Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 30, 2020 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2020 | |
Document Transition Report | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 0-14237 | |
Entity Registrant Name | FIRST UNITED CORP/MD/ | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 52-1380770 | |
Entity Address, Address Line One | 19 South Second Street | |
Entity Address, City or Town | Oakland | |
Entity Address, State or Province | MD | |
Entity Address, Postal Zip Code | 21550-0009 | |
City Area Code | 800 | |
Local Phone Number | 470-4356 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | FUNC | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 6,966,898 | |
Entity Central Index Key | 0000763907 | |
Amendment Flag | false |
Consolidated Statement of Finan
Consolidated Statement of Financial Condition - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Cash and due from banks | $ 69,008 | $ 48,512 |
Interest bearing deposits in banks | 3,000 | 1,467 |
Cash and cash equivalents | 72,008 | 49,979 |
Investment securities - available-for-sale (at fair value) | 130,792 | 131,305 |
Investment securities – held to maturity (fair value $98,311 at March 31, 2020 and $100,656 at December 31, 2019) | 91,399 | 93,979 |
Restricted investment in bank stock, at cost | 4,468 | 4,415 |
Loans | 1,053,732 | 1,052,118 |
Unearned fees | (662) | (687) |
Allowance for loan losses | (15,012) | (12,537) |
Net loans | 1,038,058 | 1,038,894 |
Premises and equipment, net | 38,662 | 38,710 |
Goodwill, net | 11,004 | 11,004 |
Bank owned life insurance | 43,752 | 43,449 |
Deferred tax assets | 9,500 | 7,441 |
Other real estate owned, net | 4,040 | 4,127 |
Operating lease asset | 2,590 | 2,661 |
Accrued interest receivable and other assets | 15,240 | 16,063 |
Total Assets | 1,461,513 | 1,442,027 |
Liabilities: | ||
Non-interest bearing deposits | 299,961 | 294,649 |
Interest bearing deposits | 872,433 | 847,382 |
Total deposits | 1,172,394 | 1,142,031 |
Short-term borrowings | 39,418 | 48,728 |
Long-term borrowings | 100,929 | 100,929 |
Operating lease liability | 3,164 | 3,239 |
Accrued interest payable and other liabilities | 26,149 | 20,235 |
Dividends Payable | 910 | 925 |
Total Liabilities | 1,342,964 | 1,316,087 |
Shareholders' Equity: | ||
Common Stock – par value $.01 per share; Authorized 25,000 shares; issued and outstanding 6,966,898 shares at March 31, 2020 and 7,110,022 at December 31, 2019 | 70 | 71 |
Surplus | 29,756 | 32,359 |
Retained earnings | 120,326 | 119,481 |
Accumulated other comprehensive loss | (31,603) | (25,971) |
Total Shareholders' Equity | 118,549 | 125,940 |
Total Liabilities and Shareholders' Equity | $ 1,461,513 | $ 1,442,027 |
Consolidated Statement of Fin_2
Consolidated Statement of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Consolidated Statement of Financial Condition [Abstract] | ||
Held-to-maturity securities, fair value | $ 98,311 | $ 100,656 |
Common stock, Par value | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 25,000,000 | 25,000,000 |
Common Stock, Shares, Issued | 6,966,898 | 7,110,022 |
Common Stock, Shares, Outstanding | 6,966,898 | 7,110,022 |
Consolidated Statement of Opera
Consolidated Statement of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Interest on investment securities | ||
Interest and fees on loans | $ 12,839 | $ 12,190 |
Interest on investment securities: Taxable | 1,308 | 1,467 |
Interest on investment securities: Exempt from federal income tax | 260 | 280 |
Total investment income | 1,568 | 1,747 |
Other | 209 | 135 |
Total interest income | 14,616 | 14,072 |
Interest expense | ||
Interest on deposits | 1,870 | 1,771 |
Interest on short-term borrowings | 28 | 103 |
Interest on long-term borrowings | 831 | 852 |
Total interest expense | 2,729 | 2,726 |
Net interest income | 11,887 | 11,346 |
Provision for loan losses | 2,654 | 349 |
Net interest income after provision for loan losses | 9,233 | 10,997 |
Other operating income | ||
Net gains | 41 | 14 |
Total other income | 4,008 | 3,707 |
Total other operating income | 4,049 | 3,721 |
Other operating expenses | ||
Salaries and employee benefits | 5,923 | 6,218 |
FDIC premiums | 43 | 111 |
Equipment | 926 | 883 |
Occupancy | 747 | 712 |
Data processing | 1,052 | 941 |
Marketing | 130 | 68 |
Professional services | 723 | 204 |
Contract labor | 151 | 156 |
Line rentals | 217 | 217 |
Other real estate owned | 143 | |
Other | 1,093 | 1,037 |
Total other operating expenses | 11,005 | 10,690 |
Income before income tax expense | 2,277 | 4,028 |
Provision for income tax expense | 522 | 877 |
Net Income | $ 1,755 | $ 3,151 |
Basic net income per share | $ 0.25 | $ 0.44 |
Diluted net income per share | $ 0.25 | $ 0.44 |
Weighted average number of basic shares outstanding | 7,063,000 | 7,088,000 |
Weighted average number of diluted shares outstanding | 7,071,000 | 7,088,000 |
Dividends declared per common share | $ 0.13 | $ 0.09 |
Service Charges on Deposit Accounts [Member] | ||
Other operating income | ||
Total other income | $ 615 | $ 519 |
Other Service Charges [Member] | ||
Other operating income | ||
Total other income | 290 | 208 |
Trust Department [Member] | ||
Other operating income | ||
Total other income | 1,753 | 1,715 |
Debit Card Income [Member] | ||
Other operating income | ||
Total other income | 634 | 600 |
Bank Owned Life Insurance [Member] | ||
Other operating income | ||
Total other income | 303 | 303 |
Brokerage Commissions [Member] | ||
Other operating income | ||
Total other income | 277 | 238 |
Other [Member] | ||
Other operating income | ||
Total other income | $ 136 | $ 124 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive (Loss)/Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Consolidated Statement of Comprehensive (Loss)/ Income [Abstract] | ||
Net Income | $ 1,755 | $ 3,151 |
Other comprehensive (loss)/income, net of tax and reclassification adjustments: | ||
Net unrealized losses on investments with OTTI | (1,225) | (80) |
Net unrealized gains on all other AFS securities | 1,384 | 905 |
Net unrealized gains on HTM securities | 53 | 55 |
Net unrealized losses on cash flow hedges | (963) | (315) |
Net unrealized (losses)/gains on pension plan | (4,915) | 2,129 |
Net unrealized gains on SERP | 34 | 21 |
Other Comprehensive (loss)/income, Net of Tax | (5,632) | 2,715 |
Comprehensive (loss)/income | $ (3,877) | $ 5,866 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Surplus [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Total |
Balance at Dec. 31, 2018 | $ 71 | $ 31,921 | $ 109,477 | $ (24,403) | $ 117,066 |
Net income | 3,151 | 3,151 | |||
Other comprehensive (loss)/income | 2,715 | 2,715 | |||
Stock based compensation | 67 | 67 | |||
Common stock issued | 39 | 39 | |||
Common stock dividend declared | (639) | (639) | |||
Balance at Mar. 31, 2019 | 71 | 32,027 | 111,989 | (21,688) | 122,399 |
Balance at Dec. 31, 2019 | 71 | 32,359 | 119,481 | (25,971) | 125,940 |
Net income | 1,755 | 1,755 | |||
Other comprehensive (loss)/income | (5,632) | (5,632) | |||
Stock based compensation | 98 | 98 | |||
Common stock issued | 52 | 52 | |||
Stock repurchase | (1) | (2,753) | (2,754) | ||
Common stock dividend declared | (910) | (910) | |||
Balance at Mar. 31, 2020 | $ 70 | $ 29,756 | $ 120,326 | $ (31,603) | $ 118,549 |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Consolidated Statement of Changes in Shareholders' Equity [Abstract] | ||
Common stock dividend declared per share | $ 0.13 | $ 0.09 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating activities | ||
Net income | $ 1,755 | $ 3,151 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 2,654 | 349 |
Depreciation | 813 | 756 |
Stock compensation | 98 | 67 |
Gains on sales of other real estate owned | (10) | (30) |
Write-downs of other real estate owned | 26 | 117 |
Origination of loans held for sale | (8,476) | (2,630) |
Proceeds from sales of loans held for sale | 8,539 | 2,627 |
Gains on sales of loans held for sale | (59) | (20) |
Loss on disposal of fixed assets | 18 | |
Net amortization of investment securities discounts and premiums- AFS | 4 | 3 |
Net amortization/(accretion) of investment securities discounts and premiums- HTM | 45 | (12) |
Losses on sales/calls of investment securities – available-for-sale | 6 | |
Earnings on bank owned life insurance | (303) | (303) |
Amortization of deferred loan fees | (318) | (141) |
Amortization of operating lease asset | 71 | 65 |
Increase in accrued interest receivable and other assets | (6,956) | (1,824) |
Deferred tax expense/(benefit) | 1 | (1) |
Operating lease liability | (75) | (67) |
Increase/(decrease) in accrued interest payable and other liabilities | 5,842 | (1,116) |
Net cash provided by operating activities | 3,669 | 997 |
Investing activities | ||
Proceeds from maturities/calls of investment securities available-for-sale | 18,089 | 2,249 |
Proceeds from maturities/calls of investment securities held-to-maturity | 2,535 | 1,238 |
Purchases of investment securities available-for-sale | (17,421) | |
Purchases of investment securities held-to-maturity | (2,754) | |
Proceeds from sales of other real estate owned | 92 | 859 |
Net (increase)/decrease in restricted stock | (53) | 1,021 |
Net (increase)/decrease in loans | (1,525) | 2,897 |
Purchases of premises and equipment | (783) | (517) |
Net cash provided by investing activities | 934 | 4,993 |
Financing activities | ||
Net increase in deposits | 30,363 | 63,085 |
Issuance of common stock | 52 | 39 |
Cash dividends on common stock | (925) | (639) |
Net decrease in short-term borrowings | (9,310) | (38,012) |
Stock repurchase | (2,754) | |
Net cash provided by financing activities | 17,426 | 24,473 |
Increase in cash and cash equivalents | 22,029 | 30,463 |
Cash and cash equivalents at beginning of the year | 49,979 | 23,541 |
Cash and cash equivalents at end of period | 72,008 | 54,004 |
Supplemental information | ||
Interest paid | 2,723 | 2,691 |
Taxes paid | 74 | 100 |
Non-cash investing activities: | ||
Transfers from loans to other real estate owned | $ 21 | 515 |
Recognition of operating lease right-of-use assets | 2,730 | |
Recognition of operating lease liabilities | $ 3,317 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2020 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | Note 1 – Basis of Presentation The accompanying unaudited consolidated financial statements of First United Corporation and its consolidated subsidiaries, including First United Bank & Trust (the “Bank”), have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information, as required by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 270, Interim Reporting , and with the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, they do not include all the information and footnotes required for annual financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation, consisting of normal recurring items, have been included. Operating results for the three-month period ended March 31, 2020 are not necessarily indicative of the results that may be expected for the full year or for any future interim period. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in First United Corporation’s Annual Report on Form 10-K for the year ended December 31, 2019. As used in these notes, the terms “the Corporation” “we”, “us”, and “our” refer to First United Corporation and, unless the context clearly requires otherwise, its consolidated subsidiaries. The Corporation has evaluated events and transactions occurring subsequent to the statement of financial condition date of March 31, 2020 for items that should potentially be recognized or disclosed in these financial statements. |
Significant Event
Significant Event | 3 Months Ended |
Mar. 31, 2020 | |
Significant Event [Abstract] | |
Significant Event | Note 2 – Significant Event On March 11, 2020, the World Health Organization declared a pandemic as a result of the global spread of the coronavirus, commonly referred to as COVID-19. The spread of the disease quickly accelerated in the United States and to date, all 50 states have reported cases. The U.S. and state governments reacted to the pandemic by issuing shelter at home orders and requiring that non-essential businesses be closed to prevent spread of the virus. The health crisis quickly turned into a financial crisis resulting in guidance and mandates regarding foreclosures and repossessions and accounting and regulatory changes designed to encourage banks to work with customers suffering detrimental financial impact. As a result of the pandemic effecting the states and local markets in which it operates, the Corporation successfully implemented its Business Continuity Plan with the goal of protecting the health, safety and financial well-being of its associates and customers. As part of its plan to protect the financial well-being of its customers, the Corporation chose to participate and educate its customers on the government sponsored plans established to provide financial assistance to businesses. The U.S. Government’s Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) established the Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”) which provides small businesses with resources to maintain payroll, hire back employees who may have been laid off, and to cover applicable overhead expenses. We acted expeditiously to prepare our associates so they could guide our customers on the proper procedures necessary to enable them to take advantage of this program. We developed an SBA PPP specific information site within our website that provided detailed information, links and materials for eligible customers to access. Internally, we reallocated resources to review, process and enter customer applications, working tirelessly over extended hours to provide access to as many local business owners as possible. We were able to fund 428 loan applications for approximately $111.0 million from the first tranche of PPP designated funds. Congress allocated additional funding to the PPP on April 23, 2020. Due to our advance preparation and software implementation, we were able to quickly gain approval for an additional 492 loan applications for approximately $29.0 million thru May 1, 2020. In total, we have gained approval for over $140 million dollars to 920 small businesses. Approximately 73% of the loans were under $100,000 in size and approximately 65% of the businesses receiving the loans employed less than 10 employees. We will continue to provide access to the PPP and process applications, for as long as the PPP is open and funds are available, so that we can assist as many small business owners in our markets as possible. These loans are 100% guaranteed by the SBA, have up to a two -year maturity, provide for a six-month deferral period, and have an interest rate of 1% . These loans may be forgiven by the SBA if the borrower meets certain conditions, including by using at least 75% of the loan proceeds for payroll costs. The SBA also established processing fees from 1% to 5% , depending on the loan amount. We anticipate to receive approximately $3.5 million in fees. In April 2020, the Bank established eligibility to participate in the Paycheck Protection Program Liquidity Facility (“PPPLF”) which was established by Congress and administered by the Federal Reserve Bank. This facility uses the SBA guaranteed PPP loans as collateral, offering 100% collateral coverage with no recourse to the Bank. The majority of the PPP loan disbursements, which were all subsequent to quarter end, have been to internal, non-interest-bearing accounts awaiting use by borrowers. As a result, we have not yet accessed the PPPLF, but are prepared to utilize the fund when management determines the timing is appropriate. The Corporation’s allowance for loan losses increased $2.5 million to $15.0 million at March 31, 2020 compared to $12.5 million at December 31, 2019. The allowance for loan losses (the “ALL”) to total loans was 1.42% and 1.19 % at March 31, 2020 and December 31, 2019, respectively. This increase was driven by the increased provision expense which was adjusted for qualitative factors related to the economic uncertainty and increased unemployment rates related to the COVID-19 pandemic. While the pandemic has had an impact on most industries, some have been more impacted than others. The following chart includes data on our consumer and commercial loan portfolios, including a breakdown by industry, the percentage of the portfolio that has been modified through May 6, 2020 as a result of COVID-19 and the corresponding allowance for loan losses for each category as of March 31, 2020. Modifications include either deferrals of principal and interest or interest only periods of three months. Residential mortgage deferrals result in extensions of the maturity date of the loans and commercial modifications result in either an extension of the maturity payment or a balloon payment at maturity. Total Loans at 3/31/20 COVID Modifications through May 6, 2020 Industry Category # of Loans Balance (000s) Balance as % of Total Portfolio # of Loans Balance (000s) Balance as % of Category RE/Rental/Leasing - Non-Owner Occupied 84 $ 119,047 11.3% 14 $ 31,069 26.1% RE/Rental/Leasing - All Other 289 92,908 8.8% 32 15,934 17.2% Construction - Developers 21 57,171 5.4% - — 0.0% Accommodations 24 47,169 4.5% 10 22,050 46.7% Services 186 44,185 4.2% 21 11,187 25.3% Health Care/Social Assistance 94 32,663 3.1% 25 11,598 35.5% RE/Rental/Leasing - Multifamily 50 30,770 2.9% 10 4,652 15.1% RE/Rental/Leasing - Developers 21 27,760 2.6% 1 18 0.1% Manufacturing 46 26,080 2.5% 5 4,394 16.8% Construction - All Other 228 22,739 2.2% 20 2,841 12.5% Prof/Scientific/Technical 90 19,871 1.9% 9 5,863 29.5% Trade 255 17,376 1.6% 5 1,036 6.0% Transportation/Warehousing 94 15,175 1.4% 5 194 1.3% Food Service 39 9,350 0.9% 11 2,943 31.5% Public Administration 26 9,258 0.9% - — 0.0% Entertainment/Recreation 21 5,217 0.5% 3 983 18.8% Agriculture 43 4,111 0.4% 2 508 12.4% Energy 10 1,681 0.2% - — 0.0% Total Commercial 1,621 $ 582,532 55.3% 173 $ 115,270 19.8% Total Mortgage and Consumer 7,447 471,200 44.7% 335 45,955 9.8% Total Loans at March 31, 2020 9,068 $ 1,053,732 100.0% 508 $ 161,225 15.3% |
Earnings Per Common Share
Earnings Per Common Share | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Common Share [Abstract] | |
Earnings Per Common Share | Note 3 – Earnings Per Common Share Basic earnings per common share is derived by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during the period and does not include the effect of any potentially dilutive common stock equivalents. Diluted earnings per share is derived by dividing net income available to common shareholders by the weighted-average number of shares outstanding, adjusted for the dilutive effect of outstanding common stock equivalents, such as restricted stock units (“RSUs”). At Ma rch 31, 2020, there were RSUs relating to 25,004 shares of common stock outstanding. The following table sets forth the calculation of basic and diluted earnings per common share for the three-month periods ended March 31, 2020 and 2019: Three months ended March 31, 2020 2019 Average Per Share Average Per Share (in thousands, except for per share amount) Income Shares Amount Income Shares Amount Basic Earnings Per Share: Net income $ 1,755 7,063 $ 0.25 $ 3,151 7,088 $ 0.44 Diluted Earnings Per Share: Net income $ 1,755 7,071 $ 0.25 $ 3,151 7,088 $ 0.44 |
Net Gains
Net Gains | 3 Months Ended |
Mar. 31, 2020 | |
Net Gains [Abstract] | |
Net Gains | Note 4 – Net Gains The following table summarizes the gain/(loss) activity for the three-month periods ended March 31, 2020 and 2019: Three Months Ended March 31, (in thousands) 2020 2019 Net gains/(losses): Available-for-sale securities: Realized losses — (6) Gains on sale of consumer loans 59 20 Losses on disposal of fixed assets (18) — Net gains $ 41 $ 14 |
Investment
Investment | 3 Months Ended |
Mar. 31, 2020 | |
Investment [Abstract] | |
Investment | Note 5 – Investments The following table shows a comparison of amortized cost and fair values of investment securities at March 31, 2020 and December 31, 2019: (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value OTTI in AOCL March 31, 2020 Available for Sale: U.S. government agencies $ 34,580 $ 688 $ — $ 35,268 $ — Residential mortgage-backed agencies 9,945 202 — 10,147 — Commercial mortgage-backed agencies 29,210 497 37 29,670 — Collateralized mortgage obligations 28,023 792 — 28,815 — Obligations of states and political subdivisions 14,108 404 — 14,512 — Collateralized debt obligations 18,470 — 6,090 12,380 (4,507) Total available for sale $ 134,336 $ 2,583 $ 6,127 $ 130,792 $ (4,507) Held to Maturity: U.S. government agencies $ 16,202 $ 655 $ — $ 16,857 $ — Residential mortgage-backed agencies 40,666 1,249 4 41,911 — Commercial mortgage-backed agencies 15,443 799 — 16,242 — Collateralized mortgage obligations 2,873 171 — 3,044 — Obligations of states and political subdivisions 16,215 4,042 — 20,257 — Total held to maturity $ 91,399 $ 6,916 $ 4 $ 98,311 $ — December 31, 2019 Available for Sale: U.S. government agencies $ 39,987 $ — $ 93 $ 39,894 $ — Residential mortgage-backed agencies 4,917 — 17 4,900 — Commercial mortgage-backed agencies 27,634 222 92 27,764 — Collateralized mortgage obligations 29,903 129 109 29,923 — Obligations of states and political subdivisions 14,124 346 — 14,470 — Collateralized debt obligations 18,443 — 4,089 14,354 (2,835) Total available for sale $ 135,008 $ 697 $ 4,400 $ 131,305 $ (2,835) Held to Maturity: U.S. government agencies $ 16,164 $ 659 $ — $ 16,823 $ — Residential mortgage-backed agencies 42,939 469 155 43,253 — Commercial mortgage-backed agencies 15,521 344 — 15,865 — Collateralized mortgage obligations 3,140 3 — 3,143 — Obligations of states and political subdivisions 16,215 5,357 — 21,572 — Total held to maturity $ 93,979 $ 6,832 $ 155 $ 100,656 $ — Proceeds from sales of available for sale securities and the realized gains and losses were as follows: Three Months Ended March 31, (in thousands) 2020 2019 Proceeds $ — $ 260 Realized losses — 6 The following table shows the Corporation’s investment securities with gross unrealized losses and fair values at March 31, 2020 and December 31, 2019, aggregated by investment category and the length of time that individual securities have been in a continuous unrealized loss position: Less than 12 months 12 months or more (in thousands) Fair Value Unrealized Losses Number of Investments Fair Value Unrealized Losses Number of Investments March 31, 2020 Available for Sale: Commercial mortgage-backed agencies 2,683 29 1 1,359 8 1 Collateralized debt obligations — — — 12,380 6,090 9 Total available for sale $ 2,683 $ 29 1 $ 13,739 $ 6,098 10 Held to Maturity: Residential mortgage-backed agencies $ — $ — — $ 596 $ 4 2 Total held to maturity $ — $ — — $ 596 $ 4 2 December 31, 2019 Available for Sale: U.S. government agencies $ 24,907 $ 80 3 $ 14,987 $ 13 3 Residential mortgage-backed agencies 4,900 17 1 — — — Commercial mortgage-backed agencies 4,623 37 2 5,793 55 3 Collateralized mortgage obligations — — — 35,472 109 1 Collateralized debt obligations — — — 14,353 4,089 9 Total available for sale $ 34,430 $ 134 6 $ 70,605 $ 4,266 16 Held to Maturity: Residential mortgage-backed agencies $ 2,722 $ 6 3 $ 9,486 $ 149 12 Total held to maturity $ 2,722 $ 6 3 $ 9,486 $ 149 12 Management systematically evaluates securities for impairment on a quarterly basis. Based upon application of accounting guidance for subsequent measurement in ASC Topic 320 (ASC Section 320-10-35), management assesses whether (a) the Corporation has the intent to sell a security being evaluated and (b) it is more likely than not that the Corporation will be required to sell the security prior to the anticipated recovery of any decline in fair value. If neither applies, then any decline in the fair value below the security’s cost that is considered an other-than-temporary decline is split into two components. The first component is the loss attributable to declining credit quality. Credit losses are recognized in earnings as realized losses in the period in which the impairment determination is made. The second component consists of all other losses, which are recognized in other comprehensive loss. In estimating other than temporary impairment (“OTTI”) losses, management considers (1) the length of time and the extent to which the fair value has been less than cost, (2) adverse conditions specifically related to the security, an industry, or a geographic area, (3) the historic and implied volatility of the fair value of the security, (4) changes in the rating of the security by a rating agency, (5) recoveries or additional declines in fair value subsequent to the balance sheet date, (6) failure of the issuer of the security to make scheduled interest or principal payments, and (7) the payment structure of the debt security and the likelihood of the issuer being able to make payments that increase in the future. Management also monitors cash flow projections for securities that are considered beneficial interests under the guidance of ASC Subtopic 325-40, Investments – Other – Beneficial Interests in Securitized Financial Assets , (ASC Section 325-40-35). Management believes that the valuation of certain securities is a critical accounting policy that requires significant estimates in preparation of the Corporation’s consolidated financial statements. Management utilizes an independent third party to prepare both the impairment valuations and fair value determinations for the Corporation’s collateralized debt obligation (“CDO”) portfolio consisting of pooled trust preferred securities. See Note 8 for a discussion of the methodology used by management to determine the fair values of these securities. Based upon a review of credit quality and the cash flow tests performed by the independent third party, management determined that there were no securities that had credit-related non-cash OTTI charges during the first three months of 2020 or 2019. The Corporation does not believe that the investment securities that were in an unrealized loss position at March 31, 2020 represent other-than-temporary impairment. The Corporation does not intend to sell nor is it anticipated that it would be required to sell any of its impaired investment securities at a loss. The following tables present a cumulative roll-forward of the amount of non-cash OTTI charges related to credit losses which have been recognized in earnings for the trust preferred securities in the CDO portfolio held and not intended to be sold for the three-month periods ended March 31, 2020 and 2019: Three Months Ended March 31, (in thousands) 2020 2019 Balance of credit-related OTTI at January 1 $ 2,446 $ 2,646 Reduction for increases in cash flows expected to be collected (50) (49) Balance of credit-related OTTI at March 31 $ 2,396 $ 2,597 The amortized cost and estimated fair value of securities by contractual maturity at March 31, 2020 are shown in the following table. Actual maturities may differ from contractual maturities because the issuers of the securities may have the right to call or prepay obligations with or without call or prepayment penalties. March 31, 2020 (in thousands) Amortized Cost Fair Value Contractual Maturity Available for Sale: Due after one year through five years $ 4,449 $ 4,528 Due after five years through ten years 34,838 35,530 Due after ten years 27,871 22,102 67,158 62,160 Residential mortgage-backed agencies $ 9,945 10,147 Commercial mortgage-backed agencies 29,210 29,670 Collateralized mortgage obligations 28,023 28,815 Total available for sale $ 134,336 $ 130,792 Held to Maturity: Due after one year through five years $ 16,202 $ 16,857 Due after ten years 16,215 20,257 32,417 37,114 Residential mortgage-backed agencies 40,666 41,911 Commercial mortgage-backed agencies 15,443 16,242 Collateralized mortgage obligations 2,873 3,044 Total held to maturity $ 91,399 $ 98,311 |
Loans and Related Allowance for
Loans and Related Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2020 | |
Loans and Related Allowance for Loan Losses [Abstract] | |
Loans and Related Allowance for Loan Losses | Note 6 – Loans and Related Allowance for Loan Losses The following table summarizes the primary segments of the loan portfolio at March 31, 2020 and December 31, 2019: (in thousands) Commercial Real Estate Acquisition and Development Commercial and Industrial Residential Mortgage Consumer Total March 31, 2020 Individually evaluated for impairment $ 3,351 $ 8,661 $ — $ 3,259 $ 3 $ 15,274 Collectively evaluated for impairment $ 334,337 $ 112,672 $ 123,509 $ 431,710 $ 36,230 $ 1,038,458 Total loans $ 337,688 $ 121,333 $ 123,509 $ 434,969 $ 36,233 $ 1,053,732 December 31, 2019 Individually evaluated for impairment $ 3,179 $ 8,570 $ 30 $ 3,391 $ 4 $ 15,174 Collectively evaluated for impairment $ 332,325 $ 109,320 $ 122,322 $ 436,782 $ 36,195 $ 1,036,944 Total loans $ 335,504 $ 117,890 $ 122,352 $ 440,173 $ 36,199 $ 1,052,118 The following table presents the classes of the loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention and Substandard within the internal risk rating system at March 31, 2020 and December 31, 2019: (in thousands) Pass Special Mention Substandard Total March 31, 2020 Commercial real estate Non owner-occupied $ 163,935 $ 2,729 $ 1,819 $ 168,483 All other CRE 160,695 2,725 5,785 169,205 Acquisition and development 1-4 family residential construction 14,407 — — 14,407 All other A&D 98,549 18 8,359 106,926 Commercial and industrial 115,774 1,454 6,281 123,509 Residential mortgage Residential mortgage - term 363,076 54 5,900 369,030 Residential mortgage - home equity 64,528 137 1,274 65,939 Consumer 36,142 3 88 36,233 Total $ 1,017,106 $ 7,120 $ 29,506 $ 1,053,732 December 31, 2019 Commercial real estate Non owner-occupied $ 164,584 $ 2,765 $ 1,864 $ 169,213 All other CRE 157,407 6,556 2,328 166,291 Acquisition and development 1-4 family residential construction 10,781 — — 10,781 All other A&D 98,823 18 8,268 107,109 Commercial and industrial 116,221 2,896 3,235 122,352 Residential mortgage Residential mortgage - term 365,899 59 5,597 371,555 Residential mortgage - home equity 67,143 139 1,336 68,618 Consumer 36,047 4 148 36,199 Total $ 1,016,905 $ 12,437 $ 22,776 $ 1,052,118 The increase of $6.7 million in the substandard category from December 31, 2019 to March 31, 2020 was primarily due to one large relationship in the “ALL other CRE” and “Commercial and Industrial” categories. This loan is current and well collateralized and is not considered impaired. It was classified as substandard due to a reduction in cash flows and a slight deterioration in the borrower’s balance sheet. The following table presents the classes of the loan portfolio summarized by the aging categories of performing loans and non-accrual loans at March 31, 2020 and December 31, 2019: (in thousands) Current 30-59 Days Past Due 60-89 Days Past Due 90 Days+ Past Due Total Past Due and Accruing Non- Accrual Total Loans March 31, 2020 Commercial real estate Non owner-occupied $ 168,465 $ — $ — $ — $ — $ 18 $ 168,483 All other CRE 167,826 385 114 13 512 867 169,205 Acquisition and development 1-4 family residential construction 14,407 — — — — — 14,407 All other A&D 98,518 116 — 134 250 8,158 106,926 Commercial and industrial 123,414 95 — — 95 — 123,509 Residential mortgage Residential mortgage - term 366,018 1,306 62 476 1,844 1,168 369,030 Residential mortgage - home equity 64,492 349 300 — 649 798 65,939 Consumer 35,927 245 58 — 303 3 36,233 Total $ 1,039,067 $ 2,496 $ 534 $ 623 $ 3,653 $ 11,012 $ 1,053,732 December 31, 2019 Commercial real estate Non owner-occupied $ 169,180 $ — $ — $ — $ — $ 33 $ 169,213 All other CRE 165,289 — 355 — 355 647 166,291 Acquisition and development 1-4 family residential construction 10,781 — — — — — 10,781 All other A&D 98,916 — — 135 135 8,058 107,109 Commercial and industrial 122,050 272 — — 272 30 122,352 Residential mortgage Residential mortgage - term 368,631 267 967 471 1,705 1,219 371,555 Residential mortgage - home equity 67,121 288 286 65 639 858 68,618 Consumer 35,834 261 46 54 361 4 36,199 Total $ 1,037,802 $ 1,088 $ 1,654 $ 725 $ 3,467 $ 10,849 $ 1,052,118 Non-accrual loans totaled $11.0 million at March 31, 2020, compared to $10.8 million at December 31, 2019. The increase in non-accrual balances at March 31, 2020 was primarily related to one new CRE loan of $0.2 million. Management continues to monitor the $8.0 million A&D participation loan that was added to non-accrual loans in the first quarter of 2019. This loan is serviced by another lender and is now under a forbearance agreement. Management established a specific allocation at the time the loan was placed into non-accrual and believes that the $2.1 million at March 31, 2020 is adequate based upon an appraisal obtained in the second quarter of 2019. Discussions are currently underway for the sale of the property or notes. The Request for Proposal process was delayed by COVID-19. Non-accrual loans that have been subject to partial charge-offs totaled $0.1 million both at March 31, 2020 and December 31, 2019. Loans secured by 1-4 family residential real estate properties in the process of foreclosure were $0.2 million and $0.1 million at March 31, 2020 and December 31, 2019, respectively. All foreclosure and repossession activity have been temporarily suspended as a result of the COVID-19 pandemic and the federal and state guidance issued in response thereto. As a percentage of the loan portfolio, accruing loans past due 30 days or more increased to 0.35%, compared to 0.33% at December 31, 2019 which offset the decrease in the 60-89 days past due. The following table summarizes the primary segments of the ALL at March 31, 2020 and December 31, 2019, segregated by the amount required for loans individually evaluated for impairment and the amount required for loans collectively evaluated for impairment: (in thousands) Commercial Real Estate Acquisition and Development Commercial and Industrial Residential Mortgage Consumer Unallocated Total March 31, 2020 Individually evaluated for impairment $ 7 $ 2,211 $ — $ 15 $ — $ — $ 2,233 Collectively evaluated for impairment $ 3,809 $ 1,852 $ 1,682 $ 4,571 $ 365 $ 500 $ 12,779 Total ALL $ 3,816 $ 4,063 $ 1,682 $ 4,586 $ 365 $ 500 $ 15,012 December 31, 2019 Individually evaluated for impairment $ 9 $ 2,142 $ — $ 22 $ — $ — $ 2,173 Collectively evaluated for impairment $ 2,873 $ 1,532 $ 1,341 $ 3,806 $ 312 $ 500 $ 10,364 Total ALL $ 2,882 $ 3,674 $ 1,341 $ 3,828 $ 312 $ 500 $ 12,537 The evaluation of the need and amount of a specific allocation of the ALL and whether a loan can be removed from impairment status is made on a quarterly basis. The following table presents impaired loans by class, segregated by those for which a specific allowance was required and those for which a specific allowance was not required at March 31, 2020 and December 31, 2019: Impaired Loans with Specific Allowance Impaired Loans with No Specific Allowance Total Impaired Loans (in thousands) Recorded Investment Related Allowances Recorded Investment Recorded Investment Unpaid Principal Balance March 31, 2020 Commercial real estate Non owner-occupied $ 115 $ 7 $ 18 $ 133 $ 8,142 All other CRE — — 3,218 3,218 3,218 Acquisition and development 1-4 family residential construction — — 285 285 285 All other A&D 8,287 2,211 89 8,376 8,449 Commercial and industrial — — — — 2,213 Residential mortgage Residential mortgage – term 737 15 1,724 2,461 2,644 Residential mortgage – home equity — — 798 798 811 Consumer — — 3 3 16 Total impaired loans $ 9,139 $ 2,233 $ 6,135 $ 15,274 $ 25,778 December 31, 2019 Commercial real estate Non owner-occupied $ 116 $ 9 $ 33 $ 149 $ 8,224 All other CRE — — 3,030 3,030 3,030 Acquisition and development 1-4 family residential construction — — 291 291 291 All other A&D 8,219 2,142 60 8,279 8,340 Commercial and industrial — — 30 30 2,266 Residential mortgage Residential mortgage – term 865 22 1,668 2,533 2,724 Residential mortgage – home equity — — 858 858 986 Consumer — — 4 4 4 Total impaired loans $ 9,200 $ 2,173 $ 5,974 $ 15,174 $ 25,865 The following tables present the activity in the ALL for the three-month periods ended March 31, 2020 and 2019: (in thousands) Commercial Real Estate Acquisition and Development Commercial and Industrial Residential Mortgage Consumer Unallocated Total ALL balance at January 1, 2020 $ 2,882 $ 3,674 $ 1,341 $ 3,828 $ 312 $ 500 $ 12,537 Charge-offs — (15) (101) (98) (132) — (346) Recoveries 66 14 15 26 46 — 167 Provision 868 390 427 830 139 — 2,654 ALL balance at March 31, 2020 $ 3,816 $ 4,063 $ 1,682 $ 4,586 $ 365 $ 500 $ 15,012 ALL balance at January 1, 2019 $ 2,780 $ 1,721 $ 1,187 $ 4,544 $ 315 $ 500 $ 11,047 Charge-offs — (29) — (12) (68) — (109) Recoveries 29 12 51 108 61 — 261 Provision (34) 634 (113) (143) 5 — 349 ALL balance at March 31, 2019 $ 2,775 $ 2,338 $ 1,125 $ 4,497 $ 313 $ 500 $ 11,548 The ALL is based on estimates, and actual losses may vary from current estimates. Management believes that the granularity of the homogeneous pools and the related historical loss ratios and other qualitative factors, as well as the consistency in the application of assumptions, result in an ALL that is representative of the risk found in the components of the portfolio at any given date. The following table presents the average recorded investment in impaired loans by class and related interest income recognized for the periods indicated: Three months ended Three months ended March 31, 2020 March 31, 2019 (in thousands) Average investment Interest income recognized on an accrual basis Interest income recognized on a cash basis Average investment Interest income recognized on an accrual basis Interest income recognized on a cash basis Commercial real estate Non owner-occupied $ 141 $ 2 $ — $ 280 $ 3 $ — All other CRE 3,124 37 — 4,516 38 — Acquisition and development 1-4 family residential construction 288 3 — 313 5 — All other A&D 8,328 3 1 4,040 3 — Commercial and industrial 15 — — 22 — — Residential mortgage Residential mortgage – term 2,497 22 — 3,462 28 8 Residential mortgage – home equity 828 — — 818 — — Consumer 4 — — 17 — — Total $ 15,225 $ 67 $ 1 $ 13,468 $ 77 $ 8 The Bank modifies loan terms in the normal course of business. Among other reasons, modifications might be made in an effort to retain the loan relationship, to remain competitive in the current interest rate environment and/or to re-amortize or extend the loan’s term to better match the loan’s payment stream with the borrower’s cash flow. A modified loan is considered to be a troubled debt restructuring (“TDR”) when the Bank has determined that the borrower is troubled (i.e., experiencing financial difficulties). The Bank evaluates the probability that the borrower will be in payment default on any of its debt obligations in the foreseeable future without modification. To make this determination, the Bank performs a global financial review of the borrower and loan guarantors to assess their current ability to meet their financial obligations. Section 4013 of the CARES Act allows financial institutions to suspend application of certain current TDRs accounting guidance under ASC 310-40 for loan modifications related to the COVID-19 pandemic made between March 1, 2020 and the earlier of December 31, 2020 or 60 days after the end of the COVID-19 national emergency, provided certain criteria are met. This relief can be applied to loan modifications for borrowers that were not more than 30 days past due as of December 31, 2019 and to loan modifications that defer or delay the payment of principal or interest, or change the interest rate on the loan. In April 2020, federal and state banking regulators issued the Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus to provide further interpretation of when a borrower is experiencing financial difficulty, specifically indicating that if the modification is either short-term (e.g., six months) or mandated by a federal or state government in response to the COVID-19 pandemic, the borrower is not experiencing financial difficulty under ASC 310-40. The Corporation continues to prudently work with borrowers negatively impacted by the COVID-19 pandemic while managing credit risks and recognizing appropriate allowance for credit losses on its loan portfolio. See Note 2 to the financial statements included elsewhere in this report for additional information. There were 15 loans totaling $4.1 million and $4.2 million that were classified as TDRs at March 31, 2020 and December 31, 2019, respectively. The following tables present the volume and recorded investment in TDR’s at the times they were modified, by class and type of modification that occurred during the periods indicated: During the three months ended March 31, 2020, there were no new TDRs and no modifications on existing TDRs. There were no payment defaults under TDRs. During the three months ended March 31, 2019, there were no new TDRs but two existing TDRs that had reached their modification maturity dates were re-modified. These re-modifications did not impact the ALL. During the three months ended March 31, 2019, there were no payment defaults under TDRs. Temporary Rate Modification Extension of Maturity Modification of Payment and Other Terms (in thousands) Number of Contracts Recorded Investment Number of Contracts Recorded Investment Number of Contracts Recorded Investment Three months ended March 31, 2019 Commercial real estate Non owner-occupied — $ — — $ — — $ — All other CRE — — — — — — Acquisition and development 1-4 family residential construction — — — — — — All other A&D — — — — 1 227 Commercial and industrial — — — — — — Residential mortgage Residential mortgage – term — — — — 1 243 Residential mortgage – home equity — — — — — — Consumer — — — — — — Total — $ — — $ — 2 $ 470 |
Other Real Estate Owned, Net
Other Real Estate Owned, Net | 3 Months Ended |
Mar. 31, 2020 | |
Other Real Estate Owned, Net [Abstract] | |
Other Real Estate Owned, Net | Note 7 - Other Real Estate Owned, net The following table presents the components of other real estate owned (“OREO”) at March 31, 2020 and December 31, 2019: (in thousands) March 31, 2020 December 31, 2019 Commercial real estate $ 2,256 $ 2,256 Acquisition and development 1,708 1,780 Residential mortgage 76 91 Total OREO $ 4,040 $ 4,127 The following table presents the activity in the OREO valuation allowance for the three-month periods ended March 31, 2020 and 2019: Three Months Ended March 31, (in thousands) 2020 2019 Balance beginning of period $ 1,790 $ 1,988 Fair value write-down 26 117 Sales of OREO (36) (739) Balance at end of period $ 1,780 $ 1,366 The following table presents the components of OREO expenses, net, for the three-month periods ended March 31, 2020 and 2019: Three Months Ended March 31, (in thousands) 2020 2019 Gains on real estate, net $ (10) $ (30) Fair value write-down, net 26 117 Expenses, net 34 75 Rental and other income (50) (19) Total OREO expense, net $ — $ 143 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value of Financial Instruments [Abstract] | |
Fair Value of Financial Instruments | Note 8 – Fair Value of Financial Instruments Fair value is defined as the price to sell an asset or to transfer a liability in an orderly transaction between willing market participants as of the measurement date. Fair value is best determined by values quoted through active trading markets. Active trading markets are characterized by numerous transactions of similar financial instruments between willing buyers and willing sellers. Because no active trading market exists for various types of financial instruments, many of the fair values disclosed were derived using present value discounted cash flows or other valuation techniques described below. As a result, the Corporation’s ability to actually realize these derived values cannot be assumed. T he Corporation measures fair values based on the fair value hierarchy established in ASC Paragraph 820-10-35-37. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of inputs that may be used to measure fair value under the hierarchy are as follows: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets and liabilities. This level is the most reliable source of valuation. Level 2: Quoted prices that are not active, or inputs that are observable either directly or indirectly, for substantially the full term of the asset or liability. Level 2 inputs include inputs other than quoted prices that are observable for the asset or liability (for example, interest rates and yield curves at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates). It also includes inputs that are derived principally from or corroborated by observable market data by correlation or other means (market-corroborated inputs). Several sources are utilized for valuing these assets, including a contracted valuation service, Standard & Poor’s (“S&P”) evaluations and pricing services, and other valuation matrices. Level 3: Prices or valuation techniques that require inputs that are both significant to the valuation assumptions and not readily observable in the market (i.e. supported with little or no market activity). Level 3 instruments are valued based on the best available data, some of which is internally developed, and consider risk premiums that a market participant would require. The level established within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Management believes that the Corporation’s valuation techniques are appropriate and consistent with the techniques used by other market participants. However, the use of different methodologies and assumptions could result in a different estimate of fair values at the reporting date. T he valuation techniques used by the Corporation to measure, on a recurring and non-recurring basis, the fair value of assets as of March 31, 2020 are discussed in the paragraphs that follow. Investments – The fair value of investments is determined using a market approach. As of March 31, 2020, the U.S. Government agencies, residential and commercial mortgage-backed securities, collateralized mortgage obligations, and state and political subdivisions bonds, excluding the TIF bonds, segments are classified as Level 2 within the valuation hierarchy. Their fair values were determined based upon market-corroborated inputs and valuation matrices, which were obtained through third party data service providers or securities brokers through which the Corporation has historically transacted both purchases and sales of investment securities. The TIF bonds are classified as Level 3 within the valuation hierarchy as they are not openly traded. The CDO segment, which consists of pooled trust preferred securities issued by banks, thrifts and insurance companies, is classified as Level 3 within the valuation hierarchy. At March 31, 2020, the Corporation owned nine trust preferred securities with an amortized cost of $18.4 million and a fair value of $12.4 million. As of March 31, 2020, the market for these securities is not active and the markets for similar securities are also not active. The inactivity was evidenced first by a significant widening of the bid-ask spread in the brokered markets in which these securities trade and then by a significant decrease in the volume of trades relative to historical levels. The new issue market is also inactive, as few CDOs have been issued since 2007. There are currently very few market participants who are willing to effect transactions in these securities. The market values for these securities or any securities other than those issued or guaranteed by the U.S. Department of the Treasury (the “Treasury”) are depressed relative to historical levels. Therefore, in the current market, a low market price for a particular bond may only provide evidence of stress in the credit markets in general rather than being an indicator of credit problems with a particular issue. Given the conditions in the current debt markets and the absence of observable transactions in the secondary and new issue markets, management has determined that (a) the few observable transactions and market quotations that are available are not reliable for the purpose of obtaining fair value at March 31, 2020, (b) an income valuation approach technique (i.e. present value) that maximizes the use of relevant observable inputs and minimizes the use of unobservable inputs will be equally or more representative of fair value than a market approach, and (c) the CDO segment is appropriately classified within Level 3 of the valuation hierarchy because management determined that significant adjustments were required to determine fair value at the measurement date. Management utilizes on an independent third party to prepare both the evaluations of OTTI as well as the fair value determinations for its CDO portfolio. Management believes that the valuations are adequately reflected at March 31, 2020. The approach used by the third party to determine fair value involved several steps, which included detailed credit and structural evaluation of each piece of collateral in each bond, projection of default, recovery and prepayment/amortization probabilities for each piece of collateral in the bond, and discounted cash flow modeling. The discount rate methodology used by the third party combines a baseline current market yield for comparable corporate and structured credit products with adjustments based on evaluations of the differences found in structure and risks associated with actual and projected credit performance of each CDO being valued. Currently, the only active and liquid trading market that exists is for stand-alone trust preferred securities, with a limited market for highly-rated CDO securities that are more senior in the capital structure than the securities in the CDO portfolio. Therefore, adjustments to the baseline discount rate are also made to reflect the additional leverage found in structured instruments. Derivative financial instruments (Cash flow hedge) – The Corporation’s open derivative positions are interest rate swap agreements. Those classified as Level 2 open derivative positions are valued using externally developed pricing models based on observable market inputs provided by a third party and validated by management. The Corporation has considered counterparty credit risk in the valuation of its interest rate swap assets. Impaired loans – Loans included in the table below are those that are considered impaired with a specific allocation or with a partial charge-off. Fair value consists of the loan balance less its valuation allowance and is generally determined based on independent third-party appraisals of the collateral or discounted cash flows based upon the expected proceeds. These assets are included as Level 3 fair values based upon the lowest level of input that is significant to the fair value measurements. Other real estate owned – OREO included in the table below are considered impaired with specific write-downs. Fair value of other real estate owned is based on independent third-party appraisals of the properties. These values were determined based on the sales prices of similar properties in the approximate geographic area. These assets are included as Level 3 fair values based upon the lowest level of input that is significant to the fair value measurements . For Level 3 assets and liabilities measured at fair value on a recurring and non-recurring basis as of March 31, 2020 and December 31, 2019, the significant unobservable inputs used in the fair value measurements were as follows: (in thousands) Fair Value at March 31, 2020 Valuation Technique Significant Unobservable Inputs Significant Unobservable Input Value Recurring: Investment Securities – available for sale $ 12,380 Discounted Cash Flow Discount Rate LIBOR+ 5.88% Non-recurring: Impaired Loans $ 6,683 Market Comparable Properties Marketability Discount 10.0% - 15.0% (1) (weighted avg 12.9% ) Other Real Estate Owned $ 534 Market Comparable Properties Marketability Discount 15.0% (in thousands) Fair Value at December 31, 2019 Valuation Technique Significant Unobservable Inputs Significant Unobservable Input Value Recurring: Investment Securities – available for sale $ 14,354 Discounted Cash Flow Discount Rate LIBOR+ 4.75% Non-recurring: Impaired Loans $ 6,995 Market Comparable Properties Marketability Discount 10.0% - 15.0% (1) (weighted avg 12.9% ) Other Real Estate Owned $ 2,571 Market Comparable Properties Marketability Discount 10.0% - 15.0% (1) (weighted avg 12.5% ) NOTE: (1) Range would include discounts taken since appraisal and estimated values For assets measured at fair value on a recurring and non-recurring basis, the fair value measurements by level within the fair value hierarchy used at March 31, 2020 and December 31, 2019 are as follows: Fair Value Measurements at March 31, 2020 Using Assets Measured at Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (in thousands) 03/31/20 (Level 1) (Level 2) (Level 3) Recurring: Investment securities available-for-sale: U.S. government agencies $ 35,268 $ 35,268 Residential mortgage-backed agencies $ 10,147 $ 10,147 Commercial mortgage-backed agencies $ 29,670 $ 29,670 Collateralized mortgage obligations $ 28,815 $ 28,815 Obligations of states and political subdivisions $ 14,512 $ 14,512 Collateralized debt obligations $ 12,380 $ 12,380 Financial derivatives $ (1,448) $ (1,448) Non-recurring: Impaired loans $ 6,683 $ 6,683 Other real estate owned $ 534 $ 534 Fair Value Measurements at December 31, 2019 Using Assets Measured at Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (in thousands) 12/31/19 (Level 1) (Level 2) (Level 3) Recurring: Investment securities available-for-sale: U.S. government agencies $ 39,894 $ 39,894 Residential mortgage-backed agencies $ 4,900 $ 4,900 Commercial mortgage-backed agencies $ 27,764 $ 27,764 Collateralized mortgage obligations $ 29,923 $ 29,923 Obligations of states and political subdivisions $ 14,470 $ 14,470 Collateralized debt obligations $ 14,354 $ 14,354 Financial derivatives $ (133) $ (133) Non-recurring: Impaired loans $ 6,995 $ 6,995 Other real estate owned $ 2,571 $ 2,571 There were no transfers of assets between any of the fair value hierarchy for the three-month periods ended March 31, 2020 or 2019. The following tables show a reconciliation of the beginning and ending balances for fair valued assets measured on a recurring basis using Level 3 significant unobservable inputs for the three-month periods ended March 31, 2020 and 2019: Fair Value Measurements Using Significant Unobservable Inputs (Level 3) (in thousands) Investment Securities Available for Sale Beginning balance January 1, 2020 $ 14,354 Total losses realized/unrealized: Included in other comprehensive loss (1,974) Ending balance March 31, 2020 $ 12,380 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) (in thousands) Investment Securities Available for Sale Beginning balance January 1, 2019 $ 15,277 Total losses realized/unrealized: Included in other comprehensive income (125) Ending balance March 31, 2019 $ 15,152 Gains/losses (realized and unrealized) included in earnings for the periods identified above are reported in the Consolidated Statement of Operations in Other Operating Income. There were no gains or losses included in earnings attributable to the change in realized/unrealized gains or losses related to the assets for the three-month periods ended March 31, 2020 and 2019. The disclosed fair values may vary significantly between institutions based on the estimates and assumptions used in the various valuation methodologies. The derived fair values are subjective in nature and involve uncertainties and significant judgment. Therefore, they cannot be determined with precision. Changes in the assumptions could significantly impact the derived estimates of fair value. Disclosure of non-financial assets such as buildings as well as certain financial instruments such as leases is not required. Accordingly, the aggregate fair values presented do not represent the underlying value of the Corporation. The following tables present fair value information about financial instruments, whether or not recognized in the Consolidated Statement of Financial Condition, for which it is practicable to estimate that value. The actual carrying amounts and estimated fair values of the Corporation’s financial instruments that are included in the Consolidated Statement of Financial Condition are as follows: March 31, 2020 Fair Value Measurements Carrying Fair Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (in thousands) Amount Value (Level 1) (Level 2) (Level 3) Financial Assets: Cash and due from banks $ 69,008 $ 69,008 $ 69,008 Interest bearing deposits in banks 3,000 3,000 3,000 Investment securities - AFS 130,792 130,792 $ 118,412 $ 12,380 Investment securities - HTM 91,399 98,311 78,054 20,257 Restricted bank stock 4,468 4,468 4,468 Loans, net 1,038,058 1,040,993 1,040,993 Accrued interest receivable 4,217 4,217 4,217 Financial Liabilities: Deposits - non-maturity 923,956 923,956 923,956 Deposits - time deposits 248,438 252,217 252,217 Financial derivatives 1,448 1,448 1,448 Short-term borrowed funds 39,418 39,418 39,418 Long-term borrowed funds 100,929 102,924 102,924 Accrued interest payable 505 505 505 December 31, 2019 Fair Value Measurements Carrying Fair Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (in thousands) Amount Value (Level 1) (Level 2) (Level 3) Financial Assets: Cash and due from banks $ 48,512 $ 48,512 $ 48,512 Interest bearing deposits in banks 1,467 1,467 1,467 Investment securities - AFS 131,305 131,305 $ 116,951 $ 14,354 Investment securities - HTM 93,979 100,656 79,084 21,572 Restricted bank stock 4,415 4,415 4,415 Loans, net 1,038,894 1,037,032 1,037,032 Accrued interest receivable 4,116 4,116 4,116 Financial Liabilities: Deposits - non-maturity 888,141 888,141 888,141 Deposits - time deposits 253,890 256,227 256,227 Financial derivative 133 133 133 Short-term borrowed funds 48,728 48,728 48,728 Long-term borrowed funds 100,929 100,848 100,848 Accrued interest payable 499 499 499 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2020 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Accumulated Other Comprehensive Loss | Note 9 – Accumulated Other Comprehensive Loss The following table presents the changes in each component of accumulated other comprehensive loss for the 12 months ended December 31, 2019 and the three months ended March 31, 2020: (in thousands) Investment securities- with OTTI AFS Investment securities- all other AFS Investment securities- HTM Cash Flow Hedge Pension Plan SERP Total Accumulated OCL, net: Balance – January 1, 2019 $ (1,899) $ (3,601) $ (1,131) $ 773 $ (18,017) $ (528) $ (24,403) Other comprehensive income/(loss) before reclassifications (497) 2,748 — (858) (3,189) (730) (2,526) Amounts reclassified from accumulated other comprehensive loss (146) — 232 — 789 83 958 Balance – December 31, 2019 $ (2,542) $ (853) $ (899) $ (85) $ (20,417) $ (1,175) $ (25,971) Other comprehensive income/(loss) before reclassifications (1,188) 1,384 — (963) (5,177) — (5,944) Amounts reclassified from accumulated other comprehensive loss (37) — 53 — 262 34 312 Balance - March 31, 2020 $ (3,767) $ 531 $ (846) $ (1,048) $ (25,332) $ (1,141) $ (31,603) The following tables present the components of other comprehensive income/(loss) for the three-month periods ended March 31, 2020 and 2019: Components of Other Comprehensive Loss (in thousands) Before Tax Amount Tax (Expense) Benefit Net For the three months ended March 31, 2020 Available for sale (AFS) securities with OTTI: Unrealized holding losses $ (1,623) $ 435 $ (1,188) Less: accretable yield recognized in income 50 (13) 37 Net unrealized losses on investments with OTTI (1,673) 448 (1,225) Available for sale securities – all other: Unrealized holding gains 1,890 (506) 1,384 Less: gains recognized in income — — — Net unrealized gains on all other AFS securities 1,890 (506) 1,384 Held to maturity securities: Unrealized holding gains — — — Less: amortization recognized in income (72) 19 (53) Net unrealized gains on HTM securities 72 (19) 53 Cash flow hedges: Unrealized holding losses (1,315) 352 (963) Pension Plan: Unrealized net actuarial loss (7,070) 1,893 (5,177) Less: amortization of unrecognized loss (358) 96 (262) Net pension plan liability adjustment (6,712) 1,797 (4,915) SERP: Unrealized net actuarial loss — — — Less: amortization of unrecognized loss (47) 12 (35) Less: amortization of prior service costs 1 — 1 Net SERP liability adjustment 46 (12) 34 Other comprehensive loss $ (7,692) $ 2,060 $ (5,632) Components of Other Comprehensive Income (in thousands) Before Tax Amount Tax (Expense) Benefit Net For the three months ended March 31, 2019 Available for sale (AFS) securities with OTTI: Unrealized holding losses $ (60) $ 16 $ (44) Less: accretable yield recognized in income 49 (13) 36 Net unrealized losses on investments with OTTI (109) 29 (80) Available for sale securities – all other: Unrealized holding gains 1,236 (335) 901 Less: losses recognized in income (6) 2 (4) Net unrealized gains on all other AFS securities 1,242 (337) 905 Held to maturity securities: Unrealized holding gains — — — Less: amortization recognized in income (75) 20 (55) Net unrealized gains on HTM securities 75 (20) 55 Cash flow hedges: Unrealized holding losses (432) 117 (315) Pension Plan: Unrealized net actuarial gain 2,652 (719) 1,933 Less: amortization of unrecognized loss (269) 73 (196) Net pension plan liability adjustment 2,921 (792) 2,129 SERP: Less: amortization of unrecognized loss (29) 7 (22) Less: amortization of prior service costs 1 — 1 Net SERP liability adjustment 28 (7) 21 Other comprehensive income $ 3,725 $ (1,010) $ 2,715 The following table presents the details of amounts reclassified from accumulated other comprehensive loss for the three-month periods ended March 31, 2020 and 2019: Amounts Reclassified from Three Months Ended Accumulated Other Comprehensive Loss March 31, Affected Line Item in the Statement (in thousands) 2020 2019 Where Net Income is Presented Net unrealized losses on available for sale investment securities with OTTI: Accretable yield 50 49 Interest income on taxable investment securities Taxes (13) (13) Provision for income tax expense $ 37 $ 36 Net of tax Net unrealized gains on available for sale investment securities - all others: Losses on sales $ — $ (6) Net gains Taxes — 2 Provision for income tax expense $ — $ (4) Net of tax Net unrealized gains on held to maturity securities: Amortization $ (72) $ (75) Interest income on taxable investment securities Taxes 19 20 Provision for income tax expense $ (53) $ (55) Net of tax Net pension plan liability adjustment: Amortization of unrecognized loss $ (358) $ (269) Other Expense Taxes 96 73 Provision for income tax expense $ (262) $ (196) Net of tax Net SERP liability adjustment: Amortization of unrecognized loss $ (47) $ (29) Other Expense Amortization of prior service costs 1 1 Salaries and employee benefits Taxes 12 7 Provision for income tax expense $ (34) $ (21) Net of tax Total reclassifications for the period $ (312) $ (240) Net of tax |
Borrowed Funds
Borrowed Funds | 3 Months Ended |
Mar. 31, 2020 | |
Borrowed Funds [Abstract] | |
Borrowed Funds | Note 10 – Borrowed Funds The following is a summary of short-term borrowings with original maturities of less than one year: (Dollars in thousands) Three Months Ended March 31, 2020 Year Ended December 31, 2019 Securities sold under agreements to repurchase: Outstanding at end of period $ 39,418 $ 48,728 Weighted average interest rate at end of period 0.28% 0.23% Maximum amount outstanding as of any month end $ 45,604 $ 50,345 Average amount outstanding $ 45,275 $ 39,778 Approximate weighted average rate during the period 0.25% 0.28% At March 31, 2020, the repurchase agreements were secured by $50.7 million in investment securities issued by government related agencies. A minimum of 102% of fair value is pledged against account balances. At March 31, 2020, the long-term FHLB advances were secured by $228.2 million in loans. |
Employee Benefit Plans
Employee Benefit Plans | 3 Months Ended |
Mar. 31, 2020 | |
Employee Benefit Plans [Abstract] | |
Employee Benefit Plans | Note 11 – Employee Benefit Plans The following tables present the components of the net periodic pension plan cost for First United Corporation’s noncontributory Defined Benefit Pension Plan (the “Pension Plan”) and the Bank’s Defined Benefit Supplemental Executive Retirement Plan (“Defined Benefit SERP”) for the periods indicated: Pension Plan Three Months Ended March 31, (in thousands) 2020 2019 Service cost $ 56 $ 67 Interest cost 407 437 Expected return on assets (887) (764) Amortization of net actuarial loss 358 269 Net pension (credit)/expense included in employee benefits and other expense $ (66) $ 9 Defined Benefit SERP Three Months Ended March 31, (in thousands) 2020 2019 Service cost $ 31 $ 24 Interest cost 67 82 Amortization of recognized loss 47 29 Amortization of prior service cost (1) (1) Net Defined Benefit SERP expense included in employee benefits and other expense $ 144 $ 134 The service cost component of net periodic benefit cost is included in salaries and benefits and all other components of net periodic benefit cost are included in other operating expenses in the Consolidated Statement of Operations for the Corporation’s Pension and Defined Benefit SERP plans. The Pension Plan is a noncontributory defined benefit pension plan that covers our employees who were hired prior to the freeze and others who were grandfathered into the plan. The benefits are based on years of service and the employees’ compensation during the last five years of employment. At March 31, 2020, the market value of the pension plan assets declined approximately $7.0 million as a result of the decline in the rate environment related to the COVID-19 pandemic. Effective April 30, 2010, the Pension Plan was amended, resulting in a “soft freeze”, the effect of which prohibits new entrants into the plan and ceases crediting of additional years of service after that date. Effective January 1, 2013, the Pension Plan was amended to unfreeze it for those employees for whom the sum of their (a) ages, at their closest birthday plus (b) years of service for vesting purposes equals 80 or greater. The “soft freeze” continues to apply to all other plan participants. Pension benefits for these participants are managed through discretionary contributions to the First United Corporation 401(k) Profit Sharing Plan (the “401(k) Plan”). The Bank established the Defined Benefit SERP in 2001 as an unfunded supplemental executive retirement plan. The Defined Benefit SERP is available only to a select group of management or highly compensated employees to provide supplemental retirement benefits in excess of limits imposed on qualified plans by federal tax law. Concurrent with the establishment of the Defined Benefit SERP, the Bank acquired Bank Owned Life Insurance (“BOLI”) policies on the senior management personnel and officers of the Bank. The benefits resulting from the favorable tax treatment accorded the earnings on the BOLI policies are intended to provide a source of funds for the future payment of the Defined Benefit SERP benefits as well as other employee benefit costs. The benefit obligation activity for both the Pension Plan and Defined Benefit SERP was calculated using an actuarial measurement date of January 1. Plan assets and the benefit obligations were calculated using an actuarial measurement date of December 31. The Corporation will assess the need for future annual contributions to the pension plan based upon its funded status and an evaluation of the future benefits to be provided thereunder. A contribution of $1.0 million was made to the Pension Plan during the first three months of 2020. The Corporation expects to fund the annual projected benefit payments for the Defined Benefit SERP from operations. On January 9, 2015, First United Corporation and members of management who do not participate in the Defined Benefit SERP entered into participation agreements under the Deferred Compensation Plan, each styled as a Defined Contribution SERP Agreement (the “Contribution Agreement”). Pursuant to each Contribution Agreement, First United Corporation agreed, for each Plan Year (as defined in the Deferred Compensation Plan) in which it determines that it has been Profitable (as defined in the Contribution Agreement), to make a discretionary contribution to the participant’s Employer Account in an amount equal to 15% of the participant’s base salary level for such Plan Year, with the first Plan Year being the year ending December 31, 2015. The Contribution Agreement provides that the participant will become 100% vested in the amount maintained in his or her Employer Account upon the earliest to occur of the following events: (a) Normal Retirement (as defined in the Contribution Agreement); (b) Separation from Service (as defined in the Contribution Agreement) following a Change of Control (as defined in the Deferred Compensation Plan) and subsequent Triggering Event (as defined in the Contribution Agreement); (c) Separation from Service due to a Disability (as defined in the Contribution Agreement); (d) with respect to a particular award of Employer Contribution Credits, the participant’s completion of two consecutive Years of Service (as defined in the Contribution Agreement) immediately following the Plan Year for which such award was made; or (e) death. Notwithstanding the foregoing, however, a participant will lose entitlement to the amount maintained in his or her Employer Account in the event employment is terminated for Cause (as defined in the Contribution Agreement). In addition, the Contribution Agreement conditions entitlement to the amounts held in the Employer Account on the participant (1) refraining from engaging in Competitive Employment (as defined in the Contribution Agreement) for three years following his or her Separation from Service, (2) refraining from injurious disclosure of confidential information concerning the Corporation, and (3) remaining available, at the First United Corporation’s reasonable request, to provide at least six hours of transition services per month for 12 months following his or her Separation from Service (except in the case of death or Disability), except that only item (2) will apply in the event of a Separation from Service following a Change of Control and subsequent Triggering Event. In January 2018, the Board approved discretionary contributions to four participants totaling $119,252 . The contributions vested on December 31, 2019. In January 2019, the Board of Directors of First United Corporation approved discretionary contributions to four participants totaling $123,179 . The Corporation recorded $12,007 and $18,788 of related compensation expense for the first three months of 2020 and 2019, respectively, related to these contributions. In January 2020, the Board approved discretionary contributions to four participants totaling $126,058 . The Corporation recorded $15,757 of related compensation for the first quarter of 2020 related to these contributions. Each of the above annual contributions has a two-year vesting period. |
Equity Compensation Plan Inform
Equity Compensation Plan Information | 3 Months Ended |
Mar. 31, 2020 | |
Equity Compensation Plan Information [Abstract] | |
Equity Compensation Plan Information | Note 12 - Equity Compensation Plan Information At the 2018 Annual Meeting of Shareholders, First United Corporation’s shareholders approved the First United Corporation 2018 Equity Compensation Plan which authorizes the issuance of up to 325,000 shares of common stock to employees, directors and qualifying consultants pursuant to stock options, stock appreciation rights, stock awards, dividend equivalents, and other stock-based awards. The Corporation complies with the provisions of ASC Topic 718, Compensation - Stock Compensation , in measuring and disclosing stock compensation cost. The measurement objective in ASC Paragraph 718-10-30-6 requires public companies to measure the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of the award. The cost is recognized in expense over the period in which an employee is required to provide service in exchange for the award (the vesting period). Stock-based awards were made to non-employee directors in May 2019 pursuant to First United Corporation’s director compensation policy. Each director receives an annual retainer of 1,000 shares of First United Corporation common stock, plus $10,000 to be paid, at the director’s election, in cash or additional shares of common stock. In 2019, a total of 14,641 fully-vested shares of common stock were issued to directors, which had a grant date fair market value of $18.30 per share . Director stock compensation expense was $66,983 for the three months ended March 31, 2020 and $66,717 for the three months ended March 31, 2019. Restricted Stock Units On March 26, 2020, pursuant to the recently-adopted Long-Term Incentive Plan (the "LTIP"), the Compensation Committee (the "Committee") of the Corporation granted restricted stock units ("RSUs") to the Corporation's principal executive officer, its principal financial officer, and certain of its other executive officers. An RSU contemplates the issuance of shares of common stock of the Corporation if and when the RSU vests. The RSUs granted to each of the foregoing officers consist of (a) a performance-vesting award for a three-year performance period ending December 31, 2021, (b) a performance-vesting award for a three -year performance period ending December 31, 2022, and (c) a time-vesting award that will vest ratably over a three -year period beginning on March 26, 2021. Under the performance-vesting RSUs, the officers will receive 50% of the target number of shares if at least one of the threshold performance levels is met, 100% of the target number of shares if at least one of the target performance levels is met, and 150% of the target number of shares if at least one of the maximum performance levels is met. Actual vesting amounts will be pro-rated between threshold and target levels and target and maximum levels to reward incremental improvement. For the performance period ending December 31, 2021, the RSUs' performance goal is based on earnings per share for the year ending December 31, 2021. For the performance period ending December 31, 2022, the RSUs' performance goals are based on earnings per share for the year ending December 31, 2022 and growth in tangible book value per share during the performance period. The threshold, target and maximum performance levels for these grants will be disclosed pursuant to Item 402 of Regulation S-K following the conclusion of the applicable performance period. To receive any shares under a RSU, a grantee must be employed by the Corporation or one of its subsidiaries on the applicable vesting date, except that a grantee whose employment terminates prior to such vesting date due to death, disability or retirement will be entitled to a pro-rated portion of the shares subject to the RSUs, assuming that, in the case of performance-vesting RSUs, the performance goals had been met at their "target" levels. In the first quarter of 2020, RSUs relating to 25,004 shares of common stock (target level) were granted, which had a grant date fair market value of $12.54 per share of common stock underlying each RSU. Stock compensation expense was $31,242 for the first quarter of 2020. Compensation expense related to unvested units was $282,282 . |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Financial Instruments [Abstract] | |
Derivative Financial Instruments | Note 13 – Derivative Financial Instruments As a part of managing interest rate risk, the Bank entered into interest rate swap agreements to modify the re-pricing characteristics of certain interest-bearing liabilities. The Corporation has designated these interest rate swap agreements as cash flow hedges under the guidance of ASC Subtopic 815-30, Derivatives and Hedging – Cash Flow Hedges . Cash flow hedges have the effective portion of changes in the fair value of the derivative, net of taxes, recorded in net accumulated other comprehensive loss. In March 2016, the Corporation entered into four interest rate swap contracts totaling $30.0 million notional amount, hedging future cash flows associated with floating rate trust preferred debt. These contracts include a three -year $5.0 million contract that matured on June 17, 2019 , a five -year $5.0 million contract that matures on March 17, 2021 , a seven -year $5.0 million contract that matures on March 17, 2023 and a 10 -year $15.0 million contract that matures on March 17, 2026 . The fair value of the interest rate swap contracts was $(1.4) million and $(133) thousand at March 31, 2020 and December 31, 2019, respectively. For the three months ended March 31, 2020, the Corporation recorded a decrease in the value of the derivatives of $1.3 million and the related deferred tax of $352 thousand in net accumulated other comprehensive loss to reflect the effective portion of cash flow hedges. ASC Subtopic 815-30 requires the net accumulated other comprehensive loss to be reclassified to earnings if the hedge becomes ineffective or is terminated. There was no hedge ineffectiveness recorded for the three months ended March 31, 2020. The Corporation does not expect any losses relating to these hedges to be reclassified into earnings within the next 12 months. Interest rate swap agreements are entered into with counterparties that meet established credit standards and the Corporation believes that the credit risk inherent in these contracts is not significant as of March 31, 2020. The table below discloses the impact of derivative financial instruments on the Corporation’s Consolidated Financial Statements for the three-month periods ended March 31, 2020 and 2019. Derivative in Cash Flow Hedging Relationships (in thousands) Amount of gain or (loss) recognized in OCI on derivative (effective portion) Amount of gain or (loss) reclassified from accumulated OCI into income (effective portion) (a) Amount of gain or (loss) recognized in income or derivative (ineffective portion and amount excluded from effectiveness testing) (b) Interest rate contracts: Three months ended: March 31, 2020 $ (963) $ — $ — March 31, 2019 (315) — — Notes: (a) Reported as interest expense (b) Reported as other income |
Assets and Liabilities Subject
Assets and Liabilities Subject to Enforceable Master Netting Arrangements | 3 Months Ended |
Mar. 31, 2020 | |
Assets and Liabilities Subject to Enforceable Master Netting Arrangements [Abstract] | |
Assets and Liabilities Subject to Enforceable Master Netting Arrangements | Note 14 – Assets and Liabilities Subject to Enforceable Master Netting Arrangements Interest Rate Swap Agreements The Corporation has entered into interest rate swap agreements to modify the re-pricing characteristics of certain interest-bearing liabilities as a part of managing interest rate risk. The swap agreements have been designated as cash flow hedges, and accordingly, the fair value of the interest rate swap contracts is reported in Other Assets or Other Liabilities on the Consolidated Statement of Financial Condition. The swap agreements were entered into with a third-party financial institution. The Corporation is party to master netting arrangements with its financial institution counterparty; however, the Corporation does not offset assets and liabilities under these arrangements for financial statement presentation purposes. The master netting arrangements provide for a single net settlement of all swap agreements, as well as collateral, in the event of default on, or termination of, any one contract. Collateral, in the form of cash and investment securities, are pledged by the Corporation as the counterparty with net liability positions in accordance with contract thresholds. See Note 13 to the Consolidated Financial Statements for more information. Securities Sold Under Agreements to Repurchase (“Repurchase Agreements”) The Bank enters into agreements under which it sells interests in U.S. securities to certain customers subject to an obligation to repurchase, and on the part of the customers to resell, such interests. Under these arrangements, the Bank may transfer legal control over the assets but still retain effective control through an agreement that both entitles and obligates the Bank to repurchase the assets. As a result, these repurchase agreements are accounted for as collateralized financing arrangements (i.e., secured borrowings) and not as a sale and subsequent repurchase of securities. The obligation to repurchase the securities is reflected as a liability in the Consolidated Statement of Condition, while the securities underlying the repurchase agreements remain in the respective investment securities asset accounts. There is no offsetting or netting of the investment securities assets with the repurchase agreement liabilities. In addition, as the Bank does not enter into reverse repurchase agreements, there is no such offsetting to be done with the repurchase agreements. The right of setoff for a repurchase agreement resembles a secured borrowing, whereby the collateral would be used to settle the fair value of the repurchase agreement should the Bank be in default (i.e. fails to repurchase the U.S. securities on the maturity date of the agreement). The investment security collateral, maintained at 102% of the borrowing, is held by a third party financial institution in the counterparty’s custodial account. The following table presents the assets and liabilities subject to an enforceable master netting arrangement or repurchase agreements at March 31, 2020 and December 31, 2019. Gross Amounts Not Offset in the Statement of Condition (in thousands) Gross Amounts of Recognized (Assets)/ Liabilities Gross Amounts Offset in the Statement of Condition Net Amounts of (Assets)/ Liabilities Presented in the Statement of Condition Financial Instruments Cash Collateral Pledged Net Amount March 31, 2020 Interest Rate Swap Agreements $ 1,448 $ — $ 1,448 $ (1,448) $ — $ — Repurchase Agreements $ 39,418 $ — $ 39,418 $ (39,418) $ — $ — December 31, 2019 Interest Rate Swap Agreements $ 133 $ — $ 133 $ (133) $ — $ — Repurchase Agreements $ 48,728 $ — $ 48,728 $ (48,728) $ — $ — |
Goodwill
Goodwill | 3 Months Ended |
Mar. 31, 2020 | |
Goodwill [Abstract] | |
Goodwill | Note 15 - Goodwill Goodwill is not amortized but is tested for impairment annually or more frequently if events or changes in circumstances indicate that the asset might be impaired. The Corporation is considered the only reporting unit. Impairment testing requires that the fair value of each of the Corporation’s reporting units be compared to the carrying amount of its net assets, including goodwill. If the fair value of the reporting unit exceeds the carrying value, no additional testing is required, and an impairment loss is not recognized . Otherwise, an impairment loss is recognized to the extent the carrying value exceeds fair value but is limited to the amount of goodwill. The annual impairment test was completed in December 2019 and no impairment was recognized. The emergence of COVID-19 as a global pandemic during the first quarter of 2020 has resulted in significant deterioration in the economic environment which has impacted expected earnings and the price of the Corporation’s common stock. These events are considered triggering events requiring interim testing and, accordingly, we performed an analysis to determine whether the Corporation’s fair value exceeds its carrying value in March 31, 2020. Based on the analysis, fair value continues to exceed carrying value and, therefore, no impairment was recognized. In the event of a prolonged economic uncertainty or further deterioration in the economic outlook, continued assessments of our goodwill will likely be required in future periods. |
Adoption of New Accounting Stan
Adoption of New Accounting Standards and Effects of New Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2020 | |
Adoption of New Accounting Standards and Effects of New Accounting Pronouncements [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles | Note 1 6 – Adoption of New Accounting Standards and Effects of New Accounting Pronouncements In June 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments- Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . ASU 2016-13 introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments. It also modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchases financial assets with credit deterioration since their origination. The new model referred to as current expected credit losses (“CECL”) model, will apply to: (a) financial assets subject to credit losses and measured at amortized cost; and (b) certain off-balance sheet credit exposures. This includes loans, held to maturity debt securities, loan commitments, financial guarantees and net investments in leases as well as reinsurance and trade receivables. The estimate of expected credit losses should consider historical information, current information, and supportable forecasts, including estimates of prepayments. ASU 2016-13 was originally effective for SEC filers for annual periods beginning after December 15, 2019, and interim periods within those annual periods. In November 2019, the FASB approved a delay of the required implementation date of ASU No. 2016-13 for smaller reporting companies, as defined by the SEC, including the Corporation, resulting in a required implementation date for the Corporation of January 1, 2023. In August 2018, the FASB issued ASU 2018- 13, “Fair Value Measurement (Topic 820)” - Changes to the Disclosure Requirements for Fair Value Measurement . This ASU modifies the disclosure requirements on fair value measurements by requiring that Level 3 fair value disclosures include the range and weighted average of significant unobservable inputs used to develop those fair value measurements. For certain unobservable inputs, an entity may disclose other quantitative information in lieu of the weighted average if the entity determines that other quantitative information would be a more reasonable and rational method to reflect the distribution of unobservable inputs used to develop Level 3 fair value measurements. ASU 2018- 13 became effective for the Corporation on January 1, 2020 and did not have a significant impact on its financial condition or results of operations. In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848).” The ASU provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendment only applies to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of the reference rate reform. The ASU is effective as of March 12, 2020 through December 31, 2022. The Corporation is in the process of evaluating the impact of this standard but believes that its adoption will not have a material impact on the Corporation’s financial condition or results of operations. |
Earnings Per Common Share (Poli
Earnings Per Common Share (Policy) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Common Share [Abstract] | |
Earnings Per Common Share | Basic earnings per common share is derived by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during the period and does not include the effect of any potentially dilutive common stock equivalents. Diluted earnings per share is derived by dividing net income available to common shareholders by the weighted-average number of shares outstanding, adjusted for the dilutive effect of outstanding common stock equivalents, such as restricted stock units (“RSUs”). At Ma rch 31, 2020, there were RSUs relating to 25,004 shares of common stock outstanding. |
Investments (Policy)
Investments (Policy) | 3 Months Ended |
Mar. 31, 2020 | |
Investment [Abstract] | |
Investments | Management systematically evaluates securities for impairment on a quarterly basis. Based upon application of accounting guidance for subsequent measurement in ASC Topic 320 (ASC Section 320-10-35), management assesses whether (a) the Corporation has the intent to sell a security being evaluated and (b) it is more likely than not that the Corporation will be required to sell the security prior to the anticipated recovery of any decline in fair value. If neither applies, then any decline in the fair value below the security’s cost that is considered an other-than-temporary decline is split into two components. The first component is the loss attributable to declining credit quality. Credit losses are recognized in earnings as realized losses in the period in which the impairment determination is made. The second component consists of all other losses, which are recognized in other comprehensive loss. In estimating other than temporary impairment (“OTTI”) losses, management considers (1) the length of time and the extent to which the fair value has been less than cost, (2) adverse conditions specifically related to the security, an industry, or a geographic area, (3) the historic and implied volatility of the fair value of the security, (4) changes in the rating of the security by a rating agency, (5) recoveries or additional declines in fair value subsequent to the balance sheet date, (6) failure of the issuer of the security to make scheduled interest or principal payments, and (7) the payment structure of the debt security and the likelihood of the issuer being able to make payments that increase in the future. Management also monitors cash flow projections for securities that are considered beneficial interests under the guidance of ASC Subtopic 325-40, Investments – Other – Beneficial Interests in Securitized Financial Assets , (ASC Section 325-40-35). |
Loans And Related Allowances Fo
Loans And Related Allowances For Loan Losses (Policy) | 3 Months Ended |
Mar. 31, 2020 | |
Loans And Related Allowances For Loan Losses [Abstract] | |
Troubled Debt Restructure | A modified loan is considered to be a troubled debt restructuring (“TDR”) when the Bank has determined that the borrower is troubled (i.e., experiencing financial difficulties). The Bank evaluates the probability that the borrower will be in payment default on any of its debt obligations in the foreseeable future without modification. To make this determination, the Bank performs a global financial review of the borrower and loan guarantors to assess their current ability to meet their financial obligations. Section 4013 of the CARES Act allows financial institutions to suspend application of certain current TDRs accounting guidance under ASC 310-40 for loan modifications related to the COVID-19 pandemic made between March 1, 2020 and the earlier of December 31, 2020 or 60 days after the end of the COVID-19 national emergency, provided certain criteria are met. This relief can be applied to loan modifications for borrowers that were not more than 30 days past due as of December 31, 2019 and to loan modifications that defer or delay the payment of principal or interest, or change the interest rate on the loan. In April 2020, federal and state banking regulators issued the Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus to provide further interpretation of when a borrower is experiencing financial difficulty, specifically indicating that if the modification is either short-term (e.g., six months) or mandated by a federal or state government in response to the COVID-19 pandemic, the borrower is not experiencing financial difficulty under ASC 310-40. The Corporation continues to prudently work with borrowers negatively impacted by the COVID-19 pandemic while managing credit risks and recognizing appropriate allowance for credit losses on its loan portfolio. See Note 2 to the financial statements included elsewhere in this report for additional information. |
Significant Event (Tables)
Significant Event (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Significant Event [Abstract] | |
Data on Consumer and Commercial Loan Portfolios by industry and Percentage of Portfolio Modified | Total Loans at 3/31/20 COVID Modifications through May 6, 2020 Industry Category # of Loans Balance (000s) Balance as % of Total Portfolio # of Loans Balance (000s) Balance as % of Category RE/Rental/Leasing - Non-Owner Occupied 84 $ 119,047 11.3% 14 $ 31,069 26.1% RE/Rental/Leasing - All Other 289 92,908 8.8% 32 15,934 17.2% Construction - Developers 21 57,171 5.4% - — 0.0% Accommodations 24 47,169 4.5% 10 22,050 46.7% Services 186 44,185 4.2% 21 11,187 25.3% Health Care/Social Assistance 94 32,663 3.1% 25 11,598 35.5% RE/Rental/Leasing - Multifamily 50 30,770 2.9% 10 4,652 15.1% RE/Rental/Leasing - Developers 21 27,760 2.6% 1 18 0.1% Manufacturing 46 26,080 2.5% 5 4,394 16.8% Construction - All Other 228 22,739 2.2% 20 2,841 12.5% Prof/Scientific/Technical 90 19,871 1.9% 9 5,863 29.5% Trade 255 17,376 1.6% 5 1,036 6.0% Transportation/Warehousing 94 15,175 1.4% 5 194 1.3% Food Service 39 9,350 0.9% 11 2,943 31.5% Public Administration 26 9,258 0.9% - — 0.0% Entertainment/Recreation 21 5,217 0.5% 3 983 18.8% Agriculture 43 4,111 0.4% 2 508 12.4% Energy 10 1,681 0.2% - — 0.0% Total Commercial 1,621 $ 582,532 55.3% 173 $ 115,270 19.8% Total Mortgage and Consumer 7,447 471,200 44.7% 335 45,955 9.8% Total Loans at March 31, 2020 9,068 $ 1,053,732 100.0% 508 $ 161,225 15.3% |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Common Share [Abstract] | |
Basic and Diluted Earnings Per Share | Three months ended March 31, 2020 2019 Average Per Share Average Per Share (in thousands, except for per share amount) Income Shares Amount Income Shares Amount Basic Earnings Per Share: Net income $ 1,755 7,063 $ 0.25 $ 3,151 7,088 $ 0.44 Diluted Earnings Per Share: Net income $ 1,755 7,071 $ 0.25 $ 3,151 7,088 $ 0.44 |
Net Gains (Tables)
Net Gains (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Net Gains [Abstract] | |
Summary of Gain/(Loss) Activity | Three Months Ended March 31, (in thousands) 2020 2019 Net gains/(losses): Available-for-sale securities: Realized losses — (6) Gains on sale of consumer loans 59 20 Losses on disposal of fixed assets (18) — Net gains $ 41 $ 14 |
Investment (Tables)
Investment (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Investment [Abstract] | |
Unrealized Gain (Loss) on Investments | (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value OTTI in AOCL March 31, 2020 Available for Sale: U.S. government agencies $ 34,580 $ 688 $ — $ 35,268 $ — Residential mortgage-backed agencies 9,945 202 — 10,147 — Commercial mortgage-backed agencies 29,210 497 37 29,670 — Collateralized mortgage obligations 28,023 792 — 28,815 — Obligations of states and political subdivisions 14,108 404 — 14,512 — Collateralized debt obligations 18,470 — 6,090 12,380 (4,507) Total available for sale $ 134,336 $ 2,583 $ 6,127 $ 130,792 $ (4,507) Held to Maturity: U.S. government agencies $ 16,202 $ 655 $ — $ 16,857 $ — Residential mortgage-backed agencies 40,666 1,249 4 41,911 — Commercial mortgage-backed agencies 15,443 799 — 16,242 — Collateralized mortgage obligations 2,873 171 — 3,044 — Obligations of states and political subdivisions 16,215 4,042 — 20,257 — Total held to maturity $ 91,399 $ 6,916 $ 4 $ 98,311 $ — December 31, 2019 Available for Sale: U.S. government agencies $ 39,987 $ — $ 93 $ 39,894 $ — Residential mortgage-backed agencies 4,917 — 17 4,900 — Commercial mortgage-backed agencies 27,634 222 92 27,764 — Collateralized mortgage obligations 29,903 129 109 29,923 — Obligations of states and political subdivisions 14,124 346 — 14,470 — Collateralized debt obligations 18,443 — 4,089 14,354 (2,835) Total available for sale $ 135,008 $ 697 $ 4,400 $ 131,305 $ (2,835) Held to Maturity: U.S. government agencies $ 16,164 $ 659 $ — $ 16,823 $ — Residential mortgage-backed agencies 42,939 469 155 43,253 — Commercial mortgage-backed agencies 15,521 344 — 15,865 — Collateralized mortgage obligations 3,140 3 — 3,143 — Obligations of states and political subdivisions 16,215 5,357 — 21,572 — Total held to maturity $ 93,979 $ 6,832 $ 155 $ 100,656 $ — |
Proceeds from Sales and Realized Gains and Losses | Three Months Ended March 31, (in thousands) 2020 2019 Proceeds $ — $ 260 Realized losses — 6 |
Gross Unrealized Losses and Fair Values of Securities | Less than 12 months 12 months or more (in thousands) Fair Value Unrealized Losses Number of Investments Fair Value Unrealized Losses Number of Investments March 31, 2020 Available for Sale: Commercial mortgage-backed agencies 2,683 29 1 1,359 8 1 Collateralized debt obligations — — — 12,380 6,090 9 Total available for sale $ 2,683 $ 29 1 $ 13,739 $ 6,098 10 Held to Maturity: Residential mortgage-backed agencies $ — $ — — $ 596 $ 4 2 Total held to maturity $ — $ — — $ 596 $ 4 2 December 31, 2019 Available for Sale: U.S. government agencies $ 24,907 $ 80 3 $ 14,987 $ 13 3 Residential mortgage-backed agencies 4,900 17 1 — — — Commercial mortgage-backed agencies 4,623 37 2 5,793 55 3 Collateralized mortgage obligations — — — 35,472 109 1 Collateralized debt obligations — — — 14,353 4,089 9 Total available for sale $ 34,430 $ 134 6 $ 70,605 $ 4,266 16 Held to Maturity: Residential mortgage-backed agencies $ 2,722 $ 6 3 $ 9,486 $ 149 12 Total held to maturity $ 2,722 $ 6 3 $ 9,486 $ 149 12 |
Non-Cash OTTI Credit Losses Recognized in Earnings | Three Months Ended March 31, (in thousands) 2020 2019 Balance of credit-related OTTI at January 1 $ 2,446 $ 2,646 Reduction for increases in cash flows expected to be collected (50) (49) Balance of credit-related OTTI at March 31 $ 2,396 $ 2,597 |
Amortized Cost and Fair Values Classified by Contractual Maturity Date | March 31, 2020 (in thousands) Amortized Cost Fair Value Contractual Maturity Available for Sale: Due after one year through five years $ 4,449 $ 4,528 Due after five years through ten years 34,838 35,530 Due after ten years 27,871 22,102 67,158 62,160 Residential mortgage-backed agencies $ 9,945 10,147 Commercial mortgage-backed agencies 29,210 29,670 Collateralized mortgage obligations 28,023 28,815 Total available for sale $ 134,336 $ 130,792 Held to Maturity: Due after one year through five years $ 16,202 $ 16,857 Due after ten years 16,215 20,257 32,417 37,114 Residential mortgage-backed agencies 40,666 41,911 Commercial mortgage-backed agencies 15,443 16,242 Collateralized mortgage obligations 2,873 3,044 Total held to maturity $ 91,399 $ 98,311 |
Loans And Related Allowances _2
Loans And Related Allowances For Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Loans And Related Allowances For Loan Losses [Abstract] | |
Loan Portfolio Segments | (in thousands) Commercial Real Estate Acquisition and Development Commercial and Industrial Residential Mortgage Consumer Total March 31, 2020 Individually evaluated for impairment $ 3,351 $ 8,661 $ — $ 3,259 $ 3 $ 15,274 Collectively evaluated for impairment $ 334,337 $ 112,672 $ 123,509 $ 431,710 $ 36,230 $ 1,038,458 Total loans $ 337,688 $ 121,333 $ 123,509 $ 434,969 $ 36,233 $ 1,053,732 December 31, 2019 Individually evaluated for impairment $ 3,179 $ 8,570 $ 30 $ 3,391 $ 4 $ 15,174 Collectively evaluated for impairment $ 332,325 $ 109,320 $ 122,322 $ 436,782 $ 36,195 $ 1,036,944 Total loans $ 335,504 $ 117,890 $ 122,352 $ 440,173 $ 36,199 $ 1,052,118 |
Classes of the Loan Portfolio Summarized by the Aggregate Risk Rating | (in thousands) Pass Special Mention Substandard Total March 31, 2020 Commercial real estate Non owner-occupied $ 163,935 $ 2,729 $ 1,819 $ 168,483 All other CRE 160,695 2,725 5,785 169,205 Acquisition and development 1-4 family residential construction 14,407 — — 14,407 All other A&D 98,549 18 8,359 106,926 Commercial and industrial 115,774 1,454 6,281 123,509 Residential mortgage Residential mortgage - term 363,076 54 5,900 369,030 Residential mortgage - home equity 64,528 137 1,274 65,939 Consumer 36,142 3 88 36,233 Total $ 1,017,106 $ 7,120 $ 29,506 $ 1,053,732 December 31, 2019 Commercial real estate Non owner-occupied $ 164,584 $ 2,765 $ 1,864 $ 169,213 All other CRE 157,407 6,556 2,328 166,291 Acquisition and development 1-4 family residential construction 10,781 — — 10,781 All other A&D 98,823 18 8,268 107,109 Commercial and industrial 116,221 2,896 3,235 122,352 Residential mortgage Residential mortgage - term 365,899 59 5,597 371,555 Residential mortgage - home equity 67,143 139 1,336 68,618 Consumer 36,047 4 148 36,199 Total $ 1,016,905 $ 12,437 $ 22,776 $ 1,052,118 |
Loan Portfolio Summarized by the Past Due Status | (in thousands) Current 30-59 Days Past Due 60-89 Days Past Due 90 Days+ Past Due Total Past Due and Accruing Non- Accrual Total Loans March 31, 2020 Commercial real estate Non owner-occupied $ 168,465 $ — $ — $ — $ — $ 18 $ 168,483 All other CRE 167,826 385 114 13 512 867 169,205 Acquisition and development 1-4 family residential construction 14,407 — — — — — 14,407 All other A&D 98,518 116 — 134 250 8,158 106,926 Commercial and industrial 123,414 95 — — 95 — 123,509 Residential mortgage Residential mortgage - term 366,018 1,306 62 476 1,844 1,168 369,030 Residential mortgage - home equity 64,492 349 300 — 649 798 65,939 Consumer 35,927 245 58 — 303 3 36,233 Total $ 1,039,067 $ 2,496 $ 534 $ 623 $ 3,653 $ 11,012 $ 1,053,732 December 31, 2019 Commercial real estate Non owner-occupied $ 169,180 $ — $ — $ — $ — $ 33 $ 169,213 All other CRE 165,289 — 355 — 355 647 166,291 Acquisition and development 1-4 family residential construction 10,781 — — — — — 10,781 All other A&D 98,916 — — 135 135 8,058 107,109 Commercial and industrial 122,050 272 — — 272 30 122,352 Residential mortgage Residential mortgage - term 368,631 267 967 471 1,705 1,219 371,555 Residential mortgage - home equity 67,121 288 286 65 639 858 68,618 Consumer 35,834 261 46 54 361 4 36,199 Total $ 1,037,802 $ 1,088 $ 1,654 $ 725 $ 3,467 $ 10,849 $ 1,052,118 |
Primary Segments of the Allowance for Loan Loss | (in thousands) Commercial Real Estate Acquisition and Development Commercial and Industrial Residential Mortgage Consumer Unallocated Total March 31, 2020 Individually evaluated for impairment $ 7 $ 2,211 $ — $ 15 $ — $ — $ 2,233 Collectively evaluated for impairment $ 3,809 $ 1,852 $ 1,682 $ 4,571 $ 365 $ 500 $ 12,779 Total ALL $ 3,816 $ 4,063 $ 1,682 $ 4,586 $ 365 $ 500 $ 15,012 December 31, 2019 Individually evaluated for impairment $ 9 $ 2,142 $ — $ 22 $ — $ — $ 2,173 Collectively evaluated for impairment $ 2,873 $ 1,532 $ 1,341 $ 3,806 $ 312 $ 500 $ 10,364 Total ALL $ 2,882 $ 3,674 $ 1,341 $ 3,828 $ 312 $ 500 $ 12,537 |
Impaired Loans and Related Interest Income by Loan Portfolio Class | Impaired Loans with Specific Allowance Impaired Loans with No Specific Allowance Total Impaired Loans (in thousands) Recorded Investment Related Allowances Recorded Investment Recorded Investment Unpaid Principal Balance March 31, 2020 Commercial real estate Non owner-occupied $ 115 $ 7 $ 18 $ 133 $ 8,142 All other CRE — — 3,218 3,218 3,218 Acquisition and development 1-4 family residential construction — — 285 285 285 All other A&D 8,287 2,211 89 8,376 8,449 Commercial and industrial — — — — 2,213 Residential mortgage Residential mortgage – term 737 15 1,724 2,461 2,644 Residential mortgage – home equity — — 798 798 811 Consumer — — 3 3 16 Total impaired loans $ 9,139 $ 2,233 $ 6,135 $ 15,274 $ 25,778 December 31, 2019 Commercial real estate Non owner-occupied $ 116 $ 9 $ 33 $ 149 $ 8,224 All other CRE — — 3,030 3,030 3,030 Acquisition and development 1-4 family residential construction — — 291 291 291 All other A&D 8,219 2,142 60 8,279 8,340 Commercial and industrial — — 30 30 2,266 Residential mortgage Residential mortgage – term 865 22 1,668 2,533 2,724 Residential mortgage – home equity — — 858 858 986 Consumer — — 4 4 4 Total impaired loans $ 9,200 $ 2,173 $ 5,974 $ 15,174 $ 25,865 |
Allowance for Loan Losses Summarized by Loan Portfolio Segments | (in thousands) Commercial Real Estate Acquisition and Development Commercial and Industrial Residential Mortgage Consumer Unallocated Total ALL balance at January 1, 2020 $ 2,882 $ 3,674 $ 1,341 $ 3,828 $ 312 $ 500 $ 12,537 Charge-offs — (15) (101) (98) (132) — (346) Recoveries 66 14 15 26 46 — 167 Provision 868 390 427 830 139 — 2,654 ALL balance at March 31, 2020 $ 3,816 $ 4,063 $ 1,682 $ 4,586 $ 365 $ 500 $ 15,012 ALL balance at January 1, 2019 $ 2,780 $ 1,721 $ 1,187 $ 4,544 $ 315 $ 500 $ 11,047 Charge-offs — (29) — (12) (68) — (109) Recoveries 29 12 51 108 61 — 261 Provision (34) 634 (113) (143) 5 — 349 ALL balance at March 31, 2019 $ 2,775 $ 2,338 $ 1,125 $ 4,497 $ 313 $ 500 $ 11,548 |
Average of Impaired Loans and Related Interest Income by Loan Portfolio Class | Three months ended Three months ended March 31, 2020 March 31, 2019 (in thousands) Average investment Interest income recognized on an accrual basis Interest income recognized on a cash basis Average investment Interest income recognized on an accrual basis Interest income recognized on a cash basis Commercial real estate Non owner-occupied $ 141 $ 2 $ — $ 280 $ 3 $ — All other CRE 3,124 37 — 4,516 38 — Acquisition and development 1-4 family residential construction 288 3 — 313 5 — All other A&D 8,328 3 1 4,040 3 — Commercial and industrial 15 — — 22 — — Residential mortgage Residential mortgage – term 2,497 22 — 3,462 28 8 Residential mortgage – home equity 828 — — 818 — — Consumer 4 — — 17 — — Total $ 15,225 $ 67 $ 1 $ 13,468 $ 77 $ 8 |
Modification of Troubled Debt Restructuring by Class | Temporary Rate Modification Extension of Maturity Modification of Payment and Other Terms (in thousands) Number of Contracts Recorded Investment Number of Contracts Recorded Investment Number of Contracts Recorded Investment Three months ended March 31, 2019 Commercial real estate Non owner-occupied — $ — — $ — — $ — All other CRE — — — — — — Acquisition and development 1-4 family residential construction — — — — — — All other A&D — — — — 1 227 Commercial and industrial — — — — — — Residential mortgage Residential mortgage – term — — — — 1 243 Residential mortgage – home equity — — — — — — Consumer — — — — — — Total — $ — — $ — 2 $ 470 |
Other Real Estate Owned, Net (T
Other Real Estate Owned, Net (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Other Real Estate Owned, Net [Abstract] | |
Schedule of Real Estate Properties | (in thousands) March 31, 2020 December 31, 2019 Commercial real estate $ 2,256 $ 2,256 Acquisition and development 1,708 1,780 Residential mortgage 76 91 Total OREO $ 4,040 $ 4,127 |
Schedule of Activity in OREO Valuation Allowance | Three Months Ended March 31, (in thousands) 2020 2019 Balance beginning of period $ 1,790 $ 1,988 Fair value write-down 26 117 Sales of OREO (36) (739) Balance at end of period $ 1,780 $ 1,366 |
Schedule of Components of OREO Expenses, Net | Three Months Ended March 31, (in thousands) 2020 2019 Gains on real estate, net $ (10) $ (30) Fair value write-down, net 26 117 Expenses, net 34 75 Rental and other income (50) (19) Total OREO expense, net $ — $ 143 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value of Financial Instruments [Abstract] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques | (in thousands) Fair Value at March 31, 2020 Valuation Technique Significant Unobservable Inputs Significant Unobservable Input Value Recurring: Investment Securities – available for sale $ 12,380 Discounted Cash Flow Discount Rate LIBOR+ 5.88% Non-recurring: Impaired Loans $ 6,683 Market Comparable Properties Marketability Discount 10.0% - 15.0% (1) (weighted avg 12.9% ) Other Real Estate Owned $ 534 Market Comparable Properties Marketability Discount 15.0% (in thousands) Fair Value at December 31, 2019 Valuation Technique Significant Unobservable Inputs Significant Unobservable Input Value Recurring: Investment Securities – available for sale $ 14,354 Discounted Cash Flow Discount Rate LIBOR+ 4.75% Non-recurring: Impaired Loans $ 6,995 Market Comparable Properties Marketability Discount 10.0% - 15.0% (1) (weighted avg 12.9% ) Other Real Estate Owned $ 2,571 Market Comparable Properties Marketability Discount 10.0% - 15.0% (1) (weighted avg 12.5% ) NOTE: (1) Range would include discounts taken since appraisal and estimated values |
Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis | Fair Value Measurements at March 31, 2020 Using Assets Measured at Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (in thousands) 03/31/20 (Level 1) (Level 2) (Level 3) Recurring: Investment securities available-for-sale: U.S. government agencies $ 35,268 $ 35,268 Residential mortgage-backed agencies $ 10,147 $ 10,147 Commercial mortgage-backed agencies $ 29,670 $ 29,670 Collateralized mortgage obligations $ 28,815 $ 28,815 Obligations of states and political subdivisions $ 14,512 $ 14,512 Collateralized debt obligations $ 12,380 $ 12,380 Financial derivatives $ (1,448) $ (1,448) Non-recurring: Impaired loans $ 6,683 $ 6,683 Other real estate owned $ 534 $ 534 Fair Value Measurements at December 31, 2019 Using Assets Measured at Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (in thousands) 12/31/19 (Level 1) (Level 2) (Level 3) Recurring: Investment securities available-for-sale: U.S. government agencies $ 39,894 $ 39,894 Residential mortgage-backed agencies $ 4,900 $ 4,900 Commercial mortgage-backed agencies $ 27,764 $ 27,764 Collateralized mortgage obligations $ 29,923 $ 29,923 Obligations of states and political subdivisions $ 14,470 $ 14,470 Collateralized debt obligations $ 14,354 $ 14,354 Financial derivatives $ (133) $ (133) Non-recurring: Impaired loans $ 6,995 $ 6,995 Other real estate owned $ 2,571 $ 2,571 |
Reconciliation of Fair Valued Assets Measured on a Recurring Basis | Fair Value Measurements Using Significant Unobservable Inputs (Level 3) (in thousands) Investment Securities Available for Sale Beginning balance January 1, 2020 $ 14,354 Total losses realized/unrealized: Included in other comprehensive loss (1,974) Ending balance March 31, 2020 $ 12,380 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) (in thousands) Investment Securities Available for Sale Beginning balance January 1, 2019 $ 15,277 Total losses realized/unrealized: Included in other comprehensive income (125) Ending balance March 31, 2019 $ 15,152 |
Fair Value by Balance Sheet Grouping | March 31, 2020 Fair Value Measurements Carrying Fair Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (in thousands) Amount Value (Level 1) (Level 2) (Level 3) Financial Assets: Cash and due from banks $ 69,008 $ 69,008 $ 69,008 Interest bearing deposits in banks 3,000 3,000 3,000 Investment securities - AFS 130,792 130,792 $ 118,412 $ 12,380 Investment securities - HTM 91,399 98,311 78,054 20,257 Restricted bank stock 4,468 4,468 4,468 Loans, net 1,038,058 1,040,993 1,040,993 Accrued interest receivable 4,217 4,217 4,217 Financial Liabilities: Deposits - non-maturity 923,956 923,956 923,956 Deposits - time deposits 248,438 252,217 252,217 Financial derivatives 1,448 1,448 1,448 Short-term borrowed funds 39,418 39,418 39,418 Long-term borrowed funds 100,929 102,924 102,924 Accrued interest payable 505 505 505 December 31, 2019 Fair Value Measurements Carrying Fair Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (in thousands) Amount Value (Level 1) (Level 2) (Level 3) Financial Assets: Cash and due from banks $ 48,512 $ 48,512 $ 48,512 Interest bearing deposits in banks 1,467 1,467 1,467 Investment securities - AFS 131,305 131,305 $ 116,951 $ 14,354 Investment securities - HTM 93,979 100,656 79,084 21,572 Restricted bank stock 4,415 4,415 4,415 Loans, net 1,038,894 1,037,032 1,037,032 Accrued interest receivable 4,116 4,116 4,116 Financial Liabilities: Deposits - non-maturity 888,141 888,141 888,141 Deposits - time deposits 253,890 256,227 256,227 Financial derivative 133 133 133 Short-term borrowed funds 48,728 48,728 48,728 Long-term borrowed funds 100,929 100,848 100,848 Accrued interest payable 499 499 499 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | (in thousands) Investment securities- with OTTI AFS Investment securities- all other AFS Investment securities- HTM Cash Flow Hedge Pension Plan SERP Total Accumulated OCL, net: Balance – January 1, 2019 $ (1,899) $ (3,601) $ (1,131) $ 773 $ (18,017) $ (528) $ (24,403) Other comprehensive income/(loss) before reclassifications (497) 2,748 — (858) (3,189) (730) (2,526) Amounts reclassified from accumulated other comprehensive loss (146) — 232 — 789 83 958 Balance – December 31, 2019 $ (2,542) $ (853) $ (899) $ (85) $ (20,417) $ (1,175) $ (25,971) Other comprehensive income/(loss) before reclassifications (1,188) 1,384 — (963) (5,177) — (5,944) Amounts reclassified from accumulated other comprehensive loss (37) — 53 — 262 34 312 Balance - March 31, 2020 $ (3,767) $ 531 $ (846) $ (1,048) $ (25,332) $ (1,141) $ (31,603) |
Components of Comprehensive Income | Components of Other Comprehensive Loss (in thousands) Before Tax Amount Tax (Expense) Benefit Net For the three months ended March 31, 2020 Available for sale (AFS) securities with OTTI: Unrealized holding losses $ (1,623) $ 435 $ (1,188) Less: accretable yield recognized in income 50 (13) 37 Net unrealized losses on investments with OTTI (1,673) 448 (1,225) Available for sale securities – all other: Unrealized holding gains 1,890 (506) 1,384 Less: gains recognized in income — — — Net unrealized gains on all other AFS securities 1,890 (506) 1,384 Held to maturity securities: Unrealized holding gains — — — Less: amortization recognized in income (72) 19 (53) Net unrealized gains on HTM securities 72 (19) 53 Cash flow hedges: Unrealized holding losses (1,315) 352 (963) Pension Plan: Unrealized net actuarial loss (7,070) 1,893 (5,177) Less: amortization of unrecognized loss (358) 96 (262) Net pension plan liability adjustment (6,712) 1,797 (4,915) SERP: Unrealized net actuarial loss — — — Less: amortization of unrecognized loss (47) 12 (35) Less: amortization of prior service costs 1 — 1 Net SERP liability adjustment 46 (12) 34 Other comprehensive loss $ (7,692) $ 2,060 $ (5,632) Components of Other Comprehensive Income (in thousands) Before Tax Amount Tax (Expense) Benefit Net For the three months ended March 31, 2019 Available for sale (AFS) securities with OTTI: Unrealized holding losses $ (60) $ 16 $ (44) Less: accretable yield recognized in income 49 (13) 36 Net unrealized losses on investments with OTTI (109) 29 (80) Available for sale securities – all other: Unrealized holding gains 1,236 (335) 901 Less: losses recognized in income (6) 2 (4) Net unrealized gains on all other AFS securities 1,242 (337) 905 Held to maturity securities: Unrealized holding gains — — — Less: amortization recognized in income (75) 20 (55) Net unrealized gains on HTM securities 75 (20) 55 Cash flow hedges: Unrealized holding losses (432) 117 (315) Pension Plan: Unrealized net actuarial gain 2,652 (719) 1,933 Less: amortization of unrecognized loss (269) 73 (196) Net pension plan liability adjustment 2,921 (792) 2,129 SERP: Less: amortization of unrecognized loss (29) 7 (22) Less: amortization of prior service costs 1 — 1 Net SERP liability adjustment 28 (7) 21 Other comprehensive income $ 3,725 $ (1,010) $ 2,715 |
Reclassification out of Accumulated Other Comprehensive Income | Amounts Reclassified from Three Months Ended Accumulated Other Comprehensive Loss March 31, Affected Line Item in the Statement (in thousands) 2020 2019 Where Net Income is Presented Net unrealized losses on available for sale investment securities with OTTI: Accretable yield 50 49 Interest income on taxable investment securities Taxes (13) (13) Provision for income tax expense $ 37 $ 36 Net of tax Net unrealized gains on available for sale investment securities - all others: Losses on sales $ — $ (6) Net gains Taxes — 2 Provision for income tax expense $ — $ (4) Net of tax Net unrealized gains on held to maturity securities: Amortization $ (72) $ (75) Interest income on taxable investment securities Taxes 19 20 Provision for income tax expense $ (53) $ (55) Net of tax Net pension plan liability adjustment: Amortization of unrecognized loss $ (358) $ (269) Other Expense Taxes 96 73 Provision for income tax expense $ (262) $ (196) Net of tax Net SERP liability adjustment: Amortization of unrecognized loss $ (47) $ (29) Other Expense Amortization of prior service costs 1 1 Salaries and employee benefits Taxes 12 7 Provision for income tax expense $ (34) $ (21) Net of tax Total reclassifications for the period $ (312) $ (240) Net of tax |
Borrowed Funds (Tables)
Borrowed Funds (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Borrowed Funds [Abstract] | |
Summary of Short Term Borrowings | (Dollars in thousands) Three Months Ended March 31, 2020 Year Ended December 31, 2019 Securities sold under agreements to repurchase: Outstanding at end of period $ 39,418 $ 48,728 Weighted average interest rate at end of period 0.28% 0.23% Maximum amount outstanding as of any month end $ 45,604 $ 50,345 Average amount outstanding $ 45,275 $ 39,778 Approximate weighted average rate during the period 0.25% 0.28% |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Pension [Member] | |
Components of Net Periodic Pension Plan Cost | Pension Plan Three Months Ended March 31, (in thousands) 2020 2019 Service cost $ 56 $ 67 Interest cost 407 437 Expected return on assets (887) (764) Amortization of net actuarial loss 358 269 Net pension (credit)/expense included in employee benefits and other expense $ (66) $ 9 |
SERP [Member] | |
Components of Net Periodic Pension Plan Cost | Defined Benefit SERP Three Months Ended March 31, (in thousands) 2020 2019 Service cost $ 31 $ 24 Interest cost 67 82 Amortization of recognized loss 47 29 Amortization of prior service cost (1) (1) Net Defined Benefit SERP expense included in employee benefits and other expense $ 144 $ 134 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Financial Instruments [Abstract] | |
Impact Of Derivative Financial Instruments | Derivative in Cash Flow Hedging Relationships (in thousands) Amount of gain or (loss) recognized in OCI on derivative (effective portion) Amount of gain or (loss) reclassified from accumulated OCI into income (effective portion) (a) Amount of gain or (loss) recognized in income or derivative (ineffective portion and amount excluded from effectiveness testing) (b) Interest rate contracts: Three months ended: March 31, 2020 $ (963) $ — $ — March 31, 2019 (315) — — Notes: (a) Reported as interest expense (b) Reported as other income |
Assets and Liabilities Subjec_2
Assets and Liabilities Subject to Enforceable Master Netting Arrangements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Assets and Liabilities Subject to Enforceable Master Netting Arrangements [Abstract] | |
Schedule of Liabilities Subject to an Enforceable Master Netting Arrangement or Repurchase Agreements | Gross Amounts Not Offset in the Statement of Condition (in thousands) Gross Amounts of Recognized (Assets)/ Liabilities Gross Amounts Offset in the Statement of Condition Net Amounts of (Assets)/ Liabilities Presented in the Statement of Condition Financial Instruments Cash Collateral Pledged Net Amount March 31, 2020 Interest Rate Swap Agreements $ 1,448 $ — $ 1,448 $ (1,448) $ — $ — Repurchase Agreements $ 39,418 $ — $ 39,418 $ (39,418) $ — $ — December 31, 2019 Interest Rate Swap Agreements $ 133 $ — $ 133 $ (133) $ — $ — Repurchase Agreements $ 48,728 $ — $ 48,728 $ (48,728) $ — $ — |
Significant Event (Narrative) (
Significant Event (Narrative) (Details) $ in Thousands | May 01, 2020USD ($)contract | Mar. 31, 2020USD ($)statecontract | Dec. 31, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Significant Event [Line Items] | |||||
Allowance for loan losses | $ 15,012 | $ 12,537 | $ 11,548 | $ 11,047 | |
Percentage of allowance for loan losses | 1.19% | ||||
COVID-19 [Member] | |||||
Significant Event [Line Items] | |||||
Number of states with COVID-19 reported cases | state | 50 | ||||
Increase in allowance for loan losses | $ 2,500 | ||||
Allowance for loan losses | $ 15,000 | ||||
Percentage of allowance for loan losses | 1.42% | ||||
COVID-19 [Member] | CARES Act [Member] | |||||
Significant Event [Line Items] | |||||
Number of Paycheck Protection Program loan applications approved | contract | 428 | ||||
Loan receivable amount SBA PPP loan approval received | $ 111,000 | ||||
COVID-19 [Member] | CARES Act [Member] | Subsequent Event [Member] | |||||
Significant Event [Line Items] | |||||
Number of Paycheck Protection Program loan applications approved | contract | 492 | ||||
Loan receivable amount SBA PPP loan approval received | $ 29,000 | ||||
Percentage of PPP loans approved under $100,000 in size | 73.00% | ||||
Percentage of businesses receiving PPP oans with less than 10 employees | 65.00% | ||||
PPP loans SBA guarantee percent | 100.00% | ||||
PPP loans maturity term | 2 years | ||||
PPP loans interest rate | 1.00% | ||||
Loan processing fees | $ 3,500 | ||||
COVID-19 [Member] | CARES Act [Member] | Maximum [Member] | Subsequent Event [Member] | |||||
Significant Event [Line Items] | |||||
PPP loans SBA processing fees, percent | 5.00% | ||||
COVID-19 [Member] | CARES Act [Member] | Minimum [Member] | Subsequent Event [Member] | |||||
Significant Event [Line Items] | |||||
Number of Paycheck Protection Program loan applications approved | contract | 920 | ||||
Loan receivable amount SBA PPP loan approval received | $ 140,000 | ||||
Percentage of proceeds customers use for payroll costs to qualify for SBA loan forgiveness | 75.00% | ||||
PPP loans SBA processing fees, percent | 1.00% |
Significant Event (Data on Cons
Significant Event (Data on Consumer and Commercial Loan Portfolios by industry and Percentage of Portfolio Modified) (Details) $ in Thousands | May 06, 2020USD ($)contract | Apr. 22, 2020USD ($)contract | Mar. 31, 2020USD ($)contract |
Number of Loans | contract | 9,068 | ||
Loans Balance | $ | $ 1,053,732 | ||
Commercial Loan [Member] | |||
Number of Loans | contract | 1,621 | ||
Loans Balance | $ | $ 582,532 | ||
Commercial Loan [Member] | RE/Rental/Leasing - Non-Owner Occupied [Member] | |||
Number of Loans | contract | 84 | ||
Loans Balance | $ | $ 119,047 | ||
Commercial Loan [Member] | RE/Rental/Leasing - All Other [Member] | |||
Number of Loans | contract | 289 | ||
Loans Balance | $ | $ 92,908 | ||
Commercial Loan [Member] | Construction - Developers [Member] | |||
Number of Loans | contract | 21 | ||
Loans Balance | $ | $ 57,171 | ||
Commercial Loan [Member] | Accommodations [Member] | |||
Number of Loans | contract | 24 | ||
Loans Balance | $ | $ 47,169 | ||
Commercial Loan [Member] | Services [Member] | |||
Number of Loans | contract | 186 | ||
Loans Balance | $ | $ 44,185 | ||
Commercial Loan [Member] | Health Care/Social Assistance [Member] | |||
Number of Loans | contract | 94 | ||
Loans Balance | $ | $ 32,663 | ||
Commercial Loan [Member] | RE/Rental/Leasing - Multifamily [Member] | |||
Number of Loans | contract | 50 | ||
Loans Balance | $ | $ 30,770 | ||
Commercial Loan [Member] | RE/Rental/Leasing - Developers [Member] | |||
Number of Loans | contract | 21 | ||
Loans Balance | $ | $ 27,760 | ||
Commercial Loan [Member] | Manufacturing [Member] | |||
Number of Loans | contract | 46 | ||
Loans Balance | $ | $ 26,080 | ||
Commercial Loan [Member] | Construction - All Other [Member] | |||
Number of Loans | contract | 228 | ||
Loans Balance | $ | $ 22,739 | ||
Commercial Loan [Member] | Prof/Scientific/Technical [Member] | |||
Number of Loans | contract | 90 | ||
Loans Balance | $ | $ 19,871 | ||
Commercial Loan [Member] | Trade [Member] | |||
Number of Loans | contract | 255 | ||
Loans Balance | $ | $ 17,376 | ||
Commercial Loan [Member] | Transportation/Warehousing [Member] | |||
Number of Loans | contract | 94 | ||
Loans Balance | $ | $ 15,175 | ||
Commercial Loan [Member] | Food Service [Member] | |||
Number of Loans | contract | 39 | ||
Loans Balance | $ | $ 9,350 | ||
Commercial Loan [Member] | Public Administration [Member] | |||
Number of Loans | contract | 26 | ||
Loans Balance | $ | $ 9,258 | ||
Commercial Loan [Member] | Entertainment Recreation [Member] | |||
Number of Loans | contract | 21 | ||
Loans Balance | $ | $ 5,217 | ||
Commercial Loan [Member] | Agriculture [Member] | |||
Number of Loans | contract | 43 | ||
Loans Balance | $ | $ 4,111 | ||
Commercial Loan [Member] | Energy [Member] | |||
Number of Loans | contract | 10 | ||
Loans Balance | $ | $ 1,681 | ||
Mortgage And Consumer [Member] | |||
Number of Loans | contract | 7,447 | ||
Loans Balance | $ | $ 471,200 | ||
Loan Portfolios [Member] | Credit Concentration Risk [Member] | |||
Balance as % of Total Portfolio | 100.00% | ||
Loan Portfolios [Member] | Credit Concentration Risk [Member] | Commercial Loan [Member] | |||
Balance as % of Total Portfolio | 55.30% | ||
Loan Portfolios [Member] | Credit Concentration Risk [Member] | Commercial Loan [Member] | RE/Rental/Leasing - Non-Owner Occupied [Member] | |||
Balance as % of Total Portfolio | 11.30% | ||
Loan Portfolios [Member] | Credit Concentration Risk [Member] | Commercial Loan [Member] | RE/Rental/Leasing - All Other [Member] | |||
Balance as % of Total Portfolio | 8.80% | ||
Loan Portfolios [Member] | Credit Concentration Risk [Member] | Commercial Loan [Member] | Construction - Developers [Member] | |||
Balance as % of Total Portfolio | 5.40% | ||
Loan Portfolios [Member] | Credit Concentration Risk [Member] | Commercial Loan [Member] | Accommodations [Member] | |||
Balance as % of Total Portfolio | 4.50% | ||
Loan Portfolios [Member] | Credit Concentration Risk [Member] | Commercial Loan [Member] | Services [Member] | |||
Balance as % of Total Portfolio | 4.20% | ||
Loan Portfolios [Member] | Credit Concentration Risk [Member] | Commercial Loan [Member] | Health Care/Social Assistance [Member] | |||
Balance as % of Total Portfolio | 3.10% | ||
Loan Portfolios [Member] | Credit Concentration Risk [Member] | Commercial Loan [Member] | RE/Rental/Leasing - Multifamily [Member] | |||
Balance as % of Total Portfolio | 2.90% | ||
Loan Portfolios [Member] | Credit Concentration Risk [Member] | Commercial Loan [Member] | RE/Rental/Leasing - Developers [Member] | |||
Balance as % of Total Portfolio | 2.60% | ||
Loan Portfolios [Member] | Credit Concentration Risk [Member] | Commercial Loan [Member] | Manufacturing [Member] | |||
Balance as % of Total Portfolio | 2.50% | ||
Loan Portfolios [Member] | Credit Concentration Risk [Member] | Commercial Loan [Member] | Construction - All Other [Member] | |||
Balance as % of Total Portfolio | 2.20% | ||
Loan Portfolios [Member] | Credit Concentration Risk [Member] | Commercial Loan [Member] | Prof/Scientific/Technical [Member] | |||
Balance as % of Total Portfolio | 1.90% | ||
Loan Portfolios [Member] | Credit Concentration Risk [Member] | Commercial Loan [Member] | Trade [Member] | |||
Balance as % of Total Portfolio | 1.60% | ||
Loan Portfolios [Member] | Credit Concentration Risk [Member] | Commercial Loan [Member] | Transportation/Warehousing [Member] | |||
Balance as % of Total Portfolio | 1.40% | ||
Loan Portfolios [Member] | Credit Concentration Risk [Member] | Commercial Loan [Member] | Food Service [Member] | |||
Balance as % of Total Portfolio | 0.90% | ||
Loan Portfolios [Member] | Credit Concentration Risk [Member] | Commercial Loan [Member] | Public Administration [Member] | |||
Balance as % of Total Portfolio | 0.90% | ||
Loan Portfolios [Member] | Credit Concentration Risk [Member] | Commercial Loan [Member] | Entertainment Recreation [Member] | |||
Balance as % of Total Portfolio | 0.50% | ||
Loan Portfolios [Member] | Credit Concentration Risk [Member] | Commercial Loan [Member] | Agriculture [Member] | |||
Balance as % of Total Portfolio | 0.40% | ||
Loan Portfolios [Member] | Credit Concentration Risk [Member] | Commercial Loan [Member] | Energy [Member] | |||
Balance as % of Total Portfolio | 0.20% | ||
Loan Portfolios [Member] | Credit Concentration Risk [Member] | Mortgage And Consumer [Member] | |||
Balance as % of Total Portfolio | 44.70% | ||
COVID-19 [Member] | Subsequent Event [Member] | |||
Number of Loans | contract | 508 | ||
Loans Balance | $ | $ 161,225 | ||
COVID-19 [Member] | Commercial Loan [Member] | Subsequent Event [Member] | |||
Number of Loans | contract | 173 | ||
Loans Balance | $ | $ 115,270 | ||
COVID-19 [Member] | Commercial Loan [Member] | RE/Rental/Leasing - Non-Owner Occupied [Member] | Subsequent Event [Member] | |||
Number of Loans | contract | 14 | ||
Loans Balance | $ | $ 31,069 | ||
COVID-19 [Member] | Commercial Loan [Member] | RE/Rental/Leasing - All Other [Member] | Subsequent Event [Member] | |||
Number of Loans | contract | 32 | ||
Loans Balance | $ | $ 15,934 | ||
COVID-19 [Member] | Commercial Loan [Member] | Accommodations [Member] | Subsequent Event [Member] | |||
Number of Loans | contract | 10 | ||
Loans Balance | $ | $ 22,050 | ||
COVID-19 [Member] | Commercial Loan [Member] | Services [Member] | Subsequent Event [Member] | |||
Number of Loans | contract | 21 | ||
Loans Balance | $ | $ 11,187 | ||
COVID-19 [Member] | Commercial Loan [Member] | Health Care/Social Assistance [Member] | Subsequent Event [Member] | |||
Number of Loans | contract | 25 | ||
Loans Balance | $ | $ 11,598 | ||
COVID-19 [Member] | Commercial Loan [Member] | RE/Rental/Leasing - Multifamily [Member] | Subsequent Event [Member] | |||
Number of Loans | contract | 10 | ||
Loans Balance | $ | $ 4,652 | ||
COVID-19 [Member] | Commercial Loan [Member] | RE/Rental/Leasing - Developers [Member] | Subsequent Event [Member] | |||
Number of Loans | contract | 1 | ||
Loans Balance | $ | $ 18 | ||
COVID-19 [Member] | Commercial Loan [Member] | Manufacturing [Member] | Subsequent Event [Member] | |||
Number of Loans | contract | 5 | ||
Loans Balance | $ | $ 4,394 | ||
COVID-19 [Member] | Commercial Loan [Member] | Construction - All Other [Member] | Subsequent Event [Member] | |||
Number of Loans | contract | 20 | ||
Loans Balance | $ | $ 2,841 | ||
COVID-19 [Member] | Commercial Loan [Member] | Prof/Scientific/Technical [Member] | Subsequent Event [Member] | |||
Number of Loans | contract | 9 | ||
Loans Balance | $ | $ 5,863 | ||
COVID-19 [Member] | Commercial Loan [Member] | Trade [Member] | Subsequent Event [Member] | |||
Number of Loans | contract | 5 | ||
Loans Balance | $ | $ 1,036 | ||
COVID-19 [Member] | Commercial Loan [Member] | Transportation/Warehousing [Member] | Subsequent Event [Member] | |||
Number of Loans | contract | 5 | ||
Loans Balance | $ | $ 194 | ||
COVID-19 [Member] | Commercial Loan [Member] | Food Service [Member] | Subsequent Event [Member] | |||
Number of Loans | contract | 11 | ||
Loans Balance | $ | $ 2,943 | ||
COVID-19 [Member] | Commercial Loan [Member] | Entertainment Recreation [Member] | Subsequent Event [Member] | |||
Number of Loans | contract | 3 | ||
Loans Balance | $ | $ 983 | ||
COVID-19 [Member] | Commercial Loan [Member] | Agriculture [Member] | Subsequent Event [Member] | |||
Number of Loans | contract | 2 | ||
Loans Balance | $ | $ 508 | ||
COVID-19 [Member] | Mortgage And Consumer [Member] | Subsequent Event [Member] | |||
Number of Loans | contract | 335 | ||
Loans Balance | $ | $ 45,955 | ||
COVID-19 [Member] | Loan Portfolios [Member] | Credit Concentration Risk [Member] | Subsequent Event [Member] | |||
Balance as % of Total Portfolio | 15.30% | ||
COVID-19 [Member] | Loan Portfolios [Member] | Credit Concentration Risk [Member] | Commercial Loan [Member] | Subsequent Event [Member] | |||
Balance as % of Total Portfolio | 19.80% | ||
COVID-19 [Member] | Loan Portfolios [Member] | Credit Concentration Risk [Member] | Commercial Loan [Member] | RE/Rental/Leasing - Non-Owner Occupied [Member] | Subsequent Event [Member] | |||
Balance as % of Total Portfolio | 26.10% | ||
COVID-19 [Member] | Loan Portfolios [Member] | Credit Concentration Risk [Member] | Commercial Loan [Member] | RE/Rental/Leasing - All Other [Member] | Subsequent Event [Member] | |||
Balance as % of Total Portfolio | 17.20% | ||
COVID-19 [Member] | Loan Portfolios [Member] | Credit Concentration Risk [Member] | Commercial Loan [Member] | Construction - Developers [Member] | Subsequent Event [Member] | |||
Balance as % of Total Portfolio | 0.00% | ||
COVID-19 [Member] | Loan Portfolios [Member] | Credit Concentration Risk [Member] | Commercial Loan [Member] | Accommodations [Member] | Subsequent Event [Member] | |||
Balance as % of Total Portfolio | 46.70% | ||
COVID-19 [Member] | Loan Portfolios [Member] | Credit Concentration Risk [Member] | Commercial Loan [Member] | Services [Member] | Subsequent Event [Member] | |||
Balance as % of Total Portfolio | 25.30% | ||
COVID-19 [Member] | Loan Portfolios [Member] | Credit Concentration Risk [Member] | Commercial Loan [Member] | Health Care/Social Assistance [Member] | Subsequent Event [Member] | |||
Balance as % of Total Portfolio | 35.50% | ||
COVID-19 [Member] | Loan Portfolios [Member] | Credit Concentration Risk [Member] | Commercial Loan [Member] | RE/Rental/Leasing - Multifamily [Member] | Subsequent Event [Member] | |||
Balance as % of Total Portfolio | 15.10% | ||
COVID-19 [Member] | Loan Portfolios [Member] | Credit Concentration Risk [Member] | Commercial Loan [Member] | RE/Rental/Leasing - Developers [Member] | Subsequent Event [Member] | |||
Balance as % of Total Portfolio | 0.10% | ||
COVID-19 [Member] | Loan Portfolios [Member] | Credit Concentration Risk [Member] | Commercial Loan [Member] | Manufacturing [Member] | Subsequent Event [Member] | |||
Balance as % of Total Portfolio | 16.80% | ||
COVID-19 [Member] | Loan Portfolios [Member] | Credit Concentration Risk [Member] | Commercial Loan [Member] | Construction - All Other [Member] | Subsequent Event [Member] | |||
Balance as % of Total Portfolio | 12.50% | ||
COVID-19 [Member] | Loan Portfolios [Member] | Credit Concentration Risk [Member] | Commercial Loan [Member] | Prof/Scientific/Technical [Member] | Subsequent Event [Member] | |||
Balance as % of Total Portfolio | 29.50% | ||
COVID-19 [Member] | Loan Portfolios [Member] | Credit Concentration Risk [Member] | Commercial Loan [Member] | Trade [Member] | Subsequent Event [Member] | |||
Balance as % of Total Portfolio | 6.00% | ||
COVID-19 [Member] | Loan Portfolios [Member] | Credit Concentration Risk [Member] | Commercial Loan [Member] | Transportation/Warehousing [Member] | Subsequent Event [Member] | |||
Balance as % of Total Portfolio | 1.30% | ||
COVID-19 [Member] | Loan Portfolios [Member] | Credit Concentration Risk [Member] | Commercial Loan [Member] | Food Service [Member] | Subsequent Event [Member] | |||
Balance as % of Total Portfolio | 31.50% | ||
COVID-19 [Member] | Loan Portfolios [Member] | Credit Concentration Risk [Member] | Commercial Loan [Member] | Public Administration [Member] | Subsequent Event [Member] | |||
Balance as % of Total Portfolio | 0.00% | ||
COVID-19 [Member] | Loan Portfolios [Member] | Credit Concentration Risk [Member] | Commercial Loan [Member] | Entertainment Recreation [Member] | Subsequent Event [Member] | |||
Balance as % of Total Portfolio | 18.80% | ||
COVID-19 [Member] | Loan Portfolios [Member] | Credit Concentration Risk [Member] | Commercial Loan [Member] | Agriculture [Member] | Subsequent Event [Member] | |||
Balance as % of Total Portfolio | 12.40% | ||
COVID-19 [Member] | Loan Portfolios [Member] | Credit Concentration Risk [Member] | Commercial Loan [Member] | Energy [Member] | Subsequent Event [Member] | |||
Balance as % of Total Portfolio | 0.00% | ||
COVID-19 [Member] | Loan Portfolios [Member] | Credit Concentration Risk [Member] | Mortgage And Consumer [Member] | Subsequent Event [Member] | |||
Balance as % of Total Portfolio | 9.80% |
Earnings Per Common Share (Basi
Earnings Per Common Share (Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Net Income | $ 1,755 | $ 3,151 |
Basic Earnings Per Share: Average Shares | 7,063,000 | 7,088,000 |
Diluted Earnings Per Share: Average Shares | 7,071,000 | 7,088,000 |
Basic Earnings Per Share Amount | $ 0.25 | $ 0.44 |
Diluted Earnings Per Share Anount | $ 0.25 | $ 0.44 |
Restricted Stock Units (RSUs) [Member] | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Antidilutive shares excluded from computation of earnings per share | 25,004 |
Net Gains (Summary of Gain_(Los
Net Gains (Summary of Gain/(Loss) Activity) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Net Gains [Abstract] | ||
Available-for-sale Securities: Realized losses | $ (6) | |
Gain on sale of consumer loans | $ 59 | 20 |
Loss on disposal of fixed assets | (18) | |
Net gains | $ 41 | $ 14 |
Investment (Unrealized Gain (Lo
Investment (Unrealized Gain (Loss) on Investments) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule of Investments [Line Items] | ||
Amortized Cost | $ 134,336 | $ 135,008 |
Gross Unrealized Gains | 2,583 | 697 |
Gross Unrealized Losses | 6,127 | 4,400 |
Fair Value | 130,792 | 131,305 |
OTTI in AOCL | (4,507) | (2,835) |
Held-to-maturity Amortized cost | 91,399 | 93,979 |
Held-to-maturity Gross Unrealized Gains | 6,916 | 6,832 |
Held-to-maturity Gross Unrealized Losses | 4 | 155 |
Fair Value | 98,311 | 100,656 |
US government agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 34,580 | 39,987 |
Gross Unrealized Gains | 688 | |
Gross Unrealized Losses | 93 | |
Fair Value | 35,268 | 39,894 |
Held-to-maturity Amortized cost | 16,202 | 16,164 |
Held-to-maturity Gross Unrealized Gains | 655 | 659 |
Fair Value | 16,857 | 16,823 |
Residential mortgage-backed agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 9,945 | 4,917 |
Gross Unrealized Gains | 202 | |
Gross Unrealized Losses | 17 | |
Fair Value | 10,147 | 4,900 |
Held-to-maturity Amortized cost | 40,666 | 42,939 |
Held-to-maturity Gross Unrealized Gains | 1,249 | 469 |
Held-to-maturity Gross Unrealized Losses | 4 | 155 |
Fair Value | 41,911 | 43,253 |
Commercial mortgage-backed agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 29,210 | 27,634 |
Gross Unrealized Gains | 497 | 222 |
Gross Unrealized Losses | 37 | 92 |
Fair Value | 29,670 | 27,764 |
Held-to-maturity Amortized cost | 15,443 | 15,521 |
Held-to-maturity Gross Unrealized Gains | 799 | 344 |
Fair Value | 16,242 | 15,865 |
Collateralized mortgage obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 28,023 | 29,903 |
Gross Unrealized Gains | 792 | 129 |
Gross Unrealized Losses | 109 | |
Fair Value | 28,815 | 29,923 |
Held-to-maturity Amortized cost | 2,873 | 3,140 |
Held-to-maturity Gross Unrealized Gains | 171 | 3 |
Fair Value | 3,044 | 3,143 |
Obligations of states and political subdivisions [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 14,108 | 14,124 |
Gross Unrealized Gains | 404 | 346 |
Fair Value | 14,512 | 14,470 |
Held-to-maturity Amortized cost | 16,215 | 16,215 |
Held-to-maturity Gross Unrealized Gains | 4,042 | 5,357 |
Fair Value | 20,257 | 21,572 |
Collateralized debt obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 18,470 | 18,443 |
Gross Unrealized Losses | 6,090 | 4,089 |
Fair Value | 12,380 | 14,354 |
OTTI in AOCL | $ (4,507) | $ (2,835) |
Investment (Proceeds from Sales
Investment (Proceeds from Sales and Realized Gains and Losses) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Investment [Abstract] | |
Proceeds | $ 260 |
Realized losses | $ 6 |
Investment (Gross Unrealized Lo
Investment (Gross Unrealized Losses and Fair Values of Securities) (Details) $ in Thousands | Mar. 31, 2020USD ($)item | Dec. 31, 2019USD ($)item |
Schedule of Investments [Line Items] | ||
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 2,683 | $ 34,430 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | $ 29 | $ 134 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Number of Investments | item | 1 | 6 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 13,739 | $ 70,605 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | $ 6,098 | $ 4,266 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Investments | item | 10 | 16 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 2,722 | |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | $ 6 | |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Number Of Investments | item | 3 | |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 596 | $ 9,486 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | $ 4 | $ 149 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Number Of Investments | item | 2 | 12 |
US government agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 24,907 | |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | $ 80 | |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Number of Investments | item | 3 | |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 14,987 | |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | $ 13 | |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Investments | item | 3 | |
Residential mortgage-backed agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 4,900 | |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | $ 17 | |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Number of Investments | item | 1 | |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 2,722 | |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | $ 6 | |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Number Of Investments | item | 3 | |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 596 | $ 9,486 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | $ 4 | $ 149 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Number Of Investments | item | 2 | 12 |
Commercial mortgage-backed agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 2,683 | $ 4,623 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | $ 29 | $ 37 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Number of Investments | item | 1 | 2 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 1,359 | $ 5,793 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | $ 8 | $ 55 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Investments | item | 1 | 3 |
Collateralized mortgage obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-Sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 35,472 | |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | $ 109 | |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Investments | item | 1 | |
Collateralized debt obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-Sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 12,380 | $ 14,353 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | $ 6,090 | $ 4,089 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Investments | item | 9 | 9 |
Investment (Non-Cash OTTI Credi
Investment (Non-Cash OTTI Credit Losses Recognized in Earnings) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Investment [Abstract] | ||
Balance of credit-related OTTI, Beginning | $ 2,446 | $ 2,646 |
Reduction for increases in cash flows expected to be collected | (50) | (49) |
Balance of credit-related OTTI, Ending | $ 2,396 | $ 2,597 |
Investment (Amortized Cost and
Investment (Amortized Cost and Fair Values Classified by Contractual Maturity Date) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule of Investments [Line Items] | ||
Amortized Cost: Due after one year through five years | $ 4,449 | |
Amortized Cost: Due after five years through ten years | 34,838 | |
Amortized Cost: Due after ten years | 27,871 | |
Available for sale debt maturities amortized cost sub Total | 67,158 | |
Fair Value: Due after one year through five years | 4,528 | |
Fair Value: Due after five years through ten years | 35,530 | |
Fair Value: Due after ten years | 22,102 | |
Available for sale debt maturities fair value sub total | 62,160 | |
Available-for-sale Securities, Amortized Cost Basis | 134,336 | $ 135,008 |
Available-for-sale Securities | 130,792 | 131,305 |
Amortized Cost: Due after one through five years, Held to maturity | 16,202 | |
Amortized Cost: Due after ten years, Held to maturity | 16,215 | |
Amortized Cost: Total, Held to maturity | 32,417 | |
Fair Value: Due after one through five years, Held to maturity | 16,857 | |
Fair Value: Due after ten years, Held to maturity | 20,257 | |
Fair Value: Total, Held to maturity | 37,114 | |
Held-to-maturity Securities | 91,399 | 93,979 |
Held-to-maturity securities, fair value | 98,311 | 100,656 |
Residential mortgage-backed agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 9,945 | 4,917 |
Available-for-sale Securities | 10,147 | 4,900 |
Held-to-maturity Securities | 40,666 | 42,939 |
Held-to-maturity securities, fair value | 41,911 | 43,253 |
Commercial mortgage-backed agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 29,210 | 27,634 |
Available-for-sale Securities | 29,670 | 27,764 |
Held-to-maturity Securities | 15,443 | 15,521 |
Held-to-maturity securities, fair value | 16,242 | 15,865 |
Collateralized mortgage obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 28,023 | 29,903 |
Available-for-sale Securities | 28,815 | 29,923 |
Held-to-maturity Securities | 2,873 | 3,140 |
Held-to-maturity securities, fair value | $ 3,044 | $ 3,143 |
Loans And Related Allowances _3
Loans And Related Allowances For Loan Losses (Narrative) (Details) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020USD ($)contract | Mar. 31, 2019USD ($)contract | Dec. 31, 2019USD ($)contract | Jun. 30, 2019USD ($) | |
Financing Receivable, Modifications [Line Items] | ||||
Nonaccrual loans | $ 11,012,000 | $ 10,849,000 | $ 2,100,000 | |
Percentage of loan portfolio accruing loans past due 30 days or more | 0.33% | |||
Financing receivable, modifications, number of contracts | contract | 9,068 | |||
Financing receivable, modifications, recorded investment | $ 1,053,732,000 | |||
Substandard [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Increase in non-accrual status | $ 6,700,000 | |||
COVID-19 [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Percentage of loan portfolio accruing loans past due 30 days or more | 0.35% | |||
Partial Charge Off [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Nonaccrual loans | $ 100,000 | $ 100,000 | ||
New TDRs [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing receivable, modifications, number of contracts | contract | 0 | 0 | ||
Existing TDRs [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing receivable, modifications, number of contracts | contract | 0 | 2 | ||
Financing receivable, modifications, subsequent default, recorded investment | $ 0 | |||
Existing TDRs loans Remodified After Maturity [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing receivable, modifications, number of contracts | contract | 15 | 15 | ||
Financing receivable, modifications, recorded investment | $ 4,100,000 | $ 4,200,000 | ||
Foreclosure 1-4 Family Real Estate Properties [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loans secured by real estate properties in process of foreclosure | 200,000 | 100,000 | ||
Commercial real estate- non owner-occupied [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Nonaccrual loans | 18,000 | 33,000 | ||
Commercial real estate- all other CRE [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Nonaccrual loans | 867,000 | 647,000 | ||
All Other Acquisition And Development [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Increase in non-accrual status | $ 8,000,000 | |||
Nonaccrual loans | 8,158,000 | 8,058,000 | ||
All Other Acquisition And Development [Member] | New TDRs [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Increase in non-accrual status | $ 200,000 | |||
Financing receivable, modifications, number of contracts | contract | 1 | |||
Commercial and industrial [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Nonaccrual loans | 30,000 | |||
Residential mortgage- term [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Nonaccrual loans | $ 1,168,000 | 1,219,000 | ||
Residential mortgage- home equity [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Nonaccrual loans | 798,000 | 858,000 | ||
Consumer [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Nonaccrual loans | $ 3,000 | $ 4,000 |
Loans And Related Allowances _4
Loans And Related Allowances For Loan Losses (Loan Portfolio Segments) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | $ 15,274 | $ 15,174 |
Collectively evaluated for impairment | 1,038,458 | 1,036,944 |
Total Loans | 1,053,732 | 1,052,118 |
Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 3,351 | 3,179 |
Collectively evaluated for impairment | 334,337 | 332,325 |
Total Loans | 337,688 | 335,504 |
Acquisition and Development [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 8,661 | 8,570 |
Collectively evaluated for impairment | 112,672 | 109,320 |
Total Loans | 121,333 | 117,890 |
Commercial and industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 30 | |
Collectively evaluated for impairment | 123,509 | 122,322 |
Total Loans | 123,509 | 122,352 |
Residential Mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 3,259 | 3,391 |
Collectively evaluated for impairment | 431,710 | 436,782 |
Total Loans | 434,969 | 440,173 |
Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 3 | 4 |
Collectively evaluated for impairment | 36,230 | 36,195 |
Total Loans | $ 36,233 | $ 36,199 |
Loans And Related Allowances _5
Loans And Related Allowances For Loan Losses (Classes of the Loan Portfolio Summarized by the Aggregate Risk Rating) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 1,053,732 | $ 1,052,118 |
Commercial real estate- non owner-occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 168,483 | 169,213 |
Commercial real estate- all other CRE [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 169,205 | 166,291 |
Acquisition and development- 1-4 family residential construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 14,407 | 10,781 |
All Other Acquisition And Development [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 106,926 | 107,109 |
Commercial and industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 123,509 | 122,352 |
Residential mortgage- term [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 369,030 | 371,555 |
Residential mortgage- home equity [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 65,939 | 68,618 |
Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 36,233 | 36,199 |
Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,017,106 | 1,016,905 |
Pass [Member] | Commercial real estate- non owner-occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 163,935 | 164,584 |
Pass [Member] | Commercial real estate- all other CRE [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 160,695 | 157,407 |
Pass [Member] | Acquisition and development- 1-4 family residential construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 14,407 | 10,781 |
Pass [Member] | All Other Acquisition And Development [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 98,549 | 98,823 |
Pass [Member] | Commercial and industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 115,774 | 116,221 |
Pass [Member] | Residential mortgage- term [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 363,076 | 365,899 |
Pass [Member] | Residential mortgage- home equity [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 64,528 | 67,143 |
Pass [Member] | Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 36,142 | 36,047 |
Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 7,120 | 12,437 |
Special Mention [Member] | Commercial real estate- non owner-occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 2,729 | 2,765 |
Special Mention [Member] | Commercial real estate- all other CRE [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 2,725 | 6,556 |
Special Mention [Member] | All Other Acquisition And Development [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 18 | 18 |
Special Mention [Member] | Commercial and industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,454 | 2,896 |
Special Mention [Member] | Residential mortgage- term [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 54 | 59 |
Special Mention [Member] | Residential mortgage- home equity [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 137 | 139 |
Special Mention [Member] | Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 3 | 4 |
Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 29,506 | 22,776 |
Substandard [Member] | Commercial real estate- non owner-occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,819 | 1,864 |
Substandard [Member] | Commercial real estate- all other CRE [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 5,785 | 2,328 |
Substandard [Member] | All Other Acquisition And Development [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 8,359 | 8,268 |
Substandard [Member] | Commercial and industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 6,281 | 3,235 |
Substandard [Member] | Residential mortgage- term [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 5,900 | 5,597 |
Substandard [Member] | Residential mortgage- home equity [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,274 | 1,336 |
Substandard [Member] | Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 88 | $ 148 |
Loans And Related Allowances _6
Loans And Related Allowances For Loan Losses (Loan Portfolio Summarized by the Past Due Status) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2019 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | $ 1,039,067 | $ 1,037,802 | |
Total Past Due and Still Accruing | 3,653 | 3,467 | |
Non-Accrual | 11,012 | 10,849 | $ 2,100 |
Loans | 1,053,732 | 1,052,118 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | 2,496 | 1,088 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | 534 | 1,654 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | 623 | 725 | |
Commercial real estate- non owner-occupied [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 168,465 | 169,180 | |
Non-Accrual | 18 | 33 | |
Loans | 168,483 | 169,213 | |
Commercial real estate- all other CRE [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 167,826 | 165,289 | |
Total Past Due and Still Accruing | 512 | 355 | |
Non-Accrual | 867 | 647 | |
Loans | 169,205 | 166,291 | |
Commercial real estate- all other CRE [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | 385 | ||
Commercial real estate- all other CRE [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | 114 | 355 | |
Commercial real estate- all other CRE [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | 13 | ||
Acquisition and development- 1-4 family residential construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 14,407 | 10,781 | |
Loans | 14,407 | 10,781 | |
All Other Acquisition And Development [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 98,518 | 98,916 | |
Total Past Due and Still Accruing | 250 | 135 | |
Non-Accrual | 8,158 | 8,058 | |
Loans | 106,926 | 107,109 | |
All Other Acquisition And Development [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | 116 | ||
All Other Acquisition And Development [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | 134 | 135 | |
Commercial and industrial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 123,414 | 122,050 | |
Total Past Due and Still Accruing | 95 | 272 | |
Non-Accrual | 30 | ||
Loans | 123,509 | 122,352 | |
Commercial and industrial [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | 95 | 272 | |
Residential mortgage- term [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 366,018 | 368,631 | |
Total Past Due and Still Accruing | 1,844 | 1,705 | |
Non-Accrual | 1,168 | 1,219 | |
Loans | 369,030 | 371,555 | |
Residential mortgage- term [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | 1,306 | 267 | |
Residential mortgage- term [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | 62 | 967 | |
Residential mortgage- term [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | 476 | 471 | |
Residential mortgage- home equity [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 64,492 | 67,121 | |
Total Past Due and Still Accruing | 649 | 639 | |
Non-Accrual | 798 | 858 | |
Loans | 65,939 | 68,618 | |
Residential mortgage- home equity [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | 349 | 288 | |
Residential mortgage- home equity [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | 300 | 286 | |
Residential mortgage- home equity [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | 65 | ||
Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 35,927 | 35,834 | |
Total Past Due and Still Accruing | 303 | 361 | |
Non-Accrual | 3 | 4 | |
Loans | 36,233 | 36,199 | |
Consumer [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | 245 | 261 | |
Consumer [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | $ 58 | 46 | |
Consumer [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | $ 54 |
Loans And Related Allowances _7
Loans And Related Allowances For Loan Losses (Primary Segments of the Allowance for Loan Loss) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Individually evaluated for impairment | $ 2,233 | $ 2,173 | ||
Collectively evaluated for impairment | 12,779 | 10,364 | ||
Total Allowance For Loan Losses | 15,012 | 12,537 | $ 11,548 | $ 11,047 |
Commercial Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Individually evaluated for impairment | 7 | 9 | ||
Collectively evaluated for impairment | 3,809 | 2,873 | ||
Total Allowance For Loan Losses | 3,816 | 2,882 | 2,775 | 2,780 |
Acquisition and Development [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Individually evaluated for impairment | 2,211 | 2,142 | ||
Collectively evaluated for impairment | 1,852 | 1,532 | ||
Total Allowance For Loan Losses | 4,063 | 3,674 | 2,338 | 1,721 |
Commercial and industrial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Collectively evaluated for impairment | 1,682 | 1,341 | ||
Total Allowance For Loan Losses | 1,682 | 1,341 | 1,125 | 1,187 |
Residential Mortgage [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Individually evaluated for impairment | 15 | 22 | ||
Collectively evaluated for impairment | 4,571 | 3,806 | ||
Total Allowance For Loan Losses | 4,586 | 3,828 | 4,497 | 4,544 |
Consumer [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Collectively evaluated for impairment | 365 | 312 | ||
Total Allowance For Loan Losses | 365 | 312 | 313 | 315 |
Unallocated [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Collectively evaluated for impairment | 500 | 500 | ||
Total Allowance For Loan Losses | $ 500 | $ 500 | $ 500 | $ 500 |
Loans And Related Allowances _8
Loans And Related Allowances For Loan Losses (Impaired Loans and Related Interest Income by Loan Portfolio Class) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with Specific Allowance: Recorded Investment | $ 9,139 | $ 9,200 |
Impaired Loans with Specific Allowance: Related Allowance | 2,233 | 2,173 |
Impaired Loans with No Specific Allowance: Recorded Investment | 6,135 | 5,974 |
Total Impaired Loans: Recorded Investment | 15,274 | 15,174 |
Unpaid Principal Balance | 25,778 | 25,865 |
Commercial real estate- non owner-occupied [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with Specific Allowance: Recorded Investment | 115 | 116 |
Impaired Loans with Specific Allowance: Related Allowance | 7 | 9 |
Impaired Loans with No Specific Allowance: Recorded Investment | 18 | 33 |
Total Impaired Loans: Recorded Investment | 133 | 149 |
Unpaid Principal Balance | 8,142 | 8,224 |
Commercial real estate- all other CRE [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with No Specific Allowance: Recorded Investment | 3,218 | 3,030 |
Total Impaired Loans: Recorded Investment | 3,218 | 3,030 |
Unpaid Principal Balance | 3,218 | 3,030 |
Acquisition and development- 1-4 family residential construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with No Specific Allowance: Recorded Investment | 285 | 291 |
Total Impaired Loans: Recorded Investment | 285 | 291 |
Unpaid Principal Balance | 285 | 291 |
All Other Acquisition And Development [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with Specific Allowance: Recorded Investment | 8,287 | 8,219 |
Impaired Loans with Specific Allowance: Related Allowance | 2,211 | 2,142 |
Impaired Loans with No Specific Allowance: Recorded Investment | 89 | 60 |
Total Impaired Loans: Recorded Investment | 8,376 | 8,279 |
Unpaid Principal Balance | 8,449 | 8,340 |
Commercial and industrial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with No Specific Allowance: Recorded Investment | 30 | |
Total Impaired Loans: Recorded Investment | 30 | |
Unpaid Principal Balance | 2,213 | 2,266 |
Residential mortgage- term [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with Specific Allowance: Recorded Investment | 737 | 865 |
Impaired Loans with Specific Allowance: Related Allowance | 15 | 22 |
Impaired Loans with No Specific Allowance: Recorded Investment | 1,724 | 1,668 |
Total Impaired Loans: Recorded Investment | 2,461 | 2,533 |
Unpaid Principal Balance | 2,644 | 2,724 |
Residential mortgage- home equity [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with No Specific Allowance: Recorded Investment | 798 | 858 |
Total Impaired Loans: Recorded Investment | 798 | 858 |
Unpaid Principal Balance | 811 | 986 |
Consumer [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with No Specific Allowance: Recorded Investment | 3 | 4 |
Total Impaired Loans: Recorded Investment | 3 | 4 |
Unpaid Principal Balance | $ 16 | $ 4 |
Loans And Related Allowances _9
Loans And Related Allowances For Loan Losses (Allowance for Loan Losses Summarized by Loan Portfolio Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
ALL Beginning Balance | $ 12,537 | $ 11,047 |
Charge-offs | (346) | (109) |
Recoveries | 167 | 261 |
Provision | 2,654 | 349 |
ALL Ending Balance | 15,012 | 11,548 |
Commercial Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
ALL Beginning Balance | 2,882 | 2,780 |
Recoveries | 66 | 29 |
Provision | 868 | (34) |
ALL Ending Balance | 3,816 | 2,775 |
Acquisition and Development [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
ALL Beginning Balance | 3,674 | 1,721 |
Charge-offs | (15) | (29) |
Recoveries | 14 | 12 |
Provision | 390 | 634 |
ALL Ending Balance | 4,063 | 2,338 |
Commercial and industrial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
ALL Beginning Balance | 1,341 | 1,187 |
Charge-offs | (101) | |
Recoveries | 15 | 51 |
Provision | 427 | (113) |
ALL Ending Balance | 1,682 | 1,125 |
Residential Mortgage [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
ALL Beginning Balance | 3,828 | 4,544 |
Charge-offs | (98) | (12) |
Recoveries | 26 | 108 |
Provision | 830 | (143) |
ALL Ending Balance | 4,586 | 4,497 |
Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
ALL Beginning Balance | 312 | 315 |
Charge-offs | (132) | (68) |
Recoveries | 46 | 61 |
Provision | 139 | 5 |
ALL Ending Balance | 365 | 313 |
Unallocated [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
ALL Beginning Balance | 500 | 500 |
ALL Ending Balance | $ 500 | $ 500 |
Loans And Related Allowances_10
Loans And Related Allowances For Loan Losses (Average of Impaired Loans and Related Interest Income by Loan Portfolio Class) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Financing Receivable, Impaired [Line Items] | ||
Average Investment | $ 15,225 | $ 13,468 |
Interest income recognized on an accrual basis | 67 | 77 |
Interest income recognized on a cash basis | 1 | 8 |
Commercial real estate- non owner-occupied [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Investment | 141 | 280 |
Interest income recognized on an accrual basis | 2 | 3 |
Commercial real estate- all other CRE [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Investment | 3,124 | 4,516 |
Interest income recognized on an accrual basis | 37 | 38 |
Acquisition and development- 1-4 family residential construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Investment | 288 | 313 |
Interest income recognized on an accrual basis | 3 | 5 |
All Other Acquisition And Development [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Investment | 8,328 | 4,040 |
Interest income recognized on an accrual basis | 3 | 3 |
Interest income recognized on a cash basis | 1 | |
Commercial and industrial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Investment | 15 | 22 |
Residential mortgage- term [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Investment | 2,497 | 3,462 |
Interest income recognized on an accrual basis | 22 | 28 |
Interest income recognized on a cash basis | 8 | |
Residential mortgage- home equity [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Investment | 828 | 818 |
Consumer [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Investment | $ 4 | $ 17 |
Loans And Related Allowances_11
Loans And Related Allowances For Loan Losses (Modification of Troubled Debt Restructuring by Class) (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020USD ($)contract | Mar. 31, 2019USD ($)contract | |
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 9,068 | |
Recorded Investment | $ | $ 1,053,732 | |
Temporary Rate Modification [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | ||
Recorded Investment | $ | ||
Temporary Rate Modification [Member] | Commercial real estate- non owner-occupied [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | ||
Recorded Investment | $ | ||
Temporary Rate Modification [Member] | Commercial real estate- all other CRE [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | ||
Recorded Investment | $ | ||
Temporary Rate Modification [Member] | Acquisition and development- 1-4 family residential construction [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | ||
Recorded Investment | $ | ||
Temporary Rate Modification [Member] | All Other Acquisition And Development [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | ||
Recorded Investment | $ | ||
Temporary Rate Modification [Member] | Commercial and industrial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | ||
Recorded Investment | $ | ||
Temporary Rate Modification [Member] | Residential mortgage- term [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | ||
Recorded Investment | $ | ||
Temporary Rate Modification [Member] | Residential mortgage- home equity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | ||
Recorded Investment | $ | ||
Temporary Rate Modification [Member] | Consumer [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | ||
Recorded Investment | $ | ||
Extension Of Maturity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | ||
Extension Of Maturity [Member] | Commercial real estate- non owner-occupied [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | ||
Extension Of Maturity [Member] | Commercial real estate- all other CRE [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | ||
Extension Of Maturity [Member] | Acquisition and development- 1-4 family residential construction [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | ||
Extension Of Maturity [Member] | All Other Acquisition And Development [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | ||
Extension Of Maturity [Member] | Commercial and industrial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | ||
Extension Of Maturity [Member] | Residential mortgage- term [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | ||
Extension Of Maturity [Member] | Residential mortgage- home equity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | ||
Extension Of Maturity [Member] | Consumer [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | ||
Modification Of Payment And Other Terms [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 2 | |
Recorded Investment | $ | $ 470 | |
Modification Of Payment And Other Terms [Member] | Commercial real estate- non owner-occupied [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | ||
Modification Of Payment And Other Terms [Member] | Commercial real estate- all other CRE [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | ||
Modification Of Payment And Other Terms [Member] | Acquisition and development- 1-4 family residential construction [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | ||
Modification Of Payment And Other Terms [Member] | All Other Acquisition And Development [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 1 | |
Recorded Investment | $ | $ 227 | |
Modification Of Payment And Other Terms [Member] | Commercial and industrial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | ||
Modification Of Payment And Other Terms [Member] | Residential mortgage- term [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 1 | |
Recorded Investment | $ | $ 243 | |
Modification Of Payment And Other Terms [Member] | Residential mortgage- home equity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | ||
Modification Of Payment And Other Terms [Member] | Consumer [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts |
Other Real Estate Owned, Net (S
Other Real Estate Owned, Net (Schedule of Real Estate Properties) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Total OREO | $ 4,040 | $ 4,127 |
Commercial Real Estate [Member] | ||
Total OREO | 2,256 | 2,256 |
Acquisition and Development [Member] | ||
Total OREO | 1,708 | 1,780 |
Residential Mortgage [Member] | ||
Total OREO | $ 76 | $ 91 |
Other Real Estate Owned, Net _2
Other Real Estate Owned, Net (Schedule of Activity in OREO Valuation Allowance) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Other Real Estate Owned, Net [Abstract] | ||
Balance beginning of period | $ 1,790 | $ 1,988 |
Fair value write-down | 26 | 117 |
Sales of OREO | (36) | (739) |
Balance at end of period | $ 1,780 | $ 1,366 |
Other Real Estate Owned, Net _3
Other Real Estate Owned, Net (Schedule of Components of OREO Expenses, Net) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Other Real Estate Owned, Net [Abstract] | ||
Gains on real estate, net | $ (10) | $ (30) |
Fair value write-down | 26 | 117 |
Expenses, net | 34 | 75 |
Rental and other income | $ (50) | (19) |
Total OREO expenses, net | $ 143 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Narrative) (Details) | 3 Months Ended | ||
Mar. 31, 2020USD ($)security | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Gains or losses included in earnings attributable to the change in realized/unrealized gains or losses related to the assets | $ 0 | $ 0 | |
Amortized Cost | 134,336,000 | $ 135,008,000 | |
Available-for-sale Securities | 130,792,000 | 131,305,000 | |
Fair value, assets, level 1 to level 2 transfers, amount | 0 | 0 | |
Fair value, assets, level 2 to level 1 transfer, amount | $ 0 | $ 0 | |
Collateralized debt obligations [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Acquired trust preferred securities, number of securities | security | 9 | ||
Amortized Cost | $ 18,470,000 | 18,443,000 | |
Available-for-sale Securities | $ 12,380,000 | $ 14,354,000 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments (Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques) (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | ||
Fair Value, Measurements, Recurring [Member] | Investment Securities – Available for Sale [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of securities | $ 12,380 | $ 14,354 | |
Valuation technique | DiscountedCash Flow | DiscountedCash Flow | |
Fair value, significan unobservable input | Discount Rate | DiscountRate | |
Fair value input, unobservable input value, description | LIBOR+ 5.88% | ||
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of securities | $ 6,683 | $ 6,995 | |
Valuation technique | Market ComparableProperties | Market ComparableProperties | |
Fair value, significan unobservable input | MarketabilityDiscount | MarketabilityDiscount | |
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of securities | $ 534 | $ 2,571 | |
Valuation technique | Market ComparableProperties | Market ComparableProperties | |
Fair value, significan unobservable input | MarketabilityDiscount | MarketabilityDiscount | |
Minimum [Member] | Fair Value, Measurements, Recurring [Member] | Investment Securities – Available for Sale [Member] | LIBOR [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value measurements discount rate | 5.88% | 4.75% | |
Minimum [Member] | Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value inputs, weighted average rate | [1] | 10.00% | 10.00% |
Minimum [Member] | Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value inputs, weighted average rate | [1] | 15.00% | 10.00% |
Maximum [Member] | Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value inputs, weighted average rate | [1] | 15.00% | 15.00% |
Maximum [Member] | Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value inputs, weighted average rate | 15.00% | ||
Weighted Average [Member] | Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value inputs, weighted average rate | 12.90% | 12.90% | |
Weighted Average [Member] | Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value inputs, weighted average rate | 12.50% | ||
[1] | Range would include discounts taken since appraisal and estimated values |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments (Assets And Liabilities Measured At Fair Value On A Recurring And Nonrecurring Basis) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | $ 130,792 | $ 131,305 |
Impaired Loans | 15,274 | 15,174 |
Fair Value, Measurements, Recurring [Member] | Derivative Financial Instruments, Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Derivative | (1,448) | (133) |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Derivative | (1,448) | (133) |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Derivative Financial Instruments, Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Derivative | (1,448) | (133) |
US government agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 35,268 | 39,894 |
US government agencies [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 35,268 | 39,894 |
US government agencies [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 35,268 | 39,894 |
Residential mortgage-backed agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 10,147 | 4,900 |
Residential mortgage-backed agencies [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 10,147 | 4,900 |
Residential mortgage-backed agencies [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 10,147 | 4,900 |
Commercial mortgage-backed agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 29,670 | 27,764 |
Commercial mortgage-backed agencies [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 29,670 | 27,764 |
Commercial mortgage-backed agencies [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 29,670 | 27,764 |
Collateralized mortgage obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 28,815 | 29,923 |
Collateralized mortgage obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 28,815 | 29,923 |
Collateralized mortgage obligations [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 28,815 | 29,923 |
Obligations of states and political subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 14,512 | 14,470 |
Obligations of states and political subdivisions [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 14,512 | 14,470 |
Obligations of states and political subdivisions [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 14,512 | 14,470 |
Collateralized debt obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 12,380 | 14,354 |
Collateralized debt obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 12,380 | 14,354 |
Collateralized debt obligations [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 12,380 | 14,354 |
Impaired Loans [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans | 6,683 | 6,995 |
Impaired Loans [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans | 6,683 | 6,995 |
Other Real Estate Owned [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | 534 | 2,571 |
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | $ 534 | $ 2,571 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments (Reconciliation Of Fair Valued Assets Measured On A Recurring Basis) (Details) - Fair Value, Inputs, Level 3 [Member] - Fair Value, Measurements, Recurring [Member] - Collateralized debt obligations [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | $ 14,354 | $ 15,277 |
Total gains realized/unrealized: Included in other comprehensive income | (1,974) | (125) |
Ending balance | $ 12,380 | $ 15,152 |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments (Fair Value By Balance Sheet Grouping) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks, Carrying Amount | $ 69,008 | $ 48,512 |
Interest bearing deposits in banks, Carrying Amount | 3,000 | 1,467 |
Investment securities - AFS, Carrying Amount | 130,792 | 131,305 |
Restricted Bank stock, Carrying Amount | 4,468 | 4,415 |
Loans, net, Carrying Amount | 1,038,058 | 1,038,894 |
Short-term borrowed funds, carrying amount | 39,418 | 48,728 |
Long-term borrowed funds, carrying amount | 100,929 | 100,929 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | 69,008 | 48,512 |
Interest bearing deposits in banks | 3,000 | 1,467 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities - AFS | 118,412 | 116,951 |
Investment securities - HTM | 78,054 | 79,084 |
Restricted Bank Stock | 4,468 | 4,415 |
Accrued interest receivable | 4,217 | 4,116 |
Deposits - non-maturity | 923,956 | 888,141 |
Deposits - time deposits | 252,217 | 256,227 |
Financial derivative | 1,448 | 133 |
Short-term borrowed funds | 39,418 | 48,728 |
Long-term borrowed funds | 102,924 | 100,848 |
Accrued interest payable | 505 | 499 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities - AFS | 12,380 | 14,354 |
Investment securities - HTM | 20,257 | 21,572 |
Loans, net | 1,040,993 | 1,037,032 |
Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | 69,008 | 48,512 |
Interest bearing deposits in banks | 3,000 | 1,467 |
Investment securities - AFS | 130,792 | 131,305 |
Investment securities - HTM | 91,399 | 93,979 |
Restricted Bank Stock | 4,468 | 4,415 |
Loans, net | 1,038,058 | 1,038,894 |
Accrued interest receivable | 4,217 | 4,116 |
Deposits - non-maturity | 923,956 | 888,141 |
Deposits - time deposits | 248,438 | 253,890 |
Financial derivative | 1,448 | 133 |
Short-term borrowed funds | 39,418 | 48,728 |
Long-term borrowed funds | 100,929 | 100,929 |
Accrued interest payable | 505 | 499 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | 69,008 | 48,512 |
Interest bearing deposits in banks | 3,000 | 1,467 |
Investment securities - AFS | 130,792 | 131,305 |
Investment securities - HTM | 98,311 | 100,656 |
Restricted Bank Stock | 4,468 | 4,415 |
Loans, net | 1,040,993 | 1,037,032 |
Accrued interest receivable | 4,217 | 4,116 |
Deposits - non-maturity | 923,956 | 888,141 |
Deposits - time deposits | 252,217 | 256,227 |
Financial derivative | 1,448 | 133 |
Short-term borrowed funds | 39,418 | 48,728 |
Long-term borrowed funds | 102,924 | 100,848 |
Accrued interest payable | $ 505 | $ 499 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Schedule of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Balance, Beginning | $ (25,971) | |
Balance, Ending | (31,603) | $ (25,971) |
Investment securities- with OTTI [Member] | ||
Balance, Beginning | (2,542) | (1,899) |
Other comprehensive income/(loss) before reclassifications | (1,188) | (497) |
Amounts reclassified from accumulated other comprehensive loss | (37) | (146) |
Balance, Ending | (3,767) | (2,542) |
Investment Securities -All Other AFS [Member] | ||
Balance, Beginning | (853) | (3,601) |
Other comprehensive income/(loss) before reclassifications | 1,384 | 2,748 |
Balance, Ending | 531 | (853) |
Investment Securities HTM [Member] | ||
Balance, Beginning | (899) | (1,131) |
Amounts reclassified from accumulated other comprehensive loss | 53 | 232 |
Balance, Ending | (846) | (899) |
Cash Flow Hedge (OCI) [Member] | ||
Balance, Beginning | (85) | 773 |
Other comprehensive income/(loss) before reclassifications | (963) | (858) |
Balance, Ending | (1,048) | (85) |
Pension Plan [Member] | ||
Balance, Beginning | (20,417) | (18,017) |
Other comprehensive income/(loss) before reclassifications | (5,177) | (3,189) |
Amounts reclassified from accumulated other comprehensive loss | 262 | 789 |
Balance, Ending | (25,332) | (20,417) |
SERP [Member] | ||
Balance, Beginning | (1,175) | (528) |
Other comprehensive income/(loss) before reclassifications | (730) | |
Amounts reclassified from accumulated other comprehensive loss | 34 | 83 |
Balance, Ending | (1,141) | (1,175) |
Accumulated Other Comprehensive Loss [Member] | ||
Balance, Beginning | (25,971) | (24,403) |
Other comprehensive income/(loss) before reclassifications | (5,944) | (2,526) |
Amounts reclassified from accumulated other comprehensive loss | 312 | 958 |
Balance, Ending | $ (31,603) | $ (25,971) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss (Components of Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Available for sale securities - all other: Net unrealized losses on all other AFS securities, Net of tax | $ 1,384 | $ 905 |
Cash flow hedges: Unrealized holding (losses) gains, Before Tax | (1,315) | (432) |
Cash flow hedges: Unrealized holding (losses) gains, Tax Effect | 352 | 117 |
Cash flow hedges: Unrealized holding (losses) gains, Net of Tax | (963) | (315) |
Unrealized net actuarial loss, Net of Tax | (4,915) | 2,129 |
Other Comprehensive Income, Before Tax Amount | (7,692) | 3,725 |
Other Comprehensive Income, Tax (Expense) Benefit | 2,060 | (1,010) |
Other Comprehensive (loss) Income, Net | (5,632) | 2,715 |
Investment securities- with OTTI [Member] | ||
Available for sale (AFS) securities with OTTI: Unrealized holding (losses) gains, Before Tax Amount | (1,623) | (60) |
Available for sale (AFS) securities with OTTI: Unrealized holding (losses) gains, tax effect | 435 | 16 |
Available for sale (AFS) securities with OTTI: Unrealized holding (losses) gains, Net of Tax | (1,188) | (44) |
Available for sale (AFS) securities with OTTI: Less: accretable yield recognized in income, Before Tax Amount | 50 | 49 |
Available for sale (AFS) securities with OTTI: Less: accretable yield recognized in income, Tax Effect | (13) | (13) |
Available for sale (AFS) securities with OTTI: Less: accretable yield recognized in income, Net of Tax | 37 | 36 |
Available for sale (AFS) securities with OTTI: Net unrealized losses on investments with OTTI, Before Tax Amount | (1,673) | (109) |
Available for sale (AFS) securities with OTTI: Net unrealized losses on investments with OTTI, Tax Effect | 448 | 29 |
Available for sale (AFS) securities with OTTI: Net unrealized losses on investments with OTTI, Net of Tax | (1,225) | (80) |
Investment Securities -All Other AFS [Member] | ||
Securities: Unrealized holding gains, Before Tax | 1,890 | 1,236 |
Securities: Unrealized holding gains, Tax Effect | (506) | (335) |
Securities: Unrealized holding gains, Net of Tax | 1,384 | 901 |
Less: amortization recognized in income, Before Tax | (6) | |
Less: amortization recognized in income,, Tax Effect | 2 | |
Less: amortization recognized in income, Net of Tax | (4) | |
Available for sale securities - all other: Net unrealized losses on all other AFS securities, Before Tax | 1,890 | 1,242 |
Available for sale securities - all other: Net unrealized losses on all other AFS securities, Tax Effect | (506) | (337) |
Available for sale securities - all other: Net unrealized losses on all other AFS securities, Net of tax | 1,384 | 905 |
Investment Securities HTM [Member] | ||
Less: amortization recognized in income, Before Tax | (72) | (75) |
Less: amortization recognized in income,, Tax Effect | 19 | 20 |
Less: amortization recognized in income, Net of Tax | (53) | (55) |
Held to maturity securities: Net unrealized gains on all HTM securities, Before tax | 72 | 75 |
Held to maturity securities: Net unrealized gains on all HTM securities, Tax | 19 | 20 |
Held to maturity securities: Net unrealized gains on all HTM securities, After tax | 53 | 55 |
Pension Plan [Member] | ||
Unrealized net actuarial loss, Before Tax | (7,070) | 2,652 |
Unrealized net actuarial loss, Tax Effect | 1,893 | (719) |
Unrealized net actuarial loss, Net of Tax | (5,177) | 1,933 |
Net plan liability adjustment, Before Tax | (6,712) | 2,921 |
Net plan liability adjustment, Tax Effect | 1,797 | (792) |
Net plan liability adjustment, Net of Tax | (4,915) | 2,129 |
Pension Plan [Member] | Amortization of Unrecognized Loss [Member] | ||
Less: amortization of unrecognized loss, Before Tax | (358) | (269) |
Less: amortization of unrecognized loss, Tax Effect | 96 | 73 |
Less: amortization of unrecognized loss, Net of Tax | (262) | (196) |
SERP [Member] | ||
Net plan liability adjustment, Before Tax | 46 | 28 |
Net plan liability adjustment, Tax Effect | (12) | (7) |
Net plan liability adjustment, Net of Tax | 34 | 21 |
SERP [Member] | Amortization of Unrecognized Loss [Member] | ||
Less: amortization of unrecognized loss, Before Tax | (47) | (29) |
Less: amortization of unrecognized loss, Tax Effect | 12 | 7 |
Less: amortization of unrecognized loss, Net of Tax | (35) | (22) |
SERP [Member] | Amortization of Prior Service Costs [Member] | ||
Less: amortization of prior service costs, Before Tax | 1 | 1 |
Less: amortization of prior service costs, Net of Tax | $ 1 | $ 1 |
Accumulated Other Comprehensi_5
Accumulated Other Comprehensive Loss (Reclassification out of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net gains | $ 41 | $ 14 |
Tax (expense) benefit | (522) | (877) |
Net income | 1,755 | 3,151 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net income | (312) | (240) |
Investment securities- with OTTI [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Interest income expense securities taxable | 50 | 49 |
Tax (expense) benefit | (13) | (13) |
Net income | 37 | 36 |
Investment Securities -All Other AFS [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net gains | (6) | |
Tax (expense) benefit | 2 | |
Net income | (4) | |
Investment Securities HTM [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Interest income expense securities taxable | (72) | (75) |
Tax (expense) benefit | 19 | 20 |
Net income | (53) | (55) |
Pension Plan [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Tax (expense) benefit | 96 | 73 |
Net income | (262) | (196) |
Pension Plan [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Amortization of Unrecognized Loss [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Other expense | (358) | (269) |
SERP [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Tax (expense) benefit | 12 | 7 |
Net income | (34) | (21) |
SERP [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Amortization of Unrecognized Loss [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Other expense | (47) | (29) |
SERP [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Amortization of Prior Service Costs [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Salaries and employee benefits | $ 1 | $ 1 |
Borrowed Funds (Narrative) (Det
Borrowed Funds (Narrative) (Details) $ in Millions | Mar. 31, 2020USD ($) |
Borrowed Funds [Abstract] | |
Repurchase agreements secured by available for sale securities | $ 50.7 |
FHLB advances secured by loans receivable | $ 228.2 |
Minimum fair value percentage pledged against account balances | 102.00% |
Borrowed Funds (Summary of Shor
Borrowed Funds (Summary of Short Term Borrowings) (Details) - Securities Sold under Agreements to Repurchase [Member] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Short-term Debt [Line Items] | ||
Outstanding at end of period | $ 39,418 | $ 48,728 |
Weighted average interest rate at end of period | 0.28% | 0.23% |
Maximum amount outstanding as of any month end | $ 45,604 | $ 50,345 |
Average amount outstanding | $ 45,275 | $ 39,778 |
Approximate weighted average rate during the period | 0.25% | 0.28% |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | |||
Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | Mar. 31, 2020 | Mar. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Discretionary contribution as percentage of employee's base pay | 15.00% | ||||
Vesting period of employer discretionary contribution | 2 years | ||||
Defined benefit plan participation expense | $ 15,757 | ||||
Four Employees [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Employer discretionary contribution | $ 126,058 | $ 123,179 | $ 119,252 | ||
Defined benefit plan participation expense | $ 12,007 | $ 18,788 | |||
Pension [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Period of employment used to determine benefits | 5 years | ||||
Plan modification description | Effective April 30, 2010, the Pension Plan was amended, resulting in a "soft freeze", the effect of which prohibits new entrants into the plan and ceases crediting of additional years of service after that date. Effective January 1, 2013, the Pension Plan was amended to unfreeze it for those employees for whom the sum of their (a) ages, at their closest birthday plus (b) years of service for vesting purposes equals 80 or greater. The "soft freeze" continues to apply to all other plan participants. Pension benefits for these participants are managed through discretionary contributions to the First United Corporation 401(k) Profit Sharing Plan (the "401(k) Plan"). | ||||
Employer discretionary contribution | $ 1,000,000 | ||||
COVID-19 [Member] | Pension [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Decrease in market value of pension plan assets | $ (7,000,000) |
Employee Benefit Plans (Compone
Employee Benefit Plans (Components of Net Periodic Pension Plan Cost) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Pension [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Service Cost | $ 56 | $ 67 |
Defined Benefit Plan, Interest Cost | 407 | 437 |
Expected return on assets | (887) | (764) |
Amortization of net actuarial/recognized loss | 358 | 269 |
Net pension credit included in employee benefits | (66) | 9 |
SERP [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Service Cost | 31 | 24 |
Defined Benefit Plan, Interest Cost | 67 | 82 |
Amortization of net actuarial/recognized loss | 47 | 29 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | (1) | (1) |
Net pension credit included in employee benefits | $ 144 | $ 134 |
Equity Compensation Plan Info_2
Equity Compensation Plan Information (Narrative) (Details) - USD ($) | Mar. 26, 2020 | May 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 |
Deferred Compensation Arrangement with Individual, Description | Stock-based awards were made to non-employee directors in May 2019 pursuant to First United Corporation's director compensation policy. Each director receives an annual retainer of 1,000 shares of First United Corporation common stock, plus $10,000 to be paid, at the director's election, in cash or additional shares of common stock. | ||||
Maximum [Member] | |||||
Maximum issuance of common stock options | 325,000 | ||||
Director [Member] | |||||
Shares issued to Director | 1,000 | ||||
Cash paid to Director | $ 10,000 | ||||
Fully vested shares of common stock issued, per share value | $ 18.30 | ||||
Issued fully-vested common stock shares | 14,641 | ||||
Stock compensation expense | $ 66,983 | $ 66,717 | |||
Restricted Stock Units (RSUs) [Member] | Long-Term Incentive Plan [Member] | |||||
Share based compensation performance period | 3 years | ||||
Shares of common stock granted | 25,004 | ||||
Shares of common stock grant date fair market value | $ 12.54 | ||||
Stock compensation expense | $ 31,242 | ||||
Restricted Stock Units (RSUs) [Member] | Long-Term Incentive Plan [Member] | Officers [Member] | Share-based Compensation Award, Tranche One [Member] | |||||
Share based compensation performance based award, percent | 50.00% | ||||
Restricted Stock Units (RSUs) [Member] | Long-Term Incentive Plan [Member] | Officers [Member] | Share-based Compensation Award, Tranche Two [Member] | |||||
Share based compensation performance based award, percent | 100.00% | ||||
Restricted Stock Units (RSUs) [Member] | Long-Term Incentive Plan [Member] | Officers [Member] | Share-based Compensation Award, Tranche Three [Member] | |||||
Share based compensation performance based award, percent | 150.00% | ||||
Unvested Restricted Stock Units [Member] | Long-Term Incentive Plan [Member] | |||||
Stock compensation expense | $ 282,282 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Narrative) (Details) | 1 Months Ended | 3 Months Ended | |
Mar. 31, 2016USD ($)contract | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Derivative [Line Items] | |||
Deferred tax asset on gain on derivative | $ 352,000 | ||
Decrease in fair value of derivatives | 1,300,000 | ||
Cash flow hedge ineffectiveness | 0 | ||
Interest Rate Swap Agreements [Member] | |||
Derivative [Line Items] | |||
Interest rate swap notional amount | $ 30,000,000 | ||
Number of interest rate swap contracts | contract | 4 | ||
Fair value of interest rate swap contracts | $ (1,400,000) | $ (133,000) | |
Swap Contract 3 Year 5 Million [Member] | |||
Derivative [Line Items] | |||
Interest rate swap notional amount | $ 5,000,000 | ||
Derivative, maturity date | Jun. 17, 2019 | ||
Derivative, term of contract | 3 years | ||
Swap Contract 5 Year $5 Million [Member] | |||
Derivative [Line Items] | |||
Interest rate swap notional amount | $ 5,000,000 | ||
Derivative, maturity date | Mar. 17, 2021 | ||
Derivative, term of contract | 5 years | ||
Swap Contract- 7 year $5 Million [Member] | |||
Derivative [Line Items] | |||
Interest rate swap notional amount | $ 5,000,000 | ||
Derivative, maturity date | Mar. 17, 2023 | ||
Derivative, term of contract | 7 years | ||
Swap Contract 10 Year $15 Million [Member] | |||
Derivative [Line Items] | |||
Interest rate swap notional amount | $ 15,000,000 | ||
Derivative, maturity date | Mar. 17, 2026 | ||
Derivative, term of contract | 10 years |
Derivative Financial Instrume_4
Derivative Financial Instruments (Impact Of Derivative Financial Instruments) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Derivative [Line Items] | |||
Amount of gain or (loss) recognized in OCI on derivative (effective portion) | $ (1,315) | $ (432) | |
Interest Rate Contract [Member] | Cash Flow Hedging [Member] | |||
Derivative [Line Items] | |||
Amount of gain or (loss) recognized in OCI on derivative (effective portion) | (963) | (315) | |
Amount of gain or (loss) reclassified from accumulated OCI into income (effective portion) | [1] | ||
Amount of gain or (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) | [2] | ||
[1] | Reported as interest expense | ||
[2] | Reported as other income |
Assets and Liabilities Subjec_3
Assets and Liabilities Subject to Enforceable Master Netting Arrangements (Schedule of Liabilities Subject to an Enforceable Master Netting Arrangement or Repurchase Agreements) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Investment security collateral as a percentage of borrowing | 102.00% | |
Repurchase Agreements [Member] | ||
Gross Amountsof Recognized(Assets)/Liabilities | $ 39,418 | $ 48,728 |
Net Amounts of(Assets)/LiabilitiesPresented in theStatement ofCondition | 39,418 | 48,728 |
Gross Amounts Not Offset in the Statment of Condition: Financial Instruments | (39,418) | (48,728) |
Net amount | ||
Interest Rate Swap Agreements [Member] | ||
Gross Amountsof Recognized(Assets)/Liabilities | 1,448 | 133 |
Net Amounts of(Assets)/LiabilitiesPresented in theStatement ofCondition | 1,448 | 133 |
Gross Amounts Not Offset in the Statment of Condition: Financial Instruments | (1,448) | (133) |
Net amount |
Goodwill (Narrative) (Details)
Goodwill (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Goodwill [Abstract] | ||
Goodwill impairment loss | $ 0 | $ 0 |