other things, in the amendments in ASU 2016-02, lessees will be required to recognize the following for all leases (with the exception of short-term leases) at the commencement date: (1) A lease liability, which is a lessee's obligation to make lease payments arising from a lease, measured on a discounted basis; and (2) A right-of-use asset, which is an asset that represents the lessee's right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged. Certain targeted improvements were made to align, where necessary, lessor accounting with the lessee accounting model and Topic 606, Revenue from Contracts with Customers. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted upon issuance. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees and lessors may not apply a full retrospective transition approach. The Company is currently assessing the impact that ASU 2016-02 will have on its consolidated financial statements. During March 2016, the FASB issued ASU No. 2016-05, "Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships". The amendments in this ASU clarify that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument does not, in and of itself, require dedesignation of that hedging relationship provided that all other hedge accounting criteria remain intact. The amendments are effective for public business entities for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The Company does not expect the adoption of ASU 2016-05 to have a material impact on its consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-07, "Investments – Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting". The amendments in this ASU eliminate the requirement that when an investment qualifies for use of the equity method as a result of an increase in the level of ownership interest or degree of influence, an investor must adjust the investment, results of operations, and retained earnings retroactively on a step-by-step basis as if the equity method had been in effect during all previous periods that the investment had been held. The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor's previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. Therefore, upon qualifying for the equity method of accounting, no retroactive adjustment of the investment is required. In addition, the amendments in this ASU require that an entity that has an available-for-sale equity security that becomes qualified for the equity method of accounting recognize through earnings the unrealized holding gain or loss in accumulated other comprehensive income at the date the investment becomes qualified for use of the equity method. The amendments are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. The amendments should be applied prospectively upon their effective date to increases in the level of ownership interest or degree of influence that result in the adoption of the equity method. Early Adoption is permitted. The Company does not expect the adoption of ASU 2016-07 to have a material impact on its consolidated financial statements. During March 2016, the FASB issued ASU No. 2016-09, "Compensation – Stock Compensation (Topic 718): Improvements to Employee Shares-Based Payment Accounting". The amendments in this ASU simplify several aspects of the accounting for share-based payment award transactions including: (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows. The amendments are effective for public companies for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The Company is currently assessing the impact that ASU 2016-09 will have on its consolidated financial statements. During June 2016, the FASB issued ASU No. 2016-13, "Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments". The amendments in this ASU, among other things, require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. In addition, the ASU amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. The amendments in this ASU are effective for Securities and Exchange Commission (SEC) filers for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. For public companies that are not SEC filers, the amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The Company is currently assessing the impact that ASU 2016-13 will have on its consolidated financial statements. During August 2016, the FASB issued ASU No. 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments", to address diversity in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The amendments are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The amendments should be applied using a retrospective transition method to each period presented. If retrospective application is impractical for some of the issues addressed by the update, the amendments for those issues would be applied prospectively as of the earliest date practicable. Early adoption is permitted, including adoption in an interim period. The Company does not expect the adoption of ASU 2016-15 to have a material impact on its consolidated financial statements. |
Securities (Tables)
Securities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Securities [Abstract] | |
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 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) September 30, 2016 Obligations of U.S. Government agencies $ 4,016 $ 1 $ (13 ) $ 4,004 Obligations of state and political subdivisions 69,846 1,559 (4 ) 71,401 Mortgage-backed securities 82,124 429 (49 ) 82,504 Money market investments 564 0 0 564 Corporate bonds and other securities 3,598 17 (4 ) 3,611 Other marketable equity securities 100 35 0 135 Total $ 160,248 $ 2,041 $ (70 ) $ 162,219 December 31, 2015 Obligations of U.S. Government agencies $ 24,353 $ 1 $ (114 ) $ 24,240 Obligations of state and political subdivisions 77,223 1,323 (113 ) 78,433 Mortgage-backed securities 109,360 0 (1,964 ) 107,396 Money market investments 631 0 0 631 Corporate bonds and other securities 3,397 4 (8 ) 3,393 Other marketable equity securities 100 0 (1 ) 99 Total $ 215,064 $ 1,328 $ (2,200 ) $ 214,192 |
Realized Gains and (Losses) on Sale of Investments | The following table summarizes realized gains and losses on the sale of investment securities during the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Securities Available-for-sale Realized gains on sales of securities $ 24 $ 0 $ 578 $ 0 Realized losses on sales of securities (17 ) 0 (56 ) 0 Net realized gain $ 7 $ 0 $ 522 $ 0 |
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: September 30, 2016 Less Than Twelve Months More Than Twelve Months Total Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Number of Securities (dollars in thousands) Securities Available-for-Sale Obligations of U.S. Government agencies $ 13 $ 3,703 $ 0 $ 0 $ 13 $ 3,703 3 Obligations of state and political subdivisions 4 1,314 0 0 4 1,314 3 Mortgage-backed securities 49 16,717 0 0 49 16,717 4 Corporate bonds 3 797 1 99 4 896 7 Total securities available-for-sale $ 69 $ 22,531 $ 1 $ 99 $ 70 $ 22,630 17 December 31, 2015 Less Than Twelve Months More Than Twelve Months Total Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Number of Securities (dollars in thousands) Securities Available-for-Sale Obligations of U.S. Government agencies $ 0 $ 0 $ 114 $ 3,940 $ 114 $ 3,940 2 Obligations of state and political subdivisions 42 4,177 71 3,545 113 7,722 13 Mortgage-backed securities 848 62,698 1,116 44,698 1,964 107,396 13 Corporate bonds 6 2,091 2 198 8 2,289 16 Other marketable equity securities 1 99 0 0 1 99 1 Total securities available-for-sale $ 897 $ 69,065 $ 1,303 $ 52,381 $ 2,200 $ 121,446 45 |
Loans and the Allowance for L23
Loans and the Allowance for Loan Losses (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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: September 30, 2016 December 31, 2015 (in thousands) Mortgage loans on real estate: Residential 1-4 family $ 97,278 $ 96,997 Commercial 286,759 277,758 Construction 22,679 19,685 Second mortgages 16,895 15,148 Equity lines of credit 47,439 47,256 Total mortgage loans on real estate 471,050 456,844 Commercial loans 47,239 43,197 Consumer loans 49,628 50,427 Other 26,003 18,007 Total loans, net of deferred fees (1) 593,920 568,475 Less: Allowance for loan losses (7,780 ) (7,738 ) Loans, net of allowance and deferred fees (1) $ 586,140 $ 560,737 (1) Deferred loan fees totaled $480 thousand and $407 thousand at September 30, 2016 and December 31, 2015, respectively. Overdrawn deposit accounts are reclassified as loans and included in the Other category in the table above. Overdrawn deposit accounts totaled $707 thousand and $648 thousand at September 30, 2016 and December 31, 2015, 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 September 30, 2016 (in thousands) Pass OAEM Substandard Total Mortgage loans on real estate: Residential 1-4 family $ 94,209 $ 1,020 $ 2,049 $ 97,278 Commercial 267,661 6,834 12,264 286,759 Construction 21,776 162 741 22,679 Second mortgages 16,197 490 208 16,895 Equity lines of credit 47,083 213 143 47,439 Total mortgage loans on real estate 446,926 8,719 15,405 471,050 Commercial loans 43,230 2,611 1,398 47,239 Consumer loans 49,389 0 239 49,628 Other 26,003 0 0 26,003 Total $ 565,548 $ 11,330 $ 17,042 $ 593,920 Credit Quality Information As of December 31, 2015 (in thousands) Pass OAEM Substandard Total Mortgage loans on real estate: Residential 1-4 family $ 94,576 $ 0 $ 2,421 $ 96,997 Commercial 261,749 7,394 8,615 277,758 Construction 18,931 0 754 19,685 Second mortgages 14,835 0 313 15,148 Equity lines of credit 47,161 0 95 47,256 Total mortgage loans on real estate 437,252 7,394 12,198 456,844 Commercial loans 40,268 467 2,462 43,197 Consumer loans 50,327 0 100 50,427 Other 18,007 0 0 18,007 Total $ 545,854 $ 7,861 $ 14,760 $ 568,475 As of September 30, 2016 and December 31, 2015, 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 September 30, 2016 30 - 59 Days Past Due 60 - 89 Days Past Due 90 or More Days Past Due Total Past Due Total Current Loans (1) Total Loans Recorded Investment > 90 Days Past Due and Accruing (in thousands) Mortgage loans on real estate: Residential 1-4 family $ 304 $ 562 $ 826 $ 1,692 $ 95,586 $ 97,278 $ 0 Commercial 795 124 108 1,027 285,732 286,759 0 Construction 0 456 0 456 22,223 22,679 0 Second mortgages 195 0 77 272 16,623 16,895 0 Equity lines of credit 359 0 50 409 47,030 47,439 50 Total mortgage loans on real estate 1,653 1,142 1,061 3,856 467,194 471,050 50 Commercial loans 0 6 86 92 47,147 47,239 0 Consumer loans 1,981 824 2,647 5,452 44,176 49,628 2,566 Other 48 7 4 59 25,944 26,003 4 Total $ 3,682 $ 1,979 $ 3,798 $ 9,459 $ 584,461 $ 593,920 $ 2,620 (1) In the table above, the consumer category includes student loans with principal and interest amounts that are 97 - 98% guaranteed by the federal government. The past due principal portion of these guaranteed loans totaled $4.3 million at September 30, 2016. Age Analysis of Past Due Loans as of December 31, 2015 30 - 59 Days Past Due 60 - 89 Days Past Due 90 or More Days Past Due Total Past Due Total Current Loans (1) Total Loans Recorded Investment > 90 Days Past Due and Accruing (in thousands) Mortgage loans on real estate: Residential 1-4 family $ 309 $ 1,042 $ 275 $ 1,626 $ 95,371 $ 96,997 $ 0 Commercial 1,266 31 23 1,320 276,438 277,758 23 Construction 161 0 0 161 19,524 19,685 0 Second mortgages 21 39 165 225 14,923 15,148 0 Equity lines of credit 170 0 0 170 47,086 47,256 0 Total mortgage loans on real estate 1,927 1,112 463 3,502 453,342 456,844 23 Commercial loans 500 88 232 820 42,377 43,197 164 Consumer loans 1,673 1,350 3,163 6,186 44,241 50,427 3,163 Other 64 3 6 73 17,934 18,007 6 Total $ 4,164 $ 2,553 $ 3,864 $ 10,581 $ 557,894 $ 568,475 $ 3,356 (1) In the table above, the consumer category includes student loans with principal and interest amounts that are 97 - 98% guaranteed by the federal government. The past due principal portion of these guaranteed loans totaled $5.7 million at December 31, 2015. Although the portion of the student loan portfolio that is 90 days or more past due would normally be considered impaired, the Company does not include these loans in its impairment analysis. Because the federal government has provided guarantees of repayment of these student loans in an amount ranging from 97% to 98% |
Nonaccrual Loans | The following table presents loans in nonaccrual status by class of loan as of the dates indicated: Nonaccrual Loans by Class September 30, 2016 December 31, 2015 (in thousands) Mortgage loans on real estate Residential 1-4 family $ 1,587 $ 1,457 Commercial 6,366 2,623 Second mortgages 129 226 Equity lines of credit 93 0 Total mortgage loans on real estate 8,175 4,306 Commercial loans 196 276 Consumer loans 179 0 Total $ 8,550 $ 4,582 |
Interest Income 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: Nine Months Ended September 30, 2016 2015 (in thousands) Interest income that would have been recorded under original loan terms $ 232 $ 90 Actual interest income recorded for the period 182 65 Reduction in interest income on nonaccrual loans $ 50 $ 25 |
Troubled Debt Restructurings by Class | The following table presents TDRs during the period indicated, by class of loan. Troubled Debt Restructurings by Class For the Three Months Ended September 30, 2016 (dollars in thousands) Number of Modifications Recorded Investment Prior to Modification Recorded Investment After Modification Current Investment on September 30, 2016 Mortgage loans on real estate: Residential 1-4 family 4 $ 1,002 $ 1,002 $ 1,002 Commercial 1 150 150 150 Second mortgages 1 53 53 53 Equity lines of credit 1 93 93 93 Total mortgage loans on real estate 7 1,298 1,298 1,298 Consumer loans 2 8 8 8 Total 9 $ 1,306 $ 1,306 $ 1,306 Troubled Debt Restructurings by Class For the Three Months Ended September 30, 2015 (dollars in thousands) Number of Modifications Recorded Investment Prior to Modification Recorded Investment After Modification Current Investment on September 30, 2015 Mortgage loans on real estate: Commercial 1 $ 194 $ 194 $ 0 Construction 1 435 435 410 Second mortgages 1 61 61 61 Total 3 $ 690 $ 690 $ 664 Troubled Debt Restructurings by Class For the Nine Months Ended September 30, 2016 (dollars in thousands) Number of Modifications Recorded Investment Prior to Modification Recorded Investment After Modification Current Investment on September 30, 2016 Mortgage loans on real estate: Residential 1-4 family 4 $ 1,002 $ 1,002 $ 1,002 Commercial 1 150 150 150 Second mortgages 1 53 53 53 Equity lines of credit 1 93 93 93 Total mortgage loans on real estate 7 1,298 1,298 1,298 Commercial loans 1 152 152 109 Consumer loans 2 8 8 8 Total 10 $ 1,458 $ 1,458 $ 1,415 Troubled Debt Restructurings by Class For the Nine Months Ended September 30, 2015 (dollars in thousands) Number of Modifications Recorded Investment Prior to Modification Recorded Investment After Modification Current Investment on September 30, 2015 Mortgage loans on real estate: Commercial 1 $ 194 $ 194 $ 193 Construction 1 435 435 410 Second mortgages 1 61 61 61 Total 3 $ 690 $ 690 $ 664 |
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 September 30, 2016 For the nine months ended September 30, 2016 Recorded Investment Unpaid Principal Balance Without Valuation Allowance With Valuation Allowance Associated Allowance Average Recorded Investment Interest Income Recognized Mortgage loans on real estate: Residential 1-4 family $ 3,351 $ 2,474 $ 762 $ 75 $ 2,833 $ 101 Commercial 13,992 9,409 3,756 304 10,645 418 Construction 623 533 96 34 454 32 Second mortgages 530 401 52 5 522 21 Equity lines of credit 93 93 0 0 31 2 Total mortgage loans on real estate $ 18,589 $ 12,910 $ 4,666 $ 418 $ 14,485 $ 574 Commercial loans 1,061 196 777 180 772 57 Consumer loans 178 81 97 35 64 6 Total $ 19,828 $ 13,187 $ 5,540 $ 633 $ 15,321 $ 637 Impaired Loans by Class (in thousands) As of December 31, 2015 For the Year Ended December 31, 2015 Recorded Investment Unpaid Principal Balance Without Valuation Allowance With Valuation Allowance Associated Allowance Average Recorded Investment Interest Income Recognized Mortgage loans on real estate: Residential 1-4 family $ 2,994 $ 1,530 $ 1,261 $ 146 $ 2,267 $ 132 Commercial 10,203 6,166 3,208 608 9,305 473 Construction 99 0 99 36 465 5 Second mortgages 535 499 0 0 571 21 Total mortgage loans on real estate $ 13,831 $ 8,195 $ 4,568 $ 790 $ 12,608 $ 631 Commercial loans 330 207 68 8 952 28 Consumer loans 12 12 0 0 13 1 Total $ 14,173 $ 8,414 $ 4,636 $ 798 $ 13,573 $ 660 |
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 Nine Months Ended September 30, 2016 Commercial Real Estate - Construction Real Estate - Mortgage (1) Consumer Other Total Allowance for Loan Losses: Balance at the beginning of period $ 633 $ 985 $ 5,628 $ 279 $ 213 $ 7,738 Charge-offs (915 ) 0 (393 ) (132 ) (99 ) (1,539 ) Recoveries 33 3 192 23 30 281 Provision for loan losses 1,209 93 (305 ) 175 128 1,300 Ending balance $ 960 $ 1,081 $ 5,122 $ 345 $ 272 $ 7,780 Ending balance individually evaluated for impairment $ 180 $ 34 $ 384 $ 35 $ 0 $ 633 Ending balance collectively evaluated for impairment 780 1,047 4,738 310 272 7,147 Ending balance $ 960 $ 1,081 $ 5,122 $ 345 $ 272 $ 7,780 Loan Balances: Ending balance individually evaluated for impairment $ 973 $ 629 $ 16,947 $ 178 $ 0 $ 18,727 Ending balance collectively evaluated for impairment 46,266 22,050 431,424 49,450 26,003 575,193 Ending balance $ 47,239 $ 22,679 $ 448,371 $ 49,628 $ 26,003 $ 593,920 For the Year Ended December 31, 2015 Commercial Real Estate - Construction Real Estate - Mortgage (1) Consumer Other Total Allowance for Loan Losses: Balance at the beginning of period $ 595 $ 703 $ 5,347 $ 219 $ 211 $ 7,075 Charge-offs (293 ) 0 (321 ) (92 ) (191 ) (897 ) Recoveries 50 1 393 39 52 535 Provision for loan losses 281 281 209 113 141 1,025 Ending balance $ 633 $ 985 $ 5,628 $ 279 $ 213 $ 7,738 Ending balance individually evaluated for impairment $ 8 $ 36 $ 754 $ 0 $ 0 $ 798 Ending balance collectively evaluated for impairment 625 949 4,874 279 213 6,940 Ending balance $ 633 $ 985 $ 5,628 $ 279 $ 213 $ 7,738 Loan Balances: Ending balance individually evaluated for impairment $ 275 $ 99 $ 12,664 $ 12 $ 0 $ 13,050 Ending balance collectively evaluated for impairment 42,922 19,586 424,495 50,415 18,007 555,425 Ending balance $ 43,197 $ 19,685 $ 437,159 $ 50,427 $ 18,007 $ 568,475 (1) |
Financing Receivable, Allowance for Credit Losses, Policy or Methodology Change [Policy Text Block] | Historical loss rates calculated by migration analysis are determined by the performance of a loan over a period of time (the migration period). This migration period can be lengthened or shortened based on management's assessment of the most appropriate length of time over which to analyze losses in the loan portfolio. The Company can also calculate multiple migration periods, allowing management to assess the migration of loans based on more than one starting point. In the third quarter of 2016, management made the following changes to its method for calculating the allowance: · The number of migration periods was changed from one to four. Each migration period remains at twelve quarters, the length of the migration period used by the Company in prior periods. This change reduced the provision for loan losses by $293 thousand. · The Company further sub-segmented its pool of consumer loans not secured by real estate to separate a pool of loans that share characteristics with each other that are not shared with other consumer loans. The new sub-segment is comprised of loans purchased from a single source for which management does not expect any charge-offs against the allowance. Accordingly, beginning with the third quarter of 2016, the historic loss factor does not apply to this group of loans. In addition, management determined that some of the qualitative factors that had previously been applied to these loans when they were grouped with all other consumer loans were no longer appropriate once these loans were separated into a new sub-segment. Creating this new sub-segment, which includes no anticipated losses, and applying the relevant qualitative factors to it reduced the provision for loan losses by $491 thousand. · As part of the process to determine whether a new sub-segment was appropriate, management analyzed the qualitative factors applied to each segment of the portfolio. Based on this analysis, management changed its qualitative factor adjustments on the Company's student loan portfolio to better reflect those factors that could potentially have an impact on the portfolio. This change reduced the provision for loan losses by $63 thousand. The following table represents the effect on the loan loss provision as a result of these changes in methodology. It compares the methodology actually used for the nine months ended September 30, 2016 to that used in prior periods. Calculated Provision Based on Current Quarter Methodology Calculated Provision Based on Prior Quarter Methodology Difference (in thousands) Portfolio Segment: Commercial $ 1,209 $ 1,491 $ (282 ) Real estate - construction 93 (5 ) 98 Real estate - mortgage (305 ) (195 ) (110 ) Consumer loans 175 729 (554 ) Other 128 127 1 Total $ 1,300 $ 2,147 $ (847 ) The allowance for loan losses was 1.31% of total loans at September 30, 2016, compared to 1.33% at June 30, 2016 and 1.36% at December 31, 2015. |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Share-Based Compensation [Abstract] | |
Stock Option Plan Activity | Stock option activity for the nine months ended September 30, 2016 is summarized below: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in years) Aggregate Intrinsic Value (in thousands) Options outstanding, January 1, 2016 74,960 $ 20.05 Granted 0 0 Exercised 0 0 Canceled or expired (7,480 ) 20.05 Options outstanding, September 30, 2016 67,480 $ 20.05 1.04 $ 41 Options exercisable, September 30, 2016 67,480 $ 20.05 1.04 $ 41 |
Pension Plan (Tables)
Pension Plan (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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 September 30, 2016 2015 (in thousands) Interest cost $ 70 $ 65 Expected return on plan assets (98 ) (91 ) Amortization of net loss 140 98 Net periodic pension plan cost $ 112 $ 72 Nine months ended September 30, 2016 2015 (in thousands) Interest cost $ 210 $ 196 Expected return on plan assets (294 ) (270 ) Amortization of net loss 420 295 Net periodic pension plan cost $ 336 $ 221 |
Stockholders' Equity and Earn26
Stockholders' Equity and Earnings per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Affected Line Item on Consolidated Statements of Income (in thousands) Available-for-sale securities Realized gains (losses) on sales of securities $ $7 $ $0 $ $522 $ $0 Gain on sale of available-for-sale securities, net Tax effect 2 0 177 0 Income tax expense $ $5 $ $0 $ $345 $ $0 |
Other Comprehensive Income | The following table presents the changes in accumulated other comprehensive Income (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 Income (Loss) (in thousands) Nine Months Ended September 30, 2016 Balance at beginning of period $ (576 ) $ 0 $ (2,586 ) $ (3,162 ) Net change for the period 1,877 0 0 1,877 Balance at end of period $ 1,301 $ 0 $ (2,586 ) $ (1,285 ) Nine Months Ended September 30, 2015 Balance at beginning of period $ (78 ) $ (3,386 ) $ (2,429 ) $ (5,893 ) Net change for the period (209 ) 471 0 262 Balance at end of period $ (287 ) $ (2,915 ) $ (2,429 ) $ (5,631 ) |
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 Income (loss) on a pre-tax and after-tax basis for the periods indicated. Nine Months Ended September 30, 2016 Pretax Tax Net-of-Tax (in thousands) Unrealized gains on available-for-sale securities: Unrealized holding gains arising during the period $ 3,366 $ 1,144 $ 2,222 Reclassification adjustment for gains recognized in income (522 ) (177 ) (345 ) Net unrealized gains on securities 2,844 967 1,877 Total change in accumulated other comprehensive loss $ 2,844 $ 967 $ 1,877 Nine Months Ended September 30, 2015 Pretax Tax Net-of-Tax (in thousands) Unrealized losses on available-for-sale securities: Unrealized holding losses arising during the period $ (316 ) $ (107 ) $ (209 ) Unrealized losses on securities transferred from available-for-sale to held-to-maturity: Amortization 714 243 471 Net change $ 398 $ 136 $ 262 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Measurements [Abstract] | |
Assets Measured at Fair Value on 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 September 30, 2016 Using Balance Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (in thousands) Available-for-sale securities Obligations of U.S. Government agencies $ 4,004 $ 0 $ 4,004 $ 0 Obligations of state and political subdivisions 71,401 0 71,401 0 Mortgage-backed securities 82,504 0 82,504 0 Money market investments 564 0 564 0 Corporate bonds 3,611 0 3,611 0 Other marketable equity securities 135 0 135 0 Total available-for-sale securities $ 162,219 $ 0 $ 162,219 $ 0 Fair Value Measurements at December 31, 2015 Using Balance Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (in thousands) Available-for-sale securities Obligations of U.S. Government agencies $ 24,240 $ 0 $ 24,240 $ 0 Obligations of state and political subdivisions 78,433 0 78,433 0 Mortgage-backed securities 107,396 0 107,396 0 Money market investments 631 0 631 0 Corporate bonds 3,393 0 3,393 0 Other marketable equity securities 99 0 99 0 Total available-for-sale securities $ 214,192 $ 0 $ 214,192 $ 0 |
Assets Measured at Fair Value on 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 loan's effective interest rate 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 September 30, 2016 Using Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (in thousands) Impaired loans Mortgage loans on real estate: Residential 1-4 family $ 540 $ 0 $ 0 $ 540 Commercial 1,030 0 0 1,030 Construction 62 0 0 62 Second mortgages 47 0 0 47 Total mortgage loans on real estate 1,679 0 0 1,679 Consumer loans 62 0 0 62 Commercial loans 597 0 0 597 Total $ 2,338 $ 0 $ 0 $ 2,338 Other real estate owned Residential 1-4 family $ 74 $ 0 $ 0 $ 74 Construction 940 0 0 940 Total $ 1,014 $ 0 $ 0 $ 1,014 Carrying Value at December 31, 2015 Using Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (in thousands) Impaired loans Mortgage loans on real estate: Residential 1-4 family $ 952 $ 0 $ 0 $ 952 Commercial 267 0 0 267 Construction 62 0 0 62 Total $ 1,281 $ 0 $ 0 $ 1,281 Other real estate owned Residential 1-4 family $ 724 $ 0 $ 0 $ 724 Commercial 927 0 0 927 Construction 1,090 0 0 1,090 Total $ 2,741 $ 0 $ 0 $ 2,741 |
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 September 30, 2016 (dollars in thousands) Valuation Techniques Unobservable Input Range (Weighted Average) Impaired loans Residential 1-4 family real estate $ 540 Market comparables Selling costs 7.25 % Liquidation discount 4.00 % Commercial real estate $ 1,030 Market comparables Selling costs 7.25 % Liquidation discount 4.00 % Construction $ 62 Market comparables Selling costs 7.25 % Liquidation discount 4.00 % Second mortgages $ 47 Market comparables Selling costs 0.00 % Liquidation discount 0.00 % Commercial not secured by real estate $ 597 Market comparables Liquidation discount 38.58 % Consumer loans 62 Market comparables Selling costs 10 % Liquidation discount 10 % Other real estate owned Residential 1-4 family $ 74 Market comparables Selling costs 7.25 % Liquidation discount 4.00 % Construction $ 940 Market comparables Selling costs 7.25 % Liquidation discount 0.00 % Quantitative Information About Level 3 Fair Value Measurements Fair Value at December 31, 2015 (dollars in thousands) Valuation Techniques Unobservable Input Range (Weighted Average) Impaired loans Residential 1-4 family real estate $ 952 Market comparables Selling costs 7.25 % Liquidation discount 0.00% - 4.00% (3.75 %) Commercial real estate $ 267 Market comparables Selling costs 7.25 % Liquidation discount 4.00 % Construction $ 62 Market comparables Selling costs 7.25 % Liquidation discount 4.00 % Other real estate owned Residential 1-4 family $ 724 Market comparables Selling costs 7.25 % Liquidation discount 4.00% - 7.17% (4.79 %) Commercial $ 927 Market comparables Selling costs 7.25 % Liquidation discount 4.00% - 24.70% (11.77 %) Construction $ 1,090 Market comparables Selling costs 6.72 % Liquidation discount 33.05 % |
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 September 30, 2016 Using Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (in thousands) Assets Cash and cash equivalents $ 74,893 $ 74,893 $ 0 $ 0 Securities available-for-sale 162,219 0 162,219 0 Restricted securities 1,820 0 1,820 0 Loans, net of allowances for loan losses 586,140 0 0 591,152 Bank-owned life insurance 25,058 0 25,058 0 Accrued interest receivable 2,856 0 2,856 0 Liabilities Deposits $ 764,497 $ 0 $ 765,073 $ 0 Overnight repurchase agreements 18,239 0 18,239 0 Federal Home Loan Bank advances 20,000 0 20,008 0 Accrued interest payable 228 0 228 0 Fair Value Measurements at December 31, 2015 Using Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (in thousands) Assets Cash and cash equivalents $ 36,990 $ 36,990 $ 0 $ 0 Securities available-for-sale 214,192 0 214,192 0 Restricted securities 2,016 0 2,016 0 Loans, net of allowances for loan losses 560,737 0 0 559,488 Bank-owned life insurance 24,411 0 24,411 0 Accrued interest receivable 3,059 0 3,059 0 Liabilities Deposits $ 746,471 $ 0 $ 746,740 $ 0 Overnight repurchase agreements 25,950 0 25,950 0 Federal Home Loan Bank advances 25,000 0 25,501 0 Accrued interest payable 241 0 241 0 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Reconciliation of Assets and Revenues from Segment to Consolidated | Information about reportable segments, and reconciliation of such information to the consolidated financial statements as of and for the three and nine months ended September 30, 2016 and 2015 follows: Three Months Ended September 30, 2016 Bank Trust Parent Eliminations Consolidated (in thousands) Revenues Interest and dividend income $ 7,420 $ 16 $ 1,572 $ (1,572 ) $ 7,436 Income from fiduciary activities 0 858 0 0 858 Other income 2,277 207 50 (65 ) 2,469 Total operating income 9,697 1,081 1,622 (1,637 ) 10,763 Expenses Interest expense 633 0 0 0 633 Provision for (recovery of) loan losses (100 ) 0 0 0 (100 ) Salaries and employee benefits 4,296 665 102 0 5,063 Other expenses 3,114 262 315 (65 ) 3,626 Total operating expenses 7,943 927 417 (65 ) 9,222 Income before taxes 1,754 154 1,205 (1,572 ) 1,541 Income tax expense (benefit) 284 53 (125 ) 0 212 Net income $ 1,470 $ 101 $ 1,330 $ (1,572 ) $ 1,329 Capital expenditures $ 234 $ 0 $ 0 $ 0 $ 234 Total assets $ 900,160 $ 5,814 $ 96,467 $ (96,685 ) $ 905,756 Three Months Ended September 30, 2015 Bank Trust Parent Eliminations Consolidated (in thousands) Revenues Interest and dividend income $ 7,596 $ 13 $ 947 $ (947 ) $ 7,609 Income from fiduciary activities 0 846 0 0 846 Other income 2,125 267 50 (65 ) 2,377 Total operating income 9,721 1,126 997 (1,012 ) 10,832 Expenses Interest expense 915 0 0 0 915 Provision for (recovery of) loan losses (50 ) 0 0 0 (50 ) Salaries and employee benefits 4,680 716 114 0 5,510 Other expenses 3,328 279 99 (65 ) 3,641 Total operating expenses 8,873 995 213 (65 ) 10,016 Income before taxes 848 131 784 (947 ) 816 Income tax expense (benefit) (13 ) 45 (56 ) 0 (24 ) Net income $ 861 $ 86 $ 840 $ (947 ) $ 840 Capital expenditures $ 154 $ 2 $ 0 $ 0 $ 156 Total assets $ 873,986 $ 5,805 $ 90,866 $ (91,705 ) $ 878,952 Nine Months Ended September 30, 2016 Bank Trust Parent Eliminations Consolidated (in thousands) Revenues Interest and dividend income $ 22,191 $ 45 $ 3,443 $ (3,443 ) $ 22,236 Income from fiduciary activities 0 2,636 0 0 2,636 Other income 6,954 734 150 (196 ) 7,642 Total operating income 29,145 3,415 3,593 (3,639 ) 32,514 Expenses Interest expense 1,934 0 0 0 1,934 Provision for loan losses 1,300 0 0 0 1,300 Salaries and employee benefits 12,782 2,022 303 0 15,107 Other expenses 9,913 774 667 (196 ) 11,158 Total operating expenses 25,929 2,796 970 (196 ) 29,499 Income before taxes 3,216 619 2,623 (3,443 ) 3,015 Income tax expense (benefit) 181 211 (279 ) 0 113 Net income $ 3,035 $ 408 $ 2,902 $ (3,443 ) $ 2,902 Capital expenditures $ 706 $ 4 $ 0 $ 0 $ 710 Total assets $ 900,160 $ 5,814 $ 96,467 $ (96,685 ) $ 905,756 Nine Months Ended September 30, 2015 Bank Trust Parent Eliminations Consolidated (in thousands) Revenues Interest and dividend income $ 22,624 $ 39 $ 3,590 $ (3,590 ) $ 22,663 Income from fiduciary activities 0 2,740 0 0 2,740 Other income 6,387 778 150 (196 ) 7,119 Total operating income 29,011 3,557 3,740 (3,786 ) 32,522 Expenses Interest expense 2,726 0 0 0 2,726 Provision for loan losses 250 0 0 0 250 Salaries and employee benefits 13,263 2,014 339 0 15,616 Other expenses 9,526 771 215 (196 ) 10,316 Total operating expenses 25,765 2,785 554 (196 ) 28,908 Income before taxes 3,246 772 3,186 (3,590 ) 3,614 Income tax expense (benefit) 165 263 (138 ) 0 290 Net income $ 3,081 $ 509 $ 3,324 $ (3,590 ) $ 3,324 Capital expenditures $ 1,183 $ 21 $ 0 $ 0 $ 1,204 Total assets $ 873,986 $ 5,805 $ 90,866 $ (91,705 ) $ 878,952 The accounting policies of the segments are the same as those described in the summary of significant accounting policies reported in the Company's 2015 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. |
General (Details)
General (Details) | Sep. 30, 2016Branch |
General [Abstract] | |
Number of branch offices | 18 |
Securities (Details)
Securities (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016USD ($)Security | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)Security | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($)Security | |
Amortized cost and fair value of securities available-for-sale [Abstract] | |||||
Amortized Cost | $ 160,248 | $ 160,248 | $ 215,064 | ||
Gross Unrealized Gains | 2,041 | 2,041 | 1,328 | ||
Gross Unrealized Losses | (70) | (70) | (2,200) | ||
Securities available-for-sale, at fair value | 162,219 | 162,219 | 214,192 | ||
Available-for-sale Securities, Realized Gains (Losses) [Abstract] | |||||
Realized gains on sales of securities | 24 | $ 0 | 578 | $ 0 | |
Realized losses on sales of securities | (17) | 0 | (56) | 0 | |
Net realized gain | 7 | $ 0 | 522 | $ 0 | |
Securities Available-for-Sale, Gross Unrealized Losses [Abstract] | |||||
Less Than Twelve Months | 69 | 69 | 897 | ||
More Than Twelve Months | 1 | 1 | 1,303 | ||
Total | 70 | 70 | 2,200 | ||
Securities Available-for-Sale, Fair Value [Abstract] | |||||
Less than Twelve Months | 22,531 | 22,531 | 69,065 | ||
More Than Twelve Months | 99 | 99 | 52,381 | ||
Total | $ 22,630 | $ 22,630 | $ 121,446 | ||
Available-for-sale securities with continuous unrealized loss position, number of securities [Abstract] | |||||
Cause | caused by increases in market interest rates. | ||||
Number of Securities | Security | 17 | 17 | 45 | ||
Obligations of U.S. Government agencies [Member] | |||||
Amortized cost and fair value of securities available-for-sale [Abstract] | |||||
Amortized Cost | $ 4,016 | $ 4,016 | $ 24,353 | ||
Gross Unrealized Gains | 1 | 1 | 1 | ||
Gross Unrealized Losses | (13) | (13) | (114) | ||
Securities available-for-sale, at fair value | 4,004 | 4,004 | 24,240 | ||
Securities Available-for-Sale, Gross Unrealized Losses [Abstract] | |||||
Less Than Twelve Months | 13 | 13 | 0 | ||
More Than Twelve Months | 0 | 0 | 114 | ||
Total | 13 | 13 | 114 | ||
Securities Available-for-Sale, Fair Value [Abstract] | |||||
Less than Twelve Months | 3,703 | 3,703 | 0 | ||
More Than Twelve Months | 0 | 0 | 3,940 | ||
Total | $ 3,703 | $ 3,703 | $ 3,940 | ||
Available-for-sale securities with continuous unrealized loss position, number of securities [Abstract] | |||||
Number of Securities | Security | 3 | 3 | 2 | ||
Obligations of states and political subdivisions [Member] | |||||
Amortized cost and fair value of securities available-for-sale [Abstract] | |||||
Amortized Cost | $ 69,846 | $ 69,846 | $ 77,223 | ||
Gross Unrealized Gains | 1,559 | 1,559 | 1,323 | ||
Gross Unrealized Losses | (4) | (4) | (113) | ||
Securities available-for-sale, at fair value | 71,401 | 71,401 | 78,433 | ||
Securities Available-for-Sale, Gross Unrealized Losses [Abstract] | |||||
Less Than Twelve Months | 4 | 4 | 42 | ||
More Than Twelve Months | 0 | 0 | 71 | ||
Total | 4 | 4 | 113 | ||
Securities Available-for-Sale, Fair Value [Abstract] | |||||
Less than Twelve Months | 1,314 | 1,314 | 4,177 | ||
More Than Twelve Months | 0 | 0 | 3,545 | ||
Total | $ 1,314 | $ 1,314 | $ 7,722 | ||
Available-for-sale securities with continuous unrealized loss position, number of securities [Abstract] | |||||
Number of Securities | Security | 3 | 3 | 13 | ||
Mortgage-backed securities [Member] | |||||
Amortized cost and fair value of securities available-for-sale [Abstract] | |||||
Amortized Cost | $ 82,124 | $ 82,124 | $ 109,360 | ||
Gross Unrealized Gains | 429 | 429 | 0 | ||
Gross Unrealized Losses | (49) | (49) | (1,964) | ||
Securities available-for-sale, at fair value | 82,504 | 82,504 | 107,396 | ||
Securities Available-for-Sale, Gross Unrealized Losses [Abstract] | |||||
Less Than Twelve Months | 49 | 49 | 848 | ||
More Than Twelve Months | 0 | 0 | 1,116 | ||
Total | 49 | 49 | 1,964 | ||
Securities Available-for-Sale, Fair Value [Abstract] | |||||
Less than Twelve Months | 16,717 | 16,717 | 62,698 | ||
More Than Twelve Months | 0 | 0 | 44,698 | ||
Total | $ 16,717 | $ 16,717 | $ 107,396 | ||
Available-for-sale securities with continuous unrealized loss position, number of securities [Abstract] | |||||
Number of Securities | Security | 4 | 4 | 13 | ||
Money market investments [Member] | |||||
Amortized cost and fair value of securities available-for-sale [Abstract] | |||||
Amortized Cost | $ 564 | $ 564 | $ 631 | ||
Gross Unrealized Gains | 0 | 0 | 0 | ||
Gross Unrealized Losses | 0 | 0 | 0 | ||
Securities available-for-sale, at fair value | 564 | 564 | 631 | ||
Securities Available-for-Sale, Gross Unrealized Losses [Abstract] | |||||
Total | 0 | 0 | 0 | ||
Corporate bonds [Member] | |||||
Amortized cost and fair value of securities available-for-sale [Abstract] | |||||
Amortized Cost | 3,598 | 3,598 | 3,397 | ||
Gross Unrealized Gains | 17 | 17 | 4 | ||
Gross Unrealized Losses | (4) | (4) | (8) | ||
Securities available-for-sale, at fair value | 3,611 | 3,611 | 3,393 | ||
Securities Available-for-Sale, Gross Unrealized Losses [Abstract] | |||||
Less Than Twelve Months | 3 | 3 | 6 | ||
More Than Twelve Months | 1 | 1 | 2 | ||
Total | 4 | 4 | 8 | ||
Securities Available-for-Sale, Fair Value [Abstract] | |||||
Less than Twelve Months | 797 | 797 | 2,091 | ||
More Than Twelve Months | 99 | 99 | 198 | ||
Total | $ 896 | $ 896 | $ 2,289 | ||
Available-for-sale securities with continuous unrealized loss position, number of securities [Abstract] | |||||
Number of Securities | Security | 7 | 7 | 16 | ||
Common Stock [Member] | |||||
Amortized cost and fair value of securities available-for-sale [Abstract] | |||||
Amortized Cost | $ 100 | $ 100 | $ 100 | ||
Gross Unrealized Gains | 35 | 35 | 0 | ||
Gross Unrealized Losses | 0 | 0 | (1) | ||
Securities available-for-sale, at fair value | 135 | 135 | 99 | ||
Securities Available-for-Sale, Gross Unrealized Losses [Abstract] | |||||
Less Than Twelve Months | 1 | ||||
More Than Twelve Months | 0 | ||||
Total | $ 0 | $ 0 | 1 | ||
Securities Available-for-Sale, Fair Value [Abstract] | |||||
Less than Twelve Months | 99 | ||||
More Than Twelve Months | 0 | ||||
Total | $ 99 | ||||
Available-for-sale securities with continuous unrealized loss position, number of securities [Abstract] | |||||
Number of Securities | Security | 1 |
Loans and the Allowance for L31
Loans and the Allowance for Loan Losses (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | $ 593,920 | $ 568,475 |
Less: Allowance for loan losses | (7,780) | (7,738) |
Loans, net of allowance and deferred fees | 586,140 | 560,737 |
Bank overdrafts | 707 | 648 |
Loans and Leases Receivable, Deferred Income, Total | 480 | 407 |
Total Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 471,050 | 456,844 |
Residential 1-4 Family [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 97,278 | 96,997 |
Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 286,759 | 277,758 |
Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 22,679 | 19,685 |
Second Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 16,895 | 15,148 |
Equity Line of Credit [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 47,439 | 47,256 |
Commercial Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 47,239 | 43,197 |
Consumer Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 49,628 | 50,427 |
Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | $ 26,003 | $ 18,007 |
Loans and the Allowance for L32
Loans and the Allowance for Loan Losses, Credit Quality (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loan receivables, gross carrying amount | $ 593,920 | $ 568,475 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan receivables, gross carrying amount | 565,548 | 545,854 |
OAEM [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan receivables, gross carrying amount | 11,330 | 7,861 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan receivables, gross carrying amount | 17,042 | 14,760 |
Total Mortgage Loans on Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan receivables, gross carrying amount | 471,050 | 456,844 |
Total Mortgage Loans on Real Estate [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan receivables, gross carrying amount | 446,926 | 437,252 |
Total Mortgage Loans on Real Estate [Member] | OAEM [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan receivables, gross carrying amount | 8,719 | 7,394 |
Total Mortgage Loans on Real Estate [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan receivables, gross carrying amount | 15,405 | 12,198 |
Residential 1-4 Family [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan receivables, gross carrying amount | 97,278 | 96,997 |
Residential 1-4 Family [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan receivables, gross carrying amount | 94,209 | 94,576 |
Residential 1-4 Family [Member] | OAEM [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan receivables, gross carrying amount | 1,020 | 0 |
Residential 1-4 Family [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan receivables, gross carrying amount | 2,049 | 2,421 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan receivables, gross carrying amount | 286,759 | 277,758 |
Commercial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan receivables, gross carrying amount | 267,661 | 261,749 |
Commercial [Member] | OAEM [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan receivables, gross carrying amount | 6,834 | 7,394 |
Commercial [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan receivables, gross carrying amount | 12,264 | 8,615 |
Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan receivables, gross carrying amount | 22,679 | 19,685 |
Construction [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan receivables, gross carrying amount | 21,776 | 18,931 |
Construction [Member] | OAEM [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan receivables, gross carrying amount | 162 | 0 |
Construction [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan receivables, gross carrying amount | 741 | 754 |
Second Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan receivables, gross carrying amount | 16,895 | 15,148 |
Second Mortgages [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan receivables, gross carrying amount | 16,197 | 14,835 |
Second Mortgages [Member] | OAEM [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan receivables, gross carrying amount | 490 | 0 |
Second Mortgages [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan receivables, gross carrying amount | 208 | 313 |
Equity Line of Credit [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan receivables, gross carrying amount | 47,439 | 47,256 |
Equity Line of Credit [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan receivables, gross carrying amount | 47,083 | 47,161 |
Equity Line of Credit [Member] | OAEM [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan receivables, gross carrying amount | 213 | 0 |
Equity Line of Credit [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan receivables, gross carrying amount | 143 | 95 |
Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan receivables, gross carrying amount | 47,239 | 43,197 |
Commercial Loans [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan receivables, gross carrying amount | 43,230 | 40,268 |
Commercial Loans [Member] | OAEM [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan receivables, gross carrying amount | 2,611 | 467 |
Commercial Loans [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan receivables, gross carrying amount | 1,398 | 2,462 |
Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan receivables, gross carrying amount | 49,628 | 50,427 |
Consumer Loans [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan receivables, gross carrying amount | 49,389 | 50,327 |
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 | 239 | 100 |
Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan receivables, gross carrying amount | 26,003 | 18,007 |
Other [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan receivables, gross carrying amount | 26,003 | 18,007 |
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 |
Loans and the Allowance for L33
Loans and the Allowance for Loan Losses, Past Due (Details) - USD ($) $ in Thousands | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | ||
Loans, Aging [Abstract] | ||||
Ending balance | $ 593,920 | $ 568,475 | ||
Recorded Investment > 90 Days Past Due and Accruing | 2,620 | 3,356 | ||
Financing Receivable, Recorded Investment, Current | [1] | 584,461 | 557,894 | |
Financing Receivable, Recorded Investment, Past Due | 9,459 | 10,581 | ||
Loans in nonaccrual status by class of loan [Abstract] | ||||
Loans in nonaccrual status | 8,550 | 4,582 | ||
Interest income that would have been recorded under original loan terms [Abstract] | ||||
Interest income that would have been recorded under original loan terms | 232 | $ 90 | ||
Actual interest income recorded for the period | 182 | 65 | ||
Reduction in interest income on non accrual loans | 50 | $ 25 | ||
Financing Receivables, 30 to 59 Days Past Due [Member] | ||||
Loans, Aging [Abstract] | ||||
Financing Receivable, Recorded Investment, Past Due | 3,682 | 4,164 | ||
Financing Receivables, 60 to 89 Days Past Due [Member] | ||||
Loans, Aging [Abstract] | ||||
Financing Receivable, Recorded Investment, Past Due | 1,979 | 2,553 | ||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||||
Loans, Aging [Abstract] | ||||
Financing Receivable, Recorded Investment, Past Due | 3,798 | 3,864 | ||
Total Mortgage Loans on Real Estate [Member] | ||||
Loans, Aging [Abstract] | ||||
Ending balance | 471,050 | 456,844 | ||
Recorded Investment > 90 Days Past Due and Accruing | 50 | 23 | ||
Financing Receivable, Recorded Investment, Current | [1] | 467,194 | 453,342 | |
Financing Receivable, Recorded Investment, Past Due | 3,856 | 3,502 | ||
Loans in nonaccrual status by class of loan [Abstract] | ||||
Loans in nonaccrual status | 8,175 | 4,306 | ||
Total Mortgage Loans on Real Estate [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||||
Loans, Aging [Abstract] | ||||
Financing Receivable, Recorded Investment, Past Due | 1,653 | 1,927 | ||
Total Mortgage Loans on Real Estate [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||||
Loans, Aging [Abstract] | ||||
Financing Receivable, Recorded Investment, Past Due | 1,142 | 1,112 | ||
Total Mortgage Loans on Real Estate [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||||
Loans, Aging [Abstract] | ||||
Financing Receivable, Recorded Investment, Past Due | 1,061 | 463 | ||
Residential 1-4 Family [Member] | ||||
Loans, Aging [Abstract] | ||||
Ending balance | 97,278 | 96,997 | ||
Recorded Investment > 90 Days Past Due and Accruing | 0 | 0 | ||
Financing Receivable, Recorded Investment, Current | [1] | 95,586 | 95,371 | |
Financing Receivable, Recorded Investment, Past Due | 1,692 | 1,626 | ||
Loans in nonaccrual status by class of loan [Abstract] | ||||
Loans in nonaccrual status | 1,587 | 1,457 | ||
Residential 1-4 Family [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||||
Loans, Aging [Abstract] | ||||
Financing Receivable, Recorded Investment, Past Due | 304 | 309 | ||
Residential 1-4 Family [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||||
Loans, Aging [Abstract] | ||||
Financing Receivable, Recorded Investment, Past Due | 562 | 1,042 | ||
Residential 1-4 Family [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||||
Loans, Aging [Abstract] | ||||
Financing Receivable, Recorded Investment, Past Due | 826 | 275 | ||
Commercial [Member] | ||||
Loans, Aging [Abstract] | ||||
Ending balance | 286,759 | 277,758 | ||
Recorded Investment > 90 Days Past Due and Accruing | 0 | 23 | ||
Financing Receivable, Recorded Investment, Current | [1] | 285,732 | 276,438 | |
Financing Receivable, Recorded Investment, Past Due | 1,027 | 1,320 | ||
Loans in nonaccrual status by class of loan [Abstract] | ||||
Loans in nonaccrual status | 6,366 | 2,623 | ||
Commercial [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||||
Loans, Aging [Abstract] | ||||
Financing Receivable, Recorded Investment, Past Due | 795 | 1,266 | ||
Commercial [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||||
Loans, Aging [Abstract] | ||||
Financing Receivable, Recorded Investment, Past Due | 124 | 31 | ||
Commercial [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||||
Loans, Aging [Abstract] | ||||
Financing Receivable, Recorded Investment, Past Due | 108 | 23 | ||
Construction [Member] | ||||
Loans, Aging [Abstract] | ||||
Ending balance | 22,679 | 19,685 | ||
Recorded Investment > 90 Days Past Due and Accruing | 0 | 0 | ||
Financing Receivable, Recorded Investment, Current | [1] | 22,223 | 19,524 | |
Financing Receivable, Recorded Investment, Past Due | 456 | 161 | ||
Construction [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||||
Loans, Aging [Abstract] | ||||
Financing Receivable, Recorded Investment, Past Due | 0 | 161 | ||
Construction [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||||
Loans, Aging [Abstract] | ||||
Financing Receivable, Recorded Investment, Past Due | 456 | 0 | ||
Construction [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||||
Loans, Aging [Abstract] | ||||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | ||
Second Mortgages [Member] | ||||
Loans, Aging [Abstract] | ||||
Ending balance | 16,895 | 15,148 | ||
Recorded Investment > 90 Days Past Due and Accruing | 0 | 0 | ||
Financing Receivable, Recorded Investment, Current | [1] | 16,623 | 14,923 | |
Financing Receivable, Recorded Investment, Past Due | 272 | 225 | ||
Loans in nonaccrual status by class of loan [Abstract] | ||||
Loans in nonaccrual status | 129 | 226 | ||
Second Mortgages [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||||
Loans, Aging [Abstract] | ||||
Financing Receivable, Recorded Investment, Past Due | 195 | 21 | ||
Second Mortgages [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||||
Loans, Aging [Abstract] | ||||
Financing Receivable, Recorded Investment, Past Due | 0 | 39 | ||
Second Mortgages [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||||
Loans, Aging [Abstract] | ||||
Financing Receivable, Recorded Investment, Past Due | 77 | 165 | ||
Equity Line of Credit [Member] | ||||
Loans, Aging [Abstract] | ||||
Ending balance | 47,439 | 47,256 | ||
Recorded Investment > 90 Days Past Due and Accruing | 50 | 0 | ||
Financing Receivable, Recorded Investment, Current | [1] | 47,030 | 47,086 | |
Financing Receivable, Recorded Investment, Past Due | 409 | 170 | ||
Loans in nonaccrual status by class of loan [Abstract] | ||||
Loans in nonaccrual status | 93 | 0 | ||
Equity Line of Credit [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||||
Loans, Aging [Abstract] | ||||
Financing Receivable, Recorded Investment, Past Due | 359 | 170 | ||
Equity Line of Credit [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||||
Loans, Aging [Abstract] | ||||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | ||
Equity Line of Credit [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||||
Loans, Aging [Abstract] | ||||
Financing Receivable, Recorded Investment, Past Due | 50 | 0 | ||
Commercial Loans [Member] | ||||
Loans, Aging [Abstract] | ||||
Ending balance | 47,239 | 43,197 | ||
Recorded Investment > 90 Days Past Due and Accruing | 0 | 164 | ||
Financing Receivable, Recorded Investment, Current | [1] | 47,147 | 42,377 | |
Financing Receivable, Recorded Investment, Past Due | 92 | 820 | ||
Loans in nonaccrual status by class of loan [Abstract] | ||||
Loans in nonaccrual status | 196 | 276 | ||
Commercial Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||||
Loans, Aging [Abstract] | ||||
Financing Receivable, Recorded Investment, Past Due | 0 | 500 | ||
Commercial Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||||
Loans, Aging [Abstract] | ||||
Financing Receivable, Recorded Investment, Past Due | 6 | 88 | ||
Commercial Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||||
Loans, Aging [Abstract] | ||||
Financing Receivable, Recorded Investment, Past Due | 86 | 232 | ||
Consumer Loans [Member] | ||||
Loans, Aging [Abstract] | ||||
Ending balance | 49,628 | 50,427 | ||
Recorded Investment > 90 Days Past Due and Accruing | 2,566 | 3,163 | ||
Financing Receivable, Recorded Investment, Current | [1] | 44,176 | 44,241 | |
Financing Receivable, Recorded Investment, Past Due | 5,452 | 6,186 | ||
Loans in nonaccrual status by class of loan [Abstract] | ||||
Loans in nonaccrual status | 179 | 0 | ||
Consumer Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||||
Loans, Aging [Abstract] | ||||
Financing Receivable, Recorded Investment, Past Due | 1,981 | 1,673 | ||
Consumer Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||||
Loans, Aging [Abstract] | ||||
Financing Receivable, Recorded Investment, Past Due | 824 | 1,350 | ||
Consumer Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||||
Loans, Aging [Abstract] | ||||
Financing Receivable, Recorded Investment, Past Due | 2,647 | 3,163 | ||
Other [Member] | ||||
Loans, Aging [Abstract] | ||||
Ending balance | 26,003 | 18,007 | ||
Recorded Investment > 90 Days Past Due and Accruing | 4 | 6 | ||
Financing Receivable, Recorded Investment, Current | [1] | 25,944 | 17,934 | |
Financing Receivable, Recorded Investment, Past Due | 59 | 73 | ||
Other [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||||
Loans, Aging [Abstract] | ||||
Financing Receivable, Recorded Investment, Past Due | 48 | 64 | ||
Other [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||||
Loans, Aging [Abstract] | ||||
Financing Receivable, Recorded Investment, Past Due | 7 | 3 | ||
Other [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||||
Loans, Aging [Abstract] | ||||
Financing Receivable, Recorded Investment, Past Due | 4 | 6 | ||
Guaranteed Student Loans [Member] | ||||
Loans, Aging [Abstract] | ||||
Financing Receivable, Recorded Investment, Past Due | $ 4,322 | $ 5,662 | ||
[1] | For purposes of this table, Total Current Loans includes loans that are 1 - 29 days past due. |
Loans and the Allowance for L34
Loans and the Allowance for Loan Losses, Troubled Debt Restructuring (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2016USD ($)Modification | Sep. 30, 2015USD ($)Modification | Sep. 30, 2016USD ($) | Sep. 30, 2016USD ($)Modification | Sep. 30, 2016USD ($)Contract | Sep. 30, 2015USD ($) | Sep. 30, 2015USD ($)Modification | Sep. 30, 2015USD ($)Contract | Dec. 31, 2015USD ($) | |
Financing Receivable, Modifications [Line Items] | |||||||||
Number of Modifications | 9 | 3 | 10 | 8 | 3 | 1 | |||
Recorded Investment Prior to Modification | $ 1,306 | $ 690 | $ 1,458 | $ 690 | |||||
Recorded Investment After Modification | 1,306 | 690 | 1,458 | 690 | |||||
Current Investment | 1,415 | 664 | 1,415 | $ 1,415 | $ 1,415 | 664 | $ 664 | $ 664 | |
Unfunded Commitments on TDRs | 0 | $ 0 | 0 | 0 | 0 | 0 | $ 0 | $ 0 | |
Mortgage Loans in Foreclosure Process, Amount | $ 0 | 0 | $ 0 | $ 0 | $ 53 | ||||
Interest Rate Below Market Reduction [Member] | |||||||||
Financing Receivable, Modifications [Line Items] | |||||||||
Number of Modifications | Contract | 2 | 2 | |||||||
Total Mortgage Loans on Real Estate [Member] | |||||||||
Financing Receivable, Modifications [Line Items] | |||||||||
Number of Modifications | Modification | 7 | 3 | 7 | 3 | |||||
Recorded Investment Prior to Modification | $ 1,298 | $ 690 | 1,298 | 690 | |||||
Recorded Investment After Modification | 1,298 | 690 | 1,298 | 690 | |||||
Current Investment | $ 1,298 | $ 664 | 1,298 | $ 1,298 | $ 1,298 | 664 | $ 664 | $ 664 | |
Residential 1-4 Family [Member] | |||||||||
Financing Receivable, Modifications [Line Items] | |||||||||
Number of Modifications | Modification | 4 | 4 | |||||||
Recorded Investment Prior to Modification | $ 1,002 | 1,002 | |||||||
Recorded Investment After Modification | 1,002 | 1,002 | |||||||
Current Investment | $ 1,002 | 1,002 | $ 1,002 | 1,002 | |||||
Commercial [Member] | |||||||||
Financing Receivable, Modifications [Line Items] | |||||||||
Number of Modifications | Modification | 1 | 1 | 1 | 1 | |||||
Recorded Investment Prior to Modification | $ 150 | $ 194 | 150 | 194 | |||||
Recorded Investment After Modification | 150 | 194 | 150 | 194 | |||||
Current Investment | $ 150 | $ 193 | 150 | $ 150 | 150 | 193 | $ 193 | $ 193 | |
Construction [Member] | |||||||||
Financing Receivable, Modifications [Line Items] | |||||||||
Number of Modifications | 1 | 1 | |||||||
Recorded Investment Prior to Modification | $ 435 | 435 | |||||||
Recorded Investment After Modification | 435 | 435 | |||||||
Current Investment | $ 410 | 410 | 410 | $ 410 | |||||
Second Mortgage [Member] | |||||||||
Financing Receivable, Modifications [Line Items] | |||||||||
Number of Modifications | 1 | 1 | 1 | 1 | |||||
Recorded Investment Prior to Modification | $ 53 | $ 61 | 53 | 61 | |||||
Recorded Investment After Modification | 53 | 61 | 53 | 61 | |||||
Current Investment | $ 53 | $ 61 | 53 | $ 53 | 53 | $ 61 | $ 61 | $ 61 | |
Equity Line of Credit [Member] | |||||||||
Financing Receivable, Modifications [Line Items] | |||||||||
Number of Modifications | Modification | 1 | 1 | |||||||
Recorded Investment Prior to Modification | $ 93 | 93 | |||||||
Recorded Investment After Modification | 93 | 93 | |||||||
Current Investment | 93 | 93 | $ 93 | 93 | |||||
Commercial Portfolio Segment [Member] | |||||||||
Financing Receivable, Modifications [Line Items] | |||||||||
Number of Modifications | Modification | 1 | ||||||||
Recorded Investment Prior to Modification | 152 | ||||||||
Recorded Investment After Modification | 152 | ||||||||
Current Investment | $ 109 | 109 | $ 109 | 109 | |||||
Consumer Portfolio Segment [Member] | |||||||||
Financing Receivable, Modifications [Line Items] | |||||||||
Number of Modifications | Modification | 2 | 2 | |||||||
Recorded Investment Prior to Modification | $ 8 | 8 | |||||||
Recorded Investment After Modification | 8 | 8 | |||||||
Current Investment | $ 8 | $ 8 | $ 8 | $ 8 |
Loans and the Allowance for L35
Loans and the Allowance for Loan Losses, Impaired Loans (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | $ 19,828 | $ 14,173 |
Without Valuation Allowance | 13,187 | 8,414 |
With Valuation Allowance | 5,540 | 4,636 |
Associated Allowance | 633 | 798 |
Average Recorded Investment | 15,321 | 13,573 |
Interest Income Recognized | 637 | 660 |
Total Mortgage Loans on Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 18,589 | 13,831 |
Without Valuation Allowance | 12,910 | 8,195 |
With Valuation Allowance | 4,666 | 4,568 |
Associated Allowance | 418 | 790 |
Average Recorded Investment | 14,485 | 12,608 |
Interest Income Recognized | 574 | 631 |
Residential 1-4 Family [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 3,351 | 2,994 |
Without Valuation Allowance | 2,474 | 1,530 |
With Valuation Allowance | 762 | 1,261 |
Associated Allowance | 75 | 146 |
Average Recorded Investment | 2,833 | 2,267 |
Interest Income Recognized | 101 | 132 |
Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 13,992 | 10,203 |
Without Valuation Allowance | 9,409 | 6,166 |
With Valuation Allowance | 3,756 | 3,208 |
Associated Allowance | 304 | 608 |
Average Recorded Investment | 10,645 | 9,305 |
Interest Income Recognized | 418 | 473 |
Construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 623 | 99 |
Without Valuation Allowance | 533 | 0 |
With Valuation Allowance | 96 | 99 |
Associated Allowance | 34 | 36 |
Average Recorded Investment | 454 | 465 |
Interest Income Recognized | 32 | 5 |
Second Mortgages [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 530 | 535 |
Without Valuation Allowance | 401 | 499 |
With Valuation Allowance | 52 | 0 |
Associated Allowance | 5 | 0 |
Average Recorded Investment | 522 | 571 |
Interest Income Recognized | 21 | 21 |
Equity Line of Credit [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 93 | |
Without Valuation Allowance | 93 | |
With Valuation Allowance | 0 | |
Associated Allowance | 0 | |
Average Recorded Investment | 31 | |
Interest Income Recognized | 2 | |
Commercial Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 1,061 | 330 |
Without Valuation Allowance | 196 | 207 |
With Valuation Allowance | 777 | 68 |
Associated Allowance | 180 | 8 |
Average Recorded Investment | 772 | 952 |
Interest Income Recognized | 57 | 28 |
Consumer Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 178 | 12 |
Without Valuation Allowance | 81 | 12 |
With Valuation Allowance | 97 | 0 |
Associated Allowance | 35 | 0 |
Average Recorded Investment | 64 | 13 |
Interest Income Recognized | $ 6 | $ 1 |
Loans and the Allowance for L36
Loans and the Allowance for Loan Losses, Activity In Period (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | Sep. 30, 2016 | Dec. 31, 2015 | ||
Allowance for loan losses by segment [Roll Forward] | ||||||||
Beginning Balance | $ 7,738 | $ 7,075 | $ 7,075 | |||||
Charges-offs | (1,539) | (897) | ||||||
Recoveries | 281 | 535 | ||||||
Provision for loan losses | $ (100) | $ (50) | 1,300 | 250 | 1,025 | |||
Ending balance | 7,780 | 7,780 | 7,738 | |||||
Ending balances individually evaluated for impairment | $ 633 | $ 798 | ||||||
Ending balances collectively evaluated for impairment | 7,147 | 6,940 | ||||||
Ending balance | 7,780 | 7,738 | 7,075 | 7,738 | 7,780 | 7,738 | ||
Loan Balances [Abstract] | ||||||||
Ending balance individually evaluated for impairment | 18,727 | 13,050 | ||||||
Ending balance collectively evaluated for impairment | 575,193 | 555,425 | ||||||
Ending balance | 593,920 | 568,475 | ||||||
Commercial [Member] | ||||||||
Allowance for loan losses by segment [Roll Forward] | ||||||||
Beginning Balance | 633 | 595 | 595 | |||||
Charges-offs | (915) | (293) | ||||||
Recoveries | 33 | 50 | ||||||
Provision for loan losses | 1,209 | 281 | ||||||
Ending balance | 960 | 960 | 633 | |||||
Ending balances individually evaluated for impairment | 180 | 8 | ||||||
Ending balances collectively evaluated for impairment | 780 | 625 | ||||||
Ending balance | 960 | 633 | 595 | 633 | 960 | 633 | ||
Loan Balances [Abstract] | ||||||||
Ending balance individually evaluated for impairment | 973 | 275 | ||||||
Ending balance collectively evaluated for impairment | 46,266 | 42,922 | ||||||
Ending balance | 47,239 | 43,197 | ||||||
Real Estate - Construction [Member] | ||||||||
Allowance for loan losses by segment [Roll Forward] | ||||||||
Beginning Balance | 985 | 703 | 703 | |||||
Charges-offs | 0 | 0 | ||||||
Recoveries | 3 | 1 | ||||||
Provision for loan losses | 93 | 281 | ||||||
Ending balance | 1,081 | 1,081 | 985 | |||||
Ending balances individually evaluated for impairment | 34 | 36 | ||||||
Ending balances collectively evaluated for impairment | 1,047 | 949 | ||||||
Ending balance | 1,081 | 985 | 703 | 985 | 1,081 | 985 | ||
Loan Balances [Abstract] | ||||||||
Ending balance individually evaluated for impairment | 629 | 99 | ||||||
Ending balance collectively evaluated for impairment | 22,050 | 19,586 | ||||||
Ending balance | 22,679 | 19,685 | ||||||
Real Estate - Mortgage [Member] | ||||||||
Allowance for loan losses by segment [Roll Forward] | ||||||||
Beginning Balance | [1] | 5,628 | 5,347 | 5,347 | ||||
Charges-offs | [1] | (393) | (321) | |||||
Recoveries | [1] | 192 | 393 | |||||
Provision for loan losses | [1] | (305) | 209 | |||||
Ending balance | [1] | 5,122 | 5,122 | 5,628 | ||||
Ending balances individually evaluated for impairment | [1] | 384 | 754 | |||||
Ending balances collectively evaluated for impairment | [1] | 4,738 | 4,874 | |||||
Ending balance | [1] | 5,122 | 5,628 | 5,347 | 5,347 | 5,122 | 5,628 | |
Loan Balances [Abstract] | ||||||||
Ending balance individually evaluated for impairment | [1] | 16,947 | 12,664 | |||||
Ending balance collectively evaluated for impairment | [1] | 431,424 | 424,495 | |||||
Ending balance | [1] | 448,371 | 437,159 | |||||
Consumer [Member] | ||||||||
Allowance for loan losses by segment [Roll Forward] | ||||||||
Beginning Balance | 279 | 219 | 219 | |||||
Charges-offs | (132) | (92) | ||||||
Recoveries | 23 | 39 | ||||||
Provision for loan losses | 175 | 113 | ||||||
Ending balance | 345 | 345 | 279 | |||||
Ending balances individually evaluated for impairment | 35 | 0 | ||||||
Ending balances collectively evaluated for impairment | 310 | 279 | ||||||
Ending balance | 345 | 279 | 219 | 279 | 345 | 279 | ||
Loan Balances [Abstract] | ||||||||
Ending balance individually evaluated for impairment | 178 | 12 | ||||||
Ending balance collectively evaluated for impairment | 49,450 | 50,415 | ||||||
Ending balance | 49,628 | 50,427 | ||||||
Other [Member] | ||||||||
Allowance for loan losses by segment [Roll Forward] | ||||||||
Beginning Balance | 213 | 211 | 211 | |||||
Charges-offs | (99) | (191) | ||||||
Recoveries | 30 | 52 | ||||||
Provision for loan losses | 128 | 141 | ||||||
Ending balance | 272 | 272 | 213 | |||||
Ending balances individually evaluated for impairment | 0 | 0 | ||||||
Ending balances collectively evaluated for impairment | 272 | 213 | ||||||
Ending balance | $ 272 | $ 213 | $ 211 | $ 211 | 272 | 213 | ||
Loan Balances [Abstract] | ||||||||
Ending balance individually evaluated for impairment | 0 | 0 | ||||||
Ending balance collectively evaluated for impairment | 26,003 | 18,007 | ||||||
Ending balance | $ 26,003 | $ 18,007 | ||||||
[1] | The real estate-mortgage segment includes residential 1 - 4 family, commercial real estate, second mortgages and equity lines of credit. |
Low-Income Housing Tax Credits
Low-Income Housing Tax Credits (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016USD ($)Fund | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)Fund | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($)Fund | |
Investments in Affordable Housing Projects [Abstract] | |||||
Affordable Housing Program, Number of Investments | Fund | 4 | 4 | 4 | ||
Amortization Method Qualified Affordable Housing Project Investments | $ 3,965 | $ 3,965 | $ 4,185 | ||
Qualified Affordable Housing Project Investments, Commitment | 2,961 | $ 2,961 | $ 2,961 | ||
Affordable Housing Investment Commitments, Term Expiration Year | 2,032 | ||||
Expected Affordable Housing Tax Credits, Amount | $ 398 | ||||
Affordable Housing Tax Credits and Other Tax Benefits, Amount | $ 126 | $ 95 | $ 348 | $ 316 |
Share-Based Compensation (Detai
Share-Based Compensation (Details) | 9 Months Ended |
Sep. 30, 2016USD ($)$ / sharesshares | |
Share-Based Compensation [Abstract] | |
Options maximum term period | 10 years |
Shares [Roll Forward] | |
Options outstanding, beginning of period (in shares) | shares | 74,960 |
Granted (in shares) | shares | 0 |
Exercised (in shares) | shares | 0 |
Canceled or expired (in shares) | shares | (7,480) |
Options outstanding, end of period (in shares) | shares | 67,480 |
Options exercisable, end of period (in shares) | shares | 67,480 |
Weighted Average Exercise Price [Roll Forward] | |
Options outstanding, beginning of period (in dollars per share) | $ / shares | $ 20.05 |
Granted (in dollars per share) | $ / shares | 0 |
Exercised (in dollars per share) | $ / shares | 0 |
Canceled or expired (in dollars per share) | $ / shares | 20.05 |
Options outstanding, end of period (in dollars per share) | $ / shares | 20.05 |
Options exercisable, end of period (in dollars per share) | $ / shares | $ 20.05 |
Weighted Average Remaining Contractual Life (in years) [Abstract] | |
Options outstanding, end of period | 1 year 14 days |
Options exercisable, end of period | 1 year 14 days |
Aggregate Intrinsic Value [Abstract] | |
Options outstanding, end of period | $ | $ 41,000 |
Options exercisable, end of period | $ | 41,000 |
Unrecognized compensation expense related to nonvested options | $ | $ 0 |
Pension Plan (Details)
Pension Plan (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Components of net periodic pension cost [Abstract] | ||||
Interest cost | $ 70 | $ 65 | $ 210 | $ 196 |
Expected return on plan assets | (98) | (91) | (294) | (270) |
Amortization of net loss | 140 | 98 | 420 | 295 |
Net Periodic Pension Plan Cost | $ 112 | $ 72 | $ 336 | $ 221 |
Stockholders' Equity and Earn40
Stockholders' Equity and Earnings per Common Share (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Available-for-sale securities [Abstract] | ||||
Gain on sale of sale of available-for-sale securities, net | $ 7 | $ 0 | $ 522 | $ 0 |
Tax benefit | 2 | 0 | 177 | 0 |
Net income | 5 | 0 | 345 | 0 |
Other comprehensive income, pretax [Abstract] | ||||
Unrealized holding gains (losses) arising during the period | 3,366 | (316) | ||
Less reclassification adjustment for gains recognized in income | (7) | 0 | (522) | 0 |
Net unrealized gains (losses) on securities | 2,844 | (316) | ||
Amortization | 714 | |||
Net effect of market adjustment on securities transferred to held-to-maturity | 714 | |||
Total change in other comprehensive income or loss | 2,844 | 398 | ||
Other comprehensive income tax expense (benefit) [Abstract] | ||||
Unrealized holding losses arising during the period | 1,144 | (107) | ||
Tax effect | (2) | 0 | (177) | 0 |
Net unrealized losses on securities | 967 | (107) | ||
Amortization tax | 243 | |||
Net effect of market adjustment on securities transferred to held-to-maturity | 243 | |||
Other Comprehensive Income (Loss), Tax, Total | 967 | 136 | ||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Unrealized holding losses arising during the period | 2,222 | (209) | ||
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Net of Tax | (5) | 0 | (345) | 0 |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | (299) | 702 | 1,877 | (209) |
Amortization net of tax | 471 | |||
Net effect of market adjustment on securities transferred to held-to-maturity | 0 | 160 | 0 | 471 |
Other Comprehensive Income (Loss), Net of Tax, Total | $ (299) | $ 862 | $ 1,877 | $ 262 |
Stockholders' Equity and Earn41
Stockholders' Equity and Earnings per Common Share, OCI by Component, Anti-Dilutive Securities (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Unrealized Gains (Losses) on Securities [Abstract] | ||||
Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | $ (576) | $ (78) | ||
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | $ (299) | $ 702 | 1,877 | (209) |
Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | 1,301 | (287) | 1,301 | (287) |
Other Comprehensive Income -- Available-for-Sale to Held-to-Maturity [Abstract] | ||||
Other Comprehensive Income -- Available-for-Sale to Held-to-Maturity Balance | 0 | (3,386) | ||
Other Comprehensive Income -- Available-for-Sale to Held-to-Maturity Change | 0 | 471 | ||
Other Comprehensive Income -- Available-for-Sale to Held-to-Maturity Balance | 0 | (2,915) | 0 | (2,915) |
Defined Benefit Pension Plans [Abstract] | ||||
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | (2,586) | (2,429) | ||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Reclassification Adjustments, Net of Tax | 0 | 0 | ||
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | (2,586) | (2,429) | (2,586) | (2,429) |
Accumulated Other Comprehensive Income (Loss) [Abstract] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (3,162) | (5,893) | ||
Other Comprehensive Income (Loss), Net of Tax | (299) | 862 | 1,877 | 262 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (1,285) | $ (5,631) | $ (1,285) | $ (5,631) |
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) | 67 | 76 | 69 | 77 |
Fair Value Measurements, Recurr
Fair Value Measurements, Recurring and Nonrecurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Securities available-for-sale, at fair value | $ 162,219 | $ 214,192 |
US Government Agencies Debt Securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Securities available-for-sale, at fair value | 4,004 | 24,240 |
US States and Political Subdivisions Debt Securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Securities available-for-sale, at fair value | 71,401 | 78,433 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Securities available-for-sale, at fair value | 82,504 | 107,396 |
Money market investments [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Securities available-for-sale, at fair value | 564 | 631 |
Corporate bond and other securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Securities available-for-sale, at fair value | 3,611 | 3,393 |
Recurring [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Securities available-for-sale, at fair value | 162,219 | 214,192 |
Recurring [Member] | US Government Agencies Debt Securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Securities available-for-sale, at fair value | 4,004 | 24,240 |
Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Securities available-for-sale, at fair value | 71,401 | 78,433 |
Recurring [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Securities available-for-sale, at fair value | 82,504 | 107,396 |
Recurring [Member] | Money market investments [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Securities available-for-sale, at fair value | 564 | 631 |
Recurring [Member] | Corporate bond and other securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Securities available-for-sale, at fair value | 3,611 | 3,393 |
Recurring [Member] | Equity Securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Securities available-for-sale, at fair value | 135 | 99 |
Nonrecurring [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Loans, net of allowances for loan losses | 2,338 | 1,281 |
Other Assets, Fair Value Disclosure | 1,014 | 2,741 |
Nonrecurring [Member] | Total Mortgage Loans on real estate [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Loans, net of allowances for loan losses | 1,679 | 1,281 |
Nonrecurring [Member] | Residential Mortgage [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Loans, net of allowances for loan losses | 540 | 952 |
Nonrecurring [Member] | Commercial Real Estate [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Loans, net of allowances for loan losses | 1,030 | 267 |
Nonrecurring [Member] | Construction Loans [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Loans, net of allowances for loan losses | 62 | 62 |
Nonrecurring [Member] | Second Mortgage [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Loans, net of allowances for loan losses | 47 | |
Nonrecurring [Member] | Commercial Loan [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Loans, net of allowances for loan losses | 597 | |
Nonrecurring [Member] | Consumer Loan [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Loans, net of allowances for loan losses | 62 | |
Nonrecurring [Member] | Foreclosed Assets, Commercial [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Other Assets, Fair Value Disclosure | 927 | |
Nonrecurring [Member] | Foreclosed Assets, Construction [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Other Assets, Fair Value Disclosure | 940 | 1,090 |
Nonrecurring [Member] | Foreclosed Assets, Residential 1 to 4 Family [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Other Assets, Fair Value Disclosure | 74 | 724 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Securities available-for-sale, at fair value | 0 | 0 |
Loans, net of allowances for loan losses | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Recurring [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Securities available-for-sale, at fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Recurring [Member] | US Government Agencies Debt Securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Securities available-for-sale, at fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Securities available-for-sale, at fair value | 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] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Securities available-for-sale, at fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Recurring [Member] | Money market investments [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Securities available-for-sale, at fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Recurring [Member] | Corporate bond and other securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Securities available-for-sale, at fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Recurring [Member] | Equity Securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Securities available-for-sale, at fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Nonrecurring [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Loans, net of allowances for loan losses | 0 | 0 |
Other Assets, Fair Value Disclosure | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Nonrecurring [Member] | Total Mortgage Loans on real estate [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Loans, net of allowances for loan losses | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Nonrecurring [Member] | Residential Mortgage [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Loans, net of allowances for loan losses | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Nonrecurring [Member] | Commercial Real Estate [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Loans, net of allowances for loan losses | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Nonrecurring [Member] | Construction Loans [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Loans, net of allowances for loan losses | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Nonrecurring [Member] | Second Mortgage [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Loans, net of allowances for loan losses | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Nonrecurring [Member] | Commercial Loan [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Loans, net of allowances for loan losses | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Nonrecurring [Member] | Consumer Loan [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Loans, net of allowances for loan losses | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Nonrecurring [Member] | Foreclosed Assets, Commercial [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Other Assets, Fair Value Disclosure | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Nonrecurring [Member] | Foreclosed Assets, Construction [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Other Assets, Fair Value Disclosure | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Nonrecurring [Member] | Foreclosed Assets, Residential 1 to 4 Family [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Other Assets, Fair Value Disclosure | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Securities available-for-sale, at fair value | 162,219 | 214,192 |
Loans, net of allowances for loan losses | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Recurring [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Securities available-for-sale, at fair value | 162,219 | 214,192 |
Significant Other Observable Inputs (Level 2) [Member] | Recurring [Member] | US Government Agencies Debt Securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Securities available-for-sale, at fair value | 4,004 | 24,240 |
Significant Other Observable Inputs (Level 2) [Member] | Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Securities available-for-sale, at fair value | 71,401 | 78,433 |
Significant Other Observable Inputs (Level 2) [Member] | Recurring [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Securities available-for-sale, at fair value | 82,504 | 107,396 |
Significant Other Observable Inputs (Level 2) [Member] | Recurring [Member] | Money market investments [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Securities available-for-sale, at fair value | 564 | 631 |
Significant Other Observable Inputs (Level 2) [Member] | Recurring [Member] | Corporate bond and other securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Securities available-for-sale, at fair value | 3,611 | 3,393 |
Significant Other Observable Inputs (Level 2) [Member] | Recurring [Member] | Equity Securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Securities available-for-sale, at fair value | 135 | 99 |
Significant Other Observable Inputs (Level 2) [Member] | Nonrecurring [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Loans, net of allowances for loan losses | 0 | 0 |
Other Assets, Fair Value Disclosure | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Nonrecurring [Member] | Total Mortgage Loans on real estate [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Loans, net of allowances for loan losses | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Nonrecurring [Member] | Residential Mortgage [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Loans, net of allowances for loan losses | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Nonrecurring [Member] | Commercial Real Estate [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Loans, net of allowances for loan losses | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Nonrecurring [Member] | Construction Loans [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Loans, net of allowances for loan losses | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Nonrecurring [Member] | Second Mortgage [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Loans, net of allowances for loan losses | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | Nonrecurring [Member] | Commercial Loan [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Loans, net of allowances for loan losses | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | Nonrecurring [Member] | Consumer Loan [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Loans, net of allowances for loan losses | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | Nonrecurring [Member] | Foreclosed Assets, Commercial [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Other Assets, Fair Value Disclosure | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | Nonrecurring [Member] | Foreclosed Assets, Construction [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Other Assets, Fair Value Disclosure | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Nonrecurring [Member] | Foreclosed Assets, Residential 1 to 4 Family [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Other Assets, Fair Value Disclosure | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Securities available-for-sale, at fair value | 0 | 0 |
Loans, net of allowances for loan losses | 591,152 | 559,488 |
Significant Unobservable Inputs (Level 3) [Member] | Recurring [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Securities available-for-sale, at fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Recurring [Member] | US Government Agencies Debt Securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Securities available-for-sale, at fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Securities available-for-sale, at fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Recurring [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Securities available-for-sale, at fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Recurring [Member] | Money market investments [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Securities available-for-sale, at fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Recurring [Member] | Corporate bond and other securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Securities available-for-sale, at fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Recurring [Member] | Equity Securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Securities available-for-sale, at fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Nonrecurring [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Loans, net of allowances for loan losses | 2,338 | 1,281 |
Other Assets, Fair Value Disclosure | 1,014 | 2,741 |
Significant Unobservable Inputs (Level 3) [Member] | Nonrecurring [Member] | Total Mortgage Loans on real estate [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Loans, net of allowances for loan losses | 1,679 | 1,281 |
Significant Unobservable Inputs (Level 3) [Member] | Nonrecurring [Member] | Residential Mortgage [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Loans, net of allowances for loan losses | 540 | 952 |
Significant Unobservable Inputs (Level 3) [Member] | Nonrecurring [Member] | Commercial Real Estate [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Loans, net of allowances for loan losses | 1,030 | 267 |
Significant Unobservable Inputs (Level 3) [Member] | Nonrecurring [Member] | Construction Loans [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Loans, net of allowances for loan losses | 62 | 62 |
Significant Unobservable Inputs (Level 3) [Member] | Nonrecurring [Member] | Second Mortgage [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Loans, net of allowances for loan losses | 47 | |
Significant Unobservable Inputs (Level 3) [Member] | Nonrecurring [Member] | Commercial Loan [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Loans, net of allowances for loan losses | 597 | |
Significant Unobservable Inputs (Level 3) [Member] | Nonrecurring [Member] | Consumer Loan [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Loans, net of allowances for loan losses | 62 | |
Significant Unobservable Inputs (Level 3) [Member] | Nonrecurring [Member] | Foreclosed Assets, Commercial [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Other Assets, Fair Value Disclosure | 927 | |
Significant Unobservable Inputs (Level 3) [Member] | Nonrecurring [Member] | Foreclosed Assets, Construction [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Other Assets, Fair Value Disclosure | 940 | 1,090 |
Significant Unobservable Inputs (Level 3) [Member] | Nonrecurring [Member] | Foreclosed Assets, Residential 1 to 4 Family [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Other Assets, Fair Value Disclosure | $ 74 | $ 724 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Sep. 30, 2016 | Dec. 31, 2015 | |
Carrying Value [Member] | |||
Financial assets [Abstract] | |||
Cash and Cash Equivalents | $ 74,893 | $ 74,893 | $ 36,990 |
Securities available-for-sale, at fair value | 162,219 | 162,219 | 214,192 |
Restricted securities | 1,820 | 1,820 | 2,016 |
Loans, net of allowances for loan losses | 586,140 | 586,140 | 560,737 |
Bank owned life insurance | 25,058 | 25,058 | 24,411 |
Accrued Interest Receivable | 2,856 | 2,856 | 3,059 |
Financial liabilities [Abstract] | |||
Deposits | 764,497 | 764,497 | 746,471 |
Overnight repurchase agreements | 18,239 | 18,239 | 25,950 |
Federal Home Loan Bank advances | 20,000 | 20,000 | 25,000 |
Accrued interest payable | 228 | 228 | 241 |
Securities available-for-sale, at fair value | 162,219 | 162,219 | 214,192 |
Residential Mortgage [Member] | Market Comparables [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value | 540 | $ 540 | $ 952 |
Residential Mortgage [Member] | Market Comparables [Member] | Minimum [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Estimated Selling Costs | 7.25% | 7.25% | |
Liquidation Discount | 4.00% | 0.00% | |
Residential Mortgage [Member] | Market Comparables [Member] | Maximum [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Estimated Selling Costs | 7.25% | 7.25% | |
Liquidation Discount | 4.00% | 4.00% | |
Residential Mortgage [Member] | Market Comparables [Member] | Average [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Estimated Selling Costs | 7.25% | 7.25% | |
Liquidation Discount | 4.00% | 3.75% | |
Commercial Real Estate [Member] | Market Comparables [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value | 1,030 | $ 1,030 | $ 267 |
Commercial Real Estate [Member] | Market Comparables [Member] | Minimum [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Estimated Selling Costs | 7.25% | 7.25% | |
Liquidation Discount | 4.00% | 4.00% | |
Commercial Real Estate [Member] | Market Comparables [Member] | Maximum [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Estimated Selling Costs | 7.25% | 7.25% | |
Liquidation Discount | 4.00% | 4.00% | |
Commercial Real Estate [Member] | Market Comparables [Member] | Average [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Estimated Selling Costs | 7.25% | 7.25% | |
Liquidation Discount | 4.00% | 4.00% | |
Construction Loans [Member] | Market Comparables [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value | 62 | $ 62 | $ 62 |
Construction Loans [Member] | Market Comparables [Member] | Minimum [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Estimated Selling Costs | 7.25% | 7.25% | |
Liquidation Discount | 4.00% | 4.00% | |
Construction Loans [Member] | Market Comparables [Member] | Maximum [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Estimated Selling Costs | 7.25% | 7.25% | |
Liquidation Discount | 4.00% | 4.00% | |
Construction Loans [Member] | Market Comparables [Member] | Average [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Estimated Selling Costs | 7.25% | 7.25% | |
Liquidation Discount | 4.00% | 4.00% | |
Second Mortgage [Member] | Market Comparables [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value | 47 | $ 47 | |
Second Mortgage [Member] | Market Comparables [Member] | Minimum [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Estimated Selling Costs | 0.00% | ||
Liquidation Discount | 0.00% | ||
Second Mortgage [Member] | Market Comparables [Member] | Maximum [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Estimated Selling Costs | 0.00% | ||
Liquidation Discount | 0.00% | ||
Second Mortgage [Member] | Market Comparables [Member] | Average [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Estimated Selling Costs | 0.00% | ||
Liquidation Discount | 0.00% | ||
Commercial Loan [Member] | Market Comparables [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value | 597 | $ 597 | |
Commercial Loan [Member] | Market Comparables [Member] | Minimum [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Estimated Selling Costs | 0.00% | ||
Liquidation Discount | 38.58% | ||
Commercial Loan [Member] | Market Comparables [Member] | Maximum [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Estimated Selling Costs | 0.00% | ||
Liquidation Discount | 38.58% | ||
Commercial Loan [Member] | Market Comparables [Member] | Average [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Estimated Selling Costs | 0.00% | ||
Liquidation Discount | 38.58% | ||
Consumer Loan [Member] | Market Comparables [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value | 62 | $ 62 | |
Consumer Loan [Member] | Market Comparables [Member] | Minimum [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Estimated Selling Costs | 10.00% | ||
Liquidation Discount | 10.00% | ||
Consumer Loan [Member] | Market Comparables [Member] | Maximum [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Estimated Selling Costs | 10.00% | ||
Liquidation Discount | 10.00% | ||
Consumer Loan [Member] | Market Comparables [Member] | Average [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Estimated Selling Costs | 10.00% | ||
Liquidation Discount | 10.00% | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Financial assets [Abstract] | |||
Cash and Cash Equivalents | 74,893 | $ 74,893 | $ 36,990 |
Securities available-for-sale, at fair value | 0 | 0 | 0 |
Restricted securities | 0 | 0 | 0 |
Loans, net of allowances for loan losses | 0 | 0 | 0 |
Bank owned life insurance | 0 | 0 | 0 |
Accrued Interest Receivable | 0 | 0 | 0 |
Financial liabilities [Abstract] | |||
Deposits | 0 | 0 | 0 |
Overnight repurchase agreements | 0 | 0 | 0 |
Federal Home Loan Bank advances | 0 | 0 | 0 |
Accrued interest payable | 0 | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | |||
Financial assets [Abstract] | |||
Cash and Cash Equivalents | 0 | 0 | 0 |
Securities available-for-sale, at fair value | 162,219 | 162,219 | 214,192 |
Restricted securities | 1,820 | 1,820 | 2,016 |
Loans, net of allowances for loan losses | 0 | 0 | 0 |
Bank owned life insurance | 25,058 | 25,058 | 24,411 |
Accrued Interest Receivable | 2,856 | 2,856 | 3,059 |
Financial liabilities [Abstract] | |||
Deposits | 765,073 | 765,073 | 746,740 |
Overnight repurchase agreements | 18,239 | 18,239 | 25,950 |
Federal Home Loan Bank advances | 20,008 | 20,008 | 25,501 |
Accrued interest payable | 228 | 228 | 241 |
Significant Unobservable Inputs (Level 3) [Member] | |||
Financial assets [Abstract] | |||
Cash and Cash Equivalents | 0 | 0 | 0 |
Securities available-for-sale, at fair value | 0 | 0 | 0 |
Restricted securities | 0 | 0 | 0 |
Loans, net of allowances for loan losses | 591,152 | 591,152 | 559,488 |
Bank owned life insurance | 0 | 0 | 0 |
Accrued Interest Receivable | 0 | 0 | 0 |
Financial liabilities [Abstract] | |||
Deposits | 0 | 0 | 0 |
Overnight repurchase agreements | 0 | 0 | 0 |
Federal Home Loan Bank advances | 0 | 0 | 0 |
Accrued interest payable | 0 | 0 | 0 |
Foreclosed Assets, Residential 1-4 Family [Member] | Market Comparables [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value | $ 74 | 74 | $ 724 |
Foreclosed Assets, Residential 1-4 Family [Member] | Market Comparables [Member] | Minimum [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Estimated Selling Costs | 7.25% | 7.25% | |
Liquidation Discount | 4.00% | 4.00% | |
Foreclosed Assets, Residential 1-4 Family [Member] | Market Comparables [Member] | Maximum [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Estimated Selling Costs | 7.25% | 7.25% | |
Liquidation Discount | 4.00% | 7.17% | |
Foreclosed Assets, Residential 1-4 Family [Member] | Market Comparables [Member] | Average [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Estimated Selling Costs | 7.25% | 7.25% | |
Liquidation Discount | 4.00% | 4.79% | |
Foreclosed Assets, Commercial [Member] | Market Comparables [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value | $ 927 | ||
Foreclosed Assets, Commercial [Member] | Market Comparables [Member] | Minimum [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Estimated Selling Costs | 7.25% | 7.25% | |
Liquidation Discount | 0.00% | 4.00% | |
Foreclosed Assets, Commercial [Member] | Market Comparables [Member] | Maximum [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Estimated Selling Costs | 7.25% | 7.25% | |
Liquidation Discount | 0.00% | 24.70% | |
Foreclosed Assets, Commercial [Member] | Market Comparables [Member] | Average [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Estimated Selling Costs | 7.25% | 7.25% | |
Liquidation Discount | 0.00% | 11.77% | |
Foreclosed Assets, Construction [Member] | Market Comparables [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value | $ 940 | $ 940 | $ 1,090 |
Foreclosed Assets, Construction [Member] | Market Comparables [Member] | Minimum [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Estimated Selling Costs | 7.25% | 6.72% | |
Liquidation Discount | 0.00% | 33.05% | |
Foreclosed Assets, Construction [Member] | Market Comparables [Member] | Maximum [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Estimated Selling Costs | 7.25% | 6.72% | |
Liquidation Discount | 0.00% | 33.05% | |
Foreclosed Assets, Construction [Member] | Market Comparables [Member] | Average [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Estimated Selling Costs | 7.25% | 6.72% | |
Liquidation Discount | 0.00% | 33.05% |
Segment Reporting (Details)
Segment Reporting (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)Segment | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) | |
Segment Reporting [Abstract] | |||||
Number of operating segments | Segment | 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 | $ 7,436 | $ 7,609 | $ 22,236 | $ 22,663 | |
Income from fiduciary activities | 858 | 846 | 2,636 | 2,740 | |
Other income | 2,469 | 2,377 | 7,642 | 7,119 | |
Total operating income | 10,763 | 10,832 | 32,514 | 32,522 | |
Expenses | |||||
Interest expense | 633 | 915 | 1,934 | 2,726 | |
Provision for loan losses | (100) | (50) | 1,300 | 250 | $ 1,025 |
Salaries and employee benefits | 5,063 | 5,510 | 15,107 | 15,616 | |
Other expenses | 3,626 | 3,641 | 11,158 | 10,316 | |
Total operating expenses | 9,222 | 10,016 | 29,499 | 28,908 | |
Income before income taxes | 1,541 | 816 | 3,015 | 3,614 | |
Income tax expense (benefit) | 212 | (24) | 113 | 290 | |
Net income | 1,329 | 840 | 2,902 | 3,324 | |
Property, Plant and Equipment, Additions | 234 | 156 | 710 | 1,204 | |
Total assets | 905,756 | 878,952 | 905,756 | 878,952 | $ 896,787 |
Bank [Member] | |||||
Revenues | |||||
Interest and dividend income | 7,420 | 7,596 | 22,191 | 22,624 | |
Income from fiduciary activities | 0 | 0 | 0 | 0 | |
Other income | 2,277 | 2,125 | 6,954 | 6,387 | |
Total operating income | 9,697 | 9,721 | 29,145 | 29,011 | |
Expenses | |||||
Interest expense | 633 | 915 | 1,934 | 2,726 | |
Provision for loan losses | (100) | (50) | 1,300 | 250 | |
Salaries and employee benefits | 4,296 | 4,680 | 12,782 | 13,263 | |
Other expenses | 3,114 | 3,328 | 9,913 | 9,526 | |
Total operating expenses | 7,943 | 8,873 | 25,929 | 25,765 | |
Income before income taxes | 1,754 | 848 | 3,216 | 3,246 | |
Income tax expense (benefit) | 284 | (13) | 181 | 165 | |
Net income | 1,470 | 861 | 3,035 | 3,081 | |
Property, Plant and Equipment, Additions | 234 | 154 | 706 | 1,183 | |
Total assets | 900,160 | 873,986 | 900,160 | 873,986 | |
Trust [Member] | |||||
Revenues | |||||
Interest and dividend income | 16 | 13 | 45 | 39 | |
Income from fiduciary activities | 858 | 846 | 2,636 | 2,740 | |
Other income | 207 | 267 | 734 | 778 | |
Total operating income | 1,081 | 1,126 | 3,415 | 3,557 | |
Expenses | |||||
Interest expense | 0 | 0 | 0 | 0 | |
Provision for loan losses | 0 | 0 | 0 | 0 | |
Salaries and employee benefits | 665 | 716 | 2,022 | 2,014 | |
Other expenses | 262 | 279 | 774 | 771 | |
Total operating expenses | 927 | 995 | 2,796 | 2,785 | |
Income before income taxes | 154 | 131 | 619 | 772 | |
Income tax expense (benefit) | 53 | 45 | 211 | 263 | |
Net income | 101 | 86 | 408 | 509 | |
Property, Plant and Equipment, Additions | 0 | 2 | 4 | 21 | |
Total assets | 5,814 | 5,805 | 5,814 | 5,805 | |
Unconsolidated Parent [Member] | |||||
Revenues | |||||
Interest and dividend income | 1,572 | 947 | 3,443 | 3,590 | |
Income from fiduciary activities | 0 | 0 | 0 | 0 | |
Other income | 50 | 50 | 150 | 150 | |
Total operating income | 1,622 | 997 | 3,593 | 3,740 | |
Expenses | |||||
Interest expense | 0 | 0 | 0 | 0 | |
Provision for loan losses | 0 | 0 | 0 | 0 | |
Salaries and employee benefits | 102 | 114 | 303 | 339 | |
Other expenses | 315 | 99 | 667 | 215 | |
Total operating expenses | 417 | 213 | 970 | 554 | |
Income before income taxes | 1,205 | 784 | 2,623 | 3,186 | |
Income tax expense (benefit) | (125) | (56) | (279) | (138) | |
Net income | 1,330 | 840 | 2,902 | 3,324 | |
Property, Plant and Equipment, Additions | 0 | 0 | 0 | 0 | |
Total assets | 96,467 | 90,866 | 96,467 | 90,866 | |
Eliminations [Member] | |||||
Revenues | |||||
Interest and dividend income | (1,572) | (947) | (3,443) | (3,590) | |
Income from fiduciary activities | 0 | 0 | 0 | 0 | |
Other income | (65) | (65) | (196) | (196) | |
Total operating income | (1,637) | (1,012) | (3,639) | (3,786) | |
Expenses | |||||
Interest expense | 0 | 0 | 0 | 0 | |
Provision for loan losses | 0 | 0 | 0 | 0 | |
Salaries and employee benefits | 0 | 0 | 0 | 0 | |
Other expenses | (65) | (65) | (196) | (196) | |
Total operating expenses | (65) | (65) | (196) | (196) | |
Income before income taxes | (1,572) | (947) | (3,443) | (3,590) | |
Income tax expense (benefit) | 0 | 0 | 0 | 0 | |
Net income | (1,572) | (947) | (3,443) | (3,590) | |
Property, Plant and Equipment, Additions | 0 | 0 | 0 | 0 | |
Total assets | $ (96,685) | $ (91,705) | $ (96,685) | $ (91,705) |